The science & solutions of true recycling
2021 Half-Year Report
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TABLE OF CONTENTS
02 About Agilyx
02 OurGlobalOperations
03 OurMission
04 OurDevelopmentProcess
04 OurApproach
05 2021LifeCycleAnalysis
05 OperatingMilestones
01 H1 2021 IN BRIEF
08 AboutCyclyx
08 HowitWorks
09 ExpandingtheCyclyxConsortium
09 OperatingMilestones
07 CYCLYX
12 FinancialDevelopmentandPosition
14 AgilyxASGroupConsolidatedFinancialStatements
17 NotestotheFinancialStatements
11 FINANCIALS
Table of ContentsAgilyx 2021 Half-Year Report
Letter from our CEO
Asthefirstcompanytouseadvancedrecyclingtounlockthecircularityofplasticonaglobalscale,Agilyxcontinuestocementitsplaceasaleaderintheplasticsrecyclingspace,givingpost-useplasticanew,circularlife.
Operationally,Agilyxhasseenastrongstartto2021,announcingseveralkeypartnermilestonesforthedevelopmentoffacilitiestorecyclebothpost-usepolystyreneandmixedwasteplastics.Agilyxisuniquelypositionedtomeetspecificcustomerrequirementsthoughourcapabilitytomatchtherightpost-useplasticwastestreamswiththeoptimumconversioninfrastructuredeliveringanintegratedsolutionthatistrulydifferentiated.Thisisevidencedbytherangeofpathwaysandgeographiesencompassedbytheseannouncements.
Inadditiontoourrapidprogressionintechnologycollaborations,weareexperiencingcontinuedgrowthasacompany,with25newemployeeshiredsinceJanuary2021.AsAgilyxcontinuestogrow,ourmissionremainsconstant–toacceleratethenecessarychangestosolvetheglobalchallengesassociatedwithplasticwaste.
SevenmonthsafteritslaunchinDecember2020,Cyclyxisalsomakingimpressiveprogressin2021bybringingmuchneededinnovationtofeedstockmanagement,whichhaslongbeenalimitingfactorintherecyclingindustry.BycombiningAgilyx’stechnicalknow-howandcutting-edgetechnology,Cyclyxistakinganewdata-drivenapproachtodramaticallyincreaseplasticrecyclingratesacrosstheglobe.
Itdoesthisbyunderstandingwasteatthelevelofitschemicalprofile,developingcustomizedpreprocessingfacilitiesandleveragingaconsortiumapproachtoaggregatenewmaterial.Inearly2021,CyclyxreceivedISCCPLUScertificationforitssourcingactivitiesinternationally,ensuringitscompliancewithsustainabilityandtraceabilityrequirementsalongthesupplychain.
Circularityandsustainabilityarethefoundationalbuildingblocksuponwhichourentirebusinessisbuilt.ThatiswhyourfirstAgilyxReportonSustainabilitywasreleasedaspartofour
AnnualReportinApril2021;ourcommitmenttosustainabilityisandwillbeakeypillarofoursuccess.
AsoutlinedinourSustainabilityReport,wehavealignedourcompanysustainabilitygoalswiththoseUnitedNationsSustainabilityDevelopmentGoalsmostdirectlyrelevanttoourmission,valuechainandstakeholders,andcontinuetomakeourambitiousgoalsrelatedtocircularity,climateandsocietaltargetsapriority.
Wehavemadegreatprogresswithoursustainabilitycommitmentstodate,butourworkisnowhereclosetobeingdone.Wehearthecallstorethinkandrebuildthewaytheworldiscurrentlyrecycling,andweareexcited–andinspired–tomeetthechallenge.Withourcommitmenttodevelopingtechnologiesthatcontributetoamoresustainableworld,weplantocarrythemomentumfromthefirsthalfoftheyearforwardthroughtherestof2021.
Throughcollaborativeindustrypartnerships,innovativeproductsandnewpolymer-to-polymerpathways,welookforwardtoenablingourpartnerstomakecircularityarealityandtorepositionpost-useplasticsfromwastetoarenewableresource.
TimStedman CEO,Agilyx
Agilyx 2021 Half-Year Report Letter from our CEO
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About AgilyxAgilyxisapioneerinthechemicalrecyclingofdifficult-to-recyclepost-useplasticstreams.CombinedwiththefeedstockmanagementexpertiseofourjointventureCyclyxInternational,LLC,weareworkinghardtoincreaserecyclingratesofpost-useplastics.Whilemanyagreethatplasticwasteisanimmenseglobalchallenge,only10%ofpost-useplasticisrecycledtoday.Therestendsupinlandfills,incineratorsandtheenvironmentduetoitschemicalcomplexity,contaminationandaninfrastructurebuiltforadifferentkindofeconomy.AtAgilyx,webelievethesesystemicchallengesneedtobeaddressedandwehavemadeitourmissiontomakesuretheyare.
Thetimetoexpandchemicalrecyclingisnow.Wearehelpingourcustomersgivepost-useplasticautility,aperpetualcircularlifebyconvertingthisvaluablematerialbackintoitsoriginalbuildingblocksforreuse.Byenablingplasticcircularityonaglobalandcommercialscale,weaimtoplayavitalroleinacceleratingtheshifttoalow-carboneconomy.
Overthepast17years,Agilyxhasbeenhardatworkdevelopingpyrolysistechnologies,understandingthecomplexchemistriesofwasteplastics,feedstocksupplychainissues,andcomprehensivesolutionsetswithonegoalinmind:toincreasetherecyclabilityofplasticsfrom10%to90%.
NORTH AMERICA
PORTLAND, U.S.AgilyxTechnicalServices,RegenyxJV(50:50Agilyx,AmSty),CyclyxTigard
BOSTON, U.S.CyclyxPortsmouth,AgilyxCorporateOffice
OUR GLOBAL OPERATIONS
EUROPE
GREATER ZURICH, CHGroupManagementServices
OSLO, NOAgilyxCorporateOffice
H1 2021 in BriefAgilyx 2021 Half-Year Report
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Our Mission
Responsiblemanagementofpost-useplastichasbeenchallengedglobally.Weviewwasteplasticasaresourcethatcouldhavesignificanteconomicandenvironmentalbenefitsifmanagedproperly.Ourgoalistoenableourcustomerstogivepost-useplasticanew,circularlifebyconvertingthisvaluablematerialbackintoitsoriginalbuildingblocksforreuse.
Todothis,weleverageacombinationoftechnicalexpertise,operatingknow-how,technologyplatformsandpartnershipswithindustryleaderscommittedtoamoreenvironmentallyresponsiblefutureforplastics andpolymers.
CyclyxiskeytotheoverallAgilyxstrategy,giventheimportanceofchemicallymanagingthediversityofplasticwaste,feedstockavailabilityandappropriatesourcingmanagement.Feedstockisacriticalpartoftheplasticsrecyclingvaluechain,andtogetherwithAgilyx’srobustconversiontechnologyandexpertiseinthisfield,formsthebasisforCyclyx’sbusinessmodelandgo-to-marketstrategy.
We are committed to enabling the conversion of waste plastics into reusable We are committed to enabling the conversion of waste plastics into reusable polymers and feedstock.polymers and feedstock.
H1 2021 in BriefAgilyx 2021 Half-Year Report
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Our Development Process
CONSTRUCTION
Conversion Technology
Technologylicensesale
SaleofAgilyxcoreequipment
Feedstock ManagementFeedstockrecipematched toconversiontechnology
andproduct
DEVELOPMENT
Conversion Technology
Deliverfeasibilitystudies
Pre-engineeringsupport
Feedstock Management
Identificationand characterizationsofplastics
OPERATIONS
Conversion Technology
Operationsandmaintenance
Royaltiesfromuseof conversiontechnology
Feedstock Management Optimizationtodrive
efficiencycharacterizations ofplastics
OUR APPROACH: MECHANICAL AND CHEMICAL RECYCLING
LANDFILL
VIRGIN PLASTICS
FOSSIL FUELS
MECHANICAL RECYCLING
CHEMICAL RECYCLING
HIGH VALUE PLASTICS
LOW VALUE PLASTICS
END USER
WASTE
Chemical recycling is circular. It allows continuous re-use with no downgrade, reducing the amount of virgin plastics required.
Mechanical recycling is linear. After a few cycles mechanically recycled materials end up in landfill or are incinerated.
H1 2021 in BriefAgilyx 2021 Half-Year Report
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2021 Life Cycle Analysis
2021 Year-to-Date Agilyx Operating Milestones
LCAfindingshighlightedfavorableCO2savingsforAgilyxchemicalrecyclingtechnology,indicatingthatAgilyx’sdepolymerizationtechnologysavesapproximately75%ofCO2-emissionsincomparisontotheproductionofpolystyrenefromvirginrawmaterialsfollowedbyincineration.TheSCSLCAfocusedonclosedlooprecyclingroutesbacktofoodcontactquality,analyzingfood-qualitypolystyrenerecyclingoptions.
Resultsfromthestudyindicatedthatdepolymerizationisthemostefficientprocesstorecyclepolystyreneintotrulycircularfoodqualityproducts.Furthermore,depolymerizationistheshortestrecyclingprocessincomparisontomechanicalrecyclinganddissolutiontoachievevirginfoodgradequality,enablingafullycircularprocess.
Earlier this year, Agilyx participated in the Styrenics Circular Solutions Life Cycle Analysis (LCA), Earlier this year, Agilyx participated in the Styrenics Circular Solutions Life Cycle Analysis (LCA), contributing data for its depolymerization technology.contributing data for its depolymerization technology.
Jul. 27 Agilyx Technology Provides The Capability to Recycle Hundreds of Thousands of Tons of Previously Unrecyclable Flame Retardant Insulation Agilyxreachesmilestone,whichallowsfortherecyclingofbrominatedflameretardant-laden polystyreneintohighpuritystyrenemonomerfordirectuseindownstreamproducts.
Jul. 13 Agilyx Announces First Ever Recycled Monomer Food Contact Packaging on Store Shelves Agilyxreachessignificantmilestoneforfoodcontactpackaging,producingrecycledstyrene monomerthatissuccessfullyusedforthemanufactureofyogurtpots,anddemonstratingthat depolymerizationtechnologycanprovidethebuildingblocksneededtocreatenew,virgin-quality plastics,withouttheneedforharvestingnewfossilfuels.
Jul. 08 Life Cycle Analysis Indicates Favorable CO2 Savings for Agilyx Chemical Recycling Technology AgilyxannouncesLifeCycleAnalysis(LCA)results,whichindicatethatAgilyx’sdepolymerization technologysavesapproximately75%ofCO2-emissionsincomparisontotheproductionof polystyrenefromvirginrawmaterialsandincineration.
Jul. 03 Technip Energies Collaborate with Agilyx to Accelerate and Scale-up the Implementation of its Polystyrene Recycling Technology TechnipandAgilyxpartnershipacceleratetheimplementationofAgilyx’stechnologyforthe advancedrecyclingofpost-usepolystyrene.
H1 2021 in BriefAgilyx 2021 Half-Year Report
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Jul. 01 Agilyx Announces Major Operating Milestone Agilyxsurpasses16,000hoursofcommercialoperationsatitsISCCPLUScertifiedchemical recyclingoperationsinOregon,converting8.9millionlbsofmixedwasteplasticand polystyrenewaste.
Apr. 22 Agilyx Announces Publication of 2020 Annual Report AgilyxissuesfirstSustainabilityReportoutliningnewsustainabilitygoals.
Apr. 08 AmSty and Agilyx Announce Collaboration to Build Advanced Recycling Facility AmStyandAgilyxannounceplanstobuilda50to100ton-per-dayadvancedrecyclingfacility locatedatAmSty’sstyreneproductionfacilityinSt.James,Louisiana–anextgeneration expansionofAgilyx’sadvancedrecyclingtechnologyalreadyinuseatitsRegenyxjointventure operatinginTigard,Oregon.
Mar. 24 Agilyx Announces Approval of European Patent EuropeanPatentOfficegrantsapatentfortheproprietaryprocessforpolishingAgilyxSynthetic CrudeOil,underscoringAgilyx’scommitmenttobringingitstechnologicalexpertiseandIP knowledgetotheEuropeanmarket.
