SUPPLEMENTARY INFORMATION (CORRECTIVE INFORMATION) TO THE ANNUAL REPORT 2024 AND THE INTERIM REPORT FOR H1 2025
SUPPLEMENTARY INFORMATION (CORRECTIVE INFORMATION)
TO THE ANNUAL REPORT 2024 AND THE INTERIM REPORT FOR H1 2025
Hørsholm 26 February 2026
Company announcement #1
Pharma Equity Group A/S (the “Company”) hereby publishes the effects of a correction to the Company’s annual report for 2024 as well as the interim report for the first half of 2025.
TABLE OF CONTENTS
- Background to the corrective information
- Management’s statement
- Independent auditor’s report
- Correction to the consolidated financial statements for 2024
a. Income statement
b. Balance sheet
c. Statement of changes in equity
d. Cash flow statement
e. Notes
- Correction to the parent company financial statements for 2024
a. Income statement
b. Balance sheet
c. Statement of changes in equity
d. Cash flow statement
e. Notes
- Correction to the interim financial statements for the first half of 2025
a. Income statement
b. Balance sheet
c. Statement of changes in equity
d. Cash flow statement
e. Notes
1. BACKGROUND TO THE CORRECTIVE INFORMATION
Pharma Equity Group A/S ( "the Company ") has received a decision from the Danish Business Authority dated 20 November 2025 regarding the Authority 's control of the Company 's annual reports for 2023 and 2024.
In the decision, the Danish Business Authority orders the Company to undertake a renewed measurement of the Company 's receivable from Portinho S.A. using an "Expected Credit Loss " (ECL) model in accordance with IFRS 9, paragraph 5.5.17. The Authority has assessed that the previously applied valuation model, which was based on a simplified net present value calculation, did not sufficiently reflect the credit risk through probability-weighted scenarios.
The Company takes note of the decision. Management has on this basis prepared a new valuation model based on IFRS 9 ECL principles. The model recognizes four probability-weighted outcomes (settlement, legal recovery, insolvency, and loss) and deducts explicit expected recovery costs.
The implementation of this model entails a significant write-down of the carrying amount of the receivable as of 31 December 2024 and as of 30 June 2025. In accordance with IAS 8, paragraph 42, the change is treated as a correction of an error. As the Company assesses that the estimate for 2023 was within an acceptable range given the knowledge available at the time, the total cumulative effect as of 31 December 2024 is recognized in the annual financial statements for 2024.
This supplementary information ( "the Supplement ") must be read in conjunction with the originally published Annual Report for 2024 and Interim Report for H1 2025. The legal and commercial circumstances regarding the claim against Portinho S.A. remain unchanged, and the Company maintains the full legal claim.
2. MANAGEMENT’S STATEMENT
The Board of Directors and the Executive Board have today discussed and approved this supplementary information to the Annual Report for 2024 and Interim Report for H1 2025 for Pharma Equity Group A/S.
The supplementary information is prepared in accordance with IFRS as adopted by the EU, including IAS 8 and IFRS 9, and additional Danish disclosure requirements for listed companies.
It is our opinion that the supplementary inforation gives a true and fair view of the Group 's and the Parent Company 's assets, liabilities and financial position at 31 December 2024 and 30 June 2025 and of the results of the Group 's and the Parent Company 's operations for the periods covered, after recognition of the effect from the Danish Business Authority 's order.
Hørsholm, 26 February 2026
Direktion:
Christian Tange
CEO
Bestyrelse:
Christian Vinding Thomsen (Formand)
Lars Rosenkrantz Gundorph
Peter Vilmann
Omar S. Qandeel
Charlotte Pahl
Troels Troelsen
3. INDEPENDENT AUDITOR’S REPORT ON SUPPLEMENTARY CORRECTIVE INFORMATION TO THE ANNUAL REPORT 2024 AND THE INTERIM REPORT FOR THE FIRST HALF OF 2025
To the Shareholders of Pharma Equity Group A/S
Opinion
We have audited the Supplementary corrective information to the Annual Report 2024 and the interim report for the first half of 2025 which comprise income statement, total income statement, balance sheet, statement of changes in equity, cash flow statement and notes. The supplementary corrective information to the Annual Report 2024 which is prepared in accordance with “Danish Financial Supervisory Authority” approval of 20 November 2025.
In our opinion, the Supplementary corrective information to the Annual Report 2024 and the interim report for the first half of 2025 in all material aspects in accordance with the approval of 20 November 2025 from “Danish Financial Supervisory Authority”.
Our opinion is consistent with our extract from audit book to the audit committee and the board of directors.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of Supplementary corrective information to the Annual Report 2024 and interim report for the first half of 2025” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code and the additional ethical requirements applicable in Denmark to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our belief we have not performed any prohibited non-audit services, as stated in article 5, subarticle 1, in regulation (EU) no. 537/2014.
Emphases of matter in the Supplementary corrective information to the Annual Report 2024 and interim report for the first half of 2025
The Supplementary corrective information to the Annual Report 2024 and interim report for the first half of 2025 is prepared with the intention of fulfilling the requirements in “Danish Financial Supervisory Authority” approval of 20 November 2025.
The Supplementary corrective information to the Annual Report 2024 and interim report for the first half of 2025 should be read together with the Annual Report 2024 and interim report for the first half of 2025 for Pharma Equity Group A/S, which were approved by the Board of Directors on 20 March 2025 and 14 August 2025, respectively. We draw attention to Note 1 in the Supplementary corrective information to the Annual Report 2024.
Our opinion is not modified in respect of this matter.
Emphases of matter regarding the audit
We have audited the Annual Report 2024 and issued our independent auditor’s report thereon on 20 March 2025. Our independent auditor’s report on the supplementary corrective information to the Annual Report 2024 covers only audit procedures performed on the supplementary corrective information and does not extend to the Annual Report as a whole, including subsequent events.
The interim report for the first half of 2025 has not been subject to an audit in accordance with International Standards on Auditing (ISAs). Furthermore, the supplementary corrective information relating to the interim report for the first half of 2025, including the figures presented therein, has not been audited or reviewed by us, and we do not express any audit opinion or review conclusion thereon.
Management’s Responsibilities for The Supplementary corrective information to the Annual Report 2024
Management is responsible for the preparation of The Supplementary corrective information to the Annual Report 2024 in accordance with “Danish Financial Supervisory Authority” approval of 20 November 2025.
Management is moreover responsible for such internal control as Management determines is necessary to enable the preparation of The Supplementary corrective information to the Annual Report 2024 that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibilities for the Audit of Supplementary corrective information to the Annual Report 2024 and interim report for the first half of 2025
Our objectives are to obtain reasonable assurance about whether the supplementary corrective information as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Supplementary corrective information to the Annual Report 2024 in conjunction with the original issued Annual Report 2024.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Supplementary corrective information, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate them all relationships and other matters that may reasonably thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
København, 26. februar 2026
BDO Statsautoriseret Revisionspartnerselskab
CVR-nr. 45 71 93 75
MNE-nr. mne46621
Statsautoriseret revisor
Mikkel Mauritzen
4. CORRECTION TO THE CONSOLIDATED FINANCIAL STATEMENT FOR 2024
| Consolidated Statement of Comprehensive Income | |||||
| 2024 | |||||
| Note | Original | Correction | Updated | ||
| TDKK | TDKK | TDKK | |||
| Revenue | 0 | 0 | 0 | ||
| Production costs | 0 | 0 | 0 | ||
| Gross profit | 0 | 0 | 0 | ||
| Research & development costs | -9,002 | 0 | -9,002 | ||
| Administrative costs | -12,285 | 0 | -12,285 | ||
| Operating profit/loss (EBIT) | -21,287 | 0 | -21,287 | ||
| 2 | Allowance Portinho receivable | 0 | -16,188 | -16,188 | |
| Financial income | 14 | 0 | 14 | ||
| Financial expenses | -4,964 | 0 | -4,964 | ||
| Profit/loss for the year | -26,237 | -16,188 | -42,425 | ||
| 8 | Tax on profit/loss for the year | 1,815 | 0 | 1,815 | |
| Net profit/loss for the year | -24,422 | -16,188 | -40,610 | ||
| Other comprehensive income/loss | 0 | 0 | 0 | ||
| Total comprehensive income/loss | -24,422 | -16,188 | -40,610 | ||
| 9 | Earnings per share (EPS basic), DKK | -0.02 | -0.02 | -0.04 | |
| Diluted earnings per share (EPS-D), DKK | -0.02 | -0.02 | -0.04 |
| Consolidated statement of financial position | |||||
| 2024 | |||||
| Note | Original | Correction | Updated | ||
| TDKK | TDKK | TDKK | |||
| Assets | |||||
| Non-current assets | |||||
| Tangible assets | 37 | 0 | 37 | ||
| Right-of-use assets | 234 | 0 | 234 | ||
| Total non-current assets | 271 | 0 | 271 | ||
| Current assets | |||||
| 12 | Receivable Portinho S.A. | 58,000 | -16,188 | 41,812 | |
| Other receivables | 472 | 0 | 472 | ||
| Prepaid expenses | 813 | 0 | 813 | ||
| 8 | Current tax receivable | 1,815 | 0 | 1,815 | |
| Cash and cash equivalents | 4,234 | 0 | 4,234 | ||
| Total current assets | 65,335 | -16,188 | 49,147 | ||
| Total asset | 65,606 | -16,188 | 49,418 | ||
| Equity and liabilities | |||||
| Share capital | 122,756 | 0 | 122,756 | ||
| Other reserves | -73,881 | -16,188 | -90,069 | ||
| Total equity | 48,875 | -16,188 | 32,687 | ||
| Subordinated convertible loans | 8,100 | 0 | 8,100 | ||
| Lease liabilities | 0 | 0 | 0 | ||
| Total long-term liabilities | 8,100 | 0 | 8,100 | ||
| Trade payables | 4,085 | 0 | 4,085 | ||
| Bank debt | 1,192 | 0 | 1,192 | ||
| Financial loans | 1,519 | 0 | 1,519 | ||
| Lease liabilities | 234 | 0 | 234 | ||
| Other liabilities | 1,599 | 0 | 1,599 | ||
| Total current liabilities | 8,631 | 0 | 8,631 | ||
| Total liabilities | 16,731 | 0 | 16,731 | ||
| Total equity and liabilities | 65,606 | -16,188 | 49,418 |
| Consolidated statement of changes in equity | ||||||
| Original Statement of changes in equity 01-01-2024 - 31-12-2024 | Share capital | Share premium account | Reserve for capital reduction | Other reserves | Total equity | |
| Equity PEG Group as at 01-01-2024 | 1,022,964 | 0 | 0 | -997,631 | 25,333 | |
| Net profit/loss | 0 | 0 | 0 | -24,422 | -24,422 | |
| 0 | 0 | 0 | -24,422 | -24,422 | ||
| Capital increase from private issue | 20,459 | 30,689 | 0 | 0 | 51,148 | |
| Costs related to capital increase | 0 | -3,184 | 0 | 0 | -3,184 | |
| Share capital reduction transferred to special reserve | -920,667 | 0 | 920,667 | 0 | 0 | |
| Transfer of share premium to other reserves | 0 | -27,504 | 0 | 27,504 | 0 | |
| Transfer of special reserve to other reserves | 0 | 0 | -920,667 | 920,667 | 0 | |
| Dividends | 0 | 0 | 0 | 0 | 0 | |
| Transactions with owners | -900,208 | 0 | 0 | 948,172 | 47,964 | |
| Equity PEG Group as at 31-12-2024 | 122,756 | 0 | 0 | -73,880 | 48,875 | |
| Updated Statement of changes in equity 01-01-2024 - 31-12-2024 | Share capital | Share premium account | Reserve for capital reduction | Other reserves | Total equity updated | |
| Equity PEG Group as at 01-01-2024 | 1,022,964 | 0 | 0 | -997,631 | 25,333 | |
| Net profit/loss | 0 | 0 | 0 | -40,610 | -40,610 | |
| 0 | 0 | 0 | -40,610 | -40,610 | ||
| Capital increase from private issue | 20,459 | 30,689 | 0 | 0 | 51,148 | |
| Costs related to capital increase | 0 | -3,184 | 0 | 0 | -3,184 | |
| Share capital reduction transferred to special reserve | -920,667 | 0 | 920,667 | 0 | 0 | |
| Transfer of share premium to other reserves | 0 | -27,504 | 0 | 27,504 | 0 | |
| Transfer of special reserve to other reserves | 0 | 0 | -920,667 | 920,667 | 0 | |
| Dividends | 0 | 0 | 0 | 0 | 0 | |
| Transactions with owners | -900,208 | 0 | 0 | 948,172 | 47,964 | |
| Equity PEG Group as at 31-12-2024 | 122,756 | 0 | 0 | -90,069 | 32,687 |
| Consolidated cash flow statement | ||||
| 2024 | ||||
| Original | Correction | Updated | ||
| TDKK | TDKK | TDKK | ||
| Profit/loss before tax | -26,237 | -16,188 | -42,425 | |
| Adjustment of non-cash transactions: | ||||
| Depreciation, amortisation and impairment losses | 235 | 0 | 235 | |
| Allowance relating to Portinho S.A. | 0 | 16,188 | 16,188 | |
| Financial income | -14 | 0 | -14 | |
| Financial expenses | 4,964 | 0 | 4,964 | |
| change in working capital: | ||||
| Receivables | 1,872 | 0 | 1,872 | |
| Trade payables | -1,092 | 0 | -1,092 | |
| Prepaid expenses | -390 | 0 | -390 | |
| Other liabilities | -382 | 0 | -382 | |
| Net cash used in operating activities before net financials | -21,043 | 0 | -21,043 | |
| Financial income received | 14 | 0 | 14 | |
| Financial expenses paid | -4,065 | 0 | -4,065 | |
| Corporate tax refund | 2,233 | 0 | 2,233 | |
| Net cash used in operating activities | -22,861 | 0 | -22,861 | |
| Purchase of tangible assets | 0 | 0 | 0 | |
| Net cash used in investing activities | 0 | 0 | 0 | |
| Lease instalments | -245 | 0 | -245 | |
| Repayment bank loans | -2,893 | 0 | -2,893 | |
| Financial loans, obtained | 13,099 | 0 | 13,099 | |
| Financial loans, repaid | -29,426 | 0 | -29,426 | |
| Subordinated convertible loan, obtained | 11,015 | 0 | 11,015 | |
| Subordinated convertible loan, repaid | -11,624 | 0 | -11,624 | |
| Share issues costs paid | -8,210 | 0 | -8,210 | |
| Proceeds from capital increase, Private issue | 51,148 | 0 | 51,148 | |
| Net cash received from financing activities | 22,864 | 0 | 22,864 | |
| Total cash flows for the year | 3 | 0 | 3 | |
| Cash and cash equivalents PEG upon transaction date | 0 | 0 | 0 | |
| Cash and cash equivalents beginning of year | 4,231 | 0 | 4,231 | |
| Cash and cash equivalents end of year | 4,234 | 0 | 4,234 | |
| Cash and cash equivalents, end of year, comprise: | ||||
| Cash and cash equivalents | 4,234 | 0 | 4,234 | |
| Total | 4,234 | 0 | 4,234 |
| Consolidated Key Figures 2024 | |||||||||
| PEG Group | Reponex | ||||||||
| Original | Correction | Updated | |||||||
| 2024 | 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | |||
| TDKK | TDKK | TDKK | TDKK | TDKK | TDKK | TDKK | |||
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| *EBITDA | -21,052 | 0 | -21,052 | -20,411 | -10,738 | -8,840 | -2,145 | ||
| Depreciation, amortisation and impairment losses | -235 | 0 | -235 | -218 | -539 | -3,763 | -157 | ||
| Operating profit/loss (EBIT) | -21,287 | 0 | -21,287 | -20,629 | -11,277 | -12,603 | -2,302 | ||
| Net finansial Items | -4,950 | 0 | -4,950 | -1,548 | -22 | -251 | -81 | ||
| Loss before fair value adjustment Portinho | -26,237 | 0 | -26,237 | -22,177 | -11,299 | -12,854 | -2,383 | ||
| Allowance Portinho receivable | 0 | -16,188 | -16,188 | -4,403 | 0 | 0 | 0 | ||
| Loss after fair value adjustment and before tax | -26,237 | -16,188 | -42,425 | -26,579 | -11,299 | -12,854 | -2,383 | ||
| Tax on profit / loss | 1,815 | 0 | 1,815 | 2,233 | 1,855 | 2,971 | 878 | ||
| Profit/loss | -24,422 | -16,188 | -40,610 | -24,347 | -9,444 | -9,883 | -1,505 | ||
| Total assets | 65,606 | -16,188 | 49,417 | 67,737 | 21,516 | 28,708 | 20,408 | ||
| Investments in tangible assets | 0 | 0 | 0 | 73 | 0 | 0 | 0 | ||
| Equity | 48,875 | -16,188 | 32,687 | 25,333 | 18,911 | 27,371 | 13,428 | ||
| Convertible loans | 8,100 | 0 | 8,100 | 7837.6 | 0.0 | 0.0 | 0.0 | ||
| Equity ratio | 74.0% | N/A | 66.1% | 37.4% | 87.9% | 95.3% | 66.0% | ||
| Earnings per share | -0.02 | N/A | -0.02 | -0.02 | -0.02 |
Note 1 Accounting Policies and Signinficant Estimates
As a result of decision by the Danish Business Authority dated 20 November 2025, relating to the Authority’s review of the Company’s annual reports for 2023 and 2024, the Company has refined the accounting policies applied to the measurement of the receivable from Portinho S.A.
