40960465 2025-01-01 2025-12-31 40960465 2025-01-01 2025-12-31 1 40960465 2025-01-01 2025-12-31 2 40960465 2025-01-01 2025-12-31 1 40960465 2025-01-01 2025-12-31 2 40960465 2025-01-01 2025-12-31 3 40960465 2025-01-01 2025-12-31 4 40960465 2025-01-01 2025-12-31 5 40960465 2025-01-01 2025-12-31 1 40960465 2025-01-01 2025-12-31 2 40960465 2024-01-01 2024-12-31 40960465 2025-12-31 40960465 2024-12-31 40960465 2024-12-31 fsa:ContributedCapitalMember 40960465 2024-12-31 fsa:SharePremiumMember 40960465 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 40960465 2024-12-31 fsa:RetainedEarningsMember 40960465 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 40960465 2025-01-01 2025-12-31 fsa:SharePremiumMember 40960465 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 40960465 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 40960465 2025-12-31 fsa:ContributedCapitalMember 40960465 2025-12-31 fsa:SharePremiumMember 40960465 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 40960465 2025-12-31 fsa:RetainedEarningsMember 40960465 2025-01-01 2025-12-31 fsa:ShorttermDeferredIncomeMember iso4217:DKK xbrli:pure Annual report 2026-05-26 Christian Munch The Board of Directors and the Executive Board have today considered and approved the annual report of Enduro Genetics ApS for the financial year 01.01.2025 - 31.12.2025. 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 Entity’s financial position at 31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Copenhagen N Peter Rugbjerg Christian Munch Peter Rugbjerg Thomas Videbæk Theis Martin Malmborg Romain Sautrau Christophe Heinz Schilling To the shareholders of Enduro Genetics ApS We have performed an extended review of the financial statements of Enduro Genetics ApS for the ​financial year 01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​​​Based on our extended review, in our opinion, the financial statements give a true and fair view of the Entity’s ​​financial position at 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025in accordance with the Danish Financial Statements Act. We conducted our extended review in accordance with the assurance engagement standard for small enterprises ​as issued by the Danish Business Authority and the standard on extended review of financial statements ​prepared in accordance with the Danish Financial Statements Act as issued by FSR - Danish Auditors. 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 are independent of the Entity 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 evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. 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 Entity’s ability to continue ​as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless Management either intends to liquidate the Entity 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 about our conclusion on the financial statements and that ​we also perform specifically required supplementary procedures for the purpose of obtaining additional assurance about our conclusion.​​An extended review consists of making inquiries, primarily of Management and, if appropriate, of other entity ​personnel, performing analytical and the specifically required supplementary procedures as well as evaluating ​the evidence obtained.​​The procedures performed in an extended review are less in scope than in an audit, and accordingly we do ​not express an audit opinion on the financial statements. 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 in 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 by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Aarhus Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Jonas Thøstesen Svensson State Authorised Public Accountant mne47824 Leon Thomas Ravn Fagerlind State Authorised Public Accountant mne49914 Primary activitiesEnduro Genetics ApS specialises in the research and commercialization of genetic solutions which enhance cell productivity for large-scale biomanufacturing. The company’s patented technology platform, Enduro Sense, is marketed to clients for use in Biopharma and Bio-industrial biomanufacturing applications. Research and development activitiesThe company's research and development program consist of a series of ongoing projects aimed at developing, demonstrating, and generating additional intellectual property rights for the company's technology for new application forms, product types, and production hosts. The recorded research and development costs are calculated based on a principle of directly incurred personnel, material, and other direct costs, as well as allocated administrative costs. ​ ​Management assesses that it is technically possible to complete the projects and the company has the resources to complete them. ​ ​Future economic benefits are expected from the capitalised projects and current indications of earning potential are promising. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 7153525 4465570 15571261 8831208 103130 48947 -8520866 -4414585 1347565 20132 52387 96216 -7225688 -4490669 -1801568 -1138056 -5424120 -3352613 -5424120 -3352613 -5424120 -3352613 119541 0 1295629 1003471 31216969 19391610 32632139 20395081 205632 65604 44418 0 1744560 0 1994610 65604 110000 63000 110000 63000 34736749 20523685 373671 629264 2624847 90081574 1210568 1875056 336557 338478 4545643 92924372 75730000 4532224 80275643 97456596 115012392 117980281 113637 113284 24442478 15125456 70792022 84558041 95348137 99796781 414000 1005000 414000 1005000 2654667 3617223 746015 677029 15849573 12884248 19250255 17178500 19250255 17178500 115012392 117980281 113284 0 15125456 84558041 99796781 353 805662 0 806015 -805662 805662 0 0 169461 169461 0 9317022 -9317022 0 -5424120 -5424120 113637 0 24442478 70792022 95348137 Other entries on equity follow from an adjustment to recognised equity costs in 2024 related to the capital increase decided on the 16th December 2024 as realised costs were lower than the related accrual. 1 Staff costs2025​DKK2024​DKKWages and salaries14,814,9598,119,282Pension costs608,737618,107Other social security costs147,56593,81915,571,2618,831,208Average number of full-time employees1913 19 13 2 Depreciation, amortisation and impairment losses2025​DKK2024​DKKAmortisation of intangible assets77,07346,551Depreciation of property, plant and equipment26,0572,396103,13048,947 3 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax(1,210,568)(1,875,056)Change in deferred tax(591,000)737,000(1,801,568)(1,138,056) 4 Intangible assetsCompleted development projects​DKKAcquired​patents​DKKDevelopment projects in progress​DKKCost beginning of year01,087,32219,391,610Transfers125,8330(125,833)Additions0362,93911,951,192Cost end of year125,8331,450,26131,216,969Amortisation and impairment losses beginning of year0(83,851)0Amortisation for the year(6,292)(70,781)0Amortisation and impairment losses end of year(6,292)(154,632)0Carrying amount end of year119,5411,295,62931,216,969 5 Development projectsThe company's research and development program consist of a series of ongoing projects aimed at developing, demonstrating, and generating additional intellectual property rights for the company's technology for new application forms, product types, and production hosts. The recorded research and development costs are calculated based on a principle of directly incurred personnel, material, and other direct costs, as well as allocated administrative costs.​​Management assesses that it is technically possible to complete the projects and the company has the resources to complete them.​​Future economic benefits are expected from the capitalised projects and current indications of earning potential are promising. 6 Property, plant and equipmentPlant and machinery​DKKOther fixtures and fittings, tools and equipment​DKKPrepayments for property, plant and equipment​DKKCost beginning of year68,00000Additions160,40850,0951,744,560Cost end of year228,40850,0951,744,560Depreciation and impairment losses beginning of year(2,396)00Depreciation for the year(20,380)(5,677)0Depreciation and impairment losses end of year(22,776)(5,677)0Carrying amount end of year205,63244,4181,744,560 7 Financial assetsDeposits​DKKCost beginning of year63,000Additions47,000Cost end of year110,000Carrying amount end of year110,000 8 Deferred incomeDefered income consists of periodization of innovation and development grants. Grants are periodized as they relate to the Company's development projects in progress and will be recognized with the amortization of the individual development projects. 9 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKLiabilities under rental or lease agreements until maturity in total372,000529,380Besides the above rental or lease commitments, the company has, as of the balance sheet date, entered into the following significant unrecognised commitments to be settled after the balance sheet date:Other unrecognised commitments2025​DKKPurchase contract for new machinery747,668 This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. Changes in accounting estimatesA change has been made to the depreciation period for some of the company's plant and machinary, tools and equipment, so that they will in future be depreciated over 5-10 years and not 5 years as previously. ​​The change has been made based on an assessment of the lifespan for the company's machinary that see minor depreciation due to a physical wear and tear and technological obsolescence. The change means that the year's depreciation has been decreased by t.DKK 6 compared to previous estimates. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates. Gross profit or lossGross profit or loss comprises revenue, own work capitalised, other operating income, cost of raw materials and consumables and external expenses. RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement ​when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in ​cost for proprietary intangible assets. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities, includingsalary refunds. Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns. Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​receivables recognised in current assets. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc . for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to intangible assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and losses from the sale of intangible assets. Other financial incomeOther financial income comprises interest income, including net capital or exchange gains on securities, payables ​and transactions in foreign currencies. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. Intellectual property rights etc.Intellectual property rights etc. comprise development projects in progress with related intellectual property rights and acquired intellectual property rights.Development projects on clearly defined and identifiable products and processes, for which the technical rate ​of utilisation, adequate resources and a potential future market or development opportunity in the enterprise ​can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income ​statement as incurred. When recognising development projects as intangible assets, an amount equalling ​the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced ​as the development projects are amortised and written down.​​ ​​The cost of development projects comprises costs such as salaries and amortisation that are directly and ​indirectly attributable to the development projects.​​ ​​Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible ​assets and depreciation of property, plant and equipment used in the development process are recognised in cost based on time spent on each project.​​Completed development projects are amortised on a straight-line basis using their estimated useful lives ​which are determined based on a specific assessment of each development project. If the useful life cannot ​be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property ​ rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation ​ periods used are 5-10 years. Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised on a straight-line basis over their remaining duration, and licences are amortised over the term of the agreement.​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentPlant and machinery, and other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. ​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful lifePlant and machinery5-10 yearsOther fixtures and fittings, tools and equipment5 yearsEstimated useful lives and residual values are reassessed annually. ​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises of bank deposits. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset.​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income ​is measured at cost. true Grundlag for konklusion Konklusion 2026-05-26 2026-05-26 true 2024-01-01 2024-12-31 Aarhus C 8000 2 City Tower, Værkmestergade København København N 2200 Regnskabsklasse B Erklæring om udvidet gennemgang 2025-12-31 2025-01-01 33 Ole Maaløes Vej Enduro Genetics ApS 40960465 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab