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ANNUAL REPORT 2021 1
IMMUNOVIA  EARLY DETECTION
ANNUAL REPORT
2021
“2021 marked Immunovia’s transition to
a commercial business and another step
in realizing our vision of revolutionizing
blood-based diagnostics to enable increa-
sed cancer survival rates.”
Important Events During 2021 ........................................................... 4
This is Immunovia ................................................................................ 6
CEO Statement ................................................................................... 8
Market Overview ...............................................................................10
Share information .............................................................................. 20
Sustainability Report ........................................................................ 22
Auditor’s Statement on the Sustainability Report ....................... 29
Corporate Governance Report ........................................................30
The Auditor’s Examination of the Corporate
Governance Statement ..................................................................... 44
Statutory Administration Report ..................................................... 45
Financial Statements ........................................................................ 48
Group Key Indicators ........................................................................ 49
Consolidated Income Statement .................................................... 50
Consolidated Statement of Comprehensive Income ...................50
Comments on the Income Statement ............................................ 50
Consolidated Balance Sheet ............................................................. 51
Comments on the Balance Sheet .................................................... 52
Consolidated Statement of Changes in Equity ............................. 52
Consolidated Cash Flow Statement ............................................... 53
Comments on the Cash Flow Statement ........................................ 53
Parent Company Income Statement ............................................... 54
Parent Company Statement of Comprehensive Income ............. 54
Parent Company Balance Sheet ......................................................55
Parent Company Statement of Changes in Equity .......................56
Parent Company Cash Flow Statement ......................................... 57
Notes .................................................................................................. 58
Board of Directors’ and Chief Executive Ocer’s
Certification ........................................................................................ 77
Audit Report ....................................................................................... 78
Definitions .......................................................................................... 82
Glossary ............................................................................................. 83
Shareholder information .................................................................. 85
About the report • This information was submitted for publication March 10, 2022
• This Annual Report comprise Immunovia AB and the wholly owned subsidiaries Immunovia Inc,
Immunovia GmbH, Immunovia Dx Laboratories and Immunovia Incentive AB.
Contact Immunovia AB (publ), Medicon Village, Scheelevägen 8, 223 63 Lund
• +46 (0) 46-2756 000 • [email protected]
Contents
4 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
Key events 2021
First sales of Immunovia’s IMMray
TM
PanCan-d in the United States. People at high risk of deve-

-

Immunovia reported data from a blinded validation study of IMMray
TM
PanCan-d. 


-


Immunovia Inc, Immunovia’s US subsidiary, received a clinical laboratory licensure from the
Massachusetts Department of Public Health. 


IMMray
TM
PanCan-d received extensive support from key opinion leaders and pancreatic can-
cer patient groups. 





Key milestones
2007
- 2013
2015
20172016
Immunovia founded in Lund,
Sweden
First studies
First clinical studies published
Immunovia Inc, established in USA
Immunovia signs letter of intent with
US National Cancer Institute
ANNUAL REPORT 2021 5
IMMUNOVIA  EARLY DETECTION
Key indicators
2017 2018 2020 2021
Immunovia Iists on Nasdaq Stockholm
Commercial launch of IMMray
TM
PanCan-d in USA
Results from blinded clinical validation of IMMray
TM
PanCan-d released
Immunovia Inc, established in USA
IMMray™ PanCan-d verification study released

Full year
2021
Full year
2020
Full year
2019
Full year
2018

  356 333

   

   

   

   

   

   

   
6 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION



Immunovia’s vision is to revolutionize blood-based diagnostics and increase survival rates for
patients with cancer. Immunovia has launched the world’s first blood test dedicated to the early
detection of pancreatic cancer.
The development and commercialization of non-invasive blood tests-


First commercially available blood test for pancreatic cancer
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

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





US target market











30%
$ 4
Billion
This is Immunovia


ANNUAL REPORT 2021 7
IMMUNOVIA  EARLY DETECTION
Core competency in biomarker study design.       



8 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
FROM THE CEO
Making our vision reality
2021 was a breakthrough year for Immunovia as Immunovia launched its IMMray™ PanCan-d
test in the US. This marked Immunovia’s transition to a commercial business and a significant
milestone in realizing our vision of revolutionizing blood-based diagnostics to enable increa-
sed cancer survival rates.
First mover advantage in the world’s largest market-
-












-


-






Ensuring reimbursement coverage
-


-

Uniquely positioned in pancreatic cancer surveillance testing.-
-






ANNUAL REPORT 2021 9
IMMUNOVIA  EARLY DETECTION
IMMray
TM
PanCan-d recognized as an important tool in surveillance of high risk individuals.


-

-








COVID-19 impact. 
-


-






March 2022
Philipp Mathieu
Acting CEO & President, Immunovia AB
10 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
ABOUT PANCREATIC CANCER
Early detection increases survival rates
Pancreatic cancer is one of the deadliest forms of cancer. When diagnosed at an early stage,
the five-year survival rate increases tenfold.
Early detection of pancreatic cancer is critical

-



Clearly defined risk groups. 



-


-
-



Blood tests increasingly important in increasing survival rates. 


-








ANNUAL REPORT 2021 11
IMMUNOVIA  EARLY DETECTION
USD 4 billion adressable market in the US
New Onset Diabetes
855 500 patients/year
Early/late symptoms
596 000 patients/year
Familial/hereditary
315-350 000 individuals
$500 mn
$400 mn
$3.1 bn
12 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
What is a Laboratory Developed Test?
A Laboratory Developed Test is the fastest way of making IMMray™ PanCan-d available to
patients within the US regulatory framework.





-

https://immunovia.com/category/tutorials/
MARKET AND TRENDS
Immunovia, Inc.’s headquarters in Marlborough, Massachusetts.
ANNUAL REPORT 2021 13
IMMUNOVIA  EARLY DETECTION
MARKET AND TRENDS
Reimbursement in the US Market
Reimbursement from public and private sector insurance plans in the US market is critical to
ensuring take up of a new test or procedure. For IMMray™ PanCan-d, reimbursement means
high-risk individuals will not have to pay completely from their own pocket for IMMray™ Pan-
Can-d but will be reimbursed for part or all of the cost of the test by a public or private insurer.











https://immunovia.com/category/tutorials/
14 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
Key initiatives for delivering on
our vision and mission
Our vision


Our mission




KEY INITIATIVES
• Complete PanFAM-1








• Achieve reimbursement in the US market. 






• Strenghtening the US organization




• Seek long term opportunities.




ANNUAL REPORT 2021 15
IMMUNOVIA  EARLY DETECTION
INTERVIEW WITH HIGH RISK INDIVIDUAL:
“Peace of mind that I do not have any signs of
pancreatic cancer in my blood”
Ann Wennberg is sixty-one years old, lives in Columbus, Ohio, USA and is retired from a ca-
reer in clinical research and regulatory aairs. She is married and involved in her community
through local Meals On Wheels and a greyhound adoption charity
Why did you take the IMMray PanCan-d test?





How did you find the process of taking the test?

-


What have the test results meant for you?




Ann Wennberg with her husband
David and their two greyhounds
Apollo & Nyxie
Photo: Aimee Finley
16 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
ABOUT IMMray™ PanCan-d
Uniquely positioned for widespread
surveillance
IMMray™ PanCan-d is the world’s first non-invasive blood test for pancreatic cancer. For the
first time, patients with a high hereditary and familial risk of pancreatic cancer can now
receive continued surveillance using a simple blood test.
IMMray™ PanCan-d performance
Results of blind validation study. -



detects




3
-


-

Positive performance and cost against existing surveillance methods
-





PanFAM-1, PanSYM-1 and PanDIA-1 studies.


-



www.clinicaltrials.gov

ANNUAL REPORT 2021 17
IMMUNOVIA  EARLY DETECTION
Getting IMMray™ PanCan-d to patients
To increase pancreatic cancer survival rates through early detection, it is important that as
many high-risk individuals as possible have access to IMMray™ PanCan-d.
Executing Immunovia’s sales strategy. -



Digital sales solution



Growing our sales and marketing eorts. -


Surveillance of high-risk people


Blood based test
taken
Test applied to microarray
scanned with fluorescence
Result reported
Algorithm for result
classicfication
World’s first blood-based test for early detection of pancreatic cancer
18 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
INTERVIEW WITH FAMILY PHYSICIAN
“IMMray™ PanCan-d oers a novel
approach to surveillance for high-
risk patients”
Dr Georey Burns, MD
-


What are the benefits of IMMray™ PanCan-d for your patients at
high risk of pancreatic cancer?





How have you and your patients found the process for ordering and testing?




What has been the impact on the lives of your patients that have taken the IMMray™ PanCan-d test?




ANNUAL REPORT 2021 19
IMMUNOVIA  EARLY DETECTION
INTERVIEW WITH KEY OPINION LEADER
“The future use of such a pancreatic
cancer blood test in both high risk po-
pulations and the general population
could have a transformational eect
on this disease.”
Dr James Farrell, MD


Why is early detection of pancreatic cancer so important?





How can a blood test like IMMray™ PanCan-d help people at risk of pancreatic cancer?






How does IMMray™ PanCan-d compare to other surveillance methods?
-



20 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
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
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      
      
   -   
      
      
      
      
     - 
      
      
      


via warrants
    
      


via warrants
    


via warrants
    
      


via warrants
    
At end of period 1 131 579.05 22 631 581 0.05
ANNUAL REPORT 2021 21
IMMUNOVIA  EARLY DETECTION
Incentive schemes




The Ten Largest Shareholders as of December 31, 2021
Shareholders No. of shares Share (capital and votes)
  
  
  
  
  
  
  
  
  
  
  
  
Total 22 631 581 100.0%
22 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
Public Welfare Sustainable Products and Processes
Sustainable Workplace
Sustainability Report
This sustainability report refers to financial year 2021 and applies to the parent company Im-
munovia AB (publ) (org. no. 556730-4299) and all entities consolidated in Immunovia’s conso-
lidated accounts for the same period. These are stated in Note 21 of the Annual Report 2021.
This report has been prepared without Immunovia having any legally mandatory requirement
to do so. The report is not based on any specific sustainability standard but is based on the
regulations of the Annual Accounts Act.
The Board of Directors and CEO have also approved the sustainability report when signing o
the annual report and the consolidated accounts.

-


Sustainability Work’s Three Focus Areas
ANNUAL REPORT 2021 23
IMMUNOVIA  EARLY DETECTION
PUBLIC WELFARE
Immunovia’s Value Chain





research creates a
-




place in collabora-
tion with
leading clinics and
research centers in
the cancer areas
-
bodies in accordan-



-



diseases in accor-
-





cancer diseases
-


Sales start for the


RESEARCH
PURCHASE AND PRODUCTION
PRODUCT DEVELOPMENT
PATIENTS
DIAGNOSTICS
24 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
Business Model and Operation



-










Social Value Chain
-











Vision and Mission
-






Anti-Corruption
-
-
-

ANNUAL REPORT 2021 25
IMMUNOVIA  EARLY DETECTION
Whistle-Blowing System









Significant Risks and Risk Management – Public Welfare
Risk Risk Management













-

-







not getting the neces-

sale of tests







receive cooperation
and license
-
-

-

-


-

26 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
SUSTAINABLE PRODUCTS AND PROCESSES
Quality Systems and Registrations
-


-

Innovation, Product Development, Purchasing And Production

-






Chemicals




Minimal Environmental Impact
-


• 
• 
• 


-




Supplier Evaluations Ensure the Sustainability of Our Value Chain






ANNUAL REPORT 2021 27
IMMUNOVIA  EARLY DETECTION
Significant Risks and Risk Management – Sustainable Products and Processes
SUSTAINABLE WORKPLACE
Our Most Important Asset Is Our Employees

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Risk Risk Management
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
28 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
Equality

-
-







Education and Expertise




Health and Safety







Respect For Human Rights




Employee Turnover




Work Environment
-




Diversity







• 
• 
• 
• 
Gender distribution Immunovia,
2021
Gender distribution
management group 2021
Women
67%
Women
45%
Men
33%
Men
55%
ANNUAL REPORT 2021 29
IMMUNOVIA  EARLY DETECTION
Auditor’s Statement on the Sustainability
Report
To the general meeting of Immunovia AB (Publ), Corporate identity number 556730-4299
Engagement and Responsibility


The Scope of the Audit
Auditor’s
opinion on the statutory sustainability report-



Opinion




Significant Risks and Risk Management – Sustainable Workplace
Sustainable Development – A Summary





Risk Risk Management


-
-





risks

-




right skills not being




-

30 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
Corporate Governance Report
This Corporate Governance Report is prepared in accordance with Chapter 6. §6 of the
Swedish Annual Accounts Act and the Swedish Code of Corporate Governance (the ”Code”).
Good corporate governance is important to support Immunovia’s vision and create value for
shareholders through active risk management and a well-functioning corporate culture.
-


