Ascendis Pharma A/S (ASND) 6-K 26 Aug 21 2021 Q2 Current report (foreign) Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2021
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Profit or loss [abstract]
Revenue		€ 1,022	€ 1,436	€ 1,767	€ 3,661
Research and development costs		(83,306)	(63,578)	(171,455)	(121,093)
Selling, general and administrative expenses		(35,345)	(20,805)	(72,591)	(38,720)
Operating profit / (loss)		(117,629)	(82,947)	(242,279)	(156,152)
Share of profit / (loss) of associate		(4,817)	(1,885)	23,289	(3,400)
Finance income		145	86	23,268	1,996
Finance expenses		(12,141)	(10,292)	(1,703)	(876)
Profit / (loss) before tax		(134,442)	(95,038)	(197,425)	(158,432)
Tax on profit / (loss) for the period		68	106	259	183
Net profit / (loss) for the period		(134,374)	(94,932)	(197,166)	(158,249)
Attributable to owners of the Company		€ (134,374)	€ (94,932)	€ (197,166)	€ (158,249)
Basic and diluted earnings / (loss) per share		€ (2.50)	€ (1.97)	€ (3.66)	€ (3.29)
Number of shares used for calculation (basic and diluted)	[1]	53,848,166	48,207,661	53,804,300	48,096,749
Consolidated Interim Statement of Comprehensive Income
Net profit / (loss) for the period		€ (134,374)	€ (94,932)	€ (197,166)	€ (158,249)
Other comprehensive income / (loss)
Exchange differences on translating foreign operations		77	(147)	1,765	(61)
Other comprehensive income / (loss) for the period, net of tax		77	(147)	1,765	(61)
Total comprehensive income / (loss)		(134,297)	(95,079)	(195,401)	(158,310)
Attributable to owners of the Company		€ (134,297)	€ (95,079)	€ (195,401)	€ (158,310)
[1]	A total of 6,065,823 warrants outstanding as of June 30, 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 5,788,390 warrants outstanding as of June 30, 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	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Warrants [member]
Statement [LineItems]
Warrants outstanding	6,065,823	5,788,390

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statements of Financial Position - EUR (€) € in Thousands	Jun. 30, 2021	Dec. 31, 2020
Non-current assets
Intangible assets	€ 5,495	€ 5,717
Property, plant and equipment	123,924	108,112
Investment in associate	45,783	9,176
Deposits	1,702	1,375
Marketable securities	90,693	115,280
Total non-current assets	267,597	239,660
Current assets
Trade receivables	394	387
Other receivables	11,398	6,957
Prepayments	21,826	13,994
Marketable securities	166,094	134,278
Cash and cash equivalents	384,539	584,517
Total current assets	584,251	740,133
Total assets	851,848	979,793
Equity
Share capital	7,237	7,217
Distributable equity	680,250	831,494
Total equity	687,487	838,711
Non-current liabilities
Lease liabilities	94,059	85,116
Other payables		3,162
Total non-current liabilities	94,059	88,278
Current liabilities
Lease liabilities	6,950	6,859
Contract liabilities	145	363
Trade payables and accrued expenses	44,207	21,897
Other payables	18,623	23,384
Income taxes payable	377	301
Total current liabilities	70,302	52,804
Total liabilities	164,361	141,082
Total equity and liabilities	€ 851,848	€ 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	(158,249)					(158,249)
Other comprehensive income / (loss), net of tax	(61)			(61)
Total comprehensive income / (loss)	(158,310)			(61)		(158,249)
Transactions with Owners
Share-based payment (Note 7)	28,364				28,364
Capital increase		48	9,928
Equity at Jun. 30, 2020	477,144	6,491	1,132,025	(95)	108,295	(769,572)
Equity at Dec. 31, 2020	838,711	7,217	1,728,747	(76)	133,101	(1,030,278)
Statement [LineItems]
Loss for the period	(197,166)					(197,166)
Other comprehensive income / (loss), net of tax	1,765			1,765
Total comprehensive income / (loss)	(195,401)			1,765		(197,166)
Transactions with Owners
Share-based payment (Note 7)	39,396				39,396
Capital increase	4,781	20	4,761
Equity at Jun. 30, 2021	€ 687,487	€ 7,237	€ 1,733,508	€ 1,689	€ 172,497	€ (1,227,444)

