Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Trading Symbol | ASND |
Entity Registrant Name | Ascendis Pharma A/S |
Entity Central Index Key | 0001612042 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 47,985,837 |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Document Accounting Standard | International Financial Reporting Standards |
Entity Incorporation, State or Country Code | G7 |
Entity Address, Country | DK |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Title of 12(b) Security | Ordinary shares |
Security Exchange Name | NASDAQ |
Entity File Number | 001-36815 |
Business Contact [member] | |
Document Information [Line Items] | |
Contact Personnel Name | Jan Møller Mikkelsen |
City Area Code | +45 |
Local Phone Number | 70 22 22 44 |
American Depositary Shares [member] | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares |
Security Exchange Name | NASDAQ |
No Trading Symbol Flag | true |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Profit or loss [abstract] | ||||
Revenue | € 13,375 | € 10,581 | € 1,530 | |
Research and development costs | (191,621) | (140,281) | (99,589) | |
General and administrative expenses | (48,473) | (25,057) | (13,482) | |
Operating profit/(loss) | (226,719) | (154,757) | (111,541) | |
Share of profit/(loss) of associate | (8,113) | (321) | ||
Finance income | 17,803 | 24,714 | 923 | |
Finance expenses | (1,221) | (127) | (13,756) | |
Profit/(loss) before tax | (218,250) | (130,491) | (124,374) | |
Tax on profit/(loss) for the year | 234 | 394 | 477 | |
Net profit/(loss) for the year | (218,016) | (130,097) | (123,897) | |
Items that may be reclassified subsequently to profit or loss: | ||||
Exchange differences on translating foreign operations | (37) | 17 | 65 | |
Other comprehensive income/(loss) for the year, net of tax | (37) | 17 | 65 | |
Total comprehensive income/(loss) | (218,053) | (130,080) | (123,832) | |
Profit/(loss) for the year attributable to owners of the Company | (218,016) | (130,097) | (123,897) | |
Total comprehensive income/(loss) for the year attributable to owners of the Company | € (218,053) | € (130,080) | € (123,832) | |
Basic and diluted earnings/(loss) per share | € (4.69) | € (3.17) | € (3.68) | |
Number of shares used for calculation (basic and diluted) | [1] | 46,506,862 | 41,085,237 | 33,626,305 |
[1] | A total of 5,820,211 warrants outstanding as of December 31, 2019 (a total of 5,611,629 warrants and 4,621,154 warrants outstanding as of December 31, 2018 and 2017, respectively) 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. |
Consolidated Statements of Pr_2
Consolidated Statements of Profit or Loss and Other Comprehensive Income (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Warrants [member] | |||
Statement [LineItems] | |||
Warrants outstanding | 5,820,211 | 5,611,629 | 4,621,154 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current assets | ||
Intangible assets | € 3,495 | € 3,495 |
Property, plant and equipment | 45,069 | 4,325 |
Investment in associate | 15,538 | 17,083 |
Deposits | 1,463 | 1,158 |
Total non-current assets | 65,565 | 26,061 |
Current assets | ||
Receivable from associate | 804 | |
Trade receivables | 6 | |
Other receivables | 3,136 | 1,775 |
Prepayments | 7,648 | 12,415 |
Income taxes receivable | 1,473 | 849 |
Cash and cash equivalents | 598,106 | 277,862 |
Total current assets | 611,167 | 292,907 |
Total assets | 676,732 | 318,968 |
Equity | ||
Share capital | 6,443 | 5,659 |
Distributable equity | 590,671 | 274,391 |
Total equity | 597,114 | 280,050 |
Non-current liabilities | ||
Lease liabilities | 30,720 | |
Other payables | 908 | |
Total non-current liabilities | 31,628 | |
Current liabilities | ||
Lease liabilities | 5,899 | |
Contract liabilities | 858 | 6,902 |
Trade payables | 27,765 | 19,740 |
Other payables | 13,349 | 12,267 |
Income taxes payable | 119 | 9 |
Total Current liabilities | 47,990 | 38,918 |
Total liabilities | 79,618 | 38,918 |
Total equity and liabilities | € 676,732 | € 318,968 |
Consolidated Statements of Chan
Consolidated 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, 2016 | € 176,613 | € 4,354 | € 298,567 | € (79) | € 13,084 | € (139,313) |
Statement [LineItems] | ||||||
Loss for the year | (123,897) | (123,897) | ||||
Other comprehensive loss, net of tax | 65 | 65 | ||||
Total comprehensive income/(loss) | (123,832) | 65 | (123,897) | |||
Share-based payment (Note 6) | 9,709 | 9,709 | ||||
Capital increase | 133,109 | 613 | 132,496 | |||
Cost of capital increase | (8,388) | (8,388) | ||||
Equity at Dec. 31, 2017 | 187,211 | 4,967 | 422,675 | (14) | 22,793 | (263,210) |
Statement [LineItems] | ||||||
Loss for the year | (130,097) | (130,097) | ||||
Other comprehensive loss, net of tax | 17 | 17 | ||||
Total comprehensive income/(loss) | (130,080) | 17 | (130,097) | |||
Share-based payment (Note 6) | 19,652 | 19,652 | ||||
Capital increase | 216,385 | 692 | 215,693 | |||
Cost of capital increase | (13,118) | (13,118) | ||||
Equity at Dec. 31, 2018 | 280,050 | 5,659 | 625,250 | 3 | 42,445 | (393,307) |
Statement [LineItems] | ||||||
Loss for the year | (218,016) | (218,016) | ||||
Other comprehensive loss, net of tax | (37) | (37) | ||||
Total comprehensive income/(loss) | (218,053) | (37) | (218,016) | |||
Share-based payment (Note 6) | 37,486 | 37,486 | ||||
Capital increase | 529,332 | 784 | 528,548 | |||
Cost of capital increase | (31,701) | (31,701) | ||||
Equity at Dec. 31, 2019 | € 597,114 | € 6,443 | € 1,122,097 | € (34) | € 79,931 | € (611,323) |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | |||
Net profit/(loss) for the year | € (218,016) | € (130,097) | € (123,897) |
Reversal of non-cash consideration regarding revenue | (6,522) | (10,508) | |
Reversal of share of profit/(loss) of associate | 8,113 | 321 | |
Reversal of finance income | (17,803) | (24,714) | (923) |
Reversal of finance expenses | 1,221 | 127 | 13,756 |
Reversal of tax charge | (234) | (394) | (477) |
Adjustments for: | |||
Share-based payment | 37,486 | 19,652 | 9,709 |
Depreciation and amortization | 6,689 | 880 | 734 |
Changes in working capital: | |||
Deposits | (305) | (865) | (25) |
Receivables | (1,877) | (183) | (671) |
Prepayments | 4,766 | (5,508) | (4,945) |
Trade payables and other payables | 7,530 | 8,262 | 10,755 |
Contract liabilities (deferred income) | (6,044) | (94) | |
Cash flows generated from/(used in) operations | (184,996) | (143,027) | (96,078) |
Finance income received | 10,056 | 4,020 | 923 |
Finance expenses paid | (717) | (127) | (97) |
Income taxes received/(paid) | (279) | 332 | 153 |
Cash flows from/(used in) operating activities | (175,936) | (138,802) | (95,099) |
Investing activities | |||
Acquisition of property, plant and equipment | (5,159) | (2,648) | (941) |
Cash flows from/(used in) investing activities | (5,159) | (2,648) | (941) |
Financing activities | |||
Finance lease liabilities | (4,038) | ||
Capital increase | 529,332 | 216,385 | 133,109 |
Cost of capital increase | (31,701) | (13,118) | (8,388) |
Cash flows from/(used in) financing activities | 493,593 | 203,267 | 124,721 |
Increase/(decrease) in cash and cash equivalents | 312,498 | 61,817 | 28,681 |
Cash and cash equivalents at January 1 | 277,862 | 195,351 | 180,329 |
Effect of exchange rate changes on balances held in foreign currencies | 7,746 | 20,694 | (13,659) |
Cash and cash equivalents at December 31 | 598,106 | 277,862 | 195,351 |
Restricted cash included in cash and cash equivalents | € 5,776 | € 5,566 | € 63 |
General Information
General Information | 12 Months Ended |
Dec. 31, 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, or IPO, 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 consolidated financial statements on April 1, 2020. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Significant Accounting Policies | Note 2—Summary of Significant Accounting Policies Basis of Preparation The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB, and as adopted by the European Union, or EU. The accounting policies applied when preparing the consolidated financial statements are described in detail below and are applied for all entities. Unless otherwise stated under the section “Changes in Accounting Policies and Disclosures” below, these policies have been applied consistently to all years presented. Significant accounting judgements and estimates used when exercising the accounting policies are described in Note 3. Our consolidated financial statements have been prepared under the historical cost convention, apart from certain financial instruments that are measured at fair value at initial recognition. Changes in Accounting Policies and Disclosures Adoption of IFRS 16 “Leases” 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 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 and 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 For short-term leases and leases of low value assets, lease payments are recognized on a straight-line basis over the lease term in the consolidated statement of profit or loss as research and development costs or as general and administrative expenses, as a pprop riate 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 consolidated 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 at January 1, 2019 had no impact on accumulated deficits . Other New and Amended Standards and Interpretations 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 consolidated financial statements have been applied consistently to all the periods presented, unless otherwise stated. Going Concern The Company’s Board of Directors has, at the time of approving the consolidated financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, we continue to adopt the going concern basis of accounting in preparing the financial statements. Recognition and Measurement Assets are recognized in the consolidated statements of financial position when it is probable, as a result of a prior event, that future economic benefits will flow to us and the value of the asset can be measured reliably. Liabilities are recognized in the consolidated statements of financial position when we have a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow from us and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost or at fair value, depending on the classification of the items. Measurement subsequent to initial recognition is affected as described below for each financial statement item. Events that arise before the time of presentation of the consolidated financial statements and that confirm or invalidate affairs and conditions existing at the consolidated financial statements date are considered. Financial statement items affected by those events are adjusted if those events provide evidence of conditions that existed at the consolidated financial statements date. Income is recognized in the consolidated statements of profit or loss when earned, whereas costs are recognized by the amounts attributable to the financial year. Basis of Consolidation The consolidated financial statements include our parent company, Ascendis Pharma A/S, and all enterprises over which the parent company has control. We control an enterprise when we are exposed to, or have rights to, variable returns from our involvement with the enterprise and have the ability to control those returns through our power over the entity. Accordingly, the consolidated financial statements include Ascendis Pharma A/S and the subsidiaries listed in Note 19. Consolidation Principles The consolidated financial statements comprise the parent company reporting We reassess whether the parent company • The contractual arrangement(s) with the other vote holders of the enterprise; • The Company’s and • Rights arising from other contractual arrangements. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between our group enterprises are eliminated in full on consolidation. Subsidiaries and our associate apply accounting policies in line with the Company’s accounting policies. When necessary, adjustments are made to bring the entities’ accounting policies in line with those of the Company. Investment in Associates An associate is an entity over which we have significant influence over financial and operational decisions but where we have neither control nor joint control. The Company’s associate is accounted for using the equity method. Under the equity method, the associate is initially recognized at cost. Thereafter, the carrying amount of the investment is adjusted to recognize changes in the Company’s share of net assets of the associate since the acquisition or establishment date. The consolidated statements of profit or loss include the Company’s share of result after tax and other interests of the associate. Transactions between the associate and the Company are eliminated proportionally according to our interest in the associate. Unrealized gains and losses resulting from transactions between the Company and its associate is eliminated to the extent of the Company’s interest in the associate. After application of the equity method, we determine whether it is necessary to recognize an impairment loss related to the associate. Accordingly, at each reporting date, we determine whether there is objective evidence that the associate is impaired. If there is such evidence, we calculate the amount of impairment as the difference between the recoverable amount of the associate and its carrying value. Any impairment loss is recognized within share of profit/(loss) of associate in the consolidated statements of profit or loss. Foreign Currency Functional and Presentation Currency Items included in the consolidated financial statements are measured using the functional currency of each Group entity. Functional currency is the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in Euro (EUR), which is also the functional currency of the parent company. Translation of Transactions and Balances On initial recognition, transactions in currencies other than the individual entity’s functional currency are translated applying the exchange rate in effect at the date of the transaction. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the reporting reporting Exchange rate differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the reporting non-monetary Currency Translation of Group Enterprises When subsidiaries or associates that present their financial statements in a functional currency other than EUR are recognized in the consolidated financial statements, their statements of profit or loss are translated at average exchange rates. Balance sheet items are translated using the exchange rates at the reporting date. Exchange rate differences arising from translation of foreign entities’ balance sheet items at the beginning of the year to the reporting date exchange rates as well as from translation of statements of profit or loss from average rates to the exchange rates at the reporting date are recognized in other comprehensive income. Similarly, exchange rate differences arising from changes that have been made directly in a foreign subsidiary’s equity are recognized in other comprehensive income. Business Combinations Newly acquired or newly established subsidiaries are recognized in the consolidated financial statements from the time of acquiring or establishing such enterprises. Time of acquisition is the date on which we obtain control over the enterprise. When acquiring new enterprises over which we obtain control, the acquisition method is applied. Under this method, we identify assets, liabilities and contingent liabilities of these enterprises and measure them at fair value at the acquisition date. Restructuring costs are only recognized in the pre-acquisition The acquisition price for an enterprise consists of the fair value of the consideration paid for the acquired enterprise. Costs that are attributable to the acquisition of the enterprise are recognized in the consolidated statement of profit or loss when incurred. The excess of the consideration transferred, the amount of any non-controlling Goodwill is subject to an Revenue Our revenue is primarily generated from collaboration and license agreements. Further, we also generate revenue from development services under development and commercialization agreements, including delivery of clinical supply material. Additionally, revenue is generated from feasibility studies for potential partners to evaluate if our TransCon technologies enable certain advantages for their product candidates of interest. Such feasibility studies are often structured as short-term agreements with fixed fees for the work that we perform. When we enter into contracts with customers, we assess the goods and/or services promised in the contract and identify distinct performance obligations. A promise in the agreement is considered a distinct performance obligation if both of the following criteria are met: • the customer can benefit from the goods or services , services • the entity’s promise to transfer the goods or service to the customer is separately identifiable from other promises in the contract (i.e ., Under collaboration, license, and other agreements that contain multiple promises to the customer, the promises are identified and accounted for as separate performance obligations if these are distinct. If promises are not distinct, we combine those goods or services with other promised goods or services until we identify a bundle of goods or services that is distinct. The transaction price in the contract is measured at fair value and reflects the consideration we expect to be entitled to in exchange for those goods or services. In the transaction price, variable consideration , The transaction price is allocated to each performance obligation according to their stand-alone selling prices and is recognized when control of the goods or services are transferred to the customer , Revenue is stated net of value added tax and duties collected on behalf of a third party, and discounts. Usually, the payment terms are within one to two months. We have no payment terms exceeding 12 months, and thus transaction prices are not adjusted for financing components. Research and Development Costs Our research and development costs consist primarily of manufacturing costs, preclinical and clinical study costs, salaries and other personnel costs including pension and share-based payment, the cost of facilities, the cost of obtaining and maintaining our intellectual property portfolio, and the depreciation of non-current Research costs comprise costs incurred at the early stages of the drug development cycle from the initial drug discovery and are recognized in the consolidated statement of profit or loss when incurred. Research activities that evolve into a development project, typically involves a single product candidate undergoing a series of studies to illustrate its safety profile and effect on human beings prior to obtaining the necessary approval from the appropriate authorities. Due to the risk related to the development of pharmaceutical products, we cannot estimate the future economic benefits associated with individual development projects with sufficient certainty until the development project has been finalized and the necessary market approval of the final product has been obtained. As a consequence, all development costs are recognized in the consolidated statement of profit or loss when incurred Development costs also comprise manufacturing costs related to validation batches, or process performance qualification batches, on late-stage development projects. In addition, manufacturing costs related to pre-launch , or , General and Administrative Expenses General and administrative expenses comprise salaries and other personnel costs including pension and share-based payment, office supplies, cost of facilities, and depreciation of non-current General and administrative expenses are recognized in the consolidated statement of profit or loss in the period to which they relate. Share-based Incentive Programs Share-based incentive programs under which board members, employees and select external consultants have the option to purchase shares in Ascendis Pharma A/S (equity-settled share-based payment arrangements) are measured at the equity instrument’s fair value at the grant date . The cost is recognized together with a corresponding increase in equity over the period in which the performance and/or service conditions are fulfilled, the vesting period. The fair value determined at the grant date of the equity-settled share-based payment is expensed on a straight-line basis over the vesting period for each tranche, based on our best estimate of the number of equity instruments that will ultimately vest. No expense is recognized for grants that do not ultimately vest. Where an equity-settled grant is cancelled, it is treated as if it vested on the date of the cancellation, and any expense not yet recognized for the grant is recognized immediately. Where the terms and conditions for an equity-settled grant is modified, we recognize as minimum the services measured at the grant date fair value over the vesting period. Additionally, we re-measure If a new grant is substituted for the cancelled grant and designated as a replacement grant on the date that it is granted, the cancelled and new grants are treated as if they were a modification of the original grant, as described in the previous paragraph. Any social security contributions payable in connection with the grant or exercise of the warrants are recognized as when The assumptions used for estimating the fair value of share-based payment transactions are disclosed in Note 6. Finance Income and Expenses Finance income and expenses comprise interest income and expenses and realized and unrealized exchange rate gains and losses on transactions denominated in foreign currencies. Interest income and interest expenses are stated on an accrual basis using the principal and the effective interest rate. The effective interest rate is the discount rate that is used to discount expected future cash payments or receipts through the expected life of the financial asset or financial liability to the amortized cost (the carrying amount), of such asset or liability. Income Taxes Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognized in the consolidated statement of profit or loss by the portion attributable to the profit or loss for the year, and recognized directly in equity or other comprehensive income by the portion attributable to entries directly in equity and in other comprehensive income. The current tax payable or receivable is recognized in the balance sheet, stated as tax computed on this year’s taxable income, adjusted for prepaid tax. When computing the current tax for the year, the tax rates and tax rules enacted or substantially enacted at the reporting Deferred tax is recognized according to the balance sheet liability method of all temporary differences between carrying amounts and tax-based Deferred tax liabilities are recognized on all temporary differences related to investments in our subsidiaries and /or Deferred tax is calculated based on the planned use of each asset and the settlement of each liability, respectively. Deferred tax is measured using the tax rates and tax rules in the relevant countries that, based on acts in force or acts in reality in force at the reporting Deferred tax assets, including the tax base of tax loss carry forwards, are recognized in the balance sheet at their estimated realizable value, either as a set-off At every reporting Intangible Assets Goodwill Goodwill acquired in a business combination is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not amortized but is subject to impairment testing at least on a yearly basis. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units, or group of cash-generating units, that are expected to benefit from the synergies of the combination. Each cash-generating unit or group of cash - Property, Plant and Equipment Property, plant and equipment is 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 used in operation. Property, plant and equipment also comprise right-of-use Subsequent costs are included in the carrying amount of the asset or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the assets will flow to us and the costs of the items can be measured reliably. All repair and maintenance costs are charged to the consolidated statement of profit or loss during the financial periods in which they are incurred. Plant and equipment acquired for research and development activities with alternative use, which are expected to be used for more than one year, are capitalized and depreciated over the estimated useful life as research and development costs , as appropriate If the acquisition or use of the asset involves an obligation to incur costs of decommissioning or restoration of the asset, the estimated related costs are recognized as a provision and as part of the relevant asset’s cost, respectively. The basis for depreciation is cost less estimated residual value. The residual value is the estimated amount that would be earned if selling the asset today net of selling costs, assuming that the asset is of an age and a condition that is expected after the end of its useful life. Cost of a combined asset is divided into smaller components, with such significant components depreciated individually if their useful lives vary. Depreciation commences when the asset is available for use, which is when it is in the location and condition necessary for it to be capable of operating in the manner intended. Depreciation is calculated on a straight-line basis, based on an asset’s expected useful life, being within following ranges: Process plant and machinery 5 - 10 years Other fixtures and fittings, tools and equipment 3 - 5 years Leasehold improvements 3 - 10 years Right-of-use s 2 - 10 years Depreciation methods, useful lives and residual amounts are reassessed at least annually. Property, plant and equipment are written down to the lower of recoverable amount and carrying amount, as described in the “Impairment” section below. Depreciation and impairment losses of property, plant and equipment are recognized in the consolidated statement of profit or loss as research and development costs or as general and administrative expenses, as appropriate. Gains and losses on disposal of property, plant and equipment are recognized in the consolidated statement of profit or loss at its net proceeds, as either other income or other expenses, as appropriate. Impairment The recoverable amount of goodwill is estimated annually irrespective of any recorded indications of impairment. Property, plant and equipment and finite-lived intangible assets are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows, or cash-generating units, which for goodwill represent the lowest level within the enterprise at which the goodwill is monitored for internal management purposes. Prior impairments of non-financial Receivables Receivables comprise deposits, receivables from associate, trade receivables, and other receivables, which are separately presented in the consolidated statements of financial position. Receivables (excluding receivables related to VAT and other indirect tax receivables) are classified as financial assets at amortized cost, as these are held to collect contractual cash flows and thus give rise to cash flows representing solely payments of principal and interest. Trade receivables are initially recognized at their transaction price and subsequently measured at amortized cost. Deposits are initially measured at their fair value and subsequently measured at amortized cost. Other receivables comprise VAT and other indirect tax receivables, and thus not classified as financial assets, are measured at cost less impairment. The carrying amounts of receivables usually equals their nominal value less provision for impairments. Prepayments Prepayments comprise costs relating to a future financial period. Prepayments are measured at cost. Cash and Cash Equivalents Cash and cash equivalents comprise cash and on-demand Allowance for Expected Credit Losses on Financial Assets Financial assets comprise receivables (excluding receivables relating to VAT and other indirect tax receivables) and cash and cash equivalents. Provision for bad debts is determined on the basis of a forward-looking expected credit loss (“ECL”) model. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and the cash flows expected to be received, discounted by an approximation of the original effective interest rate. For receivables, we apply a simplified approach in calculating ECLs. Therefore, we do not track changes in credit risk, but instead we assess a loss allowance based on lifetime ECL at each reporting date. Lifetime ECLs are assessed on historical credit loss experience, adjusted for forward-looking factors specific to the counterparts and the economic environment. For cash and cash equivalents, ECLs are assessed for credit losses that result from default events that are possible within the next 12-months (“12-month on-demand 12-month Shareholders’ Equity The share capital comprises the nominal amount of the parent company’s ordinary shares, each at a nominal value of DKK 1, or approximately €0.13. All shares are fully paid. Share premium reserve comprises the amounts received, attributable to shareholders’ equity, in excess of the nominal amount of the shares issued at the parent company’s capital increases, reduced by any expenses directly attributable to the capital increases. Foreign currency translation reserve includes exchange rate adjustments relating to the translation of the results and net assets of our foreign operations from their functional currencies to our presentation currency. The accumulated reserve of a foreign operation is recognized in the consolidated statement of profit or loss at the time we lose control, and thus cease to consolidate such foreign operation. The foreign currency translation reserve is an unrestricted reserve that is available to be distributed as dividends to the Company’s shareholders. Reserve for share-based payment represents the corresponding entries to the share-based payment recognized in the consolidated statement of profit or loss, arising from our warrant programs. Retained earnings or accumulated deficit represents the accumulated profits or losses from the Company’s operations. A positive reserve is available to be distributed as dividends to the Company’s shareholders. Leases With reference to “Changes to A P Disclosures”, Company has adopted IFRS 16 “Leases ” (“IFRS 16”), From January 1, 2019, upon adoption of IFRS 16, we assess at contract inception whether a contract is, or contains, a lease, i.e ., Except for short-term leases and leases of low value assets, we apply a single recognition and measurement approach as described below. For short-term leases and leases of low value assets, lease payments are recognized on a straight-line basis over the lease term in the consolidated statement of profit or loss as research and development costs or as general and administrative expenses, as appropriate The Company does not act as a lessor, neither does it act as a sub-lessor. Right-of-use A Right-of-use Right-of-use right-of-use right-of-use Right-of-use lives Lease L At the lease commencement date, we recognize lease liabilities measured at the present value of fixed lease payments and variable lease payments that depend on an index or a rate, whereas variable lease payments and payments related to non-lease When interest rates implicit in the lease contracts are not readily available, the present value of lease payments are calculated by applying the relevant lease holding entities’ incremental borrowing rates. Following the commencement date, the incremental borrowing rate is not changed unless the lease term is modified, or if the lease payments are modified and this modification results from a change in floating interest rates. From the lease commencement date and over the lease term, the carrying amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in lease term, or a change in lease payments, including changes to future payments resulting from a change in an index used to determine such lease payments. Trade Payables Trade payables including accrued expenses are measured at amortized cost. Other Payables Other payables comprise payables to public authorities, and short-term employee benefits. Other payables are measured at their net-realizable Contract Liabilities Contract liabilities comprise deferred income from collaboration agreements and license agreements, where consideration received does not match the individual deliverables with respect to amount and satisfied performance obligations. Deferred income typically arises from up-front up-front Deferred income is measured at the fair value of the consideration received and is recognized as revenue in the consolidated statement of profit or loss when the relevant performance obligation, to which the deferred income relates, is satisfied. Cash Flow Statement The cash flow statement shows cash flows from operating, investing and financing activities as well as cash 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 profit or loss adjusted for non-cash Cash flows from investing activities comprise payments in connection with acquisitions, development, improvement and sale, etc. of intangible assets, property, plant and equipment, and group enterprises. Cash flows from financing activities comprise payments related to lease liabilities, and changes in the share capital of Ascendis Pharma A/S and related costs. The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency is presented separately from cash flows from operating, investing and financing activities. Cash flows in currencies other than the functional currency are recognized in the cash flow statement, using the average exchange rates. Cash and cash equivalents comprise cash at hand and deposits with financial institutions. Any restricted cash included in the balance of cash and cash equivalents is presented as an additional disclosure in the cash flow statement. Segment Reporting We are managed and operated as one operating and reportable segment. No separate operating segments or reportable segments have been identified in relation to product candidates or geographical markets. Accordingly, except for entity wide disclosures, we do not disclose segment information on business segments or geographical markets. Basic EPS Basic Earnings per Share, or EPS, is calculated as the consolidated net income or loss from continuing operations for the period divided by the weighted average number of ordinary shares outstanding. Diluted EPS Diluted earnings per share is calculated as the consolidated net income or loss from continuing operations for the period divided by the weighted average number of ordinary shares outstanding adjusted for the dilutive effect of share equivalents. If the consolidated statement of profit or loss shows a net loss, no adjustment is made for the dilutive effect, as such effect would be anti-dilutive. New International Financial Reporting Standards Not Yet Effective The IASB has issued, and the European Union has adopted, a number of new or amended standards, which have not yet become effective. Therefore, these new standards have not been incorporated in these consolidated financial statements. Our financial reporting is not expected to be affected by such new or improved standards. |
Critical Accounting Judgments a
Critical Accounting Judgments and Key Sources of Estimation Uncertainty | 12 Months Ended |
Dec. 31, 2019 | |
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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 in Applying Accounting Policies The following are the critical judgments, apart from those involving estimates, please see below, made in the process of applying our accounting policies and that have the most significant effect on the amounts recognized in our consolidated financial statements. Revenue Recognition We evaluate all our revenue generating transactions to ensure recognition in accordance with IFRS. Revenue is primarily generated from collaboration and license agreements, which typically involve multiple promises, and thus require significant judgments by us on certain areas including: • Determining whether the promises in the agreements are distinct performance obligations; • Identifying and constraining variable consideration in the transaction price including milestone payments; • Allocating transaction price to identified performance obligations based on their relative stand-alone selling prices; and • Determining whether performance obligations are satisfied over time, or at a point in time. Critical judgments relating to specific revenue transactions are described below. License Agreements Judgments that significantly affect the determination of the amount and timing of revenue from contracts with customers relates to three license agreements, which were entered into in 2018. Identifying Performance Obligations and Allocating Transaction Price The three license agreements with our associate Visen (“licensee”), grant the licensee exclusive rights to develop, manufacture, and commercialize patented product candidates in Greater China (the “Territory”), including the right to grant sub-licenses In determination of the performance obligations under the license agreements, we have considered the stand-alone values of the promises in the contracts, and our responsibility in the future development activities including bringing the licensed products to market in the Territory. While licensed product candidates are all in phase 1 clinical trials or later stages of development, we have concluded that the licensee can benefit from each promise in the contract either on their own or together with readily available resources. Accordingly, licenses, development services, and clinical trial supplies are all considered distinct performance obligations. Classification of Licenses as “Right-to-Use” “Right-to-Access” We have considered whether we are obligated or expected to perform research and development activities that significantly affect the licensee’s ability to benefit from product candidates. If we are contractually obligated, or if we determine that we are expected to perform research and development activities affecting the stand-alone functionality of the product candidate, the license is classified as “right-to-access”. “right-to-use”. While licensed products are patented drug formulas, our future activities do not affect their stand-alone functionalities. Accordingly, all three licenses have been classified as “right-to-use”, Share-Based Payment IFRS 2, “Share-Based Payment” requires an entity to reflect in its profit or loss and financial position the effects of share-based payment transactions, including expenses associated with transactions in which share options are granted to employees. We have granted warrants to employees, select consultants and board members under three different programs. We use the Black-Scholes option-pricing model to value the warrants granted and critical judgments need to be exercised in determining the appropriate input to the valuation model as well as to determine the appropriate way of recognizing the expenses under IFRS 2. Warrants granted under our warrant programs vest on a monthly basis over periods of up to 48 months. Due to