Mar. 15 Maire Tecnimont Group’s NextChem and Agilyx Sign an Agreement for the Global Deployment of Chemical Recycling Projects Based on Pyrolysis ThepartnershipcombinesAgilyx’spyrolysisadvancedrecyclingtechnology,withNextChemasa technologyandEngineering,Procurement,andConstructionpartner.
Feb. 25 Agilyx and ExxonMobil Establish Cyclyx Joint Venture to Supply Plastics Recycling Industry Thejointventure,leveragingAgilyx’sexpertiseinplasticsrecyclingandthescaleofExxonMobil, representsanentirelynewpropositiononhowwehandleplasticwaste.
Jan. 25 Agilyx and Toyo Styrene Progress Development of Advanced Recycling Facility AgilyxandToyoStyrenereach60%completiontowardthedevelopmentofanadvanced recyclingfacilityinChiba,Japan,whichisontracktomeetitsgoalofcommencingoperations inearly2022.
H1 2021 in BriefAgilyx 2021 Half-Year Report
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TheCyclyxplatformisdesignedasanindustryconsortiumcomprisedofpartnersacrossthevaluechain,allowingCyclyxtopartnerwithbusinesses,brands,wasteserviceprovidersandmunicipalities.Throughthisapproach,Cyclyxenablesnewsupplychainstodivertlargevolumesofwasteplasticawayfromlandfilltowardnewrecyclingsolutionscurrentlynotavailableinthemarket.
HOW IT WORKSCyclyxaggregatesandpre-processeslargevolumesofplasticwastetobeusedasafeedstocktomanufacturenewpetrochemicalproducts.Throughacombinationoftechnicalexpertise,newsupplychainsandaconsortiumapproach,Cyclyxiscollaboratingwithpartnerstoincreaseplasticrecoveryandredirectplasticwasteintocircularpathways.
TheCyclyxmissionistoincreasetherecyclingrateofplasticsfrom10%to90%byutilizingitsexpertiseinunderstandingthechemicalcompositionofwasteplasticincollaborationwithindustrypartnerstocreateanew,innovativesupplychain.
Cyclyx International, LLC, a joint venture with ExxonMobil, was launched in December 2020 as a consortium-based plastic feedstock management company and combines three innovations:
→ Chemically characterizing waste plastic and creating custom feedstock for mechanical and chemical recycling pathways
→ Novel sourcing, preprocessing and supply chain management
→ A consortium-based business model
CREATING A NEW SUPPLY CHAIN FOR WASTE PLASTIC
About Cyclyx
END USER
CHEMICAL CONVERSION
CHARACTERIZE & QUALIFY WASTE PLASTIC
TO MEET CUSTOMER SPECIFICATION/S
NOVEL SOURCING & AGGREGATION
METHODS
MINIMAL PREPROCESSING STEPS
CUSTOM FEEDS TO MEET CUSTOMER
NEEDS
DELIVER TO RECYCLING
FACILITY
FEEDSTOCK PROCESS INTO NEW PLASTICS
WASTE FINAL PRODUCT
CERTIFIED CUSTOM FEEDSTOCK
CyclyxAgilyx 2021 Half-Year Report
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Expanding the Cyclyx Consortium
Thisnewpartner-drivenmodelboostsplasticcircularity–andbreaksthecyclethathaskeptrecyclingfromreachingitsfullpotential.
MembercompanieshaveaccesstoCyclyx’sservicesthatprovideplasticusersthroughoutthevalue-chainwiththird-partyaudited,circular,end-of-lifepathwaysfortheirproductsthroughinnovationsincludingchemicalcharacterizationofplasticsandpredictivemodelingoffeedstocksourcestoproductpathways,customfeedstockrecipesandcustomizedsupplychains.
By working with partners to source, collect and pre-process large By working with partners to source, collect and pre-process large volumes of waste plastic based on exact technical specifications, Cyclyx volumes of waste plastic based on exact technical specifications, Cyclyx can redirect more plastic into recycling options.can redirect more plastic into recycling options.
2021 Year-to-Date Cyclyx Operating Milestones
Aug. 16 INEOS Styrolution Joins Cyclyx as Founding Member INEOSStyrolution,agloballeaderinstyrenics,joinstheCyclyxconsortiumasafoundingmember.
