29312206 2025-01-01 2025-12-31 29312206 2025-01-01 2025-12-31 1 29312206 2025-01-01 2025-12-31 1 29312206 2025-01-01 2025-12-31 2 29312206 2024-01-01 2024-12-31 29312206 2025-12-31 29312206 2024-12-31 29312206 2024-12-31 fsa:ContributedCapitalMember 29312206 2024-12-31 fsa:RetainedEarningsMember 29312206 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 29312206 2025-12-31 fsa:ContributedCapitalMember 29312206 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Annual report 2026-06-30 Tomas Mikkelsen The Executive Board has today considered and approved the annual report of Zadec ApS for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In my opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and​of the results of its operations for the financial year 01.01.2025 - 31.12.2025. I believe that the management commentary contains a fair review of the affairs and conditions referred to ​therein. I recommend the annual report for adoption at the Annual General Meeting. Hørsholm Trine Ahlgreen To the shareholders of Zadec ApS We have audited the financial statements of Zadec ApS for the financial year01.01.2025 - ​31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.​​ ​​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further ​described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for ​Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical ​requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with ​these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 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 Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these financial statements.​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management. ​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the financial statements, and, based on the audit evidence obtained, whether a material ​uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the financial statements or, if such ​disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence ​obtained up to the date of our auditor’s report. However, future events or conditions may cause the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope ​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​that we identify during our audit. Management is responsible for the management commentary. ​​Our opinion on the financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​In connection with our audit of the financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required under the Danish Financial Statements Act.​​​​​Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Hørshom Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Claus Jorch Andersen State Authorised Public Accountant mne33712 Leon Thomas Ravn Fagerlind State Authorised Public Accountant mne49914 Primary activitiesThe company holds certain patent right to drug candidates for the prevention and treatment of diabetes and a 3D human cell tissue culture system. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of ​this annual report. -115999 -84988 261193 223798 -377192 -308786 -377192 -308786 -377192 -308786 6252 6251 6252 6251 442962 431067 449214 437318 449214 437318 500021 500021 -3208338 -2831146 -2708317 -2331125 20000 20000 3137531 2748443 3157531 2768443 3157531 2768443 449214 437318 500021 -2831146 -2331125 -377192 -377192 500021 -3208338 -2708317 1 Other financial expenses2025​DKK2024​DKKFinancial expenses from group enterprises264,088232,369Other interest expenses(2,895)(8,571)261,193223,798 2 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any ​​​remuneration.20252024Average number of full-time employees00 0 0 3 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where MC2 Therapeutics A/S serve as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is​therefore liable for income taxes etc for the jointly taxed entities, and for obligations, of any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. Gross profit or lossGross profit or loss comprises revenue and external expenses. Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, net exchange losses on transactions in foreign currencies, as well as tax surcharge under the Danish Tax Prepayment Scheme etc. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. CashCash comprises cash in hand and bank deposits. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. true Grundlag for konklusion Konklusion 2026-06-30 2026-06-30 true 2024-01-01 2024-12-31 København S 2300 6 Weidekampsgade Rudersdal Hørsholm 2970 Regnskabsklasse B Revisionspåtegning 2025-12-31 2025-01-01 2624 Agern Alle Zadec ApS 29312206 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab