387800932024-01-012024-12-31387800932024-01-012024-12-311387800932024-01-012024-12-312387800932024-01-012024-12-313387800932024-01-012024-12-314387800932024-01-012024-12-315387800932024-01-012024-12-311387800932024-01-012024-12-312387800932024-01-012024-12-313387800932024-01-012024-12-314387800932024-01-012024-12-315387800932024-01-012024-12-316387800932024-01-012024-12-317387800932024-01-012024-12-318387800932024-01-012024-12-319387800932024-01-012024-12-311387800932024-01-012024-12-312387800932024-12-31387800932023-12-31fsa:ContributedCapitalMember387800932023-12-31fsa:SharePremiumMember387800932023-12-31fsa:RetainedEarningsMember387800932023-12-31387800932024-01-012024-12-31fsa:ContributedCapitalMember387800932024-01-012024-12-31fsa:SharePremiumMember387800932024-01-012024-12-31fsa:RetainedEarningsMember387800932024-12-31fsa:ContributedCapitalMember387800932024-12-31fsa:SharePremiumMember387800932024-12-31fsa:RetainedEarningsMember387800932023-01-012023-12-31iso4217:DKKxbrli:pureThe Board of Directors and the Executive Board have today considered and approved the annual report of Adcendo ApS for the financial year 01.01.2024 - 31.12.2024.-237296088-140539637The annual report is presented in accordance with the Danish Financial Statements Act.5287981735430908In 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 - 31.12.2024.8067156413652We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.-298243061-176384197We recommend the annual report for adoption at the Annual General Meeting.107175303982471Copenhagen17645933403844Michael Friedrich Pehl-289290124-175805570Christoffer Fagernæs Nielsen-5500000-5500000Pernille Kristine Hemmingsen-283790124-170305570Dominik Mumberg-283790124-170305570Lone Harild OttesenLaura Kay Shawver2611909060Chair of the Board2611909060Cariad Chester26121972158042Chun Chi Carolyn Ng21053910Nandita Shangari Batra47175882158042Pieter Jeroen Bakker3180958162801Ohad Hammer3180958162801Iyona Rajkomar2690894522320843Roy Dennis Baynes56898392251959Michael Friedrich Pehl55000005500000To the shareholders of Adcendo ApS195986107262782We have audited the financial statements of Adcendo ApS for the financial year 01.01.2024 -
31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and
notes, including a
summary of significant accounting policies. The financial statements are prepared in
accordance with the
Danish Financial Statements Act.
In 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 in accordance
with the Danish Financial Statements Act.3078844915014741We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s
report. We are independent of the Entity 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.416864900118274159Management 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 Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going
concern basis of accounting in preparing the financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.447653349133288900Our 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 Entity’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 Entity’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
Entity to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the financial statements, including the disclosures
in the notes, 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.716742801135609743884844331977Management is responsible for the management commentary.
Our opinion on the financial statements does not cover the management commentary, 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 the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary 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 of the management commentary.
1208141978370570207-548081623-264291499Copenhagen660945199106610685Jens Sejer Pedersen08468272mne14986179030930State Authorised Public Accountant179030938468272Jens Serup2536920212814355mne45825125253077716431State Authorised Public Accountant3789450920530786Primary activitiesAdcendo is a global clinical-stage biotech company dedicated to developing transformative first and best-in-class antibody-drug conjugate (ADC) therapies for cancers with high unmet medical need.
Our team of highly specialized experts pioneer the development of groundbreaking novel ADCs through a combination of deep understanding of novel target biology, optimized linker payload technologies, and rationally designed clinical development plans.
We collaborate with a network of international scientific and clinical experts, technology & manufacturing partners, and life sciences investors.