Aug. 12 LyondellBasell Joins Cyclyx as Founding Member LyondellBasell,oneoftheworld’slargestproducersofplasticsandchemicals,joinsCyclyx asafoundingmember.
Jul. 06 Chevron Phillips Chemical Joins Cyclyx as Founding Member ChevronPhillipsChemical(CPChem),aleadingchemicalcompanyattheforefrontofcultivating acirculareconomyforplastics,joinsCyclyxasafoundingmember.
Jun. 28 Cyclyx Announces Appointment of Catherine Keenan to Executive Advisory Board CyclyxappointsCatherineKeenantoitsEABtofocusonsustainability,ESGandgovernment affairstohelpdrivethecompany’smission.
May 21 Cyclyx International Welcomes North American Plastics as New Member NorthAmericanPlastics,afamilyofleadingbrandsinplasticsdistribution,becomesamember oftheCyclyxconsortium.
CyclyxAgilyx 2021 Half-Year Report
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May 12 Cyclyx Announces Three New Additions to Executive Advisory Board CyclyxappointsSuzanneShelton,GeoffreyInchandJuanBecerratoitsEAB.
May 6 Cyclyx Appoints James Trevathan as Vice President of Feedstock Sourcing and Supply Chain CyclyxappointsJamesTrevathanasVicePresidentofFeedstockSourcingandSupplyChainto buildoutthecompany’ssupplychainandfeedstockpreprocessinginfrastructure.
Apr. 20 Braskem Joins Cyclyx as Founding Member Braskem,thelargestpolyolefinsproducerintheAmericasandleadingproducerofbiopolymers intheworld,joinsCyclyxasafoundingmember.
Apr. 6 Cyclyx Receives ISCC PLUS Certification for its Circular Recycling Pathway CyclyxobtainscertificationthroughtheInternationalSustainabilityandCarbonCertificationPlus (ISCCPLUS)processforitspost-useplasticmanagementsystems,providingcustomersassurance thattheplasticfeedstockacquiredfortheirprocessessatisfiesconditionsofbeingpost-useand aretraceableandauditable.
Mar. 29 Cyclyx Announces the Addition of Plastics Industry Experts to Executive Advisory Board CyclyxaddsSteveRussellandPaulTurnertoitsEAB,bringingvaluableexperiencetohelpdrive missionofincreasingrecyclingofpost-useplastic.
Mar. 19 Cyclyx Appoints Kevin Paine as Vice President of Finance – Business Partner CyclyxappointsKevinPaineasVicePresidentofFinance,BusinessPartnertosupportthe growthoftheorganizationthroughstrategicandbusinessdevelopmentefforts.
Mar. 17 AmSty Joins Cyclyx International as Founding Member AmStyhasaccesstoCyclyx’sintegratedsetofinnovationstodeliverwasteplasticfeedstocks appropriateforallexistingandnewmechanicalandadvancedrecyclingpathways.
Feb. 25 Agilyx and ExxonMobil Establish Cyclyx Joint Venture to Supply Plastics Recycling Industry ThejointventurecombinesAgilyx’sexpertiseinplasticwasteconversionwithExxonMobil’s technologyexpertiseandlarge-scalepetro-chemicalmanufacturingnetwork.
Feb. 4 Cyclyx International Expands Executive Team CyclyxappointsRickCochraneasSeniorVicePresident,StrategyandBusinessDevelopment andLaurenEtlingerasGeneralCounseltoadvanceitsinnovativeconsortium-based recyclingplatform.
CyclyxAgilyx 2021 Half-Year Report
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Financial Development and Position
AgilyxGmbH(CH)was establishedalsoasawhollyownedsubsidiaryoftheGroup.AgilyxAS,theNorwegianentity,beganoperationsinJanuary2021.Forthesereasons,theconsolidatedaccountsforthegroupofcompanies(referredtoas“Groupconsolidated”)andthefinancialstatementsforAgilyxASasaholdingcompanyarecomparableforthesix-monthperiod.Nevertheless,giventhattheoperationsoftheNorwegianentityaresmallandofan
administrativenature,the six-monthfiguresof2021and2020canbeseenrelativetoeachotherasawayofbetterunderstandingtheGroupperformanceanddevelopment.
