Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2017-12-31 | 662817000 | vDKK |
| ifrs-full:Assets | 2016-12-31 | 31941000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/55366223/ZG9rdW1lbnRsYWdlcjovLzAzLzJkLzg2L2EyLzY0L2QxOGQtNDJjMS1hYTY1LTY3MDAwYTQyNWUwMw.xml
Separator
The full data:
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<gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx1" xml:lang="da">Rikke Schiøtt Petersen</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
<gsd:DateOfApprovalOfReport contextRef="ctx1">2018-04-12</gsd:DateOfApprovalOfReport>
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<mrv:CorporateGovernanceReport contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5">CORPORATE GOVERNANCE</td></tr><tr><td colspan="5">In order to maintain the trust of the Companyâs stakeholders, Orphazyme is committed to ensure transparent and good corporate governance. As a company listed on Nasdaq Copenhagen A/S, Orphazyme is subject to the Recommendations on Corporate Governance from May 2013 (as amended November 2014).</td></tr><tr><td colspan="5">The Recommendations on Corporate Governance are best practice guidelines for the management of companies admitted to trading on a regulated market.</td></tr><tr><td colspan="5">Orphazyme intends to comply with the Recommendations on Corporate Governance in all material respects, however, due to the current size of the Company and the nature of its present operations, the company has opted to deviate from the recommendations in the following areas</td></tr><tr><td colspan="5">⢠Orphazyme has decided only to publish half-yearly financial reports;</td></tr><tr><td colspan="5">⢠the current Articles of Association do not stipulate a retirement age for Orphazymeâs Board of Directors;</td></tr><tr><td colspan="5">⢠share options may be included in the remuneration of the Board of Directors; and</td></tr><tr><td colspan="5">⢠share-based instruments that would be granted to board members shall have a maturity of one year from the date of allocation.</td></tr><tr><td colspan="5">Orphazymeâs corporate governance statement includes a summary of the companyâs governance structure, Orphazymeâs position on the Recommendations on Corporate Governance as well as a complete list of the companyâs comments to each recommendation.</td></tr><tr><td colspan="5">The corporate governance statement is available on www.orphazyme.com.</td></tr><tr><td colspan="5">BOARD OF DIRECTORS.</td></tr><tr><td>Name</td><td>Position</td><td>Independent (1)</td><td>Year of first appointment</td><td>Expiration term</td></tr><tr><td>Georges Gemayel</td><td>Chairman</td><td>Independent</td><td>2012</td><td>2018</td></tr><tr><td>Bo Jesper Hansen</td><td>Deputy Chairman</td><td>Independent</td><td>2010</td><td>2018</td></tr><tr><td>Martin Bonde</td><td>Member</td><td>Independent</td><td>2010</td><td>2018</td></tr><tr><td>Sten Verland</td><td>Member</td><td>Independent</td><td>2010</td><td>2018</td></tr><tr><td>Rémi Droller</td><td>Member</td><td>Independent</td><td>2015</td><td>2018</td></tr><tr><td>Martijn Kleijwegt</td><td>Member</td><td>Independent</td><td>2017</td><td>2018</td></tr><tr><td>Anders Hedegaard</td><td>Member</td><td>Independent</td><td>2017</td><td>2018</td></tr><tr><td>Cathrine Moukheibir</td><td>Member</td><td>Independent</td><td>2017</td><td>2018</td></tr><tr><td colspan="5">1) The Company has based its assessment of independence on the basis of criteria set out in the current Coporate Governance Recommendations (as defined below).</td></tr><tr><td colspan="5">BOARD OF DIRECTORS.</td></tr><tr><td colspan="5">The Board of Directors is responsible for the overall and strategic management and proper organization of Orphazyme's business and operations and it supervises the Companyâs activities, management, and organization. The Board of Directors appoints and dismisses the members of the Executive Management, who are responsible for the day-to-day management of the Company.</td></tr><tr><td colspan="5">The Board of Directors normally holds at least five regular meetings annually, including a strategy review, plus ad-hoc meetings as required. Extraordinary board meetings are convened by the Chairman when necessary or when requested by a member of the Board of Directors, a member of the Executive Management, or by the Companyâs auditor. The Board of Directors forms a quorum when more than half of its members are represented, including the Chairman or the Deputy Chairman. Resolutions of the Board of Directors are passed by a simple majority of the votes present at the meeting. In the event of equal votes, the Chairman or, in his absence, the Deputy Chairman shall have the casting vote. The Board of Directors conducts an annual evaluation of the effectiveness, performance, achievements, and competencies of the Board of Directors and of the individual members as well as the collaboration with the Executive Management.</td></tr><tr><td colspan="5">The members of the Board of Directors elected by the general meeting are elected for a term of one year. Members of the Board of Directors may be re-elected.</td></tr><tr><td colspan="5">The Company believes that the members of the Board of Directors possess the professional skills and experience required to serve as board members of the Company.