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"Tag213": {
"value": "\n
\n
\n
\n
\n
\n
\n
\n
\nNotes to the Financial Statements
\n\n
\nNote
\n1 \u2013 Corporate information
\nBerGenBio ASA (\u201cthe Company\u201d or \"Parent\") as the Parent
\nCompany and its subsidiary (together \u201cthe Group\u201d) is a
\nclinical-stage biopharmaceutical company developing
\ninnovative drugs for aggressive diseases, including drug
\nresistant and metastatic cancers and respiratory disease.
\nBerGenBio\u2019s lead product, bemcentinib (BGB324), is a
\nselective, potent and orally bio-available small molecule
\nAXL inhibitor and is curently being developed in STK11
\nmutated NSCLC and severe respiratory infections including
\nCOVID-19. It is the most advanced selective AXL inhibitor in
\nclinical development.
\nBerGenBio ASA is a public limited liability company
\nincorporated and domiciled in Norway. The address of
\nthe registered of\ufb01ce is M\u00f8llendalsbakken 9, 5009
\nBergen, Norway.
\nBerGenBio retains strategic \ufb02exibility for the further
\ndevelopment and commercialisation of its product
\ncandidates: it is anticipated that the high novelty of
\nbemcentinib plus its promising therapeutic pro\ufb01le could
\nmake it (and later other pipeline candidates) attractive
\ntargets for strategic partnering; a \u201cGo-to market\u201d
\nstrategy will also be considered in select indications in
\ndiscrete territories.
\n\nThe consolidated \ufb01nancial statements and the \ufb01nancial
\nstatement for the Company cover the year ending
\n31 December 2022 and were approved for issue by the
\nBoard of Directors on 28 April 2023.
\n
\n\n
\n\n
\nNote 2 \u2013 Basis for preparation and
\nsigni\ufb01cant accounting policies
\n
\n\n
\n\nThe principal accounting policies applied in the preparation
\nof these \ufb01nancial statements are set out below.
\nThese policies have consistently been applied in all periods
\npresented. Amounts are in Norwegian kroner (NOK) and all
\nvalues are presented in 1,000 NOK, except when otherwise
\nindicated. The presenting currency of the Group and the
\nCompany is NOK.
\n
\n\nBasis for preparation
\nThe consolidated \ufb01nancial statements for the Group and
\nthe Company have been prepared in accordance with IFRS
\nas adopted by the EU. The consolidated \ufb01nancial
\nstatements and the Company \ufb01nancial statements have
\nbeen prepared on a historical cost basis, except money
\nmarket fund which is recognized at fair value through pro\ufb01t
\nand loss.
\n
\n\n\nBasis for consolidation
\nThe consolidated \ufb01nancial statements comprise of the
\n\ufb01nancial statements of the Company and its subsidiary as at
\n31 December 2022. The subsidiary is BerGenBio Limited,
\nlocated in Oxford in the United Kingdom and is 100%
\nowned and controlled by the Parent Company BerGenBio
\nASA. BerGenBio Limited was incorporated 10 January 2017
\nwith a share capital of NOK 1,044.
\n
\n\n\nGoing concern
\nThe Group works continuously to ensure \ufb01nancial \ufb02exibility
\nin the short and long term to achieve its strategic and
\noperational objectives. Capital markets are used as a source
\nof liquidity when this is appropriate and when conditions in
\nthese markets are acceptable. In 2020 funding of total NOK
\n740 million was raised, and thus the Board of Directors has
\nreasonable expectation that the Group will maintain
\nadequate resources to continue in operational existence for
\nthe foreseeable future. In October 2022 the Company
\nsecured a shareholder loan facility of up to NOK 100 million
\nfrom Meteva AS. The loan is available from Q2 2023 and up
\nto the earlier of 31 March 2024 and completion of an equity
\nissue.
\nIn April 2023 the Company announced an equity funding, a
\npartly guaranteed and underwritten right issue, with a
\nminimum proceed of NOK 175 million. The equity issue is
\nsubject to AGM approval and publication of an approved
\nprospectus. The cash position in combination with expected
\nproceeds from the equity funding will fund the planned
\nactivities to end of Q2 2024 on a going concern basis.
\nThe \ufb01nancial statements are prepared under the going
\nconcern assumption.
\n
\n
\n\n
\n
\n\n
\n
\nSummary of signi\ufb01cant accounting policies
\n
\n\n
\n\nThe new and amended standards and interpretations from
\nIFRS that were adopted by the EU with effect from 2022 did
\nnot have any signi\ufb01cant impact on the reporting for 2021
\nand 2022. The Group has not early adopted any standard,
\ninterpretation or amendment that has been issued but is
\nnot yet effective.
\n
\n\n
\n\n\nRevenue recognition
\nRevenue from contracts with customers is recognized when
\ncontrol of the goods or services are transferred to the
\ncustomer at an amount that re\ufb02ects the consideration to
\nwhich the Group and the Company expects to be entitled
\nin exchange for those goods or services. The Group and the
\nCompany has generally concluded that it is the principal in
\nits revenue arrangements, because it typically controls the
\ngoods or services before transferring them to the customer.
\nThe Group\u2019s and the Company\u2019s products are still in the
\nresearch and development phase, and have limited revenue
\nfrom sales of products yet.
\n
\n\n
\n\n\n
\n
\n
\n\n
\n
\n
\n
\n
\n
\n\nThe Group (the Company) has entered into an out licence
\nagreement where development, regulatory and sales-based
\nmilestones trigger revenue payment to the Group (the
\nCompany). Revenue from out licence agreements are
\nrecognized in the period when the milestone
\nevents occured.
\n
\n\n\nGovernment grants
\nGovernment grants are recognized when there is
\nreasonable assurance that the grant will be received and all
\nattached conditions will be complied with. The grant is
\nrecognized in the income statement in the same period as
\nthe related costs, and presented net. Government grants
\nare recognized at the value of the contribution at the
\ntransaction date.
\nGovernment grants are normally related to either
\nreimbursements of employee costs and classi\ufb01ed as a
\nreduction of payroll and related expenses, or related to
\nother operating activities and thus classi\ufb01ed as a reduction
\nof other operating expenses.
\n
\n\n\nResearch and development costs
\nResearch costs are expensed as incurred. Internal
\ndevelopment costs related to the Group\u2019s development of
\nproducts are recognized in the income statement in the
\nyear incurred unless it meets the asset recognition criteria of
\nIAS 38 \u201cIntangible Assets\u201d. An internally generated asset
\narising from the development phase of an R&D project is
\nrecognized as an intangible asset if the Group
\ncan demonstrate:
\n\u2022 Its ability to use or sell the intangible assets
\n\u2022 The technical feasibility of completing the intangible asset
\nso that the asset will be available for use or sale
\n\u2022 Its intention to complete and its ability and intention to
\nuse or sell the asset
\n\u2022 How the asset will generate future economic bene\ufb01ts
\n\u2022 The availability of adequate technical, \ufb01nancial and other
\nresources to complete the development and use of sell
\nthe asset
\n\u2022 The ability to measure reliably the expenditure during
\ndevelopment
\nUncertainties related to the regulatory approval process and
\nresults from on-going clinical trials, generally indicate that
\nthe criteria are not met until the time when marketing
\nauthorisation is obtained from relevant regulatory
\nauthorities. The Group has currently no development
\nexpenditure that quali\ufb01es for recognition under IAS 38.
\n
\n
\n\n\nProperty, plant and equipment
\nProperty, plant and equipment are stated at cost, net of
\naccumulated depreciation and accumulated impairment
\nlosses, if any. Acquisition cost includes expenditures that are
\ndirectly attributable to the acquisition of the individual item.
\nProperty, plant and equipment are depreciated on a
\nstraight-line basis over the expected useful life of the asset.
\nIf signi\ufb01cant individual parts of the assets have different
\nuseful lives, they are recognized and depreciated separately.
\nDepreciation commences when the assets are ready for
\ntheir intended use.
\nAn item of property, plant and equipment and any
\nsigni\ufb01cant part initially recognized is derecognized upon
\ndisposal or when no future economic bene\ufb01ts are expected
\nfrom its use or disposal. Any gain or loss arising on
\nderecognition of the asset (calculated as the difference
\nbetween the net disposal proceeds and the carrying
\namount of the asset) is included in the income statement
\nwhen the asset is derecognized.
\nThe residual values, useful lives and methods of
\ndepreciation of the property, plant and equipment are
\nreviewed at each \ufb01nancial year and adjusted prospectively,
\nif appropriate.
\n
\n\n\nInvestment in subsidiaries
\nSubsidiaries are consolidated in the Group Financial
\nStatement. In the Company Financial Statement subsidiaries
\nare measured at cost.
\n
\n\n\nSigni\ufb01cant accounting policies
\nIdentifying a lease
\nAt the inception of a contract, The Group assesses whether
\nthe contract is, or contains, a lease. A contract is, or
\ncontains, a lease, if the contract conveys the right to control
\nthe use of an identi\ufb01ed asset for a period of time in
\nexchange for consideration.
\nThe Group (the Company) as a lessee
\nSeparating components in the lease contract
\nFor contracts that constitute, or contain a lease, the Group
\n(the Company) separates lease components if it bene\ufb01ts
\nfrom the use of each underlying asset either on its own or
\ntogether with other resources that are readily available, and
\nthe underlying asset is neither highly dependent on, nor
\nhighly interrelated with, the other underlying assets in the
\ncontract. The Group (the Company) then accounts for each
\nlease component within the contract as a lease separately
\nfrom non-lease components of the contract.
\nRecognition of leases and exemptions
\nAt the lease commencement date, the Group (the
\nCompany) recognizes a lease liability and corresponding
\nright-of-use asset for all lease agreements in which it is the
\nlessee, except for the following exemptions applied:
\n\u2022 Short-term leases (de\ufb01ned as 12 months or less)
\n\u2022 Low value assets
\nFor these leases, the Group (the Company) recognizes the
\nlease payments as other operating expenses in the
\nstatement of pro\ufb01t or loss when they incurred.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\nLease liabilities
\nThe lease liability is recognized at the commencement date
\nof the lease. The Group (the Company) measures the lease
\nliability at the present value of the lease payments for the
\nright to use the underlying asset during the lease term that
\nare not paid at the commencement date.
\nThe lease term represents the non-cancellable period of the
\nlease, together with periods covered by an option either to
\nextend or to terminate the lease when the Group (the
\nCompany) is reasonably certain to exercise this option.
\nThe lease payments included in the measurement comprise
\nof \ufb01xed lease payments (including in-substance \ufb01xed
\npayments), less any lease incentives receivable.
\nThe lease liability is subsequently measured by increasing
\nthe carrying amount to re\ufb02ect interest on the lease liability,
\nreducing the carrying amount to re\ufb02ect the lease payments
\nmade and remeasuring the carrying amount to re\ufb02ect any
\nreassessment or lease modi\ufb01cations.
\nThe Group (the Company) does not include variable lease
\npayments in the lease liability. Instead, the Group (the
\nCompany) recognises these variable lease expenses in pro\ufb01t
\nor loss when they occur.
\nRight-of-use assets
\nThe Group measures the right-of use asset at cost, less any
\naccumulated depreciation and impairment losses, adjusted
\nfor any remeasurement of lease liabilities. The cost of the
\nright-of-use asset comprise:
\n\u2022 The amount of the initial measurement of the lease
\nliability recognized
\n\u2022 Any lease payments made at or before the
\ncommencement date, less any incentives received
\n\u2022 Any initial direct costs incurred by the Group.
\nThe Group (the Company) applies the depreciation
\nrequirements in IAS 16 Property, Plant and Equipment in
\ndepreciating the right-of-use asset, except that the right-of-
\nuse asset is depreciated from the commencement date to
\nthe earlier of the lease term and the remaining useful life of
\nthe right-of-use asset.
\nThe Group (the Company) applies IAS 36 Impairment of
\nAssets to determine whether the right-of-use asset is
\nimpaired and to account for any impairment loss identi\ufb01ed.
\n
\n
\n\n
\n\n
\nFinancial assets
\nInitial recognition and measurement
\nFinancial assets are classi\ufb01ed, at initial recognition, as
\nsubsequently measured at amortised cost, fair value
\nthrough other comprehensive income (OCI), and fair value
\nthrough pro\ufb01t or loss.
\nFinancial assets are recognized initially at fair value plus, in
\nthe case of \ufb01nancial assets not recorded at fair value
\nthrough pro\ufb01t or loss, transaction costs that are attributable
\nto the acquisition of the \ufb01nancial asset.
\nFinancial assets are derecognized when the rights to receive
\ncash \ufb02ows from the assets have expired or the Group has
\ntransferred its rights to receive cash \ufb02ows from the assets.
\nFinancial assets at amortised cost
\nThis category is the most relevant to the Group. The Group
\nmeasures \ufb01nancial assets at amortised cost if both of the
\nfollowing conditions are met:
\n\u2022 The \ufb01nancial asset is held within a business model with
\nthe objective to hold \ufb01nancial assets in order to collect
\ncontractual cash \ufb02ows; and
\n\u2022 The contractual terms of the \ufb01nancial asset give rise on
\nspeci\ufb01ed dates to cash \ufb02ows that are solely payments of
\nprincipal and interest on the principal
\namount outstanding.
\nFinancial assets at amortized cost are subsequently
\nmeasured using the effective interest (EIR) method and are
\nsubject to impairment. Gains and losses are recognized in
\npro\ufb01t or loss when the asset is derecognized, modi\ufb01ed
\nor impaired
\n\nFinancial assets at fair value through pro\ufb01t or loss
\nFinancial assets at fair value through pro\ufb01t or loss are
\ncarried in the statement of \ufb01nancial position at fair value
\nwith net changes in fair value recognized in the statement of
\npro\ufb01t or loss.
\nThe Group \ufb01nancial assets at fair value through pro\ufb01t or loss
\ninclude money markets fund.
\n
\n\n
\n
\n\n
\n\n
\nFinancial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classi\ufb01ed, at initial recognition, as
\n\ufb01nancial liabilities at fair value through pro\ufb01t or loss.
\nAll \ufb01nancial liabilities are recognized initially at fair value.
\nThe Group\u2019s \ufb01nancial liabilities include trade and other
\npayables, and loans and borrowings.
\nThe Group does not have \ufb01nancial liabilities at fair value
\nthrough pro\ufb01t and loss.
\nSubsequent measurement
\nFor purposes of subsequent measurement, \ufb01nancial
\nliabilities are classi\ufb01ed in two categories:
\n- Financial liabilities at fair value through pro\ufb01t and loss
\n- Financial liabilities at amortized cost (loans and
\nborrowings).
\n\nDerecognition
\nA \ufb01nancial liability is derecognized when the obligation
\nunder the liability is discharged or cancelled or expires.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n
\n
\n
\n
\n\nShare-based payments
\nThe Group operates an equity-settled, share-based
\ncompensation plan, under which the Group receives services
\nfrom employees and members of the Board as consideration
\nfor share-based payments (options).
\nThe cost of equity-settled transactions is determined by the
\nfair value at the date when the grant is made using an.
\nappropriate valuation model
\nThat cost is recognized, together with a corresponding
\nincrease in other paid in capital in equity, over the period in
\nwhich the performance and/or service conditions are ful\ufb01lled
\nin employee bene\ufb01ts expense. The cumulative expense
\nrecognized for equity-settled transactions at each reporting
\ndate until the vesting date re\ufb02ects the extent to which the
\nvesting period has expired and the Group\u2019s best estimate of
\nthe number of equity instruments that will ultimately vest.
\nThe statement of pro\ufb01t or loss expense or credit for a period
\nrepresents the movement in cumulative expense recognized
\nat the beginning and end of that period and is recognized in
\nemployee bene\ufb01ts expense.
\nThe fair value of the options granted is measured using the
\nBlack-Scholes model. Measurement inputs include share
\nprice on the measurement date, exercise price of the
\ninstrument, expected volatility, weighted average expected
\nlife of the instruments, expected dividends and the risk-free
\ninterest rate.
\nWhen the options are exercised, the Group will issue new
\nshares. The proceeds received net of any directly attributable
\ntransaction costs are recognized as share capital (nominal
\nvalue) and share premium reserve.
\n
\n\n\nTaxes
\nCurrent income tax
\nCurrent income tax assets and liabilities are measured at the
\namount expected to be recovered from or paid to the
\ntaxation authorities. The tax rates and tax laws used to
\ncompute the amount are those that are enacted or
\nsubstantively enacted, at the reporting date in the country
\nwhere the Group operates and generates taxable income.
\n
\n\n\nDeferred tax
\nDeferred tax is provided using the liability method on
\ntemporary differences between the tax bases of assets and
\nliabilities and their carrying amounts for \ufb01nancial reporting
\npurposes at the reporting date.
\nDeferred tax liabilities are recognized for all taxable
\ntemporary differences, except:
\nWhen the deferred tax liability arises from the initial
\nrecognition of goodwill or an asset or liability in a transaction
\nthat is not a business combination and, at the time of the
\ntransaction, affects neither the accounting pro\ufb01t nor taxable
\npro\ufb01t or loss.
\nDeferred tax assets are recognized for all deductible
\ntemporary differences, the carry forward of unused tax credits
\nand any unused tax losses. Deferred tax assets are
\nrecognized to the extent that it is probable that taxable pro\ufb01t
\nwill be available against which the deductible temporary
\ndifferences, and the carry forward of unused tax credits and
\nunused tax losses can be utilized.
\nThe carrying amount of deferred tax assets is reviewed at
\neach reporting date and reduced to the extent that it is no
\nlonger probable that suf\ufb01cient taxable pro\ufb01t will be available
\nto allow all or part of the deferred tax asset to be utilized.
\nUnrecognized deferred tax assets are re-assessed at each
\nreporting date and are recognized to the extent that it has
\nbecome probable that future taxable pro\ufb01ts will allow the
\ndeferred tax asset to be recovered.
\nDeferred tax assets and liabilities are measured at the tax
\nrates that are expected to apply in the year when the asset is
\nrealised or the liability is settled, based on tax rates (and tax
\nlaws) that have been enacted or substantively enacted at the
\nreporting date.
\nDeferred tax relating to items recognized outside pro\ufb01t or
\nloss is recognized outside pro\ufb01t or loss.
\nDeferred tax items are recognized in correlation to the
\nunderlying transaction either in OCI or directly in equity.
\n
\n
\n\n
\n\n
\nForeign currencies
\n\nThe Group\u2019s \ufb01nancial statements are presented in NOK,
\nwhich is also the parent\u2019s functional currency.
\nFor each entity within the Group, the Group has determined
\nthe functional currency based on the primary economic
\nenvironment of which the entity operates. Items included in
\nthe \ufb01nancial statements are measured using that functional
\ncurrency based on the primary economic environment of
\nwhich the entity operates. Items included in the \ufb01nancial
\nstatements are measured using that functional currency.
\nThe functional currency for the Group\u2019s entities are GBP
\nand NOK.
\n
\n\nOn consolidation, the assets and liabilities of foreign
\noperations are translated into Norwegian Kroner at the rate
\nof exchange prevailing at the reporting date and their
\nstatements of pro\ufb01t or loss are translated at exchange rates
\nprevailing at the dates of the transactions. The exchange
\ndifferences arising on translation for consolidation are
\nrecognized in OCI.
\nFor consolidation purpose the following exchange rates have
\nbeen used:
\n31.12.2022 31.12.2021
\nNOK/GBP 11,85 11,89
\nPro\ufb01t and loss from BerGenBio Limted has been converted
\nto NOK on a transaction by transaction exchange rate.
\n
\n\n
\n\n
\n\n
\n
\n\n
\n
\n
\n
\n
\n
\n
\n\nTransactions and balances
\nTransactions in foreign currencies are recorded at their
\nrespective functional currency spot rates at the date the
\ntransaction \ufb01rst quali\ufb01es for recognition.
