Assets
| Type | Time | Amount | Unit |
|---|
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
XML
See the xml submitted here:
XML: INVALID
Separator
The full data:
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<gsd:AddressOfFinancialDistrictName contextRef="ctx1" xml:lang="da">Copenhagen C</gsd:AddressOfFinancialDistrictName>
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<gsd:AddressOfLawFirmDistrictName contextRef="ctx1" xml:lang="da">København V</gsd:AddressOfLawFirmDistrictName>
<gsd:AddressOfLawFirmStreetName contextRef="ctx1" xml:lang="da">Axeltorv</gsd:AddressOfLawFirmStreetName>
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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 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 adopted the Annual Report of BioPorto A/S for the financial year January 1 â December 31, 2020.</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 Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and the Parent Company Financial Statements have been prepared in accordance with the Danish Financial Statements Act. Managementâs Review has been prepared in accordance with 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 Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position at December 31, 2020 of the Group and the Parent Company and of the results of the Group and Parent Company operations and consolidated cash flows for the financial year January 1 - December 31, 2020.</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, Managementâs Review includes a true and fair account of the development in the operations and financial circumstances of the Group and the Parent Company, of the results for the year and of the financial position of the Group and the Parent Company as well as a description of the most significant risks and elements of uncertainty facing the Group and the Parent 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.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="da">Hellerup</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2021-03-17</sob:DateOfApprovalOfAnnualReport>
<ifrs-full:AverageNumberOfEmployees contextRef="ctx1" unitRef="pure" decimals="0">28</ifrs-full:AverageNumberOfEmployees>
<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">Review of corporate social responsibility, cf. Section 99a of the Danish Financial Statements Act</td></tr><tr><td colspan="1">BioPorto is aware of its social responsibility and endeavors to improve its social and environmental conditions. In addition to the corporate social responsibility report provided below, BioPorto has signed on to the UN Global Compact, and the latest Communication on Progress, which is available on the companyâs website.</td></tr><tr><td colspan="1">In several areas, BioPorto fulfils its responsibility solely by complying with current law, but in other areas, the companyâs responsibility has been expanded to include preventive activities for optimizing various conditions. It is important to BioPorto to highlight these efforts vis-Ã -vis its customers, suppliers, shareholders, other stakeholders, etc., to ensure that the outside world can have confidence in the company to live up to its social responsibility. For this reason, BioPorto continues its participation in the Global Compact, whose ten principles for social commitment as defined by the UN constitute a global frame of reference.</td></tr><tr><td colspan="1">At the same time, through our commitment, we will try to encourage the parties with whom we interact to consider and shoulder their share of these responsibilities.</td></tr><tr><td colspan="1">BioPortoâs business</td></tr><tr><td colspan="1">BioPortoâs business model seeks to utilize its unique library of monoclonal antibodies and its biomarker expertise to develop new clinical diagnostic products with attractive potential and bring them to the global market.</td></tr><tr><td colspan="1">The NGAL Test is an example of how BioPorto has successfully taken an antibody from research and discovery phase to a commercial clinical product. Starting with the development of unique monoclonal NGAL antibodies, it was transformed into a microtiter plate assay. From there BioPorto developed The NGAL Test into its current format for automated testing on clinical chemistry systems and is now sold directly and via partners to hospital central laboratories across the world. BioPortoâs other biomarker, Mannan-binding lectin (MBL), also started out as an antibody project and is now, in its present CE approved ELISA format, sold via distributors for analysis of immunodeficiencies.</td></tr><tr><td colspan="1">BioPorto will, in 2021, complete its clinical trial and submit a regulatory application to FDA for The NGAL Test for risk assessment of AKI in children, which will enable BioPorto to sell The NGAL Test in the US following FDA clearance.</td></tr><tr><td colspan="1">For a detailed description of BioPortoâs strategy, see page 9.