Årsrapport14119299PKF Munkebo Vindelev, Statsautoriseret RevisionsaktieselskabHovedvejen, 562600, Glostrup2021-01-012021-12-312022-01-012022-12-3134580367Oncomal ApSc/o COBIS, Ole Maaløes Vej32200København N2012-05-09Danske BankHolmens Kanal21090København KPKF Munkebo Vindelev, Statsautoriseret Revisionsaktieselskab14119299Thomas FunchStatsautoriseret revisormne47782Hovedvejen562600GlostrupDanmark43 96 06 56pkf@pkf.dk2023-05-26Ali El-SalantiRegnskabsklasse BRevisionspåtegningCaseWare fra Revisorgruppen DanmarkkapitalejerneGlostrup2023-05-26København N2023-05-26Grundlag for konklusionKonklusion-229703-320738-229703-320738512168376850-741871-697588-102718-69316-639153-628272-639153-628272104286254670907541042862546709075410428625467090754022731288799720322702887997205500185120926748719114000898803720115686343758944740102964968481015965766504537810169954065142226341375812513952666106941231398680310752248139868031075224811568634375894474462014334929501544192151216837685067090754670907543719550001042862546709075410428625467090754Var2 Pharmaceuticals ApSCopenhagen93.8467385372-6805156VarCT Diagnostics ApSCopenhagen000968489684861160102964968483719035103719035106504537865673650-639153-62827237190351010159657665045378Today, the Board of Directors and the Executive Board have approved the annual report of Oncomal ApS for the financial year 2022. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and 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. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Ali El-SalantiThor Grundtvig TheanderMads DaugaardMads DaugaardPeter SchröcksnadelPoul Henrik Bredahl SørensenAli El-SalantiThor Grundtvig TheanderJosef RainerWe have audited the financial statements of Oncomal ApS for the financial year 1 January - 31 December 2022, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. 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. 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. Emphasis of Matter Without modifying our opinion, we direct the attention to the information in note 1, where uncertainty regarding the valuation of the company's investment in a subsidiary is described. We agree with the management's assumption. 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 judgment and maintain professional skepticism 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. Statement on Management’s Review 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, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. -39000-35000-344000-39000-35000-344000512000377000-268000-166000-101000-216000-201000-445000741870007223800070218000657700006598600066187000Description of key activities of the company The significant activities of the enterprise are operations in the cancer fighting field, directly or via share-holdings in other companies, and other activities which, in the opinion of the board of directors, are related there to. Uncertainties connected with recognition or measurement The management considers the valuation of the equity investment in a subsidiary as reliable, but acknowledges that there is risk connected to the valuation. The valuation depends on the subsidiary being successful in finishing and commercializing its development projects. Development in activities and financial matters The gross loss for the year totals DKK -230.000 against DKK -321.000 last year. Income or loss from ordinary activities after tax totals DKK -639.000 against DKK -628.000 last year. The management considers the 2022 results satisfactory. All activities in 2022 were executed according to plan and vision of the company. Major milestones to secure investments for finalizing of the pre-clinical development were achieved. Events occurring after the end of the financial year No events have occurred subsequent to the balance sheet date, which would have material impact on the financial postion of the company. The annual report for Oncomal ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in general Income is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Gross loss Gross loss comprises other operating income and other external costs. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets. Other external expenses comprise expenses incurred for administration. Financial income and expenses Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses. Tax on net profit or loss for the year Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity. The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The company acts as an administration company in relation to the joint taxation. This means that the total Danish tax payable by the Danish consolidated companies is paid to the tax authorities by the company. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Investments in group enterprise Investments in group enterprise is recognised and measured at cost. If the recoverable amount is lower than the cost price, it shall be written down for impairment to this lower value. Receivables Receivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Cash and cash equivalents Cash and cash equivalents comprise cash at bank. Income tax and deferred tax As administration company, Oncomal ApS is liable to the tax authorities for the subsidiaries' corporate income taxes. Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisions Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 1. Uncertainties concerning recognition and measurement When calculating the book value of certain assets, an assessment of how future events will influence the value is necessary. Assessments which are of material value in the financial statements are, among other things, made when preparing depreciations and amortizations on fixed assets. The used assessments are based on assumptions, that the management regards as properly, but, in the cause of nature, are uncertain and unpredictable. The assumptions may have been incomplete or inaccurate and unexpected events may occur. The valuations of the equity investment in a subsidiary depends on this company being successful in finishing and commercializing its development projects. 6. Contingencies Contingent assets A deferred tax asset of t.DKK 133 has not been recognised due to uncertainty regarding future usage. Joint taxation The company acts as administration company for the group of companies subject to the Danish scheme of joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to pay the total corporation tax. TheThe company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. The liability relating to obligations in connection with withholding tax on dividends, interest, and royalties represents an estimated maximum of DKK 0. 345803672022-01-012022-12-31345803672021-01-012021-12-31345803672021-12-31345803672022-12-31345803672022-01-012022-12-311345803672022-01-012022-12-312345803672022-01-012022-12-313345803672022-01-012022-12-314345803672022-01-012022-12-315345803672022-01-012022-12-316345803672022-01-012022-12-312345803672022-01-012022-12-311345803672022-01-012022-12-313345803672022-01-012022-12-311345803672022-01-012022-12-31e:RetainedEarningsMember345803672021-01-012021-12-31e:RetainedEarningsMember345803672022-01-01e:InvestmentsInGroupEnterprisesMember345803672021-01-01e:InvestmentsInGroupEnterprisesMember345803672022-01-012022-12-31e:InvestmentsInGroupEnterprisesMember345803672021-01-012021-12-31e:InvestmentsInGroupEnterprisesMember345803672022-12-31e:InvestmentsInGroupEnterprisesMember345803672021-12-31e:InvestmentsInGroupEnterprisesMember345803672022-01-01e:ContributedCapitalMember345803672022-01-012022-12-31e:ContributedCapitalMember345803672022-12-31e:ContributedCapitalMember345803672022-01-012022-12-31e:SharePremiumMember345803672022-01-01e:RetainedEarningsMember345803672022-01-012022-12-31e:RetainedEarningsMember345803672022-12-31e:RetainedEarningsMember345803672022-01-012022-12-31d:TwoYearsAgoMember345803672022-12-31d:TwoYearsAgoMember345803672022-01-012022-12-31d:ThreeYearsAgoMember345803672022-12-31d:ThreeYearsAgoMember345803672022-01-012022-12-31d:FourYearsAgoMember345803672022-12-31d:FourYearsAgoMember345803672022-01-012022-12-31e:SubsidiaryMember1345803672022-12-31e:SubsidiaryMember1345803672021-01-01e:ContributedCapitalMember345803672021-01-012021-12-31e:ContributedCapitalMember345803672021-12-31e:ContributedCapitalMember345803672021-01-012021-12-31e:SharePremiumMember345803672021-01-01e:RetainedEarningsMember345803672021-01-012021-12-31e:RetainedEarningsMember345803672021-12-31e:RetainedEarningsMember345803672022-01-012022-12-31e:SubsidiaryMember2345803672022-12-31e:SubsidiaryMember2iso4217:DKKxbrli:pure