29418888 2025-01-01 2025-12-31 29418888 2025-01-01 2025-12-31 2 29418888 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 29418888 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 29418888 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 29418888 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_3 29418888 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_4 29418888 2025-01-01 2025-12-31 1 29418888 2024-01-01 2024-12-31 29418888 2025-12-31 29418888 2024-12-31 29418888 2025-01-01 fsa:ContributedCapitalMember 29418888 2025-01-01 fsa:SharePremiumMember 29418888 2025-01-01 fsa:RetainedEarningsMember 29418888 2025-01-01 29418888 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 29418888 2025-01-01 2025-12-31 fsa:SharePremiumMember 29418888 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 29418888 2025-12-31 fsa:ContributedCapitalMember 29418888 2025-12-31 fsa:SharePremiumMember 29418888 2025-12-31 fsa:RetainedEarningsMember 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 Revisionspåtegning true 2026-07-15 Ole Thastrup The Executive Board and Board of Directors have today considered and adopted the Annual Report of 2cureX 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. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen 2026-07-15 Ole Thastrup CEO Tonni Bülow-Nielsen Ole Thastrup Grith Hagel Chairman Patrick Markus Aisher To the shareholder of 2cureX A/S Opinion 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.We have audited the Financial Statements of 2cureX 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”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 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 audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We draw attention to Note 1. The Company incurred a loss of DKK 17.5 million in the financial year 2025 and had negative equity of DKK 0.2 million as of 31 December 2025. These events as well as the uncertainties associated with the conditions stated in Note 1 indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. 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 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 Company’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 Company’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 Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, 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. Hellerup 2026-07-15 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Ulrik Ræbild Gösta Gauffin State Authorised Public Accountant State Authorised Public Accountant mne33262 mne45821 2cureX A/S Fruebjergvej 3 2100 Copenhagen 29418888 Copenhagen Strandvejen 44 2900 Hellerup Danske Bank Bernstorffsgade 40 1577 København V -11639951 -2996094 6726854 5659934 125181 141254 -18491986 -8797282 277 1111 96769 88983 -18588478 -8885154 -1080392 -5193522 -17508086 -3691632 -17508086 -3691632 102224 155773 95368 167000 197592 322773 2198426 2198426 169548 87953 2367974 2286379 2565566 2609152 384490 0 1283257 263686 46257 67799 1714004 331485 678646 4281726 2392650 4613211 4958216 7222363 505050 500000 0 0 -698791 2228031 -193741 2728031 450552 452294 450552 452294 1492160 516623 2038870 1960452 1170375 1564963 4701405 4042038 5151957 4494332 4958216 7222363 500000 0 2228031 2728031 5050 1289270 0 1294320 0 0 13291994 13291994 0 0 -17508086 -17508086 0 -1289270 1289270 0 505050 0 -698791 -193741 The Company incurred a loss of DKK 17.5 million in the financial year 2025 and had negative equity of DKK 0.2 million as of 31 December 2025, meaning that the share capital is lost. Therefore, Management has identified a need to re-establish the equity and secure additional liquidity in order to continue operations and implement the Company's strategic plans throughout 2026.To secure the required funding, Management is negotiating a Share Purchase and Investment Agreement under which the shareholders of PreComb Therapeutics AG would subscribe for new shares in 2cureX A/S through a capital increase by contributing all of their shares in PreComb Therapeutics AG, following which PreComb Therapeutics AG would become a wholly owned subsidiary of 2cureX A/S. As an integral part of the transaction, Koodos Ltd. (indirect shareholder of 2cureX A/S and shareholder of PreComb Therapeutics AG) is to provide, or procure lenders who provide, an aggregate minimum of EUR 7 million to 2cureX A/S by way of convertible loan notes, expected to be disbursed in instalments during 2026.As of the date of approval of this Annual Report, the Share Purchase and Investment Agreement has not yet been entered into by the parties. The continued operation of the Company is dependent on this agreement being entered into and completed in 2026, and on the disbursement of the convertible loan notes described above. As the completion of the transaction and the disbursement of the convertible loan notes are subject to conditions that are not within the Company's control, a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. On the basis of the expectation that the agreement will be entered into and completed, Management has prepared the Annual Report on a going concern basis. The company is a Medico Company. The object of the company is to carry on trade and provide advisory services and assistance within the pharmaceutical and biotechnological industry and related lines of business as well as other related activities. 6457914 5587813 74125 0 66073 12672 128742 59449 6726854 5659934 8 5 78418 60807 18351 20601 0 7575 96769 88983 -1080392 -5193522 -1080392 -5193522 The Company received DKK 1,080k under the Danish tax credit scheme in 2025 related to research and development activities in 2024. Debt falling due after 5 years450,552452,294450,552452,294 Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year157,159146,000157,159146,000Other contingent liabilitiesThe group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. Precision ApS 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.Other financial obligationsAs of 31 December 2025, the company has no other financial obligations. The Annual Report of 2cureX 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. With reference to section 110 of the Danish Financial Statements Act, no consolidated financial statements are prepared. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets 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. Translation policiesTransactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting.Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity.Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement. RevenueIncome comprises payments received from government grants. Income from government grants is recognised in the income statement on a systematic basis, aligned with the period in which the related costs, intended to be reimbursed by the grants, are expensed. Other external expensesOther external expenses comprise administration costs and expenses for premises as well as office expenses, etc.Other external expenses also include research and development costs that do not qualify for capitalisation. Gross lossWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise depreciation and impairment of property, plant and equipment. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.Any changes in deferred tax due to changes to tax rates are recognised in the income statement.The Company is jointly taxed with Precision ApS. The tax effect of the joint taxation with the subsidiaries is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment5 years Leasehold improvements5 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by depreciation.The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment.Goodwill, head office buildings and other assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows are reviewed for impairment together with the group of assets to which they are attributable. Investments in subsidiariesInvestments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Other fixed asset investments consist of deposit. 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 prepaid expenses concerning rent, insurance premiums and subscriptions. Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Other debts are measured at amortised cost, substantially corresponding to nominal value.