The receivable is classified as a financial asset and measured at amortised cost. In accordance with IFRS 9, the Company recognises impairment losses on receivables based on expected credit losses (ECL). The measurement incorporates management’s best estimate of the expected future cash flows from the receivable, including credit risk, the time value of money, and expected costs and risks associated with collection.
The correction relates solely to the accounting measurement/impairment of the receivable and does not affect the Company’s legal claim against Portinho S.A. or the underlying contractual arrangements.
The correction is accounted for as an error correction in accordance with IAS 8. The specific assumptions and effects of the correction are disclosed in the relevant notes, including Note 2.1.
Other accounting policies are unchanged.
Updated note 2.1 Measurement of Portinho S.A. receivable
Following the decision issued by the Danish Business Authority on 20 November 2025, the Company has reassessed the measurement of the receivable from Portinho S.A. in accordance with IFRS 9 Financial Instruments.
The receivable is classified as a financial asset measured at amortised cost and is subject to impairment based on the Expected Credit Loss (ECL) model in accordance with IFRS 9.5.5.17. The previous valuation approach, which was based on a simplified net present value calculation, has been replaced by a probability-weighted ECL model reflecting multiple possible outcomes.
The ECL model incorporates four explicitly identified scenarios:
(i) settlement,
(ii) legal recovery,
(iii) insolvency or forced recovery, and
(iv) total loss.
In the calculation of the receivable the following probabilities have been used:
(i) settlement: 45%
(ii) legal recovery: 30%
(iii) insolvency or forced recovery: 20%
(iv) total loss: 5%
Each scenario reflects management’s assessment of reasonable and supportable information available at the reporting date and is assigned a probability and an expected recovery rate. Expected recoveries are measured net of estimated costs and adjusted for timing and execution risk. The sum of the scenario probabilities equals 100%.
The reassessment constitutes a significant accounting estimate within the meaning of IAS 1.125–127 and 129–130. The key sources of estimation uncertainty relate to the assessment of the relevant recovery scenarios, the probability assigned to each scenario and the expected recovery under each outcome.
In accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, the change in measurement is treated as a correction of an error. The cumulative effect of the correction has been recognised in the Annual Report for 2024, while the effect for the interim period has been recognised in the Interim Report for H1 2025.
Further information on the assumptions applied, including scenario probabilities and expected recoveries, is disclosed in note 12.
| Correktion to Note 8. Tax, Consolidated Financial Statement | ||||
| 2024 | ||||
| Original | Correction | Updated | ||
| TDKK | TDKK | TDKK | ||
| Tax on profit/loss for the year: | ||||
| Current tax | -1,815 | 0 | -1,815 | |
| Change in deferred tax | -2,380 | 259 | -2,121 | |
| Deferred tax asset not capitalized | 2,380 | -259 | 2,121 | |
| Total | -1,815 | 0 | -1,815 | |
| Reconciliation of effective tax rate: | ||||
| Loss before tax | -26,237 | -16,188 | -42,425 | |
| Tax computed on the loss before tax at a tax rate of 22% | -5,772 | -3,562 | -9,334 | |
| Permanent differences and not capitalized tax asset | -145 | 0 | -145 | |
| Non capitalized tax asset | 4,102 | 3,561 | 7,663 | |
| Total - Effective tax rate | -1,815 | 0 | -1,815 | |
| Current tax asset | ||||
| Tax credit receivable | -1,815 | 0 | -1,815 | |
| Current tax asset, total | -1,815 | 0 | -1,815 | |
| Deferred tax is related to the following assets and liabilities: | ||||
| Deferred taxes arising from temporary differences are summarised below: | ||||
| Intangible assets | 30 | 0 | 30 | |
| Tangible assets | 8 | 0 | 8 | |
| Tax losses carried forward | -37,447 | 0 | -37,447 | |
| Deferred tax asset not capitalized | 37,409 | 0 | 37,409 | |
| Total deferred tax | 0 | 0 | 0 | |
| Reponex value of tax losses carried forward | 4,321 | 0 | 4,321 | |
| PEG value of tax losses carried forward | 26,271 | 0 | 26,271 | |
| Group value of tax losses carried forward | 6,856 | 0 | 6,856 | |
| Unrecorded deferred tax asset | 37,447 | 0 | 37,447 |
| Correction to note 9. Earnings per share, Consolidated Financial Statement | ||||
| 2024 | ||||
| Original | Correction | Updated | ||
| TDKK | TDKK | TDKK | ||
| Profit/loss for the year | -24,422 | -16,188 | -40,610 | |
| Interest convertible loan | 1,909 | 0 | 1,909 | |
| Profit/loss for the year for the purpose of diluted EPS | -22,513 | -16,188 | -38,701 | |
| Average number of shares (in thousands) Reponex | n.a | n.a | n.a | |
| Exchange rate applied in reverse take-over | n.a | n.a | n.a | |
| Average number of shares (in thousands) Reponex until reverse-take over date (1) | n.a | n.a | n.a | |
| Average number of shares (in thousands) PEG from reverse-take over date | 1,068,367 | 0 | 1,068,367 | |
| Average number of treasury shares (in thousands) | -15 | 0 | -15 | |
| Average number of shares (in thousands) PEG after reverse-take over date (2) | 1,068,352 | 0 | 1,068,352 | |
| Average number of shares (in thousands) full year (1+2) | 1,068,352 | - | 1,068,352 | |
| Effect of convertible loans (note 17) | 8,235 | 0 | 8,235 | |
| Effect of warrants issued (Reponex) | 0 | 0 | 0 | |
| Diluted average number of shares (in thousands) | 1,076,587 | 0 | 1,076,587 | |
| Exchange rate applied in reverse take-over | n.a | n.a | n.a | |
| Diluted average number of shares (in thousands) | 1,076,587 | - | 1,076,587 | |
| Earnings per share of DKK 1.00 (DKK) | -0.02 | -0.02 | -0.04 | |
| Diluted earnings per share of DKK 1.00 (DKK) | -0.02 | -0.02 | -0.04 |
| Correction to note 11. Financial assets and liabilities, Consolidated Financial Statement | ||||
| 2024 | ||||
| Financial assets | Original | Correction | Updated | |
| TDKK | TDKK | TDKK | ||
| Loans and other receivables (carried at amortised cost) | ||||
| Receivable Portinho S.A. | 58,000 | (16,188) | 41,812 | |
| Other receivables | 472 | 0 | 472 | |
| Cash and cash equivalents | 4,234 | 0 | 4,234 | |
| Other short term financial assets | 62,706 | (16,188) | 46,518 | |
| Total financial assets | 62,706 | (16,188) | 46,518 | |
| 2024 | ||||
| Financial Liabilities | Original | Correction | Updated | |
| TDKK | TDKK | TDKK | ||
| Financial liabilities carried at amortised costs | ||||
| Trade and other payables | 5,920 | 0 | 5,920 | |
| Bank debt | 1,192 | 0 | 1,192 | |
| Financial loans | 1,519 | 0 | 1,519 | |
| Long term interest bearing liabilities | 8,100 | 0 | 8,100 | |
| Total financial liabilities | 16,731 | 0 | 16,731 |
| Correction to Note 12. Receivable Porthino S.A, Consolidated Financial Statement | ||||
| 2024 | ||||
| Original | Correction | Updated | ||