Groupconsolidatedrevenuesforthesix-monthperiodendingJune30,2021,were$791,000,withanegativegrossmarginof$404,000.Thisincludestheimpactoftargetedinvestmentsintheinitialdevelopmentphasesofcertainprojects.GeneralandAdministrativeexpensesof$5.3
million,R&Dexpensesof$1.4millionandSalesandMarketingexpensesof$775,000relatedtotheGroupgearingforgrowthandexpansionledtoanoperatinglossof$7.8million.
Lossfrominvestmentsinjointventuresof$1.4millionandinterestexpensesof$79,000weresignificantlyoffsetbyotherfinancialincomeof$758,000,relatingmostlytodebtforgivenessinAgilyxCorp.Thisresultedinanetlossfortheperiodof$8.6million,ofwhich$463,000isattributabletominorityinterest inCyclyx,whoseoperationsbeganinJanuary2021,andtheremaining$8.1millioninlosses toAgilyxAS.
Duringthefirsthalfof2021, Agilyxannouncedseveralprojects.Inlinewiththeconceptofearly-stageinvestment,atargetednumberoftheseprojectsincludepre-investmenttosupportthemthroughtheinitialdevelopmentstageoftheprojectandthus havegeneratedlimitedrevenue in1H2021.However,weanticipatethatallofthosewheresuchpre-investmentwasmadewillbecomerevenue-generating inthecomingmonths.
TheinitiationinJanuary2021ofCyclyxactivityhashadasignificantimpactonthefinancialperformanceofAgilyxintheperiod,asstartupof
The legal structure of Agilyx AS (Norway) was formed in early 2020 largely as a holding company The legal structure of Agilyx AS (Norway) was formed in early 2020 largely as a holding company for the activities of Agilyx Corporation (USA), which is a wholly owned subsidiary. for the activities of Agilyx Corporation (USA), which is a wholly owned subsidiary.
FinancialsAgilyx 2021 Half-Year Report
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operationsandsignificantactivityisconductedpriortorevenuegenerationandrecognition.
Whiletheannouncedprojectsareinthedevelopmentstages,webelievetheyrepresentimportantmilestonesforAgilyxinitsglobalimpactandgrowth.
AsofJune30,2021,totalconsolidatedassetsreached $36.5million,ofwhichcashandcashequivalentswere$28.1
million.TheGrouphadtotalnon-currentliabilitiesof$881,000andcurrentliabilitiesof$4.5million(includingdeferredrevenueof$1.4millionandcurrentportionofnotespayableof$1.2million).Totalequity,includingnetlossfortheperiod,reached$31.2million.
CashflowsfromoperationsfromJanuary1,2021throughJune30,2021werenegative$8.5millionasaresultofscalingtodeliver
thegrowthstrategy.TheliquiditysecuredfromtheCompany’sfinancingoperationsprovidesfundingforitsactivitiesandstrategyasplanned.
SUBSEQUENT EVENTSTherewerenosubsequenteventsafterthebalancesheetdate.
FinancialsAgilyx 2021 Half-Year Report
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Financial StatementsAll figures in USD.All figures in USD.
