Full Press Release Details
BioNTech Announces Second Quarter 2020 Financial Results and Corporate Progress
Conference call and webcast for analysts and investors
scheduled for August 11, 2020 at 08:00 a.m. ET (2:00 p.m. CET)
MAINZ, Germany, August 11, 2020 (GLOBE NEWSWIRE) -- BioNTech SE (Nasdaq: BNTX, "BioNTech" or "the Company"), a clinical-stage biotechnology company focused on patient-specific immunotherapies for the treatment of cancer and infectious diseases, today provided an update on its corporate progress and reported financial results for the quarter ended June 30, 2020.
"We made significant progress in the second quarter toward our goal of advancing our oncology programs and toward bringing a COVID-19 vaccine to market as quickly as possible. I am incredibly proud of our team, who has worked tirelessly to initiate our BNT162 Phase 2b/3 trial in record time and put us in a position to seek regulatory review as early as October of this year, if our trials are successful," said Ugur Sahin, BioNTech's CEO and Co-founder. "In addition, we have significantly strengthened our balance sheet, providing financial resources to advance our broad pipeline of novel immunotherapies targeting oncology and infectious disease."
Second Quarter 2020 and Subsequent Updates
COVID-19 Vaccine Program - BNT162
Individualized neoantigen specific immunotherapy (iNeST)
mRNA intratumoral immunotherapy
CAR-T cell immunotherapy
Neoantigen-Targeting T Cells
Next-generation checkpoint immunomodulators
Toll-Like receptor binding agonist
Corporate Development
During the second quarter, BioNTech completed the acquisition of Neon Therapeutics, Inc. BioNTech continues to integrate the new subsidiary, based in Cambridge, Massachusetts, which serves as BioNTech's U.S. headquarters.
Second Quarter 2020 Financial Results
Cash Position: Cash and cash equivalents as of June 30, 2020, were 573.0 million.
Revenue: Total revenue, consisting primarily of revenue from collaboration agreements, was 41.8 million for the three months ended June 30, 2020, compared to 25.8 million for the three months ended June 30, 2019. For the period of six months ended June 30, 2020, total revenue was 69.4 million, compared to 51.9 million for the comparative prior year period. The revenue from collaboration agreements overall increased due to the recognition of revenue from our new collaboration agreements signed with Pfizer and Fosun Pharma as part of the Company's BNT162 vaccine program against COVID-19. The revenues from other sales transactions increased due to increased orders and include sales of diagnostic products, peptides, retroviral vectors for clinical supply and development and manufacturing services sold to third-party customers.
Research and Development Expenses: Research and development expenses were 95.2 million for the three months ended June 30, 2020, compared to 53.4 million for the three months ended June 30, 2019. For the period of six months ended June 30, 2020, total research and development expenses were 160.3 million, compared to 110.6 million for the comparative prior year period. The increase was mainly due to an increase in headcount leading to higher wages, benefits and social security expenses as well as an increase in expenses for purchased research and development services, especially with respect to our BNT162 program. In addition, from the date of acquisition, the new U.S.-based subsidiary, BioNTech US Inc., contributed to our research and development expenses.
General and Administrative Expenses: General and administrative expenses were 18.8 million for the three months ended June 30, 2020, compared to 14.6 million for the three months ended June 30, 2019. For the period of six months ended June 30, 2020, total general and administrative expenses were 34.6 million, compared to 23.9 million for the comparative prior year period. The increase was mainly influenced by higher expenses for purchased management consulting and legal services as well as an increase in headcount leading to higher wages, benefits and social security expenses. In addition, from the date of acquisition, our new U.S.-based subsidiary, BioNTech US Inc., contributed to our general and administrative expenses.
Net Loss: Net loss was 88.3 million for the three months ended June 30, 2020, compared to 50.1 million for the three months ended June 30, 2019. For the period of six months ended June 30, 2020, total net loss was 141.7 million, compared to 90.8 million for the comparative prior year period.
Shares Outstanding: Shares outstanding as of June 30, 2020 were 232,673,455.
Full financial statements can be found in the 6-K filing as published on the SEC website under https://www.sec.gov/.
Conference Call and Webcast Information
BioNTech SE will host a conference call and webcast today at 08:00 a.m. ET (2:00 p.m. CET) to report its financial results for the quarter ended June 30, 2020 and provide a corporate update.
To participate in the conference call, please dial the following numbers 15-20 minutes prior to the start of the call and provide the Conference ID: 1963889.
United States international: +1 646 741 3167
United States domestic (toll-free): +1 877 870 9135
Germany: +49 692 2222 625
Participants may also access the slides and the webcast of the conference call via the "Events & Presentations" page of the Investor Relations section of the Company's website at https://biontech.de/. A replay of the webcast will be available shortly after the conclusion of the call and archived on the Company's website for 30 days following the call.
("BioNTech" or "the Company")
Financial and Operational Results for the Second Quarter Ended June 30, 2020
Key Pipeline Updates
Below is a summary of our clinical product candidates, organized by platform and indication.
BioNTech has also continued to advance its broad oncology pipeline. With the initiation of a first-in-human (FIH) Phase 1 clinical trial for TLR7 agonist (BNT411), the oncology pipeline now includes 11 products in 12 ongoing trials across the mRNA-, antibody- and small molecule technologies. In Q2 and subsequent, BioNTech reported 2 interim data updates on clinical trials for 2 different oncology product candidates. Up to four further data updates are expected in 2H 2020. In 2H 2020, BioNTech intends to initiate three Phase 2 trials (BNT111, BNT 113, BNT122), two additional FIH trials (BNT211, BNT221) and is currently recruiting subjects for RO7198457 (BNT122/RG6180) for a Phase 2 clinical trial in adjuvant NSCLC.
Our FixVac product candidates contain selected combinations of pharmacologically optimized uridine mRNA encoding known cancer-specific shared antigens. These candidates feature our proprietary immunogenic mRNA backbone and proprietary RNA-lipoplex, or RNA-LPX, delivery formulation, designed to enhance stability and translation, target dendritic cells and trigger both innate and adaptive immune responses. FixVac is currently being evaluating in five clinical trials including:
Individualized neoantigen specific immunotherapy (iNeST)
Our iNeST immunotherapies contain unmodified, pharmacologically optimized mRNA encoding up to 20 patient-specific neoantigens and also feature our proprietary RNA-LPX formulation. RO7198457 (BNT122/ RG6180) is partnered with Genentech.
mRNA intratumoral immunotherapy
In collaboration with Sanofi, we are conducting a Phase 1 trial of SAR441000 (BNT131), our first mRNA-based intratumoral immunotherapy, as a monotherapy and in combination with cemiplimab in patients with solid tumors. SAR441000 (BNT131) consists of a modified mRNA that encodes the IL-12sc, IL-15sushi, GM-CSF and IFN-a cytokines. SAR441000 (BNT131) is designed to be administered directly into the tumor in order to alter the tumor microenvironment and enhance the immune system's ability to recognize and fight cancer within the tumor (proximal) as well as in other untreated locations (distal).
CLDN6 CAR-T cell immunotherapy
We are developing a proprietary chimeric antigen receptor T cell, or CAR-T, product candidate, BNT211, targeting Claudin-6, or CLDN6, a novel solid tumor-specific antigen. We developed BNT211 utilizing our target sdiscovery engine, and we plan to administer it along with a CARVac "primer" to boost the immune response and promote CAR-T cell persistence.
Neo-antigen targeting T cells
Through our recent Neon acquisition, we obtained a neoantigen-targeting T cell platform that can be utilized to develop product candidates across several neoantigen-targeting non-engineered and engineered T cell therapies. Our lead product candidate under this platform is our individualized neoantigen-targeting T cell therapy, BNT221.
Next-generation checkpoint immunomodulators
We are developing, in collaboration with Genmab, novel next-generation bispecific antibodies that are designed for conditional activation of immunostimulatory checkpoint molecules. Our first bispecific candidates are GEN1046 (BNT311), which targets PD-L1 in conjunction with 4-1BB, and GEN1042 (BNT312), which targets CD40 in conjunction with 4-1BB. While 4-1BB is a known immune checkpoint target that is expressed on T cells and natural killer, or NK, cells, prior attempts to target 4-1BB with monoclonal antibodies have been severely limited by liver toxicities. Our 4-1BB targeting product candidates are designed to avoid toxicities by conditionally activating a 4-1BB receptor only together with the binding of either PD-L1 or CD40.
Targeted cancer antibodies
MVT-5873 (BNT321) is a fully human IgG1 monoclonal antibody targeting sialyl Lewis A (sLea), a novel epitope expressed specifically in pancreatic and other solid tumors. MVT-5873 (BNT321) is currently in Phase 1 clinical development in pancreatic cancer.
Small molecule immunomodulators
BNT411 is our novel small molecule TLR7 agonist product candidate. BNT411 is engineered for high potency and high selectivity for the TLR7 receptor to activate both the adaptive and innate immune system.
In addition, we have several other cancer immunotherapy programs in pre-clinical development including:
Infectious Disease Immunotherapies
COVID-19 Vaccine Program
In response to the coronavirus global pandemic, the company assembled a global consortium of partners including Pfizer (worldwide collaboration outside of China) and Fosun Pharma (China). BioNTech's vaccine program against COVID-19, BNT162, leverages our proprietary mRNA platform. Currently there are four vaccine candidates: two of the four vaccine candidates include a nucleoside modified mRNA (modRNA), one includes a uridine containing mRNA (uRNA), and the fourth vaccine candidate utilizes self-amplifying mRNA (saRNA). Each mRNA format is combined with a lipid nanoparticle (LNP) formulation. The larger spike sequence is included in two of the vaccine candidates, and the smaller optimized receptor binding domain (RBD) from the spike protein is included in the other two candidates.
Along with our partner, Pfizer:
Along with our partner, Fosun, we have initiated a Phase 1 study for BNT162b1 to evaluate safety and immunogenicity in Chinese participants to support a potential regulatory approval pathway in China.
We have a collaboration with Pfizer to develop mRNA-based immunotherapies for the prevention of influenza, product candidate BNT161. We expect to begin clinical testing in 2021.
We have a research collaboration with the University of Pennsylvania, under which we have the exclusive option to develop and commercialize mRNA immunotherapies for the treatment of up to 10 infectious disease indications. We expect the first clinical trial under this collaboration to start in the first half of 2021. We have also entered into a letter agreement and investment agreement with the Bill & Melinda Gates Foundation to advance the development of immunotherapies for the prevention and/or treatment of HIV and tuberculosis, and up to three additional infectious diseases.
Rare Disease Protein Replacement Therapies
We are collaborating with Genevant in order to capitalize on opportunities for our mRNA technology in rare disease indications potentially featuring expedited paths to market. We are combining our mRNA technology with Genevant's lipid nanoparticle, or LNP, delivery technology to create up to five mRNA protein replacement therapies for the treatment of rare diseases with high unmet medical needs. We expect our product to enter the clinic in the second half of 2021.
1 All amounts translated using the exchange rate published by the German Central Bank (Deutsche Bundesbank) in effect as of June 30, 2020.
2 IVAC_M_uID is also being investigated in arm 2 (N=15) of the 3 arm TNBC-MERIT trial, with BNT114 as an optional treatment; BNT114 is investigated in arm 1 (N=12) and arm 3 (N=15) of the TNBC-MERIT trial (total patients in study: N=42).
Biopharmaceutical New Technologies is a next generation immunotherapy company pioneering novel therapies for cancer and other serious diseases. The Company exploits a wide array of computational discovery and therapeutic drug platforms for the rapid development of novel biopharmaceuticals. Its broad portfolio of oncology product candidates includes individualized and off-the-shelf mRNA-based therapies, innovative chimeric antigen receptor T cells, bi-specific checkpoint immuno-modulators, targeted cancer antibodies and small molecules. Based on its deep expertise in mRNA vaccine development and in-house manufacturing capabilities, BioNTech and its collaborators are developing multiple mRNA vaccine candidates for a range of infectious diseases alongside its diverse oncology pipeline. BioNTech has established a broad set of relationships with multiple global pharmaceutical collaborators, including Genmab, Sanofi, Bayer Animal Health, Genentech, a member of the Roche Group, Regeneron, Genevant, Fosun Pharma, and Pfizer.
For more information, please visit www.BioNTech.de
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: our expected cash usage for 2020 and beyond; our anticipated cash runway; the timing, completion and extent of subscription of the rights offering; the planned next steps in BioNTech's pipeline programs and specifically including, but not limited to, statements regarding plans to initiate clinical trials of BioNTech's product candidates; expectations for data announcements with respect to BioNTech's clinical trials; the timing for any potential emergency use authorizations or approvals for BNT162; and our ability to scale-up manufacturing capacity for BNT162 and supply the quantities of BNT162 to support clinical development and, if approved, market demand, including our production estimates for 2020 and 2021. In some cases, forward-looking statements can be identified by terminology such as "will," "may," "should," "expects," "intends," "plans," "aims," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond BioNTech's control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. You should review the risks and uncertainties described under the heading "Risk Factors" in BioNTech's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (SEC) on March 31, 2020 and in subsequent filings made by BioNTech with the SEC, which are available on the SEC's website at https://www.sec.gov/. Except as required by law, BioNTech disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on BioNTech's current expectations and speak only as of the date hereof.
VP Investor Relations & Business Strategy
Tel: +49 (0)6131 9084 1074
E-mail: Investors@biontech.de
Senior Manager Global External Communications
Tel: +49 (0)6131 9084 1513 or +49 (0)151 1978 1385
E-mail: Media@biontech.de
Quarterly Report for the Three and Six Months ended June 30, 2020
Quarterly Report for the Three and Six Months ended June 30, 2020
Interim Condensed Consolidated Financial Statements
| Interim Condensed Consolidated Statements of Financial Position | 3 | |
| Interim Condensed Consolidated Statements of Operations | 4 | |
| Interim Condensed Consolidated Statements of Comprehensive Loss | 5 | |
| Interim Condensed Consolidated Statements of Changes in Stockholder's Equity | 6 | |
| Interim Condensed Consolidated Statements of Cash Flows | 7 | |
| Selected Explanatory Notes to the Interim Condensed Consolidated Financial Statements | 8 |
| 1 | Corporate Information | 8 | ||
| 2 | Basis of Preparation, Significant Accounting Policies and further Accounting Topics | 8 | ||
| 3 | Segment Information | 10 | ||
| 4 | Revenue from Contracts with Customers | 12 | ||
| 5 | Business Combinations | 13 | ||
| 6 | Income Tax | 16 | ||
| 7 | Intangible Assets | 16 | ||
| 8 | Property, Plant and Equipment | 16 | ||
| 9 | Financial Assets and Financial Liabilities | 17 | ||
| 10 | Issued Capital and Reserves | 18 | ||
| 11 | Share-Based Payments | 19 | ||
| 12 | Related Party Disclosures | 23 | ||
| 13 | Events after the Reporting Period | 24 |
