Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2024-12-31	65606000	vDKK
ifrs-full:Assets	2023-12-31	67737000	vDKK

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2024-01-01	2024-12-31	0	vDKK
ifrs-full:Revenue	2023-01-01	2023-12-31	0	vDKK

XML

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   <arr:IndependentAuditorsReportsAudit contextRef="ctx1" id="fact1240" xml:lang="en">Independent auditor’s report   To the shareholders   of Pharma Equity Group A/S   REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND PARENT COMPANY FINANCIAL STATEMENTS  </arr:IndependentAuditorsReportsAudit>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" id="fact1244" xml:lang="en">Opinion   We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Pharma  Equity Group A/S for the financial year 1 January - 31 December 2024, which comprise income statement, total income  statement, balance sheet, statement of changes in equity, cash flow statement and notes, including material accounting  policy information for both the Group and the Parent Company. The Consolidated Financial Statements and the Parent  Company Financial Statements are prepared in accordance with the IFRS Accounting Standards as adopted by the EU  and additional disclosure requirements in the Danish Financial Statements Act.  In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair  view of the financial position of the Group and the Parent Company at 31 December 2024, and of the results of the  Group and Parent Company operations and cash flows for the financial year 1 January - 31 December 2024 in  accordance with the IFRS Accounting Standards as adopted by the EU and additional disclosure requirements in the  Danish Financial Statements Act.   Our opinion is consistent with our extract from audit book to the audit committee and the board of directors.  </arr:OpinionOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" id="fact1479" xml:lang="en">Basis for Opinion   We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements  applicable in Denmark. Our responsibilities under those standards and requirements are further described in the  “Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and the Parent Company Financial  Statements” section of our report. We are independent of the Group in accordance with the International Ethics  Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International  Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the  financial statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these  requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to  provide a basis for our opinion.  To the best of our belief we have not performed any prohibited non-audit services, as stated in article 5, subarticle 1, in  regulation (EU) no. 537/2014.   We were first appointed auditor of Pharma Equity Group A/S on 10 February 2023 for the financial year 2022. We  were reappointed annually by a resolution of a general meeting for a total continuous period of 3 years until and  including the financial year 2024.  </arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx1" id="fact1773" xml:lang="en">Key Audit Matters  Key Audit Matters are those matters  that, in our professional judgment,  were of most significance in our audit  of the Financial Statements for the   financial year 2024. These matters   were addressed in the context of our  audit of the Financial Statements as a  whole, and in forming our auditor’s  opinion thereon, and we do not  provide a separate opinion on these  matters.  Key audit matters   Capital resources  In 2024, the group has notreceived payment from Portinho S.A as further explained in note 2.1 to the  consolidated financial statements.  We have identified the sufficiency of the Group’s capital resources as a key audit matter.This is because   management, in its outlook for 2025, estimates a revenue of DKK 11 million, which, according to note 20, is not  expected to be received in 2025.  Hence, it is essential for the Group and the parent company to prepare the consolidated and parent company  financial statements on a going-concern basis, ensuring that sufficient funding is in place for a period ofat least  until 31 December 2025  Reference is made to notes 2.1, 16 and 20 to the consolidated financial statements.  Portinho S.A receivable  In past years, it was agreed that the Portinho S.A receivable matured on 1 July 2023. The Company did not  receive any payment by the due date and still no payments have been received until the date ofthis auditor’s  report.  The principal of the receivable and accrued interest in total amount to DKK 85.6 million. In the pastyears, the  receivable has been measured ata discounted value as an approximation of fair value, in the stand-alone parent  company financial statements.   As stated in notes 2.1 and 12 to the consolidated financial statements. Management is confident that the  receivable in time will be recovered. However, it may take longer time than originally agreed and anticipated  before the receivable will be recovered. Hence, Management has reassessed the fair value of the receivable to  reflectthe realistic timeline before the receivable is recovered. On this basis, the net realization value has been  determined to DKK 58 million.  Due to the uncertainty as to whether Management’s assessment of the recoverability and the timing of when this  realistically will take place, and the complexity ofdetermining a et realization value under these circumstances,  we consider the measurement of the Portinho S.A receivable to be a key audit matter.  Parent company financial statements: Impairment assessment of investment in Reponex Pharmaceuticals A/S  On 24 March 2023, Pharma Equity Group A/S acquired the entire share capital in Reponex Pharmaceuticals A/S  by issuing 977,347,625 shares of DKK 1 each in a rights issue to the shareholders of Reponex Pharmaceuticals  A/S. In the parentcompany financial statements, the investment is measured at cost. If recoverable amount is  lower than cost, the investment should be written down to the lower recoverable amount.  For accounting purposes, the purchase price for the investmentin Reponex Pharmaceuticals A/S is based on the  market price for the Pharma Equity Group A/S shares issued to the shareholders of Reponex Pharmaceuticals  A/S, which had its first day of trading on 28 March 2023 whereby the costwas determined to equal DKK 689m.  At 31 December 2024, the share price for Pharma Equity Group A/S is lower than the share price at 28 March  2023, which implies that the value of the investment in Reponex Pharmaceuticals A/S could be impaired.  