411044062024-01-012024-12-31411044062024-01-012024-12-311411044062024-01-012024-12-311411044062024-01-012024-12-312411044062024-01-012024-12-313411044062024-01-012024-12-314411044062024-01-012024-12-311411044062024-12-31411044062023-12-31fsa:ContributedCapitalMember411044062023-12-31fsa:RetainedEarningsMember411044062023-12-31411044062024-01-012024-12-31fsa:RetainedEarningsMember411044062024-12-31fsa:ContributedCapitalMember411044062024-12-31fsa:RetainedEarningsMember411044062023-01-012023-12-31iso4217:DKKThe Board of Directors and the Executive Board have today considered and approved the annual report of QNTM Ventures ApS for the financial year 01.01.2024 - 31.12.2024.-1168243-163280The annual report is presented in accordance with the Danish Financial Statements Act.-36918467-27860017In 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 - 31.12.2024.19371156881We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.5429368512211We recommend the annual report for adoption at the Annual General Meeting.-41578963-28528627Odense0114085Jack Egelund Madsen-41578963-28642712Connor Robert Jensen Murphy-41578963-28642712Cornelius James MerliniChristian Carlsen4883874957928435Ross Thomas Desmarais4883874957928435To the shareholders of QNTM Ventures ApS4883874957928435We have performed an extended review of the financial statements of QNTM Ventures 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. ​Based on our extended review, 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.4997225076We conducted our extended review in accordance with the assurance engagement standard for small enterprises as issued by the Danish Business Authority and the standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act as issued by FSR - Danish Auditors. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the extended review of the financial statements” section. 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 evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.4997225076Management 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, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.4888872157953511Our responsibility is to express a conclusion on the financial statements. This requires that we plan and ​perform procedures to obtain limited assurance about our conclusion on the financial statements and that ​we also perform specifically required supplementary procedures for the purpose of obtaining additional assurance about our conclusion.​​An extended review consists of making inquiries, primarily of Management and, if appropriate, of other entity ​personnel, performing analytical and the specifically required supplementary procedures as well as evaluating ​the evidence obtained.​​The procedures performed in an extended review are less in scope than in an audit, and accordingly we do ​not express an audit opinion on the financial statements.1129901129901570934157288304Management is responsible for the management commentary. Our conclusion 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 extended review 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 extended review 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 financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.1582233157401294290743170Odense39695560Bo Damgaard Hansen330438730mne3454312500118000State Authorised Public Accountant0424200Primary activitiesThe purpose of the company is to act as a holding company and hereby related business.1001710017Events 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.22517552217This 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.33066390552217Consolidated financial statementsReferring to section 110 of the Danish Financial Statements Act, no consolidated financial statements have been prepared.4888872157953511Recognition 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.112990Foreign 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. 57288304Derivative financial instrumentsOn initial recognition in the balance sheet, derivative financial instruments are measured at cost and subsequently at fair value, which has been calculated as the discounted value of expected future net cash flows by using an approximate risk-free interest rate adjusted for any factors that a potential market participant would attribute value to when acquiring the instrument. For derivative financial instruments that do not comply with the requirements for being treated as hedging instruments, changes in fair value are recognised currently in the income statement as financial income or financial expenses.Gross profit or lossGross profit or loss comprises other external expenses.-41578963Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for stationery and office supplies and administrative costs.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.112990Other financial incomeOther financial income comprises interest income, including interest income on bank balances.15709341Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses, payables and transactions in foreign currencies.Tax 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.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).The share capital is divided into DKK 8.157 A -shares, DKK 40.000 B-shares and DKK 64.833 C-shares. The C-shares have a right of priority to payment in case of distribution of proceeds, including dividend, capital decrease, liquidation proceeds, or in any other way over A-shares which again has a right of priority over B-shares. In July 2022, the general meeting of the company decided to issue 1 warrant per nominally DKK 1 share in share class C in the company granting the warrantholders a right to subscribe for shares of nominally DKK 1 in share class C at (numerically) rate 100. The warrants are issued to all shareholders holding C-shares and must be subscribed no later than 10 years.Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value. Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises are written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation will involve a loss, a provision is recognised that is measured at present value of the costs necessary to settle the obligations at the balance sheet date. Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to the reserve for net revaluation according to the equity method in equity.1 Other financial income 2024 DKK2023 DKKFinancial income from group enterprises647,7240Other interest income44,0006,881Fair value adjustments1,245,39101,937,1156,881CashCash comprises cash in bank deposits.2 Other financial expenses2024 DKK2023 DKKFinancial expenses from group enterprises010,142Other interest expenses3,510,120392Exchange rate adjustments1,919,248501,6775,429,368512,211Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.3 Financial assetsInvestments in group enterprises DKKCost beginning of year100,666,120Additions27,828,781Cost end of year128,494,901Impairment losses beginning of year(42,737,685)Share of profit/loss for the year(36,918,467)Impairment losses end of year(79,656,152)Carrying amount end of year48,838,749Investments in subsidiariesRegistered inCorporate formEquity interest %QNTM Labs ApSDenmarkApS100.00true4 Non-current liabilities other than provisionsDue after more than 12 months​2024​DKKConvertible and dividend-yielding debt instruments29,074,317 Derivative financial instruments3,969,55633,043,873No non-current liabilities is due after 5 years.Grundlag for konklusion5 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any ​​remuneration.Konklusion6 Financial instrumentsDerivative financial instruments consist of a conversion right on 7 convertible loan notes. There are 7 convertible loan notes issued in 2024 to 7 investors at a total value of 4.2 million USD. The derivative financial instruments are recognised at fair value with the following assumptions: Creditor is entitled to convert the loan including accrued interest. Creditor has the right bud no obligation to convert the convertible note into shares in QNTM Ventures ApS. Contractual Accruing Interest Rate (p.a.): 20% Market rate for similar debt without conversion feature : 30% Expire time of conversion right: 20262025-06-277 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint taxation arrangement. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for these entities.2025-06-27true339635562023-01-012023-12-31Odense51005Tværkajen, Postboks 10Deloitte Statsautoriseret RevisionspartnerselskabOdenseOdense SØ5220Regnskabsklasse BErklæring om udvidet gennemgang2024-12-312024-01-014UnsbjergvejQNTM Ventures ApS41104406339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapport2025-06-27Christian Carlsen