40759344 2025-01-01 2025-12-31 40759344 2025-01-01 2025-12-31 1 40759344 2025-01-01 2025-12-31 1 40759344 2025-01-01 2025-12-31 1 40759344 2025-01-01 2025-12-31 2 40759344 2025-01-01 2025-12-31 3 40759344 2025-01-01 2025-12-31 4 40759344 2025-01-01 2025-12-31 5 40759344 2024-01-01 2024-12-31 40759344 2025-12-31 40759344 2024-12-31 40759344 2024-01-01 d:ContributedCapitalMember 40759344 2024-01-01 d:ReserveForDevelopmentExpenditureMember 40759344 2024-01-01 d:RetainedEarningsMember 40759344 2024-01-01 2024-12-31 d:ContributedCapitalMember 40759344 2024-01-01 2024-12-31 d:RetainedEarningsMember 40759344 2024-01-01 2024-12-31 d:ReserveForDevelopmentExpenditureMember 40759344 2025-01-01 d:ContributedCapitalMember 40759344 2025-01-01 d:ReserveForDevelopmentExpenditureMember 40759344 2025-01-01 d:RetainedEarningsMember 40759344 2025-01-01 2025-12-31 d:ContributedCapitalMember 40759344 2025-01-01 2025-12-31 d:RetainedEarningsMember 40759344 2025-01-01 2025-12-31 d:ReserveForDevelopmentExpenditureMember 40759344 2025-12-31 d:ContributedCapitalMember 40759344 2025-12-31 d:ReserveForDevelopmentExpenditureMember 40759344 2025-12-31 d:RetainedEarningsMember 40759344 2025-01-01 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 40759344 2025-01-01 2025-12-31 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 40759344 2025-12-31 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember iso4217:DKK xbrli:pure Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M 2025-01-01 2025-12-31 2024-01-01 2024-12-31 40759344 Ropca ApS Cortex Park 26E, 1. 5230 Odense M 2019-08-30 Odense https://ropca.com/ Danske Bank Law & More EY Godkendt Revisionspartnerselskab 30700228 Cortex Park Vest 3 5230 Odense M Danmark +45 73 23 30 00 2026-05-26 David Williams Regnskabsklasse B Erklæring om udvidet gennemgang Grundlag for konklusion Konklusion true true 2026-05-26 2026-05-26 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Ropca ApS 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 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. 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. Odense Johannes Maximilian Schäferhoff director Troels Peter Troelsen Chairman Torben Christensen Flemming Wagner Jens Munch-Hansen David Carl Christian von Kauffmann To the shareholders of Ropca ApS We have conducted an extended review of the financial statements of Ropca ApS for the financial year 1 January - 31 December 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.Based on the work we have performed, 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 conducted our extended review in accordance with the Danish Business Authority's standard on extended review for Small entities 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. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.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 that 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 to obtain limited assurance for our conclusion on the financial statements and perform specifically required supplementary procedures to obtain additional assurance for our conclusion.An extended review comprises procedures that primarily consist of making enquiries 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. Management is responsible for the Management's review.Our conclusion 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 extended review 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 extended review, 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. Odense Søren Smedegaard Hvid State Authorised Public Accountant mne31450 ROPCA develops, produces, and markets an AI and robotics-based automation platform for ultrasound examinations. Our initial market focus is Rheumatology, where our products offer a solution that relieves clinical workload, reduces costs, and ensures faster and more consistent diagnostics—without requiring a specialist to be present. Financial PerformanceThe income statement for 2025 records a net loss of DKK 5,159,653, compared to a loss of DKK 2,313,445 in the prior year. The balance sheet as at 31 December 2025 reflects total equity of DKK 13,580,552. To support continued development and commercialisation activities, the Company completed a capital increase of DKK 4,756,385 during the year, strengthening the equity base and providing additional working capital for ongoing operations.Commercial and Clinical Progress2025 represented another year of meaningful advancement for ROPCA across both commercial and clinical dimensions. The Company completed five new ARTHUR installations during the year, further expanding its installed base across Denmark, Germany, Austria, Switzerland, and the United States, where ARTHUR is now operational at Mayo Clinic. These additions reinforce ARTHUR's position as the leading automated ultrasound solution in rheumatology. Cumulatively, ARTHUR has now performed more than 4,600 scans covering in excess of 62,000 joints across the installed base. Commercial momentum continues to be underpinned by strong clinical endorsement from leading institutions. Clinicians at University Hospital Svendborg in Denmark and University Hospital Düsseldorf in Germany have highlighted ARTHUR's contribution to patient prioritisation, examination throughput, and consistency of diagnostic quality.Product DevelopmentIn parallel with its commercial activities, ROPCA continued the development of UNA, the Company's dedicated solution for Hand Osteoarthritis. UNA remains under development and is not yet available for sale. Development progressed in line with internal plans during the year.Research Collaboration and Regulatory ProgressROPCA continued its participation in the EU-funded AutoPiX project under the Innovative Health Initiative (IHI), which advanced according to plan throughout 2025. The project supports the further development and clinical validation of ARTHUR in collaboration with leading academic and clinical partners across Europe.In a significant step towards entry into the United States market, ROPCA finalised its FDA submission during the year, which was subsequently filed in January 2026, marking an important milestone in the Company's international expansion strategy. ROPCA remains an ISO 13485-certified organisation and continues to operate in close collaboration with leading rheumatology centres throughout Europe. Subsequent to the balance sheet date, the Company filed its FDA submission in January 2026 and completed a further capital increase of DKK 5.1 million in February 2026. No other events materially affecting the Company's financial position have occurred subsequent to the financial year-end. -288537 2270450 6001830 5961251 -6290367 -3690801 61921 174519 14934 7919 -6243380 -3524201 -1083727 -1210756 -5159653 -2313445 3842304 4292682 -9001957 -6606127 10429470 5503439 10429470 5503439 10429470 5503439 157559 0 0 0 1083727 1210756 1182173 200408 2423459 1411164 3750313 8581322 6173772 9992486 16603242 15495925 1845010 1703660 8134986 4292682 3600556 7987478 13580552 13983820 2766887 1319509 255803 192596 3022690 1512105 3022690 1512105 16603242 15495925 1584791 0 10712578 118869 3881027 0 -6606127 5503439 0 1210757 0 1703660 4292682 7987478 141350 4615035 0 -9001957 4926031 0 1083727 0 1845010 8134986 3600556 The annual report of Ropca ApS for 2025 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). The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Income from the sale of goods for resale and finished goods, including robots for scanning of the the hand- and wrist region, is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms.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, work performed for own account and capitalised 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. Work performed on own account and risk and recognised as assets includes staff costs regarding work performed in the financial year in relation to the construction of one or more assets recognised in the balance sheet. Cost of sales includes the cost of goods used in generating the year's revenue. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, science fair participations, payments under operating leases, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. 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. Development costs comprise expenses, salaries and amortisation directly or indirectly attributable to development activities.Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities are identifiable and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement as incurred.Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.On completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life. The carrying amount of intangible assets 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.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. Reserve for development costsThe reserve for development costs comprises recognised development costs. The reserve cannot be used to distribute dividend or cover losses. The reserve will be reduced or dissolved if the recognised development costs are amortised or are no longer part of the Company's operations by a transfer directly to the distributable reserves under equity. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities.Other liabilities are measured at net realisable value. 5420441 5281088 213411 458794 110972 78282 257006 143087 6001830 5961251 9 9 5503439 4926031 10429470 0 0 10429470 The valuation of the asset will inherently depend on whether the business case behind it can be realized. This introduces uncertainty and will also affect the company's future earnings The company has not recognised a deferred tax asset due to uncertainty regarding the timing of the utilisation of the tax loss carryforwards. The nominal value of the deferred tax asset amounts to DKK 15,571 thousand. Other contingent liabilities The company has no contingent liabilities as of December 31, 2025. The Company has not provided any security or other collateral in assets at 31 December 2025.