-

-







Compliance with the Swedish Code of Corporate Governance






-



Corporate Governance


The Company’s Governing Bodies
Nomination Committee
Remuneration CommitteeAudit Committee
Auditors
Shareholders
AGM
Board of Directors
CEO
Management
ANNUAL REPORT 2021 31
IMMUNOVIA  EARLY DETECTION
Articles of Association




-

Shares and Shareholders









Annual General Meeting









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




Entitlement to Attend the AGM






Initiatives from Shareholders
-


32 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
Nomination Committee
-



• 
• 
• 
• 
• 
• 

-



-


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
• 
• 
• 
• 
ANNUAL REPORT 2021 33
IMMUNOVIA  EARLY DETECTION


AGM 2021

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



Announcement of Change of CEO


The Board of Directors


-

-


-
-



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
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

-



34 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION








The Work of the Board of Directors





Appraising the Work of the Board

-



-


Summary of Board Meetings During the Year
-


Board Composition and Independence



-
-

-

ANNUAL REPORT 2021 35
IMMUNOVIA  EARLY DETECTION
The Board’s members and their independence are stated in the following table for calendar year 2021
 

and other








-
tion









shareholders





 -  


 

 -  
  

-   
  

- -  
  

-   





- -  
 




- -  






- -  
36 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
Board of Directors
Professor Carl Borrebaeck (1948)

-
-


-









Current assignments: -



Holdings in the company as per Dec 31, 2021:
Ann-Christine Sundell (1964) -




Current assignments:



-

Holdings in the company as per Dec 31, 2021: 
Hans Johansson (1954)-


-



Current assignments: 

-
Holdings in the company as per Dec 31, 2021:
Ann-Christine Sundell
Hans Johansson
Carl Borrebaeck
Chairman
ANNUAL REPORT 2021 37
IMMUNOVIA  EARLY DETECTION
Christofer Sjögren (1966)



Current assignments: -

Holdings in the company as per Dec 31, 2021: 
Mimmi Ekberg (1959)

-





Current assignments: 

Holdings in the company as per Dec 31, 2021: 
Peter Høngaard Andersen (1956) 


-







Current assignments: 





Holdings in the company as per Dec 31, 2021: 
Martin Møller (1975)
-





Current assignments: 


Holdings in the company as per Dec 31, 2021: 
Mimmi Ekberg
Peter Høngaard
Andersen
Martin Møller
Christofer Sjögren
38 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
Audit Committee



-





-

-




Remuneration Committee









Auditors




CEO and the management










ANNUAL REPORT 2021 39
IMMUNOVIA  EARLY DETECTION
Management
Philipp Mathieu (employed since January 2022) 




Current assignments: -


Holdings in the company as per Dec 31, 2021: 
Tobias Bülow (employed since January 2022) 


Current assignments: -

Holdings in the company as per Dec 31, 2021: -
Rolf Ehrnström



Current assignments:


Holdings in the company as per Dec 31, 2021: 
Hans Liljenborg-



Current assignments:
-

Holdings in the company as per Dec 31, 2021: 
Philipp Mathieu,
Acting CEO
Rolf Ehrnström, Chief
Scientific Ocer
Hans Liljenborg, Chief
Financial Ocer
Tobias Bülow, Senior
Director Investor
Relations & Corporate
Commuwcations
40 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
Linda Mellby


-


Current assignments: -
 -
Holdings in the company as per Dec 31, 2021: 
Lotta Blomgren





-


Current assignments: -
-
Holdings in the company as per Dec 31, 2021: 
Hans Christian Pedersen

-




Current assignments: -


Holdings in the company as per Dec 31, 2021: 
Annika Andersson





Current assignments: -

Holdings in the company as per Dec 31, 2021: 
Hans Christian
Pedersen, VP Business
Development
Annika Andersson,
QA/RA Director
Linda Mellby, VP Rese-
arch & Development
Lotta Blomgren,
Operations Director
ANNUAL REPORT 2021 41
IMMUNOVIA  EARLY DETECTION
Meagan Luipold -



-


Current assignments: -


Holdings in the company as per Dec 31, 2021: 
Cindy Callahan 






-



Current assignments: -

Holdings in the company as per Dec 31, 2021: 
Rob Pickles 



-


-

Current assignments: -
-

Holdings in the company as per Dec 31, 2021: -
Thomas King 





-


Current assignments:

-

Holdings in the company as per Dec 31, 2021: 
Meagan Luipold, Sales
Director NA
Cindy Callahan, Sr
Marketing Director
Rob Pickles
Market access and
Marketing Director,
Europe
Thomas King
Medical Director
42 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
Remuneration of Group Management



Board of Directors’ Proposed Guidelines for Remunerating Senior Executives











-




-
-

-



-


-



-




Internal Audit
-


ANNUAL REPORT 2021 43
IMMUNOVIA  EARLY DETECTION
The Board’s report regarding internal control over financial reporting
-






Internal Controls and Control Environment







-


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
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-

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
-


-

Financial Reporting





-





-



Risk Assessment







44 ANNUAL REPORT 2021
IMMUNOVIA  EARLY DETECTION
Control Activities


-

Information and Communication

-
-









Monitoring





The Auditor’s Examination of the
Corporate Governance Statement
To the general meeting of shareholders of Immunovia AB (Publ),
corporate ID no. 556730-4299
Assignment and Segregation of Duties


Orientation and Scope of Review

The auditor’s examination of the corporate governance statement.




Opinion





ANNUAL REPORT 2021 45
IMMUNOVIA – EARLY DETECTION
Statutory Administration Report
The Board of Directors and CEO of Immunovia AB (Publ), corporate identity number 556730-
4299, hereby submit the annual accounts and consolidated accounts for the financial year
2021. Unless otherwise stated, the information relates to the Group. Information in parenthe-
ses refers to the previous year. Amounts are stated in SEK (SEK thousands) unless otherwise
stated. Rounding up differences may occur. During the period, the Parent Company’s opera-
tions essentially coincide with the Group’s. The comments on the Group’s progress therefore
also apply to the Parent Company.
Operations
Immunovia AB develops new and improved methods for the diagnosis of cancer. The operations are
mainly conducted in the parent company Immunovia AB, which is why the comments below apply
to both the Group and the Parent Company.
Progress of Operations and Significant Events in the Financial year
The commercial launch of IMMray™ PanCan-d in the US in August 2021 was a major milestone in
Immunovia’s mission to change the testing paradigm and increase the survival rates for pancreatic
cancer patients. Thereby IMMray™ PanCan-d, was the first blood test for early detection of pancrea-
tic cancer to reach the market.
Immunovia reported data from a blinded validation study of IMMray
TM
PanCan-d
The study data demonstrated that the IMMray™ PanCan-d biomarker signature and CA 19-9 detects
early stage I & II pancreatic cancers with a test specificity of 99 percent and a sensitivity of 89
percent versus familial/hereditary controls and healthy controls. All stages of pancreatic ductal ade-
nocarcinoma (PDAC) were detected with a specificity of 99 percent and a sensitivity of 92 percent
against familial/hereditary controls.
Immunovia Inc, Immunovia’s US subsidiary, received a clinical laboratory licensure from the
Massachusetts Department of Public Health
This important milestone in August 2021 paved the way for Immunovia, Inc. to start sales of IMM-
ray™ PanCan-d as a Laboratory Developed Test in the United States.
Change of CEO
After year-end, on January 20, 2022, Philipp Mathieu assumed the role as Acting CEO and President.
He replaced Patrik Dahlen who announced his intention to step down in November 2021.
46 ANNUAL REPORT 2021
IMMUNOVIA – EARLY DETECTION
Risks and uncertainty factors
Operational risks
Immunovia’s operations and market are subject to a number of risks that are wholly or partly out-
side the company’s control, and effect, or may affect, Immunovia’s operations, financial position and
results of operations. The following risk factors have been reviewed without any internal order of
priority, and without any claim as to completeness:
• Immunovia is a development enterprise with a fairly short operational history, which means
there may be a delay before the company is able to report sales revenues
• The company is in a commercialization phase, which involves risks that sales revenues are
lower than expected, or do not appear at all
• Validation studies may generate unforeseen or negative research outcomes
• Development expenses are difficult to estimate in advance. These expenses may be higher
than planned
• The company is dependent on collaborative and license agreements, and there is a risk that
the company is unable to enter collaborations
• There is a risk that Immunovia does not obtain the registrations necessary to sell and market
its products
• Immunovia is subject to several government regulations that may be reformed
• There is a risk that Immunovia is unable to defend granted patents, registered brands and
other intellectual property, or registration applications filed are not granted
Financial risks
For a review of the financial risks, please refer to Note 3.
Human resources
The Group had an average of 67 (63) employees in the period, and at the end of the period, there
were 65 (67) employees.
Incentive schemes
Detailed information on the company’s outstanding warrant programs is in note 10 below.
Sustainability and the environment
Immunovia does not conduct any operations that are hazardous to the environment that require
permits or notification pursuant to the Swedish Environmental Code. Please refer to the Sustainabi-
lity Report on pages 22-29.
Corporate governance report
The corporate governance report is prepared separately and can be found on pages 30-44.
Dividend
The Board of Directors is proposing that no dividend is paid for the financial year 2021.
Significant events after the end of the year
In January 2022 Phillip Mathieu assumed the role as Acting CEO and President.
In February 2022 the peer-reviewed, blinded study to independently validate the clinical performance
of IMMray™ PanCan-d was published in Clinical and Translational Gastroenterology. The study
data demonstrated that the IMMray™ PanCan-d biomarker signature and CA 19-9 detects early
stage I & II pancreatic cancers with a test specificity of 99 percent and a sensitivity of 89 percent
versus familial/hereditary controls and healthy controls. All stages of pancreatic ductal adenocarcino-
ma (PDAC) were detected with a specificity of 99 percent and a sensitivity of 92 percent against
familial/hereditary controls.
ANNUAL REPORT 2021 47
IMMUNOVIA – EARLY DETECTION
Outlook for 2022
The commercial launch of IMMray™ PanCan-d in the US in August 2021 was a major milestone in
Immunovia’s mission to change the testing paradigm and increase the survival rates for pancreatic
cancer patients. During 2022 we will work for additional clinical validation for the test across risk
groups, strengthening the US organization for commercial scale up, and continue executiong on the
reimbursemement plan.
2021
Full year
2020
Full year
2019
Full year
2018
Full year
2017
Full year
Net sales (SEK 000) 9 987 362 356 333 149
Earnings/loss after financial items (SEK 000) -107 009 -108 902 -90 868 -66 334 -45 232
Total assets (SEK 000) 591 306 699 486 425 363 497 951 250 665
Equity ratio (%) 96 96 95 97 94
The following funds are at the disposal of the
Annual General Meeting (SEK):
Profit brought forward 565 437 678
Earnings/loss for the year -106 572 082
458 865 596
The Board proposes that:
Carried forward 458 865 596
458 865 596
Group financial summary
Parent company financial summary
Proposed appropriation of the Company’s Earnings
SEK thousand unless otherwise stated
2021
Full year
2020
Full year
2019
Full year
2018
Full year
2017
Full year
Net sales 844 362 356 333 149
Operating earnings -166 628 -134 343 -114 248 -87 709 -45 520
Earnings before tax -155 966 -146 033 -114 517 -86 531 -45 232
Net earnings -155 966 - 146 033 -114 521 -86 531 -45 232
Earnings per share before dilution (SEK) -6,89 -6,84 -5,85 -4,67 -2,67
Earnings per share after dilution (SEK) -6,89 -6,84 -5,85 -4,67 -2,67
Equity ratio (%) 88 91 85 97 94
Number of shares at the end of the period 22 631 581 22 631 581 19 654 853 19 531 353 17 318 059
48 ANNUAL REPORT 2021
IMMUNOVIA – EARLY DETECTION
Financial Statements
Financial Statements .......................................................................................... 48
Group Key Indicators ......................................................................................... 49
Consolidated Income Statement ................................................................... 50
Consolidated Statement of Comprehensive Income .............................. 50
Comments on the Income Statement ......................................................... 50
Consolidated Balance Sheet ........................................................................... 51
Comments on the Balance Sheet .................................................................. 52
Consolidated Statement of Changes in Equity .......................................... 52
Consolidated Cash Flow Statement ............................................................. 53
Comments on the Cash Flow Statement .................................................... 53
Parent Company Income Statement ............................................................ 54
Parent Company Statement of Comprehensive Income ....................... 54
Parent Company Balance Sheet ...................................................................... 55
Parent Company Statement of Changes in Equity ................................... 56
Parent Company Cash Flow Statement .........................................................57
Notes ........................................................................................................................ 58
Board of Directors’ and Chief Executive Officer’s
certification ............................................................................................................77
Audit Report ......................................................................................................... 78
Definitions .............................................................................................................. 82
Glossary ................................................................................................................... 83
Shareholder information ................................................................................. 85
ANNUAL REPORT 2021 49
IMMUNOVIA – EARLY DETECTION
SEK 000 unless otherwise stated
2021
Full year
2020
Full year
2019
Full year
2018
Full year
2017
Full year
Operating earnings/loss -166 628 -134 343 -114 248 -87 709 -45 520
Earnings/loss for the period -155 966 -146 033 -114 521 -86 539 -45 232
Earnings per share before dilution (SEK) -6.89 -6.84 -5.85 -4.67 -2.67
Earnings per share after dilution (SEK) -6.89 -6.84 -5.85 -4,67 -2.67
R&D expenses -42 850 -48 078 -34 273 -26 048 -24 041
R&D expenses as a percentage of operating expenses (%) 25 27 24 23 34
Cash and cash equivalents at end of the period 287 406 468 462 263 345 386 136 192 426
Cash flow from operating activities -152 648 -120 704 -91 952 -84 111 -46 318
Cash flow for the period -181 743 205 918 -122 797 193 679 -66 661
Equity 433 903 599 403 357 604 461 952 236 795
Equity per share (SEK) 19,17 26,49 18,19 23,65 13,67
Equity ratio (%) 88 91 85 97 94
Average number of employees 67 63 48 39 30
Average number of employees in R&D 23 21 19 17 16
Group Key Indicators
The Group was created in 2015 with the formation of the
subsidiary Immunovia Inc. In 2018, a subsidiary was established
in Germany, Immunovia GmbH and in 2019 Immunovia Incentive
AB and in 2020 Immunovia Dx Laboratories AB was started. The
business is mainly conducted in the parent company, which is
why the Group’s key figures essentially reflect the parent compa-
ny’s key figures.
Alternative Key Indicators
Of the above key indicators, only the basic and diluted earnings
per share metric is obligatory and defined pursuant to IFRS. Of
the other key indicators, earnings/loss for the year, cash and cash
equivalents at the end of the period, cash flow from operating
activities, cash flow for the period and equity are from an IFRS-
defined accounting presentation.
The table below indicates the calculation of mandatory IFRS key
ratios: earnings per share before and after dilution, equity per
share and equity ratio.
The table below indicates the key ratios of R&D expenses, R&D
expenses as a percentage of operating expenses, a large propor-
tion of the costs in the company that are used in R&D. For defi-
nitions, see the section Definitions below. The company’s opera-
tions are such that it does not have a steady flow of revenue, but
these come irregularly in connection with the signing of license
agreements and milestones achieved. Therefore, the company
complies with the key indicators of equity and equity per share
attributable to the Parent Company’s shareholders, to be able to
assess the company’s financial position and stability. Along with
these key figures, the various measures of cash flow that follow
from the consolidated cash flow report are also followed.
SEK 000 unless otherwise stated
2021
Full year
2020
Full year
2019
Full year
2018
Full year
2017
Full year
Earnings/loss for the year -155 966 -146 033 -114 521 -86 539 -45 232
Average number of shares before and after
dilution 22 631 581 21 340 672 19 569 089 18 545 795 16 952 559
Earnings per share before dilution (SEK) -6.89 -6.84 -5.85 -4.67 -2.67
Operating expenses 167 584 135 329 115 062 88 786 45 727
Capitalized work for own account 18 502 40 020 26 716 25 052 24 041
169 609 175 349 141 778 113 838 69 768
Administrative, marketing expenses and
other operating expenses -124 675 -127 271 -107 505 -87 790 -45 727
R&D expenses 42 850 48 078 34 273 26 048 24 041
R&D expenses as a percentage of
operating expenses (%) 25 27 24 23 34
Equity 433 903 599 403 357 604 461 952 236 795
Registered number of shares on the
balance 22 631 581 22 631 581 19 654 853 19 531 353 17 318 059
Equity per share 19,17 26,49 18,19 23,65 13,67
Equity 433 903 599 403 357 604 461 952 236 795
Total assets 493 809 661 178 419 366 477 383 250 770
Equity ratio (%) 88 91 85 97 94
50 ANNUAL REPORT 2021
IMMUNOVIA – EARLY DETECTION
SEK 000 Note
2021
Full year
2020
Full year
Operating income etc
Net sales 5 844 362
Other operating income 7 112 624
Total 956 986
Operating expenses
Raw materials and consumables -3 533 0
Other external expenses 8,9 -82 607 -91 147
Personnel expenses 10 -79 487 -73 968
Capitalized work for own account 18 502 40 020
Depreciation/amortization of tangible/intangible
fixed assets 15, 16, 17 -19 063 -9 763
Other operating expenses -1 397 -471
Total operating expenses -167 584 -135 329
Operating earnings/loss -166 628 -134 343
Profit/loss from financial items
Financial income 11 14 459 5 692
Financial expenses 8, 12 -3 797 -17 382
Total financial items 10 662 -11 690
Earnings/loss after financial items -155 966 -146 033
Tax on earnings for the year 13 0 0
Earnings/loss for the year -155 966 -146 033
Earnings per share before and after dilution (SEK) -6.89 -6.84
Average number of shares 22 631 581 21 340 672
Number of shares at period’s end 22 631 581 22 631 581
SEK 000
2021
Full year
2020
Full year
Earnings/loss for the period -155 966 -146 033
Items that may be reclassified later in the income statement
Exchange rate differences for foreign net investment -9 973 9 317
Other earnings/loss for the year -9 973 9 317
Comprehensive income for the year -165 939 -136 716
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Comments on the income
statement
Operating income
Net sales for 2021 amounted
to kSEK 844 (362). Sales consist
mainly of sales of test kSEK 344
(0) and royalty income kSEK 500
(362).
Operating expenses and ear-
nings/loss
Earnings/loss for the year was
MSEK –156 (–146). The result
compared with the previous
year was negatively affected by
the balancing of expenses being
stopped and amortization of
these being initiated, as well as
positively by the net of financial
items for the year being posi-
tive. Other external costs and
personnel costs decreased by a
total of kSEK 3 021 compared
with the previous year and
amounted to MSEK 162 in 2021.
Research and development
Total R&D expenses for 2021
amounted to MSEK 43 (48),
which corresponds to 25%
(27%) of the Group’s total opera-
ting expenses.
ANNUAL REPORT 2021 51
IMMUNOVIA – EARLY DETECTION
Consolidated Balance Sheet
SEK 000 Note
2021
Dec 31
2020
Dec 31
ASSETS
Fixed assets
Intangible assets
Capitalized development expenditure 14 122 492 111 234
Patents, licenses and similar rights 15 24 655 23 701
147 147 134 935
Tangible assets
Improvements on someone else’s property 16 6 683 6 537
Equipment, tools, fixtures and fittings 17 6 989 9 069
Right-of-use leasing 18 32 855 33 095
46 527 48 701
Financial assets
Other non-current receivables 19 3 033 2 746
Total assets 196 707 186 382
Current assets
Inventory 2 150 0
Current receivables
Accounts receivables 72 0
Other receivables 4 021 3 895
Prepaid expenses and deferred income 20 3 453 2 439
9 696 6 334
Cash and cash equivalents 287 406 468 462
Total current assets 297 102 474 796
TOTAL ASSETS 493 809 661 178
EQUITY AND LIABILITIES
Equity 22
Share capital 1 132 1 132
Other paid-up capital 1 015 730 1 015 290
Reserves -1 658 8 315
Accumulated earnings or loss including
earnings/loss for the year -581 300 -425 334
Total equity 433 904 599 403
Long-term liabilities
Leasing liabilities 25 27 156 27 988
Total long-term liabilities 27 156 27 988
Current liabilities
Leasing liabilities 25 6 106 5 143
Accounts payable 3 067 4 255
Other liabilities 3 366 2 441
Accrued expenses and deferred income 23 20 210 21 948
Total current liabilities 32 749 33 787
TOTAL EQUITY AND LIABILITIES 493 809 661 178
52 ANNUAL REPORT 2021
IMMUNOVIA – EARLY DETECTION
Consolidated Statement of Changes in Equity
Comments on the Balance Sheet
Investment
Purchases of intangible assets totaled MSEK 21 (43), divided
between capitalized expenditure for development of
MSEK 18 (40), patents MSEK 3 (2) and other tangible assets
of MSEK 0 (1). During the second quarter of 2021, the develop-
ment of the company’s test for early detection of pancreatic
cancer was completed and with this, the capitalization of the
development costs for this ended and the depreciation of the
capitalized costs began.
During the year, tangible fixed assets were acquired in the
form of equipment and improvement expenses on another
property for MSEK 3 corresponding to MSEK 4 in the same
period last year.
No investments in financial assets were made in 2021.
Equity
Equity at the end of the period totaled MSEK 434 (599) and
the equity ratio was 88 percent (91 percent).
SEK 000
Share
Capital
Other
contribu-
ted equity Reserves
Accumulated
Earnings or Loss
incl. earning/loss
for the year Total Equity
Opening balance January 1, 2020 983 636 924 -1 002 -279 300 357 604
Comprehensive income for the year -146 033 -146 033
Transactions with shareholders in their
capacity as owners
New share issue 149 403 704 403 853
Share issue cost -25 337 -25 337
Translation difference 9 317 9 317
Closing balance December 31, 2020 1 132 1 015 290 8 315 -425 334 599 403
Comprehensive income for the year -155 966 -155 966
Transactions with shareholders in their
capacity as owners
Deposited share warrant premiums 440 440
Translation difference -9 973 -9 973
Closing balance December 31, 2021 1 132 1 015 730 -1 658 -581 300 433 904
ANNUAL REPORT 2021 53
IMMUNOVIA – EARLY DETECTION
SEK 000 Note
2021
Full year
2020
Full year
Operating activities
Operating earnings -166 628 -134 343
Adjusted for non-cash flow items 24 20 048 9 945
Interest received 711 577
Interest paid -1 441 -1 415
Tax paid 0 0
Cash flow from operating activities before
changes in working capital -147 310 -125 236
Cash flow from changes in working capital
Change in inventory -2 038 0
Changes in operating receivables -1 098 -579
Change in operating liabilities -2 202 5 111
Cash flow from operating activities -152 648 -120 704
Investment activities
Investment in intangible assets -21 083 -43 497
Investment in tangible assets -3 101 -3 998
Sales of tangiable fixed assets 358 537
Cash flow from investment activities -23 826 -46 958
Financing activities
Amortization of leasing liability 25 -5 709 -4 935
National and European subsidies of develop-
ment expenses 0 0
New share issue 0 378 515
Deposited share warrant premiums 440 0
Cash flow from financing activities -5 269 373 580
Cash flow for the year -181 743 205 918
Cash and cash equivalents at beginning of year 468 462 263 345
Exchange rate differences in cash and cash
equivalents 687 -801
Cash and cash equivalents at end of year 26 287 406 468 462
Consolidated Cash Flow Statement
Comments on the Cash Flow Statement
The cash flow from operating activities for 2021 was MSEK -153 (-121) and the total cash
flow was MSEK -182 (206).
Cash and Cash Equivalents
Cash and cash equivalents as of December 31, 2021 amounted to MSEK 287 (468). The
company management makes the assessment that, based on the cash of MSEK 287 and the
financing plans that exist, the company’s continued operations are ensured.
54 ANNUAL REPORT 2021
IMMUNOVIA – EARLY DETECTION
SEK 000 Note
2021
Full year
2020
Full year
Operating revenue etc 6
Net sales 5 9 987 362
Capitalized work for own account 18 502 40 020
Other operating revenue 7 96 451
Total operating revenue 28 585 40 833
Operating expenses 6
Raw materials and cosumables -2 084 0
Other external expenses 8,9 -87 841 -89 134
Personnel expenses 10 -48 100 -48 835
Depreciation/amortization of tangible/intangible fixed
assets 15, 16, 17 -11 685 -3 310
Other operating expenses -1 397 -471
Total operating expenses -151 107 -141 750
Operating earnings/loss -122 522 -100 917
Profit/loss from financial items
Interest income and similar items 11 17 869 7 982
Interest cost and similar items 12 -2 356 -15 967
Total financial items 15 513 -7 985
Profit/loss after net financial items
-107 009
-108 902
Appropriations
Group contribution received
437
88
Total appropriations
437
88
Earnings/loss before tax
-106 572
-108 814
Tax on earnings for the year 13 0 0
Earnings/loss for the year -106 572 -108 814
SEK 000
2021
Full year
2021
Full year
Earnings/loss for the year
-106 572
-108 814
Other comprehensive income
Other comprehensive income for the year 0 0
Total comprehensive income for the year
-106 572
-108 814
Parent Company’s Income Statement
Parent Company’s Statement of
Comprehensive Income
ANNUAL REPORT 2021 55
IMMUNOVIA – EARLY DETECTION
SEK 000 Note
2021
Full year
2020
Full year
ASSETS
Fixed assets
Intangible assets
Capitalized development expenditure 14 122 492 111 234
Patents, licenses and similar rights 15 23 286 22 316
145 778 133 550
Tangible assets
Improvements on someone else’s property 16 5 861 5 736
Equipment, tools, fixtures and fittings 17 4 324 5 648
10 185 11 384
Financial assets
Participations in group companies 21 328 328
Total assets 156 291 145 262
Current assets
Current receivables
Inventory 1 722 0
Receivables from group companies 147 557 85 556
Other receivables 3 951 3 850
Prepaid expenses and deferred income 20 2 594 3 088
155 824 92 494
Cash and bank balances 279 191 461 730
Total current assets 435 015 554 224
TOTAL ASSETS 591 306 699 486
EQUITY AND LIABILITIES
Equity 22
Restricted equity
Share capital 1 132 1 132
Fund for development expenditure 117 176 105 589
118 308 106 721
Non-restricted equity
Share premium reserve 0 378 367
Accumulated earnings/loss 553 850 295 884
Earnings/loss for the year -106 572 -108 814
447 278 565 437
Total equity 565 586 672 158
Current liabilities
Accounts payable 2 570 3 384
Other liabilities 3 398 2 440
Accrued expenses and deferred income 23 19 752 21 504
Total current liabilities 25 720 27 328
TOTAL EQUITY AND LIABILITIES 591 306 699 486
Parent Company’s Balance Sheet
56 ANNUAL REPORT 2021
IMMUNOVIA – EARLY DETECTION
Parent Company’s Statement
of Changes in Equity
SEK 000
Share
capital
Fund for de-
velopment
expenditure
Share
premium
reserve
Accumu-
lated
earnings/
loss
Earnings/
loss for
the year Total equity
Opening balance, January 1, 2020 983 65 569 10 232 416 204 -90 531 402 457
Transfer of previous year’s earnings/loss
-10 232 -80 299 -90 531 0
Comprehensive income for the year -108 814 -108 814
Capitalized development expenditure
for the year 40 020 -40 020 0
Tra nsactions with shareholders in their
capacity as owner
New share issue 149 403 704 403 853
Share issue cost -25 338 -25 338
Closing balance December 31, 2020 1 132 105 589 378 367 295 884 -108 814 672 158
Opening balance January 1, 2021 1 132 105 589 378 367 295 884 -108 814 672 158
Transfer of previous year’s earnings/loss -378 367 269 552 108 814 0
Comprehensive income for the year -106 572 -106 572
Capitalized development expenditure
for the year 18 502 -18 502 0
Depreciations capitalized development
expenditure -6 915 6 915 0
Transactions with shareholders in their
capacity as owner
Closing balance December 31, 2021 1 132 117 176 0 553 850 -106 572 565 586
ANNUAL REPORT 2021 57
IMMUNOVIA – EARLY DETECTION
SEK 000 Note
2021
Full year
2020
Full year
Operating activities
Operating earnings/loss -122 522 -100 917
Adjustments for non-cash flow items 24 12 542 3 221
Interest received 711 576
Interest paid -3 -3
Tax paid 0 0
Cash flow from operating activities before changes
in working capital -109 272 -97 123
Cash flow from changes in working capital
Change in inventory -1 721 0
Changes in operating receivables -47 181 -40 715
Changes in operating liabilities -794 4 420
Cash flow from operating activities -158 968 -133 418
Investment activities
Investment in intangible assets -21 235 -42 882
Investment in tangible assets -2 522 -2 645
Investment in financial assets 0 -25
Försäljning av anläggningstillgångar 186 537
Cash flow from investment activities -23 571 -45 015
Financing activities
New share issue 0 378 516
Cash flow from financing activities 0 378 516
Cash flow for the year -182 539 200 083
Cash and cash equivalents at beginning of year 461 730 261 647
Cash and cash equivalents at end of year 26 279 191 461 730
Parent Company’s Cash Flow Statement
58 ANNUAL REPORT 2021
IMMUNOVIA – EARLY DETECTION
Additional Information
NOTE 1 GENERAL INFORMATION
Immunovia AB, with its registered office in Lund, registered in Sweden with corporate identity
number 556730-4299, is the parent company of the four wholly-owned subsidiaries Immuno-
via Incentive AB, corp. ID no. 559198-2870, registered office in Lund, Immunovia Dx Labora-
tories AB, corp. ID no. 559244-6503, registered office in Lund, Immunovia Inc, corp. ID no.
350589-6, registered office in Wilmington, USA and Immunovia GmbH, corp. ID no. HRB 111
597, registered office in Frankfurt am Main.
These companies are collectively termed the group, or Immunovia. The address is Medicon Village,
223 63 Lund, Sweden. The group was formed in December 2015 through the incorporation of
Immunovia Inc. The Group’s operations consist of the development of new and improved methods
for diagnosing complex diseases within cancer. The Board of Directors approved these Consolidated
Accounts for publication on March 10, 2022.
NOTE 2 ACCOUNTING POLICIES
The Consolidated Accounts have been prepared in accordance with the Swedish Annual Accounts
Act, RFR 1 Supplementary Accounting Rules for Groups, International Financial Reporting Standards
(IFRS) and interpretation statements from the IFRS Interpretations Committee (IFRS IC) as endorsed
by the EU. The parent company’s Annual Accounts have been prepared in accordance with the
Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities. This recommendation means
that the parent company applies the same accounting policies as a group, apart from in those cases
where the Swedish Annual Accounts Act or applicable tax regulation limit the scope to apply IFRS.
Differences between the parent company’s and group’s accounting policies are stated under the
parent company’s accounting policies below.
Basis of Preparation
The Consolidated Accounts have been prepared in accordance with the cost method. The Balance
Sheet items entitled current assets and current liabilities are expected to be recovered and paid
within 12 months. All other Balance Sheet items are expected to be recovered or paid later. The
Group’s functional reporting currency is Swedish kronor. The consolidated accounts and annual
report are presented in thousands of Swedish kronor (SEK 000) unless otherwise stated.
New and Revised Standards Applied By the Group
No standards to be applied by the Group for the first time from January 1, 2021 have had, or are
expected to have any impact on the Group’s accounts.
New Standards and Interpretations That Have Not Yet Been Applied By The Group
A number of new standards and interpretations come into force for fiscal years beginning after
January 1, 2021 and have not been applied in the preparation of this annual report. The new stan-
dards and interpretations that have not yet come into force are not expected to have any impact on
the Group’s financial reports.
Consolidated Accounts
Subsidiaries are all companies over which the Group exerts a controlling influence.
The Group controls a company when it is exposed, or has rights, to variable returns from
its holding in the company, and has the possibility to affect returns through its influence
in the company. Subsidiaries are included in the Consolidated Accounts effective the
date when controlling influence is transferred to the group. They are derecognized from the
Consolidated Accounts effective the date the controlling influence ceases.
The Acquisition method is used for recognizing the Group’s business combinations.
ANNUAL REPORT 2021 59
IMMUNOVIA – EARLY DETECTION
The purchase price for the acquisition of a subsidiary consists of the fair value of the
assets acquired and liabilities the group takes over from previous owners of the acquired company,
and the shares issued by the Group. The purchase consideration also includes the fair value of all
assets or liabilities that are a consequence of an agreement on a conditional purchase
consideration. Identifiable acquired assets and liabilities taken over in a business combination are
initially measured at fair value on the acquisition date. Acquisition-related costs are expensed
as they arise. Intra-group transactions, Balance Sheet items and unrealized gains and losses on
transactions between Group companies are eliminated. The accounting policies for subsidiaries
have been amended were applicable to ensure consistent application of the group’s policies.
Translation of Foreign Currency
Functional currency and presentation currency
Items recognized in the financial statements for the different entities of the Group are measured
in the currency used in the economic environment where each entity is mainly operational (func-
tional currency). In the Consolidated Accounts, Swedish krona (SEK) is utilized, which is the Group’s
presentation currency.
Transactions and balance sheet items
Foreign currency transactions are translated into the functional currency at the exchange rates
prevailing on the transaction date or the date the items are revalued. Exchange rate gains and
exchange rate losses arising from the payment of such transactions and when translating mone-
tary assets and liabilities in foreign currency at the closing day rate, are reported in the income
statement. The exception is when the transactions are hedges that fulfill the conditions for hedge
accounting of cash flows or of net investments, when gains / losses are recognized in other compre-
hensive income. Exchange rate gains and losses related to loans and cash and cash equivalents, are
recognized in the income statement as financial income or expenses. All other exchange rate gains
and losses are reported net in the items other operating income or other operating expenses in the
income statement.
Group companies
The results of operations and financial positions of all Group companies that have different functio-
nal currencies than the presentation currency are translated to the Group’s as follows:
• Assets and liabilities for each balance sheet are translated at closing day rates
• Revenues and expenses for each income statement are translated at average rates of exchange
• All exchange rate differences arising are recognized in other comprehensive income
Intangible and Tangible Assets
Intangible and tangible assets are recognized at cost after deductions for amortization and depre-
ciation. The acquisition cost includes expenditure directly related to the acquisition of the asset.
Additional expenditure is added to the asset’s carrying amount or recognized as a separate asset,
whichever is appropriate, only when it is likely that the future financial benefits associated with the
asset will benefit the Group and the asset’s acquisition value can be measured reliably. Expenditure
for repairs and maintenance are reported as expenses in the income statement during the period in
which they arise.
Depreciation and amortization is on a straight-line basis as follows:
Capitalized expenditure 10 years
Patents 16 years
Improvement to another’s property 10 years
Licenses 5 years
Equipment, tools, fixtures and fittings 5 years
For development expenses, depreciation is started as soon as the asset is completed and can be
used in the intended way.
Development expenditure that increases functionality and value is recognized as an intangible
asset when the following criteria are satisfied:
60 ANNUAL REPORT 2021
IMMUNOVIA – EARLY DETECTION
