44151197 2025-01-01 2025-12-31 44151197 2025-01-01 2025-12-31 1 44151197 2024-01-01 2024-12-31 44151197 2025-12-31 44151197 2024-12-31 44151197 2025-01-01 d:DevelopmentProjectsInProgressMember 44151197 2025-01-01 2025-12-31 d:DevelopmentProjectsInProgressMember 44151197 2025-12-31 d:DevelopmentProjectsInProgressMember 44151197 2025-01-01 d:ContributedCapitalMember 44151197 2024-01-01 d:ContributedCapitalMember 44151197 2025-01-01 2025-12-31 d:ContributedCapitalMember 44151197 2024-01-01 2024-12-31 d:ContributedCapitalMember 44151197 2025-12-31 d:ContributedCapitalMember 44151197 2024-12-31 d:ContributedCapitalMember 44151197 2025-01-01 2025-12-31 d:SharePremiumMember 44151197 2024-01-01 2024-12-31 d:SharePremiumMember 44151197 2025-01-01 2025-12-31 d:ReserveForDevelopmentExpenditureMember 44151197 2024-01-01 2024-12-31 d:ReserveForDevelopmentExpenditureMember 44151197 2025-12-31 d:ReserveForDevelopmentExpenditureMember 44151197 2024-12-31 d:ReserveForDevelopmentExpenditureMember 44151197 2025-01-01 d:RetainedEarningsMember 44151197 2024-01-01 d:RetainedEarningsMember 44151197 2025-01-01 2025-12-31 d:RetainedEarningsMember 44151197 2024-01-01 2024-12-31 d:RetainedEarningsMember 44151197 2025-12-31 d:RetainedEarningsMember 44151197 2024-12-31 d:RetainedEarningsMember 44151197 2025-01-01 2025-12-31 1 44151197 2025-01-01 2025-12-31 1 iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2024-01-01 2024-12-31 2025-01-01 2025-12-31 44151197 Zeta Diagnostics ApS Rabalderstræde  7, 1. 1 4000 Roskilde Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Morten Høgh-Petersen statsautoriseret revisor mne34283 Lautrupsgade 11 2100 København Ø Danmark +45 33 110 220 info@dk.gt.com 2026-07-03 Kristian Klok Pedersen Regnskabsklasse B Andre erklæringer uden sikkerhed Ja CaseWare fra Revisorgruppen Danmark anpartshaverne København 2026-07-03 Roskilde 2026-07-03 1399618 -367245 1277478 2340846 -447846 447846 569986 -3155937 1991 10849 210798 168879 361179 -3313967 -725936 -10651 1087115 -3303316 -501891 -2980867 0 -322449 1589006 0 2037187 0 2037187 0 7000 4980 7000 4980 2044187 4980 349655 0 10619 40501 85461 85461 445735 125962 571607 932321 1017342 1058283 3061529 1063263 0 42105 40000 1589006 0 -3320894 -3316898 -1689783 -3276898 250103 0 250103 0 4375000 4166667 4375000 4166667 88211 107078 37998 66416 126209 173494 4501209 4340161 3061529 1063263 1248566 2313030 8316 13761 20596 14055 1277478 2340846 2 4 447846 1589341 2037187 447846 -447846 2037187 40000 40000 2105 0 42105 40000 497895 0 497895 0 1589006 0 1589006 0 -3316898 -13582 -501891 -3303316 497895 0 -3320894 -3316898 Today, the Board of Directors and the Managing Director have approved the annual report of Zeta Diagnostics ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and 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. The Board of Directors and the Managing Director consider the conditions for audit exemption of the 2025 financial statements to be met. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Kristian Klok Pedersen Kristian Klok Pedersen We have compiled the financial statements of Zeta Diagnostics ApS for the financial year 1 January - 31 December 2025 based on the company's bookkeeping and on information you have provided. These financial statements comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), Compilation Engagements. We have applied our expertise in accounting and financial reporting to assist Management in the preparation and presentation of these financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant requirements under the Danish Act on Approved Auditors and Audit Firms and International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) including principles of integrity, objectivity, professional competence and due care. These financial statements and the accuracy and completeness of the information used to compile them 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 these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with the Danish Financial Statements Act. Description of key activities of the companyThe company's purpose is the research and development of pharmaceuticals and technology, as well as related activities. Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. The gross profit for the year totals DKK 1.399.618 against DKK -367.245 last year. Profit or loss from ordinary activities after tax totals DKK 1.087.115 against DKK -3.303.316 last year. Capital resources The company has lost more than 50% of its equity during the year. Management expects that the company will be able to continue as a going concern and restore its capital through future earnings. The annual report has therefore been prepared on the basis of the company’s continued operation as a going concern. Events occurring after the end of the financial yearNo subsequent events have occurred that would materially affect the Company’s financial statements for 2025. The annual report for Zeta Diagnostics ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of  the transaction. Gross profitGross profit comprises the revenue, other operating income, and other external costs. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Own work capitalisedOwn work capitalised includes staff cost and other internal costs incurred during the financial year and recognised in the cost of proprietary intangible and tangible fixed assets. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets, operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from realised and unrealised capital gains and losses relating to transactions in foreign currency. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  Intangible assetsDevelopment projects, patents, and licencesDevelopment costs comprise salaries, wages, and amortisation directly attributable to development activities. Clearly defined and identifiable development projects are recognised as intangible assets provided that they are proven to be technically practicable, that sufficient resources and a potential market or development opportunity exist, and insofar as the intention is to produce, market or utilise the project. It is, however, a condition that the cost can be reliably calculated and that a sufficiently high degree of certainty indicates that future earnings will cover the costs of production, sales, and administration. Other development costs are recognised in the income statement concurrently with their realisation. Development costs recognised in the statement of financial position are measured at cost less accrued amortisations and write-downs for impairment. After completion of the development work, capitalised development costs are amortised on a straight-line basis over the estimated useful economic life. The amortisation period is usually 10 years. Profit and loss from the sale of development projects, patents, and licenses are measured as the difference between the sales price less sales costs and the carrying amount at the time of sale. Profit or loss are recognised in the income statement as other operating income or other operating expenses, respectively. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityReserve for development costsThe reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsLiabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. Convertible and profit sharing debt instrumentsConvertible loans and other debt instruments with profit sharing or equity linked features are classified as financial liabilities. On initial recognition, such instruments are measured at the fair value of the proceeds received, net of directly attributable transaction costs, and are subsequently measured at amortised cost using the effective interest method. Interest expense is recognised in the income statement under financial items. Any embedded conversion or profit sharing features are not accounted for separately. Potential conversion of debt into equity or other equity linked settlement is only recognised when the relevant conditions for conversion or settlement are met. Upon conversion, the carrying amount of the liability (including accrued interest) is reclassified to equity (share capital and share premium). No gain or loss is recognised in the income statement in connection with the issuance of equity instruments. 1.Capital resourcesThe company has lost more than 50% of its equity during the year. Management expects that the company will be able to continue as a going concern and restore its capital through future earnings. The annual report has therefore been prepared on the basis of the company’s continued operation as a going concern. Disclosure of assumptions related to development projects The capitalised development projects comprise development projects in progress relating to the company’s medical device solutions for diagnosis and monitoring of middle ear pressure regulation and related ear conditions. The development projects include the continued development, testing and validation of the company’s non-invasive diagnostic device and related technical functionality for use in relevant clinical settings. The development projects are progressing in accordance with management’s plans and reflect the company’s continued focus on developing its diagnostic technology. Management expects that the completed solutions will support the future application and commercialisation of the company’s technology and products. In capitalising the development projects, management has made a number of assumptions relating to the successful completion of the remaining technical development, continued testing and validation of the solutions, and the expected future economic benefits from the completed solutions. Changes in these assumptions, including delays in development, clinical or technical challenges, lower-than-expected market adoption, or adverse technological, regulatory or competitive developments, could lead to material changes in the carrying amount of the capitalised development projects. 5.Contractual obligations and contingencies, etc.Lease liabilities:The company has entered into a lease agreement for its premises. The lease may be terminated with 1 months’ notice, and the total obligation amounts to DKK 7 thousand.