35249389 2022-01-01 2022-12-31 35249389 2022-01-01 2022-12-31 0 35249389 2022-01-01 2022-12-31 1 35249389 2022-01-01 2022-12-31 2 35249389 2022-01-01 2022-12-31 3 35249389 2022-01-01 2022-12-31 4 35249389 2022-01-01 2022-12-31 5 35249389 2022-01-01 2022-12-31 0 35249389 2021-01-01 2021-12-31 35249389 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 35249389 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 35249389 2022-12-31 35249389 2021-12-31 35249389 2022-01-01 2022-12-31 0 35249389 2021-01-01 2021-12-31 1 35249389 2022-01-01 35249389 2021-01-01 35249389 2022-01-01 2022-12-31 0 35249389 2022-01-01 2022-12-31 1 iso4217:DKK xbrli:pure 2022-01-01 2022-12-31 CURASIGHT A/S Ole Maaløes Vej 3 2200 København N København N 35249389 2023-03-30 advokat Emil Dencker Steenberg <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 Review</td></tr><tr><td colspan="1">Expanded clinical strategy, strong financial</td></tr><tr><td colspan="1">position, and several ongoing studies set a</td></tr><tr><td colspan="1">solid ground for an eventful 2023</td></tr><tr><td colspan="1">2022 was a pivotal year characterized by intensive</td></tr><tr><td colspan="1">strategic work. Much progress has been made since our</td></tr><tr><td colspan="1">IPO just two years ago, not least with the presentation</td></tr><tr><td colspan="1">of positive results from multiple investigator-initiated</td></tr><tr><td colspan="1">studies with uTRACE®. During 2022 we updated our</td></tr><tr><td colspan="1">clinical strategy, and we are now pursuing four promising</td></tr><tr><td colspan="1">indications with uTRACE® - brain cancer, prostate</td></tr><tr><td colspan="1">cancer, head- and neck cancer and neuroendocrine</td></tr><tr><td colspan="1">tumours.</td></tr><tr><td colspan="1">The new strategy enables Curasight to pursue a</td></tr><tr><td colspan="1">theranostic strategy – combining more accurate</td></tr><tr><td colspan="1">diagnosis with effective treatment. We do this by</td></tr><tr><td colspan="1">leveraging Curasight’s accurate diagnostic technology</td></tr><tr><td colspan="1">uTRACE® which uses intelligent cancer imaging,</td></tr><tr><td colspan="1">with targeted treatment solutions from our uTREAT®</td></tr><tr><td colspan="1">technology. By pursuing this theranostic solution, we</td></tr><tr><td colspan="1">can create potentially more gentle and efficient new</td></tr><tr><td colspan="1">treatment options for various cancers.</td></tr><tr><td colspan="1">Accelerating our development together</td></tr><tr><td colspan="1">with partners</td></tr><tr><td colspan="1">An important part of our new strategy is to establish</td></tr><tr><td colspan="1">synergistic partnerships which could build further</td></tr><tr><td colspan="1">value in our business. During discussions with</td></tr><tr><td colspan="1">potential partners, we have seen a genuine interest in</td></tr><tr><td colspan="1">Curasight’s technology and its application in several</td></tr><tr><td colspan="1">promising indications. We look forward to continuing</td></tr><tr><td colspan="1">these discussions as we work to progress uTRACE®</td></tr><tr><td colspan="1">and uTREAT® solutions through clinical development.</td></tr><tr><td colspan="1">We foresee these particular benefits from entering a</td></tr><tr><td colspan="1">partnership</td></tr><tr><td colspan="1">Sharing knowledge – The right partner brings</td></tr><tr><td colspan="1">access to (complimentary) expertise and know-how and</td></tr><tr><td colspan="1">provides additional resources. Combining efforts and</td></tr><tr><td colspan="1">manpower make us more prone to succeed.</td></tr><tr><td colspan="1">Sharing cost – Developing our radiopharmaceutical</td></tr><tr><td colspan="1">products successfully through the clinical phases</td></tr><tr><td colspan="1">to regulatory approval in various cancer indications</td></tr><tr><td colspan="1">are costly. When sharing expenses, we can do more.</td></tr><tr><td colspan="1">Sharing knowledge and cost will allow for powerful</td></tr><tr><td colspan="1">execution and speed up time to market.</td></tr><tr><td colspan="1">Expanding our pipeline with two</td></tr><tr><td colspan="1">additional indications</td></tr><tr><td colspan="1">Last year, we received positive proof of concept</td></tr><tr><td colspan="1">data with uTRACE® in head- and neck cancer and</td></tr><tr><td colspan="1">neuroendocrine (NET) tumours where uTRACE® was</td></tr><tr><td colspan="1">used to precisely detect and diagnose. The findings led</td></tr><tr><td colspan="1">us to quickly expand our strategy and initiate preclinical</td></tr><tr><td colspan="1">studies of uTREAT® in these indications.</td></tr><tr><td colspan="1">By adding these two cancer indications to our clinical</td></tr><tr><td colspan="1">development program, we strengthen our position</td></tr><tr><td colspan="1">as a theranostic company with a potential to provide</td></tr><tr><td colspan="1">more targeted and gentle cancer treatment. With both</td></tr><tr><td colspan="1">preclinical studies underway, we hope to be able to</td></tr><tr><td colspan="1">present the first results during H1 2023.</td></tr><tr><td colspan="1">As we continue to accelerate our development and</td></tr><tr><td colspan="1">execute our strategy, Curasight has maintained a solid</td></tr><tr><td colspan="1">financial position during the year with a cash position</td></tr><tr><td colspan="1">of approximately DKK 50 million. The current financing</td></tr><tr><td colspan="1">is expected to last well into 2023 as we explore</td></tr><tr><td colspan="1">additional future funding options including the potential</td></tr><tr><td colspan="1">partnerships given the go-to-market strategy for each</td></tr><tr><td colspan="1">indication.</td></tr><tr><td colspan="1">Anticipating an eventful 2023</td></tr><tr><td colspan="1">After a busy year where we have strengthened our</td></tr><tr><td colspan="1">position as a theranostic company by executing our</td></tr><tr><td colspan="1">strategic objectives, we look forward to receiving the</td></tr><tr><td colspan="1">results from yet to be reported investigator-initiated</td></tr><tr><td colspan="1">studies. We await the publication of the results of the</td></tr><tr><td colspan="1">completed academic clinical proof of concept study in</td></tr><tr><td colspan="1">brain cancer with uTRACE®. Similarly, we are waiting for</td></tr><tr><td colspan="1">the completion and the data from our preclinical study in</td></tr><tr><td colspan="1">brain cancer with uTREAT®, followed later by preclinical</td></tr><tr><td colspan="1">results in head and neck cancer and neuroendocrine</td></tr><tr><td colspan="1">tumours (NET).</td></tr><tr><td colspan="1">Last but not least Curasight is building its drug</td></tr><tr><td colspan="1">development function to meet the regulatory demands</td></tr><tr><td colspan="1">of running a late stage clinical development company.</td></tr><tr><td colspan="1">This focus involves our first discussions with the</td></tr><tr><td colspan="1">US Food and Drug Administration about our clinical</td></tr><tr><td colspan="1">programs on uTRACE® and continuing the clinical</td></tr><tr><td colspan="1">Investigation of uTRACE® in the prostate cancer</td></tr><tr><td colspan="1">indication. In summary, all the hard work in 2022 sets</td></tr><tr><td colspan="1">the foundation for a rich news flow during 2023 that will</td></tr><tr><td colspan="1">fuel Curasights value inflection points. Thank you for</td></tr><tr><td colspan="1">sharing our mission to improve the lives of millions of</td></tr><tr><td colspan="1">people with cancer.</td></tr><tr><td colspan="1">Ulrich Krasilnikoff, CEO</td></tr><tr><td colspan="1">Curasight A/S</td></tr><tr><td colspan="1">Curasight A/S in short</td></tr><tr><td colspan="1">Curasight is a clinical phase II company based</td></tr><tr><td colspan="1">in Copenhagen, Denmark. Curasight’s team are</td></tr><tr><td colspan="1">the pioneers behind the novel uPAR Theranostics</td></tr><tr><td colspan="1">technology. The technology minimizes irradiation of</td></tr><tr><td colspan="1">healthy tissue by combining the targeted uTREAT®</td></tr><tr><td colspan="1">radiation therapy with the precise uTRACE® diagnostics.</td></tr><tr><td colspan="1">Several investigator-initiated phase II clinical trials have</td></tr><tr><td colspan="1">been completed or are currently undertaken.</td></tr><tr><td colspan="1">PET-imaging, usually combined with CT as PET/</td></tr><tr><td colspan="1">CT, is used to create images in which the biology of</td></tr><tr><td colspan="1">the disease can be studied. The principle is that a</td></tr><tr><td colspan="1">radiolabelled tracer is injected and bound to the tissues,</td></tr><tr><td colspan="1">e.g. in a tumour, after which the radioactivity can be</td></tr><tr><td colspan="1">located with the help of a PET-scanner. Together with</td></tr><tr><td colspan="1">his team, Professor Andreas Kjaer, developed a platform</td></tr><tr><td colspan="1">based on the radiolabelled PET-tracer uTRACE,</td></tr><tr><td colspan="1">Curasight’s novel product that highlights the cancer</td></tr><tr><td colspan="1">biomarker uPAR. By injecting the patient with uTRACE,</td></tr><tr><td colspan="1">one can both image where the cancer is located and its</td></tr><tr><td colspan="1">level of aggressiveness.