• It is technically and economically viable to complete the asset
• The intention and conditions exist to sell or use the asset
• It is likely that the asset will generate revenues or lead to cost savings
• Expenditure can be measured satisfactorily.
Directly related expenditure capitalized as a portion of an intangible asset includes expenditure
for employees and a reasonable share of indirect expenses. Other development expenses that do
not satisfy the above criteria are expensed as they arise. Development expenses that had been pre-
viously expensed are not recognized as an asset in the subsequent period. The residual values and
useful lives of assets are tested at each reporting date and restated as required. The residual life of
an asset is impaired to its recoverable amount immediately if the asset’s carrying amount exceeds
its estimated recoverable amount.
Impairment
Intangible assets that are not ready for use are not impaired, but rather subject to yearly impair-
ment tests. Assets that are depreciated/amortized are subject to impairment tests whenever events
or changed circumstances indicate that the carrying amount may not be recoverable. Impairment is
taken at an amount whereby the asset’s carrying amount exceeds its recoverable amount. The reco-
verable amount is the greater of the asset’s fair value less selling expenses and value in use. When
measuring value in use, estimated future cash flows are discounted to present value by applying
a discount rate before tax that reflects the current market assessment of the time value of money,
and the risks associated with the asset. When conducting impairment tests, assets are grouped at
the lowest level where there are essentially independent cash flows (cash-generating units). For
assets that have been previously impaired, a test of reversal is conducted at each reporting date.
Financial Assets
The Group classifies its financial assets in the following categories: financial assets measured at fair
value through profit or loss, loan receivables and accounts receivable, as well as saleable financial
assets. This classification depends on the purpose for which the financial asset was purchased. Ma-
nagement determines the classification of financial assets on first-time recognition. At present, the
Group only has financial assets in the loan receivables and accounts receivable category.
Financial assets valued at accrued acquisition cost
At present, the Group has only financial assets that are not normally sold outside the Group and
where the purpose of the holding is to obtain contractual cash flows. All financial assets are
classified as financial assets that are valued at accrued acquisition cost using the effective interest
method.
Cash and cash equivalents
In the balance sheet and cash flow statements, cash and cash equivalents include cash, bank balan-
ces and other investments in securities, etc. with maturities within three months of the acquisition
date.
When acquiring financial assets, expected credit losses are reported continuously during the hol-
ding period, normally taking into account credit loss risk within the next 12 months. In the event
that the credit risk has increased significantly, it is reserved for the credit losses that are expected
to occur during the entire term of the asset. Immunovia applies the simplified method for calcu-
lating loan losses based on historical data regarding payment patterns and payment ability of the
counterparty. Based on historical data, the expected loan losses are judged to be extremely limited.
Equity
Share capital
Ordinary shares are classified as share capital.
Share issue expenses
Transaction expenses that are directly related to the issue of new ordinary shares or options are
recognized net of tax in equity, as a deduction from the issue proceeds.
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Dividend
Dividends to shareholders are reported as a liability in the financial reports in the period in which
the dividend is determined by the company’s shareholders.
Financial Liabilities
Financial liabilities valued at accrued cost. The Group only has financial liabilities that are classified
and valued at amortized cost using the effective interest method. Accounting is initially made at
fair value, net after transaction costs.
Income Tax
The recognition of income taxes include current tax and deferred tax. Tax is recognized in the
Income Statement, apart from those cases where it relates to items recognized directly in equity. In
such cases, tax is also recognized in equity. Deferred tax is recognized pursuant to the balance sheet
method on all temporary differences. A temporary difference exists when the book value of an asset
or liability differs from its value for tax purposes. Deferred tax is measured by applying the tax rates
that are enacted or substantively enacted on the reporting date, and are expected to apply when
the affected tax asset is realized, or the tax liability is settled. Deferred tax assets are recognized to
the extent it is likely that future taxable surpluses will exist against which the temporary differen-
ces can be utilized.
Revenue from Contracts With Customers
Net sales consist of income from the sale of test results and royalty compensation, the distribution
is stated in Note 5.
Revenue from agreements with customers is reported when the performance commitment has been
fulfilled and control of a product or service has been transferred to the customer. This assessment
must be viewed from the customer’s perspective, taking into account indications such as transfer
of ownership and risks, customer acceptance, physical access and the right to invoice. Assessment
must also be made if the control is transferred at a certain time or over time. Immunovia has no
customer agreements where the performance commitment falls later than twelve months after the
balance sheet date.
Performance commitments and time for reporting
A contract regarding the sale of a test result contains a performance commitment, which means
performing tests on blood samples for a customer, ie. patients. The test result is sent to the patients
immediately after the analysis has been performed. Revenue recognition takes place when the test
result is transferred to the patients, ie. which in practice is the day when the test is sent by post
to the patient. Revenue recognition thus takes place at a certain time. The price per test is fixed at
each time. No discounts or the like are paid afterwards.
The royalty compensation is reported as income according to the financial meaning in the respec-
tive royalty agreement. For current agreements, this means accounting at a certain time, ie. when
the conditions for receiving the compensation are met, which is mainly based on each party’s sales
volumes.
Interest income is reported as income over the term using the effective interest method.
Contract Assets and Contractual Liabilities
The timing of revenue recognition, invoicing and payments leads to invoiced accounts receivable
and uninvoiced accounts receivable. Uninvoiced accounts receivable (contract assets) are reported
in the balance sheet under repaid expenses and accrued income. Invoiced but not yet provided ser-
vices (contractual liabilities) are reported in the balance sheet under accrued expenses and prepaid
income.
Recognition of Public Subsidies
Public subsidies are recognized at fair value providing there is reasonable assurance that the terms
associated with the subsidy will be satisfied, and that thereby, the subsidy will be received. Subsi-
62 ANNUAL REPORT 2021
IMMUNOVIA – EARLY DETECTION
dies received to cover expenses are recognized under the heading other income in the same period
as the expenses arise. Subsidies relating to an asset reduce the asset’s value in the balance sheet.
Leasing Agreements
When signing new leasing agreements, a right-of-use asset and a leasing liability are reported
in the balance sheet. The acquisition value consists of the discounted remaining leasing fees for
non-cancellable leasing periods. Possible extension periods are included if the Group is reasonably
certain that these will be used. When discounting, the company uses marginal loan interest rates,
which are currently 4%.
The lease may change during the lease term, whereby the lease liability and the right-of-use asset
are revalued. Leasing fees are divided between amortization of the leasing liability and payment of
interest. The Group’s significant leasing agreements consist of agreements regarding the leasing of
office premises.
The company applies the relief rules regarding leasing agreements where the underlying asset has
a low value and short-term leasing agreements. These leases are recognized as an expense in the
period in which the use occurs.
Employee Benefits
Liabilities for salaries and benefits and paid absence that is expected to be settled within 12
months of the end of the financial year, are recognized as current liabilities at the amount expected
to be paid when the liabilities are settled, excluding discounts. All the group’s pension obligations
are in defined contribution plans. In a defined contribution plan, the company pays predetermined
fees to an independent pension institution. When these contributions are paid, the company has no
further obligations. Benefits such as salary and pensions are recognized as an expense in the period
when employees have rendered the services that the compensation relates to.
Loan Expenses
Loan expenses that are directly attributable to the purchase, construction or production of qualified
assets are reported as part of the acquisition value of these assets. Qualified assets are assets that
necessarily take a considerable amount of time to complete for the intended use or sale. Capitaliza-
tion ceases when all activities required to complete the asset for its use or sale have been substan-
tially completed. All other loan expenses are expensed as they arise.
Cash Flow Statement
The cash flow statement has been prepared in accordance with the indirect method, which means
that net earnings/losses are restated for transactions that do not involve any payments made or
received in the period, and for any revenues and expenses relating to cash flow from investment
or financing activities. Cash and cash equivalents include cash and immediately available balances
with banks.
Parent Company’s Accounting Principles
The Parent Company’s accounting principles are unchanged compared with the previous year.
Participations in Subsidiaries
Participations in subsidiaries are recognized at cost after deducting for potential impairment. Cost
includes acquisition-related expenses and potential additional purchase considerations. When there
is an indication that participations in subsidiaries are impaired, recoverable amount is measured. If
the recoverable amount is lower than the carrying amount, an impairment is taken. Impairment is
recognized in the earnings/loss from participations in Group companies’ items.
Financial Instruments
The Parent Company does not apply IFRS 9 except as regards the rules for assessing and calcula-
ting the need for impairment of financial assets. In the Parent Company, financial fixed assets are
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IMMUNOVIA – EARLY DETECTION
valued at acquisition value less any write-downs and financial current assets at the lower of acqui-
sition value and fair value less costs to sell.
Leasing
The parent company uses the exception regarding the application of IFRS 16 Leasing, which means
that all leases are recognized as a cost on a straight-line basis over the lease period.
Group contributions and shareholder contributions
The parent company applies the alternative rule for group contributions and reports both paid and
received group contributions as appropriations in the income statement. Shareholder contributions
are entered directly against the equity of the recipient and are capitalized in shares and participa-
tions, to the extent that no impairment is required.
NOTE 3 FINANCIAL RISK MANAGEMENT AND CAPITAL RISK
FINANCIAL RISK MANAGEMENT
Through its operations, the Group is exposed to various financial risks such as market risk (extensi-
ve currency risk and interest risk in cash flow), credit risk and liquidity risk. The Group’s overarching
risk management policy, which is adopted by the Board of Directors, is intended to minimize unfa-
vorable effects on results of operations and financial position.
Market Risk
Currency Risk
The Group operates nationally and internationally, which means exposure to fluctuations in various
currencies, and then primarily, the USD and EUR. Currency risk arises through future business
transactions, and reported assets and liabilities. The scope of the company’s operations means that,
at present, net exposure in foreign currencies is limited. Accordingly, there is no policy prescribing
hedging of this exposure.
If the Swedish krona had depreciated or appreciated by 10 percent, with all other variables
constant, adjusted earnings after tax as on December 31, 2021, would have been MSEK 14 (8)
lower/higher, mostly as a consequence of gains and losses on the restatement of current
receivables and liabilities. The corresponding impact on the parent company would have
been MSEK 15 (8).
Interest Risk in Cash Flow
Interest risk is the risk that the value of financial instruments varies due to fluctuations in market
interest rates. At present, the Group only has interest-bearing financial assets in the form of bank
balances. On the basis of the financial interest-bearing assets and liabilities that accrue variable
interest as of December 31, 2021, a one percentage point change in market interest rates would
affect the Group’s earnings by MSEK 3 (4) For the parent company, the corresponding effect would
be MSEK 3 (5).
Credit Risk
Credit risk is the risk that a party in a transaction with a financial instrument is unable to fulfil its
obligations. The maximum exposure for credit risks in financial assets as on December 31, 2021 is
MSEK 291 (472). The corresponding figure for the parent company was MSEK 280 (548).
Liquidity Risk
Prudence in the management of liquidity risk means holding sufficient cash and cash equivalents or
contracted credit facilities to be able to close market positions. The company management makes
the assessment that, based on the cash of MSEK 287 and the financing plans that exist, the compa-
ny’s continued operations are ensured.
64 ANNUAL REPORT 2021
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The Group’s Debt/Equity Ratio
NOTE 4 SIGNIFICANT ESTIMATES AND JUDGEMENTS FOR
ACCOUNTING PURPOSES
The most important assumptions regarding the future and other sources of uncertainty in estimates as of the
reporting date, which involve significant risk of material restatements in the carrying amounts of assets and lia-
bilities in the following financial years are stated below. The greatest uncertainty is within intangible assets. Capi-
talized development expenses that have not yet begun to be depreciated must be formally tested for impairment
annually. Immunovia began depreciation of capitalized development expenses as of June 1, 2021. However, as
revenue flow is still limited, the Group continues to continuously, at least annually, test the asset for impairment.
Impairment tests are based on a review of recoverable amount, which is estimated on the basis of the value in
use of assets. Management makes estimates of future cash flows in accordance with internal business plans and
forecasts. Estimates of the discount rate and future growth rates beyond the determined budgets and forecasts
are also used in this review. The carrying amount of intangible assets is MSEK 147 (135), of which capitalized de-
velopment expenditure amounts to MSEK 122 (111) and MSEK 25 (24) consists of patents and licenses. Changes
to the assumption management employed in impairment tests could have a material effect on the company’s
results of operations and financial position. For further information see Note 14.
SEK 000 2021 2020
Total interest-bearing liabilities 33 262 33 131
Less: interest-bearing assets -290 439 -471 208
