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"value": "I. Basis for preparation The financial statements are presented in NOK (Norwegian kroner) which is also the parentcompany\u2019s functional currency.The financial statements have been prepared on the historical cost basis, with the exception of derivativeswhich are measured at fair value. The preparation of financial statements in conformity with IFRS requiresthe use of certain critical accounting estimates. It also requires management to exercise its judgments inapplying the Group\u2019s accounting policies.II. Going concernThe financial statements for 2022 have been prepared under the going concern assumption.i. Cash and cash equivalentsCash and cash equivalents in the statement of financial position comprise cash at banks and on hand andshort-term deposits with maturity of three months or less, which are subject to an insignificant risk ofchanges in value. ii. Cash Flow statement The statement of cash flows is compiled using the indirect method. The statement of cash flowsdistinguishes between cash flows from operating, investing and financing activities. For the purpose of thecash flow statement, cash and cash equivalents comprise cash on hand, deposits held at call with banks,other short-term highly liquid investments with original maturities of three months or less, cash poolbalances and bank overdrafts. Cash flows in foreign currencies are translated at the rate of the transactiondate. Interest paid is included under cash flow from financing activities, and interest received is includedin investing activities. Cash flows arising from the acquisition or disposal of financial interests (subsidiariesand participating interests) are recognized as cash flows from investing activities, taking into accountany cash and cash equivalents in these interests. Dividends paid out are recognized as cash flows fromfinancing activities; dividends received are recognized as cash flows from investing activities. Cash flowsfrom share issues are recognized as cash flows from financing activities.the Companyand its subsidiary (together the Group)The financial statements were approved by the Board of Directors on 23 March 2023.iii. Financial instrumentsThe Group uses derivative financial instruments to hedge its risks associated with foreign exchange rates.Derivatives are initially and subsequently measured at fair value. Derivatives are carried as assets when thefair value is positive and as liabilities when the fair value is negative. The gain/(loss) arising from changes infair value of currency derivatives is presented as part of \u201cFinancial income/expenses\u201d in the consolidatedstatement of comprehensive income. Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profitor loss and other comprehensive income, loans and borrowings, or payables. All financial liabilities arerecognized initially at fair value and, in the case of loans and borrowings and payables, net of directlyattributable transaction costs. The Group\u2019s financial liabilities include trade and other payables.- Subsequent measurementThe measurement of financial liabilities depends on their classification.- Loans and borrowingsAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortizedcost using the effective interest rate method. Gains and losses are recognized in profit or loss when theliabilities are derecognized as well as through the effective interest rate amortization process. Amortizedcost is calculated by taking into account any discount or premium on acquisition and fees or costs that arean integral part of the effective interest rate. The effective interest rate amortization is included as financecosts in the statement of profit or loss and other comprehensive income.All assets and liabilities for which fair value is measured or disclosed in the financial statements arecategorized within the fair value hierarchy, described as follows, based on the lowest level input that issignificant to the fair value measurement as a whole:Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilitiesLevel 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is directly or indirectly observableLevel 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is unobservableiv. Current vs non-current classificationThe Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is:Expected to be realized or intended to be sold or consumed in the normal operating cycleHeld primarily for the purpose of tradingExpected to be realized within twelve months after the reporting period, orCash or cash equivalent unless restricted from being exchanged or used to settle a liability for atleast twelve months after the reporting periodAll other assets are classified as non-current. A liability is current when:It is expected to be settled in the normal operating cycleIt is held primarily for the purpose of tradingIt is due to be settled within twelve months after the reporting period, orThere is no unconditional right to defer the settlement of the liability for at least twelve monthsafter the reporting periodThe Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified asnon-current assets and liabilities.v. Foreign currenciesThe Group\u2019s presentation currency is NOK. This is also the parent company\u2019s functional currency. Thestatement of financial position figures of entities with different functional currency are translated at theexchange rate prevailing at the end of the reporting period for balance sheet items, and the exchangerate at the date of the transaction for profit and loss items. The monthly average exchange rates areused as an approximation of the transaction exchange rate. Exchange differences are recognized in othercomprehensive income (OCI).Transactions in foreign currencies are initially recorded by the Group in its respective functional currencyspot rate at the date the transaction first qualifies for recognition. Monetary assets and liabilitiesdenominated in foreign currencies are translated at the functional currency spot rates of exchange at thereporting date. Differences arising on settlement or translation of monetary items are recognized in thestatement of profit or loss and other comprehensive income. Intra-group balances and transactions, and any unrealized income and expenses arising from intra-grouptransactions, are eliminated. Unrealized losses are eliminated in the same way as unrealized gains, but onlyto the extent that there is no evidence of impairment.The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising onacquisition, are translated into NOK at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into NOK at the average exchange rateswithin each respective month of the date of the transactions. Foreign currency differences are recognizedin other comprehensive income (OCI) and accumulated in the translation reserve. Exchange differences on intra-group items are recognized in profit or loss of the respective company andGroup accounts.vi. Impairment The Group assesses at each reporting date whether there is an indication that an asset may be impaired.If any indication exists, or when annual impairment testing for an asset is required, the Group estimatesthe asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s (cash-generating unit) fair value less costs of disposal and its value in use. It is determined for an individual asset,unless the asset does not generate cash inflows that are largely independent of those from other assets orgroups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the assetis considered impaired and is written down to its recoverable amount.Goodwill is tested annually for impairment, as well as when there is any indication that the goodwill maybe impaired. For impairment testing, assets are grouped together into the smallest group of assets thatgenerates cash inflows from continuing use that are largely independent of the cash inflows of otherassets or cash generating units (CGU). Goodwill arising from a business combination is allocated to CGUsor groups of CGUs that are expected to benefit from the synergies of the combination. An impairment lossis recognized in the income statement when the carrying amount of CGU, including the goodwill, exceedsthe recoverable amount of the CGU. Recoverable amount of the CGU is the higher of the CGU\u2019s fair valueless cost to sell and value in use. The Group has goodwill created by deferred tax which is tested for impairment annually.vii. Business combination and consolidationThe Group accounts for business combinations using the acquisition method when control is transferredto the Group. The consideration transferred in the acquisition is generally measured at fair value, as are theidentifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on abargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred,except if related to the issue of debt or equity securities.The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvementwith the entity and has the ability to affect those returns through its power over the entity. The financialstatements of subsidiaries are included in the consolidated financial statements from the date on whichcontrol commences until the date on which control ceases.When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary,and any related non-controlling interests and other components of equity. Any resulting gain or lossis recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair valuewhen control is lost. When a foreign operation is disposed of in its entirety or partially such that control,significant influence or joint control is lost, the cumulative amount in the translation reserve related tothat foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Groupdisposes of part of its interest in a subsidiary but retains control, then the relevant proportion of thecumulative amount is reattributed to non-controlling interests.viii. Contingent liabilitiesContingent liabilities are not recognized in the statement of financial position but are reported in therelevant schedules and notes. They may arise from uncertainty as to the existence of a liability represent aliability in respect of which the amount cannot be reliably measured. Contingent liabilities are disclosed ifthe possibility of an outflow of economic benefit to settle the obligation is more than remote.ix. Interest income Interest income is recognized using the effective interest method.x. Earnings per shareThe basic earnings per share are calculated as the ratio of the total profit (loss) for the year divided by theweighted average number of ordinary shares outstanding. When calculating the diluted earnings per share,the profit that is attributable to the ordinary shareholders and the weighted average number of ordinaryshares outstanding are adjusted for all the dilution effects relating to share options. No dilutive effect has been recognized as potential ordinary shares only shall be treated as dilutive iftheir conversion to ordinary shares would decrease earnings per share or increase loss per share fromcontinuing operations. As the Group is currently loss-making, an increase in the average number of shareswould have anti-dilutive effects. As the Group has currently no issuable potential ordinary shares and basicand diluted earnings per share is the same.xi. Government grants Government grants are recognized where there is reasonable assurance that the grant will be received, andall attached conditions will be complied with. When the grant relates to an expense item, it is recognizedas income on a systematic basis over the periods that the costs, which it is intended to compensate,are expensed. Government grants have been recognized in the statement of profit or loss and othercomprehensive income as a reduction of personnel- and other operating expenses. Where the grant relates to an asset, it is recognized as income in equal amounts over the expected usefullife of the related asset. If the Group receives non-monetary grants, the asset and the grant are recordedgross at nominal amounts and released to profit or loss over the expected useful life of the asset, basedon the pattern of consumption of the benefits of the underlying asset by equal annual instalments. xii. IFRS 16 LeasesUnder IFRS 16, the Group recognizes right-of-use assets and lease liabilities for all leases.Right-of-use assets are measured at an amount equal to the lease liability and are subsequently depreciatedusing the straight-line method from the commencement date to the earlier of the end of the useful life ofthe right-of-use asset or the end of the lease term.The estimated useful lives of right-of-use assets are determined on the same basis as those of propertyand equipment. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjustedfor certain remeasurements of the lease liability.The lease liability is initially measured at the present value of the lease payments that are not paid at thecommencement date, discounted using the interest rate implicit in the lease or, if that rate cannot bereadily determined, Ultimovacs\u2019 incremental borrowing rate. The incremental borrowing rate is used as thediscount rate.When applying the practical expedients in IFRS 16 for lease-contracts with low value or lease terms ofless than 12 months, the lease payments (net of any incentives received from the lessor) are taken to thestatement of profit and loss and other comprehensive income on a straight-line basis over the period ofthe lease. When the lease is terminated before the lease period has expired, any payment required to bemade to the lessor by way of penalty is recognized as an expense in the period in which termination takesplace.xiii. Share-based paymentsEmployees in the Group receive remuneration in the form of share-based payment transactions, wherebyemployees render services as consideration for equity instruments (equity-settled transactions) or grantedshare appreciation rights, which can be settled in cash (cash-settled transactions). The determination ofwhether the arrangement is cash or equity settled is based on a careful evaluation of the terms of theagreement and also the Group\u2019s ability to settle in shares and the promise and intent of settlement in cash.- Cash-settled transactions: A liability is recognized for the fair value of cash-settled transactions. The fair value is measured initiallyand at each reporting date up to and including the settlement date, with changes in fair value recognized inpayroll and payroll related expenses. The fair value is expensed over the period until the vesting date withrecognition of a corresponding liability. The fair value is determined using a Black Scholes model. - Equity-settled transactionsThe cost of equity-settled transactions is recognized in payroll and other payroll related expenses, togetherwith a corresponding increase in equity over the period in which the service and, where applicable, theperformance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vestingperiod has expired and the Company\u2019s best estimate of the number of equity instruments that will ultimatelyvest. The expense or credit in the statement of profit or loss and other comprehensive income for a periodrepresents the movement in cumulative expense recognized as of the beginning and end of that period.xiv. Intangible assetsIntangible assets are stated at their historical cost and amortized on a straight-line basis over theirexpected useful lives, which usually varies from 3 to 10 years and up to 20 years for patents. An adjustmentis made for any impairment. Intangible items acquired in a business combination must be recognized asassets separately from goodwill if they meet the definition of an asset, are either separable or arise fromcontractual or other legal rights, and their fair value can be measured reliably.All research and development spending is expensed each year in the period in which it is incurred.Development costs will be capitalized once the \u201casset\u201d being developed has met requirements of technicaland commercial feasibility to signal that the intangible investment is likely to either be brought to marketor sold. Due to uncertainties regarding award of patents, regulations, ongoing clinical trials etc., the assetrecognition criteria of IAS 38 \u201cIntangible Assets\u201d are not met.xv. Property, plant and equipmentProperty, plant and equipment are recognized at cost less accumulated depreciation and any impairmentlosses. Such cost includes the cost of replacing parts of the property, plant and equipment and borrowingcosts for long-term construction projects if the recognition criteria are met. When significant parts ofproperty, plant and equipment are required to be replaced at intervals, the Group recognizes such partsas individual assets with specific useful lives and depreciates them accordingly. Likewise, when a majorinspection is performed, its cost is recognized in the carrying amount of the plant and equipment as areplacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognizedin the statement of profit and loss and other comprehensive income as incurred. xvi. TaxThe income tax expense includes tax payable and changes in deferred tax. Income tax on balancesrecognized in other comprehensive income is recognized as other comprehensive income, and tax onbalances related to equity transactions is recognized in equity. The tax payable for the period is calculatedaccording to the tax rates and regulations ruling at the end of the reporting period. Deferred tax is calculated on temporary differences between book and tax values of assets and liabilitiesand the tax effects of losses to carry forward in the consolidated financial statements at the reportingdate. Deferred tax liabilities and assets are calculated according to the tax rates and regulations ruling atthe end of the reporting period and at nominal amounts. Deferred tax liabilities and assets are recognizednet when the Group has a legal right to net assets and liabilities.Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will beavailable which the loss carry forward or other deductible temporary differences can be utilized. Currentlyno deferred tax assets are recognized in the statement of financial position as the utilization is uncertain.xvii. SegmentsThe Group is still in a R&D phase, and currently does not generate revenues. For management purposes, theGroup is organized as one business unit and the internal reporting is structured in accordance with this.All non-current assets are located at the Group\u2019s main office in Oslo, Norway. IV. Significant estimates and judgementsIn order to prepare the financial statements, management and the Board may have to make various judgmentsand estimates that can affect the amounts recognized in the financial statements for assets, liabilitiesand expenses. Uncertainties about these adjustments and estimates could result in outcomes that requireadjustment to the carrying amount of assets or liabilities affected in future periods. Assumptions andestimates were based on available information at the time of the preparation of the financial statements.Existing circumstances and assumptions about future developments, however, may change and suchchanges are reflected when they occur. - Share-based paymentsEstimating fair value for share-based payment transactions requires determination of the most appropriatevaluation model, which depends on the terms and conditions of the grant. This estimate also requiresdetermination of the most appropriate inputs to the valuation model including the expected life of theshare option or appreciation right, volatility and dividend yield and making assumptions about them. - TaxesDeferred tax assets are recognized for unused tax losses to the extent that it is probable that taxableprofit will be available against which the losses can be utilized. The Group considers that a deferred taxasset related to accumulated tax losses cannot be recognized in the statement of financial position untilthe product under development has been approved for marketing by the relevant authorities. Significantmanagement judgement is required to determine the amount, if any, of deferred tax assets that can berecognized, based upon the likely timing and the level of future taxable profits, together with future taxplanning strategies.- Impairment of goodwill and intangible assetsThe Group follows the guidance of IAS 36 to determine when impairment indicators exist for its goodwilland intangible assets. When impairment indicators exist, the Group is required to make a formal estimateof the recoverable amount of its intangible assets. This determination requires significant judgment. Inmaking this judgment, management evaluates external and internal factors, such as significant adversechanges in the technological, market, economic or legal environment in which the Group operates as wellas the results of its ongoing development programs. Management also considers the carrying amount ofthe Group\u2019s net assets in relation to its market capitalization as a key indicator. GRANTS RECOGNIZED (NOK 1 000) 2022 2021Skattefunn 4 750 4 750Eurostars - 786Industrial Ph.D. grant from The Research Council of Norway (Forskningsr\u00e5det) 594 802Innovation Project grant from The Research Council of Norway (Forskningsr\u00e5det) 4 194 5 241Innovation Norway - 3 000Total grants 9 538 14 578COSTS DEDUCTED (NOK 1 000) 2022 2021Payroll and payroll related expenses 1 822 2 472Other operating expenses 7 717 12 106Total costs deducted 9 538 14 578GRANTS RECEIVABLES (NOK 1 000) 2022 2021Skattefunn 4 750 4 750Industrial Ph.D. grant from The Research Council of Norway (Forskningsr\u00e5det) 198 267Innovation Project grant from The Research Council of Norway (Forskningsr\u00e5det) 42 296Total grants receivables 4 990 5 314Note 3: Government grantsThe following government grants have been recognized in the statement of profit and loss:Skattefunn:The Skattefunn R&D tax incentive scheme is a government program designed to stimulate research anddevelopment in Norwegian. In FY2022, four Skattefunn-grants were approved, two of which reported in2022, one will report in 2024 and one in 2025. Industrial Ph.D. grant from The Research Council of Norway (Forskningsr\u00e5det):The industrial Ph.D. project is a collaboration between Ultimovacs ASA, Oslo University Hospital and theUniversity of Oslo. The Ph.D. candidate for this project is employed by Ultimovacs. The project aims tocharacterize the immunological mechanisms induced by treatment with a peptide-based therapeuticcancer vaccine. The project ended in and reported in December 2022.Innovation Project grant from The Research Council of Norway (Forskningsr\u00e5det):Innovation Project for the Industrial Sector is a funding instrument that provides grants to business-ledinnovation projects that make extensive use of research and development activities. The FOCUS Phase IItrial has been granted an innovation grant of up to MNOK 16 from the Norwegian Research Council.Innovation Norway:Innovation Norway is the Norwegian Government\u2019s most important instrument for innovation anddevelopment of Norwegian enterprises and industry. Innovation Norway has granted Ultimovacs MNOK 10to support the execution of the Phase II DOVACC study.All conditions and contingencies attached to the grants recognized in the accounts have been fulfilled.Grants receivable as per 31 December are detailed as follows:Government grants have been recognized in the statement of profit and loss and other comprehensive income as a reduction for the related expenses with the following amounts:PAYROLL AND PAYROLL RELATED EXPENSES (NOK 1 000) 2022 2021Salaries and holiday pay 38 215 34 543Social security tax 9 142 6 686Social security tax related to options 2 016 8 557Pension expenses 2 818 2 690Share-based compensation 20 395 11 595Other personnel expenses 702 318Government grants (1 822) (2 472)Total payroll and payroll related expenses 71 466 61 916Number of FTEs employed during the financial year 23.2 21.3Number of FTEs at end of year 23.2 23.5Note 4: Salary and personnel expenses and management remunerationThe Group\u2019s Management team consists of the Company\u2019s CEO, CFO and the managers of each department,totaling ten employees. Anne Wors\u00f8e (Head of IR and Communication) and Orla Mc Callion (Head ofRegulatory and QA), joined the company in October 2021. Ton Berkien and Orla Mc Callion are both employedin Ultimovacs AB.EXECUTIVE REMUNERATION (NOK 1 000) 2022 2021Management Team remuneration 37 599 30 989Board of Director\u2019s remunerations 2 055 1 915There were no outstanding loans or guarantees made to related parties, the Board of Directors, theManagement Team or any other employees as of 31 December 2021 or as of 31 December 2022.Please refer to the Remuneration Report 2022 for more information. PensionsUltimovacs ASA is required to have an occupational pension scheme in accordance with the Norwegianlaw on required occupational pension (\u201clov om obligatorisk tjenestepensjon\u201d). The company has adefined contribution pension scheme which complies with the Act on Mandatory company pensions.As at 31 December 2022, all twenty of Ultimovacs ASA\u2019s employees were covered by the pensionscheme. A similar pension scheme is in place for the five employees in Ultimovacs AB in Sweden.Other than the general pension schemes described above, there are no specific pension arrangements made forany member of the Management team. The Group has no pension or retirement benefits for its Board Members.The total pension contributions for all employees recognized as expenses equalled MNOK 2.7 and MNOK2.8 in 2021 and 2022 respectively.Note 4: Salary and personnel expenses and management remuneration (continued)Severance pay/pay after termination of employmentUnder certain conditions, the CEO is entitled to 12 months\u2019 severance pay. The severance pay period will beextended to 18 months if the termination of the CEO takes place in connection with a \u2018change of control\u2019event in the Company.The company\u2019s CFO is entitled to receive pay after termination of his employment with the Group equal to9 months\u2019 base salary in addition to payment of his salary during his 3-month notice period. There are no similar arrangements for any of the other employees of the Group with respect to terminationof their employment.Other benefits receivedThere is no bonus scheme in the Group, however, sign-on-fees and bonus may be applied at the Board\u2019sdiscretion.Statement on the executive employee remuneration policy during the previous financial year The executive compensation for the fiscal year 2022 has been in accordance with the RemunerationGuidelines for 2022. Please refer to Remuneration Guidelines 2022 and Remuneration Report 2022 availableon Ultimovacs\u2019 website for more information.OTHER OPERATING EXPENSES (NOK 1 000) 2022 2021External R&D expenses 95 175 96 735 Clinical studies 66 772 56 675 Manufacturing costs 19 899 21 455 Other R&D expenses 8 504 18 605Patent related expenses 3 571 3 540Rent, office and IT 4 221 3 645Accounting, audit, legal, consulting 9 246 5 061Other operating expenses 5 020 2 338Less government grants (7 717) (12 106)Total operating expenses 109 517 99 213Note 5: Other operating expensesSPECIFICATION AUDITOR'S FEE (NOK 1 000) 2022 2021Statutory audit 404 243Audit related services 40 61Tax related services 10 -Other 3 10Total auditor\u2019s fee 456 313VAT is not included in the fees specified above.Note 6: Financial itemsFINANCIAL INCOME (NOK 1 000) 2022 2021Foreign exchange gains - related to derivatives 5 053 9 042Foreign exchange gains - related to EUR bank account 2 087 849Foreign exchange gains - other 1 329 430Interest income 8 906 3 062Total financial income 17 375 13 383FINANCIAL EXPENSES (NOK 1 000) 2022 2021Foreign exchange losses - related to derivatives - 10 520Foreign exchange losses - related to EUR bank account - 2 702Foreign exchange losses - other 1 293 717Other financial expenses 243 333Total financial expenses 1 536 14 272The Group is in a development phase, and the majority of the Group\u2019s costs are related to R&D. These costs are expensed in the statement of profit and loss and other comprehensive income.otal expenses related to R&D, including other operating expenses, payroll and payroll related expenses, less government grants, amounted to MNOK 123.1 in 2021 and MNOK 128.5 in 2022.TAX EXPENSE BASIS (NOK 1 000) 2022 2021Profit (loss) before tax (167 792) (164 722)Net non-taxable income (4 759) (4 750)Other items* 18 089 (116)Change in temporary differences 1 051 7 248Basis for tax calculation (153 411) (162 340)Note 7: Income tax* The share issue cost of MNOK 11.0 in 2021 was deducted directly from equity and is included in the basis for tax calculation as the tax-effect is charged directly to equity.The corporate tax rate in Norway was 22% in 2021 and 2022. The corporate tax rate in Sweden was 20.6% in 2021 and 2022, which is the basis of the deferred tax calculation for Ultimovacs AB.INCOME TAX EXPENSE (NOK 1 000) 2022 2021Expected tax expense (36 821) (36 049)Net non-taxable income (1 049) (1 045)Other items 3 980 (26)Change in deferred tax assets not recognized 33 888 37 119Income tax expense - -Ultimovacs has not recognized a deferred tax asset in the statement of financial position related to its previouslosses, as the Group does not expect taxable income to be generated in the short-term to support the useof the deferred tax asset. Total tax losses carried forward and temporary differences as per 31 December2021 was MNOK 513.8, and MNOK 669.9 as per 31 December 2022 (of which MNOK 33.4 in Ultimovacs AB).In relation to purchase price allocation conducted of Ultimovacs AB, acquired in July 2018, all excess valuehas been allocated to the license agreement which gives access to the TET-technology. A deferred taxliability of MNOK 10.7 has been calculated on the excess values utilizing the tax rate in Sweden of 20.6%.Please see note 9 for more information.INCOME TAX EXPENSE (NOK 1 000) 2022 2021Tax losses carried forward 709 118 555 707Temporary differences - financial instruments (1 083) (759)Temporary differences - leasing liability 37 134Temporary differences - licenses (51 944) (53 549)Temporary differences - social security on options 13 488 12 009Temporary differences - PP&E 238 246Temporary differences and tax loss carry forward 669 854 513 788Deferred tax assets - not recognized in statement of financial position 158 329 124 440Deferred tax liability per 31 December 10 701 11 031Note 8: Earnings per shareThe basic earnings per share (EPS) are calculated as the ratio of the total profit (loss) for theyear divided by the weighted average number of ordinary shares outstanding. As the Group hascurrently no potential issuable ordinary shares, basic and diluted earnings per share is the same.The issued share options have a potential dilutive effect on earnings per share. No dilutive effect has beenrecognized, as potential ordinary shares only shall be treated as dilutive if their conversion to ordinaryshares would decrease earnings per share or increase loss per share from continuing operations. As theGroup is currently loss-making, an increase in the average number of shares would have anti-dilutiveeffects. Diluted and basic (undiluted) earnings per share is therefore the same.EARNINGS PER SHARE 2022 2021Profit (loss) for the year (NOK 1000) (167 792) (164 722)Average number of outstanding shares during the year (1 000) 34 247 32 373EPS - basic and diluted (NOK per share) (4.9) (5.1)Please see note 15 for more information regarding the option program.Note 9: Non-current assetsOFFICE AND NON-CURRENT ASSETS 2021 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2021 2 063 9 000 50 401 10 383 71 847Additions 85 - --85Cost at 31 Dec 2021 2 148 9 000 50 401 10 383 71 932Accumulated depreciation and amortization (1 686) (1 707)- -(3 393)at 1 Jan 2021Depreciations in the year (250) (754)- -(1 004)Accumulated depreciation and amortization (1 936) (2 461) --(4 397)at 31 Dec 2021Accumulated currency effects at 1 Jan 2021- -6 857 1 413 8 270Currency exchange effects in the year- -(3 709) (764) (4 473Carrying value at 31 Dec 2021 212 6 539 53 549 11 031 71 331Economic life 3 years 15 years indefinite indefiniteDepreciation method linear linearPatentsIn 2015, the Group acquired all rights to the patents and technology from Inven2 AS, which is one of theGroup\u2019s main shareholders. The price for the patent was MNOK 4.0 and was based on a purchase optionin the license agreement entered into with Inven2 AS in 2011. The purchase of these rights implies thatthe Group no longer has to pay future royalties to Inven2 AS from potential commercial sales of products related to the patents/patent applications. The patent period spans over 15 years and expires in 2031.According to the purchase agreement related to the same patents, Inven2 AS is entitled to two milestonepayments of MNOK 5.0 and MNOK 6.0 at the commencement of a clinical phase IIb and phase III study (oranother registration study) respectively. The first milestone payment of MNOK 5.0 was paid to Inven2 in May2020 due to the commencement of the INITIUM phase II trial. The milestone payment was capitalized inthe balance sheet when it was paid to Inven2, and will be depreciated linearly until February 2031. Licenses and GoodwillBeyond UV1, which is the core product of the Ultimovacs group, Ultimovacs is pursuing development of afirst-in-class vaccine solution utilizing the proprietary Tetanus-Epitope Targeting-platform (TET-platform).A preclinical program was initiated in 2019 to take the pharmaceutical product candidate to a decisionpoint for further clinical development, given that the results from the preclinical program are positive. OFFICE AND NON-CURRENT ASSETS 2022 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2022 2 148 9 000 50 401 10 383 71 932Additions 195 - --195Cost at 31 Dec 2022 2 344 9 000 50 401 10 383 72 127Accumulated depreciation and amortization (1 936) (2 461)- -(4 397)at 1 Jan 2022Depreciations in the year (188) (754)- -(943)Accumulated depreciation and amortization (2 124) (3 215) --(5 339)at 31 Dec 2022Accumulated currency effects at 1 Jan 2022- -3 148 649 3 797Currency exchange effects in the year- -(1 605) (331) (1 935)Carrying value at 31 Dec 2022 220 5 784 51 944 10 701 68 649Note 9: Non-current assets (continued)Licenses and Goodwill (continued)There have been and there are several significant milestones in terms of impairment testing of the value ofthe TET technology. The current preclinical development of TET is planned to be funded until an expectedmilestone in 2023. If Ultimovacs decides not to go further in the development of the TET technology, itwould be difficult to justify the value in the balance-sheet, and a substantial part of the booked value issubject for impairment. Impairment of assets1. IAS 36 seeks to ensure that an entity\u2019s assets are not carried at more than their recoverable amount.2. Impairment means that asset has suffered a loss in value.3. An asset is said to be impaired when its recoverable amount is less than its carrying amount.Ultimovacs has both goodwill and intangibles with indefinite useful lives as of 31 December 2022. UnderIAS 36, \u2018Impairment of assets\u2019, these assets are required to be tested annually for impairment irrespectiveof indictors of impairment. The intangible assets subject to impairment in the balance sheet are \u201cLicenses\u201d,which are the basis for the TET technology. The license agreement with Academisch Ziekenhuis Leiden andTechnologiestichting STW gives Ultimovacs rights to commercial development, manufacture and sales ofimmunotherapy treatments against cancer utilizing the TET technology. The license agreement does nothave any expiration date, and the license is therefore defined to have indefinite useful life.The Group also has goodwill created by deferred tax, which is a result of the purchase price amountfor acquiring the licensed technology. The Goodwill is also tested for impairment annually. To test forimpairment, goodwill must be allocated to each of the acquirer\u2019s cash-generating units (CGU), or groupsof cash-generating units, that are expected to benefit from the synergies of the combination, irrespectiveof whether other assets or liabilities of the acquiree are assigned to those units or groups of units. Thelegal entities Ultimovacs ASA and Ultimovacs AB, together the Group, is defined as the CGU subject forimpairment testing. The impairment testing of the Licenses and its corresponding goodwill will thereforebe performed at Group level. Impairment testIn order to identify the Recoverable amount of the intangible assets, a value must be found for both Valuein use and Fair value. The Value in use of an asset is the expected future cash flows that the asset in itscurrent condition will produce, discounted to present value using an appropriate discount rate. Ultimovacshas chosen not to prepare a Value in use calculation from the TET technology as the estimates of futurecash flows would be highly unreliable. Potential earnings are years ahead, and it would not be clear if thesecould come from direct sales, indirect sales or through licensing agreements. To prepare a forecast in orderto obtain any value for the assets tested for impairments would not be reasonable and supportable.Ultimovacs will therefore rely on the value from the Fair Value assessment, which normally is the marketvalue at measurement date. No active market exists for comparison; thus, the acquisition price, and bookvalue, is considered as the fair value. The fair value, however, must be tested for factors which may reduceis value, function etc.The following factors have been assessed when testing for impairment:1. Market value declines: There is no indication that the value for adjuvants is in decline. Ultimovacs hasfew or no real alternatives to the adjuvant currently being used, GM-CSF. 2. Negative changes in technology, markets, economy, or laws: There is still an unmet need for moreadjuvant solutions to be used with vaccines. Thus, the TET technology may potentially be utilized in othervaccine candidates, and it could also be sold to third parties. No other negative factors are observed inthe markets.Note 9: Non-current assets (continued)3. Asset is idle, part of a restructuring or held for disposal: The first phase of the development planis to develop product candidates of the TET prototype and identify 1-2 clinical trial lead candidate(s).Approximately MNOK 37 has been spent from 2019 until December 2022 on preclinical development, theTENDU phase I clinical trial, production and consultant costs in order to create and validate the TETtechnology platform and to develop one or more product candidates. Several employees in both Norwayand Sweden are involved in the project. In October 2021, the Company raised gross MNOK 270 in equity ina private placement, where a certain amount was allocated to further TET-development.4. Worse economic performance than expected: Even though TET is still far from bringing any cash inflowsto the company, the technology will be highly valuable if the project is successful. Setting any value onthe TET technology using a CF model is of no real value/use at this very early stage of its research anddevelopment. In addition, Management has undertaken a review of the company\u2019s business and the environment in whichit operates, and concludes that there are no significant changes in the business or its environment now orin the future regarding:a decline in the market or price for products or servicesoversupply in markets for products or servicesproblems in sourcing raw materials or servicesincreases in the costs of production or delivering serviceschanges in exchange rates affecting costs or salesnew competitorsnew products or services from competitorstechnological changechanges in law or regulationschanges in economic conditionsAn additional factor which could be an indicator for impairment of the non intangible assets would be ifthe total market capitalization of the Group was lower than the net asset value in the balance sheet. Thisdoes however, not necessarily mean that the asset is overvalued in the statement of financial position, butshould be a trigger to test for impairment based on other parameters. Market capitalization for the Groupwas as per 31 December 2022, MNOK 3,784, significantly higher than the value of the assets being testedfor impairment (MNOK 449.4). On the other hand, a market capitalization over the current book value,does not directly indicate that the value is present and no other testing is required, as most of the marketvalue is primarily attributable to UV1. Market capitalization alone cannot therefore be the sole parameterfor testing the asset for impairment, but should additionally be assessed based on the factors discussedabove. Based on the market capitalization as per 31 December 2022, there is no indication that the marketvalues TET lower than the current book value.Although the list above is not exhaustive, we do not observe any new risk factors related to the technologywhich may reduce the value of the assets in the balance sheet.The preclinical development of TET is planned to be funded until an expected milestone in 2023. Then,if certain milestones are reached, additional funding will be needed for the next phase (mainly CMCdevelopment/manufacturing processes and clinical development) towards the commencement of a clinicaltrial. This critical decision point will be important when considering impairment of the intangible assets, asthe asset could then be considered partly idle, reducing its value significantly.ConclusionIn the impairment test performed, no indications of impairment were identified, which concludes thatthe fair value of the intangible assets are higher than carrying value. As a result, no impairment of theseintangible assets has been recognized.Note 10: Other receivablesOTHER RECEIVABLES (NOK 1 000) 2022 2021Government grants receivables (ref note 3) 4 990 5 314Prepayments 2 916 878Fair value of currency contracts 1 083 759Other receivables 1 280 1 135Total other receivables 10 270 8 087As of 31 December 2022, cash and cash equivalents amounted to MNOK 425.3, of which MNOK 19.7 (MEUR 1.9) on an EUR account and MNOK 4.9 (MSEK 5.2) in Ultimovacs AB on a Swedish bank account in SEK. SHARE CAPITAL SHARE CAPITAL CHANGES TO SHARE CAPITALNUMBER OF SHARES(NOK 1 000)31 December 2020 31 973 511 3 197 351.1Issuance of ordinary shares 2 248 250 224 825.031 December 2021 34 221 761 3 422 176.1Issuance of ordinary shares 174 700 17 47031 December 2022 34 396 461 3 439 646.1Note 11: Cash and cash equivalentsCASH AND CASH EQUIVALENTS (NOK 1 000) 2022 2021Employee withholding tax 1 818 1 855Cash at bank 423 491 572 313Cash and cash equivalents 425 309 574 168Note 12: Share capital, shareholder information and dividendIn September and November 2022, a total of 174,700 options, granted under Ultimovacs\u2019 option program,were exercised. Subsequently, the Company\u2019s share capital was increased by NOK 17,470 by issuing 174,700new shares, each share of par value NOK 0.10.In a private placement in October 2021, 2,160,000 new shares each with a par value of NOK 0.10 and issuedat a subscription price per share of NOK 125.0, resulting in gross proceeds from the share issue of MNOK270. The transaction costs related to the share-issues amounted to MNOK 11.0 in 2021, and have beenrecognized against share premium. For computation of earnings per share and diluted earnings per sharesee Note 8. In March and October 2021, a total of 88,250 options, granted under Ultimovacs\u2019 option program, wereexercised. Subsequently, the Company\u2019s share capital was increased by NOK 8,825 by issuing 88,250 newshares, each share of par value NOK 0.10. The share capital as of 31 December 2022 was NOK 3,439,646.1, with 34,396,461 ordinary shares with anominal value of NOK 0.1. All issued shares have equal voting rights and the right to receive dividend.No dividend has been paid in the period. Ultimovacs ASA has approximately 5,000 shareholders as of 31December 2022, with the 20 largest shareholders as of this date listed in a table below on the next page.The movement in the number of registered shares and share capital was in 2021 and 2022 as follows:NUMBER OF OWNERSHIP THE 20 MAIN SHAREHOLDERS AS OF 31 DECEMBER 2022SHARES INTERESTGjelsten Holding AS 6 495 866 18.9 %Canica AS 2 705 957 7.9 %Watrium AS 1 780 575 5.2 %Inven2 AS 1 555 492 4.5 %Folketrygdfondet 1 515 813 4.4 %Radforsk Investeringsstiftelse 1 512 163 4.4 %Lang\u00f8ya Invest AS 1 389 006 4.0 %Helene Sundt AS 965 802 2.8 %CGS Holding AS 882 132 2.6 %Sundt AS 803 321 2.3 %Danske Invest Norge Vekst 736 440 2.1 %Stavanger Forvaltning AS 590 000 1.7 %Prieta AS 533 988 1.6 %Verdipapirfondet Nordea Avkastning 480 573 1.4 %SEB Prime Solutions Sissener Canopus 400 000 1.2 %Verdipapirfondet KLP Aksjenorge 348 416 1.0 %Swedbank AB 252 814 0.7 %Wiarom AS 250 000 0.7 %Verdipapirfondet Nordea Kapital 246 178 0.7 %Gade, Leif Johan 225 052 0.7 %20 Largest shareholders 23 669 588 68.8%Other shareholders 10 726 873 31.2%Total 34 396 461100.0%As of 31 December 2022, four members of the Management team in the Group held a total of 163,066 ordinary shares in Ultimovacs. NUMBER OF SHARES HELD BY CEO AND THE BOARD OF DIRECTORS NUMBER OF POSITION AS OF 31 DECEMBER 2022SHARESCarlos de Sousa CEO 14 906Ketil Fjerdingen - through Lang\u00f8ya Invest AS Board member 1 389 006 Leiv Askvig - through Basen Kapital AS Board member 91 500Henrik Schussler - through Fireh AS Board member 30 900Eva S. Dugstad Board member 6 400Kari Gr\u00f8n\u00e5s - through K OG K AS Board member 6 640Total shares held by CEO and Board of Directors 1 539 352As of 31 December 2021, three members of the Management team in the Group held a total of 156,606 ordinary shares in Ultimovacs. NUMBER OF SHARES HELD BY CEO AND THE BOARD OF DIRECTORS NUMBER OF POSITION AS OF 31 DECEMBER 2021SHARESCarlos de Sousa CEO 11 906Ketil Fjerdingen - through Lang\u00f8ya Invest AS Board member 1 389 006 Leiv Askvig - through Basen Kapital AS Board member 91 500Henrik Schussler - through Fireh AS Board member 30 900Eva S. Dugstad Board member 6 400Kari Gr\u00f8n\u00e5s - through K OG K AS Board member 6 640H\u00e5kan Englund - through JDS Invest AB Deputy Board member 73 650Total shares held by CEO and Board of Directors 1 610 002NUMBER OF OWNERSHIP THE 20 MAIN SHAREHOLDERS AS OF 31 DECEMBER 2021SHARES INTERESTGjelsten Holding AS 6 495 866 19.0 %Canica AS 2 705 957 7.9 %Watrium AS 1 780 575 5.2 %Inven2 AS 1 555 492 4.5 %Radforsk Investeringsstiftelse 1 506 913 4.4 %Folketrygdfondet 1 400 000 4.1 %Lang\u00f8ya Invest AS 1 389 006 4.1 %Helene Sundt AS 965 802 2.8 %CGS Holding AS 882 132 2.6 %Sundt AS 803 321 2.3 %Danske Invest Norge Vekst 736 440 2.2 %Stavanger Forvaltning AS 596 999 1.7 %Prieta AS 533 988 1.6 %Verdipapirfondet Nordea Avkastning 483 573 1.4 %JPMorgan Chase Bank, N.A., London 402 495 1.2 %Verdipapirfondet KLP AksjeNorge 348 416 1.0 %SEB Prime Solutions Sissener Canopus 324 000 0.9 %Verdipapirfondet Nordea Kapital 282 549 0.8 %Avanza Bank AB (Nominee) 274 520 0.8 %Swedbank AB 258 629 0.8 %20 Largest shareholders 23 726 673 69.3%Other shareholders 10 495 088 30.7%Total 34 221 761100.0%Note 13: Transactions with related partiesIn 2015, Ultimovacs acquired the patent rights for the core UV1 technology from Inven2 AS, a majorshareholder in the Group. Based on the agreements, Invent2 AS is entitled to receive two potentialmilestone payments when certain clinical research criteria are reached; MNOK 5.0 and MNOK 6.0 at thecommencement of a clinical phase IIb and phase III study (or another registration study) respectively. Thefirst milestone payment of MNOK 5.0 was paid to Inven2 in May 2020 due to the commencement of theINITIUM phase II trial.Please refer to note 9 for additional information.As part of ordinary business and at market price, Ultimovacs purchases services related to clinical trials andlaboratory services from Oslo University Hospital through Inven2 AS. Invoicing directly from or administeredby Inven2 AS amounted to MNOK 4.3 in 2021 and MNOK 2.9 in 2022 respectively (incl. VAT). As per 31December 2022, Ultimovacs had no outstanding payables to Inven2 AS.Ultimovacs ASA partly finances running operations and projects in its Swedish subsidiary Ultimovacs ABthrough unconditional shareholder contributions. In 2021, Ultimovacs ASA contributed with a total of MNOK12.0 in unconditional shareholder contributions to Ultimovacs AB, and MNOK 8.0 in 2022.As of 2022, Ultimovacs ASA and Ultimovacs AB have entered into an intercompany agreement whereUltimovacs AB will provide R&D services for Ultimovacs ASA, and thus invoice Ultimovacs ASA for theseservices. Direct and indirect costs pertaining to Ultimovacs AB\u2019s employees\u2019 performance of the servicesas well as other direct costs are invoiced using a \u2018cost plus\u2019 model. In 2022, MNOK 9.9 was invoiced fromUltimovacs AB to Ultimovacs ASA. Note 14: Leases and commitmentsThe right-of-use assets comprise a rental agreement for office premises in Oslo with 3 years left of therental contract as of 31 December 2022, and four car-leasing contracts. The weighted average discount rateapplied is 8.3% as per 31 December 2022. The Group has utilized the practical expedients relating to leases where short term leases and lease-contracts of low value have not been recognized as right of use assets. Expenses relating to short-termlease comprise lab premises and parking spaces in Oslo, Norway, and office- and lab premises in Uppsala,Sweden. These contracts can be terminated by both lessee and lessor within 1 - 3 months.Expense relatingto low-value assets comprise leasing of an office printer in Oslo.The Group had total cash outflows related to leases of MNOK 2.6 in FY21 and MNOK 2.8 in FY22.LEASE EXPENSES (NOK 1 000) 2022 2021Depreciation expense of right-of-use assets 1 705 1 698Interest expense on lease liabilities 105 179Expense relating to short-term leases (incl. in Other operating expenses) 1 018 743Expense relating to low-value assets (incl. in Other operating expenses) 11 11Total amount recognized in profit or loss 2 839 2 632NON-DISCOUNTED LEASE LIABILITIES EXPIRING WITHIN THE FOLLOWING PERIODS 2022 2021FROM THE BALANCE SHEET DATE (NOK 1 000)Within 1 year 2 147 1 708 1 to 2 years 2 058 285 2 to 3 years 1 862 196 3 to 4 years 112 -4 to 5 years - -Over 5 years - -Sum 6 179 2 190LEASE LIABILITIES (NOK 1 000) 2022 2021Lease liability as per 1 January2 084 3 782Additions5 199 19Cash payments for the principal portion of the lease liability(1 802) (1 716)Cash payments for the interest portion of the lease liability(105) (179)Interest expense on lease liabilities105 179Lease liability as per 31 December5 481 2 084Current1 767 1 628Non-current3 713 457RIGHT-OF-USE ASSETS 2022 (NOK 1 000) CARS OFFICE TOTALRight-of-use assets as per 1 January 2022 680 1 270 1 951Depreciation costs during the year (365) (1 340) (1 705)Extension options exercised / additions 955 4 244 5 199Balance sheet value as per 31 December 2022 1 270 4 174 5 444RIGHT-OF-USE ASSETS 2021 (NOK 1 000) CARS OFFICE TOTALRight-of-use assets as per 1 January 2021 1 109 2 520 3 630Depreciation costs during the year (429) (1 269) (1 698)Extension options exercised / additions - 19 19Balance sheet value as per 31 December 2021 680 1 270 1 951Note 15: Share based paymentShare option programThe share option program was introduced in June 2019. The share option program is groupwide andincludes all employees in the Group. At the Annual General Meeting held on 21 April 2022, the Board wasauthorized to increase the Company\u2019s share capital in connection with the share incentive arrangement byup to NOK 342,217.61. The authorization is valid until the next ordinary General Meeting in 2023. Each option gives the right to acquire one share in the Company and is granted without consideration.Pursuant to the vesting schedule, 25% of the options will vest one year after the day of grant, 25% of theoptions will vest two years after the day of grant and the remaining 50% will vest three years after the dayof grant. The options granted in 2020 to the CEO, Carlos de Sousa, will vest with 33.33% one year following the grantdate, 33.33% after two years, and the remaining 33.34% on the third anniversary following the grant date.Vesting