</td></tr><tr><td colspan="1">uTRACE is imaging invasion and cancer</td></tr><tr><td colspan="1">aggressiveness (breaking down the normal tissue</td></tr><tr><td colspan="1">around the tumour). By imaging this, Curasight’s</td></tr><tr><td colspan="1">technology can diagnose and determine which</td></tr><tr><td colspan="1">therapeutic strategy should be pursued, e.g. if the</td></tr><tr><td colspan="1">patient needs surgery or not. In addition, uTRACE will</td></tr><tr><td colspan="1">be used for theranostics (principle of combined therapy</td></tr><tr><td colspan="1">and diagnostics) and precision medicine, selecting</td></tr><tr><td colspan="1">the right therapy to the right person at the right time,</td></tr><tr><td colspan="1">creating substantial benefits for both patients and the</td></tr><tr><td colspan="1">healthcare system.</td></tr><tr><td colspan="1">Curasight’s solution is expected to have major</td></tr><tr><td colspan="1">advantages in the future evaluation of prostate</td></tr><tr><td colspan="1">cancer because it may determine whether surgery is</td></tr><tr><td colspan="1">necessary or not. Today most prostate cancer patients</td></tr><tr><td colspan="1">having prostatectomies performed are operated</td></tr><tr><td colspan="1">unnecessarily and most of these patients (up to 70</td></tr><tr><td colspan="1">percent) experience some degree of side effects, such</td></tr><tr><td colspan="1">as impotence. With Curasight’s product and diagnosis,</td></tr><tr><td colspan="1">it is the company’s assessment that the degree of</td></tr><tr><td colspan="1">uncertainty will be dramatically reduced, and these</td></tr><tr><td colspan="1">patients can be managed according to their needs –</td></tr><tr><td colspan="1">with the necessary treatment at the right time, improving</td></tr><tr><td colspan="1">patient management and generating substantial</td></tr><tr><td colspan="1">business potential.</td></tr><tr><td colspan="1">Curasight‘s technology has been and is currently</td></tr><tr><td colspan="1">tested in a broad pipeline of 5 completed and 3</td></tr><tr><td colspan="1">ongoing phase II clinical trials. According to the board’s</td></tr><tr><td colspan="1">assessments, there is currently no other early-stage</td></tr><tr><td colspan="1">biotech company in the field of PET tracer development</td></tr><tr><td colspan="1">that has their technology tested in a broader portfolio</td></tr><tr><td colspan="1">of clinical trials in humans (Investigator-initiated and</td></tr><tr><td colspan="1">academically sponsored), in many different cancer</td></tr><tr><td colspan="1">indications. In 2017 a phase I/IIa first-in-humans clinical</td></tr><tr><td colspan="1">trial with uTRACE was completed. In 2018 a phase IIb</td></tr><tr><td colspan="1">clinical trial with uTRACE in breast cancer; in 2020 a</td></tr><tr><td colspan="1">phase II study in prostate cancer; and in 2021/2022 two</td></tr><tr><td colspan="1">studies in head-and-neck cancer and neuroendocrine</td></tr><tr><td colspan="1">tumors, respectively, were completed.</td></tr><tr><td colspan="1">Moving into targeted radionuclide therapy</td></tr><tr><td colspan="1">(theranostics) – the radiation therapy of the future.</td></tr><tr><td colspan="1">With the promising results obtained within diagnostics</td></tr><tr><td colspan="1">Curasight now also pursues uPAR targeted radionuclide</td></tr><tr><td colspan="1">therapy using the uTRACE ligand but “armed” with</td></tr><tr><td colspan="1">short-range (1 mm) radiation therapy. In brief, the</td></tr><tr><td colspan="1">therapeutic ligand will be injected into a vein after</td></tr><tr><td colspan="1">which it will circulate and bind to all cancer cells in the</td></tr><tr><td colspan="1">body (expressing uPAR) and locally irradiate cancer</td></tr><tr><td colspan="1">with limited irradiation of healthy tissue. This concept</td></tr><tr><td colspan="1">represents a gentler form of radiotherapy compared to</td></tr><tr><td colspan="1">traditional external radiation therapy and is therefore by</td></tr><tr><td colspan="1">many is considered the “radiation therapy of tomorrow”.</td></tr><tr><td colspan="1">As PET imaging and radionuclide therapy are based on</td></tr><tr><td colspan="1">the same uPAR binding peptide, a uTRACE-scan can</td></tr><tr><td colspan="1">precisely predict where subsequent targeted radiation</td></tr><tr><td colspan="1">therapy will be delivered (theranostic principle).</td></tr><tr><td colspan="1">Business model</td></tr><tr><td colspan="1">Curasight aims to etablish uTRACE as an alternative</td></tr><tr><td colspan="1">to biopsies for risk stratification in prostate cancer.</td></tr><tr><td colspan="1">The geographic markets with the highest prevalence</td></tr><tr><td colspan="1">of these cancers are the U.S. and Europe. The Board</td></tr><tr><td colspan="1">and management of Curasight assess that the market</td></tr><tr><td colspan="1">potential for uTRACE as an integral component of a</td></tr><tr><td colspan="1">new and fast-growing market for active surveillance</td></tr><tr><td colspan="1">is substantial. Importantly, as a result of the unique</td></tr><tr><td colspan="1">patient benefits and its compelling business model</td></tr><tr><td colspan="1">Curasight expects uTRACE to catalyse the market for</td></tr><tr><td colspan="1">active surveillance. In brain cancer, Curasight expects</td></tr><tr><td colspan="1">its Theranostic solution with uTREAT to be gamechanging</td></tr><tr><td colspan="1">and to obtain a substantial market share. The</td></tr><tr><td colspan="1">orphan (rare) disease status of this disease is expected</td></tr><tr><td colspan="1">to enable a “fast track” route to FDA approval. By</td></tr><tr><td colspan="1">establishing an advanced pipeline in multiple cancer</td></tr><tr><td colspan="1">indications, Curasight’s board and management</td></tr><tr><td colspan="1">believe the Company will be an attractive candidate for</td></tr><tr><td colspan="1">partnership or out</td></tr><tr><td colspan="1">licensing agreement with Big Pharma.</td></tr><tr><td colspan="1">The area within Nuclear Molecular Imaging/Therapy</td></tr><tr><td colspan="1">has experienced strong traction with significant exit</td></tr><tr><td colspan="1">benchmarks over the recent period.</td></tr><tr><td colspan="1">Outlook for Curasight</td></tr><tr><td colspan="1">Curasight’s first goal is to advance its lead products</td></tr><tr><td colspan="1">uTREAT (used for therapy) and uTRACE (used for</td></tr><tr><td colspan="1">diagnosing) to improve outcomes for the approx. 65,000</td></tr><tr><td colspan="1">patients in the US and EU that are diagnosed annually</td></tr><tr><td colspan="1">with brain tumours. Accordingly, approximately 30,000</td></tr><tr><td colspan="1">patients are diagnosed each year with high-grade</td></tr><tr><td colspan="1">glioma where the prognosis is very poor. Glioblastoma</td></tr><tr><td colspan="1">is a rare disease in both markets, qualifying for drug</td></tr><tr><td colspan="1">Orphan Drug Designation; moreover, because of the</td></tr><tr><td colspan="1">high unmet need, products targeting it are more likely</td></tr><tr><td colspan="1">to qualify for e.g. Priority Review, Breakthrough Therapy</td></tr><tr><td colspan="1">Designation, or Accelerated Approval.</td></tr><tr><td colspan="1">Due to the very encouraging results from the finalised</td></tr><tr><td colspan="1">clinical phase-II study in Prostate Cancer, Curasight will</td></tr><tr><td colspan="1">look into how to accelerate the product development</td></tr><tr><td colspan="1">of uTRACE, a more flexible and non-invasive risk</td></tr><tr><td colspan="1">stratification tool compared to the present gold</td></tr><tr><td colspan="1">standard, for the prostate cancer patients entering or</td></tr><tr><td colspan="1">being followed in active surveillance programs.</td></tr><tr><td colspan="1">Furthermore, Curasight is looking into how to unfold</td></tr><tr><td colspan="1">further our platform and how to broaden the mission</td></tr><tr><td colspan="1">to realize the vast potential of uTRACE for diagnosing</td></tr><tr><td colspan="1">and uTREAT for targeted radionuclide therapy in other</td></tr><tr><td colspan="1">cancer types where uPAR is also expressed.</td></tr><tr><td colspan="1">With reference to the recently published positive</td></tr><tr><td colspan="1">results from the investigator-initiated phase II studies</td></tr><tr><td colspan="1">performed by researchers at Rigshospitalet, using the</td></tr><tr><td colspan="1">uTRACE technology in both Neuroendocrine tumors</td></tr><tr><td colspan="1">(NET) and head and neck cancer, Curasight has decided</td></tr><tr><td colspan="1">also to further develop uTRACE for use in these two</td></tr><tr><td colspan="1">indications in order to obtain FDA approval.</td></tr><tr><td colspan="1">This will be added to the existing program with uTRACE,</td></tr><tr><td colspan="1">where brain cancer is still the lead indication both within</td></tr><tr><td colspan="1">diagnostics and therapy. Going forward, Curasight’s</td></tr><tr><td colspan="1">clinical development in diagnostics, uTRACE,will thus, in</td></tr><tr><td colspan="1">addition to brain and prostate cancer, also include two</td></tr><tr><td colspan="1">additional phase III studies, comprising neuroendocrine</td></tr><tr><td colspan="1">tumors (NET) and head and neck cancer, which</td></tr><tr><td colspan="1">strengthens the strategic position with uTRACE as</td></tr><tr><td colspan="1">a diagnostic platform and increases the commercial</td></tr><tr><td colspan="1">opportunities considerably. Similarly, Curasight will also,</td></tr><tr><td colspan="1">in addition to brain cancer, develop a therapeutic option</td></tr><tr><td colspan="1">with uTREAT for neuroendocrine tumors (NET) as well</td></tr><tr><td colspan="1">as for head and neck cancer.