| TDKK | TDKK | TDKK | ||
| Development in principal and added interest | ||||
| Principal (EUR 9.55 millio) | 71,300 | 0 | 71,300 | |
| Added interest beginning of year | 7,801 | 7,801 | ||
| Interest added for the year | 6,505 | 6,505 | ||
| Added interest end of year | 14,306 | 0 | 14,306 | |
| Total principal and added interest | 85,606 | 0 | 85,606 | |
| Development in carrying value | ||||
| Value beginning of year | 58,000 | 0 | 58,000 | |
| Additions 24-03-2023 | 0 | 0 | 0 | |
| Total value at the beginning of the year | 58,000 | 0 | 58,000 | |
| Interest added for the year | 6,505 | 0 | 6,505 | |
| Allowance adjustment for the year recognized | -6,505 | -16,188 | -22,693 | |
| Value end of year | 58,000 | -16,188 | 41,812 |
Correction to note 12 - Receivable Portinho S.A. and corection to the measurement of Portinho S.A. receivable in the consolidated statement as at 31. December 2024
Following the decision issued by the Danish Business Authority on 20 November 2025, the Company has reassessed the measurement of the receivable from Portinho S.A. in accordance with IFRS 9 Financial Instruments.
The receivable is classified as a financial asset measured at amortised cost and is subject to impairment based on the Expected Credit Loss (ECL) model in accordance with IFRS 9.5.5.17. The previous valuation approach, which was based on a simplified net present value calculation, has been replaced by a probability-weighted ECL model reflecting multiple possible outcomes.
The ECL model incorporates four explicitly identified scenarios:
(i) settlement,
(ii) legal recovery,
(iii) insolvency or forced recovery, and
(iv) total loss.
Each scenario reflects management’s assessment of reasonable and supportable information available at the reporting date and is assigned a probability and an expected recovery rate. Expected recoveries are measured net of estimated costs and adjusted for timing and execution risk. The sum of the scenario probabilities equals 100%.
The reassessment constitutes a significant accounting estimate within the meaning of IAS 1.125–127 and 129–130. The key sources of estimation uncertainty relate to the assessment of the relevant recovery scenarios, the probability assigned to each scenario and the expected recovery under each outcome.
In accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, the change in measurement is treated as a correction of an error. The cumulative effect of the correction has been recognised in the Annual Report for 2024, while the effect for the interim period has been recognised in the Interim Report for H1 2025.
Correction to note 12 - Receivable Portinho S.A.
The original note 12 in the consolidated statement as at 31. December 2024
Note 12. Receivable Portinho S.A.
In 2024, the company 's board of directors and management have once again used considerable resources to settle the company 's receivables from Portinho S.A., which date from the time before the company was transformed into a pharmaceutical company.
The group 's receivables from Portinho S.A have a principal amount of EUR 9.55 million . with an accounting value on 31 December 2024 of DKK 58 million, which is unchanged compared to 31 December 2023. As announced in company announcement no. 39 of 25 September 2023, no. 46 of 28 November 2023, no. 7 of 20 March 2024 and no. 17 of 16 May 2024 is the payment from Portinho S.A. postponed compared to the original due date, which was 1 July 2023.
On 15 April 2024, the company submitted a summons to the Maritime and Commercial Court against Portinho S.A. with a demand for immediate payment of the receivable of DKK 9.55 million. euros plus interest. There is also an arbitration case pending against Interpatium at the Arbitration Institute (DIA) in connect ion with the related sale of the shares in Portinho S.A.
The receivable amount as per 31 December 2024 including agreed interest amounts to EUR 11,5 million corresponding to DKK 85.6 million. Interest rate is agreed to 2% per quarter and amounts to DKK 6,5 million for 2024. The interest amount has not been recognized as income in the 2024 report as - in the current situation - it is considered appropriate to defer income recognition of interest until interest has been paid.
In September 2024, a new valuation report f rom CBRE (Valuat ions & Strategic Advisory in Portugal) was prepared, which supports the recognized value of the receivable in Portinho of DKK 58 million . The receivable of DKK 58 million has considered that a lower amount than EUR 9.55 million + interest or the equivalent of approx. DKK 85.6 million is currently received including in terest. Management has thus calculated the value of the receivable in various scenarios where the discount rate has considered the underlying risks.
Management 's considerations regarding the measurement and recognition of the receivable have been assessed based on different scenarios for full repayment of the outstanding receivable. The dif ferent scenarios include, among other things, that:
- Wait for Portinho S.A to realize the shares or underlying assets so that the receivable can be redeemed
- A legal process has been in itiated with legal action
- To take shares in Portinho S.A "back ", and sell to a third party
Management has calculated the value for the various scenarios where the discount rate has considered the underlying risks. In the different scenarios, a discount rate of 15% p.a. and a time horizon of 3 years has been used.
The principal amount is €9.55m, corresponding to approx. DKK 71.3m. In addition, accrued interest has been calculated to a total of DKK 12.7m as of 31.12.2024, so that the total gross receivable amounts to DKK 85.6m. The receivable is valued at DKK 58m as of 31.12.2024.
Correction to note 12 - Receivable Portinho S.A.
Updated note 12 in the consolidated statement as at 31. December 2024
Note 12. Receivable Portinho S.A.
In 2024, the company 's board of directors and management have once again used considerable resources to settle the company 's receivables from Portinho S.A., which date from the time before the company was transformed into a pharmaceutical company.
The group 's receivables from Portinho S.A have a principal amount of EUR 9.55 million . with an accounting value on 31 December 2024 of DKK 41,8 million, which is a change of DKK 16,2 million compared to 31 December 2023. As announced in company announcement no. 39 of 25 September 2023, no. 46 of 28 November 2023, no. 7 of 20 March 2024 and no. 17 of 16 May 2024 is the payment from Portinho S.A. postponed compared to the original due date, which was 1 July 2023.
On 15 April 2024, the company submitted a summons to the Maritime and Commercial Court against Portinho S.A. with a demand for immediate payment of the receivable of DKK 9.55 million. euros plus interest. There is also an arbitration case pending against Interpatium at the Arbitration Institute (DIA) in connect ion with the related sale of the shares in Portinho S.A.