is dependent on the option holder still being employed in the Company.The exercise price for all options granted in 2019 was NOK 31.25, NOK 39.15 for the options granted in 2020,NOK 61.99 for the options granted in 2021 and NOK 83.46 for the options granted in 2022.Options that are not exercised within 7 years from the date of grant will lapse and become void. In 2022,the Board of Directors decided to extend the duration of all options under the share option program from5 years to 7 years. Due to this life extension, the unamortized value of the options increased, resulting inan increased IFRS cost related to the options going forward, as well as a one-off cost of MNOK 4.5 bookedin Q2 2022 in accordance with IFRS 2.After the distribution of 480,000 new options on 21 April 2022 and the exercise of 174,700 shares during2022, a total of 2,138,885 share options are granted per 31 December 2022, corresponding to 6.22% of theoutstanding number of shares in the Company.OUTSTANDING INSTRUMENTS OVERVIEW AT YEAR END 2022 2021Number of instruments 2 138 885 1 833 585Weighted Average Exercise Price (NOK) 54.55 44.77Vested/Exercisable instruments as of 31 December 40.76 35.42Weighted Average Exercise Price on vested instruments (NOK) 860 454 419 328Weighted Average remaining contractual life (years) 4.96 3.46NUMBER OF WEIGHTED AVERAGE MOVEMENTS OF OPTIONS DURING 2022INSTRUMENTSEXERCISE PRICEOutstanding at 1 January 1 833 585 44.77Granted during the year 480 000 83.46Terminated during the year - -Exercised during the year (174 700) 31.39Expired during the year - -Outstanding at 31 December 2 138 885 54.55Vested options during the year 441 126 45.85NUMBER OF WEIGHTED AVERAGE MOVEMENTS OF OPTIONS DURING 2021INSTRUMENTSEXERCISE PRICEOutstanding at 1 January 1 330 435 36.16Granted during the year 600 000 61.99Terminated during the year (8 600) 39.15Exercised during the year (88 250) 32.46Expired during the year - -Outstanding at 31 December 1 833 585 44.77Vested options during the year 279 953 37.49Assumptions, costs and social security provisions: The Ultimovacs Employee Share Options\u2019 fair value is calculated according to the IFRS-2 regulations. As stated in IFRS-2 Appendix B \u00a7B5 the Black-Scholes-Merton Option Pricing Model (\u201cB&S Model\u201d) may be used to estimate the fair value of employee share options, which is therefore used to estimate the fair value of the Ultimovacs Employee Share Options. The model uses the following parameters; the exercise price, the current price of the underlying shares, the life of the option, the expected volatility of the share price, the dividends expected on the shares, and the risk-free interest rate for the life of the option. The exercise price is set out in the Ultimovacs Award Agreements with each employee and is stated in the Norwegian Krone. The current price of the underlying shares used in the model is the last available closing price of Ultimovacs at grant date. The risk-free interest rate used in the B&S Model is equal to the rates of the government bond issues of the country in whose currency the exercise price is expressed, with the term equal to the expected term of the option being valued. Since the exercise price is expressed in Norwegian Krone, the \u201cNorges Bank Statskasseveksler\u201d and \u201cObligasjoner\u201d-rate is used as input. The interest rates used for the options with term structures outside of the quoted terms of Norges Banks interest rates are calculated with the use of a linear interpolation between the two closest quoted rates. A dividend parameter is not included in the calculations.The B&S Model assumes that the time from grant until expiry gives the time parameter in themodel. This assumption is based on the options being free from restraints and that the owner ofthe options holds the right to sell the option in the market at any time. As this is not the case formost employee share options, IFRS-2 Appendix B \u00a7B16-18, states that a shorter time period can beused as the expected lifetime of the options in some cases. Half a year after vesting date is thereforeassumed to be the estimated end-of-lifetime of each option in the model. However, exercisepatterns will be monitored, and expected option lifetime will be updated if needed for future grants.As Ultimovacs has not been listed on a stock exchange long enough to have a sufficient share price historyto calculate the shares\u2019 volatility, comparable firms\u2019 share price volatility have been used to estimate theexpected volatility. The fair value of the granted instruments in 2021 and 2022 have been calculated using a Black Scholesmodel with the following assumptions:FAIR VALUE PRICING ASSUMPTIONS 2022 2021Instrument Option Option Quantity as of 31 December 480 000 600 000Contractual life* 7.00 7.00Exercise price* 83.46 61.99Share price* 81.60 62.10Expected lifetime* 3.25 3.25Volatility* 59.60% 48.12%Interest rate* 2.2451% 0.067%Dividend* - -Fair value per instrument* 34.46 20.79Vesting conditions Service condition *Weighted average parameters at grant of instrumentThe total IFRS cost recognized for the option program was MNOK 11.6 in FY 2021 and MNOK 20.4 in FY22. The total social security provision was MNOK 8.6 in FY21 and MNOK 2.0 in FY22.Note 16 - Other current liabilitiesOTHER CURRENT LIABILITIES (NOK 1 000) 2022 2021Public duties payable 3 698 3 386Public duties payable related to options 14 904 12 888Holiday pay payable 3 913 3 415Other accrued expenses 13 970 7 025Sum 36 485 26 714NUMBER OF OPTIONS HELD BY MANAGEMENT TEAM POSITION 2022 2021Carlos de Sousa Chief Executive Officer 416 035 416 035 Hans Vassg\u00e5rd Eid Chief Financial Officer 224 500 177 500 Jens Egil Torbj\u00f8rn Bj\u00f8rheim Chief Medical Officer 215 000 168 000 Audun Tornes Chief Technology Officer 137 500 107 500 Gudrun Tr\u00f8ite Head of Project Coordination 96 814 107 500 Ingunn Hagen Westgaard Head of Research 111 395 107 500 \u00d8ivind Foss Head of Clinical Operations 104 500 107 500 Ton Berkien Chief Business Officer 106 000 59 000Anne Wors\u00f8e Head of IR and Communication 22 500 -Orla Mc Callion Head of Regulatory Affairs and QA 38 000 -Total allocated share options to Management Team 1 472 244 1 250 535Note 17: Financial instrumentsForeign exchange forward contracts are valued at fair value which is also the market value of the contractbased on the use of market observable inputs at Level 2 of the fair value hierarchy (please refer to \u2018Note2: Accounting principles - iii. Financial instruments\u2019 for information regarding the \u2018fair value hierarchy\u2019).Market values are calculated using mid-rates (excluding margins) as determined by the financial institutioncounterparty on available market rates at reporting date.Foreign exchange derivatives not designated as hedging instruments reflect the positive change in fairvalue of those foreign exchange forward contracts that are not designated in hedge relationships, but are,nevertheless, intended to reduce the level of foreign currency risk for expected purchases.2022 2022 2021 2021CARRYING CARRYING FINANCIAL ASSETS (NOK 1 000)FAIR VALUEFAIR VALUEVALUEVALUEForeign exchange forward contracts 1 083 1 083 759 759Total financial assets 1 083 1 083 759 759Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument of customer contract, leading to a financial loss. The Group is exposed to credit risk from its receivables, deposits in banks.Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange-rates relates to the Group\u2019s operating activities, primarily expenses in USD, EUR, SEK and GBP. During 2022 the Company has held funds in EUR and entered into EUR swaps to mitigate the foreign exchange risk and to get a better predictability regarding future costs. The fair value of forward exchange contracts are determined using the forward exchange rate at the end of the reporting period, with changes in the value recognized in the income statement. In the income statement, impacts from the derivatives are presented as loss/gains in the financial items. The table below shows a simulation of sensitivity to a 10% increase/decrease in EUR, GBP, USD and SEK against NOK and the effect on Profit (loss) before tax:FOREIGN CURRENCY SENSITIVITY (NOK 1 000) CHANGE IN FOREIGN CURRENCY 2022 2021 +10%25 215 26 533EUR-10% (25 215) (26 533) +10% 629 455GBP -10% (629) (455)+10% 1 334 821USD -10% (1 334) (821)+10% 1 764 2 646SEK-10% (1 764) (2 646)Note that the majority of the simulated EUR sensitivity effects are related to EUR at bank and the forward exchange contracts which effects Profit (loss) before tax when EUR/NOK fluctuates.Fair value The Management assessed that the fair values of cash and cash equivalents, accounts receivable, accounts payable and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. Capital managementThe Group manages its capital to ensure that Group will be able to continue as a going concern whilemaximizing the return to stakeholders through the optimization of the debt and equity balance. The Group\u2019spolicy is to maintain a strong capital base so as to maintain investor, creditor and market confidence andto support future development of the business. The Group is currently sufficiently capitalized as per 31December 2022. Management closely monitors the Group\u2019s cash flows short-term and long-term andcontinuously assesses the need for additional funding.The capital structure of the Group consists of equity attributable to owners of the Group, comprising share capital, share premium and accumulated losses. The Group is not subject to any externally imposed capital requirements.Note 18: Events after the balance sheet dateOn 23 January 2023, Ultimovacs announced that patient enrollment was completed in the NIPU Phase II clinical trial in metastatic pleural mesothelioma.In February 2023, as part of the Q4 2022 reporting, Ultimovacs provided an update on guidance regarding topline data readouts for its Phase II clinical trials:\u2022 INITIUM (malignant melanoma): H1 2023 (no change from previous statements)\u2022 NIPU (pleural mesothelioma): H1 2023 (no change from previous statements)\u2022 FOCUS (head and neck cancer): H1 2024 \u2022 DOVACC (ovarian cancer): H2 2024\u2022 LUNGVAC (non-small cell lung cancer): H2 2025There are no other significant subsequent events after the balance sheet date.Currency fluctuations in regards to the bank deposits in foreign currency and the foreign exchange forward contracts will not result in any \u2018other comprehensive income\u2019 (OCI) effects.Skattefunn:The Skattefunn R&D tax incentive scheme is a government program designed to stimulate research and development in Norwegian. In FY2022, four Skattefunn-grants were approved, two of which reported in 2022, one will report in 2024 and one in 2025. Industrial Ph.D. grant from The Research Council of Norway (Forskningsr\u00e5det):The industrial Ph.D. project is a collaboration between Ultimovacs ASA, Oslo University Hospital and the University of Oslo. The Ph.D. candidate for this project is employed by Ultimovacs. The project aims to characterize the immunological mechanisms induced by treatment with a peptide-based therapeutic cancer vaccine. The project ended in and reported in December 2022.Innovation Project grant from The Research Council of Norway (Forskningsr\u00e5det):Innovation Project for the Industrial Sector is a funding instrument that provides grants to business-led innovation projects that make extensive use of research and development activities. The FOCUS Phase II trial has been granted an innovation grant of up to MNOK 16 from the Norwegian Research Council.Innovation Norway:Innovation Norway is the Norwegian Government\u2019s most important instrument for innovation and development of Norwegian enterprises and industry. Innovation Norway has granted Ultimovacs MNOK 10 to support the execution of the Phase II DOVACC study.All conditions and contingencies attached to the grants recognized in the accounts have been fulfilled.The share capital as of 31 December 2022 was NOK 3,439,646.1, with 34,396,461 ordinary shares with a nominal value of NOK 0.1. All issued shares have equal voting rights and the right to receive dividend. No dividend has been paid in the period. Ultimovacs ASA has approximately 5,000 shareholders as of 31 December 2022, with the 20 largest shareholders as of this date listed in a table below on the next page. The movement in the number of registered shares and share capital was in 2021 and 2022 as follows:In 2015, Ultimovacs acquired the patent rights for the core UV1 technology from Inven2 AS, a majorshareholder in the Group. Based on the agreements, Invent2 AS is entitled to receive two potentialmilestone payments when certain clinical research criteria are reached: MNOK 5.0 and MNOK 6.0 at thecommencement of a clinical Phase IIb and Phase III study (or another registration study) respectively. Thefirst milestone payment of MNOK 5.0 was paid to Inven2 in May 2020 due to the commencement of theINITIUM Phase II trial.Please refer to note 9 for additional information.As part of ordinary business and at market price, Ultimovacs purchases services related to clinical trials andlaboratory services from Oslo University Hospital through Inven2 AS. Invoicing directly from or administeredby Inven2 AS amounted to MNOK 4.3 in 2021 and MNOK 2.9 in 2022 respectively (incl. VAT). As per 31December 2022, Ultimovacs had no outstanding payables to Inven2 AS.Ultimovacs ASA partly finances running operations and projects in its Swedish subsidiary Ultimovacs ABthrough unconditional shareholder contributions. In 2021, Ultimovacs ASA contributed with a total of MNOK12.0 in unconditional shareholder contributions to Ultimovacs AB, and MNOK 8.0 in 2022.The Company has utilized the practical expedients relating to leases where short term leases and lease-contracts of low value have not been recognized as right of use assets. Expenses relating to short-term lease comprise lab premises and parking spaces in Oslo, Norway. These contracts can be terminated by both lessee and lessor within 1 - 3 months. Expense relating to low-value assets comprise leasing of an office printer in Oslo.Foreign exchange forward contracts are valued at fair value which is also the market value of the contract based on the use of market observable inputs at Level 2 of the fair value hierarchy (please refer to \u2018Note 2: Accounting principles - iii. Financial instruments\u2019 for information regarding the \u2018fair value hierarchy\u2019). Market values are calculated using mid-rates (excluding margins) as determined by the financial institution counterparty on available market rates at reporting date.In February 2023, as part of the Q4 2022 reporting, Ultimovacs provided an update on guidance regarding topline data readouts for its Phase II clinical trials:\u2022 INITIUM (malignant melanoma): H1 2023 (no change from previous statements)\u2022 NIPU (pleural mesothelioma): H1 2023 (no change from previous statements)\u2022 FOCUS (head and neck cancer): H1 2024\u2022 DOVACC (ovarian cancer): H2 2024 \u2022 LUNGVAC (non-small cell lung cancer): H2 2025 There are no other significant subsequent events after the balance sheet date.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-11-2": {
"value": "II. Going concernThe financial statements for 2022 have been prepared under the going concern assumption.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-13-2": {
