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<mrv:ManagementsReview contextRef="ctx-1" xml:lang="en">A transformative year of progress and achievements lays the foundation for aprosperous 2025 CopenhageninApril2025Looking back on 2024, I am proud of the progress we made in our clinical development activities against a backdrop of a very challenging macroeconomic climate. We intensified our business development activities, pursuing discussions with key industry players on potential strategic partnerships, and look forward to continuing these efforts in 2025. This has resulted in a strengthening of our strategic investor base, as Curium and Pentwater has become shareholders in Curasight in connection with the annonced capital raising in the first half of 2025.We also continued activities to deliver on our strategy to accelerate clinical development of uTREAT®, where we have chosen brain cancer as the indication for the initial clinical trial. This is in line with our aim to build on Curasightâs theranostic approach, developing both diagnostic (uTRACE®) and treatment (uTREAT®) options in parallel.Progressing our phase 2 trial with uTRACE in Prostate CancerOur development team was able to move development of uTRACE in Prostate cancer forward rapidly and we were pleased to see the first patient enrolled in the Phase 2 trial under the Curium agreement in June 2024. This marked an important step in the development of the diagnosis arm of our theranostic platform. The trial is an important part of our program to develop uTRACE® as a potential alternative option to the use of biopsies for people with prostate cancer. Under the agreement signed with Curium in 2023, Curasight is eligible to receive up to USD 70 million in development and commercial milestones plus double-digit royalties on sales up commercialisation. Clinical trial recruitment is often inconsistent with periods of slower or more rapid recruitment, and despite a relatively slow start- up phase we still expected to be conducted and completed in 2025. The therapeutic strategy with uTREAT® In In November 2024, we announced aggressive brain cancer (High Grade Gliomas - HGG) as the first indication in uTREAT®, which is based on published Phase II uTRACE® data in the prestigious scientific journal EJNMMI. Given the studyâs finding of a 94% uPAR-positive rate among glioblastomas, we were proud to announce HGG as the first indication for uTREAT®. Our development team has created a clinical development plan to provide an accelerated timeline, and we look forward to dosing uTREAT® to the first patient in this indication mid-2025. Obtaining clinical proof-of-concept in uTREAT® is expected to lead to a further interest from industry players which could lead to potential partnership agreements with uTREAT®. We also aim to broaden the base of clinical evidence for uTREAT by running a so-called basket trial with up to five additional cancer types to validate uTREATâs wide-ranging potential. Strategic focusIn order to ensure we can execute on our clinical ambitions we are committed to meticulous financial and a sharp strategic focus. To ensure we have a solid financial foundation, Curasightâs management and Board of Directors continually evaluate funding options and explore potential strategic partnerships. An important part is to strengthen our capital structure, why we recently announced the launch of a rights issue. With this additional funding we can create a secure financial base to be able to accelerate our development of our clinical pipeline within therapy and pursue our aim of delivering transformative theranostic solutions to patients in need. As we face an exciting 2025 with important milestones ahead, I would like to take this opportunity to thank you for your continued support and trust in Curasight. Together we are working towards a future where our theranostic solutions contribute meaningfully to cancer treatment, offering tangible improvements in outcomes for patients worldwide. Best Regards, Ulrich KrasilnikoffCEO, Curasight A/S 2024 â a year of steady progressOn January 22, the first milestone under the agreement with Curium Inc. was achieved, marking progress in the development of uTRACE® PET imaging technology for the improved diagnosis of prostate cancer. The milestone relates to the validation of GMP manufacturing of the finished product. On February 13, the clinical therapeutic strategy was accelerated and expanded with the addition of a new Phase I/IIa trial, including a total of five cancer indications in a so called basket trial design. The trial will investigate Curasightâs theranostic (therapeutics/diagnostics) approach by testing the diagnostic platform uTRACE® and the treatment platform uTREAT® in brain cancer (Glioblastoma), neuroendocrine tumors (NET), head-and- neck cancer (HNSCC), non-small cell lung cancer (NSCLC), and pancreatic cancer. On February 13, a Rights Issue of up to DKK 51.2 million was launched with the intention to strengthen the capital structure and support the recently announced updated clinical developmentstrategy. On March, 11, a decision was made not to proceed with the Rights Issue announced on February 13, 2024, and instead, the Company will pursue alternative financing opportunities while remaining committed to accelerating its therapeutic strategy. On April 12, Kirsten Drejer was elected as the new Chair of the Board of Directors following Per Falholtâs decision to step down. On April 16, approval of a clinical trial application (CTA) from the European Medicines Agency (EMA) was granted for the investigation of uTRACE® in a phase 2 trial as a non-invasive alternative or supplement to traditional biopsies in prostate cancer patients in active surveillance. On June 12, the enrolment of the first patient in the Phase 2 trial using uTRACE® PET imaging technology for the improved diagnosis of prostate cancer was announced. The news triggers the second USD 500.000 milestone under the agreement with Curium Inc., signed in May 2023. On June 14, the Board of Directors resolved to launch a directed issue, raising approximately DKK 7.8 million. The Company also planned to execute a directed issue of units, comprising warrants, to Fenja Capital II A/S, as well as a preferential rights issue of units, consisting of warrants, to existing shareholders. Additionally, Curasight had secured a DKK 20 million loan facility from Fenja, with an immediate drawdown of DKK 10 million. Funding is aimed at creating a cash runway for 2H 2025 and securing a strategy for parallel development of uTRACE and uTREAT and continued activities under the Curium agreement. On September 4, the Board of Directors resolved on a directed issue of units (warrants of series TO2 and TO3) to Fenja Capital II A/S and a preferential rights issue of units (warrants of series TO2 and TO3) to theshareholders of the Company, in line with the financing update announced in June. This transaction ensures strategic flexibility, extending the cash runway into the second half of 2025.On September 16, subscription period in Curasight´s preferential rights issue commenced.On October 3, the rights issue was reported as significantly oversubscribed. The majority of the rights issue (90% corresponding to 1,098,708 units) was subscribed to with unit rights and a further 209,410,287 units were subscribed for without unit rights. Together, the subscriptions corresponded to 17,299 percent of the rights issue.On November 11, brain cancer (high-grade glioma, HGG) was announced as the first indication for uTREAT® as a potential cancer therapeutic. A clinical trial application (CTA) submission is anticipated in early Q1 2025, and the Companyâs aim is to dose the first patient with uTREAT® end of Q2 2025.On November 13, the publication of the international patent application for uTREAT® was announced. The patent application is in addition to already granted patents covering the companyâs peptide-based uPAR- targeting technology and if granted will extend patent protection to 2043. The application adds several new alpha- and beta-emitters to protection under existing issued patents and strengthens