40594132 2022-12-31 40594132 2021-12-31 40594132 2022-01-01 fsa:ContributedCapitalMember 40594132 2022-01-01 fsa:SharePremiumMember 40594132 2022-01-01 fsa:RetainedEarningsMember 40594132 2022-12-31 fsa:ContributedCapitalMember 40594132 2022-12-31 fsa:SharePremiumMember 40594132 2022-12-31 fsa:RetainedEarningsMember 40594132 2022-01-01 2022-12-31 40594132 2022-01-01 2022-12-31 1 40594132 2022-01-01 2022-12-31 memberOfBoardIdentifier_executive_board_1 40594132 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_1 40594132 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_2 40594132 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_3 40594132 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_4 40594132 2021-01-01 2021-12-31 40594132 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 40594132 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 40594132 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 40594132 2022-01-01 2022-12-31 fsa:SharePremiumMember 40594132 2022-01-01 2022-12-31 fsa:RetainedEarningsMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2022-01-01 2021-01-01 2022-12-31 2021-12-31 40594132 CytoKi Pharma ApS Tuborg Boulevard 12,3 2900 Hellerup Gentofte 2019-06-12 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2023-05-16 Rasmus Jørgensen Regnskabsklasse B Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Financial Statements of CytoKi Pharma ApS for the financial year 1 January - 31 December 2022. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2022 of the Company and of the results of the Company operations for 2022. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Financial Statements be adopted at the Annual General Meeting. 2023-05-16 Hellerup Rasmus Jørgensen CEO Christian Ellebæk Elling Chairman Karen Ina Barbara Wagner Amanda Viven Gett-Chaperot Daniel Bach Gonzalez To the shareholder of CytoKi Pharma ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company´s operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of CytoKi Pharma ApS for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). 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 Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ 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. Management 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 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 Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: 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. 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 Company´s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s 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 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 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 auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. 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. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s 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 Management’s Review and, in doing so, consider whether Management’s 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 Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s 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 Management’s Review. Hellerup 2023-05-16 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Flemming Eghoff State Authorised Public Accountant mne30221 Key activities The company's purpose is research, development, manufacturing and commercialization of proteinbased drugs and, in the opinion of the Executive Board, related activities. Development in the year The income statement of the Company for 2022 shows a loss of DKK 98,393,590, and at 31 December 2022 the balance sheet of the Company shows positive equity of DKK 51,217,006. Capital resources In the financial year, the Company did not have any sales activities as the Company's product is not ready for sale. The income statement of the Company for 2022 shows a loss of DKK 98,393,590. However, due to capital increases in 2022 the equity remains positive. The Company has received cash capital increase of DKK 42,760,329 during the year. The Company expects additional cash capital during 2023 of approx. DKK 82,000,000 to support the planned research and development activities. The Board of Directors and Management are monitoring the financial position and the liquidity monthly to ensure sufficient funds to meet its forecasted cash requirements. Therefore, Management expects to have the necessary capital resources and presents the Annual Report on going concern basis. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. -98763646 -31975161 8079394 4987056 -106843040 -36962217 4475343 1705522 1525893 292264 -103893590 -35548959 -5500000 -5795702 -98393590 -29753257 -98393590 -29753257 2073891 2334935 68784040 116114042 68865246 116214027 81206 99985 81206 99985 81206 99985 0 1781773 4401385 32263273 7194512 5500000 193921 116549 13863709 41996530 54920331 74117512 244006 199775 1350 0 244006 199775 50973000 106606261 51217006 106806036 17309174 8235420 337716 1172571 17648240 9407991 17648240 9407991 68865246 116214027 199775 0 106606261 44231 42760329 0 0 0 -98393590 0 -42760329 42760329 244006 0 50973000 7571017 4731678 467402 243109 28558 10515 12417 1754 8079394 4987056 4 3 4475343 1705522 175457 246204 1350436 46060 1525893 292264 -5500000 -5500000 0 -295702 -5500000 -5795702 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 285,509 489,444 Between 1 and 5 years 0 285,509 285,509 774,953 The Annual Report of CytoKi Pharma ApS for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2022 are presented in DKK. 1 Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Other external expenses comprise expenses for premises, sales as well as office expenses, etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss comprises of other external expenses. Staff expenses comprise wages and salaries as well as payroll expenses. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Other fixed asset investments consist of deposits. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning rent, insurance premiums. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value.