The receivable amount as per 31 December 2024 including agreed interest amounts to EUR 11,5 million corresponding to DKK 85.6 million. Interest rate is agreed to 2% per quarter and amounts to DKK 6,5 million for 2024. The interest amount has not been recognized as income in the 2024 report as - in the current situation - it is considered appropriate to defer income recognition of interest until interest has been paid.
In September 2024, a new valuation report f rom CBRE (Valuat ions & Strategic Advisory in Portugal) was prepared, which supports the recognized value of the receivable in Portinho of DKK 41,8 million . The receivable of DKK 41,8 million has considered that a lower amount than EUR 9.55 million + interest or the equivalent of approx. DKK 85.6 million is currently received including in terest. Management has thus calculated the value of the receivable in various scenarios where the discount rate has considered the underlying risks.
The receivable is classified as a financial asset measured at amortised cost and is subject to impairment based on the Expected Credit Loss (ECL) model in accordance with IFRS 9.5.5.17. The previous valuation approach, which was based on a simplified net present value calculation, has been replaced by a probability-weighted ECL model reflecting multiple possible outcomes.
The ECL model incorporates four explicitly identified scenarios:
(i) settlement,
(ii) legal recovery,
(iii) insolvency or forced recovery, and
(iv) total loss.
In the calculation of the receivable the following probabilities have been used:
(i) settlement: 45%
(ii) legal recovery: 30%
(iii) insolvency or forced recovery: 20%
(iv) total loss: 5%
Each scenario reflects management’s assessment of reasonable and supportable information available at the reporting date and is assigned a probability and an expected recovery rate. Expected recoveries are measured net of estimated costs and adjusted for timing and execution risk. The sum of the scenario probabilities equals 100%.
| Correction to note 20. Capital resources, Consolidated Financial Statement | ||||||||
| Original | Corrected | |||||||
| Balance 31-12-2024 | Consequence of delay of Portinho payment | Capital resources with delay of Portinho payment | Balance 31-12-2024 | Consequence of delay of Portinho payment | Capital resources with delay of Portinho payment | |||
| TDKK | TDKK | TDKK | TDKK | TDKK | TDKK | |||
| Short term financial assets: | ||||||||
| Receivable Portinho S.A. | 58,000 | -58,000 | 0 | 41,812 | -41,812 | 0 | ||
| Other receivables | 472 | 0 | 472 | 472 | 0 | 472 | ||
| Current tax receivable | 1,815 | 0 | 1,815 | 1,815 | 0 | 1,815 | ||
| Cash and cash equivalents | 4,234 | 0 | 4,234 | 4,234 | 0 | 4,234 | ||
| Total short term capital assets | 64,521 | -58,000 | 6,521 | 48,333 | -41,812 | 6,521 | ||
| Current Liabilities: | ||||||||
| Trade payables | 4,085 | 0 | 4,085 | 4,085 | 0 | 4,085 | ||
| Bank debt | 1,192 | -1,192 | 0 | 1,192 | -1,192 | 0 | ||
| Financial loans | 1,519 | -1,519 | 1 | 1,519 | -1,519 | 1 | ||
| Lease liabilities | 234 | 0 | 234 | 234 | 0 | 234 | ||
| Other liabilities | 1,599 | -229 | 1,370 | 1,599 | -229 | 1,370 | ||
| Total current liabilities | 8,629 | -2,940 | 5,690 | 8,629 | -2,940 | 5,690 | ||
| Total net cash outflow 2024 relating to current assets and current liabilities 31.12.2024 | 55,892 | -55,060 | 832 | 39,704 | -38,872 | 832 | ||
| Outlook 2025 | ||||||||
| EBITDA | -1,751 | -1,751 | ||||||
| *Expected net working capital impact, end 2025 | -11,096 | -11,096 | ||||||
| Interest costs | -1,798 | -1,798 | ||||||
| Interest costs not payable in 2025 | 1,548 | 1,548 | ||||||
| Repayment loans | -1,427 | -1,427 | ||||||
| Total expected cash outflow 2025 | -14,524 | -14,524 | ||||||
| Additional capital recourses available: | ||||||||
| Financial loans, obtained in 2025 | 1,842 | 1,842 | ||||||
| Tax refund | 1,815 | 1,815 | ||||||
| Cash start year, | 1,535 | 1,535 | ||||||
| Unused credit facilities | 11,158 | 11,158 | ||||||
| Total additional capital recourses | 16,350 | 16,350 | ||||||
| Expected net cash end 2025 | 1,826 | 1,826 |
5. CORRECTION TO THE PARENT COMPANY FINANCIAL STATEMENT FOR 2024
| Parent Company statement of comprehensive income | |||||
| 2024 | |||||
| Note | Original | Correction | Updated | ||
| TDKK | TDKK | TDKK | |||
| Revenue | 1,500 | 0 | 1,500 | ||
| Production costs | 0 | 0 | 0 | ||
| Gross profit | 1,500 | 0 | 1,500 | ||
| Administrative costs | -9,280 | 0 | -9,280 | ||
| Operating profit/loss (EBIT) | -7,780 | 0 | -7,780 | ||
| 10 | Allowance Portinho receivable | 0 | -16,188 | -16,188 | |
| Financial income | 238 | 0 | 238 | ||
| Financial expenses | -4,937 | 0 | -4,937 | ||
| Profit/loss for the year | -12,478 | -16,188 | -28,667 | ||
| 7 | Tax on profit/loss for the year | 0 | 0 | 0 | |
| Net profit/loss for the year | -12,478 | -16,188 | -28,667 | ||
| Other comprehensive income/loss | 0 | 0 | 0 | ||
| Total comprehensive income/loss | -12,478 | -16,188 | -28,667 |
| Parent Company statement of financial position | |||||
| 2024 | |||||
| Note | Original | Correction | Updated | ||
| TDKK | TDKK | TDKK | |||
| Assets | |||||
| Non-current assets | |||||
| Investment in subsidiary | 689,030 | 0 | 689,030 | ||
| Total non-current assets | 689,030 | 0 | 689,030 | ||
| Current assets | |||||
| 10 | Receivable Portinho S.A. | 58,000 | -16,188 | 41,812 | |
| Receivable group companies | 9,404 | 0 | 9,404 | ||
| Other receivables | 185 | 0 | 185 | ||
| Cash and cash equivalents | 3,789 | 0 | 3,789 | ||
| Total current assets | 71,378 | -16,188 | 55,190 | ||
| Total asset | 760,408 | -16,188 | 744,220 | ||
| Equity and liabilities | |||||
| Equity | |||||
| Share capital | 122,756 | 0 | 122,756 | ||
| Other reserves | 623,934 | -16,188 | 607,746 | ||
| Total equity | 746,690 | -16,188 | 730,502 | ||
| Subordinated convertible loans | 8,100 | 0 | 8,100 | ||
| Total long-term liabilities | 8,100 | 0 | 8,100 | ||
| Trade payables | 2,574 | 0 | 2,574 | ||
| Payable to group companies | 0 | 0 | 0 | ||
| Bank debt | 1,192 | 0 | 1,192 | ||
| Financial loans | 1,519 | 0 | 1,519 | ||
| Other liabilities | 333 | 0 | 333 | ||
| Total current liabilities | 5,618 | 0 | 5,618 | ||
| Total liabilities | 13,718 | 0 | 13,718 | ||
| Total equity and liabilities | 760,408 | -16,188 | 744,220 |
| Parent Company statement of changes in equity | ||||||
