Evaxion Biotech A/S (EVAX) 6-K 14 Aug 24 2024 Q2 Current report (foreign) Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2024
Document Information [Line Items]
Entity Central Index Key	0001828253
Entity Registrant Name	Evaxion Biotech A/S
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Document Type	6-K
Document Period End Date	Jun. 30, 2024
Entity File Number	001-39950
Entity Address, Address Line One	Dr. Neergaards Vej 5f
Entity Address, Postal Zip Code	DK-2970
Entity Address, City or Town	Hoersholm
Entity Address, Country	DK

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Interim Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement Line Items [Line Items]
Revenue	$ 154	$ 0	$ 205	$ 0
Research and development	(2,752)	(2,936)	(5,588)	(6,788)
General and administrative	(1,983)	(2,741)	(3,594)	(5,283)
Operating loss	(4,581)	(5,677)	(8,977)	(12,071)
Finance income	220	47	5,838	332
Finance expenses	(2,036)	(278)	(2,282)	(604)
Net loss before tax	(6,397)	(5,908)	(5,421)	(12,343)
Income tax benefit	199	225	417	419
Net loss for the period	(6,198)	(5,683)	(5,004)	(11,924)
Net loss attributable to shareholders of Evaxion Biotech A/S	(6,198)	(5,683)	(5,004)	(11,924)
Other comprehensive income that may be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations	24	(9)	9	(53)
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods:
Exchange differences on currency translation to presentation currency	4	8	101	86
Other comprehensive income/(loss) for the period, net of tax	28	(1)	110	33
Total comprehensive loss	(6,170)	(5,684)	(4,894)	(11,891)
Total comprehensive loss attributable to shareholders of Evaxion Biotech A/S	$ (6,170)	$ (5,684)	$ (4,894)	$ (11,891)
Loss per share – basic and diluted (in dollars per share)	$ (0.12)	$ (0.21)	$ (0.1)	$ (0.46)

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Interim Statements of Financial Position - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Non-current assets
Property and equipment, net	$ 3,903	$ 4,343
Government grants receivable	71	29
Tax receivables, non-current	392	0
Leasehold deposits, non-current	165	167
Total non-current assets	4,531	4,539
Current assets
Prepayments and other receivables	1,917	1,952
Tax receivables, current	790	815
Cash and cash equivalents	7,993	5,583
Total current assets	10,700	8,350
TOTAL ASSETS	15,231	12,889
EQUITY (DEFICIT) AND LIABILITIES
Share capital	8,244	5,899
Other reserves	105,983	97,342
Accumulated deficit	(112,974)	(107,970)
Total equity (deficit)	1,253	(4,729)
Non-current liabilities
Lease liabilities, non-current	1,750	1,896
Total Borrowings, non-current portion	8,262	8,489
Provisions	145	149
Total non-current liabilities	10,157	10,534
Current liabilities
Lease liabilities, current	319	326
Warrant liability	48	190
Derivative liability	0	2,714
Borrowings, current	158	159
Trade payables	2,558	2,689
Other payables	738	1,006
Total current liabilities	3,821	7,084
Total liabilities	13,978	17,618
TOTAL EQUITY AND LIABILITIES	$ 15,231	$ 12,889

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Interim Statements of Changes in Equity (Deficit) - USD ($) $ in Thousands	Issued capital [member]	Share premium [member]	Reserve of share-based payments [member]	Reserve of exchange differences on translation [member]	Retained earnings [member]	Total
Share capital at Dec. 31, 2021	$ 3,886	$ 80,727	$ 13,186	$ (3,651)	$ (85,845)	$ 8,303
Statement Line Items [Line Items]
Net loss for the period	0	0	0	0	(11,924)	(11,924)
Other comprehensive income	0	0	0	33	0	33
Share-based compensation	0	0	326	0		326
Capital increase, share capital	504	5,469	0	0	0	5,973
Transaction costs	0	(176)	0	0	0	(176)
Share capital at Mar. 31, 2022	4,390	86,020	13,512	(3,618)	(97,769)	2,535
Share capital at Dec. 31, 2023	5,899	87,450	13,665	(3,773)	(107,970)	(4,729)
Statement Line Items [Line Items]
Net loss for the period	0	0	0	0	(5,004)	(5,004)
Other comprehensive income	0	0	0	110	0	110
Share-based compensation	0	0	101	0	0	101
Capital increase, share capital	2,345	11,837	0	0	0	14,182
Non-cash effect from issue of investor warrants classified as derivative liability	0	(1,097)	0	0	0	(1,097)
Transaction costs	0	(2,310)	0	0	0	(2,310)
Share capital at Jun. 30, 2024	$ 8,244	$ 95,880	$ 13,766	$ (3,663)	$ (112,974)	$ 1,253

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Interim Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net loss for the period	$ (5,004)	$ (11,924)
Adjustments for non-cash items	(3,427)	717
Interest received	95	98
Interest paid	(29)	(34)
Cash flow from operating activities before changes in working capital	(8,365)	(11,143)
Changes in net working capital	(620)	(151)
Net cash used in operating activities	(8,985)	(11,294)
Investing activities:
Purchase of property and equipment	0	(23)
Payment of non-current financial assets – leasehold deposits	(3)	(6)
Net cash used in investing activities	(3)	(29)
Financing activities:
Proceeds from issuance of shares and exercise of warrants	14,182	5,973
Transaction costs	(2,310)	(176)
Repayment of borrowings	(313)	(297)
Leasing installments	(165)	(163)
Net cash provided by financing activities	11,394	5,337
Net increase/ (decrease) in cash and cash equivalents	2,406	(5,986)
Cash and cash equivalents at January 1	5,583	13,184
Exchange rate adjustments on cash and cash equivalents	4	(80)
Cash and cash equivalents at June 30	7,993	7,118
Supplemental disclosure of cash flow information
Acquisition of property and equipment through loan from lessor	$ 0	$ 65

Note 1 - General Company Inform

Note 1 - General Company Information	6 Months Ended
	Jun. 30, 2024
Statement Line Items [Line Items]
Description of nature of entity's operations and principal activities [text block]	Note 1. Evaxion Biotech A/S is a pioneering clinical stage TechBio company based upon its the Artificial Intelligence (AI) platform: AI-Immunology™. The AI-Immunology™ platform consists of multiple proprietary and scalable AI prediction models harnessing the power of data, machine learning and artificial intelligence to decode the human immune system. This enables the development of novel vaccines for treatment of various cancers as well as bacterial and viral infections. We believe we are the first Evaxion is a public limited liability company incorporated and domiciled in Denmark with its registered office located at Dr. Neergaards Vej 5f, 2970 The unaudited condensed consolidated interim financial statements of Evaxion Biotech A/S and its subsidiaries (collectively, the “Group”) for the three six June 30, 2024 2023, August 13, 2024.

Note 2 - Liquidity and Going Co

Note 2 - Liquidity and Going Concern Assessment	6 Months Ended
	Jun. 30, 2024
Statement Line Items [Line Items]
Disclosure of liquidity risk [text block]	Note 2. 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, there is significant doubt about the Company’s ability to continue as a going concern through one 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 March 2023, February 2024, February 2025. For 2024, 2024 2025, no not not 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, not 1 36 428,572 On July 7, 2022, one 9.99% not On October 3, 2022, 1 2 may ten may may On July 31, 2023, 1 may 36 not may, June 30, 2024, not not On December 18, 2023, “2023 “2023 1 “2023 2023 three 2023 In February 2024, 1 “February 2024 five five six June 30, 2024,

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Statement Line Items [Line Items]
Disclosure of material accounting policy information [text block]	Note 3. Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, December 31, 2023 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 unaudited condensed consolidated interim financial statements are disclosed in Note 4. The accounting policies applied are consistent with the accounting policies as outlined in the basis of presentation section included in Note 3 December 31, 2023. New and Amended Standards and Interpretations On January 1, 2024 69 76 1 twelve not June 30, 2024. There are no six June 30, 2024 Standards issued but not There were a number of standards and interpretations which were issued but were not June 30, 2024 not ● 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

Note 4 - Significant Accounting

Note 4 - Significant Accounting Judgements, Estimates, and Assumptions	6 Months Ended
	Jun. 30, 2024
Statement Line Items [Line Items]
Disclosure of accounting judgements and estimates [text block]	Note 4. In the application of its accounting policies, the Company is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not may 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 unaudited condensed consolidated interim financial statements do not December 31, 2023. Significant accounting estimates made in the process of applying our accounting policies and that have the most significant effect on the amounts recognized in our unaudited condensed consolidated financial statements relate to going concern, liability-classified warrants and share-based compensation. See Note 2 6 8 There have been no

Note 5 - Revenue

Note 5 - Revenue	6 Months Ended
	Jun. 30, 2024
Statement Line Items [Line Items]
Disclosure of revenue [text block]	Note 5. In September 2023, three six June 30, 2024, During the three six June 30, 2024, no six June 30, 2024.

Note 6 - Financial Instruments

Note 6 - Financial Instruments and Risk Management	6 Months Ended
	Jun. 30, 2024
Statement Line Items [Line Items]
Disclosure of detailed information about financial instruments [text block]	Note 6. 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 unaudited condensed consolidated financial statements the Company, with its current strategic plans, anticipates that the current cash position and the cash requirements per the 2024 March 2025 February 2024 February 2025. no February 2025. 2 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. 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 not 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. This exposure is known as transaction exposure. Any reasonable or likely movements in foreign exchange rates would not Credit risk Credit risk is the risk that a counterparty will not not no 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, licensing 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 unaudited condensed consolidated financial statements of financial position are grouped into three 1. Level 1 – quoted 2. Level 2 – inputs 1 3. Level 3 – inputs not The following table summarizes the Company’s financial liabilities, and the category using the fair value hierarchy. Note, the Company did not June 30, 2024 December 31, 2023. June 30, 2024 Level 1 Level 2 Level 3 (USD in thousands) Financial liabilities measured at fair value EIB Warrants $ 48 $ — $ — Total financial liabilities measured at fair value through profit or loss by level $ 48 $ — $ — Financial liabilities measured at amortized cost EIB Loan $ — $ — $ 8,363 Loan from lessor — — 914 Total financial liabilities measured at amortized cost by level $ — $ — $ 9,277 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 2023 On June 21, 2024, 2023 no 32. 2023 December 31, 2023, 2023 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 — Prior to the amendment, the 2023 June 30, 2024, 2024 As part of the February 2024 two 32, not 2024 As announced on May 23, 2024, June 21, 2024, 2023 2024 2023 2024 27.52, no 32. The following table sets forth the changes to the Company’s derivative liability related to the 2023 2024 Total Derivative Liability 2023 SPA Warrants 2024 Investor Warrants (USD in thousands) Carrying amount at January 1, 2024 $ 2,714 $ 2,714 $ — Initial recognition of derivative liability 8,585 — 8,585 Remeasurement of derivative liability (3,925 ) (2,156 ) (1,769 ) Reclassification of derivative liability (7,374 ) (558 ) (6,816 ) Carrying amount at June 30, 2024 $ — $ — $ — The initial recognition and the reclassification are offset against other reserves. The net amount from derivative liabilities recorded as a non-cash adjustment to share premium amounts to $1.1 million and constitutes the difference between initial recognition $8.6 million, the balance at the time of the reclassification $7.4 million and amortization of deferred day- one EIB Warrants The Company received the proceeds from the draw of the first February 17, 2022. 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 no The following table sets forth the changes to the Company’s EIB Warrants liability: Warrant Liability (USD in thousands) Carrying amount at January 1, 2024 $ 190 Remeasurement of warrant liability (138 ) Foreign currency translation (4 ) Carrying amount at June 30, 2024 $ 48 Warrant Liability (USD in thousands) Carrying amount at January 1, 2023 $ 573 Remeasurement of warrant liability (177 ) Foreign currency translation 6 Carrying amount at June 30, 2023 $ 402

Note 7 - Borrowings

Note 7 - Borrowings	6 Months Ended
	Jun. 30, 2024
Statement Line Items [Line Items]
Disclosure of borrowings [text block]	Note 7. Loan from Lessor In October 2020, As a result of the structure of the DTU financing this amount is not EIB Loan In August 2020, a €7.0 February 17, 2022. six Borrowings are summarized as follows (in thousands): June 30, December 31, 2024 2023 Loan from lessor $ 913 $ 1,022 EIB Loan 7,507 7,626 Total Borrowings 8,420 8,648 Less: Borrowings, current portion (158 ) (159 ) Total Borrowings, non-current portion $ 8,262 $ 8,489

Note 8 - Share-based Payments

Note 8 - Share-based Payments	6 Months Ended
	Jun. 30, 2024
Statement Line Items [Line Items]
Disclosure of share-based payment arrangements [text block]	Note 8. Warrant Program and Amendments 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 February 2021 ( 2020 2020 second 2021. 2019 December 31, 2036. 2020 December 31, 2031. June 30, 2024 2023, The following schedule specifies the granted warrants: Weighted Average Number of Exercise Warrants Price/Share Warrants granted as at December 31, 2023 2,738,473 USD 1.41 (1) Warrants granted 538,460 USD 0.40 Warrants forfeited (84,559 ) USD 2.75 Warrants granted as at June 30, 2024 (3) 3,192,374 USD 1.20 (2) Warrants exercisable as at June 30, 2024 2,258,206 USD 1.02 (2) Weighted Average Number of Exercise warrants Price/Share Warrants granted as at December 31, 2022 2,743,093 USD 1.50 (1) Warrants exercised (340,679 ) USD 1.56 Warrants granted 10,000 USD 1.94 Warrants forfeited (25,478 ) USD 3.05 Warrants granted as at June 30, 2023 (3) 2,386,936 USD 1.51 (2) Warrants exercisable as at June 30, 2023 1,823,807 USD 1.02 (2) ( 1 December 31, 2023 2022 ( 2 June 30, 2024 2023 ( 3 Number of warrants exclude EIB Warrants, SPA 2023 2024 6. On May 1, 2024, 1/36 May 1, 2024 1/12 12 May 1, 2024. Employees received 296,792 warrants as a recognition of strong team efforts. The warrants were granted on May 1, 2024 1/36 May 1, 2024. three six June 30, 2024, three six June 30, 2023, Subsequent to the Company’s IPO in 2021, not may may not The following assumptions have been applied for the warrants issued during the six June 30, 2024 2023, Six Months Ended June 30, 2024 2023 Expected term (in years) 5.0 –7.0 5.0 –7.0 Risk-free interest rate 4.71% –4.72 % 3.97% –4.13 % Expected volatility 85 % 85 % Share price $ 0.42 1.211 -1.5353

Note 9 - Financial Income and E

Note 9 - Financial Income and Expenses	6 Months Ended
	Jun. 30, 2024
Statement Line Items [Line Items]
Disclosure of finance income (cost) [text block]	Note 9. Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Financial income: Interest income, bank $ 41 $ 47 $ 95 $ 98 Foreign exchange gains 131 — 203 234 Remeasurement of warrant obligation 48 — 172 — Change in fair value of derivative liability — — 5,368 — Total financial income 220 47 5,838 332 Financial expenses: Interest expenses (185 ) (177 ) (374 ) (355 ) Interest expenses, lease liabilities (40 ) (44 ) (81 ) (87 ) Remeasurement of warrant obligation (34 ) (57 ) (34 ) (57 ) Change in fair value of derivative liability (1,654 ) — (1,654 ) — Foreign exchange losses (123 ) — (139 ) (105 ) Total financial expenses (2,036 ) (278 ) (2,282 ) (604 ) Net financial items $ (1,816 ) $ (231 ) $ 3,556 $ (272 )

Note 10 - Capital Structure and

Note 10 - Capital Structure and Financial Matters	6 Months Ended
	Jun. 30, 2024
Statement Line Items [Line Items]
Disclosure of share capital, reserves and other equity interest [text block]	Note 10. Share Capital – Ordinary Shares The following are changes in the Company’s share capital for the period ended June 30, 2024: Number of Ordinary Shares Share Capital (DKK in thousands) Share capital, December 31, 2023 37,897,780 37,898 Exercised warrants, January 3, 2024 9,216 9 Capital increase at January 26, 2024 (JonesTrading sales agreement) 2,633,550 2,634 Capital increase at February 1, 2024 (February 2024 Offering) 4,450,000 4,450 Capital increase at February 5, 2024 (February 2024 Offering) 3,125,000 3,125 Exercised warrants, February 5, 2024 1,975,000 1,975 Exercised warrants, February 21, 2024 2,060,000 2,060 Exercised warrants, April 15, 2024 1,960,000 1,960 Share capital, June 30, 2024 54,110,546 54,111 JonesTrading Sales Agreement During the period between January 1, 2024 June 30, 2024 1 one October 3, 2022. February 2024 In February 2024, 1 five five six June 30, 2024,

