Exhibit 99.1
ASCENDIS PHARMA A/S
INDEX TO UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Page | ||||
2 | ||||
3 | ||||
Unaudited Condensed Consolidated Interim Statements of Changes in Equity at March 31, 2021 and 2020 | 4 | |||
5 | ||||
Notes to the Unaudited Condensed Consolidated Interim Financial Statements | 6 |
1
Unaudited Condensed Consolidated Interim Statements of Profit or Loss
and Comprehensive Income / (Loss) for the Three Months Ended March 31
Three Months Ended March 31 | ||||||||||||
Notes | 2021 | 2020 | ||||||||||
(EUR’000) | ||||||||||||
Statement of Profit or Loss | ||||||||||||
Revenue | 5 | 746 | 2,225 | |||||||||
Research and development costs | 7 | (88,149 | ) | (57,515 | ) | |||||||
Selling, general, and administrative expenses | 7 | (37,247 | ) | (17,915 | ) | |||||||
|
|
|
| |||||||||
Operating profit / (loss) | (124,650 | ) | (73,205 | ) | ||||||||
Share of profit / (loss) of associate | 28,106 | (1,515 | ) | |||||||||
Finance income | 34,430 | 11,773 | ||||||||||
Finance expenses | (869 | ) | (447 | ) | ||||||||
|
|
|
| |||||||||
Profit / (loss) before tax | (62,983 | ) | (63,394 | ) | ||||||||
Tax on profit / (loss) for the period | 191 | 77 | ||||||||||
|
|
|
| |||||||||
Net profit / (loss) for the period | (62,792 | ) | (63,317 | ) | ||||||||
|
|
|
| |||||||||
Attributable to owners of the Company | (62,792 | ) | (63,317 | ) | ||||||||
|
|
|
| |||||||||
Basic and diluted earnings / (loss) per share | €(1.17 | ) | €(1.32 | ) | ||||||||
Number of shares used for calculation (basic and diluted) (1) | 53,759,952 | 47,985,837 | ||||||||||
|
|
|
| |||||||||
(EUR’000) | ||||||||||||
Statement of Comprehensive Income | ||||||||||||
Net profit / (loss) for the period | (62,792 | ) | (63,317 | ) | ||||||||
Other comprehensive income / (loss) | ||||||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||||||
Exchange differences on translating foreign operations | 1,842 | 86 | ||||||||||
|
|
|
| |||||||||
Other comprehensive income / (loss) for the period, net of tax | 1,842 | 86 | ||||||||||
|
|
|
| |||||||||
Total comprehensive income / (loss) for the period, net of tax | (60,950 | ) | (63,231 | ) | ||||||||
|
|
|
| |||||||||
Attributable to owners of the Company | (60,950 | ) | (63,231 | ) | ||||||||
|
|
|
|
(1) | A total of 6,109,942 warrants outstanding as of March 31, 2021 can potentially dilute earnings per share in the future but have not been included in the calculation of diluted earnings per share because they are antidilutive for the periods presented. Similarly, a total of 5,941,364 warrants outstanding as of March 31, 2020 are also considered antidilutive for the periods presented and have not been included in the calculation. |
2
Unaudited Condensed Consolidated Interim Statements of Financial Position
Notes | March 31, 2021 | December 31, 2020 | ||||||||||
(EUR’000) | ||||||||||||
Assets | ||||||||||||
Non-current assets | ||||||||||||
Intangible assets | 5,606 | 5,717 | ||||||||||
Property, plant and equipment | 114,196 | 108,112 | ||||||||||
Investment in associate | 50,035 | 9,176 | ||||||||||
Other receivables | 1,779 | 1,375 | ||||||||||
Marketable securities | 8 | 106,426 | 115,280 | |||||||||
|
|
|
| |||||||||
278,042 | 239,660 | |||||||||||
|
|
|
| |||||||||
Current assets | ||||||||||||
Trade receivables | 60 | 387 | ||||||||||
Other receivables | 7,183 | 6,957 | ||||||||||
Prepayments | 15,322 | 13,994 | ||||||||||
Marketable securities | 8 | 169,659 | 134,278 | |||||||||
Cash and cash equivalents | 495,047 | 584,517 | ||||||||||
|
|
|
| |||||||||
687,271 | 740,133 | |||||||||||
|
|
|
| |||||||||
Total assets | 965,313 | 979,793 | ||||||||||
|
|
|
