Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2021-12-31 | 102614298 | vDKK |
| ifrs-full:Assets | 2020-12-31 | 63105845 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
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<mrv:ManagementsReview 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">Management Review</td></tr><tr><td colspan="1">CEO Ulrich Krasilnikoff comments</td></tr><tr><td colspan="1">The past financial year has strengthened Curasightâs position and moved us</td></tr><tr><td colspan="1">further towards improving the life of cancer patients</td></tr><tr><td colspan="1">2021 has been an eventful year for Curasight and we can look</td></tr><tr><td colspan="1">back at a year where we have accomplished several important</td></tr><tr><td colspan="1">milestones including strengthening Curasigtâs IP position within</td></tr><tr><td colspan="1">diagnostics and therapy with patent approvals in both the US</td></tr><tr><td colspan="1">and Canada. During the past year, we have also seen promising</td></tr><tr><td colspan="1">results from multiple academic investigator-initiated phase II</td></tr><tr><td colspan="1">studies regarding indications in prostate, head and neck cancer</td></tr><tr><td colspan="1">as well as in neuroendocrine tumors.</td></tr><tr><td colspan="1">I want to thank our investors for their confidence in Curasightâs</td></tr><tr><td colspan="1">technology, the support means that we can continue our hard</td></tr><tr><td colspan="1">work to reach our ultimate goal â improving the life of millions</td></tr><tr><td colspan="1">of cancer patients. Our strengthened financial position in</td></tr><tr><td colspan="1">combination with Hanne Damgaard Jenson taking on the role</td></tr><tr><td colspan="1">as Chief Development Officer (CDO) puts us at a very promising</td></tr><tr><td colspan="1">position for another successful year where we can focus on</td></tr><tr><td colspan="1">expanding and accelerate our clinical program.</td></tr><tr><td colspan="1">It is motivating to see how the interest in Curasight and our</td></tr><tr><td colspan="1">technology is continuously growing. The results from yet another</td></tr><tr><td colspan="1">investigator-initiated phase II study performed by researchers at</td></tr><tr><td colspan="1">Rigshospitalet are promising as the researchers concluded that</td></tr><tr><td colspan="1">uPAR-PET could potentially become valuable regarding planning</td></tr><tr><td colspan="1">of therapy and follow-up in head and neck cancer patients.</td></tr><tr><td colspan="1">Considering that head and neck cancer is the 6th most common</td></tr><tr><td colspan="1">cancer worldwide, the market potential for this is very large.</td></tr><tr><td colspan="1">âItâs been a significant year for Curasight</td></tr><tr><td colspan="1">in which we have received promising</td></tr><tr><td colspan="1">results from several investigator-initiated</td></tr><tr><td colspan="1">phase II studies and I look forward to</td></tr><tr><td colspan="1">hard work we will put in during 2022 as</td></tr><tr><td colspan="1">we are preparing for the pivotal phase III</td></tr><tr><td colspan="1">studies.â</td></tr><tr><td colspan="1">The positive results from the investigator-initiated phase II</td></tr><tr><td colspan="1">study of uPAR-PET in neuroendocrine tumour patients further</td></tr><tr><td colspan="1">supports that uTRACE is a diagnostic platform that can be</td></tr><tr><td colspan="1">used in many types of cancer. Findings from the study include</td></tr><tr><td colspan="1">that uPAR was demonstrated in the majority of patients which</td></tr><tr><td colspan="1">constitutes clinical support for Curasight to pursue uPARtargeted</td></tr><tr><td colspan="1">radionuclide therapy in these patients.</td></tr><tr><td colspan="1">2021 has without a doubt been a very successful year for</td></tr><tr><td colspan="1">Curasight and I look forward to the hard work we will put in during</td></tr><tr><td colspan="1">2022 to expand our clinical portfolio with two additional cancer</td></tr><tr><td colspan="1">indications as well as preparing for the pivotal phase III studies</td></tr><tr><td colspan="1">and the process towards approval. I want to thank our investors</td></tr><tr><td colspan="1">for the interest shown in the technology behind Curasight and I</td></tr><tr><td colspan="1">look forward to being able to communicate our updated strategy</td></tr><tr><td colspan="1">that presents our future expansion and acceleration in detail.</td></tr><tr><td colspan="1">Ulrich Krasilnikoff, CEO</td></tr><tr><td colspan="1">Curasight A/S</td></tr><tr><td colspan="1">Curasight A/S in short</td></tr><tr><td colspan="1">Curasight is a clinical phase II company based in Copenhagen,</td></tr><tr><td colspan="1">Denmark. Curasightâs team are the pioneers behind the novel</td></tr><tr><td colspan="1">uPAR Theranostics technology. The technology minimizes</td></tr><tr><td colspan="1">irradiation of healthy tissue by combining the targeted uTREAT®</td></tr><tr><td colspan="1">radiation therapy with the precise uTRACE® diagnostics. Several</td></tr><tr><td colspan="1">investigator-initiated phase II clinical trials have been completed</td></tr><tr><td colspan="1">or are currently undertaken.</td></tr><tr><td colspan="1">PET-imaging, usually combined with CT as PET/CT, is used to</td></tr><tr><td colspan="1">create images in which the biology of the disease can be studied.</td></tr><tr><td colspan="1">The principle is that a radiolabelled tracer is injected and bound</td></tr><tr><td colspan="1">to the tissues, e.g. in a tumor, after which the radioactivity can</td></tr><tr><td colspan="1">be located with the help of a PET-scanner. Together with his</td></tr><tr><td colspan="1">team, Professor Andreas Kjaer, developed a platform based on</td></tr><tr><td colspan="1">the radiolabelled PET-tracer uTRACE®, Curasightâs novel product</td></tr><tr><td colspan="1">that highlights the cancer biomarker uPAR. By injecting the</td></tr><tr><td colspan="1">patient with uTRACE®, one can both image where the cancer is</td></tr><tr><td colspan="1">located and its level of aggressiveness.</td></tr><tr><td colspan="1">uTRACE® is imaging invasion and formation of cancer</td></tr><tr><td colspan="1">metastases (breaking down the normal tissue around the</td></tr><tr><td colspan="1">tumour). By imaging this, Curasightâs technology can diagnose</td></tr><tr><td colspan="1">and determine which therapeutic strategy should be pursued,</td></tr><tr><td colspan="1">e.g. if the patient needs surgery or not. In addition, uTRACE®</td></tr><tr><td colspan="1">will be used for theranostics (principle of combined therapy and</td></tr><tr><td colspan="1">diagnostics) and precision medicine, selecting the right therapy</td></tr><tr><td colspan="1">to the right person at the right time, creating substantial benefits</td></tr><tr><td colspan="1">for both patients and the healthcare system.</td></tr><tr><td colspan="1">Curasightâs solution is expected to have big advantages in the</td></tr><tr><td colspan="1">future evaluation of prostate cancerbecause it may determine</td></tr><tr><td colspan="1">whether surgery is necessary or not. Today most prostate</td></tr><tr><td colspan="1">cancer patients having prostatectomies performed are operated</td></tr><tr><td colspan="1">unnecessarily and most of these patients (up to 70 percent)</td></tr><tr><td colspan="1">experience some degree of side effects, such as impotence.</td></tr><tr><td colspan="1">With Curasightâs product and diagnosis, it is the companyâs</td></tr><tr><td colspan="1">assessment that the degree of uncertainty will be dramaticallly</td></tr><tr><td colspan="1">reduced, and these patients can be managed according to their</td></tr><tr><td colspan="1">needs â with the necessary treatment at the right time, improving</td></tr><tr><td colspan="1">patient management and generating substantial business</td></tr><tr><td colspan="1">potential.</td></tr><tr><td colspan="1">Curasightâs technology has been and is currently tested in a</td></tr><tr><td colspan="1">broad pipeline of 8 ongoing phase II clinical trials. According to</td></tr><tr><td colspan="1">the boardâs assessments, there is currently no other early-stage</td></tr><tr><td colspan="1">biotech company in the field of PET tracer development that has</td></tr><tr><td colspan="1">their technology tested in a broader portfolio of clinical trials in</td></tr><tr><td colspan="1">humans (Investigator-initiated and academically sponsored), in</td></tr><tr><td colspan="1">many different cancer indications. In 2017 a phase I/IIa first-in-</td></tr><tr><td colspan="1">humans clinical trial with uTRACE® was completed. In 2018 a</td></tr><tr><td colspan="1">phase IIb clinical trials with uTRACE® in breast was completed,</td></tr><tr><td colspan="1">in 2020 a phase II study in prostate cancer and in 2021/2022</td></tr><tr><td colspan="1">two studies in head-and-neck cancer and neuroendocrine</td></tr><tr><td colspan="1">tumors.