Net debt -257 177 -438 077
Total equity 433 903 599 403
Net debt/equity ratio (%) -59 -73
Net debt
Interest-bearing liabilities less interest-bearing assets (including cash and cash equivalents).
Net debt/equity ratio
Net debt in relation to equity.
SEK 000 Within 3 mth
Between 3
mth. and 1 yr
Between 1 yr
and 2 yr
Between 2 yr
and 5 yr
Later than
5 yr
Leasing liability 1 856 5 569 5 284 13 873 7 862
Accounts payable 3 067 0 0 0 0
Accrued expenses 12 413 0 0 0 0
Total 17 366 5 569 5 284 13 873 7 862
Managing Capital Risk
The Group’s goal in terms of capital structure, defined as equity, is to secure the company’s ability to conti-
nue its operations to enable it to generate returns to shareholders and benefits to other stakeholders, and
that its capital structure is optimal considering the cost of capital. Dividends to shareholders, redemption of
shares, issuance of new shares or sales of assets are examples of actions the company could use to adjust
its capital structure.
Financial Liabilities as on December 31, 2021 become due for payment:
ANNUAL REPORT 2021 65
IMMUNOVIA – EARLY DETECTION
NOTE 5 SEGMENT INFORMATION
Business segments are reported in a manner that is consistent with the internal reporting presented to the chief
operating decision maker. The chief operating decision maker is that function responsible for allocating resources
and judging the performance of operating segments. In the Group, this function has been identified as manage-
ment, which consists of seven individuals including the CEO. Management has determined that the group
as a whole is a single segment based on information considered in consultation with the board used as sup-
porting data to allocate resources and evaluate performance. Of the Group’s Intangible- and tangilbe assets, MSEK
186 (174) are in Sweden, MSEK 7 (10) in the US and kSEK 0 (253) in Germany.
Of the Group’s net sales, kSEK 344 consists of income from the sale of tests and kSEK 500 of royalty income.
Revenues from royalty have been invoiced in full from Sweden to customers in the USA. The test results are
performed for customers in the USA and invoiced from our company in the USA.
NOTE 6 INTRA-GROUP PURCHASES AND SALES
Parent company
Parent company
NOTE 7 OTHER OPERATING INCOME
2021 2020 2021 2020
Other diverse income 0 289 0 116
Exchange rate gains 113 335 96 335
Total 113 624 96 451
The Group
2021 2020
Share of sales relating to Group companies 95% 0%
Share of purchases relating to Group companies 12% 3%
The most important assessments when reporting leasing agreements are the length of the leasing period and
the discount rate to be used.
The Group’s leasing agreements in the form of agreements for the use of office premises are normally signed
for fixed periods between 3 and 8 years where there may be a possibility of extension. When determining the
length of the lease, management considers all available information providing a financial incentive to exercise
an extension option, or not to exercise an option to terminate an agreement. Options to extend an agreement
are only included in the length of the leasing agreement if it is reasonably certain that the agreement will be
extended. Individual assessments regarding extensions are made on an ongoing basis, contract by contract.
If the Group has improvement costs relating to someone else’s property and expects them to have significant
residual value, it is usually reasonably certain that the agreements will be extended.
During the current financial year, there was no need for recalculation.
66 ANNUAL REPORT 2021
IMMUNOVIA – EARLY DETECTION
NOTE 8 LEASING AGREEMENTS
The Group has leasing agreements, mainly in the form of agreements for the use of office premises. The following
amounts have been reported in the income statement.
On December 31, 2021 the Group had obligations regarding short-term leasing agreements of
SEK 0 (0). The total cash flow for leases amounted to SEK 7.3 million (6.4).
2021 2020
Operational leasing, incl rent for premises
Lease payments, expense for the year 5 395 4 790
Remaining lease payments become due as
follows:
Within 1 year 5 395 5 284
Later than 1 year but within 5 years 19 158 19 950
Later than 5 years 7 862 12 354
Total 32 415 37 588
Amounts reported in the results 2021 2020
Depreciation on right-of-use assets -6 175 -5 490
Interest expense for leasing liabilities -1 430 -1 415
Expenses attributable to low value leasing
contracts -62 -71
Expenses attributable to variable fees not inclu-
ded in the valuation of the leasing liability -23 -62
Parent company
The Group
NOTE 9 REMUNERATION TO THE AUDITORS
2021 2020 2021 2020
Remuneration to the auditors
HLB Auditoriet AB
Audit assignments 350 335 350 335
Other services 10 155 10 155
360 490 360 490
Total 360 490 360 490
Parent companyThe Group
ANNUAL REPORT 2021 67
IMMUNOVIA – EARLY DETECTION
NOTE 10 EMPLOYEES AND PERSONNEL EXPENSES
No. of employees
Of which
male No. of employees
Of which
male
Parent company
Sweden 45 13 49 16
Subsidiaries
USA 20 7 13 5
Germany 1 0 1 0
Total subsidiaries 21 7 14 5
The Group total 66 20 63 21
Female Male Female Male
The Board 2 5 2 5
CEO and other management 5 6 4 5
2020
2020
2021
2021
Average number of employees
Gender balance, senior executives
Salaries and
benefits
Social security
contributions
Salaries and
benefits
Social security
contributions
Parent company
The Board and CEO 8 807 2 767 8 710 3 561
(of which pension expenses) (0) (664)
Other employees 26 052 10 475 26 029 9 850
(of which pension expenses) (3 257) (2 730)
Subsidiaries
Other employees 20 326 2 013 20 688 1 919
(of which pension expenses) (596) (561)
The Group total 55 185 15 255 55 427 15 330
(of which pension expenses) (3 853) (3 955)
2020
2021
Personnel expenses
Senior executives mean the individuals that make up the company’s management with the Chief Executive Offi-
cer. There are eleven people in this group. Fees are payable to the Chairman of the Board and Directors pursuant
to AGM resolution. The following table illustrates compensation received. Social security contributions are not
included in the costs.
68 ANNUAL REPORT 2021
IMMUNOVIA – EARLY DETECTION
Name Position
Salary &
benfits/
directors’ fee
Pension
expenses
Other
benefits Total
Carl Borrebaeck Chairman 580 0 0 580
Hans Johansson Director 288 0 0 288
Peter Høngaard Andersen Director 268 0 0 268
Christofer Sjögren Director 290 0 0 290
Martin Møller Director 160 0 0 160
Mimmi Ekberg Director 240 0 0 240
Ann-Christine Sundell Director 308 0 0 308
Total, Board 2 134 0 0 2 134
Patrik Dahlen CEO 3 199 0 0 3 199
Other senior executives 13 690 767 717 15 174
Total CEO and other senior execu-
tives 19 023 767 717 20 507
Personnel expenses 2021. Board of Directors, CEO, and Senior Executives
Name Position
Salary &
benfits/
directors’ fee
Pension
expenses
Other
benefits Total
Carl Borrebaeck Chairman 527 0 0 527
Hans Johansson Director 237 0 0 237
Peter Høngaard Andersen Director 160 0 0 160
Christofer Sjögren Director 257 0 0 257
Mats Grahn Director 65 0 0 65
Mimmi Ekberg Director 211 0 0 211
Ann-Christine Sundell Director 257 0 0 257
Total Board 1 714 0 0 1 714
Mats Grahn/Patrik Dahlen CEO 7 064 664 0 7 728
Other senior executives 7 569 823 1 499 9 891
Total CEO and other senior
executives 14 633 1 487 1 499 17 619
Personnel expenses 2020. Board of Directors, CEO, and Senior Executives
ANNUAL REPORT 2021 69
IMMUNOVIA – EARLY DETECTION
The CEO has a notice period of six months on resignation. A notice period of six months applies to termination
by the company. Other compensation to senior executives wholly consists of invoiced fees and compensation for
service in management.
The Board of Directors and senior executives are members of share warrant programs, whose terms are stated
below.
All the group’s pension obligations are in defined contribution plans. In defined contribution plans, the company
pays predetermined charges to insurance companies. Retirement age is 67.
Share warrant programs
Immunovia has four outstanding warrant schemes that comprise 359 500 warrants with the right to subscribe for
359 500 shares. There is no dilution effect as long as the Group’s earnings are negative.
The warrant programs are aimed at employees and key personnel in the company. At the time of allocation, all
warrants have been valued according to the Black & Scholes valuation model.
A summary of the company’s warrant program can be found below.
Alternative cash-based incentive schemes
In countries where warrant programs are not appropriate for various reasons, it has been decided to introduce
alternative cash-based incentive programs for employees and key personnel in the company. The alternative
incentive programs are designed in such a way that their financial effect corresponds to the terms in the corres-
ponding warrant program. The total cost to the Company for the cash-based incentive programs is shown in the
summary below.
All warrant schemes are subject to customary recalculation terms in connection with share issues, etc.
Incentive scheme Decision date Utilization period
Number of
outstanding
warrants
Sub-
scription
price/
share
Change in share
capital at full
utilization
Total cost of
alternative
cash-based
incentive
schemes (USD)
Warrant scheme
2019/2023 Apr 26, 2019
Jun 1, 2023 -
Jun 30, 2023 79 500 342.06 3 975.00
Warrant scheme
2020/2024 Sep 23, 2020
Jun 1, 2024 -
Jun 30, 2024 280 000 455.59 14 000.00
Alternative cash-
based incentive scheme
2019/2023 Apr 26, 2019
Jun 1, 2023 -
Jun 30, 2023 520 000
Alternative cash-
based incentive scheme
2020/2024 Sep 23, 2020
Jun 1, 2024 -
Jun 30, 2024 192 000
Total 359 500 17 975.00 712 000
Breakdown of outstanding incentive scheme
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NOTE 11 FINANCIAL INCOME/INTEREST INCOME
AND SIMILAR EARNINGS ITEMS
NOTE 12 FINANCIAL EXPENSES/INTEREST EXPENSES AND SIMILAR
EARNINGS ITEMS
NOTE 13 TAX ON EARNINGS FOR THE YEAR
2021 2020 2021 2020
Interest income Group companies 0 0 3 411 2 291
Exchange rate income 13 749 5 116 13 748 5 115
Interest income, other 710 576 710 576
Total 14 459 5 692 17 869 7 982
2021 2020 2021 2020
Exchange rate losses -2 365 -15 964 -2 354 -15 964
Interest expenses for leas liabilities -1 430 -1 415 0 0
Interest expenses other -2 -3 -2 -3
Total -3 797 -17 382 -2 356 -15 967
Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31,2020
Current tax 0 0 0 0
Deferred tax 0 0 0 0
Total 0 0 0 0
Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020
Theoretical tax
Reported earnings/loss before tax -155 966 -146 033 -106 572 -108 815
Tax at applicable tax rate, 20.6% (21.4%) 32 129 31 251 21 954 23 286
Reconciliation of reported tax
Effect of non-deductible expenses -26 -69 -26 -69
Issue expenses recognized in equity 0 5 422 0 5 422
Effect of loss carry-forwards that have not
been measured -32 103 -36 604 -21 928 -28 639
Impact attributable to previous years 0 0 0 0
Total 0 0 0 0
Deductible loss carry-forwards in the Group amounted to MSEK 631.5 (475.6) as of December 31, 2021. For the
parent company, deductible lost carry-forwards amounted to MSEK 501.8 (395.7) as of December 31, 2021. The
majority of loss carry-forwards have no time limitation. The effect of issue expenses is reported in equity. No tax loss
carry-forwards have been valued.
Parent company
Parent company
Parent company
Parent company
The Group
The Group
The Group
The Group
ANNUAL REPORT 2021 71
IMMUNOVIA – EARLY DETECTION
During the second quarter of 2021, the development of the company’s test for early detection of pancreatic can-
cer was completed and with this, the capitalization of the development costs for this ended and the depreciation
of the capitalized costs began.
Impairment testing has been carried out for capitalized development expenditure. Significant factors in the test
have been to assess cash flows for the next five years, assess growth after the forecast period and the weighted
capital cost, which is calculated at 11.2 percent. The forecasts used in the impairment test are approved by the
management and are based on the best assessment of the future. The growth rate beyond that forecast period is
set at 2 percent, which is a conservative estimate as it is set at expected long-term inflation. A sensitivity analysis
shows that an impairment requirement arises at an increased weighted capital cost of 12 percentage points or
at a turnover decrease of about 2 percent and otherwise unchanged factors. A shift in sales start of about 1 year
also means that an impairment need arises.
NOTE 14 CAPITALIZED DEVELOPMENT EXPENDITURE
Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020
Opening cost 155 375 115 355 155 375 115 353
Investment 18 502 40 020 18 502 40 020
Total 173 878 155 375 173 878 155 375
Opening amortization 0 0 0 0
Amortization for the year -7 244 0 -7 244 0
Closing accumulated amortization -7 244 0 -7 244 0
National and European subsidies of deve-
lopment expenditure
Opening balance -44 142 -44 142 -44 142 -44 142
Deducted in the year 0 0 0 0
Total -44 142 -44 142 -44 142 -44 142
Carrying amount 122 492 111 234 122 492 111 234
NOTE 15 PATENTS, LICENSES AND SIMILAR RIGHTS
Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020
Opening cost 25 451 22 158 24 067 21 205
Investment 2 733 3 477 2 733 2 862
Sales and scrapping -838 0 -838 0
Translation differences for the year 144 -183 0 0
Closing accumulated cost 27 491 25 452 25 961 24 067
Opening amortization -1 152 -913 -1 152 -913
Amortization for the year -1 078 -239 -925 -239
Translation differences for the year -8 0 0 0
Closing accumulated amortization -2 836 -1 152 -2 077 -1 152
Opening impairment -599 -599 -599 -599
Closing accumulated impairment -599 -599 -599 -599
Carrying amount 24 655 23 701 23 286 22 316
Parent company
Parent company
The Group
The Group
72 ANNUAL REPORT 2021
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NOTE 16 IMPROVEMENTS IN OTHER’S PROPERTY
NOTE 17 EQUIPMENT, TOOLS, FIXTURES AND FITTINGS
NOTE 18 RIGHT-OF-USE ASSETS, LEASING
Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020
Opening cost 7 789 6 422 6 828 5 329
Purchase 1 216 1 500 1 216 1 500
Translation difference for the year 100 -133 0 0
Closing accumulated cost 9 105 7 789 8 044 6 828
Opening amortization -1 252 -662 -1 093 -547
Amortization for the year -1 150 -611 -1 090 -546
Translation difference for the year -20 21 0 0
Closing accumulated amortization -2 422 -1 252 -2 183 -1 093
Carrying amount 6 683 6 537 5 861 5 736
Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020
Opening cost 20 099 18 314 14 451 13 306
Purchases 1 432 2 499 1 306 1 145
Sales and scrapping -693 0 -205 0
Reclassification -469 0 -469 0
Translation difference for the year 551 -714 0 0
Closing accumulated cost 20 920 20 099 15 083 14 451
Opening depreciation -11 030 -7 435 -8 803 -5 831
Depreciation for the year -3 410 -3 401 -2 425 -2 503
Sales and scrapping 300 -469 0 -469
Recalssification 469 0 469 0
Translation difference for the year -260 275 0 0
Closing accumulated depreciation -13 931 -11 030 -10 759 -8 803
Carrying amount 6 989 9 069 4 324 5 648
Dec 31, 2021 Dec 31, 2020
Opening cost 43 181 43 181
Purchases 5 936 0
Closing accumulated cost 49 117 43 181
Opening depreciation -10 087 -4 596
Depreciation for the year -6 175 -5 490
Closing accumulated depreciation -16 262 -10 087
Carrying amount 32 855 33 095
Parent company
Parent company
The Group
The Group
The Group
ANNUAL REPORT 2021 73
IMMUNOVIA – EARLY DETECTION
NOTE 21 PARTICIPATIONS IN GROUP COMPANIES
NOTE 22 EQUITY
Company Corporate ID no: Reg. office No.
Participa-
ting interest Dec 31, 2021 Dec 31, 2020
Immunovia Inc 350589-6 Wilmington, USA 1 000 100% 1 1
Immunovia Incentive AB 559198-2870 Lund 500 100% 50 50
Immunovia Dx Laboratories AB 559244-6503 Lund 250 100% 25 25
Immunovia GmbH HRB 111 597 Frankfurt am Main 1 100% 253 253
328 328
Carrying amount
NOTE 20 PREPAID EXPENSES AND ACCRUED INCOME
Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020
Prepaid rents 365 411 1 387 1 361
Prepaid insurance 455 226 209 62
Prepaid expenses for prospective studies 0 0 0 0
Other prepaid expenses 2 242 1 344 607 1 207
Accrued income 391 458 391 458
Carrying amount 3 453 2 439 2 594 3 088
