38729888 2024-09-01 2025-08-31 38729888 2024-09-01 2025-08-31 1 38729888 2024-09-01 2025-08-31 1 38729888 2024-09-01 2025-08-31 1 38729888 2024-09-01 2025-08-31 2 38729888 2024-09-01 2025-08-31 3 38729888 2023-09-01 2024-08-31 38729888 2025-08-31 38729888 2024-08-31 38729888 2023-09-01 d:ContributedCapitalMember 38729888 2023-09-01 d:RetainedEarningsMember 38729888 2023-09-01 2024-08-31 d:RetainedEarningsMember 38729888 2024-09-01 d:ContributedCapitalMember 38729888 2024-09-01 d:RetainedEarningsMember 38729888 2024-09-01 2025-08-31 d:RetainedEarningsMember 38729888 2025-08-31 d:ContributedCapitalMember 38729888 2025-08-31 d:RetainedEarningsMember 38729888 2024-09-01 d:FixturesFittingsToolsAndEquipmentMember 38729888 2024-09-01 d:PropertyPlantAndEquipmentInProgressMember 38729888 2024-09-01 2025-08-31 d:FixturesFittingsToolsAndEquipmentMember 38729888 2024-09-01 2025-08-31 d:PropertyPlantAndEquipmentInProgressMember 38729888 2025-08-31 d:FixturesFittingsToolsAndEquipmentMember 38729888 2025-08-31 d:PropertyPlantAndEquipmentInProgressMember iso4217:DKK xbrli:pure Årsrapport 30700228 EY Godkendt Revisionspartnerselskab  Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2024-09-01 2025-08-31 2023-09-01 2024-08-31 38729888 Injecto A/S Strandvejen  60, 5. 2900 Hellerup 2017-06-19 Gentofte EY Godkendt Revisionspartnerselskab 30700228 Dirch Passers Allé  36 2000 Frederiksberg Danmark +45 73 23 30 00 2026-02-09 John Holger Adamsen Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true true 2026-02-09 2026-02-09 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Injecto A/S for the financial year 1 September 2024 - 31 August 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 of the Company at 31 August 2025 and of the results of the Company's operations for the financial year 1 September 2024 - 31 August 2025. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Hellerup Torben Helmer Knudsen Chief Executive Officer John Holger Adamsen Chairman Torben Helmer Knudsen Carsten Sylvester Larsen To the shareholder of Injecto A/S We have audited the financial statements of Injecto A/S for the financial year 1 September 2024 - 31 August 2025,  which comprise income statement, balance sheet, statement of changes in equity and notes, including 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 financial position of the Company at 31 August 2025 and of the results of the Company's operations for the financial year 1 September 2024 - 31 August 2025 in accordance with the Danish Financial Statements Act. 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe 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. 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 as to 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 the 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 note 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. Management is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, 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's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Copenhagen Jesper Jørn Pedersen State Authorised Public Accountant mne21326 Injecto A/S develops, manufactures, and sells components for pharmaceutical packaging mainly for pre-fillable injection systems (“PFS”) on the basis of the licenses on patent rights from Injecto Group A/S.Injecto A/S’ main focus is the series of lubrigone plunger stoppers for PFS in ISO measurements, but also in individual measurements based on specific customer specifications. The lubrigone plunger stoppers ensure a lubrication free PFS, which is in demand from pharma companies specialised in biologics and in medical preparations for sensitive organs like eyes, ears, central nervous system, brain etc.The company has established two fully validated production lines at SP Medical (www.sp-medical.com) as its OEM manufacturer on lubrigone3 plunger stoppers for PFS in respectively a volume of 0.5 ml and 1.0 ml (long) and has increased its contacts with the world’s leading pharma companies and some of the leading manufacturers in PFS. Especially the concern of PFAS among pharma companies and the lubrigone stoppers’ capability to be used in connection with deep cold storage temperatures of minus 80 degress celcius seem to be two driving forces, where PFAS based on the latest developments seems to be an even more important and maybe determining factor.The awareness of PFAS will open new market opportunities and it is much more likely that there will be a substantial market over the coming years for conversions where pharma products supplied in vials will be replaced by the same products in PFS.Injecto A/S’ third production line for lubrigone stoppers for 1-3 ml (2,25 ml) PFS in ISO measurements in addition to the two aforementioned production lines has been slightly delayed, but we expect to have a validated production line in place within 6 months from now. However, we expect to be able to deliver test samples for the pharma companies from this third production line shortly.The additional production line will ensure that Injecto A/S’ can supply samples in all three basic ISO measurements of PFS for tests from an industrial production to pharma customers and at the same time offer those pharma customers industrial supplies without bottlenecks.Due to Injecto A/S’ strong competitive edge related to the flexibility and efficient production based on the lubrigone concept Injecto A/S can offer the pharma companies and companies in other business areas such as diagnostics a strong value proposition with respect to the development of the best individual solution and with a much shorter timeline related to a production in industrial scale. Furthermore, we get enquiries re. larger volumes.Injecto A/S’ products are supplied as primary packaging for pharma, which supplies are defined by extensive testing and hence longer lead times. The longer lead times are matched by long-term, lucrative contracts. However, supplies for conversions will shorten the time to market.In order to increase Injecto’s position in the market we have enhanced our Quality Management System and obtained an ISO 9001 and ISO 15378 certification for our plunger stopper production.By the