</td></tr><tr><td colspan="1">Moving into targeted radionuclide therapy (theranostics) â</td></tr><tr><td colspan="1">the radiation therapy of the future. With the promising results</td></tr><tr><td colspan="1">obtained within diagnostics Curasight now also pursues uPAR</td></tr><tr><td colspan="1">targeted radionuclide therapy using the uTRACE® ligand but</td></tr><tr><td colspan="1">âarmedâ with short-range (1 mm) radiation therapy. In brief, the</td></tr><tr><td colspan="1">therapeutic ligand will be injected into a vein after which it will</td></tr><tr><td colspan="1">circulate and bind to all cancer cells in the body (expressing</td></tr><tr><td colspan="1">uPAR) and locally irradiatecancer with limited irradiation of</td></tr><tr><td colspan="1">healthy tissue. This concept represents a more gentle form of</td></tr><tr><td colspan="1">radiotherapy compared to traditional external radiation therapy</td></tr><tr><td colspan="1">and is therefore by many is considered the âradiation therapy</td></tr><tr><td colspan="1">of tomorrowâ. As PET imaging and radionuclide therapy are</td></tr><tr><td colspan="1">based on the same uPAR binding peptide, a uTRACE®-scan can</td></tr><tr><td colspan="1">precisely predict where subsequent targeted radiation therapy</td></tr><tr><td colspan="1">will be delivered (theranostic principle).</td></tr><tr><td colspan="1">Business model</td></tr><tr><td colspan="1">Curasight aims to establish uTRACE® as the gold standard for</td></tr><tr><td colspan="1">risk stratification in prostate cancer. The geographic markets</td></tr><tr><td colspan="1">with the highest prevalence of these cancers are the U.S. and</td></tr><tr><td colspan="1">Europe. The Board and management of Curasight assess that</td></tr><tr><td colspan="1">the market potential for uTRACE® as an integral component</td></tr><tr><td colspan="1">of a new and fast-growing market for active surveillance is</td></tr><tr><td colspan="1">substantial. Importantly, as a result of the unique patient</td></tr><tr><td colspan="1">benefits and its compelling business model, Curasight expects</td></tr><tr><td colspan="1">uTRACE® to catalyse the market for active surveillance to grow</td></tr><tr><td colspan="1">it rapidly.</td></tr><tr><td colspan="1">In brain cancer, Curasight expects its Theranostic solution</td></tr><tr><td colspan="1">uTREAT® to be game-changing and to obtain a substantial</td></tr><tr><td colspan="1">market share. The orphan (rare) disease status of this disease</td></tr><tr><td colspan="1">is expected to enable a âfast trackâ route to FDA approval.</td></tr><tr><td colspan="1">By establishing an advanced pipeline in multiple cancer</td></tr><tr><td colspan="1">indications, Curasightâs board and management believe the</td></tr><tr><td colspan="1">Company will be an attractive candidate for partnership or Âout</td></tr><tr><td colspan="1">licensing agreement with Big Pharma. The area within Nuclear</td></tr><tr><td colspan="1">Molecular Imaging/Therapy has experienced strong traction</td></tr><tr><td colspan="1">with significant exit benchmarks over the recent period.</td></tr><tr><td colspan="1">Financial statements</td></tr><tr><td colspan="1">Income statement</td></tr><tr><td colspan="1">Operating profit/loss before tax for the period 2021 amounted</td></tr><tr><td colspan="1">to DKK -8,752,515 (-5,773,515).</td></tr><tr><td colspan="1">External expenses amounted to DKK -6,210,420 (-4,791,150)</td></tr><tr><td colspan="1">and staff expenses are DKK -1,151,551 (844,421). External</td></tr><tr><td colspan="1">expenses comprise of clinical expenses, patent expenses, and</td></tr><tr><td colspan="1">business expenses.</td></tr><tr><td colspan="1">Balance sheet</td></tr><tr><td colspan="1">Per December 31, 2021, the Companyâs balance sheet</td></tr><tr><td colspan="1">amounted to DKK 102,614,298. The assets consisted primarily</td></tr><tr><td colspan="1">of development projects totaling DKK 24,698,847 related to</td></tr><tr><td colspan="1">the development of uTRACE® and uTREAT®. The Companyâs</td></tr><tr><td colspan="1">cash amounted to DKK 73,564,174. The equity and liabilities</td></tr><tr><td colspan="1">consisted primarily of an equity totaling DKK 99,153,690.</td></tr><tr><td colspan="1">Cash flow</td></tr><tr><td colspan="1">Curasightâs cash flow from operating activities in Januaryâ</td></tr><tr><td colspan="1">December 2021 amounted to DKK -6,848,897. This post was</td></tr><tr><td colspan="1">primarily affected by the Companyâs loss for the period of DKK</td></tr><tr><td colspan="1">-7,578,670. Curasightâs cash flow from financing activities from</td></tr><tr><td colspan="1">the period amounted to DKK 47,601,878 and was primarily</td></tr><tr><td colspan="1">affected by the issuing of new shares corresponding to a capital</td></tr><tr><td colspan="1">increase of 47,601,878.</td></tr><tr><td colspan="1">Cash as of December 31, 2021, is DKK 73,564,174</td></tr><tr><td colspan="1">(36,284,252).</td></tr></table></mrv:ManagementsReview>
<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">Management Statement on the Annual Report</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 Executive Board and Board of Directors have today considered and adopted the Annual Report of Curasight A/S for the financial</td></tr><tr><td colspan="1">year 1 January - 31 December 2021.</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 Annual Report is 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 Financial Statements give a true and fair view of the financial position at 31 December 2021 of the Company and</td></tr><tr><td colspan="1">of the results of the Company operations and cash flows for 2021.</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 matters addressed in the Review.</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">København N</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2022-02-23</sob:DateOfApprovalOfAnnualReport>
<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: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">In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2021 and</td></tr><tr><td colspan="1">of the results of the Companyâs operations and cash flows for the financial year 1 January - 31 December 2021 in accordance with</td></tr><tr><td colspan="1">the Danish Financial Statements Act. We have audited the Financial Statements of Curasight A/S for the financial year 1 January - 31</td></tr><tr><td colspan="1">December 2021, which comprise income statement, balance sheet, statement of changes in equity, cash flow statement and notes,</td></tr><tr><td colspan="1">including a summary of significant accounting policies (âthe Financial 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</td></tr><tr><td colspan="1">Denmark. Our responsibilities under those standards and requirements are further described in the âAuditorâs responsibilities for the</td></tr><tr><td colspan="1">audit of the Financial Statementsâ section of our report. We are independent of the Company in accordance with the International Ethics</td></tr><tr><td colspan="1">Standards Board for Accountantsâ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical</td></tr><tr><td colspan="1">requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and</td></tr><tr><td colspan="1">the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<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. Our opinion on the Financial Statements does not cover Managementâs Review,</td></tr><tr><td colspan="1">and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our</td></tr><tr><td colspan="1">responsibility is to read Managementâs Review and, in doing so, consider whether Managementâs Review is materially inconsistent with</td></tr><tr><td colspan="1">the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is</td></tr><tr><td colspan="1">our responsibility to consider whether Managementâs Review provides the information required under the Danish Financials Statements</td></tr><tr><td colspan="1">Act. Based on the work we have performed, in our view, Managementâs Review is in accordance with the Financial Statements and</td></tr><tr><td colspan="1">has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material</td></tr><tr><td colspan="1">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 financial statements that give a true and fair view in accordance with the Danish</td></tr><tr><td colspan="1">Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial</td></tr><tr><td colspan="1">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,</td></tr><tr><td colspan="1">disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial</td></tr><tr><td colspan="1">Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to</td></tr><tr><td colspan="1">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="2">Auditorâs responsibilities for the audit of the Financial Statements</td></tr><tr><td colspan="2">Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material</td></tr><tr><td colspan="2">misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high</td></tr><tr><td colspan="2">level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable</td></tr><tr><td colspan="2">in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered</td></tr><tr><td colspan="2">material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on</td></tr><tr><td colspan="2">the basis of these Financial Statements.