Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2019 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | Ascendis Pharma A/S |
Entity Central Index Key | 0001612042 |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Interim
Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income / (Loss) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Profit or loss [abstract] | |||||
Revenue | € 2,243 | € 20 | € 10,868 | € 66 | |
Research and development costs | (46,258) | (31,511) | (141,343) | (102,286) | |
General and administrative expenses | (10,000) | (6,796) | (31,396) | (16,684) | |
Operating profit / (loss) | (54,015) | (38,287) | (161,871) | (118,904) | |
Share of profit / (loss) of associate | (1,338) | (5,452) | |||
Finance income | 30,547 | 4,262 | 30,285 | 20,532 | |
Finance expenses | (368) | (42) | (812) | (53) | |
Profit / (loss) before tax | (25,174) | (34,067) | (137,850) | (98,425) | |
Tax on profit / (loss) for the period | 61 | 100 | 196 | 306 | |
Net profit / (loss) for the period | (25,113) | (33,967) | (137,654) | (98,119) | |
Items that may be reclassified subsequently to profit or loss: | |||||
Exchange differences on translating foreign operations | 37 | (9) | 2 | (16) | |
Other comprehensive income / (loss) for the period, net of tax | 37 | (9) | 2 | (16) | |
Total comprehensive income / (loss) for the period, net of tax | (25,076) | (33,976) | (137,652) | (98,135) | |
Profit / (loss) for the period attributable to owners of the Company | (25,113) | (33,967) | (137,654) | (98,119) | |
Total comprehensive income / (loss) for the period attributable to owners of the Company | € (25,076) | € (33,976) | € (137,652) | € (98,135) | |
Basic and diluted earnings / (loss) per share | € (0.53) | € (0.81) | € (2.99) | € (2.41) | |
Number of shares used for calculation (basic and diluted) | [1] | 47,590,837 | 41,888,908 | 46,066,493 | 40,757,686 |
[1] | A total of 5,138,389 warrants outstanding as of September 30, 2019 can potentially dilute earnings per share in the future, but have not been included in the calculation of diluted earnings per share because they are antidilutive for the periods presented. Similarly, a total of 4,480,805 warrants outstanding as of September 30, 2018 are also considered antidilutive for the periods presented and have not been included in the calculation. |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income / (Loss) (Parenthetical) - shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Warrants [member] | ||
Statement [LineItems] | ||
Warrants outstanding | 5,138,389 | 4,480,805 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Financial Position - EUR (€) € in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Non-current assets | ||
Intangible assets | € 3,495 | € 3,495 |
Property, plant and equipment | 43,272 | 4,325 |
Investment in associate | 17,073 | 17,083 |
Deposits | 1,469 | 1,158 |
Total non-current assets | 65,309 | 26,061 |
Current assets | ||
Trade receivables | 6 | |
Other receivables | 1,755 | 1,775 |
Prepayments | 7,937 | 12,415 |
Income taxes receivable | 1,298 | 849 |
Cash and cash equivalents | 658,660 | 277,862 |
Total current assets | 669,650 | 292,907 |
Total assets | 734,959 | 318,968 |
Equity | ||
Share capital | 6,410 | 5,659 |
Distributable equity | 654,515 | 274,391 |
Total equity | 660,925 | 280,050 |
Non-current liabilities | ||
Lease liabilities | 31,503 | |
Total non-current liabilities | 31,503 | |
Current liabilities | ||
Lease liabilities | 5,424 | |
Contract liabilities | 1,373 | 6,902 |
Trade payables | 24,346 | 19,740 |
Other payables | 11,364 | 12,267 |
Income taxes payable | 24 | 9 |
Total current liabilities | 42,531 | 38,918 |
Total liabilities | 74,034 | 38,918 |
Total equity and liabilities | € 734,959 | € 318,968 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Changes in Equity - EUR (€) € in Thousands | Total | Issued Capital [member] | Share Premium [member] | Foreign Currency Translation Reserve [member] | Share-based Payment Reserve [member] | Accumulated Deficit [member] |
Equity at Dec. 31, 2017 | € 187,211 | € 4,967 | € 422,675 | € (14) | € 22,793 | € (263,210) |
Statement [LineItems] | ||||||
Loss for the period | (98,119) | (98,119) | ||||
Other comprehensive income / (loss), net of tax | (16) | (16) | ||||
Total comprehensive income / (loss) | (98,135) | (16) | (98,119) | |||
Share-based payment (Note 6) | 12,787 | 12,787 | ||||
Capital increase | 215,460 | 678 | 214,782 | |||
Cost of capital increase | (13,118) | (13,118) | ||||
Equity at Sep. 30, 2018 | 304,205 | 5,645 | 624,339 | (30) | 35,580 | (361,329) |