5579760228999058Development in activities and financesOperational Highlights
In 2024, Adcendo ApS achieved significant milestones, transitioning into a clinical-stage biotechnology company. The company initiated two first-in-human clinical trials:
ADCE-D01: A first-in-class antibody-drug conjugate (ADC) targeting uPARAP, overexpressed in mesenchymal cancers such as soft tissue sarcoma. The Phase I/II ADCElerate-01 trial completed regulatory review in the US withtrial initiation activities ongoing and is undergoing regulatory review in the EU.
ADCE-T02: An ADC targeting Tissue Factor, a clinically validated target in various solid tumors. The Phase I Tiffany-01 trial began enrollment in Australia.
These advancements were bolstered by a global licensing agreement with Multitude Therapeutics Inc., granting Adcendo exclusive development and commercialization rights for ADCE-T02 outside Greater China.
Financial Performance
In 2024, Adcendo strengthened its financial position through two key financing events:
Series A Extension: In May, the company raised an additional €16 million, bringing the total Series A funding to €98 million. This extension was led by Dawn Biopharma, a platform controlled by KKR, with participation from existing investors.
Series B Financing: In November, Adcendo completed an oversubscribed $135 million Series B round. The financing was led by TCGX, with new investments from TPG Life Sciences Innovations, Orbimed Advisors, Venrock Healthcare Capital Partners, Surveyor Capital, and Logos Capital, alongside existing investors.
These funds are allocated to advance Adcendo's ADC pipeline, including programs ADCE-B05 and A0401, and to support clinical development through proof-of-concept stages.
The income statement for the financial year 2024 shows a loss of DKK 284m and the Company's balance sheet per 31 December 2024 shows an equity of DKK 661m.
The Company's financial position complies with management's expectations and is considered satisfactory.
Organizational developments
To support its growth, Adcendo expanded its leadership team and board of directors. Notably, in April 2025, Laura Shawver, Ph.D., was appointed Chair of the Board, and Roy Baynes, M.D., Ph.D., joined as an independent, non-executive director and Fang Z. Ni, Pharm.D. was appointed as Chief Financial Officer. 71674280113560974333197727Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.37057020710385738This 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.-264291499Recognition 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.
Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the
Transaction date. Receivables, payables and other monetary items denominated in foreign currencies that
have not been settled at the balance sheet date are translated using the exchange rate at the balance
sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect
at the payment date, or the rate at the balance sheet date, are recognised in the income statement as
financial income or financial expenses.
552867Gross profit or lossGross profit or loss comprises other operating income and external expenses.837571771Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for
Research & Development, manufacturing of drugs, premises, stationery and office supplies, marketing costs, etc.
0Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc
. for entity staff.838124638Depreciation, amortisation and impairment lossesDepreciation and amortisation comprise depreciation of property, plant and equipment, Leashold improvements and amortisation of acquired licenses. -283790124Other financial incomeOther financial income comprises interest income from cash and realized and unrealized exchange gains on foreign currency transactions. Other financial expensesOther financial expenses comprise interest expense from loan liabilities and realized and unrealized exchange losses on foreign currency transactions.884844Tax on profit/loss for the yearThe income tax for the period comprises current and deferred tax. 1208141978Acquired licensesLicenses acquired separately are initially measured at cost. Subsequently, licenses are amortised over their useful lives on a straight-line basis. The useful life has been estimated to 18 years. The amortisation period and method are reviewed at each reporting date. Adcendo has decided to exclude from the initial measurement of acquired licenses variable payments which depend on a future event such as development and regulatory milestone payments. The obligation for such variable payments is recognised as a liability when incurred. If the variable payments are triggered by the use of the license, the cost is recognised as an expense when incurred. If the variable payments relate to the cost of the license, the cost is recognised as an adjustment to the carrying amount of the license.The carrying amount is subject to annual impairment tests in order to identify any indications of impairment beyond those expressed by amortisation.-548081623Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and
impairment losses.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the asset until the time when it is ready to be put into operation.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:
Useful lifeResidual valueOther fixtures and fittings, tools and equipment5 years0 %Leasehold improvements5 years0 %Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.