</td></tr><tr><td colspan="2">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional</td></tr><tr><td colspan="2">judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td>â¢</td><td>Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design</td></tr><tr><td colspan="2">and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide</td></tr><tr><td colspan="2">a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting</td></tr><tr><td colspan="2">from error as fraud may invole collusion forgery intentional omissions misrepresentations or the override of international control.</td></tr><tr><td>â¢</td><td>Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate</td></tr><tr><td colspan="2">in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companyâs internal control.</td></tr><tr><td>â¢</td><td>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related</td></tr><tr><td colspan="2">disclosures made by Management.</td></tr><tr><td>â¢</td><td>Conclude on the appropriateness of Managementâs use of the going concern basis of accounting in preparing the Financial</td></tr><tr><td colspan="2">Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that</td></tr><tr><td colspan="2">may cast significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material uncertainty</td></tr><tr><td colspan="2">exists, we are required to draw attention in our auditorâs report to the related disclosures in the Financial Statements or, if such</td></tr><tr><td colspan="2">disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date</td></tr><tr><td colspan="2">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>â¢</td><td>Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether</td></tr><tr><td colspan="2">the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="2">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and</td></tr><tr><td colspan="2">significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="da">Hellerup</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2022-02-23</arr:SignatureOfAuditorsDate>
<fsa:GrossProfitLoss contextRef="ctx1" unitRef="vDKK" decimals="0">-6210420</fsa:GrossProfitLoss>
<fsa:EmployeeBenefitsExpense contextRef="ctx1" unitRef="vDKK" decimals="0">1151551</fsa:EmployeeBenefitsExpense>
<fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss contextRef="ctx1" unitRef="vDKK" decimals="0">1010644</fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss>
<fsa:OtherFinanceExpenses contextRef="ctx1" unitRef="vDKK" decimals="0">379900</fsa:OtherFinanceExpenses>
<fsa:ProfitLossFromOrdinaryActivitiesBeforeTax contextRef="ctx1" unitRef="vDKK" decimals="0">-8752515</fsa:ProfitLossFromOrdinaryActivitiesBeforeTax>
<fsa:TaxExpense contextRef="ctx1" unitRef="vDKK" decimals="0">-1173845</fsa:TaxExpense>
<fsa:ProfitLoss contextRef="ctx1" unitRef="vDKK" decimals="0">-7578670</fsa:ProfitLoss>
<fsa:StatementOfChangesInEquity 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 width="100%" colspan="6" align="left" valign="middle" >Equity - 2021</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >(DKK)</td><td width="13%" colspan="1" align="right" valign="middle" >Share capital</td><td width="13%" colspan="1" align="right" valign="middle" >Share Premium</td><td width="13%" colspan="1" align="right" valign="middle" >Reserve for</td><td width="13%" colspan="1" align="right" valign="middle" >Retained</td><td width="18%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="30%" ></td><td width="13%" ></td><td width="13%" colspan="1" align="right" valign="middle" >Account</td><td width="13%" colspan="1" align="right" valign="middle" >development costs</td><td width="13%" colspan="1" align="right" valign="middle" >earnings</td><td width="18%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Equity at 1 January 2021</td></tr><tr><td width="30%" ></td><td width="13%" align="right" valign="middle" >856.317</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >18.631.935</td><td width="13%" align="right" valign="middle" >39.642.230</td><td width="18%" align="right" valign="middle" >59.130.482</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Cash capital increase</td><td width="13%" align="right" valign="middle" >138.378</td><td width="13%" align="right" valign="middle" >47.463.500</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >47.601.878</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Development costs for the year</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >2.580.523</td><td width="13%" align="right" valign="middle" >-2.580.523</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Net profit/loss for the period</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >-7.578.670</td><td width="18%" align="right" valign="middle" >-7.578.670</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Transfer from share premium account</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >-47.463.500</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >47.463.500</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Equity at 31 December 2021</td><td width="13%" align="right" valign="middle" >994.695</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >21.212.458</td><td width="13%" align="right" valign="middle" >76.946.573</td><td width="18%" align="right" valign="middle" >99.153.690</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Equity - 2020</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >(DKK)</td><td width="13%" colspan="1" align="right" valign="middle" >Share capital</td><td width="13%" colspan="1" align="right" valign="middle" >Share Premium</td><td width="13%" colspan="1" align="right" valign="middle" >Reserve for</td><td width="13%" colspan="1" align="right" valign="middle" >Retained</td><td width="18%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="30%" ></td><td width="13%" ></td><td width="13%" colspan="1" align="right" valign="middle" >Account</td><td width="13%" colspan="1" align="right" valign="middle" >development costs</td><td width="13%" colspan="1" align="right" valign="middle" >earnings</td><td width="18%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Equity at 1 January 2020</td><td width="13%" align="right" valign="middle" >694.318</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >16.042.737</td><td width="13%" align="right" valign="middle" >1.289.629</td><td width="18%" align="right" valign="middle" >18.026.684</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Cash capital increase</td><td width="13%" align="right" valign="middle" >161.999</td><td width="13%" align="right" valign="middle" >46.494.000</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >46.655.999</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Development costs for the year</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >2.589.198</td><td width="13%" align="right" valign="middle" >-2.589.198</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Net profit/loss for the period</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >-5.552.201</td><td width="18%" align="right" valign="middle" >-5.552.201</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Transfer from share premium account</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >-46.494.000</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >46.494.000</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Equity at 31 December 2020</td><td width="13%" align="right" valign="middle" >856.317</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >18.631.935</td><td width="13%" align="right" valign="middle" >39.642.230</td><td width="18%" align="right" valign="middle" >59.130.482</td></tr></table></fsa:StatementOfChangesInEquity>
