Ascendis Pharma A/S (ASND) 6-K 27 May 21 2021 Q1 Current report (foreign) Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2021
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	Ascendis Pharma A/S
Entity Central Index Key	0001612042
Current Fiscal Year End Date	--12-31

Condensed Consolidated Interim

Condensed Consolidated Interim Statements of Profit or Loss and Comprehensive Income / (Loss) - EUR (€) € in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Profit or loss [abstract]
Revenue		€ 746	€ 2,225
Research and development costs		(88,149)	(57,515)
Selling, general, and administrative expenses		(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
Statement of comprehensive income [abstract]
Net profit / (loss) for the period		€ (62,792)	€ (63,317)
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)		(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.

Condensed Consolidated Interi_2

Condensed Consolidated Interim Statements of Profit or Loss and Comprehensive Income / (Loss) (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Warrants [member]
Statement [LineItems]
Warrants outstanding	6,109,942	5,941,364

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statements of Financial Position - EUR (€) € in Thousands	Mar. 31, 2021	Dec. 31, 2020
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	106,426	115,280
Total non-current assets	278,042	239,660
Current assets
Trade receivables	60	387
Other receivables	7,183	6,957
Prepayments	15,322	13,994
Marketable securities	169,659	134,278
Cash and cash equivalents	495,047	584,517
Total current assets	687,271	740,133
Total assets	965,313	979,793
Equity
Share capital	7,228	7,217
Distributable equity	795,591	831,494
Total equity	802,819	838,711
Non-current liabilities
Lease liabilities	89,568	85,116
Other payables		3,162
Total non-current liabilities	89,568	88,278
Current liabilities
Lease liabilities	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
Total current liabilities	72,926	52,804
Total liabilities	162,494	141,082
Total equity and liabilities	€ 965,313	€ 979,793

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statements of Changes in Equity - EUR (€) € in Thousands	Total	Issued Capital [member]	Share Premium [member]	Foreign Currency Translation Reserve [member]	Share-based Payment Reserve [member]	Accumulated Deficit [member]
Equity at Dec. 31, 2019	€ 597,114	€ 6,443	€ 1,122,097	€ (34)	€ 79,931	€ (611,323)
Statement [LineItems]
Loss for the period	(63,317)					(63,317)
Other comprehensive income / (loss), net of tax	86			86
Total comprehensive income / (loss)	(63,231)			86		(63,317)
Transactions with Owners
Share-based payment (Note 7)	14,949				14,949
Capital increase
Cost of capital increase
Equity at Mar. 31, 2020	548,832	6,443	1,122,097	52	94,880	(674,640)
Equity at Dec. 31, 2020	838,711	7,217	1,728,747	(76)	133,101	(1,030,278)
Statement [LineItems]
Loss for the period	(62,792)					(62,792)
Other comprehensive income / (loss), net of tax	1,842			1,842
Total comprehensive income / (loss)	(60,950)			1,842		(62,792)
Transactions with Owners
Share-based payment (Note 7)	23,076				23,076
Capital increase	1,982	11	1,971
Cost of capital increase
Equity at Mar. 31, 2021	€ 802,819	€ 7,228	€ 1,730,718	€ 1,766	€ 156,177	€ (1,093,070)

Condensed Consolidated Interi_5

Condensed Consolidated Interim Cash Flow Statements - EUR (€) € in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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
Bank deposits	495,047	216,925
Short-term marketable securities		317,456
Cash and cash equivalents at March 31	€ 495,047	€ 534,381

General Information

General Information	3 Months Ended
	Mar. 31, 2021
Text block [abstract]
General Information	Note 1—General Information Ascendis Pharma A/S, together with its subsidiaries, is a biopharmaceutical company applying its innovative TransCon technologies to build a leading, fully integrated biopharmaceutical company. Ascendis Pharma A/S was incorporated in 2006 and is headquartered in Hellerup, Denmark. Unless the context otherwise requires, references to the “Company,” “we,” “us” and “our” refer to Ascendis Pharma A/S and its subsidiaries. The address of the Company’s registered office is Tuborg Boulevard 12, DK-2900, On February 2, 2015, the Company completed an initial public offering which resulted in the listing of American Depositary Shares, or ADSs, representing the Company’s ordinary shares, under the symbol “ASND” in the United States on The Nasdaq Global Select Market. The Company’s Board of Directors approved these unaudited condensed consolidated interim financial statements on May 27, 2021.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Text block [abstract]
Summary of Significant Accounting Policies	Note 2—Summary of Significant Accounting Policies Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting.” Certain information and disclosures normally included in the 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.

Significant Accounting Judgemen

Significant Accounting Judgements, Estimates and Assumptions	3 Months Ended
	Mar. 31, 2021
Text block [abstract]
Significant Accounting Judgements, Estimates and Assumptions	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 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.