</td></tr><tr><td colspan="1">Risks</td></tr><tr><td colspan="1">The Groupâs risk of affecting the environment and climate, human rights and anti-corruption is assessed to be limited. The risk assessment has been carried out in such a way that selected topics have been analyzed for their potential risk for BioPorto and the Groupâs stakeholders, respectively. Risk is in this context, a product of the subjectâs proportional role in the daily business, and the likely negative impact the topic has on the group or</td></tr><tr><td colspan="1">stakeholders. To the extent that risks have been identified, the individual areas are described together with the relevant policies.</td></tr><tr><td colspan="1">For a detailed description of BioPortoâs additional risks, see Risk management on page 15.</td></tr><tr><td colspan="1">Human rights</td></tr><tr><td colspan="1">1. Businesses should support and respect the protection of internationally proclaimed human rights; and</td></tr><tr><td colspan="1">2. make sure that they are not complicit in human rights abuses.</td></tr><tr><td colspan="1">BioPorto supports and respects internationally recognized human rights. Our compliance in this area is broadly covered by our Code of Conduct as well as observance of the national labor and anti-discrimination laws in the countries in which we operate. In 2020, we have not received any reports of violation of human rights within our company. BioPortoâs employees are bound by BioPortoâs Code of Conduct and the company has initiated a process of implementing the Code of Conduct into supplier contracts to ensure that the companyâs suppliers respect human rights. BioPortoâs employees are trained on Human Rights and the Code of Conduct. All new employees will receive training as part of their introductory program regarding human rights and the Code of Conduct.</td></tr><tr><td colspan="1">Also, we conduct our clinical trials in a manner that recognizes the importance of protecting the safety of and respecting research participants. We do this by applying the highest legal, ethical and scientific standards, in addition to complying with applicable laws and regulations.</td></tr><tr><td colspan="1">BioPortoâs Executive Management monitors and evaluates the performance annually. Any alleged incidents of human rights abuses would be reported to the Executive Management for prompt action. There were no incidents of human rights abuses reported to the Executive Management in 2020.</td></tr><tr><td colspan="1">Labor rights</td></tr><tr><td colspan="1">3. Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;</td></tr><tr><td colspan="1">4. the elimination of all forms of forced and compulsory labor;</td></tr><tr><td colspan="1">5. the effective abolition of child labor; and</td></tr><tr><td colspan="1">6. the elimination of discrimination in respect of employment and occupation.</td></tr><tr><td colspan="1">Danish and American traditions, culture and law mean that labor rights are supported and complied with by BioPorto, both in Denmark and the United States. BioPorto has no external suppliers in countries that use child labor or forced and compulsory labor, and BioPorto deems that there is a very low risk of this taking place in areas where BioPorto might be expected to operate. In 2017, BioPorto established a Code of Conduct covering the above. BioPortoâs employees are bound by BioPortoâs Code of Conduct and the company has initiated a process of implementing the Code of Conduct into supplier contracts to ensure that suppliers comply with these labor rights. BioPorto actively supports and respects human rights, labor standards and provides a safe and healthy working environment for the staff that includes opportunities for professional and personal development.</td></tr><tr><td colspan="1">The BioPorto Group has fair and equal employment terms and working conditions, including equality and non-discrimination. BioPortoâs employee handbook covers policies concerning the employee rights. BioPorto considers employee safety and health to be of the highest priority. BioPorto works consistently to maintain a safe and healthy work environment and has many procedures in place to ensure compliance. Both the physical and mental working environments are monitored and continually improved to avoid accidents, injury and illness. Management ensures that employees are trained to handle hazardous goods and chemicals correctly.</td></tr><tr><td colspan="1">In the composition of its staff, BioPorto endeavours to achieve an equal gender breakdown as well as a diversity of educational backgrounds, nationalities and cultures. This diversity provides a dynamic workday and encourages exchanges that benefit the staff and company alike.</td></tr><tr><td colspan="1">Any incidents of violations of labor principles would be reported to the Executive Management which would investigate the violation.</td></tr><tr><td colspan="1">BioPorto monitors and evaluates performance yearly by looking at work related injuries and employee related cases with unions. BioPorto had zero employee related cases with unions in 2020 and BioPorto had no work related injuries in 2020.</td></tr><tr><td colspan="1">Environment</td></tr><tr><td colspan="1">7. Businesses should support a precautionary approach to environmental challenges;</td></tr><tr><td colspan="1">8. undertake initiatives to promote greater environmental responsibility; and</td></tr><tr><td colspan="1">9. encourage the development and diffusion of environmentally friendly technologies.</td></tr><tr><td colspan="1">BioPortoâs in-house production is limited in scope and of such a nature that it has an insignificant environmental impact. BioPorto is continuously seeking to reduce its environmental impact as much as possible and to be compliant with environmental legislation. An ongoing effort will be made in an environmentally conscious way to minimize any other possible environmental impact, including the consumption of water and electricity, which will reduce costs at the same time. BioPortoâs activities are primarily knowledge-based and employees are encouraged to be mindful of the environment and climate, and to produce as little waste as possible. BioPortoâs employees are bound by BioPortoâs Code of Conduct and the company has initiated a process of implementing the Code of Conduct into supplier contracts to ensure the above. BioPorto use less paper due to double-sided printing in 2020 than in 2019. Management will continually encourage employees to do environmental and climate friendly initiatives. BioPorto is committed to full compliance with all environmental laws, standards, and guidelines in the jurisdictions where it operates.</td></tr><tr><td colspan="1">Any environmental incident would be reported to the Executive Management, which would take prompt action to make sure the incident would not happen again.</td></tr><tr><td colspan="1">Anti-corruption</td></tr><tr><td colspan="1">10. Businesses should work against corruption in all its forms, including extortion and bribery.</td></tr><tr><td colspan="1">BioPorto has a zero-tolerance policy regarding corruption, bribery and similar methods and BioPortoâs activities must always be in compliance with existing anti-corruption legislation and the UN Convention against Corruption. Suppliers and partners are chosen with care and are included in BioPortoâs quality system. Corruption problems have not affected BioPortoâs activities and BioPorto has not been involved in any legal cases, rulings or other events related to corruption or bribery. BioPorto does not permit or participate in money laundering.</td></tr><tr><td colspan="1">In 2017, BioPorto established a Code of Conduct covering the above. BioPortoâs employees are bound by the Code of Conduct and the company has initiated a process of implementing the Code of Conduct into supplier contracts to ensure that suppliers comply with the above.</td></tr><tr><td colspan="1">All new employees will receive training as part of their introductory program regarding anti-corruption and the Code of Conduct.</td></tr><tr><td colspan="1">Any incidents of corruption would be reported to the Executive Management, which would prompt take action to ensure that a similar incident would not happen again.</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="3">Review of the gender-based composition of the Management and Board, cf. Section 99b of the Danish Financial Statements Act</td></tr><tr><td colspan="3">Diversity in the composition of the Board is sought, with a reasonable age composition, several nationalities and an equal gender ratio. The Board currently has five members, four men and one woman.</td></tr><tr><td colspan="3">BioPorto has adopted a Diversity Policy, which is available on the companyâs website and reads as follows</td></tr><tr><td colspan="3">âBioPorto is committed to continue working towards ensuring and furthering equal opportunities for all employees in respect of differences, such as gender, age, religion, sexual orientation and ethnicity, as all â in our view â serve as key components in ensuring a better, more dynamic and healthier business. We believe that employees should be recognized because of â and not despite â their diversity. The view extended through this policy also includes maintaining equal opportunities for women and men at all management levels in the BioPorto group. The Board of Directors annually discusses the companyâs activities to ensure relevant diversity at management levels and evaluates the policy on diversity.</td></tr><tr><td colspan="3">BioPorto has defined a target, that no later than in 2022, at least 25 % members of the Management of the company must be women. This target must not detract from other competency requirements in the nomination of members to the Management team of the company. With regards to diversity for the Board of Directors, the gender distribution is 80/20 at the end of 2020. As the defined target has not yet been reached, BioPorto will stay committed to reach the target within the set deadline.