<fsa:Adjustments contextRef="ctx1" unitRef="vDKK" decimals="0">216699</fsa:Adjustments>
<fsa:AdjustmentsForDecreaseIncreaseInWorkingCapital contextRef="ctx1" unitRef="vDKK" decimals="0">513074</fsa:AdjustmentsForDecreaseIncreaseInWorkingCapital>
<fsa:AdjustmentsfInterestAndSimilarExpenses contextRef="ctx1" unitRef="vDKK" decimals="0">-379898</fsa:AdjustmentsfInterestAndSimilarExpenses>
<fsa:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="ctx1" unitRef="vDKK" decimals="0">-63886</fsa:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<fsa:CashFlowFromOrdinaryOperatingActivities contextRef="ctx1" unitRef="vDKK" decimals="0">-7292681</fsa:CashFlowFromOrdinaryOperatingActivities>
<fsa:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="ctx1" unitRef="vDKK" decimals="0">-3029275</fsa:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<fsa:CashFlowsFromUsedInInvestingActivities contextRef="ctx1" unitRef="vDKK" decimals="0">-3029275</fsa:CashFlowsFromUsedInInvestingActivities>
<fsa:CashCapitalIncrease contextRef="ctx1" unitRef="vDKK" decimals="0">47601878</fsa:CashCapitalIncrease>
<fsa:CashFlowsFromUsedInFinancingActivities contextRef="ctx1" unitRef="vDKK" decimals="0">47601878</fsa:CashFlowsFromUsedInFinancingActivities>
<fsa:NetIncreaseDecreaseInCashAndCashEquivalents contextRef="ctx1" unitRef="vDKK" decimals="0">37279922</fsa:NetIncreaseDecreaseInCashAndCashEquivalents>
<fsa:DisclosureOfSpecialItems 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 width="100%" colspan="3" align="left" valign="middle" >Notes</td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Special items</td><td width="12%" align="right" valign="middle" >2021</td><td width="14%" align="right" valign="middle" >2020</td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Cost of IPO and excercise of warrants</td><td width="12%" align="right" valign="middle" >3.412.659</td><td width="14%" align="right" valign="middle" >4.817.017</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Cost of IPO and excercise of warrants</td><td width="12%" align="right" valign="middle" >3.412.659</td><td width="14%" align="right" valign="middle" >4.817.017</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The cost of IPO and excercise of warrants is reconized in Gross profit/loss.</td></tr><tr><td colspan="3"></td></tr></table></fsa:DisclosureOfSpecialItems>
<fsa:DisclosureOfAnyUncertaintyConnectedWithRecognitionOrMeasurement 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 width="100%" colspan="1" align="left" valign="middle" >Uncertainties related to recognition and measurement</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Due to the nature of the business and uncertanties related to future cashflow there are uncertainties related to the valuation of the intangible assets. The valuation is prepared in accordance with the Companyâs accounting principles based on managements best knowledge and to the best of their belief.</td></tr><tr><td colspan="1"></td></tr></table></fsa:DisclosureOfAnyUncertaintyConnectedWithRecognitionOrMeasurement>
<fsa:DisclosureOfEmployeeBenefitsExpense 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 width="74%" colspan="1" align="left" valign="middle" >Staff expenses</td><td width="12%" align="right" valign="middle" >2021</td><td width="14%" align="right" valign="middle" >2020</td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="12%" align="right" valign="middle" >356.405</td><td width="14%" align="right" valign="middle" >780.060</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Pensions</td><td width="12%" align="right" valign="middle" >770.056</td><td width="14%" align="right" valign="middle" >49.817</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Other social security expenses</td><td width="12%" align="right" valign="middle" >8.894</td><td width="14%" align="right" valign="middle" >5.917</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Other staff expenses</td><td width="12%" align="right" valign="middle" >16.196</td><td width="14%" align="right" valign="middle" >8.627</td></tr><tr><td width="74%" ></td><td width="12%" align="right" valign="middle" >1.151.551</td><td width="14%" align="right" valign="middle" >844.421</td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Average number of employees</td><td width="12%" align="right" valign="middle" >2</td><td width="14%" align="right" valign="middle" >2</td></tr><tr><td colspan="3"></td></tr></table></fsa:DisclosureOfEmployeeBenefitsExpense>
<fsa:DisclosureOfDepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss 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 width="74%" colspan="1" align="left" valign="middle" >Depreciation, amortisation and impairment of intangible assets and property, plant and equipment</td><td width="12%" align="right" valign="middle" >2021</td><td width="14%" align="right" valign="middle" >2020</td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Amortisation of intangible assets</td><td width="12%" align="right" valign="middle" >970.912</td><td width="14%" align="right" valign="middle" >33.875</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Depreciation of property, plant and equipment</td><td width="12%" align="right" valign="middle" >39.732</td><td width="14%" align="right" valign="middle" >39.732</td></tr><tr><td width="74%" ></td><td width="12%" align="right" valign="middle" >1.010.644</td><td width="14%" align="right" valign="middle" >73.607</td></tr><tr><td colspan="3"></td></tr></table></fsa:DisclosureOfDepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss>
<fsa:DisclosureOfTaxExpenses 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 width="74%" colspan="1" align="left" valign="middle" >Tax on profit/loss for the year</td><td width="12%" align="right" valign="middle" >2021</td><td width="14%" align="right" valign="middle" >2020</td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Current tax for the year</td><td width="12%" align="right" valign="middle" >-666.440</td><td width="14%" align="right" valign="middle" >-352.739</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Deferred tax for the year</td><td width="12%" align="right" valign="middle" >-570.405</td><td width="14%" align="right" valign="middle" >131.365</td></tr><tr><td width="74%" ></td><td width="12%" align="right" valign="middle" >-1.173.845</td><td width="14%" align="right" valign="middle" >-221.374</td></tr><tr><td colspan="3"></td></tr></table></fsa:DisclosureOfTaxExpenses>
<fsa:DisclosureOfIntangibleAssets 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 width="100%" colspan="4" align="left" valign="middle" >Intangible assets</td></tr><tr><td colspan="4"></td></tr><tr><td width="66%" ></td><td width="11%" colspan="1" align="right" valign="middle" >Acquired patents</td><td width="11%" colspan="1" align="right" valign="middle" >Development projects in progress</td><td width="12%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td colspan="4"></td></tr><tr><td width="66%" colspan="1" align="left" valign="middle" >Cost at 1 January</td><td width="11%" align="right" valign="middle" >4.198.204</td><td width="11%" align="right" valign="middle" >21.669.573</td><td width="12%" align="right" valign="middle" >25.867.777</td></tr><tr><td width="66%" colspan="1" align="left" valign="middle" >Additions for the year</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >3.029.274</td><td width="12%" align="right" valign="middle" >3.029.274</td></tr><tr><td width="66%" colspan="1" align="left" valign="middle" >Cost at 31 December</td><td width="11%" align="right" valign="middle" >4.198.204</td><td width="11%" align="right" valign="middle" >24.698.847</td><td width="12%" align="right" valign="middle" >28.897.051</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Impairment losses and amortisation at 1 January</td></tr><tr><td width="66%" ></td><td width="11%" align="right" valign="middle" >730.682</td><td width="11%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >730.682</td></tr><tr><td width="66%" colspan="1" align="left" valign="middle" >Amortisation for the year</td><td width="11%" align="right" valign="middle" >970.911</td><td width="11%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >970.911</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Impairment losses and amortisation at 31 December</td></tr><tr><td width="66%" ></td><td width="11%" align="right" valign="middle" >1.701.593</td><td width="11%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >1.701.593</td></tr><tr><td colspan="4"></td></tr><tr><td width="66%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December</td><td width="11%" align="right" valign="middle" >2.496.611</td><td width="11%" align="right" valign="middle" >24.698.847</td><td width="12%" align="right" valign="middle" >27.195.458</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >T The company has developed a novel and innovative platform for improved diagnose and treatment option in different cancer indications by combining non-invasive PET imaging (Diagnostic) and targeted radionuclide therapy (Therapy) â together known as Theranostics - by targeting a clinical validated cancer biomarker uPAR.