Bifogade filer
Kurs & Likviditet
Beskrivning
Land | Sverige |
---|---|
Lista | First North Stockholm |
Sektor | Hälsovård |
Industri | Medicinteknik |
Standing firm and moving forward
- Revenue in the period amounted to kSEK 0 (123). No revenue of Egoo.Health devices and capsules for the device.
- EBITDA for the period amounted to kSEK -11,716 (-11,697), and net loss kSEK -8,351(-16,780).
- The total cash flow in the first quarter amounted to kSEK 2,714 (-12,110).
- Earnings per share before/after dilution for the quarter amounted to SEK -0.01 (-0.73), calculated on weighted average number of shares in the period.
- Qlife carries out a rights issue of units of approximately SEK 49.5 million.
- Qlife reports first milestone achieved and on track with Chinese collaboration.
- Qlife's core patent granted in Europe.
- Qlife publishes outcome in rights issue.
- Qlife prepare a balance sheet for liquidation purposes.
- Qlife signs letter of Intent with South Korean company.
On March 25th Qlife signed a letter of intent with South Korean company Precision Biosensor as part of B2B strategy to enter major markets with Egoo Health, through hospital@homepartnerships.
Significant events after the end of the first quarter of 2024- Qlife puts its Danish operational company into reconstruction mode as a temporary measure.
- Qlife resolves on whether the company shall enter into liquidation or continue its operations.
- Qlife enters into an addendum with the holders of the company's convertible debentures and all outstanding convertible debentures are converted into shares.
On May 8th Qlife enters into an addendum with the holders of the Company's outstanding convertible debentures (the "Lenders") that was issued on 3 August 2024 (the "Addendum"). In the Addendum, the parties have agreed to (i) lower the conversion rate of the convertible debentures from SEK 0.08 to SEK 0.00375 (the share's quota value) and (ii) allow for conversion of the accrued interest. Further, through the Addendum, the Lenders have requested conversion of all outstanding convertible debentures with a total nominal value, including set-up fee and accrued but unpaid interest, of approx. SEK 3,661,754.56, to be effectuated once the amended conversion rate is registered with the Swedish Companies Registration Office. The conversion rate will be SEK 0.00375 and a total of 976,467,879 new shares is to be issued.
The full report is attached and can also be found here: https://qlifeholding.com/en/investors/finansiella-rapporter
Letter from the CEO
Standing firm and moving forward
Operational focus
During Q1 we strengthened our relationship with our Chinese partner Hipro Biotechnology. In February we decided together to increase the focus disease fields to not only include cardiovascular tests on Egoo Health but also diabetes, stroke, and inflammation. For the home-hospital field it makes sense to include these critical biomarkers when transitioning from testing in a hospital to testing in a patient's home.
We signed a Letter of Intent with a South Korean company Precision Biosensor, to introduce Egoo Health into the same segment in South Korea based on work done in China.
We are keen to make these collaborations successful and hence our focus is short term to make sure that we can support especially Hipro in their effort to setup pilot production of Egoo Health at their facilities and continue the performance data protocols.
We have also lately been able to achieve considerable progress within our rare disease field Phenylketonuria. The company was originally built on a promise to alleviate life for the children and teenager living with this rare disease.
Finances
On the financial side the company has been challenged especially after the outcome of our rights issue in February. After cost and repayment of loans and other obligations the company's liquidity remained only enough to cover operational cost for the month of April.
Because of this situation we decided to enter the Danish subsidiary into a legal restructuring period to immediately lower monthly liquidity
requirement and resolve on creditor issues. We have had to say goodbye to valued employees but given that Egoo Health today is at a technologically mature stage we believe we can manage and maintain our focus on the Hipro partnership and home-hospital market.
It has been a tough period for everyone involved, but it was the right thing to do, and we have been successful in getting our burn rate to what we think is a sustainable level. The legal restructuring will remain in force until final financing for the company is secured at which time the restructuring period will end.
Due to the financial hardships, it does not look like the upcoming TO4 warrant will be in the money, which means that we must seek financing elsewhere. We are working diligently towards securing financing for the company and hope to be able to report soon further on that subject.
Expectations for the future
I look confidently into the future as the Egoo Health platform is fully developed, the company's operating cost is now at a very low level and there is interest in the home-hospital segment all over the world.
Egoo Health is a product ahead of its time. To allow nonexpert person to measure clinical-grade biomarkers by yourself in your home, is something that the professional market is not used to. Rules, regulations, and traditions are certainly not ready for it. But the heavy burden on society with people living longer lives and more diseases requires new ways to look at healthcare.
Egoo Health has taken time to develop and been expensive, but today it is a mature tech platform ready for patients and people to have access to their own critical biomarkers.
There are still barriers on the way to bringing this product platform into use, but Qlife as a company remains committed to that purpose. We think it is an important and necessary product and we plan to see it all the way through.
Our relationship with Hipro is one I think we can capitalize on. I am impressed how efficient and skilled they are. My biggest concern is if we have the resources to support them, but we are doing our best. When this report is released, I am in Shijiazhuang at Hipro headquarter to follow-up and plan together.
Helsingborg and Shijiazhuang, 28 May 2024
Thomas Warthoe, CEO
This disclosure contains information that Qlife Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 2024-05-28 08:30 CET.