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Statement Line Items [Line Items]
Disclosure of commitments and contingent liabilities [text block]	Note 11. Legal Proceedings On April 28, 2022, April 21, 2022, PCT/EP2020/050058 EP3906045 CAF®09b, The patent application for the Invention relates solely to the use of the adjuvant CAF®09b 01 not 01 In its filing, SSI’s primary claim is that the Invention disclosed in the patent application was not On June 27, 2024, Further on June 27, 2024, CAF®09b November 30, 2020. CAF®09b

Note 12 - Events After the Repo

Note 12 - Events After the Reporting Period	6 Months Ended
	Jun. 30, 2024
Statement Line Items [Line Items]
Disclosure of non-adjusting events after reporting period [text block]	Note 12. No

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Discloure of Significant Accounting Policies
Disclosure of basis of preparation of financial statements [text block]	Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, December 31, 2023 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 unaudited condensed consolidated interim financial statements are disclosed in Note 4. The accounting policies applied are consistent with the accounting policies as outlined in the basis of presentation section included in Note 3 December 31, 2023.
Disclosure of expected impact of initial application of new standards or interpretations [text block]	New and Amended Standards and Interpretations On January 1, 2024 69 76 1 twelve not June 30, 2024. There are no six June 30, 2024 Standards issued but not There were a number of standards and interpretations which were issued but were not June 30, 2024 not ● 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

Note 6 - Financial Instrument_2

Note 6 - Financial Instruments and Risk Management (Tables)	6 Months Ended
	Jun. 30, 2024
Statement Line Items [Line Items]
Disclosure of fair value measurement of liabilities [text block]	June 30, 2024 Level 1 Level 2 Level 3 (USD in thousands) Financial liabilities measured at fair value EIB Warrants $ 48 $ — $ — Total financial liabilities measured at fair value through profit or loss by level $ 48 $ — $ — Financial liabilities measured at amortized cost EIB Loan $ — $ — $ 8,363 Loan from lessor — — 914 Total financial liabilities measured at amortized cost by level $ — $ — $ 9,277 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
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [text block]	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 —
Disclosure of financial liabilities [text block]	Total Derivative Liability 2023 SPA Warrants 2024 Investor Warrants (USD in thousands) Carrying amount at January 1, 2024 $ 2,714 $ 2,714 $ — Initial recognition of derivative liability 8,585 — 8,585 Remeasurement of derivative liability (3,925 ) (2,156 ) (1,769 ) Reclassification of derivative liability (7,374 ) (558 ) (6,816 ) Carrying amount at June 30, 2024 $ — $ — $ — Warrant Liability (USD in thousands) Carrying amount at January 1, 2024 $ 190 Remeasurement of warrant liability (138 ) Foreign currency translation (4 ) Carrying amount at June 30, 2024 $ 48 Warrant Liability (USD in thousands) Carrying amount at January 1, 2023 $ 573 Remeasurement of warrant liability (177 ) Foreign currency translation 6 Carrying amount at June 30, 2023 $ 402

Note 7 - Borrowings (Tables)

Note 7 - Borrowings (Tables)	6 Months Ended
	Jun. 30, 2024
Statement Line Items [Line Items]
Disclosure of detailed information about borrowings [text block]	June 30, December 31, 2024 2023 Loan from lessor $ 913 $ 1,022 EIB Loan 7,507 7,626 Total Borrowings 8,420 8,648 Less: Borrowings, current portion (158 ) (159 ) Total Borrowings, non-current portion $ 8,262 $ 8,489

Note 8 - Share-based Payments (

Note 8 - Share-based Payments (Tables)	6 Months Ended
	Jun. 30, 2024
Statement Line Items [Line Items]
Disclosure of number and weighted average exercise prices of other equity instruments [text block]	Weighted Average Number of Exercise Warrants Price/Share Warrants granted as at December 31, 2023 2,738,473 USD 1.41 (1) Warrants granted 538,460 USD 0.40 Warrants forfeited (84,559 ) USD 2.75 Warrants granted as at June 30, 2024 (3) 3,192,374 USD 1.20 (2) Warrants exercisable as at June 30, 2024 2,258,206 USD 1.02 (2) Weighted Average Number of Exercise warrants Price/Share Warrants granted as at December 31, 2022 2,743,093 USD 1.50 (1) Warrants exercised (340,679 ) USD 1.56 Warrants granted 10,000 USD 1.94 Warrants forfeited (25,478 ) USD 3.05 Warrants granted as at June 30, 2023 (3) 2,386,936 USD 1.51 (2) Warrants exercisable as at June 30, 2023 1,823,807 USD 1.02 (2)
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block]	Six Months Ended June 30, 2024 2023 Expected term (in years) 5.0 –7.0 5.0 –7.0 Risk-free interest rate 4.71% –4.72 % 3.97% –4.13 % Expected volatility 85 % 85 % Share price $ 0.42 1.211 -1.5353

Note 9 - Financial Income and_2

Note 9 - Financial Income and Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
Statement Line Items [Line Items]
Financial income and expenses [text block]	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Financial income: Interest income, bank $ 41 $ 47 $ 95 $ 98 Foreign exchange gains 131 — 203 234 Remeasurement of warrant obligation 48 — 172 — Change in fair value of derivative liability — — 5,368 — Total financial income 220 47 5,838 332 Financial expenses: Interest expenses (185 ) (177 ) (374 ) (355 ) Interest expenses, lease liabilities (40 ) (44 ) (81 ) (87 ) Remeasurement of warrant obligation (34 ) (57 ) (34 ) (57 ) Change in fair value of derivative liability (1,654 ) — (1,654 ) — Foreign exchange losses (123 ) — (139 ) (105 ) Total financial expenses (2,036 ) (278 ) (2,282 ) (604 ) Net financial items $ (1,816 ) $ (231 ) $ 3,556 $ (272 )

Note 10 - Capital Structure a_2

Note 10 - Capital Structure and Financial Matters (Tables)	6 Months Ended
	Jun. 30, 2024
Statement Line Items [Line Items]
Disclosure of classes of share capital [text block]	Number of Ordinary Shares Share Capital (DKK in thousands) Share capital, December 31, 2023 37,897,780 37,898 Exercised warrants, January 3, 2024 9,216 9 Capital increase at January 26, 2024 (JonesTrading sales agreement) 2,633,550 2,634 Capital increase at February 1, 2024 (February 2024 Offering) 4,450,000 4,450 Capital increase at February 5, 2024 (February 2024 Offering) 3,125,000 3,125 Exercised warrants, February 5, 2024 1,975,000 1,975 Exercised warrants, February 21, 2024 2,060,000 2,060 Exercised warrants, April 15, 2024 1,960,000 1,960 Share capital, June 30, 2024 54,110,546 54,111

Note 2 - Liquidity and Going _2

Note 2 - Liquidity and Going Concern Assessment (Details Textual) kr / shares in Units, $ / shares in Units, kr in Thousands, $ in Thousands

1 Months Ended

2 Months Ended

3 Months Ended

6 Months Ended

Feb. 05, 2024 DKK (kr) shares

Feb. 01, 2024 DKK (kr) shares

Jan. 26, 2024 DKK (kr) shares

Dec. 18, 2023 USD ($) $ / shares shares

Jun. 07, 2022 USD ($)

Feb. 29, 2024 $ / shares shares

Feb. 29, 2024 USD ($) $ / shares shares

Mar. 31, 2022 USD ($)

Jun. 30, 2024 USD ($) shares

Jun. 21, 2024 kr / shares

Jun. 20, 2024 $ / shares

May 23, 2024 kr / shares

May 22, 2024 $ / shares

Jul. 31, 2023 USD ($)

Oct. 03, 2022 USD ($)

Jul. 07, 2022 shares

Statement Line Items [Line Items]

Issue of equity | $

$ 5,973

$ 14,182

The 2023 SPA investors [member]

Statement Line Items [Line Items]

Proceeds from issuing shares and warrants | $

$ 5,300

Potential proceeds from issuing shares and warrants in the event of cash exercise | $

$ 6,800

Ordinary shares [member]

Statement Line Items [Line Items]

Issue of equity | kr

kr 3,125

kr 4,450

kr 2,634

Increase (decrease) in number of shares outstanding (in shares)

3,125,000

4,450,000

2,633,550

Ordinary shares [member] | The 2023 SPA investors [member]

Statement Line Items [Line Items]

Increase (decrease) in number of shares outstanding (in shares)

9,726,898

The 2023 SPA investor warrants [member]

Statement Line Items [Line Items]

Class of warrant, exercise price of warrants (in dollars per share) | (per share)

kr 4.799

$ 0.707

Class of warrants exercise price of warrants per ADS (in dollars per share) | (per share)

kr 47.99

$ 7.07

The 2023 SPA investor warrants [member] | The 2023 SPA investors [member]

Statement Line Items [Line Items]

Class of warrants exercisable for shares (in shares)

9,726,898

Class of warrants, offering price per warrant (in dollars per share) | $ / shares

$ 0.54

Class of warrant, exercise price of warrants (in dollars per share) | $ / shares

$ 0.71

The 2024 investor warrants [member]

Statement Line Items [Line Items]

Class of warrants exercise price of warrants per ADS (in dollars per share) | (per share)

kr 27.52

$ 4

Lincoln Park agreement [member]

Statement Line Items [Line Items]

Purchase agreement, maximum aggregate amount | $

$ 40,000

Issue of equity | $

$ 1,200

Number of shares authorised (in shares)

4,649,250

Lincoln Park agreement [member] | Commitment shares [member]

Statement Line Items [Line Items]

Number of shares authorised (in shares)

428,572

Lincoln Park agreement [member] | Ordinary shares [member]

Statement Line Items [Line Items]

Number of shares authorised (in shares)

4,220,678

At the market agreement [member]

Statement Line Items [Line Items]

Purchase agreement, maximum aggregate amount | $

$ 14,400

Purchase agreement, commission percentage

3%

Global Growth Holding Limited [member]

Statement Line Items [Line Items]

Purchase agreement, maximum aggregate amount | $

$ 20,000

Purchase agreement, maximum required single purchase amount | $

700

Purchase agreement, commitment fee | $

$ 1,100

February 2024 offering [member]

Statement Line Items [Line Items]

Proceeds from issuing shares and warrants | $

$ 8,400

February 2024 offering [member] | Ordinary shares [member]

Statement Line Items [Line Items]

Increase (decrease) in number of shares outstanding (in shares)

7,575,000

7,575,000

February 2024 offering [member] | American depository share [member]

Statement Line Items [Line Items]

Increase (decrease) in number of shares outstanding (in shares)

757,500

757,500

February 2024 offering [member] | The 2024 investor warrants [member]

Statement Line Items [Line Items]

Class of warrants exercisable for shares (in shares)

7,575,000

7,575,000

Class of warrants, offering price per warrant (in dollars per share) | $ / shares

$ 4

$ 4

Class of warrants exercisable for ADS (in shares)

757,500

757,500

Class of warrants exercise price of warrants per ADS (in dollars per share) | $ / shares

$ 27.52

$ 27.52

Class of prefunded warrants exercisable for ADS (in shares)

2,992,500

2,992,500

Class of prefunded warrants exercisable for shares (in shares)

29,925,000

29,925,000

Class of prefunded warrants, offering price per warrant (in dollars per share) | $ / shares

$ 4

$ 4

Class of prefunded warrant, exercise price of warrants per ADS (in dollars per share) | $ / shares

$ 1.4537

$ 1.4537

Class of prefunded warrants to purchase ADS, exercises (in shares)

599,500

Proceeds from issuance of prefunded warrants | $

$ 900

Note 5 - Revenue (Details Textu

Note 5 - Revenue (Details Textual) - MSD [member] $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Statement Line Items [Line Items]
Revenue from contracts with customers	$ 0.2	$ 0.2
Future revenue from contract with customers potentially eligible to earn	$ 0.2	$ 0.2
DENMARK
Statement Line Items [Line Items]
Percentage of entity's revenue	100%	100%

Note 6 - Financial Instrument_3

Note 6 - Financial Instruments and Risk Management (Details Textual) $ / shares in Units, $ in Millions		6 Months Ended
	Feb. 17, 2022 kr / shares	Jun. 30, 2024 USD ($)	Jun. 21, 2024 kr / shares	Jun. 20, 2024 $ / shares	May 23, 2024 kr / shares	May 22, 2024 $ / shares
EIB warrants [member]
Statement Line Items [Line Items]
Number of other equity instruments granted in share-based payment arrangement	351,036
Weighted average exercise price of other equity instruments granted in share-based payment arrangement (in DKK per share) | kr / shares	kr 1
The 2023 SPA investor warrants [member]
Statement Line Items [Line Items]
Class of warrant, exercise price of warrants (in dollars per share) | (per share)			kr 4.799	$ 0.707
Class of warrants exercise price of warrants per ADS (in dollars per share) | (per share)			kr 47.99	$ 7.07
The 2024 investor warrants [member]
Statement Line Items [Line Items]
Class of warrants exercise price of warrants per ADS (in dollars per share) | (per share)					kr 27.52	$ 4
Warrant liabilities [member]
Statement Line Items [Line Items]
Adjustments for increase (decrease) in derivative financial liabilities		$ 1.1
Issues, fair value measurement, liabilities		8.6
Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, liabilities		(7.4)
Gains (losses) on financial liabilities at amortised cost		$ (0.2)

Note 6 - Financial Instrument_4

Note 6 - Financial Instruments and Risk Management - Disclosure of Fair Value Measurements of Liabilities (Details) - Recurring fair value measurement [member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Level 1 of fair value hierarchy [member]
Statement Line Items [Line Items]
Financial liabilities, fair value	$ 48	$ 190
Financial liabilities, amortized cost	0	0
Level 1 of fair value hierarchy [member] | EIB warrants [member]
Statement Line Items [Line Items]
Financial liabilities, fair value	48	190
Level 1 of fair value hierarchy [member] | The 2023 SPA investor warrants [member]
Statement Line Items [Line Items]
Financial liabilities, fair value		0
Level 1 of fair value hierarchy [member] | EIB loan [member]
Statement Line Items [Line Items]
Financial liabilities, amortized cost	0	0
Level 1 of fair value hierarchy [member] | Loan from lessor [member]
Statement Line Items [Line Items]
Financial liabilities, amortized cost	0	0
Level 2 of fair value hierarchy [member]
Statement Line Items [Line Items]
Financial liabilities, fair value	0	0
Financial liabilities, amortized cost	0	0
Level 2 of fair value hierarchy [member] | EIB warrants [member]
Statement Line Items [Line Items]
Financial liabilities, fair value	0	0
Level 2 of fair value hierarchy [member] | The 2023 SPA investor warrants [member]
Statement Line Items [Line Items]
Financial liabilities, fair value		0
Level 2 of fair value hierarchy [member] | EIB loan [member]
Statement Line Items [Line Items]
Financial liabilities, amortized cost	0	0
Level 2 of fair value hierarchy [member] | Loan from lessor [member]
Statement Line Items [Line Items]
Financial liabilities, amortized cost	0	0
Level 3 of fair value hierarchy [member]
Statement Line Items [Line Items]
Financial liabilities, fair value	0	2,714
Financial liabilities, amortized cost	9,277	9,588
Level 3 of fair value hierarchy [member] | EIB warrants [member]
Statement Line Items [Line Items]
Financial liabilities, fair value	0	0
Level 3 of fair value hierarchy [member] | The 2023 SPA investor warrants [member]
Statement Line Items [Line Items]
Financial liabilities, fair value		2,714
Level 3 of fair value hierarchy [member] | EIB loan [member]
Statement Line Items [Line Items]
Financial liabilities, amortized cost	8,363	8,566
Level 3 of fair value hierarchy [member] | Loan from lessor [member]
Statement Line Items [Line Items]
Financial liabilities, amortized cost	$ 914	$ 1,022

Note 6 - Financial Instrument a

Note 6 - Financial Instrument and Risk Management - Significant Unobservable Inputs (Details) - The 2023 SPA investor warrants [member]	Dec. 31, 2023
Exercise price measurement input [member]
Statement Line Items [Line Items]
Significant unobservable input, liabilities	0.71
Remaining contractual term measurement input [member]
Statement Line Items [Line Items]
Significant unobservable input, liabilities	1.49
Historical volatility for shares, measurement input [member]
Statement Line Items [Line Items]
Significant unobservable input, liabilities	85
Interest rate, measurement input [member]
Statement Line Items [Line Items]
Significant unobservable input, liabilities	4.6

Note 6 - Financial Instrument_5

Note 6 - Financial Instruments and Risk Management - Schedule of Warrant Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	42 Months Ended
	Jun. 30, 2024	Jun. 30, 2026
Statement Line Items [Line Items]
Carrying amount at January 1, 2024	$ 17,618
Carrying amount at June 30, 2024	13,978
Warrant liabilities [member]
Statement Line Items [Line Items]
Carrying amount at January 1, 2024	2,714
Initial recognition of derivative liability	8,585
Remeasurement of derivative liability	(3,925)
Reclassification of derivative liability	(7,374)
Carrying amount at June 30, 2024	0
Remeasurement of warrant liability	(3,925)
Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, liabilities	(7,374)
The 2023 SPA investor warrants [member]
Statement Line Items [Line Items]
Carrying amount at January 1, 2024	2,714
Initial recognition of derivative liability	0
Remeasurement of derivative liability	(2,156)
Reclassification of derivative liability	(558)
Carrying amount at June 30, 2024	0
Remeasurement of warrant liability	(2,156)
Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, liabilities	(558)
The 2024 investor warrants [member]
Statement Line Items [Line Items]
Carrying amount at January 1, 2024	0
Initial recognition of derivative liability	8,585
Remeasurement of derivative liability	(1,769)
Reclassification of derivative liability	(6,816)
Carrying amount at June 30, 2024	0
Remeasurement of warrant liability	(1,769)
Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, liabilities	(6,816)
EIB warrants [member]
Statement Line Items [Line Items]
Carrying amount at January 1, 2024	190	$ 573
Remeasurement of derivative liability	(138)	(177)
Reclassification of derivative liability	(4)	6
Carrying amount at June 30, 2024	48	402
Remeasurement of warrant liability	(138)	(177)
Gains (losses) recognised in other comprehensive income including exchange differences, fair value measurement, liabilities	$ (4)	$ 6

Note 7 - Borrowings (Details Te

Note 7 - Borrowings (Details Textual) $ in Thousands, € in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2020 USD ($) ft²	Dec. 31, 2021 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Aug. 31, 2020 EUR (€)
Statement Line Items [Line Items]
Total borrowings | $			$ 8,420	$ 8,648
Loan from lessor [member]
Statement Line Items [Line Items]
Lease, area (Square Foot) | ft²	1,356
Total borrowings | $	$ 1,300		$ 913	$ 1,022
Borrowings, interest rate	6%
Borrowings, term (Year)	8 years
Loan from lessor [member] | Horsholm, Denmark office space [member]
Statement Line Items [Line Items]
Lease, area (Square Foot) | ft²	839
Loan from lessor [member] | Horsholm, Denmark laboratory space [member]
Statement Line Items [Line Items]
Lease, area (Square Foot) | ft²	518
EIB loan tranche one [member]
Statement Line Items [Line Items]
Notional amount | €					€ 7
Proceeds from borrowings | $		$ 7,800
EIB loan tranche one [member] | Weighted average [member]
Statement Line Items [Line Items]
Borrowings, interest rate		0.78%
EIB loan tranche one [member] | Fixed interest rate [member]
Statement Line Items [Line Items]
Borrowings, interest rate		3%
EIB loan tranche one [member] | Payment in kind interest rate [member]
Statement Line Items [Line Items]
Borrowings, interest rate		4%

Note 7 - Borrowings - Schedule

Note 7 - Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Oct. 31, 2020
Statement Line Items [Line Items]
Total Borrowings	$ 8,420	$ 8,648
Less: Borrowings, current portion	(158)	(159)
Total Borrowings, non-current portion	8,262	8,489
Loan from lessor [member]
Statement Line Items [Line Items]
Total Borrowings	913	1,022	$ 1,300
EIB loan [member]
Statement Line Items [Line Items]
Total Borrowings	$ 7,507	$ 7,626

Note 8 - Share-based Payments_2

Note 8 - Share-based Payments (Details Textual) - Warrants [member] $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	May 01, 2024	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2020
Statement Line Items [Line Items]
Share based compensation, vesting period (Month)				36 months		36 months
Percentage of total equity				5.90%	8.60%
Number of other equity instruments granted in share-based payment arrangement				538,460	10,000
Expense from share-based payment transactions		$ 0.1	$ 0.2	$ 0.2	$ 0.3
Executive management [member]
Statement Line Items [Line Items]
Share based compensation, vesting period (Month)	36 months
Number of other equity instruments granted in share-based payment arrangement	141,668
Board of directors [member]
Statement Line Items [Line Items]
Share based compensation, vesting period (Month)	12 months
Number of other equity instruments granted in share-based payment arrangement	100,000
Employees [member]
Statement Line Items [Line Items]
Number of other equity instruments granted in share-based payment arrangement	296,792

Note 8 - Share-based Compensati

Note 8 - Share-based Compensation - Warrant Activity (Details) - Warrants [member]		6 Months Ended
		Jun. 30, 2024 $ / shares	Jun. 30, 2023 $ / shares
Statement Line Items [Line Items]
Warrants granted as at December 31, 2023		2,738,473	2,743,093
Warrants granted		538,460	10,000
Warrants granted (in dollars per share)		$ 0.4	$ 1.94
Warrants forfeited		(84,559)	(25,478)
Warrants forfeited (in dollars per share)		$ 2.75	$ 3.05
Warrants granted as at June 30, 2024	[1]	3,192,374	2,386,936
Warrants exercisable as at June 30, 2024		2,258,206	1,823,807
Warrants exercised			(340,679)
Warrants exercised (in dollars per share)			$ 1.56
[1]Number of warrants exclude EIB Warrants, SPA 2023 Warrants, and 2024 Investor Warrants referred to in Note 6.