</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >The projects relate to the development of a new product uTRACE® which is a diagnostic platform for various cancer indications, and a new product</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >uTREAT® which is a product used for uPAR targeted radionuclide therapy. By combining anti-cancer radiotherapy uTREAT®</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >(therapy) with uTRACE® (diagnostics), the technology is expected to be able to detect and treat cancer and metastases in a much more gentle and</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >efficient way than todayâs method of external radiation therapy. uTRACE® will accurately seek and bind to the specific cancer cells predicting where the</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >anti-cancer radiation treatment, uTREAT®, will bind.</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >The projects are progressing as planned and uTRACE® as the first product, is expected to be on the market in 2024 in brain cancer. uTRACE® is ex-</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >pected be sold to hospitals worldwide for diagnostic purposes of patients with different cancer indications. uTREAT® is expected to be on the market</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >in 2025/26. The company has so far conducted clinical investigations of more than 450 cancer patients, which has shown very positive results and</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >led to the start-up of additional clinical studies in other cancer indications in collaboration with the University Hospital in Copenhagen (Rigshospitalet).</td></tr><tr><td colspan="4"></td></tr></table></fsa:DisclosureOfIntangibleAssets>
<fsa:DisclosureOfPropertyPlantAndEquipment 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 width="89%" colspan="5" align="left" valign="middle" >Property, plant and equipment</td><td width="11%" colspan="1" align="right" valign="middle" >Other fixtures</td></tr><tr><td width="53%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" ></td><td width="11%" colspan="1" align="right" valign="middle" >and fittings,</td></tr><tr><td width="53%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" ></td><td width="11%" colspan="1" align="right" valign="middle" >tools and</td></tr><tr><td width="53%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" ></td><td width="11%" colspan="1" align="right" valign="middle" >equipment</td></tr><tr><td colspan="6"></td></tr><tr><td width="89%" colspan="5" align="left" valign="middle" >Cost at 1 January</td><td width="11%" align="right" valign="middle" >397.345</td></tr><tr><td width="89%" colspan="5" align="left" valign="middle" >Cost at 31 December</td><td width="11%" align="right" valign="middle" >397.345</td></tr><tr><td width="89%" colspan="5" align="left" valign="middle" >Impairment losses and depreciation at 1 January</td><td width="11%" align="right" valign="middle" >178.795</td></tr><tr><td width="89%" colspan="5" align="left" valign="middle" >Depreciation for the year</td><td width="11%" align="right" valign="middle" >39.732</td></tr><tr><td width="89%" colspan="5" align="left" valign="middle" >Impairment losses and depreciation at 31 December</td><td width="11%" align="right" valign="middle" >218.527</td></tr><tr><td colspan="6"></td></tr><tr><td width="89%" colspan="5" align="left" valign="middle" >Carrying amount at 31 December</td><td width="11%" align="right" valign="middle" >178.818</td></tr><tr><td colspan="6"></td></tr></table></fsa:DisclosureOfPropertyPlantAndEquipment>
<fsa:DisclosureOfEquity 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 width="100%" colspan="6" align="left" valign="middle" >Equity</td></tr><tr><td colspan="6"></td></tr><tr><td width="89%" colspan="5" align="left" valign="middle" >The share capital is broken down as follow</td><td width="11%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="53%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" colspan="1" align="right" valign="middle" >Number</td><td width="11%" colspan="1" align="right" valign="middle" >Nominal value</td></tr><tr><td width="80%" colspan="4" align="left" valign="middle" >A-shares</td><td width="9%" align="right" valign="middle" >19.893.891</td><td width="11%" align="right" valign="middle" >994.695</td></tr><tr><td width="53%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" ></td><td width="11%" align="right" valign="middle" >994.695</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The share capital has developed as follows</td></tr><tr><td colspan="6"></td></tr><tr><td width="53%" ></td><td width="9%" align="right" valign="middle" >2021</td><td width="9%" align="right" valign="middle" >2020</td><td width="9%" align="right" valign="middle" >2019</td><td width="9%" align="right" valign="middle" >2018</td><td width="11%" align="right" valign="middle" >2017</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Share capital at 1 January</td><td width="9%" align="right" valign="middle" >856.317</td><td width="9%" align="right" valign="middle" >694.318</td><td width="9%" align="right" valign="middle" >286.581</td><td width="9%" align="right" valign="middle" >286.581</td><td width="11%" align="right" valign="middle" >180.007</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Capital increase</td><td width="9%" align="right" valign="middle" >138.378</td><td width="9%" align="right" valign="middle" >161.999</td><td width="9%" align="right" valign="middle" >604.997</td><td width="9%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >106.574</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Capital decrease</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >-197.260</td><td width="9%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Share capital at 31 December</td><td width="9%" align="right" valign="middle" >994.695</td><td width="9%" align="right" valign="middle" >856.317</td><td width="9%" align="right" valign="middle" >694.318</td><td width="9%" align="right" valign="middle" >286.581</td><td width="11%" align="right" valign="middle" >286.581</td></tr><tr><td colspan="6"></td></tr></table></fsa:DisclosureOfEquity>
<fsa:DisclosureOfProvisionsForDeferredTax 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 width="74%" colspan="1" align="left" valign="middle" >Provision for deferred tax</td><td width="12%" align="right" valign="middle" >2021</td><td width="14%" align="right" valign="middle" >2020</td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Intangible assets</td><td width="12%" align="right" valign="middle" >5.417.286</td><td width="14%" align="right" valign="middle" >4.870.161</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Property, plant and equipment</td><td width="12%" align="right" valign="middle" >23.782</td><td width="14%" align="right" valign="middle" >27.337</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Tax loss carry-forward</td><td width="12%" align="right" valign="middle" >-2.943.911</td><td width="14%" align="right" valign="middle" >-2.783.815</td></tr><tr><td width="74%" ></td><td width="12%" align="right" valign="middle" >1.446.182</td><td width="14%" align="right" valign="middle" >1.953.587</td></tr><tr><td colspan="3"></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 width="74%" colspan="1" align="left" valign="middle" >Provision for deferred tax</td><td width="12%" align="right" valign="middle" >2021</td><td width="14%" align="right" valign="middle" >2020</td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Change in receivables</td><td width="12%" align="right" valign="middle" >520.425</td><td width="14%" align="right" valign="middle" >-912.765</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Change in trade payables, etc</td><td width="12%" align="right" valign="middle" >-7.351</td><td width="14%" align="right" valign="middle" >-671.699</td></tr><tr><td width="74%" ></td><td width="12%" align="right" valign="middle" >513.074</td><td width="14%" align="right" valign="middle" >-1.584.464</td></tr><tr><td colspan="3"></td></tr></table></fsa:DisclosureOfProvisionsForDeferredTax>