\nMonetary assets and liabilities denominated in foreign
\ncurrencies are translated at the functional currency spot rates
\nof exchange at the reporting date.
\nDifferences arising on settlement or translation of monetary
\nitems are recognized in pro\ufb01t or loss as \ufb01nancial items.
\n
\n\n\nCash and short-term deposits
\nCash and short-term deposits in the statement of \ufb01nancial
\nposition comprise cash at banks and on hand and short-term
\ndeposits with a maturity of three months or less, which are
\nsubject to an insigni\ufb01cant risk of changes in value.
\nSee note 3.
\nFor the purpose of the statement of cash \ufb02ows, cash and
\ncash equivalents consist of cash and short-term deposits, as
\nde\ufb01ned above. The indirect method is used to prepare the
\nstatement of cash \ufb02ow.
\n
\n\n\nProvisions
\nProvisions are recognized when the Group has a present
\nobligation (legal or constructive) as a result of a past event,
\nit is probable that an out\ufb02ow of resources embodying
\neconomic bene\ufb01ts will be required to settle the obligation
\nand a reliable estimate can be made of the amount of the
\nobligation. The expense relating to a provision is presented
\nin the Income Statement and other Comprehensive Income
\nnet of any reimbursement.
\nIf the effect of the time value of money is material, provisions
\nare discounted using a current pre-tax rate that re\ufb02ects,
\nwhen appropriate, the risks speci\ufb01c to the liability.
\nWhen discounting is used, the increase in the provision due
\nto the passage of time is recognized as a \ufb01nance cost.
\n
\n
\n\n\nPensions and other post-employment bene\ufb01ts
\nThe Group have a de\ufb01ned contribution pension scheme for
\nall employees. Under the de\ufb01ned contribution scheme,
\nthe Group does not commit itself to paying speci\ufb01c future
\npension bene\ufb01ts, but makes annual contributions to the
\nemployees\u2019 pension savings.
\nThe Group\u2019s payment to the de\ufb01ned contribution scheme
\namounts to 7% of salary up to 12G and 18.1% of salary
\nbetween 7.1G and 12G for Norwegian employees and
\n7-10% for UK employees (G is Norwegian National
\nInsurance basic amount).
\nFurther details about pensions, and the closing of the de\ufb01ned
\nbene\ufb01t scheme, are given in Note 10.
\n
\n\n
\n
\n
\n\n
\n
\n
\n
\n\nNew and amended standards and interpretations
\nThe standards and interpretations that are issued, but not yet
\neffective, up to the date of issuance of the Group\u2019s \ufb01nancial
\nstatements are disclosed in the following section. Note that
\nonly the ones that are expected to have material impact on
\nthe Group\u2019s \ufb01nancial position, performance, and/ or
\ndisclosures are discussed. The Group intends to adopt these
\nstandards, if applicable, when they become effective.
\nChanges in accounting policies and disclosures
\nThe accounting policies adopted are consistent with those of
\nthe previous \ufb01nancial year, except for the amendments to
\nIFRS which have been implemented by the Group during the
\ncurrent \ufb01nancial year. No additional new standard have been
\napplicable for the Group\u2019s 2022 \ufb01nancial statements.
\n
\n\n\nOther standards
\nOther standards, interpretations and amendments that are
\nissued, but not yet effective are either not applicable for the
\nGroup or is not expected to have a material impact of the
\n\ufb01nancial statements.
\n
\n\n
\n\n
\n
\n\n\nNote 3 \u2013 Signi\ufb01cant accounting
\njudgements, estimates and assumptions
\nThe preparation of the Group\u2019s \ufb01nancial statements requires
\nmanagement to make judgements, estimates and
\nassumptions that affect the reported amounts of revenues,
\nexpenses, assets and liabilities, and the disclosure of
\ncontingent liabilities. Uncertainty about these assumptions
\nand estimates could result in outcomes that require a material
\nadjustment to the carrying amount of assets or liabilities
\naffected in future periods.
\nEstimates and assumptions
\nPreparation of the accounts in accordance with IFRS requires
\nthe use of judgement, estimates and assumptions that have
\nconsequences for recognition in the balance sheet of assets
\nand liabilities and recorded revenues and expenses. The use
\nof estimates and assumptions is based on the best
\ndiscretionary judgement of the Group\u2019s management.
\nShare-based payments
\nThe Group initially measures the cost of equity-settled
\ntransactions with employees using the Black-Scholes model
\nto determine the fair value of the liability incurred. Estimating
\nfair value for share-based payment transactions requires
\ndetermination of the most appropriate valuation model,
\nwhich is dependent on the terms and conditions of the grant.
\nThis estimate also requires determination of the most
\nappropriate inputs to the valuation model including the
\nexpected life of the share option, volatility and dividend yield
\nand making assumptions about them. The assumptions and
\nmodels used for estimating fair value for share-based
\npayment transactions are disclosed in Note 6.
\n
\n\n
\n\n
\n
\n
\n\nMoney market fund
\nMoney market fund is classi\ufb01ed as cash and cash equivalent. The criteria for classifying this as cash equivalent are that these funds are short term, highly liquid, readily convertible into known
\namounts of cash and subject to insigni\ufb01cant risk of change in value. The evaluation of these criteria require use of judgement. The purpose of the fund is to meet short term commitments,
\nand hence the company have access to use the funds with only a few days notice. The funds invested in is well-known and have invested in shares exchanged in an active marked, and hence
\nthe funds are considered highly liquid. Even though it is not possible to know the exact amount of cash the funds can be converted to, the funds of which the money are invested in are low
\nrisk and low pro\ufb01t, and hence it is possible to predict the most likely outcome as it is expected to be insigni\ufb01cant changes in value of these funds.
\n
\n\n
\n
\n\n
\n\n
\n\nNote 4 Segments and revenue
\nFor management purposes the Group is organized as one business unit and the internal reporting is structured in accordance with this.
\nThe Group has entered into an out-licence agreement where development, regulatory and sales-based milestones are due upon the occurrence of certain speci\ufb01c events. In 2022 or
\n2021, there has not been any clinical milestone payment from this out-licence agreement and the revenue represent refund of patent costs.
\n
\n\n
\n\n
\n\n
\n\n
\nNote 5 Payroll and related expenses
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n23,407 15,115 Salaries 49,768 58,910
\n3,423 2,706 Social security tax 7, 86 4 7,728
\n1,496 1,322 Pension expense 4,095 4,343
\n1,118 1,728 Bonus 8,748 4,466
\n421 374 Other remnueration 790 855
\n(1,657) (1,349) Government grants (5,122) (6,373)
\n28,206 19,895 Total payroll and other employee related cost 66,143 69,929
\n7,113 3,466 Share option expense employees 3,466 7,113
\n(2,997) (920) Accrued social security tax on share options (920) (2,997)
\n4,116 2,546 Total employee share option cost 2,546 4 ,116
\n32,323 22,441 Total employee bene\ufb01t cost 68,689 74,045
\n16 13 Average number of full time equivalent employees 36 44
\n\nFor remuneration to Executive Management and Board of Directors, please see Remuneration Report in the Governance section of the Annual Report.
\nKey Executive Managment personel and Board of Directors compensation (in 1,000 NOK):
\nGroup 2022 Group 2021
\nShort-term employee bene\ufb01ts 21,936 21,985
\nPost-employment bene\ufb01t 1,757 1,371
\nOther long-term bene\ufb01ts 0 0
\nTermination bene\ufb01ts 588 5,145
\nShare-base payment (period cost) 815 2,288
\nTotal 25,096 30,789
\n
\n\n
\n\n
\n\n
\n\nNote 6 Employee share option program
\nThe Group has a share option scheme for employees. Each option gives the right to acquire one share in BerGenBio on exercise.
\nThe Group has a share option program to ensure focus and align the Group\u2019s long term performance with shareholder values and interest. Most of the employees in the Group take part
\nin the option program. The program also serves to retain and attract senior management.
\nThe exercise price for options granted is set at the market price of the shares at the time of grant of the options. In general, for options granted after 2012, the options expire eight years
\nafter the date of grant.
\nOptions vest annually in equal tranches over a three-year period following the date of grant.
\nTotal options
\nFor the twelve months ended 31 December
\n2022 2021
\nNumber of options
\nWeighted average
\nexercise price Number of options
\nWeighted average
\nexercise price
\nBalance at 1 January 3,560,897 22.96 4,209,232 18.45
\nGranted during the period 2,114,230 7. 59 1,379,871 28.55
\nExercised during the period
\n1)
\n(205,277) 15.68 (1,195,272) 13.91
\nForfeited and cancelled (1,250,005) 24.61 (832,934) 22.43
\nBalance at 31 December 4,219,845 15.13 3,560,897 22.96
\n1) Average share price at date of exercise was NOK 17.71 for 2022 (NOK 26.55 for 2021).
\n2) 114.230 options were granted in the twelve months period ended 31 December 2022 and 1.379.871 options were granted in the twelve months period ended 31 December 2021.
\nIn the Annual General Meeting on the 22 March 2017 it was resolved a split of the shares so that 1 share with a nominal value of NOK 10 was split into 100 shares with a nominal value of
\nNOK 0.10. The overview above takes into account the share split.
\nThe average weighted expected remaining lifetime of options is 3.0 years at year end.
\nThe exercise price is calculated as the weighted average exercise price of the forfeited , cancelled and exercised options.
\nVested options 2022 2021
\nOptions vested at 1 January 1,541,168 1, 8 87, 201
\nExercised and forfeited in the period (1,003,946) (1,195,272)
\nVested in the period 1,077, 8 4 4 849,239
\nOptions vested at 31 December 1,615,066 1,541,168
\nTotal outstanding number of options 4,219,845 3,560,897
\n
\n\n
\n\n
\n\nThe options are valued using the Black & Scholes model.
\nThe risk-free interest rates are based on rates from Norges Bank and Oslo Stock Exchange on the grant date (bonds and certi\ufb01cates) equal to the expected term of the option being
\nvalued. Where there is no exact match between the term of the interest rates and the term of the options, interpolation is used to estimate a comparable term.
\n The vesting period is the period during which the conditions to obtain the right to exercise must be satis\ufb01ed. The Group has estimated an expected vesting date and this date is used as
\nbasis for the expected lifetime. The Group expects the options to be exercised earlier than the expiry date. For options granted earlier than 2014, the mean of the expected vesting date
\nand expiry date has been used to calculate expected lifetime due to the lack of exercise pattern history for the Group and experience from other companies in combination with the
\nrelatively long lifetime of these options (up to eight years).
\n For valuation purposes 55,81 % expected future volatility has been applied .To \ufb01nd the expected volatility, we use the Company\u2019s annualized standard deviation of the continuously
\ncompounded rates of return on the historic share price for the term equal to the life of the option.
\nFor 2022 the value of the share options expensed through the pro\ufb01t or loss amounts to NOK 3.5 million (for the same period in 2021: NOK 7.1 million). In addition, a change in provision
\nfor social security contributions on share options of NOK -0.9 million (for the same period in 2021: NOK -3.0 million). The provision for social security contribution is calculated on the
\ndifference between the share price and exercise price on exercisable option as at the end of the period.
\nOutstanding Instruments Overview
\nStrike price
\nOutstanding Instruments Vested Instruments
\nNumber of
\ninstruments
\nWeighted Average
\nremaining
\ncontractual life
\nWeighted Average
\nStrike Price
\nVested instruments
\n31.12.2022
\nWeighted Average
\nStrike Price
\n7.59 2,114,230 7.38 7. 59 245,000 7.59
\n15.00 859,726 5.27 15.00 580,118 15.00
\n16.01 77, 5 0 0 0.67 16.01 77, 50 0 16.01
\n24.00 60,000 1.00 24.00 60,000 24.00
\n25.00 227,225 4.30 25.00 227,225 25.00
\n28.50 90,000 3.83 28.50 90,000 28.50
\n28.55 715,746 6.35 28.55 259,805 28.55
\n46.70 75,418 3.40 46.70 75,418 46.70
\n4,219,845 1,615,066
\n
\n\n
\n\n
\n\nNote 7 Government grants
\nGovernment grants have been recognized in the pro\ufb01t or loss as a reduction of related expense with the following amounts:
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n1,657 1,349 Payroll and related expenses 5,122 6,373
\n6,914 5,298 Other operating expenses 5,298 6,914
\n8,571 6,648 Total 10,420 13,287
\nGrants receivable as at 31 December are detailed as follows:
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n755 172 Grants from Research Council, BIA 172 755
\n519 496 Grants from Research Council, PhD 496 519
\n4,750 4,750 Grants from SkatteFunn 4,750 4,750
\n0 0 Grants R&D UK 7,958 4,224
\n6,024 5,418 Total 13,375 10,248
\nBIA grants from the Research Council
\nThe Company currently has one grants from the Research Council, programs for user-managed innovation arena (BIA) in 2022.
\nThe BIA grant (\"AXL as a therapeutic target in \ufb01brosis; biology and biomarkers\") has been awarded from 2019 and amount up to NOK 10.7 million. The Group has recognized
\nNOK 0.3 million in 2022 (2021: NOK 2.3 million) classi\ufb01ed partly as reduction of payroll and related expenses and partly as a cost reduction of other operating expenses.
\nPhD grants from the Research Council
\nBerGenBio has been awarded two grants supporting industrial PhD's in 2020. The fellowship covers 50 % of the established current rates for doctoral research fellowships and an
\noperating grant to cover up to 50 % of additional costs related to costly laboratory testing connected with the research fellow's doctoral work.
\nThe Group has recognized NOK 1.6 million in 2022 (2021: NOK 1.6 million) classi\ufb01ed partly as reduction of payroll and related expenses and partly as a cost reduction of other operating expenses.
\nSkatteFunn
\nR&D projects have been approved for SkatteFunn (a Norwegian government R&D tax incentive program designed to stimulate R&D in Norwegian trade and industry) for the period from
\n2021 until the end of 2024. The Group has recognized NOK 4.8 million in 2022 (2021: NOK 4.8 million) classi\ufb01ed partly as reduction of payroll and related expenses and partly as a cost
\nreduction of other operating expenses.
\nInnovation Norway
\nBerGenBio has been awarded a NOK 24 million (USD 2.85m) grant from Innovation Norway to support the clinical development of BGB324 in combination with Merck & Co.\u2019s
\nKEYTRUDA
\n\u00ae
\n (pembrolizumab) in patients with advanced lung cancer.
\n
\n\n
\n\n
\n
\n
\n\nThe grant from Innovation Norway is an Industrial Development Award (IFU). The IFU program is directed to Norwegian companies developing new products or services in collaboration
\nwith foreign companies.
\nBerGenBio has by end of 2020 recognized and received the total grant of NOK 24 million. The grant may be withdrawn under certain circumstances.
\nR&D tax grants UK
\nBerGenBio Limited, a 100% subsidary of BerGenBio ASA, has been granted R&D tax grants in UK from 2017. R&D grants are approved retrospect by application. The Group has in 2022
\nrecognized NOK 3.7 million (2021: NOK 4.2 million) classi\ufb01ed as reduction of payroll and related expenses for the year 2022.
\n
\n\n
\n
\n\n
\n\n
\n\nNote 8 Property, plant and equipment
\nYear ended 31 December 2022 Parent/Group Furnitures Equipment/\ufb01ttings Right to use property Total
\nCost at 1 January 2022 137 1,632 3,366 5,135
\nAdditions in the year 0 0 0 0
\nDisposals in the year 0 (42) (223) (265)
\nCost at 31 December 2022 137 1,590 3,14 3 4,870
\nAccumulated depreciation at 1 January 2022 (66) (1,537) (2,340) (3,944)
\nDepreciation in the year (27) (53) (803) (883)
\nAccumulated depreciation at 31 December 2022 (94) (1,590) (3,14 3) (4,827)
\nNet carrying amount at 31 December 2022 43 0 0 43
\nEstimated useful life 5 years 5 years 2/5 years
\nDepreciation method Straight-line Straight-line
\nOver right of
\nuse time
\nYear ended 31 December 2021 Parent/Group Furnitures Equipment/\ufb01ttings Right to use property Total
\nCost at 1 January 2021 137 1,632 3,195 4,964
\nAdditions in the year 0 0 171 171
\nDisposals in the year 0 0 0 0
\nCost at 31 December 2021 137 1,632 3,366 5,135
\nAccumulated depreciation at 1 January 2021 (39) (1,414) (1,178) (2,632)
\nDepreciation in the year (27) (123) (1,162) (1,312)
\nAccumulated depreciation at 31 December 2021 (66) (1,537) (2,340) (3,944)
\nNet carrying amount at 31 December 2021 70 96 1,026 1,191
\nEstimated useful life 5 years 5 years 2/5 years
\nDepreciation method Straight-line Straight-line
\nOver right of
\nuse time
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n\nResearch & Development
\nExpenses for research and development for the \ufb01nancial year 2022 for the Group was gross NOK 263.0 million (net NOK 252.6 million reduced of grants NOK 10.4 million) of which
\ngross NOK 212.5 million (net NOK 207.5 million) was classi\ufb01ed as other operating expenses and gross NOK 50.5 million (net NOK 45.4 million) was classi\ufb01ed as payroll.
\nExpenses for research and development for the \ufb01nancial year 2021 for the Group was gross NOK 266.9 million (net NOK 253.7 million reduced of grants NOK 13.3 million) of which
\ngross NOK 213.3 million (net NOK 206.4 million) was classi\ufb01ed as other operating expenses and gross NOK 53.6 million (net NOK 47.3 million) was classi\ufb01ed as payroll.
\n
\n\n
\n\n\nNote 9 Leases
\nThe Group (the Company) as a leesee
\nThe Company rent premises in Bergen, Norway, for of\ufb01ce purposes. The laboratory rental was discontinued in November 2022, and of\ufb01ce rental agreement is currently being negotiated
\nfor a 12 months extention, but this is not formalized.
\nIn addition, the Group rent of\ufb01ce premises in UK. The rental agreement can be terminated by either party with a one month notice period. The rental agreements in UK are considered a
\nshort term lease and recognized directly in pro\ufb01t or loss. From 1 January 2023 the rental arrangement for of\ufb01ce in Norway currently also is consider to be a short term lease.
\nRight-of-use assets
\nThe Group (the Company) leased of\ufb01ces up until November 2022, when lab lease was discontinued and of\ufb01ce lease ended and currently being negotiated for extenion. The Group's
\n(the Company's) right-of-use assets are categorised and presented in Note 8.
\n
\n\n
\n\n
\n\nLease liabilities
\nSummary of the lease liabilities Group 2022 Group 2021
\nTotal lease liabilities at 1 January 1,623 2,016
\nNew lease liabilities recognized in the year (1,169) 171
\nCash payments for the principal portion of the lease liability (454) (564)
\nCash payments for the interest portion of the lease liability (66) (116)
\nInterest expense on lease liabilities 66 116
\nCurrency exchange differences 0 0
\nTotal lease liabilities at 31 December 0 1,623
\nCurrent lease liabilities (note 18) 0 681
\nNon-current lease liabilities 0 942
\nTotal cash out\ufb02ows for leases 454 564
\nThe leases do not contain any restrictions on the Group\u2019s dividend policy or \ufb01nancing. The Group does not have signi\ufb01cant residual value guarantees related to its leases to disclose.
\nUndiscounted lease liabilities and maturity of cash out\ufb02ows 2022 2021
\nLess than 1 year 325 328
\n1-5 years 0 1,054
\nTotal undiscounted lease liabilities at 31 December 325 1,382
\nSummary of other lease expenses recognized in pro\ufb01t or loss 2022 2021
\nVariable lease payments expensed in the period 0 0
\nOperating expenses in the period related to short-term leases 2,550 1,799
\nOperating expenses in the period related to low value assets 85 26
\nTotal lease expenses included in other operating expenses 2,635 1,825
\nThe Groups cash out\ufb02ow for leases amonuted in total to NOK 3,607 in 2022 (NOK 2,789 in 2021).
