41600020 2025-01-01 2025-12-31 41600020 2025-01-01 2025-12-31 2 41600020 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 41600020 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_2 41600020 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 41600020 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 41600020 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_3 41600020 2025-01-01 2025-12-31 1 41600020 2023-01-01 2023-12-31 41600020 2022-01-01 2022-12-31 41600020 2021-01-01 2021-12-31 41600020 2023-12-31 41600020 2022-12-31 41600020 2021-12-31 41600020 2024-01-01 2024-12-31 41600020 2025-12-31 41600020 2024-12-31 41600020 2025-01-01 fsa:ContributedCapitalMember 41600020 2025-01-01 fsa:ReserveForDevelopmentExpenditureMember 41600020 2025-01-01 fsa:RetainedEarningsMember 41600020 2025-01-01 fsa:ProposedDividendRecognisedInEquityMember 41600020 2025-01-01 41600020 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 41600020 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 41600020 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 41600020 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 41600020 2025-12-31 fsa:ContributedCapitalMember 41600020 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 41600020 2025-12-31 fsa:RetainedEarningsMember 41600020 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 41600020 2025-01-01 fsa:DevelopmentProjectsInProgressMember 41600020 2025-01-01 2025-12-31 fsa:DevelopmentProjectsInProgressMember 41600020 2025-12-31 fsa:DevelopmentProjectsInProgressMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse B Erklæring om udvidet gennemgang true 2026-05-15 Jeppe Ragnar Andersen The Executive Board and Board of Directors have today considered and adopted the Annual Report of Studies&Me A/S for the financial year 1 January - 31 December 2025. The Annual Report is 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 at 31 December 2025 of the Company and of the results of the Company operations for 2025. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen 2026-05-15 Mette Haugaard Skaksen Christoffer von Sehested Schousboe Jeppe Ragnar Andersen Mark Høgh Gandrup Karl Sebastian Inger To the shareholder of Studies&Me A/S Opinion We have performed an extended review of the Financial Statements of Studies&Me A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The Financial Statements are prepared in accordance with the Danish Financial Statements Act.Based on the work performed, in our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our extended review in accordance with the Danish Business Authority’s Assurance Standard for Small Enterprises and FSR – Danish Auditors’ standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the ”Practitioner’s responsibilities for the extended review of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our responsibility is to express a conclusion on the Financial Statements. This requires that we plan and perform procedures to obtain limited assurance in respect of our conclusion on the Financial Statements and, moreover, that we perform supplementary procedures specifically required to obtain additional assurance in respect of our conclusion.An extended review consists of making inquiries, primarily of Management and others within the enterprise, as appropriate, and applying analytical procedures and the supplementary procedures specifically required as well as assessing the evidence obtained. An extended review is less in scope than an audit and, consequently, we do not express an audit opinion on the Financial Statements. Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our extended review of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the extended review, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Hellerup 2026-05-15 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Kristian Højgaard Carlsen Christian Lønne State Authorised Public Accountant State Authorised Public Accountant mne44112 mne51542 Studies&Me A/S Sølvgade 10, 5. tv 1307 København K 41600020 København Strandvejen 44 2900 Hellerup Seen over a 5-year period, the development of the Company is described by the following financial highlights: -4249000 -18007000 -8695000 -6075000 -19829000 -60841000 113000 -104000 8000 -4651000 -17096000 -56167000 11574000 17600000 32564000 8468000 13119000 30215000 10 7 10 36 52 0.108 0.351 0.525 -1.127 -1.868 0.258 0.554 0.732 0.745 0.928 0.241 1.043 0.431 0.789 -3.718 Key activitiesThe object of the Company is to operate within clinical drug development and other related activities.Development in the yearThe income statement of the Company for 2025 shows a profit of DKK 5,177,671, and at 31 December 2025 the balance sheet of the Company shows an equity of DKK 16,085,605.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 12129616 23111664 5412614 6068101 6717002 17043563 836 19033 79798 55772 6638040 17006824 1460369 -1434612 5177671 18441436 0 16000000 5177671 2441436 4822161 2464823 4822161 2464823 4822161 2464823 1213290 13168340 49731706 12325287 57975 0 4640183 6100552 1964518 365802 57607672 31959981 0 14163928 57607672 46123909 62429833 48588732 1000000 1000000 3761286 1922700 11324319 7986231 0 16000000 16085605 26908931 973888 132146 30478322 8161366 646544 1451767 14245474 11934522 46344228 21679801 46344228 21679801 62429833 48588732 1000000 1923000 7984934 16000000 26907934 0 0 0 16000000 16000000 0 1838286 -1838286 0 0 0 0 5177671 0 5177671 1000000 3761286 11324319 0 16085605 6445334 3122208 46330 33499 6491664 3155707 10 7 In 2025, the company has capitalized DKK 2,357 thousand in payroll costs for development projects specified in note 3. 1460369 -1434612 1460369 -1434612 2464823 2357338 4822161 4822161 The company has capitalized labor costs related to the development of the company's electronic Patient Reported Outcome (ePRO) solution as well as a software recruitment solution for clinical trials. The capitalized costs can be measured reliably, are attributable to the projects, and are expected to generate positive financial benefits going forward. Cashpool arrangement28,510,1580Other receivables21,221,54812,325,28749,731,70612,325,287 Other contingent liabilitiesThe group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Sonas HoldCo ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability. Consolidated Financial StatementsName and registered office of the Parent preparing consolidated financial statements for the largest group:Investcorp Holdings B.S.C., Kingdom of BahrainName and registered office of the Parent preparing consolidated financial statements for the smallest group: Sonas MidCo ApS, Søborg, DenmarkThe company is included in the group report for the parent companyInvestcorp Holdings B.S.C.Kingdom of BahrainSonas MidCo ApSSøborg Denmark The Group Annual Report of Sonas MidCo ApS may be obtained at the following address:Telefonvej 8D, 2., 2860 Søborg, Denmark The Annual Report of Studies&Me A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.The accounting policies applied remain unchanged from last year.The Financial Statements for 2025 are presented in DKK. Recognition and measurementAssets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date. RevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.Cost of salesCost of sales comprises costs incurred to achieve revenue for the year. Cost comprises direct labour costs as well as operation and administration. Production expensesProduction expenses comprise costs incurred to achieve revenue for the year. Cost comprises raw materials, consumables, direct labour costs and indirect production costs such as maintenance and depreciation, etc, as well as operation, administration and management of factories. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue and cost of sales. Administrative expensesAdministrative expenses comprise expenses for Management, administrative staff, office expenses, depreciation, etc.Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company include expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets. Other financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Other financial income comprises exchange gains payables and receivables and transactions in foreign currencies. Other financial expenses comprise interest expenses, including exchange losses payables and receivables and transactions in foreign currencies. Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with wholly owned Danish and foreign subsidiaries. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Intangible fixed assetsDevelopment projectsCosts of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities.Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs less the effect of deferred tax is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis.As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 5 year. Impairment of fixed assetsThe carrying amounts of intangible assets are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation.If so, the asset is written down to its lower recoverable amount. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. DividendDividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Deferred incomeDeferred income comprises payments received in respect of income in subsequent years. Financial HighlightsExplanation of financial ratiosReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity