Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2023 |
Entity File Number | 001-39950 |
Entity Registrant Name | Evaxion Biotech A/S |
Entity Incorporation, State or Country Code | G7 |
Entity Address, Address Line One | Dr. Neergaards Vej 5f |
Entity Address, City or Town | Hoersholm |
Entity Address, Postal Zip Code | DK-2970 |
Entity Address, Country | DK |
Title of 12(b) Security | American Depositary Shares, each representingten ordinary shares, nominal value DKK 1 per share |
Trading Symbol | EVAX |
Security Exchange Name | NASDAQ |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Document Accounting Standard | International Financial Reporting Standards |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 37,897,780 |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001828253 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Auditor Name | EY Godkendt Revisionspartnerselskab |
Auditor Firm ID | 1757 |
Auditor Location | Denmark |
Document Financial Statement Error Correction [Flag] | false |
Business contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Dr. Neergaards |
Entity Address, City or Town | Hoersholm |
Entity Address, Postal Zip Code | DK-2970 |
City Area Code | 45 |
Local Phone Number | 31 31 97 53 |
Contact Personnel Name | Christian Kanstrup |
Contact Personnel Email Address | cka@evaxion-biotech.com |
Entity Address, Country | DK |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Comprehensive Loss | |||
Revenue | $ 73 | ||
Research and development | (11,916) | $ (17,056) | $ (19,583) |
General and administrative | (10,354) | (8,208) | (6,251) |
Operating loss | (22,197) | (25,264) | (25,834) |
Finance income | 963 | 2,831 | 2,039 |
Finance expenses | (1,681) | (1,508) | (915) |
Net loss before tax | (22,915) | (23,941) | (24,710) |
Income tax benefit | 790 | 772 | 178 |
Net loss for the year | (22,125) | (23,169) | (24,532) |
Net loss attributable to shareholders of Evaxion Biotech A/S | (22,125) | (23,169) | (24,532) |
Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax): | |||
Exchange differences on translation of foreign operations | (57) | (25) | (83) |
Exchange rate adjustments of investments in subsidiaries | 3 | (3) | 93 |
Tax on other comprehensive income/(expense) | (5) | ||
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods (net of tax): | |||
Exchange differences on currency translation to presentation currency | (68) | (2,324) | (1,547) |
Other comprehensive income/(loss) for the year, net of tax | (122) | (2,352) | (1,542) |
Total comprehensive loss | (22,247) | (25,521) | (26,074) |
Total comprehensive loss attributable to shareholders of Evaxion Biotech A/S | $ (22,247) | $ (25,521) | $ (26,074) |
Loss per share - basic (in USD per share) | $ (0.81) | $ (0.98) | $ (1.26) |
Loss per share - diluted (in USD per share) | $ (0.81) | $ (0.98) | $ (1.26) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Non-current assets | ||
Property and equipment, net | $ 4,343 | $ 4,675 |
Government grants receivables | 29 | 209 |
Leasehold deposits, non-current | 167 | 156 |
Total non-current assets | 4,539 | 5,040 |
Current assets | ||
Prepayments and other receivables | 1,952 | 2,791 |
Government grants receivable, current | 221 | |
Tax receivables, current | 815 | 789 |
Cash and cash equivalents | 5,583 | 13,184 |
Total current assets | 8,350 | 16,985 |
TOTAL ASSETS | 12,889 | 22,025 |
EQUITY (DEFICIT) AND LIABILITIES | ||
Share capital | 5,899 | 3,886 |
Other reserves | 97,342 | 90,262 |
Accumulated deficit | (107,970) | (85,845) |
Total equity (deficit) | (4,729) | 8,303 |
Non-current liabilities | ||
Lease liabilities, non-current | 1,896 | 1,952 |
Borrowings, non-current | 8,489 | 7,864 |
Provisions | 149 | 144 |
Total non-current liabilities | 10,534 | 9,960 |
Current liabilities | ||
Lease liabilities, current | 326 | 303 |
Warrant liability | 190 | 573 |
Derivative liability | 2,714 | |
Borrowings, current | 159 | 136 |
Trade payables | 2,689 | 2,085 |
Other payables | 1,006 | 665 |
Total current liabilities | 7,084 | 3,762 |
Total liabilities | 17,618 | 13,722 |
TOTAL EQUITY (DEFICIT) AND LIABILITIES | $ 12,889 | $ 22,025 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Deficit) kr in Thousands, $ in Thousands | Share capital USD ($) | Share capital DKK (kr) | Share premium USD ($) | Share-Based Payments Reserve USD ($) | Foreign currency translation reserve USD ($) | Accumulated deficit USD ($) | USD ($) |
Balance at the beginning at Dec. 31, 2020 | $ 2,648 | kr 16,198 | $ 31,443 | $ 10,865 | $ 226 | $ (38,144) | $ 7,038 |
Net loss for the period | (24,532) | (24,532) | |||||
Other comprehensive income | (1,537) | (1,537) | |||||
Tax on other comprehensive income/(expense) | (5) | (5) | |||||
Share-based compensation | 1,379 | 1,379 | |||||
Issuance of shares for cash | 1,107 | 56,502 | 57,609 | ||||
Transaction costs | (7,515) | (7,515) | |||||
Balance at the end at Dec. 31, 2021 | 3,755 | 23,204 | 80,430 | 12,244 | (1,316) | (62,676) | 32,437 |
Net loss for the period | (23,169) | (23,169) | |||||
Other comprehensive income | (2,335) | (2,335) | |||||
Share-based compensation | 942 | 942 | |||||
Issuance of shares for cash | 70 | 358 | 428 | ||||
Transaction costs | 61 | (61) | |||||
Balance at the end at Dec. 31, 2022 | 3,886 | 24,139 | 80,727 | 13,186 | (3,651) | (85,845) | 8,303 |
Net loss for the period | (22,125) | (22,125) | |||||
Other comprehensive income | (122) | (122) | |||||
Share-based compensation | 479 | 479 | |||||
Issuance of shares for cash | 2,013 | 7,155 | 9,168 | ||||
Transaction costs | (432) | (432) | |||||
Balance at the end at Dec. 31, 2023 | $ 5,899 | kr 37,898 | $ 87,450 | $ 13,655 | $ (3,773) | $ (107,970) | $ (4,729) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities: | |||
Net loss for the year | $ (22,125) | $ (23,169) | $ (24,532) |
Adjustments for non-cash items | 1,186 | (323) | 541 |
Interest received | 154 | 13 | |
Interest paid | (65) | (172) | (25) |
Income taxes received | 1,597 | 754 | 846 |
Cash flow from operating activities before changes in working capital | (19,253) | (22,897) | (23,170) |
Cash flow from changes in working capital: | |||
Changes in net working capital | 1,562 | (2,877) | 1,237 |
Net cash used in operating activities | (17,691) | (25,774) | (21,933) |
Investing activities: | |||
Investment in intangible assets | (60) | ||
Purchase of property and equipment | (87) | (292) | (1,300) |
Payment of non-current financial assets - leasehold deposits | (6) | 24 | 30 |
Net cash used in investing activities | (93) | (268) | (1,330) |
Financing activities: | |||
Proceeds from issuance of shares and exercise of warrants, less underwriter discounts | 9,168 | 428 | 53,854 |
Proceeds from issuance of warrants | 2,587 | ||
Transaction costs related to issuance of shares | (432) | (3,760) | |
Proceeds from borrowings | 65 | 7,849 | |
Repayment of borrowings | (371) | (119) | (63) |
Leasing instalments | (326) | (305) | (226) |
Net cash provided by financing activities | 10,691 | 7,853 | 49,805 |
Net increase/ (decrease) in cash and cash equivalents | (7,093) | (18,189) | 26,542 |
Cash and cash equivalents at January 1 | 13,184 | 32,166 | 5,834 |
Exchange rate adjustments on cash and cash equivalents | (508) | (793) | (210) |
Cash and cash equivalents at December 31 | 5,583 | 13,184 | 32,166 |
Non-cash investing and financing activities | |||
Acquisition of property and equipment through loan from lessor | $ 65 | $ 84 | |
Acquisition of property and equipment included in trade payables | $ 90 |
General Company Information
General Company Information | 12 Months Ended |
Dec. 31, 2023 | |
General Company Information | |
General Company Information | Note 1. General Company Information Evaxion Biotech A/S (the “Company” or “Evaxion”) is a TechBio company developing AI-Immunology ™ powered vaccines. Evaxion uses its proprietary and scalable artificial intelligence, or AI, technology to decode the human immune system to identify and develop vaccines for patients in the global market. Unless the context otherwise requires, references to the “Company,” “Evaxion,” “we,” “us,” and “our”, refer to Evaxion Biotech A/S and its subsidiaries. Evaxion is a public limited liability company incorporated and domiciled in Denmark with its registered office located at Dr. Neergaards Vej 5f, DK-2970 Hørsholm, Denmark. On February 5, 2021, the Company completed an initial public offering (“IPO”), which resulted in the listing of ADSs representing the company’s ordinary shares, under the symbol “EVAX” in the United States on the Nasdaq Capital Market. On January 22, 2024, the Company made effective a change to its ratio of ADSs to its ordinary shares, DKK 1 nominal value (the “ADS Ratio”). The ratio has been changed from one ADS representing one ordinary share to a new ADS Ratio of one ADS representing ten ordinary shares of the Company. The change was made to enable the Company to regain compliance with the Nasdaq minimum bid price requirement. Unless specified otherwise, all references in this annual report to ADS share and ADS per share data have been adjusted, including historical data as the price per ADS has been retroactively adjusted, to give effect to the ADS Ratio change. The consolidated financial statements of Evaxion Biotech A/S and its subsidiaries (collectively, the “Group”) for the year ended December 31, 2023, were approved, and authorized for issuance, by the Audit Committee of the Board of Directors on March 26, 2024. Emerging Growth Company status Evaxion is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The Company has elected to take advantage of specified reduced reporting and regulatory requirements in contrast to those otherwise applicable generally to public companies. This provision includes the exemption from the auditor attestation requirement in the assessment of the Company’s internal control over financial reporting pursuant to Section 404 the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act. Evaxion will remain an emerging growth company until the earliest of (i) the last day of the first fiscal year (a) following the fifth anniversary of the completion of the global offering, (b) in which its annual gross revenue totals at least $1.235 billion or (c) when the Company is deemed to be a large accelerated filer, which means the market value of the Company’s ordinary shares that is held by non-affiliates exceeds $700.0 million as of the prior June 30th and (ii) the date on which the Company has issued more than $1.0 billion in non-convertible debt securities during the prior three-year period. |
Liquidity and Going Concern Ass
Liquidity and Going Concern Assessment | 12 Months Ended |
Dec. 31, 2023 | |
Liquidity and Going Concern Assessment | |
Liquidity and Going Concern Assessment | Note 2. Liquidity and Going Concern Assessment The Company anticipates incurring additional losses until such time, if ever, it can complete its research and development activities and obtain out-licensing partnerships for its product candidates and generate revenues from such product candidates. Substantial additional financing will be needed by the Company to fund its operations and to continue development of product candidates. Due to the continuing operating losses, expected negative cash flows and the need for additional funding to finance future operations, the Company concluded that there is significant doubt about its ability to continue as a going concern through one year from the balance sheet date of this annual report. Failure to raise capital or enter into such other arrangements when needed could have a negative impact on the Company’s financial condition and its ability to pursue its business plans and strategies. If the Company is unable to raise additional capital when needed, it could be forced to delay, limit, reduce or terminate its product candidate development or grant rights to develop and market its product candidates. The Company monitors its funding situation closely to ensure that it has access to sufficient liquidity to meet its forecasted cash requirements. Analyses are run to reflect different scenarios including, but not limited to, cash runway, human capital resources and pipeline priorities to identify liquidity risk. This enables Management and the Board of Directors to prepare for new financing transactions and/or adjust the cost base accordingly. In March 2023, the Company adjusted its organization and reprioritized development programs to focus the operations and to save costs. With the Company’s current cash position including cash received from its public offering in February 2024, planned cash outflows from operating, investing and financing activities, the Company expects to have sufficient funds into February 2025. For 2024, the Company has the ambition to generate revenues equal to the Company's expected cash burn for 2024 (excluding financing activities) which will take its cash runway even further into 2025, although no assurances can be made that we will generate such business development income. The Company's plan is to balance the funding of cash needs through its active at-the-market (“ATM”) program, investors exercising prefunded warrants currently held on an escrow account or other capital sources in case this is not covered by income from potential collaborations or licenses. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Accordingly, the consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and discharge of its liabilities and commitments in the normal course of business. The matters that raise significant doubt about the Company’s ability to continue as a going concern also raise substantial doubt as contemplated by the Public Company Accounting Oversight Board (PCAOB) standards. On June 7, 2022, the Company entered into a Purchase Agreement (the “Purchase Agreement”) with an unrelated third party, Lincoln Park Capital Fund, LLC (“Lincoln Park”), to sell up to $40.0 million of its ordinary shares represented by ADSs over a 36 - month period. The Company is not obligated to sell any ordinary shares represented by ADSs pursuant to the Purchase Agreement and will control the timing and amount of any such sales, but in no event will Lincoln Park be required to purchase more than $1.5 million in ordinary shares represented by ADSs in any single regular purchase. Upon execution and delivery of the Purchase Agreement, the Company issued 428,572 ordinary shares represented by ADSs as consideration for a commitment fee of $1.2 million for Lincoln Park’s commitment to purchase its ordinary shares represented by ADSs under the Purchase Agreement. As of December 31, 2023, and 2022, the Company had not issued and sold any additional ordinary shares represented by ADSs to Lincoln Park under the Purchase Agreement. As of December 31, 2023, not all conditions to make the LPC Purchase Agreement operational have been met. On October 3, 2022, the Company entered into an At-The-Market Issuance Sales Agreement with JonesTrading Institutional Services LLC (“JonesTrading”) to sell up to $14.4 million of its ordinary shares represented by ADSs. The Company agreed to pay JonesTrading commission equal to 3% of the gross proceeds of the sales price of all ADSs sold through them as sales agent under the Sales Agreement. The offering of the Company’s ADSs pursuant to the Sales Agreement will terminate on the earliest of (1) the sale of all of the ordinary shares subject to the Sales Agreement, or (2) termination of the Sales Agreement by the Company or JonesTrading. The Company and JonesTrading may terminate the sales agreement at any time upon ten days’ prior notice. JonesTrading may terminate the Sales Agreement at any time in certain circumstances, including the occurrence of a material adverse change that, in their judgment, may make it impracticable or inadvisable to market or sell the Company’s ADSs or a suspension or limitation of trading the Company’s ADSs on the Nasdaq Capital Market. On July 31, 2023, the Company entered into a financing agreement with Global Growth Holding Limited (“GGH”), for the issuance of convertible notes into the Company’s ordinary shares represented by ADSs, DKK 1 nominal value. Pursuant to the agreement, the Company may elect to sell to GGH up to $20.0 million in such notes on any business day over the 36 - month term of the agreement. The Company has the right, but not the obligation, to direct GGH to purchase traches of up to $0.7 million, subject to certain limitations and conditions set forth in the agreement. In connection with the agreement, the Company is obligated to pay GGH a commitment fee totaling $1.1 million. At any time, GGH may, in its sole discretion, convert the notes into ordinary shares at specified conversion prices upon submission of a request for conversion by GGH to the Company. As of December 31, 2023, the facility has not been used as the registration statement has not been filed with the SEC yet as other registrations have been prioritized. On December 18, 2023, the Company entered into a Securities Purchase Agreement (“2023 SPA”) with a group of certain investors including all members of the Company’s Management and Board of Directors, and MSD GHI a corporate venture capital arm of Merck & Co., Inc., Rahway, NJ, USA, (collectively, the “2023 SPA Investors”), for the issuance and sale in private placement of 9,726,898 of ordinary shares, DKK 1 nominal value represented by ADSs, and accompanying warrants to purchase up to 9,726,898 ordinary shares represented by ADSs at a purchase price of $0.54 per ordinary share (the “2023 SPA Investor Warrants”). The 2023 SPA Investor Warrants are exercisable immediately upon issuance and expire three years after the closing date of the private placement and have an exercise price equal to $0.71 per ordinary share. The gross proceeds to the Company from the private placement are $5.3 million, with up to an additional $6.8 million of gross proceeds in the event of cash exercise of the 2023 SPA Investor Warrants, before deducting offering expenses payable by the Company. |
Summary of Accounting Policies
Summary of Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Accounting Policies | |
Summary of Accounting Policies | Note 3. Summary of Accounting Policies Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4. The consolidated financial statements are presented in the Company’s presentation currency, U.S. dollar (“USD”) which is not the functional currency of the parent company. The Group’s financial statements are presented in USD as the result of the Company’s publicly listing the ADSs in the United States. The Company’s functional currency is DKK for Denmark, AUD for Australia, and USD for the United States. The consolidated financial statements have been prepared on a going concern basis using a historical cost basis. All financial assets and liabilities are measured at amortized cost unless otherwise stated. Basis of consolidation The consolidated financial statements of the Company comprise the consolidated statement of financial position as of December 31, 2023, and 2022, and the consolidated statement of comprehensive loss for the twelve months ended December 31, 2023, 2022 and 2021. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Control is reassessed whenever facts and circumstances indicate that there are changes of control. All intra-Group assets and liabilities, equity (deficit), income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full in consolidation. Reclassification Certain reclassifications have been made to prior period consolidated financial statements in order to conform to the current period presentation. The reclassifications are related to a presentation change whereby amounts for share-based payments were reclassified to other reserves from accumulated deficit. These reclassifications did not impact any prior amounts of net loss or cash flows. Currency translation of transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized as financial income or financial expenses in the consolidated statements of comprehensive loss. Non-monetary items in foreign currency which are measured at cost at the consolidated statements of financial position date are translated using the exchange rates at the date of the transaction. Translation of foreign operations Assets and liabilities in the Company’s functional currency, DKK and AUD, for Denmark and Australia, respectively, are translated to the Company’s presentation currency at the exchange rate applicable on December 31 for the respective year. Income and expenses in the Company’s functional currency are translated to USD at the average exchange rate which corresponds to an approximation of the exchange rates prevailing on each individual transaction date. Translation differences arising in the translation to presentation currency are recognized in other comprehensive income. Revenue recognition The Company recognizes revenue in accordance with IFRS 15 , Revenue from Contracts with Customers. i. ii. iii. iv. v. When contracts with customers are entered into, the goods and/or services promised in the contract are assessed to identify distinct performance obligations. A promise in the agreement is considered a distinct performance obligation if both of the following criteria are met: ● the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct); and ● the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). The transaction price in the contract is measured at fair value and reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The transaction price may include up-front payments and milestone payments. Collaboration, license, and other agreements often contain success-based variable consideration for the achievement of development milestones. The Company assesses whether a constraint exists in reference to revenue recognition for such variable consideration under collaboration agreements when recognizing revenue. Due to the inherent risk of research and development services, success-based variable consideration are recognized when the contingent events in the form of research and development milestones occur or become highly probable of being achieved. When performance obligations are individually capable of being distinct in context of the contract, such as, in the form of achieving individual development milestones through the Company providing research and development services to customers under collaboration agreements, the Company allocates the transaction price to distinct performance obligation based on relative stand-alone selling prices of the obligations. In the case of multiple identified performance obligations under collaboration agreements for which the Company provides research and development services for the achievement of milestone payments, the Company recognizes collaboration revenue over time as these performance obligations are satisfied through the achievement of development milestones under the contract. As of December 31, 2023, all of the Company’s revenue is related to service revenue, whereby the Company receives milestone payments through the achievement of certain development milestones. Research and development expenses Expenses related to service agreements are recognized in the income statement when the related payments and milestone events in the corresponding collaboration agreements materialize. The expenses are included in research and development expenses. Research and development expenses are primarily internal and external costs incurred in the development of the Company’s product candidates, including personnel costs, share-based compensation, external research and development expenses, maintenance of the Company’s patents, overhead allocation and enhancements and maintenance of the Company’s technology platforms. The research activities are comprised of activities performed before filing an IND or equivalent and necessary pre-clinical activities for such product candidates. All research expenses are recognized in the period in which they are incurred, and payments made prior to the receipt of goods or services to be used in research and development are deferred until the goods or services are received. The Company records accruals for estimated research and development costs, comprising payments for work performed by third-party contractors and others. Payments for these activities are based on the terms of the individual agreements, which may differ from the timing of the expense recognition of these costs, in which case, they are reflected in the consolidated financial statements as either prepaid- or accrued expenses. The development activities are comprised of the activities performed following the filing of an IND or equivalent clinical-enabling activities for such product candidates, including but not limited to, research and clinical development activities. In line with industry practice, internal and subcontracted development costs are expensed as incurred. Due to regulatory uncertainties and other uncertainties inherent in the development of new products, development expenses do not qualify for capitalization as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. To date, the Company has not incurred any development costs which qualified for capitalization. The Company’s estimates depend on the timeliness and accuracy of the data provided by the CROs regarding the status of each program and total program spending. The Company evaluates the estimates to determine if adjustments are necessary or appropriate based on information received. CROs invoice the Company upon the occurrence of predetermined contractual or activity-based milestones; however, the timing of these invoices and the Company’s related payments often do not correspond directly to the level of performance of contracted activities. To the extent payments are made by the Company in advance of the related activities performed by the CROs, they are included in prepayments to clinical research organizations and expensed when the activities performed by the CROs. To the extent the payments are made by the Company following the performance of the related activities, the expense is accrued for as a payable to clinical research organizations. Intellectual property The Company actively seeks to create, maintain and protect intellectual property and proprietary information and technology that is considered important to the Company’s business, which includes seeking and maintaining patents covering proprietary technology, product candidates, proprietary processes and any other inventions that are commercially and / or strategically important to the Company’s business development. These expenses are expensed as incurred and not capitalized as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. The Company has not incurred any costs that qualify for capitalization. Income from government grants The Company receives grants for certain research and development activities. The grant income is recognized as a reduction of research and development expenses in the period in which the underlying expenditures were incurred and when there is reasonable assurance that the Company will comply with all conditions to receive the grant income. Government grants comprise direct grants and tax credits related to qualifying research and development costs in excess of the corporate tax rate. Tax credits in an amount up to the corporate tax rate are classified as income tax benefits. General and administrative expenses General and administrative expenses consist primarily of fees paid to external consultants and personnel costs, including share-based compensation for the Company’s executive, finance, corporate and business development functions. In addition, general and administrative expenses also include depreciation and other expenses for the Company’s corporate headquarters as well as other allocated overhead. Share-based payments The Company issues warrants as an incentive to employees and non-employees. The fair value of the warrants granted is recognized as an expense with a corresponding credit to share-based payments reserve. The fair value is expensed over the requisite service period of the awards. The expense recognition is based on an estimate of the number of warrants expected to vest. The estimate is reassessed regularly, and on a cumulative basis, the expense is equal to the fair value of the number of warrants which actually vest. For employees and consultants providing services similar to employees of the Company, the fair value of the equity instruments is determined at the date of grant resulting in a fixed fair value at grant date that is not adjusted for future changes in the fair value of the equity awards that may occur over the service period. The grant date is defined as the date at which the parties agree to the contractual terms. For consultants providing other services that are not similar to employees of the Company, the transactions are measured at the fair value of the services received unless this is not reliably measurable. In such cases, the transactions are measured at fair value of the equity instruments granted at the dates when the services are provided. Modification of warrants which are beneficial are accounted for with their incremental value or over the shorter vesting period. Non-beneficial modifications such as an extension of the vesting period are not accounted for. Consequently, the original terms are deemed to continue to exist. The Company estimates the fair value of warrants using the underlying value of the Company’s ordinary shares. Since the warrants granted before December 2020 are exercisable for nominal consideration, the warrants are valued using the fair value of the Company’s ordinary shares on grant date less the exercise consideration. Warrants granted during 2023, 2022 and 2021 are valued using a Black-Scholes share option pricing model. The assumptions used in calculating the fair value of share-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. The key assumption in this estimate is the fair value of the Company’s ordinary share on the warrant grant date. Accounting for joint operations - MSD International GmbH and MSD International Business GmbH The Company has entered into a collaboration agreement with MSD International GmbH and MSD International Business GmbH (jointly ‘MSD’). Under the arrangement, the Company will share its clinical trial in which the Company’s compound and MSD’s compound is dosed in combination. In determining the accounting treatment for these types of arrangements, the Company carefully evaluates the relationship between the two parties in order to determine whether the arrangement is, in substance, a collaboration arrangement between the two parties (to be accounted for in accordance with IFRS 11), or rather, a vendor-customer contract (to be accounted for in accordance with IFRS 15). Management has determined that MSD does not meet the definition of a customer under IFRS 15. Consequently, the arrangement is classified as a collaboration arrangement and is accounted for as a joint operation in accordance with IFRS 11 resulting in the recognition of the Company’s own income and expense and assets and liabilities, respectively. Accounting for joint operations - ExpreS2ion Biotechnologies ApS The Company entered into a Vaccine Discovery Collaboration Agreement with ExpreS2ion Biotech Holding AB’s affiliate ExpreS2ion Biotechnologies ApS (“ExpreS2ion”) for the joint development of a novel cytomegalovirus (CMV) vaccine candidate. In determining the accounting treatment for these types of arrangements, the Company carefully evaluates the relationship between the two parties in order to determine whether the arrangement is, in substance, a collaboration arrangement between the two parties (to be accounted for in accordance with IFRS 11), or rather, a vendor-customer contract (to be accounted for in accordance with IFRS 15). Management has determined that ExpreS2ion does not meet the definition of a customer under IFRS 15. Consequently, the arrangement is classified as a collaboration arrangement and is accounted for as a joint operation in accordance with IFRS 11 resulting in the recognition of the Company’s own income and expense and assets and liabilities, respectively. Finance income Finance income consists primarily of foreign currency gains, and gains from changes in fair value of liability-classified warrants. Finance expense Finance expenses consist primarily of foreign currency losses, losses from changes in fair value of liability-classified warrants, losses from changes in fair value of derivative liabilities, interest expense and related loan costs on the EIB Loan Agreement (as defined herein), and interest expense on leasing liabilities. Income tax The income tax for the period comprises current and deferred tax, including prior-year adjustments and changes in provisions for uncertain tax positions. Tax is recognized in the consolidated statement of comprehensive loss, except to the extent that it relates to items recognized in equity (deficit). Research and development tax credits are available to the Group under the tax laws of Denmark and Australia respectively, based on qualifying research and development spend as defined under those tax laws. Tax credits not exceeding the corporate tax rate are recognized as an income tax benefit. Tax credits in excess of the corporate tax rate are classified as government grants. Accruals for uncertain tax positions and/or valuation of government grant receivables require management to make judgments of potential exposures. Accruals for uncertain tax positions and/or valuation of government grant receivables are measured using either the most likely amount or the expected value amount, depending on taxable amounts. Deferred taxes Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. Where the tax value can be determined according to alternative tax rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the obligation. Deferred tax assets are measured at the value at which they are expected to be utilized, either through elimination against tax on future earnings or through a set-off against deferred tax liabilities. Deferred tax assets are set off within the same legal tax entity and jurisdiction. Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Given the complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions could necessitate future adjustments to tax income and expenses already recorded. As at December 31, 2023, and 2022, the Company has not recognized any provisions for uncertain tax positions resulting in a risk that the deferred tax asset related to warrants is lower than disclosed. The Company recognizes deferred income tax assets if there is convincing evidence that sufficient taxable income will be available in the future against which the temporary differences and unused tax losses can be utilized. Management has considered future taxable income in assessing whether deferred income tax assets should be recognized and has concluded that the deferred income tax assets do not meet the criteria for recognition as assets in the consolidated statements of financial position. Tax receivables Current tax assets for the current and prior periods are measured at the amount expected to be recovered from the taxation authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Leases The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognizes lease liabilities for future remaining lease payments and right-of-use assets representing the right to use the underlying assets. Leasehold improvements and loan from lessor The Company’s lease contract comprises funding for the customization of the premises to the Company’s specific needs. The payment is determined based on the actual costs incurred for the customization, a repayment period of 8 years and an interest rate of 6% per annum. The Company has assessed whether this is a lease component, or a leasehold improvement funded by the lessor. We have considered the following factors: ● Which party designed the customization ● Which party had the right to direct changes to the work ● Who is taking on the economic risk of the cost price of the work A third party has designed the project according to the Company’s instructions, and the Company had the right to direct changes to the work during the construction period. Further, the Company has the full economic risk of the work due to 1 :1 linkage between construction costs and payments to the lessor. Consequently, the Company has assessed that the customization is a leasehold improvement funded by the lessor and accordingly presented a leasehold improvement and a corresponding liability for the loan from the lessor. Right-of-use assets The Company recognizes a right-of-use asset at the lease commencement date (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, lease payments made at or before the commencement date less any lease incentives received, initial direct costs incurred, and restoration costs. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the right-of-use asset using the straight-line method. In addition, right-of-use assets are reduced by impairment losses, if any, and adjusted for certain remeasurements. The Company’s right-of-use assets are presented within property and equipment, net. Lease liabilities At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of the following payments, when applicable: ● fixed payments (including in-substance fixed payments), less any lease incentives receivable; ● variable lease payments (linked to an index or interest rate); ● expected payments under residual value guarantees; ● the exercise price of purchase options, where exercise is reasonably certain; ● lease payments in optional renewal periods, where exercise of extension options is reasonably certain; ● and penalty payments for the termination of a lease, if the lease term reflects the exercise of the respective termination option. The lease payments are discounted using the interest rate implicit in the lease if this rate can be readily determined. Otherwise, the Company’s incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Generally, the Company uses its incremental borrowing rate as the discount rate. Lease liabilities are subsequently measured at amortized cost using the effective interest method. In addition, the carrying amount of the lease liabilities are remeasured if there is a modification, a change in the lease term, or a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments). Intangible assets The Company recognized intangible assets for licenses. Licenses are measured at cost less cumulative amortization and impairment. Cost is measured at fair value of the consideration transferred with addition of transactions costs. If additional consideration is transferred to the seller due to meeting certain milestones, these payments are added to the cost price once the conditions for making the payments are met. Property and equipment Property and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Depreciation is recognized on a straight-line basis over the estimated useful lives of the assets, as follows: Assets Useful life Properties Shorter of lease term and useful life of the asset Leasehold improvements 11 years Other equipment 5 – 10 years Impairment of non-financial assets Assets are tested for impairment annually, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period. The Company has not Provisions Provisions are recognized when we have an existing legal or constructive obligation as a result of events occurring prior to or on the balance sheet date, and it is probable that the utilization of economic resources will be required to settle the obligation. Provisions are measured as the best estimate of the expense necessary to settle the obligation at the balance sheet date. Provisions that are estimated to mature after more than one year after the balance sheet date are measured at their present values, using a discount rate based on the Company’s risk adjusted incremental borrowing rate. Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are classified at initial recognition, including on the basis of the purpose for which the instrument was acquired and managed. This classification determines the valuation of the instruments. (i) Non-derivative financial assets Non-derivative financial assets are recognized initially on the date they are originated. The Company derecognizes non-derivative financial assets when the contractual rights to cash flows expire, or it transfers the right to receive cash flows in a transaction which transfers substantially all the risks and rewards of ownership of the asset. The Company’s financial assets are initially recognized at fair value and subsequently measured at amortized cost less accumulated impairment losses. The Company holds the following categories of non-derivative financial assets: Receivables Receivables (including lease deposits, receivables and receivables from unpaid capital) represent the Company’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). They are measured at amortized cost less impairment. Prepayments include expenditures related to future financial periods and are measured at amortized cost. Cash and cash equivalents Cash is comprised of cash on hand and in bank deposit accounts. Cash equivalents are instruments with original maturities of 90 days or less, and is comprised of cash held in escrow accounts relating to the 2023 Securities Purchase Agreement. (ii) Non-derivative financial liabilities Non-derivative financial liabilities comprise other payables which are measured initially at fair value and subsequently at amortized cost, unless otherwise noted below. The Company holds the following categories of non-derivative financial liabilities: Trade payables Trade payables and accruals relate to the Group’s purchase of products and services from various vendors in the normal course of business. Other payables Other payables are comprised of payables to clinical research organizations, employee liabilities and other liabilities. The contract liabilities consist of CROs and vendor accruals. Employee cost liabilities are comprised of provision for holiday allowance, provision for salaries and other employee-related provisions. Other liabilities consist of commitments and liabilities related to government grants received in advance. EIB Loan All loans and borrowings are classified as financial liabilities and are initially recorded at fair value less the value attributable to any separately accounted for embedded derivative. Further, considerations from the lender for other elements in the transaction are accounted for separately. After initial recognition, any such loans and borrowings are measured at amortized cost using the effective interest method, with the amortization recognized in finance costs. EIB Warrants Under the EIB Loan Agreement, EIB is entitled to an aggregate of 1,003,032 cash settled EIB Warrants with an exercise price of 1 DKK per warrant for all tranches (the “EIB Warrants”). On February 17, 2022, 351,036 EIB Warrants were issued to EIB as part of the drawdown of the first tranche of the EIB Loan. The EIB Warrants are part of the overall return to EIB on the financing arrangement and are thus accounted for in accordance with IAS 32, Financial Instruments : Presentation Financial Instruments The liability is measured initially at its fair value and is subsequently remeasured at the redemption amount. The redemption amount is equal to the current share price. The remeasurements are presented as finance expense or finance income in the consolidated statements of comprehensive loss. (iii) Derivative financial instruments 2023 SPA Investor Warrants Under the Securities Purchase Agreement with the 2023 SPA Investors, the Company issued warrants to purchase 9,726,898 ordinary shares. The 2023 SPA Investor Warrants vested immediately upon issuance with an exercise price of $0.71 per ordinary share, and an expiration date of December 21, 2026. In accordance with IAS 32, the Company determined that the 2023 SPA Investor Warrants were precluded from equity classification and were determined to be derivative financial instruments, because while they contain no contractual obligation to deliver cash or other financial instruments to the holders other than the Company’s own ordinary shares, the exercise price of the 2023 SPA Investor Warrants are in USD and not the Company’s functional currency. The 2023 SPA Investor Warrants are accounted for in accordance with IFRS 9 and were determined to be liability classified. The warrant liability is measured at fair value at initial recognition and subsequently remeasured at fair value each reporting date until either exercised or expired. The changes in the fair value of the 2023 SPA Investor Warrants during the reporting period are recognized as finance expense or finance income in the consolidated statements of comprehensive loss. Upon exercise, the exercise date fair value of the 2023 SPA Investor Warrants is transferred to equity as an addition to the subscription price. If the 2023 SPA Investor Warrants expire unexercised, then the fair value at the expiration date is also transferred to equity. Segment information An operating segment is a part of the Company that conducts business activities from which it can generate revenue and incur costs, and for which independent financial information is available. Identification of segments is based on internal reporting to the chief operating decision maker (“CODM”). The CODM for the Company is the Chief Executive Officer. The Company does not divide its operations into different segments and the CODM operates and manages the Company’s entire operations as one segment, which is consistent with the Company’s internal organization and reporting system. The Company does not have any material non-current assets attributable to countries other than Denmark. Shareholders’ equity (deficit) The share capital comprises the nominal amount of the company’s ordinary shares, each at a nominal value of DKK 1. Other reserves include the share premium comprising the amount received, attributable to shareholders’ equity (deficit), in excess of the nominal amount of the shares issued at the company’s capital increases, reduced by any expenses directly attributable to the capital increases as well as trans |
Significant Accounting Judgemen
Significant Accounting Judgements, Estimates, and Assumptions | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Judgements, Estimates, and Assumptions | |
Significant Accounting Judgements, Estimates, and Assumptions | Note 4. Significant Accounting Judgements, Estimates, and Assumptions The preparation of the consolidated financial statements in conformity with IFRS as issued by the IASB requires management to make judgements, estimates and assumptions that affect the application of policies and amounts reported in the consolidated financial statements and accompanying notes. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The critical accounting policies which involve significant estimates, assumptions or judgements, the actual outcome of which could have a material impact on the Company’s results and financial position outlined below, are as follows: Share-based compensation Management determines costs for share-based payments using market-based valuation techniques. The fair value of the share awards is determined at the date of grant using generally accepted valuation techniques or valuation based on the Company’s fundraising events. Assumptions are made and judgments are used in applying valuation techniques. Prior to the Company’s IPO completed in February 2021, these assumptions and judgments include estimating the fair value for the underlying ordinary share on the warrant grant date, as well as the likelihood of liquidity events such as IPOs. Such judgments and assumptions are inherently uncertain. Changes in these assumptions affect the fair value estimates as well as the term applied to the expense recognition. Subsequent to the Company’s IPO completed in February 2021, determining the initial fair value and subsequent accounting for equity awards require significant judgment regarding expected life and volatility of an equity award; however, as a public listed company there is objective evidence of the fair value of an ordinary share on the date an equity award is granted. Refer to Note 9 for further detail surrounding share-based compensation. EIB Loan and EIB Warrant liability In February 2022, the first tranche related to the Company’s loan agreement with the European Investment Bank (EIB) was drawn down. As part of the loan arrangement warrants were granted to EIB. The liability is initially recognized at fair value, net of transaction costs incurred (this includes the amount attributable to the warrants (see below). The loan is subsequently measured at amortized cost using the effective interest method. The effective interest rate is determined based on the outstanding amount and the fixed interest payments during the period outstanding and the accumulated payment-in-kind interest payment to be paid upon repayment. The warrants are considered a liability as they can be settled in cash and form part of the overall return to EIB on the financing arrangement and are thus accounted for in accordance with the financial instruments standards IAS 32 and IFRS 9. The liability is measured initially at its fair value. The cost upon initial recognition is accounted for as transaction costs as it is directly linked to the drawdown on each individual tranche of the EIB Loan. The warrant liability is subsequently remeasured at the redemption amount. Significant judgment is made in respect of valuation of the warrants. 2023 SPA Investor Warrants In December 2023, the Company entered into a Securities Purchase Agreement with the 2023 SPA Investors, for the issuance and sale in a private placement of the Company’s ordinary shares, DKK 1 nominal value represented by ADSs and accompanying 2023 SPA Investor Warrants to purchase ordinary shares represented by ADSs. In accordance with IAS 32, the Company determined that the 2023 SPA Investor Warrants are derivative financial instruments because while they contain no contractual obligation to deliver cash or other financial instruments to the holders other than the Company’s own ordinary shares, the exercise price of the 2023 SPA Investor Warrants are in USD and not the Company’s functional currency. The 2023 SPA Investor Warrants are accounted for in accordance with IFRS 9 and were determined to be liability classified. The warrant liability is measured at fair value at initial recognition and subsequently remeasured at fair value each reporting date until either exercised or expired. Significant judgment is made in respect of valuation of the warrants. The fair value of the warrants are determined using a Black-Scholes valuation model, considering relevant inputs, including the expected share price volatility, remaining contractual term, risk-free interest rate and expected dividend. Refer to Note 6 for detailed information on the fair value measurement of the 2023 SPA Investor Warrants, including the significant inputs, and the effect of changes in those inputs. Leasehold improvements and loan from lessor A significant judgment was made in respect of determining whether customization of leased premises forms part of the lease or is a leasehold improvement funded by the lessor. See the section “Leasehold improvements and Loan from lessor” in Note 3. There have been no other changes to the application of critical accounting judgments, or estimation uncertainties regarding accounting estimates. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue | |
Revenue | Note 5. Revenue In September 2023, the Company entered into a collaborative research agreement with MSD (tradename of Merck & Co., Inc., Rahway, NJ, USA (“MSD”), to explore new ways to apply AI technologies to vaccine discovery development. During the year ended December 31, 2023, the Company recognized services revenue of $0.1 million from its research and development services. Additionally, the Company is eligible to earn further services revenue of up to $0.5 million under the agreement with MSD through research and development efforts and the attainment of development milestone payments. During the year ended December 31, 2023, 100% of revenue earned was services revenue generated in Denmark from the Company’s collaborative research agreement with MSD. There were no other revenues earned by the Company during or prior to the year ended December 31, 2023. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments and Risk Management | |
Financial Instruments and Risk Management | Note 6. Financial Instruments and Risk Management Financial risk management and risk management framework In terms of financial risks, the Company has exposure to liquidity risk and market risk comprising foreign exchange risk. This note presents information about the Company’s exposure to each of the above risks together with the Company’s objectives, policies and processes for measuring and managing risks. The Company’s Board of Directors monitors each of these risks on a regular basis and implements policies as and when they are required. Details of the current risk management policies are provided below. Liquidity risk As of the date of these consolidated financial statements the Company, with its current strategic plans, anticipates that the current cash position and the cash requirements per the 2024 Annual Budget will provide a positive cash runway into April 2025 assuming the prefunded warrants from the public offering in February 2024 are exercised before February 2025. Refer to Note 24 for detail on the February 2024 public offering. Additionally, refer to Note 2 for further discussion of the Company’s liquidity. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to its reputation. The following are the contractual undiscounted outflows associated with the Company’s financial liabilities in the current and prior year: December 31, 2023 (USD in thousands) Carrying Contractual amount cash flows <1 year 1 – 5 years >5 years Total (USD in thousands) Borrowings $ 8,648 $ 11,970 $ 391 $ 11,455 $ 123 $ 11,970 Lease payables 2,222 3,033 338 1,422 1,273 3,033 Trade payables 2,689 2,689 2,689 — — 2,689 Provisions 149 149 — — 149 149 Other payables 112 112 112 — — 112 Total $ 13,820 $ 17,953 $ 3,530 $ 12,877 $ 1,545 $ 17,953 December 31, 2022 (USD in thousands) Carrying Contractual amount cash flows <1 year 1 – 5 years >5 years Total (USD in thousands) Borrowings $ 8,000 $ 11,859 $ 360 $ 1,531 $ 9,968 $ 11,859 Lease payables 2,255 2,255 147 788 1,320 2,255 Trade payables 2,085 2,085 2,085 — — 2,085 Provisions 144 144 — — 144 144 Other payables 312 312 312 — — 312 Total $ 12,796 $ 16,655 $ 2,904 $ 2,319 $ 11,432 $ 16,655 The financial liabilities include estimated or contractual interest rate payments. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The type of market risk that impacts the Company is currency risk. The Company does not currently have any loans or holdings that have a variable interest rate. Accordingly, the Company is not exposed to material interest rate risk. Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The primary exposure derives from the Company’s operating expenses paid in foreign currencies, mainly USD and Australian dollars. This exposure is known as transaction exposure. Any reasonable or likely movements in foreign exchange rates would not have a material impact on the Company’s operating results. The Company’s policy for managing foreign currency risks is to convert cash received from financing activities to currencies consistent with the Company’s expected cash outflows. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument, leading to a financial loss for the Company. The Company’s exposure to credit risk is limited to deposits with banks with high credit ratings. Accordingly, the Company does not have material credit risk and no provision for credit risk is recognized. Capital management The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The Company raises capital from the issue of equity, grants or borrowings. On a regular basis, management receives financial and operational performance reports that enable management to assess the adequacy of resources on hand and the Company’s liquidity position to determine future financing needs. For further information on financing needs refer to Note 2. Fair values Financial instruments measured at fair value in the consolidated statements of financial position are grouped into three levels of fair value hierarchy. This grouping is determined based on the lowest level of significant inputs used in fair value measurement, as follows: 1. Level 1 – quoted prices in active markets for identical assets or liabilities. 2. Level 2 – inputs other than quoted prices included within Level 1 that are observable for the instrument, either directly (i.e. as prices) or indirectly (i.e. derived from prices). 3. Level 3 – inputs for instruments that are not based on observable market data (unobservable inputs). The following table summarizes the Company’s financial liabilities, and the category using the fair value hierarchy. Note, the Company did not have any financial assets measured at fair value on a recurring basis, as of December 31, 2023. Year Ended December 31, 2023 Level 1 Level 2 Level 3 (USD in thousands) Financial liabilities measured at fair value EIB Warrants $ 190 $ — $ — 2023 SPA Investor Warrants $ — $ — $ 2,714 Total financial liabilities measured at fair value through profit or loss by level $ 190 $ — $ 2,714 Financial liabilities measured at amortized cost EIB Loan $ — $ — $ 8,566 Loan from lessor $ — $ — $ 1,022 Total financial liabilities measured at amortized cost by level $ — $ — $ 9,588 During the year ended December 31, 2022, the Level 3 fair value for financial liabilities measured at amortized costs were $7.9 million and $1.1 million for the EIB Loan and Loan from lessor, respectively. 2023 SPA Investor Warrants The Company issued 2023 SPA Investor Warrants to certain investors in connection with the securities purchase agreement entered into with MSD GHI a corporate venture capital arm of Merck & Co., Inc., Rahway, NJ, USA. The 2023 SPA Investor Warrants are accounted for in accordance with the financial instruments standards and were determined to be liability classified. The liability is measured initially at its fair value. The liability is subsequently remeasured at the redemption amount. The 2023 SPA Investor Warrants are classified in Level 3 of the fair value hierarchy due to the fact that the expected share price volatility is a significant input, and not observable in an active market. The fair value of the 2023 SPA Investor Warrants is determined using a Black-Scholes valuation model, considering relevant inputs, including the expected share price volatility, remaining contractual term, risk-free interest rate and expected dividend. The 2023 SPA Investor Warrants are valued using a Black-Scholes option-pricing model,which includes the following significant unobservable inputs: December 31, 2023 Exercise price $ 0.71 Remaining contractual term (in years) 1.49 Expected share price volatility 85 % Risk-free interest rate 4.60 % Expected dividends — The 2023 SPA Investor Warrants are included in derivative liabilities on the consolidated statement of financial position. The change in estimated fair value is recognized within finance income or finance expense in the consolidated statement of comprehensive loss. On December 31, 2023, all other inputs and assumptions held constant, a 10% increase or decrease in volatility will change the fair value of the derivative liability to $3.0 million and $2.5 million, respectively. The following table sets forth the changes to the Company’s 2023 SPA Investor Warrants derivative liability: Derivative Liability (USD in thousands) Carrying amount at January 1, 2023 $ — Initial recognition of derivative liability 2,587 Remeasurement of derivative liability 127 Carrying amount at December 31, 2023 $ 2,714 EIB Warrants The Company received the proceeds from the draw of the first tranche of the EIB Loan on February 17, 2022. In connection therewith, EIB received 351,036 EIB Warrants, at an exercise price of DKK 1 per warrant, which vested immediately, pursuant to the terms of a separate warrant agreement, the EIB Warrant Agreement. The EIB Warrants are exercisable at any time after issuance either net in cash or through payment of the exercise price and receipt of shares. Therefore, the warrant liability is recognized in full upon issuance. The Company issued warrants in connection with the EIB Loan Agreement. The EIB Warrants liability is measured in full upon issuance. The liability is measured initially at its fair value and is subsequently remeasured at the redemption amount. The liability is classified in Level 1 of the fair value hierarchy. Due to the fact that the exercise price is insignificant compared to the share price, there is virtually no time value. As the warrant liability is a non-cash financing cost the amount related to the initial recognition of the warrant liability is not included within the consolidated statements of cash flows. The following table sets forth the changes to the Company’s EIB Warrant liability: Warrant Liability (USD in thousands) Carrying amount at January 1, 2022 $ — Initial recognition of warrant liability 1,007 Remeasurement of warrant liability (395) Foreign currency translation (39) Carrying amount at December 31, 2022 $ 573 Remeasurement of warrant liability (392) Foreign currency translation 9 Carrying amount at December 31, 2023 $ 190 |
Operating Activities
Operating Activities | 12 Months Ended |
Dec. 31, 2023 | |
Operating Activities | |
Operating Activities | Note 7. Operating Activities Research and development expenses Years Ended December 31, 2023 2022 2021 (USD in thousands) Employee salary and benefit expenses, excluding share-based compensation $ 6,033 $ 7,396 $ 6,794 Share-based compensation expenses 377 760 1,051 Depreciation 340 514 273 External expenses 5,166 8,386 11,465 Total research and development expenses $ 11,916 $ 17,056 $ 19,583 During the years ended December 31, 2023, 2022 and 2021, the Company recognized $0.4 million, $0.5 million and $0.3 million, respectively, related to government grants as a reduction of research and development expenses. General and administrative expenses Years Ended December 31, 2023 2022 2021 (USD in thousands) Employee salary and benefit expenses, excluding share-based compensation $ 3,030 $ 1,983 $ 1,824 Share-based compensation expenses 102 182 328 Professional and other fees 6,947 5,899 4,028 Depreciation 275 144 71 Total general and administrative expenses $ 10,354 $ 8,208 $ 6,251 |
Employees and Employee-Related
Employees and Employee-Related Costs | 12 Months Ended |
Dec. 31, 2023 | |
Employees and Employee-Related Costs | |
Employees and Employee-Related Costs | Note 8. Employees and Employee-Related Costs The number of employees, including executive and non-executive directors, during the year was as follows: Years Ended December 31, 2023 2022 2021 Average number of full-time employees 55 62 53 Number of employees at end of period: Denmark and United States 49 63 61 Total employees, at end of period 49 63 61 Employee costs: Years Ended December 31, 2023 2022 2021 (USD in thousands) Wages and salaries $ 8,436 $ 8,182 $ 7,558 Cash bonus 393 789 668 Share-based compensation expenses 479 942 1,379 Other social security expenses 18 19 28 Other staff expenses 216 389 364 Total $ 9,542 $ 10,321 $ 9,997 Years Ended December 31, 2023 2022 2021 (USD in thousands) Total Employee costs classified as: Research and development expenses $ 6,410 $ 8,156 $ 7,845 General and administrative expenses 3,132 2,165 2,152 Total $ 9,542 $ 10,321 $ 9,997 Years Ended December 31, 2023 2022 2021 (USD in thousands) Non-management employee benefit expenses classified as: Research and development expenses $ 5,255 $ 6,639 $ 6,414 General and administrative expenses 1,870 983 836 Total $ 7,125 $ 7,622 $ 7,250 Remuneration to the Board of Directors and Executive Management Years Ended December 31, 2023 2022 2021 (USD in thousands) Remuneration to the Executive Management: Wages and salaries $ 1,802 $ 1,970 $ 1,833 Share-based compensation expenses 205 321 514 Total 2,007 2,291 2,347 Remuneration to the Board of Directors: Wages and salaries 360 379 313 Share-based compensation expenses 45 29 87 Total 405 408 400 Remuneration to the Board of Directors and Executive Management classified as: Research and development expenses 1,150 1,517 1,431 General and administrative expenses 1,262 1,182 1,316 Total $ 2,412 $ 2,699 $ 2,747 The Executive Management was comprised of is comprised of four members as of December 31, 2023, and six members as of December 31, 2022. |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payments | |
Share-Based Payments | Note 9. Share-Based Payments Warrant program The Company’s Articles of Association allow for the granting of equity compensation, in the form of equity settled warrants, to employees, consultants and Scientific Advisory Board members who provide services similar to employees, members of executive management, and the board of directors. The warrants granted in 2018 or prior vested upon the closing of our initial public offering in February 2021 (“IPO”). The warrants granted in 2020 vest either gradually over 36 months or vest immediately. Vested warrants granted in 2020 are exercisable in certain exercise windows beginning in the second half of the year of 2021. Warrants granted up until 2019 expire on December 31, 2036. Warrants granted in 2022, 2022 and 2021 expire on December 31, 2031. Warrants granted in 2023 expire on December 31, 2031. For the years ended December 31, 2023, 2022 and 2021, the number of warrants outstanding as a percentage of outstanding ordinary shares was 7.2%, 11.4% and 11.8%, respectively. During 2023, the Company granted 409,115 warrants to its employees, members of its Board of Directors, and Executive Management team, of which 169,167 were granted to its Chief Executive Officer (“CEO”), 6,250 were granted to its Chief AI Officer (“CAIO”), 12,500 were granted to its Chief Scientific Officer (“CSO”), and 12,500 were granted to its Chief Operating Officer (“COO”). All warrants granted vest over a period of 36 months. In August 2023, the Company granted 150,000 warrants to a consultant, 37,500 of such warrants vested on November 20, 2023, 37,500 warrants vest on February 20, 2024, 37,500 warrants vest on May 20, 2024, and 37,500 warrants vest on August 20, 2024. The warrants granted and vested may be exercised until and including September 19, 2026. The fair value of the warrants granted during 2023 at grant date amounted to $0.3 million. During 2022, the Company granted 491,612 warrants, of which 35,000 were granted to its Chief AI Officer (“CAIO”), 25,000 were granted to its Chief Scientific Officer (“CSO”), 16,667 were granted to its Chief Financial Officer (“CFO”), 25,000 were granted to its Chief Medical Officer (“CMO”), 20,833 were granted to its Chief Operating Officer (“COO”), 3,125 were granted to its Chief Business Officer (“CBO”) and 3,125 were granted to its Chief Executive Officer (“CEO”). All granted warrants will vest over 36 months. In connection with the appointment of a new CEO in September 2022, the new CFO in May 2022 and the new COO in March 2022 they were all granted warrants, the CEO CFO The remaining warrants granted during 2022 were granted to individual employees in December 2022. The warrants were granted at the share price equal to the fair market value thereof on the date of grant. Of the warrants granted to our employees 2,500 vested immediately. The rest of the warrants granted to employees in December 2022 vest over a period of 36 months beginning January 1, 2023. The fair value of the warrants granted during 2022 at grant date amounted to $0.8 million. In the second quarter of 2021, the Company granted 62,147 warrants to its CMO which vest over 36 months. The fair value at grant date amounted to $0.4 million. During 2021, an aggregate of 523,599 warrants attributable to 2021 entitlements were granted to employees, members of our board of directors and executive management. Of the warrants 22,916 were granted to our board of directors vested immediately. The warrants granted to employees and executive management vest over 36 months. The fair value at grant date amounted to $1.5 million. On January 4, 2021, the Company effected its stock split which also resulted in a reduction of the nominal value of the Company’s ordinary shares from DKK 2 to DKK 1. In accordance with the anti-dilution provisions of the warrant agreements, the number of warrants was increased by a ratio of 36 to 1 and the exercise price was decreased from DKK 2 to 1 DKK. Accordingly, information related to the Company’s warrants have been retroactively adjusted to reflect the stock split and the bonus shares for all periods presented. The following schedule specifies the granted warrants: Weighted Weighted Average Average Remaining Number of Exercise Contractual Life warrants Price/Share (years) Warrants granted as at December 31, 2020 2,228,076 DKK1 15 Warrants granted during 2021 (1) 63,802 DKK1 Warrants granted December 2021 523,599 USD 5.38 Warrants exercised (62,284) (2) DKK1 Warrants forfeited (10,178) DKK1 Warrants cancelled (10,397) DKK1 Warrants granted as at December 31, 2021 2,732,618 DKK 7.53 13 Warrants granted 491,612 USD 2.24 Warrants exercised (388,181) (2) USD 2.42 Warrants forfeited (92,956) USD 1.28 Warrants cancelled — — Warrants granted as at December 31, 2022 (3) 2,743,093 USD 1.50 11 Warrants granted 559,115 USD 1.02 Warrants exercised (360,731) (2) USD 0.14 Warrants forfeited (203,004) USD 2.08 Warrants cancelled — — Warrants granted as at December 31, 2023 (3) 2,738,473 USD 1.41 (4) 10 Warrants exercisable as at December 31, 2021 2,072,122 Warrants exercisable as at December 31, 2022 (3) 1,988,106 Warrants exercisable as at December 31, 2023 (3) 2,007,123 (1) Of which 62,147 warrants were legally granted in June 2021 and the remaining 1,655 warrants were legally granted in December 2020. (2) The weighted average share price at the date of exercise were USD 0.14 , USD 2.42 and USD 5.59 for the years ended December 31, 2023, 2022, and 2021, respectively. (3) The number of warrants excludes 2023 SPA Investor Warrants and EIB Warrants referred to in Note 6. (4) December 31, 2023, USD-end rate used. Share-based compensation expenses included in the consolidated statements of comprehensive loss: Years Ended December 31, 2023 2022 2021 (USD in thousands) Research and development expenses $ 377 $ 760 $ 1,051 General and administrative expenses 102 182 328 Total $ 479 $ 942 $ 1,379 Determination of fair value of warrants Subsequent to the Company’s IPO, determining the initial fair value and subsequent accounting for equity awards require significant judgment regarding expected life and volatility of an equity award; however, as a public listed company there is objective evidence of the fair value of an ordinary share on the date an equity award is granted. On the other hand, due to the fact that as of 2021, warrants will be granted at the share price on the date of grant, fair value comprises a time value which is significantly affected by the expected life and expected volatility. The expected life of a warrant is based on the assumption that the holder will not exercise until after the equity award is fully vested. Actual exercise patterns may differ from the assumption used herein. The expected volatility is based on peer group data and reflects the assumption that the historical volatility over a period similar to the life of the warrant is indicative of future trends, which may not necessarily be the actual outcome. The peer group consists of listed companies that management believes are similar to the Company in respect to industry and stage of development. Even with objective evidence of the fair value of an ordinary share, small changes in any other individual assumption or in combination with other assumptions could have resulted in significantly different valuations. The following assumptions have been applied for the warrants issued during the years ended December 31, 2023, 2022, and 2021: Years Ended December 31, 2023 2022 2021 Expected term (in years) 6.5 6.5 6.5 Risk-free interest rate 4.27 % 3.66 % 1.34 % Expected volatility 85 % 85 % 85 % Share price $ 0.70 $ 2.10 $ 4.20 The following schedule specifies the outstanding warrants as at December 31, 2023: Per warrant Average Remaining grant Number of exercise price term to date fair value warrants per warrant maturity Outstanding program (DKK) outstanding (DKK) (years) Grant (December 2016) 20.91 318,192 1 13 Grant (September 2017) 28.71 467,184 1 13 Grant (December 2017) 28.71 92,673 1 13 Grant (during 2018) 37.05 163,116 1 13 Grant (February 2019) 42.57 7,956 1 13 Grant (September 2019) 56.35 54,000 1 13 Grant (October 2019) 56.97 112,995 1 13 Grant (December 2020) 56.75 175,567 1 8 Grant (April 2021) 45.31 1,655 1 8 Grant (June 2021) 40.86 62,147 1 8 Grant (December 2021) 19.22 422,451 USD 5.38 8 Grant (March 2022) 13.46 30,560 USD 2.96 8 Grant (June 2022) 8.85 5,004 USD 1.83 8 Grant (June 2022) 8.85 4,448 USD 1.83 8 Grant (June 2022) 8.85 45,000 USD 1.83 8 Grant (September 2022) 10.46 7,529 USD 2.42 8 Grant (December 2022) 10.95 15,279 USD 2.23 8 Grant (December 2022) 10.95 293,602 USD 2.23 8 Grant (January 2023) 9.17 10,000 USD 1.94 8 Grant (September 2023) 4.27 100,000 USD 1.02 8 Grant (September 2023) 2.57 50,000 USD 1.50 3 Grant (December 2023) 3.61 299,115 USD 0.75 8 Granted at December 31, 2023 2,738,473 Warrants exercisable at December 31, 2023 2,007,123 The following schedule specifies the outstanding warrants as at December 31, 2022: Per warrant Average Remaining grant Number of exercise price term to date fair value warrants per warrant maturity Outstanding program (DKK) outstanding (DKK) (years) Grant (December 2016) 20.91 437,114 1 14 Grant (September 2017) 28.71 617,184 1 14 Grant (December 2017) 28.71 122,040 1 14 Grant (during 2018) 37.05 170,496 1 14 Grant (February 2019) 42.57 7,956 1 14 Grant (September 2019) 56.35 54,000 1 14 Grant (October 2019) 56.97 150,660 1 14 Grant (December 2020) 56.75 193,064 1 9 Grant (April 2021) 45.31 1,655 1 9 Grant (June 2021) 40.86 62,147 1 9 Grant (December 2021) 19.22 435,165 USD 5.38 9 Grant (March 2022) 13.46 35,000 USD 2.96 9 Grant (June 2022) 8.85 10,000 USD 1.83 9 Grant (June 2022) 8.85 10,000 USD 1.83 9 Grant (June 2022) 8.85 45,000 USD 1.83 9 Grant (September 2022) 10.46 11,000 USD 2.42 9 Grant (December 2022) 10.95 50,000 USD 2.23 9 Grant (December 2022) 10.95 330,612 USD 2.23 9 Granted at December 31, 2022 2,743,093 Warrants exercisable at December 31, 2022 1,988,106 The following schedule specifies the outstanding warrants as at December 31, 2021: Per warrant Average Remaining grant Number of exercise price term to date fair value warrants per warrant maturity Outstanding program (DKK) outstanding (DKK) (years) Grant (December 2016) 20.91 701,356 1 15 Grant (September 2017) 28.71 617,184 1 15 Grant (December 2017) 28.71 122,040 1 15 Grant (during 2018) 37.05 174,564 1 15 Grant (February 2019) 42.57 7,956 1 15 Grant (September 2019) 56.35 54,000 1 15 Grant (October 2019) 56.97 150,660 1 15 Grant (December 2020) 56.75 317,457 1 10 Grant (April 2021) 45.31 1,655 1 10 Grant (June 2021) 40.86 62,147 1 10 Grant (December 2021) 19.22 523,599 USD 5.38 10 Granted at December 31, 2021 2,732,618 Warrants exercisable at December 31, 2021 2,732,618 The Board of Directors and Executive Management holding of share awards for the years ended December 31, 2021, 2022 and 2023 is shown below: Warrants held when Warrants held when Warrants held when becoming or leaving becoming or leaving becoming or leaving January 1, as a member December 31, as a member December 31, as a member December 31, 2021 of management Granted Exercised 2021 of management Granted Exercised Forfeited 2022 of management Granted Exercised Forfeited 2023 Steven Projan 42,048 — 4,583 — 46,631 — 5,000 — — 51,631 — — — — 51,631 Roberto Prego 34,164 — 4,583 — 38,747 — 5,000 — — 43,747 — 5,000 — — 48,747 Jo Ann Suzich (former) (4) 10,260 — — — 10,260 — — — — 10,260 — — — — 10,260 Marianne Søgaard (1) 94,320 — 9,167 — 103,487 — 10,000 — — 113,487 — 75,000 — — 188,487 Helen Boudreau (former) (2) 5,436 — — (5,436) — — — — — — — — — — — Lars Holtug — — 4,583 — 4,583 — 5,000 — — 9,583 — 5,000 — — 14,583 Niels Iversen Møller — — — — — — 3,750 — — 3,750 — 8,125 — — 11,875 Board of Directors in total 186,228 — 22,916 (5,436) 203,708 — 28,750 — — 232,458 — 93,125 — — 325,583 Lars Aage Staal Wegner 852,084 — 64,167 — 916,251 — — (62,736) (45,327) 808,188 — — (200,000) — 608,188 Birgitte Rønø — 29,376 45,000 — 74,376 — 25,000 — — 99,376 — 12,500 — — 111,876 Erik Heegaard — — 97,564 — 97,564 — 25,000 — — 122,564 — — — — 122,564 Glenn S. Vraniak (former) (3) 150,660 — — — 150,660 — — (112,995) — 37,665 — — (37,665) — — Andreas Holm Mattsson — — — — — — 35,000 — — 35,000 — 6,250 — — 41,250 Bo Karmark — — — — — 45,000 16,667 — — 61,667 — — — — 61,667 Jesper Nyegaard Nissen — — — — — 25,000 20,833 — — 45,883 — 12,500 — — 58,333 Niels Iversen Møller (5) — — — — — — 3,125 — — 3,125 — 8,750 — — 11,875 Per Norlén (6) — — — — — 50,000 3,125 — — 53,125 — — — (37,150) 15,975 Thomas Bogenrieder (7) — — — — — — — — — — 4,356 — — — 4,356 Christian Kanstrup (7) — — — — — — — — — — — 169,167 — — 169,167 Executive Management in total 1,002,744 29,376 206,731 — 1,238,581 120,000 128,750 (175,731) (45,327) 1,266,543 4,356 209,167 (237,665) (37,150) 1,205,251 (1) As of November 25, 2020, 26,964 warrants were granted for services provided before taking on the Board of Directors position. (2) Former board member from June 30, 2020, to May 25, 2021. (3) Mr. Vraniak resigned as the Chief Financial Officer of the Company effective November 1, 2021. (4) Board member until May 25, 2021. (5) Became a Board member in 2022. (6) Mr. Norlén resigned as the Chief Executive Officer of the Company effective September 1, 2023. (7) Became a member of Executive Management in 2023. |
Financial Income and Expenses
Financial Income and Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Financial Income and Expenses | |
Financial Income and Expenses | Note 10. Financial Income and Expenses Years Ended December 31, 2023 2022 2021 (USD in thousands) Financial income: Interest income, bank $ 151 $ 13 $ — Interest income, other 3 — — Change in fair value of warrant liability 636 395 — Foreign exchange gains 173 2,423 2,039 Total financial income 963 2,831 2,039 Financial expenses: Interest expenses (1) (34) (5) Interest expenses, lease liabilities (172) (176) (123) Change in fair value of derivative liability (110) — — Change in fair value of warrant liability (244) — — Interest expenses, borrowings (724) (588) (31) Foreign exchange losses (430) (710) (756) Total financial expenses (1,681) (1,508) (915) Net financial items $ (718) $ 1,323 $ 1,124 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Income Taxes | Note 11. Income Taxes (a) Analysis of charge/(credit) for the year: Years Ended December 31, 2023 2022 2021 (USD in thousands) Income tax benefit $ 790 $ 772 $ 178 Total income tax benefit for the year $ 790 $ 772 $ 178 On December 31, 2023, the Company had net tax loss carry-forwards in Denmark of $ 19.0 million (2022: $13.6 million in Denmark; 2021: $9.5 million in Denmark) for income tax purposes, all of which can be carried forward infinitely according to Danish Corporate Income Tax Act. As of December 31, 2023, the Company did not have any tax loss carry-forwards in any other tax jurisdictions. The benefit from income taxes for each year includes a tax credit for research and development expenditures at the applicable tax rate under the Danish Tax Assessment Act and Australian tax legislation, respectively. (b) Reconciliation of effective tax rate to Danish statutory tax rate Years Ended December 31, 2023 2022 2021 Statutory corporate income tax rate in Denmark 22 % 22 % 22 % Difference in corporate income tax rate in subsidiaries — % — % — % Non-deductible income / (expenses) (1) % (1) % — % Non-taxable income / (expenses) — % — % — % Additional tax deduction R&D expenses 1 % 4 % 6 % Tax credit research and development expenditures (4) % (5) % (4) % Change in deferred tax asset not capitalized (14) % (16) % (23) % Total effective tax rate 4 % 4 % 1 % (c) Deferred tax in the consolidated statements of financial position Years Ended December 31, 2023 2022 2021 (USD in thousands) Deferred Tax Positions: Warrants $ 275 $ 739 $ 2,118 Loss carry forward 19,022 13,581 9,530 Research and development expenditures — — — Other items (126) (214) (98) Deferred tax assets not recognized (19,171) (14,106) (11,550) Total Deferred Tax $ — $ — $ — Deferred tax attributable to research and development expenditures relates to development costs recognized as an expense in the consolidated financial statements in 2020 and are tax deductible in 2021. Under Danish tax legislation, the value of warrants to employees is income tax exempt subject to meeting certain conditions. The value of income tax exempt warrants is not tax deductible for the issuer. There is currently uncertainty in respect of the extent to which the conditions for being tax exempt are met and consequently the extent to which a tax deduction will be available for the company. Consequently, the deferred tax asset disclosed above is subject to uncertainty and there is a risk that the amount disclosed above is not tax deductible in full. |
Basic and Diluted Loss Per Shar
Basic and Diluted Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Basic and Diluted Loss Per Share | |
Basic and Diluted Loss Per Share | Note 12. Basic and Diluted Loss Per Share Basic loss per share is calculated by dividing the net loss attributable for the year to shareholders of Evaxion Biotech A/S by the weighted average number of ordinary shares outstanding during the year. As net losses from continuing operations were recorded in the years 2023, 2022 and 2021, the dilutive potential shares are anti-dilutive for the earnings per share calculation. Years Ended December 31, 2023 2022 2021 (USD in thousands, except share amounts and per share amounts) Loss per share before and after dilution Net loss attributable to shareholders of Evaxion Biotech A/S $ (22,125) $ (23,169) $ (24,532) Weighted-average number of ordinary shares outstanding 27,335,829 23,638,685 19,493,143 Loss per share before and after dilution $ (0.81) $ (0.98) $ (1.26) The following potential shares are anti-dilutive and are therefore excluded from the weighted average number of shares for the purpose of diluted loss per share: Years Ended December 31, 2023 2022 2021 Warrants (1) 12,816,407 3,094,129 2,732,618 (1) The number of warrants presented includes warrants granted for share-based payments, the EIB Warrants, and 2023 SPA Investor Warrants outstanding as of each year end period. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property and Equipment, Net | |
Property and Equipment, Net | Note 13. Property and Equipment, Net Other Leasehold Property Equipment Improvements Total (USD in thousands) Cost at December 31, 2022 $ 2,593 $ 1,368 $ 1,632 $ 5,593 Additions during the year — 23 65 88 Exchange rate adjustments 88 47 57 192 Cost at December 31, 2023 2,681 1,438 1,754 5,873 Depreciation at December 31, 2022 $ (369) $ (352) $ (197) $ (918) Depreciation for the year (245) (212) (158) (615) Depreciation revaluation during the year 45 — — 45 Exchange rate adjustments (16) (17) (9) (42) Depreciation at December 31, 2023 (585) (581) (364) (1,530) Carrying amount at December 31, 2023 $ 2,096 $ 857 $ 1,390 $ 4,343 Carrying amount of right-of-use assets at December 31, 2023 $ 2,096 $ — $ — $ 2,096 Other Leasehold Property Equipment Improvements Total (USD in thousands) Cost at December 31, 2021 $ 2,756 $ 1,225 $ 1,567 $ 5,548 Additions during the year — 220 156 376 Exchange rate adjustments (163) (77) (91) (331) Cost at December 31, 2022 2,593 1,368 1,632 5,593 Depreciation at December 31, 2021 $ (155) $ (161) $ (58) $ (374) Depreciation for the year (234) (196) (141) (571) Depreciation revaluation during the year 15 — — 15 Exchange rate adjustments 5 5 2 12 Depreciation at December 31, 2022 (369) (352) (197) (918) Carrying amount at December 31, 2022 $ 2,224 $ 1,016 $ 1,435 $ 4,675 Carrying amount of right-of-use assets at December 31, 2022 $ 2,224 $ — $ — $ 2,224 Depreciation included in the consolidated statement of comprehensive loss: Years Ended December 31, 2023 2022 2021 (USD in thousands) Research and development expenses $ 340 $ 446 $ 270 General and administrative expenses 275 125 73 Total depreciation included in the consolidated statement of comprehensive loss 615 571 343 Total accumulated depreciation of right-of-use assets at December 31, $ 585 $ 369 $ 155 |
Prepayments and other receivabl
Prepayments and other receivables | 12 Months Ended |
Dec. 31, 2023 | |
Prepayments and other receivables | |
Prepayments and other receivables | Note 14. Prepayments and other receivables Years Ended December 31, 2023 2022 (USD in thousands) VAT receivables $ 143 $ 287 Prepayments 1,692 2,494 Receivables from collaboration partners 9 — Other receivables 108 10 Total prepayments and other receivables $ 1,952 $ 2,791 |
Other Payables
Other Payables | 12 Months Ended |
Dec. 31, 2023 | |
Other Payables | |
Other Payables | Note 15. Other Payables Years Ended December 31, 2023 2022 (USD in thousands) Employee cost liabilities $ 894 $ 353 Other liabilities 112 312 Total other payables $ 1,006 $ 665 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents | |
Cash and Cash Equivalents | Note 16. Cash and Cash Equivalents Years Ended December 31, 2023 2022 (USD in thousands) Cash and cash equivalents $ 5,583 $ 13,184 Total cash and cash equivalents $ 5,583 $ 13,184 Cash and cash equivalents consist mainly of cash on deposit with banks, and $1.4 million held in an escrow account relating to the 2023 Securities Purchase Agreement as of December 31, 2023. There are no restrictions on the amounts held in the escrow account as of December 31, 2023. Changes in net working capital Years Ended December 31, 2023 2022 2021 (USD in thousands) Changes in receivables and tax receivables $ 1,107 $ (1,486) $ 1,863 Changes in trade payables 502 (599) (647) Changes in other payables (47) (792) 21 Changes in net working capital $ 1,562 $ (2,877) $ 1,237 Working capital is defined as current assets (excluding cash) less current liabilities and measures the net liquid assets the Company has available for the business. Adjustments for non-cash items Adjustments of non-cash items in the consolidated statements of comprehensive loss: Years Ended December 31, 2023 2022 2021 (USD in thousands) Income taxes $ (790) $ (772) $ (178) Tax credit schemes accounted for as grants (194) (226) (12) Depreciation 615 571 344 Impairment — 87 — Interest income (154) (13) — Interest expense 897 798 159 Share-based compensation expenses 479 942 1,379 Acquisition of property, plant and equipment — — (90) Loss in change from fair value of derivative liability 110 — — Gain in change from fair value of warrant liability (392) (395) — Other adjustments: Other adjustments, primarily exchange rate adjustments 615 (1,315) (1,061) Total adjustments for non-cash items $ 1,186 $ (323) $ 541 Reconciliation of Liabilities from Financing Activities December 31, Accumulated Transaction Exchange rate December 31, (USD in thousands) 2022 Cash flows interest Costs Additions adjustment 2023 Lease liabilities $ 2,255 $ (326) $ 172 $ — $ 45 $ 76 $ 2,222 Borrowings 8,000 (306) 638 — 65 251 8,648 Provisions 144 — — — — 5 149 Total liabilities from financing activities $ 10,399 $ (632) $ 810 $ — $ 110 $ 332 $ 11,019 December 31, Accumulated Transaction Exchange rate December 31, (USD in thousands) 2021 Cash flows interest Costs Additions adjustment 2022 Lease liabilities $ 2,520 $ (305) $ 176 $ — $ 15 $ (151) $ 2,255 Borrowings 1,170 7,730 524 (1,117) 84 (391) 8,000 Provisions 153 — — — — (9) 144 Total liabilities from financing activities $ 3,843 $ 7,425 $ 700 $ (1,117) $ 99 $ (551) $ 10,399 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Leases | Note 17. Leases Leases In October 2020, the Company entered into a lease for approximately 1,356 square meters, which is allocated on 839 square meters of office space, and 518 square meters of laboratory space in Hørsholm, Denmark. The commencement date for the lease of the 839 square meters of office space was February 1, 2021, and the lease continues for a term of 10 years from that date. The commencement date for the additional laboratory space was August 13, 2021, and the lease continues for a term of 10 years with a subsequent 12-month cancellation notice period. The lease agreement contains an early termination provision which would trigger a termination fee of $2.7 million. As of December 31, 2023, the monthly payment is approximately $27,640 which consists of approximately $11,498 for the office space and approximately $16,142 for the laboratory space. Throughout the term, the lease is subject to annual increases ranging from two to four percent on the annual lease payment amount. The Company had one lease in Copenhagen, Denmark as of December 31, 2023. For the years ended December 31, 2023, 2022 and 2021, the expense recognized in operating expense related to short term and variable lease payments not included in the lease liabilities was immaterial. For the years ended December 31, 2023, 2022 and 2021, the Company recognized $0.2 million, $0.2 million, and $0.2 million, respectively, of depreciation expense related to its right-of-use lease asset in operating expense. For the years ended December 31, 2023, 2022 and 2021, the Company recognized $0.2 million, $0.2 million, and $0.1 million of interest expense related to its lease liabilities. The Company recognized a total of $0.4 million, $0.4 million, and $0.3 million related to lease expenses in the consolidated statements of comprehensive loss for the years ended December 31, 2023, 2022, and 2021, respectively. Set out below are the carrying amounts of the Company’s right-of-use assets and lease liabilities and the movements during the period: Right-of-Use Asset Lease Liabilities (USD in thousands) At December 31, 2022 $ 2,224 $ 2,255 Additions — 45 Depreciation (216) — Interest Expense — 172 Payments — (326) Translation 88 76 At December 31, 2023 $ 2,096 $ 2,222 Right-of-Use Asset Lease Liabilities (USD in thousands) At December 31, 2021 $ 2,601 $ 2,520 Additions — 15 Depreciation (214) — Interest Expense — 176 Payments — (305) Translation (163) (151) At December 31, 2022 $ 2,224 $ 2,255 The total cash outflow for leases were $0.3 million and $0.3 million in during the years ended December 31, 2023 and 2022, respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings. | |
Borrowings | Note 18. Borrowings Loan from lessor In October 2020, the Company entered into a lease for approximately 1,356 square meters, which is allocated on 839 square meters of office space, and 518 square meters of laboratory space in Hørsholm, Denmark. In addition to the ordinary lease payments, the Company obtained financing from DTU Science Park A/S (“DTU”) for rebuilding the laboratory facility and engineering building to match the Company’s needs. The Company will repay the $1.3 million financing at a fixed interest rate of 6% over 8 years. If the lease is terminated due to default by the Company before the outstanding balance, including interest accrued, has been repaid, the remaining balance is due immediately. The finance liability is recorded at amortized cost, which approximates fair value at the time of issuance. For the years ended December 31, 2023, 2022 and 2021 interest expense related to the loan from lessor was $0.1 million, $0.1 million and $nil, respectively. During the years ended December 31, 2023 and 2022, the Company had additions for borrowings related to the loan from lessor of $0.1 million. As a result of the structure of the DTU financing this amount is not included as Purchase of property, plant and equipment EIB Loan In August 2020, the Company executed the EIB Loan, for a principal amount of €20.0 million, divided into three tranches of tranche 1 in the amount of €7.0 million, tranche 2 in the amount of €6.0 million and tranche 3 in the amount of €7.0 million. Under the EIB Loan Agreement, the tranche balances are due six years from their respective disbursement dates. During the year ended December 31, 2021, the Company initiated the draw of the first tranche of the EIB Loan Agreement. The Company received the proceeds from the draw of the first tranche of €7.0 million (approximately $7.8 million) on February 17, 2022. The Company will repay the first tranche of the EIB Loan at a fixed interest rate of 3% per annum and a payment-in-kind interest rate of 4% per annum. The loan is amortized to maturity using an effective monthly interest rate of 0.78%. For the years ended December 31, 2023, 2022 and 2021 interest expense related to the EIB Loan was $0.7 million, $0.6 million and $nil, respectively. The loan is repayable in full six years after drawing down. The two remaining tranches have become void as of December 31, 2023. Borrowings are summarized as follows: Years Ended December 31, 2023 2022 (USD in thousands) Loan from lessor $ 1,022 $ 1,068 EIB Loan 7,626 6,932 Total Borrowings 8,648 8,000 Less: Borrowings, current portion (159) (136) Total Borrowings, net of current portion $ 8,489 $ 7,864 |