\nPractical expedients applied
\nThe Group has a lease agreement for of\ufb01ces in Oxford. The lease agreement is short term and is renewed at one months basis. The Groups had two lease agreements in Norway.
\nThe \ufb01rst was terminated effective as of 30 November 2022 and the second expired 31 December 2022. The Group is in negotiation of extention for a 12 months period but this have
\ncurrently not been formalized. The Group also leases printers with contract terms of \ufb01ve years. The Group has elected to apply the practical expedient of low value assets for some of
\nthese leases and does not recognise lease liabilities or right-of-use assets. The leases are instead expensed when they incur. The Group has also applied the practical expedient to not
\nrecognise lease liabilities and right-of-use assets for short-term leases, presented in the table above.
\n
\n\n
\n\n
\n
\n
\n
\n\nExtension options
\nThe Group has no extention options for lease arrangements as of 31 December 2022.
\n
\n\n\nNote 10 Pensions
\nBerGenBio ASA is required to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension (\u201clov om obligatorisk tjenestepensjon\u201d).
\nThe Company has a contribution pension scheme which complies with the Act on Mandatory company pensions.
\nBoth BerGenBio ASA and BerGenBio Limited have de\ufb01ned contribution pension schemes, but the contribution is different.
\nFor BerGenBio ASA and Norwegian employees the contribution amounts to 7% of salary up to 12G and 18.1% of salary between 7.1G and 12G (G is Norwegian National Insurance
\nbasic amount). For BerGenBio Limited and UK employees the contribution is between 7-15% of base salary.
\n
\n\n
\n
\n\n
\n\n
\n\nNote 11 Financial income and expense
\nParent 2021 Parent 2022 Group 2022 Group 2021
\nFinancial income
\n0 10 Interest income on tax repaid 10 0
\n3,130 2,847 Interest income on bank deposits 2,939 3,130
\n11,804 12,070 Other \ufb01nance income 12,078 12,864
\n14,934 14,926 Total \ufb01nancial income 15,027 15,993
\nParent 2021 Parent 2022 Group 2022 Group 2021
\nFinancial expense
\n7 309 Other interest expense 321 53
\n9,396 10,762 Other \ufb01nance expense 11,193 10,841
\n9,403 11,071 Total \ufb01nancial expense 11,514 10,894
\n5,531 3,856 Net \ufb01nancial income 3,513 5,100
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n\nNote 12 Income tax
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n(310,657) (301,375) Pro\ufb01t before tax (3 02,122) (309,364)
\n(68,345) (66,302) Income taxes calculated at 22% (66,467) (68,060)
\n0 (16) Adjustment in respect of current income tax of previous years (16) 0
\n1,565 765 Non deductible expenses 765 1,565
\n(1,054) (1,045) Non-taxable income (1,045) (1,951)
\n67, 8 3 4 66,598 Change in deferred tax asset not recognized 66,763 68,445
\n0 0 Tax expense 0 0
\n0 0 Income tax expense reported in income statement 0 0
\nDeferred tax and deferred tax assets
\nParent 2021 Parent 2022 Group 2022 Group 2021
\nDeferred tax assets (22% of temporary differences)
\n(332,706) (399,430) Tax losses carried forward (399,495) (332,706)
\n(58) (14) Property, plant and equipment (58) (58)
\n(213) 0 Other 0 (213)
\n332,976 399,444 Deferred tax asset not recognized 399,553 332,976
\n0 0 Deferred tax assets \u2013 gross 0 0
\nThe Company has a tax loss of NOK 303.2 million in 2022, and in total a tax loss carried forward as of 31 December 2022 on NOK 1 815.6 million. There are no timing restrictions on
\ncarrying forward the tax loss, and it can be carried forward inde\ufb01nitely.
\nThe deferred tax asset has not been recognized in the statement of \ufb01nancial position, as the Company does not consider that taxable income in the short-term will suf\ufb01ciently support
\nthe use of a deferred tax asset.
\n
\n\n
\n\n\nNote 13 Other operating expenses
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n191,316 189,508 Program expenses, clinical trials and research 194,063 193,076
\n649 685 Of\ufb01ce rent and expenses 3,331 2,447
\n68,387 71,666 Consultants R&D projects 8,340 12,744
\n7,491 8,101 Patent and licence expenses 8,101 7, 491
\n22,857 18,225 Other operating expenses 27,915 31,035
\n(6,914) (5,298) Government grants (5,298) (6,914)
\n283,786 282,887 Total 236,451 239,880
\n
\n\n
\n\n
\n
\n
\n
\n\n
\n\nSpeci\ufb01cation auditor's fee
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n238 313 Statutory audit 313 400
\n20 173 Other assurance services 173 20
\n0 0 Other non-assurance services 0 71
\n12 20 Tax consultant services 20 71
\n270 506 Total 506 563
\nAmounts are excluding VAT
\n
\n\n
\n\n\nNote 14 Earnings per share
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n(310,657) (301,375) Pro\ufb01t after tax (302,122) (309,364)
\n87,956,563 88,636,493 Weighted average number of outstanding shares during the year 88,636,493 87,956,563
\n(3.53) (3.40) Earnings (loss) per share \u2013 basic and diluted (NOK) (3.41) (3.52)
\nShare options issued have a potential dilutive effect on earnings per share. No dilutive effect has been recognized as potential ordinary shares only shall be treated as dilutive if their
\nconversion to ordinary shares would decrease earnings per share or increase loss per share from continuing operations. As the Group is currently loss-making an increase in the average
\nnumber of shares would have anti-dilutive effects.
\n
\n\n\nNote 15 Other current assets
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n6,024 5,418 Government grants 13,375 10,248
\n676 290 Refundable VAT 290 676
\n637 1,183 Prepaid expenses 1,804 701
\n774 389 Other receivables 390 774
\n3,601 10,625 Receivables Intercompany 0 0
\n11,711 17,905 Total 15,860 12,398
\n
\n\nr
\n\n
\n
\n\nNote 16 Cash and cash equivalents
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n756 733 Employee withholding tax 733 756
\n121,243 80,188 Short-term bank deposits 92,704 129,796
\n306,094 57, 367 Money market fonds 57, 3 67 306,094
\n428,093 138,288 Total 150,803 436,646
\nOf the total balance in cash and cash equivalents, NOK 0.7 million (2021: NOK 0.8 million) relates to restricted funds for employee withholding taxes.
\nThe Group\u2019s short-term bank deposits are on variable rate terms.
\nMoney market funds are classi\ufb01ed as Cash and cash equivalents as this is short term placement held for the purpose of meeting short-term cash commitments. Risk is low and the fund is
\nhighly liquid.
\n
\n\n
\n\n
\n\nNote 17 Share capital and shareholder information
\nThe Group has one class of shares and all shares carry equal voting rights.
\nAs of 31 December
\nNumber of
\nauthorized
\nshares
\nNominal value
\n(NOK)
\nBook value
\n(NOK)
\nOrdinary shares 2022 88,660,532 0.10 8,866,053.20
\nOrdinary shares 2021 88,455,255 0.10 8,845,525.50
\nChanges in the outstanding number of shares
\n2022 2021
\nOrdinary shares at 1 January 88,455,255 87, 259,9 8 3
\nIssue of ordinary shares 205,277 1,195,272
\nOrdinary shares at 31 December 88,660,532 88,455,255
\n
\n\n
\n\n
\n\n
\n\n
\n\nOwnership structure as of 31.12.2022
\nShareholder Number of shares
\nPercentage share
\nof total shares
\nMETEVA AS 24,139,650 27.2 %
\nINVESTINOR DIREKTE AS 7, 270,78 0 8.2%
\nFJARDE AP-FONDEN 4,487,493 5.1%
\nSARSIA SEED AS 2,117,9 0 0 2.4%
\nJ.P. MORGAN SE NOMINEE I 1,726,731 1.9%
\nBERA AS 1,712,426 1.9%
\nVERDIPAPIRFONDET NORDEA AVKASTNING 1,510,174 1.7%
\nSARSIA DEVELOPMENT AS 1,175,000 1.3%
\nVERDIPAPIRFONDET NORDEA NORGE PLUS 901,260 1.0%
\nVERDIPAPIRFONDET NORDEA KAPITAL 881,920 1.0%
\nVERDIPAPIRFONDET NORDEA NORGE VERD 864,688 1.0%
\nMARIT MOHN 850,000 1.0%
\nMARSTIA INVEST AS 850,000 1.0%
\nVERDIPAPIRFONDET KLP AKSJENORGE IN 574,309 0.6%
\nNORDA ASA 519,614 0.6%
\nLOUISE MOHN 509,676 0.6%
\nJ.P. MORGAN SE NOMINEE II 422,541 0.5%
\nH\u00d8SE AS 383,111 0.4%
\nMP PENSJON PK 372,783 0.4%
\nNORDNET LIVSFORSIKRING AS 371,168 0.4%
\nTop 20 shareholders 51,641,224 58.2%
\nTotal other shareholders 37,019, 3 0 8 41.8%
\nTotal number of shares 88,660,532 100.0%
\nThe Board of Directors has been granted a mandate from the Annual General Mmeeting held on 28 April 2022 to increase the share capital with up to NOK 883,605 by subscription of
\nnew shares. The power of attorney was granted for the purpose of issuance of new shares in accordance with the Company's share incentive program and is valid until the earlier of the
\nAnnual General Meeting in 2023 and 30 June 2023. See note 6 for more information about the share incentive program and number of option granted.
\nThe Board of Directors has been granted a mandate from the Annual General Meeting held on 28 April 2022 to increase the share capital with up to NOK 1,773,210 by subscription of
\nnew shares. The proxy is valid until the earlier of the Annual General Meeting in 2023 and 30 June 2023.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\nOwnership structure as of 31.12.2021
\nShareholder Number of shares
\nPercentage share
\nof total shares
\nMETEVA AS 23,798,564 26.9%
\nINVESTINOR DIREKTE AS 7, 270,780 8.2%
\nFJARDE AP-FONDEN 4,487,493 5.1%
\nSARSIA SEED AS 2,117,9 0 0 2.4%
\nBERA AS 1,712,426 1.9%
\nVERDIPAPIRFONDET NORDEA AVKASTNING 1,510,174 1.7%
\nVERDIPAPIRFONDET NORDEA KAPITAL 1,504,740 1.7%
\nVERDIPAPIRFONDET KLP AKSJENORGE 1,440,000 1.6%
\nSARSIA DEVELOPMENT AS 1,175,000 1.3%
\nJ.P. MORGAN BANK LUXEMBOURG S.A. NOMINEE I 1,088,228 1.2%
\nVERDIPAPIRFONDET NORDEA NORGE PLUS 909,260 1.0%
\nVERDIPAPIRFONDET NORDEA NORGE VERD 864,688 1.0%
\nMARIT MOHN 850,000 1.0%
\nMARSTIA INVEST AS 850,000 1.0%
\nNORDNET LIVSFORSIKRING AS 660,469 0.7%
\nLOUISE MOHN 509,676 0.6%
\nJ.P. MORGAN BANK LUXEMBOURG S.A. NOMINEE II 430,541 0.5%
\nKEVIN ZAIM 374,000 0.4%
\nNORDNET BANK AB NOMINEE III 359,581 0.4%
\nRO INVEST AS 350,000 0.4%
\nTop 20 shareholders 52,263,520 59.1%
\nTotal other shareholders 36,191,735 40.9%
\nTotal number of shares 88,455,255 100.0%
\n\nFor shares in the Company held by the Executive Management and Board of Directors, please see Remuneration Report in the Governance section of the Annual Report.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\nNote 18 Other current liabilities
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n1,351 1,281 Unpaid duties and charges 1,623 1,643
\n1,556 1,215 Unpaid vacation pay 1,215 1,556
\n681 0 Current lease liabilities 0 681
\n26,131 37, 0 96 Other accrued costs 45,461 33,292
\n29,719 39,591 Total 48,299 37,172
\n
\n\n\nNote 19 Provisions
\nSocial security
\ncontributions on
\nshare options Total
\nBalance at 1 January 2022 969 969
\nAdditional provisions recognized (969) (969)
\nBalance at 31 December 2022 0 0
\nCurrent 0.00 0.00
\nNon-current 0.00 0.00
\nThe provision for social security contributions on share options is calculated based on the number of options outstanding at the reporting date that are expected to be exercised.
\nThe provision is based on the difference between market price and strike price. The market price of the shares at the reporting date is the best estimate of market price at the date
\nof exercise.
\n
\n\n
\n\n
\nNote 20 Financial instruments and risk management objectives and policies
\nThe Group\u2019s activities are exposed to certain \ufb01nancial risks including foreign exchange risk, credit risk and liquidity risk. The risk is however of such character that the Group has chosen
\nnot to put in place any measures to mitigate the potential unpredictability of the \ufb01nancial markets. The Group has NOK 150.8 million in cash and cash equivalents at year end. The main
\npurpose of this is to \ufb01nance the Group's activities and ongoing clinical trials. The Group has various assets and liabilities such as receivables and trade payables, which originate directly
\nfrom its operations. All \ufb01nancial assets and liabilities are carried at amortized cost except for money market fund which is at fair value. All \ufb01nancial assets and liabilities are short-term in
\nnature and their carrying value approximates fair value. The cash and cash equivalent and account payable is in \ufb01nancial instruments measured at amorotized cost.
\nThe Group does currently not use \ufb01nancial derivatives.
\n\nForeign currency risk
\nThe value of non-Norwegian currency denominated revenues and costs will be affected by changes in currency exchange rates or exchange control regulations. The Group undertakes
\nvarious transactions in foreign currencies and is consequently exposed to \ufb02uctuations in exchange rates. The exposure arises largely from research expenses. The Group is mainly
\nexposed to \ufb02uctuations in euro (EUR), pounds sterling (GBP) and US dollar (USD).
\nThe Group has chosen not to hedge its operational performance as the Group\u2019s cash \ufb02ow is denominated in several currencies that changes depending on where clinical trials are run.
\nThe foreign currency exposure is also mostly linked to trade payables with short payment terms. The Group might consider changing its current risk management of foreign exchange
\nrate if it deems it necessary.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\nInterest rate risk
\nThe Group holds NOK 150.8 million in cash and cash equivalents. The Group\u2019s interest rate risk is therefore in the rate of return of its cash on hand. Bank deposits are exposed to market
\n\ue61euctuations in interest rates, which affects the \ue61fnancial income and the return on cash. The Group had NOK 2.9 million in interest income in 2022 (NOK 3.1 million 2021). The
\nshareholder loan facility secured from Meteva AS in October 2022 have a facility fee of 1.5% of any un-drawn amonut. Facility fee for 2022 is expensed with NOK 0.3 million in 2022.
\n
\n\n\nCredit risk
\nCredit risk is the risk of a counterparty\u2019s default in a \ue61fnancial asset, liability or customer contract, giving a \ue61fnancial loss. The Group\u2019s receivables are generally limited to receivables from
\npublic authorities by way of government grants. The credit risk generated from \ue61fnancial assets in the Group is limited since it is cash deposits. The Company only places its cash in bank
\ndeposits and limited risk money market fund in recognized \ue61fnancial institutions to limit its credit risk exposure.
\nThe Group has not suffered any loss on receivables during 2022 and the Group considers its credit risk as low.
\n
\n\n\nLiquidity risk
\nLiquidity is monitored by Group management. Management considers the Group\u2019s liquidity situation to be satisfactory. The Group raised total NOK 740 million in equity funding during
\n2020. The cash position of the Group at year end 2022 was NOK 150.8 million, compared to NOK 436.6 million at year end 2021. In addition, the Group secured a shareholder loan
\nfacility of up to NOK 100 million from Meteva AS in October 2022. The facility is undrawn at end of 2022 and available from Q2 2023 and up to the earlier of 31 March 2024 and
\ncompletion of an equity issue. In April 2023 the Company announced an equity funding, a partly guaranteed and underwritten right issue, with a minimum proceed of NOK 175 million.
\nThe equity issue is subject to AGM approval and publication of an approved prospectus. The cash position in combination with expected proceeds from the equity funding will fund the
\nplanned activities to end of Q2 2024 on a going concern basis.
\n
\n\n\nCapital management
\nThe Board of Directors\u2019 goal is to maintain a strong capital base in order to preserve the con\ue61fdence of investors, creditors and to develop business activities.
\nChange in liabilities arising from \ue61fnancing activities:
\nCurrent lease
\nliabilities (Note 9)
\nNon-current lease
\nliabilities (Note 9)
\n1 January 2022 681 942
\nCash \ue61eows (454) 0
\nNew leases (1,169) 0
\nOther 942 (942)
\n31 December 2022 0 0
\n1 January 2021 650 1,366
\nCash \ue61eows (564) 0
\nNew leases 171 0
\nOther 424 (424)
\n31 December 2021 681 942
\nOther includes the effect of reclassi\ue61fcation of non-current lease liabilities to current.
\nThe Group classi\ue61fes interest paid as cash \ue61eow from operation activities.
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n
\n\nNote 21 Subsidiary
\nThe Group\u2019s subsidiary at 31 December 2022 are set out below. The share capital consist solely of ordinary shares that are held directly by the Group, and the proportion of ownership
\ninterests held equals the voting rights held by the Group.
\nName of entity BerGenBio Limited
\nPlace of business Oxford, U.K.
\nOwnership interest held by the Group 100%
\nPrincipal activities Management of clinical studies
\n
\n\n
\n\n\nNote 22 Intercompany
\nBerGenBio ASA have entered into two intercompany management agreement with BerGenBio Limited. R&D services are delivered from BerGenBio Limited to BerGenBio ASA and
\nmanagement services are delivered from BerGenBio ASA to BerGenBio Limited.
\nParent 2022 Parent 2021
\nPurchase from BerGenBio Limited (included in other operation expenses) 65,618 63,612
\nReceivables BerGenBio Limited (included in other current assets) 10,625 3,601
\n
\n\n\nNote 23 Subsequent events
\nIn April 2023 the Company announced an equity funding, a partly guaranteed and underwritten right issue, with a minimum proceed of NOK 175 million. The equity issue is subject to
\nAGM approval and publication of an approved prospectus. The cash position in combination with expected proceeds from the equity funding will fund the planned activities to end of
\nQ2 2024 on a going concern basis.
\n
\n\n\nNote 24 Shareholder loan
\nThe Company secured a shareholder loan facility 24 October 2022 of up to NOK 100 million from Meteva AS, a 27.2% shareholder in the Company.
\nThe facility is not drawn as of 31 December 2022 but is available and can be drawn from Q2 2023 and up to the earlier of 31 March 2024 and completion of an equity issue. The loan
\nwill be terminated by completion of an equity issue. Meteva AS has in the facility agreement committed to participate in an equity funding, and the intention for the company is to
\ncomplete a funding in 2023. Any drawn amount under the facility agreement will be converted to equity as part of any equity issue.
\nLoans drawn under the facility will carry interest at a rate of 6% p.a. on any drawn amount and a commitment fee of 1.5% p.a. on any undrawn part of the loan facility. Commitment
\nfee for 24 October \u2013 31 December 2022 has been accrued and included in \ufb01nancial costs in 2022 by NOK 0.3 million.
\nThe loans will not be amortizing and shall be repaid including interest and commitment fee on 31 December 2024. Accrued commitment fee as of 31 December 2022 is classi\ufb01ed
\nas long term debt.
