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The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 31.12.2025and of the results of their operations and the consolidated cash flows for the financial year01.01.2025 -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. Søborg Thomas Günther Schmidt Mikael Bechsgaard Thomas Troelsgaard Kabel Jose Arnau Martinez Henrik Marcus Geertz-Hansen Anders Bendsen Spohr chairman Thomas Günther Schmidt Claus Crone Fuglsang Thomas Grotkjær Thomas Dal Stenfeldt Batchelor To the shareholders of 21st.BIO A/S We have audited the consolidated financial statements and the parent financial statements of 21st.BIO A/S 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, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. ​​ ​​In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 31.12.2025 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 consolidated financial statements and the parent financial statements" section of this auditor’s report. We are independent of the Group 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 audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement, ​whether due to fraud or error. ​​ ​​In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the​consolidated financial statements and the parent financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 these consolidated financial statements and parent 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 consolidated financial statements and the parent 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 Group's and the Entity’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 consolidated financial statements and the parent 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 Group's and the Entity’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 consolidated financial statements and the parent 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 ​Group and the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures ​in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and ​​events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.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 commentary. ​​ ​​Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​ ​​In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit 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 ​​the consolidated financial statements and the parent 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. København Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Claus Jorch Andersen State Authorised Public Accountant mne33712 Philip Guldager Stone State Authorised Public Accountant mne52649 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'0002022​DKK'0002020/21​DKK'000Key figuresGross profit/loss16,08611,85511,613(6,314)(19,455)Operating profit/loss(151,745)(60,052)(44,433)(52,513)(22,264)Net financials(13,379)(875)(3,964)(1,413)468Profit/loss for the year(129,664)(41,629)(42,260)(36,612)(21,796)Balance sheet total368,251444,993425,788335,04533,964Investments in property, plant and equipment5,65913,16956,8894,0891,527Equity202,680330,332294,809262,61623,854Cash flows from operating activities(36,306)(38,008)(17,051)(37,117)(19,761)Cash flows from investing activities(8,049)(28,112)(68,549)(216,845)(1,586)Cash flows from financing activities(17,648)68,851123,910275,37445,650RatiosReturn on equity (%)(48.65)(13.32)(15.16)(25.56)(91.37)Equity ratio (%)55.0474.2369.2478.3870.23Financial highlights for the year 2020/21 related to the parent company as the group structure was established in 2022.Financial highlights are defined and calculated in accordance with the current version of "Recommendations & ​Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100 ​​​Average equityEquity ratio (%) :​Equity * 100 ​​​Balance sheet total Primary activities21st.BIO is a bio-industrial technology company enabling the transition from biological innovation to industrial-scale, cost-competitive production of proteins and other biomolecules by providing world leading production technology. ​ ​21st.BIO partners with biotech companies and industrial players globally to industrialise both novel and established molecules through precision fermentation. This includes enabling new classes of products as well as transitioning existing molecules from conventional production systems to scalable, bio-based alternatives. ​ ​Leveraging a proven technology platform, 21st.BIO accelerates the path from development to reliable large-scale production, reducing time-to-market, ensuring cost competiveness and de-risking scale-up. This positions 21st.BIO as a key enabler of industial biotech solutions across large and growing end markets, including food, materials, and agriculture. Development in activities and financesIn 2025, 21st.BIO demonstrated that industrial-scale, cost-competitive production of proteins through precision fermentation is no longer a long-term ambition, but becoming a commercial reality now. Across the year, the 21st.BIO advanced a growing portfolio of customer and proprietary programs towards market introduction, spanning both novel molecules and established high-volume proteins transitioning to bio-based production. ​ ​This progress reflects the combination of existing industrial experience and a proven technology platforms with a highly specialised scientific organisation which further advances and adapts the technology. It also confirms a broader industry shift: precision fermentation is moving from innovation to deployment, with increasing demand for scalable and economically viable production solutions. ​ ​During the year, the 21st.BIO expanded its commercial footprint by onboarding new programs and deepening