Significant Events In The Repor

Significant Events In The Reporting Period	3 Months Ended
	Mar. 31, 2021
Text block [abstract]
Significant Events In The Reporting Period	Note 4—Significant Events in the Reporting Period Impact from COVID-19 A novel strain of coronavirus, (“COVID-19”) COVID-19 We monitor these risks closely, and work with relevant stakeholders to avoid disruptions, and to develop and establish working measures. However, while COVID-19 COVID-19, COVID-19 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 non-cash o

Revenue

Revenue	3 Months Ended
	Mar. 31, 2021
Text block [abstract]
Revenue	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 $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 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” 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Text block [abstract]
Segment Information	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.

Warrants and Share-based Paymen

Warrants and Share-based Payment	3 Months Ended
	Mar. 31, 2021
Text block [abstract]
Warrants and Share-based Payment	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, preemptive Warrant Activity The following table specifies the warrant activity during the three months ended March 31, 2021. Total Warrants Weighted Average 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.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2021
Categories of current financial assets [abstract]
Marketable Securities	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 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 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.

Share Capital

Share Capital	3 Months Ended
	Mar. 31, 2021
Text block [abstract]
Share Capital	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.

Lease Liabilities

Lease Liabilities	3 Months Ended
	Mar. 31, 2021
Text block [abstract]
Lease Liabilities	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 . 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 non-cancellable 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 Carrying (EUR’000) March 31, 2021 Lease liabilities 7,024 42,525 69,057 118,606 96,481

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Text block [abstract]
Subsequent Events	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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Text block [abstract]
Basis of Preparation	Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting.” Certain information and disclosures normally included in the 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	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.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Text block [abstract]
Schedule of Revenue Recognized in the Statement of Profit or Loss	Three Months ended 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” 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.

Warrants and Share-based Paym_2

Warrants and Share-based Payment (Tables)	3 Months Ended
	Mar. 31, 2021
Warrants [member]
Statement [LineItems]
Summary of Warrant Activity	The following table specifies the warrant activity during the three months ended March 31, 2021: Total Warrants Weighted Average 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

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2021
Categories of current financial assets [abstract]
Summary of Marketable Securities	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 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

Lease Liabilities (Tables)

Lease Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Text block [abstract]
Summary of Maturity Analysis for Lease Liabilities	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 Carrying (EUR’000) March 31, 2021 Lease liabilities 7,024 42,525 69,057 118,606 96,481

Significant Events in the Rep_2

Significant Events in the Reporting Period - Additional Information (Detail) € in Millions, $ in Millions	Jan. 08, 2021USD ($)	Mar. 31, 2021EUR (€)
Disclosure of summary of significant accounting policies [line items]
Expected Non cash Gain recognised towards Shares | €		€ 42.3
VISEN Series B Financing [Member]
Disclosure of summary of significant accounting policies [line items]
Proceeds from Borrowings classified as Financing Activities	$ 150
VISEN Pharmaceuticals [Member]
Disclosure of summary of significant accounting policies [line items]
Equity Investment in Associates	$ 12.5
Proportion of Interest retain in issued and Outstanding shares of Associate	44.00%

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - Visen Pharmaceuticals [Member] $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Disclosure of operating segments [line items]
Upfront payment received non cash consideration towards license revenue	$ 40
Percentage of ownership in the customer company	50.00%
Retained percentage of issued and outstanding shares	44.00%

Revenue - Schedule of Revenue R

Revenue - Schedule of Revenue Recognized in Statements of Profit or Loss (Detail) - EUR (€) € in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disclosure of operating segments [line items]
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	746	2,225
Revenue by geographical location
Total revenue	746	2,225
VISEN Pharmaceuticals [Member]
Disclosure of operating segments [line items]
Total revenue	637	2,225
Revenue by geographical location
Total revenue	637	2,225
Other collaboration partners [Member]
Disclosure of operating segments [line items]
Total revenue	109
Revenue by geographical location
Total revenue	109
North America [member]
Disclosure of operating segments [line items]
Total revenue	686	667
Revenue by geographical location
Total revenue	686	667
China [member]
Disclosure of operating segments [line items]
Total revenue	60	1,558
Revenue by geographical location
Total revenue	€ 60	€ 1,558

Revenue - Schedule of Revenue_2

Revenue - Schedule of Revenue Recognized in Statements of Profit or Loss (Parenthetical) (Detail) - EUR (€) € in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue [abstract]
Deferred revenue from associate	€ 577	€ 1,202

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021Segment
Disclosure of operating segments [abstract]
Number of reportable segment	1

Warrants and Share-based Paym_3

Warrants and Share-based Payment - Additional Information (Detail) € / shares in Units, € in Thousands	3 Months Ended
	Mar. 31, 2021EUR (€)	Mar. 31, 2020EUR (€)	Mar. 31, 2021kr / sharesshares	Mar. 31, 2021€ / sharesshares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share nominal value | kr / shares			kr 1
Warrants [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Aggregate number of other equity instruments granted	10,944,778
Aggregate number of other equity instruments cancelled | shares			19,580	19,580
Aggregate number of other equity instruments exercised	4,255,638
Aggregate number of other equity instruments expired	2,168
Aggregate number of other equity instruments forfeited	557,450
Number of other equity instruments authorized			682,509	682,509
Share nominal value | kr / shares			kr 1
Warrant compensation costs | €	€ 23,076	€ 14,949
Warrants [member] | Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options | € / shares				€ 6.48
Warrants [member] | Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options | € / shares				€ 145.5