â</td></tr><tr><td colspan="3">The nominating committee has a clear policy for evaluating candidates of both genders for vacant Board positions. For future vacant Board positions, the nomination committee will continue to evaluate candidates of both genders.</td></tr><tr><td colspan="3">Diversity in other layers of Management</td></tr><tr><td colspan="3">The company does not have a policy for diversity in other layers of Management, as the company is below the minimum threshold (cf. guidelines from the Danish Business Authority).</td></tr><tr><td colspan="3">Gender diversity in BioPorto</td></tr><tr><td colspan="3">The gender diversity in BioPorto at the end of 2020 is shown in the overview below</td></tr><tr><td>2020</td><td>Female</td><td>Male</td></tr><tr><td>Board of Directors</td><td>20%</td><td>80%</td></tr><tr><td>Executive Management (one person)</td><td>0%</td><td>100%</td></tr><tr><td>All Employees</td><td>54%</td><td>46%</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:LinkToCorporateGovernanceReport contextRef="ctx1">https://bioporto.com/governance/</mrv:LinkToCorporateGovernanceReport>
<mrv:StatementOfTheDiversityPolicies 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">Diversity in the composition of the Board is sought, with a reasonable age composition, several nationalities and an equal gender ratio. The Board currently has five members, four men and one woman</td></tr><tr><td colspan="1">BioPorto has adopted a Diversity Policy, which is available on the companyâs website and reads as follows</td></tr><tr><td colspan="1">âBioPorto is committed to continue working towards ensuring and furthering equal opportunities for all employees in respect of differences, such as gender, age, religion, sexual orientation and ethnicity, as all â in our view â serve as key components in ensuring a better, more dynamic and healthier business. We believe that employees should be recognized because of â and not despite â their diversity. The view extended through this policy also includes maintaining equal opportunities for women and men at all management levels in the BioPorto group. The Board of Directors annually discusses the companyâs activities to ensure relevant diversity at management levels and evaluates the policy on diversity.</td></tr><tr><td colspan="1">Diversity in other layers of Management</td></tr><tr><td colspan="1">The company does not have a policy for diversity in other layers of Management, as the company is below the minimum threshold (cf. guidelines from the Danish Business Authority).</td></tr></table></mrv:StatementOfTheDiversityPolicies>
<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 auditorâs 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 BioPorto 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">Our opinion</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements give a true and fair view of the Groupâs financial position at 31 December 2020 and of the results of the Groupâs operations and cash flows for the financial year 1 January to 31 December 2020 in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Companyâs financial position at 31 December 2020 and of the results of the Parent Companyâs operations for the financial year 1 January to 31 December 2020 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our Auditorâs Long-form Report to the Audit Committee and the Board of Directors.</td></tr><tr><td colspan="1">What we have audited</td></tr><tr><td colspan="1">The Consolidated Financial Statements and the Parent Company Financial Statements of BioPorto A/S for the financial year 1 January to 31 December 2020 comprise income statement, balance sheet, statement of changes in equity and notes, including summary of significant accounting policies for the Group as well as for the Parent Company and statement of comprehensive income and cash flow statement for the Group. Collectively referred to as the âFinancial Statementsâ.</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 the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditorâs responsibilities for the audit of the Financial Statements section of our report.</td></tr><tr><td colspan="1">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 Group in accordance with the International Ethics Standards Board for Accountantsâ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with the IESBA Code.</td></tr><tr><td colspan="1">To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided.</td></tr><tr><td colspan="1">Appointment</td></tr><tr><td colspan="1">We were first appointed auditors of BioPorto A/S on 10 April 2014 for the financial year 2014. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of 7 years including the financial year 2020.</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">We have determined that there are no key audit matters to communicate in our report.</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 Managementâs Review</td></tr><tr><td colspan="1">Management is responsible for Managementâs Review.