In this interim report, the aXichem group is presented, which consists of aXichem AB (publ), Incendia Pharma AB and aXichem AS (Norway). Amounts in brackets refer to the corresponding period of the previous year.
aXichem’s development 2026-01-01 – 2026-03-31
Turnover and results
The group's net sales amounted to SEK 3,826 thousand (SEK 3,387 thousand).
Operating profit amounted to SEK -2,826 thousand (SEK -5,876 thousand).
The group's profit after tax amounted to SEK -2,883 thousand (SEK --5,876 thousand).
Financial net SEK -57 thousand (SEK 0 thousand).
Cash flow and financial position
The group's cash and cash equivalents on March 31, 2026 amounted to SEK 4,000 thousand (SEK 9,653 thousand).
The equity ratio amounted to 93% (87%).
Investments
Investments in intangible, tangible or financial fixed assets have been made so far this year with SEK 829 thousand (SEK 1,746 thousand).
Depreciation
Depreciation of intangible and tangible fixed assets has been done so far this year with SEK 1,245 thousand (SEK 1,143 thousand).
Stock data
Profit as of March 31, 2026 corresponds after tax to a profit per share of SEK -0.05 (SEK -0.10).
Equity per share at the end of the period amounted to SEK 0.88 (SEK 1.09).
Significant events during the period
Seven (7) unit rights entitled the holder to subscribe for one (1) unit. One Unit consisted of one A share and one warrant of series TO2A. The subscription price per Unit amounted to SEK 1.30. The warrants were issued free of charge. The rights issue was covered by 100 percent of subscription and guarantee commitments and subscription intentions. The proceeds from the issue are intended to be used to strengthen working capital to finance inventory build-up, ensure delivery capacity and support the increasing demand for the company's products.
Significant events after the end of the reporting period
CEO’s statement
Net sales amount to SEK 3,826 thousand and come from sales of aXivite® in Europe and the US, and are slightly above the level of the corresponding period last year. The operating result for the first quarter of 2026 amounts to SEK -2,826 thousand, which is an improvement compared to the first quarter of the previous year. This is primarily due to reduced costs related to our application for approval of phenylcapsaicin as a Feed Additive in the EU. The company's total liquidity at the end of the period amounted to SEK 9 million, including unused overdraft facilities.
EFSA asked – we answered
During the first quarter, work continued on the EU application for Feed Additive approval for aXiphen® (phenylcapsaicin) as a salmonella-inhibiting additive in poultry feed. In January, the European Food Safety Authority (EFSA) updated the information on its website regarding our application. Those of you who have followed the work on our application know that the process can take time and is not entirely predictable despite the fact that there is a process description and communicated dates. You simply have to take it as it comes. EFSA announced a so-called “clock stop” in the processing expected until March 16. The questions from EFSA concerned the need for further compilations of information and data, that were already available in the study reports, especially regarding efficacy and safety, but which needed to be specified. The answers and material were submitted within the specified time and the review is ongoing. However, the dates currently stated on the authority’s website for our application are not entirely in line with how the process is normally described according to current guidelines. At present, aXichem has no further new information to communicate.
Extended registration and exciting developments in Brazil for aXiphen
In Brazil, aXichem has an approval for use as an additive in feed for poultry and pigs. In March, we were able to announce that this approval now also includes use in feed for ruminants. This is a market segment that we are now tackling at the initiative of our distributor Chr. Olesen, who already saw interest from dairy producers last year. A field test was conducted on dairy cows of the Girolando breed and the results indicated a positive effect on milk production. The field test was followed up in a 2+8 week controlled study, where aXiphen® was evaluated in dairy cows of a different breed, Jersey cows. In the controlled study, a group of 14 Jersey cows received 1 g aXiphen®/day in their feed mixture, while the control group of 14 cows was fed the same feed but without aXiphen®. The data show very interesting results. aXiphen has an effect in several areas that are important for the health and well-being of the animals, which has a positive impact on milk production. Milk production was 9% higher in the treated group compared to the control group, which in the study corresponded to an increase of 1.6 kg of milk per cow per day. The mechanism of action does not appear to be breed-specific, as the positive effects were observed in both Girolando and Jersey.
After the end of the period, we were able to announce that the first delivery of the product, which for the segment has been named aXiphen® ruminant, has been made in Brazil. Six tons have been delivered from Chr. Olesen's warehouse to Tecnobeef, a leading Brazilian company in precision nutrition for cattle. Tecnobeef sees that the good effects that aXiphen® ruminant has shown in tests with dairy cows can also benefit beef cows in terms of animal health and growth. We look forward to the continued development of our product in this segment, which is a segment with good margins and a rapid implementation so far.