</td></tr><tr><td colspan="5">BOARD COMMITTEES</td></tr><tr><td colspan="5">To support the Board of Directors in its duties, the Board of Directors has established and appointed an Audit Committee, a Nomination Committee, and a Remuneration Committee. These committees are charged with reviewing issues pertaining to their respective fields that are due to be considered at board meetings. Written charters specifying the tasks and responsibilities for each of the committees are available on the Companyâs website www.orphazyme.com.</td></tr><tr><td colspan="5">AUDIT COMMITTEE</td></tr><tr><td colspan="5">The Audit Committee reviews accounting and audit matters that by decision of the Board of Directors or the Audit Committee require a more thorough evaluation, and assess the internal controls and risk management systems of Orphazyme. Its duties also include supervision of the Companyâs auditors and review of the audit process. In accordance with the Recommendations on Corporate Governance of the Danish Committee on Corporate Governance issued in May 2013 and updated in November 2014 (the âCorporate Governance Recommendationsâ), the Company has decided that the Chairman of the Board of Directors may not also be the Chairman of the Audit Committee and that a majority of the members of the Audit Committee are required to meet the independence requirements set out in the Corporate Governance Recommendations. In addition, at least one member shall have accounting or audit qualifications and between them, the members shall possess such expertise and experience as to provide an updated insight into, and experience in, the financial, accounting, and audit aspects of companies with shares admitted to trading and official listing on a regulated market.</td></tr><tr><td colspan="5">The Audit Committee shall consist of no less than three members appointed by and among the Board of Directors, including the Chairman of the Audit Committee, and consists of Catherine Moukheibir as Chairman, Martijn Kleijwegt, and Sten Verland. All of the members of the Audit Committee meet the independence requirement set out in the Corporate Governance Recommendations. The CEO and/or the CFO and the Companyâs external auditor shall participate in meetings of the Audit Committee if so requested by the Audit Committee and the external auditor shall attend at least one meeting per year or the relevant part hereof where the Executive Management is not present.</td></tr><tr><td colspan="5">NOMINATION COMMITTEE</td></tr><tr><td colspan="5">The Nomination Committee shall assist the Board of Directors with ensuring that appropriate plans and processes are in place for the nomination of candidates to the Board of Directors, the Executive Management, and the board committees. Moreover, the Nomination Committee shall evaluate the composition of the Board of Directors and the Executive Management. This includes making recommendations for nomination or appointment of members of (a) the Board of Directors, (b) the Executive Management, and (c) the board committees established by the Board of Directors.</td></tr><tr><td colspan="5">The Nomination Committee consists of no less than three members appointed by and among the Board of Directors, including Georges Gemayel as Chairman, Martin Bonde, and Sten Verland. All of the members of the Nomination Committee meet the independence requirements set out in the Corporate Governance Recommendations.</td></tr><tr><td colspan="5">REMUNERATION COMMITTEE</td></tr><tr><td colspan="5">The Remuneration Committee ensures that the Company maintains a Remuneration Policy for the members of the Board of Directors and the Executive Management, which includes the overall guidelines on incentive pay for the Board of Directors and Executive Management in accordance with Section 139 of the Danish Companies Act, and to evaluate and make recommendations for the remuneration of the members of the Board of Directors and the Executive Management.</td></tr><tr><td colspan="5">The Remuneration Committee shall consist of no less than three members appointed by and among the Board of Directors, including Bo Jesper Hansen as Chairman, Rémi Droller, and Anders Hedegaard. All of the members of the Remuneration Committee meet the independence requirements set out in the Corporate Governance Recommendations.</td></tr><tr><td colspan="5">DESCRIPTION OF INTERNAL CONTROL AND FINANCIAL REPORTING PROCEDURES</td></tr><tr><td colspan="5">The Board of Directors, the Audit Committee, and the Executive Management are ultimately responsible for Orphazymeâs risk management and internal controls in relation to its financial reporting and approve Orphazymeâs general policies in that regard. The Audit Committee assists the Board of Directors in overseeing the reporting process and the most important risks involved in this respect. The Executive Management is responsible for the effectiveness of the internal controls and risk management and for the implementation of such controls aimed at mitigating the risk associated with the financial reporting. Orphazyme has internal control and financial reporting procedures aimed at enabling it to monitor its performance, operations, funding, and risk.</td></tr></table></mrv:CorporateGovernanceReport>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">CORPORATE SOCIAL RESPONSIBILITY</td></tr><tr><td colspan="1">Orphazyme has currently not developed and implemented a formal Corporate Social Responsibility (CSR) policy. For 2018, we will increase our focus on CSR, seeking to become compliant to the extent possible in accordance with the given regulations.</td></tr><tr><td colspan="1">As a part of our focus and commitment to developing treatments for patients suffering from orphan diseases, though, we naturally find it important to conduct responsible business. Below we will pin out our approach to CSR.</td></tr><tr><td colspan="1">As a biopharmaceutical company, we are aware of our ethical responsibilities towards society, patients, stakeholders, and employees and we believe that our corporate behavior should always be of the highest ethical standard. When conducting our business, we strive to act ethically and comply with international regulations, guidelines, and standards for clinical trials and drug development as well as production, testing, marketing, and sale of pharmaceutical drugs. We believe that an ethical behavior is a significant factor for Orphazymeâs status as an attractive workplace for both current and future employees.</td></tr><tr><td colspan="1">Working closely with our stakeholders and partners, Orphazyme is socially and environmentally responsible and strives to comply with all relevant laws, regulations, guidelines, and policies.</td></tr><tr><td colspan="1">We believe that an ethical behavior is a significant factor for our status as an attractive workplace for both current and future employees.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">ENVIRONMENT</td></tr><tr><td colspan="1">Orphazyme focuses on compliance with environmental laws and other applicable requirements with an emphasis on minimizing pollution and the environmental impact of its business. We also strive to conduct our business in a sustainable manner and our employees are encouraged to work in an environmentally friendly way.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">ORGANIZATION</td></tr><tr><td colspan="1">Orphazyme supports human and labor rights, but has, due to a limited number of suppliers and employees working in a highly regulated industry, not found it necessary to implement a separate human and labor rights policy.</td></tr><tr><td colspan="1">Orphazyme views diversity as an integrated part of a socially responsible company. In accordance with applicable law, we have adopted a Diversity Policy, which sets out our goals for increasing the diversity in the Board of Directors and at other management levels. We encourage diversity, including age, ethnicity, nationality, religion, education, and skills. The Company seeks to be an attractive workplace for both women and men, and endeavors to ensure that women and men have equal opportunities for furthering their careers and for attaining and occupying management positions. Currently, our staff consists of 65.5% females and 34.6% males, including 70% female and 30% male employees on director level or above.</td></tr><tr><td colspan="1">The Board of Directors currently comprises one woman and seven men. There has not been a new election to the Board of Directors. The Board of Directors' target is to include at least two female board members by the end of 2021.</td></tr><tr><td colspan="1">Please refer to page 22, Human Resources, for more information on our employee composition. Orphazymeâs Diversity Policy is available on our website www.orphazyme.com.</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
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<ifrs-full:FinanceCosts contextRef="ctx1" unitRef="vDKK" decimals="-3">688000</ifrs-full:FinanceCosts>
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<ifrs-dk:DecreaseIncreaseInReceivables contextRef="ctx1" unitRef="vDKK" decimals="-3">-2555000</ifrs-dk:DecreaseIncreaseInReceivables>
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<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="ctx1" unitRef="vDKK" decimals="-3">-5500000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
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<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx1" unitRef="vDKK" decimals="-3">1491000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
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<ifrs-full:ProceedsFromIssuingShares contextRef="ctx1" unitRef="vDKK" decimals="-3">600000000</ifrs-full:ProceedsFromIssuingShares>
<ifrs-dk:IssuanceCost contextRef="ctx1" unitRef="vDKK" decimals="-3">42605000</ifrs-dk:IssuanceCost>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="ctx1" unitRef="vDKK" decimals="-3">714303000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
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<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">STATEMENT BY THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:IdentificationOfApprovedAnnualReport contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and Executive Management have today considered and approved the Annual Report of Orphazyme A/S for the financial year January 1-December 31, 2017.</td></tr></table></sob:IdentificationOfApprovedAnnualReport>
<sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional requirements in the Danish Financial Statements Act.</td></tr></table></sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement>
<sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the financial statements provide a fair presentation of the Companyâs assets, liabilities, and financial position at December 31, 2017 and of the results of the companyâs operations and cash flows for the financial year January 1âDecember 31, 2017.</td></tr></table></sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults>