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover 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 Managementâs Review and, in doing so, consider whether Managementâs Review is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, we considered whether Managementâs Review includes the disclosures required by the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Managementâs Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in 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 consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act and for the preparation of parent company financial statements that give a true and fair view in accordance with 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 Groupâs and the Parent Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent 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 about 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 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 these Financial Statements.</td></tr><tr><td colspan="1">As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">â        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">â        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 Groupâs and the Parent Companyâs internal control.</td></tr><tr><td colspan="1">â        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">â        Conclude on the appropriateness of Managementâs use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Groupâs and the Parent 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 Group or the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">â        Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.</td></tr><tr><td colspan="1">â        Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</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">Hellerup</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2021-03-17</arr:SignatureOfAuditorsDate>
<ifrs-full:Revenue contextRef="ctx1" unitRef="vDKK" decimals="-3">23204000</ifrs-full:Revenue>
<ifrs-dk:ProductionCost contextRef="ctx1" unitRef="vDKK" decimals="-3">9865000</ifrs-dk:ProductionCost>
<ifrs-full:GrossProfit contextRef="ctx1" unitRef="vDKK" decimals="-3">13339000</ifrs-full:GrossProfit>
<ifrs-dk:SalesCostAndDistributionsCosts contextRef="ctx1" unitRef="vDKK" decimals="-3">20786000</ifrs-dk:SalesCostAndDistributionsCosts>
<ifrs-full:ResearchAndDevelopmentExpense contextRef="ctx1" unitRef="vDKK" decimals="-3">28125000</ifrs-full:ResearchAndDevelopmentExpense>
<ifrs-full:AdministrativeExpense contextRef="ctx1" unitRef="vDKK" decimals="-3">28018000</ifrs-full:AdministrativeExpense>
<ifrs-full:ProfitLossFromOperatingActivities contextRef="ctx1" unitRef="vDKK" decimals="-3">-63590000</ifrs-full:ProfitLossFromOperatingActivities>
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<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx1">33771231</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="ctx1" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisorpartnerselskab</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx1" xml:lang="da">Strandvejen 44</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" xml:lang="da">2900 Hellerup</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx1">2019-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx1">2019-12-31</gsd:PredingReportingPeriodEndDate>
<cmn:TypeOfAuditorAssistance contextRef="ctx1">Revisionspåtegning</cmn:TypeOfAuditorAssistance>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx2" xml:lang="da">Peter Mørch Eriksen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx2" xml:lang="da">CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx3" xml:lang="da">Thomas Magnussen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx3" xml:lang="da">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx4" xml:lang="da">Torben A. Nielsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx4" xml:lang="da">Vice Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx5" xml:lang="da">Kirsten Drejer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx6" xml:lang="da">Christopher Lindop</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx7" xml:lang="da">Michael Singer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<ifrs-full:AverageNumberOfEmployees contextRef="ctx8" unitRef="pure" decimals="0">34</ifrs-full:AverageNumberOfEmployees>
<ifrs-full:Revenue contextRef="ctx9" unitRef="vDKK" decimals="-3">26622000</ifrs-full:Revenue>
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<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="ctx9" unitRef="vDKK" decimals="-3">460000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
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<ifrs-dk:IssuanceCost contextRef="ctx9" unitRef="vDKK" decimals="-3">766000</ifrs-dk:IssuanceCost>
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<ifrs-full:CurrentPrepayments contextRef="ctx10" unitRef="vDKK" decimals="-3">930000</ifrs-full:CurrentPrepayments>
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<ifrs-full:CurrentAssets contextRef="ctx10" unitRef="vDKK" decimals="-3">124780000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx10" unitRef="vDKK" decimals="-3">140286000</ifrs-full:Assets>