| Original Statement of changes in equity 01-01-2024 - 31-12-2024 | Share capital | Share premium account | Reserve for capital reduction | Other reserves | Total equity | |
| Equity as at 01-01-2024 | 1,022,964 | 0 | 0 | -311,760 | 711,204 | |
| Net profit/loss | 0 | 0 | 0 | -12,478 | -12,478 | |
| 0 | 0 | 0 | -12,478 | -12,478 | ||
| Capital increase from private issue | 20,459 | 30,689 | 0 | 0 | 51,148 | |
| Costs related to capital increase | 0 | -3,184 | 0 | 0 | -3,184 | |
| Share capital reduction transferred to special reserve | -920,667 | 0 | 920,667 | 0 | 0 | |
| Transfer of share premium to other reserves | 0 | -27,504 | 0 | 27,504 | 0 | |
| Transfer of special reserve to other reserves | 0 | 0 | -920,667 | 920,667 | 0 | |
| Dividends | 0 | 0 | 0 | 0 | 0 | |
| Transactions with owners | -900,208 | 0 | 0 | 948,172 | 47,964 | |
| Equity as at 31-12-2024 | 122,756 | 0 | 0 | 623,934 | 746,689 | |
| Updated Statement of changes in equity 01-01-2024 - 31-12-2024 | Share capital | Share premium account | Reserve for capital reduction | Other reserves | Total equity updated | |
| Equity as at 01-01-2024 | 1,022,964 | 0 | 0 | -311,760 | 711,204 | |
| Net profit/loss | 0 | 0 | 0 | -28,666 | -28,667 | |
| 0 | 0 | 0 | -28,666 | -28,667 | ||
| Capital increase from private issue | 20,459 | 30,689 | 0 | 0 | 51,148 | |
| Costs related to capital increase | 0 | -3,184 | 0 | 0 | -3,184 | |
| Share capital reduction transferred to special reserve | -920,667 | 0 | 920,667 | 0 | 0 | |
| Transfer of share premium to other reserves | 0 | -27,504 | 0 | 27,504 | 0 | |
| Transfer of special reserve to other reserves | 0 | 0 | -920,667 | 920,667 | 0 | |
| Dividends | 0 | 0 | 0 | 0 | 0 | |
| Transactions with owners | -900,208 | 0 | 0 | 948,172 | 47,964 | |
| Equity as at 31-12-2024 | 122,756 | 0 | 0 | 607,746 | 730,502 |
| Parent Company cash flow statement | ||||
| 2024 | ||||
| Original | Correction | Updated | ||
| TDKK | TDKK | TDKK | ||
| Profit/loss before tax | -12,478 | -16,188 | -28,666 | |
| Adjustment of non-cash transactions: | ||||
| Depreciation, amortisation and impairment losses | 0 | 0 | 0 | |
| Allowance relating to Portinho S.A. | 0 | 16,188 | 16,188 | |
| Financial income | -238 | 0 | -238 | |
| Financial expenses | 4,937 | 0 | 4,937 | |
| change in working capital | -10,006 | 0 | -10,006 | |
| Net cash used in operating activities before net financials | -17,785 | 0 | -17,785 | |
| Financial income received | 238 | 0 | 238 | |
| Financial expenses paid | -4,066 | 0 | -4,066 | |
| Net cash used in operating activities | -21,613 | 0 | -21,613 | |
| Purchase of tangible assets | 0 | 0 | 0 | |
| Net cash used in investing activities | 0 | 0 | 0 | |
| Proceeds from subordinated convertible debt | 11,015 | 0 | 11,015 | |
| Repayment subordinated convertible debt | -11,624 | 0 | -11,624 | |
| Repayment bank loan | -2,893 | 0 | -2,893 | |
| Repayment financial loan | -29,426 | 0 | -29,426 | |
| Financial loans, obtained | 13,099 | 0 | 13,099 | |
| Share issue costs paid | -8,210 | 0 | -8,210 | |
| Proceeds from direct issue | 51,148 | 0 | 51,148 | |
| Net cash received from financing activities | 23,110 | 0 | 23,110 | |
| Total cash flows for the year | 1,496 | 0 | 1,496 | |
| Cash and cash equivalents beginning of year | 2,293 | 0 | 2,293 | |
| Cash and cash equivalents end of year | 3,789 | 0 | 3,789 | |
| Cash and cash equivalents, end of year, comprise: | ||||
| Cash and cash equivalents | 3,789 | 0 | 3,789 | |
| Total | 3,789 | 0 | 3,789 |
| Corretion to Note 7. Tax in the Parent Company Financial Statement | ||||
| 2024 | ||||
| Original | Correction | Updated | ||
| TDKK | TDKK | TDKK | ||
| Tax on profit/loss for the year: | ||||
| Current tax | 0 | 0 | 0 | |
| Change in deferred tax | -1,910 | 259 | -1,651 | |
| Deferred tax asset not capitalized | 1,910 | -259 | 1,651 | |
| Total | 0 | 0 | 0 | |
| Reconciliation of effective tax rate: | ||||
| Loss before tax | -12,478 | -16,188 | -28,667 | |
| Tax computed on the loss before tax at a tax rate of 22% | -2,745 | -3,561 | -6,307 | |
| Permanent differences | 0 | 0 | 0 | |
| Change in non-capitalized deferred tax asset | 2,745 | 3,561 | 6,307 | |
| Total - Effective tax rate | 0 | 0 | 0 | |
| Deferred tax is related to the following assets and liabilities: | ||||
| Deferred taxes arising from temporary differences are summarised below: | ||||
| Amortized loan costs | 30 | 0 | 30 | |
| Reservation for loss receivables | -2,805 | 0 | -2,805 | |
| Tax losses carried forward | -29,080 | 0 | -29,080 | |
| Deferred tax asset not capitalized | 31,855 | 0 | 31,855 | |
| Total deferred tax | 0 | 0 | 0 |
| Corection to Note 8. Financial assets and liabilities in the Parent Company Financial Statement | ||||
| 2024 | ||||
| Original | Correction | Updated | ||
| Financial assets | TDKK | TDKK | TDKK | |
| Loans and other receivables (carried at amortised cost) | ||||
| Receivable Portinho S.A. | 58,000 | -16,188 | 41,812 | |
| Receivable group companies | 9,404 | 0 | 9,404 | |
| Other receivables | 185 | 0 | 185 | |
| Cash and cash equivalents | 3,789 | 0 | 3,789 | |
| Other short term financial assets | 71,378 | -16,188 | 55,190 | |
| Total financial assets | 71,378 | -16,188 | 55,190 | |
| 2024 | ||||
| Original | Correction | Updated | ||
| Financial liabilities | TDKK | TDKK | TDKK | |
| Financial liabilities carried at amortised costs | ||||
| Trade and other payables | 2,908 | 0 | 2,908 | |
| Payable to group companies | 0 | 0 | 0 | |
| Bank debt | 1,192 | 0 | 1,192 | |
| Financial loans | 1,519 | 0 | 1,519 | |
| Loans from related parties | 0 | 0 | 0 | |
| Subordinated convertible debt current liability | 0 | 0 | 0 | |
| Subordinated convertible debt long-term liability | 8,100 | 0 | 8,100 | |
| Total financial liabilities | 13,719 | 0 | 13,719 |
| Corection to Note 10. Receivable Portinho S.A, in the Parent Company Financial Statement | ||||
| 2024 | ||||
| Original | Correction | Updated | ||
| TDKK | TDKK | TDKK | ||
| Receivable Portinho S.A. | 58,000 | -16,188 | 41,812 | |
| Total | 58,000 | -16,188 | 41,812 |
6. CORRECTION TO THE INTERIM FINANCIAL STATEMENT FOR THE FIRST HALF OF 2025
| Consolidated statement of comprehensive income | |||||
| H1 2025 | |||||
| Note | Original | Correction | Updated | ||
| TDKK | TDKK | TDKK | |||
| Revenue | 0 | 0 | 0 | ||
| Production costs | 0 | 0 | 0 | ||
| Gross profit | 0 | 0 | 0 | ||
| Research & development costs | -2,724 | 0 | -2,724 | ||