<sob:ManagementsStatementAboutManagementsReview contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Management Review provides a fair presentation of the development in the Companyâs operations and financial circumstances, of the results for the year, and of the overall financial position of the Company as well as a description of the most significant risks and elements of uncertainty facing the Company.</td></tr></table></sob:ManagementsStatementAboutManagementsReview>
<sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General Meeting on April 12, 2018.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">INDEPENDENT AUDITOR'S REPORT</td></tr></table></arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">TO THE SHAREHOLDERS OF ORPHAZYME A/S</td></tr></table></arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">OPINION</td></tr><tr><td colspan="1">We have audited the financial statements of Orphazyme A/S for the financial year January 1âDecember 31, 2017, which comprise income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including accounting policies. The financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the Company at December 31, 2017 and of the results of the Companyâs operations and cash flows for the financial year January 1âDecember 31, 2017 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors.</td></tr></table></arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">BASIS FOR OPINION</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the âAuditorâs responsibilities for the audit financial statementsâ section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Company in accordance with the International Ethics Standards Board for Accountantsâ Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements.</td></tr><tr><td colspan="1">To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014.</td></tr><tr><td colspan="1">Appointment of auditor</td></tr><tr><td colspan="1">On November 16, 2017, Orphazyme A/S completed its Initial Public Offering and was admitted to trading and official listing on Nasdaq Copenhagen A/S. We were initially appointed as auditor of Orphazyme A/S on December 4, 2015 for the financial year 2015. We have been reappointed annually by resolution of the general meeting for a total consecutive period of 3 years up until and including the financial year 2017.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">KEY AUDIT MATTERS</td></tr><tr><td colspan="1">Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements for the financial year 2017. These matters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.</td></tr><tr><td colspan="1">We have fulfilled our responsibilities described in the âAuditorâs responsibilities for the audit of the financial statementsâ section, including in relation to the key audit matters below. Accordingly, our audit included the design and performance of procedures to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial statements.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">KEY AUDIT MATTERS</td></tr><tr><td colspan="1">Complex contractual arrangements</td></tr><tr><td colspan="1">As a company in the Biopharmaceutical industry, Orphazyme has entered into several complex contractual arrangements, such as in-licensing agreements with universities related to intangible rights and knowhow, clinical research contracts with Clinical Research Organizations (CROs) and share-based compensation arrangements (warrants and long-term-incentive programmes (LTIPs)) with employees etc.</td></tr><tr><td colspan="1">Some in-licensing arrangements include complex mechanisms for sharing profit in the event of future commercialization of biopharmaceutical products. Furthermore, the CRO contracts contains complex mechanisms of considerations for services received from the CROs. The accounting for share-based compensation requires application of complex valuation models, such as the Black-Scholes model and the Monte-Carlo simulation model.</td></tr><tr><td colspan="1">Due to the complexity of these arrangements, management has to exercise significant judgment in interpreting such arrangements. Furthermore, recognition of the transactions requires management to make significant estimates.</td></tr><tr><td colspan="1">We focused on these matters because the arrangements and the related accounting treatment of in-licensing of intangible rights, accruals accounting for CRO costs and recognition of share-based compensation is complex and because the accounting requires significant judgement and estimation by Management.</td></tr><tr><td colspan="1">Refer to note 2, 6, and 9 to the financial statements.</td></tr><tr><td colspan="1">HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER</td></tr><tr><td colspan="1">We have evaluated relevant processes including Managementâs review controls to ensure that in-licensing agreements, CRO contracts and share-based compensation programmes are recognized and measured in accordance with applicable accounting standards on an ongoing basis.</td></tr><tr><td colspan="1">We obtained Managementâs calculations of fair value of acquired rights, CRO accruals and share-based compensation models, and corroborated inputs and key assumptions to underlying terms and conditions in the agreements and relevant internal and external sources â and assessed the accuracy of the intangible assets recognised, accruals for CRO services received and share-based compensation incurred in the periods. Furthermore, estimation models applied by management, including CRO accrual models, Black-Scholes models and Monte-Carlo simulation models have been tested for mathematical accuracy.