existing customer relationships, including increased collaboration with blue-chip industry players. Notably, 21st.BIO offered two new programs within dairy proteins, further strengthening its position in one of the most commercially attractive segments. At the same time, the 21st.BIO experienced growing inbound interest from companies that have historically relied on conventional, non-biotech production methods, reflecting a structural shift towards bio-based manufacturing. ​ ​In parallel, delivery capabilities were significantly enhanced through more agile operating models, increased automation, application of AI and strengthened data infrastructure improving speed, reproducibility, and scalability across programs. Profit/loss for the year in relation to expected developmentsIn 2025, 21st.BIO delivered solid financial performance, with revenue growth of 13%. This was achieved in a year marked by continued capital constraints across the biotech and food-tech sectors and reflects sustained customer demand for the Company’s expression platforms, which continued to perform consistently at high levels. Growth was driven by ongoing momentum in existing customer projects, the onboarding of new customers, and the expansion of engagements with the existing customer base. Revenues remain entirely pre-royalty, underscoring the resilience of the platform. ​​​​​ ​When presenting the 2024 annual report, management expected revenue growth of approximately 25% and an EBITDA result of DKK –46 million for 2025. The variance to the original revenue expectations primarily reflects timing effects, including the postponement of contracted technology licence fees to 2027, as well as increased customer cautiousness in a challenging macroeconomic environment. These factors affect the timing of revenues​rather than underlying demand or the medium-term commercial outlook. ​ ​Throughout the year, 21st.BIO continued to invest as planned in technology, people, and infrastructure, including further investments in both personnel and sites. Despite this, strong cost discipline ensured that operating expenses remained within planned ranges. As a result, EBITDA amounted to DKK –45.8 million, in line with expectations and consistent with the Company’s trajectory towards increased operational leverage. ​ ​The operating loss for the year amounted to DKK 151.7 million, and the net loss after tax was DKK 129.7 million. The net result was significantly impacted by non-cash impairment charges of DKK 66.7 million relating to intangible assets, as further described in the notes to the financial statements. These impairment charges were not included in the original financial expectations. Adjusted for non-recurring items, underlying performance was fully in line with management’s plans. ​ ​Overall, management considers the financial result satisfactory and consistent with the Company’s strategic position and long-term objectives. The 2025 performance demonstrates continued revenue growth, disciplined execution, and a strengthening foundation for future royalty streams as the Company continues to scale its operations while maintaining technological leadership. Uncertainty relating to recognition and measurementThe recognition and measurement of items in the annual report is not subject to any significant uncertainty. Unusual circumstances affecting recognition and measurementThere have not been any unusual circumstances afftecting the recognition and measurement of items in the annual report. OutlookIn 2026, 21st.BIO expects revenue growth of 15-20%, driven by increased activity across both customer projects and proprietary programs. While the outlook remains subject to broader macroeconomic conditions and the timely achievement of key scientific milestones, the underlying pipeline continues to develop positively. ​ ​Based on this, EBITDA is expected to improve by DKK 10-15 mio, reflecting continued operating leverage as activity levels increase. ​ ​Looking ahead, we will continue to prioritize the advancement of both customer projects and 21st.BIO programs. Several initiatives are progressing towards market readiness, and the Company expects to begin realising downstream value contributions in the near term, supporting the transition towards a royalty-driven earnings profile. Environmental performanceIn 2025, 21st.BIO continued to apply and further mature its structured ESG framework, supporting a consistent approach to identifying, assessing, and reporting sustainability‑related matters relevant to the company’s activities. The framework provides the foundation for internal governance, data collection, and transparency, and is supported by established reporting tools and internal processes. ​ ​ESG considerations are integral to 21st.BIO’s core business. Through precision fermentation, the company enables both the development of new bio‑based molecules and the transition of existing, well‑established molecules to new bio‑based production routes. These activities typically support lower resource use, non‑animal and antibiotic‑free production, improved supply resilience, and increased climate robustness compared to many conventional production systems. Research and development activitiesIn 2025, 21st.BIO further advanced the core technology platform and continued to improve its next-generation production strains, enabling faster development cycles and industry-leading yields. These improvements directly translate into stronger process economics and increased competitiveness for customers at industrial scale. ​ ​21st.BIO’s pilot plant operation provides a fully integrated scale-up pathway from strain design to pilot-scale production and technology transfer. This integration is