Curasightâs patent family for the uPAR-targetting technology, aimed at improving cancer diagnosis (uTRACE) and treatment (uTREAT).On November 20, the exercise price for the warrants of series TO2 was set to DKK 11.50 per share. The exercise period commenced on 21 November 2024.On November 22, announced that the Company has entered into a clinical supply agreement with Curium - a global leader inradiopharmaceuticals - for the supply of non-carrier-added Lutetium-177 for Curasightâs uTREAT®.On December 10, announced the outcome of the exercise of warrants of series TO2, which were issued in connection with Curasight A/S rights issue and directed issue of units earlier in 2024. In total, 466,453 warrants of series TO2 were exercised, corresponding to a subscription rate of approximately 12.7 percent. Curasight is thus provided approximately DKK 5.4 million before deduction of transaction related costs. Curasight A/S in shortPET-imaging, usually combined with CT as PET/ CT is used to create images in which the biology of the disease can be studied. The principle is that a radiolabelled tracer is injected and bound to the tumor targets in the tissues, e.g. uPAR, after which the radioactivity can be located with the help of a PET- scanner. Together with his team, Professor Andreas Kjaer, developed a platform based on the radiolabelled ®PET-tracer uTRACE, Curasightâs novel product that highlights the cancer biomarker uPAR. By injecting ®the patient with uTRACE, one can both image where the cancer is located and determine its level of aggressiveness. uTRACE images cancer aggressiveness and invasive potential. By imaging this, Curasightâs technology can diagnose and determine which therapeutic strategy should be pursued, e.g. if the patient needs treatment (e.g. surgery such as prostatectomy and/or ® radiotherapy) or not. In addition, uTRACEwill be used for theranostics (principle of combined therapy and diagnostics) and precision medicine, selecting the right therapy to the right person at the right time, creating substantial benefits for both patients and the healthcare system. uTRACE solution is expected to have major advantages in the future evaluation of prostate cancer because it is expected to help determine what type of treatment â and in particular if surgery â is necessary. Today most prostate cancer patients having prostatectomies performed are operated unnecessarily and most of these patients (up to 70 percent) experience some degree of side effects, such as impotence. The company believes that using Curasightâs product and diagnosis could improve patient ® management. uTRACEis designed to provide a more accurate categorisation of a patientâs tumor, supporting more tailored treatment plans allowing which can identify the necessary treatment at the right time. Curasightâs technology has been tested phase II academic clinical trials. According to the boardâs assessments, there is currently no other early-stage biotech company in the field of PET tracer development that has their technology tested in a broader portfolio of ongoing and planned clinical trials in humans (whether investigator-initiated and academically sponsored or industry-sponsored trials), in many different cancer indications. In 2017 a phase I/IIa first-in-human ® academic clinical trial with uTRACEwas completed. In ® 2018 a phase IIb academic clinical trial with uTRACEin breast cancer; in 2020 a phase II academic study in prostate cancer in 2021/2022 two academic studies in head-and-neck cancer and neuroendocrine tumors, respectively, were completed, and in 2023 the study in brain cancer was completed. A study in lung cancer is ongoing. ® (Diagnostics) uTRACEuPAR PET imaging with ® uTRACEfor improved evaluation of cancer disease across several cancer types has been confirmed in mulitiple phase II clinical trails. ®(Therapy) uTREATuPAR targeted radionuclide therapy is ® using uTRACEtogether with radiation therapy to locally irradiate cancer with limited irradiation of healthy tissue. uPAR Theranostic The combination of non-invasive PET imaging (Diagnostic) and targeted radionuclide therapy (Therapy) is together known at Theranostics. Targeted radionuclide therapy (theranostics) is expected to be the radiation therapy of the future. With the promising results obtained within diagnostics, Curasight now also pursues uPAR targeted radionuclide ® therapy using the uTRACEligand but âarmedâ with short-range (1 mm) radiation therapy. In brief, the therapeutic ligand will be injected into a vein after which it will circulate and bind to all cancer cells in the body expressing uPAR and locally irradiate cancer with limited irradiation of healthy tissue. This concept represents a gentler form of radiotherapy compared to traditional external radiation therapy and is therefore by many considered the âradiation therapy of tomorrowâ. As PET imaging and radionuclide therapy are based on ®the same uPAR binding peptide, a uTRACE-scan can precisely predict where subsequent targeted radiation therapy will be delivered (theranostic principle). Business model and critical path to regulatory approval Curasight aims to etablish its theranostic approach using imaging targeting the uPAR protein to improve the diagnosis and treatment of selective cancers. ® The companyâs uTRACEplatform can be used as an alternative to biopsies to discover and characterise ® tumors and the uTREATplatform can then be used for more targeted treatment of the tumor. Currently Curasight is focused on generating data ® ® with both uTRACEand uTREATin cancers including prostate cancer and glioblastoma (brain cancer), neuroendocrine tumors (NET), head and neck cancer, non small cell lung cancer (NSCLC), and pancreatic cancer. Each of these cancers offer different development opportunities and it is Curasightâs aim, based on clinical data, to find experienced partners who can collaborate on the later stages of development ® ®of uTRACEand uTREAT. Currently Curasight has ® a partnership for uTRACEin prostate cancer with Curium, a leader in the field of radionuclide medicine. Additionally, as a small and nimble company, Curasight seeks out highly specialised partners to support its operational drug development, for example with research and clinical contract organisations who are highly competent in the field of both diagnostic and therapeutic radiopharmaceuticals. By forming partnerships with Contract Development Manufacturing Organisations (CDMOs), and Clinical Research Organisations (CROs) we ensure access to top development manufacturing expertise and capacity and skills in conducting manufacturing of investigational medicine and clinical trials in accordance with good manufacturing (GMP) and clinical practice (GCP). We have now signed an agreement with Minerva Imaging ApS considered to be the optimal CDMO for the manufacture of the Investigational Medicinal Product for ®our coming clinical study with uTRACE. Likewise, we have finalised the contract with the CRO partner for our upcoming Phase 2 trial in prostate cancer with a 64Cu- ®labeled version of uTRACE. Clinical expectations Curasight is expanding and accelerating its clinical therapeutic strategy with the addition of a new Phase I/ IIa trial in brain cancer (Glioblastoma) to demonstrate clinical âproof-of-conceptâ for uTREAT®. A route has been identified with the aim to pursue a single indication for a relatively small trial that can be completed rapidly to provide this first validation of uTREAT®. As the uPAR-biomarker is cancer specific but not cancer type specific it works across cancer types, we can document the efficacy and safety in a cost effective and rapid way in a first indication and then run the larger and more complex basket study with five different indications to provide further broader evidence of the application in different cancer types. The plan is to enroll the first patient in Q2 2025. After completion a first Phase I/IIa study with uTREAT® in a single indication, high grade glioma, Curasight plans to expand and accelerate its clinical therapeutic strategy with the addition of a Phase II basket trial to include a total of five cancer indications