Polymer Factory

The period in summary

Fourth quarter, October-December 2023

• SpheriCal® ESI was launched as commercially available
• Representatives of the Company participated in the second in-person consortium meeting for the Nano-SHIELD project

Full year, January-December 2023

• The Board of Directors resolved on a share issue, with subsequent approval by the EGM
• The Company raised approx. SEK 6,1 million* through a rights issue of shares
• The first instalment of the EDF grant was paid, amounting to approx. SEK 1,8 million**
• The Company exhibited and presented at the ASMS conference in Houston in June
• Progress within the NanoSHIELD project, funded by the European Defense Fund
• SpheriCal® prototypes were launched for beta testing for new applications beyond ESI

*before deduction of transaction related costs
**the grant is accrued and recognized as income continuously over a period of 18 months

Key Figures

Comments from CEO Elin Mignérus

During the end of 2023, the Company has expanded the SpheriCal® range of products to also include Electrospray Ionization (ESI) applications, building on the news of beta testing and pre-launch that were addressed previously during the year. We now have our eyes set on continuing to build on this momentum in 2024, both through further technological developments as well as in our commercial endeavors.

Closing 2023, we look back at a year filled with exciting technological progress and interesting new and recurring customers, where the team has worked tirelessly to continue taking steps in the Company's journey.

Looking at the year 2023 as a whole, the Company has developed in many ways. In challenging market conditions, we have taken steps in strengthening the relationship with our customers, moving projects forward and exploiting new technologies. The launch of SpheriCal® ESI in Q4 2023 was a large milestone for the Company, and a goal set up for the year. This means that we can now offer our customers high-performing calibrants for several mass spectrometry applications, and we are also entering a larger market than previously covered. The new technology saw a great receipt at the American Society for Mass Spectrometry (ASMS) Conference in Houston in June, and we have had successful collaborations with beta testers of the product. We look forward to seeing the development of this new application in 2024, as we continue to push the technology out to the mass spectrometry market.

In 2023, we have also seen the development of the European Defence Fund (EDF) funded project Nano-SHIELD, which Polymer Factory takes part in together with international partners from five different European countries. This is an exciting opportunity to explore Polymer Factory's materials in a new application, where we can utilize the unique properties of our dendritic materials to contribute to the defence sector. There is an immense potential in a wide range of sectors, and we look forward to continuing the work in this project during the coming year.

During Q4, the Company communicated and update to the financial targets for the year, which is derived from several reasons; one being projects that were expected to move forward in late 2023 were pushed back in time. Although this has an impact on the Company's result for 2023, we look forward to continuing these projects in the new year and look forward to the development of our technology in our customers' applications.

2023 has also been Polymer Factory's first complete year as an ISO certified company. After receiving our certificate at the end of 2022, we are pleased to have built on this during the last year, both by improving our existing processes and continuing the development of our quality work. We have a robust system and a quality mindset at Polymer Factory, through which we have reached a maturity stage where we can collaborate with global life science companies that put huge importance on the quality and regulatory work.

Now in the beginning of a new year, Polymer Factory is looking forward to continuing our work together with collaborators, as well as executing on future stages of customer projects. We are ready to take on the work to move our company to the next stage, and we look forward to sharing this journey with all our customers, partners, and shareholders.