Condensed Consolidated Interi_5

Condensed Consolidated Interim Cash Flow Statements - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net profit / (loss) for the period	€ (197,166)	€ (158,249)
Reversal of finance income	(23,268)	(1,996)
Reversal of finance expenses	1,703	876
Reversal of tax charge	(259)	(183)
Adjustments for non-cash items:
Reversal of non-cash consideration relating to revenue	(1,155)	(2,215)
Reversal of share of profit / (loss) of associate	(23,289)	3,400
Share-based payment	39,396	28,364
Depreciation	7,112	4,192
Amortization	222
Changes in working capital:
Receivables	(4,035)	(944)
Prepayments	(7,832)	(5,385)
Contract liabilities (deferred income)	(218)	(858)
Trade payables and other payables	10,902	8,008
Cash flows generated from / (used in) operations	(197,887)	(124,990)
Finance income received	1,915	1,776
Finance expenses paid	(699)	(798)
Income taxes received / (paid)	(149)	615
Cash flows from / (used in) operating activities	(196,820)	(123,397)
Investing activities
Investment in associate	(10,187)
Acquisition of property, plant and equipment	(7,607)	(10,725)
Development expenditures (software)	(530)	(311)
Purchase of marketable securities	(76,358)	(233,446)
Settlement of marketable securities	75,600
Cash flows from / (used in) investing activities	(19,082)	(244,482)
Financing activities
Payment of principal portion of lease liabilities	(3,371)	(2,306)
Proceeds from exercise of warrants	4,782	9,976
Cash flows from / (used in) financing activities	1,411	7,670
Increase / (decrease) in cash and cash equivalents	(214,491)	(360,209)
Cash and cash equivalents at January 1	584,517	598,106
Effect of exchange rate changes on balances held in foreign currencies	14,513	2,708
Cash and cash equivalents at June 30	384,539	240,605
Bank deposits	383,073	183,153
Short-term marketable securities	1,466	57,452
Cash and cash equivalents at June 30	€ 384,539	€ 240,605

General Information

General Information	6 Months Ended
	Jun. 30, 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 August 25, 2021.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement 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.

Critical Accounting Judgements

Critical Accounting Judgements and Key Sources of Estimation Uncertainty	6 Months Ended
	Jun. 30, 2021
Text block [abstract]
Critical Accounting Judgements and Key Sources of Estimation Uncertainty	Note 3—Critical Accounting Judgements and Key Sources of Estimation Uncertainty In the application of the Company’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying amount 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 consolidated 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. Other than as set out below, there have been no other changes to the application of significant accounting judg e 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 six months ended June 30, 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	6 Months Ended
	Jun. 30, 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”) 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 consolidated . 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

Revenue

Revenue	6 Months Ended
	Jun. 30, 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 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 Six Months Ended 2021 2020 2021 2020 (EUR’000) (EUR’000) Revenue from external customers Revenue from the rendering of services (recognized over time) 226 779 395 2,091 Sale of clinical supply (recognized at a point in time) 217 — 217 246 “Right-to-use” 579 657 1,155 1,324 Total revenue (1) 1,022 1,436 1,767 3,661 Attributable to VISEN Pharmaceuticals 913 1,436 1,550 3,661 Other collaboration partners 109 — 217 — Total revenue 1,022 1,436 1,767 3,661 Revenue by geographical location North America 688 657 1,373 1,324 China 334 779 394 2,337 Total revenue 1,022 1,436 1,767 3,661 (1) For the three months ended June 30, 2021 and 2020, and for the six months ended June 30, 2021 and 2020, “Total revenue” includes recognition of previously deferred revenue/internal profit from associate of €579 thousand and €1,013 thousand, and of €1,155 thousand and €2,215 thousand, respectively.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2021
Text block [abstract]
Warrants and Share-based Payment	Note 7—Warrants and Share-based Payment Share-based 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 June 30, 2021, 11,023,308 warrants have been granted, of which 19,580 warrants have been cancelled, 4,327,249 warrants have been exercised, 2,168 warrants have expired without being exercised, and 608,488 warrants have been forfeited. As of June 30, 2021, the Company’s Board of Directors was authorized to grant up to 2,603,979 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. Warrant Activity The following table specifies the warrant activity during the six months ended June 30, 2021: Total Warrants Weighted Average Outstanding at January 1, 2021 6,148,004 69.97 Granted during the period 158,590 120.15 Exercised during the period (150,604 ) 33.51 Forfeited during the period (90,167 ) 121.80 Outstanding at June 30, 2021 6,065,823 71.04 Vested at June 30, 2021 3,565,573 46.23 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 June 30