critical: by combining upstream and downstream development early in the process, 21st.BIO reduces scale-up risk, accelerates time-to-market, and enables optimisation of full-process economics prior to commercial manufacturing. ​ ​Together, these capabilities position the 21st.BIO as a unique enabler in the industrialisation of biotechnology. Customers gain access to production systems capable of delivering at the cost and scale required for mass-market adoption. Events after the balance sheet dateAfter the end of the financial year, 21st.BIO entered into an agreement with its shareholders to finalise a debt financing package with one of the Company’s existing shareholders. The facility amounts to EUR 15 million and is intended to fund the Company’s ongoing operations. ​ ​As of June 2026, one tranche of EUR 5 million under the facility has been drawn. The remaining tranches may be utilised in accordance with the agreed terms. ​ ​The funding package enables 21st.BIO to continue scaling its operations and activities in line with its strategic objectives. ​ 16085692 11854856 61962506 49992142 105868143 21915189 -151744957 -60052475 5285205 4353283 18664400 5228580 -165124152 -60927772 -35459912 -19298821 -129664240 -41628951 18246419 36342466 132210221 201921064 1538091 0 151994731 238263530 17070340 39551699 48208038 32291836 63598689 0 2865216 0 131742283 71843535 1848936 1970135 1848936 1970135 285585950 312077200 1950776 1575572 1950776 1575572 25780133 20766776 2336734 987603 17799035 15420866 5364197 2727316 51280099 39902561 29434633 91437332 82665508 132915465 368251458 444992665 16700348 16707491 2061391 -31421 183918352 313655820 202680091 330331890 34368905 52046961 34368905 52046961 1600000 1536000 52476879 0 36056007 43569386 90132886 45105386 17448008 1430614 8995938 7938293 10517240 8139521 4108390 0 41069576 17508428 368251458 444992665 16707491 -31421 313655820 330331890 7143 -2092812 73228 -2012441 0 -129664240 -129664240 16700348 2061391 183918352 202680091 105868143 21915189 64000 0 -1830819 -11183875 6402125 -2805877 -41241508 -52127038 5285205 4353283 15753813 952490 -15403687 -10718000 -36306429 -38008245 1601911 13518258 0 110880 6516613 13168618 0 4422363 Deposits 69908 -110883 0 -5847207 -8048616 -28111723 44355045 66119968 295497 0 13010956 0 0 77183498 -4341201 -8332305 -17647654 68851193 -62002699 2731225 91437332 88706107 29434633 91437332 1 Staff costs2025​DKK2024​DKKWages and salaries58,780,45147,390,632Pension costs2,712,0651,992,880Other social security costs469,990608,63061,962,50649,992,142Average number of full-time employees5855Remuneration​of ​management​2025​DKKExecutive Board12,849,11312,849,113No remuneration granted to the board of directors. 58 55 Remuneration​of ​management​2025​DKKExecutive Board12,849,11312,849,113 12849113 2 Depreciation, amortisation and impairment losses2025​DKK2024​DKKAmortisation of intangible assets21,203,96016,961,713Impairment losses on intangible assets66,658,4210Depreciation on property, plant and equipment18,005,7624,953,476105,868,14321,915,189 3 Other financial income2025​DKK2024​DKKOther interest income636,7931,631,336Exchange rate adjustments3,969,9942,671,975Interest income from tax paid on account678,4180Other financial income049,9725,285,2054,353,283 4 Other financial expenses2025​DKK2024​DKKOther interest expenses6,427,3244,820,090Exchange rate adjustments12,237,076402,187Other financial expenses06,30318,664,4005,228,580Part of other interest expenses consist of interest expenses relating to finance lease liabilities amounting to DKK 3,240,981. 5 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax14,895(32,903)Change in deferred tax(17,678,056)(3,467,255)Adjustment concerning previous years2,284(377,797)Refund in joint taxation arrangement(17,799,035)(15,420,866)(35,459,912)(19,298,821) 6 Proposed distribution of profit/loss2025​DKK2024​DKKRetained earnings(129,664,240)(41,628,951)(129,664,240)(41,628,951) -129664240 -41628951 -129664240 -41628951 7 Intangible assetsCompleted development projects​DKKAcquired intangible assets​DKKDevelopment projects in progress​DKKCost beginning of year39,707,940252,401,3330Exchange rate adjustments(17,768)00Additions63,82001,538,091Cost end of year39,753,992252,401,3331,538,091Amortisation and impairment losses beginning of year(3,365,474)(50,480,269)0Exchange rate adjustments9,43900Impairment losses for the year(13,774,332)(52,884,089)0Amortisation for the year(4,377,206)(16,826,754)0Amortisation and impairment losses end of year(21,507,573)(120,191,112)0Carrying amount end of year18,246,419132,210,2211,538,091​Acquired intangible assets​During the year, management identified indications of impairment related to certain licensed technology included within intangible assets. Accordingly, an impairment analysis was performed in line with applicable accounting standards to determine whether the carrying amounts of the assets exceeded their recoverable amounts. ​​The impairment analysis covered all licensed strain platforms. Based on the assessment, some of the strains were determined to be impaired due to the current lack of use and limited near-term use of the strains for commercial applications. Consequently, the carrying amounts of these specific strains have been written down to their estimated recoverable amounts, and the related impairment losses have been recognized in the income statement for the year. ​​The assessment also supported the valuation of the remaining strain platforms. For these assets, the recoverable​amounts exceeded their carrying amounts, and management concluded that no impairment loss was required. 