<fsa:DisclosureOfCashAndCashEquivalents 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 width="74%" colspan="1" align="left" valign="middle" >Cash flow statement - adjustments</td><td width="12%" align="right" valign="middle" >2021</td><td width="14%" align="right" valign="middle" >2020</td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Financial expenses</td><td width="12%" align="right" valign="middle" >379.900</td><td width="14%" align="right" valign="middle" >64.397</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Depreciation, amortisation and impairment losses, including losses and</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >gains on sales</td><td width="12%" align="right" valign="middle" >1.010.644</td><td width="14%" align="right" valign="middle" >73.607</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Tax on profit/loss for the year</td><td width="12%" align="right" valign="middle" >-1.173.845</td><td width="14%" align="right" valign="middle" >-221.374</td></tr><tr><td width="74%" ></td><td width="12%" align="right" valign="middle" >216.699</td><td width="14%" align="right" valign="middle" >-83.370</td></tr><tr><td colspan="3"></td></tr></table></fsa:DisclosureOfCashAndCashEquivalents>
<fsa:DisclosureOfContingentLiabilities 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 width="100%" colspan="1" align="left" valign="middle" >Contingent assets, liabilities and other financial obligations</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Contingent liabilities</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Curasight A/S has entered lease agreements where the obligations in the non-terminability period amount to DKK 480.</td></tr></table></fsa:DisclosureOfContingentLiabilities>
<fsa:ClassOfReportingEntity contextRef="ctx1">Regnskabsklasse B</fsa:ClassOfReportingEntity>
<fsa:DisclosureOfAccountingPolicies 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 /><td>Accounting Policies</td></tr><tr><td /><td>The Annual Report of Curasight A/S for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to</td></tr><tr><td /><td>enterprises of reporting class B as well as selected rules applying to reporting class C.</td></tr><tr><td /><td>The accounting policies applied remain unchanged from last year.</td></tr><tr><td /><td>The Financial Statements for 2021 are presented in DKK.</td></tr></table></fsa:DisclosureOfAccountingPolicies>
<fsa:DescriptionOfGeneralMattersRelatedToRecognitionMeasurementAndChangesInAccountingPolicies 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 /><td>Recognition and measurement</td></tr><tr><td /><td>Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair</td></tr><tr><td /><td>value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement,</td></tr><tr><td /><td>including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have</td></tr><tr><td /><td>previously been recognised in the income statement.</td></tr><tr><td /><td>Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the</td></tr><tr><td /><td>value of the asset can be measured reliably.</td></tr><tr><td /><td>Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability</td></tr><tr><td /><td>can be measured reliably.</td></tr><tr><td /><td>Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.</td></tr></table></fsa:DescriptionOfGeneralMattersRelatedToRecognitionMeasurementAndChangesInAccountingPolicies>
<fsa:DescriptionOfMethodsOfTranslationOfForeignCurrencies 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 /><td>Translation policies</td></tr><tr><td /><td>Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences</td></tr><tr><td /><td>between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement.</td></tr><tr><td /><td>Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.</td></tr><tr><td /><td>Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the</td></tr><tr><td /><td>exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the</td></tr><tr><td /><td>receivable or the debt arose are recognised in financial income and expenses in the income statement.</td></tr><tr><td /><td>Fixed assets acquired in foreign currencies are measured at the transaction date rates.</td></tr></table></fsa:DescriptionOfMethodsOfTranslationOfForeignCurrencies>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfIncomeStatementItems 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 /><td>Income Statement</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfIncomeStatementItems>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfExternalExpenses 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 /><td>Other external expenses</td></tr><tr><td /><td>Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfExternalExpenses>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfGrossProfitLoss 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 /><td>Gross profit/loss</td></tr><tr><td /><td>With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of expenses for consumables and</td></tr><tr><td /><td>other external expenses.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfGrossProfitLoss>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfEmployeeBenefitExpense 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 /><td>Staff expenses</td></tr><tr><td /><td>Staff expenses comprise wages and salaries as well as payroll expenses.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfEmployeeBenefitExpense>
<fsa:DescriptionOfMethodsOfImpairmentLossesAndDepreciation 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 /><td>Amortisation, depreciation and impairment losses</td></tr><tr><td /><td>Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and</td></tr><tr><td /><td>equipment.</td></tr></table></fsa:DescriptionOfMethodsOfImpairmentLossesAndDepreciation>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfFinanceIncomeAndExpenses 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 /><td>Financial income and expenses</td></tr><tr><td /><td>Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfFinanceIncomeAndExpenses>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxExpenses 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 /><td>Tax on profit/loss for the year</td></tr><tr><td /><td>Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised</td></tr><tr><td /><td>in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxExpenses>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfAssetsAndLiabilities 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 /><td>Balance Sheet</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfAssetsAndLiabilities>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfIntangibleAssets 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 /><td>Intangible assets</td></tr><tr><td /><td>Intangible assets comprise uncompleted and completed development projects with related intellectual property rights, acquired intellectual property</td></tr><tr><td /><td>rights and includes salaries, amortization and other costs directly and indirectly attributable to the Companyâs development projects. Development</td></tr><tr><td /><td>projects that are clearly defined and identifiable, where the technical utilization, sufficient resources and a potential future market or development</td></tr><tr><td /><td>opportunities in the Company can be demonstrated and where the intention is to produce, market or use the project are recognized as intangible assets</td></tr><tr><td /><td>if there is sufficient certainty that the capital value of future earnings can cover.</td></tr><tr><td /><td>production costs, selling and administrative expenses and development costs.</td></tr><tr><td /><td>Development projects that do not meet the criteria for capitalization are recognized as expenses in the income statement as incurred.</td></tr><tr><td /><td>Capitalised development costs are measured at cost less accumulated depreciation and writedowns or recoverable amount, whichever is lower. An</td></tr><tr><td /><td>amount equal to the capitalized development costs in the balance held by 1 January 2016 are recognized in the item âreserve for development costsâ</td></tr><tr><td /><td>under equity. The reserve decreased in value due to depreciation.