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 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 . June 30, 2021 December 31, 2020 Carrying amount Fair value Carrying amount Fair value (EUR’000) Marketable securities U.S. Treasury bills — — 46,243 46,245 U.S. Government bonds 85,049 85,049 62,088 62,101 Commercial papers 8,832 8,833 10,583 10,581 Corporate bonds 144,830 144,734 121,282 121,234 Agency bonds 18,076 18,077 9,362 9,369 Total marketable securities 256,787 256,693 249,558 249,530 Classified based on maturity profiles Non-current 90,693 90,623 115,280 115,277 Current assets 166,094 166,070 134,278 134,253 Total marketable securities 256,787 256,693 249,558 249,530 Specified by rate structure Fixed rate 231,342 231,249 175,757 175,732 Floating rate 16,613 16,611 16,975 16,972 Zero-coupon 8,832 8,833 56,826 56,826 Total marketable securities 256,787 256,693 249,558 249,530 Specified by investment grade credit rating Prime 6,398 6,398 7,716 7,714 High grade 127,690 127,678 142,339 142,352 Upper medium grade 119,785 119,706 99,503 99,464 Lower medium grade 2,914 2,911 — — Total marketable securities 256,787 256,693 249,558 249,530 The Company’s marketable securities are all denominated in U.S. Dollars. At June 30, 2021, the portfolio has a weighted average duration of 6.6 and 17.5 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	6 Months Ended
	Jun. 30, 2021
Text block [abstract]
Share Capital	Note 9—Share Capital The share capital of Ascendis Pharma A/S consists of 53,900,990 outstanding shares at a nominal value of DKK 1, all in the same share class.

Lease Liabilities

Lease Liabilities	6 Months Ended
	Jun. 30, 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 two two non-cancellable Maturity analysis for lease liabilities recognized in the consolidated statements of financial position at June 30, 2021 is specified below. < 1 year 1-5 years >5 years Total Carrying (EUR’000) June 30, 2021 Lease liabilities 7,051 45,162 71,397 123,610 101,009 Total lease liabilities 7,051 45,162 71,397 123,610 101,009

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Text block [abstract]
Subsequent Events	Note 11—Subsequent Events O million. No other 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)	6 Months Ended
	Jun. 30, 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 judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement 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)	6 Months Ended
	Jun. 30, 2021
Text block [abstract]
Schedule of Revenue Recognized in the Statement of Profit or Loss	Three Months Ended Six Months Ended 2021 2020 2021 2020 (EUR’000) (EUR’000) Revenue from external customers Revenue from the rendering of services (recognized over time) 226 779 395 2,091 Sale of clinical supply (recognized at a point in time) 217 — 217 246 “Right-to-use” 579 657 1,155 1,324 Total revenue (1) 1,022 1,436 1,767 3,661 Attributable to VISEN Pharmaceuticals 913 1,436 1,550 3,661 Other collaboration partners 109 — 217 — Total revenue 1,022 1,436 1,767 3,661 Revenue by geographical location North America 688 657 1,373 1,324 China 334 779 394 2,337 Total revenue 1,022 1,436 1,767 3,661 (1) For the three months ended June 30, 2021 and 2020, and for the six months ended June 30, 2021 and 2020, “Total revenue” includes recognition of previously deferred revenue/internal profit from associate of €579 thousand and €1,013 thousand, and of €1,155 thousand and €2,215 thousand, respectively.

