39119374 2024-01-01 2024-12-31 39119374 2024-01-01 2024-12-31 1 39119374 2024-01-01 2024-12-31 1 39119374 2024-01-01 2024-12-31 2 39119374 2023-01-01 2023-12-31 39119374 2024-12-31 39119374 2023-12-31 39119374 2023-12-31 fsa:ContributedCapitalMember 39119374 2023-12-31 fsa:RetainedEarningsMember 39119374 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 39119374 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 39119374 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 39119374 2024-12-31 fsa:ContributedCapitalMember 39119374 2024-12-31 fsa:RetainedEarningsMember 39119374 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 39119374 2022-12-31 fsa:ContributedCapitalMember 39119374 2022-12-31 fsa:RetainedEarningsMember 39119374 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 39119374 2022-12-31 39119374 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 39119374 2023-01-01 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK xbrli:pure Novo Allé 1 2880 Bagsværd Denmark 39119374 Novo Nordisk Research Center Gladsaxe ApS Bagsværd Trine Haastrup Peter Bøggild Kristine Aachmann Bethe Chairman The Board of Directors and the Executive Management have approved the Annual Report of Novo Nordisk Research Center Gladsaxe ApS for the year 2024.The Annual Report has been prepared in accordance with 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 2024 and of the results of the company's operations for 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act.Further, in our opinion, the Management’s review gives a fair review of the development in the company’s operations and financial matters and the results of the company’s operations and financial position.We recommend that the Annual Report be adopted at the Annual General Meeting. According to the 2024 general meeting decision, the financial statements for 2024 have not been audited. Management confirms that the requirements herefor are fulfilled. Further, it is proposed to the annual general meeting in June 2025 that the financial statements for 2025 not be audited. Main activitiesThe company was founded in 2017 as a spin-out from the University of Copenhagen and was a biotech start-up developing strategies for treating metabolic diseases and eating disorders. In 2023, the company sold and transferred all assets and activities. The company had no active operations in 2024. Development during the financial yearNet profit for Novo Nordisk Research Center Gladsaxe ApS amounted to DKK 6,174 thousand for the year 2024 compared with a net profit of DKK 395,475 thousand for the year 2023.The decrease in profit for the year is due to a gain in 2023 from transferring assets and operations of the company to a group company.Events after the balance sheet dateNo events have occurred after the end of the reporting period that materially affect the financial position of the company. 38000 197000 0 -514961000 -38000 514764000 7954000 2053000 1000 9260000 7915000 507557000 1741000 111353000 6174000 396204000 0 -729000 6174000 395475000 8019000 516985000 21000 0 466000 3000 8506000 516988000 8506000 516988000 52000 52000 707000 533000 6000000 405000000 6759000 405585000 1741000 111353000 6000 50000 1747000 111403000 1747000 111403000 8506000 516988000 52000 533000 405000000 405585000 6174000 6174000 6000000 -6000000 0 405000000 405000000 52000 707000 6000000 6759000 52000 -5941000 0 -5889000 395475000 395475000 405000000 -405000000 0 -8799000 0 -8799000 350000 350000 24448000 24448000 52000 533000 405000000 405585000 true true As a result of the de-merger transaction carried out in 2023, de-merged activities are treated as discontinued operations and presented in a separate line item in the income statement.The Annual Report is presented in DKK 1,000.Intra-group business combinationsThe book value method is applied to de-mergers in which entities controlled by the parent company are involved, without any restatement of comparative figures. Differences between the agreed consideration and the carrying amount of the divested net assets, adjusted for tax on patents and know-how are recognised directly in equity.Translation of foreign currenciesOn initial recognition, transactions in foreign currencies are translated at the exchange rate at the transaction date. Receivables and payables and other monetary items in foreign currencies are translated at the exchange rate at the balance sheet date. All exchange rate adjustments are recognised in the income statement.Public grantsPublic grants to cover expenses are recognised in discontinued operations as other operating income when it is deemed likely that all grant criteria have been met. Grants which must be repaid under certain circumstances are recognised only where they are not expected to be repaid.Income StatementAdministrative costsAdministrative costs comprise costs incurred in the year for the administration of the company, e.g. audit fees and other administrative costs.Other operating incomeOther operating income comprise items of a secondary nature relative to the company's core activities, including gains of the sale of intangible assets.Financial income and expeses Financial income and expenses include interest income and expenses, e.g. from affiliated companies, bank charges, and fair value adjustments of conversion/repayment options. Financial income and expenses are recognised by the amounts pertaining to the financial year.TaxTax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.Tax payable/receivable includes tax payable computed on the basis of the expected taxable income for the year and any adjustments of taxes payable for previous years and tax paid on account.The company is jointly taxed with the Danish companies in the Novo Holdings A/S Group. The tax effect of the joint taxation with the parent company and other subsidiaries is allocated to the companies in proportion to their taxable incomes (full allocation). The current tax in the joint taxation is paid by the ultimate parent company, Novo Holdings A/S, which functions as the tax administration company. The jointly taxed Danish enterprises have adopted the on-account taxation scheme.Discontinued operationsDiscontinued operations comprise the activities disposed of upon the de-merger that was executed in 2023. The profit/loss from discontinued operations after tax is presented in a separate line item in the income statement. Other operating income, expenses, financial expenses, and tax relating to discontinued operations are disclosed in the notes. Balance SheetAmounts owed by affiliated companiesAmounts