"value": "i. Cash and cash equivalentsCash and cash equivalents in the statement of financial position comprise cash at banks and on hand andshort-term deposits with maturity of three months or less, which are subject to an insignificant risk ofchanges in value. ii. Cash Flow statement The statement of cash flows is compiled using the indirect method. The statement of cash flowsdistinguishes between cash flows from operating, investing and financing activities. For the purpose of thecash flow statement, cash and cash equivalents comprise cash on hand, deposits held at call with banks,other short-term highly liquid investments with original maturities of three months or less, cash poolbalances and bank overdrafts. Cash flows in foreign currencies are translated at the rate of the transactiondate. Interest paid is included under cash flow from financing activities, and interest received is includedin investing activities. Cash flows arising from the acquisition or disposal of financial interests (subsidiariesand participating interests) are recognized as cash flows from investing activities, taking into accountany cash and cash equivalents in these interests. Dividends paid out are recognized as cash flows fromfinancing activities; dividends received are recognized as cash flows from investing activities. Cash flowsfrom share issues are recognized as cash flows from financing activities.iii. Financial instrumentsThe Group uses derivative financial instruments to hedge its risks associated with foreign exchange rates.Derivatives are initially and subsequently measured at fair value. Derivatives are carried as assets when thefair value is positive and as liabilities when the fair value is negative. The gain/(loss) arising from changes infair value of currency derivatives is presented as part of \u201cFinancial income/expenses\u201d in the consolidatedstatement of comprehensive income. Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profitor loss and other comprehensive income, loans and borrowings, or payables. All financial liabilities arerecognized initially at fair value and, in the case of loans and borrowings and payables, net of directlyattributable transaction costs. The Group\u2019s financial liabilities include trade and other payables.- Subsequent measurementThe measurement of financial liabilities depends on their classification.- Loans and borrowingsAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortizedcost using the effective interest rate method. Gains and losses are recognized in profit or loss when theliabilities are derecognized as well as through the effective interest rate amortization process. Amortizedcost is calculated by taking into account any discount or premium on acquisition and fees or costs that arean integral part of the effective interest rate. The effective interest rate amortization is included as financecosts in the statement of profit or loss and other comprehensive income.All assets and liabilities for which fair value is measured or disclosed in the financial statements arecategorized within the fair value hierarchy, described as follows, based on the lowest level input that issignificant to the fair value measurement as a whole:Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilitiesLevel 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is directly or indirectly observableLevel 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is unobservableiv. Current vs non-current classificationThe Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is:Expected to be realized or intended to be sold or consumed in the normal operating cycleHeld primarily for the purpose of tradingExpected to be realized within twelve months after the reporting period, orCash or cash equivalent unless restricted from being exchanged or used to settle a liability for atleast twelve months after the reporting periodAll other assets are classified as non-current. A liability is current when:It is expected to be settled in the normal operating cycleIt is held primarily for the purpose of tradingIt is due to be settled within twelve months after the reporting period, orThere is no unconditional right to defer the settlement of the liability for at least twelve monthsafter the reporting periodThe Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified asnon-current assets and liabilities.v. Foreign currenciesThe Group\u2019s presentation currency is NOK. This is also the parent company\u2019s functional currency. Thestatement of financial position figures of entities with different functional currency are translated at theexchange rate prevailing at the end of the reporting period for balance sheet items, and the exchangerate at the date of the transaction for profit and loss items. The monthly average exchange rates areused as an approximation of the transaction exchange rate. Exchange differences are recognized in othercomprehensive income (OCI).Transactions in foreign currencies are initially recorded by the Group in its respective functional currencyspot rate at the date the transaction first qualifies for recognition. Monetary assets and liabilitiesdenominated in foreign currencies are translated at the functional currency spot rates of exchange at thereporting date. Differences arising on settlement or translation of monetary items are recognized in thestatement of profit or loss and other comprehensive income. Intra-group balances and transactions, and any unrealized income and expenses arising from intra-grouptransactions, are eliminated. Unrealized losses are eliminated in the same way as unrealized gains, but onlyto the extent that there is no evidence of impairment.The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising onacquisition, are translated into NOK at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into NOK at the average exchange rateswithin each respective month of the date of the transactions. Foreign currency differences are recognizedin other comprehensive income (OCI) and accumulated in the translation reserve. Exchange differences on intra-group items are recognized in profit or loss of the respective company andGroup accounts.vi. Impairment The Group assesses at each reporting date whether there is an indication that an asset may be impaired.If any indication exists, or when annual impairment testing for an asset is required, the Group estimatesthe asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s (cash-generating unit) fair value less costs of disposal and its value in use. It is determined for an individual asset,unless the asset does not generate cash inflows that are largely independent of those from other assets orgroups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the assetis considered impaired and is written down to its recoverable amount.Goodwill is tested annually for impairment, as well as when there is any indication that the goodwill maybe impaired. For impairment testing, assets are grouped together into the smallest group of assets thatgenerates cash inflows from continuing use that are largely independent of the cash inflows of otherassets or cash generating units (CGU). Goodwill arising from a business combination is allocated to CGUsor groups of CGUs that are expected to benefit from the synergies of the combination. An impairment lossis recognized in the income statement when the carrying amount of CGU, including the goodwill, exceedsthe recoverable amount of the CGU. Recoverable amount of the CGU is the higher of the CGU\u2019s fair valueless cost to sell and value in use. The Group has goodwill created by deferred tax which is tested for impairment annually.vii. Business combination and consolidationThe Group accounts for business combinations using the acquisition method when control is transferredto the Group. The consideration transferred in the acquisition is generally measured at fair value, as are theidentifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on abargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred,except if related to the issue of debt or equity securities.The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvementwith the entity and has the ability to affect those returns through its power over the entity. The financialstatements of subsidiaries are included in the consolidated financial statements from the date on whichcontrol commences until the date on which control ceases.When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary,and any related non-controlling interests and other components of equity. Any resulting gain or lossis recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair valuewhen control is lost. When a foreign operation is disposed of in its entirety or partially such that control,significant influence or joint control is lost, the cumulative amount in the translation reserve related tothat foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Groupdisposes of part of its interest in a subsidiary but retains control, then the relevant proportion of thecumulative amount is reattributed to non-controlling interests.viii. Contingent liabilitiesContingent liabilities are not recognized in the statement of financial position but are reported in therelevant schedules and notes. They may arise from uncertainty as to the existence of a liability represent aliability in respect of which the amount cannot be reliably measured. Contingent liabilities are disclosed ifthe possibility of an outflow of economic benefit to settle the obligation is more than remote.ix. Interest income Interest income is recognized using the effective interest method.x. Earnings per shareThe basic earnings per share are calculated as the ratio of the total profit (loss) for the year divided by theweighted average number of ordinary shares outstanding. When calculating the diluted earnings per share,the profit that is attributable to the ordinary shareholders and the weighted average number of ordinaryshares outstanding are adjusted for all the dilution effects relating to share options. No dilutive effect has been recognized as potential ordinary shares only shall be treated as dilutive iftheir conversion to ordinary shares would decrease earnings per share or increase loss per share fromcontinuing operations. As the Group is currently loss-making, an increase in the average number of shareswould have anti-dilutive effects. As the Group has currently no issuable potential ordinary shares and basicand diluted earnings per share is the same.xi. Government grants Government grants are recognized where there is reasonable assurance that the grant will be received, andall attached conditions will be complied with. When the grant relates to an expense item, it is recognizedas income on a systematic basis over the periods that the costs, which it is intended to compensate,are expensed. Government grants have been recognized in the statement of profit or loss and othercomprehensive income as a reduction of personnel- and other operating expenses. Where the grant relates to an asset, it is recognized as income in equal amounts over the expected usefullife of the related asset. If the Group receives non-monetary grants, the asset and the grant are recordedgross at nominal amounts and released to profit or loss over the expected useful life of the asset, basedon the pattern of consumption of the benefits of the underlying asset by equal annual instalments. xii. IFRS 16 LeasesUnder IFRS 16, the Group recognizes right-of-use assets and lease liabilities for all leases.Right-of-use assets are measured at an amount equal to the lease liability and are subsequently depreciatedusing the straight-line method from the commencement date to the earlier of the end of the useful life ofthe right-of-use asset or the end of the lease term.The estimated useful lives of right-of-use assets are determined on the same basis as those of propertyand equipment. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjustedfor certain remeasurements of the lease liability.The lease liability is initially measured at the present value of the lease payments that are not paid at thecommencement date, discounted using the interest rate implicit in the lease or, if that rate cannot bereadily determined, Ultimovacs\u2019 incremental borrowing rate. The incremental borrowing rate is used as thediscount rate.When applying the practical expedients in IFRS 16 for lease-contracts with low value or lease terms ofless than 12 months, the lease payments (net of any incentives received from the lessor) are taken to thestatement of profit and loss and other comprehensive income on a straight-line basis over the period ofthe lease. When the lease is terminated before the lease period has expired, any payment required to bemade to the lessor by way of penalty is recognized as an expense in the period in which termination takesplace.xiii. Share-based paymentsEmployees in the Group receive remuneration in the form of share-based payment transactions, wherebyemployees render services as consideration for equity instruments (equity-settled transactions) or grantedshare appreciation rights, which can be settled in cash (cash-settled transactions). The determination ofwhether the arrangement is cash or equity settled is based on a careful evaluation of the terms of theagreement and also the Group\u2019s ability to settle in shares and the promise and intent of settlement in cash.- Cash-settled transactions: A liability is recognized for the fair value of cash-settled transactions. The fair value is measured initiallyand at each reporting date up to and including the settlement date, with changes in fair value recognized inpayroll and payroll related expenses. The fair value is expensed over the period until the vesting date withrecognition of a corresponding liability. The fair value is determined using a Black Scholes model. - Equity-settled transactionsThe cost of equity-settled transactions is recognized in payroll and other payroll related expenses, togetherwith a corresponding increase in equity over the period in which the service and, where applicable, theperformance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vestingperiod has expired and the Company\u2019s best estimate of the number of equity instruments that will ultimatelyvest. The expense or credit in the statement of profit or loss and other comprehensive income for a periodrepresents the movement in cumulative expense recognized as of the beginning and end of that period.xiv. Intangible assetsIntangible assets are stated at their historical cost and amortized on a straight-line basis over theirexpected useful lives, which usually varies from 3 to 10 years and up to 20 years for patents. An adjustmentis made for any impairment. Intangible items acquired in a business combination must be recognized asassets separately from goodwill if they meet the definition of an asset, are either separable or arise fromcontractual or other legal rights, and their fair value can be measured reliably.All research and development spending is expensed each year in the period in which it is incurred.Development costs will be capitalized once the \u201casset\u201d being developed has met requirements of technicaland commercial feasibility to signal that the intangible investment is likely to either be brought to marketor sold. Due to uncertainties regarding award of patents, regulations, ongoing clinical trials etc., the assetrecognition criteria of IAS 38 \u201cIntangible Assets\u201d are not met.xv. Property, plant and equipmentProperty, plant and equipment are recognized at cost less accumulated depreciation and any impairmentlosses. Such cost includes the cost of replacing parts of the property, plant and equipment and borrowingcosts for long-term construction projects if the recognition criteria are met. When significant parts ofproperty, plant and equipment are required to be replaced at intervals, the Group recognizes such partsas individual assets with specific useful lives and depreciates them accordingly. Likewise, when a majorinspection is performed, its cost is recognized in the carrying amount of the plant and equipment as areplacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognizedin the statement of profit and loss and other comprehensive income as incurred. xvi. TaxThe income tax expense includes tax payable and changes in deferred tax. Income tax on balancesrecognized in other comprehensive income is recognized as other comprehensive income, and tax onbalances related to equity transactions is recognized in equity. The tax payable for the period is calculatedaccording to the tax rates and regulations ruling at the end of the reporting period. Deferred tax is calculated on temporary differences between book and tax values of assets and liabilitiesand the tax effects of losses to carry forward in the consolidated financial statements at the reportingdate. Deferred tax liabilities and assets are calculated according to the tax rates and regulations ruling atthe end of the reporting period and at nominal amounts. Deferred tax liabilities and assets are recognizednet when the Group has a legal right to net assets and liabilities.Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will beavailable which the loss carry forward or other deductible temporary differences can be utilized. Currentlyno deferred tax assets are recognized in the statement of financial position as the utilization is uncertain.xvii. SegmentsThe Group is still in a R&D phase, and currently does not generate revenues. For management purposes, theGroup is organized as one business unit and the internal reporting is structured in accordance with this.All non-current assets are located at the Group\u2019s main office in Oslo, Norway. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-13-3": {
"value": "i. Cash and cash equivalentsCash and cash equivalents in the statement of financial position comprise cash at banks and on hand andshort-term deposits with maturity of three months or less, which are subject to an insignificant risk ofchanges in value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-17-2": {
"value": "ii. Cash Flow statement The statement of cash flows is compiled using the indirect method. The statement of cash flowsdistinguishes between cash flows from operating, investing and financing activities. For the purpose of thecash flow statement, cash and cash equivalents comprise cash on hand, deposits held at call with banks,other short-term highly liquid investments with original maturities of three months or less, cash poolbalances and bank overdrafts. Cash flows in foreign currencies are translated at the rate of the transactiondate. Interest paid is included under cash flow from financing activities, and interest received is includedin investing activities. Cash flows arising from the acquisition or disposal of financial interests (subsidiariesand participating interests) are recognized as cash flows from investing activities, taking into accountany cash and cash equivalents in these interests. Dividends paid out are recognized as cash flows fromfinancing activities; dividends received are recognized as cash flows from investing activities. Cash flowsfrom share issues are recognized as cash flows from financing activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-17-4": {