in the same trial. The trial will investigate Curasightâs theranostic ® approach by testing the diagnosis platform uTRACE® and treatment platform uTREATin: â¢Neuroendocrine tumors (NET) â¢HeadandNeckcancerâ¢Non-Small Cell Lung cancers (NSCLC), and â¢Pancreatic cancer. The new Phase II basket trial will apply Curasightâs uPAR theranostic platform approach combining diagnosis (uTRACE®) and therapy (uTREAT®) and expect to initiate this trial in 2026. Curasight is committed to accelerating the development of its uTREAT® therapeutic platform in order to develop both uTREAT® and its diagnosis platform uTRACE® in parallel, to deliver better options to patients with certaintypes of cancer. By launching this basket trial Curasight can accelerate and broaden the development of both uTRACE® and uTREAT®, providing validation for potential partners of the use of our theranostic platform. Furthermore, Curasight is looking into how to unfold further our platform and how to broaden the mission to realize the vast potential of uTRACE® for diagnosing and uTREAT® for targeted radionuclide therapy in other cancer types where uPAR is also expressed. About high grade glioma and glioblastoma Treatment of glioblastoma presents a significant unmet medical need, necessitating innovative and effective treatments. Curasightâs research and development efforts aim to address this challenge and improve the lives of patients facing aggressive brain cancer. Curasightâs first goal is to advance its lead platforms ® ® uTREAT(used for therapy) and uTRACE(used for diagnosing) to improve outcomes for the approx. 65,000 patients in the US and EU diagnosed annually with brain tumours. Accordingly, approximately 30,000 patients are diagnosed each year with high-grade glioma where the prognosis is very poor. Glioblastoma is a rare disease in both markets, qualifying for Orphan Drug Designation; moreover, because of the high unmet need, platforms targeting it are more likely to qualify for e.g. Priority Review, Breakthrough Therapy Designation, or Accelerated Approval. Approximately 10 % of the patients are children. The prognosis for individuals with glioblastoma is very poor as approximately 50 % of the patients die within 14 months and after five years from diagnosis only 5 % are still alive. About neuroendocrine tumors Each year approximately 35,000 new cases are diagnosed in the US and EU. Due to the long survival of these patients, more than 400,000 patients are living with the disease in the US and EU. Neuroendocrine tumors are a rare form of cancer that occurs in glandular cells most frequently in the lining of the gastrointestinal tract or in the lungs, but the disease can in principle occur in all organs of the body. The main ® findings from the phase II trial with uTRACEwere that uPAR-positive lesions were seen in most NET patients and that uPAR PET was prognostic, and that uPAR will be a promising target for therapy in NET patients. About head and neck cancer Head and neck squamous cell carcinoma is the 6th most common cancer worldwide with 890,000 new cases and 450,000 deaths in 2018. The incidence is anticipated to increase over the coming years. The ® main finding from the Phase II trial using uTRACEwas that patients with high uptake on uPAR-PET compared to those with a low uptake had an 8.5-fold poorer prognosis regarding relapse-free survival. The conclusion from the trial was that uPAR-PET could become valuable regarding planning of therapy and follow-up in head and neck cancer patients. In addition, the presence of uPAR in head and neck cancer patients and in particular, in those with the most aggressive disease, also formed the basis for pursuing uPAR- ®targeted radionuclide therapy (uTREAT) in this cancer type. About Non Small Cell Lung Cancer (NSCLC) Lung cancer is the leading cause of cancer-related deaths worldwide, accounting for the highest mortality rates among both men and women. NSCLC is the most common type of lung cancer with approximately 700,000 patients being diagnosed each year in the US and EU alone. The 5-year survival rate in the US is around 28 %. Despite advances, there is a need for more effective therapies. Curasightâs preclinical studies ® show uTREATeffective in treating non-small cell lung cancer (NSCLC). Preliminary data from the investigator- initiated study presented at WMIC in Praque last year, demonstrates that almost all NSCLC tumors are uPAR ®positive and thus would be eligible for uTREAT. About Pancreatic Cancer Pancreatic cancer is the 12th most common cancer worldwide. It is the 12th most common cancer in men and the 11th most common cancer in women. There were more than 495,000 new cases of pancreatic cancer in 2020. Pancreatic cancer begins when abnormal cells in the pancreas grow and divide out of control and form a tumor. The pancreas is a gland located deep in the abdomen, between the stomachand the spine. It makes enzymes that help digestion and hormones that control blood-sugar levels. More than 66,000 Americans are expected to be diagnosed with pancreatic cancer in 2024. Strategic partnershipsDue to the very encouraging results from the finalised investigator-initiated clinical phase-II study in Prostate Cancer, Curasight has entered into a collaborative partnership with Curium to accelerate the product ® development of uTRACEas a more flexible and non-invasive risk stratification tool compared to the present gold standard (biopsy), for prostate cancer patients entering or being followed in active surveillance programs. The first milestone payment Curium has been received by us. To support and accelerate the strategic business development, discussions are currently ongoing with a number of major pharma companies with a view to ® uncover opportunities and interest in uTRACEand ®uTREAT. Key milestones 2025 ®(i) H1 2025: uTREAT approval of CTA by EMA ®H2 2025: uTRACE - preliminary efficacy data (ii) ph 2 trial (Curium partnership) ®H2 2025: uTREAT - First patient dosed in brain (iii)cancer (GBM)®H2 2025: uTRACE - preliminary efficacy data in (iv) brain cancer (GBM) ®H2 2025: uTRACE - topline results ph 2 trial (v)(Curium partnership)Therapeutic Program Pre-clinical Phase I Phase II Phase III Sponsor: Curasight ® ® Diagnostic platform: uTRACEand uTREATGBM Phase I/IIa trial in Phase IIb/III to planning be planned Glioblastoma (Brain cancer) NSCLCNon-Small Cell Lung cancers Phase I/IIa trial in planning NENBasket trial* across Neuroendocrine neoplasms selected cancer diseases Phase IIb/III to Completedbe plannedApplying the theranostic approach Combining diagnostic HNSCC(uTrace) and therapy Head & Neck Cancer (uTreat) PaC Pancreatic cancer *A basket trial is designed to simultaneously evaluate treatments for multiple tumors in a single clinical trial. Curasight will investigate cancer ® therapy with uTREATin selected cancer diseases known to express uPAR. Partnered Project Pre-clinical Phase I Phase II Phase III Sponsor: Curasight Partner: Curium Inc. ® Diagnostic platform: uTRACECompleted** Ongoing Planned Prostate Cancer* ) *Investigated for diagnostic performance for non-invasive classification of ISUP grades among patients with localised, untreated prostate cancer. ) **Investigator-initiated study InvestigatorInitiatedTrialsPre-clinical Phase I Phase II Phase III Sponsor: National University Hospital of Denmark (Rigshospitalet) ® Diagnostic platform: uTRACEGBM Completed Glioblastoma (Brain cancer) PCa Completed Prostate cancer NENCompleted Results fromNeuroendocrine neoplasms ®uTRACEIITs are used as supportive data in ongoing partner project with Curium as HNSCCCompletedwell as in potential future Head & Neck Cancer partnering projects and in the planning of our therapeutic program with a NSCLCOngoing theranostic Non-Small Cell Lung cancer approach. BCCompletedBreast cancer UBCCompleted** Urinary bladder cancer ) *Investigator Initiated Trails = IITs, >400 patients have received utrace in these Investigator Initiated Trials )**CompletedwithfewerpatientsthanplannedfortechnicalreasonsAnalysesSEB initiated its commissioned research on June 18, 2021, and has since then continuously monitored and analyzed Curasightâs