39766612 2025-01-01 2025-12-31 c:RetainedEarningsMember 39766612 2025-01-01 2025-12-31 c:SharePremiumMember 39766612 2025-01-01 2025-12-31 39766612 2025-01-01 2025-12-31 1 39766612 2025-01-01 2025-12-31 1 39766612 2025-01-01 2025-12-31 2 39766612 2025-01-01 2025-12-31 3 39766612 2025-01-01 2025-12-31 4 39766612 2025-01-01 2025-12-31 5 39766612 2025-01-01 2025-12-31 1 39766612 2024-01-01 2024-12-31 39766612 2025-12-31 39766612 2024-12-31 39766612 2025-01-01 c:ContributedCapitalMember 39766612 2025-01-01 c:SharePremiumMember 39766612 2025-01-01 c:RetainedEarningsMember 39766612 2025-01-01 2025-12-31 c:ContributedCapitalMember 39766612 2025-12-31 c:ContributedCapitalMember 39766612 2025-12-31 c:SharePremiumMember 39766612 2025-12-31 c:RetainedEarningsMember 39766612 2025-01-01 c:AcquiredIntangibleAssetsMember 39766612 2025-12-31 c:AcquiredIntangibleAssetsMember 39766612 2025-01-01 2025-12-31 c:AcquiredIntangibleAssetsMember 39766612 2025-01-01 c:FixturesFittingsToolsAndEquipmentMember 39766612 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 39766612 2025-01-01 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 39766612 2025-01-01 c:InvestmentsInGroupEnterprisesMember 39766612 2025-01-01 c:DepositsLongtermInvestmentsAndReceivablesMember 39766612 2025-01-01 2025-12-31 c:InvestmentsInGroupEnterprisesMember 39766612 2025-01-01 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember 39766612 2025-12-31 c:InvestmentsInGroupEnterprisesMember 39766612 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK xbrli:pure 0 0 true BDO Statsautoriseret Revisionspartnerselskab Havneholmen 2, 6. sal DK-2450 Copenhagen SV 45719375 2026-07-09 Lasse Blirup Snejbjerg Årsrapport Inwound ApS Herlufsholmvej 37, 1. 2720 Vanløse Den uafhængige revisors erklæring om udvidet gennemgang 39766612 2018-08-01 Copenhagen 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Havneholmen 2, 6. sal 2450 Copenhagen SV Jyske Bank A/S Jernbane Allé 56 A 2720 Vanløse Today the Board of Directors and Executive Board have discussed and approved the Annual Report of Inwound ApS for the fi­nan­ci­al year 1 January  - 31 December 2025. The Annual Report is presented in accor­dance with the Da­nish Fi­nan­ci­al State­ments Act. In our opinion the Fi­nan­ci­al Sta­te­ments give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the fi­nan­ci­al year 1 January  - 31 December 2025. The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary. We recommend the Annual Report be approved at the Annual General Meeting. Vanløse 2026-07-09 Lasse Blirup Snejbjerg Carl Morten Bilbo Chairman Torsten Dahl Fredelund Lasse Blirup Snejbjerg Christopher Bromley Bent von Eitzen To the Shareholder of Inwound ApS Konklusion We ha­ve per­for­med an extended review of the Fi­nan­ci­al Sta­te­ments of Inwound ApS 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 under the Danish Financial State­ments Act.   Based on the work performed in our o­pi­ni­on, the Fi­nan­ci­al Sta­te­ments gi­ve a true and fair vi­ew of the Com­pa­ny's financial position 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 ConclusionGrundlag for konklusion 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 "Auditor'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 (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements 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.   Grundlag for konklusion Management's Re­spon­si­bi­li­ti­es for the Fi­nan­ci­al Sta­te­ments 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 in order to obtain limited assurance for our conclusion on the Fi­nan­ci­al Sta­te­ments and in addition perform specifically required supplementary procedures to obtain further assurance for our conclusion.   An extended review comprises procedures that primarily consist of making inquiries of Ma­na­ge­ment and others within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as evaluation of the evidence obtained.   The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on the Fi­nan­ci­al Sta­te­ments.   Statement on the Management Commentary Management is responsible for the Ma­na­ge­ment Com­men­ta­ry.   Our conclusion 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 extended review 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 during the extended review, 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 of the Danish Financial Statements Act. We did not identify any material misstatement in the Ma­na­ge­ment Com­men­ta­ry.   Copenhagen 2026-07-09 BDO Statsautoriseret Revisionspartnerselskab 45719375 Mads Juul Hansen Den uafhængige revisors erklæring om udvidet gennemgang State Authorised Public Accountant mne44386 Principal activities The company's purpose is to develop, commercialize, manufacture and sell a laser apparatus for healing wounds.   Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the Company's financial position.   -4096380 -1968663 5142879 1765712 9448 23848 -9248707 -3758223 38644 3091356 435195 352646 -9645258 -1019513 -1938458 6419 -7706800 -1025932 -7706800 -1025932 -7706800 -1025932 71599 77365 71599 77365 0 3682 0 3682 0 40000 191200 227200 191200 267200 262799 348247 5209 37472 0 16160 413677 364686 2821946 883488 30108 0 3270940 1301806 7459680 6251437 10730620 7553243 10993419 7901490 215966 192786 5646948 3336928 5862914 3529714 4486178 4073543 19560 19560 4505738 4093103 515054 45000 2935 2935 624767 278673 5130505 4371776 10993419 7901490 DKKSha­re ca­pi­talShare PremiumRetained earningsTotal Equity at 1 January 2025192.78603.336.9283.529.714 Proposed profit allocation -7.706.800-7.706.800 Transactions with ownersCapital increase23.18010.076.82010.100.000Cost of capital increase -60.000-60.000 TransfersRetained premium -10.076.82010.076.8200 Equity at 31 December 2025215.96605.646.9485.862.914 192786 0 3336928 -7706800 23180 10076820 -60000 -10076820 10076820 215966 0 5646948 20252024 DKKDKK 1 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees73 Wages and salaries 4.686.9791.707.766 Pensions 390.17738.836 Social security costs 65.72319.110 5.142.8791.765.712 7 3 4686979 1707766 390177 38836 65723 19110 5142879 1765712 2 | Other financial income Interest income from group enterprises 220 Other interest income 38.6223.091.356 38.6443.091.356 22 0 38622 3091356 38644 3091356 3 | Other financial expenses Other interest expenses 435.195352.646 435.195352.646 435195 352646 435195 352646 -1938458 -297353 0 303772 5 | Intangible assets DKKAcquired concessions, patents, licences, trademarks and similar rights Cost at 1 January 2025 115.325Cost at 31 December 2025 115.325 Amortisation at 1 January 2025 37.960Amortisation for the year 5.766Amortisation at 31 December 2025 43.726 Carrying amount at 31 December 202571.599 115325 115325 37960 5766 43726 71599 6 | Property, plant and equipment DKKOther plant, fixtures and equipment Cost at 1 January 2025 90.411Cost at 31 December 2025 90.411  Depreciation and impairment losses at 1 January 2025 86.729Depreciation for the year 3.682Depreciation and impairment losses at 31 December 2025 90.411 Carrying amount at 31 December 20250 90411 90411 86729 3682 90411 0 7 | Financial non-current assets DKKInvestments in subsidiariesRent deposit and other receivables Cost at 1 January 2025 40.000227.200 Disposals -40.000-36.000 Cost at 31 December 2025 0191.200   Carrying amount at 31 December 20250191.200 40000 227200 40000 36000 0 191200 0 191200 8 | Receivables from owners and Management The company granted a loan to the shareholder during the financial year 2024 in violation of section 210, subsection 1 of the Danish Companies Act. The loan carried interest at the Danish National Bank’s lending rate plus 10%, corresponding to 13.5% at the time. The loan was repaid after the balance sheet date in 2024. No such loans have been granted in the financial year 2025. 9 | Long-term liabilities 31/12 2025RepaymentDebt outstanding31/12 2024DKKtotal liabilitiesnext yearafter 5 yearstotal liabilities Convertible and interest-bearing debt instruments 4.486.17804.486.1784.073.543Frozen holiday pay 19.560019.56019.560 4.505.73804.505.7384.093.103 4505738 Contingent liabilities The company has entered into an agreement with the lender regarding an exit obligation. Exit obligation is triggered by an exit defined by the loan agreement.   The company has an ongoing case with a Grantprovider regarding a previous project, where a grant was received that may be subject to repayment. The outcome of the case is not expected to lead to repayment, and thus will not become a cost for the company. The case is expected to be concluded in 2026. Joint liabilitiesThe Company is jointly and severally liable together with the Parent Company and the other group companies in the joint taxable group for tax on the group’s joint taxable income and for certain possible withholding taxes, such as dividend tax, etc. Tax payable on the Group’s joint taxable income is stated in the annual report of Akk Biotek Holding ApS, which serves as management Company for the joint taxation. 2025 DKK Other financial commitments The company has entered into a rental agreement corresponding to a 6 month rental period. The total other financial commitments as of the balance sheet date amount to: 191.200 11 | Special items The company has received a debt forgiveness on its loans from "Uddannelses- og Forskningsstyrelsen" and "Syddansk Innovation A/S". As a result, a gain from this agreement has been recognized in 2024. 20252024 DKKDKK Gain from loan forgiveness03.082.687 03.082.687 The Annual Report of Inwound ApS for 2025 has been presented in accor­dance with the pro­vi­sions of the Da­nish Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class B and cer­tain pro­vi­si­ons ap­ply­ing to re­por­ting class C.  Regnskabsklasse B1truetrueThe Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse B true Net revenue Net revenue from the sale of merchandise and finished goods is recognised in the Income Statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received.   