\n
\n\n
\n",
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\nNote
\n1 \u2013 Corporate information
\nBerGenBio ASA (\u201cthe Company\u201d or \"Parent\") as the Parent
\nCompany and its subsidiary (together \u201cthe Group\u201d) is a
\nclinical-stage biopharmaceutical company developing
\ninnovative drugs for aggressive diseases, including drug
\nresistant and metastatic cancers and respiratory disease.
\nBerGenBio\u2019s lead product, bemcentinib (BGB324), is a
\nselective, potent and orally bio-available small molecule
\nAXL inhibitor and is curently being developed in STK11
\nmutated NSCLC and severe respiratory infections including
\nCOVID-19. It is the most advanced selective AXL inhibitor in
\nclinical development.
\nBerGenBio ASA is a public limited liability company
\nincorporated and domiciled in Norway. The address of
\nthe registered of\ufb01ce is M\u00f8llendalsbakken 9, 5009
\nBergen, Norway.
\nBerGenBio retains strategic \ufb02exibility for the further
\ndevelopment and commercialisation of its product
\ncandidates: it is anticipated that the high novelty of
\nbemcentinib plus its promising therapeutic pro\ufb01le could
\nmake it (and later other pipeline candidates) attractive
\ntargets for strategic partnering; a \u201cGo-to market\u201d
\nstrategy will also be considered in select indications in
\ndiscrete territories.
\n\nThe consolidated \ufb01nancial statements and the \ufb01nancial
\nstatement for the Company cover the year ending
\n31 December 2022 and were approved for issue by the
\nBoard of Directors on 28 April 2023.
\n
\n\n
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"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag206": {
"value": "\nThe consolidated \ufb01nancial statements and the \ufb01nancial
\nstatement for the Company cover the year ending
\n31 December 2022 and were approved for issue by the
\nBoard of Directors on 28 April 2023.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag216": {
"value": "\n
\n\nThe principal accounting policies applied in the preparation
\nof these \ufb01nancial statements are set out below.
\nThese policies have consistently been applied in all periods
\npresented. Amounts are in Norwegian kroner (NOK) and all
\nvalues are presented in 1,000 NOK, except when otherwise
\nindicated. The presenting currency of the Group and the
\nCompany is NOK.
\n
\n\nBasis for preparation
\nThe consolidated \ufb01nancial statements for the Group and
\nthe Company have been prepared in accordance with IFRS
\nas adopted by the EU. The consolidated \ufb01nancial
\nstatements and the Company \ufb01nancial statements have
\nbeen prepared on a historical cost basis, except money
\nmarket fund which is recognized at fair value through pro\ufb01t
\nand loss.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag217": {
"value": "\nThe principal accounting policies applied in the preparation
\nof these \ufb01nancial statements are set out below.
\nThese policies have consistently been applied in all periods
\npresented. Amounts are in Norwegian kroner (NOK) and all
\nvalues are presented in 1,000 NOK, except when otherwise
\nindicated. The presenting currency of the Group and the
\nCompany is NOK.
\n
\n\n
\n
\nSummary of signi\ufb01cant accounting policies
\n
\n\n
\n\nThe new and amended standards and interpretations from
\nIFRS that were adopted by the EU with effect from 2022 did
\nnot have any signi\ufb01cant impact on the reporting for 2021
\nand 2022. The Group has not early adopted any standard,
\ninterpretation or amendment that has been issued but is
\nnot yet effective.
\n
\n\n
\n\n\nRevenue recognition
\nRevenue from contracts with customers is recognized when
\ncontrol of the goods or services are transferred to the
\ncustomer at an amount that re\ufb02ects the consideration to
\nwhich the Group and the Company expects to be entitled
\nin exchange for those goods or services. The Group and the
\nCompany has generally concluded that it is the principal in
\nits revenue arrangements, because it typically controls the
\ngoods or services before transferring them to the customer.
\nThe Group\u2019s and the Company\u2019s products are still in the
\nresearch and development phase, and have limited revenue
\nfrom sales of products yet.
\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n\nThe Group (the Company) has entered into an out licence
\nagreement where development, regulatory and sales-based
\nmilestones trigger revenue payment to the Group (the
\nCompany). Revenue from out licence agreements are
\nrecognized in the period when the milestone
\nevents occured.
\n
\n\n\nGovernment grants
\nGovernment grants are recognized when there is
\nreasonable assurance that the grant will be received and all
\nattached conditions will be complied with. The grant is
\nrecognized in the income statement in the same period as
\nthe related costs, and presented net. Government grants
\nare recognized at the value of the contribution at the
\ntransaction date.
\nGovernment grants are normally related to either
\nreimbursements of employee costs and classi\ufb01ed as a
\nreduction of payroll and related expenses, or related to
\nother operating activities and thus classi\ufb01ed as a reduction
\nof other operating expenses.
\n
\n\n\nResearch and development costs
\nResearch costs are expensed as incurred. Internal
\ndevelopment costs related to the Group\u2019s development of
\nproducts are recognized in the income statement in the
\nyear incurred unless it meets the asset recognition criteria of
\nIAS 38 \u201cIntangible Assets\u201d. An internally generated asset
\narising from the development phase of an R&D project is
\nrecognized as an intangible asset if the Group
\ncan demonstrate:
\n\u2022 Its ability to use or sell the intangible assets
\n\u2022 The technical feasibility of completing the intangible asset
\nso that the asset will be available for use or sale
\n\u2022 Its intention to complete and its ability and intention to
\nuse or sell the asset
\n\u2022 How the asset will generate future economic bene\ufb01ts
\n\u2022 The availability of adequate technical, \ufb01nancial and other
\nresources to complete the development and use of sell
\nthe asset
\n\u2022 The ability to measure reliably the expenditure during
\ndevelopment
\nUncertainties related to the regulatory approval process and
\nresults from on-going clinical trials, generally indicate that
\nthe criteria are not met until the time when marketing
\nauthorisation is obtained from relevant regulatory
\nauthorities. The Group has currently no development
\nexpenditure that quali\ufb01es for recognition under IAS 38.
\n
\n
\n\n\nProperty, plant and equipment
\nProperty, plant and equipment are stated at cost, net of
\naccumulated depreciation and accumulated impairment
\nlosses, if any. Acquisition cost includes expenditures that are
\ndirectly attributable to the acquisition of the individual item.
\nProperty, plant and equipment are depreciated on a
\nstraight-line basis over the expected useful life of the asset.
\nIf signi\ufb01cant individual parts of the assets have different
\nuseful lives, they are recognized and depreciated separately.
\nDepreciation commences when the assets are ready for
\ntheir intended use.
\nAn item of property, plant and equipment and any
\nsigni\ufb01cant part initially recognized is derecognized upon
\ndisposal or when no future economic bene\ufb01ts are expected
\nfrom its use or disposal. Any gain or loss arising on
\nderecognition of the asset (calculated as the difference
\nbetween the net disposal proceeds and the carrying
\namount of the asset) is included in the income statement
\nwhen the asset is derecognized.
\nThe residual values, useful lives and methods of
\ndepreciation of the property, plant and equipment are
\nreviewed at each \ufb01nancial year and adjusted prospectively,
\nif appropriate.
\n
\n\n\nInvestment in subsidiaries
\nSubsidiaries are consolidated in the Group Financial
\nStatement. In the Company Financial Statement subsidiaries
\nare measured at cost.
\n
\n\n\nSigni\ufb01cant accounting policies
\nIdentifying a lease
\nAt the inception of a contract, The Group assesses whether
\nthe contract is, or contains, a lease. A contract is, or
\ncontains, a lease, if the contract conveys the right to control
\nthe use of an identi\ufb01ed asset for a period of time in
\nexchange for consideration.
\nThe Group (the Company) as a lessee
\nSeparating components in the lease contract
\nFor contracts that constitute, or contain a lease, the Group
\n(the Company) separates lease components if it bene\ufb01ts
\nfrom the use of each underlying asset either on its own or
\ntogether with other resources that are readily available, and
\nthe underlying asset is neither highly dependent on, nor
\nhighly interrelated with, the other underlying assets in the
\ncontract. The Group (the Company) then accounts for each
\nlease component within the contract as a lease separately
\nfrom non-lease components of the contract.
\nRecognition of leases and exemptions
\nAt the lease commencement date, the Group (the
\nCompany) recognizes a lease liability and corresponding
\nright-of-use asset for all lease agreements in which it is the
\nlessee, except for the following exemptions applied:
\n\u2022 Short-term leases (de\ufb01ned as 12 months or less)
\n\u2022 Low value assets
\nFor these leases, the Group (the Company) recognizes the
\nlease payments as other operating expenses in the
\nstatement of pro\ufb01t or loss when they incurred.
\n
\n\n
\n\n
\n
\n
\n\nLease liabilities
\nThe lease liability is recognized at the commencement date
\nof the lease. The Group (the Company) measures the lease
\nliability at the present value of the lease payments for the
\nright to use the underlying asset during the lease term that
\nare not paid at the commencement date.
\nThe lease term represents the non-cancellable period of the
\nlease, together with periods covered by an option either to
\nextend or to terminate the lease when the Group (the
\nCompany) is reasonably certain to exercise this option.
\nThe lease payments included in the measurement comprise
\nof \ufb01xed lease payments (including in-substance \ufb01xed
\npayments), less any lease incentives receivable.
\nThe lease liability is subsequently measured by increasing
\nthe carrying amount to re\ufb02ect interest on the lease liability,
\nreducing the carrying amount to re\ufb02ect the lease payments
\nmade and remeasuring the carrying amount to re\ufb02ect any
\nreassessment or lease modi\ufb01cations.
\nThe Group (the Company) does not include variable lease
\npayments in the lease liability. Instead, the Group (the
\nCompany) recognises these variable lease expenses in pro\ufb01t
\nor loss when they occur.
\nRight-of-use assets
\nThe Group measures the right-of use asset at cost, less any
\naccumulated depreciation and impairment losses, adjusted
\nfor any remeasurement of lease liabilities. The cost of the
\nright-of-use asset comprise:
\n\u2022 The amount of the initial measurement of the lease
\nliability recognized
\n\u2022 Any lease payments made at or before the
\ncommencement date, less any incentives received
\n\u2022 Any initial direct costs incurred by the Group.
\nThe Group (the Company) applies the depreciation
\nrequirements in IAS 16 Property, Plant and Equipment in
\ndepreciating the right-of-use asset, except that the right-of-
\nuse asset is depreciated from the commencement date to
\nthe earlier of the lease term and the remaining useful life of
\nthe right-of-use asset.
\nThe Group (the Company) applies IAS 36 Impairment of
\nAssets to determine whether the right-of-use asset is
\nimpaired and to account for any impairment loss identi\ufb01ed.
\n
\n
\n\n
\n\n
\nFinancial assets
\nInitial recognition and measurement
\nFinancial assets are classi\ufb01ed, at initial recognition, as
\nsubsequently measured at amortised cost, fair value
\nthrough other comprehensive income (OCI), and fair value
\nthrough pro\ufb01t or loss.
\nFinancial assets are recognized initially at fair value plus, in
\nthe case of \ufb01nancial assets not recorded at fair value
\nthrough pro\ufb01t or loss, transaction costs that are attributable
\nto the acquisition of the \ufb01nancial asset.
\nFinancial assets are derecognized when the rights to receive
\ncash \ufb02ows from the assets have expired or the Group has
\ntransferred its rights to receive cash \ufb02ows from the assets.
\nFinancial assets at amortised cost
\nThis category is the most relevant to the Group. The Group
\nmeasures \ufb01nancial assets at amortised cost if both of the
\nfollowing conditions are met:
\n\u2022 The \ufb01nancial asset is held within a business model with
\nthe objective to hold \ufb01nancial assets in order to collect
\ncontractual cash \ufb02ows; and
\n\u2022 The contractual terms of the \ufb01nancial asset give rise on
\nspeci\ufb01ed dates to cash \ufb02ows that are solely payments of
\nprincipal and interest on the principal
\namount outstanding.
\nFinancial assets at amortized cost are subsequently
\nmeasured using the effective interest (EIR) method and are
\nsubject to impairment. Gains and losses are recognized in
\npro\ufb01t or loss when the asset is derecognized, modi\ufb01ed
\nor impaired
\n\nFinancial assets at fair value through pro\ufb01t or loss
\nFinancial assets at fair value through pro\ufb01t or loss are
\ncarried in the statement of \ufb01nancial position at fair value
\nwith net changes in fair value recognized in the statement of
\npro\ufb01t or loss.
\nThe Group \ufb01nancial assets at fair value through pro\ufb01t or loss
\ninclude money markets fund.
\n
\n\n
\n
\n\n
\n\n
\nFinancial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classi\ufb01ed, at initial recognition, as
\n\ufb01nancial liabilities at fair value through pro\ufb01t or loss.
\nAll \ufb01nancial liabilities are recognized initially at fair value.
\nThe Group\u2019s \ufb01nancial liabilities include trade and other
\npayables, and loans and borrowings.
\nThe Group does not have \ufb01nancial liabilities at fair value
\nthrough pro\ufb01t and loss.
\nSubsequent measurement
\nFor purposes of subsequent measurement, \ufb01nancial
\nliabilities are classi\ufb01ed in two categories:
\n- Financial liabilities at fair value through pro\ufb01t and loss
\n- Financial liabilities at amortized cost (loans and
\nborrowings).
\n\nDerecognition
\nA \ufb01nancial liability is derecognized when the obligation
\nunder the liability is discharged or cancelled or expires.
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n\nShare-based payments
\nThe Group operates an equity-settled, share-based
\ncompensation plan, under which the Group receives services
\nfrom employees and members of the Board as consideration
\nfor share-based payments (options).
\nThe cost of equity-settled transactions is determined by the
\nfair value at the date when the grant is made using an.
\nappropriate valuation model
\nThat cost is recognized, together with a corresponding
\nincrease in other paid in capital in equity, over the period in
\nwhich the performance and/or service conditions are ful\ufb01lled
\nin employee bene\ufb01ts expense. The cumulative expense
\nrecognized for equity-settled transactions at each reporting
\ndate until the vesting date re\ufb02ects the extent to which the
\nvesting period has expired and the Group\u2019s best estimate of
\nthe number of equity instruments that will ultimately vest.
\nThe statement of pro\ufb01t or loss expense or credit for a period
\nrepresents the movement in cumulative expense recognized
\nat the beginning and end of that period and is recognized in
\nemployee bene\ufb01ts expense.
\nThe fair value of the options granted is measured using the
\nBlack-Scholes model. Measurement inputs include share
\nprice on the measurement date, exercise price of the
\ninstrument, expected volatility, weighted average expected
\nlife of the instruments, expected dividends and the risk-free
\ninterest rate.
\nWhen the options are exercised, the Group will issue new
\nshares. The proceeds received net of any directly attributable
\ntransaction costs are recognized as share capital (nominal
\nvalue) and share premium reserve.
\n
\n\n\nTaxes
\nCurrent income tax
\nCurrent income tax assets and liabilities are measured at the
\namount expected to be recovered from or paid to the
\ntaxation authorities. The tax rates and tax laws used to
\ncompute the amount are those that are enacted or
\nsubstantively enacted, at the reporting date in the country
\nwhere the Group operates and generates taxable income.
\n
\n\n\nDeferred tax
\nDeferred tax is provided using the liability method on
\ntemporary differences between the tax bases of assets and
\nliabilities and their carrying amounts for \ufb01nancial reporting
\npurposes at the reporting date.
\nDeferred tax liabilities are recognized for all taxable
\ntemporary differences, except:
\nWhen the deferred tax liability arises from the initial
\nrecognition of goodwill or an asset or liability in a transaction
\nthat is not a business combination and, at the time of the
\ntransaction, affects neither the accounting pro\ufb01t nor taxable
\npro\ufb01t or loss.
\nDeferred tax assets are recognized for all deductible
\ntemporary differences, the carry forward of unused tax credits
\nand any unused tax losses. Deferred tax assets are
\nrecognized to the extent that it is probable that taxable pro\ufb01t
\nwill be available against which the deductible temporary
\ndifferences, and the carry forward of unused tax credits and
\nunused tax losses can be utilized.
\nThe carrying amount of deferred tax assets is reviewed at
\neach reporting date and reduced to the extent that it is no
\nlonger probable that suf\ufb01cient taxable pro\ufb01t will be available
\nto allow all or part of the deferred tax asset to be utilized.
\nUnrecognized deferred tax assets are re-assessed at each
\nreporting date and are recognized to the extent that it has
\nbecome probable that future taxable pro\ufb01ts will allow the
\ndeferred tax asset to be recovered.
\nDeferred tax assets and liabilities are measured at the tax
\nrates that are expected to apply in the year when the asset is
\nrealised or the liability is settled, based on tax rates (and tax
\nlaws) that have been enacted or substantively enacted at the
\nreporting date.
\nDeferred tax relating to items recognized outside pro\ufb01t or
\nloss is recognized outside pro\ufb01t or loss.
\nDeferred tax items are recognized in correlation to the
\nunderlying transaction either in OCI or directly in equity.
\n
\n
\n\n
\n\n
\nForeign currencies
\n\nThe Group\u2019s \ufb01nancial statements are presented in NOK,
\nwhich is also the parent\u2019s functional currency.
\nFor each entity within the Group, the Group has determined
\nthe functional currency based on the primary economic
\nenvironment of which the entity operates. Items included in
\nthe \ufb01nancial statements are measured using that functional
\ncurrency based on the primary economic environment of
\nwhich the entity operates. Items included in the \ufb01nancial
\nstatements are measured using that functional currency.
\nThe functional currency for the Group\u2019s entities are GBP
\nand NOK.
\n
\n\nOn consolidation, the assets and liabilities of foreign
\noperations are translated into Norwegian Kroner at the rate
\nof exchange prevailing at the reporting date and their
\nstatements of pro\ufb01t or loss are translated at exchange rates
\nprevailing at the dates of the transactions. The exchange
\ndifferences arising on translation for consolidation are
\nrecognized in OCI.
\nFor consolidation purpose the following exchange rates have
\nbeen used:
\n31.12.2022 31.12.2021
\nNOK/GBP 11,85 11,89
\nPro\ufb01t and loss from BerGenBio Limted has been converted
\nto NOK on a transaction by transaction exchange rate.
\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n\nTransactions and balances
\nTransactions in foreign currencies are recorded at their
\nrespective functional currency spot rates at the date the
\ntransaction \ufb01rst quali\ufb01es for recognition.
\nMonetary assets and liabilities denominated in foreign
\ncurrencies are translated at the functional currency spot rates
\nof exchange at the reporting date.
\nDifferences arising on settlement or translation of monetary
\nitems are recognized in pro\ufb01t or loss as \ufb01nancial items.
\n
\n\n\nCash and short-term deposits
\nCash and short-term deposits in the statement of \ufb01nancial
\nposition comprise cash at banks and on hand and short-term
\ndeposits with a maturity of three months or less, which are
\nsubject to an insigni\ufb01cant risk of changes in value.
\nSee note 3.
\nFor the purpose of the statement of cash \ufb02ows, cash and
\ncash equivalents consist of cash and short-term deposits, as
\nde\ufb01ned above. The indirect method is used to prepare the
\nstatement of cash \ufb02ow.
\n
\n\n\nProvisions
\nProvisions are recognized when the Group has a present
\nobligation (legal or constructive) as a result of a past event,
\nit is probable that an out\ufb02ow of resources embodying
\neconomic bene\ufb01ts will be required to settle the obligation
\nand a reliable estimate can be made of the amount of the
\nobligation. The expense relating to a provision is presented
\nin the Income Statement and other Comprehensive Income
\nnet of any reimbursement.
\nIf the effect of the time value of money is material, provisions
\nare discounted using a current pre-tax rate that re\ufb02ects,
\nwhen appropriate, the risks speci\ufb01c to the liability.