ReceivablesReceivables are measured at amortised cost, usually equaling nominal value less writedowns for bad and
doubtful debts.
The Company has granted warrants to the Executive Management, consultants and employees under various share-based incentive programs. According to the Company’s articles of association, the board of directors is authorised to issue warrants granting the right to subscribe for up to nominally DKK 120,661 Common Shares of DKK 1 each.
At December 31, 2024, the Board of Directors have been granted 75,598 warrants in total.
Warrants granted under the equity incentive plans are classified as equity settled and generally vest over four years’ service periods in periodic instalments with graded vesting profiles. Warrants are also exercisable upon an exit event (e.g. IPO or trade sale), which triggers an immediate vesting, or at any time determined by the Board of Directors.
Tax payable or receivableCurrent tax assets for the current and prior periods shall be measured at the amount expected to be recovered from the taxation1 Staff costs2024
DKK2023
DKKWages and salaries48,066,59334,735,907Pension costs4,567,731636,042Other social security costs245,49358,95952,879,81735,430,908Average number of full-time employees3627Remuneration
of
Management
2024
DKKRemuneration of Management
2023
DKKTotal amount for management categories14,845,50210,385,73814,845,50210,385,738PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.
36CashCash comprises cash in hand and bank deposits.Remuneration
of
Management
2024
DKKRemuneration of Management
2023
DKKTotal amount for management categories14,845,50210,385,73814,845,50210,385,738Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.14845502true2 Depreciation, amortisation and impairment losses2024
DKK2023
DKKAmortisation of intangible assets7,336,7590Depreciation of property, plant and equipment730,397413,6528,067,156413,652Grundlag for konklusion3 Other financial income
2024
DKK2023
DKKOther interest income4,334,5213,486,791Exchange rate adjustments6,383,009495,68010,717,5303,982,471Konklusion4 Other financial expenses2024DKK2023DKKOther interest expenses1,764,5930Exchange rate adjustments02,735,596Other financial expenses0668,2481,764,5933,403,8442025-05-225 Tax on profit/loss for the year2024
DKK2023
DKKCurrent tax(5,500,000)(5,500,000)(5,500,000)(5,500,000)2025-05-226 Intangible assetsAcquired
licences
DKKAdditions268,527,665Cost end of year268,527,665Amortisation for the year(7,336,759)Amortisation and impairment losses end of year(7,336,759)Carrying amount end of year261,190,906true7 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year2,712,3710Additions1,108,3342,181,609Cost end of year3,820,7052,181,609Depreciation and impairment losses beginning of year(554,329)0Depreciation for the year(654,179)(76,218)Depreciation and impairment losses end of year(1,208,508)(76,218)Carrying amount end of year2,612,1972,105,3912023-01-018 Financial assetsDepositsDKKCost beginning of year162,801Additions3,018,157Cost end of year3,180,958Carrying amount end of year3,180,9582023-12-319 PrepaymentsThe prepayments mainly consist of prepayments for R&D-costs, which includes payments for materiel to be used in the R&D-process.3396355610 Non-current liabilities other than provisionsDue after more than 12 months
2024
DKKOther payables17,903,09317,903,093København S11 Contingent liabilitiesAcquired Licenses and Rights
Adcendo has certain contingent commitments under license agreements that may become due in the future.
The table below indicates potential development and revenue-related payments that Adcendo may be required to make once specific milestones events are achieved:
These milestone payments generally become due and payable only upon the achievement of certain development, clinical, regulatory and commercial milestones. The events triggering such payments or obligations have not yet occurred.
Both the amounts and the timing of the actual payments are uncertain.
Leases
The Company has rental and lease commitments of DKK 7,702,032. (2023: DKK 250,345).
23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabFrederiksbergFrederiksberg2000Regnskabsklasse BRevisionspåtegning2024-12-312024-01-01215Nordre FasanvejAdcendo ApS38780093339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapport2025-05-22Lasse René Sørensen