Costs of raw materials and consumables Raw materials and consumables comprises the costs of raw materials and consumables used to reach the revenue for the year. Additionally, decrease or increase of inventories of raw materials and consumables for the year is included, as well as normal impairment of inventories of raw materials and consumables.   Other operating income Other operating income includes items of a secondary nature in relation to the enterprises' principal activities, including profit from sale of intangible and tangible assets, operating loss and conflict compensations, as well as salary refunds. Compensations are recognised when the income is estimated to be realisable.    Other external expenses Other external expenses include other production, sales, delivery and administrative costs, including costs of energy, marketing, premises, loss on bad debts, lease expenses, etc   Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Com­pa­ny's employees.   Income from investments in subsidiaries Dividend from sub­si­dia­ri­es is recognised in the financial year in which the dividend is declared. In connection with transfers, potential profits are recognised when the economic rights related to the sold equity interests are transferred, however, at the earliest when the profit has been realised or is regarded as realisable. Moreover, realised losses other than impairments are included where identified.   Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from securities, debt and transactions in foreign currencies, as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity.   Intangible fixed assets Intangible fixed assets consists of patents and licences wich are measured at the lower of cost less accumulated amortisation and the recoverable amount. Patents are amortised over the remaining patent period and licences are amortised over the period of the agreement, however, no more than 20 years.   Property, plant and equipment Other plant, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses.   The depreciation base is cost less estimated residual value after end of useful life.   The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used.    Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value:   Useful life  Other plant, fixtures and equipment   5 years Profit or loss on sale of property, plant and equipment is stated as the difference between the sales price less selling costs and the carrying amount at the date of sale. Profit or loss is recognised in the Income Statement as other operating income or other operating expenses.   Financial non-current assets Investments in sub­si­dia­ri­es are measured at cost. If the cost exceeds the net realisable value, this is written down to the lower value.   Impairment of fixed assets The carrying amount of in­tan­gib­le fi­xed and pro­per­ty, plant and equip­ment to­get­her with fi­xed as­sets, which are not mea­su­red at fair va­lue,, are assessed annually for indications of impairment other than that reflected by amortisation and depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the recoverable amount.   The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Write-off is performed to provide for losses when an objective indication has been assessed to have incurred that a receivable or a portfolio of receivables are impaired. If there is an objective indication that an individual receivable is impaired, the write-off is performed at individual level.   Receivables for which there are no objective indication of impairment at individual level are assessed at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors’ registered office and credit rating in accordance with the Company’s policy for credit risk management. The objective indicators, which are applied for portfolios, are determined based on the historical loss experiences.   Write-off is determined as the difference between the carrying amount of receivables and the present value of the expected cash flows, including realisable value of any received collaterals. The effective interest rate is used as discount rate for the single receivable or portfolio.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   The Company is subject to joint taxation with Danish Group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff 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 under the legislation in force on the Balance Sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recog­nised in the Income Statement over the loan period.   The amortised cost of current liabilities corresponds usually to the nominal value.   Foreign currency translation Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the Income Statement as a financial income or expense. Receivables, payables and other monetary items in foreign currencies that are not settled on the Balance Sheet date are translated at the exchange rate on the Balance Sheet date. The difference between the exchange rate on the Balance Sheet date and the exchange rate at the date when the receivables or payables come into existence recognised in the Income Statement as financial income or expenses. Fixed assets acquired in foreign currencies are translated at the rate of exchange on the transaction date.