| Administrative costs | -5,844 | 0 | -5,844 | ||
| Operating profit/loss (EBIT) | -8,568 | 0 | -8,568 | ||
| Allowance Portinho receivable | 0 | -8,115 | -8,115 | ||
| Financial income | 9 | 0 | 9 | ||
| Financial expenses | -1,438 | 0 | -1,438 | ||
| Profit/loss for the year | -9,997 | -8,115 | -18,112 | ||
| Tax on profit/loss for the year | 501 | 0 | 501 | ||
| Net profit/loss for the year | -9,495 | -8,115 | -17,610 | ||
| Other comprehensive income/loss | 0 | 0 | 0 | ||
| Total comprehensive income/loss | -9,495 | -8,115 | -17,610 | ||
| 9 | Earnings per share (EPS basic), DKK | -0.01 | -0.01 | -0.02 | |
| Diluted earnings per share (EPS-D), DKK | -0.01 | -0.01 | -0.02 |
| Consolidated statement of financial position | ||||
| H1 2025 | ||||
| Original | Correction | Updated | ||
| TDKK | TDKK | TDKK | ||
| Assets | ||||
| Non-current assets | ||||
| Tangible assets | 27 | 0 | 27 | |
| Right-of-use assets | 117 | 0 | 117 | |
| Long-term tax receivable | 501 | 0 | 501 | |
| Total non-current assets | 646 | 0 | 646 | |
| Current assets | ||||
| Receivable Portinho S.A. | 58,000 | -24,303 | 33,697 | |
| Other receivables | 215 | 0 | 215 | |
| Prepaid expenses | 920 | 0 | 920 | |
| Current tax receivable | 1,815 | 0 | 1,815 | |
| Cash and cash equivalents | 702 | 0 | 702 | |
| Total current assets | 61,653 | -24,303 | 37,350 | |
| Total asset | 62,299 | -24,303 | 37,996 | |
| Equity and liabilities | ||||
| Share capital | 122,756 | 0 | 122,756 | |
| Other reserves | -83,377 | -24,303 | -107,680 | |
| Total equity | 39,379 | -24,303 | 15,076 | |
| Subordinated convertible loans | 15,234 | 0 | 15,234 | |
| Lease liabilities | 0 | 0 | 0 | |
| Total long-term liabilities | 15,234 | 0 | 15,234 | |
| Trade payables | 3,879 | 0 | 3,879 | |
| Bank debt | 127 | 0 | 127 | |
| Financial loans | 2,974 | 0 | 2,974 | |
| Lease liabilities | 117 | 0 | 117 | |
| Other liabilities | 589 | 0 | 589 | |
| Total current liabilities | 7,686 | 0 | 7,686 | |
| Total liabilities | 22,920 | 0 | 22,920 | |
| Total equity and liabilities | 62,299 | -24,303 | 37,996 |
| Consolidated statement of changes in equity | |||||
| Original Statement of changes in equity 01-01-2025 - 30-06-2025 | Share capital | Share premium account | Other reserves | Total equity | |
| Equity PEG Group as at 01-01-2025 | 122,756 | 0 | -73,881 | 48,875 | |
| Net profit/loss | 0 | 0 | -9,495 | -9,495 | |
| 0 | 0 | -9,495 | -9,495 | ||
| Dividends | 0 | 0 | 0 | 0 | |
| Transactions with owners | 0 | 0 | 0 | 0 | |
| Equity PEG Group as at 30-06-2025 | 122,756 | 0 | -83,376 | 39,379 | |
| Updated Statement of changes in equity 01-01-2025 - 30-06-2025 | Share capital | Share premium account | Other reserves | Total equity updated | |
| Equity PEG Group as at 01-01-2025 | 122,756 | 0 | -90,069 | 32,687 | |
| Net profit/loss | 0 | 0 | -17,610 | -17,610 | |
| 0 | 0 | -17,610 | -17,610 | ||
| Dividends | 0 | 0 | 0 | 0 | |
| Transactions with owners | 0 | 0 | 0 | 0 | |
| Equity PEG Group as at 30-06-2025 | 122,756 | 0 | -107,679 | 15,076 |
| Consolidated cash flow statement | ||||
| H1 2025 | ||||
| Original | Correction | Updated | ||
| TDKK | TDKK | TDKK | ||
| Profit/loss before tax | -9,997 | -8,115 | -18,112 | |
| Adjustment of non-cash transactions: | ||||
| Depreciation, amortisation and impairment losses | 126 | 0 | 126 | |
| Allowance relating to Portinho S.A. | 0 | 8,115 | 8,115 | |
| Financial income | -9 | 0 | -9 | |
| Financial expenses | 1439 | 0 | 1439 | |
| change in working capital: | ||||
| Receivables | 257 | 0 | 257 | |
| Trade payables | -1047 | 0 | -1047 | |
| Prepaid expenses | -107 | 0 | -107 | |
| Other liabilities | -1011 | 0 | -1011 | |
| Net cash used in operating activities before net financials | -10350 | 0 | -10350 | |
| Financial income received | 9 | 0 | 9 | |
| Financial expenses paid | -1414 | 0 | -1414 | |
| Corporate tax refund | 0 | 0 | 0 | |
| Net cash used in operating activities | -11754 | 0 | -11754 | |
| Lease instalments | -117 | 0 | -117 | |
| Repayment bank loans | -1066 | 0 | -1066 | |
| Financial loans, obtained | 1354 | 0 | 1354 | |
| Financial loans, repaid | 0 | 0 | 0 | |
| Subordinated convertible loan, obtained | 11858 | 0 | 11858 | |
| Subordinated convertible loan, repaid | -4646 | 0 | -4646 | |
| Share issues costs paid | 840 | 0 | 840 | |
| Proceeds from capital increase, Private issue | 0 | 0 | 0 | |
| Net cash received from financing activities | 8223 | 0 | 8223 | |
| Total cash flows for the year | -3532 | 0 | -3532 | |
| Cash and cash equivalents beginning of year | 4234 | 0 | 4234 | |
| Cash and cash equivalents end of year | 702 | 0 | 702 | |
| Cash and cash equivalents, end of year, comprise: | ||||
| Cash and cash equivalents | 702 | 0 | 702 | |
| Total | 702 | 0 | 702 |
| Consolidated Key Figures H1-2025 | |||||||
| PEG Group | |||||||
| Original | Correction | Updated | |||||
| H1-2025 | H1-2025 | H1-2025 | H1-2024 | 2024 | |||
| TDKK | TDKK | TDKK | TDKK | TDKK | |||
| Revenue | 0 | 0 | 0 | 0 | 0 | ||
| *EBITDA | -8,442 | 0 | -8,442 | -11,569 | -21,052 | ||
| Depreciation, amortisation and impairment losses | -126 | 0 | -126 | -117 | -235 | ||
| Operating profit/loss (EBIT) | -8,568 | 0 | -8,568 | -11,686 | -21,287 | ||
| Net finansial Items | -1,428 | 0 | -1,428 | -2,233 | -4,950 | ||
| Loss before fair value adjustment Portinho | -9,997 | 0 | -9,997 | -13,919 | -26,237 | ||
| Allowance Portinho receivable | 0 | -8,115 | -8,115 | 0 | 0 | ||
| Loss after fair value adjustment and before tax | -9,997 | -8,115 | -18,112 | -13,919 | -26,237 | ||
| Tax on profit / loss | 501 | 0 | 501 | 1,018 | 1,815 | ||
| Profit/loss | -9,495 | -8,115 | -17,610 | -12,901 | -24,422 | ||
| Total assets | 62,299 | -24,303 | 37,996 | 63,169 | 65,606 | ||
| Investments in tangible assets | 0 | 0 | 0 | 0 | 0 | ||
| Equity | 39,379 | -24,303 | 15,076 | 12,432 | 48,875 | ||
| Convertible loans | 15,234 | 0 | 15,234 | 18,511 | 8100.0 | ||
| Equity ratio | 63.2% | N/A | 39.7% | 19.7% | 74.5% | ||
| Earnings per share | -0.01 | N/A | -0.02 | -0.01 | -0.02 |
Correction to note 5 - Receivable Portinho S.A. and corection to the measurement of Portinho S.A. receivable in the consolidated statement as at 30. June 2025
Following the decision issued by the Danish Business Authority on 20 November 2025, the Company has reassessed the measurement of the receivable from Portinho S.A. in accordance with IFRS 9 Financial Instruments.