three industrial production lines Injecto A/S has verified production times and production costs and has built up a production capacity that over the coming years will ensure a substantial revenue and a significant profit without further investments. Injecto A/S has also verified that a further scale-up of Injecto Group A/S’ current yearly production capacity of a two-digit million figure within 9-12 months can be increased to a yearly production capacity in a three-digit million figure.In March 2025 we signed a Strategic Framework Supply Agreement with the global leading provider, Gerresheimer (www.gerresheimer.com). The signing of the contract was made public by the parties in April 2025 and has attracted much attention and contributed to initiating supplementary projects with pharma customers.The sales forecasts in the contract for the coming 5 years shows that Injecto is not just on its way into commercial operation, but also with an expected successful EBITDA within reasonable time.Injecto A/S has supported its parent company’s co-operation with PATH (www.path.org) and PATH’s donators and some pharma companies related to the easyject syringe, but dependable on the outcome and the resources Injecto A/S and its parent company will consider if the production and sales and marketing of the easyject syringe shall be carried out by another subsidiary under Injecto Group A/S. The income statement for 2024/25 shows a loss of DKK 2,943 thousand  against a loss of DKK 2,983 thousand last year, and the balance sheet at 31 August 2025 shows a negative equity of DKK 43 thousand. The company’s financial result reflects that the company is in the initialisation of its commercial activities.Injecto A/S originally aimed at coming into commercial profitable operation before the end of 2024 but has to realise that this will take longer time, which is caused by the significant interest from the high-end of the biologics, where the approval takes longer time. Injecto A/S believe that a more patient approach, where this part of the market is secured, will give the company a better strategic position and increase the revenues and profit margins over time.Injecto A/S is aiming at initiating as many projects as possible with pharma companies and move each project towards the clinical stage, where needs for supplies of larger volumes will occur and the publicity of the clinical stage will attract attention in the industry.Despite Injecto A/S is still financially supported by its parent company, the company still expects that the developments in its commercial activities will make the company independent of financial support in the future.In this respect full use of Injecto A/S’ established production capacity of the three production lines represents a substantial EBITDA. The following events have taken place after the accounting period:Injecto A/S has received DKK 2.500.000 in capital contribution  from its parent company.No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. -2590948 -2866909 179090 77795 -2770038 -2944704 1045 128 173701 37949 -2942694 -2982525 0 0 -2942694 -2982525 -2942694 -2982525 1046854 142579 1247925 2088364 2294779 2230943 2294779 2230943 39335 32234 316948 319244 356283 351478 336032 239103 692315 590581 2987094 2821524 2500000 2500000 -2543454 -2100760 -43454 399240 283618 134362 2671930 2207922 75000 80000 3030548 2422284 3030548 2422284 2987094 2821524 2500000 881765 -2982525 2500000 -2100760 -2942694 2500000 2500000 -2543454 The annual report of Injecto A/S for 2024/25 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currencyThe financial statements are presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Income from the rendering of services is recognised as revenue as the services are rendered. Accordingly, revenue corresponds to the market value of the services rendered during the year (percentage-of-completion method).Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. The items revenue, cost of sales and external expenses have been aggregated into one item in the income statement called gross profit/loss in accordance with section 32 of the Danish Financial Statements Act. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to administration etc. The item comprises depreciation of property, plant and equipment.The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Fixtures and fittings, other plant and equipment 3 years Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the acquisition date and are reassessed annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised.In the case of changes in the depreciation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. The carrying amount of property, plant and equipment is assessed for impairment on an annual basis.Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Proposed dividendsDividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.Other liabilities are measured at net realisable value. The parent company Injecto Group A/S has provided letter of comfort to Injecto A/S. Injecto Group A/S will unconditionally cover Injecto A/S liquidity needs by capital injection(s) or by subordinated loan(s) for its operation of its business activities until the Company is in profitable operation or has obtained alternative funding for its operation. The letter of comfort can be terminated with 12 months prior written note to Injecto A/S. 0 0 173692 35306 9 2643 1553614 2088364 0 242926 1083365 -1083365 2636979 1247925 1411035 0 179090 0 1590125 0 1046854 1247925 Other contingent liabilities The Company is jointly taxed with its parent, Injecto Group A/S, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes for the income year 2018 onwards as well as withholding taxes on interest, royalties and dividends falling due for payment on or after 19 June 2017. Other rent liabilities: DKK2024/252023/24 Rent liabilities564,600372,600 The Company has not provided any security or other collateral in assets at 31 August 2025. Information about consolidated financial statements ParentDomicileRequisitioning of the parent company's consolidated financial statements Injecto Group A/SStrandvejen 60  DK-2900 HellerupInjecto Group A/S Strandvejen 60 DK-2900 Hellerup