Polymer Factory Sweden AB (publ) Interim Report Q3 2024

The period in summary

Third quarter, July-September 2024

• The patent application for the Company's dendritic nanogel platform (DNG) has been granted and issued by the US Patent and Trademark Office, USPTO
• The Company has signed several Material Transfer Agreements (MTAs) regarding DNG

Year to date, January-September 2024

• The Company entered into a distribution agreement regarding SpheriCal®
• The Company has continued development of its technology platforms
• The Company launched SpheriCal® for IM-MS
• The Company exhibited and presented at the ASMS conference in Anaheim, USA in June
• Trading of the Company's share moved from Spotlight Stock Market to Nordic SME on Nordic Growth Market

Key Figures

Comments from CEO Elin Mignérus

The third quarter of 2024 has contained some very exciting steps forward within the DNG platform, where we have achieved both a granted patent as well as several collaborations to gain results. The revenues for this quarter have increased compared to the same period last year, something that we want to continue to build on for the rest of 2024.

During this quarter and after, we have taken some exciting steps forward within our dendritic nanogel (DNG) platform. Building on a model that has been previously, and successfully, used for the SpheriCal® platform, we have engaged several academic and industry partners through material transfer agreements (MTAs). This means that Polymer Factory will now collaborate with said partners by providing products from our DNG platform that will be tested by the partners for different applications. Since the DNG is targeted to function as a drug delivery platform, we have entered collaborations with partners working in different areas, such as certain types of cancer forms, who will study the behaviour and properties of the DNGs as carriers for drugs and other payloads targeting said areas. We are very excited to follow these projects as they move forward, and to build our portfolio of results based on the DNGs as a drug delivery platform, as we are confident that the potential of this platform is huge.

In October, we received the second instalment of the grant from the European Defence Fund (EDF), that was first communicated in December 2022, and where the first of three payments was made in January 2023. Although coming at a slightly later point than expected, which was the basis for the short-term loan that the Company took out in August 2024 and that was re-paid in October, we are happy to see that the EDF has accepted all work that has been done so far within the project. Receiving this second payment means that all the work performed in the first half of the project, November 2022 to May 2024, has been approved, with the project partners also receiving credit for all the milestones achieved.

Having completed more than half of the work set out in the project on a consortium level, we have gathered interesting results with respect to the Company’s materials’ antibacterial properties, among other things. We have now entered the second half of this project, and with about one year to go, we look forward to maximizing the results, building on what has already been achieved. More information about this project and its objectives can be found through the Company’s website.

Aside from ongoing internal projects and developments, we also continue to see interesting life science companies finding Polymer Factory with an interest in exploring the application of dendritic materials. As we have previously stressed, the lead times are long in the life science sector, which means that having new customers looking to test our technology for their applications is very positive, as this is the first step to building long-term relationships. We see a range of different customers finding their way to us, both smaller companies, as well as more established pharma and biotech companies; regardless of size, we are always eager to collaborate with our customers to achieve the best possible results.

As announced earlier this month, I will take parental leave starting January 1, 2025, which means that this is the last CEO comment I will write in some time. I want to take this opportunity to express my full trust in the incoming management team, who have vast experience from both this Company as well as the industry. It is my strong belief that the Company will be in very good hands during 2025, and I look forward to following the continued journey alongside you all.