aXichem AB (publ), Interim Report January – September 2023
November 22, 2023
aXichem AB (publ), Interim Report January – September 2023

aXichem’s development during the period 2023-01-01—2023-09-30

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 2023-01-01 – 2023-09-30

Turnover and results

The group's net sales amounted to SEK 1,534 thousand (SEK 1,468 thousand).

Operating profit amounted to SEK -11,988 thousand (SEK -12,292 thousand).

The group's profit after tax amounted to SEK -14,753 thousand (SEK -14,013 thousand).

Financial net SEK -2,765 thousand (SEK -1,721 thousand).

Cash flow and financial position

The group's cash and cash equivalents on September 30, 2023 amounted to SEK 6,993 thousand (SEK 12,313 thousand).

The equity ratio amounted to 81% (67%).


Investments in intangible, tangible or financial fixed assets have been made so far this year with SEK 5,117 thousand (SEK 1,989 thousand).


Depreciation of intangible and tangible fixed assets has been done so far this year with SEK 2,825 thousand (SEK 2,599 thousand).

Stock data

Profit as of September 30, 2023 corresponds after tax to a profit per share of SEK -0,74 (SEK -0,53).

Equity per share at the end of the period amounted to SEK 2,54 (SEK 2,62).

aXichem's development 2023-07-01 – 2023-09-30

Turnover and results

Net sales amounted to SEK 287 thousand (SEK 263 thousand).

The operating profit amounted to SEK -3,824 thousand (SEK -4,300 thousand).

The group's profit after tax amounted to SEK -4,538 thousand (SEK -5,254 thousand).

Financial net SEK -714 thousand (SEK -954 thousand).


Investments in intangible, tangible or financial fixed assets amounted to SEK 1,050 thousand (SEK 602 thousand).


Depreciation of intangible and tangible fixed assets amounted to SEK 999 thousand (SEK 890 thousand).

Share data

After tax, the periods result corresponds to a result per share of SEK -0,21 (SEK -0,32).

Significant events during the period

  • On August 3, today announces the publication of a new research article focused on the role of phenylcapsaicin in sports performance enhancement. The article, the third of its kind, was published in the respected scientific journal, Frontiers in Physiology, and reinforces aXichem's dedicated path of research and development for a deeper understanding of the effects of phenylcapsaicin.
  • On 19 September, aXichem announced the updated status of its application for Feed Additive approval in the EU for phenylcapsaicin and stated that the application would be considered at the plenary meeting held by the FEEDAP panel on 26-28 September 2023, after which EFSA's opinion on its own scientific risk assessment may is published.
  • On September 26, the company communicated that the company's application for Feed Additive approval in the EU is now open for so-called "public consultation", which means that third parties can provide comments on the application and constitutes an important part of EFSA's regulations for open- hot and transparent. Public consultation is a mandatory part of the approval process and will end on October 16, 2023.

Significant events after the end of the reporting period

  • On 10 October it is announced that EFSA has published the minutes of the FEEDAP panel on 26-28 September 2023. At the meeting, the panel approved EFSA's opinion on risk assessment and it will proceed for written adoption after the results of the "public consultation" has been processed. This means that the next step is for the public consultation to be completed on 16 October and, if no comments are received from the public, EFSA's scientific opinion will be prepared for publication. The final step is then for the EU to formulate the regulations for the use of phenylcapsaicin and publish these in The Official Journal of the European Union. When the regulation is published, the product is formally approved.
  • On October 31, aXichem communicated that EFSA has changed the status of the company's Feed Additive application to "Publishing" in the EFSA portal. This means that EFSA's opinion on aXichem's Feed Additive application is now being prepared for publication. After the publication of EFSA's opinion, the EU Commission can, based on EFSA's opinion and the expertise of the Standing Committee, formulate the rules for the use of phenylcapsaicin and publish these in The Official Journal of the European Union. When the regulation is published, the product can be formally approved.
  • On November 13, the company announced an important milestone in the collaboration with Uriach. Pursuant to the exclusivity agreement signed in June this year, Uriach has placed its first order linked to the production of a new melatonin formulation for its well-known brand Aquilea® with aXivite® as a new key ingredient. This marks the beginning of the product launch which is planned for April 2024. The total value of this first order is 21,500 Euro.

CEO’s statement

The third quarter we continue to see great interest in aXivite and with support from exciting data and published articles, the conditions are good for increased sales. During the period, especially during the summer months, we have however seen that lead times for product development and launch of consumer products within the agreements we have with Iovate and Uriach, regarding aXivite, have been somewhat longer than expected. The collaborations are very active, but the number of products that have been launched so far is slightly less than planned, which has affected our sales. More products are expected to be launched, as the order we received from Uriach in November also shows. We are also having discussions about cooperation with a number of players in sports and training, which we see should be able to result in agreements early next year. Our assessment is that aXichem will see increasing sales of aXivite in the coming months, but that we will not reach the previously communicated revenue goal of approximately SEK 20-25 million until February 2024. With the agreements and schedules that are available, we should be able to reach the target during the third quarter of 2024.

The result for the third quarter of 2023 amounts to SEK -4, 538,000. Net sales amount to SEK 287,000. The costs for the period are in line with the budget and are primarily linked to personnel costs and activities within marketing and sales. In the third quarter’s cash flow is affected by a partial repayment of SEK 10 million, as agreed in connection with the share issue in the first quarter, of the loan that aXichem took out from Formue Nord.

The process to reach approval in animal feed in the EU and Brazil continues

During the period, we have continuously communicated where we stand with our EU application for Feed Additive approval as the European Food Safety Authority (EFSA) processed the application and made updates in the public portal that EFSA has on its website. According to EFSA's rules, all information linked to the application is confidential until EFSA publishes it and makes it public. During the period, we have not received any further questions from EFSA, and no comments from stakeholders, who could conceivably have objections, came in during the so-called "Public Consultation" which was carried out during October. On October 31, EFSA announced that our application is in "publishing", which means that EFSA's opinion is being prepared for publication and we are now waiting for it to be published.

Regulatory approval of phenylcapsaicin in Brazil, the world's largest exporter of chicken meat and the world's second largest producer of the same, is ongoing. All requested documentation is submitted after the Ministry of Agriculture, Livestock and Food Supply in Brazil (MAPA) granted approval of phenylcapsaicin as a new raw material for zootechnical feed additives in June. Our expectation, which is also Chr. Olesen’s, being responsible for distribution and sales of aXiphen also in Brazil, is unchanged. Before the end of the year we should have an approval ready in Brazil and be able to start sales there.

Dietary supplements for training and weight loss - a continued hot area

After the end of the period, October 23-27, aXichem participated in one of the USA's largest events in food supplements and nutraceuticals, Supply Side West 2023 in Las Vegas. Together with our partners See Nutrition and Iovate, we had the pleasure to present aXivite in several new products. The brands Muscletech and Hydroxycut got a lot of space, and the marketing is intense, to say the least, for the products that have been launched within our collaboration so far. Please keep an eye on aXichem's page on LinkedIn, where we share all the inspiring material about aXivite from these leading brands. But, as I already mentioned, there are more products planned within the collaboration with Iovate and we expect these to be launched in the coming quarters.

In June this year, aXichem and Spanish Uriach signed a supply and research agreement, which means that Uriach is given exclusivity for a melatonin formulation with aXivite in the markets of Spain, Portugal, Germany, Austria and Romania. The collaboration began with a small study with the objective to map the correct dose of aXivite to achieve a slower degradation of melatonin in the body. The study has been carried out and concluded with desirable results, and after the period’s end, in November, aXichem announce that Uriach has placed its first order, worth 21,500 Euros, and will launch its melatonin product, Aquilea, with aXivite during April 2024. It will be exciting to follow the development for aXivite in this new segment.

aXichem participates in “Stora Aktiedagarna” on November 29

We had a very rewarding meeting in Malmö on August 30 when we filled the venue to the last seat at our event "It's getting hot". On November 29, a new opportunity to meet is offered when aXichem participates in Aktiespararna's event “Stora Aktiedagarna” in Stockholm. The event is streamed, and registration is done at I am very happy about the interest many people show in the company and our progress. We continue to work to achieve our goals, to get the necessary approvals in place and to fully realize the potential of phenylcapsaicin in our two business areas animal feed and dietary supplements.