Regarding aXiphen® poultry, which we market as a feed additive for poultry, the technical implementation is underway at the chicken producer in Brazil who completed tests with the product at the end of last year. During the period that we have now been active on the market in Brazil with aXiphen® poultry, a need has emerged to improve the cost-effectiveness for the customer when using the product. To meet this need, we will soon introduce a new concentration of aXiphen® poultry. In addition to strengthening aXiphen's overall competitiveness, it also gives us a clear differentiation between the aXiphen® poultry and aXiphen® ruminant segments.
aXivite® continues to perform
aXivite® has been responsible for the company's sales during the quarter, with a cautious but nevertheless important increase compared to the corresponding quarter last year. Revenue comes from customers in both Europe and the US. In Europe, Spain and Italy continue to show the most activity.
At the beginning of the year, the long-awaited article was published with the complete results of the study with aXivite® and CrossFit® athletes that was conducted at the beginning of last year. The article was published in the prestigious journal Journal of the International Society of Sports Nutrition (JISSN). It is a study that strengthens the scientific foundation that aXivite® has built up. Dr. Pablo Jiménez Martínez and his team in Spain, examined 50 trained CrossFit® athletes, 25 men, 25 women. The results show that a single dose of 2.5 mg phenylcapsacin (aXivite®) provides significant physiological benefits through superior mechanical performance, increased endurance and faster recovery. It cannot be emphasized enough how important this type of study is in strengthening the credibility of dietary supplement use in general and for aXivite® and phenylcapsaicin in particular.
Solid interest in aXichem's rights issue strengthened the treasury
During the quarter, aXichem carried out a rights issue of units. I am very grateful and pleased with the interest shown by our shareholders, large and small, to contribute to aXichem's success through their participation in the issue. It means a lot. The rights issue was subscribed to 100 percent and the company received approximately SEK 11 million before issue costs. The subscription in the issue showed that the equivalent of approximately 69 percent was subscribed with the support of unit rights and approximately 11 percent was subscribed without rights. The remaining approximately 20 percent was subscribed by guarantors who had provided guarantee commitments in connection with the rights issue.
Shareholders are welcome to the Annual General Meeting on June 17, 2026
aXichem's Annual General Meeting will be held on June 17, 2026, at 10:00 am at our premises at Södergatan 26 in Malmö. The notice and annual report will be issued as usual by press release and, together with other documents, will be available on our website. I extend a warm welcome to all shareholders.
Torsten Helsing, CEO
About aXichem AB (publ)
aXichem's business concept is to develop, patent and market nature-analog industrial compounds. aXichem's product is a natural analog substance called phenylcapsaicin, which is a synthetically produced and patented capsaicin. As phenylcapsaicin is synthetically produced and has several advantages compared to natural capsaicin, such as controllable quality and production process.
The product has benefits that makes it commercially interesting in several application areas, for example as ingredient in animal feed, as ingredient in dietary supplements, as a bio-enhancer and as a bio-repellent in marine applications. aXichem is currently marketing the product under different brands in two prioritized areas: aXivite® for dietary supplements and aXiphen® for feed additves. aXiphen® has shown properties as a growth promoter and salmonella inhibitor in studies made in commercial poultry production settings. In the market segment for sports nutrition products aXivite® is today included in several products for weight control, improved metabolism, and gut health.
aXichem aims to become a global supplier of industrial natural analogue chemicals to players in the chemical industry who manufacture products containing aXichem's raw materials. The company’s share is listed on NASDAQ First North since 2013.
Future prospects
aXichem continues to work on the commercialization of phenylcapsaicin under the brands aXiphen®, as an additive in feed for poultry, pig and ruminants, and aXivite®, as a health-promoting ingredient in dietary supplements.
In the dietary supplements business area, the company has had approval for the marketing and sale of phenylcapsaicin under GRAS food in the USA since 2018 and approval under Novel Food for marketing and sale in the EU since 2019. The company is actively working on the sale of aXivite® in both markets and expects continued increasing sales in the areas of intestinal health, exercise and weight control, where the product has shown a positive effect in scientific studies.
In the animal feed business area, the company received its first Feed Additive approval in December 2023, when phenylcapsaicin was approved in Brazil for marketing and sale as an additive in poultry feed and pig feed. The launch took place in 2024 in collaboration with the distributor Chr. Olesen's team in Brazil, which resulted in an order, for delivery by call-off, of SEK 7 million in February 2025.
In early 2022, aXichem submitted an application for Feed Additive approval in the EU for phenylcapsaicin as an additive in chicken feed. The company was requested at the end of 2023 to supplement certain data in the application. During 2024-2025, aXichem has conducted the studies required to fill the data gaps and the supplements were submitted to the EU on July 1, 2025. In January 2026, the company received follow-up questions from the European Food Safety Authority, EFSA, which were answered in March 2026. The processing process is ongoing.
Applications for market approval for the use of phenylcapsaicin in animal feed in the USA and India are being prepared. However, the company has chosen to prioritize the establishment in Brazil and approval in the EU for aXiphen®, and continued commercialization in the USA and EU for aXivite®. The company estimates that in the coming years it will see a gradual increase in order intake in both animal feed and dietary supplements.