Capital Structure and Financial
Capital Structure and Financial Matters | 12 Months Ended |
Dec. 31, 2023 | |
Capital Structure and Financial Matters | |
Capital Structure and Financial Matters | Note 19. Capital Structure and Financial Matters Share capital – ordinary shares Capital transactions In February 2021, the Company completed its IPO through which the Company issued and sold 300,000 ADSs, at a price to the public of $100.00 per ADS. The Company received aggregate net proceeds of $25.3 million from the IPO, after deducting the underwriting discounts and commissions and offering expenses. Upon the completion of the IPO, our registered, issued, and outstanding share capital was nominal DKK 19,198,668. In November 2021, the Company completed a follow-on public offering through which the Company issued and sold 394,286 ADSs, at a price to the public of $70.00 per ADS. The shares issued were inclusive of the 51,429 ADSs issued to the underwriters pursuant to the full exercise of their option to purchase additional shares on November 5, 2021. The Company received aggregate net proceeds of $24.9 million from the follow-on public offering, which includes the funds received for the additional shares issued to the underwriters, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. Upon the completion of the follow-on public offering, the Company’s registered, issued, and outstanding share capital was nominal DKK 23,141,524. Lincoln Park Purchase Agreement On June 7, 2022, the Company entered into the Purchase Agreement, with Lincoln Park, pursuant to which the Company may elect to sell up to $40.0 On July 7, 2022, the Company filed a “selling shareholder” registration statement with the U.S. Securities and Exchange Commission (“SEC”) related to the Purchase Agreement with Lincoln Park as the selling shareholder, through which the Company registered 4,649,250 ordinary shares represented by ADSs for resale to the public by Lincoln Park. The Company will not receive any proceeds from the resale of ADSs by Lincoln Park, however, assuming that the Company sells the full amount of its ordinary shares represented by ADSs to Lincoln Park, under the Purchase Agreement the Company may receive up to $40.0 million in aggregate proceeds. As of December 31, 2023, the Company had issued and sold 428,572 ordinary shares represented by ADSs to Lincoln Park. Such shares were issued to Lincoln Park as payment of the Commitment Fee in consideration for Lincoln Park’s’ commitment to purchase our ordinary shares represented by ADSs under the Purchase Agreement. As of such date, the Company had not issued or sold any additional ordinary shares represented by ADSs to Lincoln Park under the Purchase Agreement. As of December 31, 2023, not all conditions to make the LPC Purchase Agreement operational have been met. JonesTrading Sales Agreement On October 3, 2022, the Company entered into an At-The-Market Issuance Sales Agreement with JonesTrading Institutional Services LLC (“JonesTrading”) under which the Company could sell up to an aggregate of $14.4 million of its ordinary shares represented by ADSs. The Company agreed to pay JonesTrading commission equal to 3% of the gross proceeds of the sales price of all ADSs sold through them as sales agent under the Sales Agreement. The offering of the Company’s ADSs pursuant to the Sales Agreement will terminate on the earliest of (1) the sale of all of the ordinary shares subject to the Sales Agreement, or (2) termination of the Sales Agreement by the Company or JonesTrading. The Company and JonesTrading may terminate the sales agreement at any time upon ten days prior notice. JonesTrading may terminate the Sales Agreement at any time in certain circumstances, including the occurrence of a material adverse change that, in their judgment, may make it impracticable or inadvisable to market or sell the Company’s ADSs or a suspension or limitation of trading the Company’s ADSs on The Nasdaq Capital Market. During the year ended December 31, 2022, the Company sold 118,853 ADSs representing the Company’s ordinary shares, DKK 1 nominal value, at a VWAP of $27.40 per ADS. The ADSs were sold pursuant to the Sales Agreement with JonesTrading dated October 3, 2022. After deducting fees and expenses, total proceeds to the Company from the sales of the ADSs were approximately $0.3 million. In connection with such sales, the Company registered aggregate share capital increases of nominal DKK 118,853 with the Danish Business Authority. During the year ended December 31, 2023, the Company sold 3,679,954 ordinary shares represented by ADSs, DKK 1 nominal value, at a VWAP of $17.10 per ADS. The ADSs were sold pursuant to the Sales Agreement with JonesTrading dated October 3, 2022. Total proceeds to the Company from the sales of the ADSs were approximately $6.4 million. In connection with such sales, the Company registered aggregate share capital increases of nominal DKK 3,679,954 with the Danish Business Authority. 2023 Securities Purchase Agreement On December 18, 2023, the Company entered into a Securities Purchase Agreement with a group of certain investors including all members of the Company’s Management and Board of Directors, and MSD Global Health Innovation Fund, a corporate venture capital arm of Merck & Co., Inc., Rahway, NJ, USA, for the issuance and sale in private placement of 9,726,898 of ordinary shares, DKK 1 nominal value represented by ADSs, and accompanying 2023 SPA Investor Warrants to purchase up to 9,726,898 ordinary shares represented by ADSs at a purchase price of $0.54 per ordinary share. The 2023 SPA Investor Warrants are exercisable immediately upon issuance and expire three years after the closing date of the private placement and have an exercise price equal to $0.71 per share. The gross proceeds to the Company from the private placement were $5.3 million, with up to an additional $6.8 million of gross proceeds in the event of cash exercise of the 2023 SPA Investor Warrants, before deducting offering expenses payable by the Company. Of the initial gross proceeds to the Company, $2.6 million was allocated to the 2023 SPA Investor Warrants issued. Refer to Note 6 for additional information on the 2023 SPA Investor Warrants. At year end, due to issue of shares and warrant exercise, the outstanding share capital was nominal DKK 37,897,780. The following are changes in the Company’s share capital for the years ended December 31, 2021, 2022 and 2023: Number of Share Capital Ordinary Shares (DKK in thousands) Share capital, December 31, 2020 16,198,668 16,198 Capital increase at February 9, 2021 (for initial public offering) 3,000,000 3,000 Capital increase at November 9, 2021 (for follow-on offering) 3,942,856 3,943 Capital increase November 2021 (exercised warrants) 62,284 63 Share capital, December 31, 2021 23,203,808 23,204 Capital increase April 2022 (exercised warrants) 54,072 54 Capital increase June 2022 (exercised warrants) 92,313 92 Capital increase June 2022 (exercised warrants) 37,665 38 Capital increase at June 7, 2022 (LPC purchase agreement) 428,572 429 Capital increase June 2022 (exercised warrants) 17,264 17 Capital increase August 2022 (exercised warrants) 92,313 92 Capital increase August 2022 (exercised warrants) 41,085 41 Capital increase September 2022 (exercised warrants) 10,836 11 Capital increase at October 13, 2022 (JonesTrading sales agreement) 23,405 23 Capital increase at October 17, 2022 (JonesTrading sales agreement) 26,396 26 Capital increase at October 20, 2022 (JonesTrading sales agreement) 64,601 65 Capital increase at December 5, 2022 (exercised warrants) 42,633 43 Capital increase at December 29, 2022 (JonesTrading sales agreement) 4,450 4 Share capital, December 31, 2022 24,139,413 24,139 Capital increase at January 4, 2023 (JonesTrading sales agreement) 186,584 187 Capital increase at January 4, 2023 (JonesTrading sales agreement) 447,829 448 Capital increase at January 5, 2023 (JonesTrading sales agreement) 94,278 94 Capital increase at January 20, 2023 (JonesTrading sales agreement) 259,407 259 Capital increase at January 24, 2023 (JonesTrading sales agreement) 79,657 80 Capital increase at January 24, 2023 (JonesTrading sales agreement) 71,678 72 Capital increase at February 7, 2023 (JonesTrading sales agreement) 96,271 96 Capital increase at February 9, 2023 (JonesTrading sales agreement) 1,003,802 1,004 Capital increase at February 13, 2023 (JonesTrading sales agreement) 42,808 43 Capital increase at March 24, 2023 (JonesTrading sales agreement) 16,280 16 Capital increase May 2023 (exercised warrants) 134,730 135 Capital increase May 2023 (exercised warrants) 51,125 51 Capital increase June 2023 (exercised warrants) 150,000 150 Capital increase at June 6, 2023 (JonesTrading sales agreement) 861,614 862 Capital increase June 2023 (exercised warrants) 4,824 5 Capital increase at July 18, 2023 (JonesTrading sales agreement) 11,348 11 Capital increase September 2023 (exercised warrants) 10,836 11 Capital increase at September 22, 2023 (JonesTrading sales agreement) 54,099 54 Capital increase at September 26, 2023 (JonesTrading sales agreement) 51,750 52 Capital increase at September 27, 2023 (JonesTrading sales agreement) 45,807 46 Capital increase at October 2, 2023 (JonesTrading sales agreement) 54,829 55 Capital increase at November 1, 2023 (JonesTrading sales agreement) 50,281 50 Capital increase at November 15, 2023 (JonesTrading sales agreement) 19,387 19 Capital increase at November 16, 2023 (JonesTrading sales agreement) 77,119 77 Capital increase at November 21, 2023 (JonesTrading sales agreement) 43,950 44 Capital increase at November 21, 2023 (JonesTrading sales agreement) 21,136 21 Capital increase at November 30, 2023 (JonesTrading sales agreement) 24,316 24 Capital increase at December 4, 2023 (JonesTrading sales agreement) 65,724 66 Capital increase at December 21, 2023 (2023 SPA) 9,726,898 9,727 Share capital, December 31, 2023 37,897,780 37,898 The Company’s share capital consists of the following ordinary shares: December 31, 2023 2022 (USD in thousands) Authorized, issued and fully paid 37,897,780 (2022: 24,139,413) ordinary shares of DKK 1 each (2022: ordinary shares of DKK 1 each) $ 5,899 $ 3,886 Total share capital $ 5,899 $ 3,886 The Company’s ordinary shares shall confer on the holders thereof the right to receive notice of, attend and vote at general meetings of the Company. Executive Management’s and Board of Director’s holding of shares At December 31, the board of directors and executive management held the following shareholdings in the Company: Number of ordinary shares owned 2023 2022 2021 Christian Kanstrup 1,493,014 — — Bo Karmark — 2,000 — Jesper Nyegaard Nissen 99,913 — — Birgitte Rønø 148,123 — — Andreas Holm Mattsson 4,267,931 4,071,961 4,163,832 Niels Iversen Møller — — 4,292,604 Lars Aage Staal Wegner — 82,124 182,124 Executive Management in total 6,008,981 4,156,085 8,638,560 Number of ordinary shares owned 2023 2022 2021 Niels Iversen Møller 4,292,678 4,196,840 — Roberto Prego 539,069 310,248 310,248 Lars Holtug 157,891 — — Marianne Søgaard 1,684,547 41,652 41,652 Steven Projan — 27,288 27,288 Board of Directors in total 6,674,185 4,576,028 379,188 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions | |
Related Party Transactions | Note 20. Related Party Transactions The Company’s related parties are comprised of significant shareholders of the Company, the executive management group, the board of directors and the close members of the family of these persons. The Company has not granted any loans, guarantees, or other commitments to or on behalf of any of the members in the board of directors or executive management. Other than the remuneration and other transactions relating to the board of directors or executive management and capital increases on the same terms as other investors, no other significant transactions have taken place with the board of directors or executive management for the years ended December 31, 2023, 2022 and 2021. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments And Contingencies. | |
Commitments and Contingencies | Note 21. Commitments and Contingencies Legal proceedings On April 28, 2022, the Company received formal notice that on April 21, 2022, Statens Serum Institut (“SSI”), had initiated a legal proceeding against the Company in The Danish Maritime and Commercial High Court (Sø og Handelsretten), claiming sole ownership of a patent application (PCT/EP2020/050058 and subsequently national filings, EP3906045), the Company filed related to a method for treating malignant neoplasm by administering a composition comprising a high dose of neopeptides, a solvent and SSI’s liposomal adjuvant, CAF®09b, for which the Company has a non-exclusive, royalty-bearing sub-licensable license to use from SSI (the “Invention”). The patent application for the Invention relates solely to the use of the adjuvant CAF®09b in conjunction with a high dose of neopeptides in the Company’s EVX-01 product candidate. SSI’s claim to the patent application does not relate to any other aspect of the Company’s patent portfolio covering EVX-01 or the PIONEER platform technology. The patent application stems from work the Company performed under a collaboration agreement the Company entered into with SSI, DTU, Center for Cancer Immune Therapy (Herlev Hospital) and the Center for Genomic Medicine (Rigshospitalet). The patent application names the Company and certain of the Company’s employees as the sole inventors of the invention. In its filing, SSI’s primary claim is that the Invention disclosed in the patent application was not made by the Company and its employees, but rather, that SSI and members of its staff made the Invention and, therefore, SSI and certain of its staff members should be listed as the sole inventors of the invention. In the alternative, SSI claims that it should have co-ownership with the Company of the patent application and the invention. It is the Company’s position that the Company and its employees are the sole inventors of the invention. The Company believes that it has strong defenses against SSI’s claim and that SSI’s claim is without merit. The Company intends to vigorously defend the action. In any event, even if SSI’s claim were to be upheld by the court, while no assurance can be given, the Company does not expect that it would have a material impact on its rights to use the Invention in the development and commercialization of EVX-01, as the Company believes that such rights are covered by its current license agreement with SSI and SSI would be excluded from enforcing its rights in the Invention to prevent the Company from developing and commercializing its EVX-01 product candidate. As of December 31, 2023, the opinion of the Company’s legal counsel is that the ongoing legal proceedings will not have a material impact on the Company’s future financial results. As of December 1st, 2023, the Company and SSI have completed several rounds of written statements to the courts after which the court will announce official dates for court meetings to take place. The court proceedings have been paused since May 2023 on the basis that non-court mediated negotiations are ongoing between the Company and SSI to resolve the situation without further court proceedings. In December 2023 terms were agreed between the Company and SSI which results in a situation where the Company retains all commercial rights to EVX-01 and the patent application, the lawsuit will be lifted on a walk-away basis and no compensation by the Company to SSI. Final contracts remain to be signed. Contractual obligations The contractual obligations are similar individually and, in the aggregate, not material to the future financial position, operating profit or cash flow. At December 31, 2023, the Company had the following contractual commitments which fall due as follows: December 31, 2023 (USD in thousands) Contractual cash flows <1 year 1 – 2 years 2 – 5 years >5 years Total (USD in thousands) Purchase obligations $ — $ 706 $ 322 $ 494 $ — $ 1,522 Total $ — $ 706 $ 322 $ 494 $ — $ 1,522 The majority of the purchase obligations of $0.5 million relate to CRO’s as of December 31, 2023. At December 31, 2022, the Company had the following contractual commitments which fall due as follows: December 31, 2022 (USD in thousands) Contractual cash flows <1 year 1 – 2 years 2 – 5 years >5 years Total (USD in thousands) Purchase obligations $ — $ 598 $ 56 $ 904 $ — $ 1,558 Total $ — $ 598 $ 56 $ 904 $ — $ 1,558 The majority of the purchase obligations of $0.8 million relate to CRO’s as of December 31, 2022. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2023 | |
Provisions | |
Provisions | Note 22. Provisions The Company is required to restore the lease premises of its office and laboratory space in Hørsholm, Denmark to its original condition at the end of the lease term. A provision is recognized for the present value using a discount rate based on the Company’s risk adjusted incremental borrowing rate of the estimated expenditure required to remove any leasehold improvements. These costs have been capitalized as part of the cost of leasehold improvements and are amortized over the lease term. Changes in the provision balance during the year ended December 31, 2023, are as follows: Provisions (USD in thousands) Carrying amount at January 1, 2023 $ 144 Currency adjustment 5 Carrying amount at December 31, 2023 $ 149 Changes in the provision balance during the year ended December 31, 2022, are as follows: Provisions (USD in thousands) Carrying amount at January 1, 2022 $ 153 Currency adjustment (9) Carrying amount at December 31, 2022 $ 144 |
Fees to auditors
Fees to auditors | 12 Months Ended |
Dec. 31, 2023 | |
Fees to auditors | |
Fees to auditors | Note 23. Fees to auditors The following table presents the fees to our independent registered public accounting firm, EY Godkendt Revisionspartnerselskab, recognized in general and administrative expenses in the consolidated statements of comprehensive loss for the years ended December 31, 2023, and 2022. This note was prepared in accordance with the requirements of the Danish Financial Statements Act: Years Ended December 31, 2023 2022 (USD in thousands) Audit fees $ 309 $ 172 Audit related fees 94 50 Other fees 57 156 Total fees $ 460 $ 378 Audit fees Audit fees consist of fees billed for professional services rendered by EY for the audit of our annual consolidated financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. Audit-related fees Audit-related fees consist of assurance and related services performed by EY that are reasonably related to the performance of the audit or review of our consolidated financial statements and are not reported under “Audit-Related fees.” Other fees Other fees consist of services provided by EY for other permitted services, including fees for work performed by EY in connection with the Company’s capital raises. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets | |
Intangible Assets | Note 24. Intangible Assets The Company wrote-off its intangible assets of $0.1 million during the year ended December 31, 2022. As of December 31, 2023, and 2022, the Company did not have an intangible asset balance. |
Events After the Reporting Peri
Events After the Reporting Period | 12 Months Ended |
Dec. 31, 2023 | |
Events After the Reporting Period | |
Events After the Reporting Period | Note 25. Events After the Reporting Period JonesTrading Share Issuance On January 25, 2024, the Company sold 2,633,550 ordinary shares represented by ADSs, DKK 1 nominal value, at a VWAP of $97.56 per ADS. The ADSs were sold pursuant to the Sales Agreement with JonesTrading dated October 3, 2022. After deducting fees and expenses, total proceeds to the Company from the sales of the ADSs were approximately $2.5 million. In connection with such sales, the Company registered aggregate share capital increases of nominal DKK 2,633,550 with the Danish Business Authority. February 2024 offering In February 2024, the Company completed a public offering through which the Company offered 757,500 ADSs representing an aggregated 7,575,000 ordinary shares, DKK 1 nominal value per share, together with warrants to purchase up to 757,500 ADSs representing 7,575,000 ordinary shares. The public offering price for each ADS and accompanying warrant is $4.00. The warrants will have an exercise price per ADS of $4.00 and will be immediately exercisable for a term of five years from the date of issuance. Additionally, as part of the public offering, the Company offered prefunded warrants to purchase up to 2,992,500 ADSs representing 29,925,000 ordinary shares. The public offering price for each ADS and accompanying prefunded warrant is $4.00. The prefunded warrants will have an exercise price per ADS of $4.00 and will be immediately exercisable for a term of five years from the date of issuance. After deducting fees and expenses, total proceeds to the Company from the public offering were approximately $12.7 million. |
Summary of Accounting Policies
Summary of Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Accounting Policies | |
Basis of preparation | Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4. The consolidated financial statements are presented in the Company’s presentation currency, U.S. dollar (“USD”) which is not the functional currency of the parent company. The Group’s financial statements are presented in USD as the result of the Company’s publicly listing the ADSs in the United States. The Company’s functional currency is DKK for Denmark, AUD for Australia, and USD for the United States. The consolidated financial statements have been prepared on a going concern basis using a historical cost basis. All financial assets and liabilities are measured at amortized cost unless otherwise stated. |
Basis of consolidation | Basis of consolidation The consolidated financial statements of the Company comprise the consolidated statement of financial position as of December 31, 2023, and 2022, and the consolidated statement of comprehensive loss for the twelve months ended December 31, 2023, 2022 and 2021. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Control is reassessed whenever facts and circumstances indicate that there are changes of control. All intra-Group assets and liabilities, equity (deficit), income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full in consolidation. |
Reclassification | Reclassification Certain reclassifications have been made to prior period consolidated financial statements in order to conform to the current period presentation. The reclassifications are related to a presentation change whereby amounts for share-based payments were reclassified to other reserves from accumulated deficit. These reclassifications did not impact any prior amounts of net loss or cash flows. |
Currency translation of transactions and balances | Currency translation of transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized as financial income or financial expenses in the consolidated statements of comprehensive loss. Non-monetary items in foreign currency which are measured at cost at the consolidated statements of financial position date are translated using the exchange rates at the date of the transaction. |
Translation of foreign operations | Translation of foreign operations Assets and liabilities in the Company’s functional currency, DKK and AUD, for Denmark and Australia, respectively, are translated to the Company’s presentation currency at the exchange rate applicable on December 31 for the respective year. Income and expenses in the Company’s functional currency are translated to USD at the average exchange rate which corresponds to an approximation of the exchange rates prevailing on each individual transaction date. Translation differences arising in the translation to presentation currency are recognized in other comprehensive income. |
Revenue recognition | Revenue recognition The Company recognizes revenue in accordance with IFRS 15 , Revenue from Contracts with Customers. i. ii. iii. iv. v. When contracts with customers are entered into, the goods and/or services promised in the contract are assessed to identify distinct performance obligations. A promise in the agreement is considered a distinct performance obligation if both of the following criteria are met: ● the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct); and ● the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). The transaction price in the contract is measured at fair value and reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The transaction price may include up-front payments and milestone payments. Collaboration, license, and other agreements often contain success-based variable consideration for the achievement of development milestones. The Company assesses whether a constraint exists in reference to revenue recognition for such variable consideration under collaboration agreements when recognizing revenue. Due to the inherent risk of research and development services, success-based variable consideration are recognized when the contingent events in the form of research and development milestones occur or become highly probable of being achieved. When performance obligations are individually capable of being distinct in context of the contract, such as, in the form of achieving individual development milestones through the Company providing research and development services to customers under collaboration agreements, the Company allocates the transaction price to distinct performance obligation based on relative stand-alone selling prices of the obligations. In the case of multiple identified performance obligations under collaboration agreements for which the Company provides research and development services for the achievement of milestone payments, the Company recognizes collaboration revenue over time as these performance obligations are satisfied through the achievement of development milestones under the contract. As of December 31, 2023, all of the Company’s revenue is related to service revenue, whereby the Company receives milestone payments through the achievement of certain development milestones. |
Research and development expenses | Research and development expenses Expenses related to service agreements are recognized in the income statement when the related payments and milestone events in the corresponding collaboration agreements materialize. The expenses are included in research and development expenses. Research and development expenses are primarily internal and external costs incurred in the development of the Company’s product candidates, including personnel costs, share-based compensation, external research and development expenses, maintenance of the Company’s patents, overhead allocation and enhancements and maintenance of the Company’s technology platforms. The research activities are comprised of activities performed before filing an IND or equivalent and necessary pre-clinical activities for such product candidates. All research expenses are recognized in the period in which they are incurred, and payments made prior to the receipt of goods or services to be used in research and development are deferred until the goods or services are received. The Company records accruals for estimated research and development costs, comprising payments for work performed by third-party contractors and others. Payments for these activities are based on the terms of the individual agreements, which may differ from the timing of the expense recognition of these costs, in which case, they are reflected in the consolidated financial statements as either prepaid- or accrued expenses. The development activities are comprised of the activities performed following the filing of an IND or equivalent clinical-enabling activities for such product candidates, including but not limited to, research and clinical development activities. In line with industry practice, internal and subcontracted development costs are expensed as incurred. Due to regulatory uncertainties and other uncertainties inherent in the development of new products, development expenses do not qualify for capitalization as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. To date, the Company has not incurred any development costs which qualified for capitalization. The Company’s estimates depend on the timeliness and accuracy of the data provided by the CROs regarding the status of each program and total program spending. The Company evaluates the estimates to determine if adjustments are necessary or appropriate based on information received. CROs invoice the Company upon the occurrence of predetermined contractual or activity-based milestones; however, the timing of these invoices and the Company’s related payments often do not correspond directly to the level of performance of contracted activities. To the extent payments are made by the Company in advance of the related activities performed by the CROs, they are included in prepayments to clinical research organizations and expensed when the activities performed by the CROs. To the extent the payments are made by the Company following the performance of the related activities, the expense is accrued for as a payable to clinical research organizations. |
Intellectual property | Intellectual property The Company actively seeks to create, maintain and protect intellectual property and proprietary information and technology that is considered important to the Company’s business, which includes seeking and maintaining patents covering proprietary technology, product candidates, proprietary processes and any other inventions that are commercially and / or strategically important to the Company’s business development. These expenses are expensed as incurred and not capitalized as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. The Company has not incurred any costs that qualify for capitalization. |
Income from government grants | Income from government grants The Company receives grants for certain research and development activities. The grant income is recognized as a reduction of research and development expenses in the period in which the underlying expenditures were incurred and when there is reasonable assurance that the Company will comply with all conditions to receive the grant income. Government grants comprise direct grants and tax credits related to qualifying research and development costs in excess of the corporate tax rate. Tax credits in an amount up to the corporate tax rate are classified as income tax benefits. |