8 Development projectsDuring the year, management identified indications of impairment related to the company’s scientific data platform in connection with the transition to a new IT vendor. Accordingly, an impairment test was performed in accordance with applicable accounting standards to assess whether the carrying amounts of the asset exceeded its recoverable amount. ​​The assessment considered the platform’s current technical performance, expected future use, and the impact of​the vendor transition, including the discontinuation of certain vendor-specific technology components, data elements, and data‑capturing capabilities that could not be retained under the new platform environment. ​​Based on the impairment test, management concluded that the carrying amount of the IT‑platform exceeded its recoverable amount, and an impairment loss has therefore been recognized in the income statement for the year. The impairment reflects the accounting impact of replacing vendor-specific technology and data assets as the company transitions to a new platform architecture. 9 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKKLeasehold improvements ​DKKLeased assets​DKKProperty, plant and equipment in progress​DKKCost beginning of year42,022,41333,506,29500Changes in accounting policies0076,575,7820Exchange rate adjustments(4,422,765)(430,204)00Transfers(18,081,368)18,081,36800Additions2,395,614397,96202,865,216Cost end of year21,913,89451,555,42176,575,7822,865,216Depreciation and impairment losses beginning of year(2,470,714)(1,214,459)00Exchange rate adjustments276,66057,521188,7240Transfers(282,190)282,19000Depreciation for the year(2,367,310)(2,472,635)(13,165,817)0Depreciation and impairment losses end of​year(4,843,554)(3,347,383)(12,977,093)0Carrying amount end of year17,070,34048,208,03863,598,6892,865,216IFRS 16 was adopted on 1st of January 2025 as applicable basis for recognizing off-balance sheet leases as right-of-use assets. The recognized right-of-use assets relates to leased buildings and equipment, which are presented under the category Leased assets. 10 Financial assetsDeposits​DKKCost beginning of year1,970,135Exchange rate adjustments(51,291)Additions38,825Disposals(108,733)Cost end of year1,848,936Carrying amount end of year1,848,936 11 PrepaymentsPrepayments comprises cost to service agreement, license, insurance etc. 12 Contributed capitalNumberPar value​DKKNominal ​​value​DKKOrdinary share950,0001950,000A-Share7,580,39417,580,394B-Share8,169,95418,169,95416,700,34816,700,348 13 Deferred tax2025​DKK2024​DKKIntangible assets32,191,50551,320,991Property, plant and equipment2,177,400725,970Deferred tax34,368,90552,046,961​ ​​Changes during the year2025​DKK2024​DKKBeginning of year52,046,96155,514,216Recognised in the income statement(17,678,056)(3,467,255)End of year34,368,90552,046,961 14 Other provisions Other provisions comprises a reinstatement provision related to the construction of a pilot plant for a full industrial production setup. 15 Non-current liabilities other than provisionsDue within 12 ​months​2025​DKKDue within 12 ​​months​2024​DKKDue after ​more than 12 ​months​2025​DKKOutstanding ​after 5 years​2025​DKKOther provisions001,600,0001,600,000Lease liabilities10,230,126052,476,87914,209,520Other payables7,217,8821,430,61436,056,007017,448,0081,430,61490,132,88615,809,520 16 Other payables2025​DKK2024​DKKWages and salaries, personal income taxes, social security costs, etc. payable7,348,4137,431,201Holiday pay obligation2,484,606708,320Accrued interest684,221010,517,2408,139,521 17 Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. 18 Changes in working capital2025​DKK2024​DKKIncrease/decrease in inventories(375,204)(1,575,572)Increase/decrease in receivables(8,999,369)(6,660,965)Increase/decrease in trade payables etc.7,543,754(2,947,338)(1,830,819)(11,183,875) 19 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKTotal liabilities under lease rental or agreements until maturity 082,089,880IFRS 16 was adopted on 1st of January 2025 as applicable basis for recognizing leases as right-of-use assets under ​property, plant and equipment. ​ ​Besides the above rental or lease commitments, the company has, as of the balance sheet date, not entered into significant unrecognised commitments to be settled after the balance sheet date. 20 Assets charged and collateralMortgage debt is secured by way of mortgage on assets and collateral amounting to DKK 45,000,000. The book value of mortgage debt amounts to DKK 43,273,889 at 31. December 2025. 21 SubsidiariesRegistered inCorporate ​​formOwnership ​​​%21st.BIO Inc.California, USAInc.100.00 -15518420 -17202758 40844773 28774068 98226945 20007585 -154590138 -65984411 -8874802 3370629 7240662 6882229 6902577 5194488 -163126855 -60926041 -35325555 -19265918 -127801300 -41660123 18209021 36250122 132210221 201921064 1538091 0 151957333 238171186 2669639 1785029 27490963 28624635 43695581 0 2865216 0 76721399 30409664 0 726386 1545316 1506491 1545316 2232877 230224048 270813727 361334 0 361334 0 25780133 20766776 33652260 41789600 2331652 987603 17649783 15420866 3177864 1237534 82591692 80202379 27851647 89877955 110804673 170080334 341028721 440894061 16700348 16700348 0 719825 15402747 0 170427744 312911966 202530839 330332139 34368905 52046961 34368905 52046961 1600000 1536000 33805923 0 36056007 43569386 71461930 45105386 15104205 1430614 5372555 5979271 8081897 5999690 4108390 0 32667047 13409575 341028721 440894061 16700348 719825 0 312911966 330332139 0 15402747 -15402747 0 -719825 -127081475 -127801300 16700348 0 15402747 170427744 202530839 The company has introduced incentive plans aimed at key employees. Share options are vesting over time to ensure the retention of such key employees. The total number of shares for which key employees may become eligible at 31. December 2025 is 2.277.320. The options are exercisable at an average exercise price of DKK 1. ​ ​As part of the merger with Novozymes Biotechnology ApS the company has granted performance warrants based ​on fulfilment of certain milestones. 