42093734 2025-01-01 2025-12-31 42093734 2025-01-01 2025-12-31 1 42093734 2024-01-01 2024-12-31 42093734 2025-12-31 42093734 2024-12-31 42093734 2025-01-01 d:ContributedCapitalMember 42093734 2024-01-01 d:ContributedCapitalMember 42093734 2025-12-31 d:ContributedCapitalMember 42093734 2024-12-31 d:ContributedCapitalMember 42093734 2025-01-01 d:RetainedEarningsMember 42093734 2024-01-01 d:RetainedEarningsMember 42093734 2025-01-01 2025-12-31 d:RetainedEarningsMember 42093734 2024-01-01 2024-12-31 d:RetainedEarningsMember 42093734 2025-12-31 d:RetainedEarningsMember 42093734 2024-12-31 d:RetainedEarningsMember 42093734 2025-01-01 2025-12-31 1 42093734 2025-01-01 2025-12-31 2 iso4217:DKK xbrli:pure Årsrapport 38751646 Kovsted & Skovgård, Statsautoriseret revisionspartnerselskab Brunbjergvej, 3 8240, Risskov 2024-01-01 2024-12-31 2025-01-01 2025-12-31 42093734 OncoSpear ApS Lucernevej 2 8382 Hinnerup Kovsted & Skovgård, Statsautoriseret revisionspartnerselskab 38751646 Tonny Løbner Statsautoriseret revisor mne28824 Brunbjergvej 3 8240 Risskov Danmark 70 22 09 99 2026-06-26 Niels Jonas Heilskov Graversen Regnskabsklasse B Erklæring om udvidet gennemgang Ja CaseWare fra Revisorgruppen Danmark anpartshaverne Aarhus 2026-06-26 Hinnerup 2026-06-26 Grundlag for konklusion Konklusion 2927421 -4652093 3932228 3389267 -1004807 -8041360 14 0 35896 4125 -1040689 -8045485 -218924 -1584346 -821765 -6461139 -821765 -6461139 6045639 0 218924 1584346 528581 611126 170949 6265 6964093 2201737 2547190 1048773 9511283 3250510 9511283 3250510 0 108889 108889 460972 1282737 569861 1391626 8145911 676204 8145911 676204 13954 34082 521204 919628 260353 228970 795511 1182680 8941422 1858884 9511283 3250510 3636516 3143741 248543 202268 17573 17721 29596 25537 3932228 3389267 5 5 108889 108889 108889 108889 1282737 7743876 -821765 -6461139 460972 1282737 Today, the Executive Board has approved the annual report of OncoSpear ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025. We recommend that the annual report be approved at the Annual General Meeting. Niels Jonas Heilskov Graversen Geert Gilbert Tackaert We have performed an extended review of the financial statements of OncoSpear ApS for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared under the Danish Financial Statements Act. Based on the work performed, in our opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the "Practitioner's responsibilities for the extended review of the Financial Statements" section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Material Uncertainty Related to Going ConcernWe draw attention to Note 2, in which management describes material uncertainty related to going concern. The Company’s continued operations are dependent on support from its Parent Company. The support letter is limited in terms of certainty and funding coverage, and support is only available within the approved 2026 group budget, available group funding and any required corporate approvals. Should these funds not be available as budgeted, it will affect the Company’s ability to continue as a going concern. Our conclusion is not modified in respect of this matter Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the financial statements and in addition perform specifically required supplementary procedures to obtain further assurance for our conclusion. An extended review comprises procedures that primarily consist of making inquiries of Management and others within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as evaluation of the evidence obtained. The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on the financial statements. The annual report for OncoSpear ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of  the transaction. Gross profitGross profit comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, other operating income, and external costs. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets, operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsOther liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 1.The significant activities of the enterprise The company's main activities consist of research and development of drugs against cancer with a particular focus on activating the body's own immune system to attack the cancer cells. 2.Uncertainties relating to going concernThe Company has incurred losses in recent years as a result of expenditures on research and development. The Company expects to continue to incur losses relating to research and development in line with budgeted amounts. In this connection, the Parent Company has provided a support letter. However, the support letter is limited in terms of certainty and funding coverage, as it only covers support within the approved 2026 group budget, available group funding and any required corporate approvals. The Parent Company is the Company’s principal source of funding. On the basis of this support letter, management considers that the Company will be able to continue its operations for the coming year. The annual report has been prepared on a going concern basi