</td></tr><tr><td /><td>Completed development projects are amortised on a straight-line basis using the estimated useful lives of the assets. The amortisation period is 3</td></tr><tr><td /><td>years.</td></tr><tr><td /><td>Patents and licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Patents are amortised over the</td></tr><tr><td /><td>remaining patent period, and licences are amortised over the licence period; however not exceeding 10 years.</td></tr><tr><td /><td>Development costs and costs relating to rights developed by the Company are recognised in the income statement as costs in the year of acquisition.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfIntangibleAssets>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfPropertyPlantAndEquipment 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 /><td>Property, plant and equipment</td></tr><tr><td /><td>Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.</td></tr><tr><td /><td>Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.</td></tr><tr><td /><td>Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are</td></tr><tr><td /><td>Other fixtures and fittings, tools and equipment 10 years</td></tr><tr><td /><td>Depreciation period and residual value are reassessed annually.</td></tr><tr><td /><td>Assets costing less than DKK 30,000 are expensed in the year of acquisition.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfPropertyPlantAndEquipment>
<fsa:DescriptionOfMethodsOfAmortisationOfNoncurrentAssets 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 /><td>Impairment of fixed assets</td></tr><tr><td /><td>The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any</td></tr><tr><td /><td>indication of impairment other than that expressed by amortisation and depreciation.</td></tr><tr><td /><td>If so, the asset is written down to its lower recoverable amount.</td></tr></table></fsa:DescriptionOfMethodsOfAmortisationOfNoncurrentAssets>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfReceivables 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 /><td>Receivables</td></tr><tr><td /><td>Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less</td></tr><tr><td /><td>provisions for bad debts.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfReceivables>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxPayablesAndDeferredTax 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 /><td>Deferred tax assets and liabilities</td></tr><tr><td /><td>Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets</td></tr><tr><td /><td>and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability,</td></tr><tr><td /><td>respectively.</td></tr><tr><td /><td>Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination</td></tr><tr><td /><td>in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax</td></tr><tr><td /><td>entity.</td></tr><tr><td /><td>Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the</td></tr><tr><td /><td>deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement</td></tr><tr><td /><td>or in equity if the deferred tax relates to items recognised in equity.</td></tr><tr><td /><td>Current tax receivables and liabilities</td></tr><tr><td /><td>Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable</td></tr><tr><td /><td>incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income</td></tr><tr><td /><td>statement in financial income and expenses.</td></tr><tr><td /><td>Financial debts</td></tr><tr><td /><td>Debts are measured at amortised cost, substantially corresponding to nominal value.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxPayablesAndDeferredTax>
<fsa:DescriptionMethodsOfRecognitionAndMeasurementBasisForCashFlowsStatement 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 /><td>Cash Flow Statement</td></tr><tr><td /><td>The cash flow statement shows the Company´s cash flows for the year broken down by operating, investing and financing activities, changes for the year</td></tr><tr><td /><td>in cash and cash equivalents as well as the Company´s cash and cash equivalents at the beginning and end of the year.</td></tr><tr><td /><td>Cash flows from operating activities</td></tr><tr><td /><td>Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating</td></tr><tr><td /><td>items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt</td></tr><tr><td /><td>excluding items included in cash and cash equivalents.</td></tr><tr><td /><td>Cash flows from investing activities</td></tr><tr><td /><td>Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as</td></tr><tr><td /><td>fixed asset investments.</td></tr><tr><td /><td>Cash flows from financing activities</td></tr><tr><td /><td>Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.</td></tr><tr><td /><td>Cash and cash equivalents</td></tr><tr><td /><td>Cash and cash equivalents comprise âCash at bank and in handâ.</td></tr><tr><td /><td>The cash flow statement cannot be immediately derived from the published financial records.</td></tr></table></fsa:DescriptionMethodsOfRecognitionAndMeasurementBasisForCashFlowsStatement>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx1">32895468</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="ctx1" xml:lang="da">BEIERHOLM, STATSAUTORISERET REVISIONSPARTNERSELSKAB</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx1" xml:lang="da">Voergårdvej 2</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" xml:lang="da">9200 Aalborg SV</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<gsd:ToolForPreparingTheXBRLInstanceDocument contextRef="ctx1" xml:lang="da">xWizard version 1.1.1123.1, by EasyX Aps. www.easyx.eu</gsd:ToolForPreparingTheXBRLInstanceDocument>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx1">2020-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx1">2020-12-31</gsd:PredingReportingPeriodEndDate>
<cmn:TypeOfAuditorAssistance contextRef="ctx1">Revisionspåtegning</cmn:TypeOfAuditorAssistance>
<arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="ctx1">Grundlag for konklusion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx1">Konklusion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx2" xml:lang="da">Per Falholt</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx2" xml:lang="da">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx3" xml:lang="da">Lars Trolle</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx4" xml:lang="da">Kirsten Drejer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx5" xml:lang="da">Charlotte Vedel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx6" xml:lang="da">Andreas Kjær</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx7" xml:lang="da">Ulrich Krasilnikoff</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx8" xml:lang="da">Ulrich Krasilnikoff</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx8" xml:lang="da">CEO</cmn:TitleOfMemberOfExecutiveBoard>
<fsa:GrossProfitLoss contextRef="ctx9" unitRef="vDKK" decimals="0">-4791150</fsa:GrossProfitLoss>
<fsa:EmployeeBenefitsExpense contextRef="ctx9" unitRef="vDKK" decimals="0">844421</fsa:EmployeeBenefitsExpense>
<fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss contextRef="ctx9" unitRef="vDKK" decimals="0">73607</fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss>
<fsa:OtherFinanceExpenses contextRef="ctx9" unitRef="vDKK" decimals="0">64397</fsa:OtherFinanceExpenses>
<fsa:ProfitLossFromOrdinaryActivitiesBeforeTax contextRef="ctx9" unitRef="vDKK" decimals="0">-5773575</fsa:ProfitLossFromOrdinaryActivitiesBeforeTax>
<fsa:TaxExpense contextRef="ctx9" unitRef="vDKK" decimals="0">-221374</fsa:TaxExpense>
<fsa:ProfitLoss contextRef="ctx9" unitRef="vDKK" decimals="0">-5552201</fsa:ProfitLoss>
<fsa:Adjustments contextRef="ctx9" unitRef="vDKK" decimals="0">-83370</fsa:Adjustments>
<fsa:AdjustmentsForDecreaseIncreaseInWorkingCapital contextRef="ctx9" unitRef="vDKK" decimals="0">-1584464</fsa:AdjustmentsForDecreaseIncreaseInWorkingCapital>
<fsa:AdjustmentsfInterestAndSimilarExpenses contextRef="ctx9" unitRef="vDKK" decimals="0">-64396</fsa:AdjustmentsfInterestAndSimilarExpenses>
<fsa:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="ctx9" unitRef="vDKK" decimals="0">321025</fsa:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<fsa:CashFlowFromOrdinaryOperatingActivities contextRef="ctx9" unitRef="vDKK" decimals="0">-6963406</fsa:CashFlowFromOrdinaryOperatingActivities>
<fsa:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="ctx9" unitRef="vDKK" decimals="0">-4603359</fsa:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<fsa:CashFlowsFromUsedInInvestingActivities contextRef="ctx9" unitRef="vDKK" decimals="0">-4603359</fsa:CashFlowsFromUsedInInvestingActivities>