the graded vesting, the related expenses are recognized on an accelerated basis; i.e. , See Note 6 for additional details on our warrant programs and recognition of expenses under IFRS 2. Internally Generated Intangible Assets IAS 38, “Intangible Assets” prescribes that intangible assets arising from development projects must be recognized in the consolidated statements of financial position Such an intangible asset shall be recognized if it can be documented that the future income from the development project will exceed the aggregate cost of development, production, sale and administration of the product. Due to the risk associated with drug development, future income from development projects cannot be determined with sufficient certainty until the development activities have been completed and the necessary marketing approvals have been obtained. Accordingly, we do not recognize internally generated intangible assets at this time. Joint Arrangements / Collaboration Agreements Collaboration agreements within our industry are often structured so that each party contributes its respective skills in the various phases of a development project. No joint control exists for such collaborations and the parties do not have any financial obligations on behalf of each other. Accordingly, neither of our collaborations nor license agreements are considered to be joint arrangements as defined in IFRS 11, “Joint Arrangements”. Key Sources of Estimation Uncertainty The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year. Revenue Recognition—Allocation of Transaction Price to Performance Obligations Transaction prices for our license agreements include up-front, non-refundable, non-cash For two license agreements, entered in 2018, we have allocated up-front Impairment of Goodwill Determining whether goodwill is impaired requires an estimation of the recoverable amount, being the higher of fair value less costs of disposal or value in use, of the cash-generating units to which goodwill has been allocated. The Company is determined to be a single cash-generating unit. Accordingly, the recoverable amount is determined based on an estimation of the Company’s fair value less costs of disposal. We have determined the fair value of goodwill after taking into account the market value of our ADSs representing the enterprise value of the group enterprise as of the reporting N Recognition of Accruals and Prepayments for Development, Manufacturing and Clinical Trial Activities Payment terms for contractual work related to development, manufacturing, and clinical trial activities do not necessarily reflect the stage of completion of the individual projects and activities. Determination of the stage of completion for ongoing activities include estimation uncertainties as future efforts to complete the specific activity may be difficult to predict. We have reviewed all significant ongoing activities at the reporting date to determine the stage of completion compared to the invoices received and recognized accruals for any additional costs or prepayments for any invoiced costs in excess of the stage of completion. As of December 31, 2019, the consolidated statement of financial position included prepaid project costs of €5.8 million and accrued project costs of €10.5 million, compared to €11.4 million and €9.1 million, respectively, as of December 31, 2018. Useful Lives of Property, Plant and Equipment We review the estimated useful lives of property, plant and equipment at the end of each reporting period. We have concluded that the useful lives applied for 2019, 2018 and 2017 are appropriate. Leases 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 /or 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 ., 1-6 non-cancellable non-cancellable Incremental Borrowing Rate Lease payments are discounted over the non- cancellable 2.25-2.5% 4.25-5.0% Except for the above areas, assumptions and estimates are not considered to be critical to the consolidated financial statements |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
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Revenue | Note 4—Revenue Revenue has been recognized in the consolidated statements of profit or loss with the following amounts: 2019 2018 2017 (EUR’000) Revenue from external customers Revenue from rendering of services (recognized over time) 9,919 1,215 1,530 Sale of clinical supply (recognized at a point in time) 804 — — “Right-to-use” 2,652 9,366 — Total revenue 13,375 10,581 1,530 2019 2018 2017 (EUR’000) Total revenue specified per geographical location North America 2,652 10,581 1,530 China 10,723 — — Total revenue 13,375 10,581 1,530 Revenue from a single customer was €13.4 million, €10.5 million, and €1.5 million for the financial years ended December 31, 2019, 2018 and 2017, respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
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Segment Information | Note 5—Segment Information The Company is 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, except for entity wide disclosures, we do not disclose information on business segments or geographical markets. Entity wide disclosures regarding revenue are included in Note 4. The Company’s intangible assets, and property, plant and equipment (“non-current right-of-use 2019 2018 (EUR’000) Non-current segment assets Denmark (domicile country) 15,738 4,922 North America 27,275 341 Germany 5,551 2,557 Total non-current 48,564 7,820 Investment in associate 15,538 17,083 Deposits 1,463 1,158 Total non-current 65,565 26,061 |
Staff Cost
Staff Cost | 12 Months Ended |
Dec. 31, 2019 | |
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Staff Cost | Note 6—Staff Cost 2019 2018 2017 (EUR’000) Wages and salaries 49,142 29,418 19,918 Share-based payment 37,486 19,652 9,709 Pensions (defined contribution plans) 648 444 324 Social security costs 3,613 1,793 1,156 Total staff costs 90,889 51,307 31,107 Average number of employees 274 167 121 Staff costs are recognized in the consolidated statement of profit or loss as follows: 2019 2018 2017 (EUR’000) Research and development costs 61,890 34,146 21,845 General and administrative expenses 28,999 17,161 9,262 Total staff costs 90,889 51,307 31,107 Key Management Personnel includes our Board of Directors and Executive Board and comprises 7 and 2 persons, respectively, for 2019 and 2018, and 8 and persons , respectively , for 2017. Compensation to Key Management Personnel comprises salaries, participation in annual bonus schemes, and share-based compensation. Share-based compensation is elaborated in further details in the section “ S P Compensation to Key Management Personnel included within total staff costs are summarized below: 2019 2018 2017 (EUR’000) Wages and salaries 2,080 1,809 1,731 Share-based payment 7,167 5,112 3,576 Social security costs 94 152 70 Total Compensation to Key Management Personnel 9,341 7,073 5,377 Out of the total compensation to key management personnel, € 2,129 7,212 5,303 Share-based payment Ascendis Pharma A/S has established warrant programs, equity-settled share-based payment transactions, as an incentive for all of our employees, members of our Board of Directors and select external consultants. Warrants are granted by the Board of Directors in accordance with authorizations given to it by the shareholders of Ascendis Pharma A/S. As of December 31, 2019, 9,378,787 warrants had been granted, of which 19,580 warrants have been cancelled, 3,271,250 warrants have been exercised, 2,168 warrants have expired without being exercised, and 265,578 warrants have been forfeited. As of December 31, 201 9 Vesting Conditions Warrants issued during the period from 2008 to 2012 generally vested over 36 months with 1/36 of the warrants vesting per month from the date of grant. However, some of these warrants were subject to shorter vesting periods, to a minimum of 24 months. All such warrants have been exercised or have expired as of December 31, 2018. Effective from December 2012, warrants granted generally vest over 48 months with 1/48 of the warrants vesting per month from the date of grant. Effective from January 2015 Warrants generally cease to vest from the date of termination in the event that (i) the warrantholder terminates the employment contract and the termination is not a result of breach of the employment terms by us, or (ii) in the event that we terminate the employment contract and the warrantholder has given us good reason to do so. The warrantholder will, however, be entitled to exercise vested warrants in the first exercise period after termination. In the event that we terminate the employment contract and the warrantholder has not given us good reason to do so, the warrantholder may keep the right to continued vesting and exercise of warrants as if the employment was still in effect. In such case, any expense not yet recognized for the outstanding warrants is recognized immediately. Warrants issued to consultants, advisors and board members only vest so long as the consultant, advisor or board member continues to provide services to us. Exercise Periods Vested warrants may be exercised during certain exercise periods each year. For 519,049 outstanding warrants, there are two annual exercise periods that continue for 21 days from and including the day after the publication of (i) the annual report notification—or if such notification is not published—the annual report and (ii) our interim report (six-month (six-month second-to-last In the event of liquidation, a merger, a demerger, a sale or share exchange of more than 50% of our share capital, the warrantholders may be granted an extraordinary exercise period immediately prior to the transaction in which warrants may be exercised. Warrants not exercised by the warrantholder during the last exercise period shall become null and void without further notice or compensation or payment of any kind to the warrantholder. If the warrantholder is a consultant, advisor or board member, the exercise of warrants is conditional upon the warrantholder’s continued service to us at the time the warrants are exercised. If the consultant’s, advisor’s or board member’s relationship with us should cease without this being attributable to the warrantholder’s actions or omissions, the warrantholder shall be entitled to exercise vested warrants in the pre-defined Adjustments Warrantholders are entitled to an adjustment of the number of warrants issued and/or the exercise price applicable in the event of certain corporate changes. Events giving rise to an adjustment include, among other things, increases or decreases to our share capital at a price below or above market value, respectively, the issuance of bonus shares, changes in the nominal value of each share, and payment of dividends in excess of 10% of the Company’s equity. On January 13, 2015, in preparation for the Company’s IPO, the shareholders decided at an extraordinary general meeting to issue bonus shares in the ratio of 3:1 of the Company’s authorized, issued and outstanding ordinary and preference shares. The decision had a corresponding impact on the number of warrants issued and the exercise prices for outstanding warrants. Accordingly, the number of warrants was adjusted upwards in the ratio of 3:1 with a corresponding downward adjustment of the exercise prices in the ratio of 3:1. The effect of the bonus shares has been retrospectively reflected in all periods presented in these consolidated financial statements. Warrant Activity The following table specifies the of Total Warrants Weighted Average Exercise Price EUR Outstanding at January 1, 2017 3,691,765 13.05 Granted during the year 1,196,000 30.15 Exercised during the year (1) (193,171 ) 8.49 Forfeited during the year (73,440 ) 16.42 Expired during the year — — Outstanding at December 31, 2017 4,621,154 17.62 Vested at the reporting 2,034,791 11.48 Granted during the year 1,637,375 54.43 Exercised during the year (1) (611,683 ) 10.82 Forfeited during the year (35,217 ) 28.24 Expired during the year — — Outstanding at December 31, 2018 5,611,629 29.03 Vested at the reporting 2,478,770 15.81 Granted during the year 1,300,600 97.01 Exercised during the year (1) (1,058,722 ) 16.33 Forfeited during the year (33,296 ) 58.49 Expired during the year — — Outstanding at December 31, 2019 5,820,211 46.36 Vested at the reporting 2,705,693 24.93 (1) The weighted average share price ( listed The following table specifies the weighted average exercise prices and weighted average remaining contractual life for outstanding warrants at December 31, 2019, per grant year. Number of Outstanding Warrants Weighted Average Exercise Price EUR Weighted Average Remaining Life (months) Granted in 2012-2016 1,889,205 14.43 67 Granted in 2017 1,093,659 30.15 94 Granted in 2018 1,546,947 54.43 106 Granted in 2019 1,290,400 97.01 117 Outstanding at December 31, 2019 5,820,211 46.36 94 At December 31, 2019, the exercise prices of outstanding warrants under our warrant programs range from €6.48 to €107.14 depending on the grant dates. The range of exercise prices for outstanding warrants was €6.48 - €60.23, and €6.48 - €31.60, for the financial years ended December 31, 2018 and 2017, respectively. The weighted average remaining life for outstanding warrants was 96 months and 112 months, for the financial years ended December 31, 2018 and 2017, respectively. Warrant Compensation Costs Warrant compensation cost is recognized in the consolidated statement of profit or loss over the vesting period of the warrants granted. 2019 2018 2017 (EUR’000) Research and development costs 22,357 10,225 4,775 General and administrative expenses 15,129 9,427 4,934 Total warrant compensation costs 37,486 19,652 9,709 Warrant compensation costs are determined with basis in the grant date fair value of the warrants granted and recognized over the vesting period. Fair value of the warrants is calculated at the grant dates by use of the Black-Scholes Option Pricing model with the following assumptions: (1) an exercise price equal to the estimated market price of our shares at the date of grant; (2) an expected lifetime of the warrants determined as a weighted average of the time from grant date to date of becoming exercisable and from grant date to expiry of the warrants; (3) a risk free interest rate equaling the effective interest rate on a Danish government bond with the same lifetime as the warrants; (4) no payment of dividends; and (5) a volatility for comparable companies for a historic period equaling the expected lifetime of the warrants. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the warrants is indicative of future trends. The expected volatility has been calculated using a simple average of daily historical data of comparable publicly traded companies, as we do not have sufficient data for the volatility of our own share price. The following table summarizes the input to the Black-Scholes Option Pricing model and the calculated fair values for warrant grants in 2019, 2018 and 2017: 2019 2018 2017 Expected volatility 52 - 53 – 57% 54 – 60% Risk-free interest rate (0.77) – (0.05)% (0.23) – 0.46% (0.34) – 0.25% Expected life of warrants (years) 5.05 – 7.10 5.05 – 7.14 5.05 – 7.10 Weighted average exercise price € € € Fair value of warrants granted in the year € € € |
Finance Income and Finance Expe
Finance Income and Finance Expenses | 12 Months Ended |
Dec. 31, 2019 | |
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Finance Income and Finance Expenses | Note 7—Finance Income and Finance Expenses 2019 2018 2017 (EUR’000) Interest income 10,056 4,020 923 Exchange rate gains 7,747 20,694 — Total finance income 17,803 24,714 923 Interest expense s 207 127 97 Lease interest 1,014 — — Exchange rate losses — — 13,659 Total finance expenses 1,221 127 13,756 Interest income and interest expense s |
Tax on Profit_(Loss) for the Ye
Tax on Profit/(Loss) for the Year and Deferred Tax | 12 Months Ended |
Dec. 31, 2019 | |
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Tax on Profit/(Loss) for the Year and Deferred Tax | Note 8—Tax on Profit/(Loss) for the Year and Deferred Tax 2019 2018 2017 (EUR’000) Tax on profit/(loss) for the year: Current tax (expense)/income 234 394 477 234 394 477 Tax for the year can be explained as follows: Profit/(loss) before tax (218,250 ) (130,491 ) (124,374 ) Tax at the Danish corporation tax rate of 22% 48,015 28,708 27,362 Tax effect of: Non-deductible (8,249 ) (4,327 ) (1,553 ) Additional tax deductions 10,875 4,074 356 Impact (1,680 ) (2,383 ) — Tax credits — — (1,028 ) Other effects including effect of different tax rates 1,602 143 598 Deferred tax asset, not recognized (50,329 ) (25,821 ) (25,258 ) Tax on profit/(loss) for the year 234 394 477 Effective tax rate (0.11 ) % (0.30 )% (0.38 )% No changes to deferred tax ha ve 2019 2018 2017 Specification of Deferred Tax Asset s Tax deductible losses 123,234 74,120 52,084 Other temporary differences 5,631 4,416 631 Deferred tax asset, not recognized (128,865 ) (78,536 ) (52,715 ) Total Deferred Tax Asset s 0 0 0 D D s The Company had tax losses carried forward of €560.2 million, and €336.9 million at December 31, 2019 and December 2018, respectively, and relate to Danish entities. Tax losses can be carried forward infinitely, where certain limitations exist for amounts to be utilized each year. Under Danish tax legislation, tax losses may be partly refunded by the tax authorities to the extent such tax losses arise from research and development activities. For the year ended December 31, 2019, the jointly taxed Danish entities had a negative taxable income, and accordingly were entitled to a tax refund of approximately € 0.7 The parent company Ascendis Pharma A/S is jointly taxed with its Danish subsidiaries. The current Danish corporation tax is allocated between the jointly taxed Danish companies in proportion to their taxable income (full absorption with refunds for tax losses). These companies are taxed under the on-account |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
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Intangible Assets | Note 9—Intangible Assets Goodwill (EUR’000) Cost: At January 1, 2018 3,495 Additions — December 31, 2018 3,495 Additions — December 31, 2019 3,495 Accumulated impairment: At January 1, 2018 — Impairment charge — At December 31, 2018 — Impairment charge — At December 31, 2019 — Carrying amount: At December 31, 2018 3,495 At December 31, 2019 3,495 Due to the risk associated with drug development, future income from development projects cannot be determined with sufficient certainty until the development activities have been completed and the necessary marketing approvals have been obtained. Accordingly, we do not recognize internally generated intangible assets at this time. Thus, all research and development costs incurred for the financial years ended December 31, 2019, 2018 and 2017, were recognized in the consolidated statement of profit or loss. Goodwill relates to the acquisition of Complex Biosystems GmbH (now Ascendis Pharma GmbH) in 2007. Goodwill was calculated as the excess amount of the purchase price to the fair value of identifiable assets acquired, and liabilities assumed at the acquisition date. Ascendis Pharma GmbH was initially a separate technology platform company but is now an integral part of our research and development activities, including significant participation in the development services provided to our external collaboration partners. Accordingly, it is not possible to look separately at Ascendis Pharma GmbH when considering the recoverable amount of the goodwill. Goodwill is monitored and tested for impairment on a consolidated level as we are considered to represent one cash-generating unit. Goodwill is tested for impairment on an annual basis at December 31, or more frequently, if indications of impairment are identified. There have been no impairments recognized in any of the periods presented. The recoverable amount of the cash-generating unit is determined based on an estimation of the Company’s fair value less costs of disposal. We have determined the fair value of goodwill after taking into account the market value of our ADSs as of the reporting the net assets |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
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Property, Plant and Equipment | Note 10—Property, Plant and Equipment Plant and Other Leasehold ments Right-of-Use Total (EUR’000) Cost: At January 1, 2018 4,507 1,641 650 — 6,798 Additions 1,206 1,270 225 — 2,701 Disposals (68 ) (316 ) — — (384 ) At December 31, 2018 5,645 2,595 875 — 9,115 Adoption of IFRS 16 “Leases” — — — 18,437 18,437 Additions 2,393 1,499 3,418 21,225 28,535 Disposals — (154 ) (7 ) — (161 ) Foreign exchange translation — 4 2 457 463 At December 31, 2019 8,038 3,944 4,288 40,119 56,389 Accumulated depreciation: At January 1, 2018 (3,054 ) (854 ) (333 ) — (4,241 ) Depreciation charge (410 ) (415 ) (55 ) — (880 ) Disposals 16 315 — — 331 At December 31, 2018 (3,448 ) (954 ) (388 ) — (4,790 ) Depreciation charge (523 ) (758 ) (170 ) (5,237 ) (6,688 ) Disposals — 154 — — 154 Foreign exchange translation — (5 ) — 9 4 At (3,971 ) (1,563 ) (558 ) (5,228 ) (11,320 ) Carrying amount: At December 31, 2018 2,197 1,641 487 — 4,325 At December 31, 2019 4,067 2,381 3,730 34,891 45,069 Included in leasehold improvements was an amount of €2.7 million, and €0.2 million relat ed At December 31, 2019, the Company had non-cash right-of-use . Depreciations charges are specified below: 2019 2018 2017 (EUR’000) Research and development costs 5,282 827 701 General and administrative expenses 1,406 53 33 Total depreciation charges 6,688 880 734 |
Investment in Associate
Investment in Associate | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Investment in Associate | Note 11—Investment in Associate Visen Pharmaceuticals (“Visen”) was formed in November 2018. The Company has granted Visen exclusive rights to develop and commercialize TransCon hGH, TransCon PTH and TransCon CNP in Greater China (the “Territory”), and as consideration for the granting of such rights has received a 50% ownership of Visen. The other investors contributed, in aggregate, $40.0 million in cash as their consideration for remaining 50% ownership. Visen is a private entity not listed on any public exchange, with business activities within development, manufacturing and commercialization of endocrinology rare disease therapies in the Territory. The Company’s interest in Visen is accounted for as an associate using the equity method in the consolidated financial statements as the Company has determined that it has significant influence but not joint control. The following table illustrates the summarized relevant financial information of our investment in Visen: Visen Pharmaceuticals Principal place of business China Ownership 50 % 2019 2018 (EUR’000) Profit or loss Profit / (loss) for the yea r (16,226 ) (642 ) Financial position Non-current 23,291 34,819 Current assets 32,446 34,155 Non-current 250 — Current liabilities 1,667 9 Equity 53,820 68,965 Company’s share of equity before eliminations 26,910 34,483 Elimination of internal profit recognized at December 31 (11,372 ) (17,400 ) Company’s share of equity 15,538 17,083 Investment in associate at December 31 15,538 17,083 Revenue from Visen, recognized in the consolidated statement of profit or Trade receivable balance with Visen at December 31, Visen requires the Company’s consent to distribute dividend s Visen had no contingent liabilities or capital commitments as of reporting . Please refer to Note 21 regarding subsequent events |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2019 | |
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Share Capital | Note 12—Share Capital The share capital of Ascendis Pharma A/S consists of 47,985,837 fully paid shares at a nominal value of DKK 1, all in the same share class. The number of shares of the Company are as follows: 2019 2018 2017 2016 2015 Changes in share capital Beginning of year 42,135,448 36,984,292 32,421,121 25,128,242 16,935,780 Increase through cash contribution 5,850,389 5,151,156 4,563,171 7,292,879 8,192,462 End of year 47,985,837 42,135,448 36,984,292 32,421,121 25,128,242 |
Distributable Equity
Distributable Equity | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Distributable Equity | Note 13—Distributable Equity Share Premium Reserve Share premium comprises the amounts received, attributable to shareholders’ equity, in excess of the nominal amount of the shares issued at the parent company’s capital increases, reduced by any expenses directly attributable to the capital increases. Under Danish legislation, share premium is an unrestricted reserve that is available to be distributed as dividends to a company’s shareholders. Also, under Danish legislation, the share premium reserve can be used to offset accumulated deficits. Foreign Currency Translation Reserve Exchange rate differences relating to the translation of the results and net assets of our foreign operations and associate from their functional currencies to our presentation currency are recognized directly in other comprehensive income and accumulated in the foreign currency translation reserve. The foreign currency translation reserve is an unrestricted reserve that is available to be distributed as dividends to a company’s shareholders. Share-Based Payment Reserve Warrants granted under our employee warrant program carry no rights to dividends and no voting rights. The share-based payment reserve represents the fair value of warrants recognized from grant date. Further details of the employee warrant program are provided in Note 6. Share-based payment reserve is an unrestricted reserve that is available to be distributed as dividends to a company’s shareholders. Retained Earnings or Accumulated Deficits Retained earnings or accumulated deficits represent the accumulated profit or losses from the Company’s operations. A positive balance of retained earnings is available to be distributed as dividends to a company’s shareholders. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Text Block Abstract [Abstract] | |
Leases | Note 14—Leases The Company primarily leases office- and laboratory facilities. Lease arrangements contain a range of different terms and conditions and are typically entered into for fixed periods. Generally, the lease terms are between 2 and 10 years, and in addition, in order to improve flexibility to our operations, may provide us options to extend the lease or terminate the lease within the enforceable lease term. In our current lease portfolio, extension and termination options range between 1-6 non-cancellable We have implemented IFRS 16 by applying the modified retrospective approach. Accordingly, no comparative information is disclosed. Leases Liabilities and Payments Development in lease liabilities in 2019 are specified below: Beginning (1) Additions Accretion Cash out-flow Foreign (non-cash End of (EUR’000) Lease liabilities 17,700 21,240 1,014 (3,870 ) 535 36,619 (1) Beginning balance includes the impact from implementing IFRS 16, “Leases” at January 1, 2019. Total cash outflow for lease s The maturity analysis of lease liabilities is disclosed in Note 17, “Financial Risk Management and Financial Instruments” in the section “Liquidity Risk Management”. Expenses Relating to Leases The following expenses relating to lease activities are recognized in the consolidated statements of profit or loss: 2019 (EUR’000) Lease expenses Depreciations (research and development) (Note 10) 3,943 Depreciations (general and administration) (Note 10 ) 1,294 Expenses relating to short term leases and leases of low value assets 202 Lease interests (Note 7) 1,014 Total lease expenses 6,453 |
Contract liabilities
Contract liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Contract liabilities | Note 15—Contract Liabilities Deferred income was €0.9 million and €6.9 million for the financial years ended December 31, 2019 and 2018, respectively, and relate to partially satisfied performance obligations due to our ongoing research and development of licensed product candidates. The remaining balance of deferred income is expected to be recognized as revenue in 2020, as services are transferred. Revenue recognized from deferred income was €6.1 million, €0.0 |
Other Commitments and Contingen
Other Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
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Other Commitments and Contingencies | Note 16—Other Commitments and Contingencies Contractual commitments for the ere With certain suppliers, the Company has agreed minimum commitments related to manufacturing of product supply, subject to continuous negotiation and adjustments according to the individual contractual terms and conditions. Delivery of product supply is recognized when the Company obtains control of the goods. Of other contractual commitments, the Company has entered into short term leases and leases of low value equipment, and service contracts of various lengths in respect of research and development, IT- non-lease |
Financial Risk Management and F
Financial Risk Management and Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
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Financial Risk Management and Financial Instruments | Note 17—Financial Risk Management and Financial Instruments Our financial assets and financial liabilities comprise the following : 2019 2018 (EUR’000) Financial assets Deposits 1,463 1,158 Receivables 804 6 Cash and cash equivalents 598,106 277,862 Financial assets measured at amortized cost 600,373 279,026 Financial liabilities Lease liabilities 36,619 — Trade payables 27,765 19,740 Financial liabilities measured at amortized cost 64,384 19,740 Except for lease liabilities, the carrying amounts of the financial assets and financial liabilities are estimated being in line with the fair value due to the short-term (<1 year) nature of the balances. Capital Management We manage our capital to ensure that all group enterprises will be able to continue as going concern Our capital structure consists only of equity comprising issued capital, reserves and retained earnings/accumulated deficits. We do not hold any external debt. We are not subject to any externally imposed capital requirements. We review our capital structure on an ongoing basis. As we do not have external debt, such review currently comprises a review of the adequacy of our capital compared to the resources required for carrying out our activities. Financial Risk Management Objectives We regularly monitor the access to domestic and international financial markets, manage the financial risks relating to our operations, and analyze exposures to risk, including market risk, such as foreign currency risk and interest rate risk, credit risk and liquidity risk. We seek to minimize the effects of these risks by managing transactions and holding positions in the various currencies used in our operations. We do not enter into or trade financial instruments for speculative purposes. Market Risk Our activities expose our group enterprises to the financial risks of changes in foreign currency exchange rates and interest rates. We do not enter into derivative financial instruments to manage our exposure to such risks. Foreign Currency Risk Management Our foreign exchange rate risks are unchanged to prior year. We are exposed to foreign exchange risks arising from various currency exposures, primarily with respect to the US Dollar, the British Pound and the Danish Krone. Future milestone payments, which we are entitled to upon meeting underlying thresholds, are denominated follow-on Foreign Currency Sensitivity Analysis We are primarily exposed to US Dollars (USD), British Pounds (GBP), and Danish Kroner (DKK). There is an official target zone of 4.50% between DKK and EUR, which limits the likelihood of significant fluctuations between those two currencies in a short timeframe. The following table details our sensitivity to a 10% increase and decrease in EUR against USD and GBP, respectively. 10% represents our assessment of the reasonably possible change in foreign currency rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the reporting date A positive number indicates an increase in profit or Hypothetical impact on consolidated financial statements Nominal positions Increase in foreign exchange rate Profit and before tax Equity before . tax (EUR ‘000) December 31, 201 9 USD/EUR 477,764 10 % 47,776 47,776 GBP/EUR (858 ) 10 % (86 ) (86 ) Hypothetical impact on consolidated financial statements Nominal positions Increase in foreign exchange rate Profit and before tax Equity before tax (EUR ‘000) December 31, 2018 USD/EUR 178,308 10 % 17,831 17,831 GBP/EUR (816 ) 10 % (82 ) (82 ) Interest Rate Risk Management We have no interest-bearing debt to third parties. In addition, while we have no derivatives or financial assets and liabilities measured at fair value, our exposure to interest rate risk primarily relates to the interest rates for our positions of cash and cash equivalents. Our future interest income from interest-bearing bank deposits and short-term investments may fall short of expectations due to changes in interest rates. We do not consider the effects of interest rate fluctuations to be a material risk to our financial position. Accordingly, no interest sensitivity analysis has been presented. Credit Risk Management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss. We consider all of our material counterparties to be creditworthy. Our exposure to credit risk is continuously monitored, in particular, if agreed payments are delayed. While the concentration of credit risk is significant, we consider the credit risk for each of our individual counterparts to be low. Accordingly, since we had no significant trade receivables at December 31, 2019 or December 31, 2018, and our deposits are held with suppliers that are frequently used in our operations, we have made no provision for trade receivables or deposits. Our maximum exposure to credit risk primarily relates to our cash and cash equivalents. The credit risk on cash and cash equivalents is limited because the counterparties, holding significant deposits, are banks with high credit-ratings assigned by international credit-rating agencies. The banks are reviewed on a regularly basis and our deposits may be transferred during the year to mitigate credit risk. We have considered the risk of expected credit loss over our cash deposits, including the hypothetical impact arising from the probability of default considering in conjunction with the expected loss given default from banks with similar credit rating and attributes. Our assessment did not reveal an expected material impairment loss, and accordingly we have made no provision for bank deposits. Liquidity Risk Management We manage our liquidity risk by maintaining adequate cash reserves and banking facilities, and by continuously monitoring our cash forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. We monitor the risk of a shortage of funds using a liquidity planning tool, to ensure enough funds available to settle liabilities as they fall due. Historically we have addressed the risk of insufficient funds through proceeds from our series D financing, our IPO, and our follow-on Maturity analysis for financial liabilities recognized in the consolidated statements of financial position at December 2019 are specified below. A t December 2018, all < 1 year 1-5 years >5 years Total Carrying (EUR’000) December 31, 2019 Lease liabilities 6,020 19,405 17,606 43,031 36,619 Trade payables 27,765 — — 27,765 27,765 Total financial liabilities 33,785 19,405 17,606 70,796 64,384 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Related Party Transactions | Note 18—Related Party Transactions The Board of Directors and Executive Board (Key Management Personnel) are considered related parties as they have authorities and responsibilities with planning and directing our operations. Related parties also include undertakings in which such individuals have a controlling or joint controlling interest. Additionally, all our group enterprises and our associate are considered related parties. Neither our related parties nor our major shareholders hold a controlling-, joint controlling-, or significant interest in the Group. We have entered into employment agreements with and issued warrants to Key Management Personnel. In addition, we are paying fees for board tenure and board committee tenure to the independent members of our Board of Directors. Please refer to N Transactions between the parent company and group enterprises comprise management and license fees, research & development services, and clinical supplies. These transactions have been eliminated in the consolidated financial statements. Transactions and outstanding balances with our associate Visen are disclosed in Note 11. We have entered into indemnification agreements with our board members and members of our senior management. Except for the information disclosed above, we have not undertaken any significant transactions with members of the Key Management Personnel, or undertakings in which the identified related parties have a controlling or joint controlling interest. |
Investments in Group Enterprise
Investments in Group Enterprises | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Investments in Group Enterprises | Note 19—Investments in Group Enterprises Investments in Group enterprises comprise: Subsidiaries Domicile Ownership Ascendis Pharma GmbH Germany 100 % Ascendis Pharma, Inc. USA 100 % Ascendis Pharma Ophthalmology Division A/S Denmark 100 % Ascendis Pharma Endocrinology Division A/S Denmark 100 % Ascendis Pharma Bone Diseases A/S Denmark 100 % Ascendis Pharma Growth Disorders A/S Denmark 100 % Ascendis Pharma Oncology Division A/S Denmark 100 % Associate Domicile Ownership Visen Pharmaceuticals Cayman Island 50 % |
Ownership
Ownership | 12 Months Ended |
Dec. 31, 2019 | |
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Ownership | Note 20—Ownership The following investors, or groups of affiliated investors, are known by us to beneficially own more than 5% of our outstanding ordinary shares: • T. Rowe Price Associates, Inc., USA • Entities affiliated with FMR LLC, USA • Entities affiliated with RA Capital Management, LLC, USA • Entities affiliated with OrbiMed Private Investments V, L.P., USA • Baker Bros. Advisors LP, USA The Company’s American Depository Shares are held through BNY (Nominees) Limited as nominee, of The Bank of New York Mellon, UK (as registered holder of the Company’s outstanding ADSs). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
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Subsequent Events | Note 21—Subsequent Events Coronavirus (“COVID-19”) Outbreak In December 2019, a novel strain of coronavirus, COVID-19, was reported to have surfaced in Wuhan, China. Since then, the COVID-19 has spread around the world into a pandemic, including into countries where we have planned or have ongoing clinical trials, and countries where we rely on third parties to manufacture preclinical and clinical supplies, as well as commercial supply. If COVID-19 continues to spread in the United States and rest of the world, we may experience disruptions that could severely impact our business in many areas. Due to the COVID-19 pandemic, there is potential evolving impact on the conduct of clinical trials of investigational therapeutic candidates, and any challenges which may arise, for example, from quarantines, site closures, travel limitations, interruptions to the supply chain for our product candidates, or other considerations if site personnel or trial subjects become infected with COVID-19, which may lead to difficulties in meeting protocol-specified procedures, including administering or using the therapeutic candidate or adhering to protocol-mandated visits and laboratory/diagnostic testing, unavoidable protocol deviations due to COVID-19 illness and/or COVID-19 control measures, which will likely vary depending on many factors, including the nature of disease under study, the trial design, and in what region(s) the study is being conducted. In addition, while we rely on third parties to manufacture preclinical and clinical supplies and materials, we can potentially experience delays in providing sufficient product supplies according to our planned and ongoing clinical trials. Further, if our product candidates are approved, we will need to secure sufficient manufacturing capacity with our third-party manufacturers to produce the quantities necessary to meet anticipated market demand. The COVID-19 pandemic, that currently impacts multiple jurisdictions worldwide, may impact the business of our existing or future manufacturers to perform their manufacturing obligations, which could have a negative impact on our operations. We have assessed the COVID-19 outbreak impact on our consolidated financial statements, and since COVID-19 was not classified as an outbreak in 2019, the outbreak is considered a non-adjusting subsequent event, where any impact on the consolidated financial statement is accounted for subsequent to December 31, 2019. At the time these consolidated financial statements are authorized for issue, we have not found any adjustments necessary to the amounts recognized or disclosed in the consolidated financial statements. At the time these consolidated financial statements are authorized for issue, we haven’t identified significant disruptions to our clinical trial operations or identified any of our third-party manufacturers not being able to meet their obligations. However, while the global outbreak of COVID-19 continues to rapidly evolve, the extent to which COVID-19 impacts our business will depend on future developments, which are highly uncertain and cannot be reliably predicted. No other events have occurred after the reporting date that would influence the evaluation of these consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Basis of Preparation | Basis of Preparation The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB, and as adopted by the European Union, or EU. The accounting policies applied when preparing the consolidated financial statements are described in detail below and are applied for all entities. Unless otherwise stated under the section “Changes in Accounting Policies and Disclosures” below, these policies have been applied consistently to all years presented. Significant accounting judgements and estimates used when exercising the accounting policies are described in Note 3. Our consolidated financial statements have been prepared under the historical cost convention, apart from certain financial instruments that are measured at fair value at initial recognition. |
Changes in Accounting Policies and Disclosures | Changes in Accounting Policies and Disclosures Adoption of IFRS 16 “Leases” 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 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 and 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 For short-term leases and leases of low value assets, lease payments are recognized on a straight-line basis over the lease term in the consolidated statement of profit or loss as research and development costs or as general and administrative expenses, as a pprop riate 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 consolidated 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 at January 1, 2019 had no impact on accumulated deficits . Other New and Amended Standards and Interpretations 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 consolidated financial statements have been applied consistently to all the periods presented, unless otherwise stated. |
Going Concern | Going Concern The Company’s Board of Directors has, at the time of approving the consolidated financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, we continue to adopt the going concern basis of accounting in preparing the financial statements. |
Recognition and Measurement | Recognition and Measurement Assets are recognized in the consolidated statements of financial position when it is probable, as a result of a prior event, that future economic benefits will flow to us and the value of the asset can be measured reliably. Liabilities are recognized in the consolidated statements of financial position when we have a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow from us and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost or at fair value, depending on the classification of the items. Measurement subsequent to initial recognition is affected as described below for each financial statement item. Events that arise before the time of presentation of the consolidated financial statements and that confirm or invalidate affairs and conditions existing at the consolidated financial statements date are considered. Financial statement items affected by those events are adjusted if those events provide evidence of conditions that existed at the consolidated financial statements date. Income is recognized in the consolidated statements of profit or loss when earned, whereas costs are recognized by the amounts attributable to the financial year. |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include our parent company, Ascendis Pharma A/S, and all enterprises over which the parent company has control. We control an enterprise when we are exposed to, or have rights to, variable returns from our involvement with the enterprise and have the ability to control those returns through our power over the entity. Accordingly, the consolidated financial statements include Ascendis Pharma A/S and the subsidiaries listed in Note 19. |
Consolidation Principles | Consolidation Principles The consolidated financial statements comprise the parent company reporting We reassess whether the parent company • The contractual arrangement(s) with the other vote holders of the enterprise; • The Company’s and • Rights arising from other contractual arrangements. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between our group enterprises are eliminated in full on consolidation. Subsidiaries and our associate apply accounting policies in line with the Company’s accounting policies. When necessary, adjustments are made to bring the entities’ accounting policies in line with those of the Company. Investment in Associates An associate is an entity over which we have significant influence over financial and operational decisions but where we have neither control nor joint control. The Company’s associate is accounted for using the equity method. Under the equity method, the associate is initially recognized at cost. Thereafter, the carrying amount of the investment is adjusted to recognize changes in the Company’s share of net assets of the associate since the acquisition or establishment date. The consolidated statements of profit or loss include the Company’s share of result after tax and other interests of the associate. Transactions between the associate and the Company are eliminated proportionally according to our interest in the associate. Unrealized gains and losses resulting from transactions between the Company and its associate is eliminated to the extent of the Company’s interest in the associate. After application of the equity method, we determine whether it is necessary to recognize an impairment loss related to the associate. Accordingly, at each reporting date, we determine whether there is objective evidence that the associate is impaired. If there is such evidence, we calculate the amount of impairment as the difference between the recoverable amount of the associate and its carrying value. Any impairment loss is recognized within share of profit/(loss) of associate in the consolidated statements of profit or loss. |
Foreign Currency | Foreign Currency Functional and Presentation Currency Items included in the consolidated financial statements are measured using the functional currency of each Group entity. Functional currency is the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in Euro (EUR), which is also the functional currency of the parent company. Translation of Transactions and Balances On initial recognition, transactions in currencies other than the individual entity’s functional currency are translated applying the exchange rate in effect at the date of the transaction. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the reporting reporting Exchange rate differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the reporting non-monetary Currency Translation of Group Enterprises When subsidiaries or associates that present their financial statements in a functional currency other than EUR are recognized in the consolidated financial statements, their statements of profit or loss are translated at average exchange rates. Balance sheet items are translated using the exchange rates at the reporting date. Exchange rate differences arising from translation of foreign entities’ balance sheet items at the beginning of the year to the reporting date exchange rates as well as from translation of statements of profit or loss from average rates to the exchange rates at the reporting date are recognized in other comprehensive income. Similarly, exchange rate differences arising from changes that have been made directly in a foreign subsidiary’s equity are recognized in other comprehensive income. |
Business Combinations | Business Combinations Newly acquired or newly established subsidiaries are recognized in the consolidated financial statements from the time of acquiring or establishing such enterprises. Time of acquisition is the date on which we obtain control over the enterprise. When acquiring new enterprises over which we obtain control, the acquisition method is applied. Under this method, we identify assets, liabilities and contingent liabilities of these enterprises and measure them at fair value at the acquisition date. Restructuring costs are only recognized in the pre-acquisition The acquisition price for an enterprise consists of the fair value of the consideration paid for the acquired enterprise. Costs that are attributable to the acquisition of the enterprise are recognized in the consolidated statement of profit or loss when incurred. The excess of the consideration transferred, the amount of any non-controlling Goodwill is subject to an |
Revenue | Revenue Our revenue is primarily generated from collaboration and license agreements. Further, we also generate revenue from development services under development and commercialization agreements, including delivery of clinical supply material. Additionally, revenue is generated from feasibility studies for potential partners to evaluate if our TransCon technologies enable certain advantages for their product candidates of interest. Such feasibility studies are often structured as short-term agreements with fixed fees for the work that we perform. When we enter into contracts with customers, we assess the goods and/or services promised in the contract and identify distinct performance obligations. A promise in the agreement is considered a distinct performance obligation if both of the following criteria are met: • the customer can benefit from the goods or services , services • the entity’s promise to transfer the goods or service to the customer is separately identifiable from other promises in the contract (i.e ., Under collaboration, license, and other agreements that contain multiple promises to the customer, the promises are identified and accounted for as separate performance obligations if these are distinct. If promises are not distinct, we combine those goods or services with other promised goods or services until we identify a bundle of goods or services that is distinct. The transaction price in the contract is measured at fair value and reflects the consideration we expect to be entitled to in exchange for those goods or services. In the transaction price, variable consideration , The transaction price is allocated to each performance obligation according to their stand-alone selling prices and is recognized when control of the goods or services are transferred to the customer , Revenue is stated net of value added tax and duties collected on behalf of a third party, and discounts. Usually, the payment terms are within one to two months. We have no payment terms exceeding 12 months, and thus transaction prices are not adjusted for financing components. |
Research and Development Costs | Research and Development Costs Our research and development costs consist primarily of manufacturing costs, preclinical and clinical study costs, salaries and other personnel costs including pension and share-based payment, the cost of facilities, the cost of obtaining and maintaining our intellectual property portfolio, and the depreciation of non-current Research costs comprise costs incurred at the early stages of the drug development cycle from the initial drug discovery and are recognized in the consolidated statement of profit or loss when incurred. Research activities that evolve into a development project, typically involves a single product candidate undergoing a series of studies to illustrate its safety profile and effect on human beings prior to obtaining the necessary approval from the appropriate authorities. Due to the risk related to the development of pharmaceutical products, we cannot estimate the future economic benefits associated with individual development projects with sufficient certainty until the development project has been finalized and the necessary market approval of the final product has been obtained. As a consequence, all development costs are recognized in the consolidated statement of profit or loss when incurred Development costs also comprise manufacturing costs related to validation batches, or process performance qualification batches, on late-stage development projects. In addition, manufacturing costs related to pre-launch , or , |
General and Administrative Expenses | General and Administrative Expenses General and administrative expenses comprise salaries and other personnel costs including pension and share-based payment, office supplies, cost of facilities, and depreciation of non-current General and administrative expenses are recognized in the consolidated statement of profit or loss in the period to which they relate. |
Share-based Incentive Programs | Share-based Incentive Programs Share-based incentive programs under which board members, employees and select external consultants have the option to purchase shares in Ascendis Pharma A/S (equity-settled share-based payment arrangements) are measured at the equity instrument’s fair value at the grant date . The cost is recognized together with a corresponding increase in equity over the period in which the performance and/or service conditions are fulfilled, the vesting period. The fair value determined at the grant date of the equity-settled share-based payment is expensed on a straight-line basis over the vesting period for each tranche, based on our best estimate of the number of equity instruments that will ultimately vest. No expense is recognized for grants that do not ultimately vest. Where an equity-settled grant is cancelled, it is treated as if it vested on the date of the cancellation, and any expense not yet recognized for the grant is recognized immediately. Where the terms and conditions for an equity-settled grant is modified, we recognize as minimum the services measured at the grant date fair value over the vesting period. Additionally, we re-measure If a new grant is substituted for the cancelled grant and designated as a replacement grant on the date that it is granted, the cancelled and new grants are treated as if they were a modification of the original grant, as described in the previous paragraph. Any social security contributions payable in connection with the grant or exercise of the warrants are recognized as when The assumptions used for estimating the fair value of share-based payment transactions are disclosed in Note 6. |
Finance Income and Expenses | Finance Income and Expenses Finance income and expenses comprise interest income and expenses and realized and unrealized exchange rate gains and losses on transactions denominated in foreign currencies. Interest income and interest expenses are stated on an accrual basis using the principal and the effective interest rate. The effective interest rate is the discount rate that is used to discount expected future cash payments or receipts through the expected life of the financial asset or financial liability to the amortized cost (the carrying amount), of such asset or liability. |
Income Taxes | Income Taxes Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognized in the consolidated statement of profit or loss by the portion attributable to the profit or loss for the year, and recognized directly in equity or other comprehensive income by the portion attributable to entries directly in equity and in other comprehensive income. The current tax payable or receivable is recognized in the balance sheet, stated as tax computed on this year’s taxable income, adjusted for prepaid tax. When computing the current tax for the year, the tax rates and tax rules enacted or substantially enacted at the reporting Deferred tax is recognized according to the balance sheet liability method of all temporary differences between carrying amounts and tax-based Deferred tax liabilities are recognized on all temporary differences related to investments in our subsidiaries and /or Deferred tax is calculated based on the planned use of each asset and the settlement of each liability, respectively. Deferred tax is measured using the tax rates and tax rules in the relevant countries that, based on acts in force or acts in reality in force at the reporting Deferred tax assets, including the tax base of tax loss carry forwards, are recognized in the balance sheet at their estimated realizable value, either as a set-off At every reporting |
Intangible Assets | Intangible Assets Goodwill Goodwill acquired in a business combination is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not amortized but is subject to impairment testing at least on a yearly basis. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units, or group of cash-generating units, that are expected to benefit from the synergies of the combination. Each cash-generating unit or group of cash - |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is 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 used in operation. Property, plant and equipment also comprise right-of-use Subsequent costs are included in the carrying amount of the asset or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the assets will flow to us and the costs of the items can be measured reliably. All repair and maintenance costs are charged to the consolidated statement of profit or loss during the financial periods in which they are incurred. Plant and equipment acquired for research and development activities with alternative use, which are expected to be used for more than one year, are capitalized and depreciated over the estimated useful life as research and development costs , as appropriate If the acquisition or use of the asset involves an obligation to incur costs of decommissioning or restoration of the asset, the estimated related costs are recognized as a provision and as part of the relevant asset’s cost, respectively. The basis for depreciation is cost less estimated residual value. The residual value is the estimated amount that would be earned if selling the asset today net of selling costs, assuming that the asset is of an age and a condition that is expected after the end of its useful life. Cost of a combined asset is divided into smaller components, with such significant components depreciated individually if their useful lives vary. Depreciation commences when the asset is available for use, which is when it is in the location and condition necessary for it to be capable of operating in the manner intended. Depreciation is calculated on a straight-line basis, based on an asset’s expected useful life, being within following ranges: Process plant and machinery 5 - 10 years Other fixtures and fittings, tools and equipment 3 - 5 years Leasehold improvements 3 - 10 years Right-of-use s 2 - 10 years Depreciation methods, useful lives and residual amounts are reassessed at least annually. Property, plant and equipment are written down to the lower of recoverable amount and carrying amount, as described in the “Impairment” section below. Depreciation and impairment losses of property, plant and equipment are recognized in the consolidated statement of profit or loss as research and development costs or as general and administrative expenses, as appropriate. Gains and losses on disposal of property, plant and equipment are recognized in the consolidated statement of profit or loss at its net proceeds, as either other income or other expenses, as appropriate. |
Impairment | Impairment The recoverable amount of goodwill is estimated annually irrespective of any recorded indications of impairment. Property, plant and equipment and finite-lived intangible assets are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows, or cash-generating units, which for goodwill represent the lowest level within the enterprise at which the goodwill is monitored for internal management purposes. Prior impairments of non-financial |
Receivables | Receivables Receivables comprise deposits, receivables from associate, trade receivables, and other receivables, which are separately presented in the consolidated statements of financial position. Receivables (excluding receivables related to VAT and other indirect tax receivables) are classified as financial assets at amortized cost, as these are held to collect contractual cash flows and thus give rise to cash flows representing solely payments of principal and interest. Trade receivables are initially recognized at their transaction price and subsequently measured at amortized cost. Deposits are initially measured at their fair value and subsequently measured at amortized cost. Other receivables comprise VAT and other indirect tax receivables, and thus not classified as financial assets, are measured at cost less impairment. The carrying amounts of receivables usually equals their nominal value less provision for impairments. |
Prepayments | Prepayments Prepayments comprise costs relating to a future financial period. Prepayments are measured at cost. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents comprise cash and on-demand |
Allowance for Expected Credit Losses on Financial Assets | Allowance for Expected Credit Losses on Financial Assets Financial assets comprise receivables (excluding receivables relating to VAT and other indirect tax receivables) and cash and cash equivalents. Provision for bad debts is determined on the basis of a forward-looking expected credit loss (“ECL”) model. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and the cash flows expected to be received, discounted by an approximation of the original effective interest rate. For receivables, we apply a simplified approach in calculating ECLs. Therefore, we do not track changes in credit risk, but instead we assess a loss allowance based on lifetime ECL at each reporting date. Lifetime ECLs are assessed on historical credit loss experience, adjusted for forward-looking factors specific to the counterparts and the economic environment. For cash and cash equivalents, ECLs are assessed for credit losses that result from default events that are possible within the next 12-months (“12-month on-demand 12-month |
Shareholders' Equity | Shareholders’ Equity The share capital comprises the nominal amount of the parent company’s ordinary shares, each at a nominal value of DKK 1, or approximately €0.13. All shares are fully paid. Share premium reserve comprises the amounts received, attributable to shareholders’ equity, in excess of the nominal amount of the shares issued at the parent company’s capital increases, reduced by any expenses directly attributable to the capital increases. Foreign currency translation reserve includes exchange rate adjustments relating to the translation of the results and net assets of our foreign operations from their functional currencies to our presentation currency. The accumulated reserve of a foreign operation is recognized in the consolidated statement of profit or loss at the time we lose control, and thus cease to consolidate such foreign operation. The foreign currency translation reserve is an unrestricted reserve that is available to be distributed as dividends to the Company’s shareholders. Reserve for share-based payment represents the corresponding entries to the share-based payment recognized in the consolidated statement of profit or loss, arising from our warrant programs. Retained earnings or accumulated deficit represents the accumulated profits or losses from the Company’s operations. A positive reserve is available to be distributed as dividends to the Company’s shareholders. |
Leases | Leases With reference to “Changes to A P Disclosures”, Company has adopted IFRS 16 “Leases ” (“IFRS 16”), From January 1, 2019, upon adoption of IFRS 16, we assess at contract inception whether a contract is, or contains, a lease, i.e ., Except for short-term leases and leases of low value assets, we apply a single recognition and measurement approach as described below. For short-term leases and leases of low value assets, lease payments are recognized on a straight-line basis over the lease term in the consolidated statement of profit or loss as research and development costs or as general and administrative expenses, as appropriate The Company does not act as a lessor, neither does it act as a sub-lessor. Right-of-use A Right-of-use Right-of-use right-of-use right-of-use Right-of-use lives Lease L At the lease commencement date, we recognize lease liabilities measured at the present value of fixed lease payments and variable lease payments that depend on an index or a rate, whereas variable lease payments and payments related to non-lease When interest rates implicit in the lease contracts are not readily available, the present value of lease payments are calculated by applying the relevant lease holding entities’ incremental borrowing rates. Following the commencement date, the incremental borrowing rate is not changed unless the lease term is modified, or if the lease payments are modified and this modification results from a change in floating interest rates. From the lease commencement date and over the lease term, the carrying amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in lease term, or a change in lease payments, including changes to future payments resulting from a change in an index used to determine such lease payments. |
Trade Payables | Trade Payables Trade payables including accrued expenses are measured at amortized cost. |
Other Payables | Other Payables Other payables comprise payables to public authorities, and short-term employee benefits. Other payables are measured at their net-realizable |
Contract Liabilities | Contract Liabilities Contract liabilities comprise deferred income from collaboration agreements and license agreements, where consideration received does not match the individual deliverables with respect to amount and satisfied performance obligations. Deferred income typically arises from up-front up-front Deferred income is measured at the fair value of the consideration received and is recognized as revenue in the consolidated statement of profit or loss when the relevant performance obligation, to which the deferred income relates, is satisfied. |
Cash Flow Statement | Cash Flow Statement The cash flow statement shows cash flows from operating, investing and financing activities as well as cash 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 profit or loss adjusted for non-cash Cash flows from investing activities comprise payments in connection with acquisitions, development, improvement and sale, etc. of intangible assets, property, plant and equipment, and group enterprises. Cash flows from financing activities comprise payments related to lease liabilities, and changes in the share capital of Ascendis Pharma A/S and related costs. The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency is presented separately from cash flows from operating, investing and financing activities. Cash flows in currencies other than the functional currency are recognized in the cash flow statement, using the average exchange rates. Cash and cash equivalents comprise cash at hand and deposits with financial institutions. Any restricted cash included in the balance of cash and cash equivalents is presented as an additional disclosure in the cash flow statement. |
Segment Reporting | Segment Reporting We are managed and operated as one operating and reportable segment. No separate operating segments or reportable segments have been identified in relation to product candidates or geographical markets. Accordingly, except for entity wide disclosures, we do not disclose segment information on business segments or geographical markets. |
Basic EPS | Basic EPS Basic Earnings per Share, or EPS, is calculated as the consolidated net income or loss from continuing operations for the period divided by the weighted average number of ordinary shares outstanding. |
Diluted EPS | Diluted EPS Diluted earnings per share is calculated as the consolidated net income or loss from continuing operations for the period divided by the weighted average number of ordinary shares outstanding adjusted for the dilutive effect of share equivalents. If the consolidated statement of profit or loss shows a net loss, no adjustment is made for the dilutive effect, as such effect would be anti-dilutive. |
New International Financial Reporting Standards Not Yet Effective | New International Financial Reporting Standards Not Yet Effective The IASB has issued, and the European Union has adopted, a number of new or amended standards, which have not yet become effective. Therefore, these new standards have not been incorporated in these consolidated financial statements. Our financial reporting is not expected to be affected by such new or improved standards. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Asset's Expected Useful Life | Depreciation is calculated on a straight-line basis, based on an asset’s expected useful life, being within following ranges: Process plant and machinery 5 - 10 years Other fixtures and fittings, tools and equipment 3 - 5 years Leasehold improvements 3 - 10 years Right-of-use s 2 - 10 years |
Summary of Lease Liabilities Recognized in the Consolidated Interim Financial Position | The transition to the lease liabilities recognized in the consolidated 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) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Revenue Recognized in Consolidated Statement of Profit or Loss | Revenue has been recognized in the consolidated statements of profit or loss with the following amounts: 2019 2018 2017 (EUR’000) Revenue from external customers Revenue from rendering of services (recognized over time) 9,919 1,215 1,530 Sale of clinical supply (recognized at a point in time) 804 — — “Right-to-use” 2,652 9,366 — Total revenue 13,375 10,581 1,530 2019 2018 2017 (EUR’000) Total revenue specified per geographical location North America 2,652 10,581 1,530 China 10,723 — — Total revenue 13,375 10,581 1,530 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Disclosure of intangible assets, and property, plant and equipment | The Company’s intangible assets, and property, plant and equipment (“non-current right-of-use 2019 2018 (EUR’000) Non-current segment assets Denmark (domicile country) 15,738 4,922 North America 27,275 341 Germany 5,551 2,557 Total non-current 48,564 7,820 Investment in associate 15,538 17,083 Deposits 1,463 1,158 Total non-current 65,565 26,061 |
Staff Cost (Tables)
Staff Cost (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Summary of Staffing Cost | 2019 2018 2017 (EUR’000) Wages and salaries 49,142 29,418 19,918 Share-based payment 37,486 19,652 9,709 Pensions (defined contribution plans) 648 444 324 Social security costs 3,613 1,793 1,156 Total staff costs 90,889 51,307 31,107 Average number of employees 274 167 121 |
Summary of Staff Costs Recognized in the Statement of Profit and Loss | Staff costs are recognized in the consolidated statement of profit or loss as follows: 2019 2018 2017 (EUR’000) Research and development costs 61,890 34,146 21,845 General and administrative expenses 28,999 17,161 9,262 Total staff costs 90,889 51,307 31,107 |
Summary of Weighted Average Exercise Prices and Movements in Warrants | The following table specifies the of Total Warrants Weighted Average Exercise Price EUR Outstanding at January 1, 2017 3,691,765 13.05 Granted during the year 1,196,000 30.15 Exercised during the year (1) (193,171 ) 8.49 Forfeited during the year (73,440 ) 16.42 Expired during the year — — Outstanding at December 31, 2017 4,621,154 17.62 Vested at the reporting 2,034,791 11.48 Granted during the year 1,637,375 54.43 Exercised during the year (1) (611,683 ) 10.82 Forfeited during the year (35,217 ) 28.24 Expired during the year — — Outstanding at December 31, 2018 5,611,629 29.03 Vested at the reporting 2,478,770 15.81 Granted during the year 1,300,600 97.01 Exercised during the year (1) (1,058,722 ) 16.33 Forfeited during the year (33,296 ) 58.49 Expired during the year — — Outstanding at December 31, 2019 5,820,211 46.36 Vested at the reporting 2,705,693 24.93 |
Schedule of Weighted Average Exercise Price and Weighted Remaining Contractual Life for Outstanding Warrants | The following table specifies the weighted average exercise prices and weighted average remaining contractual life for outstanding warrants at December 31, 2019, per grant year. Number of Outstanding Warrants Weighted Average Exercise Price EUR Weighted Average Remaining Life (months) Granted in 2012-2016 1,889,205 14.43 67 Granted in 2017 1,093,659 30.15 94 Granted in 2018 1,546,947 54.43 106 Granted in 2019 1,290,400 97.01 117 Outstanding at December 31, 2019 5,820,211 46.36 94 |
Summary of Warrant Compensation Cost | Warrant compensation cost is recognized in the consolidated statement of profit or loss over the vesting period of the warrants granted. 2019 2018 2017 (EUR’000) Research and development costs 22,357 10,225 4,775 General and administrative expenses 15,129 9,427 4,934 Total warrant compensation costs 37,486 19,652 9,709 |
Summary of Fair Values for Warrant Grants | The following table summarizes the input to the Black-Scholes Option Pricing model and the calculated fair values for warrant grants in 2019, 2018 and 2017: 2019 2018 2017 Expected volatility 52 – 54% 53 – 57% 54 – 60% Risk-free interest rate (0.77) – (0.05)% (0.23) – 0.46% (0.34) – 0.25% Expected life of warrants (years) 5.05 – 7.10 5.05 – 7.14 5.05 – 7.10 Weighted average exercise price € € € Fair value of warrants granted in the year € € € |
Key management personnel of entity or parent [member] | |
Statement [LineItems] | |
Summary of Staffing Cost | Compensation to Key Management Personnel included within total staff costs are summarized below: 2019 2018 2017 (EUR’000) Wages and salaries 2,080 1,809 1,731 Share-based payment 7,167 5,112 3,576 Social security costs 94 152 70 Total Compensation to Key Management Personnel 9,341 7,073 5,377 |
Finance Income and Finance Ex_2
Finance Income and Finance Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Finance Income and Finance Expenses | 2019 2018 2017 (EUR’000) Interest income 10,056 4,020 923 Exchange rate gains 7,747 20,694 — Total finance income 17,803 24,714 923 Interest expense s 207 127 97 Lease interest 1,014 — — Exchange rate losses — — 13,659 Total finance expenses 1,221 127 13,756 |
Tax on Profit_(Loss) for the _2
Tax on Profit/(Loss) for the Year and Deferred Tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Tax on Profit/Loss and Deferred Tax | 2019 2018 2017 (EUR’000) Tax on profit/(loss) for the year: Current tax (expense)/income 234 394 477 234 394 477 Tax for the year can be explained as follows: Profit/(loss) before tax (218,250 ) (130,491 ) (124,374 ) Tax at the Danish corporation tax rate of 22% 48,015 28,708 27,362 Tax effect of: Non-deductible (8,249 ) (4,327 ) (1,553 ) Additional tax deductions 10,875 4,074 356 Impact (1,680 ) (2,383 ) — Tax credits — — (1,028 ) Other effects including effect of different tax rates 1,602 143 598 Deferred tax asset, not recognized (50,329 ) (25,821 ) (25,258 ) Tax on profit/(loss) for the year 234 394 477 Effective tax rate (0.11 ) % (0.30 )% (0.38 )% No changes to deferred tax ha ve 2019 2018 2017 Specification of Deferred Tax Asset s Tax deductible losses 123,234 74,120 52,084 Other temporary differences 5,631 4,416 631 Deferred tax asset, not recognized (128,865 ) (78,536 ) (52,715 ) Total Deferred Tax Asset s 0 0 0 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Goodwill | Goodwill (EUR’000) Cost: At January 1, 2018 3,495 Additions — December 31, 2018 3,495 Additions — December 31, 2019 3,495 Accumulated impairment: At January 1, 2018 — Impairment charge — At December 31, 2018 — Impairment charge — At December 31, 2019 — Carrying amount: At December 31, 2018 3,495 At December 31, 2019 3,495 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | Plant and Other Leasehold ments Right-of-Use Total (EUR’000) Cost: At January 1, 2018 4,507 1,641 650 — 6,798 Additions 1,206 1,270 225 — 2,701 Disposals (68 ) (316 ) — — (384 ) At December 31, 2018 5,645 2,595 875 — 9,115 Adoption of IFRS 16 “Leases” — — — 18,437 18,437 Additions 2,393 1,499 3,418 21,225 28,535 Disposals — (154 ) (7 ) — (161 ) Foreign exchange translation — 4 2 457 463 At December 31, 2019 8,038 3,944 4,288 40,119 56,389 Accumulated depreciation: At January 1, 2018 (3,054 ) (854 ) (333 ) — (4,241 ) Depreciation charge (410 ) (415 ) (55 ) — (880 ) Disposals 16 315 — — 331 At December 31, 2018 (3,448 ) (954 ) (388 ) — (4,790 ) Depreciation charge (523 ) (758 ) (170 ) (5,237 ) (6,688 ) Disposals — 154 — — 154 Foreign exchange translation — (5 ) — 9 4 At (3,971 ) (1,563 ) (558 ) (5,228 ) (11,320 ) Carrying amount: At December 31, 2018 2,197 1,641 487 — 4,325 At December 31, 2019 4,067 2,381 3,730 34,891 45,069 |
Summary of Depreciations Charges | 2019 2018 2017 (EUR’000) Research and development costs 5,282 827 701 General and administrative expenses 1,406 53 33 Total depreciation charges 6,688 880 734 |
Investment in Associate (Tables
Investment in Associate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
VISEN Pharmaceuticals [member] | |
Statement [LineItems] | |
Schedule of Financial Information of Investment in VISEN | The following table illustrates the summarized relevant financial information of our investment in Visen: Visen Pharmaceuticals Principal place of business China Ownership 50 % 2019 2018 (EUR’000) Profit or loss Profit / (loss) for the yea r (16,226 ) (642 ) Financial position Non-current 23,291 34,819 Current assets 32,446 34,155 Non-current 250 — Current liabilities 1,667 9 Equity 53,820 68,965 Company’s share of equity before eliminations 26,910 34,483 Elimination of internal profit recognized at December 31 (11,372 ) (17,400 ) Company’s share of equity 15,538 17,083 Investment in associate at December 31 15,538 17,083 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Number of Shares | The number of shares of the Company are as follows: 2019 2018 2017 2016 2015 Changes in share capital Beginning of year 42,135,448 36,984,292 32,421,121 25,128,242 16,935,780 Increase through cash contribution 5,850,389 5,151,156 4,563,171 7,292,879 8,192,462 End of year 47,985,837 42,135,448 36,984,292 32,421,121 25,128,242 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Development In Lease Liabilities | Beginning (1) Additions Accretion Cash out-flow Foreign (non-cash End of (EUR’000) Lease liabilities 17,700 21,240 1,014 (3,870 ) 535 36,619 (1) Beginning balance includes the impact from implementing IFRS 16, “Leases” at January 1, 2019. |
Summary of Expenses, Relating To Lease Activities In The Consolidated Statements | The following expenses relating to lease activities are recognized in the consolidated statements of profit or loss: 2019 (EUR’000) Lease expenses Depreciations (research and development) (Note 10) 3,943 Depreciations (general and administration) (Note 10 ) 1,294 Expenses relating to short term leases and leases of low value assets 202 Lease interests (Note 7) 1,014 Total lease expenses 6,453 |
Financial Risk Management and_2
Financial Risk Management and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Financial Assets and Liabilities | Our financial assets and financial liabilities comprise the following : 2019 2018 (EUR’000) Financial assets Deposits 1,463 1,158 Receivables 804 6 Cash and cash equivalents 598,106 277,862 Financial assets measured at amortized cost 600,373 279,026 Financial liabilities Lease liabilities 36,619 — Trade payables 27,765 19,740 Financial liabilities measured at amortized cost 64,384 19,740 |
Summary of Foreign Currency Sensitivity Analysis | Hypothetical impact on consolidated financial statements Nominal positions Increase in foreign exchange rate Profit and before tax Equity before . tax (EUR ‘000) December 31, 201 9 USD/EUR 477,764 10 % 47,776 47,776 GBP/EUR (858 ) 10 % (86 ) (86 ) Hypothetical impact on consolidated financial statements Nominal positions Increase in foreign exchange rate Profit and before tax Equity before tax (EUR ‘000) December 31, 2018 USD/EUR 178,308 10 % 17,831 17,831 GBP/EUR (816 ) 10 % (82 ) (82 ) |
Summary of Maturity Analysis For Derivative Financial Liabilities | Maturity analysis for financial liabilities recognized in the consolidated statements of financial position at December 2019 are specified below. A t December 2018, all < 1 year 1-5 years >5 years Total Carrying (EUR’000) December 31, 2019 Lease liabilities 6,020 19,405 17,606 43,031 36,619 Trade payables 27,765 — — 27,765 27,765 Total financial liabilities 33,785 19,405 17,606 70,796 64,384 |
Investments in Group Enterpri_2
Investments in Group Enterprises (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Summary of Investments in Group Enterprises | Investments in Group enterprises comprise: Subsidiaries Domicile Ownership Ascendis Pharma GmbH Germany 100 % Ascendis Pharma, Inc. USA 100 % Ascendis Pharma Ophthalmology Division A/S Denmark 100 % Ascendis Pharma Endocrinology Division A/S Denmark 100 % Ascendis Pharma Bone Diseases A/S Denmark 100 % Ascendis Pharma Growth Disorders A/S Denmark 100 % Ascendis Pharma Oncology Division A/S Denmark 100 % Associate Domicile Ownership Visen Pharmaceuticals Cayman Island 50 % |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) € / shares in Units, € in Thousands | 12 Months Ended | ||||
Dec. 31, 2019EUR (€)Segment€ / shares | Dec. 31, 2019kr / shares | Jan. 01, 2019EUR (€) | Dec. 31, 2018EUR (€)Leases | ||
Disclosure of summary of significant accounting policies [line items] | |||||
Nominal value common shares | kr / shares | kr 1 | ||||
Number of finace leases | Leases | 0 | ||||
Number of reportable segment | Segment | 1 | ||||
Lease liabilities | € 36,619 | € 17,700 | € 17,700 | [1] | |
Operating lease commitments | 19,627 | ||||
IFRS 16 [Member] | |||||
Disclosure of summary of significant accounting policies [line items] | |||||
Right-of-use assets | 18,400 | ||||
Lease liabilities | € 17,700 | ||||
Operating lease commitments | € 19,600 | ||||
Ordinary shares [member] | |||||
Disclosure of summary of significant accounting policies [line items] | |||||
Nominal value common shares | € / shares | € 0.13 | ||||
[1] | Beginning balance includes the impact from implementing IFRS 16, “Leases” at January 1, 2019. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Asset's Expected Useful Life (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Bottom of range [member] | Process plant and machinery [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 5 years |
Bottom of range [member] | Other fixtures and fittings tools and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 3 years |
Bottom of range [member] | Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 3 years |
Bottom of range [member] | Right-of-use assets [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 2 years |
Top of range [member] | Process plant and machinery [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 10 years |
Top of range [member] | Other fixtures and fittings tools and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 5 years |
Top of range [member] | Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 10 years |
Top of range [member] | Right-of-use assets [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Lease Liabilities Recognized in the Consolidated Financial Position (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2019 | Jan. 01, 2019 | ||
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 | € 17,700 | [1] | € 36,619 | € 17,700 |
[1] | Beginning balance includes the impact from implementing IFRS 16, “Leases” at January 1, 2019. |
Critical Accounting Judgments_2
Critical Accounting Judgments and Key Sources of Estimation Uncertainty - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019EUR (€)AgreementLicensesTranche | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | |
Disclosure of changes in accounting estimates [line items] | |||
Number of collaboration agreement | Agreement | 2 | ||
Impairment loss | € 0 | € 0 | € 0 |
Goodwill | 3,495,000 | 3,495,000 | € 3,495,000 |
Project Cost Prepayments, Current | 5,800,000 | 11,400,000 | |
Project Cost Accruals, Current | € 10,500,000 | € 9,100,000 | |
Bottom of range [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Additional lease period in additon to Non cancellable period | 1 year | ||
Bottom of range [member] | EUR or DKK [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Incremental borrowing rates for lease contracts | 2.25% | ||
Bottom of range [member] | US Dollars (USD) [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Incremental borrowing rates for lease contracts | 4.25% | ||
Top of range [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Additional lease period in additon to Non cancellable period | 6 years | ||
Top of range [member] | EUR or DKK [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Incremental borrowing rates for lease contracts | 2.50% | ||
Top of range [member] | US Dollars (USD) [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Incremental borrowing rates for lease contracts | 5.00% | ||
Right-of-use assets [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Number of licenses classified as right to use | Licenses | 3 | ||
Warrants [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Description of vesting requirements | Up to 48 months | ||
Number of tranches | Tranche | 48 |
Revenue - Schedule of Revenue R
Revenue - Schedule of Revenue Recognized in Consolidated Statements of Profit or Loss (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of operating segments [line items] | |||
Revenue from the rendering of services (recognized over time) | € 9,919 | € 1,215 | € 1,530 |
Sale of clinical supply (recognized at a point in time) | 804 | ||
"Right-to-use" licenses (recognized at a point in time) | 2,652 | 9,366 | |
Total revenue | 13,375 | 10,581 | 1,530 |
Revenue from external customers (geographical) | |||
Total revenue | 13,375 | 10,581 | 1,530 |
North America [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 2,652 | 10,581 | 1,530 |
Revenue from external customers (geographical) | |||
Total revenue | 2,652 | € 10,581 | € 1,530 |
China [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 10,723 | ||
Revenue from external customers (geographical) | |||
Total revenue | € 10,723 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Customer One [member] | |||
Statement [line items] | |||
Revenue from single customer | € 13.4 | € 10.5 | € 1.5 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019Segment | |
Disclosure of operating segments [line items] | |
Number of reportable segment | 1 |
Segment Information - Summary o
Segment Information - Summary of Intangible Assets, and Property, Plant and Equipment (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement [LineItems] | ||
Non-current segment assets | € 48,564 | € 7,820 |
Investment in associate | 15,538 | 17,083 |
Deposits | 1,463 | 1,158 |
Total non-current assets | 65,565 | 26,061 |
Denmark [member] | ||
Statement [LineItems] | ||
Non-current segment assets | 15,738 | 4,922 |
North America [member] | ||
Statement [LineItems] | ||
Non-current segment assets | 27,275 | 341 |
Germany [member] | ||
Statement [LineItems] | ||
Non-current segment assets | € 5,551 | € 2,557 |
Staff Cost - Summary of Staffin
Staff Cost - Summary of Staffing Cost (Detail) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019EUR (€)Employee | Dec. 31, 2018EUR (€)Employee | Dec. 31, 2017EUR (€)Employee | |
Disclosure of employee compensation costs [line items] | |||
Wages and salaries | € 49,142 | € 29,418 | € 19,918 |
Share-based payment | 37,486 | 19,652 | 9,709 |
Pensions (defined contribution plans) | 648 | 444 | 324 |
Social security costs | 3,613 | 1,793 | 1,156 |
Total costs | € 90,889 | € 51,307 | € 31,107 |
Average number of employees | Employee | 274 | 167 | 121 |
Key management personnel of entity or parent [member] | |||
Disclosure of employee compensation costs [line items] | |||
Wages and salaries | € 2,080 | € 1,809 | € 1,731 |
Share-based payment | 7,167 | 5,112 | 3,576 |
Social security costs | 94 | 152 | 70 |
Total costs | € 9,341 | € 7,073 | € 5,377 |
Staff Cost - Summary of Staff C
Staff Cost - Summary of Staff Costs Recognized in the Statement of Profit and Loss (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of employee compensation costs [line items] | |||
Total costs | € 90,889 | € 51,307 | € 31,107 |
Research and development expenses [member] | |||
Disclosure of employee compensation costs [line items] | |||
Total costs | 61,890 | 34,146 | 21,845 |
General and administrative expense [member] | |||
Disclosure of employee compensation costs [line items] | |||
Total costs | € 28,999 | € 17,161 | € 9,262 |
Staff Cost - Additional Informa
Staff Cost - Additional Information (Detail) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019EUR (€)Employee | Dec. 31, 2018EUR (€)Employee | Dec. 31, 2017EUR (€)Employee | |
Disclosure of employee compensation costs [line items] | |||
Total staff costs | € 90,889 | € 51,307 | € 31,107 |
Share-based payment | 37,486 | 19,652 | 9,709 |
Warrants [member] | |||
Disclosure of employee compensation costs [line items] | |||
Share-based payment | € 37,486 | € 19,652 | € 9,709 |
Board of Directors [member] | |||
Disclosure of employee compensation costs [line items] | |||
Number of persons | Employee | 7 | 7 | 8 |
Total staff costs | € 2,129 | € 1,851 | € 1,467 |
Board of Directors [member] | Warrants [member] | |||
Disclosure of employee compensation costs [line items] | |||
Share-based payment | € 1,864 | € 1,607 | € 1,202 |
Executive Board [member] | |||
Disclosure of employee compensation costs [line items] | |||
Number of persons | Employee | 2 | 2 | 2 |
Total staff costs | € 7,212 | € 5,222 | € 3,910 |
Executive Board [member] | Warrants [member] | |||
Disclosure of employee compensation costs [line items] | |||
Share-based payment | € 5,303 | € 3,505 | € 2,374 |
Staff Cost - Warrant Activity -
Staff Cost - Warrant Activity - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2019€ / sharesshares | Dec. 31, 2018€ / shares | Dec. 31, 2017€ / shares | Dec. 31, 2016 | Jan. 13, 2015 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Warrant outstanding | 5,820,211 | ||||
Minimum percentage of share capital for equity transctions | 50.00% | ||||
Payment of dividend from equity, maximum percentage | 10.00% | ||||
Ratio of issuance of bonus shares | 3 | ||||
Warrant adjustment ratio based on bonus share issuance | 3 | ||||
Warrant exercise price adjustment ratio based on bonus share issuance | 3 | ||||
Weighted average remaining contractual life of outstanding | 94 months | 96 months | 112 months | ||
Warrants [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Aggregate number of other equity instruments granted | 9,378,787 | ||||
Aggregate number of other equity instruments cancelled | shares | 19,580 | ||||
Aggregate number of other equity instruments exercised | 3,271,250 | ||||
Aggregate number of other equity instruments expired | 2,168 | ||||
Aggregate number of other equity instruments forfeited | 265,578 | ||||
Number of other equity instruments authorized | 1,237,525 | ||||
Vesting description | Up to 48 months | ||||
Warrant outstanding | 5,820,211 | 5,611,629 | 4,621,154 | 3,691,765 | |
Information about how fair value was measured, share options granted | Warrant compensation costs are determined with basis in the grant date fair value of the warrants granted and recognized over the vesting period. Fair value of the warrants is calculated at the grant dates by use of the Black-Scholes Option Pricing model with the following assumptions: (1) an exercise price equal to the estimated market price of our shares at the date of grant; (2) an expected lifetime of the warrants determined as a weighted average of the time from grant date to date of becoming exercisable and from grant date to expiry of the warrants; (3) a risk free interest rate equaling the effective interest rate on a Danish government bond with the same lifetime as the warrants; (4) no payment of dividends; and (5) a volatility for comparable companies for a historic period equaling the expected lifetime of the warrants. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the warrants is indicative of future trends. The expected volatility has been calculated using a simple average of daily historical data of comparable publicly traded companies, as we do not have sufficient data for the volatility of our own share price. | ||||
Warrants [member] | Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercise price | € 6.48 | € 6.48 | € 6.48 | ||
Warrants [member] | Top of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercise price | € 107.14 | € 60.23 | € 31.60 | ||
Warrants issued from 2008 to 2012 [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting description | Warrants issued during the period from 2008 to 2012 generally vested over 36 months with 1/36 of the warrants vesting per month from the date of grant. | ||||
Vesting period | 36 months | ||||
Warrants issued from 2008 to 2012 [member] | Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period | 24 months | ||||
Warrants issued December 2012 [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting description | Effective from December 2012, warrants granted generally vest over 48 months with 1/48 of the warrants vesting per month from the date of grant. | ||||
Vesting period | 48 months | ||||
Warrants issued January 2015 [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting description | Effective from January 2015, certain warrants issued to board members vest over 24 months with 1/24 of the warrants vesting per month from the date of grant. | ||||
Vesting period | 24 months | ||||
Outstanding warrants granted in connection with publishing annual or interim report [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of annual excercised period | 2 | ||||
Warrant excercised period | 21 days | ||||
Warrant outstanding | 519,049 | ||||
Outstanding warrants granted in connection with preference D financing [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of annual excercised period | 4 | ||||
Warrant excercised period | 21 days | ||||
Warrant outstanding | 68,436 | ||||
Warrants granted after December 18, 2015 [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of annual excercised period | 4 | ||||
Warrant outstanding | 5,232,726 |
Staff Cost - Summary of Warrant
Staff Cost - Summary of Warrant Compensation Cost (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total warrant compensation costs | € 37,486 | € 19,652 | € 9,709 |
Warrants [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total warrant compensation costs | 37,486 | 19,652 | 9,709 |
Research and development cost [member] | Warrants [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total warrant compensation costs | 22,357 | 10,225 | 4,775 |
General and administrative expense [member] | Warrants [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total warrant compensation costs | € 15,129 | € 9,427 | € 4,934 |
Staff Cost - Schedule of Warran
Staff Cost - Schedule of Warrant Activity (Detail) | 12 Months Ended | ||
Dec. 31, 2019€ / shares | Dec. 31, 2018€ / shares | Dec. 31, 2017€ / shares | |
Disclosure Of Warrant Activity [line items] | |||
Ending balance | 5,820,211 | ||
Ending balance | € 46.36 | ||
Warrants [member] | |||
Disclosure Of Warrant Activity [line items] | |||
Beginning balance | 5,611,629 | 4,621,154 | 3,691,765 |
Granted during the year | 1,300,600 | 1,637,375 | 1,196,000 |
Exercised during the year | (1,058,722) | (611,683) | (193,171) |
Forfeited during the year | (33,296) | (35,217) | (73,440) |
Expired during the year | 0 | 0 | 0 |
Ending balance | 5,820,211 | 5,611,629 | 4,621,154 |
Vested at the reporting date | 2,705,693 | 2,478,770 | 2,034,791 |
Beginning balance | € 29.03 | € 17.62 | € 13.05 |
Granted during the year | 97.01 | 54.43 | 30.15 |
Exercised during the year | 16.33 | 10.82 | 8.49 |
Forfeited during the year | 58.49 | 28.24 | 16.42 |
Expired during the year | 0 | 0 | 0 |
Ending balance | 46.36 | 29.03 | 17.62 |
Vested at the reporting date | € 24.93 | € 15.81 | € 11.48 |
Staff Cost - Schedule of Warr_2
Staff Cost - Schedule of Warrant Activity (Parenthetical) (Detail) - € / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. dollars [member] | |||
Disclosure Of Warrant Activity [line items] | |||
Weighted average share price | € 108.54 | € 58.01 | € 26.75 |
Staff Cost - Schedule of Weight
Staff Cost - Schedule of Weighted Average Exercise Price and Weighted Remaining Contractual Life for Outstanding Warrants (Detail) | 12 Months Ended | ||
Dec. 31, 2019€ / shares | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of Warrants, Outstanding | 5,820,211 | ||
Weighted Average Exercise, Outstanding | € 46.36 | ||
Weighted Average Life, Granted | 94 months | 96 months | 112 months |
Granted In 2012-2016 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Year of grant | 2012-2016 | ||