"value": "ii. Cash Flow statement The statement of cash flows is compiled using the indirect method. The statement of cash flowsdistinguishes between cash flows from operating, investing and financing activities. For the purpose of thecash flow statement, cash and cash equivalents comprise cash on hand, deposits held at call with banks,other short-term highly liquid investments with original maturities of three months or less, cash poolbalances and bank overdrafts. Cash flows in foreign currencies are translated at the rate of the transactiondate. Interest paid is included under cash flow from financing activities, and interest received is includedin investing activities. Cash flows arising from the acquisition or disposal of financial interests (subsidiariesand participating interests) are recognized as cash flows from investing activities, taking into accountany cash and cash equivalents in these interests. Dividends paid out are recognized as cash flows fromfinancing activities; dividends received are recognized as cash flows from investing activities. Cash flowsfrom share issues are recognized as cash flows from financing activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-1": {
"value": "Ultimovacs ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-30-2": {
"value": "the Companyand its subsidiary (together the Group)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15571": {
"value": "Ultimovacs",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15588": {
"value": "Ultimovacs",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-1": {
"value": "public limitedliability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-38-1": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-1": {
"value": "The Company and its proprietary technology arebased on pre-clinical and clinical research on immunotherapies conducted at the Oslo University Hospital.Ultimovacs\u2019 lead universal cancer vaccine candidate UV1 leverages the high prevalence of the humantelomerase (hTERT) to be effective across the dynamic stages of a tumor\u2019s growth and its microenvironment.By directing the immune system to hTERT antigens which are expressed at a high level in 85-90% ofhuman tumors, UV1 drives CD4 helper T cells to tumors with the goal of activating an immune systemcascade to increase anti-tumor responses. Ultimovacs\u2019 strategy is to clinically demonstrate UV1\u2019simpact in many cancer types and in combination with other immunotherapies. The Group will expand itspipeline using its novel TET-platform which is a vaccine technology that can generate multiple vaccinecandidates designed to achieve increased T cell responses to a broad range of target antigens. The Groupis performing a broad clinical development program with clinical trials in Europe, Australia and the USA.biotech Groupdeveloping novel immunotherapies against cancer",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15619": {
"value": "Oslo",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-1": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15715": {
"value": "The financial statements were approved by the Board of Directors on 23 March 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-3": {
"value": "iii. Financial instrumentsThe Group uses derivative financial instruments to hedge its risks associated with foreign exchange rates.Derivatives are initially and subsequently measured at fair value. Derivatives are carried as assets when thefair value is positive and as liabilities when the fair value is negative. The gain/(loss) arising from changes infair value of currency derivatives is presented as part of \u201cFinancial income/expenses\u201d in the consolidatedstatement of comprehensive income. Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profitor loss and other comprehensive income, loans and borrowings, or payables. All financial liabilities arerecognized initially at fair value and, in the case of loans and borrowings and payables, net of directlyattributable transaction costs. The Group\u2019s financial liabilities include trade and other payables.- Subsequent measurementThe measurement of financial liabilities depends on their classification.- Loans and borrowingsAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortizedcost using the effective interest rate method. Gains and losses are recognized in profit or loss when theliabilities are derecognized as well as through the effective interest rate amortization process. Amortizedcost is calculated by taking into account any discount or premium on acquisition and fees or costs that arean integral part of the effective interest rate. The effective interest rate amortization is included as financecosts in the statement of profit or loss and other comprehensive income.All assets and liabilities for which fair value is measured or disclosed in the financial statements arecategorized within the fair value hierarchy, described as follows, based on the lowest level input that issignificant to the fair value measurement as a whole:Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilitiesLevel 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is directly or indirectly observableLevel 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is unobservable",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-4": {
"value": "iii. Financial instrumentsThe Group uses derivative financial instruments to hedge its risks associated with foreign exchange rates.Derivatives are initially and subsequently measured at fair value. Derivatives are carried as assets when thefair value is positive and as liabilities when the fair value is negative. The gain/(loss) arising from changes infair value of currency derivatives is presented as part of \u201cFinancial income/expenses\u201d in the consolidatedstatement of comprehensive income. Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profitor loss and other comprehensive income, loans and borrowings, or payables. All financial liabilities arerecognized initially at fair value and, in the case of loans and borrowings and payables, net of directlyattributable transaction costs. The Group\u2019s financial liabilities include trade and other payables.- Subsequent measurementThe measurement of financial liabilities depends on their classification.- Loans and borrowingsAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortizedcost using the effective interest rate method. Gains and losses are recognized in profit or loss when theliabilities are derecognized as well as through the effective interest rate amortization process. Amortizedcost is calculated by taking into account any discount or premium on acquisition and fees or costs that arean integral part of the effective interest rate. The effective interest rate amortization is included as financecosts in the statement of profit or loss and other comprehensive income.All assets and liabilities for which fair value is measured or disclosed in the financial statements arecategorized within the fair value hierarchy, described as follows, based on the lowest level input that issignificant to the fair value measurement as a whole:Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilitiesLevel 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is directly or indirectly observableLevel 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is unobservable",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-5": {
"value": "iii. Financial instrumentsThe Group uses derivative financial instruments to hedge its risks associated with foreign exchange rates.Derivatives are initially and subsequently measured at fair value. Derivatives are carried as assets when thefair value is positive and as liabilities when the fair value is negative. The gain/(loss) arising from changes infair value of currency derivatives is presented as part of \u201cFinancial income/expenses\u201d in the consolidatedstatement of comprehensive income. Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profitor loss and other comprehensive income, loans and borrowings, or payables. All financial liabilities arerecognized initially at fair value and, in the case of loans and borrowings and payables, net of directlyattributable transaction costs. The Group\u2019s financial liabilities include trade and other payables.- Subsequent measurementThe measurement of financial liabilities depends on their classification.- Loans and borrowingsAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortizedcost using the effective interest rate method. Gains and losses are recognized in profit or loss when theliabilities are derecognized as well as through the effective interest rate amortization process. Amortizedcost is calculated by taking into account any discount or premium on acquisition and fees or costs that arean integral part of the effective interest rate. The effective interest rate amortization is included as financecosts in the statement of profit or loss and other comprehensive income.All assets and liabilities for which fair value is measured or disclosed in the financial statements arecategorized within the fair value hierarchy, described as follows, based on the lowest level input that issignificant to the fair value measurement as a whole:Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilitiesLevel 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is directly or indirectly observableLevel 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is unobservable",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-6": {
"value": "iii. Financial instrumentsThe Group uses derivative financial instruments to hedge its risks associated with foreign exchange rates.Derivatives are initially and subsequently measured at fair value. Derivatives are carried as assets when thefair value is positive and as liabilities when the fair value is negative. The gain/(loss) arising from changes infair value of currency derivatives is presented as part of \u201cFinancial income/expenses\u201d in the consolidatedstatement of comprehensive income. Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profitor loss and other comprehensive income, loans and borrowings, or payables. All financial liabilities arerecognized initially at fair value and, in the case of loans and borrowings and payables, net of directlyattributable transaction costs. The Group\u2019s financial liabilities include trade and other payables.- Subsequent measurementThe measurement of financial liabilities depends on their classification.- Loans and borrowingsAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortizedcost using the effective interest rate method. Gains and losses are recognized in profit or loss when theliabilities are derecognized as well as through the effective interest rate amortization process. Amortizedcost is calculated by taking into account any discount or premium on acquisition and fees or costs that arean integral part of the effective interest rate. The effective interest rate amortization is included as financecosts in the statement of profit or loss and other comprehensive income.All assets and liabilities for which fair value is measured or disclosed in the financial statements arecategorized within the fair value hierarchy, described as follows, based on the lowest level input that issignificant to the fair value measurement as a whole:Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilitiesLevel 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is directly or indirectly observableLevel 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is unobservable",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-7": {
"value": "iii. Financial instrumentsThe Group uses derivative financial instruments to hedge its risks associated with foreign exchange rates.Derivatives are initially and subsequently measured at fair value. Derivatives are carried as assets when thefair value is positive and as liabilities when the fair value is negative. The gain/(loss) arising from changes infair value of currency derivatives is presented as part of \u201cFinancial income/expenses\u201d in the consolidatedstatement of comprehensive income. Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profitor loss and other comprehensive income, loans and borrowings, or payables. All financial liabilities arerecognized initially at fair value and, in the case of loans and borrowings and payables, net of directlyattributable transaction costs. The Group\u2019s financial liabilities include trade and other payables.- Subsequent measurementThe measurement of financial liabilities depends on their classification.- Loans and borrowingsAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortizedcost using the effective interest rate method. Gains and losses are recognized in profit or loss when theliabilities are derecognized as well as through the effective interest rate amortization process. Amortizedcost is calculated by taking into account any discount or premium on acquisition and fees or costs that arean integral part of the effective interest rate. The effective interest rate amortization is included as financecosts in the statement of profit or loss and other comprehensive income.All assets and liabilities for which fair value is measured or disclosed in the financial statements arecategorized within the fair value hierarchy, described as follows, based on the lowest level input that issignificant to the fair value measurement as a whole:Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilitiesLevel 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is directly or indirectly observableLevel 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is unobservable",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-85-3": {
"value": "iv. Current vs non-current classificationThe Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is:Expected to be realized or intended to be sold or consumed in the normal operating cycleHeld primarily for the purpose of tradingExpected to be realized within twelve months after the reporting period, orCash or cash equivalent unless restricted from being exchanged or used to settle a liability for atleast twelve months after the reporting periodAll other assets are classified as non-current. A liability is current when:It is expected to be settled in the normal operating cycleIt is held primarily for the purpose of tradingIt is due to be settled within twelve months after the reporting period, orThere is no unconditional right to defer the settlement of the liability for at least twelve monthsafter the reporting periodThe Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified asnon-current assets and liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-85-4": {
"value": "iv. Current vs non-current classificationThe Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is:Expected to be realized or intended to be sold or consumed in the normal operating cycleHeld primarily for the purpose of tradingExpected to be realized within twelve months after the reporting period, orCash or cash equivalent unless restricted from being exchanged or used to settle a liability for atleast twelve months after the reporting periodAll other assets are classified as non-current. A liability is current when:It is expected to be settled in the normal operating cycleIt is held primarily for the purpose of tradingIt is due to be settled within twelve months after the reporting period, orThere is no unconditional right to defer the settlement of the liability for at least twelve monthsafter the reporting periodThe Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified asnon-current assets and liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-85-5": {
"value": "iv. Current vs non-current classificationThe Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is:Expected to be realized or intended to be sold or consumed in the normal operating cycleHeld primarily for the purpose of tradingExpected to be realized within twelve months after the reporting period, orCash or cash equivalent unless restricted from being exchanged or used to settle a liability for atleast twelve months after the reporting periodAll other assets are classified as non-current. A liability is current when:It is expected to be settled in the normal operating cycleIt is held primarily for the purpose of tradingIt is due to be settled within twelve months after the reporting period, orThere is no unconditional right to defer the settlement of the liability for at least twelve monthsafter the reporting periodThe Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified asnon-current assets and liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-103-3": {
"value": "v. Foreign currenciesThe Group\u2019s presentation currency is NOK. This is also the parent company\u2019s functional currency. Thestatement of financial position figures of entities with different functional currency are translated at theexchange rate prevailing at the end of the reporting period for balance sheet items, and the exchangerate at the date of the transaction for profit and loss items. The monthly average exchange rates areused as an approximation of the transaction exchange rate. Exchange differences are recognized in othercomprehensive income (OCI).Transactions in foreign currencies are initially recorded by the Group in its respective functional currencyspot rate at the date the transaction first qualifies for recognition. Monetary assets and liabilitiesdenominated in foreign currencies are translated at the functional currency spot rates of exchange at thereporting date. Differences arising on settlement or translation of monetary items are recognized in thestatement of profit or loss and other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-103-4": {
