42773565 2025-01-01 2025-12-31 42773565 2025-01-01 2025-12-31 1 42773565 2025-01-01 2025-12-31 2 42773565 2025-01-01 2025-12-31 1 42773565 2025-01-01 2025-12-31 2 42773565 2025-01-01 2025-12-31 3 42773565 2025-01-01 2025-12-31 4 42773565 2025-01-01 2025-12-31 5 42773565 2025-01-01 2025-12-31 6 42773565 2025-01-01 2025-12-31 1 42773565 2024-01-01 2024-12-31 42773565 2025-12-31 42773565 2024-12-31 42773565 2024-12-31 fsa:ContributedCapitalMember 42773565 2024-12-31 fsa:SharePremiumMember 42773565 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 42773565 2024-12-31 fsa:RetainedEarningsMember 42773565 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 42773565 2025-01-01 2025-12-31 fsa:SharePremiumMember 42773565 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 42773565 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 42773565 2025-12-31 fsa:ContributedCapitalMember 42773565 2025-12-31 fsa:SharePremiumMember 42773565 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 42773565 2025-12-31 fsa:RetainedEarningsMember 42773565 2025-01-01 2025-12-31 fsa:ShorttermDeferredIncomeMember iso4217:DKK xbrli:pure Annual report 2026-06-15 TBD The Board of Directors and the Executive Board have today considered and approved the annual report of Cystotech 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 consider the preconditions for not auditing the financial statements for the financial year 01.01.2025 - 31.12.2025 as complied with. We recommend the annual report for adoption at the Annual General Meeting. Aarhus Claus Hansen Anna Munk Nielsen Lars Christian Lund chairman Jacob Elmose Jensen Claus Hansen Ole Niels Jakob Jensen Brian Hedegaard Nazarena Mazzaro To Management of Cystotech ApS We have compiled the financial statements of Cystotech ApS for the financial year 01.01.2025 - 31.12.2025 based​on the Entity’s bookkeeping records and other information Management has ​provided. ​​ ​​These financial statements comprise the income statement, balance sheet, statement of changes in equity, notes and accounting policies. ​​ ​​We performed this compilation engagement in accordance with ISRS 4410, Compilation Engagements. ​​ ​​We have applied our expertise in accounting and financial reporting to assist Management in the preparation ​​and presentation of these financial statements in accordance with the Danish Financial Statements Act. We ​​have complied with relevant provisions of the Danish Public Accountants Act and FSR – Danish Auditors’ Code ​​of Conduct for professional accountants, including principles of integrity, objectivity, professional competence ​​and due care. ​​These financial statements and the accuracy and completeness of the information used to compile the financial ​​statements are Management’s responsibility. ​​Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy ​​or completeness of the disclosures Management provided to us to compile these financial statements. ​Accordingly, we do not express an audit opinion or a review conclusion about whether the financial statements ​​have been prepared in accordance with the Danish Financial Statements Act. Aarhus Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Jens Lauridsen State Authorised Public Accountant mne34323 Primary activitiesCystotech’s objective is to develop AI-based Software as Medical Device for detecting and categorizing bladder cancer during cystoscopy. Development in activities and finances2025 has been an exciting year for Cystotech. ​ ​We have secured financing during the year in two capital rounds and once again attracted investments among existing investors, management and board of directors, but also among new investors. ​ ​The loss for the financial year amounts to DKK 4,382k.​ ​This financial accomplishments have enabled the Company to continue its product development and reach a major regulatory milestone in April 2025 with a CE-MDR-certification according to our plans and timelines. ​ ​Furthermore, Cystotech has been audited by the notified body (BSI) in October and maintained the ISO 13485 status. ​ ​Our first approved software version 1.0.0 has been further developed during the year and we expect to commercialize the updated version during 2026. ​​The company raised sufficient capital during 2025 and can present a going concern for 2026. Research and development activitiesSince the spring of 2022, Cystotech has had a contractual agreement on data collection from Aarhus University Hospital and selected satellite hospitals in Region Midt. ​ ​Our ongoing data collection has continued through 2024 and 2025 with a satisfactory number of site ​collaborators and amount of data collected. This is company proprietary data. ​ ​In Q4 2024, the company, in collaboration with Aarhus University Hospital, started a Randomized Controlled Study (RCT) with the purpose of documenting further safety and clinical performance supporting the usage of CystoAid and the study was finalized in Q4 2025, however not yet published. ​​The Company has decided to capitalize development costs as it is Management’s opinion that the related future amortization burden can be encompassed in future financial benefits. For more details, see note 4-5. Events after the balance sheet dateNo events have taken place from the balance sheet date to the present date that would impact the assessment of​this annual report. 1528137 877328 6566522 4907034 11406 0 -5049791 -4029706 0 21347 507016 486649 -5556807 -4495008 -1174658 -1040951 -4382149 -3454057 -4382149 -3454057 -4382149 -3454057 17483615 11800575 17483615 11800575 74139 0 74139 0 127767 105741 127767 105741 17685521 11906316 668015 675023 1135659 872951 12000000 0 63033 4063 13866707 1552037 617043 3082122 14483750 4634159 32169271 16540475 77057 59274 13637220 9204448 11126753 231257 24841030 9494979 0 39000 0 39000 4498556 4009334 4498556 4009334 264997 298921 437034 570587 2127654 2127654 2829685 2997162 7328241 7006496 32169271 16540475 59274 0 9204448 231257 9494979 17783 19782217 0 19800000 -19782217 19782217 0 0 71800 71800 0 4432772 -4432772 0 -4382149 -4382149 77057 0 13637220 11126753 24841030 1 Gross profit /lossHerein included "Own work capitalised" regarding development projects, which amounts to DKK 5,508k for 2025 (2024: DKK 6,112k). 