44512971 2023-12-19 2025-03-31 44512971 2023-12-19 2025-03-31 44512971 2023-12-19 2025-03-31 0 44512971 2023-12-19 2025-03-31 1 44512971 2023-12-19 2025-03-31 2 44512971 2023-12-19 2025-03-31 3 44512971 2023-12-19 2025-03-31 0 44512971 2023-12-19 2025-03-31 0 44512971 2025-03-31 44512971 2023-12-18 fsa:ContributedCapitalMember 44512971 2023-12-18 fsa:RetainedEarningsMember 44512971 2023-12-19 2025-03-31 fsa:ContributedCapitalMember 44512971 2023-12-19 2025-03-31 fsa:RetainedEarningsMember 44512971 2025-03-31 fsa:ContributedCapitalMember 44512971 2025-03-31 fsa:RetainedEarningsMember xbrli:pure iso4217:DKK 35649417 HARBOE CONSULT ApS - GODKENDT REVISIONSVIRKSOMHED Jens Kofods Gade 1 1268 København K Andre erklæringer uden sikkerhed Årsrapport Regnskabsklasse B 2023-12-19 2025-03-31 false 0 Gefjon Pharma ApS 2200 København N 44512971 1 2025-09-30 Torben Hald Today, Management has considered and adopted the Annual Report of Gefjon Pharma ApS for the financial year 19 December 2023 - 31 March 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 assets, liabilities and financial position of the Company at 31 March 2025 and of the results of the Company's operations for the financial year 19 December 2023 - 31 March 2025. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. The conditions for not conducting an audit of the Financial Statement have been met. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen 2025-09-30 Torben Hald Thomas Frees Buthler Fabio Antenucci Man. Director Manager Manager Anders Miki Bojesen Manager To the Management of Gefjon Pharma ApS We have compiled the accompanying financial statements of Gefjon Pharma ApS for the financial year 19 December 2023 - 31 March 2025 based on the information you have provided.These financial statements comprise a summary of significant accounting Policies, income statement, balance sheet, statement of change 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 you in the preparation and presentation of these financial statements in accordance with the Danish Financial Statement Act. We have complied with relevant requirements under the Danish Act on Approved auditors and Audit Firms and the 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.The Financial Statement 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 review conclusion on whether the financial statements are prepared in accordance with the Danish Financial Accounts Act. Copenhagen, 30 September 2025HARBOE CONSULT ApS - GODKENDT REVISIONSVIRKSOMHEDCVR-no. 35649417John PeterssonState Authorised Public Accountantmne29420 Copenhagen 2025-09-30 HARBOE CONSULT ApS - GODKENDT REVISIONSVIRKSOMHED 35649417 John Petersson State Authorised Public Accountant mne29420 Gefjon Pharma ApS Torben HaldOle Maaløes Vej 3 2200 København N 44512971 2023-12-19 2023-12-19 2025-03-31 Jens Kofods Gade 1 1268 København K The Company's principal activitiesThe Company's principal activities consist of developing, producing, and commercializing next-generation pharmaceutical and bio industrials. Our proprietary platform is based on hyper-vesiculating outer membrane vesicle (OMV) technology, enabling high-yield, cost-effective production of bio-industrials and therapeutics. Our lead product is a revolutionary, broad-protective E. coli vaccine for poultry, designed for mass administration via aerosol.Development in activities and financial mattersThe Company's Income Statement of the financial year 19 December 2023 - 31 March 2025 shows a result of DKK -195.504 and the Balance Sheet at 31 March 2025 a balance sheet total of DKK 5.331.312 and an equity of DKK -155.504.The company has lost more than 50% of its share capital and is thus subject to the capital provisions in section 119 of the Danish Companies Act. The company expects to re-establish the capital through its own earnings in the coming years.This financial year marks the true beginning of Gefjon Pharma as an independent company, spun out from the University of Copenhagen. From day one, our ambition has been to build a focused team and a solid foundation for long-term value; first in animal health, then with a broader reach in phamaceuticals and bio-industrials.We have established a clear company structure, defined roles, and exeuted on both short- and long-term strategies. Our team combines scientific, business, and operational expertise with a proven track record in pharma development.Key milestones include:- Re-confirmed efficacy and safety of our kead vaccine candidate, archieving proof-of-concept.- Initiated our Quality Management System (QMS) to meet regulatory standards.- Filed our first IP priority application and secured an exclusive, worldwide license for our core patent.- Maintained a strong marketing focus to ensure Gefjon is investible attractive to funding and partners.- Built partnerships with expert suppliers and service providers and began forming an advisory board with deep industry experience.Externally, our progress has been recognized:- We secured a convertible loan from the BioInnovation Institute and joined their Venture Lab program.- We were awarded a GUDP grant from the Ministry for Food, Agriculture and Fisheries of Denmark, supporting large-scale trials.- Attracting talent and advisory board members.Importantly, our expenditure has been targeted at activities that create long-term value - building our technology, IP, and operational capacity to support future growth and commercialization.Looking ahead, we remain comitted to our strategy and to delivering value for both society and investors.Post financial year eventsAfter the end of the financial year, no events have occurred which may change the financial position of the entity substantially. The annual report of Gefjon Pharma ApS for 2023/25 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. As the financial year 2023/25 is the Company's first financial year, the Financial Statements with associated notes have been prepared without comparative figures from the previous year. Income statement Gross profit/lossThe Company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. RevenueRevenue is recognised in the income statement if the goods have been delivered and the risk has passed to the buyer before year-end and if the revenue can be reliably calculated and expected to be received. Revenue is recognised excluding VAT and all discounts granted are recognised in revenue. Other external expensesOther external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. Staff costsStaff costs include wages and salaries including compensated absence and pension to the Companies employees, as well as other social security contributions etc. Financial income and expensesFinancial income and expenses are recognised in the income statement based at the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses, realised and unrealised capital gains and losses regarding accounts payable and transactions in foreign currencies and surcharges and allowances under the advance-payment of tax scheme. Tax on net profit for the yearTax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. Balance sheet Intangible assetsAn impairment test of acquired intangible assets is performed in the event of indications of a decrease in value. Furthermore, annual impairment tests are performed for ongoing and activated development projects, if any. The impairment test is performed for each individual asset and group of assets, respectively. The assets are written down to the higher of the asset's or asset group's value in use and the net selling price (recoverable amount) in the event that this one is lower than the carrying amount. Development projects that are clearly defined and identifiable, and where the degree of technical utilization, sufficient resources and a potential future market or development potential in the Company are provable and where the intention is to manufacture, market or use the product or process are recognised as intangible assets if the value in use can be determined reliably and it is sufficiently certain that future earnings can cover production, sales and administration costs as well as total development costs. Other development costs are recognised as costs in the income statement as they incur.Development costs comprise costs, including wages, salaries and amortization, that are directly or indirectly attributable to the development activities of the enterprise and meet the recognition criteria.Capitalized development costs are measured at cost on initial recognition and subsequently at the lower of cost less accumulated amortization and the recoverable amount. ReceivablesReceivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts.Impairment of accounts receivables past due is established on individual assessment of receivables. Deferred expenses, assetsDeferred expenses recognised in assets comprises prepaid costs regarding subsequent financial years. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. EquityEquity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association.Development cost reserveDevelopment cost reserve includes recognised development costs. The reserve is not available for the payment of dividend or losses. The reserve is deducted or dissolved by depreciation of the recognized costs or abandonment of the activity. Such reduction or dissolution is made by means of a transfer to distributable reserves. Deferred taxDeferred tax and the associated adjustments for the year are determined according to the liability method as the tax base of all temporary differences between carrying amounts and the tax bases of assets and liabilities. Deferred tax assets, including the tax base of tax losses allowed for carryforward, are recognised at the value at which they are expected to be used, either by elimination in tax on future earnings or by set-off against deferred tax liabilities in enterprises within the same legal entity and jurisdiction.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation applicable at the balance sheet date when the deferred tax is expected to crystallize as current tax. Current tax liabilitiesCurrent tax liabilities and current tax receivables are recognised in the balance sheet as estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. LiabilitiesFinancial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the life of the financial instrument.Other liabilities are measured at net realisable value. Contingent assets and liabilitiesContingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. 469570 717506 -247936 102 4 -247838 -52334 -195504 195504 945043 945043 945043 52334 36296 6256 94885 4291384 4386269 5331312 40000 -195504 -155504 4000000 4000000 400000 66280 226848 136188 657500 1486816 5486816 5331312 40000 0 0 -195504 40000 -195504 1. Employee benefits expenseWages and salaries715.699Social security contributions1.808717.507 4. Long-term liabilitiesDueDueDueafter 1 yearwithin 1 yearafter 5 yearsCovertible, profit yielding or dividend yielding debt instruments4.000.000004.000.00000 5. Uncertainties relating to going concernThe company has lost more than 50% of its share capital and is thus subject to the capital provisions in section 119 of the Danish Companies Act. The company expects to re-establish the capital through its own earnings in the coming years. 6. Contingent liabilitiesNo contingent liabilities exist at the balance sheet date. 7. Collaterals and securitiesNo securities or mortgages exist at the balance sheet date.