\nWhen discounting is used, the increase in the provision due
\nto the passage of time is recognized as a \ufb01nance cost.
\n
\n
\n\n\nPensions and other post-employment bene\ufb01ts
\nThe Group have a de\ufb01ned contribution pension scheme for
\nall employees. Under the de\ufb01ned contribution scheme,
\nthe Group does not commit itself to paying speci\ufb01c future
\npension bene\ufb01ts, but makes annual contributions to the
\nemployees\u2019 pension savings.
\nThe Group\u2019s payment to the de\ufb01ned contribution scheme
\namounts to 7% of salary up to 12G and 18.1% of salary
\nbetween 7.1G and 12G for Norwegian employees and
\n7-10% for UK employees (G is Norwegian National
\nInsurance basic amount).
\nFurther details about pensions, and the closing of the de\ufb01ned
\nbene\ufb01t scheme, are given in Note 10.
\n
\n\n
\n
\n
\n\n
\n
\n
\n
\n\nNew and amended standards and interpretations
\nThe standards and interpretations that are issued, but not yet
\neffective, up to the date of issuance of the Group\u2019s \ufb01nancial
\nstatements are disclosed in the following section. Note that
\nonly the ones that are expected to have material impact on
\nthe Group\u2019s \ufb01nancial position, performance, and/ or
\ndisclosures are discussed. The Group intends to adopt these
\nstandards, if applicable, when they become effective.
\nChanges in accounting policies and disclosures
\nThe accounting policies adopted are consistent with those of
\nthe previous \ufb01nancial year, except for the amendments to
\nIFRS which have been implemented by the Group during the
\ncurrent \ufb01nancial year. No additional new standard have been
\napplicable for the Group\u2019s 2022 \ufb01nancial statements.
\n
\n\n\nOther standards
\nOther standards, interpretations and amendments that are
\nissued, but not yet effective are either not applicable for the
\nGroup or is not expected to have a material impact of the
\n\ufb01nancial statements.
\n
\n\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag225": {
"value": "\nBasis for consolidation
\nThe consolidated \ufb01nancial statements comprise of the
\n\ufb01nancial statements of the Company and its subsidiary as at
\n31 December 2022. The subsidiary is BerGenBio Limited,
\nlocated in Oxford in the United Kingdom and is 100%
\nowned and controlled by the Parent Company BerGenBio
\nASA. BerGenBio Limited was incorporated 10 January 2017
\nwith a share capital of NOK 1,044.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag207": {
"value": "\nGoing concern
\nThe Group works continuously to ensure \ufb01nancial \ufb02exibility
\nin the short and long term to achieve its strategic and
\noperational objectives. Capital markets are used as a source
\nof liquidity when this is appropriate and when conditions in
\nthese markets are acceptable. In 2020 funding of total NOK
\n740 million was raised, and thus the Board of Directors has
\nreasonable expectation that the Group will maintain
\nadequate resources to continue in operational existence for
\nthe foreseeable future. In October 2022 the Company
\nsecured a shareholder loan facility of up to NOK 100 million
\nfrom Meteva AS. The loan is available from Q2 2023 and up
\nto the earlier of 31 March 2024 and completion of an equity
\nissue.
\nIn April 2023 the Company announced an equity funding, a
\npartly guaranteed and underwritten right issue, with a
\nminimum proceed of NOK 175 million. The equity issue is
\nsubject to AGM approval and publication of an approved
\nprospectus. The cash position in combination with expected
\nproceeds from the equity funding will fund the planned
\nactivities to end of Q2 2024 on a going concern basis.
\nThe \ufb01nancial statements are prepared under the going
\nconcern assumption.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag218": {
"value": "\n
\n\nThe new and amended standards and interpretations from
\nIFRS that were adopted by the EU with effect from 2022 did
\nnot have any signi\ufb01cant impact on the reporting for 2021
\nand 2022. The Group has not early adopted any standard,
\ninterpretation or amendment that has been issued but is
\nnot yet effective.
\n
\n\n
\n\n
\n
\n
\n
\n\nNew and amended standards and interpretations
\nThe standards and interpretations that are issued, but not yet
\neffective, up to the date of issuance of the Group\u2019s \ufb01nancial
\nstatements are disclosed in the following section. Note that
\nonly the ones that are expected to have material impact on
\nthe Group\u2019s \ufb01nancial position, performance, and/ or
\ndisclosures are discussed. The Group intends to adopt these
\nstandards, if applicable, when they become effective.
\nChanges in accounting policies and disclosures
\nThe accounting policies adopted are consistent with those of
\nthe previous \ufb01nancial year, except for the amendments to
\nIFRS which have been implemented by the Group during the
\ncurrent \ufb01nancial year. No additional new standard have been
\napplicable for the Group\u2019s 2022 \ufb01nancial statements.
\n
\n\n\nOther standards
\nOther standards, interpretations and amendments that are
\nissued, but not yet effective are either not applicable for the
\nGroup or is not expected to have a material impact of the
\n\ufb01nancial statements.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag230": {
"value": "\nThe new and amended standards and interpretations from
\nIFRS that were adopted by the EU with effect from 2022 did
\nnot have any signi\ufb01cant impact on the reporting for 2021
\nand 2022. The Group has not early adopted any standard,
\ninterpretation or amendment that has been issued but is
\nnot yet effective.
\n
\n\nNew and amended standards and interpretations
\nThe standards and interpretations that are issued, but not yet
\neffective, up to the date of issuance of the Group\u2019s \ufb01nancial
\nstatements are disclosed in the following section. Note that
\nonly the ones that are expected to have material impact on
\nthe Group\u2019s \ufb01nancial position, performance, and/ or
\ndisclosures are discussed. The Group intends to adopt these
\nstandards, if applicable, when they become effective.
\nChanges in accounting policies and disclosures
\nThe accounting policies adopted are consistent with those of
\nthe previous \ufb01nancial year, except for the amendments to
\nIFRS which have been implemented by the Group during the
\ncurrent \ufb01nancial year. No additional new standard have been
\napplicable for the Group\u2019s 2022 \ufb01nancial statements.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag203": {
"value": "\nRevenue recognition
\nRevenue from contracts with customers is recognized when
\ncontrol of the goods or services are transferred to the
\ncustomer at an amount that re\ufb02ects the consideration to
\nwhich the Group and the Company expects to be entitled
\nin exchange for those goods or services. The Group and the
\nCompany has generally concluded that it is the principal in
\nits revenue arrangements, because it typically controls the
\ngoods or services before transferring them to the customer.
\nThe Group\u2019s and the Company\u2019s products are still in the
\nresearch and development phase, and have limited revenue
\nfrom sales of products yet.
\n
\n\nThe Group (the Company) has entered into an out licence
\nagreement where development, regulatory and sales-based
\nmilestones trigger revenue payment to the Group (the
\nCompany). Revenue from out licence agreements are
\nrecognized in the period when the milestone
\nevents occured.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag233": {
"value": "\nGovernment grants
\nGovernment grants are recognized when there is
\nreasonable assurance that the grant will be received and all
\nattached conditions will be complied with. The grant is
\nrecognized in the income statement in the same period as
\nthe related costs, and presented net. Government grants
\nare recognized at the value of the contribution at the
\ntransaction date.
\nGovernment grants are normally related to either
\nreimbursements of employee costs and classi\ufb01ed as a
\nreduction of payroll and related expenses, or related to
\nother operating activities and thus classi\ufb01ed as a reduction
\nof other operating expenses.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag210": {
"value": "\nResearch and development costs
\nResearch costs are expensed as incurred. Internal
\ndevelopment costs related to the Group\u2019s development of
\nproducts are recognized in the income statement in the
\nyear incurred unless it meets the asset recognition criteria of
\nIAS 38 \u201cIntangible Assets\u201d. An internally generated asset
\narising from the development phase of an R&D project is
\nrecognized as an intangible asset if the Group
\ncan demonstrate:
\n\u2022 Its ability to use or sell the intangible assets
\n\u2022 The technical feasibility of completing the intangible asset
\nso that the asset will be available for use or sale
\n\u2022 Its intention to complete and its ability and intention to
\nuse or sell the asset
\n\u2022 How the asset will generate future economic bene\ufb01ts
\n\u2022 The availability of adequate technical, \ufb01nancial and other
\nresources to complete the development and use of sell
\nthe asset
\n\u2022 The ability to measure reliably the expenditure during
\ndevelopment
\nUncertainties related to the regulatory approval process and
\nresults from on-going clinical trials, generally indicate that
\nthe criteria are not met until the time when marketing
\nauthorisation is obtained from relevant regulatory
\nauthorities. The Group has currently no development
\nexpenditure that quali\ufb01es for recognition under IAS 38.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag221": {
"value": "\nProperty, plant and equipment
\nProperty, plant and equipment are stated at cost, net of
\naccumulated depreciation and accumulated impairment
\nlosses, if any. Acquisition cost includes expenditures that are
\ndirectly attributable to the acquisition of the individual item.
\nProperty, plant and equipment are depreciated on a
\nstraight-line basis over the expected useful life of the asset.
\nIf signi\ufb01cant individual parts of the assets have different
\nuseful lives, they are recognized and depreciated separately.
\nDepreciation commences when the assets are ready for
\ntheir intended use.
\nAn item of property, plant and equipment and any
\nsigni\ufb01cant part initially recognized is derecognized upon
\ndisposal or when no future economic bene\ufb01ts are expected
\nfrom its use or disposal. Any gain or loss arising on
\nderecognition of the asset (calculated as the difference
\nbetween the net disposal proceeds and the carrying
\namount of the asset) is included in the income statement
\nwhen the asset is derecognized.
\nThe residual values, useful lives and methods of
\ndepreciation of the property, plant and equipment are
\nreviewed at each \ufb01nancial year and adjusted prospectively,
\nif appropriate.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag231": {
"value": "\nInvestment in subsidiaries
\nSubsidiaries are consolidated in the Group Financial
\nStatement. In the Company Financial Statement subsidiaries
\nare measured at cost.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag224": {
"value": "\nSigni\ufb01cant accounting policies
\nIdentifying a lease
\nAt the inception of a contract, The Group assesses whether
\nthe contract is, or contains, a lease. A contract is, or
\ncontains, a lease, if the contract conveys the right to control
\nthe use of an identi\ufb01ed asset for a period of time in
\nexchange for consideration.
\nThe Group (the Company) as a lessee
\nSeparating components in the lease contract
\nFor contracts that constitute, or contain a lease, the Group
\n(the Company) separates lease components if it bene\ufb01ts
\nfrom the use of each underlying asset either on its own or
\ntogether with other resources that are readily available, and
\nthe underlying asset is neither highly dependent on, nor
\nhighly interrelated with, the other underlying assets in the
\ncontract. The Group (the Company) then accounts for each
\nlease component within the contract as a lease separately
\nfrom non-lease components of the contract.
\nRecognition of leases and exemptions
\nAt the lease commencement date, the Group (the
\nCompany) recognizes a lease liability and corresponding
\nright-of-use asset for all lease agreements in which it is the
\nlessee, except for the following exemptions applied:
\n\u2022 Short-term leases (de\ufb01ned as 12 months or less)
\n\u2022 Low value assets
\nFor these leases, the Group (the Company) recognizes the
\nlease payments as other operating expenses in the
\nstatement of pro\ufb01t or loss when they incurred.
\n
\n\nLease liabilities
\nThe lease liability is recognized at the commencement date
\nof the lease. The Group (the Company) measures the lease
\nliability at the present value of the lease payments for the
\nright to use the underlying asset during the lease term that
\nare not paid at the commencement date.
\nThe lease term represents the non-cancellable period of the
\nlease, together with periods covered by an option either to
\nextend or to terminate the lease when the Group (the
\nCompany) is reasonably certain to exercise this option.
\nThe lease payments included in the measurement comprise
\nof \ufb01xed lease payments (including in-substance \ufb01xed
\npayments), less any lease incentives receivable.
\nThe lease liability is subsequently measured by increasing
\nthe carrying amount to re\ufb02ect interest on the lease liability,
\nreducing the carrying amount to re\ufb02ect the lease payments
\nmade and remeasuring the carrying amount to re\ufb02ect any
\nreassessment or lease modi\ufb01cations.
\nThe Group (the Company) does not include variable lease
\npayments in the lease liability. Instead, the Group (the
\nCompany) recognises these variable lease expenses in pro\ufb01t
\nor loss when they occur.
\nRight-of-use assets
\nThe Group measures the right-of use asset at cost, less any
\naccumulated depreciation and impairment losses, adjusted
\nfor any remeasurement of lease liabilities. The cost of the
\nright-of-use asset comprise:
\n\u2022 The amount of the initial measurement of the lease
\nliability recognized
\n\u2022 Any lease payments made at or before the
\ncommencement date, less any incentives received
\n\u2022 Any initial direct costs incurred by the Group.
\nThe Group (the Company) applies the depreciation
\nrequirements in IAS 16 Property, Plant and Equipment in
\ndepreciating the right-of-use asset, except that the right-of-
\nuse asset is depreciated from the commencement date to
\nthe earlier of the lease term and the remaining useful life of
\nthe right-of-use asset.
\nThe Group (the Company) applies IAS 36 Impairment of
\nAssets to determine whether the right-of-use asset is
\nimpaired and to account for any impairment loss identi\ufb01ed.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag202": {
"value": "\n
\nFinancial assets
\nInitial recognition and measurement
\nFinancial assets are classi\ufb01ed, at initial recognition, as
\nsubsequently measured at amortised cost, fair value
\nthrough other comprehensive income (OCI), and fair value
\nthrough pro\ufb01t or loss.
\nFinancial assets are recognized initially at fair value plus, in
\nthe case of \ufb01nancial assets not recorded at fair value
\nthrough pro\ufb01t or loss, transaction costs that are attributable
\nto the acquisition of the \ufb01nancial asset.
\nFinancial assets are derecognized when the rights to receive
\ncash \ufb02ows from the assets have expired or the Group has
\ntransferred its rights to receive cash \ufb02ows from the assets.
\nFinancial assets at amortised cost
\nThis category is the most relevant to the Group. The Group
\nmeasures \ufb01nancial assets at amortised cost if both of the
\nfollowing conditions are met:
\n\u2022 The \ufb01nancial asset is held within a business model with
\nthe objective to hold \ufb01nancial assets in order to collect
\ncontractual cash \ufb02ows; and
\n\u2022 The contractual terms of the \ufb01nancial asset give rise on
\nspeci\ufb01ed dates to cash \ufb02ows that are solely payments of
\nprincipal and interest on the principal
\namount outstanding.
\nFinancial assets at amortized cost are subsequently
\nmeasured using the effective interest (EIR) method and are
\nsubject to impairment. Gains and losses are recognized in
\npro\ufb01t or loss when the asset is derecognized, modi\ufb01ed
\nor impaired
\n\nFinancial assets at fair value through pro\ufb01t or loss
\nFinancial assets at fair value through pro\ufb01t or loss are
\ncarried in the statement of \ufb01nancial position at fair value
\nwith net changes in fair value recognized in the statement of
\npro\ufb01t or loss.
\nThe Group \ufb01nancial assets at fair value through pro\ufb01t or loss
\ninclude money markets fund.
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag212": {
"value": "\nFinancial assets at fair value through pro\ufb01t or loss
\nFinancial assets at fair value through pro\ufb01t or loss are
\ncarried in the statement of \ufb01nancial position at fair value
\nwith net changes in fair value recognized in the statement of
\npro\ufb01t or loss.
\nThe Group \ufb01nancial assets at fair value through pro\ufb01t or loss
\ninclude money markets fund.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag208": {
"value": "\n
\nFinancial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classi\ufb01ed, at initial recognition, as
\n\ufb01nancial liabilities at fair value through pro\ufb01t or loss.
\nAll \ufb01nancial liabilities are recognized initially at fair value.
\nThe Group\u2019s \ufb01nancial liabilities include trade and other
\npayables, and loans and borrowings.
\nThe Group does not have \ufb01nancial liabilities at fair value
\nthrough pro\ufb01t and loss.
\nSubsequent measurement
\nFor purposes of subsequent measurement, \ufb01nancial
\nliabilities are classi\ufb01ed in two categories:
\n- Financial liabilities at fair value through pro\ufb01t and loss
\n- Financial liabilities at amortized cost (loans and
\nborrowings).
\n\nDerecognition
\nA \ufb01nancial liability is derecognized when the obligation
\nunder the liability is discharged or cancelled or expires.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag205": {
"value": "\nDerecognition
\nA \ufb01nancial liability is derecognized when the obligation
\nunder the liability is discharged or cancelled or expires.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag220": {
"value": "\nShare-based payments
\nThe Group operates an equity-settled, share-based
\ncompensation plan, under which the Group receives services
\nfrom employees and members of the Board as consideration
\nfor share-based payments (options).
\nThe cost of equity-settled transactions is determined by the
\nfair value at the date when the grant is made using an.
\nappropriate valuation model
\nThat cost is recognized, together with a corresponding
\nincrease in other paid in capital in equity, over the period in
\nwhich the performance and/or service conditions are ful\ufb01lled
\nin employee bene\ufb01ts expense. The cumulative expense
\nrecognized for equity-settled transactions at each reporting
\ndate until the vesting date re\ufb02ects the extent to which the
\nvesting period has expired and the Group\u2019s best estimate of
\nthe number of equity instruments that will ultimately vest.
\nThe statement of pro\ufb01t or loss expense or credit for a period
\nrepresents the movement in cumulative expense recognized
\nat the beginning and end of that period and is recognized in
\nemployee bene\ufb01ts expense.
\nThe fair value of the options granted is measured using the
\nBlack-Scholes model. Measurement inputs include share
\nprice on the measurement date, exercise price of the
\ninstrument, expected volatility, weighted average expected
\nlife of the instruments, expected dividends and the risk-free
\ninterest rate.
\nWhen the options are exercised, the Group will issue new
\nshares. The proceeds received net of any directly attributable
\ntransaction costs are recognized as share capital (nominal
\nvalue) and share premium reserve.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag211": {
"value": "\nTaxes
\nCurrent income tax
\nCurrent income tax assets and liabilities are measured at the
\namount expected to be recovered from or paid to the
\ntaxation authorities. The tax rates and tax laws used to
\ncompute the amount are those that are enacted or
\nsubstantively enacted, at the reporting date in the country
\nwhere the Group operates and generates taxable income.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag204": {
"value": "\nDeferred tax
\nDeferred tax is provided using the liability method on
\ntemporary differences between the tax bases of assets and
\nliabilities and their carrying amounts for \ufb01nancial reporting
\npurposes at the reporting date.
\nDeferred tax liabilities are recognized for all taxable
\ntemporary differences, except:
\nWhen the deferred tax liability arises from the initial
\nrecognition of goodwill or an asset or liability in a transaction
\nthat is not a business combination and, at the time of the
\ntransaction, affects neither the accounting pro\ufb01t nor taxable
\npro\ufb01t or loss.
\nDeferred tax assets are recognized for all deductible
\ntemporary differences, the carry forward of unused tax credits
\nand any unused tax losses. Deferred tax assets are
\nrecognized to the extent that it is probable that taxable pro\ufb01t
\nwill be available against which the deductible temporary
\ndifferences, and the carry forward of unused tax credits and
\nunused tax losses can be utilized.
\nThe carrying amount of deferred tax assets is reviewed at
\neach reporting date and reduced to the extent that it is no
\nlonger probable that suf\ufb01cient taxable pro\ufb01t will be available
\nto allow all or part of the deferred tax asset to be utilized.
\nUnrecognized deferred tax assets are re-assessed at each
\nreporting date and are recognized to the extent that it has
\nbecome probable that future taxable pro\ufb01ts will allow the
\ndeferred tax asset to be recovered.