Financing
On February 3, 2026, it was announced that the Board of Directors, supported by the authorization of the Annual General Meeting from June 18, 2025, had decided to carry out an issue of shares and warrants (“Units”), with preferential rights for existing shareholders, of approximately SEK 11 million before issue costs. One Unit consisted of one A share and one warrant of series TO2A. The subscription price per Unit amounted to SEK 1.30. The warrants were issued free of charge. The rights issue was covered by 100 percent of subscription and guarantee commitments and subscription intentions. The proceeds from the issue are intended to be used to strengthen working capital to finance inventory build-up, ensure delivery capacity and support the increasing demand for the company's products.
On March 2, 2026, the outcome of the issue was announced. The Rights Issue was subscribed to 100 percent and aXichem was provided with approximately SEK 11 million before issue costs. The Rights Issue comprised a maximum of 8,444,986 Units.
The subscription was distributed as follows: 5,811,108 Units, corresponding to approximately 69 percent, were subscribed with the support of unit rights. In addition, applications were received to subscribe for 942,213 Units without the support of unit rights, corresponding to approximately 11 percent of the Rights Issue. 1,691,665 Units, corresponding to approximately 20 percent of the Rights Issue, were subscribed by guarantors who had provided guarantee undertakings in connection with the Rights Issue.
Through the Rights Issue, the number of shares in aXichem increased by 8,444,986 A shares, from 59,114,905 shares to 67,559,891 shares, and the share capital increased by SEK 1,688,997.20, from SEK 11,822,981.00 to SEK 13,511,978.20. For existing shareholders who did not participate in the Rights Issue, this meant a dilution effect of approximately 12.5% percent of votes and capital in the Company.
On March 10, it was announced that the company had carried out a directed issue of 169,230 units to a guarantor who had entered into a guarantee commitment in the preferential issue of units that was announced on February 3, 2026 and who had chosen to receive guarantee compensation in the form of newly issued units. The subscription price in the Compensation Issue amounted to SEK 1.30 per unit, which corresponded to the subscription price in the Preferences Issue. Through the Compensation Issue, the number of A shares in aXichem increased by 169,230 shares, from 67,559,891 shares to 67,729,121 shares, and the share capital increased by SEK 33,846, from SEK 13,511,978.20 to SEK 13,545,824.20, corresponding to a dilution effect of approximately 0.25% percent of votes and capital in the Company. If all warrants of series TO2A are exercised for subscription of new shares in the Company, the number of A shares will increase by an additional 8,614,216 shares to a total of 76,174,107 shares and the share capital will increase by an additional SEK 1,722,843.20 to SEK 15,234,821.40.
Incentive program – Employee stock options
At the annual general meeting on May 31, 2022, it was decided on an option program of series 2022/2026 for employees and key persons in the company comprising 400,000 options with the right to subscribe for 400,000 A shares. As of March 31 2026, 270,000 options were allocated to staff and key persons, of which 253,125 were vested.
The employee options are earned over 4 years, with a quarter each year, provided that the participant is employed by or otherwise engaged in the company on the grant date. The staff options are awarded free of charge. Earned employee options can be exercised during a three-year period, however no earlier than three years after the respective grant date. Each employee option gives the right to subscribe for 1 A share at a subscription price that corresponds to 140 percent of the volume-weighted average price for the company's A share during the five trading days immediately preceding the day on which the employee options are awarded. The subscription price and the number of A shares to which each employee option entitles may be subject to recalculation as a result of a bonus issue, split, issues or similar measures. In order to enable the delivery of shares according to the incentive program, it was also decided to issue a maximum of 400,000 warrants.
Ownership structure
For information about the company's owners, see the company's website www.axichem.com under https://www.axichem.com/investor-relations/#investor-structure
For information on insider trading, see the Financial Supervisory Authority's register.
Certified Adviser
Västra Hamnen Corporate Finance is aXichem’s Certified Adviser.
Significant risks and uncertainties
Regulatory issues are considered to be the single largest risk for the company. The effects of Covid-19 still have some impact on the company’s operations in Asia. The changed security situation in Europe and the tragic development in Ukraine do not currently affect aXichem’s operations, but we are following the development closely in order to be able to manage any possible effects.
Review
This interim report has not been reviewed by the company’s auditor.
Financial calendar
Year End Report 2025 2026-02-19
Q1 Report, Jan – March 2026 2026-05-21
Annual Report 2025 2026-05-27
Annual General Meeting 2026-06-17
Q2 Report, Jan – June 2026 2026-08-27
Q3 Report, Jan – Sept 2026 2026-11-26
Year End Report 2026 2027-02-25
The Board of Directors and the CEO assures that the interim report provides a fair overview of the company’s operations, position and results, and describes the significant risks and uncertainties that the company faces.
Lund, 21 May 2026
The Board of Directors of aXichem AB (publ)
The information was submitted, through the care of the contact person below, for publication on 21 May 2026, at 08:30 AM CET.
The report is published on the company's website under Investor Relations. Direct link to the report: https://www.axichem.com/investor-relations/#financial-reports
Company Contact
Torsten Helsing, CEO
T. +46 70 686 33 55, E. torsten.helsing@axichem.se