AGILYX AS CONSOLIDATED INCOME STATEMENTUnaudited
Group Group GroupOperating revenue and operating expenses Note H1 2021 H1 2020 FY 2020Revenues - 790,508 1,571,615 4,336,151
Costofrevenues 2 1,194,852 783,949 2,441,487
Gross margin - -404,344 787,666 1,894,664 Researchanddevelopment - 1,367,258 592,012 1,505,752
Salesandmarketing - 774,777 179,382 412,285
Generalandadministrative - 5,264,529 2,661,081 6,668,667
Total operating expenses 2 7,406,564 3,432,475 8,586,704 Operating loss - -7,810,908 -2,644,809 -6,692,040 Financial income and financial expensesResultfrominvestmentinjointventure - -1,446,358 -1,693,357 -3,248,453
Interestexpense - -78,595 -172,342 -277,823
Otherfinancialincome,net - 758,314 14,992 82,218
Net financial items - -766,639 -1,850,707 -3,444,058 Net result - -8,577,547 -4,495,516 -10,136,098 Net result attributable to minority interest - -462,935 - -Net result attributable to Agilyx AS - -8,114,612 -4,495,516 -10,136,098
FinancialsAgilyx 2021 Half-Year Report
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AGILYX AS CONSOLIDATED BALANCE SHEETUnaudited
Group Group GroupAssets Note Jun. 30, 2021 Jun. 30, 2020 Dec. 31, 2020Non-current assetsIntangibleassets - 4,487,805 4,666,555 4,577,180
Property,plantandequipment,net - 382,246 245,288 349,288
Investmentinjointventure - 2,028,800 1,567,642 1,608,846
Othernon-currentassets - 118,550 35,801 98,555
Total non-current assets - 7,017,401 6,515,286 6,633,869Current assetsAccountsreceivable - 13,359 - 9,064
Prepaidexpensesandothercurrentassets - 1,464,950 563,955 165,165
Cashandcashequivalents - 28,050,830 7,825,684 38,898,928
Total current assets - 29,529,139 8,389,639 39,073,157Total assets - 36,546,540 14,904,925 45,707,026Liabilities and stockholders’ equityEquityCommonstock - 84,654 63,451 83,365
Sharepremium - 88,495,864 58,669,976 88,328,914
Additionalpaid-incapital - 560,963 - 174,875
Total paid-in equity - 89,141,481 58,733,427 88,587,154Otherequity - -59,490,662 -52,515,333 -51,376,050
Minorityinterest - 1,537,065 - 2,000,000
Total equity 3 31,187,884 6,218,094 39,211,104LiabilitiesNon-current liabilitiesLong-termnotespayable - 275,000 1,475,000 875,000
Otherlong-termliabilities - 605,646 598,230 591,091
Total non-current liabilities - 880,646 2,073,230 1,466,091Current liabilitiesAccountspayable - 1,064,170 645,849 627,429
Accruedexpensesandothercurrentliabilities - 760,104 574,412 510,112
Deferredrevenue - 1,437,693 3,413,940 1,896,848
Currentportionofnotespayable - 1,216,043 1,979,400 1,995,443
Total current liabilities - 4,478,010 6,613,601 5,029,831Total liabilities - 5,358,656 8,686,831 6,495,922Total liabilities and stockholders equity - 36,546,540 14,904,925 45,707,026
FinancialsAgilyx 2021 Half-Year Report
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AGILYX AS CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited
Group Group GroupH1 2021 H1 2020 FY 2020
Net loss -8,577,547 -4,495,516 -10,136,098Depreciation 128,325 98,275 217,131
Resultfrominvestmentinjointventure 1,446,358 1,693,357 3,248,823
Stockbasedcompensation 386,088 - 174,875
Governmentloanforgiveness -779,400 - -
Accountsreceivable -4,295 250,000 240,936
Accountspayableandaccruedliabilities 686,732 281,258 177,268
Prepaidexpensesandotherassets -1,381,560 -481,892 -84,076
Othertimingdifferences -382,812 616,664 -774,569
Net cash from operations -8,478,111 -2,037,854 -6,935,710Regenyxinvestmentfunding -1,866,312 -1,657,490 -3,253,790
Purchasesofpropertyandequipment -71,907 -130,340 -263,444
Net cash from investments -1,938,219 -1,787,830 -3,517,234Proceedsfromconvertibledebtoffering - 2,060,000 -
Proceedsfromgovernmentprograms - 779,400 779,400
Proceedsfromprivatestockoffering - 9,354,392 39,716,312
ProceedsfromCyclyxmembercontributions - - 8,000,000
Stockredemptionandoptionexercises 168,232 -26,900 86,136
Sharecapitalpaidbackatformation - - -3,704
Repaymentofnotespayable -600,000 -2,862,968 -1,573,716
Net cash from financing -431,768 9,303,924 47,004,428 Netincrease(decrease)incashandcashequivalents -10,848,098 5,478,240 36,551,484 CashandcashequivalentsAgilyxCorpatbeginningofperiod
- 2,344,037 2,344,037
Cashandcashequivalentsatbeginningoftheperiod 38,898,928 3,407 3,407
Cash and cash equivalents at end of the period 28,050,830 7,825,684 38,898,928
FinancialsAgilyx 2021 Half-Year Report
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Note 1: Accounting Policies
ThefinancialstatementshavebeenpreparedinaccordancewiththeNorwegianAccountingActandgenerallyacceptedaccountingprinciplesinNorway.ThefinancialstatementsarepresentedinUSDasitisconsideredto bethefunctionalcurrency.
