Summary - Funding Rounds

TxCell Income Statement

Annual

EURFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

3.4m4.6m2.9m2.2m

Revenue growth, %

36%(36%)(24%)

R&D expense

7.8m10.8m10.5m8.5m

General and administrative expense

2.2m3.5m4.5m3.2m

Operating expense total

10.1m14.3m15.0m11.6m

EBIT

(8.3m)(11.3m)(12.8m)(10.5m)

EBIT margin, %

(242%)(244%)(434%)(470%)

Interest expense

60.0k21.0k96.0k

Interest income

68.0k42.0k3.0k6.0k

Pre tax profit

(8.3m)(11.3m)(13.6m)(10.9m)

Net Income

(8.3m)(11.3m)(13.6m)(10.9m)

Half Year

EURH1, 2015H1, 2016H1, 2017

Revenue

2.0m1.4m1.3m

R&D expense

5.7m5.6m3.9m

General and administrative expense

1.9m2.5m1.8m

Operating expense total

7.6m8.1m5.7m

EBIT

(5.7m)(7.1m)(5.0m)

EBIT margin, %

(290%)(498%)(389%)

Interest expense

44.0k

Interest income

29.0k22.0k2.0k

Pre tax profit

(5.7m)(7.1m)(5.3m)

Net Income

(5.7m)(7.1m)(5.3m)

TxCell Balance Sheet

Annual

EURFY, 2014FY, 2015FY, 2016FY, 2017

Cash

13.9m9.2m3.5m4.9m

Accounts Receivable

1.0m4.0k4.0k

Current Assets

18.5m13.8m5.8m7.5m

PP&E

1.4m876.0k736.0k625.0k

Total Assets

20.0m20.7m12.8m14.8m

Accounts Payable

1.4m1.6m893.0k874.0k

Short-term debt

1.6m1.8m

Current Liabilities

3.3m7.5m7.9m8.1m

Long-term debt

1.6m1.6m3.7m1.2m

Non-Current Liabilities

2.0m1.7m3.7m1.5m

Total Debt

1.6m1.6m5.2m2.9m

Common Stock

2.3m2.6m2.8m4.4m

Additional Paid-in Capital

22.0m29.9m32.7m33.9m

Total Equity

14.7m11.6m1.2m5.2m

Debt to Equity Ratio

0.1 x0.1 x4.4 x0.6 x

Debt to Assets Ratio

0.1 x0.1 x0.4 x0.2 x

Financial Leverage

1.4 x1.8 x10.7 x2.9 x

Half Year

EURH1, 2015H1, 2016H1, 2017

Cash

7.7m3.2m8.7m

Accounts Receivable

233.0k4.0k7.0k

Current Assets

13.3m7.3m11.3m

PP&E

1.3m836.0k631.0k

Total Assets

14.8m14.3m18.6m

Accounts Payable

2.1m1.1m

Short-term debt

1.2m2.7m

Current Liabilities

3.3m7.4m8.7m

Long-term debt

1.6m1.6m1.9m

Non-Current Liabilities

2.0m1.7m2.1m

Total Debt

2.9m1.6m4.6m

Common Stock

2.3m2.6m4.0m

Additional Paid-in Capital

22.4m30.4m4.0m

Total Equity

9.5m5.2m7.8m

Debt to Equity Ratio

0.3 x0.6 x

Debt to Assets Ratio

0.1 x0.2 x

Financial Leverage

1.6 x2.8 x2.4 x

TxCell Cash Flow

Annual

EURFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

(8.3m)(11.3m)(13.6m)(10.9m)

Depreciation and Amortization

460.0k1.1m(326.0k)272.0k

Accounts Receivable

997.0k4.0k

Accounts Payable

5.8m213.0k(714.0k)(19.0k)

Cash From Operating Activities

(6.9m)(10.1m)(10.4m)(9.8m)

Purchases of PP&E

(582.0k)(214.0k)(330.0k)(164.0k)

Cash From Investing Activities

(656.0k)(2.3m)(460.0k)(183.0k)

Long-term Borrowings

(1.0k)(170.0k)

Cash From Financing Activities

20.8m7.6m5.2m11.4m

Net Change in Cash

20.8m7.6m(5.7m)1.4m

Half Year

EURH1, 2015H1, 2016H1, 2017

Net Income

(5.7m)(7.1m)(5.3m)

Depreciation and Amortization

257.0k(445.0k)107.0k

Accounts Receivable

767.0k(3.0k)

Accounts Payable

(146.0k)503.0k219.0k

Cash From Operating Activities

(6.3m)(6.1m)(5.1m)

Purchases of PP&E

(147.0k)(276.0k)(26.0k)

Cash From Investing Activities

(192.0k)(233.0k)(329.0k)

Cash From Financing Activities

329.0k316.0k10.6m

Net Change in Cash

(6.2m)(6.0m)5.2m

TxCell Operating Metrics

FY, 2015FY, 2016FY, 2017

Patents Licensed

125 200 170