</td></tr><tr><td colspan="1">About neuroendocrine tumors</td></tr><tr><td colspan="1">Each year approximately 35,000 new cases are</td></tr><tr><td colspan="1">diagnosed in the US and EU. Due to the long survival of</td></tr><tr><td colspan="1">these patients, more than 400,000 patients are living</td></tr><tr><td colspan="1">with the disease in the US and EU. Neuroendocrine</td></tr><tr><td colspan="1">tumors are a rare form of cancer that occurs in</td></tr><tr><td colspan="1">glandular cells most frequently in the lining of the</td></tr><tr><td colspan="1">gastrointestinal tract or in the lungs, but the disease can</td></tr><tr><td colspan="1">in principle occur in all organs of the body.</td></tr><tr><td colspan="1">About head and neck cancer</td></tr><tr><td colspan="1">Head and neck squamous cell carcinoma is the 6th</td></tr><tr><td colspan="1">most common cancer worldwide with 890,000 new</td></tr><tr><td colspan="1">cases and 450,000 deaths in 2018. The incidence is</td></tr><tr><td colspan="1">anticipated to increase over the coming years.</td></tr><tr><td colspan="1">Strategic Partnerships in Theranostics</td></tr><tr><td colspan="1">To support and accelerate the strategic business</td></tr><tr><td colspan="1">development, discussions are currently ongoing with</td></tr><tr><td colspan="1">a number of major pharma companies with a view to</td></tr><tr><td colspan="1">uncover opportunities and interest in uTRACE and</td></tr><tr><td colspan="1">uTREAT.</td></tr><tr><td colspan="1">Key milestones 2022</td></tr><tr><td colspan="1">(i)</td></tr><tr><td colspan="1">H1 2022: Inclusion completed in the investigatorinitiated</td></tr><tr><td colspan="1">phase IIb clinical study in brain cancer</td></tr><tr><td colspan="1">with uTRACE, (reported).</td></tr><tr><td colspan="1">(ii)</td></tr><tr><td colspan="1">H1 2022: Results from investigator-initiated</td></tr><tr><td colspan="1">phase IIb clinical study in head and neck cancer</td></tr><tr><td colspan="1">with uTRACE, (reported).</td></tr><tr><td colspan="1">(iii)</td></tr><tr><td colspan="1">H1 2022: Results from investigator-initiated</td></tr><tr><td colspan="1">phase IIb clinical study in neuroendocrine</td></tr><tr><td colspan="1">tumours (NET) with uTRACE, (reported).</td></tr><tr><td colspan="1">(iv)</td></tr><tr><td colspan="1">Q1 2022: Presentation of extended strategy</td></tr><tr><td colspan="1">comprising accelerated clinical program with</td></tr><tr><td colspan="1">uTRACE and uTREAT, (reported).</td></tr><tr><td colspan="1">(v) H2 2022: Results from pre-clinical study in brain</td></tr><tr><td colspan="1">cancer with uTREAT.</td></tr><tr><td colspan="1">(vi) H2 2022: Initiation of pre-clinical studies with</td></tr><tr><td colspan="1">uTREAT in head and neck cancer, (reported).</td></tr><tr><td colspan="1">(vii)</td></tr><tr><td colspan="1">H2 2022: Initiation of pre-clinical studies with</td></tr><tr><td colspan="1">uTREAT in neuroendocrine tumours (NET),</td></tr><tr><td colspan="1">(reported).</td></tr><tr><td colspan="1">Key figures CEO letter Highlights About Curasight Financial stateme</td></tr><tr><td colspan="1">Corporate Information</td></tr><tr><td colspan="1">Shareholders</td></tr><tr><td colspan="1">The table below presents the management’s</td></tr><tr><td colspan="1">shareholdings in Curasight.</td></tr><tr><td colspan="1">Name Votes &amp; capital (%)</td></tr><tr><td colspan="1">AK 2014 Holding ApS1 30.24</td></tr><tr><td colspan="1">UK Curacap ApS2 20.01</td></tr><tr><td colspan="1">CHN Holding ApS3 12.11</td></tr><tr><td colspan="1">Madsen Holding 2013 ApS4 4.57</td></tr><tr><td colspan="1">LT 2003 ApS5 2.95</td></tr><tr><td colspan="1">Per Falholt6 0.33</td></tr><tr><td colspan="1">Charlotte Vedel7 0.20</td></tr><tr><td colspan="1">Kirsten Drejer8 0.02</td></tr><tr><td colspan="1">Hanne Damgaard jensen9 0.02</td></tr><tr><td colspan="1">1. Owned by co-founder, CSO, and Board Member Andreas Kjaer</td></tr><tr><td colspan="1">2. Owned by CEO and Board Member Ulrich Krasilnikoff</td></tr><tr><td colspan="1">3. Owned by co-founder and Director Pre-Clinical Carsten H Nielsen</td></tr><tr><td colspan="1">4. Owned by Co-founder and Director CMC, Jacob Madsen</td></tr><tr><td colspan="1">5. Owned by Deputy Chairman of the Board, Lars Trolle</td></tr><tr><td colspan="1">6. Chairman of the Board</td></tr><tr><td colspan="1">7. Board Member</td></tr><tr><td colspan="1">8. Board Member</td></tr><tr><td colspan="1">9. Chief Development Officer (CDO)</td></tr><tr><td colspan="1">The share</td></tr><tr><td colspan="1">The shares of Curasight A/S were listed on Spotlight</td></tr><tr><td colspan="1">Stock Market on October 8, 2020.</td></tr><tr><td colspan="1">The short name/ticker is CURAS, and the ISIN code is</td></tr><tr><td colspan="1">DK0061295797. As of December 31, 2022, the number</td></tr><tr><td colspan="1">of shares was 19,893,891 (19,893,891). All shares have</td></tr><tr><td colspan="1">equal rights to the Company’s assets and results.</td></tr><tr><td colspan="1">Long-term incentive program</td></tr><tr><td colspan="1">Curasight has a long-term incentive program covering</td></tr><tr><td colspan="1">the financial years 2022-2025 with a total of 956,770</td></tr><tr><td colspan="1">warrants covering the Company’s Board of Directors,</td></tr><tr><td colspan="1">Executive Management and other key employees. For</td></tr><tr><td colspan="1">the Board of Directors, a total of 229,230 warrants are</td></tr><tr><td colspan="1">issued entitling the warrant holders to subscribe for up</td></tr><tr><td colspan="1">to a total of DKK 11,461.50 nominally worth of shares in</td></tr><tr><td colspan="1">the Company. The warrants are allocated between Per</td></tr><tr><td colspan="1">Falholt (chairman of the Board of Directors), Lars Trolle</td></tr><tr><td colspan="1">(vice-chairman of the Board of Directors), Charlotte</td></tr><tr><td colspan="1">Vedel (member of the Board of Directors) and Kirsten</td></tr><tr><td colspan="1">Aarup Drejer (member of the Board of Directors).</td></tr><tr><td colspan="1">For the Executive Management and other key</td></tr><tr><td colspan="1">employees of the Company, a total of 727,540 warrants</td></tr><tr><td colspan="1">are issued entitling the warrant holders to subscribe for</td></tr><tr><td colspan="1">up to a total of DKK 36,377.00 nominally worth of shares</td></tr><tr><td colspan="1">in the Company. The warrants are allocated between</td></tr><tr><td colspan="1">Ulrich Krasilnikoff (CEO), Andreas Kjær (CSO), Hanne</td></tr><tr><td colspan="1">Damgaard Jensen (CDO), Nic Gillings (Head of Quality</td></tr><tr><td colspan="1">Assurance and Regulatory Affairs) and Jacob Madsen</td></tr><tr><td colspan="1">(Director CMC).</td></tr><tr><td colspan="1">Risks</td></tr><tr><td colspan="1">A number of risk factors can affect Curasight’s</td></tr><tr><td colspan="1">operations. It is therefore of great importance to</td></tr><tr><td colspan="1">consider relevant risks in addition to the Company’s</td></tr><tr><td colspan="1">growth opportunities. For a detailed description of the</td></tr><tr><td colspan="1">risks attributable to the Company and its shares, please</td></tr><tr><td colspan="1">refer to the prospectus published by the Company</td></tr><tr><td colspan="1">in 2020. The prospectus is available on Curasight’s</td></tr><tr><td colspan="1">website www.curasight.com.</td></tr><tr><td colspan="1">Accounting policy</td></tr><tr><td colspan="1">The annual report is presented in accordance with</td></tr><tr><td colspan="1">the provisions of the Danish Financial Statements Act</td></tr><tr><td colspan="1">(Årsregnskabsloven) for enterprises in reporting class</td></tr><tr><td colspan="1">B with application of provisions for a higher reporting</td></tr><tr><td colspan="1">class.</td></tr><tr><td colspan="1">The company has changed its accounting policies</td></tr><tr><td colspan="1">in the following areas</td></tr><tr><td colspan="1">Recognition of development costs as expense in the</td></tr><tr><td colspan="1">in the income statement. Previously, development</td></tr><tr><td colspan="1">costs were capitalized in the balance sheet. In future,</td></tr><tr><td colspan="1">development costs will be recognised as expenses in</td></tr><tr><td colspan="1">the income statement as management believes that</td></tr><tr><td colspan="1">this will provide a fairer presentation and it will be</td></tr><tr><td colspan="1">more comparative with other companies in the Pharma</td></tr><tr><td colspan="1">industry. The comparative figures have been restated</td></tr><tr><td colspan="1">in accordance with the new accounting policy. The</td></tr><tr><td colspan="1">changes in accounting policy has a negative impact</td></tr><tr><td colspan="1">of DKK 3,537k on the net loss in 2021. The changes in</td></tr><tr><td colspan="1">accounting policy has effected the equity at 01.01.21 with</td></tr><tr><td colspan="1">a decrease by DKK 19,716k. The changes in accounting</td></tr><tr><td colspan="1">policy has a negative impact of DKK 5,559k on the net</td></tr><tr><td colspan="1">loss for 2022. As at 31.12.22, the total negative impact</td></tr><tr><td colspan="1">of the changes in accounting police on the equity is</td></tr><tr><td colspan="1">amounting to DKK 28,812k.