\nDeferred tax assets and liabilities are measured at the tax
\nrates that are expected to apply in the year when the asset is
\nrealised or the liability is settled, based on tax rates (and tax
\nlaws) that have been enacted or substantively enacted at the
\nreporting date.
\nDeferred tax relating to items recognized outside pro\ufb01t or
\nloss is recognized outside pro\ufb01t or loss.
\nDeferred tax items are recognized in correlation to the
\nunderlying transaction either in OCI or directly in equity.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag219": {
"value": "\n
\nForeign currencies
\n\nThe Group\u2019s \ufb01nancial statements are presented in NOK,
\nwhich is also the parent\u2019s functional currency.
\nFor each entity within the Group, the Group has determined
\nthe functional currency based on the primary economic
\nenvironment of which the entity operates. Items included in
\nthe \ufb01nancial statements are measured using that functional
\ncurrency based on the primary economic environment of
\nwhich the entity operates. Items included in the \ufb01nancial
\nstatements are measured using that functional currency.
\nThe functional currency for the Group\u2019s entities are GBP
\nand NOK.
\n
\n\nOn consolidation, the assets and liabilities of foreign
\noperations are translated into Norwegian Kroner at the rate
\nof exchange prevailing at the reporting date and their
\nstatements of pro\ufb01t or loss are translated at exchange rates
\nprevailing at the dates of the transactions. The exchange
\ndifferences arising on translation for consolidation are
\nrecognized in OCI.
\nFor consolidation purpose the following exchange rates have
\nbeen used:
\n31.12.2022 31.12.2021
\nNOK/GBP 11,85 11,89
\nPro\ufb01t and loss from BerGenBio Limted has been converted
\nto NOK on a transaction by transaction exchange rate.
\n
\n\nTransactions and balances
\nTransactions in foreign currencies are recorded at their
\nrespective functional currency spot rates at the date the
\ntransaction \ufb01rst quali\ufb01es for recognition.
\nMonetary assets and liabilities denominated in foreign
\ncurrencies are translated at the functional currency spot rates
\nof exchange at the reporting date.
\nDifferences arising on settlement or translation of monetary
\nitems are recognized in pro\ufb01t or loss as \ufb01nancial items.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag228": {
"value": "\nThe Group\u2019s \ufb01nancial statements are presented in NOK,
\nwhich is also the parent\u2019s functional currency.
\nFor each entity within the Group, the Group has determined
\nthe functional currency based on the primary economic
\nenvironment of which the entity operates. Items included in
\nthe \ufb01nancial statements are measured using that functional
\ncurrency based on the primary economic environment of
\nwhich the entity operates. Items included in the \ufb01nancial
\nstatements are measured using that functional currency.
\nThe functional currency for the Group\u2019s entities are GBP
\nand NOK.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag234": {
"value": "\nCash and short-term deposits
\nCash and short-term deposits in the statement of \ufb01nancial
\nposition comprise cash at banks and on hand and short-term
\ndeposits with a maturity of three months or less, which are
\nsubject to an insigni\ufb01cant risk of changes in value.
\nSee note 3.
\nFor the purpose of the statement of cash \ufb02ows, cash and
\ncash equivalents consist of cash and short-term deposits, as
\nde\ufb01ned above. The indirect method is used to prepare the
\nstatement of cash \ufb02ow.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag201": {
"value": "\nProvisions
\nProvisions are recognized when the Group has a present
\nobligation (legal or constructive) as a result of a past event,
\nit is probable that an out\ufb02ow of resources embodying
\neconomic bene\ufb01ts will be required to settle the obligation
\nand a reliable estimate can be made of the amount of the
\nobligation. The expense relating to a provision is presented
\nin the Income Statement and other Comprehensive Income
\nnet of any reimbursement.
\nIf the effect of the time value of money is material, provisions
\nare discounted using a current pre-tax rate that re\ufb02ects,
\nwhen appropriate, the risks speci\ufb01c to the liability.
\nWhen discounting is used, the increase in the provision due
\nto the passage of time is recognized as a \ufb01nance cost.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag235": {
"value": "\nPensions and other post-employment bene\ufb01ts
\nThe Group have a de\ufb01ned contribution pension scheme for
\nall employees. Under the de\ufb01ned contribution scheme,
\nthe Group does not commit itself to paying speci\ufb01c future
\npension bene\ufb01ts, but makes annual contributions to the
\nemployees\u2019 pension savings.
\nThe Group\u2019s payment to the de\ufb01ned contribution scheme
\namounts to 7% of salary up to 12G and 18.1% of salary
\nbetween 7.1G and 12G for Norwegian employees and
\n7-10% for UK employees (G is Norwegian National
\nInsurance basic amount).
\nFurther details about pensions, and the closing of the de\ufb01ned
\nbene\ufb01t scheme, are given in Note 10.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag222": {
"value": "\nOther standards
\nOther standards, interpretations and amendments that are
\nissued, but not yet effective are either not applicable for the
\nGroup or is not expected to have a material impact of the
\n\ufb01nancial statements.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag227": {
"value": "\nNote 3 \u2013 Signi\ufb01cant accounting
\njudgements, estimates and assumptions
\nThe preparation of the Group\u2019s \ufb01nancial statements requires
\nmanagement to make judgements, estimates and
\nassumptions that affect the reported amounts of revenues,
\nexpenses, assets and liabilities, and the disclosure of
\ncontingent liabilities. Uncertainty about these assumptions
\nand estimates could result in outcomes that require a material
\nadjustment to the carrying amount of assets or liabilities
\naffected in future periods.
\nEstimates and assumptions
\nPreparation of the accounts in accordance with IFRS requires
\nthe use of judgement, estimates and assumptions that have
\nconsequences for recognition in the balance sheet of assets
\nand liabilities and recorded revenues and expenses. The use
\nof estimates and assumptions is based on the best
\ndiscretionary judgement of the Group\u2019s management.
\nShare-based payments
\nThe Group initially measures the cost of equity-settled
\ntransactions with employees using the Black-Scholes model
\nto determine the fair value of the liability incurred. Estimating
\nfair value for share-based payment transactions requires
\ndetermination of the most appropriate valuation model,
\nwhich is dependent on the terms and conditions of the grant.
\nThis estimate also requires determination of the most
\nappropriate inputs to the valuation model including the
\nexpected life of the share option, volatility and dividend yield
\nand making assumptions about them. The assumptions and
\nmodels used for estimating fair value for share-based
\npayment transactions are disclosed in Note 6.
\n
\n\nMoney market fund
\nMoney market fund is classi\ufb01ed as cash and cash equivalent. The criteria for classifying this as cash equivalent are that these funds are short term, highly liquid, readily convertible into known
\namounts of cash and subject to insigni\ufb01cant risk of change in value. The evaluation of these criteria require use of judgement. The purpose of the fund is to meet short term commitments,
\nand hence the company have access to use the funds with only a few days notice. The funds invested in is well-known and have invested in shares exchanged in an active marked, and hence
\nthe funds are considered highly liquid. Even though it is not possible to know the exact amount of cash the funds can be converted to, the funds of which the money are invested in are low
\nrisk and low pro\ufb01t, and hence it is possible to predict the most likely outcome as it is expected to be insigni\ufb01cant changes in value of these funds.
\n
\n",
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"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag171": {
"value": "\n
\n\n
\n\nNote 4 Segments and revenue
\nFor management purposes the Group is organized as one business unit and the internal reporting is structured in accordance with this.
\nThe Group has entered into an out-licence agreement where development, regulatory and sales-based milestones are due upon the occurrence of certain speci\ufb01c events. In 2022 or
\n2021, there has not been any clinical milestone payment from this out-licence agreement and the revenue represent refund of patent costs.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag172": {
"value": "\n
\n\nNote 4 Segments and revenue
\nFor management purposes the Group is organized as one business unit and the internal reporting is structured in accordance with this.
\nThe Group has entered into an out-licence agreement where development, regulatory and sales-based milestones are due upon the occurrence of certain speci\ufb01c events. In 2022 or
\n2021, there has not been any clinical milestone payment from this out-licence agreement and the revenue represent refund of patent costs.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag176": {
"value": "\nNote 4 Segments and revenue
\nFor management purposes the Group is organized as one business unit and the internal reporting is structured in accordance with this.
\nThe Group has entered into an out-licence agreement where development, regulatory and sales-based milestones are due upon the occurrence of certain speci\ufb01c events. In 2022 or
\n2021, there has not been any clinical milestone payment from this out-licence agreement and the revenue represent refund of patent costs.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag183": {
"value": "\n
\nNote 5 Payroll and related expenses
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n23,407 15,115 Salaries 49,768 58,910
\n3,423 2,706 Social security tax 7, 86 4 7,728
\n1,496 1,322 Pension expense 4,095 4,343
\n1,118 1,728 Bonus 8,748 4,466
\n421 374 Other remnueration 790 855
\n(1,657) (1,349) Government grants (5,122) (6,373)
\n28,206 19,895 Total payroll and other employee related cost 66,143 69,929
\n7,113 3,466 Share option expense employees 3,466 7,113
\n(2,997) (920) Accrued social security tax on share options (920) (2,997)
\n4,116 2,546 Total employee share option cost 2,546 4 ,116
\n32,323 22,441 Total employee bene\ufb01t cost 68,689 74,045
\n16 13 Average number of full time equivalent employees 36 44
\n\nFor remuneration to Executive Management and Board of Directors, please see Remuneration Report in the Governance section of the Annual Report.
\nKey Executive Managment personel and Board of Directors compensation (in 1,000 NOK):
\nGroup 2022 Group 2021
\nShort-term employee bene\ufb01ts 21,936 21,985
\nPost-employment bene\ufb01t 1,757 1,371
\nOther long-term bene\ufb01ts 0 0
\nTermination bene\ufb01ts 588 5,145
\nShare-base payment (period cost) 815 2,288
\nTotal 25,096 30,789
\n
\n\n
\n\nNote 10 Pensions
\nBerGenBio ASA is required to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension (\u201clov om obligatorisk tjenestepensjon\u201d).
\nThe Company has a contribution pension scheme which complies with the Act on Mandatory company pensions.
\nBoth BerGenBio ASA and BerGenBio Limited have de\ufb01ned contribution pension schemes, but the contribution is different.
\nFor BerGenBio ASA and Norwegian employees the contribution amounts to 7% of salary up to 12G and 18.1% of salary between 7.1G and 12G (G is Norwegian National Insurance
\nbasic amount). For BerGenBio Limited and UK employees the contribution is between 7-15% of base salary.
\n
\n",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag180": {
"value": "\nFor remuneration to Executive Management and Board of Directors, please see Remuneration Report in the Governance section of the Annual Report.
\nKey Executive Managment personel and Board of Directors compensation (in 1,000 NOK):
\nGroup 2022 Group 2021
\nShort-term employee bene\ufb01ts 21,936 21,985
\nPost-employment bene\ufb01t 1,757 1,371
\nOther long-term bene\ufb01ts 0 0
\nTermination bene\ufb01ts 588 5,145
\nShare-base payment (period cost) 815 2,288
\nTotal 25,096 30,789
\n
\n\nFor shares in the Company held by the Executive Management and Board of Directors, please see Remuneration Report in the Governance section of the Annual Report.
\n
\n",
"dimensions": {
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"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag166": {
"value": "\nNote 6 Employee share option program
\nThe Group has a share option scheme for employees. Each option gives the right to acquire one share in BerGenBio on exercise.
\nThe Group has a share option program to ensure focus and align the Group\u2019s long term performance with shareholder values and interest. Most of the employees in the Group take part
\nin the option program. The program also serves to retain and attract senior management.
\nThe exercise price for options granted is set at the market price of the shares at the time of grant of the options. In general, for options granted after 2012, the options expire eight years
\nafter the date of grant.
\nOptions vest annually in equal tranches over a three-year period following the date of grant.
\nTotal options
\nFor the twelve months ended 31 December
\n2022 2021
\nNumber of options
\nWeighted average
\nexercise price Number of options
\nWeighted average
\nexercise price
\nBalance at 1 January 3,560,897 22.96 4,209,232 18.45
\nGranted during the period 2,114,230 7. 59 1,379,871 28.55
\nExercised during the period
\n1)
\n(205,277) 15.68 (1,195,272) 13.91
\nForfeited and cancelled (1,250,005) 24.61 (832,934) 22.43
\nBalance at 31 December 4,219,845 15.13 3,560,897 22.96
\n1) Average share price at date of exercise was NOK 17.71 for 2022 (NOK 26.55 for 2021).
\n2) 114.230 options were granted in the twelve months period ended 31 December 2022 and 1.379.871 options were granted in the twelve months period ended 31 December 2021.
\nIn the Annual General Meeting on the 22 March 2017 it was resolved a split of the shares so that 1 share with a nominal value of NOK 10 was split into 100 shares with a nominal value of
\nNOK 0.10. The overview above takes into account the share split.
\nThe average weighted expected remaining lifetime of options is 3.0 years at year end.
\nThe exercise price is calculated as the weighted average exercise price of the forfeited , cancelled and exercised options.
\nVested options 2022 2021
\nOptions vested at 1 January 1,541,168 1, 8 87, 201
\nExercised and forfeited in the period (1,003,946) (1,195,272)
\nVested in the period 1,077, 8 4 4 849,239
\nOptions vested at 31 December 1,615,066 1,541,168
\nTotal outstanding number of options 4,219,845 3,560,897
\n
\n\nThe options are valued using the Black & Scholes model.
\nThe risk-free interest rates are based on rates from Norges Bank and Oslo Stock Exchange on the grant date (bonds and certi\ufb01cates) equal to the expected term of the option being
\nvalued. Where there is no exact match between the term of the interest rates and the term of the options, interpolation is used to estimate a comparable term.
\n The vesting period is the period during which the conditions to obtain the right to exercise must be satis\ufb01ed. The Group has estimated an expected vesting date and this date is used as
\nbasis for the expected lifetime. The Group expects the options to be exercised earlier than the expiry date. For options granted earlier than 2014, the mean of the expected vesting date
\nand expiry date has been used to calculate expected lifetime due to the lack of exercise pattern history for the Group and experience from other companies in combination with the
\nrelatively long lifetime of these options (up to eight years).
\n For valuation purposes 55,81 % expected future volatility has been applied .To \ufb01nd the expected volatility, we use the Company\u2019s annualized standard deviation of the continuously
\ncompounded rates of return on the historic share price for the term equal to the life of the option.
\nFor 2022 the value of the share options expensed through the pro\ufb01t or loss amounts to NOK 3.5 million (for the same period in 2021: NOK 7.1 million). In addition, a change in provision
\nfor social security contributions on share options of NOK -0.9 million (for the same period in 2021: NOK -3.0 million). The provision for social security contribution is calculated on the
\ndifference between the share price and exercise price on exercisable option as at the end of the period.
\nOutstanding Instruments Overview
\nStrike price
\nOutstanding Instruments Vested Instruments
\nNumber of
\ninstruments
\nWeighted Average
\nremaining
\ncontractual life
\nWeighted Average
\nStrike Price
\nVested instruments
\n31.12.2022
\nWeighted Average
\nStrike Price
\n7.59 2,114,230 7.38 7. 59 245,000 7.59
\n15.00 859,726 5.27 15.00 580,118 15.00
\n16.01 77, 5 0 0 0.67 16.01 77, 50 0 16.01
\n24.00 60,000 1.00 24.00 60,000 24.00
\n25.00 227,225 4.30 25.00 227,225 25.00
\n28.50 90,000 3.83 28.50 90,000 28.50
\n28.55 715,746 6.35 28.55 259,805 28.55
\n46.70 75,418 3.40 46.70 75,418 46.70
\n4,219,845 1,615,066
\n
\n",
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"Tag170": {
"value": "\nNote 7 Government grants
\nGovernment grants have been recognized in the pro\ufb01t or loss as a reduction of related expense with the following amounts:
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n1,657 1,349 Payroll and related expenses 5,122 6,373
\n6,914 5,298 Other operating expenses 5,298 6,914
\n8,571 6,648 Total 10,420 13,287
\nGrants receivable as at 31 December are detailed as follows:
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n755 172 Grants from Research Council, BIA 172 755
\n519 496 Grants from Research Council, PhD 496 519
\n4,750 4,750 Grants from SkatteFunn 4,750 4,750
\n0 0 Grants R&D UK 7,958 4,224
\n6,024 5,418 Total 13,375 10,248
\nBIA grants from the Research Council
\nThe Company currently has one grants from the Research Council, programs for user-managed innovation arena (BIA) in 2022.
\nThe BIA grant (\"AXL as a therapeutic target in \ufb01brosis; biology and biomarkers\") has been awarded from 2019 and amount up to NOK 10.7 million. The Group has recognized
\nNOK 0.3 million in 2022 (2021: NOK 2.3 million) classi\ufb01ed partly as reduction of payroll and related expenses and partly as a cost reduction of other operating expenses.
\nPhD grants from the Research Council
\nBerGenBio has been awarded two grants supporting industrial PhD's in 2020. The fellowship covers 50 % of the established current rates for doctoral research fellowships and an
\noperating grant to cover up to 50 % of additional costs related to costly laboratory testing connected with the research fellow's doctoral work.
\nThe Group has recognized NOK 1.6 million in 2022 (2021: NOK 1.6 million) classi\ufb01ed partly as reduction of payroll and related expenses and partly as a cost reduction of other operating expenses.
\nSkatteFunn
\nR&D projects have been approved for SkatteFunn (a Norwegian government R&D tax incentive program designed to stimulate R&D in Norwegian trade and industry) for the period from
\n2021 until the end of 2024. The Group has recognized NOK 4.8 million in 2022 (2021: NOK 4.8 million) classi\ufb01ed partly as reduction of payroll and related expenses and partly as a cost
\nreduction of other operating expenses.
\nInnovation Norway
\nBerGenBio has been awarded a NOK 24 million (USD 2.85m) grant from Innovation Norway to support the clinical development of BGB324 in combination with Merck & Co.\u2019s
\nKEYTRUDA
\n\u00ae
\n (pembrolizumab) in patients with advanced lung cancer.
\n
\n\nThe grant from Innovation Norway is an Industrial Development Award (IFU). The IFU program is directed to Norwegian companies developing new products or services in collaboration
\nwith foreign companies.
\nBerGenBio has by end of 2020 recognized and received the total grant of NOK 24 million. The grant may be withdrawn under certain circumstances.
\nR&D tax grants UK
\nBerGenBio Limited, a 100% subsidary of BerGenBio ASA, has been granted R&D tax grants in UK from 2017. R&D grants are approved retrospect by application. The Group has in 2022
\nrecognized NOK 3.7 million (2021: NOK 4.2 million) classi\ufb01ed as reduction of payroll and related expenses for the year 2022.