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<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx10" unitRef="vDKK" decimals="-3">4636000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
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<ifrs-full:CurrentLiabilities contextRef="ctx10" unitRef="vDKK" decimals="-3">30930000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx10" unitRef="vDKK" decimals="-3">39374000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx10" unitRef="vDKK" decimals="-3">140286000</ifrs-full:EquityAndLiabilities>
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<ifrs-dk:OtherPlantFixturesAndFittingsToolsAndEquipment contextRef="ctx11" unitRef="vDKK" decimals="-3">1710000</ifrs-dk:OtherPlantFixturesAndFittingsToolsAndEquipment>
<ifrs-dk:RightofuseAssets contextRef="ctx11" unitRef="vDKK" decimals="-3">3537000</ifrs-dk:RightofuseAssets>
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<ifrs-full:CurrentPrepayments contextRef="ctx11" unitRef="vDKK" decimals="-3">1183000</ifrs-full:CurrentPrepayments>
<ifrs-full:Cash contextRef="ctx11" unitRef="vDKK" decimals="-3">18122000</ifrs-full:Cash>
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<ifrs-full:Assets contextRef="ctx11" unitRef="vDKK" decimals="-3">42682000</ifrs-full:Assets>
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<ifrs-full:TreasuryShares contextRef="ctx11" unitRef="vDKK" decimals="-3">0</ifrs-full:TreasuryShares>
<ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreads contextRef="ctx11" unitRef="vDKK" decimals="-3">-672000</ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreads>
<ifrs-full:RetainedEarnings contextRef="ctx11" unitRef="vDKK" decimals="-3">-148950000</ifrs-full:RetainedEarnings>
<ifrs-full:Equity contextRef="ctx11" unitRef="vDKK" decimals="-3">25322000</ifrs-full:Equity>
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<ifrs-full:NoncurrentLiabilities contextRef="ctx11" unitRef="vDKK" decimals="-3">2502000</ifrs-full:NoncurrentLiabilities>
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<ifrs-full:Liabilities contextRef="ctx11" unitRef="vDKK" decimals="-3">17360000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx11" unitRef="vDKK" decimals="-3">42682000</ifrs-full:EquityAndLiabilities>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx12" unitRef="vDKK" decimals="-3">-63590000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx13" xml:lang="da">Profit/loss before financial items</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx13" unitRef="vDKK" decimals="-3">-74299000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx14" xml:lang="da">Warrant expenses</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx14" unitRef="vDKK" decimals="-3">5316000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx15" xml:lang="da">Warrant expenses</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx15" unitRef="vDKK" decimals="-3">3109000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx16" xml:lang="da">Cash generated from operations before working capital</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx16" unitRef="vDKK" decimals="-3">-53946000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx17" xml:lang="da">Cash generated from operations before working capital</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx17" unitRef="vDKK" decimals="-3">-68139000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx18" unitRef="vDKK" decimals="-3">-38353000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx19" xml:lang="da">Cash generated from operations</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx19" unitRef="vDKK" decimals="-3">-63686000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-full:CashAndCashEquivalents contextRef="ctx21" unitRef="vDKK" decimals="-3">46709000</ifrs-full:CashAndCashEquivalents>
<cmn:NameOfAuditFirm contextRef="ctx22" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<gsd:AddressOfAuditorStreetName contextRef="ctx22" xml:lang="da">Strandvejen</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx22" xml:lang="da">44</gsd:AddressOfAuditorStreetBuildingIdentifier>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx22" xml:lang="da">DK-2900</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="ctx22" xml:lang="da">Hellerup</gsd:AddressOfAuditorDistrictName>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx22">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx22" xml:lang="da">Torben Jensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx22" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx22">mne18651</arr:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx23" xml:lang="da">Allan Knudsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx23" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx23">mne29465</arr:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx23">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx23" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
</xbrli:xbrl>