J.Molner
Annual report

J.Molner AS Audited Annual Reports 2022

Tallinn, 2023-03-10 15:30 CET -- J.Molner AS submits the group's audited annual reports for 2022. J.Molner AS is a holding company that does not have an independent economic activity, thus, the J.Molner AS also submits the audited annual report of its subsidiary The J.Molner Company OÜ (the “Company”). These are abbreviated annual reports of a small business, therefore the statement of changes in equity and the statement of cash flows are not included. Beginning with the unaudited interim reports for the first half of 2023, which are presented in consolidated form, these reports will be included.

J.Molner AS management report

J.Molner AS was founded on 22 September 2022 as a holding company without independent economic activity. The purpose of establishing J.Molner AS was the initial public offering and admission to trading on the First North multilateral trading facility of the shareholding in The J. Molner Company OÜ. As the corporate form (private limited company) of The J.Molner Company OÜ did not allow it to make a public offering of the holding and apply for admission to trading, J.Molner AS was founded. J.Molner AS was established with non-monetary contributions the object of which was a 100% holding in J. Molner Company OÜ, thus J.Molner AS is the parent company of J. Molner Company OÜ.

In 2022, J.Molner AS did not perform any more activities apart from the acquisition of a 100% holding in The J. Molner Company OÜ as a share capital contribution, and the expenses incurred for conducting the IPO. In order to assess the economic results of J.Molner AS as a publicly traded company, we recommend reviewing the annual report of The J. Molner Company OÜ.

Statement of financial position

(In Euros)

Income statement

(In Euros)

The J.Molner Company OÜ management report

The J.Molner Company OÜ was founded in 2020 in Tallinn. The length of the annual report is the year 2022, from January 1, 2022 to December 31, 2022. The main activity of the Company is research and development in the field of biotechnology.

The activities of the Company are divided in to two main fields:

•           Chemistry analytical and development services for third-parties;

•           Development of the Company’s own line of generic pharmaceuticals.

In 2022, the Company continued to execute on both of its key activities. In analytical and development services, the Company served a number of customers from the United States, Canada, and Europe. To support the continued evolution of this business, the Company implemented a new quality management software solution. Subsequently, the Company was inspected by the Estonia Medicines Board in January, 2023 which was successfully completed.

The Company also continued actively developing its own line of generic pharmaceutical products. This included the in-house development of one drug for the USA, and one drug for the Canadian market. In July, 2022, the Company acquired the US market authorizations for three approved drugs. As a result, the Company dedicated significant time and laboratory capacity to the relaunch of these products which requires undertaking a transfer to a new manufacturing site and a regulatory acceptance process. This work is ongoing with the first regulatory submission for approval of site change anticipated in the third quarter of 2023. 786,176 euros were spent on research and development in 2022.

The Company also in-licensed the rights to two pharmaceutical products for the Canadian market in 2022 and executed the first submission for approval by Health Canada. The Company anticipates filing the second submission in the first quarter of 2023 and the approval of the first Canadian drug during the year 2023.

In the second half of 2022, the Company focused most of its internal resources on the development of its own products and the relaunch of the acquired US products. This limited our capacity for providing external services in the last quarter of the year. In particular, one third-party services project anticipated for 2022 was shifted into the first quarter of 2023. To increase capacity further, the Company recruited 8 employees who, after training, will add to the ability of the Company to execute its plans. As a result of this change in focus and capacity constraint, the Company’s revenue for the full year was EUR 191,657.

• The Company's business is not seasonal.

•The Company's activities do not have significant environmental and social impacts.

•Interest rates did not change significantly during the financial year and during the period of preparation of the annual report.

Statement of financial position

(In Euros)

Income statement

(In Euros)

         For additional information please contact:
         
         Jason Grenfell-Gardner
         
         J.Molner AS
         Management Board member
         +372 536 00 346
         jason@jmolner.com