\n
\n",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag177": {
"value": "\n
\n\n
\n\nNote 8 Property, plant and equipment
\nYear ended 31 December 2022 Parent/Group Furnitures Equipment/\ufb01ttings Right to use property Total
\nCost at 1 January 2022 137 1,632 3,366 5,135
\nAdditions in the year 0 0 0 0
\nDisposals in the year 0 (42) (223) (265)
\nCost at 31 December 2022 137 1,590 3,14 3 4,870
\nAccumulated depreciation at 1 January 2022 (66) (1,537) (2,340) (3,944)
\nDepreciation in the year (27) (53) (803) (883)
\nAccumulated depreciation at 31 December 2022 (94) (1,590) (3,14 3) (4,827)
\nNet carrying amount at 31 December 2022 43 0 0 43
\nEstimated useful life 5 years 5 years 2/5 years
\nDepreciation method Straight-line Straight-line
\nOver right of
\nuse time
\nYear ended 31 December 2021 Parent/Group Furnitures Equipment/\ufb01ttings Right to use property Total
\nCost at 1 January 2021 137 1,632 3,195 4,964
\nAdditions in the year 0 0 171 171
\nDisposals in the year 0 0 0 0
\nCost at 31 December 2021 137 1,632 3,366 5,135
\nAccumulated depreciation at 1 January 2021 (39) (1,414) (1,178) (2,632)
\nDepreciation in the year (27) (123) (1,162) (1,312)
\nAccumulated depreciation at 31 December 2021 (66) (1,537) (2,340) (3,944)
\nNet carrying amount at 31 December 2021 70 96 1,026 1,191
\nEstimated useful life 5 years 5 years 2/5 years
\nDepreciation method Straight-line Straight-line
\nOver right of
\nuse time
\n
\n\n
\n\n
\n\n
\n\nResearch & Development
\nExpenses for research and development for the \ufb01nancial year 2022 for the Group was gross NOK 263.0 million (net NOK 252.6 million reduced of grants NOK 10.4 million) of which
\ngross NOK 212.5 million (net NOK 207.5 million) was classi\ufb01ed as other operating expenses and gross NOK 50.5 million (net NOK 45.4 million) was classi\ufb01ed as payroll.
\nExpenses for research and development for the \ufb01nancial year 2021 for the Group was gross NOK 266.9 million (net NOK 253.7 million reduced of grants NOK 13.3 million) of which
\ngross NOK 213.3 million (net NOK 206.4 million) was classi\ufb01ed as other operating expenses and gross NOK 53.6 million (net NOK 47.3 million) was classi\ufb01ed as payroll.
\n
\n\n
\n",
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"Tag169": {
"value": "\n
\n\nNote 8 Property, plant and equipment
\nYear ended 31 December 2022 Parent/Group Furnitures Equipment/\ufb01ttings Right to use property Total
\nCost at 1 January 2022 137 1,632 3,366 5,135
\nAdditions in the year 0 0 0 0
\nDisposals in the year 0 (42) (223) (265)
\nCost at 31 December 2022 137 1,590 3,14 3 4,870
\nAccumulated depreciation at 1 January 2022 (66) (1,537) (2,340) (3,944)
\nDepreciation in the year (27) (53) (803) (883)
\nAccumulated depreciation at 31 December 2022 (94) (1,590) (3,14 3) (4,827)
\nNet carrying amount at 31 December 2022 43 0 0 43
\nEstimated useful life 5 years 5 years 2/5 years
\nDepreciation method Straight-line Straight-line
\nOver right of
\nuse time
\nYear ended 31 December 2021 Parent/Group Furnitures Equipment/\ufb01ttings Right to use property Total
\nCost at 1 January 2021 137 1,632 3,195 4,964
\nAdditions in the year 0 0 171 171
\nDisposals in the year 0 0 0 0
\nCost at 31 December 2021 137 1,632 3,366 5,135
\nAccumulated depreciation at 1 January 2021 (39) (1,414) (1,178) (2,632)
\nDepreciation in the year (27) (123) (1,162) (1,312)
\nAccumulated depreciation at 31 December 2021 (66) (1,537) (2,340) (3,944)
\nNet carrying amount at 31 December 2021 70 96 1,026 1,191
\nEstimated useful life 5 years 5 years 2/5 years
\nDepreciation method Straight-line Straight-line
\nOver right of
\nuse time
\n
\n\n
\n",
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"Tag181": {
"value": "\nNote 8 Property, plant and equipment
\nYear ended 31 December 2022 Parent/Group Furnitures Equipment/\ufb01ttings Right to use property Total
\nCost at 1 January 2022 137 1,632 3,366 5,135
\nAdditions in the year 0 0 0 0
\nDisposals in the year 0 (42) (223) (265)
\nCost at 31 December 2022 137 1,590 3,14 3 4,870
\nAccumulated depreciation at 1 January 2022 (66) (1,537) (2,340) (3,944)
\nDepreciation in the year (27) (53) (803) (883)
\nAccumulated depreciation at 31 December 2022 (94) (1,590) (3,14 3) (4,827)
\nNet carrying amount at 31 December 2022 43 0 0 43
\nEstimated useful life 5 years 5 years 2/5 years
\nDepreciation method Straight-line Straight-line
\nOver right of
\nuse time
\nYear ended 31 December 2021 Parent/Group Furnitures Equipment/\ufb01ttings Right to use property Total
\nCost at 1 January 2021 137 1,632 3,195 4,964
\nAdditions in the year 0 0 171 171
\nDisposals in the year 0 0 0 0
\nCost at 31 December 2021 137 1,632 3,366 5,135
\nAccumulated depreciation at 1 January 2021 (39) (1,414) (1,178) (2,632)
\nDepreciation in the year (27) (123) (1,162) (1,312)
\nAccumulated depreciation at 31 December 2021 (66) (1,537) (2,340) (3,944)
\nNet carrying amount at 31 December 2021 70 96 1,026 1,191
\nEstimated useful life 5 years 5 years 2/5 years
\nDepreciation method Straight-line Straight-line
\nOver right of
\nuse time
\n
\n\nNote 9 Leases
\nThe Group (the Company) as a leesee
\nThe Company rent premises in Bergen, Norway, for of\ufb01ce purposes. The laboratory rental was discontinued in November 2022, and of\ufb01ce rental agreement is currently being negotiated
\nfor a 12 months extention, but this is not formalized.
\nIn addition, the Group rent of\ufb01ce premises in UK. The rental agreement can be terminated by either party with a one month notice period. The rental agreements in UK are considered a
\nshort term lease and recognized directly in pro\ufb01t or loss. From 1 January 2023 the rental arrangement for of\ufb01ce in Norway currently also is consider to be a short term lease.
\nRight-of-use assets
\nThe Group (the Company) leased of\ufb01ces up until November 2022, when lab lease was discontinued and of\ufb01ce lease ended and currently being negotiated for extenion. The Group's
\n(the Company's) right-of-use assets are categorised and presented in Note 8.
\n
\n\nLease liabilities
\nSummary of the lease liabilities Group 2022 Group 2021
\nTotal lease liabilities at 1 January 1,623 2,016
\nNew lease liabilities recognized in the year (1,169) 171
\nCash payments for the principal portion of the lease liability (454) (564)
\nCash payments for the interest portion of the lease liability (66) (116)
\nInterest expense on lease liabilities 66 116
\nCurrency exchange differences 0 0
\nTotal lease liabilities at 31 December 0 1,623
\nCurrent lease liabilities (note 18) 0 681
\nNon-current lease liabilities 0 942
\nTotal cash out\ufb02ows for leases 454 564
\nThe leases do not contain any restrictions on the Group\u2019s dividend policy or \ufb01nancing. The Group does not have signi\ufb01cant residual value guarantees related to its leases to disclose.
\nUndiscounted lease liabilities and maturity of cash out\ufb02ows 2022 2021
\nLess than 1 year 325 328
\n1-5 years 0 1,054
\nTotal undiscounted lease liabilities at 31 December 325 1,382
\nSummary of other lease expenses recognized in pro\ufb01t or loss 2022 2021
\nVariable lease payments expensed in the period 0 0
\nOperating expenses in the period related to short-term leases 2,550 1,799
\nOperating expenses in the period related to low value assets 85 26
\nTotal lease expenses included in other operating expenses 2,635 1,825
\nThe Groups cash out\ufb02ow for leases amonuted in total to NOK 3,607 in 2022 (NOK 2,789 in 2021).
\nPractical expedients applied
\nThe Group has a lease agreement for of\ufb01ces in Oxford. The lease agreement is short term and is renewed at one months basis. The Groups had two lease agreements in Norway.
\nThe \ufb01rst was terminated effective as of 30 November 2022 and the second expired 31 December 2022. The Group is in negotiation of extention for a 12 months period but this have
\ncurrently not been formalized. The Group also leases printers with contract terms of \ufb01ve years. The Group has elected to apply the practical expedient of low value assets for some of
\nthese leases and does not recognise lease liabilities or right-of-use assets. The leases are instead expensed when they incur. The Group has also applied the practical expedient to not
\nrecognise lease liabilities and right-of-use assets for short-term leases, presented in the table above.
\n
\n\nExtension options
\nThe Group has no extention options for lease arrangements as of 31 December 2022.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag182": {
"value": "\nResearch & Development
\nExpenses for research and development for the \ufb01nancial year 2022 for the Group was gross NOK 263.0 million (net NOK 252.6 million reduced of grants NOK 10.4 million) of which
\ngross NOK 212.5 million (net NOK 207.5 million) was classi\ufb01ed as other operating expenses and gross NOK 50.5 million (net NOK 45.4 million) was classi\ufb01ed as payroll.
\nExpenses for research and development for the \ufb01nancial year 2021 for the Group was gross NOK 266.9 million (net NOK 253.7 million reduced of grants NOK 13.3 million) of which
\ngross NOK 213.3 million (net NOK 206.4 million) was classi\ufb01ed as other operating expenses and gross NOK 53.6 million (net NOK 47.3 million) was classi\ufb01ed as payroll.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag178": {
"value": "\n
\n\n
\n\nNote 11 Financial income and expense
\nParent 2021 Parent 2022 Group 2022 Group 2021
\nFinancial income
\n0 10 Interest income on tax repaid 10 0
\n3,130 2,847 Interest income on bank deposits 2,939 3,130
\n11,804 12,070 Other \ufb01nance income 12,078 12,864
\n14,934 14,926 Total \ufb01nancial income 15,027 15,993
\nParent 2021 Parent 2022 Group 2022 Group 2021
\nFinancial expense
\n7 309 Other interest expense 321 53
\n9,396 10,762 Other \ufb01nance expense 11,193 10,841
\n9,403 11,071 Total \ufb01nancial expense 11,514 10,894
\n5,531 3,856 Net \ufb01nancial income 3,513 5,100
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag165": {
"value": "\n
\n\nNote 11 Financial income and expense
\nParent 2021 Parent 2022 Group 2022 Group 2021
\nFinancial income
\n0 10 Interest income on tax repaid 10 0
\n3,130 2,847 Interest income on bank deposits 2,939 3,130
\n11,804 12,070 Other \ufb01nance income 12,078 12,864
\n14,934 14,926 Total \ufb01nancial income 15,027 15,993
\nParent 2021 Parent 2022 Group 2022 Group 2021
\nFinancial expense
\n7 309 Other interest expense 321 53
\n9,396 10,762 Other \ufb01nance expense 11,193 10,841
\n9,403 11,071 Total \ufb01nancial expense 11,514 10,894
\n5,531 3,856 Net \ufb01nancial income 3,513 5,100
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag179": {
"value": "\nNote 11 Financial income and expense
\nParent 2021 Parent 2022 Group 2022 Group 2021
\nFinancial income
\n0 10 Interest income on tax repaid 10 0
\n3,130 2,847 Interest income on bank deposits 2,939 3,130
\n11,804 12,070 Other \ufb01nance income 12,078 12,864
\n14,934 14,926 Total \ufb01nancial income 15,027 15,993
\nParent 2021 Parent 2022 Group 2022 Group 2021
\nFinancial expense
\n7 309 Other interest expense 321 53
\n9,396 10,762 Other \ufb01nance expense 11,193 10,841
\n9,403 11,071 Total \ufb01nancial expense 11,514 10,894
\n5,531 3,856 Net \ufb01nancial income 3,513 5,100
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag168": {
"value": "\n
\n\nNote 12 Income tax
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n(310,657) (301,375) Pro\ufb01t before tax (3 02,122) (309,364)
\n(68,345) (66,302) Income taxes calculated at 22% (66,467) (68,060)
\n0 (16) Adjustment in respect of current income tax of previous years (16) 0
\n1,565 765 Non deductible expenses 765 1,565
\n(1,054) (1,045) Non-taxable income (1,045) (1,951)
\n67, 8 3 4 66,598 Change in deferred tax asset not recognized 66,763 68,445
\n0 0 Tax expense 0 0
\n0 0 Income tax expense reported in income statement 0 0
\nDeferred tax and deferred tax assets
\nParent 2021 Parent 2022 Group 2022 Group 2021
\nDeferred tax assets (22% of temporary differences)
\n(332,706) (399,430) Tax losses carried forward (399,495) (332,706)
\n(58) (14) Property, plant and equipment (58) (58)
\n(213) 0 Other 0 (213)
\n332,976 399,444 Deferred tax asset not recognized 399,553 332,976
\n0 0 Deferred tax assets \u2013 gross 0 0
\nThe Company has a tax loss of NOK 303.2 million in 2022, and in total a tax loss carried forward as of 31 December 2022 on NOK 1 815.6 million. There are no timing restrictions on
\ncarrying forward the tax loss, and it can be carried forward inde\ufb01nitely.
\nThe deferred tax asset has not been recognized in the statement of \ufb01nancial position, as the Company does not consider that taxable income in the short-term will suf\ufb01ciently support
\nthe use of a deferred tax asset.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag175": {
"value": "\nNote 12 Income tax
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n(310,657) (301,375) Pro\ufb01t before tax (3 02,122) (309,364)
\n(68,345) (66,302) Income taxes calculated at 22% (66,467) (68,060)
\n0 (16) Adjustment in respect of current income tax of previous years (16) 0
\n1,565 765 Non deductible expenses 765 1,565
\n(1,054) (1,045) Non-taxable income (1,045) (1,951)
\n67, 8 3 4 66,598 Change in deferred tax asset not recognized 66,763 68,445
\n0 0 Tax expense 0 0
\n0 0 Income tax expense reported in income statement 0 0
\nDeferred tax and deferred tax assets
\nParent 2021 Parent 2022 Group 2022 Group 2021
\nDeferred tax assets (22% of temporary differences)
\n(332,706) (399,430) Tax losses carried forward (399,495) (332,706)
\n(58) (14) Property, plant and equipment (58) (58)
\n(213) 0 Other 0 (213)
\n332,976 399,444 Deferred tax asset not recognized 399,553 332,976
\n0 0 Deferred tax assets \u2013 gross 0 0
\nThe Company has a tax loss of NOK 303.2 million in 2022, and in total a tax loss carried forward as of 31 December 2022 on NOK 1 815.6 million. There are no timing restrictions on
\ncarrying forward the tax loss, and it can be carried forward inde\ufb01nitely.
\nThe deferred tax asset has not been recognized in the statement of \ufb01nancial position, as the Company does not consider that taxable income in the short-term will suf\ufb01ciently support
\nthe use of a deferred tax asset.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag173": {
"value": "\nNote 13 Other operating expenses
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n191,316 189,508 Program expenses, clinical trials and research 194,063 193,076
\n649 685 Of\ufb01ce rent and expenses 3,331 2,447
\n68,387 71,666 Consultants R&D projects 8,340 12,744
\n7,491 8,101 Patent and licence expenses 8,101 7, 491
\n22,857 18,225 Other operating expenses 27,915 31,035
\n(6,914) (5,298) Government grants (5,298) (6,914)
\n283,786 282,887 Total 236,451 239,880
\n
\n\n
\n\nSpeci\ufb01cation auditor's fee
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n238 313 Statutory audit 313 400
\n20 173 Other assurance services 173 20
\n0 0 Other non-assurance services 0 71
\n12 20 Tax consultant services 20 71
\n270 506 Total 506 563
\nAmounts are excluding VAT
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag174": {
"value": "\nSpeci\ufb01cation auditor's fee
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n238 313 Statutory audit 313 400
\n20 173 Other assurance services 173 20
\n0 0 Other non-assurance services 0 71
\n12 20 Tax consultant services 20 71
\n270 506 Total 506 563
\nAmounts are excluding VAT
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag184": {
"value": "\nNote 14 Earnings per share
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n(310,657) (301,375) Pro\ufb01t after tax (302,122) (309,364)
\n87,956,563 88,636,493 Weighted average number of outstanding shares during the year 88,636,493 87,956,563
\n(3.53) (3.40) Earnings (loss) per share \u2013 basic and diluted (NOK) (3.41) (3.52)
\nShare options issued have a potential dilutive effect on earnings per share. No dilutive effect has been recognized as potential ordinary shares only shall be treated as dilutive if their
\nconversion to ordinary shares would decrease earnings per share or increase loss per share from continuing operations. As the Group is currently loss-making an increase in the average
\nnumber of shares would have anti-dilutive effects.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag167": {
"value": "\nNote 15 Other current assets
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n6,024 5,418 Government grants 13,375 10,248
\n676 290 Refundable VAT 290 676
\n637 1,183 Prepaid expenses 1,804 701
\n774 389 Other receivables 390 774
\n3,601 10,625 Receivables Intercompany 0 0
\n11,711 17,905 Total 15,860 12,398
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag188": {
"value": "\nNote 16 Cash and cash equivalents
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n756 733 Employee withholding tax 733 756
\n121,243 80,188 Short-term bank deposits 92,704 129,796
\n306,094 57, 367 Money market fonds 57, 3 67 306,094
\n428,093 138,288 Total 150,803 436,646
\nOf the total balance in cash and cash equivalents, NOK 0.7 million (2021: NOK 0.8 million) relates to restricted funds for employee withholding taxes.
\nThe Group\u2019s short-term bank deposits are on variable rate terms.
\nMoney market funds are classi\ufb01ed as Cash and cash equivalents as this is short term placement held for the purpose of meeting short-term cash commitments. Risk is low and the fund is
\nhighly liquid.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag187": {
"value": "\n
\n\nNote 17 Share capital and shareholder information
\nThe Group has one class of shares and all shares carry equal voting rights.
\nAs of 31 December
\nNumber of
\nauthorized
\nshares
\nNominal value
\n(NOK)
\nBook value
\n(NOK)
\nOrdinary shares 2022 88,660,532 0.10 8,866,053.20
\nOrdinary shares 2021 88,455,255 0.10 8,845,525.50
\nChanges in the outstanding number of shares
\n2022 2021
\nOrdinary shares at 1 January 88,455,255 87, 259,9 8 3
\nIssue of ordinary shares 205,277 1,195,272
\nOrdinary shares at 31 December 88,660,532 88,455,255
\n
\n\n
\n\n
\n\nOwnership structure as of 31.12.2022
\nShareholder Number of shares
\nPercentage share
\nof total shares
\nMETEVA AS 24,139,650 27.2 %
\nINVESTINOR DIREKTE AS 7, 270,78 0 8.2%
\nFJARDE AP-FONDEN 4,487,493 5.1%
\nSARSIA SEED AS 2,117,9 0 0 2.4%
\nJ.P. MORGAN SE NOMINEE I 1,726,731 1.9%
\nBERA AS 1,712,426 1.9%
\nVERDIPAPIRFONDET NORDEA AVKASTNING 1,510,174 1.7%
\nSARSIA DEVELOPMENT AS 1,175,000 1.3%
\nVERDIPAPIRFONDET NORDEA NORGE PLUS 901,260 1.0%
\nVERDIPAPIRFONDET NORDEA KAPITAL 881,920 1.0%
\nVERDIPAPIRFONDET NORDEA NORGE VERD 864,688 1.0%
\nMARIT MOHN 850,000 1.0%
\nMARSTIA INVEST AS 850,000 1.0%
\nVERDIPAPIRFONDET KLP AKSJENORGE IN 574,309 0.6%
\nNORDA ASA 519,614 0.6%
\nLOUISE MOHN 509,676 0.6%
\nJ.P. MORGAN SE NOMINEE II 422,541 0.5%
\nH\u00d8SE AS 383,111 0.4%
\nMP PENSJON PK 372,783 0.4%
\nNORDNET LIVSFORSIKRING AS 371,168 0.4%
\nTop 20 shareholders 51,641,224 58.2%
\nTotal other shareholders 37,019, 3 0 8 41.8%
\nTotal number of shares 88,660,532 100.0%
\nThe Board of Directors has been granted a mandate from the Annual General Mmeeting held on 28 April 2022 to increase the share capital with up to NOK 883,605 by subscription of
\nnew shares. The power of attorney was granted for the purpose of issuance of new shares in accordance with the Company's share incentive program and is valid until the earlier of the
\nAnnual General Meeting in 2023 and 30 June 2023. See note 6 for more information about the share incentive program and number of option granted.