</td></tr><tr><td colspan="1">Except for the areas mentioned above, the accounting</td></tr><tr><td colspan="1">policies have been applied consistently with the previous</td></tr><tr><td colspan="1">year.</td></tr><tr><td colspan="1">Auditor’s review</td></tr><tr><td colspan="1">The annual report has been reviewed by the Company’s</td></tr><tr><td colspan="1">auditor.</td></tr><tr><td colspan="1">Proposal for disposition of Curasight’s results</td></tr><tr><td colspan="1">The Board and the CEO propose that no dividend be</td></tr><tr><td colspan="1">paid for the financial year 2022-01-01 – 2022-12-31.</td></tr><tr><td colspan="1">Annual General Meeting and availability of</td></tr><tr><td colspan="1">the Annual Report 2022</td></tr><tr><td colspan="1">The Annual General Meeting will be held on March 30,</td></tr><tr><td colspan="1">2023 in Copenhagen. The annual report will be available</td></tr><tr><td colspan="1">on the Company’s website (www.curasight.com) no later</td></tr><tr><td colspan="1">than three weeks before the Annual General Meeting.</td></tr><tr><td colspan="1">Financial statements</td></tr><tr><td colspan="1">Income statement</td></tr><tr><td colspan="1">Operating profit/loss before tax for the financial year of</td></tr><tr><td colspan="1">2022 amounted to DKK -19,488,453 (-11,781,790).</td></tr><tr><td colspan="1">External expenses for the year amounted to DKK</td></tr><tr><td colspan="1">-11,487,567 (-7,463,695) and staff expenses was DKK</td></tr><tr><td colspan="1">-4,696,679 (-2,927,551). External expenses comprise</td></tr><tr><td colspan="1">of clinical expenses, patent expenses, and business</td></tr><tr><td colspan="1">expenses.</td></tr><tr><td colspan="1">Balance sheet</td></tr><tr><td colspan="1">Per December 31, 2022, the Company’s balance sheet</td></tr><tr><td colspan="1">amounted to DKK 59,667,946 (77,915,451). The assets</td></tr><tr><td colspan="1">consisted primarily of acquired IP-rights totalling DKK</td></tr><tr><td colspan="1">7,040,868 related to the development of uTRACE® and</td></tr><tr><td colspan="1">uTREAT® and cash amounted to DKK 49,945,240. The</td></tr><tr><td colspan="1">equity and liabilities consisted primarily of an equity</td></tr><tr><td colspan="1">totalling DKK 57,551,839.</td></tr><tr><td colspan="1">Cash flow</td></tr><tr><td colspan="1">Curasight’s cash flow from operating activities</td></tr><tr><td colspan="1">in January–December 2022 amounted to DKK</td></tr><tr><td colspan="1">-16,336,338. This post was primarily affected by the</td></tr><tr><td colspan="1">Company’s loss for the year of DKK -18,349,187.</td></tr><tr><td colspan="1">Cash as of December 31, 2022, was DKK 49,945,240</td></tr><tr><td colspan="1">(73,564,174).</td></tr></table> -11487567 4696679 2778071 -18962317 526136 -19488453 -1139266 -18349187 <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 width="100%" colspan="5" align="left" valign="middle" >Statement of changes in Equity</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Equity - FY 2022</td></tr><tr><td width="45%" colspan="2" align="left" valign="middle" >(DKK)</td><td width="17%" colspan="1" align="right" valign="middle" >Share</td><td width="17%" colspan="1" align="right" valign="middle" ></td><td width="21%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="28%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Premium</td><td width="17%" colspan="1" align="right" valign="middle" >Retained</td><td width="21%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Change in Equity: Q1-Q4 2022</td><td width="17%" colspan="1" align="right" valign="middle" >Share capital</td><td width="17%" colspan="1" align="right" valign="middle" >Account</td><td width="17%" colspan="1" align="right" valign="middle" >earnings</td><td width="21%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Equity at 1 January 2022</td><td width="17%" align="right" valign="middle" >994.695</td><td width="17%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >74.906.331</td><td width="21%" align="right" valign="middle" >75.901.026</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Net profit/loss for the period</td><td width="17%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >-18.349.187</td><td width="21%" align="right" valign="middle" >-18.349.187</td></tr><tr><td colspan="5"></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Equity at 31 December 2022</td><td width="17%" align="right" valign="middle" >994.695</td><td width="17%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >56.557.144</td><td width="21%" align="right" valign="middle" >57.551.839</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Equity - FY 2021</td></tr><tr><td width="45%" colspan="2" align="left" valign="middle" >(DKK)</td><td width="17%" colspan="1" align="right" valign="middle" >Share</td><td width="17%" colspan="1" align="right" valign="middle" ></td><td width="21%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="28%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Premium</td><td width="17%" colspan="1" align="right" valign="middle" >Retained</td><td width="21%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Change in Equity: Q1-Q4 2021</td><td width="17%" colspan="1" align="right" valign="middle" >Share capital</td><td width="17%" colspan="1" align="right" valign="middle" >Account</td><td width="17%" colspan="1" align="right" valign="middle" >earnings</td><td width="21%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Equity at 1 January 2021</td><td width="17%" align="right" valign="middle" >856.317</td><td width="17%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >58.274.165</td><td width="21%" align="right" valign="middle" >59.130.482</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Net effect of changed accounting policies</td><td width="17%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >-19.715.984</td><td width="21%" align="right" valign="middle" >-19.715.984</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Adjusted balance as at 1 January 2021</td><td width="17%" align="right" valign="middle" >856.317</td><td width="17%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >38.558.181</td><td width="21%" align="right" valign="middle" >39.414.498</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Cash capital increase</td><td width="17%" align="right" valign="middle" >138.378</td><td width="17%" align="right" valign="middle" >47.463.500</td><td width="17%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >47.601.878</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Transfer from share premium account</td><td width="17%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >-47.463.500</td><td width="17%" align="right" valign="middle" >47.463.500</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Net profit/loss for the period</td><td width="17%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >-11.115.350</td><td width="21%" align="right" valign="middle" >-11.115.350</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Equity at 31 December 2021</td><td width="17%" align="right" valign="middle" >994.695</td><td width="17%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >74.906.331</td><td width="21%" align="right" valign="middle" >75.901.026</td></tr></table> 2164941 -746817 58165 43516 -526136 1019180 -16336338 -7282596 -7282596 0 0 -23618934 <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 width="100%" colspan="1" align="left" valign="middle" >Notes</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Uncertainty concerning recognition and measurement</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Due to the nature of the business and uncertanties related to future cashflow there are</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >uncertainties related to the valuation of the intangible assets. The valuation is prepared in</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >accordance with the Company’s accounting principles based on managements best knowledge</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >and to the best of their belief.</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"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Special Items</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Special items are income and expenses that are special due to their size and nature.