Note 8 - Share-based Compensa_2

Note 8 - Share-based Compensation - Warrant Assumptions (Details) - Warrants [member]	Jun. 30, 2024	Jun. 30, 2023
Historical volatility for shares, measurement input [member]
Statement Line Items [Line Items]
Unobservable input	85	85
Share price [member]
Statement Line Items [Line Items]
Unobservable input	0.42
Minimum [Member] | Expected term [member]
Statement Line Items [Line Items]
Unobservable input	5	5
Minimum [Member] | Risk free interest rate [member]
Statement Line Items [Line Items]
Unobservable input	0.0471	0.0397
Maximum [Member] | Expected term [member]
Statement Line Items [Line Items]
Unobservable input	7	7
Maximum [Member] | Risk free interest rate [member]
Statement Line Items [Line Items]
Unobservable input	0.0472	0.0413
Maximum [Member] | Share price [member]
Statement Line Items [Line Items]
Unobservable input		1.5353

Note 9 - Financial Income and_3

Note 9 - Financial Income and Expenses - Components of Financial Income and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement Line Items [Line Items]
Interest income, bank	$ 41	$ 47	$ 95	$ 98
Foreign exchange gains	131	0	203	234
Change in fair value of derivative liability	0	0	5,368	0
Total financial income	220	47	5,838	332
Interest expenses	(185)	(177)	(374)	(355)
Interest expenses, lease liabilities	(40)	(44)	(81)	(87)
Remeasurement of warrant obligation	(34)	(57)	(34)	(57)
Change in fair value of derivative liability	(1,654)	0	(1,654)	0
Foreign exchange losses	(123)	0	(139)	(105)
Total financial expenses	(2,036)	(278)	(2,282)	(604)
Net financial items	(1,816)	(231)	3,556	(272)
Warrant liabilities [member]
Statement Line Items [Line Items]
Remeasurement of warrant obligation	$ 48	$ 0	$ 172	$ 0

Note 10 - Capital Structure a_3

Note 10 - Capital Structure and Financial Matters (Details Textual) kr / shares in Units, $ / shares in Units, $ in Thousands				1 Months Ended	2 Months Ended	3 Months Ended	6 Months Ended
	Feb. 05, 2024 DKK (kr) shares	Feb. 01, 2024 DKK (kr) shares	Jan. 26, 2024 DKK (kr) shares	Feb. 29, 2024 $ / shares shares	Feb. 29, 2024 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 DKK (kr) shares	May 23, 2024 kr / shares	May 22, 2024 $ / shares
Statement Line Items [Line Items]
Issue of equity | $						$ 5,973	$ 14,182
JonesTrading sales agreement [member]
Statement Line Items [Line Items]
Purchase agreement, remaining number of shares available for issuance | $							5,200
February 2024 offering [member]
Statement Line Items [Line Items]
Proceeds from issuing shares and warrants | $					$ 8,400
Proceeds from issuing prefunded warrants | $							$ 900
Ordinary shares [member]
Statement Line Items [Line Items]
Issue of equity | kr	kr 3,125,000	kr 4,450,000	kr 2,634,000
Increase (decrease) in number of shares outstanding (in shares)	3,125,000	4,450,000	2,633,550
Ordinary shares [member] | JonesTrading sales agreement [member]
Statement Line Items [Line Items]
Increase (decrease) in number of ordinary shares issued (in shares)							2,633,550	2,633,550
Entity Listing, Depository Receipt Ratio							10
Weighted average share price (in dollars per share) | $ / shares							$ 9.75
Issue of equity							$ 2,600	kr 2,633,550
Ordinary shares [member] | February 2024 offering [member]
Statement Line Items [Line Items]
Increase (decrease) in number of shares outstanding (in shares)				7,575,000	7,575,000
American depository share [member] | February 2024 offering [member]
Statement Line Items [Line Items]
Increase (decrease) in number of shares outstanding (in shares)				757,500	757,500
The 2024 investor warrants [member]
Statement Line Items [Line Items]
Class of warrants exercise price of warrants per ADS (in dollars per share) | (per share)									kr 27.52	$ 4
The 2024 investor warrants [member] | February 2024 offering [member]
Statement Line Items [Line Items]
Class of warrants exercisable for ADS (in shares)				757,500	757,500
Class of warrants exercisable for shares (in shares)				7,575,000	7,575,000
Class of warrants, offering price per warrant (in dollars per share) | $ / shares				$ 4	$ 4
Class of warrants exercise price of warrants per ADS (in dollars per share) | $ / shares				$ 27.52	$ 27.52
Class of prefunded warrants exercisable for ADS (in shares)				2,992,500	2,992,500
Class of prefunded warrants exercisable for shares (in shares)				29,925,000	29,925,000
Class of prefunded warrants, offering price per warrant (in dollars per share) | $ / shares				$ 4	$ 4
Class of prefunded warrant, exercise price of warrants per ADS (in dollars per share) | $ / shares				$ 1.4537	$ 1.4537
Prefunded warrants, exercised (in shares)							599,500	599,500

Note 10 - Capital Structure a_4

Note 10 - Capital Structure and Financial Matters - Schedule of Share Capital (Details) kr in Thousands, $ in Thousands								3 Months Ended	6 Months Ended
	Apr. 15, 2024 DKK (kr) shares	Feb. 21, 2024 USD ($) shares	Feb. 05, 2024 USD ($) shares	Feb. 05, 2024 DKK (kr) shares	Feb. 01, 2024 DKK (kr) shares	Jan. 26, 2024 DKK (kr) shares	Jan. 03, 2024 DKK (kr) shares	Mar. 31, 2022 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 DKK (kr) shares
Statement Line Items [Line Items]
Share capital | $								$ 8,303	$ (4,729)
Capital increase, share capital | $								5,973	14,182
Share capital | $								$ 2,535	$ 1,253
Ordinary shares [member]
Statement Line Items [Line Items]
Share capital, shares (in shares)									37,897,780	37,897,780
Share capital | kr										kr 37,898
Exercised warrants (in shares)	1,960,000	2,060,000	1,975,000	1,975,000			9,216
Exercised warrants, share capital	kr 1,960	$ 2,060	$ 1,975				kr 9
Capital increase (in shares)			3,125,000	3,125,000	4,450,000	2,633,550
Capital increase, share capital | kr				kr 3,125	kr 4,450	kr 2,634
Share capital, shares (in shares)									54,110,546	54,110,546
Share capital | kr										kr 54,111