427735652024-01-012024-12-31427735652024-01-012024-12-311427735652024-01-012024-12-312427735652024-01-012024-12-311427735652024-01-012024-12-312427735652024-01-012024-12-313427735652024-01-012024-12-314427735652024-01-012024-12-315427735652024-01-012024-12-316427735652024-01-012024-12-311427735652024-12-31427735652023-12-31fsa:ContributedCapitalMember427735652023-12-31fsa:SharePremiumMember427735652023-12-31fsa:ReserveForDevelopmentExpenditureMember427735652023-12-31fsa:RetainedEarningsMember427735652023-12-31427735652024-01-012024-12-31fsa:ContributedCapitalMember427735652024-01-012024-12-31fsa:SharePremiumMember427735652024-01-012024-12-31fsa:RetainedEarningsMember427735652024-01-012024-12-31fsa:ReserveForDevelopmentExpenditureMember427735652024-12-31fsa:ContributedCapitalMember427735652024-12-31fsa:SharePremiumMember427735652024-12-31fsa:ReserveForDevelopmentExpenditureMember427735652024-12-31fsa:RetainedEarningsMember427735652024-01-012024-12-31fsa:ShorttermDeferredIncomeMember427735652023-01-012023-12-31iso4217:DKKxbrli:pureThe Board of Directors and the Executive Board have today considered and approved the annual report of Cystotech ApS for the financial year 01.01.2024 - 31.12.2024.8773281571358The annual report is presented in accordance with the Danish Financial Statements Act.49070343285064In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024.-4029706-1713706We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.2134721386We consider the preconditions for not auditing the financial statements for the financial year 01.01.2024 - 31.12.2024 as complied with.486649423710We recommend the annual report for adoption at the Annual General Meeting.-4495008-2116030Aarhus-1040951-518681Jacob Elmose Jensen-3454057-1597349Claus Hansen-3454057-1597349Lars Christian Lundchairman118005755688988Jacob Elmose Jensen118005755688988Claus Hansen10574161719Ole Niels Jakob Jensen10574161719Brian Hedegaard119063165750707Nazarena Mazzaro675023174682To Management of Cystotech ApS872951689682We have compiled the financial statements of Cystotech ApS for the financial year 01.01.2024 - 31.12.2024 based on the Entity’s bookkeeping records and other information Management has provided. ​ ​These financial statements comprise the income statement, balance sheet, statement of changes in equity, notes and accounting policies. ​ ​We performed this compilation engagement in accordance with ISRS 4410, Compilation Engagements. ​ ​We have applied our expertise in accounting and financial reporting to assist Management in the preparation ​and presentation of these financial statements in accordance with the Danish Financial Statements Act. We ​have complied with relevant provisions of the Danish Public Accountants Act and FSR – Danish Auditors’ Code ​of Conduct for professional accountants, including principles of integrity, objectivity, professional competence ​and due care. These financial statements and the accuracy and completeness of the information used to compile the financial ​statements are Management’s responsibility. Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy ​or completeness of the disclosures Management provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion about whether the financial statements ​have been prepared in accordance with the Danish Financial Statements Act. 406315449Aarhus1552037879813Jens Lauridsen30821226990150mne3432346341597869963State Authorised Public Accountant1654047513620670Primary activitiesCystotech’s objective is to develop AI-based Software as Medical Device for detecting and categorizing bladder cancer during cystoscopy.5927453975Development in activities and finances2024 has been an exciting year for Cystotech. During the year, we have managed to raise new capital among existing investors and, in addition, attracted a new investor. The loss for the year amounts to 3,454 t.kr and is considered satisfactory. These financial accomplishments have enabled the Company to continue its product development, reach regulatory milestones according to plans, and submit our regulatory submission for European Approval (CE/MDR) in September. Furthermore, Cystotech has passed the ongoing and annual audits and maintained its iso 13485 status as the Notified Body, BSI, conducted the ISO13485 surveillance Audit. 92044484437411Research and development activitiesSince the spring of 2022, Cystotech has had a contractual agreement on data collection from Aarhus University Hospital and selected satellite sites. Our ongoing data collection has continued through 2023 and into 2024 with a satisfactory number of site collaborators and amount of data collected. In Q4 2024, the company, in collaboration with Aarhus University Hospital, started a Randomized Controlled Study (RCT) with the purpose of documenting further safety and clinical performance supporting the usage of CystoAid. The Company has decided to capitalize development costs as it is Management’s opinion that the related future amortization burden can be encompassed in future financial benefits. For more details, see note 4-5.2312573112050Events after the balance sheet dateIn March 2025, the Company successfully obtained new funding through a capital increase, ensuring the continuation of its operations throughout 2025. Furthermore, the company obtained regulatory approval in Europe (CE/MDR) in April 2025. No other events have taken place from the balance sheet date to the present date that would impact the assessment of this annual report. 94949797603436This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year.39000207000Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.39000207000Gross profit or lossGross profit or loss comprises other external expenses.40093343525445Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in cost for proprietary intangible assets and property, plant and equipment.40093343525445Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities and salary refunds.278921145086Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including administrations costs, etc. 590587447059Staff costsStaff costs comprise other personal costs for entity staff.21276541692644Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income29971622284789Other financial expensesOther financial expenses comprise interest expenses, net capital or exchange losses on securities, payables and transactions in foreign currencies etc.70064965810234Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.1654047513620670Intellectual property rights etc.Intellectual property rights etc comprise development projects in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. When recognising development projects as intangible assets, an amount equalling the costs incurred less deferred tax is taken to equity under Reserve for development costs that is reduced as the development projects are amortised and written down. ​ ​The cost of development projects comprises costs such as salaries and amortisation that are directly and indirectly attributable to the development projects.​​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.539754ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.0Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.4437411PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.3112050CashCash comprises bank deposits.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. ​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.52995394701Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.0Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.5400000true-53947012025-06-1253947012025-06-120true033963556544002023-01-01544002023-12-310Aarhus C47670378000-476703720City Tower, Værkmestergade-3454057Deloitte Statsautoriseret RevisionspartnerselskabAarhus59274Aarhus C080009204448Regnskabsklasse B231257Andre erklæringer uden sikkerhed2024-12-311 Gross profit /lossHerein included "Own work capitalised" regarding development projects, which amounts to DKK 6,112k for 2024. 2024-01-012 Staff costs2024 DKK2023 DKKWages and salaries4,847,7173,236,202Other social security costs59,31748,8624,907,0343,285,064Average number of full-time employees7451073 Tax on profit/loss for the year2024 DKK2023 DKKCurrent tax(872,951)(689,681)Change in deferred tax(168,000)171,000(1,040,951)(518,681)Current tax relates to tax credit for research and development expenses at the applicable tax rate under the Danish Corporation Tax. Act. See also note 7.4 Intangible assetsDevelopment projects in progress DKKCost beginning of year5,688,988Additions6,111,587Cost end of year11,800,575Carrying amount end of year11,800,575Inge Lehmanns Gade5 Development projectsCystotech develops AI-based Software as Medical Device for detecting and categorizing bladder cancer during cystoscopy. ​​In connection to the preparation of the financial statements Managements have considered whether indications for impairment exist. This assessment is based on current expectations and require Management to exercise professional judgment. On basis of the expectations for the future cash flows from the development projects Management have concluded that no impairment loss should be recognized.Cystotech ApS427735656 Financial assetsDeposits DKKCost beginning of year61,719Additions102,248Disposals(58,226)Cost end of year105,741Carrying amount end of year105,741339635567 Tax receivableTax receivable recognized in the balance sheet relates to the application of the tax credit scheme under LL§8X of the equalization law, whereby the company is paid the tax value of tax losses arising from costs to research and development. Based on the examination of the criteria for the application of the scheme, management is of the opinion that the company is entitled to apply the scheme and the recognition has been based on this assessment. There may be a risk that the Tax Authorities considers that the conditions for applying the scheme are not met. In this case, subsequent financial years are adversely affected by the fact that corporate tax receivable is written down via the accounting item ” Tax on the profit for the year ” in the income statement.2300 København S8 Non-current liabilities other than provisionsDue after more than 12 months 2024 DKKDebt to other credit institutions4,009,3344,009,334Weidekampsgade 69 Deferred incomeDeferred income includes grants related to development project in progress. Deferred income is recognized in line with the depreciation of the associated development project. Deloitte Statsautoriseret Revisionspartnerselskab10 Unrecognised rental and lease commitments2024 DKK2023 DKKLiabilities under rental or lease agreements until maturity in total182,039100,716Rental agreement with 6 months notice. Årsrapport11 Assets charged and collateralA floating charge of a maximum of DKK 3,000k secured on unsecured claims, operating equipment and intellectual property rights has been provided as security for the Company's credit commitments. 2025-06-12Claus Hansen