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The following special items were recorded in the financial year</td></tr><tr><td colspan="3"></td></tr><tr><td width="50%" ></td><td width="24%" align="right" valign="middle" >2022</td><td width="26%" align="right" valign="middle" >2021</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Special items</td><td width="24%" colspan="1" align="right" valign="middle" >DKK</td><td width="26%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="3"></td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost of IPO and advisory costs</td><td width="24%" align="right" valign="middle" >0</td><td width="26%" align="right" valign="middle" >3.412.659</td></tr><tr><td colspan="3"></td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Total</td><td width="24%" align="right" valign="middle" >0</td><td width="26%" align="right" valign="middle" >3.412.659</td></tr><tr><td colspan="3"></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"></td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Staff costs</td><td width="24%" align="right" valign="middle" >2022</td><td width="26%" align="right" valign="middle" >2021</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="24%" align="right" valign="middle" >3.849.204</td><td width="26%" align="right" valign="middle" >2.132.405</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Pensions</td><td width="24%" align="right" valign="middle" >770.630</td><td width="26%" align="right" valign="middle" >770.056</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Other social security costs</td><td width="24%" align="right" valign="middle" >8.376</td><td width="26%" align="right" valign="middle" >8.894</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Other staff costs</td><td width="24%" align="right" valign="middle" >68.469</td><td width="26%" align="right" valign="middle" >16.196</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Total</td><td width="24%" align="right" valign="middle" >4.696.679</td><td width="26%" align="right" valign="middle" >2.927.551</td></tr><tr><td colspan="3"></td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Average number of employees during the year</td><td width="24%" align="right" valign="middle" >4</td><td width="26%" align="right" valign="middle" >3</td></tr></table> 4 <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 width="100%" colspan="3" align="left" valign="middle" >Intangible assets</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Figures in DKK</td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Costs as 01.01.2022</td><td width="26%" align="right" valign="middle" >4.198.204</td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Additions relating to mergers and acquisition of enterprises</td><td width="26%" align="right" valign="middle" >7.282.596</td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Disposals during the year</td><td width="26%" align="right" valign="middle" >-3.000.000</td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Cost as at 31.12.2022</td><td width="26%" align="right" valign="middle" >8.480.800</td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Amortisation and impairment losses as at 01.01.2022</td><td width="26%" align="right" valign="middle" >-1.701.593</td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Amortisation during the year</td><td width="26%" align="right" valign="middle" >-2.738.339</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Reversal of amortisation of and impairment losses</td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >on disposed assets</td><td width="26%" align="right" valign="middle" >3.000.000</td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Amortisation and impairment losses as at 31.12.2022</td><td width="26%" align="right" valign="middle" >-1.439.932</td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Carrying amount as at 31.12.2022</td><td width="26%" align="right" valign="middle" >7.040.868</td></tr><tr><td colspan="3"></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"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Property, plant and equipment</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Figures in DKK</td></tr><tr><td colspan="3"></td></tr><tr><td width="50%" ></td><td width="24%" ></td><td width="26%" colspan="1" align="right" valign="middle" >Other fixtures</td></tr><tr><td width="50%" ></td><td width="24%" ></td><td width="26%" colspan="1" align="right" valign="middle" >and fittings,</td></tr><tr><td width="50%" ></td><td width="24%" ></td><td width="26%" colspan="1" align="right" valign="middle" >tools and</td></tr><tr><td width="50%" ></td><td width="24%" ></td><td width="26%" colspan="1" align="right" valign="middle" >equipment</td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Cost as at 01.01.2022</td><td width="26%" align="right" valign="middle" >397.345</td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Cost as at 31.12.2022</td><td width="26%" align="right" valign="middle" >397.345</td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Depreciation and impairment losses as at 01.01.2022</td><td width="26%" align="right" valign="middle" >-218.527</td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Depreciation during the year</td><td width="26%" align="right" valign="middle" >-39.732</td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Depreciation and impairment losses as at 31.12.2022</td><td width="26%" align="right" valign="middle" >-258.259</td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Carrying amount as at 31.12.2022</td><td width="26%" align="right" valign="middle" >139.086</td></tr><tr><td colspan="3"></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="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Non-current financial assets</td></tr><tr><td colspan="2"></td></tr><tr><td width="66%" colspan="1" align="left" valign="middle" >Figures in DKK</td><td width="34%" colspan="1" align="right" valign="middle" >Deposits</td></tr><tr><td width="66%" colspan="1" align="left" valign="middle" >Additions during the year</td><td width="34%" align="right" valign="middle" >41.520</td></tr><tr><td width="66%" colspan="1" align="left" valign="middle" >Cost as at 31.12.2022</td><td width="34%" align="right" valign="middle" >41.520</td></tr><tr><td colspan="2"></td></tr><tr><td width="66%" colspan="1" align="left" valign="middle" >Carrying amount as at 31.12.2022</td><td width="34%" align="right" valign="middle" >41.520</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"></td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Share Capital</td><td width="26%" colspan="1" align="right" valign="middle" >Total nominal</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >The share capital consists of</td><td width="24%" colspan="1" align="right" valign="middle" >Quantity</td><td width="26%" colspan="1" align="right" valign="middle" >value DKK</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Share class A</td><td width="24%" align="right" valign="middle" >19.893.891</td><td width="26%" align="right" valign="middle" >994.695</td></tr><tr><td colspan="3"></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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Contingent liabilities</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Lease commitments</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Curasight A/S has entered lease agreements where the obligations</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >in the non-terminability period amounts to DKKK 31,140</td></tr><tr><td colspan="1"></td></tr></table> 526136 <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 /><td>Accounting policies</td></tr><tr><td /><td>The annual report is presented in accordance with</td></tr><tr><td /><td>the provisions of the Danish Financial Statements Act</td></tr><tr><td /><td>(Årsregnskabsloven) for enterprises in reporting class</td></tr><tr><td /><td>B with application of provisions for a higher reporting</td></tr><tr><td /><td>class.</td></tr><tr><td /><td>The company has changed its accounting policies</td></tr><tr><td /><td>in the following areas</td></tr><tr><td /><td>Recognition of development costs as expense in the</td></tr><tr><td /><td>in the income statement. Previously, development</td></tr><tr><td /><td>costs were capitalized in the balance sheet. In future,</td></tr><tr><td /><td>development costs will be recognised as expenses in</td></tr><tr><td /><td>the income statement as management believes that</td></tr><tr><td /><td>this will provide a fairer presentation and it will be</td></tr><tr><td /><td>more comparative with other companies in the Pharma</td></tr><tr><td /><td>industry. The comparative figures have been restated</td></tr><tr><td /><td>in accordance with the new accounting policy. The</td></tr><tr><td /><td>changes in accounting policy has a negative impact</td></tr><tr><td /><td>of DKK 3,537k on the net loss in 2021. The changes in</td></tr><tr><td /><td>accounting policy has effected the equity at 01.01.21 with</td></tr><tr><td /><td>a decrease by DKK 19,716k. The changes in accounting</td></tr><tr><td /><td>policy has a negative impact of DKK 5,559k on the net</td></tr><tr><td /><td>loss for 2022. As at 31.12.22, the total negative impact</td></tr><tr><td /><td>of the changes in accounting police on the equity is</td></tr><tr><td /><td>amounting to DKK 28,812k.</td></tr><tr><td /><td>Except for the areas mentioned above, the accounting</td></tr><tr><td /><td>policies have been applied consistently with the previous</td></tr><tr><td /><td>year.</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 /><td>Business combinations</td></tr><tr><td /><td>Newly acquired enterprises are recognised as from</td></tr><tr><td /><td>the date of acquisition and the date of foundation,</td></tr><tr><td /><td>respectively. The date of acquisition is the date at</td></tr><tr><td /><td>which control of the enterprise is obtained. Divested</td></tr><tr><td /><td>or discontinued enterprises are recognised until the</td></tr><tr><td /><td>date of divestment or discontinuation. The date of</td></tr><tr><td /><td>discontinuation is the date at which control of the</td></tr><tr><td /><td>enterprise passes to a third party.</td></tr><tr><td /><td>Acquired enterprises are recognised in accordance</td></tr><tr><td /><td>with the acquisition method, according to which the</td></tr><tr><td /><td>identifiable assets and liabilities of the newly acquired</td></tr><tr><td /><td>enterprises are measured at fair value at the date of</td></tr><tr><td /><td>acquisition.