"value": "v. Foreign currenciesThe Group\u2019s presentation currency is NOK. This is also the parent company\u2019s functional currency. Thestatement of financial position figures of entities with different functional currency are translated at theexchange rate prevailing at the end of the reporting period for balance sheet items, and the exchangerate at the date of the transaction for profit and loss items. The monthly average exchange rates areused as an approximation of the transaction exchange rate. Exchange differences are recognized in othercomprehensive income (OCI).Transactions in foreign currencies are initially recorded by the Group in its respective functional currencyspot rate at the date the transaction first qualifies for recognition. Monetary assets and liabilitiesdenominated in foreign currencies are translated at the functional currency spot rates of exchange at thereporting date. Differences arising on settlement or translation of monetary items are recognized in thestatement of profit or loss and other comprehensive income. Intra-group balances and transactions, and any unrealized income and expenses arising from intra-grouptransactions, are eliminated. Unrealized losses are eliminated in the same way as unrealized gains, but onlyto the extent that there is no evidence of impairment.The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising onacquisition, are translated into NOK at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into NOK at the average exchange rateswithin each respective month of the date of the transactions. Foreign currency differences are recognizedin other comprehensive income (OCI) and accumulated in the translation reserve. Exchange differences on intra-group items are recognized in profit or loss of the respective company andGroup accounts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-116-4": {
"value": "Intra-group balances and transactions, and any unrealized income and expenses arising from intra-grouptransactions, are eliminated. Unrealized losses are eliminated in the same way as unrealized gains, but onlyto the extent that there is no evidence of impairment.The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising onacquisition, are translated into NOK at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into NOK at the average exchange rateswithin each respective month of the date of the transactions. Foreign currency differences are recognizedin other comprehensive income (OCI) and accumulated in the translation reserve. Exchange differences on intra-group items are recognized in profit or loss of the respective company andGroup accounts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-129-3": {
"value": "vi. Impairment The Group assesses at each reporting date whether there is an indication that an asset may be impaired.If any indication exists, or when annual impairment testing for an asset is required, the Group estimatesthe asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s (cash-generating unit) fair value less costs of disposal and its value in use. It is determined for an individual asset,unless the asset does not generate cash inflows that are largely independent of those from other assets orgroups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the assetis considered impaired and is written down to its recoverable amount.Goodwill is tested annually for impairment, as well as when there is any indication that the goodwill maybe impaired. For impairment testing, assets are grouped together into the smallest group of assets thatgenerates cash inflows from continuing use that are largely independent of the cash inflows of otherassets or cash generating units (CGU). Goodwill arising from a business combination is allocated to CGUsor groups of CGUs that are expected to benefit from the synergies of the combination. An impairment lossis recognized in the income statement when the carrying amount of CGU, including the goodwill, exceedsthe recoverable amount of the CGU. Recoverable amount of the CGU is the higher of the CGU\u2019s fair valueless cost to sell and value in use. The Group has goodwill created by deferred tax which is tested for impairment annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-129-4": {
"value": "vi. Impairment The Group assesses at each reporting date whether there is an indication that an asset may be impaired.If any indication exists, or when annual impairment testing for an asset is required, the Group estimatesthe asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s (cash-generating unit) fair value less costs of disposal and its value in use. It is determined for an individual asset,unless the asset does not generate cash inflows that are largely independent of those from other assets orgroups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the assetis considered impaired and is written down to its recoverable amount.Goodwill is tested annually for impairment, as well as when there is any indication that the goodwill maybe impaired. For impairment testing, assets are grouped together into the smallest group of assets thatgenerates cash inflows from continuing use that are largely independent of the cash inflows of otherassets or cash generating units (CGU). Goodwill arising from a business combination is allocated to CGUsor groups of CGUs that are expected to benefit from the synergies of the combination. An impairment lossis recognized in the income statement when the carrying amount of CGU, including the goodwill, exceedsthe recoverable amount of the CGU. Recoverable amount of the CGU is the higher of the CGU\u2019s fair valueless cost to sell and value in use. The Group has goodwill created by deferred tax which is tested for impairment annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-148-2": {
"value": "vii. Business combination and consolidationThe Group accounts for business combinations using the acquisition method when control is transferredto the Group. The consideration transferred in the acquisition is generally measured at fair value, as are theidentifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on abargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred,except if related to the issue of debt or equity securities.The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvementwith the entity and has the ability to affect those returns through its power over the entity. The financialstatements of subsidiaries are included in the consolidated financial statements from the date on whichcontrol commences until the date on which control ceases.When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary,and any related non-controlling interests and other components of equity. Any resulting gain or lossis recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair valuewhen control is lost. When a foreign operation is disposed of in its entirety or partially such that control,significant influence or joint control is lost, the cumulative amount in the translation reserve related tothat foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Groupdisposes of part of its interest in a subsidiary but retains control, then the relevant proportion of thecumulative amount is reattributed to non-controlling interests.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-148-4": {
"value": "vii. Business combination and consolidationThe Group accounts for business combinations using the acquisition method when control is transferredto the Group. The consideration transferred in the acquisition is generally measured at fair value, as are theidentifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on abargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred,except if related to the issue of debt or equity securities.The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvementwith the entity and has the ability to affect those returns through its power over the entity. The financialstatements of subsidiaries are included in the consolidated financial statements from the date on whichcontrol commences until the date on which control ceases.When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary,and any related non-controlling interests and other components of equity. Any resulting gain or lossis recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair valuewhen control is lost. When a foreign operation is disposed of in its entirety or partially such that control,significant influence or joint control is lost, the cumulative amount in the translation reserve related tothat foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Groupdisposes of part of its interest in a subsidiary but retains control, then the relevant proportion of thecumulative amount is reattributed to non-controlling interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-148-5": {
"value": "vii. Business combination and consolidationThe Group accounts for business combinations using the acquisition method when control is transferredto the Group. The consideration transferred in the acquisition is generally measured at fair value, as are theidentifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on abargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred,except if related to the issue of debt or equity securities.The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvementwith the entity and has the ability to affect those returns through its power over the entity. The financialstatements of subsidiaries are included in the consolidated financial statements from the date on whichcontrol commences until the date on which control ceases.When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary,and any related non-controlling interests and other components of equity. Any resulting gain or lossis recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair valuewhen control is lost. When a foreign operation is disposed of in its entirety or partially such that control,significant influence or joint control is lost, the cumulative amount in the translation reserve related tothat foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Groupdisposes of part of its interest in a subsidiary but retains control, then the relevant proportion of thecumulative amount is reattributed to non-controlling interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-148-6": {
"value": "vii. Business combination and consolidationThe Group accounts for business combinations using the acquisition method when control is transferredto the Group. The consideration transferred in the acquisition is generally measured at fair value, as are theidentifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on abargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred,except if related to the issue of debt or equity securities.The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvementwith the entity and has the ability to affect those returns through its power over the entity. The financialstatements of subsidiaries are included in the consolidated financial statements from the date on whichcontrol commences until the date on which control ceases.When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary,and any related non-controlling interests and other components of equity. Any resulting gain or lossis recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair valuewhen control is lost. When a foreign operation is disposed of in its entirety or partially such that control,significant influence or joint control is lost, the cumulative amount in the translation reserve related tothat foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Groupdisposes of part of its interest in a subsidiary but retains control, then the relevant proportion of thecumulative amount is reattributed to non-controlling interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-148-7": {
"value": "vii. Business combination and consolidationThe Group accounts for business combinations using the acquisition method when control is transferredto the Group. The consideration transferred in the acquisition is generally measured at fair value, as are theidentifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on abargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred,except if related to the issue of debt or equity securities.The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvementwith the entity and has the ability to affect those returns through its power over the entity. The financialstatements of subsidiaries are included in the consolidated financial statements from the date on whichcontrol commences until the date on which control ceases.When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary,and any related non-controlling interests and other components of equity. Any resulting gain or lossis recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair valuewhen control is lost. When a foreign operation is disposed of in its entirety or partially such that control,significant influence or joint control is lost, the cumulative amount in the translation reserve related tothat foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Groupdisposes of part of its interest in a subsidiary but retains control, then the relevant proportion of thecumulative amount is reattributed to non-controlling interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-148-8": {
"value": "vii. Business combination and consolidationThe Group accounts for business combinations using the acquisition method when control is transferredto the Group. The consideration transferred in the acquisition is generally measured at fair value, as are theidentifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on abargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred,except if related to the issue of debt or equity securities.The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvementwith the entity and has the ability to affect those returns through its power over the entity. The financialstatements of subsidiaries are included in the consolidated financial statements from the date on whichcontrol commences until the date on which control ceases.When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary,and any related non-controlling interests and other components of equity. Any resulting gain or lossis recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair valuewhen control is lost. When a foreign operation is disposed of in its entirety or partially such that control,significant influence or joint control is lost, the cumulative amount in the translation reserve related tothat foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Groupdisposes of part of its interest in a subsidiary but retains control, then the relevant proportion of thecumulative amount is reattributed to non-controlling interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-148-9": {
"value": "vii. Business combination and consolidationThe Group accounts for business combinations using the acquisition method when control is transferredto the Group. The consideration transferred in the acquisition is generally measured at fair value, as are theidentifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on abargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred,except if related to the issue of debt or equity securities.The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvementwith the entity and has the ability to affect those returns through its power over the entity. The financialstatements of subsidiaries are included in the consolidated financial statements from the date on whichcontrol commences until the date on which control ceases.When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary,and any related non-controlling interests and other components of equity. Any resulting gain or lossis recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair valuewhen control is lost. When a foreign operation is disposed of in its entirety or partially such that control,significant influence or joint control is lost, the cumulative amount in the translation reserve related tothat foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Groupdisposes of part of its interest in a subsidiary but retains control, then the relevant proportion of thecumulative amount is reattributed to non-controlling interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-148-10": {
"value": "vii. Business combination and consolidationThe Group accounts for business combinations using the acquisition method when control is transferredto the Group. The consideration transferred in the acquisition is generally measured at fair value, as are theidentifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on abargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred,except if related to the issue of debt or equity securities.The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvementwith the entity and has the ability to affect those returns through its power over the entity. The financialstatements of subsidiaries are included in the consolidated financial statements from the date on whichcontrol commences until the date on which control ceases.When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary,and any related non-controlling interests and other components of equity. Any resulting gain or lossis recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair valuewhen control is lost. When a foreign operation is disposed of in its entirety or partially such that control,significant influence or joint control is lost, the cumulative amount in the translation reserve related tothat foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Groupdisposes of part of its interest in a subsidiary but retains control, then the relevant proportion of thecumulative amount is reattributed to non-controlling interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-168-3": {