<fsa:CashCapitalIncrease contextRef="ctx9" unitRef="vDKK" decimals="0">46655999</fsa:CashCapitalIncrease>
<fsa:CashFlowsFromUsedInFinancingActivities contextRef="ctx9" unitRef="vDKK" decimals="0">46655999</fsa:CashFlowsFromUsedInFinancingActivities>
<fsa:NetIncreaseDecreaseInCashAndCashEquivalents contextRef="ctx9" unitRef="vDKK" decimals="0">35089234</fsa:NetIncreaseDecreaseInCashAndCashEquivalents>
<fsa:ProfitLoss contextRef="ctx10" unitRef="vDKK" decimals="0">-7578670</fsa:ProfitLoss>
<fsa:ProfitLoss contextRef="ctx11" unitRef="vDKK" decimals="0">-5552201</fsa:ProfitLoss>
<fsa:AcquiredPatents contextRef="ctx12" unitRef="vDKK" decimals="0">2496611</fsa:AcquiredPatents>
<fsa:DevelopmentProjectsInProgress contextRef="ctx12" unitRef="vDKK" decimals="0">24698847</fsa:DevelopmentProjectsInProgress>
<fsa:IntangibleAssets contextRef="ctx12" unitRef="vDKK" decimals="0">27195458</fsa:IntangibleAssets>
<fsa:FixturesFittingsToolsAndEquipment contextRef="ctx12" unitRef="vDKK" decimals="0">178818</fsa:FixturesFittingsToolsAndEquipment>
<fsa:PropertyPlantAndEquipment contextRef="ctx12" unitRef="vDKK" decimals="0">178818</fsa:PropertyPlantAndEquipment>
<fsa:NoncurrentAssets contextRef="ctx12" unitRef="vDKK" decimals="0">27374276</fsa:NoncurrentAssets>
<fsa:OtherShorttermReceivables contextRef="ctx12" unitRef="vDKK" decimals="0">592504</fsa:OtherShorttermReceivables>
<fsa:ShorttermTaxReceivables contextRef="ctx12" unitRef="vDKK" decimals="0">1083344</fsa:ShorttermTaxReceivables>
<fsa:ShorttermReceivables contextRef="ctx12" unitRef="vDKK" decimals="0">1675848</fsa:ShorttermReceivables>
<fsa:CashAndCashEquivalents contextRef="ctx12" unitRef="vDKK" decimals="0">73564174</fsa:CashAndCashEquivalents>
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<fsa:Assets contextRef="ctx12" unitRef="vDKK" decimals="0">102614298</fsa:Assets>
<fsa:ContributedCapital contextRef="ctx12" unitRef="vDKK" decimals="0">994695</fsa:ContributedCapital>
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<fsa:RetainedEarnings contextRef="ctx12" unitRef="vDKK" decimals="0">76946537</fsa:RetainedEarnings>
<fsa:Equity contextRef="ctx12" unitRef="vDKK" decimals="0">99153690</fsa:Equity>
<fsa:ProvisionsForDeferredTax contextRef="ctx12" unitRef="vDKK" decimals="0">1446182</fsa:ProvisionsForDeferredTax>
<fsa:Provisions contextRef="ctx12" unitRef="vDKK" decimals="0">1446182</fsa:Provisions>
<fsa:ShorttermPrepaymentsReceivedFromCustomers contextRef="ctx12" unitRef="vDKK" decimals="0">1128109</fsa:ShorttermPrepaymentsReceivedFromCustomers>
<fsa:ShorttermTradePayables contextRef="ctx12" unitRef="vDKK" decimals="0">704865</fsa:ShorttermTradePayables>
<fsa:OtherShorttermPayables contextRef="ctx12" unitRef="vDKK" decimals="0">181452</fsa:OtherShorttermPayables>
<fsa:ShorttermLiabilitiesOtherThanProvisions contextRef="ctx12" unitRef="vDKK" decimals="0">2014426</fsa:ShorttermLiabilitiesOtherThanProvisions>
<fsa:LiabilitiesOtherThanProvisions contextRef="ctx12" unitRef="vDKK" decimals="0">2014426</fsa:LiabilitiesOtherThanProvisions>
<fsa:LiabilitiesAndEquity contextRef="ctx12" unitRef="vDKK" decimals="0">102614298</fsa:LiabilitiesAndEquity>
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<fsa:AcquiredPatents contextRef="ctx13" unitRef="vDKK" decimals="0">3467522</fsa:AcquiredPatents>
<fsa:DevelopmentProjectsInProgress contextRef="ctx13" unitRef="vDKK" decimals="0">21669573</fsa:DevelopmentProjectsInProgress>
<fsa:IntangibleAssets contextRef="ctx13" unitRef="vDKK" decimals="0">25137095</fsa:IntangibleAssets>
<fsa:FixturesFittingsToolsAndEquipment contextRef="ctx13" unitRef="vDKK" decimals="0">218550</fsa:FixturesFittingsToolsAndEquipment>
<fsa:PropertyPlantAndEquipment contextRef="ctx13" unitRef="vDKK" decimals="0">218550</fsa:PropertyPlantAndEquipment>
<fsa:NoncurrentAssets contextRef="ctx13" unitRef="vDKK" decimals="0">25355645</fsa:NoncurrentAssets>
<fsa:OtherShorttermReceivables contextRef="ctx13" unitRef="vDKK" decimals="0">1112929</fsa:OtherShorttermReceivables>
<fsa:ShorttermTaxReceivables contextRef="ctx13" unitRef="vDKK" decimals="0">353019</fsa:ShorttermTaxReceivables>
<fsa:ShorttermReceivables contextRef="ctx13" unitRef="vDKK" decimals="0">1465948</fsa:ShorttermReceivables>
<fsa:CashAndCashEquivalents contextRef="ctx13" unitRef="vDKK" decimals="0">36284252</fsa:CashAndCashEquivalents>
<fsa:CurrentAssets contextRef="ctx13" unitRef="vDKK" decimals="0">37750200</fsa:CurrentAssets>
<fsa:Assets contextRef="ctx13" unitRef="vDKK" decimals="0">63105845</fsa:Assets>
<fsa:ContributedCapital contextRef="ctx13" unitRef="vDKK" decimals="0">856317</fsa:ContributedCapital>
<fsa:ReserveForDevelopmentExpenditure contextRef="ctx13" unitRef="vDKK" decimals="0">18631935</fsa:ReserveForDevelopmentExpenditure>
<fsa:RetainedEarnings contextRef="ctx13" unitRef="vDKK" decimals="0">39642230</fsa:RetainedEarnings>
<fsa:Equity contextRef="ctx13" unitRef="vDKK" decimals="0">59130482</fsa:Equity>
<fsa:ProvisionsForDeferredTax contextRef="ctx13" unitRef="vDKK" decimals="0">1953587</fsa:ProvisionsForDeferredTax>
<fsa:Provisions contextRef="ctx13" unitRef="vDKK" decimals="0">1953587</fsa:Provisions>
<fsa:ShorttermPrepaymentsReceivedFromCustomers contextRef="ctx13" unitRef="vDKK" decimals="0">1082417</fsa:ShorttermPrepaymentsReceivedFromCustomers>
<fsa:ShorttermTradePayables contextRef="ctx13" unitRef="vDKK" decimals="0">359786</fsa:ShorttermTradePayables>
<fsa:OtherShorttermPayables contextRef="ctx13" unitRef="vDKK" decimals="0">579573</fsa:OtherShorttermPayables>
<fsa:ShorttermLiabilitiesOtherThanProvisions contextRef="ctx13" unitRef="vDKK" decimals="0">2021776</fsa:ShorttermLiabilitiesOtherThanProvisions>
<fsa:LiabilitiesOtherThanProvisions contextRef="ctx13" unitRef="vDKK" decimals="0">2021776</fsa:LiabilitiesOtherThanProvisions>
<fsa:LiabilitiesAndEquity contextRef="ctx13" unitRef="vDKK" decimals="0">63105845</fsa:LiabilitiesAndEquity>
<fsa:CashAndCashEquivalentsConcerningCashflowStatement contextRef="ctx13" unitRef="vDKK" decimals="0">36284252</fsa:CashAndCashEquivalentsConcerningCashflowStatement>
<fsa:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx14" xml:lang="da">Cash flow from operating activities before financial income and expenses</fsa:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<fsa:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx14" unitRef="vDKK" decimals="0">-6848897</fsa:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<fsa:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx15" xml:lang="da">Cash flow from operating activities before financial income and expenses</fsa:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<fsa:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx15" unitRef="vDKK" decimals="0">-7220035</fsa:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<fsa:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx16" xml:lang="da">Cash flow from ordinary activities</fsa:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<fsa:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx16" unitRef="vDKK" decimals="0">-7228795</fsa:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<fsa:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx17" xml:lang="da">Cash flow from ordinary activities</fsa:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<fsa:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx17" unitRef="vDKK" decimals="0">-7284431</fsa:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<fsa:CashAndCashEquivalentsConcerningCashflowStatement contextRef="ctx18" unitRef="vDKK" decimals="0">36284252</fsa:CashAndCashEquivalentsConcerningCashflowStatement>
<fsa:CashAndCashEquivalentsConcerningCashflowStatement contextRef="ctx19" unitRef="vDKK" decimals="0">1195018</fsa:CashAndCashEquivalentsConcerningCashflowStatement>
<fsa:AverageNumberOfEmployees contextRef="ctx20" unitRef="pure" decimals="0">2</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx21" unitRef="pure" decimals="0">2</fsa:AverageNumberOfEmployees>
<cmn:NameOfAuditFirm contextRef="ctx22" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx22">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx22" xml:lang="da">Jacob F Christiansen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx22" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx22">mne18628</cmn:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx23" xml:lang="da">Kristian Højgaard Carlsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx23" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx23">mne44112</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx23">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx23" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
</xbrli:xbrl>