As described in note 2 to the parent company financial statements, Management has performed an impairment  test, which shows that the recoverable amountis higher than the carrying value based on the costdetermined at  28 March 2023.  We identified the annual impairment test was significant to our audit because the investment in Reponex  Pharmaceuticals A/S in the parent company financial statements as a key audit matter due to the significance of  the investment in the parent company financial statements and the complexity and subjective nature of  Management’s determination of the recoverable amount.  How our audit addressed the key audit matter   Our procedures in relation to the assessment of the fair value of the Portinho S.A receivable included:  • Reviewing and challenging the key assumptions in management’s forecasted cash flows for 2025;  • Compared the cash flow forecasts against the budget approved by the board of directors of the Company;  • Agreeing the Group’s debt facilities to supporting documents with focus on the agreements entered that  maturity date can be deferred if no payment will be received from Portinho S.A in 2025;  • Agreed convertible loans and convertible bonds to underlying documentation;  • Agreed the unused Credit facilities;  • Challenging management’s plans for mitigating any identified exposures, including whether such mitigating  actions appear realistic and achievable;  • Assessing the appropriateness of the disclosures included in notes 2.1, 17 and 20 to the consolidated financial  statements.  Our procedures in relation to the assessment of the et realization value of the Portinho S.A receivable indcluded:  • Reviewing Management’s documentation of its dialogue with representatives of Portinho S.A including  confirmation of outstanding amount and accrued interest as of 31 December 2024;  • Reviewing and challenging Management’s documentation and support for its assessment that the Portinho S.A  receivable in time will be recovered;  • Testing and evaluating the appropriateness of the model used to determine fair value ofthe receivable  including challenging the reasonableness of the key assumptions such as timing of when the receivable  realistically is expected to be recovered and testing and challenging the discount rate used to calculate the fair  value;   • Assessing the appropriateness of the disclosures included in notes 2.1 and 14 to the consolidated financial  statements and note 2 in the parent company financial statements  Our procedures in relation to the assessment of the recoverable amount of the investmentin Reponex  Pharmaceuticals A/S included:  • Reviewing Management’s documentation for its assessment of its investment in Reponex Pharmaceuticals,  including progress of the development of the underlying product candidates;  • Evaluate the appropriateness of the Impairment test based on the rNPV-model ("risk adjusted net present  value") used by management to calculate the recoverable amount for Reponex Pharmaceutical A/S;  • Assess and challenge the reasonableness ofthe key assumptions such as likelihood that partnership  agreements will be entered, royalty rates, market size and market shares, timeline and discount rates;  • Reviewing and comparing external valuations of Pharma Equity Group A/S – and thereby indirectly valuations  ofReponex Pharmaceuticals A/S – with the valuations prepared by Management;  • Assessing the appropriateness of the disclosures included in note 2 ofthe parent company financial  statements  </arr:KeyAuditMattersAudit>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" id="fact4029" xml:lang="en">Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and the Parent Company Financial Statements  Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements and the Parent CompanyFinancial Statements as  a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable  assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additoi nal 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 Consolidated Financial  Statements and Parent Company Financial Statements.  As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise proef ssional judgment and  maintain professional skepticism throughout the audit. We also:  • Identify and assess the risks of material misstatement of the Consolidated Financial State-ments and the Parent Company Financial Statements,  whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suf-ficient and  appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is hig her than for one resulting  from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of inter-nal control.  • Obtain an understanding of internal control relevant to the audit in order to design audit pro-cedures that are appropriate in the circumstances, but  not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.  • Evaluate the appropriateness of accounting policies used and the reasonableness of account-ing estimates and related disclosures made by  Management.  • Conclude on the appropriateness of Management’s use of the going concern basis of account-ing in preparing the Consolidated Financial Statements  and the Parent Company Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or  conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a  material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Consolidated Financial  Statements and the Parent Company Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on  the au-dit evidence obtained up to the date of our auditor’s report. However, future events or condi-tions may cause the Group and the Company to  cease to continue as a going concern.  • Evaluate the overall presentation, structure and contents of the Consolidated Financial State-ments and the Parent Company Financial Statements,  including the disclosures, and whether the Consolidated Financial Statements and the Parent Company Financial Statements repre-sent the  underlying transactions and events in a manner that gives a true and fair view.  • Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units  within the group as a basis for form-ing an opinion on the group Financial Statements and the Parent Company Financial State-ments. We are  responsible for the direction, supervision and review of the audit work per-formed for purposes of the group audit. We remain solely responsible for  our audit opinion.  We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit  findings, including any significant deficiencies in internal control that we identify during our audit.  We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and  to communicate them all relationships and other matters that may reasonably thought to bear on our independence, and where applicable, actions taken  to eliminate threats or safeguards applied.  From the matters communicated with those charged with governance, we determine those matters that were of most significance nithe audit of the   Consolidated Financial Statements and the Parent Company Financial Statements of the current period and are therefore the keyaudit matters. We  describe these matters in our Independent Auditor’s 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 Independent Auditor’s Report because the adverse consequences of  doing so would reasonably be expected to outweigh the public interest benefits of suchcommuni-cation.  </arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact3580" xml:lang="en">Statement on Management Commentary  Management is responsible for Management Commentary.  Our opinion on the Consolidated Financial Statements and the Parent  Company Financial Statements does not cover Management Commentary, and  we do not express any form of assurance conclusion thereon.  In connection with our audit of the Consolidated Financial Statements and the  Parent Company Financial Statements, our responsibility is to read  Management Commentary and, in doing so, consider whether Management  Commentary is materially inconsistent with the Consolidated Financial  Statements or the Parent Company Financial Statements or our knowledge  obtained during the audit, or otherwise appears to be materially misstated.  Moreover, it is our responsibility to consider whether Management  Commentary provides the information required under the Danish Financial  Statements Act.  Based on the work we have performed, we conclude that Management  Commentary 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 of Management Commentary.  </arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" id="fact3805" xml:lang="en">Management’s Responsibilities for the Consolidated Financial Statements and  the Parent Company Financial Statements  Management is responsible for the preparation of Consolidated Financial  Statements and Parent Company Financial Statements that give a true and fair  view in accordance with the IFRS Accounting Standards as adopted by the EU  and additional requirements in the Danish Financial Statements Act, and for  such internal control as Management determines is necessary to enable the  preparation of Consolidated Financial Statements and Parent Company  Financial Statements that are free from material misstatement, whether due to  fraud or error.  In preparing the Consolidated Financial Statements and the Parent Company  Financial Statements, Management is responsible for assessing the Group’s and  the Parent Company’s ability to continue as a going concern, disclosing, as  applicable, matters related to going concern and using the going concern basis  of accounting in preparing the Consolidated Financial Statements and the  Parent Company Financial Statements unless Management either intends to  liquidate the Group or the Company or to cease operations, or has no realistic  alternative but to do so.  </arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx1" id="fact5011" xml:lang="en">REPORT ON COMPLIANCE WITH THE ESEF REGULATION  As part of our audit of the Consolidated Financial Statements and Parent  Company Financial Statements of Pharma Equity Group A/S we performed  procedures to express an opinion on whether the annual report of Pharma  Equity Group A/S for the financial year 1 January to 31 December 2024 with  the file name PharmaEquityGroup-2024-12-31-en.ZIP is prepared, in all  material respects, in compliance with the Commission Dele-gated Regulation  (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation)  which includes requirements related to the preparation of the annual report in  XHTML format and iXBRL tagging of the Consolidated Financial Statements.  Management is responsible for preparing an annual report that complies with  the ESEF Regulation. This responsibility includes:  • The preparing of the annual report in XHTML format;  • The selection and application of appropriate iXBRL tags, including  extensions to the ESEF tax-onomy and the anchoring thereof to elements  in the taxonomy, for financial information re-quired to be tagged using  judgement where necessary;  • Ensuring consistency between iXBRL tagged data and the Consolidated  Financial Statements presented in human readable format; and  • For such internal control as Management determines necessary to enable  the preparation of an annual report that is compliant with the ESEF  Regulation.  Our responsibilityis to obtain reasonable assurance on whether the annual  report is prepared, in all material respects, in compliance with the ESEF  Regulation based on the evidence we have obtained, and to issue a report that  includes our opinion. The nature, timing and extent of procedures selected  depend on the auditor’s judgement, including the assessment of the risks of  material departures from the requirements set out in the ESEF Regulation,  whether due to fraud or error.  The procedures include:  • Testing whether the annual report is prepared in XHTML format;  • Obtaining an understanding of the company’s iXBRL tagging process and  of internal control over the tagging process;  • Evaluating the completeness of the iXBRL tagging of the Consolidated  Financial Statements in-cluding notes;  • Evaluating the appropriateness of the company’s use of iXBRL elements  selected from the ESEF taxonomy and the creation of extension elements  where no suitable element in the ESEF taxonomy has been identified;   • Evaluating the use of anchoring of extension elements to elements in the  ESEF taxonomy; and   • Reconciling the iXBRL tagged data with the audited Consolidated Financial  Statements.   In our opinion, the annual report of Pharma Equity Group A/S for the financial  year 1 January to 31 December 2024 with the file name  PharmaEquityGroup-2024-12-31-en.ZIP isprepared, in all material respects, in  compliance with the ESEF Regulation.  </arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="ctx1" id="fact5532" xml:lang="en">København</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx1" id="fact5533">2025-03-20</arr:SignatureOfAuditorsDate>
   <cmn:NameOfAuditFirm contextRef="ctx48" id="fact5588" xml:lang="en">BDO Statsautoriseret revisionsaktieselskab</cmn:NameOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx48" id="fact5589">20222670</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx48" id="fact5590" xml:lang="en">Mikkel Mauritzen</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx48" id="fact5591" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx48" id="fact5592" xml:lang="en">mne46621</cmn:IdentificationNumberOfAuditor>
</xbrli:xbrl>