PRINCIPLES OF CONSOLIDATION TheconsolidatedfinancialstatementsincludetheaccountsofAgilyxASanditssubsidiariesAgilyxCorporation,AgilyxGmbHandCyclyxInternational,LLC.Thecostpriceofsharesandpartnershipunitsareeliminatedagainsttheequityintheunderlyingcompanies.Allintercompanyaccountsandtransactionsareeliminatedinconsolidation.AgilyxCorporationhold50%inRegenyxLLC,aninvestmentunderjointcontrolandaccountedforaftertheequitymethod.
TheaccountingpoliciesusedinthepreparationofthesefinancialstatementsareconsistentwiththoseusedfortheGroup’s2020annualreport.ThestatementsdonotincludealltheinformationanddisclosuresrequiredintheannualfinancialstatementsandshouldbereadtogetherwiththeGroup’sannualconsolidatedstatementsasofDecember31,2020.
COST OF SALES AND OTHER EXPENSES Theconsolidatedincomestatementspresentcostsaccordingtofunction.Costsclassifiedbynaturearepresentedinnote2.
Agilyx AS is a Norwegian company and the parent company in the Agilyx Group.Agilyx AS is a Norwegian company and the parent company in the Agilyx Group.
NOTE 2: OPERATING EXPENSES BY NATUREAgilyx presents the operating expenses by function in the profit and loss statement. Payroll tax relief of $1.2 million, of which $0.3 million was generated in H2 2020, results from benefits generated by the United States CARES Act and related tax legislation. Below is the total operating expenses presented by nature. The parent company’s operating expenses included fees related to its function as parent.
UnauditedGroup Group Group
Operating expenses classified by nature H1 2021 H1 2020 FY 2020Rawmaterialsandconsumables 530,403 267,770 686,885
Salariesandrelatedcosts 5,256,119 2,082,399 5,326,657
Payrolltaxrelief -1,164,657 - -
Depreciationandamortisation 128,325 98,275 217,131
Otheroperatingexpenses 3,851,226 1,767,980 4,797,518
Total expenses 8,601,416 4,216,424 11,028,191
FinancialsAgilyx 2021 Half-Year Report
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NOTE 4: EVENTS AFTER BALANCE SHEET DAYTherearenosignificanteventsafterbalancesheetdate.
NOTE 3: EQUITY
Group equity Common stock
Share premium
Additional paid-in capital
Other equity Minority Total
Balance, January 01, 2020 3,407 - - - - 3,407Reductionofcommonstock -3,407 - - - - -3,407Capitalincreasebyinversion 51,945 48,557,886 - -47,239,952 - 1,369,879Proceedsfromstockofferingattimeofinversion 11,506 10,758,277 - - - 10,769,783
Costsrelatedtostockoffering - -646,398 - - - -646,398Proceedsfromstockofferingpre-listing 17,529 31,464,308 - - - 31,481,837
Costsrelatedtostockoffering - -1,888,910 - - - -1,888,910Proceedsfromexerciseofstockoptions 2,385 83,751 - - - 86,136
PaymentmadefromminorityinCyclyxInt.LLC - - - 6,000,000 2,000,000 8,000,000
Shareoptionadjustment - - 174,875 - - 174,875Netresultfortheyear - - - -10,136,098 - -10,136,098Balance, December 31, 2020 83,365 88,328,914 174,875 -51,376,050 2,000,000 39,211,104Proceedsfromexerciseofstockoptionsandwarrants 1,289 166,950 - - - 168,239
Shareoptionadjustment - - 386,088 - - 386,088Netresultfortheyear - - - -8,114,612 -462,935 -8,577,547Balance, June 30, 2021 (Unaudited) 84,654 88,495,864 560,963 -59,490,662 1,537,065 31,187,884
FinancialsAgilyx 2021 Half-Year Report
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