| |||||||||
Equity and liabilities | ||||||||||||
Equity | ||||||||||||
Share capital | 9 | 7,228 | 7,217 | |||||||||
Distributable equity | 795,591 | 831,494 | ||||||||||
|
|
|
| |||||||||
802,819 | 838,711 | |||||||||||
|
|
|
| |||||||||
Non-current liabilities | ||||||||||||
Lease liabilities | 10 | 89,568 | 85,116 | |||||||||
Other payables | — | 3,162 | ||||||||||
|
|
|
| |||||||||
89,568 | 88,278 | |||||||||||
|
|
|
| |||||||||
Current liabilities | ||||||||||||
Lease liabilities | 10 | 6,913 | 6,859 | |||||||||
Contract liabilities | 254 | 363 | ||||||||||
Trade payables and accrued expenses | 54,133 | 21,897 | ||||||||||
Other payables | 11,253 | 23,384 | ||||||||||
Income taxes payable | 373 | 301 | ||||||||||
|
|
|
| |||||||||
72,926 | 52,804 | |||||||||||
|
|
|
| |||||||||
Total liabilities | 162,494 | 141,082 | ||||||||||
|
|
|
| |||||||||
Total equity and liabilities | 965,313 | 979,793 | ||||||||||
|
|
|
|
3
Unaudited Condensed Consolidated Interim Statements of Changes in Equity
Distributable Equity | ||||||||||||||||||||||||
Share Capital | Share Premium | Foreign Currency Translation Reserve | Share-based Payment Reserve | Accumulated Deficit | Total | |||||||||||||||||||
(EUR’000) | ||||||||||||||||||||||||
Equity at January 1, 2021 | 7,217 | 1,728,747 | (76 | ) | 133,101 | (1,030,278 | ) | 838,711 | ||||||||||||||||
Loss for the period | — | — | — | — | (62,792 | ) | (62,792 | ) | ||||||||||||||||
Other comprehensive income / (loss), net of tax | — | — | 1,842 | — | — | 1,842 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total comprehensive income / (loss) | — | — | 1,842 | — | (62,792 | ) | (60,950 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Transactions with Owners | — | |||||||||||||||||||||||
Share-based payment (Note 7) | — | — | — | 23,076 | — | 23,076 | ||||||||||||||||||
Capital increase | 11 | 1,971 | — | — | — | 1,982 | ||||||||||||||||||
Cost of capital increase | — | — | �� | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Equity at March 31, 2021 | 7,228 | 1,730,718 | 1,766 | 156,177 | (1,093,070 | ) | 802,819 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Distributable Equity |
| ||||||||||||||||||||||
Share Capital | Share Premium | Foreign Currency Translation Reserve | Share-based Payment Reserve | Accumulated Deficit | Total | |||||||||||||||||||
(EUR’000) | ||||||||||||||||||||||||
Equity at January 1, 2020 | 6,443 | 1,122,097 | (34 | ) | 79,931 | (611,323 | ) | 597,114 | ||||||||||||||||
Loss for the period | — | — | — | — | (63,317 | ) | (63,317 | ) | ||||||||||||||||
Other comprehensive income / (loss), net of tax | — | — | 86 | — | — | 86 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total comprehensive income / (loss) | — | — | 86 | — | (63,317 | ) | (63,231 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Transactions with Owners | ||||||||||||||||||||||||
Share-based payment (Note 7) | — | — | — | 14,949 | — | 14,949 | ||||||||||||||||||
Capital increase | — | — | — | — | — | — | ||||||||||||||||||
Cost of capital increase | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Equity at March 31, 2020 | 6,443 | 1,122,097 | 52 | 94,880 | (674,640 | ) | 548,832 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
4
Unaudited Condensed Consolidated Interim Cash Flow Statements for the
Three Months Ended March 31
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
(EUR’000) | ||||||||
Operating activities | ||||||||
Net profit / (loss) for the period | (62,792 | ) | (63,317 | ) | ||||
Reversal of finance income | (34,430 | ) | (11,773 | ) | ||||
Reversal of finance expenses | 869 | 447 | ||||||
Reversal of tax charge | (191 | ) | (77 | ) | ||||
Adjustments for non-cash items: | ||||||||
Reversal of non-cash consideration relating to revenue | (577 | ) | (1,202 | ) | ||||
Reversal of share of profit / (loss) of associate | (28,106 | ) | 1,515 | |||||
Share-based payment | 23,076 | 14,949 | ||||||
Depreciation | 3,603 | 1,993 | ||||||
Amortization | 111 | — | ||||||
Changes in working capital: | ||||||||
Receivables | 110 | 797 | ||||||
Prepayments | (1,329 | ) | (2,537 | ) | ||||
Contract liabilities (deferred income) | (109 | ) | (515 | ) | ||||
Trade payables, accrued expenses and other payables | 17,573 | (8,872 | ) | |||||
|
|
|
| |||||
Cash flows generated from / (used in) operations | (82,192 | ) | (68,592 | ) | ||||
Interest received | 975 | 1,455 | ||||||
Interest paid | (374 | ) | (367 | ) | ||||
Income taxes received / (paid) | (28 | ) | 718 | |||||
|
|
|
| |||||
Cash flows from / (used in) operating activities | (81,619 | ) | (66,786 | ) | ||||
|
|
|
| |||||
Investing activities | ||||||||
Investment in associate | (10,187 | ) | — | |||||
Acquisition of property, plant and equipment | (4,025 | ) | (6,141 | ) | ||||
Development expenditures (software) | (530 | ) | — | |||||
Purchase of marketable securities | (39,444 | ) | — | |||||
Settlement of marketable securities | 24,069 | — | ||||||
|
|
|
| |||||
Cash flows from / (used in) investing activities | (30,117 | ) | (6,141 | ) | ||||
|
|
|
| |||||
Financing activities | ||||||||
Payment of lease liabilities | (1,962 | ) | (1,117 | ) | ||||
Capital increase | 1,982 | — | ||||||
|
|
|
| |||||
Cash flows from / (used in) financing activities | 20 | (1,117 | ) | |||||
|
|
|
| |||||
Increase / (decrease) in cash and cash equivalents | (111,716 | ) | (74,044 | ) | ||||
|
|
|
| |||||
Cash and cash equivalents at January 1 | 584,517 | 598,106 | ||||||
Effect of exchange rate changes on balances held in foreign currencies | 22,246 | 10,319 | ||||||
|
|
|
| |||||
Cash and cash equivalents at March 31 | 495,047 | 534,381 | ||||||
|
|
|
| |||||
Cash and cash equivalents include: | ||||||||
Bank deposits | 495,047 | 216,925 | ||||||
Short-term marketable securities | — | 317,456 | ||||||
|
|
|
| |||||
Cash and cash equivalents at March 31 | 495,047 | 534,381 | ||||||
|
|
|
|
5
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
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, Hellerup, Denmark.
On February 2, 2015, the Company completed an initial public offering which resulted in the listing of American Depositary Shares, or ADSs, representing the Company’s ordinary shares, under the symbol “ASND” in the United States on The Nasdaq Global Select Market.
The Company’s Board of Directors approved these unaudited condensed consolidated interim financial statements on May 27, 2021.
Note 2—Summary of Significant Accounting Policies
Basis of Preparation
The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting.” Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended December 31, 2020 and accompanying notes, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board, and as adopted by the European Union.
The accounting policies applied are consistent with those of the previous financial year. A description of our accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2020.
The preparation of financial statements in conformity with IFRS requires the use of certain significant accounting estimates and requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 3.
New and Amended IFRS Standards Adopted by the Company
Several new amendments and interpretations became applicable for the current reporting period, but do not have an impact on the accounting policies applied by the Company.