</td></tr><tr><td /><td>The cost of the equity investments in the acquired</td></tr><tr><td /><td>enterprises is offset against the proportionate share</td></tr><tr><td /><td>of the fair value of the enterprises’ net assets at the</td></tr><tr><td /><td>acquisition date.</td></tr><tr><td /><td>The difference between the agreed consideration and</td></tr><tr><td /><td>the equity value of the acquired enterprise is recognised</td></tr><tr><td /><td>in equity.</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 /><td>Currency</td></tr><tr><td /><td>The annual report is presented in Danish kroner (DKK).</td></tr><tr><td /><td>On initial recognition, transactions denominated in</td></tr><tr><td /><td>foreign currencies are translated using the exchange</td></tr><tr><td /><td>rates applicable at the transaction date. Exchange rate</td></tr><tr><td /><td>differences between the exchange rate applicable at</td></tr><tr><td /><td>the transaction date and the exchange rate at the date</td></tr><tr><td /><td>of payment are recognised in the income statement</td></tr><tr><td /><td>as a financial item. Receivables, payables and other</td></tr><tr><td /><td>monetary items denominated in foreign currencies</td></tr><tr><td /><td>are translated using the exchange rates applicable at</td></tr><tr><td /><td>the balance sheet date. The difference between the</td></tr><tr><td /><td>exchange rate applicable at the balance sheet date and</td></tr><tr><td /><td>at the date at which the receivable or payable arose or</td></tr><tr><td /><td>was recognised in the latest annual report is recognised</td></tr><tr><td /><td>under financial income or expenses in the income</td></tr><tr><td /><td>statement. Fixed assets and other non-monetary assets</td></tr><tr><td /><td>acquired in foreign currencies are translated using</td></tr><tr><td /><td>historical exchange rates.</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 /><td>Income 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 /><td>Gross loss</td></tr><tr><td /><td>With reference to section 32 of the Danish Financial</td></tr><tr><td /><td>Statements Act, gross profit/loss is calculated as a</td></tr><tr><td /><td>summary of expenses for consumables and other</td></tr><tr><td /><td>external expenses.</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 /><td>Other external expenses</td></tr><tr><td /><td>Other external expenses comprise indirect production</td></tr><tr><td /><td>costs and expenses for premises, sales and distribution</td></tr><tr><td /><td>as well as office expenses, etc.</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 /><td>Staff costs</td></tr><tr><td /><td>Staff expenses comprise wages and salaries as well as</td></tr><tr><td /><td>payroll expenses.</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 /><td>Depreciation, amortisation and impairment losses</td></tr><tr><td /><td>The depreciation and amortisation of intangible assets</td></tr><tr><td /><td>and property, plant and equipment aim at systematic</td></tr><tr><td /><td>depreciation and amortisation over the expected useful</td></tr><tr><td /><td>lives of the assets.</td></tr><tr><td /><td>Assets are depreciated and amortised according to the</td></tr><tr><td /><td>straight-line method based on the following expected</td></tr><tr><td /><td>useful lives and residual values</td></tr><tr><td /><td /><td>Useful lives,</td><td>Residual</td></tr><tr><td /><td /><td>years</td><td>value DKK</td></tr><tr><td /><td>Accuirred rights</td><td>10</td><td>0</td></tr><tr><td /><td>Other plant, fixtures and fit-</td></tr><tr><td /><td>tings, tools and equipment</td><td>10</td><td>0</td></tr><tr><td /><td>The basis of depreciation and amortisation is the cost of</td></tr><tr><td /><td>the asset less the expected residual value at the end of</td></tr><tr><td /><td>the useful life. Moreover, the basis of depreciation and</td></tr><tr><td /><td>amortisation is reduced by any impairment losses. The</td></tr><tr><td /><td>useful life and residual value are determined when the</td></tr><tr><td /><td>asset is ready for use and reassessed annually.</td></tr><tr><td /><td>Intangible assets and property, plant and equipment</td></tr><tr><td /><td>impaired in accordance with the accounting policies</td></tr><tr><td /><td>referred to in the ‘Impairment losses on fixed assets’</td></tr><tr><td /><td>section.</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 /><td>Other net financials</td></tr><tr><td /><td>Interest income and interest expenses, foreign exchange</td></tr><tr><td /><td>gains and losses on transactions denominated in foreign</td></tr><tr><td /><td>currencies etc. are recognised in other net financials.</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 /><td>Tax on profit/loss for the year</td></tr><tr><td /><td>The current and deferred tax for the year is recognised</td></tr><tr><td /><td>in the income statement as tax on the profit/loss for</td></tr><tr><td /><td>the year with the portion attributable to the profit/</td></tr><tr><td /><td>loss for the year, and directly in equity with the portion</td></tr><tr><td /><td>attributable to amounts recognised directly in equity.</td></tr><tr><td /><td>The company is jointly taxed with Danish enterprises.</td></tr><tr><td /><td>The parent is the administration company for the joint</td></tr><tr><td /><td>taxation and thus settles all income tax payments with</td></tr><tr><td /><td>the tax authorities.</td></tr><tr><td /><td>In connection with the settlement of joint taxation</td></tr><tr><td /><td>contributions, the current Danish income tax is allocated</td></tr><tr><td /><td>between the jointly taxed enterprises in proportion to</td></tr><tr><td /><td>their taxable incomes. This means that enterprises with</td></tr><tr><td /><td>a tax loss receive joint taxation contributions from</td></tr><tr><td /><td>enterprises which have been able to use this loss to</td></tr><tr><td /><td>reduce their own taxable profit.</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 /><td>Balance sheet</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 /><td>Intangible assets</td></tr><tr><td /><td>Acquired rights</td></tr><tr><td /><td>Aquired rights are measured in the balance sheet at</td></tr><tr><td /><td>cost less accumulated amortisation and impairment</td></tr><tr><td /><td>losses.</td></tr><tr><td /><td>Acquired rights are amortised using the straight-line</td></tr><tr><td /><td>method based on useful lives, which are stated in the</td></tr><tr><td /><td>‘Depreciation, amortisation and impairment losses’</td></tr><tr><td /><td>section.</td></tr><tr><td /><td>Gains or losses on the disposal of intangible assets</td></tr><tr><td /><td>Gains or losses on the disposal of intangible assets are</td></tr><tr><td /><td>determined as the difference between the selling price,</td></tr><tr><td /><td>if any, less selling costs and the carrying amount at the</td></tr><tr><td /><td>date of disposal.</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 /><td>Property, plant and equipment</td></tr><tr><td /><td>Property, plant and equipment comprise other fixtures</td></tr><tr><td /><td>and fittings, tools and equipment.</td></tr><tr><td /><td>Property, plant and equipment are measured in the</td></tr><tr><td /><td>balance sheet at cost less accumulated depreciation</td></tr><tr><td /><td>and impairment losses.</td></tr><tr><td /><td>Cost comprises the purchase price and expenses</td></tr><tr><td /><td>resulting directly from the purchase until the asset is</td></tr><tr><td /><td>ready for use. Interest on loans arranged to finance</td></tr><tr><td /><td>production is not included in the cost.</td></tr><tr><td /><td>Property, plant and equipment are depreciated using</td></tr><tr><td /><td>the straight-line method based on useful lives and</td></tr><tr><td /><td>residual values, which are stated in the ‘Depreciation,</td></tr><tr><td /><td>amortisation and impairment losses’ section.</td></tr><tr><td /><td>Gains and losses on the disposal of property, plant and</td></tr><tr><td /><td>equipment are determined as the difference between</td></tr><tr><td /><td>the selling price, if any, less selling costs and the</td></tr><tr><td /><td>carrying amount at the date of disposal less any costs</td></tr><tr><td /><td>of disposal. Assets costing less than DKK 30,000 are</td></tr><tr><td /><td>expensed in the year of acquisition.</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 /><td>Impairment losses on fixed assets</td></tr><tr><td /><td>The carrying amount of fixed assets which are not</td></tr><tr><td /><td>measured at fair value is assessed annually for</td></tr><tr><td /><td>indications of impairment over and above what is</td></tr><tr><td /><td>reflected in depreciation and amortisation.</td></tr><tr><td /><td>If the company’s realised return on an asset or a group</td></tr><tr><td /><td>of assets is lower than expected, this is considered</td></tr><tr><td /><td>an indication of impairment. If there are indications</td></tr><tr><td /><td>of impairment, an impairment test is conducted of</td></tr><tr><td /><td>individual assets or groups of assets.</td></tr><tr><td /><td>The assets or groups of assets are impaired to the lower</td></tr><tr><td /><td>of recoverable amount and carrying amount.