2 Staff costs2025​DKK2024​DKKWages and salaries6,490,9274,847,717Other social security costs75,59559,3176,566,5224,907,034Average number of full-time employees107 10 7 3 Depreciation, amortisation and impairment losses2025​DKK2024​DKKDepreciation of property, plant and equipment11,406011,4060 4 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax(1,135,658)(872,951)Change in deferred tax(39,000)(168,000)(1,174,658)(1,040,951)Current tax relates to tax credit for research and development expenses at the applicable tax rate under the Danish Corporation Tax. Act. See also note 9. 5 Intangible assetsDevelopment projects in progress​DKKCost beginning of year11,800,575Additions5,683,040Cost end of year17,483,615Carrying amount end of year17,483,615 6 Development projectsCystotech develops AI-based Software as Medical Device for detecting and categorizing bladder cancer during cystoscopy. ​​The development of the product "Detection" is expected to be completed and marketed in 2026 and work will begin on developing new products, expectedly "Categorisation".​​In connection to the preparation of the financial statements Managements have considered whether indications for impairment exist. This assessment is based on current expectations and require Management to exercise professional judgment. On basis of the expectations for the future cash flows from the development projects Management have concluded that no impairment loss should be recognized. 7 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKKAdditions85,545Cost end of year85,545Depreciation for the year(11,406)Depreciation and impairment losses end of year(11,406)Carrying amount end of year74,139 8 Financial assetsDeposits​DKKCost beginning of year105,741Additions22,026Cost end of year127,767Carrying amount end of year127,767 9 Tax receivableTax receivable recognized in the balance sheet relates to the application of the tax credit scheme under LL§8X of ​the equalization law, whereby the company is paid the tax value of tax losses arising from costs to research and ​development. ​ ​Based on the examination of the criteria for the application of the scheme, management is of the opinion that the company is entitled to apply the scheme and the recognition has been based on this assessment. ​ ​There may be a risk that the Tax Authorities considers that the conditions for applying the scheme are not met. In ​this case, subsequent financial years are adversely affected by the fact that corporate tax receivable is written ​down via the accounting item ” Tax on the profit for the year ” in the income statement. 10 Contributed capital in arrearsThe receivable relates to the completed contributed capital increase of December 2 and December 18, 2025. The contributed capital was fully paid in 2025 and the funds were transferred to the company from the lawyer's client​account on January 2, 2026. 11 Non-current liabilities other than provisionsDue after more than 12 months​2025​DKKDebt to other credit institutions4,498,5564,498,556 12 Deferred incomeDeferred income includes grants related to development project in progress. Deferred income is recognized in line with the depreciation of the associated development project. 13 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKLiabilities under rental or lease agreements until maturity in total777,528182,039Rental agreement with 6 months notice and a lease agreement with 52 months remaining. 14 Assets charged and collateralA floating charge of a maximum of DKK 3,000k secured on unsecured claims, operating equipment ​and intellectual property rights has been provided as security for the Company's credit commitments. 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. 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. Gross profit or lossGross profit or loss comprises other external expenses. Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in ​cost for proprietary intangible assets and property, plant and equipment. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities and salary refunds. Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including administrationscosts, etc. Staff costsStaff costs comprise other personal costs for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to equipment comprise depreciation, amortisation and impairment losses for the financial year. Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income Other financial expensesOther financial expenses comprise interest expenses, net capital or exchange losses on securities, payables and transactions in foreign currencies 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, acquired intellectual property rights and prepayments for intangible assets.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 under 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.​​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentOther 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 life Other fixtures and fittings, tools and equipment5 years 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. Contributed capital in arrearsContributed capital in arrears consists of capital subscribed, but not paid up, which is recognised as a separate ​amount receivable in assets and a separate reserve in equity (gross method). The amount receivable is measured​at amortised cost. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises bank deposits. 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 2026-06-15 2026-06-15 true 2024-01-01 2024-12-31 Aarhus C 8000 2 City Tower, Værkmestergade Aarhus Aarhus C 8000 Regnskabsklasse B Andre erklæringer uden sikkerhed 2025-12-31 2025-01-01 510 Inge Lehmanns Gade Cystotech ApS 42773565 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab