42886866 2025-01-01 2025-12-31 42886866 2025-01-01 2025-12-31 1 42886866 2025-01-01 2025-12-31 1 42886866 2025-01-01 2025-12-31 2 42886866 2025-01-01 2025-12-31 1 42886866 2025-01-01 2025-12-31 2 42886866 2025-01-01 2025-12-31 3 42886866 2024-01-01 2024-12-31 42886866 2025-12-31 42886866 2024-12-31 42886866 2024-01-01 d:ContributedCapitalMember 42886866 2024-01-01 d:SharePremiumMember 42886866 2024-01-01 d:RetainedEarningsMember 42886866 2024-01-01 2024-12-31 d:ContributedCapitalMember 42886866 2024-01-01 2024-12-31 d:SharePremiumMember 42886866 2024-01-01 2024-12-31 d:RetainedEarningsMember 42886866 2025-01-01 d:ContributedCapitalMember 42886866 2025-01-01 d:SharePremiumMember 42886866 2025-01-01 d:RetainedEarningsMember 42886866 2025-01-01 2025-12-31 d:RetainedEarningsMember 42886866 2025-12-31 d:ContributedCapitalMember 42886866 2025-12-31 d:SharePremiumMember 42886866 2025-12-31 d:RetainedEarningsMember 42886866 2025-01-01 2025-12-31 1 42886866 2024-01-01 2024-12-31 1 42886866 2025-12-31 1 42886866 2024-12-31 1 42886866 2002-01-01 d:ContributedCapitalMember 42886866 2002-01-01 2002-12-31 d:ContributedCapitalMember 42886866 2024-12-31 d:ContributedCapitalMember 42886866 2002-12-31 d:ContributedCapitalMember iso4217:DKK xbrli:shares Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 42886866 Kiox Pharmaceuticals ApS Stolbjergvej 26C 3070 Snekkersten 2021-12-07 Snekkersten Danske Bank EY Godkendt Revisionspartnerselskab 30700228 Dirch Passers Allé 36 2000 Frederiksberg Danmark +45 73 23 30 00 2026-06-29 Mikkel Walmar Regnskabsklasse B Andre erklæringer uden sikkerhed true true 2026-06-29 2026-06-29 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Kiox Pharmaceuticals ApS for the financial year 1 January - 31 December 2025. The annual report, which has not been audited, has been prepared in accordance with the provisions of the Danish Financial Statements Act. The Board of Directors and the Executive Board have considered the criteria for omission of audit to be met. 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. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Copenhagen Mikkel Walmar Tim Dehli Carstensen Mikkel Walmar Chairman Inge Tarnow Lars Hellerung Christiansen To the general management of Kiox Pharmaceuticals ApS We have compiled the financial statements of Kiox Pharmaceuticals ApS for the financial year 1 January - 31 December 2025 based on the Company's bookkeeping and other information provided.The financial statements comprise an income statement, balance sheet, statement of changes in equity and notes, including accounting policies.We performed this compilation engagement in accordance with ISRS 4410 Compilation Engagements.We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of the financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant requirements in the Danish Auditors Act and International Ethics Standards Board for Professional Accountants' International Code of Ethics for Professional Accountants (IESBA Code), including principles of integrity, objectivity, professional competence and due care.The financial statements and the accuracy and completeness of the information used to compile the financial statements are your responsibility.Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile the financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether the financial statements are prepared in accordance with the Danish Financial Statements Act. Copenhagen Anders Roe Eriksen State Authorised Public Accountant mne46667 The Company is a biotech Company incorporated in December 2021 focusing on development of inhaled treatments for interstitial lung diseases. The income statement for 2025 shows a loss of DKK 639,537 against a loss of DKK 1,841,030 last year, and the balance sheet at 31 December 2025 shows a negative equity of DKK 404,366. The Company has lost more than 50% of its share capital. Management expects to reestablish the share capital through future share capital injections in combination with convertible loans as deemed necessary.Please also see information included under statement of equity and in the notes to the annual report.FundingWith reference to section on subsequent events, the Company has received new funding after the balance sheet date. Subsequently to the balance sheet date, Management has obtained new capital injections of more than DKK 4 million and further to that, a debt conversion to equity of DKK 890 thousand.No other events materially affecting the Company's financial position have occurred subsequent to the financial year-end. 300342 0 179869 411764 120473 -411764 953374 2001370 -832901 -2413134 1693 29938 6890 3112 -838098 -2386308 -198561 -545278 -639537 -1841030 -639537 -1841030 48242 370108 150319 175170 115849 32372 280162 0 594572 577650 560502 206730 1155074 784380 1155074 784380 225834 225834 0 0 -630200 9337 -404366 235171 366840 249209 890000 300000 302600 0 1559440 549209 1559440 549209 1155074 784380 208000 0 -271879 17834 2122246 0 -1841030 -2122246 2122246 225834 0 9337 -639537 225834 0 -630200 The Company has lost more than 50% of its share capital. Management expects to reestablish the share capital through future share capital injections in combination with convertible loans as deemed necessary.Subsequently to the balance sheet date, Management has obtained new capital injections of more than DKK 4 million and further to that, a debt conversion to equity of DKK 890 thousand. The annual report of Kiox Pharmaceuticals ApS for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currencyThe financial statements are presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. Other operating income comprise items of a secondary nature relative to the Company's core activities, including gains on the sale of fixed assets.Government grants are recognized periodically when the work supported by the grant has been reported and presented as other operating income. Government grants are recognized when a final and firm right to the grant has been obtained. Government grants are recognised in the income statement in the same period as the work (external expenses) has been performed as the grants areconsidered to be reimbursement of research expenses. The item includes research costs that do not qualify for capitalisation as well as amortisation of capitalised development costs. Other external expenses include the year's expenses relating to the Company's core activities, including administration expenses to the bank. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company.Income tax of the year include refundable tax credits for costs incurred in connection with research and development activities under the Danish Tax Credit Regime. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Cash comprise bank accounts in DKK which minimal risk of changes to credit risk. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.Other liabilities are measured at net realisable value. Deferred incomeDeferred income recognised as a liability comprises grant payments received concerning income in subsequent financial reporting years. Subsequently to the balance sheet date, Management has obtained new capital injections of more than DKK 4 million and further to that, a debt conversion to equity of DKK 890 thousand. No other events materially affecting the Company's financial position have occurred subsequent to the financial year-end. 300342 0 Other operating income includes grants associated with research and development activities. 1693 29938 5524 3102 0 10 1366 0 -198561 -545278 Estimated tax benefit for the year comprises 1) Compensation for utilisation of the Company's tax loss in the joint taxation arrangement and 2) recognised tax credits for the income year with reference to LL § 8X regarding tax credits for research and development expenditures. 225834 A 225834 225834 208000 40000 17834 168000 225834 208000 At 31 December 2024, the Company holds a deferred tax related to tax loss carry-forwards which amounts to DKK 1 thousand, which araise from before the joint taxation arrangement. As it is uncertain if these tax losses can be utilised within a foreseeable future, their carrying amount has not been recognised in the financial statements. The Company is jointly taxed with its parent company, 26c Holding ApS, which acts as management company, and has limited and alternative liability together with other jointly taxed group entities for payment of income taxes as well as withholding taxes on interest, royalties and dividends falling due for payment. The Company has not provided any security or other collateral in assets at 31 December 2025. Parties exercising control Related partyDomicileBasis for control 26c Holding ApS (parent company)Stolbjergvej 26C 3070 SnekkerstenParticipating interest Significant influence Related partyDomicileBasis for significant influence Titi14 HOLDING ApSStjerneborg Alle 11, 1. 2870 DyssegårdShares