6
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
Note 3—Significant Accounting Judgements, Estimates and Assumptions
In the application of the Company’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Judgements and estimates applied are based on historical experience and other factors that are relevant, and which are available at the reporting date. Uncertainty concerning judgements and estimates could result in outcomes, that require a material adjustment to assets and liabilities in future periods.
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. While the application of significant accounting estimates is subject to material estimation uncertainties, management’s ongoing revisions of significant accounting estimates have not revealed any material impact in the interim statements of profit or loss for any of the periods presented.
The unaudited condensed consolidated interim financial statements do not include all disclosures for significant accounting judgements, estimates and assumptions, that are required in the annual consolidated financial statements, and therefore, should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2020.
Significant judgements made in the process of applying our accounting policies and that have the most significant effect on the amounts recognized in the unaudited condensed consolidated interim financial statements relate to revenue recognition, share-based payment, internally generated intangible assets related to drug development, classification of collaboration agreements and recognition principles related to pre-launch inventories. For the three months ended March 31, 2021, the Company has for the first time, in connection with determining the grant date fair value of warrants and accordingly, warrant compensation costs, applied its own share price as input for expected volatility. Details are provided in section “Warrant Compensation Costs”. Until December 31, 2020, the expected volatility was calculated using a simple average of daily historical data of comparable publicly traded companies, as the Company did not have sufficient data for the volatility of the Company’s own share price.
The key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year, primarily relate to recognition and measurement of accruals and prepayments for manufacturing and clinical trial activities.
There have been no other changes to the application of significant accounting judgments, or estimation uncertainties regarding accounting estimates.
Warrant Compensation Costs
IFRS 2, “Share-Based Payment” requires an entity to reflect in its consolidated statement of profit or loss and financial position, the effects of share-based payment transactions. Warrant compensation costs are recognized over the vesting period as research and development costs or selling, general and administrative expenses, as appropriate, based on management’s best estimate of the number of warrants that will ultimately vest, which is subject to uncertainty.
Warrant compensation costs are measured according to the grant date fair values of the warrants granted. Estimating fair values requires the Company to apply generally accepted valuation models and apply these models consistently according to the terms and conditions of the specific warrant program. Under all warrant programs, the Black-Scholes option-pricing model has been applied to determine the fair value of warrants granted. Subjective judgements and assumptions, which are subject to estimation uncertainties, need to be exercised in determining the appropriate input to the valuation model. These inputs include expected volatility of the Company’s share price for a historic period equaling the expected lifetime of the warrants, reflecting the assumption that the historical volatility over a period similar to the life of the warrants is indicative of future trends. For the three months ended March 31, 2021, the expected volatility has been calculated using the Company’s own share price.
7
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
Note 4—Significant Events in the Reporting Period
Impact from COVID-19 pandemic
A novel strain of coronavirus, (“COVID-19”) was reported to have surfaced in Wuhan, China, in December 2019. Since then, COVID-19 has spread around the world into a pandemic, including into countries where we are operating, where we have planned or have ongoing clinical trials, and where we rely on third-parties to manufacture preclinical and clinical supplies, as well as commercial supply.
We monitor these risks closely, and work with relevant stakeholders to avoid disruptions, and to develop and establish working measures. However, while COVID-19 continues to impact global societies, the uncertainty related to the duration and direction of the pandemic makes the future impact from COVID-19, including the magnitude of any impact on our operational results, highly uncertain and unpredictable. At the reporting date, COVID-19 did not have a direct impact on the interim financial statements.
VISEN Pharmaceuticals Investment
On January 8, 2021, the Company entered into an equity investment of $12.5 million in its associate, VISEN Pharmaceuticals, or VISEN, as part of VISEN’s $150 million Series B financing. Following VISEN’s Series B financing, the Company retains approximately 44% of VISEN’s issued and outstanding shares. As a result, the Company has recognized a non-cash gain in the first quarter of 2021 of €42.3 million, which is presented as part of “Share of profit / (loss) of associate” in the interim statement of profit or loss. The Series B financing has not changed the Company’s accounting treatment of VISEN.
8
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
Note 5—Revenue
The Company’s revenue is primarily generated from three license agreements, which were entered into in 2018. The licenses grant VISEN exclusive rights to develop and commercialize TransCon hGH, TransCon PTH and TransCon CNP in Greater China. As consideration for the granting of such rights, the Company has received up-front, non-refundable, non-cash consideration of $40.0 million in the form of 50% ownership in VISEN. At the reporting date, the Company retains approximately 44% of VISEN’s issued and outstanding shares.
Consideration received is recognized partly as license revenue, and partly as rendering of services over time. In addition to granting exclusive rights, the Company will provide clinical trial supply and development services to VISEN.
Three Months ended March 31, | ||||||||
2021 | 2020 | |||||||
(EUR’000) | ||||||||
Revenue from external customers | ||||||||
Revenue from the rendering of services (recognized over time) | 169 | 1,312 | ||||||
Sale of clinical supply (recognized at a point in time) | — | 246 | ||||||
“Right-to-use” licenses (recognized at a point in time) | 577 | 667 | ||||||
|
|
|
| |||||
Total revenue (1) | 746 | 2,225 | ||||||
|
|
|
| |||||
Attributable to | ||||||||
VISEN Pharmaceuticals | 637 | 2,225 | ||||||
Other collaboration partners | 109 | — | ||||||
|
|
|
| |||||
Total revenue | 746 | 2,225 | ||||||
|
|
|
| |||||
Revenue by geographical location | ||||||||
North America | 686 | 667 | ||||||
China | 60 | 1,558 | ||||||
|
|
|
| |||||
Total revenue | 746 | 2,225 | ||||||
|
|
|
|
(1) | For the three months ended March 31, 2021 and 2020, “Total revenue” includes recognition of previously deferred revenue/internal profit from associate of €577 thousand and €1,202 thousand, respectively. |
Note 6—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, no additional information on business segments or geographical areas is disclosed.
Note 7—Warrants and Share-based Payment
Share-based Payment
Ascendis Pharma A/S has established warrant programs and equity-settled share-based payment transactions, as an incentive for all its employees, members of its Board of Directors and select external consultants.
Warrants are granted by the Company’s Board of Directors in accordance with authorizations given to it by the shareholders of the Company. As of March 31, 2021, 10,944,778 warrants have been granted, of which 19,580 warrants have been cancelled, 4,255,638 warrants have been exercised, 2,168 warrants have expired without being exercised, and 557,450 warrants have been forfeited. As of March 31, 2021, the Company’s Board of Directors was authorized to grant up to 682,509 additional warrants to employees, board members and select consultants without preemptive subscription rights for the shareholders of the Company. Each warrant carries the right to subscribe for one ordinary share of a nominal value of DKK 1. The exercise price is fixed at the fair market value of the Company’s ordinary shares at the time of grant as determined by the Company’s Board of Directors. The exercise prices of outstanding warrants under the Company’s warrant programs range from €6.48 to €145.5 depending on the grant dates. Vested warrants may be exercised in two or four annual exercise periods. Apart from exercise prices and exercise periods, the programs are similar.
9
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
Warrant Activity
The following table specifies the warrant activity during the three months ended March 31, 2021.
Total Warrants | Weighted Average Exercise Price EUR | |||||||
Outstanding at January 1, 2021 | 6,148,004 | 69.97 | ||||||
|
|
|
| |||||
Granted during the period | 80,060 | 132.10 | ||||||
Exercised during the period | (78,993 | ) | 25.96 | |||||
Forfeited during the period | (39,129 | ) | 108.59 | |||||
Expired during the period | — | — | ||||||
|
|
|
| |||||
Outstanding at March 31, 2021 | 6,109,942 | 71.10 | ||||||
|
|
|
| |||||
Vested at March 31, 2021 | 3,285,203 | 42.20 | ||||||
|
|
|
|
Warrant Compensation Costs
Warrant compensation costs are determined with a basis in the grant date fair value of the warrants granted and recognized over the vesting period as research and development costs or as selling, general and administrative expenses. For the three months ended March 31, 2021 and 2020, warrant compensation costs recognized in the interim statement of profit or loss was €23,076 thousand and €14,949 thousand, respectively.
10
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
Note 8—Marketable Securities
Marketable securities are measured at amortized cost, and fair values are determined based on quoted market prices (Level 1 in the fair value hierarchy).
The composition of the portfolio is specified in the following table.
March 31, 2021 | December 31, 2020 | |||||||||||||||
Carrying amount | Fair value | Carrying amount | Fair value | |||||||||||||
(EUR’000) | ||||||||||||||||
Marketable securities | ||||||||||||||||
U.S. Treasury bills | 35,613 | 35,616 | 46,243 | 46,245 | ||||||||||||
U.S. Government bonds | 73,550 | 73,569 | 62,088 | 62,101 | ||||||||||||
Commercial papers | 11,081 | 11,081 | 10,583 | 10,581 | ||||||||||||
Corporate bonds | 141,781 | 141,656 | 121,282 | 121,234 | ||||||||||||
Agency bonds | 14,060 | 14,067 | 9,362 | 9,369 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total marketable securities | 276,085 | 275,989 | 249,558 | 249,530 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Classified based on maturity profile | ||||||||||||||||
Non-current assets | 106,426 | 106,361 | 115,280 | 115,277 | ||||||||||||
Current assets | 169,659 | 169,628 | 134,278 | 134,253 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total marketable securities | 276,085 | 275,989 | 249,558 | 249,530 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Specified by rate structure | ||||||||||||||||
Fixed rate | 210,947 | 210,859 | 175,757 | 175,732 | ||||||||||||
Floating rate | 18,443 | 18,433 | 16,975 | 16,972 | ||||||||||||
Zero-coupon | 46,695 | 46,697 | 56,826 | 58,826 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total marketable securities | 276,085 | 275,989 | 249,558 | 249,530 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Specified by investment grade credit rating | ||||||||||||||||
Prime | 8,028 | 8,026 | 7,716 | 7,714 | ||||||||||||
High grade | 148,813 | 148,844 | 142,339 | 142,352 | ||||||||||||
Medium grade | 119,244 | 119,119 | 99,503 | 99,464 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total marketable securities | 276,085 | 275,989 | 249,558 | 249,530 | ||||||||||||
|
|
|
|
|
|
|
|
The Company’s marketable securities are all denominated in U.S. Dollars. At March 31, 2021, the portfolio has a weighted average duration of 5.8 and 17.2 months, for current and non-current positions, respectively. The entire portfolio has a weighted average duration of 10.2 months.
All marketable securities have investment grade ratings, and accordingly, the risk from probability of default is low. The risk of expected credit loss over marketable securities has been considered, including the hypothetical impact arising from the probability of default which is considered in conjunction with the expected loss given default from securities with similar credit ratings and attributes. This assessment did not reveal a material expected credit loss, and accordingly, no provision for expected credit loss has been recognized.
Note 9—Share Capital
The share capital of Ascendis Pharma A/S consists of 53,829,379 outstanding shares at a nominal value of DKK 1, all in the same share class.
11
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
Note 10 —Lease Liabilities
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 determined according to the non-cancellable period and are between two and eleven years. In addition, in order to improve flexibility to the Company’s operations, lease terms may provide the Company with options to extend the lease, or terminate the lease within the enforceable lease term. In the Company’s current lease portfolio, extension and termination options range between two to ten years, in addition to the non-cancellable period.
Maturity analysis for lease liabilities recognized in the statements of financial position at March 31, 2021 is specified below.
< 1 year | 1-5 years | >5 years | Total contractual cash-flows | Carrying amount | ||||||||||||||||
(EUR’000) | ||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Lease liabilities | 7,024 | 42,525 | 69,057 | 118,606 | 96,481 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
Note 11—Subsequent Events
No events have occurred after the reporting date that would influence the evaluation of these unaudited condensed consolidated interim financial statements.
12