operations, platforms, markets, and competitors. SEBâs corporate page on Curasight is available at the following link: https://research.sebgroup.com/corporate/companies/2853/overview Redeye initiated its commissioned research on October 25, 2023, and will continuously monitor and analyze Curasightâs operations, platforms, markets, and competitors. SEBâs corporate page on Curasight is available at the following link: https://www.redeye.se/company/curasight KapitalPartner initiated its commissioned research on August 2021, and has since then continuously monitored and analyzed Curasightâs operations, platforms, markets, and competitors. KapitalPartnerâs corporate page on Curasight is available at the following link: https://kapitalpartner.dk/curasight/ Board of DirectorsKirsten Drejer PositionBorn 1956. Chairman of the Board member since 2024.Member of the board since 2021.Education MSc, PhD in pharmacology â The Danish University of Pharmaceutical Science, Copenhagen University.Previous and other positionsBoard of Directorships (2017 - ) CEO and co-founder, Symphogen A/S (2000-2016) Corporate Facilitator, Novo Nordisk A/S (1997-2000) Director of Diabetes Discovery, Novo Nordisk A/S (1992-1996) Head of Diabetes Pharmacology, Novo Nordisk A/S (1991-1992) Board member: Zealand Pharma, Bioneer, Antag Therapeutics, Resother Pharma and other biotech companies.Lars Trolle Position Born 1967. Chairman of the board 2014-2020. Deputy chairman of the board since 2020.EducationB.Sc., BBa â CBS.Previous and other positionsCDO at UNEEG medical A/S CEO of Contura International A/S (2015 â 2018)CEO of DDD-Diagnostic A/S (2009 â 2015) Charlotte Vedel PositionBorn 1968. Member of the board since 2020.Education and experience MSc, PhD in biotechnology â DTU. MSc in biomedicine âUlster University. European Patent Attorney.Previous and other positionsCOO and co-founder, Lactobio ApS CTO, Novo Nordisk Foundation, Center for Biosustainability (2017-2018), Corporate VP, R&D, Innovation management, Head of IP strategy, DuPont Nutrition Biosciences (2011-2017),Corporate VP, IP, Danisco A/S (2006-2011) Department manager, R&D, Santaris Pharma A/S (2001-2003) R&D specialist, Novo Nordisk A/S (1994-2001)Ulrich Krasilnikoff PositionBorn 1967. Board member, CEO and CFO since 2016.EducationMBA, Dipl. Ing., B.Sc. in finance and accounting, Certified Public Accountant.Previous and other positionsCEO & CFO Curasight A/S (2016-)EVP Biofac Group (pharma; 2015-2016)Ass. Partner Capidea Capital Fund (Private equity; 2012-2014) Partner/EVP Mezzanin Capital A/S (Private equity; 2004-2012) EVP HNC Group A/S (2002-2004)Board member; Carl Hansen & Søn, AH Metal Solutions andother companies.Andreas Kjær PositionBorn 1963. Board member, CSO, and co-founder since 2013.EducationMD, PhD, DMSc, MBA and professor at the University of Copenhagen and chief physician at Rigshospitalet, the National University Hospital of Denmark.Previous and other positionsHis research is focused on molecular imaging with PET and PET/MRI and theranostics in cancer. His achievements include development of several new tracers that have reached first-in- humans clinical use. He is the holder of an ERC Advanced Grant,has published more than 500 peer-review articles and has received numerous prestigious scientific awards over the years. He is a member of the Danish Academy of Technica Sciences.Management Ulrich Krasilnikoff PositionBorn 1967. Board member, CEO and CFO since 2016.EducationMBA, Dipl. Ing., B.Sc. in finance and accounting,Certified Public Accountant. Previous and other positionsCEO & CFO Curasight A/S (2016-) EVP Biofac Group (pharma; 2015-2016)Ass. Partner Capidea Capital Fund (Private equity; 2012-2014) Partner/EVP Mezzanin Capital A/S (Private equity; 2004-2012)EVP HNC Group A/S (2002-2004) Board member; Carl Hansen & Søn, AH Metal Solutions andother companies.Andreas Kjær PositionBorn 1963. Board member, CMO, CSO, and co-founder since 2013.Education MD, PhD, DMSc, MBA and professor at the University of Copenhagen and chief physician at Rigshospitalet, the National University Hospital of Denmark.Previous and other positions His research is focused on molecular imaging with PET and PET/MRI and theranostics in cancer. His achievements include development of several new tracers that have reached first-in- humans clinical use. He is the holder of an ERC Advanced Grant,has published more than 500 peer-review articles and has received numerous prestigious scientific awards over the years. He is a member of the Danish Academy of Technica Sciences.Hanne Damgaard JensenPositionBorn 1963. CDO& COO since 2022. Education and experienceMSc Pharm and MBA.Previous and other positionsCEO, ROS Therapeutics (2018-present) Chairman of the Board of AimVion A/S (2020-present) Chief Development Officer to CEO of Azanta A/S (specialtypharma) (2009-2017) Managing director, REGUNIC, (2009-present) Senior VP of product development of Santaris Pharma A/S (2007-2008)Regulatory Affairs Manager to Executive Vice President of Genmab A/S (1999-2007)Corporate Information ShareholdersThe table below presents the managementâs shareholdings in Curasight. Name Votes & capital (%) 1 AK 2014 Holding ApS28,652 UK Curacap ApS19,23 3 CHN Holding ApS11,39 4 Madsen Holding 2013 ApS4,305LT 2003 ApS2,806 Charlotte Vedel0,18 7HanneDamgaardjensen0,17 8 Kirsten Drejer0,051.Owned by co-founder, CSO, and Board Member Andreas Kjaer 2.Owned by CEO and Board Member Ulrich Krasilnikoff 3.Owned by co-founder Carsten H Nielsen 4.OwnedbyCo-founderandDirectorCMC,JacobMadsen5.Owned by Deputy Chairman of the Board, Lars Trolle 6.Member of the Board of Directors 7.CDO & COO 8.Chair of the Board of Directors The shareThe shares of Curasight A/S were listed on Spotlight Stock Market on October 8, 2020. The short name/ ticker is CURAS, and the ISIN code is DK0061295797. As of December 31, 2024, the number of shares was 21,148,880 (19,893,891). All shares have equal rights to the Companyâs assets and results. Long-term incentive program Curasight has a long-term incentive program covering the financial years 2022-2025 with a total of 956,770 warrants covering the Companyâs Board of Directors, Executive Management and other key employees. For the Board of Directors, a total of 229,230 warrants are issued entitling the warrant holders to subscribe for up to a total of DKK 11,461.50 nominally worth of shares in the Company. The warrants are allocated between Kirsten Aarup Drejer (chairman of the Board of Directors), Lars Trolle (vice-chairman of the Board of Directors) and Charlotte Vedel (member of the Board of Directors). For the Executive Management and other key employees of the Company, a total of 727,540 warrants are issued entitling the warrant holders to subscribe for up to a total of DKK 36,377.00 nominally worth of shares in the Company. The warrants are allocated between Ulrich Krasilnikoff (CEO), Andreas Kjær (CSO), Hanne Damgaard Jensen (CDO), Nic Gillings (Head of Quality Assurance and Regulatory Affairs) and Jacob Madsen (Director CMC). RisksA number of risk factors can affect Curasightâs operations. It is therefore of great importance to consider relevant risks in addition to the Companyâs growth opportunities. For a detailed description of the risks attributable to the Company and its shares, please refer to the prospectus published by the Company in 2020. The prospectus is available on Curasightâs website www.curasight.com/investor/ipo-2020/ Accounting policy The annual report is presented in accordance with the provisions of the Danish Financial Statements Act (Ã
rsregnskabsloven) for enterprises in reporting class B with application of provisions for a higher reporting class. Auditorâs review The annual report has been audited by the Companyâs auditor. Financial calendar AGM 2025 May 28, 2025 Interim report Q2 2025 August 28, 2025 Interim report Q3 2025 November 27, 2025 For further information, please contact: Ulrich Krasilnikoff, CEO Phone: +45 22 83 01 60 E-mail: uk@curasight.com Financial statementsIncome statement Operating loss before tax for the financial year of 2024 amounted to kDKK -42,336 (kDKK -33,220). The difference is due to higher clinical and development activities. Loss before depreciation, amortisation and impairments for the financial year of 2024 amounted to kDKK -39,553 (kDKK 32,124) of which staff expenses was kDKK -6,822 (kDKK -6,395).Loss before depreciation, amortisation and impairments comprise of revenue, clinical expenses, patent expenses, staff expenses and other business expenses. Balance sheet Per December 31, 2024, the Companyâs balance sheet amounted to kDKK 23,688 (kDKK 38,742). The assets consisted primarily of acquired IP-rights totaling ® kDKK 6,827 related to the development of uTRACE® and uTREATand cash amounted to kDKK 10,011. The equity and liabilities consisted primarily of an equity totaling kDKK 6,336. Cash flow Curasightâs total cash flow from activities in January â December 2024 amounted to kDKK -10,069. This post was primarily affected by the Companyâs loss for the year of kDKK -36,336. Cash as of December 31, 2024, was kDKK 10,011 (kDKK 20,080). Capital resources As a development stage start-up life-science company, and like other similar development stage companies, the Company has had a negative cash flow in 2024 why the company is dependent on being recapitalized or selling rights to its products against cash until reaching the point where the size of the revenue exceeds the costs resulting in a positive cash flow. The activities of the company in the future will depend on proceeds obtained from capital increases, license- and collaboration agreements or sales of rights. Please refer to note 1 to the Financial Statements. </mrv:ManagementsReview>
<mrv:DescriptionOfPrimaryActivitiesOfEntity contextRef="ctx-1" xml:lang="en">Curasight is a clinical phase II company based in Copenhagen, Denmark. Curasight is the pioneer behind the novel uPAR Theranostics technology. The technology minimizes irradiation of healthy tissue by ® combining the targeted uTREATradiation therapy with ® the precise uTRACEdiagnostics. Several investigator- initiated phase II clinical trials have been completed or are currently undertaken. </mrv:DescriptionOfPrimaryActivitiesOfEntity>
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<fsa:ProfitLossFromOrdinaryActivitiesBeforeTax unitRef="dkk" contextRef="ctx-1" decimals="-3">-42336000</fsa:ProfitLossFromOrdinaryActivitiesBeforeTax>
<fsa:ProfitLossFromOrdinaryActivitiesBeforeTax unitRef="dkk" contextRef="ctx-4" decimals="-3">-33220000</fsa:ProfitLossFromOrdinaryActivitiesBeforeTax>
<fsa:TaxExpense unitRef="dkk" contextRef="ctx-1" decimals="-3">-5500000</fsa:TaxExpense>
<fsa:TaxExpense unitRef="dkk" contextRef="ctx-4" decimals="-3">-7051000</fsa:TaxExpense>
<fsa:ProfitLoss unitRef="dkk" contextRef="ctx-1" decimals="-3">-36836000</fsa:ProfitLoss>
<fsa:ProfitLoss unitRef="dkk" contextRef="ctx-4" decimals="-3">-26169000</fsa:ProfitLoss>
<fsa:TransferredToFromRetainedEarnings unitRef="dkk" contextRef="ctx-1" decimals="-3">-36836000</fsa:TransferredToFromRetainedEarnings>
<fsa:TransferredToFromRetainedEarnings unitRef="dkk" contextRef="ctx-4" decimals="-3">-26169000</fsa:TransferredToFromRetainedEarnings>
<fsa:AcquiredPatents unitRef="dkk" contextRef="ctx-5" decimals="-3">6827000</fsa:AcquiredPatents>
<fsa:AcquiredPatents unitRef="dkk" contextRef="ctx-6" decimals="-3">7641000</fsa:AcquiredPatents>
<fsa:IntangibleAssets unitRef="dkk" contextRef="ctx-5" decimals="-3">6827000</fsa:IntangibleAssets>
<fsa:IntangibleAssets unitRef="dkk" contextRef="ctx-6" decimals="-3">7641000</fsa:IntangibleAssets>
<fsa:DepositsLongtermInvestmentsAndReceivables unitRef="dkk" contextRef="ctx-5" decimals="-3">51000</fsa:DepositsLongtermInvestmentsAndReceivables>
<fsa:DepositsLongtermInvestmentsAndReceivables unitRef="dkk" contextRef="ctx-6" decimals="-3">51000</fsa:DepositsLongtermInvestmentsAndReceivables>
<fsa:LongtermInvestmentsAndReceivables unitRef="dkk" contextRef="ctx-5" decimals="-3">51000</fsa:LongtermInvestmentsAndReceivables>
<fsa:LongtermInvestmentsAndReceivables unitRef="dkk" contextRef="ctx-6" decimals="-3">51000</fsa:LongtermInvestmentsAndReceivables>
<fsa:NoncurrentAssets unitRef="dkk" contextRef="ctx-5" decimals="-3">6878000</fsa:NoncurrentAssets>
<fsa:NoncurrentAssets unitRef="dkk" contextRef="ctx-6" decimals="-3">7692000</fsa:NoncurrentAssets>
<fsa:OtherShorttermReceivables unitRef="dkk" contextRef="ctx-5" decimals="-3">1299000</fsa:OtherShorttermReceivables>
<fsa:OtherShorttermReceivables unitRef="dkk" contextRef="ctx-6" decimals="-3">5469000</fsa:OtherShorttermReceivables>
<fsa:CurrentDeferredTaxAssets unitRef="dkk" contextRef="ctx-5" decimals="-3">5500000</fsa:CurrentDeferredTaxAssets>
<fsa:CurrentDeferredTaxAssets unitRef="dkk" contextRef="ctx-6" decimals="-3">5500000</fsa:CurrentDeferredTaxAssets>
<fsa:ShorttermReceivables unitRef="dkk" contextRef="ctx-5" decimals="-3">6799000</fsa:ShorttermReceivables>
<fsa:ShorttermReceivables unitRef="dkk" contextRef="ctx-6" decimals="-3">10969000</fsa:ShorttermReceivables>
<fsa:CashAndCashEquivalents unitRef="dkk" contextRef="ctx-5" decimals="-3">10011000</fsa:CashAndCashEquivalents>
<fsa:CashAndCashEquivalents unitRef="dkk" contextRef="ctx-6" decimals="-3">20080000</fsa:CashAndCashEquivalents>
<fsa:CurrentAssets unitRef="dkk" contextRef="ctx-5" decimals="-3">16810000</fsa:CurrentAssets>
<fsa:CurrentAssets unitRef="dkk" contextRef="ctx-6" decimals="-3">31049000</fsa:CurrentAssets>
<fsa:Assets unitRef="dkk" contextRef="ctx-5" decimals="-3">23688000</fsa:Assets>
<fsa:Assets unitRef="dkk" contextRef="ctx-6" decimals="-3">38742000</fsa:Assets>
<fsa:Equity unitRef="dkk" contextRef="ctx-7" decimals="-3">995000</fsa:Equity>
<fsa:Equity unitRef="dkk" contextRef="ctx-10" decimals="INF">0</fsa:Equity>
<fsa:Equity unitRef="dkk" contextRef="ctx-13" decimals="-3">56557000</fsa:Equity>
<fsa:Equity unitRef="dkk" contextRef="ctx-16" decimals="-3">57552000</fsa:Equity>
<fsa:ProfitLoss unitRef="dkk" contextRef="ctx-8" decimals="INF">0</fsa:ProfitLoss>
<fsa:ProfitLoss unitRef="dkk" contextRef="ctx-11" decimals="INF">0</fsa:ProfitLoss>
<fsa:ProfitLoss unitRef="dkk" contextRef="ctx-14" decimals="-3">-26169000</fsa:ProfitLoss>
<fsa:Equity unitRef="dkk" contextRef="ctx-9" decimals="-3">995000</fsa:Equity>
<fsa:Equity unitRef="dkk" contextRef="ctx-12" decimals="INF">0</fsa:Equity>
<fsa:Equity unitRef="dkk" contextRef="ctx-15" decimals="-3">30388000</fsa:Equity>
<fsa:Equity unitRef="dkk" contextRef="ctx-6" decimals="-3">31383000</fsa:Equity>
<fsa:ProfitLoss unitRef="dkk" contextRef="ctx-21" decimals="-3">-36836000</fsa:ProfitLoss>
<fsa:IncreaseOfCapital unitRef="dkk" contextRef="ctx-17" decimals="-3">62000</fsa:IncreaseOfCapital>
<fsa:IncreaseOfCapital unitRef="dkk" contextRef="ctx-19" decimals="INF">0</fsa:IncreaseOfCapital>
<fsa:IncreaseOfCapital unitRef="dkk" contextRef="ctx-21" decimals="-3">13102000</fsa:IncreaseOfCapital>
<fsa:IncreaseOfCapital unitRef="dkk" contextRef="ctx-1" decimals="-3">13164000</fsa:IncreaseOfCapital>
<fsa:Equity unitRef="dkk" contextRef="ctx-18" decimals="-3">1057000</fsa:Equity>
<fsa:Equity unitRef="dkk" contextRef="ctx-20" decimals="INF">0</fsa:Equity>
<fsa:Equity unitRef="dkk" contextRef="ctx-22" decimals="-3">6654000</fsa:Equity>
<fsa:Equity unitRef="dkk" contextRef="ctx-5" decimals="-3">7711000</fsa:Equity>
<fsa:ContributedCapital unitRef="dkk" contextRef="ctx-5" decimals="-3">1057000</fsa:ContributedCapital>
<fsa:ContributedCapital unitRef="dkk" contextRef="ctx-6" decimals="-3">995000</fsa:ContributedCapital>
<fsa:RetainedEarnings unitRef="dkk" contextRef="ctx-5" decimals="-3">6654000</fsa:RetainedEarnings>
<fsa:RetainedEarnings unitRef="dkk" contextRef="ctx-6" decimals="-3">30388000</fsa:RetainedEarnings>
<fsa:ShorttermTradePayables unitRef="dkk" contextRef="ctx-5" decimals="-3">4155000</fsa:ShorttermTradePayables>
<fsa:ShorttermTradePayables unitRef="dkk" contextRef="ctx-6" decimals="-3">6922000</fsa:ShorttermTradePayables>
<fsa:ShorttermDeferredIncome unitRef="dkk" contextRef="ctx-5" decimals="-3">10922000</fsa:ShorttermDeferredIncome>
<fsa:ShorttermDeferredIncome unitRef="dkk" contextRef="ctx-6" decimals="INF">0</fsa:ShorttermDeferredIncome>
<fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm unitRef="dkk" contextRef="ctx-5" decimals="-3">900000</fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm>
<fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm unitRef="dkk" contextRef="ctx-6" decimals="-3">437000</fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm>
<fsa:ShorttermLiabilitiesOtherThanProvisions unitRef="dkk" contextRef="ctx-5" decimals="-3">15977000</fsa:ShorttermLiabilitiesOtherThanProvisions>
<fsa:ShorttermLiabilitiesOtherThanProvisions unitRef="dkk" contextRef="ctx-6" decimals="-3">7359000</fsa:ShorttermLiabilitiesOtherThanProvisions>
<fsa:LiabilitiesOtherThanProvisions unitRef="dkk" contextRef="ctx-5" decimals="-3">15977000</fsa:LiabilitiesOtherThanProvisions>
<fsa:LiabilitiesOtherThanProvisions unitRef="dkk" contextRef="ctx-6" decimals="-3">7359000</fsa:LiabilitiesOtherThanProvisions>
<fsa:LiabilitiesAndEquity unitRef="dkk" contextRef="ctx-5" decimals="-3">23688000</fsa:LiabilitiesAndEquity>
<fsa:LiabilitiesAndEquity unitRef="dkk" contextRef="ctx-6" decimals="-3">38742000</fsa:LiabilitiesAndEquity>
<fsa:DisclosureOfAnyUncertaintyConnectedWithRecognitionOrMeasurement contextRef="ctx-1" xml:lang="en">Capital resources and liquidity As a development stage start-up life-science company, and like other similar development stage companies, the Company has had a negative cash flow in 2024 why the company is dependent on being recapitalized or selling rights to its products against cash until reaching the point where the size of the revenue exceeds the costs resulting in a positive cash flow. The activities of the company in the future will depend on proceeds obtained from capital increases or sales of rights. The Company, if necessary, will in the future carry out external capital increases to finance the future activities. In 2024 the company raised DKK 32 million in equity and debt to fund the ongoing and planned activities. The Company continually evaluates its liquidity requirements, capital needs and availability of capital resources based on its operating needs and planned initiatives. Such assessment has also been carried out in relation to preparing the Annual report 2024. The budget for 2025 and the expected liquidity as of 31 December 2025 are based on assumptions of financing or refinancing with net proceeds of at least DKK 50 million. The Company has announced a rights issue aiming to raise approximately DKK 100 million. Around DKK 65 million is already secured â DKK 47 million through pre-subscriptions and guarantees, and DKK 18 million via new and renegotiated loans. Nearly half of the secured rights issue capital comes from Curium International Trading B.V. â DKK 17.8 million, minimum DKK 4.7 million from Pentwater Capital Management Europe LLP and DKK 5.2 million from Board and management. The proceeds will support clinical milestones, including completion of phase II for the uTRACE diagnostic platform in prostate cancer and phase I for the uTREAT therapeutic platform in glioblastoma. To ensure financial flexibility until the completion of the Rights Issue, the Company has raised a bridge loan of DKK 8 million, which will be repaid after completion of the Right Issue. The Company has also renegotiated and extended its outstanding loan with Fenja Capital II A/S. On this background the Board of Directors and Management has decided to prepare the financial statements for 2024 on a going concern basis. Uncertainty concerning recognition and measurement Due to the nature of the business and uncertainties 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 managementâs best knowledge and to the best of their belief. </fsa:DisclosureOfAnyUncertaintyConnectedWithRecognitionOrMeasurement>
<fsa:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx-24" xml:lang="en">Loss for the year</fsa:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<fsa:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx-23" xml:lang="en">Loss for the year</fsa:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<fsa:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities unitRef="dkk" contextRef="ctx-23" decimals="-3">-36836000</fsa:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<fsa:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities unitRef="dkk" contextRef="ctx-24" decimals="-3">-26169000</fsa:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<fsa:Adjustments unitRef="dkk" contextRef="ctx-1" decimals="-3">-2717000</fsa:Adjustments>
<fsa:Adjustments unitRef="dkk" contextRef="ctx-4" decimals="-3">-5894000</fsa:Adjustments>
<fsa:DecreaseIncreaseInReceivables unitRef="dkk" contextRef="ctx-1" decimals="-3">3510000</fsa:DecreaseIncreaseInReceivables>
<fsa:DecreaseIncreaseInReceivables unitRef="dkk" contextRef="ctx-4" decimals="-3">-4171000</fsa:DecreaseIncreaseInReceivables>
<fsa:DecreaseIncreaseInTradePayables unitRef="dkk" contextRef="ctx-1" decimals="-3">2767000</fsa:DecreaseIncreaseInTradePayables>
<fsa:DecreaseIncreaseInTradePayables unitRef="dkk" contextRef="ctx-4" decimals="-3">-6159000</fsa:DecreaseIncreaseInTradePayables>
<fsa:OtherAdjustmentsForDecreaseIncreaseInWorkingCapital unitRef="dkk" contextRef="ctx-1" decimals="-3">201000</fsa:OtherAdjustmentsForDecreaseIncreaseInWorkingCapital>
<fsa:OtherAdjustmentsForDecreaseIncreaseInWorkingCapital unitRef="dkk" contextRef="ctx-4" decimals="-3">-915000</fsa:OtherAdjustmentsForDecreaseIncreaseInWorkingCapital>
<fsa:CashFlowFromOperatingActivitiesBeforeFinancialItems unitRef="dkk" contextRef="ctx-1" decimals="-3">-38609000</fsa:CashFlowFromOperatingActivitiesBeforeFinancialItems>
<fsa:CashFlowFromOperatingActivitiesBeforeFinancialItems unitRef="dkk" contextRef="ctx-4" decimals="-3">-30990000</fsa:CashFlowFromOperatingActivitiesBeforeFinancialItems>
<fsa:InterestPaidClassifiedAsOperatingActivities unitRef="dkk" contextRef="ctx-1" decimals="-3">1047000</fsa:InterestPaidClassifiedAsOperatingActivities>
<fsa:InterestPaidClassifiedAsOperatingActivities unitRef="dkk" contextRef="ctx-4" decimals="-3">6000</fsa:InterestPaidClassifiedAsOperatingActivities>
<fsa:IncomeTaxesPaidRefundClassifiedAsOperatingActivities unitRef="dkk" contextRef="ctx-1" decimals="-3">-5500000</fsa:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<fsa:IncomeTaxesPaidRefundClassifiedAsOperatingActivities unitRef="dkk" contextRef="ctx-4" decimals="-3">-1139000</fsa:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<fsa:CashFlowsFromUsedInOperatingActivities unitRef="dkk" contextRef="ctx-1" decimals="-3">-34156000</fsa:CashFlowsFromUsedInOperatingActivities>
<fsa:CashFlowsFromUsedInOperatingActivities unitRef="dkk" contextRef="ctx-4" decimals="-3">-29857000</fsa:CashFlowsFromUsedInOperatingActivities>
<fsa:ProceedsFromLongtermLiabilitiesClassifiedAsFinancingActivities unitRef="dkk" contextRef="ctx-1" decimals="-3">10922000</fsa:ProceedsFromLongtermLiabilitiesClassifiedAsFinancingActivities>
<fsa:ProceedsFromLongtermLiabilitiesClassifiedAsFinancingActivities unitRef="dkk" contextRef="ctx-4" decimals="INF">0</fsa:ProceedsFromLongtermLiabilitiesClassifiedAsFinancingActivities>
<fsa:CashFlowsFromUsedInFinancingActivities unitRef="dkk" contextRef="ctx-1" decimals="-3">10922000</fsa:CashFlowsFromUsedInFinancingActivities>
<fsa:CashFlowsFromUsedInFinancingActivities unitRef="dkk" contextRef="ctx-4" decimals="INF">0</fsa:CashFlowsFromUsedInFinancingActivities>
<fsa:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx-27" xml:lang="en">Changeindeposits</fsa:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<fsa:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx-25" xml:lang="en">Changeindeposits</fsa:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities unitRef="dkk" contextRef="ctx-25" decimals="INF">0</fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities unitRef="dkk" contextRef="ctx-27" decimals="-3">-8000</fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<fsa:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx-28" xml:lang="en">CapitalIncrease</fsa:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<fsa:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx-26" xml:lang="en">CapitalIncrease</fsa:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities unitRef="dkk" contextRef="ctx-26" decimals="-3">13164000</fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities unitRef="dkk" contextRef="ctx-28" decimals="INF">0</fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<fsa:CashFlowsFromUsedInInvestingActivities unitRef="dkk" contextRef="ctx-1" decimals="-3">13164000</fsa:CashFlowsFromUsedInInvestingActivities>