Operating and Financial Review and Prospects
| Operating Results | 26 | |
| Liquidity and Capital Resources | 40 | |
| Risk Factors | 45 |
Interim Condensed Consolidated Financial Statements
Interim Condensed Consolidated Statements of Financial Position
| June 30, | December 31, | |||
| (in thousands) | 2020 | 2019 | ||
| Assets | Note | (unaudited) | ||
| Non-current assets | ||||
| Intangible assets | 7 | 183,281 | 89,434 | |
| Property, plant and equipment | 8 | 112,829 | 93,044 | |
| Right-of-use assets | 54,905 | 55,018 | ||
| Other assets | 1,316 | - | ||
| Total non-current assets | 352,331 | 237,496 | ||
| Current assets | ||||
| Inventories | 8,615 | 11,722 | ||
| Trade receivables | 9 | 7,679 | 11,913 | |
| Contract assets | 1,621 | - | ||
| Other financial assets | 9 | 1,953 | 1,680 | |
| Other assets | 16,329 | 9,069 | ||
| Income tax assets | 1,012 | 756 | ||
| Deferred expense | 10,896 | 5,862 | ||
| Cash and cash equivalents | 573,011 | 519,149 | ||
| Total current assets | 621,116 | 560,151 | ||
| Total assets | 973,447 | 797,647 | ||
| Equity and liabilities | ||||
| Equity | ||||
| Share capital | 10 | 238,198 | 232,304 | |
| Capital reserve | 10 | 918,174 | 686,714 | |
| Treasury shares | 10 | (5,525) | (5,525) | |
| Accumulated losses | (566,509) | (424,827) | ||
| Other reserves | 11 | 17,596 | 4,826 | |
| Total equity | 601,934 | 493,492 | ||
| Non-current liabilities | ||||
| Financial liabilities | 9 | 70,289 | 68,904 | |
| Other liabilities | 431 | - | ||
| Contract liabilities | 86,793 | 97,109 | ||
| Deferred tax liabilities | 5,434 | - | ||
| Total non-current liabilities | 162,947 | 166,013 | ||
| Current liabilities | ||||
| Tax provisions | 150 | 150 | ||
| Provisions | 833 | 762 | ||
| Financial liabilities | 9 | 2,591 | 1,823 | |
| Trade payables | 9 | 35,690 | 20,498 | |
| Contract liabilities | 117,661 | 93,583 | ||
| Other financial liabilities | 9 | 33,763 | 13,836 | |
| Other liabilities | 17,878 | 7,490 | ||
| Total current liabilities | 208,566 | 138,142 | ||
| Total liabilities | 371,513 | 304,155 | ||
| Total equity and liabilities | 973,447 | 797,647 |
The accompanying notes form an integral part of these interim condensed consolidated financial statements.
Interim Condensed Consolidated Statements of Operations
| Three months ended June 30, | Six months ended June 30, | |||||
| 2020 | 2019 | 2020 | 2019 | |||
| (in thousands, except per share data) | Note | (unaudited) | (unaudited) | |||
| Revenues from contracts with customers | 4 | 41,762 | 25,785 | 69,425 | 51,939 | |
| Cost of sales | (5,662) | (5,489) | (11,504) | (8,694) | ||
| Gross profit | 36,100 | 20,296 | 57,921 | 43,245 | ||
| Research and development expenses | (95,189) | (53,402) | (160,311) | (110,643) | ||
| Sales and marketing expenses | (3,054) | (678) | (3,540) | (1,238) | ||
| General and administrative expenses | (18,813) | (14,623) | (34,628) | (23,899) | ||
| Other operating income | 773 | 660 | 1,198 | 991 | ||
| Other operating expenses | (759) | (120) | (859) | (158) | ||
| Operating loss | (80,942) | (47,867) | (140,219) | (91,702) | ||
| Finance income* | 205 | 425 | 593 | 1,876 | ||
| Finance expenses* | (9,300) | (2,204) | (3,374) | (151) | ||
| Interest expense related to lease liability | (465) | (425) | (880) | (850) | ||
| Loss before tax | (90,502) | (50,071) | (143,880) | (90,827) | ||
| Income taxes | 6 | 2,206 | (13) | 2,198 | (19) | |
| Loss for the period | (88,296) | (50,084) | (141,682) | (90,846) | ||
| Attributable to: | ||||||
| Equity holders of the parent | (88,296) | (50,084) | (141,682) | (90,730) | ||
| Non-controlling interests | - | - | - | (116) | ||
| (88,296) | (50,084) | (141,682) | (90,846) | |||
| Earnings per share | ||||||
| in EUR | ||||||
| Basic & diluted, loss per share for the period attributable to equity holders of the parent** | (0.38) | (0.24) | (0.62) | (0.45) |
* Foreign exchange differences on a cumulative basis are either shown as finance income or expenses and might switch between those two positions during the year-to-date reporting periods.
