Climate Change Data

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Research and development may not be successful in clinical trials, leading to inability to develop approved or marketable products.
• Highly competitive industry with competitors possessing substantially greater resources.
• Shortage of appropriately qualified personnel.
• Dependence on key personnel and scientific and clinical collaborators.
• Highly regulated environment with potential for non-compliance.
• Intellectual property protection risks.
• Potential for incurring losses and inability to raise additional funds.

Mitigation Strategies

• Collaborations with strategic partners in research, manufacturing, and drug development.
• Successful fundraising rounds.
• Investment in management team at all levels.
• Contractual arrangements with key personnel.
• Efforts to ensure compliance with all applicable regulations.
• Patent applications and confidential business know-how.
• Monitoring and evaluation of potential commercial opportunities.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

Social Achievements

• Established links with leading laboratories and clinics based at University of Turku in Finland, University of Birmingham Medical School in the UK and other institutions.
• Maintained a relatively low cost basis by employing only key members of staff and outsourcing where possible.

Governance Achievements

• Continued commitment to the QCA Corporate Governance Code.
• Reviewed and revised terms of reference of the Board committees.

Climate Goals & Targets

Environmental Challenges

• Disappointing results from the Traumakine INTEREST trial.
• High corticosteroid use in the INTEREST trial masking the treatment benefit of Traumakine.
• Inconsistent interferon-beta (IFN-beta) bioactivity across the Traumakine treatment group in the INTEREST trial.
• Reduced cash balances (€4.1 million in 2018 compared to €9.3 million in 2017).

Mitigation Strategies

• Further analyses to understand the INTEREST trial results.
• Implemented a cash preservation program to reduce cash burn.
• Raised £15.0 million (€15.9 million) in February 2018 and net €2.9 million in March 2019 to support clinical development.
• Plans announced for a new global phase III trial of Traumakine in ARDS (CALIBER).

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: QCA Corporate Governance Code

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impacting business continuity and clinical trials.
• Competitiveness in the biotechnology and pharmaceutical industries.
• Dependence on key personnel and scientific collaborators.
• Highly regulated environment requiring regulatory approvals.
• Protection of intellectual property and proprietary technology.
• Significant losses incurred since inception, dependence on financing.

Mitigation Strategies

• Successful fundraising in 2020 and 2021.
• Securing grants and loans from Business Finland and the European Innovation Council.
• Appointment of AGC Biologics for commercial scale manufacturing.
• Implementation of internal controls and systems to manage risks.
• Regular review of risks and uncertainties by the Board.
• Maintaining dialogue with financial investors and funding agencies.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Patient access to medicines
• Employer of choice
• Environmental sustainability
• Business integrity
• Ethical conduct

Environmental Achievements

• Included environmental factors in business travel practices
• Minimized consumption of natural resources
• Managed waste through responsible disposal, reuse, and recycling
• Made environment-friendly choices in supplier selection (e.g., packaging)

Social Achievements

• Developed a compassionate use program for bexmarilimab
• Partnered with academia to bring scientific advancements to patients
• Created an inclusive and empowering work culture
• Maintained an internal code of conduct based on professionalism and respect
• Committed to eliminating unlawful discrimination and promoting equality and diversity

Governance Achievements

• Complied with QCA Corporate Governance Code for Small and Medium Sized Companies
• Established audit, nomination, and remuneration committees
• Regularly reviewed risks and uncertainties and the effectiveness of its systems
• Maintained appropriate insurance cover for Directors and the Company
• Actively encouraged staff to voice concerns about ethical departures

Climate Goals & Targets

Environmental Challenges

• Highly competitive biotechnology and pharmaceutical industries
• Risks associated with research, development, testing, and regulatory approvals
• Dependence on key personnel
• Highly regulated environment
• Protecting intellectual property
• Significant losses since inception
• Dependence on equity, grants, and loan financing
• International operations and currency fluctuations
• Potential disruptions from pandemics or global conflicts

Mitigation Strategies

• Successful fundraising rounds (EUR 25.6 million gross)
• Debt funding agreement with IPF Partners (up to EUR 30 million)
• Internal controls and systems to manage risks
• Efforts to ensure compliance with regulations
• Patent protection for bexmarilimab and Traumakine
• Monthly review and authorization of transactions
• Comprehensive budgeting process
• Appropriate insurance cover
• Active dialogue with financial investors and funding agencies
• Targeted business development activities to secure licensing agreements

Supply Chain Management

Responsible Procurement

• Environment-friendly choices in supplier selection

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: QCA Corporate Governance Code

Environmental Metrics

ESG Focus Areas

• Patient access to medicines
• Employer of choice
• Environmental sustainability
• Business integrity
• Ethical conduct

Environmental Achievements

• Included environmental factors in business travel practices
• Minimized consumption of natural resources
• Managed waste through responsible disposal, reuse, and recycling
• Made environment-friendly choices in supplier selection (e.g., packaging)

Social Achievements

• Developed treatments for medical conditions with significant unmet needs
• Partnered with academia to bring scientific advancements to patients
• Created an inclusive and empowering work culture
• Maintained an internal code of conduct based on professionalism and respect
• Committed to eliminating unlawful discrimination and promoting equality and diversity

Governance Achievements

• Complied with QCA Corporate Governance Code for Small and Medium Sized Companies
• Established audit, nomination, and remuneration committees
• Maintained high standards of openness, honesty, and accountability
• Actively encouraged employees to voice concerns about ethical departures
• Continuously trained employees on business ethics, securities regulations, and data privacy

Climate Goals & Targets

Environmental Challenges

• Challenging market conditions
• Highly regulated environment
• Competition from larger pharmaceutical companies
• Dependence on key personnel
• Securing adequate financing
• Risks associated with research, development, testing, and regulatory approvals
• Manufacturing challenges
• Potential for intellectual property infringement or challenges
• Currency fluctuations
• Compliance with financial covenants
• Data security
• External factors (e.g., pandemics, military conflicts)

Mitigation Strategies

• Successful fundraising rounds (EUR 25.7 million in 2023, EUR 3.2 million in early 2024)
• Strategic emphasis on capital efficiency
• Internal controls and systems to manage risks
• Employment of skilled workforce and use of appropriate vendors
• Annual review of risks and uncertainties
• Appropriate insurance cover
• Active pursuit of additional financing
• Evaluation of business development alternatives
• Currency hedging strategies
• Negotiation of waivers with lenders
• IT security testing
• Monitoring of regulatory and operational developments

Supply Chain Management

Responsible Procurement

• Environment-friendly choices in supplier selection (e.g., packaging)

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: QCA Corporate Governance Code