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 a number of 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 poultry feed. aXiphen® has shown properties as a growth promoter and anti-salmonella ingredient 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's commercialization of phenylcapsaicin under the brands aXiphen® in the animal feed market and aXivite® in the food supplement market continues. The production capacity and logistics through subcontractors are in place, as is a production process optimized for commercial volumes. The pace of development in the establishment of the products is determined by market approvals in the strategically important countries or regions, starting with the EU, USA, Brazil and India. aXichem cooperates with specialized distributors, who either have their own production or cooperate with innovative leading producers.

The company has market approval for aXivite in the EU and North America. The market’s interest in aXivite is significant, especially in North America. However, the lead times for product development and the launch of consumer products within the agreements entered into with Iovate and Uriach have been longer than expected, which has caused aXichem to revise the goal regarding sales, which was announced in February 2023, of revenues of approximately SEK 20-25 million until February 2024. The company assesses continued gradual increase in sales within dietary supplements, and that the goal should be achieved during the third quarter 2024.

aXiphen is not yet approved for the animal feed market but is expected to receive approval for chicken and pig feed in Brazil in 2023 and for chicken feed in the EU. In production tests, aXiphen has shown a good effect in preventing salmonella in chicken farming, and the company expects sales of approx. SEK 60–80 million is possible in the first 12–18 months after market approval in the EU and in Brazil. An application for market approval in the USA is prepared, but the company's strategic choice is to prioritize the EU and Brazil, as these markets have the best conditions for an initial establishment.


The board of aXichem decided on 5 April 2022 to take out a convertible loan of SEK 20 million from Formue Nord Fokus A/S. The nominal amount of the convertible loan amounted to SEK 20 million and ran with an annual interest rate of 12 percent and would be due for payment on October 31, 2023, unless the convertibles were converted before then. The conversion rate amounted to SEK 20. In the event that the convertible loan was converted in its entirety, the number of shares in the company would have increased by 1,000,000 and the share capital increased by SEK 200,000.

On February 23, 2023, the company announced that the board, with the support of the general meeting's authorization, decided to carry out an issue of shares with preferential rights for existing shareholders for approximately SEK 50 million before issue costs. The rights issue was covered to 70 percent by subscription and guarantee commitments. The issue was carried out to scale up the business in connection with the planned commercialization of aXiphen® in poultry feed as well as to repay part of the convertible loan taken out in April 2022. The board also decided to take out a new convertible loan from Formue Nord of approximately SEK 10.53 million. The rights issue was 70 percent subscribed and brought aXichem approximately SEK 34.7 million before issue costs and before partial payment to Formue Nord. The board works continuously to ensure the company's long-term financing.

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 the balance sheet date, 270,000 options were allocated to staff and key persons, of which 33,750 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.

Certified Adviser

Västra Hamnen Corporate Finance is aXichem’s Certified Adviser.

Ownership structure

For information about the company's owners, see the company's website under Investor Relations/investor structrue. For information on insider trading, see the Financial Supervisory Authority's register.

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.


This interim report has not been reviewed by the company’s auditor.

Financial calendar            

Year End Report 2023                         2024-02-21

Q1 Report, Jan – March 2024             2024-05-23

Q2 Report, Jan – June 2024               2024-08-22

Q3 Report, Jan – Sept 2024                2024-11-21

Year End Report 2024                         2025-02-27

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, 22 November, 2023
The Board of Directors of aXichem AB (publ)

This information is such that aXichem AB is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the care of the contact person below, for publication on 22 November 2023, at 08:30 AM CET.

The report is published on the company's website under Investor Relations. Direct link to the report:

Company Contact

Torsten Helsing, CEO

T. +46 70 686 33 55, E.