Number of Warrants, Granted | 1,889,205 | ||
Weighted Average Exercise, Granted | € 14.43 | ||
Weighted Average Life, Granted | 67 months | ||
Granted in 2017 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Year of grant | 2017 | ||
Number of Warrants, Granted | 1,093,659 | ||
Weighted Average Exercise, Granted | € 30.15 | ||
Weighted Average Life, Granted | 94 months | ||
Granted in 2018 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Year of grant | 2018 | ||
Number of Warrants, Granted | 1,546,947 | ||
Weighted Average Exercise, Granted | € 54.43 | ||
Weighted Average Life, Granted | 106 months | ||
Granted In 2019 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Year of grant | 2019 | ||
Number of Warrants, Granted | 1,290,400 | ||
Weighted Average Exercise, Granted | € 97.01 | ||
Weighted Average Life, Granted | 117 months |
Staff Cost - Summary of Fair Va
Staff Cost - Summary of Fair Values for Warrant Grants (Detail) - Warrants [member] | 12 Months Ended | ||
Dec. 31, 2019yr€ / shares | Dec. 31, 2018yr€ / shares | Dec. 31, 2017yr€ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average exercise price | € 97.01 | € 54.43 | € 30.15 |
Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility | 52.00% | 53.00% | 54.00% |
Risk-free interest rate | (0.77%) | (0.23%) | (0.34%) |
Expected life of warrants (years) | yr | 5.05 | 5.05 | 5.05 |
Fair value of warrants granted in the year | € 27,240 | € 17,900 | € 9,650 |
Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility | 54.00% | 57.00% | 60.00% |
Risk-free interest rate | (0.05%) | 0.46% | 0.25% |
Expected life of warrants (years) | yr | 7.10 | 7.14 | 7.10 |
Fair value of warrants granted in the year | € 55,640 | € 31,810 | € 17,290 |
Finance Income and Finance Ex_3
Finance Income and Finance Expenses - Schedule of Finance Income and Finance Expenses (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finance income expense [abstract] | |||
Interest income | € 10,056 | € 4,020 | € 923 |
Exchange rate gains | 7,747 | 20,694 | |
Total finance income | 17,803 | 24,714 | 923 |
Interest expenses | 207 | 127 | 97 |
Lease interest | 1,014 | ||
Exchange rate losses | 13,659 | ||
Total finance expenses | € 1,221 | € 127 | € 13,756 |
Tax on Profit_(Loss) for the _3
Tax on Profit/(Loss) for the Year and Deferred Tax - Summary of Tax on Profit/Loss and Deferred Tax (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tax on profit/(loss) for the year: | |||
Current tax (expense)/income | € 234 | € 394 | € 477 |
Current tax expense (income) and adjustments for current tax of prior periods | 234 | 394 | 477 |
Tax for the year can be explained as follows: | |||
Profit/(loss) before tax | (218,250) | (130,491) | (124,374) |
Tax at the Danish corporation tax rate of 22% | 48,015 | 28,708 | 27,362 |
Tax effect of: | |||
Non-deductible costs | (8,249) | (4,327) | (1,553) |
Additional tax deductions | 10,875 | 4,074 | 356 |
Impact from associate | (1,680) | (2,383) | |
Tax credits | (1,028) | ||
Other effects including effect of different tax rates | 1,602 | 143 | 598 |
Deferred tax asset, not recognized | (50,329) | (25,821) | (25,258) |
Tax on profit/(loss) for the year | € 234 | € 394 | € 477 |
Effective tax rate | (0.11%) | (0.30%) | (0.38%) |
Tax deductible losses | € 123,234 | € 74,120 | € 52,084 |
Other temporary differences | 5,631 | 4,416 | 631 |
Deferred tax asset, not recognized | (128,865) | (78,536) | (52,715) |
Total Deferred Tax Assets at December 31 | € 0 | € 0 | € 0 |
Tax on Profit_(Loss) for the _4
Tax on Profit/(Loss) for the Year and Deferred Tax - Summary of Tax on Profit/Loss and Deferred Tax (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | |||
Applicable tax rate | 22.00% | 22.00% | 22.00% |
Tax on Profit_(Loss) for the _5
Tax on Profit/(Loss) for the Year and Deferred Tax - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | |||
Income taxes refund | € 0.7 | € 0.7 | € 0.7 |
Tax losses carryforwards | € 560.2 | € 336.9 |
Intangible Assets - Summary of
Intangible Assets - Summary of Goodwill (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill at beginning period | € 3,495,000 | € 3,495,000 | |
Impairment charge | 0 | 0 | € 0 |
Goodwill at ending period | 3,495,000 | 3,495,000 | 3,495,000 |
Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill at beginning period | 3,495,000 | 3,495,000 | |
Additions | |||
Goodwill at ending period | 3,495,000 | 3,495,000 | 3,495,000 |
Accumulated impairment [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill at beginning period | |||
Impairment charge | |||
Goodwill at ending period |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | € 4,325 | ||
Depreciation charge | (6,688) | € (880) | € (734) |
Property, plant and equipment at ending period | 45,069 | 4,325 | |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 9,115 | 6,798 | |
Adoption of IFRS 16 "Leases" | 18,437 | ||
Additions | 28,535 | 2,701 | |
Disposals | (161) | (384) | |
Foreign exchange translation | 463 | ||
Property, plant and equipment at ending period | 56,389 | 9,115 | 6,798 |
Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | (4,790) | (4,241) | |
Depreciation charge | (6,688) | (880) | |
Disposals | 154 | 331 | |
Foreign exchange translation | 4 | ||
Property, plant and equipment at ending period | (11,320) | (4,790) | (4,241) |
Plant and machinery [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 2,197 | ||
Property, plant and equipment at ending period | 4,067 | 2,197 | |
Plant and machinery [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 5,645 | 4,507 | |
Additions | 2,393 | 1,206 | |
Disposals | (68) | ||
Property, plant and equipment at ending period | 8,038 | 5,645 | 4,507 |
Plant and machinery [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | (3,448) | (3,054) | |
Depreciation charge | (523) | (410) | |
Disposals | 16 | ||
Property, plant and equipment at ending period | (3,971) | (3,448) | (3,054) |
Other equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 1,641 | ||
Property, plant and equipment at ending period | 2,381 | 1,641 | |
Other equipment [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 2,595 | 1,641 | |
Additions | 1,499 | 1,270 | |
Disposals | (154) | (316) | |
Foreign exchange translation | 4 | ||
Property, plant and equipment at ending period | 3,944 | 2,595 | 1,641 |
Other equipment [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | (954) | (854) | |
Depreciation charge | (758) | (415) | |
Disposals | 154 | 315 | |
Foreign exchange translation | (5) | ||
Property, plant and equipment at ending period | (1,563) | (954) | (854) |
Leasehold improvements [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 487 | ||
Property, plant and equipment at ending period | 3,730 | 487 | |
Leasehold improvements [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 875 | 650 | |
Additions | 3,418 | 225 | |
Disposals | (7) | ||
Foreign exchange translation | 2 | ||
Property, plant and equipment at ending period | 4,288 | 875 | 650 |
Leasehold improvements [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | (388) | (333) | |
Depreciation charge | (170) | (55) | |
Property, plant and equipment at ending period | (558) | € (388) | € (333) |
Right-of-use assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at ending period | 34,891 | ||
Right-of-use assets [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Adoption of IFRS 16 "Leases" | 18,437 | ||
Additions | 21,225 | ||
Foreign exchange translation | 457 | ||
Property, plant and equipment at ending period | 40,119 | ||
Right-of-use assets [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation charge | (5,237) | ||
Foreign exchange translation | 9 | ||
Property, plant and equipment at ending period | € (5,228) |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
IFRS 16 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Additions to right-of-use assets | € 39 | |
Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Expenditure for improvements under construction | 2.7 | € 0.2 |
Leaseholds Improvements Payable | € 2.1 | € 0 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Summary of Depreciations Charges (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about depreciations charges [Line Items] | |||
Depreciations charges | € 6,688 | € 880 | € 734 |
Research and development costs [member] | |||
Disclosure of detailed information about depreciations charges [Line Items] | |||
Depreciations charges | 5,282 | 827 | 701 |
General and administrative expense [member] | |||
Disclosure of detailed information about depreciations charges [Line Items] | |||
Depreciations charges | € 1,406 | € 53 | € 33 |
Investment in Associate - Addit
Investment in Associate - Additional Information (Detail) - Visen Pharmaceuticals [member] $ in Millions | 12 Months Ended | ||
Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018EUR (€) | |
Disclosure of associates and joint ventures [line items] | |||
Ownership | 50.00% | 50.00% | |
Consideration received | $ | $ 40 | ||
Contingent liabilities or capital commitments | € 0 | ||
Revenue from associate | 13,400,000 | € 10,500,000 | |
Trade receivables from associate | € 800,000 | € 0 |
Investment in Associate - Sched
Investment in Associate - Schedule of Financial Information of Investment in VISEN (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financial position | ||
Non-current assets | € 65,565 | € 26,061 |
Current assets | 611,167 | 292,907 |
Non-current liabilities | 31,628 | |
Current liabilities | € 47,990 | 38,918 |
Visen Pharmaceuticals [member] | ||
Visen Pharmaceuticals | ||
Principal place of business | China | |
Ownership | 50.00% | |
Profit or loss | ||
Profit / (loss) for the year | € (16,226) | (642) |
Financial position | ||
Non-current assets | 23,291 | 34,819 |
Current assets | 32,446 | 34,155 |
Non-current liabilities | 250 | 0 |
Current liabilities | € 1,667 | € 9 |
Investment in Associate - Equit
Investment in Associate - Equity (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of associates and joint ventures [line items] | ||||
Equity | € 597,114 | € 280,050 | € 187,211 | € 176,613 |
Elimination of internal profit recognized | 218,016 | 130,097 | € 123,897 | |
Investment in associate | 15,538 | 17,083 | ||
VISEN Pharmaceuticals [member] | ||||
Disclosure of associates and joint ventures [line items] | ||||
Equity | 53,820 | 68,965 | ||
VISEN Pharmaceuticals [member] | Associates [member] | ||||
Disclosure of associates and joint ventures [line items] | ||||
Company's share of equity before eliminations | 26,910 | 34,483 | ||
Elimination of internal profit recognized | (11,372) | (17,400) | ||
Company's share of equity after eliminations | 15,538 | 17,083 | ||
Investment in associate | € 15,538 | € 17,083 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) - kr / shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of classes of share capital [abstract] | ||||||
Number of shares issued | 47,985,837 | 42,135,448 | 36,984,292 | 32,421,121 | 25,128,242 | 16,935,780 |
Share nominal value | kr 1 |
Share Capital - Summary of Numb
Share Capital - Summary of Number of Shares (Detail) - shares | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of classes of share capital [abstract] | |||||
Share capital beginning of year | 42,135,448 | 36,984,292 | 32,421,121 | 25,128,242 | 16,935,780 |
Increase through cash contribution | 5,850,389 | 5,151,156 | 4,563,171 | 7,292,879 | 8,192,462 |
Share capital end of year | 47,985,837 | 42,135,448 | 36,984,292 | 32,421,121 | 25,128,242 |
Leases - Additional Information
Leases - Additional Information (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Cash out-flow includes prepaid leases | € 4.5 |
Bottom of range [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Optional Lease Extension Period | 1 year |
Lease Term | 2 years |
Top of range [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Optional Lease Extension Period | 6 years |
Lease Term | 10 years |
Leases - Summary of Development
Leases - Summary of Development In Lease Liabilities (Detail) € in Thousands | 12 Months Ended | |
Dec. 31, 2019EUR (€) | ||
Text block [abstract] | ||
Beginning of period | € 17,700 | [1] |
Additions | 21,240 | |
Accretion of interests | 1,014 | |
Cash out-flow | (3,870) | |
Foreign exchange translation (non-cash item) | 535 | |
End of period | € 36,619 | |
[1] | Beginning balance includes the impact from implementing IFRS 16, “Leases” at January 1, 2019. |
Leases - Summary of Expenses, R
Leases - Summary of Expenses, Relating To Lease Activities In The Consolidated Statements (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Expenses relating to short term leases and leases of low value assets | € 202 |
Lease interests | 1,014 |
Total lease expenses | 6,453 |
Research And Development Member | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Depreciations | 3,943 |
General And Administration Member | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Depreciations | € 1,294 |
Contract Liabilities - Addition
Contract Liabilities - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Contract liabilities [abstract] | |||
Deferred income | € 0.9 | € 6.9 | |
Revenue recognized from deferred income | € 6.1 | € 0 | € 0 |
Other Commitments and Conting_2
Other Commitments and Contingencies - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Leasehold improvements [member] | ||
Disclosure of commitments and contingencies [line items] | ||
Contractual commitments | € 8.5 | € 0 |
Financial Risk Management and_3
Financial Risk Management and Financial Instruments - Schedule of Financial assets and Liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financial assets: | ||||||
Deposits | € 1,463 | € 1,158 | ||||
Cash and cash equivalents | 598,106 | 277,862 | € 195,351 | € 180,329 | ||
Financial liabilities | ||||||
Lease liabilities | 36,619 | € 17,700 | 17,700 | [1] | ||
Financial liabilities at amortised cost, class [member] | ||||||
Financial liabilities | ||||||
Lease liabilities | 36,619 | |||||
Trade payables | 27,765 | 19,740 | ||||
Financial liabilities measured at amortized cost | 64,384 | 19,740 | ||||
Financial assets at amortised cost, class [member] | ||||||
Financial assets: | ||||||
Deposits | 1,463 | 1,158 | ||||
Receivables | 804 | 6 | ||||
Cash and cash equivalents | 598,106 | 277,862 | ||||
Financial assets measured at amortized cost | € 600,373 | € 279,026 | ||||
[1] | Beginning balance includes the impact from implementing IFRS 16, “Leases” at January 1, 2019. |
Financial Risk Management and_4
Financial Risk Management and Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity decrease/increase percentage | 10.00% |
Provisions for doubtful accounts | € 0 |
Danish Kroner (DKK) [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Foreign currency target percentage | 4.50% |
US Dollars (USD) [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Increase Decrease In Foreign Currency Exchange Rate | 10.00% |
British Pounds (GBP) [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Increase Decrease In Foreign Currency Exchange Rate | 10.00% |
Financial Risk Management and_5
Financial Risk Management and Financial Instruments - Schedule of Foreign Currency Sensitivity Analysis (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
US dollars to Euro [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal positions | € 477,764 | € 178,308 |
Increase in foreign exchange rate | 10.00% | 10.00% |
Profit and loss before tax | € 47,776 | € 17,831 |
Equity before tax | 47,776 | 17,831 |
British pounds to Euro [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal positions | € (858) | € (816) |
Increase in foreign exchange rate | 10.00% | 10.00% |
Profit and loss before tax | € (86) | € (82) |
Equity before tax | € (86) | € (82) |
Financial Risk Management and_6
Financial Risk Management and Financial Instruments - Liquidity Risk Management (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | [1] |
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||||
Lease liabilities | € 36,619 | € 17,700 | € 17,700 | |
Trade payables | 27,765 | |||
Total financial liabilities | 64,384 | |||
Lease liabilities | 43,031 | |||
Trade payables | 27,765 | |||
Total financial liabilities | 70,796 | |||
Within 1 year [member] | ||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||||
Lease liabilities | 6,020 | |||
Trade payables | 27,765 | |||
Total financial liabilities | 33,785 | |||
Within 1 to 5 years [member] | ||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||||
Lease liabilities | 19,405 | |||
Trade payables | 0 | |||
Total financial liabilities | 19,405 | |||
After 5 years [member] | ||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||||
Lease liabilities | 17,606 | |||
Trade payables | 0 | |||
Total financial liabilities | € 17,606 | |||
[1] | Beginning balance includes the impact from implementing IFRS 16, “Leases” at January 1, 2019. |
Investments in Group Enterpri_3
Investments in Group Enterprises - Summary of Investments in Group Enterprises (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Ascendis Pharma GmbH [member] | |
Disclosure of subsidiaries [line items] | |
Company | Ascendis Pharma GmbH |
Domicile | Germany |
Ownership | 100.00% |
Ascendis Pharma, Inc [member] | |
Disclosure of subsidiaries [line items] | |
Company | Ascendis Pharma, Inc. |
Domicile | USA |
Ownership | 100.00% |
Ascendis Pharma Ophthalmology Division A/S [member] | |
Disclosure of subsidiaries [line items] | |
Company | Ascendis Pharma Ophthalmology Division A/S |
Domicile | Denmark |
Ownership | 100.00% |
Ascendis Pharma Endocrinology Division A/S [member] | |
Disclosure of subsidiaries [line items] | |
Company | Ascendis Pharma Endocrinology Division A/S |
Domicile | Denmark |
Ownership | 100.00% |
Ascendis Pharma Bone Diseases A/S [member] | |
Disclosure of subsidiaries [line items] | |
Company | Ascendis Pharma Bone Diseases A/S |
Domicile | Denmark |
Ownership | 100.00% |
Ascendis Pharma Growth Disorders A/S [member] | |
Disclosure of subsidiaries [line items] | |
Company | Ascendis Pharma Growth Disorders A/S |
Domicile | Denmark |
Ownership | 100.00% |
Ascendis Pharma Oncology Division AS [member] | |
Disclosure of subsidiaries [line items] | |
Company | Ascendis Pharma Oncology Division A/S |
Domicile | Denmark |
Ownership | 100.00% |
Visen Pharmaceuticals [member] | |
Disclosure of subsidiaries [line items] | |
Company | Visen Pharmaceuticals |
Domicile | Cayman Island |
Ownership | 50.00% |
Ownership - Additional Informat
Ownership - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership percentage | 5.00% |
Description of nature of related party relationship | investors, or groups of affiliated investors, are known by us to beneficially own more than 5% of our outstanding ordinary shares |
USA [member] | |
Disclosure of beneficial ownership [line items] | |
Description of American depository shares | The Company’s American Depository Shares are held through BNY (Nominees) Limited as nominee, of The Bank of New York Mellon, UK (as registered holder of the Company’s outstanding ADSs). |
T Rowe Price Associates Inc [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | T. Rowe Price Associates, Inc., USA |
Entities affiliated with FMR LLC [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | Entities affiliated with FMR LLC, USA |
Entities affiliated with RA capital management LLC [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | Entities affiliated with RA Capital Management, LLC, USA |
Entities Affiliated With OrbiMed private investments VLP [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | Entities affiliated with OrbiMed Private Investments V, L.P., USA |
Baker Bros. advisors LP [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | Baker Bros. Advisors LP, USA |