General and administrative expenses | General and administrative expenses General and administrative expenses consist primarily of fees paid to external consultants and personnel costs, including share-based compensation for the Company’s executive, finance, corporate and business development functions. In addition, general and administrative expenses also include depreciation and other expenses for the Company’s corporate headquarters as well as other allocated overhead. |
Share-based payments | Share-based payments The Company issues warrants as an incentive to employees and non-employees. The fair value of the warrants granted is recognized as an expense with a corresponding credit to share-based payments reserve. The fair value is expensed over the requisite service period of the awards. The expense recognition is based on an estimate of the number of warrants expected to vest. The estimate is reassessed regularly, and on a cumulative basis, the expense is equal to the fair value of the number of warrants which actually vest. For employees and consultants providing services similar to employees of the Company, the fair value of the equity instruments is determined at the date of grant resulting in a fixed fair value at grant date that is not adjusted for future changes in the fair value of the equity awards that may occur over the service period. The grant date is defined as the date at which the parties agree to the contractual terms. For consultants providing other services that are not similar to employees of the Company, the transactions are measured at the fair value of the services received unless this is not reliably measurable. In such cases, the transactions are measured at fair value of the equity instruments granted at the dates when the services are provided. Modification of warrants which are beneficial are accounted for with their incremental value or over the shorter vesting period. Non-beneficial modifications such as an extension of the vesting period are not accounted for. Consequently, the original terms are deemed to continue to exist. The Company estimates the fair value of warrants using the underlying value of the Company’s ordinary shares. Since the warrants granted before December 2020 are exercisable for nominal consideration, the warrants are valued using the fair value of the Company’s ordinary shares on grant date less the exercise consideration. Warrants granted during 2023, 2022 and 2021 are valued using a Black-Scholes share option pricing model. The assumptions used in calculating the fair value of share-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. The key assumption in this estimate is the fair value of the Company’s ordinary share on the warrant grant date. |
Accounting for joint operations - MSD International GmbH and MSD International Business GmbH | Accounting for joint operations - MSD International GmbH and MSD International Business GmbH The Company has entered into a collaboration agreement with MSD International GmbH and MSD International Business GmbH (jointly ‘MSD’). Under the arrangement, the Company will share its clinical trial in which the Company’s compound and MSD’s compound is dosed in combination. In determining the accounting treatment for these types of arrangements, the Company carefully evaluates the relationship between the two parties in order to determine whether the arrangement is, in substance, a collaboration arrangement between the two parties (to be accounted for in accordance with IFRS 11), or rather, a vendor-customer contract (to be accounted for in accordance with IFRS 15). Management has determined that MSD does not meet the definition of a customer under IFRS 15. Consequently, the arrangement is classified as a collaboration arrangement and is accounted for as a joint operation in accordance with IFRS 11 resulting in the recognition of the Company’s own income and expense and assets and liabilities, respectively. |
Accounting for joint operations - ExpreS2ion Biotechnologies ApS | Accounting for joint operations - ExpreS2ion Biotechnologies ApS The Company entered into a Vaccine Discovery Collaboration Agreement with ExpreS2ion Biotech Holding AB’s affiliate ExpreS2ion Biotechnologies ApS (“ExpreS2ion”) for the joint development of a novel cytomegalovirus (CMV) vaccine candidate. In determining the accounting treatment for these types of arrangements, the Company carefully evaluates the relationship between the two parties in order to determine whether the arrangement is, in substance, a collaboration arrangement between the two parties (to be accounted for in accordance with IFRS 11), or rather, a vendor-customer contract (to be accounted for in accordance with IFRS 15). Management has determined that ExpreS2ion does not meet the definition of a customer under IFRS 15. Consequently, the arrangement is classified as a collaboration arrangement and is accounted for as a joint operation in accordance with IFRS 11 resulting in the recognition of the Company’s own income and expense and assets and liabilities, respectively. |
Finance income | Finance income Finance income consists primarily of foreign currency gains, and gains from changes in fair value of liability-classified warrants. |
Finance expense | Finance expense Finance expenses consist primarily of foreign currency losses, losses from changes in fair value of liability-classified warrants, losses from changes in fair value of derivative liabilities, interest expense and related loan costs on the EIB Loan Agreement (as defined herein), and interest expense on leasing liabilities. |
Income tax | Income tax The income tax for the period comprises current and deferred tax, including prior-year adjustments and changes in provisions for uncertain tax positions. Tax is recognized in the consolidated statement of comprehensive loss, except to the extent that it relates to items recognized in equity (deficit). Research and development tax credits are available to the Group under the tax laws of Denmark and Australia respectively, based on qualifying research and development spend as defined under those tax laws. Tax credits not exceeding the corporate tax rate are recognized as an income tax benefit. Tax credits in excess of the corporate tax rate are classified as government grants. Accruals for uncertain tax positions and/or valuation of government grant receivables require management to make judgments of potential exposures. Accruals for uncertain tax positions and/or valuation of government grant receivables are measured using either the most likely amount or the expected value amount, depending on taxable amounts. |
Deferred taxes | Deferred taxes Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. Where the tax value can be determined according to alternative tax rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the obligation. Deferred tax assets are measured at the value at which they are expected to be utilized, either through elimination against tax on future earnings or through a set-off against deferred tax liabilities. Deferred tax assets are set off within the same legal tax entity and jurisdiction. Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Given the complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions could necessitate future adjustments to tax income and expenses already recorded. As at December 31, 2023, and 2022, the Company has not recognized any provisions for uncertain tax positions resulting in a risk that the deferred tax asset related to warrants is lower than disclosed. The Company recognizes deferred income tax assets if there is convincing evidence that sufficient taxable income will be available in the future against which the temporary differences and unused tax losses can be utilized. Management has considered future taxable income in assessing whether deferred income tax assets should be recognized and has concluded that the deferred income tax assets do not meet the criteria for recognition as assets in the consolidated statements of financial position. |
Tax receivables | Tax receivables Current tax assets for the current and prior periods are measured at the amount expected to be recovered from the taxation authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. |
Leases | Leases The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognizes lease liabilities for future remaining lease payments and right-of-use assets representing the right to use the underlying assets. Leasehold improvements and loan from lessor The Company’s lease contract comprises funding for the customization of the premises to the Company’s specific needs. The payment is determined based on the actual costs incurred for the customization, a repayment period of 8 years and an interest rate of 6% per annum. The Company has assessed whether this is a lease component, or a leasehold improvement funded by the lessor. We have considered the following factors: ● Which party designed the customization ● Which party had the right to direct changes to the work ● Who is taking on the economic risk of the cost price of the work A third party has designed the project according to the Company’s instructions, and the Company had the right to direct changes to the work during the construction period. Further, the Company has the full economic risk of the work due to 1 :1 linkage between construction costs and payments to the lessor. Consequently, the Company has assessed that the customization is a leasehold improvement funded by the lessor and accordingly presented a leasehold improvement and a corresponding liability for the loan from the lessor. Right-of-use assets The Company recognizes a right-of-use asset at the lease commencement date (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, lease payments made at or before the commencement date less any lease incentives received, initial direct costs incurred, and restoration costs. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the right-of-use asset using the straight-line method. In addition, right-of-use assets are reduced by impairment losses, if any, and adjusted for certain remeasurements. The Company’s right-of-use assets are presented within property and equipment, net. Lease liabilities At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of the following payments, when applicable: ● fixed payments (including in-substance fixed payments), less any lease incentives receivable; ● variable lease payments (linked to an index or interest rate); ● expected payments under residual value guarantees; ● the exercise price of purchase options, where exercise is reasonably certain; ● lease payments in optional renewal periods, where exercise of extension options is reasonably certain; ● and penalty payments for the termination of a lease, if the lease term reflects the exercise of the respective termination option. The lease payments are discounted using the interest rate implicit in the lease if this rate can be readily determined. Otherwise, the Company’s incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Generally, the Company uses its incremental borrowing rate as the discount rate. Lease liabilities are subsequently measured at amortized cost using the effective interest method. In addition, the carrying amount of the lease liabilities are remeasured if there is a modification, a change in the lease term, or a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments). |
Intangible assets | Intangible assets The Company recognized intangible assets for licenses. Licenses are measured at cost less cumulative amortization and impairment. Cost is measured at fair value of the consideration transferred with addition of transactions costs. If additional consideration is transferred to the seller due to meeting certain milestones, these payments are added to the cost price once the conditions for making the payments are met. |
Property and equipment | Property and equipment Property and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Depreciation is recognized on a straight-line basis over the estimated useful lives of the assets, as follows: Assets Useful life Properties Shorter of lease term and useful life of the asset Leasehold improvements 11 years Other equipment 5 – 10 years |
Impairment of non-financial assets | Impairment of non-financial assets Assets are tested for impairment annually, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period. The Company has not |
Provisions | Provisions Provisions are recognized when we have an existing legal or constructive obligation as a result of events occurring prior to or on the balance sheet date, and it is probable that the utilization of economic resources will be required to settle the obligation. Provisions are measured as the best estimate of the expense necessary to settle the obligation at the balance sheet date. Provisions that are estimated to mature after more than one year after the balance sheet date are measured at their present values, using a discount rate based on the Company’s risk adjusted incremental borrowing rate. |
Financial instruments | Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are classified at initial recognition, including on the basis of the purpose for which the instrument was acquired and managed. This classification determines the valuation of the instruments. (i) Non-derivative financial assets Non-derivative financial assets are recognized initially on the date they are originated. The Company derecognizes non-derivative financial assets when the contractual rights to cash flows expire, or it transfers the right to receive cash flows in a transaction which transfers substantially all the risks and rewards of ownership of the asset. The Company’s financial assets are initially recognized at fair value and subsequently measured at amortized cost less accumulated impairment losses. The Company holds the following categories of non-derivative financial assets: Receivables Receivables (including lease deposits, receivables and receivables from unpaid capital) represent the Company’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). They are measured at amortized cost less impairment. Prepayments include expenditures related to future financial periods and are measured at amortized cost. Cash and cash equivalents Cash is comprised of cash on hand and in bank deposit accounts. Cash equivalents are instruments with original maturities of 90 days or less, and is comprised of cash held in escrow accounts relating to the 2023 Securities Purchase Agreement. (ii) Non-derivative financial liabilities Non-derivative financial liabilities comprise other payables which are measured initially at fair value and subsequently at amortized cost, unless otherwise noted below. The Company holds the following categories of non-derivative financial liabilities: Trade payables Trade payables and accruals relate to the Group’s purchase of products and services from various vendors in the normal course of business. Other payables Other payables are comprised of payables to clinical research organizations, employee liabilities and other liabilities. The contract liabilities consist of CROs and vendor accruals. Employee cost liabilities are comprised of provision for holiday allowance, provision for salaries and other employee-related provisions. Other liabilities consist of commitments and liabilities related to government grants received in advance. |
EIB Loan | EIB Loan All loans and borrowings are classified as financial liabilities and are initially recorded at fair value less the value attributable to any separately accounted for embedded derivative. Further, considerations from the lender for other elements in the transaction are accounted for separately. After initial recognition, any such loans and borrowings are measured at amortized cost using the effective interest method, with the amortization recognized in finance costs. |
EIB Warrants | EIB Warrants Under the EIB Loan Agreement, EIB is entitled to an aggregate of 1,003,032 cash settled EIB Warrants with an exercise price of 1 DKK per warrant for all tranches (the “EIB Warrants”). On February 17, 2022, 351,036 EIB Warrants were issued to EIB as part of the drawdown of the first tranche of the EIB Loan. The EIB Warrants are part of the overall return to EIB on the financing arrangement and are thus accounted for in accordance with IAS 32, Financial Instruments : Presentation Financial Instruments The liability is measured initially at its fair value and is subsequently remeasured at the redemption amount. The redemption amount is equal to the current share price. The remeasurements are presented as finance expense or finance income in the consolidated statements of comprehensive loss. (iii) Derivative financial instruments 2023 SPA Investor Warrants Under the Securities Purchase Agreement with the 2023 SPA Investors, the Company issued warrants to purchase 9,726,898 ordinary shares. The 2023 SPA Investor Warrants vested immediately upon issuance with an exercise price of $0.71 per ordinary share, and an expiration date of December 21, 2026. In accordance with IAS 32, the Company determined that the 2023 SPA Investor Warrants were precluded from equity classification and were determined to be derivative financial instruments, because while they contain no contractual obligation to deliver cash or other financial instruments to the holders other than the Company’s own ordinary shares, the exercise price of the 2023 SPA Investor Warrants are in USD and not the Company’s functional currency. The 2023 SPA Investor Warrants are accounted for in accordance with IFRS 9 and were determined to be liability classified. The warrant liability is measured at fair value at initial recognition and subsequently remeasured at fair value each reporting date until either exercised or expired. The changes in the fair value of the 2023 SPA Investor Warrants during the reporting period are recognized as finance expense or finance income in the consolidated statements of comprehensive loss. Upon exercise, the exercise date fair value of the 2023 SPA Investor Warrants is transferred to equity as an addition to the subscription price. If the 2023 SPA Investor Warrants expire unexercised, then the fair value at the expiration date is also transferred to equity. |
Segment information | Segment information An operating segment is a part of the Company that conducts business activities from which it can generate revenue and incur costs, and for which independent financial information is available. Identification of segments is based on internal reporting to the chief operating decision maker (“CODM”). The CODM for the Company is the Chief Executive Officer. The Company does not divide its operations into different segments and the CODM operates and manages the Company’s entire operations as one segment, which is consistent with the Company’s internal organization and reporting system. The Company does not have any material non-current assets attributable to countries other than Denmark. |
Shareholders' equity (deficit) | Shareholders’ equity (deficit) The share capital comprises the nominal amount of the company’s ordinary shares, each at a nominal value of DKK 1. Other reserves include the share premium comprising the amount received, attributable to shareholders’ equity (deficit), in excess of the nominal amount of the shares issued at the company’s capital increases, reduced by any expenses directly attributable to the capital increases as well as translation reserves. Translation reserves include exchange rate adjustments of equity (deficit) and intragroup receivables forming part of the net investments in our group enterprises. Share-based payments reserves include the corresponding entries for share-based payments recognized in profit and loss, arising from the Company’s warrant program. Accumulated deficit includes the Company’s accumulated profit and loss. |
Loss per share | Loss per share The calculation of basic loss per share is based on the Company’s net loss for the year attributable to shareholders of Evaxion Biotech A/S and on the weighted average number of ordinary shares outstanding during the year. In calculating diluted loss per share, earnings and the average number of shares are adjusted for the dilutive effects of potential ordinary shares. Loss per share is not adjusted for any dilution that results in a loss per share that is lower than loss per ordinary share before dilution. |
Standards issued and effective | Standards issued and effective There were a number of standards and interpretations which were issued and became effective at January 1, 2023, and have been adopted for these consolidated financial statements, including: ● IFRS 17 Insurance Contracts ● Definition of Accounting Estimates – Amendments to IAS 8 ● Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2 ● Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 ● International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12 The Company adopted the new standards listed above during the year ended December 31, 2023. None of the new standard listed above had a material impact on the Company’s financial statements during the year ended December 31, 2023. |
Standards issued but not yet effective | Standards issued but not yet effective There were a number of standards and interpretations which were issued but were not yet effective at December 31, 2023, and have not been adopted for these consolidated financial statements, including: ● Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (January 1, 2024) ● Amendments to IFRS 16 Accounting Policies, Lease Liability in a Sales and Leaseback (January 1, 2024) ● Amendments to IAS 7 & IFRS 7 Supplier Finance Arrangements (January 1, 2024) ● Amendments to IAS 21 Lack of Exchangeability (January 1, 2025) The Company expects to adopt these standards, updates and interpretations when they become mandatory. These standards are not expected to have a significant impact on disclosures or amounts reported in the Company’s consolidated financial statements in the period of initial application and future reporting periods. |
Summary of Accounting Policie_2
Summary of Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Accounting Policies | |
Summary of estimated useful lives of assets | Assets Useful life Properties Shorter of lease term and useful life of the asset Leasehold improvements 11 years Other equipment 5 – 10 years |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments and Risk Management | |
Schedule of contractual outflows of financial liabilities | December 31, 2023 (USD in thousands) Carrying Contractual amount cash flows <1 year 1 – 5 years >5 years Total (USD in thousands) Borrowings $ 8,648 $ 11,970 $ 391 $ 11,455 $ 123 $ 11,970 Lease payables 2,222 3,033 338 1,422 1,273 3,033 Trade payables 2,689 2,689 2,689 — — 2,689 Provisions 149 149 — — 149 149 Other payables 112 112 112 — — 112 Total $ 13,820 $ 17,953 $ 3,530 $ 12,877 $ 1,545 $ 17,953 December 31, 2022 (USD in thousands) Carrying Contractual amount cash flows <1 year 1 – 5 years >5 years Total (USD in thousands) Borrowings $ 8,000 $ 11,859 $ 360 $ 1,531 $ 9,968 $ 11,859 Lease payables 2,255 2,255 147 788 1,320 2,255 Trade payables 2,085 2,085 2,085 — — 2,085 Provisions 144 144 — — 144 144 Other payables 312 312 312 — — 312 Total $ 12,796 $ 16,655 $ 2,904 $ 2,319 $ 11,432 $ 16,655 |
Schedule of changes to the warrant liability | Year Ended December 31, 2023 Level 1 Level 2 Level 3 (USD in thousands) Financial liabilities measured at fair value EIB Warrants $ 190 $ — $ — 2023 SPA Investor Warrants $ — $ — $ 2,714 Total financial liabilities measured at fair value through profit or loss by level $ 190 $ — $ 2,714 Financial liabilities measured at amortized cost EIB Loan $ — $ — $ 8,566 Loan from lessor $ — $ — $ 1,022 Total financial liabilities measured at amortized cost by level $ — $ — $ 9,588 |
Schedule of warrants are valued using a Black-Scholes option-pricing model | December 31, 2023 Exercise price $ 0.71 Remaining contractual term (in years) 1.49 Expected share price volatility 85 % Risk-free interest rate 4.60 % Expected dividends — |
Schedule of changes to warrants derivative liability | Derivative Liability (USD in thousands) Carrying amount at January 1, 2023 $ — Initial recognition of derivative liability 2,587 Remeasurement of derivative liability 127 Carrying amount at December 31, 2023 $ 2,714 |
Schedule of changes in the Company's EIB Warrant liability | Warrant Liability (USD in thousands) Carrying amount at January 1, 2022 $ — Initial recognition of warrant liability 1,007 Remeasurement of warrant liability (395) Foreign currency translation (39) Carrying amount at December 31, 2022 $ 573 Remeasurement of warrant liability (392) Foreign currency translation 9 Carrying amount at December 31, 2023 $ 190 |
Operating Activities (Tables)
Operating Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating Activities | |
Schedule of research and development expense components | Years Ended December 31, 2023 2022 2021 (USD in thousands) Employee salary and benefit expenses, excluding share-based compensation $ 6,033 $ 7,396 $ 6,794 Share-based compensation expenses 377 760 1,051 Depreciation 340 514 273 External expenses 5,166 8,386 11,465 Total research and development expenses $ 11,916 $ 17,056 $ 19,583 |
Schedule of general and administrative expense components | Years Ended December 31, 2023 2022 2021 (USD in thousands) Employee salary and benefit expenses, excluding share-based compensation $ 3,030 $ 1,983 $ 1,824 Share-based compensation expenses 102 182 328 Professional and other fees 6,947 5,899 4,028 Depreciation 275 144 71 Total general and administrative expenses $ 10,354 $ 8,208 $ 6,251 |
Employees and Employee-Relate_2
Employees and Employee-Related Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Employees and Employee-Related Costs | |
Schedule of number of employees | Years Ended December 31, 2023 2022 2021 Average number of full-time employees 55 62 53 Number of employees at end of period: Denmark and United States 49 63 61 Total employees, at end of period 49 63 61 |
Schedule of employee costs | Years Ended December 31, 2023 2022 2021 (USD in thousands) Wages and salaries $ 8,436 $ 8,182 $ 7,558 Cash bonus 393 789 668 Share-based compensation expenses 479 942 1,379 Other social security expenses 18 19 28 Other staff expenses 216 389 364 Total $ 9,542 $ 10,321 $ 9,997 Years Ended December 31, 2023 2022 2021 (USD in thousands) Total Employee costs classified as: Research and development expenses $ 6,410 $ 8,156 $ 7,845 General and administrative expenses 3,132 2,165 2,152 Total $ 9,542 $ 10,321 $ 9,997 Years Ended December 31, 2023 2022 2021 (USD in thousands) Non-management employee benefit expenses classified as: Research and development expenses $ 5,255 $ 6,639 $ 6,414 General and administrative expenses 1,870 983 836 Total $ 7,125 $ 7,622 $ 7,250 |
Schedule of remuneration to the Board of Directors and Executive Management | Years Ended December 31, 2023 2022 2021 (USD in thousands) Remuneration to the Executive Management: Wages and salaries $ 1,802 $ 1,970 $ 1,833 Share-based compensation expenses 205 321 514 Total 2,007 2,291 2,347 Remuneration to the Board of Directors: Wages and salaries 360 379 313 Share-based compensation expenses 45 29 87 Total 405 408 400 Remuneration to the Board of Directors and Executive Management classified as: Research and development expenses 1,150 1,517 1,431 General and administrative expenses 1,262 1,182 1,316 Total $ 2,412 $ 2,699 $ 2,747 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payments | |
Schedule of granted warrants | Weighted Weighted Average Average Remaining Number of Exercise Contractual Life warrants Price/Share (years) Warrants granted as at December 31, 2020 2,228,076 DKK1 15 Warrants granted during 2021 (1) 63,802 DKK1 Warrants granted December 2021 523,599 USD 5.38 Warrants exercised (62,284) (2) DKK1 Warrants forfeited (10,178) DKK1 Warrants cancelled (10,397) DKK1 Warrants granted as at December 31, 2021 2,732,618 DKK 7.53 13 Warrants granted 491,612 USD 2.24 Warrants exercised (388,181) (2) USD 2.42 Warrants forfeited (92,956) USD 1.28 Warrants cancelled — — Warrants granted as at December 31, 2022 (3) 2,743,093 USD 1.50 11 Warrants granted 559,115 USD 1.02 Warrants exercised (360,731) (2) USD 0.14 Warrants forfeited (203,004) USD 2.08 Warrants cancelled — — Warrants granted as at December 31, 2023 (3) 2,738,473 USD 1.41 (4) 10 Warrants exercisable as at December 31, 2021 2,072,122 Warrants exercisable as at December 31, 2022 (3) 1,988,106 Warrants exercisable as at December 31, 2023 (3) 2,007,123 (1) Of which 62,147 warrants were legally granted in June 2021 and the remaining 1,655 warrants were legally granted in December 2020. (2) The weighted average share price at the date of exercise were USD 0.14 , USD 2.42 and USD 5.59 for the years ended December 31, 2023, 2022, and 2021, respectively. (3) The number of warrants excludes 2023 SPA Investor Warrants and EIB Warrants referred to in Note 6. (4) December 31, 2023, USD-end rate used. |
Schedule of share based compensation included in consolidated statements of comprehensive loss | Years Ended December 31, 2023 2022 2021 (USD in thousands) Research and development expenses $ 377 $ 760 $ 1,051 General and administrative expenses 102 182 328 Total $ 479 $ 942 $ 1,379 |
Schedule of assumptions have been applied for the warrants issued | The following assumptions have been applied for the warrants issued during the years ended December 31, 2023, 2022, and 2021: Years Ended December 31, 2023 2022 2021 Expected term (in years) 6.5 6.5 6.5 Risk-free interest rate 4.27 % 3.66 % 1.34 % Expected volatility 85 % 85 % 85 % Share price $ 0.70 $ 2.10 $ 4.20 |
Schedule of outstanding warrants by grant date | The following schedule specifies the outstanding warrants as at December 31, 2023: Per warrant Average Remaining grant Number of exercise price term to date fair value warrants per warrant maturity Outstanding program (DKK) outstanding (DKK) (years) Grant (December 2016) 20.91 318,192 1 13 Grant (September 2017) 28.71 467,184 1 13 Grant (December 2017) 28.71 92,673 1 13 Grant (during 2018) 37.05 163,116 1 13 Grant (February 2019) 42.57 7,956 1 13 Grant (September 2019) 56.35 54,000 1 13 Grant (October 2019) 56.97 112,995 1 13 Grant (December 2020) 56.75 175,567 1 8 Grant (April 2021) 45.31 1,655 1 8 Grant (June 2021) 40.86 62,147 1 8 Grant (December 2021) 19.22 422,451 USD 5.38 8 Grant (March 2022) 13.46 30,560 USD 2.96 8 Grant (June 2022) 8.85 5,004 USD 1.83 8 Grant (June 2022) 8.85 4,448 USD 1.83 8 Grant (June 2022) 8.85 45,000 USD 1.83 8 Grant (September 2022) 10.46 7,529 USD 2.42 8 Grant (December 2022) 10.95 15,279 USD 2.23 8 Grant (December 2022) 10.95 293,602 USD 2.23 8 Grant (January 2023) 9.17 10,000 USD 1.94 8 Grant (September 2023) 4.27 100,000 USD 1.02 8 Grant (September 2023) 2.57 50,000 USD 1.50 3 Grant (December 2023) 3.61 299,115 USD 0.75 8 Granted at December 31, 2023 2,738,473 Warrants exercisable at December 31, 2023 2,007,123 The following schedule specifies the outstanding warrants as at December 31, 2022: Per warrant Average Remaining grant Number of exercise price term to date fair value warrants per warrant maturity Outstanding program (DKK) outstanding (DKK) (years) Grant (December 2016) 20.91 437,114 1 14 Grant (September 2017) 28.71 617,184 1 14 Grant (December 2017) 28.71 122,040 1 14 Grant (during 2018) 37.05 170,496 1 14 Grant (February 2019) 42.57 7,956 1 14 Grant (September 2019) 56.35 54,000 1 14 Grant (October 2019) 56.97 150,660 1 14 Grant (December 2020) 56.75 193,064 1 9 Grant (April 2021) 45.31 1,655 1 9 Grant (June 2021) 40.86 62,147 1 9 Grant (December 2021) 19.22 435,165 USD 5.38 9 Grant (March 2022) 13.46 35,000 USD 2.96 9 Grant (June 2022) 8.85 10,000 USD 1.83 9 Grant (June 2022) 8.85 10,000 USD 1.83 9 Grant (June 2022) 8.85 45,000 USD 1.83 9 Grant (September 2022) 10.46 11,000 USD 2.42 9 Grant (December 2022) 10.95 50,000 USD 2.23 9 Grant (December 2022) 10.95 330,612 USD 2.23 9 Granted at December 31, 2022 2,743,093 Warrants exercisable at December 31, 2022 1,988,106 The following schedule specifies the outstanding warrants as at December 31, 2021: Per warrant Average Remaining grant Number of exercise price term to date fair value warrants per warrant maturity Outstanding program (DKK) outstanding (DKK) (years) Grant (December 2016) 20.91 701,356 1 15 Grant (September 2017) 28.71 617,184 1 15 Grant (December 2017) 28.71 122,040 1 15 Grant (during 2018) 37.05 174,564 1 15 Grant (February 2019) 42.57 7,956 1 15 Grant (September 2019) 56.35 54,000 1 15 Grant (October 2019) 56.97 150,660 1 15 Grant (December 2020) 56.75 317,457 1 10 Grant (April 2021) 45.31 1,655 1 10 Grant (June 2021) 40.86 62,147 1 10 Grant (December 2021) 19.22 523,599 USD 5.38 10 Granted at December 31, 2021 2,732,618 Warrants exercisable at December 31, 2021 2,732,618 |
Schedule of share based awards to Board of Directors and Executive Management | Warrants held when Warrants held when Warrants held when becoming or leaving becoming or leaving becoming or leaving January 1, as a member December 31, as a member December 31, as a member December 31, 2021 of management Granted Exercised 2021 of management Granted Exercised Forfeited 2022 of management Granted Exercised Forfeited 2023 Steven Projan 42,048 — 4,583 — 46,631 — 5,000 — — 51,631 — — — — 51,631 Roberto Prego 34,164 — 4,583 — 38,747 — 5,000 — — 43,747 — 5,000 — — 48,747 Jo Ann Suzich (former) (4) 10,260 — — — 10,260 — — — — 10,260 — — — — 10,260 Marianne Søgaard (1) 94,320 — 9,167 — 103,487 — 10,000 — — 113,487 — 75,000 — — 188,487 Helen Boudreau (former) (2) 5,436 — — (5,436) — — — — — — — — — — — Lars Holtug — — 4,583 — 4,583 — 5,000 — — 9,583 — 5,000 — — 14,583 Niels Iversen Møller — — — — — — 3,750 — — 3,750 — 8,125 — — 11,875 Board of Directors in total 186,228 — 22,916 (5,436) 203,708 — 28,750 — — 232,458 — 93,125 — — 325,583 Lars Aage Staal Wegner 852,084 — 64,167 — 916,251 — — (62,736) (45,327) 808,188 — — (200,000) — 608,188 Birgitte Rønø — 29,376 45,000 — 74,376 — 25,000 — — 99,376 — 12,500 — — 111,876 Erik Heegaard — — 97,564 — 97,564 — 25,000 — — 122,564 — — — — 122,564 Glenn S. Vraniak (former) (3) 150,660 — — — 150,660 — — (112,995) — 37,665 — — (37,665) — — Andreas Holm Mattsson — — — — — — 35,000 — — 35,000 — 6,250 — — 41,250 Bo Karmark — — — — — 45,000 16,667 — — 61,667 — — — — 61,667 Jesper Nyegaard Nissen — — — — — 25,000 20,833 — — 45,883 — 12,500 — — 58,333 Niels Iversen Møller (5) — — — — — — 3,125 — — 3,125 — 8,750 — — 11,875 Per Norlén (6) — — — — — 50,000 3,125 — — 53,125 — — — (37,150) 15,975 Thomas Bogenrieder (7) — — — — — — — — — — 4,356 — — — 4,356 Christian Kanstrup (7) — — — — — — — — — — — 169,167 — — 169,167 Executive Management in total 1,002,744 29,376 206,731 — 1,238,581 120,000 128,750 (175,731) (45,327) 1,266,543 4,356 209,167 (237,665) (37,150) 1,205,251 (1) As of November 25, 2020, 26,964 warrants were granted for services provided before taking on the Board of Directors position. (2) Former board member from June 30, 2020, to May 25, 2021. (3) Mr. Vraniak resigned as the Chief Financial Officer of the Company effective November 1, 2021. (4) Board member until May 25, 2021. (5) Became a Board member in 2022. (6) Mr. Norlén resigned as the Chief Executive Officer of the Company effective September 1, 2023. (7) Became a member of Executive Management in 2023. |
Financial Income and Expenses (
Financial Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Income and Expenses | |
Schedule of financial income and expenses | Years Ended December 31, 2023 2022 2021 (USD in thousands) Financial income: Interest income, bank $ 151 $ 13 $ — Interest income, other 3 — — Change in fair value of warrant liability 636 395 — Foreign exchange gains 173 2,423 2,039 Total financial income 963 2,831 2,039 Financial expenses: Interest expenses (1) (34) (5) Interest expenses, lease liabilities (172) (176) (123) Change in fair value of derivative liability (110) — — Change in fair value of warrant liability (244) — — Interest expenses, borrowings (724) (588) (31) Foreign exchange losses (430) (710) (756) Total financial expenses (1,681) (1,508) (915) Net financial items $ (718) $ 1,323 $ 1,124 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Schedule of tax expense | Years Ended December 31, 2023 2022 2021 (USD in thousands) Income tax benefit $ 790 $ 772 $ 178 Total income tax benefit for the year $ 790 $ 772 $ 178 |
Schedule of reconciliation of effective tax rate | Years Ended December 31, 2023 2022 2021 Statutory corporate income tax rate in Denmark 22 % 22 % 22 % Difference in corporate income tax rate in subsidiaries — % — % — % Non-deductible income / (expenses) (1) % (1) % — % Non-taxable income / (expenses) — % — % — % Additional tax deduction R&D expenses 1 % 4 % 6 % Tax credit research and development expenditures (4) % (5) % (4) % Change in deferred tax asset not capitalized (14) % (16) % (23) % Total effective tax rate 4 % 4 % 1 % |
Schedule of deferred tax in the consolidated statements of financial position | Years Ended December 31, 2023 2022 2021 (USD in thousands) Deferred Tax Positions: Warrants $ 275 $ 739 $ 2,118 Loss carry forward 19,022 13,581 9,530 Research and development expenditures — — — Other items (126) (214) (98) Deferred tax assets not recognized (19,171) (14,106) (11,550) Total Deferred Tax $ — $ — $ — |
Basic and Diluted Loss Per Sh_2
Basic and Diluted Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Basic and Diluted Loss Per Share | |
Schedule of basic and diluted loss per share | Years Ended December 31, 2023 2022 2021 (USD in thousands, except share amounts and per share amounts) Loss per share before and after dilution Net loss attributable to shareholders of Evaxion Biotech A/S $ (22,125) $ (23,169) $ (24,532) Weighted-average number of ordinary shares outstanding 27,335,829 23,638,685 19,493,143 Loss per share before and after dilution $ (0.81) $ (0.98) $ (1.26) |
Schedule of potential shares are anti-dilutive and excluded from the weighted average number of shares | Years Ended December 31, 2023 2022 2021 Warrants (1) 12,816,407 3,094,129 2,732,618 (1) The number of warrants presented includes warrants granted for share-based payments, the EIB Warrants, and 2023 SPA Investor Warrants outstanding as of each year end period. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property and Equipment, Net | |
Schedule of property and equipment | Other Leasehold Property Equipment Improvements Total (USD in thousands) Cost at December 31, 2022 $ 2,593 $ 1,368 $ 1,632 $ 5,593 Additions during the year — 23 65 88 Exchange rate adjustments 88 47 57 192 Cost at December 31, 2023 2,681 1,438 1,754 5,873 Depreciation at December 31, 2022 $ (369) $ (352) $ (197) $ (918) Depreciation for the year (245) (212) (158) (615) Depreciation revaluation during the year 45 — — 45 Exchange rate adjustments (16) (17) (9) (42) Depreciation at December 31, 2023 (585) (581) (364) (1,530) Carrying amount at December 31, 2023 $ 2,096 $ 857 $ 1,390 $ 4,343 Carrying amount of right-of-use assets at December 31, 2023 $ 2,096 $ — $ — $ 2,096 Other Leasehold Property Equipment Improvements Total (USD in thousands) Cost at December 31, 2021 $ 2,756 $ 1,225 $ 1,567 $ 5,548 Additions during the year — 220 156 376 Exchange rate adjustments (163) (77) (91) (331) Cost at December 31, 2022 2,593 1,368 1,632 5,593 Depreciation at December 31, 2021 $ (155) $ (161) $ (58) $ (374) Depreciation for the year (234) (196) (141) (571) Depreciation revaluation during the year 15 — — 15 Exchange rate adjustments 5 5 2 12 Depreciation at December 31, 2022 (369) (352) (197) (918) Carrying amount at December 31, 2022 $ 2,224 $ 1,016 $ 1,435 $ 4,675 Carrying amount of right-of-use assets at December 31, 2022 $ 2,224 $ — $ — $ 2,224 Depreciation included in the consolidated statement of comprehensive loss: Years Ended December 31, 2023 2022 2021 (USD in thousands) Research and development expenses $ 340 $ 446 $ 270 General and administrative expenses 275 125 73 Total depreciation included in the consolidated statement of comprehensive loss 615 571 343 Total accumulated depreciation of right-of-use assets at December 31, $ 585 $ 369 $ 155 |
Prepayments and other receiva_2
Prepayments and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepayments and other receivables | |
Schedule of prepayments and other receivables | Years Ended December 31, 2023 2022 (USD in thousands) VAT receivables $ 143 $ 287 Prepayments 1,692 2,494 Receivables from collaboration partners 9 — Other receivables 108 10 Total prepayments and other receivables $ 1,952 $ 2,791 |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Payables | |
Schedule of other payables | Years Ended December 31, 2023 2022 (USD in thousands) Employee cost liabilities $ 894 $ 353 Other liabilities 112 312 Total other payables $ 1,006 $ 665 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents | |
Schedule of cash and cash equivalents | Years Ended December 31, 2023 2022 (USD in thousands) Cash and cash equivalents $ 5,583 $ 13,184 Total cash and cash equivalents $ 5,583 $ 13,184 |
Schedule of changes in net working capital | Years Ended December 31, 2023 2022 2021 (USD in thousands) Changes in receivables and tax receivables $ 1,107 $ (1,486) $ 1,863 Changes in trade payables 502 (599) (647) Changes in other payables (47) (792) 21 Changes in net working capital $ 1,562 $ (2,877) $ 1,237 |
Schedule of adjustments for non-cash items | Years Ended December 31, 2023 2022 2021 (USD in thousands) Income taxes $ (790) $ (772) $ (178) Tax credit schemes accounted for as grants (194) (226) (12) Depreciation 615 571 344 Impairment — 87 — Interest income (154) (13) — Interest expense 897 798 159 Share-based compensation expenses 479 942 1,379 Acquisition of property, plant and equipment — — (90) Loss in change from fair value of derivative liability 110 — — Gain in change from fair value of warrant liability (392) (395) — Other adjustments: Other adjustments, primarily exchange rate adjustments 615 (1,315) (1,061) Total adjustments for non-cash items $ 1,186 $ (323) $ 541 |
Schedule of reconciliation of liabilities from financing activities | December 31, Accumulated Transaction Exchange rate December 31, (USD in thousands) 2022 Cash flows interest Costs Additions adjustment 2023 Lease liabilities $ 2,255 $ (326) $ 172 $ — $ 45 $ 76 $ 2,222 Borrowings 8,000 (306) 638 — 65 251 8,648 Provisions 144 — — — — 5 149 Total liabilities from financing activities $ 10,399 $ (632) $ 810 $ — $ 110 $ 332 $ 11,019 December 31, Accumulated Transaction Exchange rate December 31, (USD in thousands) 2021 Cash flows interest Costs Additions adjustment 2022 Lease liabilities $ 2,520 $ (305) $ 176 $ — $ 15 $ (151) $ 2,255 Borrowings 1,170 7,730 524 (1,117) 84 (391) 8,000 Provisions 153 — — — — (9) 144 Total liabilities from financing activities $ 3,843 $ 7,425 $ 700 $ (1,117) $ 99 $ (551) $ 10,399 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Schedule of carrying amounts of right-of-use assets and lease liabilities and the movements | Right-of-Use Asset Lease Liabilities (USD in thousands) At December 31, 2022 $ 2,224 $ 2,255 Additions — 45 Depreciation (216) — Interest Expense — 172 Payments — (326) Translation 88 76 At December 31, 2023 $ 2,096 $ 2,222 Right-of-Use Asset Lease Liabilities (USD in thousands) At December 31, 2021 $ 2,601 $ 2,520 Additions — 15 Depreciation (214) — Interest Expense — 176 Payments — (305) Translation (163) (151) At December 31, 2022 $ 2,224 $ 2,255 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings. | |
Schedule of borrowings | Years Ended December 31, 2023 2022 (USD in thousands) Loan from lessor $ 1,022 $ 1,068 EIB Loan 7,626 6,932 Total Borrowings 8,648 8,000 Less: Borrowings, current portion (159) (136) Total Borrowings, net of current portion $ 8,489 $ 7,864 |
Capital Structure and Financi_2
Capital Structure and Financial Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Capital Structure and Financial Matters | |
Schedule of changes in the share capital | Number of Share Capital Ordinary Shares (DKK in thousands) Share capital, December 31, 2020 16,198,668 16,198 Capital increase at February 9, 2021 (for initial public offering) 3,000,000 3,000 Capital increase at November 9, 2021 (for follow-on offering) 3,942,856 3,943 Capital increase November 2021 (exercised warrants) 62,284 63 Share capital, December 31, 2021 23,203,808 23,204 Capital increase April 2022 (exercised warrants) 54,072 54 Capital increase June 2022 (exercised warrants) 92,313 92 Capital increase June 2022 (exercised warrants) 37,665 38 Capital increase at June 7, 2022 (LPC purchase agreement) 428,572 429 Capital increase June 2022 (exercised warrants) 17,264 17 Capital increase August 2022 (exercised warrants) 92,313 92 Capital increase August 2022 (exercised warrants) 41,085 41 Capital increase September 2022 (exercised warrants) 10,836 11 Capital increase at October 13, 2022 (JonesTrading sales agreement) 23,405 23 Capital increase at October 17, 2022 (JonesTrading sales agreement) 26,396 26 Capital increase at October 20, 2022 (JonesTrading sales agreement) 64,601 65 Capital increase at December 5, 2022 (exercised warrants) 42,633 43 Capital increase at December 29, 2022 (JonesTrading sales agreement) 4,450 4 Share capital, December 31, 2022 24,139,413 24,139 Capital increase at January 4, 2023 (JonesTrading sales agreement) 186,584 187 Capital increase at January 4, 2023 (JonesTrading sales agreement) 447,829 448 Capital increase at January 5, 2023 (JonesTrading sales agreement) 94,278 94 Capital increase at January 20, 2023 (JonesTrading sales agreement) 259,407 259 Capital increase at January 24, 2023 (JonesTrading sales agreement) 79,657 80 Capital increase at January 24, 2023 (JonesTrading sales agreement) 71,678 72 Capital increase at February 7, 2023 (JonesTrading sales agreement) 96,271 96 Capital increase at February 9, 2023 (JonesTrading sales agreement) 1,003,802 1,004 Capital increase at February 13, 2023 (JonesTrading sales agreement) 42,808 43 Capital increase at March 24, 2023 (JonesTrading sales agreement) 16,280 16 Capital increase May 2023 (exercised warrants) 134,730 135 Capital increase May 2023 (exercised warrants) 51,125 51 Capital increase June 2023 (exercised warrants) 150,000 150 Capital increase at June 6, 2023 (JonesTrading sales agreement) 861,614 862 Capital increase June 2023 (exercised warrants) 4,824 5 Capital increase at July 18, 2023 (JonesTrading sales agreement) 11,348 11 Capital increase September 2023 (exercised warrants) 10,836 11 Capital increase at September 22, 2023 (JonesTrading sales agreement) 54,099 54 Capital increase at September 26, 2023 (JonesTrading sales agreement) 51,750 52 Capital increase at September 27, 2023 (JonesTrading sales agreement) 45,807 46 Capital increase at October 2, 2023 (JonesTrading sales agreement) 54,829 55 Capital increase at November 1, 2023 (JonesTrading sales agreement) 50,281 50 Capital increase at November 15, 2023 (JonesTrading sales agreement) 19,387 19 Capital increase at November 16, 2023 (JonesTrading sales agreement) 77,119 77 Capital increase at November 21, 2023 (JonesTrading sales agreement) 43,950 44 Capital increase at November 21, 2023 (JonesTrading sales agreement) 21,136 21 Capital increase at November 30, 2023 (JonesTrading sales agreement) 24,316 24 Capital increase at December 4, 2023 (JonesTrading sales agreement) 65,724 66 Capital increase at December 21, 2023 (2023 SPA) 9,726,898 9,727 Share capital, December 31, 2023 37,897,780 37,898 December 31, 2023 2022 (USD in thousands) Authorized, issued and fully paid 37,897,780 (2022: 24,139,413) ordinary shares of DKK 1 each (2022: ordinary shares of DKK 1 each) $ 5,899 $ 3,886 Total share capital $ 5,899 $ 3,886 |
Schedule of Executive Management's and Board of Director's holding of shares | Number of ordinary shares owned 2023 2022 2021 Christian Kanstrup 1,493,014 — — Bo Karmark — 2,000 — Jesper Nyegaard Nissen 99,913 — — Birgitte Rønø 148,123 — — Andreas Holm Mattsson 4,267,931 4,071,961 4,163,832 Niels Iversen Møller — — 4,292,604 Lars Aage Staal Wegner — 82,124 182,124 Executive Management in total 6,008,981 4,156,085 8,638,560 Number of ordinary shares owned 2023 2022 2021 Niels Iversen Møller 4,292,678 4,196,840 — Roberto Prego 539,069 310,248 310,248 Lars Holtug 157,891 — — Marianne Søgaard 1,684,547 41,652 41,652 Steven Projan — 27,288 27,288 Board of Directors in total 6,674,185 4,576,028 379,188 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies | |
Schedule of contractual commitments | December 31, 2023 (USD in thousands) Contractual cash flows <1 year 1 – 2 years 2 – 5 years >5 years Total (USD in thousands) Purchase obligations $ — $ 706 $ 322 $ 494 $ — $ 1,522 Total $ — $ 706 $ 322 $ 494 $ — $ 1,522 December 31, 2022 (USD in thousands) Contractual cash flows <1 year 1 – 2 years 2 – 5 years >5 years Total (USD in thousands) Purchase obligations $ — $ 598 $ 56 $ 904 $ — $ 1,558 Total $ — $ 598 $ 56 $ 904 $ — $ 1,558 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Provisions | |
Schedule of change in provisions. | Provisions (USD in thousands) Carrying amount at January 1, 2023 $ 144 Currency adjustment 5 Carrying amount at December 31, 2023 $ 149 Provisions (USD in thousands) Carrying amount at January 1, 2022 $ 153 Currency adjustment (9) Carrying amount at December 31, 2022 $ 144 |
Fees to auditors (Tables)
Fees to auditors (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fees to auditors | |
Schedule of fees to independent registered public accounting firm | Years Ended December 31, 2023 2022 (USD in thousands) Audit fees $ 309 $ 172 Audit related fees 94 50 Other fees 57 156 Total fees $ 460 $ 378 |
General Company Information (De
General Company Information (Details) | Jan. 22, 2024 $ / shares |
General Company Information | |
Number of ordinary shares per ADS | 10 |
Nominal Value Per ADS Ratio | $ 1 |
IPO | American Depositary Shares [Member] | |
General Company Information | |
Number of ordinary shares per ADS | 1 |
Liquidity and Going Concern A_2
Liquidity and Going Concern Assessment (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||||||||
Dec. 18, 2023 USD ($) $ / shares shares | Jul. 31, 2023 USD ($) $ / shares | Oct. 03, 2022 USD ($) | Jun. 07, 2022 USD ($) $ / shares shares | Feb. 17, 2022 shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2023 kr / shares | Dec. 18, 2023 kr / shares | Dec. 31, 2022 kr / shares | Aug. 31, 2022 kr / shares | Jun. 07, 2022 kr / shares | Jan. 04, 2021 kr / shares | |
Liquidity and Going Concern Assessments | |||||||||||||
Number of warrants to be granted | shares | 351,036 | ||||||||||||
2023 SPA Investor Warrants | |||||||||||||
Liquidity and Going Concern Assessments | |||||||||||||
IFRS warrants and rights outstanding, term | 3 years | ||||||||||||
Ordinary shares par value | kr / shares | kr 1 | ||||||||||||
Shares sold (in shares) | shares | 9,726,898 | ||||||||||||
Gross proceeds from exercise of warrants | $ 6.8 | ||||||||||||
Ordinary Shares | |||||||||||||
Liquidity and Going Concern Assessments | |||||||||||||
Ordinary shares par value | kr / shares | kr 1 | kr 1 | kr 1 | kr 1 | |||||||||
Ordinary Shares | 2023 SPA Investor Warrants | |||||||||||||
Liquidity and Going Concern Assessments | |||||||||||||
Exercise price per warrant | $ / shares | $ 0.71 | ||||||||||||
Number of warrants to be granted | shares | 9,726,898 | ||||||||||||
Gross proceeds from exercise of warrants | $ 2.6 | ||||||||||||
Lincoln Park Purchase Agreement | ADS | |||||||||||||
Liquidity and Going Concern Assessments | |||||||||||||
Maximum aggregate value of shares to sell | $ 40 | ||||||||||||
Period of agreement (in months) | 36 months | ||||||||||||
Maximum value of shares to sell in a single value of shares to sell in a single transaction | $ 1.5 | ||||||||||||
Number of shares issued as commitment fee | shares | 428,572 | ||||||||||||
Value of shares issued as commitment fee | $ 1.2 | ||||||||||||
Ordinary shares par value | kr / shares | kr 1 | ||||||||||||
Share purchase price | $ / shares | $ 2.80 | ||||||||||||
At-The-Market Issuance Sales Agreement | |||||||||||||
Liquidity and Going Concern Assessments | |||||||||||||
Percentage of commission to be paid | 3% | ||||||||||||
Ordinary shares par value | kr / shares | kr 1 | ||||||||||||
Shares sold (in shares) | shares | 3,679,954 | ||||||||||||
At-The-Market Issuance Sales Agreement | ADS | |||||||||||||
Liquidity and Going Concern Assessments | |||||||||||||
Maximum aggregate value of shares to sell | $ 14.4 | ||||||||||||
Percentage of commission to be paid | 3% | ||||||||||||
Threshold period of prior notice to terminate agreement | 10 days | ||||||||||||
Shares sold (in shares) | shares | 118,853 | ||||||||||||
Proceeds from issue of shares | $ 6.4 | $ 0.3 | |||||||||||
Share purchase price | $ / shares | $ 17.10 | $ 27.40 | |||||||||||
At-The-Market Issuance Sales Agreement | Ordinary Shares | |||||||||||||
Liquidity and Going Concern Assessments | |||||||||||||
Ordinary shares par value | kr / shares | kr 1 | ||||||||||||
Financing Agreement with Global Growth Holding Limited | |||||||||||||
Liquidity and Going Concern Assessments | |||||||||||||
Period of agreement (in months) | 36 months | ||||||||||||
Ordinary shares par value | $ / shares | $ 1 | ||||||||||||
Right to issue maximum amount of notes in tranches | $ 0.7 | ||||||||||||
Commitment fee payable | 1.1 | ||||||||||||
Maximum Amount Of Convertible Notes That Can Be Issued | $ 20 | ||||||||||||
Private placement | |||||||||||||
Liquidity and Going Concern Assessments | |||||||||||||
Proceeds from issue of shares | $ 5.3 | ||||||||||||
Private placement | 2023 SPA Investor Warrants | |||||||||||||
Liquidity and Going Concern Assessments | |||||||||||||
IFRS warrants and rights outstanding, term | 3 years | ||||||||||||
Exercise price per warrant | $ / shares | $ 0.71 | ||||||||||||
Proceeds from issue of shares | $ 5.3 | ||||||||||||
Share purchase price | $ / shares | $ 0.54 | ||||||||||||
Gross proceeds from exercise of warrants | $ 6.8 | ||||||||||||
Private placement | Ordinary Shares | |||||||||||||
Liquidity and Going Concern Assessments | |||||||||||||
Shares sold (in shares) | shares | 9,726,898 | ||||||||||||
Private placement | Ordinary Shares | 2023 SPA Investor Warrants | |||||||||||||
Liquidity and Going Concern Assessments | |||||||||||||
Exercise price per warrant | $ / shares | $ 0.71 | ||||||||||||
Number of warrants to be granted | shares | 9,726,898 | ||||||||||||
Share purchase price | $ / shares | $ 0.54 |
Summary of Accounting Policie_3
Summary of Accounting Policies - Leasehold improvements and Loan from lessor (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Accounting Policies | |
Repayment loan, term | 8 years |
Loan, interest rate | 6% |
Correlation between construction costs and payments to lessor | 100% |
Summary of Accounting Policie_4
Summary of Accounting Policies - Estimated useful lives of assets (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Leasehold improvements | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives | 11 years |
Other equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives | 5 years |
Other equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives | 10 years |
Summary of Accounting Policie_5
Summary of Accounting Policies - Impairment of non-financial assets (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Summary of Accounting Policies | |
Impairment loss | $ 0 |
Summary of Accounting Policie_6
Summary of Accounting Policies - 2023 SPA Investor Warrants (Details) - $ / shares | 12 Months Ended | |
Feb. 17, 2022 | Dec. 31, 2023 | |
Summary of Significant Accounting Policies | ||
Number of warrants to be granted | 351,036 | |
Ordinary Shares [Member] | 2023 SPA Investor Warrants | ||
Summary of Significant Accounting Policies | ||
Number of warrants to be granted | 9,726,898 | |
Exercise price per warrant | $ 0.71 |
Summary of Accounting Policie_7
Summary of Accounting Policies - EBI loan (Details) - EIB Loan Agreement | Feb. 17, 2022 kr / shares shares |
Summary of Significant Accounting Policies | |
Issuable cash settled warrants | 1,003,032 |
Exercise price per warrant | kr / shares | kr 1 |
Number Of Warrants Issued During Period | 351,036 |
Summary of Accounting Policie_8
Summary of Accounting Policies - Segment (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Summary of Accounting Policies | |
Number of operating business segments | 1 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | ||
Other revenue | $ 0 | $ 0 |
Collaborative research agreement with Merck & Co., Inc. | ||
Revenue | ||
Revenue recognized from research and development services | 0.1 | |
Maximum amount of potential future collaboration revenue eligible to earn | $ 0.5 | |
Collaborative research agreement with Merck & Co., Inc. | Horsholm, Denmark | ||
Revenue | ||
Percentage of revenues earned | 100% |
Financial Instruments and Ris_3
Financial Instruments and Risk Management - Contractual undiscounted outflows (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Instruments and Risk Management | ||
Carrying amount | $ 13,820 | $ 12,796 |
Contractual cash flow | 17,953 | 16,655 |
Less than one year | ||
Financial Instruments and Risk Management | ||
Contractual cash flow | 3,530 | 2,904 |
1-5 years | ||
Financial Instruments and Risk Management | ||
Contractual cash flow | 12,877 | 2,319 |
Greater than 5 years | ||
Financial Instruments and Risk Management | ||
Contractual cash flow | 1,545 | 11,432 |
Borrowings | ||
Financial Instruments and Risk Management | ||
Carrying amount | 8,648 | 8,000 |
Contractual cash flow | 11,970 | 11,859 |
Borrowings | Less than one year | ||
Financial Instruments and Risk Management | ||
Contractual cash flow | 391 | 360 |
Borrowings | 1-5 years | ||
Financial Instruments and Risk Management | ||
Contractual cash flow | 11,455 | 1,531 |
Borrowings | Greater than 5 years | ||
Financial Instruments and Risk Management | ||
Contractual cash flow | 123 | 9,968 |
Lease liabilities | ||
Financial Instruments and Risk Management | ||
Carrying amount | 2,222 | 2,255 |
Contractual cash flow | 3,033 | 2,255 |
Lease liabilities | Less than one year | ||
Financial Instruments and Risk Management | ||
Contractual cash flow | 338 | 147 |
Lease liabilities | 1-5 years | ||
Financial Instruments and Risk Management | ||
Contractual cash flow | 1,422 | 788 |
Lease liabilities | Greater than 5 years | ||
Financial Instruments and Risk Management | ||
Contractual cash flow | 1,273 | 1,320 |
Trade payables | ||
Financial Instruments and Risk Management | ||
Carrying amount | 2,689 | 2,085 |
Contractual cash flow | 2,689 | 2,085 |
Trade payables | Less than one year | ||
Financial Instruments and Risk Management | ||
Contractual cash flow | 2,689 | 2,085 |
Provision | ||
Financial Instruments and Risk Management | ||
Carrying amount | 149 | 144 |
Contractual cash flow | 149 | 144 |
Provision | Greater than 5 years | ||
Financial Instruments and Risk Management | ||
Contractual cash flow | 149 | 144 |
Other payables | ||
Financial Instruments and Risk Management | ||
Carrying amount | 112 | 312 |
Contractual cash flow | 112 | 312 |
Other payables | Less than one year | ||
Financial Instruments and Risk Management | ||
Contractual cash flow | $ 112 | $ 312 |
Financial Instruments and Ris_4
Financial Instruments and Risk Management - Financial assets measured at fair value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Instruments and Risk Management | ||
Financial liabilities measured at amortized cost | $ 13,820 | $ 12,796 |
Level 1 | Recurring | ||
Financial Instruments and Risk Management | ||
Financial liabilities measured at fair value | 190 | |
Level 1 | Recurring | EIB Warrants | ||
Financial Instruments and Risk Management | ||
Financial liabilities measured at fair value | 190 | |
Level 3 | EIB Loan | ||
Financial Instruments and Risk Management | ||
Financial liabilities measured at amortized cost | 7,900 | |
Level 3 | Loan From Lessor | ||
Financial Instruments and Risk Management | ||
Financial liabilities measured at amortized cost | $ 1,100 | |
Level 3 | Recurring | ||
Financial Instruments and Risk Management | ||
Financial liabilities measured at fair value | 2,714 | |
Financial liabilities measured at amortized cost | 9,588 | |
Level 3 | Recurring | 2023 SPA Investor Warrants | ||
Financial Instruments and Risk Management | ||
Financial liabilities measured at fair value | 2,714 | |
Level 3 | Recurring | EIB Loan | ||
Financial Instruments and Risk Management | ||
Financial liabilities measured at amortized cost | 8,566 | |
Level 3 | Recurring | Loan From Lessor | ||
Financial Instruments and Risk Management | ||
Financial liabilities measured at amortized cost | $ 1,022 |
Financial Instruments and Ris_5
Financial Instruments and Risk Management - Significant unobservable inputs (Details) - 2023 SPA Investor Warrants | Dec. 31, 2023 Y |
Exercise price | |
Financial Instruments and Risk Management | |
Unobservable input, liabilities | 0.71 |
Remaining contractual term (in years) | |
Financial Instruments and Risk Management | |
Unobservable input, liabilities | 1.49 |
Expected share price volatility | |
Financial Instruments and Risk Management | |
Unobservable input, liabilities | 0.85 |
Risk-free interest rate | |
Financial Instruments and Risk Management | |
Unobservable input, liabilities | 0.0460 |
Financial Instruments and Ris_6
Financial Instruments and Risk Management - Warrants derivative liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Change in fair value measurements | |
Beginning balance | $ 13,722 |
Ending balance | 17,618 |
Level 3 | |
Change in fair value measurements | |
Initial recognition of derivative liability | 2,587 |
Remeasurement Of Derivative Liability | 127 |
Ending balance | $ 2,714 |
Financial Instruments and Ris_7
Financial Instruments and Risk Management - Warrant liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financial Instruments and Risk Management | ||
Beginning Carrying amount | $ 573 | |
Initial recognition of warrant liability | $ 1,007 | |
Remeasurement of warrant liability | (392) | (395) |
Foreign currency translation | 9 | (39) |
Ending, Carrying amount | $ 190 | $ 573 |
Financial Instruments and Ris_8
Financial Instruments and Risk Management (Details) $ in Millions | 12 Months Ended | |
Feb. 17, 2022 kr / shares shares | Dec. 31, 2023 USD ($) | |
Disclosure of financial liabilities [line items] | ||
Warrants received (in shares) | shares | 351,036 | |
Exercise price (per warrant) | kr / shares | kr 1 | |
10% increase in volatility | ||
Disclosure of financial liabilities [line items] | ||
Fair value of derivative liability | $ 3 | |
10% decrease in volatility | ||
Disclosure of financial liabilities [line items] | ||
Fair value of derivative liability | $ 2.5 |
Operating Activities (Details)
Operating Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | |||
Share-based compensation expenses | $ 479 | $ 942 | $ 1,379 |
Recognized government grants as a reduction of research and development expenses | 400 | 500 | 300 |
Research and development expenses | |||
Operating Activities | |||
Employee salary and benefit expenses, excluding share-based compensation | 6,033 | 7,396 | 6,794 |
Share-based compensation expenses | 377 | 760 | 1,051 |
Depreciation | 340 | 514 | 273 |
External expenses | 5,166 | 8,386 | 11,465 |
Total research and development expenses | 11,916 | 17,056 | 19,583 |
General and administrative expense | |||
Operating Activities | |||
Employee salary and benefit expenses, excluding share-based compensation | 3,030 | 1,983 | 1,824 |
Share-based compensation expenses | 102 | 182 | 328 |
Professional and other fees | 6,947 | 5,899 | 4,028 |
Depreciation | 275 | 144 | 71 |
Total research and development expenses | $ 10,354 | $ 8,208 | $ 6,251 |
Employees and Employee-Relate_3
Employees and Employee-Related Costs - Number of employees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employees and Employee-Related Costs | |||
Average number of full-time employees | 55 | 62 | 53 |
Number of employees at end of period: | |||
Number of employees, including consultants, by country at end of period: | 49 | 63 | 61 |
Denmark and United States | |||
Number of employees at end of period: | |||
Number of employees, including consultants, by country at end of period: | 49 | 63 | 61 |
Employees and Employee-Relate_4
Employees and Employee-Related Costs - Employee Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employees and Employee-Related Costs | |||
Wages and salaries | $ 8,436 | $ 8,182 | $ 7,558 |
Cash bonus | 393 | 789 | 668 |
Share-based compensation expenses | 479 | 942 | 1,379 |
Other social security expenses | 18 | 19 | 28 |
Other staff expenses | 216 | 389 | 364 |
Total Employee cost | 9,542 | 10,321 | 9,997 |
Non-management employee benefit expense | 7,125 | 7,622 | 7,250 |
Research and development expenses | |||
Employees and Employee-Related Costs | |||
Share-based compensation expenses | 377 | 760 | 1,051 |
Total Employee cost | 6,410 | 8,156 | 7,845 |
Non-management employee benefit expense | 5,255 | 6,639 | 6,414 |
General and administrative expense | |||
Employees and Employee-Related Costs | |||
Share-based compensation expenses | 102 | 182 | 328 |
Total Employee cost | 3,132 | 2,165 | 2,152 |
Non-management employee benefit expense | $ 1,870 | $ 983 | $ 836 |
Employees and Employee-Relate_5
Employees and Employee-Related Costs - Board of Directors and Executive Management (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) employee | Dec. 31, 2022 USD ($) employee | Dec. 31, 2021 USD ($) | |
Employees and Employee-Related Costs | |||
Number of members of executive management | employee | 4 | 6 | |
Board of Directors and Executive Management | |||
Employees and Employee-Related Costs | |||
Total | $ 2,412 | $ 2,699 | $ 2,747 |
Board of Directors and Executive Management | Research and development expenses | |||
Employees and Employee-Related Costs | |||
Members of executive management | 1,150 | 1,517 | 1,431 |
Board of Directors and Executive Management | General and administrative expense | |||
Employees and Employee-Related Costs | |||
Members of executive management | 1,262 | 1,182 | 1,316 |
Executive management | |||
Employees and Employee-Related Costs | |||
Wages and salaries | $ 1,802 | $ 1,970 | $ 1,833 |
Share-based compensation expenses | 205 | 321 | 514 |
Total | 2,007 | 2,291 | 2,347 |
Board of Directors | |||
Employees and Employee-Related Costs | |||
Wages and salaries | 360 | 379 | 313 |
Share-based compensation expenses | 45 | 29 | 87 |
Total | $ 405 | $ 408 | $ 400 |
Share-Based Payments - Warrants
Share-Based Payments - Warrants (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Aug. 20, 2024 shares | May 20, 2024 shares | Feb. 20, 2024 shares | Nov. 20, 2023 shares | Jan. 04, 2021 kr / shares | Aug. 31, 2023 shares | Sep. 30, 2022 EquityInstruments | May 31, 2022 EquityInstruments | Mar. 31, 2022 EquityInstruments | Dec. 31, 2021 USD ($) EquityInstruments $ / shares | Jun. 30, 2021 USD ($) Options | Dec. 31, 2020 EquityInstruments | Jun. 30, 2021 USD ($) EquityInstruments | Dec. 31, 2023 USD ($) EquityInstruments $ / shares | Dec. 31, 2022 USD ($) EquityInstruments shares $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) EquityInstruments | Dec. 31, 2021 USD ($) shares | Dec. 31, 2021 USD ($) kr / shares | Dec. 31, 2020 | Dec. 31, 2023 kr / shares | Dec. 31, 2022 kr / shares | Aug. 31, 2022 kr / shares | |
Warrants | |||||||||||||||||||||||
Share-Based Payments | |||||||||||||||||||||||
Warrants Vesting period | 36 months | 36 months | 36 months | ||||||||||||||||||||
Warrants as a percentage of outstanding shares | 7.20% | 11.40% | 11.80% | ||||||||||||||||||||
Warrants granted, price per share | (per share) | $ 5.38 | $ 1.02 | $ 2.24 | kr 1 | |||||||||||||||||||
Warrants granted | 409,115 | 491,612 | |||||||||||||||||||||
Warrants granted | 523,599 | 62,147 | 1,655 | 559,115 | 491,612 | 63,802 | 523,599 | ||||||||||||||||
Financial liabilities measured at fair value | $ | $ 300,000 | $ 800,000 | |||||||||||||||||||||
Warrants | Share warrants exercise tranche one member | |||||||||||||||||||||||
Share-Based Payments | |||||||||||||||||||||||
Warrants exercised | shares | 2,500 | ||||||||||||||||||||||
Warrants | CFO | |||||||||||||||||||||||
Share-Based Payments | |||||||||||||||||||||||
Warrants Vesting period | 36 months | ||||||||||||||||||||||
Warrants granted | 45,000 | 16,667 | |||||||||||||||||||||
Warrants | COO | |||||||||||||||||||||||
Share-Based Payments | |||||||||||||||||||||||
Warrants Vesting period | 36 months | ||||||||||||||||||||||
Warrants granted | 25,000 | 12,500 | 20,833 | ||||||||||||||||||||
Warrants | Executive management | |||||||||||||||||||||||
Share-Based Payments | |||||||||||||||||||||||
Weighted average fair value at measurement date | $ | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | kr 1,500,000 | ||||||||||||||||||
Warrants | CIO | |||||||||||||||||||||||
Share-Based Payments | |||||||||||||||||||||||
Warrants granted | 6,250 | 35,000 | |||||||||||||||||||||
Warrants | CSO | |||||||||||||||||||||||
Share-Based Payments | |||||||||||||||||||||||
Warrants granted | 12,500 | 25,000 | |||||||||||||||||||||
Warrants | CMO | |||||||||||||||||||||||
Share-Based Payments | |||||||||||||||||||||||
Warrants Vesting period | 36 months | ||||||||||||||||||||||
Weighted average fair value at measurement date | $ | $ 400,000 | $ 400,000 | |||||||||||||||||||||
Warrants granted | 25,000 | ||||||||||||||||||||||
Warrants granted | 62,147 | ||||||||||||||||||||||
Warrants | CBO | |||||||||||||||||||||||
Share-Based Payments | |||||||||||||||||||||||
Warrants granted | 3,125 | ||||||||||||||||||||||
Warrants | CEO | |||||||||||||||||||||||
Share-Based Payments | |||||||||||||||||||||||
Warrants Vesting period | 36 months | ||||||||||||||||||||||
Warrants granted | 50,000 | 169,167 | 3,125 | ||||||||||||||||||||
Warrants | Consultant | |||||||||||||||||||||||
Share-Based Payments | |||||||||||||||||||||||
Warrants granted | shares | 150,000 | ||||||||||||||||||||||
Warrants exercised | shares | 37,500 | 37,500 | 37,500 | 37,500 | |||||||||||||||||||
Ordinary Shares | |||||||||||||||||||||||
Share-Based Payments | |||||||||||||||||||||||
Nominal value per share prior to stock split | kr / shares | kr 2 | ||||||||||||||||||||||
Nominal value per share | kr / shares | kr 1 | kr 1 | kr 1 | kr 1 | |||||||||||||||||||
Ordinary Shares | Warrants | |||||||||||||||||||||||
Share-Based Payments | |||||||||||||||||||||||
Increase in number of warrants, ratio | 36 | ||||||||||||||||||||||
Warrants granted exercise price, prior to stock split | kr / shares | kr 2 | ||||||||||||||||||||||
Warrants granted, price per share | kr / shares | kr 1 |
Share-Based Payments - Schedule
Share-Based Payments - Schedule of Warrants (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2022 EquityInstruments | May 31, 2022 EquityInstruments | Mar. 31, 2022 EquityInstruments | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2021 USD ($) EquityInstruments | Dec. 31, 2021 USD ($) Options | Jun. 30, 2021 Options | Dec. 31, 2020 EquityInstruments kr / shares | Dec. 31, 2023 EquityInstruments | Dec. 31, 2023 EquityInstruments $ / shares | Dec. 31, 2023 USD ($) EquityInstruments | Dec. 31, 2023 EquityInstruments | Dec. 31, 2023 Options EquityInstruments | Dec. 31, 2022 EquityInstruments | Dec. 31, 2022 EquityInstruments $ / shares | Dec. 31, 2022 USD ($) EquityInstruments | Dec. 31, 2022 EquityInstruments | Dec. 31, 2022 shares EquityInstruments | Dec. 31, 2022 EquityInstruments kr / shares | Dec. 31, 2022 Options EquityInstruments | Dec. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) EquityInstruments | Dec. 31, 2021 USD ($) shares | Dec. 31, 2021 USD ($) kr / shares | Dec. 31, 2020 EquityInstruments kr / shares | Dec. 31, 2023 Options | Dec. 31, 2022 Options | Dec. 31, 2021 EquityInstruments | Dec. 31, 2021 Options | |
Number of warrants | |||||||||||||||||||||||||||||||
Service cost | $ | $ 479,000 | $ 942,000 | $ 1,379,000 | ||||||||||||||||||||||||||||
Warrants | |||||||||||||||||||||||||||||||
Number of warrants | |||||||||||||||||||||||||||||||
Warrants granted | 409,115 | 491,612 | |||||||||||||||||||||||||||||
Warrants granted | 523,599 | 62,147 | 1,655 | 559,115 | 491,612 | 63,802 | 523,599 | ||||||||||||||||||||||||
Warrants exercised | (360,731) | (388,181) | (62,284) | ||||||||||||||||||||||||||||
Warrants forfeited | (203,004) | (92,956) | (10,178) | ||||||||||||||||||||||||||||
Warrants cancelled | (10,397) | ||||||||||||||||||||||||||||||
Warrants granted at beginning of period | 2,743,093 | 2,743,093 | 2,732,618 | 2,732,618 | 2,228,076 | ||||||||||||||||||||||||||
Warrants granted at end of period | 2,732,618 | 2,732,618 | 2,228,076 | 2,738,473 | 2,738,473 | 2,743,093 | 2,743,093 | 2,732,618 | 2,228,076 | ||||||||||||||||||||||
Warrants exercisable | 2,007,123 | 2,007,123 | 2,007,123 | 2,007,123 | 2,007,123 | 1,988,106 | 1,988,106 | 1,988,106 | 1,988,106 | 1,988,106 | 1,988,106 | 1,988,106 | 2,007,123 | 1,988,106 | 2,072,122 | 2,732,618 | |||||||||||||||
Warrants granted with immediate vesting | shares | 22,916 | ||||||||||||||||||||||||||||||
Weighted Average Exercise Price/Share | |||||||||||||||||||||||||||||||
Warrants granted at beginning of period, price per share | (per share) | $ 1.50 | kr 7.53 | kr 1 | ||||||||||||||||||||||||||||
Warrants granted, price per share | (per share) | $ 5.38 | 1.02 | $ 2.24 | 1 | |||||||||||||||||||||||||||
Warrants exercised, price per share | (per share) | 0.14 | 2.42 | 1 | ||||||||||||||||||||||||||||
Warrants forfeited, price per share | (per share) | 2.08 | 1.28 | 1 | ||||||||||||||||||||||||||||
Warrants granted at end of period, price per share | (per share) | kr 1 | 1.41 | 1.50 | 7.53 | kr 1 | ||||||||||||||||||||||||||
Warrants cancelled, price per share | kr / shares | kr 1 | ||||||||||||||||||||||||||||||
Weighted Average Remaining Contractual Life (years) | |||||||||||||||||||||||||||||||
Warrants granted, remaining contractual life | 10 years | 11 years | 13 years | 15 years | |||||||||||||||||||||||||||
Other information | |||||||||||||||||||||||||||||||
Share purchase price | $ / shares | $ 0.14 | $ 2.42 | $ 5.59 | ||||||||||||||||||||||||||||
Warrants | COO | |||||||||||||||||||||||||||||||
Number of warrants | |||||||||||||||||||||||||||||||
Warrants granted | 25,000 | 12,500 | 20,833 | ||||||||||||||||||||||||||||
Warrants | CFO | |||||||||||||||||||||||||||||||
Number of warrants | |||||||||||||||||||||||||||||||
Warrants granted | 45,000 | 16,667 | |||||||||||||||||||||||||||||
Warrants | CEO | |||||||||||||||||||||||||||||||
Number of warrants | |||||||||||||||||||||||||||||||
Warrants granted | 50,000 | 169,167 | 3,125 | ||||||||||||||||||||||||||||
Warrants | Executive management | |||||||||||||||||||||||||||||||
Number of warrants | |||||||||||||||||||||||||||||||
Service period | 36 months | ||||||||||||||||||||||||||||||
Weighted average fair value at measurement date | $ | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | kr 1,500,000 |
Share-Based Payments - Compensa
Share-Based Payments - Compensation expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation | |||
Share-based compensation expenses | $ 479 | $ 942 | $ 1,379 |
Research and development expenses | |||
Share-Based Compensation | |||
Share-based compensation expenses | 377 | 760 | 1,051 |
General and administrative expense | |||
Share-Based Compensation | |||
Share-based compensation expenses | $ 102 | $ 182 | $ 328 |
Share-Based Payments - Assumpti
Share-Based Payments - Assumptions of Warrants (Details) - Warrants - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payments | |||
Expected term (in years) | 6 years 6 months | 6 years 6 months | 6 years 6 months |
Risk-free interest rate | 4.27% | 3.66% | 1.34% |
Expected volatility | 85% | 85% | 85% |
Share price | $ 0.70 | $ 2.10 | $ 4.20 |
Share-Based Payments - Outstand
Share-Based Payments - Outstanding warrants (Details) - Warrants | 1 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 EquityInstruments $ / shares | Dec. 31, 2023 EquityInstruments kr / shares | Dec. 31, 2023 EquityInstruments $ / shares | Dec. 31, 2022 EquityInstruments kr / shares | Dec. 31, 2022 EquityInstruments $ / shares | Dec. 31, 2021 EquityInstruments kr / shares | Dec. 31, 2021 EquityInstruments $ / shares | Dec. 31, 2020 EquityInstruments | Dec. 31, 2023 Options | Dec. 31, 2022 Options | Dec. 31, 2021 Options | |
Share-Based Payments | |||||||||||
Number of warrants outstanding | 2,732,618 | 2,738,473 | 2,738,473 | 2,743,093 | 2,743,093 | 2,732,618 | 2,732,618 | 2,228,076 | 2,738,473 | 2,743,093 | 2,732,618 |
Average exercise price per warrant | (per share) | $ 5.38 | $ 1.02 | $ 2.24 | kr 1 | |||||||
Remaining term to maturity | 10 years | 10 years | 11 years | 11 years | 13 years | 13 years | 15 years | ||||
Warrants exercisable | 2,072,122 | 2,007,123 | 2,007,123 | 1,988,106 | 1,988,106 | 2,072,122 | 2,072,122 | 2,007,123 | 1,988,106 | 2,732,618 | |
Grant December 2016 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 20.91 | kr 20.91 | kr 20.91 | ||||||||
Number of warrants outstanding | Options | 318,192 | 437,114 | 701,356 | ||||||||
Average exercise price per warrant | kr 1 | kr 1 | kr 1 | ||||||||
Remaining term to maturity | 13 years | 13 years | 14 years | 14 years | 15 years | 15 years | |||||
Grant September 2017 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 28.71 | kr 28.71 | kr 28.71 | ||||||||
Number of warrants outstanding | Options | 467,184 | 617,184 | 617,184 | ||||||||
Average exercise price per warrant | kr 1 | kr 1 | kr 1 | ||||||||
Remaining term to maturity | 13 years | 13 years | 14 years | 14 years | 15 years | 15 years | |||||
Grant December 2017 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 28.71 | kr 28.71 | kr 28.71 | ||||||||
Number of warrants outstanding | Options | 92,673 | 122,040 | 122,040 | ||||||||
Average exercise price per warrant | kr 1 | kr 1 | kr 1 | ||||||||
Remaining term to maturity | 13 years | 13 years | 14 years | 14 years | 15 years | 15 years | |||||
Granted during 2018 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 37.05 | kr 37.05 | kr 37.05 | ||||||||
Number of warrants outstanding | Options | 163,116 | 170,496 | 174,564 | ||||||||
Average exercise price per warrant | kr 1 | kr 1 | kr 1 | ||||||||
Remaining term to maturity | 13 years | 13 years | 14 years | 14 years | 15 years | 15 years | |||||
Grant February 2019 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 42.57 | kr 42.57 | kr 42.57 | ||||||||
Number of warrants outstanding | Options | 7,956 | 7,956 | 7,956 | ||||||||
Average exercise price per warrant | kr 1 | kr 1 | kr 1 | ||||||||
Remaining term to maturity | 13 years | 13 years | 14 years | 14 years | 15 years | 15 years | |||||
Grant September 2019 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 56.35 | kr 56.35 | kr 56.35 | ||||||||
Number of warrants outstanding | Options | 54,000 | 54,000 | 54,000 | ||||||||
Average exercise price per warrant | kr 1 | kr 1 | kr 1 | ||||||||
Remaining term to maturity | 13 years | 13 years | 14 years | 14 years | 15 years | 15 years | |||||
Grant October 2019 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 56.97 | kr 56.97 | kr 56.97 | ||||||||
Number of warrants outstanding | Options | 112,995 | 150,660 | 150,660 | ||||||||
Average exercise price per warrant | kr 1 | kr 1 | kr 1 | ||||||||
Remaining term to maturity | 13 years | 13 years | 14 years | 14 years | 15 years | 15 years | |||||
Grant December 2020 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 56.75 | kr 56.75 | kr 56.75 | ||||||||
Number of warrants outstanding | Options | 175,567 | 193,064 | 317,457 | ||||||||
Average exercise price per warrant | kr 1 | kr 1 | kr 1 | ||||||||
Remaining term to maturity | 8 years | 8 years | 9 years | 9 years | 10 years | 10 years | |||||
Grant April 2021 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 45.31 | kr 45.31 | kr 45.31 | ||||||||
Number of warrants outstanding | Options | 1,655 | 1,655 | 1,655 | ||||||||
Average exercise price per warrant | kr 1 | kr 1 | kr 1 | ||||||||
Remaining term to maturity | 8 years | 8 years | 9 years | 9 years | 10 years | 10 years | |||||
Grant June 2021 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 40.86 | kr 40.86 | kr 40.86 | ||||||||
Number of warrants outstanding | Options | 62,147 | 62,147 | 62,147 | ||||||||
Average exercise price per warrant | kr 1 | kr 1 | kr 1 | ||||||||
Remaining term to maturity | 8 years | 8 years | 9 years | 9 years | 10 years | 10 years | |||||
Grant December 2021 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 19.22 | kr 19.22 | kr 19.22 | ||||||||
Number of warrants outstanding | Options | 422,451 | 435,165 | 523,599 | ||||||||
Average exercise price per warrant | $ / shares | $ 5.38 | $ 5.38 | $ 5.38 | ||||||||
Remaining term to maturity | 8 years | 8 years | 9 years | 9 years | 10 years | 10 years | |||||
Grant March 2022 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 13.46 | kr 13.46 | |||||||||
Number of warrants outstanding | Options | 30,560 | 35,000 | |||||||||
Average exercise price per warrant | $ / shares | $ 2.96 | $ 2.96 | |||||||||
Remaining term to maturity | 8 years | 8 years | 9 years | 9 years | |||||||
Grant June 2022 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 8.85 | kr 8.85 | |||||||||
Number of warrants outstanding | Options | 5,004 | 10,000 | |||||||||
Average exercise price per warrant | $ / shares | $ 1.83 | $ 1.83 | |||||||||
Remaining term to maturity | 8 years | 8 years | 9 years | 9 years | |||||||
Grant June 2022, First | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 8.85 | kr 8.85 | |||||||||
Number of warrants outstanding | Options | 4,448 | 10,000 | |||||||||
Average exercise price per warrant | $ / shares | $ 1.83 | $ 1.83 | |||||||||
Remaining term to maturity | 8 years | 8 years | 9 years | 9 years | |||||||
Grant June 2022, Second | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 8.85 | kr 8.85 | |||||||||
Number of warrants outstanding | Options | 45,000 | 45,000 | |||||||||
Average exercise price per warrant | $ / shares | $ 1.83 | $ 1.83 | |||||||||
Remaining term to maturity | 8 years | 8 years | 9 years | 9 years | |||||||
Grant September 2022 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 10.46 | kr 10.46 | |||||||||
Number of warrants outstanding | Options | 7,529 | 11,000 | |||||||||
Average exercise price per warrant | $ / shares | $ 2.42 | $ 2.42 | |||||||||
Remaining term to maturity | 8 years | 8 years | 9 years | 9 years | |||||||
Grant December 2022 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 10.95 | kr 10.95 | |||||||||
Number of warrants outstanding | Options | 15,279 | 50,000 | |||||||||
Average exercise price per warrant | $ / shares | $ 2.23 | $ 2.23 | |||||||||
Remaining term to maturity | 8 years | 8 years | 9 years | 9 years | |||||||
Grant December 2022, First | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 10.95 | kr 10.95 | |||||||||
Number of warrants outstanding | Options | 293,602 | 330,612 | |||||||||
Average exercise price per warrant | $ / shares | $ 2.23 | $ 2.23 | |||||||||
Remaining term to maturity | 8 years | 8 years | 9 years | 9 years | |||||||
Grant January 2023 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 9.17 | ||||||||||
Number of warrants outstanding | Options | 10,000 | ||||||||||
Average exercise price per warrant | $ / shares | $ 1.94 | ||||||||||
Remaining term to maturity | 8 years | 8 years | |||||||||
Grant September 2023 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 4.27 | ||||||||||
Number of warrants outstanding | Options | 100,000 | ||||||||||
Average exercise price per warrant | $ / shares | $ 1.02 | ||||||||||
Remaining term to maturity | 8 years | 8 years | |||||||||
Grant September 2023 First | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 2.57 | ||||||||||
Number of warrants outstanding | Options | 50,000 | ||||||||||
Average exercise price per warrant | $ / shares | $ 1.50 | ||||||||||
Remaining term to maturity | 3 years | 3 years | |||||||||
Grant December 2023 | |||||||||||
Share-Based Payments | |||||||||||
Per warrant average grant date fair value | kr 3.61 | ||||||||||
Number of warrants outstanding | Options | 299,115 | ||||||||||
Average exercise price per warrant | $ / shares | $ 0.75 | ||||||||||
Remaining term to maturity | 8 years | 8 years |
Share-Based Payments - Key Mana
Share-Based Payments - Key Management Holdings (Details) | 1 Months Ended | 12 Months Ended | ||||||||||
Nov. 25, 2020 EquityInstruments | Dec. 31, 2021 EquityInstruments | Jun. 30, 2021 Options | Dec. 31, 2020 EquityInstruments | Dec. 31, 2023 EquityInstruments | Dec. 31, 2023 shares | Dec. 31, 2023 Options | Dec. 31, 2022 EquityInstruments | Dec. 31, 2022 shares | Dec. 31, 2022 Options | Dec. 31, 2021 EquityInstruments | Dec. 31, 2021 shares | |
Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 2,743,093 | 2,743,093 | 2,732,618 | 2,732,618 | 2,228,076 | |||||||
Warrants granted | 523,599 | 62,147 | 1,655 | 559,115 | 491,612 | 63,802 | 523,599 | |||||
Warrants exercised | (360,731) | (388,181) | (62,284) | |||||||||
Forfeited | (203,004) | (92,956) | (10,178) | |||||||||
Warrants granted at end of period | 2,732,618 | 2,228,076 | 2,738,473 | 2,738,473 | 2,743,093 | 2,743,093 | 2,732,618 | |||||
Board of Directors [Member] | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted | 26,964 | |||||||||||
Board of Directors [Member] | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 232,458 | 203,708 | 186,228 | |||||||||
Warrants granted | 93,125 | 28,750 | 22,916 | |||||||||
Warrants exercised | (5,436) | |||||||||||
Warrants granted at end of period | 203,708 | 186,228 | 325,583 | 232,458 | 203,708 | |||||||
Steven Projan | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 51,631 | 46,631 | 42,048 | |||||||||
Warrants granted | 5,000 | 4,583 | ||||||||||
Warrants granted at end of period | 46,631 | 42,048 | 51,631 | 51,631 | 46,631 | |||||||
Roberto Prego | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 43,747 | 38,747 | 34,164 | |||||||||
Warrants granted | 5,000 | 5,000 | 4,583 | |||||||||
Warrants granted at end of period | 38,747 | 34,164 | 48,747 | 43,747 | 38,747 | |||||||
Jo Ann Suzich (former) | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 10,260 | 10,260 | 10,260 | |||||||||
Warrants granted at end of period | 10,260 | 10,260 | 10,260 | 10,260 | 10,260 | |||||||
Marianne Sgaard | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 113,487 | 103,487 | 94,320 | |||||||||
Warrants granted | 75,000 | 10,000 | 9,167 | |||||||||
Warrants granted at end of period | 103,487 | 94,320 | 188,487 | 113,487 | 103,487 | |||||||
Helen Boudreau | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 5,436 | |||||||||||
Warrants exercised | (5,436) | |||||||||||
Warrants granted at end of period | 5,436 | |||||||||||
Lars Holtug | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 9,583 | 4,583 | ||||||||||
Warrants granted | 5,000 | 5,000 | 4,583 | |||||||||
Warrants granted at end of period | 4,583 | 14,583 | 9,583 | 4,583 | ||||||||
Niels Iversen Moller | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 3,750 | |||||||||||
Warrants granted | 8,125 | 3,750 | ||||||||||
Warrants granted at end of period | 11,875 | 3,750 | ||||||||||
Christian Kanstrup | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted | 169,167 | |||||||||||
Warrants granted at end of period | 169,167 | |||||||||||
Executive Management [Member] | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 1,266,543 | 1,238,581 | 1,002,744 | |||||||||
Warrants granted | 209,167 | 128,750 | 206,731 | |||||||||
Warrants held when becoming a member of management | shares | 4,356 | 120,000 | 29,376 | |||||||||
Warrants exercised | (237,665) | (175,731) | ||||||||||
Forfeited | (37,150) | (45,327) | ||||||||||
Warrants granted at end of period | 1,238,581 | 1,002,744 | 1,205,251 | 1,266,543 | 1,238,581 | |||||||
Lars Aage Staal Wegner | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 808,188 | 916,251 | 852,084 | |||||||||
Warrants granted | 64,167 | |||||||||||
Warrants exercised | (200,000) | (62,736) | ||||||||||
Forfeited | (45,327) | |||||||||||
Warrants granted at end of period | 916,251 | 852,084 | 608,188 | 808,188 | 916,251 | |||||||
Birgitte Rn | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 99,376 | 74,376 | ||||||||||
Warrants granted | 12,500 | 25,000 | 45,000 | |||||||||
Warrants held when becoming a member of management | shares | 29,376 | |||||||||||
Warrants granted at end of period | 74,376 | 111,876 | 99,376 | 74,376 | ||||||||
Thomas Bogenrieder | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants held when becoming a member of management | shares | 4,356 | |||||||||||
Warrants granted at end of period | 4,356 | |||||||||||
Erik Heegaard | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 122,564 | 97,564 | ||||||||||
Warrants granted | 25,000 | 97,564 | ||||||||||
Warrants granted at end of period | 97,564 | 122,564 | 122,564 | 97,564 | ||||||||
Glenn S. Vraniak | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 37,665 | 150,660 | 150,660 | |||||||||
Warrants exercised | (37,665) | (112,995) | ||||||||||
Warrants granted at end of period | 150,660 | 150,660 | 37,665 | 150,660 | ||||||||
Andreas Holm Mattsson | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 35,000 | |||||||||||
Warrants granted | 6,250 | 35,000 | ||||||||||
Warrants granted at end of period | 41,250 | 35,000 | ||||||||||
Bo Karmark | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 61,667 | |||||||||||
Warrants granted | 16,667 | |||||||||||
Warrants held when becoming a member of management | shares | 45,000 | |||||||||||
Warrants granted at end of period | 61,667 | 61,667 | ||||||||||
Jesper Nyegaard Nissen | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 45,883 | |||||||||||
Warrants granted | 12,500 | 20,833 | ||||||||||
Warrants held when becoming a member of management | shares | 25,000 | |||||||||||
Warrants granted at end of period | 58,333 | 45,883 | ||||||||||
Niels Iversen Mller | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 3,125 | |||||||||||
Warrants granted | 8,750 | 3,125 | ||||||||||
Warrants granted at end of period | 11,875 | 3,125 | ||||||||||
Per Norln | Warrants | ||||||||||||
Share-Based Payments | ||||||||||||
Warrants granted at beginning of period | 53,125 | |||||||||||
Warrants granted | 3,125 | |||||||||||
Warrants held when becoming a member of management | shares | 50,000 | |||||||||||
Forfeited | (37,150) | |||||||||||
Warrants granted at end of period | 15,975 | 53,125 |
Financial Income and Expenses_2
Financial Income and Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial income: | |||
Interest income, bank | $ 151 | $ 13 | |
Interest income, other | 3 | ||
Change in fair value of warrant liability | 636 | 395 | |
Foreign exchange gains | 173 | 2,423 | $ 2,039 |
Total financial income | 963 | 2,831 | 2,039 |
Financial expenses: | |||
Interest expenses | (1) | (34) | (5) |
Interest expenses, lease liabilities | (172) | (176) | (123) |
Change in fair value of derivative liability | (110) | ||
Change in fair value of warrant liability. | (244) | ||
Interest expenses, borrowings | (724) | (588) | (31) |
Foreign exchange losses | (430) | (710) | (756) |
Total financial expenses | (1,681) | (1,508) | (915) |
Net financial items | $ (718) | $ 1,323 | $ 1,124 |
Income Taxes - Analysis of char
Income Taxes - Analysis of charge(credit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | |||
Income tax benefit | $ (790) | $ (772) | $ (178) |
Total income tax benefit for the year | (790) | (772) | (178) |
Operating tax loss carry-forwards | $ 19,000 | $ 13,600 | $ 9,500 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of effective tax rate (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of effective tax rate to Danish statutory tax rate | |||
Statutory corporate income tax rate in Denmark | 22% | 22% | 22% |
Non-deductible income / (expenses) | (1.00%) | (1.00%) | |
Additional tax deduction R&D expenses | 1% | 4% | 6% |
Tax credit research and development expenditures | (4.00%) | (5.00%) | (4.00%) |
Change in deferred tax asset not capitalized | (14.00%) | (16.00%) | (23.00%) |
Total effective tax rate | 4% | 4% | 1% |
Income Taxes - Deferred tax (De
Income Taxes - Deferred tax (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Cost | Warrants | |||
Income Taxes | |||
Deferred tax position | $ 275 | $ 739 | $ 2,118 |
Cost | Loss carry forward | |||
Income Taxes | |||
Deferred tax position | 19,022 | 13,581 | 9,530 |
Cost | Other items | |||
Income Taxes | |||
Deferred tax position | (126) | (214) | (98) |
Valuation allowance | |||
Income Taxes | |||
Deferred tax position | $ (19,171) | $ (14,106) | $ (11,550) |
Basic and Diluted Loss Per Sh_3
Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic and Diluted Loss Per Share | |||
Net loss attributable to shareholders of Evaxion Biotech A/S | $ (22,125) | $ (23,169) | $ (24,532) |
Weighted-average number of ordinary shares outstanding | 27,335,829 | 23,638,685 | 19,493,143 |
Loss per share - basic (in USD per share) | $ (0.81) | $ (0.98) | $ (1.26) |
Loss per share - diluted (in USD per share) | $ (0.81) | $ (0.98) | $ (1.26) |
Basic and Diluted Loss Per Sh_4
Basic and Diluted Loss Per Share - Anti-dilutive shares (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Warrants [member] | |||
Basic and Diluted Loss Per Share | |||
Number of potential ordinary shares that are antidilutive in period presented | 12,816,407 | 3,094,129 | 2,732,618 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property and Equipment, Net | ||
Balance beginning of year | $ 4,675 | |
Balance end of year | 4,343 | $ 4,675 |
Property | ||
Property and Equipment, Net | ||
Balance beginning of year | 2,224 | |
Balance end of year | 2,096 | 2,224 |
Right-of-use assets | ||
Property and Equipment, Net | ||
Balance beginning of year | 2,224 | |
Balance end of year | 2,096 | 2,224 |
Other equipment | ||
Property and Equipment, Net | ||
Balance beginning of year | 1,016 | |
Balance end of year | 857 | 1,016 |
Leasehold improvements | ||
Property and Equipment, Net | ||
Balance beginning of year | 1,435 | |
Balance end of year | 1,390 | 1,435 |
Cost | ||
Property and Equipment, Net | ||
Balance beginning of year | 5,593 | 5,548 |
Additions during the year | 88 | 376 |
Exchange rate adjustments | 192 | (331) |
Balance end of year | 5,873 | 5,593 |
Cost | Property | ||
Property and Equipment, Net | ||
Balance beginning of year | 2,593 | 2,756 |
Exchange rate adjustments | 88 | (163) |
Balance end of year | 2,681 | 2,593 |
Cost | Other equipment | ||
Property and Equipment, Net | ||
Balance beginning of year | 1,368 | 1,225 |
Additions during the year | 23 | 220 |
Exchange rate adjustments | 47 | (77) |
Balance end of year | 1,438 | 1,368 |
Cost | Leasehold improvements | ||
Property and Equipment, Net | ||
Balance beginning of year | 1,632 | 1,567 |
Additions during the year | 65 | 156 |
Exchange rate adjustments | 57 | (91) |
Balance end of year | 1,754 | 1,632 |
Accumulated Depreciation | ||
Property and Equipment, Net | ||
Balance beginning of year | (918) | (374) |
Depreciation for the year | (615) | (571) |
Depreciation reversed on disposals | 45 | 15 |
Exchange rate adjustments | (42) | 12 |
Balance end of year | (1,530) | (918) |
Accumulated Depreciation | Property | ||
Property and Equipment, Net | ||
Balance beginning of year | (369) | (155) |
Depreciation for the year | (245) | (234) |
Depreciation reversed on disposals | 45 | 15 |
Exchange rate adjustments | (16) | 5 |
Balance end of year | (585) | (369) |
Accumulated Depreciation | Other equipment | ||
Property and Equipment, Net | ||
Balance beginning of year | (352) | (161) |
Depreciation for the year | (212) | (196) |
Exchange rate adjustments | (17) | 5 |
Balance end of year | (581) | (352) |
Accumulated Depreciation | Leasehold improvements | ||
Property and Equipment, Net | ||
Balance beginning of year | (197) | (58) |
Depreciation for the year | (158) | (141) |
Exchange rate adjustments | (9) | 2 |
Balance end of year | $ (364) | $ (197) |
Property, Plant and Equipment -
Property, Plant and Equipment - Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property and Equipment, Net | |||
Depreciation, right-of-use assets | $ 216 | $ 214 | $ 200 |
Accumulated Depreciation | |||
Property and Equipment, Net | |||
Depreciation | 615 | 571 | |
Depreciation, right-of-use assets | (585) | (369) | (155) |
Operating Expense | |||
Property and Equipment, Net | |||
Depreciation | 615 | 571 | 343 |
Research and development expenses | |||
Property and Equipment, Net | |||
Depreciation | 340 | 446 | 270 |
General and administrative expense | |||
Property and Equipment, Net | |||
Depreciation | $ 275 | $ 125 | $ 73 |
Prepayments and other receiva_3
Prepayments and other receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepayments and other receivables | ||
VAT receivables | $ 143 | $ 287 |
Prepayments | 1,692 | 2,494 |
Receivables from collaboration partners | 9 | |
Other receivables | 108 | 10 |
Total prepayments and other receivables | $ 1,952 | $ 2,791 |
Other Payables (Details)
Other Payables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Payables | ||
Employee cost liabilities | $ 894 | $ 353 |
Other liabilities | 112 | 312 |
Total other payables | $ 1,006 | $ 665 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents | ||||
Cash and cash equivalents | $ 5,583 | $ 13,184 | ||
Total cash and cash equivalents | 5,583 | $ 13,184 | $ 32,166 | $ 5,834 |
Cash held in escrow account | $ 1,400 |
Cash and Cash Equivalents - Cha
Cash and Cash Equivalents - Changes in Net Working Capital (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from (used in) operating activities [abstract] | |||
Changes in receivables and tax receivables | $ 1,107 | $ (1,486) | $ 1,863 |
Changes in trade payables | 502 | (599) | (647) |
Changes in other payables | (47) | (792) | 21 |
Changes in net working capital | $ 1,562 | $ (2,877) | $ 1,237 |
Cash and Cash Equivalents - Adj
Cash and Cash Equivalents - Adjustments for non-cash items (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Adjustments to reconcile profit (loss) [abstract] | |||
Income taxes | $ (790) | $ (772) | $ (178) |
Tax credit schemes accounted for as grants | (194) | (226) | (12) |
Depreciation | 615 | 571 | 344 |
Impairment | 87 | ||
Interest income | (154) | (13) | |
Interest expense | 897 | 798 | 159 |
Share-based compensation expenses | 479 | 942 | 1,379 |
Acquisition of property, plant and equipment | (90) | ||
Loss in change from fair value of derivative liability | 110 | ||
Adjustments For Gain In Change From Fair Value Of Warrant Liability | 392 | 395 | |
Other adjustments: Other adjustments, primarily exchange rate adjustments | 615 | (1,315) | (1,061) |
Total adjustments for non-cash items | $ 1,186 | $ (323) | $ 541 |
Cash and Cash Equivalents - Rec
Cash and Cash Equivalents - Reconciliation of Liabilities from Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Balance beginning of year | $ 10,399 | $ 3,843 |
Cash flows | (632) | 7,425 |
Accumulated interest | 810 | 700 |
Transaction costs | (1,117) | |
Additions | 110 | 99 |
Exchange rate adjustment | 332 | (551) |
Balance end of year | 11,019 | 10,399 |
Lease liabilities | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Balance beginning of year | 2,255 | 2,520 |
Cash flows | (326) | (305) |
Accumulated interest | 172 | 176 |
Additions | 45 | 15 |
Exchange rate adjustment | 76 | (151) |
Balance end of year | 2,222 | 2,255 |
Borrowings | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Balance beginning of year | 8,000 | 1,170 |
Cash flows | (306) | 7,730 |
Accumulated interest | 638 | 524 |
Transaction costs | (1,117) | |
Additions | 65 | 84 |
Exchange rate adjustment | 251 | (391) |
Balance end of year | 8,648 | 8,000 |
Provision | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Balance beginning of year | 144 | 153 |
Cash flows | ||
Additions | ||
Exchange rate adjustment | 5 | (9) |
Balance end of year | $ 149 | $ 144 |
Leases (Details)
Leases (Details) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2020 USD ($) m² | Dec. 31, 2023 USD ($) lease | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Depreciation expense related to its right-of-use lease asset | $ 216,000 | $ 214,000 | $ 200,000 | |
Interest expenses, lease liabilities | 172,000 | 176,000 | 123,000 | |
Total lease expenses | $ 400,000 | $ 400,000 | $ 300,000 | |
Copenhagen, Denmark | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Number of leases | lease | 1 | |||
Hrsholm, Denmark [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Lease space | m² | 1,356 | |||
Lease termination fee | $ 2,700,000 | |||
Lease monthly payment | $ 27,640 | |||
Lease Term | 10 years | |||
Hrsholm, Denmark [Member] | Office Space [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Lease space | m² | 839 | |||
Lease monthly payment | $ 11,498 | |||
Hrsholm, Denmark [Member] | Laboratory Space [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Lease space | m² | 518 | |||
Lease monthly payment | $ 16,142 | |||
Hrsholm, Denmark [Member] | Minimum [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Percentage of increase in annual lease payment | 2% | |||
Hrsholm, Denmark [Member] | Maximum [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Percentage of increase in annual lease payment | 4% |
Leases - Movements in Right-of-
Leases - Movements in Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | |||
Cash outflow for leases | $ 300 | $ 300 | |
Right-of-Use Asset | |||
Balance beginning of year | 2,224 | 2,601 | |
Depreciation | (216) | (214) | $ (200) |
Translation | 88 | (163) | |
Balance end of year | 2,096 | 2,224 | 2,601 |
Lease liabilities | |||
Balance beginning of year | 2,255 | 2,520 | |
Additions | 45 | 15 | |
Interest expense | 172 | 176 | |
Payments | (326) | (305) | |
Translation | 76 | (151) | |
Balance end of year | $ 2,222 | $ 2,255 | $ 2,520 |
Borrowings - Loan from Lessor (
Borrowings - Loan from Lessor (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2020 USD ($) m² | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Borrowings | ||||
Borrowings | $ 8,648 | $ 8,000 | ||
Interest rate | 6% | |||
Interest expense related to loan | $ 724 | 588 | $ 31 | |
Hrsholm, Denmark | ||||
Borrowings | ||||
Lease space | m² | 1,356 | |||
DTU Financing | ||||
Borrowings | ||||
Borrowings | $ 1,300 | |||
Payment period | 8 years | |||
Interest expense related to loan | 100 | 100 | $ 0 | |
Borrowing addition | $ 100 | $ 100 | ||
DTU Financing | Fixed interest rate | ||||
Borrowings | ||||
Interest rate | 6% | |||
Office space | Hrsholm, Denmark | ||||
Borrowings | ||||
Lease space | m² | 839 | |||
Laboratory space | Hrsholm, Denmark | ||||
Borrowings | ||||
Lease space | m² | 518 |
Borrowings - EIB Loan (Details)
Borrowings - EIB Loan (Details) $ in Thousands, € in Millions | 1 Months Ended | 12 Months Ended | ||||
Feb. 17, 2022 USD ($) | Feb. 17, 2022 EUR (€) | Aug. 31, 2020 EUR (€) tranche | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Borrowings | ||||||
Interest rate | 6% | |||||
Interest expenses | $ | $ 1 | $ 34 | $ 5 | |||
EIB Loan Agreement | ||||||
Borrowings | ||||||
Principal amount | € 20 | |||||
Number of tranches | tranche | 3 | |||||
Term from disbursement dates | 6 years | |||||
Effective interest rate, monthly | 0.78% | 0.78% | ||||
Interest expenses | $ | $ 700 | $ 600 | $ 0 | |||
Loan repayment period | 6 years | 6 years | ||||
EIB Loan Agreement | Fixed interest rate | ||||||
Borrowings | ||||||
Interest rate | 3% | 3% | ||||
EIB Loan Agreement | Payment-in-kind interest rate | ||||||
Borrowings | ||||||
Interest rate | 4% | 4% | ||||
Tranche One | ||||||
Borrowings | ||||||
Principal amount | € 7 | |||||
Proceeds from the draw of loan agreement | $ 7,800 | € 7 | ||||
Tranche Two | ||||||
Borrowings | ||||||
Principal amount | 6 | |||||
Tranche Three | ||||||
Borrowings | ||||||
Principal amount | € 7 |
Borrowings - Summary (Details)
Borrowings - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Borrowings. | ||
Loan from lessor | $ 1,022 | $ 1,068 |
EIB Loan | 7,626 | 6,932 |
Total Borrowings | 8,648 | 8,000 |
Less: Borrowings, current portion | (159) | (136) |
Total Borrowings, net of current portion | $ 8,489 | $ 7,864 |
Capital Structure and Financi_3
Capital Structure and Financial Matters - Capital transactions (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | ||||||
Nov. 05, 2021 shares | Nov. 30, 2021 USD ($) $ / shares shares | Feb. 28, 2021 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Nov. 30, 2021 DKK (kr) | Feb. 28, 2021 DKK (kr) | |
Disclosure of classes of share capital [line items] | |||||||
Registered, issued, and outstanding share capital | $ 5,899 | $ 3,886 | kr 19,198,668 | ||||
American Depositary Shares [Member] | IPO | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares sold (in shares) | 300,000 | ||||||
Weighted average share price | $ / shares | $ 100 | ||||||
Proceeds from sales | $ | $ 25,300 | ||||||
American Depositary Shares [Member] | Follow-on public offering | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares sold (in shares) | 394,286 | ||||||
Weighted average share price | $ / shares | $ 70 | ||||||
Proceeds from sales | $ | $ 24,900 | ||||||
Registered, issued, and outstanding share capital | kr | kr 23,141,524 | ||||||
American Depositary Shares [Member] | Underwriters option to purchase shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares sold (in shares) | 51,429 |
Capital Structure and Financi_4
Capital Structure and Financial Matters - Lincoln Park Purchase Agreement (Details) - Lincoln Park Purchase Agreement $ / shares in Units, $ in Millions | Jun. 07, 2022 USD ($) $ / shares shares | Dec. 31, 2023 shares | Jul. 07, 2022 USD ($) shares | Jun. 07, 2022 kr / shares |
Capital Structure and Financial Matters | ||||
Agreement term | 36 months | |||
ADS | ||||
Capital Structure and Financial Matters | ||||
Maximum aggregate value of shares to sell | $ | $ 40 | |||
Nominal value per share | kr / shares | kr 1 | |||
Number of shares issued as commitment fee | 428,572 | |||
Share purchase price | $ / shares | $ 2.80 | |||
Value of shares issued as commitment fee | $ | $ 1.2 | |||
Purchase agreement to sell shares, shares in single transaction | 50,000 | |||
Shares to sell in a single transaction | 70,000 | |||
Maximum value of shares to sell in a single value of shares to sell in a single transaction | $ | $ 1.5 | |||
Number of shares registered for resale | 4,649,250 | |||
Amount of proceeds to be received | $ | $ 40 | |||
Number of shares issued and sold | 428,572 |
Capital Structure and Financi_5
Capital Structure and Financial Matters - JonesTrading Sales Agreement (Details) kr / shares in Units, $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Oct. 03, 2022 USD ($) | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 DKK (kr) kr / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 DKK (kr) kr / shares shares | Aug. 31, 2022 kr / shares | Jan. 04, 2021 kr / shares | |
Capital Structure and Financial Matters | |||||||
Increase in share capital | kr | kr 3,679,954 | ||||||
Ordinary Shares [Member] | |||||||
Capital Structure and Financial Matters | |||||||
Par value per share | kr 1 | kr 1 | kr 1 | kr 1 | |||
At-The-Market Issuance Sales Agreement | |||||||
Capital Structure and Financial Matters | |||||||
Percentage of commission to be paid | 3% | ||||||
Shares sold (in shares) | shares | 3,679,954 | 3,679,954 | |||||
Par value per share | kr 1 | ||||||
At-The-Market Issuance Sales Agreement | ADS | |||||||
Capital Structure and Financial Matters | |||||||
Maximum aggregate value of shares to sell | $ | $ 14.4 | ||||||
Percentage of commission to be paid | 3% | ||||||
Threshold period of prior notice to terminate agreement | 10 days | ||||||
Shares sold (in shares) | shares | 118,853 | 118,853 | |||||
Share purchase price | $ / shares | $ 17.10 | $ 27.40 | |||||
Proceeds from sales | $ | $ 6.4 | $ 0.3 | |||||
Increase in share capital | kr | kr 118,853 | ||||||
At-The-Market Issuance Sales Agreement | Ordinary Shares [Member] | |||||||
Capital Structure and Financial Matters | |||||||
Par value per share | kr 1 |
Capital Structure and Financi_6
Capital Structure and Financial Matters -MSD Securities Purchase Agreement (Details) kr / shares in Units, $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||
Dec. 18, 2023 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2023 DKK (kr) kr / shares | Dec. 18, 2023 kr / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2022 kr / shares | Aug. 31, 2022 kr / shares | Dec. 31, 2021 USD ($) | Jan. 04, 2021 kr / shares | Dec. 31, 2020 USD ($) | |
Disclosure of classes of share capital [line items] | ||||||||||
Share capital | $ (4,729) | $ 8,303 | $ 32,437 | $ 7,038 | ||||||
Private placement | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Proceeds from sales | $ 5,300 | |||||||||
2023 SPA Investor Warrants | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Shares sold (in shares) | shares | 9,726,898 | |||||||||
Ordinary shares par value | kr / shares | kr 1 | |||||||||
IFRS warrants and rights outstanding, term | 3 years | |||||||||
Gross proceeds from exercise of warrants | $ 6,800 | |||||||||
2023 SPA Investor Warrants | Private placement | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Share purchase price | $ / shares | $ 0.54 | |||||||||
IFRS warrants and rights outstanding, term | 3 years | |||||||||
Exercise price per warrant | $ / shares | $ 0.71 | |||||||||
Proceeds from sales | $ 5,300 | |||||||||
Gross proceeds from exercise of warrants | $ 6,800 | |||||||||
Ordinary Shares [Member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Ordinary shares par value | kr / shares | kr 1 | kr 1 | kr 1 | kr 1 | ||||||
Share capital | kr | kr 37,897,780 | |||||||||
Ordinary Shares [Member] | Private placement | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Shares sold (in shares) | shares | 9,726,898 | |||||||||
Ordinary Shares [Member] | 2023 SPA Investor Warrants | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Exercise price per warrant | $ / shares | $ 0.71 | |||||||||
Gross proceeds from exercise of warrants | $ 2,600 | |||||||||
Ordinary Shares [Member] | 2023 SPA Investor Warrants | Private placement | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Share purchase price | $ / shares | $ 0.54 | |||||||||
Exercise price per warrant | $ / shares | $ 0.71 |
Capital Structure and Financi_7
Capital Structure and Financial Matters - Changes in Share Capital (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Dec. 21, 2023 DKK (kr) shares | Dec. 04, 2023 DKK (kr) shares | Nov. 30, 2023 DKK (kr) shares | Nov. 21, 2023 DKK (kr) shares | Nov. 16, 2023 DKK (kr) shares | Nov. 15, 2023 DKK (kr) shares | Nov. 01, 2023 DKK (kr) shares | Oct. 02, 2023 DKK (kr) shares | Sep. 27, 2023 DKK (kr) shares | Sep. 26, 2023 DKK (kr) shares | Sep. 22, 2023 DKK (kr) shares | Jul. 18, 2023 DKK (kr) shares | Jun. 06, 2023 DKK (kr) shares | Mar. 24, 2023 DKK (kr) shares | Feb. 13, 2023 DKK (kr) shares | Feb. 09, 2023 DKK (kr) shares | Feb. 07, 2023 DKK (kr) shares | Jan. 24, 2023 DKK (kr) shares | Jan. 20, 2023 DKK (kr) shares | Jan. 05, 2023 DKK (kr) shares | Jan. 04, 2023 DKK (kr) shares | Dec. 29, 2022 DKK (kr) shares | Dec. 05, 2022 DKK (kr) shares | Oct. 20, 2022 DKK (kr) shares | Oct. 17, 2022 DKK (kr) shares | Oct. 13, 2022 DKK (kr) shares | Jun. 07, 2022 DKK (kr) shares | Nov. 09, 2021 DKK (kr) shares | Feb. 09, 2021 DKK (kr) shares | Sep. 30, 2023 DKK (kr) shares | Jun. 30, 2023 DKK (kr) shares | May 31, 2023 DKK (kr) shares | Sep. 30, 2022 DKK (kr) shares | Aug. 31, 2022 DKK (kr) shares | Jun. 30, 2022 DKK (kr) shares | Apr. 30, 2022 DKK (kr) shares | Nov. 30, 2021 DKK (kr) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2023 DKK (kr) shares | Dec. 31, 2022 DKK (kr) shares | Dec. 31, 2021 DKK (kr) shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2020 DKK (kr) shares | |
Share Capital | |||||||||||||||||||||||||||||||||||||||||||||
Share capital | $ | $ (4,729) | $ 8,303 | $ 32,437 | $ 7,038 | |||||||||||||||||||||||||||||||||||||||||
Issuance of shares for cash | $ | 9,168 | 428 | 57,609 | ||||||||||||||||||||||||||||||||||||||||||
Share Capital | |||||||||||||||||||||||||||||||||||||||||||||
Share Capital | |||||||||||||||||||||||||||||||||||||||||||||
Share capital | 5,899 | 3,886 | 3,755 | kr 37,898,000 | kr 24,139,000 | kr 23,204,000 | $ 2,648 | kr 16,198,000 | |||||||||||||||||||||||||||||||||||||
Issuance of shares for cash | kr 9,727,000 | kr 66,000 | kr 24,000 | kr 77,000 | kr 19,000 | kr 50,000 | kr 55,000 | kr 46,000 | kr 52,000 | kr 54,000 | kr 11,000 | kr 862,000 | kr 16,000 | kr 43,000 | kr 1,004,000 | kr 96,000 | kr 259,000 | kr 94,000 | kr 26,000 | kr 23,000 | kr 429,000 | kr 3,943,000 | kr 3,000,000 | kr 63,000 | $ 2,013 | $ 70 | $ 1,107 | ||||||||||||||||||
Exercised warrants | kr | kr 43,000 | kr 65,000 | kr 11,000 | kr 11,000 | kr 54,000 | ||||||||||||||||||||||||||||||||||||||||
Share Capital | Share warrants exercise tranche one member | |||||||||||||||||||||||||||||||||||||||||||||
Share Capital | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares for cash | kr | kr 44,000 | kr 80,000 | kr 187,000 | kr 4,000 | |||||||||||||||||||||||||||||||||||||||||
Exercised warrants | kr | kr 150,000 | kr 135,000 | kr 92,000 | kr 92,000 | |||||||||||||||||||||||||||||||||||||||||
Share Capital | Share warrants exercise tranche two member | |||||||||||||||||||||||||||||||||||||||||||||
Share Capital | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares for cash | kr | kr 21,000 | kr 72,000 | kr 448,000 | ||||||||||||||||||||||||||||||||||||||||||
Exercised warrants | kr | kr 5,000 | kr 51,000 | kr 41,000 | 38,000 | |||||||||||||||||||||||||||||||||||||||||
Share Capital | Share warrants exercise tranche three member | |||||||||||||||||||||||||||||||||||||||||||||
Share Capital | |||||||||||||||||||||||||||||||||||||||||||||
Exercised warrants | kr | kr 17,000 | ||||||||||||||||||||||||||||||||||||||||||||
Ordinary Shares | |||||||||||||||||||||||||||||||||||||||||||||
Number of Ordinary Shares | |||||||||||||||||||||||||||||||||||||||||||||
Share capital | 37,897,780 | 24,139,413 | 23,203,808 | 37,897,780 | 24,139,413 | 23,203,808 | 16,198,668 | 16,198,668 | |||||||||||||||||||||||||||||||||||||
Capital increase (in shares) | 9,726,898 | 65,724 | 24,316 | 77,119 | 19,387 | 50,281 | 54,829 | 45,807 | 51,750 | 54,099 | 11,348 | 861,614 | 16,280 | 42,808 | 1,003,802 | 96,271 | 259,407 | 94,278 | 64,601 | 26,396 | 23,405 | 428,572 | |||||||||||||||||||||||
Increase in shares through issuance of shares | 3,942,856 | 3,000,000 | 62,284 | ||||||||||||||||||||||||||||||||||||||||||
Exercise warrants (in shares) | 42,633 | 10,836 | 10,836 | 54,072 | |||||||||||||||||||||||||||||||||||||||||
Share Capital | |||||||||||||||||||||||||||||||||||||||||||||
Share capital | kr | kr 37,897,780 | ||||||||||||||||||||||||||||||||||||||||||||
Ordinary Shares | Share warrants exercise tranche one member | |||||||||||||||||||||||||||||||||||||||||||||
Number of Ordinary Shares | |||||||||||||||||||||||||||||||||||||||||||||
Capital increase (in shares) | 43,950 | 79,657 | 186,584 | 4,450 | |||||||||||||||||||||||||||||||||||||||||
Exercise warrants (in shares) | 150,000 | 134,730 | 92,313 | 92,313 | |||||||||||||||||||||||||||||||||||||||||
Ordinary Shares | Share warrants exercise tranche two member | |||||||||||||||||||||||||||||||||||||||||||||
Number of Ordinary Shares | |||||||||||||||||||||||||||||||||||||||||||||
Capital increase (in shares) | 21,136 | 71,678 | 447,829 | ||||||||||||||||||||||||||||||||||||||||||
Exercise warrants (in shares) | 4,824 | 51,125 | 41,085 | 37,665 | |||||||||||||||||||||||||||||||||||||||||
Ordinary Shares | Share warrants exercise tranche three member | |||||||||||||||||||||||||||||||||||||||||||||
Number of Ordinary Shares | |||||||||||||||||||||||||||||||||||||||||||||
Exercise warrants (in shares) | 17,264 |
Capital Structure and Financi_8
Capital Structure and Financial Matters - Management and Board of Director holding of shares (Details) - shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Executive management | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 6,008,981 | 4,156,085 | 8,638,560 |
Christian Kanstrup [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 1,493,014 | ||
Bo Karmark | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 2,000 | ||
Jesper Nyegaard Nissen | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 99,913 | ||
Birgitte Rn | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 148,123 | ||
Andreas Holm Mattsson | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 4,267,931 | 4,071,961 | 4,163,832 |
Niels Iversen Mller | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 4,292,604 | ||
Lars Aage Staal Wegner | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 82,124 | 182,124 | |
Board of Directors | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 6,674,185 | 4,576,028 | 379,188 |
Niels Iversen Mller | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 4,292,678 | 4,196,840 | |
Roberto Prego | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 539,069 | 310,248 | 310,248 |
Lars Holtug | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 157,891 | ||
Marianne Sgaard | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 1,684,547 | 41,652 | 41,652 |
Steven Projan | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 27,288 | 27,288 |
Capital Structure and Financi_9
Capital Structure and Financial Matters - Share Capital (Details) kr / shares in Units, $ in Thousands | Dec. 31, 2023 USD ($) shares | Dec. 31, 2023 DKK (kr) kr / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 DKK (kr) kr / shares shares | Aug. 31, 2022 kr / shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2021 DKK (kr) shares | Jan. 04, 2021 kr / shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2020 DKK (kr) shares |
Disclosure of classes of share capital [line items] | ||||||||||
Share capital | $ | $ (4,729) | $ 8,303 | $ 32,437 | $ 7,038 | ||||||
Issued Capital [Member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Share capital | $ 5,899 | kr 37,898,000 | $ 3,886 | kr 24,139,000 | $ 3,755 | kr 23,204,000 | $ 2,648 | kr 16,198,000 | ||
Ordinary Shares [Member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Share capital | shares | 37,897,780 | 37,897,780 | 24,139,413 | 24,139,413 | 23,203,808 | 23,203,808 | 16,198,668 | 16,198,668 | ||
Nominal value per share | kr / shares | kr 1 | kr 1 | kr 1 | kr 1 | ||||||
Share capital | kr | kr 37,897,780 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Contractual obligations | ||
Contractual commitments | $ 1,522 | $ 1,558 |
Less than one year | ||
Contractual obligations | ||
Contractual commitments | 706 | 598 |
1-2 years | ||
Contractual obligations | ||
Contractual commitments | 322 | 56 |
2-5 years | ||
Contractual obligations | ||
Contractual commitments | 494 | 904 |
Purchase obligations | ||
Contractual obligations | ||
Contractual commitments | 1,522 | 1,558 |
Purchase obligations | Less than one year | ||
Contractual obligations | ||
Contractual commitments | 706 | 598 |
Purchase obligations | 1-2 years | ||
Contractual obligations | ||
Contractual commitments | 322 | 56 |
Purchase obligations | 2-5 years | ||
Contractual obligations | ||
Contractual commitments | 494 | 904 |
Purchase obligations | CRO's | ||
Contractual obligations | ||
Contractual commitments | $ 500 | $ 800 |
Provisions (Details)
Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Provisions | ||
Carrying amount at January 1 | $ 144 | $ 153 |
Currency adjustment | 5 | (9) |
Carrying amount at December 31 | $ 149 | $ 144 |
Fees to auditors (Details)
Fees to auditors (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fees to auditors | ||
Audit fees | $ 309 | $ 172 |
Audit related fees | 94 | 50 |
Other fees | 57 | 156 |
Total fees | $ 460 | $ 378 |
Intangible Assets (Details)
Intangible Assets (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Licences | |
Intangible Assets | |
Wrote-off | $ 0.1 |
Events After the Reporting Pe_2
Events After the Reporting Period (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||||
Feb. 29, 2024 USD ($) $ / shares shares | Jan. 25, 2024 USD ($) $ / shares shares | Dec. 18, 2023 USD ($) shares | Feb. 17, 2022 kr / shares shares | Feb. 29, 2024 $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Feb. 29, 2024 kr / shares | Jan. 25, 2024 kr / shares shares | Dec. 31, 2023 kr / shares shares | Dec. 18, 2023 kr / shares | Dec. 31, 2022 kr / shares shares | Aug. 31, 2022 kr / shares | Dec. 31, 2021 shares | Jan. 04, 2021 kr / shares | Dec. 31, 2020 shares | |
Events After the Reporting Period | |||||||||||||||
Number of warrants to be granted | 351,036 | ||||||||||||||
IFRS Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 | kr / shares | kr 1 | ||||||||||||||
2023 SPA Investor Warrants | |||||||||||||||
Events After the Reporting Period | |||||||||||||||
Shares sold (in shares) | 9,726,898 | ||||||||||||||
IFRS warrants and rights outstanding, term | 3 years | ||||||||||||||
Gross proceeds from exercise of warrants | $ | $ 6.8 | ||||||||||||||
Ordinary shares par value | kr / shares | kr 1 | ||||||||||||||
Ordinary Shares [Member] | |||||||||||||||
Events After the Reporting Period | |||||||||||||||
Number of shares issued | 37,897,780 | 24,139,413 | 23,203,808 | 16,198,668 | |||||||||||
Ordinary shares par value | kr / shares | kr 1 | kr 1 | kr 1 | kr 1 | |||||||||||
Ordinary Shares [Member] | 2023 SPA Investor Warrants | |||||||||||||||
Events After the Reporting Period | |||||||||||||||
Number of warrants to be granted | 9,726,898 | ||||||||||||||
Gross proceeds from exercise of warrants | $ | $ 2.6 | ||||||||||||||
Exercise Price Per Warrant | $ / shares | $ 0.71 | ||||||||||||||
February 2024 Offering | |||||||||||||||
Events After the Reporting Period | |||||||||||||||
Shares sold (in shares) | 29,925,000 | ||||||||||||||
IFRS warrants and rights outstanding, term | 5 years | ||||||||||||||
Gross proceeds from exercise of warrants | $ | $ 12.7 | ||||||||||||||
IFRS Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 | $ / shares | $ 4 | $ 4 | |||||||||||||
February 2024 Offering | 2023 SPA Investor Warrants | |||||||||||||||
Events After the Reporting Period | |||||||||||||||
IFRS warrants and rights outstanding, term | 5 years | ||||||||||||||
February 2024 Offering | Prefunded warrants | |||||||||||||||
Events After the Reporting Period | |||||||||||||||
Number of warrants to be granted | 2,992,500 | ||||||||||||||
IFRS Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 | $ / shares | $ 4 | $ 4 | |||||||||||||
February 2024 Offering | ADS | |||||||||||||||
Events After the Reporting Period | |||||||||||||||
Number of warrants to be granted | 757,500 | ||||||||||||||
Number Of ADS Offered | 757,500 | ||||||||||||||
February 2024 Offering | ADS | 2023 SPA Investor Warrants | |||||||||||||||
Events After the Reporting Period | |||||||||||||||
Share purchase price | $ / shares | $ 4 | ||||||||||||||
Exercise Price Per Warrant | $ / shares | $ 4 | ||||||||||||||
February 2024 Offering | Ordinary Shares [Member] | |||||||||||||||
Events After the Reporting Period | |||||||||||||||
Shares sold (in shares) | 7,575,000 | ||||||||||||||
Number of warrants to be granted | 7,575,000 | ||||||||||||||
Ordinary shares par value | kr / shares | kr 1 | ||||||||||||||
Jones Trading Share Issuance | Ordinary Shares [Member] | |||||||||||||||
Events After the Reporting Period | |||||||||||||||
Number of shares issued | 2,633,550 | 2,633,550 | |||||||||||||
Proceeds from issue of shares | $ | $ 2.5 | ||||||||||||||
Aggregate share capital | 2,633,550 | 2,633,550 | |||||||||||||
Ordinary shares par value | (per share) | $ 97.56 | kr 1 |