Warrants and Share-based Paym_2

Warrants and Share-based Payment (Tables)	6 Months Ended
	Jun. 30, 2021
Warrants [member]
Statement [LineItems]
Summary of Warrant Activity	The following table specifies the warrant activity during the six months ended June 30, 2021: Total Warrants Weighted Average Outstanding at January 1, 2021 6,148,004 69.97 Granted during the period 158,590 120.15 Exercised during the period (150,604 ) 33.51 Forfeited during the period (90,167 ) 121.80 Outstanding at June 30, 2021 6,065,823 71.04 Vested at June 30, 2021 3,565,573 46.23

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2021
Categories of current financial assets [abstract]
Summary of Marketable Securities	The composition of the portfolio is specified in the following table . June 30, 2021 December 31, 2020 Carrying amount Fair value Carrying amount Fair value (EUR’000) Marketable securities U.S. Treasury bills — — 46,243 46,245 U.S. Government bonds 85,049 85,049 62,088 62,101 Commercial papers 8,832 8,833 10,583 10,581 Corporate bonds 144,830 144,734 121,282 121,234 Agency bonds 18,076 18,077 9,362 9,369 Total marketable securities 256,787 256,693 249,558 249,530 Classified based on maturity profiles Non-current 90,693 90,623 115,280 115,277 Current assets 166,094 166,070 134,278 134,253 Total marketable securities 256,787 256,693 249,558 249,530 Specified by rate structure Fixed rate 231,342 231,249 175,757 175,732 Floating rate 16,613 16,611 16,975 16,972 Zero-coupon 8,832 8,833 56,826 56,826 Total marketable securities 256,787 256,693 249,558 249,530 Specified by investment grade credit rating Prime 6,398 6,398 7,716 7,714 High grade 127,690 127,678 142,339 142,352 Upper medium grade 119,785 119,706 99,503 99,464 Lower medium grade 2,914 2,911 — — Total marketable securities 256,787 256,693 249,558 249,530

Lease Liabilities (Tables)

Lease Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Text block [abstract]
Summary of Maturity Analysis for Lease Liabilities	Maturity analysis for lease liabilities recognized in the consolidated statements of financial position at June 30, 2021 is specified below. < 1 year 1-5 years >5 years Total Carrying (EUR’000) June 30, 2021 Lease liabilities 7,051 45,162 71,397 123,610 101,009 Total lease liabilities 7,051 45,162 71,397 123,610 101,009

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	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure of operating segments [line items]
Revenue from the rendering of services (recognized over time)	€ 226	€ 779	€ 395	€ 2,091
Sale of clinical supply (recognized at a point in time)	217		217	246
"Right-to-use" licenses (recognized at a point in time)	579	657	1,155	1,324
Total revenue	1,022	1,436	1,767	3,661
Revenue by geographical location
Total revenue	1,022	1,436	1,767	3,661
VISEN Pharmaceuticals [Member]
Disclosure of operating segments [line items]
Total revenue	913	1,436	1,550	3,661
Revenue by geographical location
Total revenue	913	1,436	1,550	3,661
Other collaboration partners [Member]
Disclosure of operating segments [line items]
Total revenue	109		217
Revenue by geographical location
Total revenue	109		217
North America [member]
Disclosure of operating segments [line items]
Total revenue	688	657	1,373	1,324
Revenue by geographical location
Total revenue	688	657	1,373	1,324
China [member]
Disclosure of operating segments [line items]
Total revenue	334	779	394	2,337
Revenue by geographical location
Total revenue	€ 334	€ 779	€ 394	€ 2,337

Revenue - Schedule of Revenue_2

Revenue - Schedule of Revenue Recognized in Statements of Profit or Loss (Parenthetical) (Detail) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue [abstract]
Deferred revenue from associate	€ 579	€ 1,013	€ 1,155	€ 2,215

Segment Information - Additiona

Segment Information - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2021EUR (€)	Jun. 30, 2020EUR (€)	Jun. 30, 2021EUR (€)	Jun. 30, 2020EUR (€)	Jun. 30, 2021kr / sharesshares	Jun. 30, 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			11,023,308
Aggregate number of other equity instruments cancelled | shares					19,580	19,580
Aggregate number of other equity instruments exercised			4,327,249
Aggregate number of other equity instruments expired			2,168
Aggregate number of other equity instruments forfeited			608,488
Number of other equity instruments authorized					2,603,979	2,603,979
Share nominal value | kr / shares					kr 1
Warrant compensation costs | €	€ 16,320	€ 13,415	€ 39,396	€ 28,364
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]	6 Months Ended
	Jun. 30, 2021€ / shares
Disclosure Of Warrant Activity [line items]
Beginning balance	6,148,004
Granted during the period	158,590
Exercised during the period	(150,604)
Forfeited during the period	(90,167)
Ending balance	6,065,823
Vested at the balance sheet date	3,565,573
Beginning balance	€ 69.97
Granted during the period	120.15
Exercised during the period	33.51
Forfeited during the period	121.80
Ending balance	71.04
Vested at the balance sheet date	€ 46.23