</td></tr><tr><td colspan="1">We assessed whether the disclosures in relation to intangible rights, CRO accruals and share-based compensation were appropriate and met the requirements of accounting standards.</td></tr></table></arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">STATEMENT ON THE MANAGEMENTâS REVIEW</td></tr><tr><td colspan="1">Management is responsible for the Managementâs review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Managementâs review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the Managementâs review and, in doing so, consider whether the Managementâs review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Managementâs review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the Managementâs review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Managementâs review.</td></tr></table></arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">MANAGEMENTâS RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS</td></tr><tr><td colspan="1">Management is responsible for the preparation of financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table></arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">AUDITORâS RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs 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 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 the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">⢠Identify and assess the risks of material misstatement of the financial statements, 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.</td></tr><tr><td colspan="1">⢠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 Companyâs internal control.</td></tr><tr><td colspan="1">⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">⢠Conclude on the appropriateness of Managementâs use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">⢠Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.</td></tr><tr><td colspan="1">From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="da">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2018-03-15</arr:SignatureOfAuditorsDate>
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rsrapport</gsd:InformationOnTypeOfSubmittedReport>
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<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" xml:lang="da">2900 Hellerup</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx1">2016-01-01</gsd:PrecedingReportingPeriodStartDate>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx2" xml:lang="da">Christian Schwenn Johansen</cmn:NameAndSurnameOfAuditor>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx12" unitRef="vDKK" decimals="-3">-662000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx13" xml:lang="da">Interest received/(paid)</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx13" unitRef="vDKK" decimals="-3">85000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx14" xml:lang="da">Capital contributions from shareholders</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx14" unitRef="vDKK" decimals="-3">157912000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx15" xml:lang="da">Capital contributions from shareholders</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx15" unitRef="vDKK" decimals="-3">1330000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx16" xml:lang="da">Costs related to capital contributions</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx16" unitRef="vDKK" decimals="-3">-1004000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx17" xml:lang="da">Costs related to capital contributions</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx17" unitRef="vDKK" decimals="-3">-30000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx18" unitRef="vDKK" decimals="-3">14349000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx19" unitRef="vDKK" decimals="-3">68014000</ifrs-full:CashAndCashEquivalents>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx20" xml:lang="da">Georges Gemayel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx20" xml:lang="da">Chairman of the Board</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx21" xml:lang="da">Bo Jesper Hansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx21" xml:lang="da">Deputy Chairman of the Board</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx22" xml:lang="da">Martin Bonde</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx23" xml:lang="da">Anders Hedegaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx24" xml:lang="da">Rémi Droller</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx25" xml:lang="da">Martijn Kleijwegt</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx26" xml:lang="da">Sten Verland</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx27" xml:lang="da">Catherine Moukheibir</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx28" xml:lang="da">Anders Hinsby</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx28" xml:lang="da">Chief Executive Officer, Co-Founder</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx29" xml:lang="da">Anders Vadsholt</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx29" xml:lang="da">Chief Financial Officer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfAuditor contextRef="ctx30" xml:lang="da">Lars Hansen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx30" xml:lang="da">State Authorized Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx30">mne24828</arr:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx30">30700228</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx30" xml:lang="da">ERNST & YOUNG Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
</xbrli:xbrl>