<fsa:CashFlowsFromUsedInInvestingActivities unitRef="dkk" contextRef="ctx-4" decimals="-3">-8000</fsa:CashFlowsFromUsedInInvestingActivities>
<fsa:NetIncreaseDecreaseInCashAndCashEquivalents unitRef="dkk" contextRef="ctx-1" decimals="-3">-10069000</fsa:NetIncreaseDecreaseInCashAndCashEquivalents>
<fsa:NetIncreaseDecreaseInCashAndCashEquivalents unitRef="dkk" contextRef="ctx-4" decimals="-3">-29865000</fsa:NetIncreaseDecreaseInCashAndCashEquivalents>
<fsa:CashAndCashEquivalentsConcerningCashflowStatement unitRef="dkk" contextRef="ctx-6" decimals="-3">20080000</fsa:CashAndCashEquivalentsConcerningCashflowStatement>
<fsa:CashAndCashEquivalentsConcerningCashflowStatement unitRef="dkk" contextRef="ctx-16" decimals="-3">49945000</fsa:CashAndCashEquivalentsConcerningCashflowStatement>
<fsa:CashAndCashEquivalentsConcerningCashflowStatement unitRef="dkk" contextRef="ctx-5" decimals="-3">10011000</fsa:CashAndCashEquivalentsConcerningCashflowStatement>
<fsa:DisclosureOfEmployeeBenefitsExpense contextRef="ctx-1" xml:lang="en">2024 2023 Staff expenses(kDKK) (kDKK) 2.Wages and salaries 5,063 5,116 Pensions 1,250 1,075 Other social security costs 31 25Other staff costs 479 179 Total6,8226,395</fsa:DisclosureOfEmployeeBenefitsExpense>
<fsa:AverageNumberOfEmployees unitRef="pure" contextRef="ctx-1" decimals="0">4</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees unitRef="pure" contextRef="ctx-4" decimals="0">4</fsa:AverageNumberOfEmployees>
<fsa:DisclosureOfContributedCapital contextRef="ctx-1" xml:lang="en">6. Share CapitalTotal nominal The share capital consists of: Quantityvalue DKK Share class A 21,148,880 1,057,444 </fsa:DisclosureOfContributedCapital>
<fsa:DisclosureOfIntangibleAssets contextRef="ctx-1" xml:lang="en">4.Intangible assetsAcquired FiguresinkDKKrightsCosts as at 01.01.2024 10,032 Disposal 0Cost as at 31.12.2024 10,032Amortisation and impairment losses as at 01.01.2024 -2,391Amortisation during the year -814Amortisation and impairment losses as at 31.12.2024 -3,205Carrying amount as at 31.12.2024 6,827</fsa:DisclosureOfIntangibleAssets>
<fsa:InformationOnAuditorsFees contextRef="ctx-1" xml:lang="en">8. Audit and Accounting 31.12.2024 31.12.2023 kDKKkDKKAudit fees -390-286</fsa:InformationOnAuditorsFees>
<fsa:DisclosureOfInvestments contextRef="ctx-1" xml:lang="en">5.Non-current financial assets FiguresinkDKKCost as at 01.01.2024 51 Disposals Cost as at 31.12.2024 51 Carrying amount as at 31.12.2024 51 </fsa:DisclosureOfInvestments>
<fsa:CashFlowsStatement contextRef="ctx-1" xml:lang="en">9. Adjustments for the cash flow statement31.12.2024 31.12.2023 kDKKkDKKDepreciation, amortisation and impairment of intangible assets and property, plant and equipment. 814 1,090 Financial expenses 1,969 6Tax on profit or loss for the year -5,500-7,051Other 0 61 Total-2,717 -5,894</fsa:CashFlowsStatement>
<fsa:DisclosureOfContingentLiabilities contextRef="ctx-1" xml:lang="en">7. Contingent liabilities Lease commitments: Curasight A/S has entered lease agreements where the obligations in the non-terminability period amounts to DKK 77,088. </fsa:DisclosureOfContingentLiabilities>
<fsa:DisclosureOfTaxExpenses contextRef="ctx-1" xml:lang="en">202420233.Tax(kDKK)(kDKK)Tax on loss for the year -5,500-5,500Deferred tax previous year 0-1,551Total-5,500-7,051The unrecognized deferred tax asset amounts to kDKK 21,120 (kDKK 12,370) can be carried forward indefinitely. Tax has been computed at 22 percent corresponding to the current tax rate. </fsa:DisclosureOfTaxExpenses>
<fsa:DisclosureOfAccountingPolicies contextRef="ctx-1" xml:lang="en">10. Accounting policies Currency The annual report is presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the exchange rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or expenses in the income statement. Fixed assets and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates. Income statement Gross lossWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of other income minus expenses for research anddevelopmentactivitiesandotherexternalexpenses.Other income Other income comprises income of a secondary nature in relation to the companyâs activities, including grants and milestone payments relating to partnership agreements. Government grants relating to costs are deferred and recognised in profit or loss over the period necessary to match them with the costs that they are intended to cover. Research and development expenses Research and development expenses comprise of costs arising from research and development activities including expenses for consumables and production. Other external expenses Other external expenses comprise expenses relating to administratrive expenses, office expenses, cost of premises, etc. Staff costsStaff expenses comprise wages and salaries as well as payroll expenses. Depreciation, amortisation and impairment losses The depreciation and amortisation of intangible assets and property, plant and equipment aim at systematic depreciation and amortisation over the expected useful lives of the assets. Assets are depreciated and amortised according to the straight-line method based on the following expected useful lives and residual values: Useful lives,Residualyears value DKK Accuirred rights 10 0 The basis of depreciation and amortisation is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of depreciation and amortisation is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually. Intangible assets and property, plant and equipment impaired in accordance with the accounting policies referred to in the âImpairment losses on fixed assetsâ section. Net financials Interest income and interest expenses, foreign exchange gains and losses on transactions denominated in foreign currencies etc. are recognised in net financials. Tax on profit/loss for the year The current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/ loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity. Balance sheet Intangible assets Acquired rights Aquired rights are measured in the balance sheet at cost less accumulated amortisation and impairment losses. Acquired rights are amortised using the straight-line method based on useful lives, which are stated in the âDepreciation, amortisation and impairment lossesâ section. Gains or losses on the disposal of intangible assets Gains or losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. Property, plant and equipment Property, plant and equipment comprise other fixtures and fittings, tools and equipment. Property, plant and equipment are measured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost. Property, plant and equipment are depreciated using the straight-line method based on useful lives and residual values, which are stated in the âDepreciation, amortisation and impairment lossesâ section. Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Assets costing less than DKK 30,000 are expensed in the year of acquisition. Impairment losses on fixed assets The carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in depreciation and amortisation. If the companyâs realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment. If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets. The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount. The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives. Impairment losses are reversed when the reasons for the impairment no longer exist. DepositsDeposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. Receivables Receivables are measured at amortised cost, which usually corresponds to the nominal value, less write- downs for bad debts. Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable. Cash Cash includes deposits in bank account. Current and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account. Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the taxable income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of managementâs intended use of the asset or settlement of the liability. Deferred tax assets are recognised, following assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings. Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. Other debts Short-term debts are measured at amortised cost, normally corresponding to the nominal value of such debts. Cash flow statement The cash flow statement is prepared using the indirect method, showing cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities comprise the net profit or loss for the year, adjusted for non-cash operating items, income tax paid and changes in working capital. Cash flows from investing activities comprise in connection with the acquisition and divestment of companies and financial assets as well as the purchase, development, improvement and sale of intangible assets and property, plant and equipment. Cash flows from financing activities comprise changes in the companyâs share capital and associated costs and financing from and dividends paid to shareholders as well as the arrangement and repayment of long-term payables. Cash and cash equivalents at the beginning and end of the year comprise cash. </fsa:DisclosureOfAccountingPolicies>
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<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" xml:lang="en">Statement by theBoard of DirectorsWe have on this day presented the annual report for the financial year 01.01.2024 - 31.12.2024 for CURASIGHT A/S. The annual report is presented in accordance with Danish Financial Statements Act (Ã
rsregnskabsloven). In our opinion, the financial statements give a true and fair view of the companyâs assets, liabilities and financial position as at 31.12.2024 and of the results of the companyâs activities and cash flows for the financial year 01.01.2024 - 31.12.2024. We believe that the managementâs review includes a fair review of the matters dealt with in the managementâs review. The annual report is submitted for adoption by the general meeting. </sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-1" xml:lang="en">København N</sob:PlaceOfSignatureOfStatement>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-29" xml:lang="en">Kirsten Drejer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-30" xml:lang="en">Lars Trolle</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-29" xml:lang="en">Chairperson</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-30" xml:lang="en">DeputychairmanoftheBoard</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-31" xml:lang="en">Charlotte Vedel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-32" xml:lang="en">Ulrich Krasilnikoff</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-31" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-32" xml:lang="en">Boardmember,CEO&CFO</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-33" xml:lang="en">Andreas Kjær</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-33" xml:lang="en">Board member, CSO & CMO</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-34" xml:lang="en">Ulrich Krasilnikoff</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-34" xml:lang="en">CEO</cmn:TitleOfMemberOfExecutiveBoard>
<arr:AuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">Independentauditorâsreport</arr:AuditorsReportOnAuditedFinancialStatements>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">To the Shareholders of Curasight A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024, and of the results of the Companyâs operations and cash flows for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Curasight A/S for the financial year 1 January - 31 December 2024 which comprise income statement, balance sheet, statement of cash flows, statement of changes in equity and notes, including a summary of significant accounting policies (âfinancial statementsâ). </arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditorâs Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable 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. </arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">Statement on Managementâs Review Management is responsible for Managementâs Review. Our opinion on the financial statements does not cover Managementâs Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Managementâs Review and, in doing so, consider whether Managementâs Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Managementâs Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Managementâs Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Managementâs Review. </arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" xml:lang="en">Managementâs Responsibilities for the Financial StatementsManagement is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. </arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" xml:lang="en">Auditorâs Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conductedinaccordancewithISAsandtheadditionalrequirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: â¢Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. â¢Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companyâs internal control. â¢Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. â¢Conclude on the appropriateness of Managementâs use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Company to cease to continue as a going concern. â¢Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. 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. </arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx-1" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
<gsd:NameOfSubmittingEnterprise contextRef="ctx-1" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab </gsd:NameOfSubmittingEnterprise>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-2" xml:lang="en">Søren Ãrjan Jensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-2" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-2">mne33226</cmn:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-3" xml:lang="en">Kristian Højgaard Carlsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-3" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-3">mne44112</cmn:IdentificationNumberOfAuditor>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1">Annual report</gsd:InformationOnTypeOfSubmittedReport>
<cmn:TypeOfAuditorAssistance contextRef="ctx-1">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
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<gsd:ReportingPeriodStartDate contextRef="ctx-1">2024-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-1">2024-12-31</gsd:ReportingPeriodEndDate>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx-1">2023-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx-1">2023-12-31</gsd:PredingReportingPeriodEndDate>
<gsd:DateOfGeneralMeeting contextRef="ctx-1">2025-05-28</gsd:DateOfGeneralMeeting>
<fsa:ClassOfReportingEntity contextRef="ctx-1">Reporting class B</fsa:ClassOfReportingEntity>
<gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx-1">35249389</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:HomepageOfReportingEntity contextRef="ctx-1">www.curasight.com</gsd:HomepageOfReportingEntity>
<gsd:EmailOfReportingEntity contextRef="ctx-1" xml:lang="en">info@curasight.com</gsd:EmailOfReportingEntity>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1">2025-04-25</sob:DateOfApprovalOfAnnualReport>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx-1">33771231</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx-1" xml:lang="en">Strandvejen 44</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-1" xml:lang="en">2900 Hellerup</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
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<arr:SignatureOfAuditorsDate contextRef="ctx-1">2025-04-25</arr:SignatureOfAuditorsDate>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-2">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-3">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx-3" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
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