The number of shares amounts to 22 631 581, each with one vote. The quotient value is SEK 0.05 per share
NOTE 19 OTHER LONG-TERM RECEIVABLES
Dec 31, 2021 Dec 31, 2020
Opening acquisition value 2 746 3 125
Translation difference for the year 287 -379
Carrying amount 3 033 2 746
The Group
Parent companyThe Group
Datum Event Number of shares Share capital
Jan 1, 2020 At the beginning of the period 19 654 853 982 742.65
Jun 4, 2020 New share issue 2 948 228 147 411.40
Oct 4, 2020 New share of issue via warrants 28 500 1 425.00
Dec 31, 2020 At the end of the period 22 631 581 1 131 579.05
Dec 31, 2021 At the end of the period 22 631 581 1 131 579.05
74 ANNUAL REPORT 2021
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NOTE 23 ACCRUED EXPENSES AND PREPAID INCOME
NOTE 25 LEASING LIABILITIES
NOTE 26 CASH AND CASH EQUIVALENTS
Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020
Cash 0 0 0 0
Bank balances 287 406 468 462 279 191 461 730
Total cash and cash equivalents 287 406 468 462 279 191 461 730
NOTE 24 NON-CASH FLOW ITEMS
Parent companyThe Group
Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020
Personnel-related expenses 7 798 8 922 7 445 8 583
Accrued study expenses 7 594 10 119 7 594 10 119
Other Accrued expenses 4 819 2 907 4 713 2 802
Carrying amount 20 211 21 948 19 752 21 504
Parent CompanyThe Group
Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020
Depreciation 19 063 9 763 11 685 3 310
Disposal of intangible assets 1 168 -89 857 -89
Translation difference internal transac-
tions -183 271 0 0
Total 20 048 9 945 12 542 3 221
Parent CompanyThe Group
Dec 31, 2021 Dec 31, 2020
Opening acquisition value 33 131 38 066
Additional leasing liabilities 5 935 0
Amortization during the year, affecting cash flow -5 804 -4 935
Carrying amount 33 262 33 131
The Group
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IMMUNOVIA – EARLY DETECTION
Financial liabilities valued at accrued acquisition value
The Group only has financial liabilities that are classified and valued at accrued acquisition value using the effec-
tive interest method. Accounting is initially made at fair value, net after transaction expenses.
The carrying amount on financial assets and liabilities is considered to be essentially consistent with fair value.
NOTE 27 FINANCIAL INSTRUMENTS BY CATEGORY
Dec 31, 2020 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020
Financial assets valued at accrued
acquisition value
Other non-current receivables 3 033 2 746 0 0
Other receivables 0 0 147 557 85 556
Accounts receivable 72 0 0 0
Accrued income 391 458 391 458
Cash and cash equivalents 287 406 468 462 279 191 461 730
290 902 471 665 427 139 547 744
Financial liabilities valued at accrued
acquisition value
Leasing liabilities 33 262 33 130 0 0
Accounts payable 3 067 4 255 2 570 3 384
Accrued expenses 12 412 12 939 12 307 12 921
Total 48 741 50 324 14 877 16 305
Financial assets valued at accrued acquisition value
At present, the Group only has financial assets that are not normally sold outside the Group and where the
purpose of the holding is to obtain contractual cash flows. All financial assets are classified as financial assets
that are valued at amortized cost using the effective interest method. The Group applies the simplified method
for calculating expected credit losses. The method means that expected losses during the entire duration of the
receivables are used as a starting point for loss risk reserve. The Group is currently very limited with accounts
receivable, so no loss reserve is calculated. The parent company has receivables from subsidiaries for which there
is not deemed to be any significant expected loss risk.
Parent companyThe Group
76 ANNUAL REPORT 2021
IMMUNOVIA – EARLY DETECTION
NOTE 28 SIGNIFICANT EVENTS SINCE 2020 AND
COMMENTS FROM THE CEO
In January 2022 Phillip Mathieu assumed the role as Acting CEO and President.
In February 2022 the peer-reviewed, blinded study to independently validate the clinical perfor-
mance of IMMray™ PanCan-d was published in Clinical and Translational Gastroenterology. Resulta-
ten visar att IMMray® PanCan-d kunde detektera bukspottkörtelcancer i stadium I–II med
en specificitet på 99 procent och en känslighet på 89 procent mot högriskpersoner inskrivna i ett
monitoreringsprogram för personer med familjär/ärftlig risk för bukspottkörtelcancer samt friska
kontrollpersoner. Samtliga stadier av bukspottkörtelcancer upptäcktes med en specificitet på
99 procent och en känslighet på 92 procent.
NOTE 29 TRANSACTIONS WITH RELATED PARTIES
NOTE 30 APPROPRIATION OF EARINGS/LOSS
Remuneration to the Board of Directors and senior executives is stated in Note 10.
In addition to salaries and other remuneration to the executive management and board fees,
according to a Resolution by the AGM, the company has also entered into a consultancy agreement
with CB Ocean Capital AB for Services to be performed by Immunovia’s chairman and its largest
owner Carl Borrebaeck. The services provided do not include tasks that belong to board assignme-
nts, but the services are aimed at providing the company with scientific and strategic support for,
for example, scientific presentations and conferences. The agreement applies from January 1, 2018
and runs until further notice with a three month mutual notice period and provides a quarterly
remuneration of SEK 41,000.
Proposed appropriation of the company’s earnings
The following funds are at the disposal of
the AGM (SEK):
Earnings brought forward
565 437 678
Earnings/loss for the year
-106 572 082
458 865 596
The Board of Directors proposes:
Carried forward 458 865 596
458 865 596
ANNUAL REPORT 2021 77
IMMUNOVIA – EARLY DETECTION
Board of Directors’ and Chief Executive
Officer’s Certification
The Consolidated Income Statement and Consolidated Balance Sheet will be presented to the Annual General
Meeting on April 7, 2022 for adoption. The Board of Directors and Chief Executive Officer hereby certify that the
Consolidated Accounts have been prepared in accordance with International Financial Reporting Standards, IFRS,
as endorsed by the EU and give a true and fair view of the group’s financial position and results of operations. The
financial statements for the parent company have been prepared in accordance with generally accepted accoun-
ting practice and give a true and fair view of the parent company’s financial position and results of operations.
The Statutory Administration Report of the group and parent company gives a true and fair view of the progress
of the Group’s and parent company’s operations, financial position and results of operations, and states the mate-
rial risks and uncertainty factors facing the parent company and companies in the Group.
Lund, Sweden March 10, 2022
Our Audit Report was presented on March 10, 2022
The consolidated income statement and consolidated balance sheet, and the parent company’s income statement
and parent company’s balance sheet will be subject to adoption at the Annual General Meeting.
Martin Møller
Board member
Philipp Mathieu
Acting Chief Executive Officer
Mats-Åke Andersson
Authorized Public Accountant
Carl Borrebaeck
Chairman
Ann-Christine Sundell
Ledamot
Mimmi Ekberg
Board member
Peter Høngaard Andersen
Board member
Hans Johansson
Board member
Christofer Sjögren
Board member
78 ANNUAL REPORT 2021
IMMUNOVIA – EARLY DETECTION
Audit Report
To the general meeting of the shareholders of Immunovia AB (Publ),
corporate ID no. 556730-4299
Report on the annual accounts and consolidated accounts
Opinions
I have audited the annual accounts and consolidated accounts of Immunovia AB (publ) for the year
2021-01-01 - 2021-12-31. The annual accounts and consolidated accounts of the Company are
included on pages 45-77 of this document. In my opinion, the annual accounts have been prepared
in accordance with the Annual Accounts Act and present fairly, in all material respects, the finan-
cial position of the Parent Company as of December 31, 2021 and its financial performance and
cash flow for the year then ended in accordance with the Annual Accounts Act. The consolidated
accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all
material respects, the financial position of the Group as of December 31, 20201and their financial
performance and cash flow for the year then ended in accordance with International Financial Re-
porting Standards (IFRS), as adopted by the EU, and the Annual Accounts Act. The statutory adminis-
tration report is consistent with the other parts of the annual accounts and consolidated accounts.
I therefore recommend that the general meeting of shareholders adopts the income statement and
balance sheet for the Parent Company and the Group.
My opinions in this report on the annual accounts and the consolidated accounts are consistent
with the content of the supplementary report submitted to the parent company’s audit committee
in accordance with Article 11 of the audit regulation (537/2014/EU).
Basis for Opinions
I conducted my audit in accordance with International Standards on Auditing (ISA) and general-
ly accepted auditing standards in Sweden. My responsibilities under those standards are further
described in the Auditor’s responsibilities section. I am independent in my relationship with the
Parent Company and the Group in accordance with professional ethics for accountants in Sweden
and have otherwise fulfilled my ethical responsibilities in accordance with these requirements. This
includes, based on my best knowledge and beliefs, no prohibited services referred to in Article 5
(1) (537/2014/EU) of the Auditors Regulations, the audited company or, where applicable, its parent
company or its controlled companies within the EU has been provided. I believe that the audit evi-
dence I have obtained is sufficient and appropriate to provide a basis for my opinions.
Particularly Important Areas
Particularly important areas for the audit are the areas that, according to my professional assess-
ment, were the most important for the audit of the annual accounts and consolidated accounts for
the current period and include, among other things, the most important assessed risks for material
misstatements. These areas were treated within the framework of the audit of, and in my opinion
on, the annual accounts and the consolidated accounts as a whole, but I make no separate state-
ments about these areas.
Intangible Fixed Assets
The intangible fixed assets are presented in more detail in notes 2, 4, 14 and 15. As of December 31,
2021, the Group’s carrying amount of intangible fixed assets amounts to kSEK 147 147 and constitu-
tes a significant part of the Group’s reported assets. In accordance with applied accounting prin-
ciples, certain conditions exist for the fact that capitalization of expenses can take place, see also
Note 2, and partly the executive management make an annual impairment test regarding the asset.
The management has performed impairment tests based on discounted cash flow. The calculations
include a high degree of assessments and assumptions about future cash flows and conditions that
are complex. Notes 4 and 14 contain an account of which parts have been tested, how the assess-
ments have been made, important assumptions and the outcome of sensitivity analyses.
I have formed an understanding of the company’s operations and market, assessed the calculation
model used by the management and took note of the estimates and assessments made. The mana-
gement’s assumptions mainly linked to the variables that have the greatest impact on impairment
testing, such as growth, margins and the discount factor have been tested by me. I have tested what
effect changes in assumptions regarding the above mentioned variables have on the trials. This is
to assess whether an impairment requirement exists. Assessment has been made of the accuracy of
the disclosures in the annual accounts.
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Other Information Than the Annual Accounts and Consolidated Accounts
This document also contains other information than the annual accounts and consolidated ac-
counts and is found on pages 2-44 and 82-85. The Board of Directors and the CEO are responsible
for this other information. My opinion on the annual accounts and consolidated accounts does not
cover this other information and I do not express any form of assurance conclusion regarding this
other information. In connection with my audit of the annual accounts and consolidated accounts,
my responsibility is to read the information identified above and consider whether the information
is materially inconsistent with the annual accounts and consolidated accounts. In this procedure I
also take into account our knowledge otherwise obtained in the audit and assess whether the infor-
mation otherwise appears to be materially misstated. If I, based on the work performed concerning
this information that we have had access to prior the date of this auditor’s report, conclude that
there is a material misstatement of this other information, I am required to report that fact. I have
nothing to report in this regard.
Responsibilities of the Board of Directors and the Chief Executive Officer
The Board of Directors and the CEO are responsible for the preparation of the annual accounts and
consolidated accounts and that they give a fair presentation in accordance with the Annual Ac-
counts Act and, concerning the consolidated accounts, in accordance with IFRS as adopted by the
EU. The Board of Directors and the CEO are also responsible for such internal control as they deter-
mine is necessary to enable the preparation of annual accounts and consolidated accounts that are
free from material misstatement, whether due to fraud or error.
In preparing the annual accounts and consolidated accounts, The Board of Directors and the CEO
are responsible for the assessment of the company’s and the Group’s ability to continue as a going
concern. They disclose, as applicable, matters related to going concern and using the going concern
basis of accounting. The going concern basis of accounting is however not applied if the Board of
Directors and the CEO intends to liquidate the company, to cease operations, or has no realistic
alternative but to do so. The Board’s Audit Committee shall, without prejudice to the Board’s respon-
sibilities and tasks in general, monitor, among other things, the Company’s financial reporting.
Auditors’ Responsibility
My objectives are to obtain reasonable assurance about whether the annual accounts and conso-
lidated accounts as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes my opinions. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with ISAs and generally
accepted auditing standards in Sweden will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these annual accounts and consolidated accounts.
As part of an audit in accordance with ISAs, I exercise professional judgment and maintain professi-
onal skepticism throughout the audit. I also:
• Identify and assess the risks of material misstatement of the annual accounts and consolidated
accounts, whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
my opinions. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of the company’s internal control relevant to my audit in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accoun-
ting estimates and related disclosures made by the Board of Directors and the CEO.
• Conclude on the appropriateness of the Board of Directors’ and the CEO’s use of the going
concern basis of accounting in preparing the annual accounts and consolidated accounts. I also
draw a conclusion, based on the audit evidence obtained, as to whether any material uncer-
tainty exists related to events or conditions that may cast significant doubt on the company’s
and the Group’s ability to continue as a going concern. If I conclude that a material uncertainty
80 ANNUAL REPORT 2021
IMMUNOVIA – EARLY DETECTION
exists, I am required to draw attention in my auditor’s report to the related disclosures in the
annual accounts and consolidated accounts or, if such disclosures are inadequate, to modify
my opinion about the annual accounts and consolidated accounts. My conclusions are based
on the audit evidence obtained up to the date of my auditor’s report. However, future events or
conditions may cause a company and a group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the annual accounts and consoli-
dated accounts, including the disclosures, and whether the annual accounts and consolidated
accounts represent the underlying transactions and events in a manner that achieves fair
presentation.
• Obtain sufficient and appropriate audit evidence regarding the financial information of the en-
tities business activities within the Group to express an opinion on the consolidated accounts.
I am responsible alone for the direction, supervision and performance of the Group audit. I
remain solely responsible for my opinions.
I must inform the Board of Directors of, among other matters, the planned scope and timing of the
audit. I must also inform of significant audit findings during my audit, including any significant
deficiencies in internal control that I identified. I must also provide the Board with a statement
that I have complied with relevant professional ethical requirements regarding independence, and
to address all relations and other conditions that can reasonably affect my independence, and, if
applicable, associated countermeasures.
Of the areas communicated with the Board, I determine which of these areas have been the most
important for the audit of the annual accounts and the consolidated accounts, including the most
important assessed risks for material misstatements, and which therefore constitute the areas of
particular importance to the audit. I describe these areas in the auditor’s report unless laws or other
regulations prevent information about the issue or when, in extremely rare cases, I consider that an
issue should not be communicated in the audit report because the negative consequences of doing
so reasonably would be expected to be greater than the public interest in this communication.
Report on Other Legal and Regulatory Requirements
Opinions
In addition to my audit of the annual accounts and consolidated accounts, I have also audited the
administration of the Board of Directors and the CEO of Immunovia AB (Publ) for the year 2021-01-
01 - 2021-12-31 and the proposed appropriations of the company’s profit or loss.
I recommend to the general meeting of shareholders that the profit be appropriated in accordance
with the proposal in the statutory administration report and that the members of the Board of
Directors and the CEO be discharged from liability for the financial year.
Basis for Opinions
I conducted the audit in accordance with generally accepted auditing standards in Sweden. My
responsibilities under those standards are further described in the Auditor’s responsibilities section.
I am independent of the Parent Company and the Group in accordance with professional ethics for
accountants in Sweden and have otherwise fulfilled my ethical responsibilities in accordance with
these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate
to provide a basis for my opinions.
Responsibilities of the Board of Directors and the Chief Executive Officer
The Board of Directors is responsible for the proposal for appropriations of the company’s profit or
loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justifiab-
le considering the requirements which the company’s and the Group’s type of operations, size and
risks place on the size of the Company’s and the Group’s equity, consolidation requirements, liquidity
and position in general. The Board of Directors is responsible for the company’s organization and
the administration of the company’s affairs. This includes among other things continuous assess-
ment of the company’s and the Group’s financial situation and ensuring that the company’s organi-
ANNUAL REPORT 2021 81
IMMUNOVIA – EARLY DETECTION
zation is designed so that the accounting, management of assets and the company’s financial affairs
otherwise are controlled in a reassuring manner. The CEO shall manage the ongoing administration
according to the Board of Directors’ guidelines and instructions and among other matters take me-
asures that are necessary to fulfil the company’s accounting in accordance with law and handle the
management of assets in a reassuring manner.
Auditor’s Responsibility
My objective concerning the audit of the administration, and thereby my opinion about discharge
from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether
any member of the Board of Directors or the CEO in any material respect:
• Has undertaken any action or been guilty of any omission which can give rise to liability to the
company
• In any other way has acted in contravention of the Companies Act, the Annual Accounts Act or
the Articles of Association
My objective concerning the audit of the proposed appropriations of the company’s profit or loss,
and thereby my opinion about this, is to assess with reasonable degree of assurance whether the
proposal is in accordance with the Companies Act. Reasonable assurance is a high level of assuran-
ce, but is not a guarantee that an audit conducted in accordance with generally accepted auditing
standards in Sweden will always detect actions or omissions that can give rise to liability to the
company, or that the proposed appropriations of the company’s profit or loss are not in accordance
with the Companies Act. As part of an audit in accordance with generally accepted auditing stan-
dards in Sweden, I exercise professional judgment and maintain professional skepticism throughout
the audit. The examination of the administration and the proposed appropriations of the company’s
profit or loss is based primarily on the audit of the accounts. Additional audit procedures performed
are based on my professional judgment with starting point in risk and materiality. This means that I
focus the examination on such actions, areas and relationships that are material for the operations
and where deviations and violations would have particular importance for the company’s situation.
I examine and test decisions undertaken, support for decisions, actions taken and other circumstan-
ces that are relevant to my opinion concerning discharge from liability. As a basis for my opinion on
the Board of Directors’ proposed appropriations of the company’s profit or loss, I examined whether
the proposal is in accordance with the Companies Act.
Other information - scope and focus of the audit
The company has securities admitted to trading on a regulated market and must publish its annual
report and consolidated accounts in accordance with ch. Section 4 of the Securities Market Act.
Such a company must, according to ch. § 4 prepare their annual accounts and consolidated accounts
in a format that enables uniform electronic reporting. At the time of submitting this audit report, no
annual report and consolidated accounts have been prepared in such a format as is prescribed in
ch. Section 4 of the Securities Market Act. I have therefore not been able to make such a statement
as is required under ch. Section 35 b of the Swedish Companies Act.
Mats-Åke Andersson, HLB Auditoriet AB, Järnåkravägen 3, 222 25 Lund, appointed Auditor of
Immunovia AB by the Annual General Meeting on May 6, 2021 and has been the company’s auditor
since 6 May 2021 and has previously been the Chief Auditor of the company from April 2017.
Lund, March 10, 2022
Mats-Åke Andersson
Authorized public accountant
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Definitions
Key indicator
Definition
Motivation for using financial key indicator
not defined pursuant to IFRS
Net sales
Revenues from goods and services
sold, and royalties received rela-
ting to the main activity during.
the relevant period.
Operating earnings/loss Earnings/loss before financial
items and tax.
Operating earnings/loss provides a view of the
earnings that the company’s ordinary activities
have generated.
Basic and diluted
earnings per share
Earnings/loss divided by the
weighted number of shares in the
period before and after dilution
respectively.
Average number of
shares before and after
dilution
The average number of outstan-
ding shares in the period before
and after dilution respectively.
Because the group is generating
a loss, there is no dilution, despite
the subscription price being lower
than the share price.
R&D expenses
The company’s direct expenses
for research and development.
Expenses for staff, materials and
external services.
The company’s main activity is research and
development. Management considers that
R&D expenses are an important parameter
to monitor as an indicator of activity levels
within the company.
R&D expenses as a
percentage of operating
expenses
R&D expenses divided by ope-
rating expenses, which include
other external expenses, person-
nel expenses, depreciation and
amortization.
Management considers that the company’s
R&D expenses in relation to total expenses
are an important indication of the proportion
of total expenses that are used for the
company’s main activity.
Cash and cash equiva-
lents
Cash and bank balances.
Cash flow from opera-
ting activities
Cash flow before cash flow from
investing activities and financing
activities.
Cash flow for the period
(SEK 000)
The change in cash and cash equi-
valents for the period excluding
effective unrealized exchange rate
gains and exchange rate losses.
Equity per share (SEK)
Equity divided divided by the
number of shares at the end of
the period.
Management follows this indicator to monitor
the value of equity per share.
Equity/assets ratio
Equity as a percentage of total
assets
Management follows this indicator of the
company’s financial stability.
Average number of
employees
The average number of employ-
ees is the total of working-hours
in the period divided by scheduled
working hours for the period.
Average number of
employees in R&D
The average of the number of
employees in the company’s rese-
arch and development functions.
ANNUAL REPORT 2021 83
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Glossary
Antigen. A foreign body substance that elicits a reaction of the immune system in contact with the
organism. The substance may be a chemical substance, a protein or a carbohydrate.
Antibodies. Antibodies, or immunglobulins, are a type of protein used by the body´s immune sys-
tem to detect and identify foreign substances such as viruses, bacteria or parasites.
Benign. If a tumor is benign it means that the tumor is not dangerous and will not spread.
Bioinformatics. Bioinformatics is an interdisciplinary field in which algorithms are developed for
the analysis of biological (especially molecular biology) data.
Biomarker. A biomarker can be defined as a biological response to a change caused by disease
or foreign substance. Biomarkers can be used as early warning signs of biological changes in an
organism.
CAP. College of American Pathologists. The CAP has deemed status under CLIA to accredit laborato-
ries performing testing on specimens from human beings or animals, using methodologies
and clinical application within the expertise of the program. Laboratories must be appropriately
licensed to perform testing when required by law.
CLIA. Clinical Laboratory Improvement Amendments. The Centers for Medicare & Medicaid Services
(CMS) regulates all laboratory testing performed on humans in the U.S. through the Clinical
Laboratory Improvement Amendments (CLIA). The objective of the CLIA program is to ensure quality
laboratory testing. All clinical laboratories must be properly certified to receive Medicare or Medi-
caid payments.
Discovery Trial. Research carried out in order to verify a special hypothesis.
Histology. Histology is the study of biological tissue.
Invasive. Invasive means to penetrate or attack. Invasive medical examinations refer to examina-
tions that include any form of penetration through a hole in the body or surgical operation.
Malignant. Malignant tumors tend to worsen and become mortal. They are termed cancer, and
thus differ from benign tumors.
Metastasis. A metastasis is a tumor that has spread to other organs.
Microarray. A microarray is a molecular biology test format for simultaneously measuring the
relative concentrations of proteins.
Molecular Diagnosis. A collection of technologies used to analyze biological markers at the
genomic and protein levels (i.e., the genetic code of individuals and how their cells express their
genes as proteins in the body), using molecular biology for medical testing. These technologies are
used to diagnose and monitor disease, detect the risk of disease and to determine which treatment
is likely to work best for the individual.
NOD type 2. New Onset Diabetes type 2.
84 ANNUAL REPORT 2021
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NPV. Negative Predicted Value.
NSCLC. Non-Small Cell Lung Cancer, the most common type of lung cancer, 80-85% of all lung
cancer cases.
Palliative care. Palliative care is administered when the patient’s disease is beyond the ability
to cure. The purpose of palliative care is to provide support to patients and families using both
psychological and medical practices.
PanDIA-1. Prospective trial for the diabetes risk group of patients aged over 50 recently diagnosed
with type-2 diabetes.
PanFAM-1. Prospective trial for familiar and hereditary risk groups.
Pancreatologist. Doctor specializing in diseases relating to the pancreas.
PanSYM-1. Prospective trial for early symptom risk groups.
PDAC. Pancreatic ductal adenocarcinoma, the most common form of pancreatic cancer.
Prospective trial. A trial in which a group of individuals is studied and followed often for a long
time to see how a particular disease develops. A prospective trial is used to study the relationship
between different risk factors and a certain disease. You follow individuals with and without risk
factors going forwards over time. At the end of the trial, the proportion of individuals in the two
groups who developed disease is compared.
Proteomics. Proteomics is a branch of biology and includes surveys of large amounts of data
about proteins.
Reproducibility. Within the field of statistics, reproducibility is described as the correlation
between results from repeated measurements performed by different observers with different
instruments of the same type, which measurements are performed in order to reject any measure-
ment error due to materials and personnel.
Resectable. Able to be removed by surgery.
Retrospective study. A study in which the focus is on something that has happened in the past,
i.e. using historic data. This form of study starts with the answer, i.e. it is known which individuals
became ill and which did not.
Screening. Screening refers to medical examinations to identify a disease. It is normally carried
out before the patient has exhibited obvious symptoms.
Self-pay customers. Patients or organizations that pay without reimbursement from insurance
companies or authorities.
Sensitivity. Sensitivity is a statistical measure of the reliability of a binary diagnostic test and the
probability that a generated positive result is correct.
Serum. A serum is a transparent yellowish liquid obtained by allowing the blood to clot, and then
removing the blood cells and the coagulation proteins. Serum contains proteins, including antibo-
dies.
Specificity. Specificity is a statistical measure of the reliability of a binary diagnostic test and the
probability that the generated negative result is de facto negative.
ANNUAL REPORT 2021 85
IMMUNOVIA – EARLY DETECTION
Shareholder information
Contact information
Immunovia AB (Publ)
Medicon Village
Scheelevägen 8
223 63 Lund, Sweden
Phone: +46 46 2756 000
[email protected]om
www.immunovia.com
The company’s Annual Report is available for download on the company’s website:
www.immunovia.com
Annual General meeting
The shareholders of Immunovia AB (publ) are called to Annual General Meeting
Thursday, April 7, 2022
Financial calendar
Q1 interim report 2022,Thursday April 28, 2022
Q2 interim report 2022, Tuesday August 16, 2022
Q3 interim report 2022, Thursday November 10, 2022
Financial statement 2022, Thursday February 9, 2023
86 ANNUAL REPORT 2021
IMMUNOVIA – EARLY DETECTION
www.immunovia.com