Marketable Securities - Additio

Marketable Securities - Additional information (Detail)	Jun. 30, 2021
Marketable Securities [Abstract]
Weighted average duration of marketable securities current	6 months 18 days
Weighted average duration of marketable securities non-current	17 months 15 days
Weighted average duration of marketable securities	10 months 12 days

Marketable Securities - Summary

Marketable Securities - Summary of Marketable Securities (Detail) - EUR (€) € in Thousands	Jun. 30, 2021	Dec. 31, 2020
Disclosure Detailed Information About Marketable Securities [Line Items]
Non-current financial assets available-for-sale	€ 90,693	€ 115,280
Current financial assets available-for-sale	166,094	134,278
Financial assets at amortised cost, class [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets available-for-sale	256,787	249,558
Non-current financial assets available-for-sale	90,693	115,280
Current financial assets available-for-sale	166,094	134,278
Financial assets	256,787	249,558
Financial assets at amortised cost, class [member] | Prime [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	6,398	7,716
Financial assets at amortised cost, class [member] | High grade [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	127,690	142,339
Financial assets at amortised cost, class [member] | Upper Medium Grade [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	119,785	99,503
Financial assets at amortised cost, class [member] | Lower Medium Grade [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	2,914
Financial assets at amortised cost, class [member] | Fixed interest rate [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	231,342	175,757
Financial assets at amortised cost, class [member] | Floating interest rate [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	16,613	16,975
Financial assets at amortised cost, class [member] | Zero Coupon [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	8,832	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	0	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	85,049	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	8,832	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	144,830	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	18,076	9,362
Financial assets at fair value, class [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets available-for-sale	256,693	249,530
Non-current financial assets available-for-sale	90,623	115,277
Current financial assets available-for-sale	166,070	134,253
Financial assets	256,693	249,530
Financial assets at fair value, class [member] | Prime [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	6,398	7,714
Financial assets at fair value, class [member] | High grade [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	127,678	142,352
Financial assets at fair value, class [member] | Upper Medium Grade [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	119,706	99,464
Financial assets at fair value, class [member] | Lower Medium Grade [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	2,911
Financial assets at fair value, class [member] | Fixed interest rate [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	231,249	175,732
Financial assets at fair value, class [member] | Floating interest rate [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	16,611	16,972
Financial assets at fair value, class [member] | Zero Coupon [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	8,833	56,826
Financial assets at fair value, class [member] | US Treasury bills [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets available-for-sale	0	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	85,049	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	8,833	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	144,734	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	€ 18,077	€ 9,369

Share Capital - Additional Info

Share Capital - Additional Information (Detail)	Jun. 30, 2021kr / sharesshares
Disclosure of classes of share capital [line items]
Share nominal value | kr / shares	kr 1
Number of shares outstanding | shares	53,900,990

Lease Liabilities - Additional

Lease Liabilities - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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	12 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	Jun. 30, 2021EUR (€)
Total contractual cash-flows [member]
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	€ 123,610
Total lease liabilities	123,610
Carrying amount [member]
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	101,009
Total lease liabilities	101,009
Within 1 year [member] | Total contractual cash-flows [member]
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	7,051
Total lease liabilities	7,051
Within 1 to 5 years [member] | Total contractual cash-flows [member]
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	45,162
Total lease liabilities	45,162
After 5 years [member] | Total contractual cash-flows [member]
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	71,397
Total lease liabilities	€ 71,397

Subsequent Events - Additional

Subsequent Events - Additional information (Detail) $ in Millions	Aug. 25, 2021USD ($)
Nonadjusting Events After Reporting Period [Member]
Disclosure of non-adjusting events after reporting period [line items]
Reversal of prior period write-downs of inventories expected to have a positive impact on research and development costs	$ 50