owed by affiliated companies are stated at amortised cost less write-downs for potential losses on doubtful debts. Any write-downs are based on an individual assessment of each debtor.Other receivablesOther receivables are stated at amortised cost less write-downs for potential losses on doubtful debts. Any write-downs are based on an individual assessment of each debtor.Cash at bankCash at bank is valued at nominal value.EquityPurchase and sale of treasury shares are taken directly to equity under retained earnings.Proposed dividends (not yet declared) for the accounting period are recognised in the equity as proposed dividends.Capital contributions received from a parent company are recognised under retained earnings in equity.Other liabilitiesOther liabilities are measured at amortised cost.Convertible loansConvertible debt are initially separated into a debt component and a conversion option. The debt component is measured at amortized cost and the conversion option is measured at fair value through profit or loss.On initial recognition, the difference between the fair value of the liability component and the total proceeds is allocated to the conversion option. The conversion option is classified as a derivative liability, as it is not convertible into a fixed number of shares for a fixed amount of cash. Subsequent to initial recognition, the conversion option is accounted for as a derivative and thus, it is measured at fair value through profit or loss. Any gains or losses on the conversion option is recognized as part of financial items. The transaction costs are allocated to each component of the loan.Fair valueThe fair value measurement is based on the principal market. If no principal market exists, the measurement is based on the most advantageous market, i.e. the market that maximises the price of the asset or liability less transaction and/or transport costs.All assets and liabilities which are measured at fair value, or whose fair value is disclosed, are classified based on the fair value hierarchy, Level 1: Value in an active market for similar assets/liabilitiesLevel 2: Value based on recognised valuation methods on the basis of observable market informationLevel 3: Value based on recognised valuation methods and reasonable estimates (non-observable market information).If a reliable fair value cannot be stated according to the above levels, the asset or liability is measured at cost. 2024 2023DKK '000 DKK '0001 - Other operating incomeGain on sale of intangible assets to group companies - 514.961 Total other operating income - 514.961 2 - Financial incomeInterest income relating to affiliated companies 7.947 2.049 Other financial income 7 4 Total financial income 7.954 2.053 3 - Financial expensesInterest on convertible loan - 2.207 Fair value adjustment of embedded derivative - 7.053 Other financial expenses 1 - Total financial expenses 1 9.260 In August 2021, the company entered into a convertible loan with a principal amount of DKK 10,000 thousands. The convertible loan included several conversion and repayment features, including repayment upon an ‘exit event’. In August 2023, the loan was repaid upon an ‘exit event’. In consequence of the repayment mechanism applied upon repayment, the company recognised a fair value adjustment of DKK -7,053 thousands in financial expenses. 2024 2023DKK '000 DKK '0004 - Income taxesTax on the profit/(loss) for the year 1.741 107.897 Income taxes 1.741 107.897 Specified as follows:Tax on continuing operations 1.741 111.353 Tax on discontinued operations, see note 5 - (3.456) Income taxes 1.741 107.897 2024 2023DKK '000 DKK '0005 - Loss from discontinued operationsAdministrative expenses - 264 Research and development expenses - 4.074 Other operating income - (154) Financial expenses - 1 Loss before tax - 4.185 Tax on profit/loss - (3.456) Loss after tax from discontinuing operations - 729 In July 2023, the company carried out a taxable de-merger. As part of the de-merger transaction, the company transferred certain business activities, which have been presented as discontinued operations. Profit and loss from discontinuing operations is broken down on main items listed above. Since 31 December 2023, there are no assets and liabilities on the balance sheet relating to discontinued operations. 2024 20236 - Employee costsAt 31 December 2024, there are no employees in the Company. Above information on average number of full-time employees for 2023 comprise employees carved out in the de-merger. Related expenses are presented as discontinued operations. 0 2 6000000 405000000 174000 -9525000 6174000 395475000 8 - ContingenciesThe company is jointly taxed with the Danish companies in the Novo Holdings A/S Group. The joint taxation also covers withholding taxes in the form of dividend tax, royalty tax and interest tax. The Danish companies are jointly and individually liable for the joint taxation. Any subsequent adjustments to income taxes and withholding taxes may lead to a larger liability. The tax for the individual companies is allocated in full on the basis of the expected taxable income.As a consequence of the de-merger of the company in 2023, the company has a contingent liability for any obligation that existed at the time of the de-merger, in the event that a creditor of a capital company that participated in the de-merger is not fully satisfied. Hence, the company may be jointly and severally liable up to the maximum amount of the net assets value contributed or remaining at the time of the de-merger. At the date of these financial statements, there are no known liabilities relating to the de-merger that could impact the company in the future. 9 - Related parties and ownershipControlling interests Novo Nordisk A/S, Novo Allé 1, 2880 Bagsværd, Denmark Novo Holdings A/S, Tuborg Havnevej 19, 2900 Hellerup, Denmark Novo Nordisk Fonden, Tuborg Havnevej 19, 2900 Hellerup, Denmark BasisPrincipal shareholder, owns 100%Controls Novo Nordisk A/SUltimate parent of the GroupThe consolidated financial statements of the parent, Novo Nordisk A/S, and the ultimate parent, Novo Nordisk Fonden, in which Novo Nordisk Research Center Gladsaxe ApS is fully consolidated, can be ordered from Novo Nordisk A/S (CVR no. 24 25 67 90), Novo Allé 1, 2880 Bagsværd, Denmark, and from the Novo Nordisk Fonden (CVR no. 10 58 29 89), Tuborg Havnevej 19, 2900 Hellerup, Denmark. Annual report No audit assistance ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-06-12 Sara Backman Reporting class B 2025-06-12 24256790 Novo Nordisk A/S Novo Allé 1 2880 Bagsværd