</td></tr><tr><td /><td>The higher of net selling price and value in use is</td></tr><tr><td /><td>used as the recoverable amount. The value in use is</td></tr><tr><td /><td>determined as the present value of expected net cash</td></tr><tr><td /><td>flows from the use of the asset or group of assets as</td></tr><tr><td /><td>well as expected net cash flows from the sale of the</td></tr><tr><td /><td>asset or group of assets after the expiry of their useful</td></tr><tr><td /><td>lives.</td></tr><tr><td /><td>Impairment losses are reversed when the reasons for</td></tr><tr><td /><td>the impairment no longer exist.</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 /><td>Receivables</td></tr><tr><td /><td>Receivables are measured at amortised cost, which</td></tr><tr><td /><td>usually corresponds to the nominal value, less writedowns</td></tr><tr><td /><td>for bad debts.</td></tr><tr><td /><td>Write-downs for bad debts are determined based on</td></tr><tr><td /><td>an individual assessment of each receivable if there</td></tr><tr><td /><td>is no objective evidence of individual impairment of a</td></tr><tr><td /><td>receivable.</td></tr><tr><td /><td>Deposits recognised under assets comprise deposits</td></tr><tr><td /><td>paid to the lessor under leases entered into by the</td></tr><tr><td /><td>company.</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 /><td>Cash</td></tr><tr><td /><td>Cash includes deposits in bank account.</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 /><td>Equity</td></tr><tr><td /><td>An amount equivalent to internally generated</td></tr><tr><td /><td>development costs in the balance sheet is recognised</td></tr><tr><td /><td>in equity under reserve for development costs. The</td></tr><tr><td /><td>reserve is measured less deferred tax and reduced</td></tr><tr><td /><td>by amortisation and impairment losses on the asset.</td></tr><tr><td /><td>If impairment losses on development costs are</td></tr><tr><td /><td>subsequently reversed, the reserve will be restored</td></tr><tr><td /><td>with a corresponding amount. The reserve is dissolved</td></tr><tr><td /><td>when the development costs are no longer recognized</td></tr><tr><td /><td>in the balance sheet, and the remaining amount will be</td></tr><tr><td /><td>transferred to retained earnings.</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 /><td>Current and deferred tax</td></tr><tr><td /><td>Current tax payable and receivable is recognised in</td></tr><tr><td /><td>the balance sheet as tax computed on the basis of the</td></tr><tr><td /><td>taxable income for the year, adjusted for tax paid on</td></tr><tr><td /><td>account.</td></tr><tr><td /><td>Joint taxation contributions payable and receivable are</td></tr><tr><td /><td>recognised as income tax under receivables or payables</td></tr><tr><td /><td>in the balance sheet.</td></tr><tr><td /><td>Deferred tax liabilities and tax assets are recognised</td></tr><tr><td /><td>on the basis of all temporary differences between the</td></tr><tr><td /><td>carrying amounts and tax bases of assets and liabilities.</td></tr><tr><td /><td>However, deferred tax is not recognised on temporary</td></tr><tr><td /><td>differences relating to goodwill which is non-amortisable</td></tr><tr><td /><td>for tax purposes and other items where temporary</td></tr><tr><td /><td>differences, except for acquisitions, have arisen at the</td></tr><tr><td /><td>date of acquisition without affecting the net profit or</td></tr><tr><td /><td>loss for the year or the taxable income. In cases where</td></tr><tr><td /><td>the tax value can be determined according to different</td></tr><tr><td /><td>taxation rules, deferred tax is measured on the basis of</td></tr><tr><td /><td>management’s intended use of the asset or settlement</td></tr><tr><td /><td>of the liability.</td></tr><tr><td /><td>Deferred tax assets are recognised, following</td></tr><tr><td /><td>assessment, at the expected realisable value through</td></tr><tr><td /><td>offsetting against deferred tax liabilities or elimination in</td></tr><tr><td /><td>tax on future earnings.</td></tr><tr><td /><td>Deferred tax is measured on the basis of the tax rules</td></tr><tr><td /><td>and at the tax rates which, according to the legislation in</td></tr><tr><td /><td>force at the balance sheet date, will be applicable when</td></tr><tr><td /><td>the deferred tax is expected to crystallise as current tax.</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 /><td>Payables</td></tr><tr><td /><td>Short-term payables are measured at amortised cost,</td></tr><tr><td /><td>normally corresponding to the nominal value of such</td></tr><tr><td /><td>payables.</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 /><td>Prepayments received from customers</td></tr><tr><td /><td>Prepayments received from customers comprise</td></tr><tr><td /><td>amounts received from customers prior to the time and</td></tr><tr><td /><td>date of delivery of the agreed product or completion of</td></tr><tr><td /><td>the agreed service.</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 /><td>Cash flow statement</td></tr><tr><td /><td>The cash flow statement is prepared using the indirect</td></tr><tr><td /><td>method, showing cash flows from operating, investing</td></tr><tr><td /><td>and financing activities as well as cash and cash</td></tr><tr><td /><td>equivalents at the beginning and end of the year.</td></tr><tr><td /><td>Cash flows from operating activities comprise the</td></tr><tr><td /><td>net profit or loss for the year, adjusted for non-cash</td></tr><tr><td /><td>operating items, income tax paid and changes in</td></tr><tr><td /><td>working capital.</td></tr><tr><td /><td>Cash flows from investing activities comprise in</td></tr><tr><td /><td>connection with the acquisition and divestment of</td></tr><tr><td /><td>companies and financial assets as well as the purchase,</td></tr><tr><td /><td>development, improvement and sale of intangible assets</td></tr><tr><td /><td>and property, plant and equipment.</td></tr><tr><td /><td>Cash flows from financing activities comprise changes</td></tr><tr><td /><td>in the company’s share capital and associated costs</td></tr><tr><td /><td>and financing from and dividends paid to shareholders</td></tr><tr><td /><td>as well as the arrangement and repayment of long-term</td></tr><tr><td /><td>payables.</td></tr><tr><td /><td>Cash and cash equivalents at the beginning and end of</td></tr><tr><td /><td>the year comprise cash.</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 by the Board of Directors</td></tr><tr><td colspan="1">We have on this day presented the annual report for the</td></tr><tr><td colspan="1">financial year 01.01.2022 - 31.12.2022 for CURASIGHT</td></tr><tr><td colspan="1">A/S.</td></tr><tr><td colspan="1">The annual report is presented in accordance with</td></tr><tr><td colspan="1">Danish Financial Statements Act (Årsregnskabsloven).</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true</td></tr><tr><td colspan="1">and fair view of the company’s assets, liabilities and</td></tr><tr><td colspan="1">financial position as at 31.12.2022 and of the results of</td></tr><tr><td colspan="1">the company’s activities and cash flows for the financial</td></tr><tr><td colspan="1">year 01.01.2022 - 31.12.2022.</td></tr><tr><td colspan="1">We believe that the management’s review includes a fair</td></tr><tr><td colspan="1">review of the matters dealt with in the management’s</td></tr><tr><td colspan="1">review. The annual report is submitted for adoption by</td></tr><tr><td colspan="1">the general meeting.</td></tr></table> København N 2023-02-23 <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 Curasight A/S</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">In our opinion, the Financial Statements give a</td></tr><tr><td colspan="1">true and fair view of the financial position of the</td></tr><tr><td colspan="1">Company at 31 December 2022, and of the results</td></tr><tr><td colspan="1">of the Company’s operations and cash flows</td></tr><tr><td colspan="1">for the financial year 1 January - 31 December</td></tr><tr><td colspan="1">2022 in accordance with the Danish Financial</td></tr><tr><td colspan="1">Statements Act.</td></tr><tr><td colspan="1">We have audited the Financial Statements of</td></tr><tr><td colspan="1">Curasight A/S for the financial year 1 January</td></tr><tr><td colspan="1">- 31 December 2022, which comprise income</td></tr><tr><td colspan="1">statement, balance sheet, statement of cash</td></tr><tr><td colspan="1">flows, statement of changes in equity and notes,</td></tr><tr><td colspan="1">including a summary of significant accounting</td></tr><tr><td colspan="1">policies (“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">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with</td></tr><tr><td colspan="1">International Standards on Auditing (ISAs) and the</td></tr><tr><td colspan="1">additional requirements applicable in Denmark.</td></tr><tr><td colspan="1">Our responsibilities under those standards</td></tr><tr><td colspan="1">and requirements are further described in the</td></tr><tr><td colspan="1">Auditor’s Responsibilities for the Audit of the</td></tr><tr><td colspan="1">Financial Statements section of our report. We</td></tr><tr><td colspan="1">are independent of the Company in accordance</td></tr><tr><td colspan="1">with the International Ethics Standards Board</td></tr><tr><td colspan="1">for Accountants’ International Code of Ethics</td></tr><tr><td colspan="1">for Professional Accountants (IESBA Code) and</td></tr><tr><td colspan="1">the additional ethical requirements applicable</td></tr><tr><td colspan="1">in Denmark, and we have fulfilled our other</td></tr><tr><td colspan="1">ethical responsibilities in accordance with these</td></tr><tr><td colspan="1">requirements and the IESBA Code. We believe</td></tr><tr><td colspan="1">that the audit evidence we have obtained is</td></tr><tr><td colspan="1">sufficient and appropriate to provide a basis for</td></tr><tr><td colspan="1">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">Statement on Management’s Review</td></tr><tr><td colspan="1">Management is responsible for Management’s</td></tr><tr><td colspan="1">Review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does</td></tr><tr><td colspan="1">not cover Management’s Review, and we do</td></tr><tr><td colspan="1">not express any form of assurance conclusion</td></tr><tr><td colspan="1">thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial</td></tr><tr><td colspan="1">statements, our responsibility is to read</td></tr><tr><td colspan="1">Management’s Review and, in doing so, consider</td></tr><tr><td colspan="1">whether Management’s Review is materially</td></tr><tr><td colspan="1">inconsistent with the financial statements or our</td></tr><tr><td colspan="1">knowledge obtained during the audit, or otherwise</td></tr><tr><td colspan="1">appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider</td></tr><tr><td colspan="1">whether Management’s Review provides the</td></tr><tr><td colspan="1">information required under the Danish Financial</td></tr><tr><td colspan="1">Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our</td></tr><tr><td colspan="1">view, Management’s Review is in accordance with</td></tr><tr><td colspan="1">the Financial Statements and has been prepared</td></tr><tr><td colspan="1">in accordance with the requirements of the Danish</td></tr><tr><td colspan="1">Financial Statements Act. We did not identify any</td></tr><tr><td colspan="1">material misstatement in 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</td></tr><tr><td colspan="1">of Financial Statements that give a true and fair</td></tr><tr><td colspan="1">view in accordance with the Danish Financial</td></tr><tr><td colspan="1">Statements Act, and for such internal control as</td></tr><tr><td colspan="1">Management determines is necessary to enable</td></tr><tr><td colspan="1">the preparation of financial statements that are</td></tr><tr><td colspan="1">free from material misstatement, whether due to</td></tr><tr><td colspan="1">fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements,</td></tr><tr><td colspan="1">Management is responsible for assessing the</td></tr><tr><td colspan="1">Company’s ability to continue as a going concern,</td></tr><tr><td colspan="1">disclosing, as applicable, matters related to going</td></tr><tr><td colspan="1">concern and using the going concern basis of</td></tr><tr><td colspan="1">accounting in preparing the financial statements</td></tr><tr><td colspan="1">unless Management either intends to liquidate</td></tr><tr><td colspan="1">the Company or to cease operations, or has no</td></tr><tr><td colspan="1">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="2">Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="2">Our objectives are to obtain reasonable</td></tr><tr><td colspan="2">assurance about whether the financial</td></tr><tr><td colspan="2">statements as a whole are free from material</td></tr><tr><td colspan="2">misstatement, whether due to fraud or error,</td></tr><tr><td colspan="2">and to issue an auditor’s report that includes our</td></tr><tr><td colspan="2">opinion. Reasonable assurance is a high level of</td></tr><tr><td colspan="2">assurance, but is not a guarantee that an audit</td></tr><tr><td colspan="2">conducted in accordance with ISAs and the</td></tr><tr><td colspan="2">additional requirements applicable in Denmark</td></tr><tr><td colspan="2">will always detect a material misstatement when</td></tr><tr><td colspan="2">it exists. Misstatements can arise from fraud or</td></tr><tr><td colspan="2">error and are considered material if, individually</td></tr><tr><td colspan="2">or in the aggregate, they could reasonably be</td></tr><tr><td colspan="2">expected to influence the economic decisions</td></tr><tr><td colspan="2">of users taken on the basis of these financial</td></tr><tr><td colspan="2">statements.</td></tr><tr><td colspan="2">As part of an audit conducted in accordance with</td></tr><tr><td colspan="2">ISAs and the additional requirements applicable in</td></tr><tr><td colspan="2">Denmark, we exercise professional judgment and</td></tr><tr><td colspan="2">maintain professional skepticism throughout the</td></tr><tr><td colspan="2">audit.</td></tr><tr><td colspan="2">We also</td></tr><tr><td>•</td><td>Identify and assess the risks of material</td></tr><tr><td /><td>misstatement of the financial statements,</td></tr><tr><td /><td>whether due to fraud or error, design and</td></tr><tr><td /><td>perform audit procedures responsive to</td></tr><tr><td /><td>those risks, and obtain audit evidence that is</td></tr><tr><td /><td>sufficient and appropriate to provide a basis</td></tr><tr><td /><td>for our opinion. The risk of not detecting a</td></tr><tr><td /><td>material misstatement resulting from fraud</td></tr><tr><td /><td>is higher than for one resulting from error as</td></tr><tr><td /><td>fraud may involve collusion, forgery, intentional</td></tr><tr><td>•</td><td>omissions, misrepresentations, or the override</td></tr><tr><td /><td>of internal control.</td></tr><tr><td /><td>Obtain an understanding of internal control</td></tr><tr><td /><td>relevant to the audit in order to design audit</td></tr><tr><td /><td>procedures that are appropriate in the</td></tr><tr><td /><td>circumstances, but not for the purpose of</td></tr><tr><td /><td>expressing an opinion on the effectiveness of</td></tr><tr><td /><td>the Company’s internal control.</td></tr><tr><td /><td>Evaluate the appropriateness of accounting</td></tr><tr><td /><td>policies used and the reasonableness of</td></tr><tr><td /><td>accounting estimates and related disclosures</td></tr><tr><td /><td>made by Management.</td></tr><tr><td /><td>Conclude on the appropriateness of</td></tr><tr><td /><td>Management’s use of the going concern</td></tr><tr><td /><td>basis of accounting in preparing the financial</td></tr><tr><td /><td>statements and, based on the audit evidence</td></tr><tr><td /><td>obtained, whether a material uncertainty</td></tr><tr><td /><td>exists related to events or conditions that</td></tr><tr><td /><td>may cast significant doubt on the Company’s</td></tr><tr><td /><td>ability to continue as a going concern. If we</td></tr><tr><td /><td>conclude that a material uncertainty exists,</td></tr><tr><td /><td>we are required to draw attention in our</td></tr><tr><td /><td>auditor’s report to the related disclosures in</td></tr><tr><td /><td>the financial statements or, if such disclosures</td></tr><tr><td /><td>are inadequate, to modify our opinion. Our</td></tr><tr><td /><td>conclusions are based on the audit evidence</td></tr><tr><td /><td>obtained up to the date of our auditor’s report.</td></tr><tr><td /><td>However, future events or conditions may</td></tr><tr><td /><td>cause the Company to cease to continue as a</td></tr><tr><td /><td>going concern.</td></tr><tr><td>•</td><td>Evaluate the overall presentation, structure</td></tr><tr><td /><td>and contents of the financial statements,</td></tr><tr><td /><td>including the disclosures, and whether the</td></tr><tr><td /><td>financial statements represent the underlying</td></tr><tr><td /><td>transactions and events in a manner that</td></tr><tr><td /><td>gives a true and fair view.</td></tr><tr><td colspan="2">We communicate with those charged with</td></tr><tr><td colspan="2">governance regarding, among other matters,</td></tr><tr><td colspan="2">the planned scope and timing of the audit and</td></tr><tr><td colspan="2">significant audit findings, including any significant</td></tr><tr><td colspan="2">deficiencies in internal control that we identify</td></tr><tr><td colspan="2">during our audit.</td></tr></table> Hellerup 2023-02-23 Årsrapport 32895468 BEIERHOLM, STATSAUTORISERET REVISIONSPARTNERSELSKAB Voergårdvej 2 9200 Aalborg SV xWizard version 1.1.1186.0, by EasyX Aps. www.easyx.eu 2021-01-01 2021-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Reporting class B Per Falholt Chairman Lars Trolle Board member Kirsten Drejer Board member Charlotte Vedel Board member Andreas Kjær Board member Ulrich Krasilnikoff Board member and CEO Ulrich Krasilnikoff CEO -7463695 2927551 1010644 -11401890 379900 -11781790 -666440 -11115350 724104 520425 345079 -352430 -379900 -63884 -10321956 0 0 47601878 47601878 37279922 3 379900 -18349187 -11115350 7040868 7040868 139086 139086 41520 41520 7221474 1203431 1297801 2501232 49945240 52446472 59667946 994695 56557144 57551839 1128109 763030 224968 59667946 49945240 2496611 2496611 178818 178818 0 0 2675429 1083344 592504 1675848 73564174 75240022 77915451 994695 74906331 75901026 1128109 704865 181451 77915451 73564174 Cash flow from operating activities before net financials -16829382 Cash flow from operating activities before net financials -9878172 73564174 36284252 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Jacob F Christiansen State Authorised Public Accountant mne18628 Kristian Højgaard Carlsen State Authorised Public Accountant mne44112 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab