Climate Change Data

Qlife Holding AB

Climate Impact & Sustainability Data (2022, 2022-01-01 to 2022-12-31, 2023)

Reporting Period: 2022

Environmental Metrics

ESG Focus Areas

  • Good Health and Well-being

Social Achievements

  • Maintaining a healthy, safe, and equal work environment for all employees

Governance Achievements

  • Keeping high ethical business standards

Climate Goals & Targets

Long-term Goals:
  • Regulatory approval of CRP (and Phe-test for PKU patients) will be pursued for broader clinical applicability and medical claims.
Medium-term Goals:
  • Commercial partner strategy to accelerate launch - Collaboration with consumer health company to market and develop brand, supply chain, digital and retail sales
Short-term Goals:
  • Launch of CRP test towards commercial health practitioners, clinics, and home use, to reach health-conscious consumers as well as the chronically ill
  • Launch the Egoo Health web shop
  • Sale of single orders or subscription
  • Validate use and functionality for regulatory file/CE-dossier

Environmental Challenges

  • 2022 has been a devastating year looking to the company’s share value.
  • The required update from IVD to IVDR requires more time and financing than expected.
  • The challenging and uncertain regulatory situation.
  • Limited financing opportunities for product development and regulatory process in combination with uncertainty in approval times for IVDR.
  • When sales of Covid tests declined and the financing of the operations became more uncertain, Qlife reduced its operational costs through workforce reductions and restructuring.
Mitigation Strategies
  • Reduced operational costs through workforce reductions and restructuring, mainly in production and supply chain. The estimated effect of the changes are annual savings of 34 MSEK, with effect from Q1, 2023.
  • Revised the regulatory approach.
  • Revised the strategy accordingly, identified new paths to market, and prioritised CRP over all other assays in development.
  • Qlife will pursue strategic partnerships with the strengths required to take the consumer market for self testing of blood-based biomarkers.
  • Focusing our resources by putting projects on hold

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IFRS

UN Sustainable Development Goals

  • Goal 3

Ensure healthy lives and promote well-being for all at all ages.

Sustainable Products & Innovation

  • Egoo Health testing platform

Reporting Period: 2022-01-01 to 2022-12-31

Environmental Metrics

Social Achievements

  • Completed development and filed a patent application for a blood-to-plasma filtering unit for blood-based biomarker testing.

Environmental Challenges

  • In a Danish clinical evaluation of rapid tests for COVID-19, Egoo SARS-CoV-2 test results differed from another scientific study due to deviations in test execution from intended use and instructions.
  • Delay in completing the development of a two-in-one test for influenza and SARS-CoV-2 virus analysis resulted in the project being put on hold and the cancellation of a payment from FIND.
  • Aidian initiated arbitration proceedings against Qlife, claiming payment for unpaid invoices of approximately €0.8 million.
Mitigation Strategies
  • Reduced operating costs through staff reductions and restructuring, with expected annual savings of SEK 34 million from Q1 2023.
  • Signed an outsourcing agreement with Scanfil for the continued production of the Egoo unit.
  • Completed the freeze-drying project necessary for home use, developing a small, freeze-dried bead containing CRP reagents, making the product stable and user-friendly.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IFRS

Reporting Period: 2023

Environmental Metrics

Climate Goals & Targets

Long-term Goals:
  • Become a global player through strategic partnerships.
Medium-term Goals:
  • Develop seven biomarkers in 2024, ready for clinical studies for regulatory approvals.
  • Initiate clinical studies for three to five biomarkers in 2024.
  • Set up usability studies for home use in China, Denmark, and the UK.
Short-term Goals:
  • Launch two to three biomarkers in China and the UK in 2024.
  • Set up production of Egoo Collect and Egoo Capsule at Hipro Biotechnology.

Environmental Challenges

  • Scaling down the organization from the Covid era while completing the next biomarker products.
  • Securing additional financing.
Mitigation Strategies
  • Cost reduction program establishing an agile core organization.
  • Rights issue of units of approximately SEK 49.5 million.
  • Legal restructuring of the Danish operational subsidiary to lower operational burn rate.
  • Exploring concrete financing options.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IFRS