The receivable is classified as a financial asset measured at amortised cost and is subject to impairment based on the Expected Credit Loss (ECL) model in accordance with IFRS 9.5.5.17. The previous valuation approach, which was based on a simplified net present value calculation, has been replaced by a probability-weighted ECL model reflecting multiple possible outcomes.
The ECL model incorporates four explicitly identified scenarios:
(i) settlement,
(ii) legal recovery,
(iii) insolvency or forced recovery, and
(iv) total loss.
Each scenario reflects management’s assessment of reasonable and supportable information available at the reporting date and is assigned a probability and an expected recovery rate. Expected recoveries are measured net of estimated costs and adjusted for timing and execution risk. The sum of the scenario probabilities equals 100%.
The reassessment constitutes a significant accounting estimate within the meaning of IAS 1.125–127 and 129–130. The key sources of estimation uncertainty relate to the assessment of the relevant recovery scenarios, the probability assigned to each scenario and the expected recovery under each outcome.
In accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, the change in measurement is treated as a correction of an error. The cumulative effect of the correction has been recognised in the Annual Report for 2024, while the effect for the interim period has been recognised in the Interim Report for H1 2025.
Correction to note 5 - Receivable Portinho S.A.
The original note 5 in the consolidated statement as at 30. June 2025
Note 5. Receivable Portinho S.A.
In H1 2025, the company 's board of directors and management have once again used considerable resources to settle the company 's receivables from Portinho S.A., which date from the time before the company was transformed into a pharmaceutical company. The group 's receivables from Portinho S.A have a principal amount of EUR 9.55 million. with an accounting value on 30 June 2025 of DKK 58 million, which is unchanged compared to 31 December 2024. As announced in company announcement no. 39 of 25 September 2023, no. 46 of 28 November 2023, no. 7 of 20 March 2024 and no. 17 of 16 May 2024 is the payment from Portinho S.A. postponed compared to the original due date, which was 1 July 2023. On 15 April 2024, the company submitted a summons to the Maritime and Commercial Court against Portinho S.A. with a demand for immediate payment of the receivable of DKK 9.55 million. euros plus interest. There is also an arbitration case pending against Interpatium at the Arbitration Institute (DIA) in connect ion with the related sale of the shares in Portinho S.A. The receivable amount as per 30 June 2025 including agreed interest amounts to EUR 11,5 million corresponding to DKK 88.8 million. Interest rate is agreed to 2% per quarter and amounts to DKK 6,5 million for 2024. The interest amount has not been recognized as income in the H1 2025 report as - in the current situation - it is considered appropriate to defer income recognition of interest until interest has been paid. In September 2024, a new valuation report from CBRE (Valuat ions & Strategic Advisory in Portugal) was prepared, which supports the recognized value of the receivable in Portinho of DKK 58 million. The receivable of DKK 58 million has considered that a lower amount than EUR 9.55 million + interest or the equivalent of approx. DKK 88.8 million is currently received including interest. Management has thus calculated the value of the receivable in various scenarios where the discount rate has considered the underlying risks. Management 's considerations regarding the measurement and recognition of the receivable have been assessed based on different scenarios for full repayment of the outstanding receivable. The different scenarios include, among other things, that: Wait for Portinho S.A to realize the shares or underlying assets so that the receivable can be redeemed. A legal process has been initiated with legal action to take shares in Portinho S.A "back ", and sell to a third party Management has calculated the value for the various scenarios where the discount rate has considered the underlying risks. In the different scenarios, a discount rate of 15% p.a. and a time horizon of 3 years has been used. The principal amount is €9.55m, corresponding to approx. DKK 71.3m. In addition, accrued interest has been calculated to a total of DKK 17.5m as of 30.06.2025, so that the total gross receivable amounts to DKK 88.8m. The receivable is valued at DKK 58m as of 30 June 2025.
Correction to note 5 - Receivable Portinho S.A.
Updated note 5 in the consolidated statement as at 30. June 2025
Note 5. Receivable Portinho S.A.
In H1 2025, the company 's board of directors and management have once again used considerable resources to settle the company 's receivables from Portinho S.A., which date from the time before the company was transformed into a pharmaceutical company. The group 's receivables from Portinho S.A have a principal amount of EUR 9.55 million. with an accounting value on 30 June 2025 of DKK 33,7 million. The accounting value on 31. december 2024 was DKK 41,8 million. As announced in company announcement no. 39 of 25 September 2023, no. 46 of 28 November 2023, no. 7 of 20 March 2024 and no. 17 of 16 May 2024 is the payment from Portinho S.A. postponed compared to the original due date, which was 1 July 2023. On 15 April 2024, the company submitted a summons to the Maritime and Commercial Court against Portinho S.A. with a demand for immediate payment of the receivable of DKK 9.55 million. euros plus interest. There is also an arbitration case pending against Interpatium at the Arbitration Institute (DIA) in connect ion with the related sale of the shares in Portinho S.A. The receivable amount as per 30 June 2025 including agreed interest amounts to EUR 11,5 million corresponding to DKK 88.8 million. Interest rate is agreed to 2% per quarter and amounts to DKK 6,5 million for 2024. The interest amount has not been recognized as income in the H1 2025 report as - in the current situation - it is considered appropriate to defer income recognition of interest until interest has been paid. In September 2024, a new valuation report from CBRE (Valuat ions & Strategic Advisory in Portugal) was prepared, which supports the recognized value of the receivable in Portinho of DKK 33,7 million. The receivable of DKK 33,7 million has considered that a lower amount than EUR 9.55 million + interest or the equivalent of approx. DKK 88.8 million is currently received including interest.
The receivable is classified as a financial asset measured at amortised cost and is subject to impairment based on the Expected Credit Loss (ECL) model in accordance with IFRS 9.5.5.17. The previous valuation approach, which was based on a simplified net present value calculation, has been replaced by a probability-weighted ECL model reflecting multiple possible outcomes.
The ECL model incorporates four explicitly identified scenarios:
(i) settlement,
(ii) legal recovery,
(iii) insolvency or forced recovery, and
(iv) total loss.
In the calculation of the receivable the following probabilities have been used:
(i) settlement: 50%
(ii) legal recovery: 35%
(iii) insolvency or forced recovery: 9%
(iv) total loss: 6%
Each scenario reflects management’s assessment of reasonable and supportable information available at the reporting date and is assigned a probability and an expected recovery rate. Expected recoveries are measured net of estimated costs and adjusted for timing and execution risk. The sum of the scenario probabilities equals 100%.
| Correction to note 9. Earnings per share, Consolidated Financial Statement | ||||
| H1 2025 | ||||
| Original | Correction | Updated | ||
| TDKK | TDKK | TDKK | ||
| Profit/loss for the year | -9,495 | -8,115 | -17,610 | |
| Interest convertible loan | 838 | 0 | 838 | |
| Profit/loss for the year for the purpose of diluted EPS | -8,657 | -8,115 | -16,772 | |
| Average number of shares (in thousands) | 1,022,964 | 0 | 1,022,964 | |
| Average number of treasury shares (in thousands) | -15 | 0 | -15 | |
| Average number of shares (in thousands) | 1,022,949 | - | 1,022,949 | |
| Effect of convertible loans | 16,138 | 0 | 16,138 | |
| Diluted average number of shares (in thousands) | 1,039,087 | - | 1,039,087 | |
| Earnings per share of DKK 0.10 | -0.01 | -0.01 | -0.02 | |
| Diluted earnings per share of DKK 0.10 | -0.01 | -0.01 | -0.02 |
Attachment
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