Equity at Dec. 31, 2018 | 280,050 | 5,659 | 625,250 | 3 | 42,445 | (393,307) |
Statement [LineItems] | ||||||
Loss for the period | (137,654) | (137,654) | ||||
Other comprehensive income / (loss), net of tax | 2 | 2 | ||||
Total comprehensive income / (loss) | (137,652) | 2 | (137,654) | |||
Share-based payment (Note 6) | 26,205 | 26,205 | ||||
Capital increase | 524,023 | 751 | 523,272 | |||
Cost of capital increase | (31,701) | (31,701) | ||||
Equity at Sep. 30, 2019 | € 660,925 | € 6,410 | € 1,116,821 | € 5 | € 68,650 | € (530,961) |
Condensed Consolidated Interi_5
Condensed Consolidated Interim Cash Flow Statements - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities | ||||
Net profit / (loss) for the period | € (25,113) | € (33,967) | € (137,654) | € (98,119) |
Reversal of non-cash consideration relating to revenue | (5,334) | |||
Reversal of share of profit/(loss) of associate | 1,338 | 5,452 | ||
Reversal of finance income | (30,547) | (4,262) | (30,285) | (20,532) |
Reversal of finance expenses | 368 | 42 | 812 | 53 |
Reversal of tax charge | (61) | (100) | (196) | (306) |
Adjustments for: | ||||
Share-based payment | 26,205 | 12,787 | ||
Depreciation | 4,716 | 631 | ||
Changes in working capital: | ||||
Deposits | (310) | (948) | ||
Trade receivables | 6 | 167 | ||
Other receivables | 19 | (1,340) | ||
Prepayments | 4,478 | (5,482) | ||
Contract liabilities (deferred income) | (5,529) | |||
Trade payables and other payables | 3,596 | 7,237 | ||
Cash flows generated from / (used in) operations | (134,024) | (105,852) | ||
Finance income received | 8,087 | 3,065 | ||
Finance expenses paid | (526) | (53) | ||
Income taxes received / (paid) | (237) | (400) | ||
Cash flows from / (used in) operating activities | (126,700) | (103,240) | ||
Investing activities | ||||
Acquisition of property, plant and equipment | (4,030) | (1,587) | ||
Cash flows from / (used in) investing activities | (4,030) | (1,587) | ||
Financing activities | ||||
Payment of finance lease liabilities | (2,992) | |||
Capital increase | 524,023 | 215,460 | ||
Cost of capital increase | (31,701) | (13,118) | ||
Cash flows from / (used in) financing activities | 489,330 | 202,342 | ||
Increase / (decrease) in cash and cash equivalents | 358,600 | 97,515 | ||
Cash and cash equivalents at January 1 | 277,862 | 195,351 | ||
Effect of exchange rate changes on balances held in foreign currencies | 22,198 | 17,467 | ||
Cash and cash equivalents at September 30 | 658,660 | 310,333 | 658,660 | 310,333 |
Restricted cash included in cash and cash equivalents | € 5,935 | € 5,507 | € 5,935 | € 5,507 |
General Information
General Information | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
General Information | Note 1—General Information Ascendis Pharma A/S, together with its subsidiaries, is a biopharmaceutical company applying its innovative TransCon technologies to build a leading, fully integrated biopharmaceutical company. Ascendis Pharma A/S was incorporated in 2006 and is headquartered in Hellerup, Denmark. Unless the context otherwise requires, references to the “Company,” “we,” “us” and “our” refer to Ascendis Pharma A/S and its subsidiaries. The address of the Company’s registered office is Tuborg Boulevard 12, DK-2900, On February 2, 2015, the Company completed an initial public offering which resulted in the listing of American Depositary Shares, or ADSs, representing the Company’s ordinary shares, under the symbol “ASND” in the United States on The Nasdaq Global Select Market. The Company’s Board of Directors approved these unaudited condensed consolidated interim financial statements on November 18, 2019. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Summary of Significant Accounting Policies | Note 2—Summary of Significant Accounting Policies Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting”. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s annual consolidated financial statements for the year ended December 31, 2018 and accompanying notes, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board, and as adopted by the European Union. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 3. Changes in Accounting Policies As of January 1, 2019, the Company has adopted IFRS 16, “Leases” (“IFRS 16”). IFRS 16 requires, with a few exceptions, lessees to recognize assets (“right-of-use non-cancellable Impact from IFRS 16 “Leases” The Company primarily leases office- and laboratory facilities, and equipment. Lease arrangements are typically entered into for fixed periods but may have extension options, and options to terminate the lease within the enforceable lease term. Lease terms are negotiated on an individual basis and contain a range of different terms and conditions. We have implemented IFRS 16 by applying the modified retrospective approach. Accordingly, no comparative information is restated. The lease liability and corresponding right-of-use In connection with the transition to IFRS 16, we have reviewed our operating lease agreements’ contractual terms including the lease payment structure. Fixed payments, and variable lease payments that depend on an index or a rate, are included in lease payments, whereas variable lease payments are excluded. Additionally, payments related to non-lease For lease arrangements other than those relating to short-term leases and leases of low value assets, lease liabilities have been determined according to the fixed lease payments and variable lease payments that depend on an index or a rate in the non-cancellable Operating lease commitments under IAS 17 “Leases”, and as disclosed for the annual reporting period ended December 31, 2018 was €19.6 million. The transition to the lease liabilities recognized in the unaudited condensed consolidated interim financial position at January 1, 2019, in accordance with IFRS 16, is summarized below: (EUR ‘000) Operating lease commitments as per December 31, 2018 19,627 Short-term contracts, and low value assets (169 ) Undiscounted, operating lease commitments as per January 1, 2019 19,458 Lease liabilities discounted by incremental borrowing rates as per January 1, 2019 17,700 At January 1, 2019, right-of-use The transition to IFRS 16 had no impact on retained earnings. Separate note disclosures on right-of-use Several other amendments to and interpretations of IFRS apply for the first time in 2019, but do not have an impact on the accounting policies applied by the Company. Thus, except for the adoption of IFRS 16, the accounting policies applied when preparing these unaudited condensed consolidated interim financial statements have been applied consistently to all the periods presented, unless otherwise stated, and are consistent with those of the Company’s most recent audited annual consolidated financial statements. A description of our accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2018. |
Critical Accounting Judgments a
Critical Accounting Judgments and Key Sources of Estimation Uncertainty | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Critical Accounting Judgments and Key Sources of Estimation Uncertainty | Note 3—Critical Accounting Judgments and Key Sources of Estimation Uncertainty In the application of our accounting policies, we are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgments made in the process of applying our accounting policies and that have the most significant effect on the amounts recognized in our unaudited condensed consolidated interim financial statements relate to revenue recognition, share-based payment, internally generated intangible assets, and to our joint arrangements / collaboration agreements. Except for the adoption of IFRS 16, the key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year relate to recognition of accruals for manufacturing and clinical trial activities. No significant adjustments to accruals have been recognized during the first nine months of 2019 or 2018, due to conditions that existed at December 31, 2018, or 2017, respectively. Additionally, there have been no changes to the application of significant accounting estimates, and no impairment losses have been recognized during the first nine months of 2019 or 2018. In connection with adopting IFRS 16, the following are assessed as key assumptions concerning estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amount of right-to-use Lease Term Certain lease arrangements provide us with a contractual right (not obligation) to either extend the lease after the initial term, or to terminate the lease within the enforceable lease term, i.e. periods where lessor cannot terminate the lease. Those options cover periods in the range from 1-6 non-cancellable non-cancellable Incremental Borrowing Rate Lease payments are discounted over the non-cancelable 2.25-2.5% 4.25-5.0% The unaudited condensed consolidated interim financial statements do not include all disclosures for critical accounting estimates and judgments that are required in the annual consolidated financial statements and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2018. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Revenue | Note 4—Revenue Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (EUR’000) (EUR’000) Revenue from the rendering of services (recognized over time) 1,586 20 8,874 66 License income (recognized at a point in time) 657 — 1,994 — Total revenue (1) 2,243 20 10,868 66 Revenue from external customers (geographical) North America 2,243 20 10,868 66 Total revenue (1) 2,243 20 10,868 66 (1) For the three and nine months ended September 30, 2019, “Total revenue” includes recognition of previously deferred revenue from associate of |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Segment Information | Note 5—Segment Information We are managed and operated as one business unit. No separate business areas or separate business units have been identified in relation to product candidates or geographical markets. Accordingly, we do not disclose information on business segments or geographical markets, except for the geographical information on revenue included in Note 4. |
Warrants and Share-based Paymen
Warrants and Share-based Payment | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Warrants and Share-based Payment | Note 6—Warrants and Share-based Payment Share-based Payment Ascendis Pharma A/S has established warrant programs, equity-settled share-based payment transactions, as an incentive for all its employees, members of its Board of Directors and select external consultants. Warrants are granted by the Company’s Board the Company’s Board of pre-emptive the Company. Each the Company’s ordinary shares the Company’s Board of the Company’s warrant Warrant Activity The following table specifies the warrant activity during the nine months ended September 30, 2019: Total Weighted Outstanding at January 1, 2019 5,611,629 29.03 Granted during the period 365,500 97.10 Exercised during the period (812,532 ) 14.90 Forfeited during the period (26,208 ) 52.23 Expired during the period — — Outstanding at September 30, 2019 5,138,389 35.99 Vested at the balance sheet date 2,609,412 22.83 Warrant Compensation Costs Warrant compensation costs are determined with basis in the grant date fair value of the warrants granted and recognized over the vesting period. Three Months Ended Nine Months Ended 2019 2018 2019 2018 (EUR’000) (EUR’000) Research and development costs 5,060 1,963 15,239 6,313 General and administrative expenses 3,015 1,922 10,966 6,474 Total warrant compensation costs 8,075 3,885 26,205 12,787 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Leases | Note 7—Leases The following sections summarize the disclosures of the Company’s lease arrangements for the nine months ended September 30, 2019. Additional information on the exposure from the Company’s lease arrangements is included in Note 2 and 3. Right-of-use As of September 30, 2019, the total balance of property, plant and equipment of €43.3 million includes right-of-use-assets right-of-use For the nine months ended September 30, 2019, depreciation of right-of-use Lease Liabilities and Payments In the unaudited condensed consolidated interim statement of financial position as of September 30, 2019, the carrying amount of lease liabilities of €36.9 million is presented as non-current The table below summarizes the maturity profile of the Company’s lease liabilities based on contractual undiscounted payments: Carrying <1 year 1-5 years >5 years Total contractual (EUR’000) September 30, 2019 Lease liabilities 36,927 5,524 19,819 18,185 43,528 For the nine months ended September 30, 2019, interest on lease liabilities amounts to €0.7 million, which is recognized as finance expenses. Payments relating to short-term leases and leases of low value assets are recognized either as research and development costs or general and administrative expenses, respectively, on a straight-line basis according to their lease term. Additionally, lease payments classified as variable, that do not depend on an index or a rate, are expensed as incurred. As of September 30, 2019, the Company’s commitments for short-term leases, and leases of low-value |
Share Capital
Share Capital | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Share Capital | Note 8—Share Capital The share capital of Ascendis Pharma A/S consists of 47,739,647 shares at a nominal value of DKK 1, all in the same share class. On March 14, 2019, the Company completed the sale and issuance of 4,791,667 ADSs in a public offering, increasing the Company’s share capital from 42,135,448 shares to 46,927,115 shares. In April, June, and September 2019, an aggregate of 812,532 warrants were exercised, increasing the Company’s share capital from 46,927,115 shares to 47,739,647 shares. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Subsequent Events | Note 9—Subsequent Events No events have occurred after the balance sheet date that would have a significant impact on the results or financial position of the Company. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Basis of Preparation | Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting”. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s annual consolidated financial statements for the year ended December 31, 2018 and accompanying notes, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board, and as adopted by the European Union. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 3. |
Changes in Accounting Policies | Changes in Accounting Policies As of January 1, 2019, the Company has adopted IFRS 16, “Leases” (“IFRS 16”). IFRS 16 requires, with a few exceptions, lessees to recognize assets (“right-of-use non-cancellable Impact from IFRS 16 “Leases” The Company primarily leases office- and laboratory facilities, and equipment. Lease arrangements are typically entered into for fixed periods but may have extension options, and options to terminate the lease within the enforceable lease term. Lease terms are negotiated on an individual basis and contain a range of different terms and conditions. We have implemented IFRS 16 by applying the modified retrospective approach. Accordingly, no comparative information is restated. The lease liability and corresponding right-of-use In connection with the transition to IFRS 16, we have reviewed our operating lease agreements’ contractual terms including the lease payment structure. Fixed payments, and variable lease payments that depend on an index or a rate, are included in lease payments, whereas variable lease payments are excluded. Additionally, payments related to non-lease For lease arrangements other than those relating to short-term leases and leases of low value assets, lease liabilities have been determined according to the fixed lease payments and variable lease payments that depend on an index or a rate in the non-cancellable Operating lease commitments under IAS 17 “Leases”, and as disclosed for the annual reporting period ended December 31, 2018 was €19.6 million. The transition to the lease liabilities recognized in the unaudited condensed consolidated interim financial position at January 1, 2019, in accordance with IFRS 16, is summarized below: (EUR ‘000) Operating lease commitments as per December 31, 2018 19,627 Short-term contracts, and low value assets (169 ) Undiscounted, operating lease commitments as per January 1, 2019 19,458 Lease liabilities discounted by incremental borrowing rates as per January 1, 2019 17,700 At January 1, 2019, right-of-use The transition to IFRS 16 had no impact on retained earnings. Separate note disclosures on right-of-use Several other amendments to and interpretations of IFRS apply for the first time in 2019, but do not have an impact on the accounting policies applied by the Company. Thus, except for the adoption of IFRS 16, the accounting policies applied when preparing these unaudited condensed consolidated interim financial statements have been applied consistently to all the periods presented, unless otherwise stated, and are consistent with those of the Company’s most recent audited annual consolidated financial statements. A description of our accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2018. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Summary of Lease Liabilities Recognized in Unaudited Condensed Consolidated Interim Financial Position | The transition to the lease liabilities recognized in the unaudited condensed consolidated interim financial position at January 1, 2019, in accordance with IFRS 16, is summarized below: (EUR ‘000) Operating lease commitments as per December 31, 2018 19,627 Short-term contracts, and low value assets (169 ) Undiscounted, operating lease commitments as per January 1, 2019 19,458 Lease liabilities discounted by incremental borrowing rates as per January 1, 2019 17,700 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Schedule of Revenue Recognized in Statement of Profit or Loss | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (EUR’000) (EUR’000) Revenue from the rendering of services (recognized over time) 1,586 20 8,874 66 License income (recognized at a point in time) 657 — 1,994 — Total revenue (1) 2,243 20 10,868 66 Revenue from external customers (geographical) North America 2,243 20 10,868 66 Total revenue (1) 2,243 20 10,868 66 (1) For the three and nine months ended September 30, 2019, “Total revenue” includes recognition of previously deferred revenue from associate of |
Warrants and Share-based Paym_2
Warrants and Share-based Payment (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Statement [LineItems] | |
Summary of Warrant Compensation Cost | Warrant compensation costs are determined with basis in the grant date fair value of the warrants granted and recognized over the vesting period. Three Months Ended Nine Months Ended 2019 2018 2019 2018 (EUR’000) (EUR’000) Research and development costs 5,060 1,963 15,239 6,313 General and administrative expenses 3,015 1,922 10,966 6,474 Total warrant compensation costs 8,075 3,885 26,205 12,787 |
Warrants [member] | |
Statement [LineItems] | |
Summary of Warrant Activity | The following table specifies the warrant activity during the nine months ended September 30, 2019: Total Weighted Outstanding at January 1, 2019 5,611,629 29.03 Granted during the period 365,500 97.10 Exercised during the period (812,532 ) 14.90 Forfeited during the period (26,208 ) 52.23 Expired during the period — — Outstanding at September 30, 2019 5,138,389 35.99 Vested at the balance sheet date 2,609,412 22.83 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Summary of Maturity Profile of Lease Liabilities | The table below summarizes the maturity profile of the Company’s lease liabilities based on contractual undiscounted payments: Carrying <1 year 1-5 years >5 years Total contractual (EUR’000) September 30, 2019 Lease liabilities 36,927 5,524 19,819 18,185 43,528 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - EUR (€) € in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of summary of significant accounting policies [abstract] | |||
Lease liabilities | € 36,927 | € 17,700 | |
Operating lease commitments | € 19,627 | ||
Right-of-use assets | € 35,900 | € 18,400 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Lease Liabilities Recognized in Unaudited Condensed Consolidated Interim Financial Position (Detail) - EUR (€) € in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Presentation of leases for lessee [abstract] | |||
Operating lease commitments as per December 31, 2018 | € 19,627 | ||
Short-term contracts, and low value assets | € (169) | ||
Undiscounted, operating lease commitments as per January 1, 2019 | € 19,458 | ||
Lease liabilities discounted by incremental borrowing rates as per January 1, 2019 | € 36,927 | € 17,700 |
Critical Accounting Judgments_2
Critical Accounting Judgments and Key Sources of Estimation Uncertainty - Additional Information (Detail) - EUR (€) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Disclosure of changes in accounting estimates [line items] | ||
Impairment loss | € 0 | € 0 |
Bottom of range [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Optional Lease Extension Period | 1 year | |
Top of range [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Optional Lease Extension Period | 6 years | |
EUR or Danish Kroner [member] | Bottom of range [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Percentage borrowings denominated in rate | 2.25% | |
EUR or Danish Kroner [member] | Top of range [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Percentage borrowings denominated in rate | 2.50% | |
US Dollars [member] | Bottom of range [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Percentage borrowings denominated in rate | 4.25% | |
US Dollars [member] | Top of range [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Percentage borrowings denominated in rate | 5.00% |
Revenue - Schedule of Revenue R
Revenue - Schedule of Revenue Recognized in Statements of Profit or Loss (Detail) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disclosure of operating segments [line items] | ||||
Revenue from the rendering of services (recognized over time) | € 1,586 | € 20 | € 8,874 | € 66 |
License income (recognized at a point in time) | 657 | 1,994 | ||
Total revenue | 2,243 | 20 | 10,868 | 66 |
Revenue from external customers (geographical) | ||||
Total revenue | 2,243 | 20 | 10,868 | 66 |
Total revenue | 2,243 | 20 | 10,868 | 66 |
North America [member] | ||||
Disclosure of operating segments [line items] | ||||
Total revenue | 2,243 | 20 | 10,868 | 66 |
Revenue from external customers (geographical) | ||||
Total revenue | 2,243 | 20 | 10,868 | 66 |
Total revenue | € 2,243 | € 20 | € 10,868 | € 66 |
Revenue - Schedule of Revenue_2
