34083738 2024-01-01 2024-12-31 34083738 2024-01-01 2024-12-31 0 34083738 2024-01-01 2024-12-31 0 34083738 2024-01-01 2024-12-31 1 34083738 2024-01-01 2024-12-31 2 34083738 2024-01-01 2024-12-31 3 34083738 2023-01-01 2023-12-31 34083738 2024-12-31 34083738 2023-12-31 34083738 2024-01-01 2024-12-31 0 34083738 2023-01-01 2023-12-31 1 34083738 2024-01-01 2024-12-31 2 34083738 2023-01-01 2023-12-31 3 34083738 2024-01-01 34083738 2023-01-01 34083738 2024-01-01 2024-12-31 cmn:PreviousYearMember 34083738 2024-01-01 2024-12-31 0 34083738 2024-01-01 2024-12-31 1 iso4217:DKK xbrli:pure Regnskabsklasse B Acesion Pharma ApS Nordre Fasanvej 215 2000 Frederiksberg 34083738 Frederiksberg 2024-01-01 2024-12-31 Niels Bang 2025-06-19 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and Executive Board have today considered and adopted the Annual Report of Acesion Pharma ApS for the financial year January 1 – December 31, 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report has been prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements under the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Financial Statements give a true and fair view of the financial position at December 31, 2024 of the Company and of the results of the Company’s operations and cash flows for 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management's review gives a fair assessment of the development in the Company's activities and financial matters, results for the year, cash flows and financial position as well as a description of material risks and uncertainties that the Company face.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General Meeting.</td></tr></table> Copenhagen 2025-06-10 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor’s report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Acesion Pharma ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the financial statements of Acesion Pharma ApS for the financial year January 1 – December 31, 2024, which comprise income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including material accounting policy information. The financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the Company at December 31, 2024 and of the results of the Company's operations and cash flows for the financial year January 1 – December 31, 2024 in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for Opinion</td></tr><tr><td colspan="1">We 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 our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on our procedures, we conclude that the 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 of the Management's review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of 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.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to 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 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 the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">►     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.</td></tr><tr><td colspan="1">►     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.</td></tr><tr><td colspan="1">►     Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">►     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.</td></tr><tr><td colspan="1">►     Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">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.</td></tr></table> Copenhagen 2025-06-10 52309000 4936000 -57245000 2960000 1649000 -55934000 -12901000 -43033000 -43033000 -43033000 -43033000 -11943000 -1180000 -21000 2960000 5000 -12909000 -40271000 0 0 8394000 253000 -8647000 -48918000 -33000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Review</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Primary activities</td></tr><tr><td colspan="1">The activities of Acesion Pharma ApS consist of the development of more efficacious and safer drugs for the treatment of atrial fibrillation (AF), the most common type of cardiac arrhythmia.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in activities and finances</td></tr><tr><td colspan="1">Effective, safe and tolerable pharmacological treatment for atrial fibrillation (AF) remains an unmet need. Acesion Pharma ApS is aiming to develop more efficacious and safer drugs for the medical treatment of AF. The scientific background is based on the novel concept of treating AF by inhibiting so-called SK channels. These are ion channels are present in the heart where they are relevant for regulating the cardiac rhythm. Blocking this ion channel with a targeted drug molecule constitutes a novel and promising target for developing improved treatment of AF.</td></tr><tr><td colspan="1">The Company´s lead program, AP31969 is being developed for the maintenance of sinus rhythm in patients suffering from AF. During 2024 the Company has advanced AP31969 through Phase 1 and prepared for the further clinical development, including the planning for a Phase 2 clinical trial which is expected to be initiated in 2025.</td></tr><tr><td colspan="1">Acesion Pharma ApS delivered net losses of DKK 43,033 thousand (2023: DKK 42,849 thousand) due to significant investments in pre-clinical work as well as human clinical trials on the leading therapy candidates.</td></tr><tr><td colspan="1">Uncertainty relating to recognition and measurement</td></tr><tr><td colspan="1">Acesion Pharma’s Management has assessed that there are key accounting estimates related to determing fair value of the Syndicate Loan from Vækstfonden in note 4.3 and share-based compensation as described in note 1.2 to the financial statements.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Going concern uncertainty</td></tr><tr><td colspan="1">As of December 31, 2024, the Company’s available liquidity, comprised of cash and cash equivalents, was DKK 100,153 thousand and total equity was DKK 89,642 thousand. For the year ending December 31, 2024 the Company incurred a net loss of DKK 43,033 thousand.</td></tr><tr><td colspan="1">The Company monitors its funding position on an ongoing basis to ensure that it has access to sufficient funds to meet its forecasted cash requirements, including investing in platforms and clinical programs for the pipeline. Analyses are run to reflect different scenarios including, but not limited to, cash runway, human capital resources and pipeline priorities in order to identify risks to future liquidity and to enable Management to take corrective actions and allow the Company to continue as a going concern at least 12 months from the balance sheet date.</td></tr><tr><td colspan="1">Based on this assessment Management has prepared the financial statements presented herein based on assumption of being a going concern.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">Subsequent events</td></tr><tr><td colspan="3">In June 2025 the Company secured a commitment from the investors in the Company´s Series B to invest the tranch 2 of the Series B. The EURM 25 tranch 2 funding will be used to fund the Phase 2 clinical trial with AP31969.</td></tr><tr><td colspan="3">No other events that could significantly affect the financial statements have occurred after the reporting period closing date.</td></tr><tr><td /><td>2024</td><td>2023</td></tr></table> 11 Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1373.0, by EasyX Aps. www.easyx.eu 2023-01-01 2023-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Anders Gaarsdal Holst CEO Jørgen Søberg Petersen Chairman Benjamin Bruno Thorner Nik Economopoulos Timothy Michael Shannon 48510000 4510000 -53020000 1006000 3811000 -55824000 -12975000 -42849000 -42849000 -42849000 -42849000 -9186000 969000 77000 1006000 8000 -13505000 -36640000 899000 -899000 1899000 0 147740000 110201000 -123000 1290000 135000 1425000 1667000 12901000 100153000 114721000 116146000 115238000 297523000 -323119000 89642000 7433000 0 329000 7762000 7892000 260000 5444000 5146000 18742000 26504000 116146000 1683000 155000 1838000 2088000 12909000 149104000 164101000 165939000 115238000 297523000 -281962000 130799000 13449000 0 590000 14039000 8704000 207000 9477000 2713000 21101000 35140000 165939000 Proceeds of issues of shares and other equity securities 0 Proceeds of issues of shares and other equity securities 151859000 Transaction costs related to issuance of shares 0 Transaction costs related to issuance of shares -2220000 149104000 39026000 12 EY Godkendt Revisionspartnerselskab 30700228 Christian Schwenn Johansen State Authorised Public Accountant mne33234 Anders Roe Eriksen State Authorised Public Accountant mne46667 30700228 EY Godkendt Revisionspartnerselskab