** Numbers of shares for calculating the earnings per share for the three and six months ended June 30, 2019 have been adjusted to reflect capital increase due to 1:18 share split which occurred on September 18, 2019.
The accompanying notes form an integral part of these interim consolidated financial statements.
Interim Condensed Consolidated Statements of Comprehensive Loss
| Three months ended June 30, | Six months ended June 30, | |||||
| 2020 | 2019 | 2020 | 2019 | |||
| (in thousands) | Note | (unaudited) | (unaudited) | |||
| Loss for the period | (88,296) | (50,084) | (141,682) | (90,846) | ||
| Other comprehensive income | ||||||
| Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax) | ||||||
| Exchange differences on translation of foreign operations | (3,367) | 2 | (3,493) | 6 | ||
| Net other comprehensive income that may be reclassified to profit or loss in subsequent periods | (3,367) | 2 | (3,493) | 6 | ||
| Other comprehensive income for the period, net of tax | (3,367) | 2 | (3,493) | 6 | ||
| Comprehensive loss for the period, net of tax | (91,663) | (50,082) | (145,175) | (90,840) | ||
| Attributable to: | ||||||
| Equity holders of the parent | (91,663) | (50,082) | (145,175) | (90,724) | ||
| Non-controlling interests | - | - | - | (116) | ||
| Comprehensive loss for the period, net of tax | (91,663) | (50,082) | (145,175) | (90,840) |
The accompanying notes form an integral part of these interim condensed consolidated financial statements.
Interim Condensed Consolidated Statements of Changes in Stockholders' Equity
| Six months ended June 30, 2020 | |||||||||||
| Equity attributable to equity holders of the parent | |||||||||||
| (in thousands) | Note | Share capital | Capital reserve | Treasury shares | Accumulated losses | Other reserves | Foreign currency translation reserve | Total | Non-controlling interest | Total equity | |
| As of January 1, 2020 | 232,304 | 686,714 | (5,525) | (424,827) | 4,762 | 64 | 493,492 | - | 493,492 | ||
| Loss for the period | - | - | - | (141,682) | - | - | (141,682) | - | (141,682) | ||
| Other comprehensive loss | - | - | - | - | - | (3,493) | (3,493) | - | (3,493) | ||
| Total comprehensive loss | - | - | - | (141,682) | - | (3,493) | (145,175) | - | (145,175) | ||
| Issuance of share capital | 10 | 5,894 | 233,113 | - | - | - | - | 239,007 | - | 239,007 | |
| Transaction costs | 10 | - | (1,653) | - | - | - | - | (1,653) | - | (1,653) | |
| Share-based payments | 11 | - | - | - | - | 16,263 | - | 16,263 | - | 16,263 | |
| June 30, 2020 | 238,198 | 918,174 | (5,525) | (566,509) | 21,025 | (3,429) | 601,934 | - | 601,934 | ||
| (unaudited) |
| Six months ended June 30, 2019 | |||||||||||
| Attributable to the equity holders of the parent | |||||||||||
| (in thousands) | Note | Share capital * | Capital reserve * | Treasury shares * | Accumulated losses | Other reserves | Foreign currency translation reserve | Total | Non-controlling interest | Total equity | |
| As of January 1, 2019 | 193,296 | 344,115 | - | (245,771) | (25,474) | (13) | 266,153 | 847 | 267,000 | ||
| Loss for the period | - | - | - | (90,730) | - | - | (90,730) | (116) | (90,846) | ||
| Other comprehensive income | - | - | - | - | - | 6 | 6 | - | 6 | ||
| Total comprehensive income / (loss) | - | - | - | (90,730) | - | 6 | (90,724) | (116) | (90,840) | ||
| Issuance of share capital | 10 | 5,088 | (5,078) | - | - | - | - | 10 | - | 10 | |
| Capital increase Series B | 10 | 11,990 | 178,845 | - | - | - | - | 190,835 | - | 190,835 | |
| Acquisition of non-controlling interest | 10 | 2,375 | (1,644) | - | - | - | - | 731 | (731) | - | |
| Transaction costs | 10 | - | (501) | - | - | - | - | (501) | - | (501) | |
| Share based payments | 11 | - | - | - | - | 17,986 | - | 17,986 | - | 17,986 | |
| As of June 30, 2019 | 212,749 | 515,737 | - | (336,501) | (7,488) | (7) | 384,490 | - | 384,490 | ||
| (unaudited) | |||||||||||
| * Numbers have been adjusted to reflect capital increase due to 1:18 share split which occurred on September 18, 2019. |
The accompanying notes form an integral part of these interim condensed consolidated financial statements.
Interim Condensed Consolidated Statements of Cash Flows
| Six months ended June 30, | |||
| 2020 | 2019 | ||
| (in thousands) | (unaudited) | ||
| Operating activities | |||
| Loss for the period | (141,682) | (90,846) | |
| Income taxes | (2,198) | 19 | |
| Loss before tax | (143,880) | (90,827) | |
| Adjustments to reconcile loss before tax to net cash flows: | |||
| Depreciation and amortization of property, plant, equipment and intangible assets | 17,425 | 15,595 | |
| Share-based payment expense | 16,263 | 17,986 | |
| Net foreign exchange differences | (50) | 143 | |
| Loss on disposal of property, plant and equipment | 80 | 9 | |
| Finance income | (593) | (769) | |
| Interest on lease liability | 880 | 850 | |
| Finance expense | 208 | 151 | |
| Other non-cash income | (151) | - | |
| Working capital adjustments: | |||
| Decrease/(Increase) in trade receivable and contract assets | (9,770) | 9,715 | |
| Decrease/(Increase) in inventories | 3,246 | (1,355) | |
| (Decrease)/Increase in trade payables, other liabilities, contract liabilities and provisions | 46,918 | (36,936) | |
| Interest received | 576 | 769 | |
| Interest paid | (985) | (1,001) | |
| Income tax paid | (375) | (19) | |
| Net cash flows used in operating activities | (70,208) | (85,689) | |
| Investing activities | |||
| Purchase of property, plant and equipment | (21,396) | (10,608) | |
| Proceeds from sale of property, plant and equipment | 2 | 557 | |
| Purchase of intangibles assets | (4,174) | (29,665) | |
| Acquisition of subsidiaries and businesses, net of cash acquired | 891 | (6,050) | |
| Net cash flows used in investing activities | (24,677) | (45,766) | |
| Financing activities | |||
| Proceeds from issuance of share capital, net of costs | 147,806 | 175 | |
| Proceeds from loans and borrowings | 2,899 | 6,035 | |
| Repayment of loans and borrowings | (319) | - | |
| Payments related to lease liabilities | (2,173) | (1,291) | |
| Net cash flows from financing activities | 148,213 | 4,919 | |
| Net increase/(decrease) in cash and cash equivalents | 53,328 | (126,536) | |
| Change in cash resulting from exchange rate differences | 534 | (69) | |
| Cash and cash equivalents at January 1 | 519,149 | 411,495 | |
| Cash and cash equivalents at June 30 | 573,011 | 284,890 |
The accompanying notes form an integral part of these interim condensed consolidated financial statements.
Selected Explanatory Notes to the Interim Condensed Consolidated Financial Statements
BioNTech SE is a limited company incorporated and domiciled in Germany. American Depositary Shares (ADS) representing BioNTech's shares have been publicly traded on the Nasdaq Global Select Market since October 10, 2019. The registered office is located in Mainz, An der Goldgrube 12, 55131 Germany. The accompanying International Financial Reporting Standards, or IFRS, unaudited interim condensed consolidated financial statements present the financial position and the results of operation of BioNTech SE and its subsidiaries, hereinafter also referred to as "BioNTech" or the "Group" and have been prepared on a going concern basis in accordance with the IFRS as issued by the International Accounting Standards Board, or IASB.