Warrants and Share-based Paym_4

Warrants and Share-based Payment - Schedule of Warrant Activity (Detail) - Warrants [member]	3 Months Ended
	Mar. 31, 2021€ / shares
Disclosure Of Warrant Activity [line items]
Beginning balance	6,148,004
Granted during the period	80,060
Exercised during the period	(78,993)
Forfeited during the period	(39,129)
Expired during the period
Ending balance	6,109,942
Vested at the balance sheet date	3,285,203
Beginning balance	€ 69.97
Granted during the period	132.10
Exercised during the period	25.96
Forfeited during the period	108.59
Expired during the period
Ending balance	71.10
Vested at the balance sheet date	€ 42.20

Marketable Securities - Additio

Marketable Securities - Additional information (Detail)	Mar. 31, 2021
Marketable Securities [Abstract]
Weighted average duration of marketable securities current	5 months 24 days
Weighted average duration of marketable securities non-current	17 months 6 days
Weighted average duration of marketable securities	10 months 6 days

Marketable Securities - Summary

Marketable Securities - Summary of Marketable Securities (Detail) - EUR (€) € in Thousands	Mar. 31, 2021	Dec. 31, 2020
Disclosure Detailed Information About Marketable Securities [Line Items]
Non-current financial assets available-for-sale	€ 106,426	€ 115,280
Current financial assets available-for-sale	169,659	134,278
Financial assets at amortised cost, class [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets available-for-sale	276,085	249,558
Non-current financial assets available-for-sale	106,426	115,280
Current financial assets available-for-sale	169,659	134,278
Financial assets	276,085	249,558
Financial assets at amortised cost, class [member] | Prime [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	8,028	7,716
Financial assets at amortised cost, class [member] | High grade [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	148,813	142,339
Financial assets at amortised cost, class [member] | Medium grade [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	119,244	99,503
Financial assets at amortised cost, class [member] | Fixed interest rate [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	210,947	175,757
Financial assets at amortised cost, class [member] | Floating interest rate [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	18,443	16,975
Financial assets at amortised cost, class [member] | Zero Coupon [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	46,695	56,826
Financial assets at amortised cost, class [member] | US Treasury bills [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets available-for-sale	35,613	46,243
Financial assets at amortised cost, class [member] | US Government Bonds [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets available-for-sale	73,550	62,088
Financial assets at amortised cost, class [member] | Commercial papers [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets available-for-sale	11,081	10,583
Financial assets at amortised cost, class [member] | Corporate bonds [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets available-for-sale	141,781	121,282
Financial assets at amortised cost, class [member] | Agency bonds [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets available-for-sale	14,060	9,362
Financial assets at fair value, class [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets available-for-sale	275,989	249,530
Non-current financial assets available-for-sale	106,361	115,277
Current financial assets available-for-sale	169,628	134,253
Financial assets	275,989	249,530
Financial assets at fair value, class [member] | Prime [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	8,026	7,714
Financial assets at fair value, class [member] | High grade [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	148,844	142,352
Financial assets at fair value, class [member] | Medium grade [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	119,119	99,464
Financial assets at fair value, class [member] | Fixed interest rate [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	210,859	175,732
Financial assets at fair value, class [member] | Floating interest rate [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	18,433	16,972
Financial assets at fair value, class [member] | Zero Coupon [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	46,697	58,826
Financial assets at fair value, class [member] | US Treasury bills [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets available-for-sale	35,616	46,245
Financial assets at fair value, class [member] | US Government Bonds [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets available-for-sale	73,569	62,101
Financial assets at fair value, class [member] | Commercial papers [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets available-for-sale	11,081	10,581
Financial assets at fair value, class [member] | Corporate bonds [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets available-for-sale	141,656	121,234
Financial assets at fair value, class [member] | Agency bonds [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets available-for-sale	€ 14,067	€ 9,369

Share Capital - Additional Info

Share Capital - Additional Information (Detail)	Mar. 31, 2021kr / sharesshares
Disclosure of classes of share capital [line items]
Share nominal value | kr / shares	kr 1
Number of shares outstanding | shares	53,829,379

Lease Liabilities - Additional

Lease Liabilities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021
Bottom of range [member]
Statement [line items]
Lease term	2 years
Lease extension and termination option term	2 years
Top of range [member]
Statement [line items]
Lease term	11 years
Lease extension and termination option term	10 years

Lease Liabilities - Summary of

Lease Liabilities - Summary of Maturity Analysis for Lease Liabilities (Detail) € in Thousands	Mar. 31, 2021EUR (€)
Total contractual cash-flows [member]
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	€ 118,606
Carrying amount [member]
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	96,481
Within 1 year [member] | Total contractual cash-flows [member]
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	7,024
Within 1 to 5 years [member] | Total contractual cash-flows [member]
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	42,525
After 5 years [member] | Total contractual cash-flows [member]
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	€ 69,057