1 Staff costs2025​DKK2024​DKKWages and salaries38,908,20826,577,823Pension costs1,653,9231,981,462Other social security costs282,642214,78340,844,77328,774,068Average number of full-time employees3730Remuneration​of Manage- ment​2025​DKKExecutive Board10,972,88210,972,882No remuneration granted to the board of directors. 37 30 Remuneration​of Manage- ment​2025​DKKExecutive Board10,972,88210,972,882 10972882 2 Depreciation, amortisation and impairment losses2025​DKK2024​DKKAmortisation of intangible assets21,157,34318,923,112Impairment losses on intangible assets66,658,4210Depreciation on property, plant and equipment10,411,1811,084,47398,226,94520,007,585 3 Other financial income2025​DKK2024​DKKFinancial income from group enterprises5,403,5654,879,301Other interest income549,9101,631,336Exchange rate adjustments608,769371,592Interest income from tax paid on account678,41807,240,6626,882,229 4 Other financial expenses2025​DKK2024​DKKOther interest expenses4,874,3814,820,090Exchange rate adjustments2,028,196374,3986,902,5775,194,488Part of other interest expenses consist of interest expenses relating to finance lease liabilities amounting to DKK 1,688,038. 5 Tax on profit/loss for the year2025​DKK2024​DKKChange in deferred tax(17,678,056)(3,467,255)Adjustment concerning previous years2,284(377,797)Refund in joint taxation arrangement(17,649,783)(15,420,866)(35,325,555)(19,265,918) 6 Proposed distribution of profit and loss2025​DKK2024​DKKRetained earnings(127,801,300)(41,660,123)(127,801,300)(41,660,123) -127801300 -41660123 -127801300 -41660123 7 Intangible assetsCompleted development projects ​DKKAcquired intangible assets​DKKDevelopment projects in progress​DKKCost beginning of year39,547,329252,401,3330Additions63,82001,538,091Cost end of year39,611,149252,401,3331,538,091Amortisation and impairment losses beginning of year(3,297,207)(50,480,269)0Impairment losses for the year(13,774,332)(52,884,089)0Amortisation for the year(4,330,589)(16,826,754)0Amortisation and impairment losses end of year(21,402,128)(120,191,112)0Carrying amount end of year18,209,021132,210,2211,538,091Acquired intangible assets​During the year, management identified indications of impairment related to certain licensed technology included within intangible assets. Accordingly, an impairment analysis was performed in line with applicable accounting standards to determine whether the carrying amounts of the assets exceeded their recoverable amounts. ​​The impairment analysis covered all licensed strain platforms. Based on the assessment, some of the strains were determined to be impaired due to the current lack of use and limited near-term use of the strains for commercial applications. Consequently, the carrying amounts of these specific strains have been written down to their estimated recoverable amounts, and the related impairment losses have been recognized in the income statement for the year. ​​The assessment also supported the valuation of the remaining strain platforms. For these assets, the recoverable​amounts exceeded their carrying amounts, and management concluded that no impairment loss was required. 8 Development projectsDuring the year, management identified indications of impairment related to the company’s scientific data platform in connection with the transition to a new IT vendor. Accordingly, an impairment test was performed in accordance with applicable accounting standards to assess whether the carrying amounts of the asset exceeded its recoverable amount. ​​The assessment considered the platform’s current technical performance, expected future use, and the impact of​the vendor transition, including the discontinuation of certain vendor-specific technology components, data elements, and data‑capturing capabilities that could not be retained under the new platform environment. ​​Based on the impairment test, management concluded that the carrying amount of the IT‑platform exceeded its recoverable amount, and an impairment loss has therefore been recognized in the income statement for the year. The impairment reflects the accounting impact of replacing vendor-specific technology and data assets as the company transitions to a new platform architecture. 9 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKKLeasehold improvements ​DKKLeased assets​DKKProperty, plant and equipment in progress​DKKCost beginning of year2,043,45829,617,53100Changes in accounting policies0052,202,4850Transfers62,615(62,615)00Additions1,257,253397,96202,865,216Cost end of year3,363,32629,952,87852,202,4852,865,216Depreciation and impairment losses beginning of year(258,429)(992,896)00Transfers(55,920)55,92000Depreciation for the year(379,338)(1,524,939)(8,506,904)0Depreciation and impairment losses end of​year(693,687)(2,461,915)(8,506,904)0Carrying amount end of year2,669,63927,490,96343,695,5812,865,216IFRS 16 was adopted on 1st of January 2025 as applicable basis for recognizing off-balance sheet leases as right-of-use assets. The recognized right-of-use assets relates to leased buildings and equipment, which are presented under the category Leased assets. 10 Financial assetsInvestments in group enterprises​DKKDeposits​DKKCost beginning of year6,5611,506,491Additions038,825Cost end of year6,5611,545,316Revaluations beginning of year719,8250Exchange rate adjustments2,012,5560Share of profit/loss for the year(2,732,381)0Revaluations end of year00Share of profit/loss for the year(8,154,977)0Investments with negative equity value depreciated over receivables 8,148,4160Impairment losses end of year(6,561)0Carrying amount end of year01,545,316A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements. 11 PrepaymentsPrepayments comprises cost to service agreement, license, insurance etc. 12 Deferred tax2025 ​DKK2024​DKKIntangible assets32,191,50551,320,991Property, plant and equipment2,177,400725,970Deferred tax34,368,90552,046,961​ ​​Changes during the year2025​DKK2024​DKKBeginning of year52,046,96155,514,216Recognised in the income statement(17,678,056)(3,467,255)End of year34,368,90552,046,961 13 Other provisionsOther provisions comprises a reinstatement provision related to the construction of a pilot plant for a full industrial production setup. 14 Non-current liabilities other than provisionsDue within 12 ​months​2025​DKKDue within 12 ​​months​2024​DKKDue after ​more than 12 ​months​2025​DKKOutstanding ​after 5 years​2025​DKKOther provisions001,600,0001,600,000Lease liabilities7,886,323033,805,9235,729,509Other payables7,217,8821,430,61436,056,007015,104,2051,430,61471,461,9307,329,509 15 Other payables2025​DKK2024​DKKWages and salaries, personal income taxes, social security costs, etc. payable5,970,2295,291,734Holiday pay obligation1,427,447707,956Accrued interest684,22108,081,8975,999,690 16 Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. 17 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKTotal liabilities under rental or lease agreements until maturity 049,475,915IFRS 16 was adopted on 1st of January 2025 as applicable basis for recognizing leases as right-of-use assets under​property, plant and equipment.​​Besides the above rental or lease commitments, the company has, as of the balance sheet date, not entered into significant unrecognised commitments to be settled after the balance sheet date. 18 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement in which Novo Holdings A/S serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is​therefore secondarily liable for income taxes etc. for the jointly taxed entities, limited to the equity interest by which the Entity participates in the Group, and also secondarily liable for obligations, if any, relating to the withholding of tax on interest, royalties and dividends for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. 19 Assets charged and collateralMortgage debt is secured by way of mortgage on assets and collateral amounting to DKK 45,000,000. The book value of mortgage debt amounts to DKK 43,273,889 at 31. December 2025. This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act ​governing reporting class C enterprises (medium). Changes in accounting policiesAs a result of a change in accounting classification, the Company has implemented the following amendments to its accounting policies, effective 1 January 2025. ​ ​The Company now applies IFRS 16 Leases for the recognition and measurement of lease agreements. Previously, lease agreements were accounted for as operating leases, with future lease obligations disclosed as unrecognised rental and lease commitments in the notes to the annual report. ​​Adoption of IFRS 16 Leases ​The Company has adopted IFRS 16 using the modified retrospective transition approach. Consequently, comparative figures have not been restated and continue to be presented in accordance with the accounting policies applied in previous years. ​ ​Under IFRS 16, the Company is required, but subject to limited exemptions, to recognise all lease agreements on the balance sheet, including former operating leases. This results in the recognition of a lease liability measured at the present value of future lease payments, and a corresponding right‑of‑use asset adjusted for any lease payments made prior to commencement and any lease incentives received. ​ ​In applying the transitional provisions of IFRS 16, the Company has elected the following practical expedients: ​- to not recognise or reassess lease agreements with a remaining term of less than 12 months or of low value; ​- to exclude directly attributable costs from the measurement of right-of-use assets at the transition date; ​- to apply a single discount rate to portfolios of leases with similar characteristics; and ​- to not recognise right-of-use assets related to assets under construction as of 1 January 2025 at the amount that​would have been recognised had IFRS 16 been applied from the commencement date of the individual lease, discounted using the discount rate at 1 January 2025. ​ ​In assessing future lease payments, the Company has reviewed its operating lease agreements to identify lease components and to distinguish between fixed payments and variable payments depending on an index or interest rate. The Company has elected to include service components in the lease liability. ​ ​For property leases, the expected lease term has been assessed individually, considering non‑cancellable periods and the expected use of the premises. For leases of operating equipment, the expected lease term is based on the contractual lease period stated in each agreement. ​​Effect of Applying IFRS 16 Leases ​In accordance with IFRS 16, the Company recognised right‑of‑use assets of DKK’000 42,328 and corresponding lease liabilities of DKK’000 42,328 as of 1 January 2025. Accordingly, the impact on equity at 1 January 2025 is DKK’000 0. ​​​Adoption of IFRS 15 Revenue​The Company now applies IFRS 15 for revenue recognition from contracts with customers. Revenue is measured at the fair value of the consideration received or receivable and is recognized when control of promised services is transferred to the customer. ​​The Company has adopted IFRS 15 using the modified retrospective transition approach. Consequently, comparative figures have not been restated and continue to be presented in accordance with the accounting policies applied in previous years. ​​The effect of Appllying IFRS 15 has no financial impact on revenue and equity in 2025. ​​Except for the changes described above, the accounting policies applied in the preparation of the financial statements are consistent with those applied in the previous financial year. ​​Leases ​A right‑of‑use asset and a corresponding lease liability are recognised on the balance sheet when the Company, under a lease agreement for a specific, identifiable asset, obtains the right to control the use of that asset for the lease term and to derive substantially all economic benefits from its use. ​ ​Lease liabilities are measured at the present value of future lease payments using the Company’s incremental borrowing rate, determined based on the lessors’ internal borrowing rates and prevailing market conditions. The applied discount rates vary depending on the duration of the lease agreements and fall within the range of 4–7% p.a. ​​Subsequently, lease liabilities are measured at amortised cost using the effective interest rate method. The lease liability is remeasured when changes occur in the underlying contractual cash flows due to adjustments in an index or interest rate, changes in the Company’s estimate of any residual value guarantee, or changes in the assessment of whether extension, termination, or purchase options are reasonably certain to be exercised. ​ ​On initial recognition, the right‑of‑use asset is measured at cost, which corresponds to the initial value of the lease liability. This amount is adjusted for any prepaid lease payments, directly attributable costs, estimated costs​for dismantling or restoring the leased asset, and reduced by any lease incentives received from the lessor. ​ ​After initial recognition, the right‑of‑use asset is subsequently measured at cost less accumulated depreciation. Depreciation is recognised on a straight‑line basis over the shorter of the lease term and the useful life of the underlying asset. ​ ​Right‑of‑use assets are depreciated on a straight‑line basis over the expected lease term as follows: ​ ​- Leasehold improvements / Buildings 4-8 years ​- Other fixtures, fittings, tools and equipment 1-7 years ​ ​The Company has elected not to recognise right‑of‑use assets and lease liabilities for short‑term leases or leases of low‑value assets. Payments relating to these leases are recognised as an expense on a straight‑line basis in the​income statement. ​​Lease agreements valid before 1 January 2025 ​Before the adoption of IFRS 16, leases were classified as either finance leases or operating leases. ​ ​A lease was classified as a finance lease if substantially all risks and rewards incidental to ownership of the underlying asset were transferred to the lessee. Leases, not meeting these criteria were classified as operating leases. ​ ​For finance leases, the asset was recognised at the lower of the fair value of the leased asset and the present value of minimum lease payments, using the interest rate implicit in the lease or the Company’s incremental borrowing rate as the discount rate. ​ ​Lease payments under operating leases were recognised as an expense in the income statement on a straight line basis over the lease term. ​ ​All lease agreements prior to 1 January 2025 were accounted for as operating leases, with future obligations disclosed as unrecognised rental and lease commitments in the notes to the annual report. ​ ​IFRS 16 has been applied to lease agreements commencing prior to 1 January 2025 when the remaining future lease obligations at the date of implementation exceed the thresholds for the practical expedients on short term leases and low value assets. ​ ​All lease agreements commencing on or after 1 January 2025 are accounted for in accordance with IFRS 16 Leases. 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. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence.Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies. ​ ​Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. 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. ​ ​When recognising foreign subsidiaries and associates that are independent entities, the income statements are translated at average exchange rates for the months that do not significantly deviate from the rates at the transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill ​is considered belonging to the independent foreign entity and is translated using the exchange rate at the balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the ​beginning of the year at the balance sheet date exchange rates and out of the translation of income statements ​from average rates to the exchange rates at the balance sheet date are recognised directly in the translation reserve in equity. ​ ​Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are translated ​using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are translated at the ​exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown. The items of the ​​income statement are translated at the average rates of the months; however, items deriving from non-monetary ​​assets and liabilities are translated using the historical rates applicable to the relevant non-monetary items. Gross profit or lossGross profit or loss comprises revenue, other operating income, costs of consumables and external expenses. RevenueThe Company now applies IFRS 15 for revenue recognition from contracts with customers. ​​Revenue is measured at the fair value of the consideration received or receivable and is recognized when control of promised services is transferred to the customer. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities, including salary refunds. Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory ​writedowns. Costs of raw materials and consumablesCosts of raw materials and consumables comprise the consumption of raw materials and consumables for the ​financial year after adjustment for changes in inventories of these goods from the beginning to the end of the ​year. This item includes shrinkage, if any, and normal writedowns of the relevant inventories. Other external expensesOther external expenses include expenses relating to the Entity’s normal 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 wages and salaries, and social security contributions, pension contributions, etc . for entity ​staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year. Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses. Other financial incomeOther financial income comprises interest income, including ​interest income on receivables from group enterprises and payables ​and transactions in foreign currencies. Other financial expensesOther financial expenses compriseinterest expense and exchange losses on securities, payables and transactions​in foreign currencies. 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 completed and 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 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 on 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. 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 on a straight-line basis 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. For self-constructed assets, cost comprises direct ​​and indirect costs of materials, components, subsuppliers and labour costs. ​​ ​​Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible assets ​and depreciation on property, plant and equipment used in the manufacturing process are recognised in cost ​based on time spent on each asset. ​​ ​​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 equipment5-10 yearsLeasehold improvements10-30 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed ​​the contract period. ​​ ​​Estimated 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.​​ Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value, prepared in accordance with the group's accounting policies.​​ ​​Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises ​​are written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive ​obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation will involve a ​loss, a provision is recognised that is measured at present value of the costs necessary to settle the obligations at ​​the balance sheet date. ​​ ​​Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to the reserve for net revaluation according to the equity method in equity. InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​​ ​​Cost consists of purchase price plus delivery costs. ​​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​​costs incurred to execute sale. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and ​​doubtful debts. Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​​cost. CashCash comprises 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. ​​ Other provisionsOther provisions comprise anticipated costs of restructuring leasehold.​​ ​​Other provisions are recognised and measured as the best estimate of the expenses required to settle the ​​liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the ​​balance sheet date are measured at their discounted value. ​​ ​​Once it is probable that total costs will exceed total income from a contract in progress, provision is made ​​for the total loss estimated to result from the relevant contract. Lease liabilitiesLease liabilities relating to assets held under finance leases are recognised in the balance sheet as liabilities ​other than provisions, and, at the time of inception of the lease, measured at the present value of future lease ​payments. Subsequent to initial recognition, lease liabilities are measured at amortised cost. The difference ​between present value and nominal amount of the lease payments is recognised in the income statement as a ​financial expense over the term of the leases. 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. Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash equivalents​at the beginning and the end of the financial year. ​ ​Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​ ​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, etc. of intangible assets and property, plant and equipment. ​ ​Cash flows from financing activities comprise changes in the size or composition of the contributed capital and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​ ​ Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk. The cash flow statement shows cash flows from operating, investing and financing activities, and cash equivalents​at the beginning and the end of the financial year. ​ ​Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​ ​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, etc. of intangible assets and property, plant and equipment. ​ ​Cash flows from financing activities comprise changes in the size or composition of the contributed capital and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​ ​ Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk. Grundlag for konklusion Konklusion 2026-06-23 2026-06-23 Revisionspåtegning Regnskabsklasse C, mellemstor virksomhed 2024-12-31 2024-01-01 33963556 Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab 2300 København S 2025-12-31 2025-01-01 21st.BIO A/S 41554908 København S 2300 6 Weidekampsgade Gladsaxe Søborg 2860 42 Sydmarken