Revenue - Schedule of Revenue Recognized in Statements of Profit or Loss (Parenthetical) (Detail) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Disclosure of operating segments [abstract] | ||
Deferred revenue from associate | € 1,461 | € 5,337 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019Segment | |
Disclosure of operating segments [abstract] | |
Number of reportable segment | 1 |
Warrants and Share-based Paym_3
Warrants and Share-based Payment - Warrant Activity - Additional Information (Detail) - 9 months ended Sep. 30, 2019 | kr / sharesshares | € / sharesshares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share nominal value | kr / shares | kr 1 | |
Warrants [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Aggregate number of other equity instruments granted | 8,443,687 | |
Aggregate number of other equity instruments cancelled | shares | 19,580 | 19,580 |
Aggregate number of other equity instruments exercised | 3,025,060 | |
Aggregate number of other equity instruments expired | 2,168 | |
Aggregate number of other equity instruments forfeited | 258,490 | |
Number of other equity instruments authorized | 2,172,625 | 2,172,625 |
Share nominal value | kr / shares | kr 1 | |
Warrants [member] | Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Exercise price of outstanding share options | € / shares | € 6.48 | |
Warrants [member] | Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Exercise price of outstanding share options | € / shares | € 107.14 |
Warrants and Share-based Paym_4
Warrants and Share-based Payment - Schedule of Warrant Activity (Detail) - Warrants [member] | 9 Months Ended |
Sep. 30, 2019€ / shares | |
Disclosure Of Warrant Activity [line items] | |
Beginning balance | 5,611,629 |
Granted during the period | 365,500 |
Exercised during the period | (812,532) |
Forfeited during the period | (26,208) |
Expired during the period | 0 |
Ending balance | 5,138,389 |
Vested at the balance sheet date | 2,609,412 |
Beginning balance | € 29.03 |
Granted during the period | 97.10 |
Exercised during the period | 14.90 |
Forfeited during the period | 52.23 |
Expired during the period | 0 |
Ending balance | 35.99 |
Vested at the balance sheet date | € 22.83 |
Warrants and Share-based Paym_5
Warrants and Share-based Payment - Summary of Warrant Compensation Cost (Detail) - Warrants [member] - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Total warrant compensation costs | € 8,075 | € 3,885 | € 26,205 | € 12,787 |
Research and development cost [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Total warrant compensation costs | 5,060 | 1,963 | 15,239 | 6,313 |
General and administrative expense [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Total warrant compensation costs | € 3,015 | € 1,922 | € 10,966 | € 6,474 |
Leases - Additional Information
Leases - Additional Information (Detail) - EUR (€) € in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Property , plant and equipment | € 43,272 | € 4,325 | |
Right-of-use-assets | 35,900 | € 18,400 | |
Additions in right-of-use-assets | 20,200 | ||
Depreciation on right-of-use-assets | 3,700 | ||
Carrying amount of lease liabilities | 36,927 | € 17,700 | |
Non-current lease liabilities | 31,503 | ||
Current lease liabilities | 5,424 | ||
Interest on lease liabilities | 700 | ||
Research and Development Costs [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation on right-of-use-assets | 2,800 | ||
General and Administrative Expenses [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation on right-of-use-assets | € 900 |
Leases - Summary of Maturity Pr
Leases - Summary of Maturity Profile of Lease Liabilities (Detail) - EUR (€) € in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | € 36,927 | € 17,700 |
Lease liabilities undiscounted cash flows | 43,528 | |
Within 1 year [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | 5,524 | |
Within 1 to 5 years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | 19,819 | |
After 5 years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | € 18,185 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) | Mar. 14, 2019shares | Sep. 30, 2019kr / sharesshares | Mar. 13, 2019shares |
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 47,739,647 | ||
Share nominal value | kr / shares | kr 1 | ||
Number of shares issued public offering | 4,791,667 | ||
Number of shares outstanding | 46,927,115 | 47,739,647 | 42,135,448 |
Warrants [member] | |||
Disclosure of classes of share capital [line items] | |||
Share nominal value | kr / shares | kr 1 | ||
Aggregate number of warrants exercised | 812,532 |