\nThe Board of Directors has been granted a mandate from the Annual General Meeting held on 28 April 2022 to increase the share capital with up to NOK 1,773,210 by subscription of
\nnew shares. The proxy is valid until the earlier of the Annual General Meeting in 2023 and 30 June 2023.
\n
\n\n
\n\n
\n\n
\nOwnership structure as of 31.12.2021
\nShareholder Number of shares
\nPercentage share
\nof total shares
\nMETEVA AS 23,798,564 26.9%
\nINVESTINOR DIREKTE AS 7, 270,780 8.2%
\nFJARDE AP-FONDEN 4,487,493 5.1%
\nSARSIA SEED AS 2,117,9 0 0 2.4%
\nBERA AS 1,712,426 1.9%
\nVERDIPAPIRFONDET NORDEA AVKASTNING 1,510,174 1.7%
\nVERDIPAPIRFONDET NORDEA KAPITAL 1,504,740 1.7%
\nVERDIPAPIRFONDET KLP AKSJENORGE 1,440,000 1.6%
\nSARSIA DEVELOPMENT AS 1,175,000 1.3%
\nJ.P. MORGAN BANK LUXEMBOURG S.A. NOMINEE I 1,088,228 1.2%
\nVERDIPAPIRFONDET NORDEA NORGE PLUS 909,260 1.0%
\nVERDIPAPIRFONDET NORDEA NORGE VERD 864,688 1.0%
\nMARIT MOHN 850,000 1.0%
\nMARSTIA INVEST AS 850,000 1.0%
\nNORDNET LIVSFORSIKRING AS 660,469 0.7%
\nLOUISE MOHN 509,676 0.6%
\nJ.P. MORGAN BANK LUXEMBOURG S.A. NOMINEE II 430,541 0.5%
\nKEVIN ZAIM 374,000 0.4%
\nNORDNET BANK AB NOMINEE III 359,581 0.4%
\nRO INVEST AS 350,000 0.4%
\nTop 20 shareholders 52,263,520 59.1%
\nTotal other shareholders 36,191,735 40.9%
\nTotal number of shares 88,455,255 100.0%
\n\nFor shares in the Company held by the Executive Management and Board of Directors, please see Remuneration Report in the Governance section of the Annual Report.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag192": {
"value": "\nNote 17 Share capital and shareholder information
\nThe Group has one class of shares and all shares carry equal voting rights.
\nAs of 31 December
\nNumber of
\nauthorized
\nshares
\nNominal value
\n(NOK)
\nBook value
\n(NOK)
\nOrdinary shares 2022 88,660,532 0.10 8,866,053.20
\nOrdinary shares 2021 88,455,255 0.10 8,845,525.50
\nChanges in the outstanding number of shares
\n2022 2021
\nOrdinary shares at 1 January 88,455,255 87, 259,9 8 3
\nIssue of ordinary shares 205,277 1,195,272
\nOrdinary shares at 31 December 88,660,532 88,455,255
\n
\n\nOwnership structure as of 31.12.2022
\nShareholder Number of shares
\nPercentage share
\nof total shares
\nMETEVA AS 24,139,650 27.2 %
\nINVESTINOR DIREKTE AS 7, 270,78 0 8.2%
\nFJARDE AP-FONDEN 4,487,493 5.1%
\nSARSIA SEED AS 2,117,9 0 0 2.4%
\nJ.P. MORGAN SE NOMINEE I 1,726,731 1.9%
\nBERA AS 1,712,426 1.9%
\nVERDIPAPIRFONDET NORDEA AVKASTNING 1,510,174 1.7%
\nSARSIA DEVELOPMENT AS 1,175,000 1.3%
\nVERDIPAPIRFONDET NORDEA NORGE PLUS 901,260 1.0%
\nVERDIPAPIRFONDET NORDEA KAPITAL 881,920 1.0%
\nVERDIPAPIRFONDET NORDEA NORGE VERD 864,688 1.0%
\nMARIT MOHN 850,000 1.0%
\nMARSTIA INVEST AS 850,000 1.0%
\nVERDIPAPIRFONDET KLP AKSJENORGE IN 574,309 0.6%
\nNORDA ASA 519,614 0.6%
\nLOUISE MOHN 509,676 0.6%
\nJ.P. MORGAN SE NOMINEE II 422,541 0.5%
\nH\u00d8SE AS 383,111 0.4%
\nMP PENSJON PK 372,783 0.4%
\nNORDNET LIVSFORSIKRING AS 371,168 0.4%
\nTop 20 shareholders 51,641,224 58.2%
\nTotal other shareholders 37,019, 3 0 8 41.8%
\nTotal number of shares 88,660,532 100.0%
\nThe Board of Directors has been granted a mandate from the Annual General Mmeeting held on 28 April 2022 to increase the share capital with up to NOK 883,605 by subscription of
\nnew shares. The power of attorney was granted for the purpose of issuance of new shares in accordance with the Company's share incentive program and is valid until the earlier of the
\nAnnual General Meeting in 2023 and 30 June 2023. See note 6 for more information about the share incentive program and number of option granted.
\nThe Board of Directors has been granted a mandate from the Annual General Meeting held on 28 April 2022 to increase the share capital with up to NOK 1,773,210 by subscription of
\nnew shares. The proxy is valid until the earlier of the Annual General Meeting in 2023 and 30 June 2023.
\n
\n\n
\nOwnership structure as of 31.12.2021
\nShareholder Number of shares
\nPercentage share
\nof total shares
\nMETEVA AS 23,798,564 26.9%
\nINVESTINOR DIREKTE AS 7, 270,780 8.2%
\nFJARDE AP-FONDEN 4,487,493 5.1%
\nSARSIA SEED AS 2,117,9 0 0 2.4%
\nBERA AS 1,712,426 1.9%
\nVERDIPAPIRFONDET NORDEA AVKASTNING 1,510,174 1.7%
\nVERDIPAPIRFONDET NORDEA KAPITAL 1,504,740 1.7%
\nVERDIPAPIRFONDET KLP AKSJENORGE 1,440,000 1.6%
\nSARSIA DEVELOPMENT AS 1,175,000 1.3%
\nJ.P. MORGAN BANK LUXEMBOURG S.A. NOMINEE I 1,088,228 1.2%
\nVERDIPAPIRFONDET NORDEA NORGE PLUS 909,260 1.0%
\nVERDIPAPIRFONDET NORDEA NORGE VERD 864,688 1.0%
\nMARIT MOHN 850,000 1.0%
\nMARSTIA INVEST AS 850,000 1.0%
\nNORDNET LIVSFORSIKRING AS 660,469 0.7%
\nLOUISE MOHN 509,676 0.6%
\nJ.P. MORGAN BANK LUXEMBOURG S.A. NOMINEE II 430,541 0.5%
\nKEVIN ZAIM 374,000 0.4%
\nNORDNET BANK AB NOMINEE III 359,581 0.4%
\nRO INVEST AS 350,000 0.4%
\nTop 20 shareholders 52,263,520 59.1%
\nTotal other shareholders 36,191,735 40.9%
\nTotal number of shares 88,455,255 100.0%
\n\nFor shares in the Company held by the Executive Management and Board of Directors, please see Remuneration Report in the Governance section of the Annual Report.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag196": {
"value": "\nNote 18 Other current liabilities
\nParent 2021 Parent 2022 Group 2022 Group 2021
\n1,351 1,281 Unpaid duties and charges 1,623 1,643
\n1,556 1,215 Unpaid vacation pay 1,215 1,556
\n681 0 Current lease liabilities 0 681
\n26,131 37, 0 96 Other accrued costs 45,461 33,292
\n29,719 39,591 Total 48,299 37,172
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag195": {
"value": "\nNote 19 Provisions
\nSocial security
\ncontributions on
\nshare options Total
\nBalance at 1 January 2022 969 969
\nAdditional provisions recognized (969) (969)
\nBalance at 31 December 2022 0 0
\nCurrent 0.00 0.00
\nNon-current 0.00 0.00
\nThe provision for social security contributions on share options is calculated based on the number of options outstanding at the reporting date that are expected to be exercised.
\nThe provision is based on the difference between market price and strike price. The market price of the shares at the reporting date is the best estimate of market price at the date
\nof exercise.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag189": {
"value": "\n
\nNote 20 Financial instruments and risk management objectives and policies
\nThe Group\u2019s activities are exposed to certain \ufb01nancial risks including foreign exchange risk, credit risk and liquidity risk. The risk is however of such character that the Group has chosen
\nnot to put in place any measures to mitigate the potential unpredictability of the \ufb01nancial markets. The Group has NOK 150.8 million in cash and cash equivalents at year end. The main
\npurpose of this is to \ufb01nance the Group's activities and ongoing clinical trials. The Group has various assets and liabilities such as receivables and trade payables, which originate directly
\nfrom its operations. All \ufb01nancial assets and liabilities are carried at amortized cost except for money market fund which is at fair value. All \ufb01nancial assets and liabilities are short-term in
\nnature and their carrying value approximates fair value. The cash and cash equivalent and account payable is in \ufb01nancial instruments measured at amorotized cost.
\nThe Group does currently not use \ufb01nancial derivatives.
\n\nForeign currency risk
\nThe value of non-Norwegian currency denominated revenues and costs will be affected by changes in currency exchange rates or exchange control regulations. The Group undertakes
\nvarious transactions in foreign currencies and is consequently exposed to \ufb02uctuations in exchange rates. The exposure arises largely from research expenses. The Group is mainly
\nexposed to \ufb02uctuations in euro (EUR), pounds sterling (GBP) and US dollar (USD).
\nThe Group has chosen not to hedge its operational performance as the Group\u2019s cash \ufb02ow is denominated in several currencies that changes depending on where clinical trials are run.
\nThe foreign currency exposure is also mostly linked to trade payables with short payment terms. The Group might consider changing its current risk management of foreign exchange
\nrate if it deems it necessary.
\n
\n\n
\n\n
\n
\n
\n
\n\nInterest rate risk
\nThe Group holds NOK 150.8 million in cash and cash equivalents. The Group\u2019s interest rate risk is therefore in the rate of return of its cash on hand. Bank deposits are exposed to market
\n\ue61euctuations in interest rates, which affects the \ue61fnancial income and the return on cash. The Group had NOK 2.9 million in interest income in 2022 (NOK 3.1 million 2021). The
\nshareholder loan facility secured from Meteva AS in October 2022 have a facility fee of 1.5% of any un-drawn amonut. Facility fee for 2022 is expensed with NOK 0.3 million in 2022.
\n
\n\n\nCredit risk
\nCredit risk is the risk of a counterparty\u2019s default in a \ue61fnancial asset, liability or customer contract, giving a \ue61fnancial loss. The Group\u2019s receivables are generally limited to receivables from
\npublic authorities by way of government grants. The credit risk generated from \ue61fnancial assets in the Group is limited since it is cash deposits. The Company only places its cash in bank
\ndeposits and limited risk money market fund in recognized \ue61fnancial institutions to limit its credit risk exposure.
\nThe Group has not suffered any loss on receivables during 2022 and the Group considers its credit risk as low.
\n
\n\n\nLiquidity risk
\nLiquidity is monitored by Group management. Management considers the Group\u2019s liquidity situation to be satisfactory. The Group raised total NOK 740 million in equity funding during
\n2020. The cash position of the Group at year end 2022 was NOK 150.8 million, compared to NOK 436.6 million at year end 2021. In addition, the Group secured a shareholder loan
\nfacility of up to NOK 100 million from Meteva AS in October 2022. The facility is undrawn at end of 2022 and available from Q2 2023 and up to the earlier of 31 March 2024 and
\ncompletion of an equity issue. In April 2023 the Company announced an equity funding, a partly guaranteed and underwritten right issue, with a minimum proceed of NOK 175 million.
\nThe equity issue is subject to AGM approval and publication of an approved prospectus. The cash position in combination with expected proceeds from the equity funding will fund the
\nplanned activities to end of Q2 2024 on a going concern basis.
\n
\n\n\nCapital management
\nThe Board of Directors\u2019 goal is to maintain a strong capital base in order to preserve the con\ue61fdence of investors, creditors and to develop business activities.
\nChange in liabilities arising from \ue61fnancing activities:
\nCurrent lease
\nliabilities (Note 9)
\nNon-current lease
\nliabilities (Note 9)
\n1 January 2022 681 942
\nCash \ue61eows (454) 0
\nNew leases (1,169) 0
\nOther 942 (942)
\n31 December 2022 0 0
\n1 January 2021 650 1,366
\nCash \ue61eows (564) 0
\nNew leases 171 0
\nOther 424 (424)
\n31 December 2021 681 942
\nOther includes the effect of reclassi\ue61fcation of non-current lease liabilities to current.
\nThe Group classi\ue61fes interest paid as cash \ue61eow from operation activities.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag197": {
"value": "\nForeign currency risk
\nThe value of non-Norwegian currency denominated revenues and costs will be affected by changes in currency exchange rates or exchange control regulations. The Group undertakes
\nvarious transactions in foreign currencies and is consequently exposed to \ufb02uctuations in exchange rates. The exposure arises largely from research expenses. The Group is mainly
\nexposed to \ufb02uctuations in euro (EUR), pounds sterling (GBP) and US dollar (USD).
\nThe Group has chosen not to hedge its operational performance as the Group\u2019s cash \ufb02ow is denominated in several currencies that changes depending on where clinical trials are run.
\nThe foreign currency exposure is also mostly linked to trade payables with short payment terms. The Group might consider changing its current risk management of foreign exchange
\nrate if it deems it necessary.
\n
\n\nInterest rate risk
\nThe Group holds NOK 150.8 million in cash and cash equivalents. The Group\u2019s interest rate risk is therefore in the rate of return of its cash on hand. Bank deposits are exposed to market
\n\ue61euctuations in interest rates, which affects the \ue61fnancial income and the return on cash. The Group had NOK 2.9 million in interest income in 2022 (NOK 3.1 million 2021). The
\nshareholder loan facility secured from Meteva AS in October 2022 have a facility fee of 1.5% of any un-drawn amonut. Facility fee for 2022 is expensed with NOK 0.3 million in 2022.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag198": {
"value": "\nCredit risk
\nCredit risk is the risk of a counterparty\u2019s default in a \ue61fnancial asset, liability or customer contract, giving a \ue61fnancial loss. The Group\u2019s receivables are generally limited to receivables from
\npublic authorities by way of government grants. The credit risk generated from \ue61fnancial assets in the Group is limited since it is cash deposits. The Company only places its cash in bank
\ndeposits and limited risk money market fund in recognized \ue61fnancial institutions to limit its credit risk exposure.
\nThe Group has not suffered any loss on receivables during 2022 and the Group considers its credit risk as low.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag193": {
"value": "\nLiquidity risk
\nLiquidity is monitored by Group management. Management considers the Group\u2019s liquidity situation to be satisfactory. The Group raised total NOK 740 million in equity funding during
\n2020. The cash position of the Group at year end 2022 was NOK 150.8 million, compared to NOK 436.6 million at year end 2021. In addition, the Group secured a shareholder loan
\nfacility of up to NOK 100 million from Meteva AS in October 2022. The facility is undrawn at end of 2022 and available from Q2 2023 and up to the earlier of 31 March 2024 and
\ncompletion of an equity issue. In April 2023 the Company announced an equity funding, a partly guaranteed and underwritten right issue, with a minimum proceed of NOK 175 million.
\nThe equity issue is subject to AGM approval and publication of an approved prospectus. The cash position in combination with expected proceeds from the equity funding will fund the
\nplanned activities to end of Q2 2024 on a going concern basis.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag186": {
"value": "\nCapital management
\nThe Board of Directors\u2019 goal is to maintain a strong capital base in order to preserve the con\ue61fdence of investors, creditors and to develop business activities.
\nChange in liabilities arising from \ue61fnancing activities:
\nCurrent lease
\nliabilities (Note 9)
\nNon-current lease
\nliabilities (Note 9)
\n1 January 2022 681 942
\nCash \ue61eows (454) 0
\nNew leases (1,169) 0
\nOther 942 (942)
\n31 December 2022 0 0
\n1 January 2021 650 1,366
\nCash \ue61eows (564) 0
\nNew leases 171 0
\nOther 424 (424)
\n31 December 2021 681 942
\nOther includes the effect of reclassi\ue61fcation of non-current lease liabilities to current.
\nThe Group classi\ue61fes interest paid as cash \ue61eow from operation activities.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag199": {
"value": "\n
\n\nNote 21 Subsidiary
\nThe Group\u2019s subsidiary at 31 December 2022 are set out below. The share capital consist solely of ordinary shares that are held directly by the Group, and the proportion of ownership
\ninterests held equals the voting rights held by the Group.
\nName of entity BerGenBio Limited
\nPlace of business Oxford, U.K.
\nOwnership interest held by the Group 100%
\nPrincipal activities Management of clinical studies
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag194": {
"value": "\nNote 21 Subsidiary
\nThe Group\u2019s subsidiary at 31 December 2022 are set out below. The share capital consist solely of ordinary shares that are held directly by the Group, and the proportion of ownership
\ninterests held equals the voting rights held by the Group.
\nName of entity BerGenBio Limited
\nPlace of business Oxford, U.K.
\nOwnership interest held by the Group 100%
\nPrincipal activities Management of clinical studies
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag185": {
"value": "\nNote 22 Intercompany
\nBerGenBio ASA have entered into two intercompany management agreement with BerGenBio Limited. R&D services are delivered from BerGenBio Limited to BerGenBio ASA and
\nmanagement services are delivered from BerGenBio ASA to BerGenBio Limited.
\nParent 2022 Parent 2021
\nPurchase from BerGenBio Limited (included in other operation expenses) 65,618 63,612
\nReceivables BerGenBio Limited (included in other current assets) 10,625 3,601
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag191": {
"value": "\nNote 23 Subsequent events
\nIn April 2023 the Company announced an equity funding, a partly guaranteed and underwritten right issue, with a minimum proceed of NOK 175 million. The equity issue is subject to
\nAGM approval and publication of an approved prospectus. The cash position in combination with expected proceeds from the equity funding will fund the planned activities to end of
\nQ2 2024 on a going concern basis.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag190": {
"value": "\nNote 24 Shareholder loan
\nThe Company secured a shareholder loan facility 24 October 2022 of up to NOK 100 million from Meteva AS, a 27.2% shareholder in the Company.
\nThe facility is not drawn as of 31 December 2022 but is available and can be drawn from Q2 2023 and up to the earlier of 31 March 2024 and completion of an equity issue. The loan
\nwill be terminated by completion of an equity issue. Meteva AS has in the facility agreement committed to participate in an equity funding, and the intention for the company is to
\ncomplete a funding in 2023. Any drawn amount under the facility agreement will be converted to equity as part of any equity issue.
\nLoans drawn under the facility will carry interest at a rate of 6% p.a. on any drawn amount and a commitment fee of 1.5% p.a. on any undrawn part of the loan facility. Commitment
\nfee for 24 October \u2013 31 December 2022 has been accrued and included in \ufb01nancial costs in 2022 by NOK 0.3 million.
\nThe loans will not be amortizing and shall be repaid including interest and commitment fee on 31 December 2024. Accrued commitment fee as of 31 December 2022 is classi\ufb01ed
\nas long term debt.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag200": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800TYYFXKYF3V2A23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}