"value": "viii. Contingent liabilitiesContingent liabilities are not recognized in the statement of financial position but are reported in therelevant schedules and notes. They may arise from uncertainty as to the existence of a liability represent aliability in respect of which the amount cannot be reliably measured. Contingent liabilities are disclosed ifthe possibility of an outflow of economic benefit to settle the obligation is more than remote.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-173-3": {
"value": "ix. Interest income Interest income is recognized using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-175-3": {
"value": "x. Earnings per shareThe basic earnings per share are calculated as the ratio of the total profit (loss) for the year divided by theweighted average number of ordinary shares outstanding. When calculating the diluted earnings per share,the profit that is attributable to the ordinary shareholders and the weighted average number of ordinaryshares outstanding are adjusted for all the dilution effects relating to share options. No dilutive effect has been recognized as potential ordinary shares only shall be treated as dilutive iftheir conversion to ordinary shares would decrease earnings per share or increase loss per share fromcontinuing operations. As the Group is currently loss-making, an increase in the average number of shareswould have anti-dilutive effects. As the Group has currently no issuable potential ordinary shares and basicand diluted earnings per share is the same.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-186-3": {
"value": "xi. Government grants Government grants are recognized where there is reasonable assurance that the grant will be received, andall attached conditions will be complied with. When the grant relates to an expense item, it is recognizedas income on a systematic basis over the periods that the costs, which it is intended to compensate,are expensed. Government grants have been recognized in the statement of profit or loss and othercomprehensive income as a reduction of personnel- and other operating expenses. Where the grant relates to an asset, it is recognized as income in equal amounts over the expected usefullife of the related asset. If the Group receives non-monetary grants, the asset and the grant are recordedgross at nominal amounts and released to profit or loss over the expected useful life of the asset, basedon the pattern of consumption of the benefits of the underlying asset by equal annual instalments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-197-3": {
"value": "xii. IFRS 16 LeasesUnder IFRS 16, the Group recognizes right-of-use assets and lease liabilities for all leases.Right-of-use assets are measured at an amount equal to the lease liability and are subsequently depreciatedusing the straight-line method from the commencement date to the earlier of the end of the useful life ofthe right-of-use asset or the end of the lease term.The estimated useful lives of right-of-use assets are determined on the same basis as those of propertyand equipment. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjustedfor certain remeasurements of the lease liability.The lease liability is initially measured at the present value of the lease payments that are not paid at thecommencement date, discounted using the interest rate implicit in the lease or, if that rate cannot bereadily determined, Ultimovacs\u2019 incremental borrowing rate. The incremental borrowing rate is used as thediscount rate.When applying the practical expedients in IFRS 16 for lease-contracts with low value or lease terms ofless than 12 months, the lease payments (net of any incentives received from the lessor) are taken to thestatement of profit and loss and other comprehensive income on a straight-line basis over the period ofthe lease. When the lease is terminated before the lease period has expired, any payment required to bemade to the lessor by way of penalty is recognized as an expense in the period in which termination takesplace.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-218-3": {
"value": "xiii. Share-based paymentsEmployees in the Group receive remuneration in the form of share-based payment transactions, wherebyemployees render services as consideration for equity instruments (equity-settled transactions) or grantedshare appreciation rights, which can be settled in cash (cash-settled transactions). The determination ofwhether the arrangement is cash or equity settled is based on a careful evaluation of the terms of theagreement and also the Group\u2019s ability to settle in shares and the promise and intent of settlement in cash.- Cash-settled transactions: A liability is recognized for the fair value of cash-settled transactions. The fair value is measured initiallyand at each reporting date up to and including the settlement date, with changes in fair value recognized inpayroll and payroll related expenses. The fair value is expensed over the period until the vesting date withrecognition of a corresponding liability. The fair value is determined using a Black Scholes model. - Equity-settled transactionsThe cost of equity-settled transactions is recognized in payroll and other payroll related expenses, togetherwith a corresponding increase in equity over the period in which the service and, where applicable, theperformance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vestingperiod has expired and the Company\u2019s best estimate of the number of equity instruments that will ultimatelyvest. The expense or credit in the statement of profit or loss and other comprehensive income for a periodrepresents the movement in cumulative expense recognized as of the beginning and end of that period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-239-3": {
"value": "xiv. Intangible assetsIntangible assets are stated at their historical cost and amortized on a straight-line basis over theirexpected useful lives, which usually varies from 3 to 10 years and up to 20 years for patents. An adjustmentis made for any impairment. Intangible items acquired in a business combination must be recognized asassets separately from goodwill if they meet the definition of an asset, are either separable or arise fromcontractual or other legal rights, and their fair value can be measured reliably.All research and development spending is expensed each year in the period in which it is incurred.Development costs will be capitalized once the \u201casset\u201d being developed has met requirements of technicaland commercial feasibility to signal that the intangible investment is likely to either be brought to marketor sold. Due to uncertainties regarding award of patents, regulations, ongoing clinical trials etc., the assetrecognition criteria of IAS 38 \u201cIntangible Assets\u201d are not met.xv. Property, plant and equipmentProperty, plant and equipment are recognized at cost less accumulated depreciation and any impairmentlosses. Such cost includes the cost of replacing parts of the property, plant and equipment and borrowingcosts for long-term construction projects if the recognition criteria are met. When significant parts ofproperty, plant and equipment are required to be replaced at intervals, the Group recognizes such partsas individual assets with specific useful lives and depreciates them accordingly. Likewise, when a majorinspection is performed, its cost is recognized in the carrying amount of the plant and equipment as areplacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognizedin the statement of profit and loss and other comprehensive income as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-239-4": {
"value": "xiv. Intangible assetsIntangible assets are stated at their historical cost and amortized on a straight-line basis over theirexpected useful lives, which usually varies from 3 to 10 years and up to 20 years for patents. An adjustmentis made for any impairment. Intangible items acquired in a business combination must be recognized asassets separately from goodwill if they meet the definition of an asset, are either separable or arise fromcontractual or other legal rights, and their fair value can be measured reliably.All research and development spending is expensed each year in the period in which it is incurred.Development costs will be capitalized once the \u201casset\u201d being developed has met requirements of technicaland commercial feasibility to signal that the intangible investment is likely to either be brought to marketor sold. Due to uncertainties regarding award of patents, regulations, ongoing clinical trials etc., the assetrecognition criteria of IAS 38 \u201cIntangible Assets\u201d are not met.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-251-4": {
"value": "xv. Property, plant and equipmentProperty, plant and equipment are recognized at cost less accumulated depreciation and any impairmentlosses. Such cost includes the cost of replacing parts of the property, plant and equipment and borrowingcosts for long-term construction projects if the recognition criteria are met. When significant parts ofproperty, plant and equipment are required to be replaced at intervals, the Group recognizes such partsas individual assets with specific useful lives and depreciates them accordingly. Likewise, when a majorinspection is performed, its cost is recognized in the carrying amount of the plant and equipment as areplacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognizedin the statement of profit and loss and other comprehensive income as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-251-5": {
"value": "xv. Property, plant and equipmentProperty, plant and equipment are recognized at cost less accumulated depreciation and any impairmentlosses. Such cost includes the cost of replacing parts of the property, plant and equipment and borrowingcosts for long-term construction projects if the recognition criteria are met. When significant parts ofproperty, plant and equipment are required to be replaced at intervals, the Group recognizes such partsas individual assets with specific useful lives and depreciates them accordingly. Likewise, when a majorinspection is performed, its cost is recognized in the carrying amount of the plant and equipment as areplacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognizedin the statement of profit and loss and other comprehensive income as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-260-3": {
"value": "xvi. TaxThe income tax expense includes tax payable and changes in deferred tax. Income tax on balancesrecognized in other comprehensive income is recognized as other comprehensive income, and tax onbalances related to equity transactions is recognized in equity. The tax payable for the period is calculatedaccording to the tax rates and regulations ruling at the end of the reporting period. Deferred tax is calculated on temporary differences between book and tax values of assets and liabilitiesand the tax effects of losses to carry forward in the consolidated financial statements at the reportingdate. Deferred tax liabilities and assets are calculated according to the tax rates and regulations ruling atthe end of the reporting period and at nominal amounts. Deferred tax liabilities and assets are recognizednet when the Group has a legal right to net assets and liabilities.Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will beavailable which the loss carry forward or other deductible temporary differences can be utilized. Currentlyno deferred tax assets are recognized in the statement of financial position as the utilization is uncertain.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-260-4": {
"value": "xvi. TaxThe income tax expense includes tax payable and changes in deferred tax. Income tax on balancesrecognized in other comprehensive income is recognized as other comprehensive income, and tax onbalances related to equity transactions is recognized in equity. The tax payable for the period is calculatedaccording to the tax rates and regulations ruling at the end of the reporting period. Deferred tax is calculated on temporary differences between book and tax values of assets and liabilitiesand the tax effects of losses to carry forward in the consolidated financial statements at the reportingdate. Deferred tax liabilities and assets are calculated according to the tax rates and regulations ruling atthe end of the reporting period and at nominal amounts. Deferred tax liabilities and assets are recognizednet when the Group has a legal right to net assets and liabilities.Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will beavailable which the loss carry forward or other deductible temporary differences can be utilized. Currentlyno deferred tax assets are recognized in the statement of financial position as the utilization is uncertain.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-275-2": {
"value": "xvii. SegmentsThe Group is still in a R&D phase, and currently does not generate revenues. For management purposes, theGroup is organized as one business unit and the internal reporting is structured in accordance with this.All non-current assets are located at the Group\u2019s main office in Oslo, Norway. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-275-4": {
"value": "xvii. SegmentsThe Group is still in a R&D phase, and currently does not generate revenues. For management purposes, theGroup is organized as one business unit and the internal reporting is structured in accordance with this.All non-current assets are located at the Group\u2019s main office in Oslo, Norway. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-279-2": {
"value": "IV. Significant estimates and judgementsIn order to prepare the financial statements, management and the Board may have to make various judgmentsand estimates that can affect the amounts recognized in the financial statements for assets, liabilitiesand expenses. Uncertainties about these adjustments and estimates could result in outcomes that requireadjustment to the carrying amount of assets or liabilities affected in future periods. Assumptions andestimates were based on available information at the time of the preparation of the financial statements.Existing circumstances and assumptions about future developments, however, may change and suchchanges are reflected when they occur. - Share-based paymentsEstimating fair value for share-based payment transactions requires determination of the most appropriatevaluation model, which depends on the terms and conditions of the grant. This estimate also requiresdetermination of the most appropriate inputs to the valuation model including the expected life of theshare option or appreciation right, volatility and dividend yield and making assumptions about them. - TaxesDeferred tax assets are recognized for unused tax losses to the extent that it is probable that taxableprofit will be available against which the losses can be utilized. The Group considers that a deferred taxasset related to accumulated tax losses cannot be recognized in the statement of financial position untilthe product under development has been approved for marketing by the relevant authorities. Significantmanagement judgement is required to determine the amount, if any, of deferred tax assets that can berecognized, based upon the likely timing and the level of future taxable profits, together with future taxplanning strategies.- Impairment of goodwill and intangible assetsThe Group follows the guidance of IAS 36 to determine when impairment indicators exist for its goodwilland intangible assets. When impairment indicators exist, the Group is required to make a formal estimateof the recoverable amount of its intangible assets. This determination requires significant judgment. Inmaking this judgment, management evaluates external and internal factors, such as significant adversechanges in the technological, market, economic or legal environment in which the Group operates as wellas the results of its ongoing development programs. Management also considers the carrying amount ofthe Group\u2019s net assets in relation to its market capitalization as a key indicator. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-279-3": {
"value": "IV. Significant estimates and judgementsIn order to prepare the financial statements, management and the Board may have to make various judgmentsand estimates that can affect the amounts recognized in the financial statements for assets, liabilitiesand expenses. Uncertainties about these adjustments and estimates could result in outcomes that requireadjustment to the carrying amount of assets or liabilities affected in future periods. Assumptions andestimates were based on available information at the time of the preparation of the financial statements.Existing circumstances and assumptions about future developments, however, may change and suchchanges are reflected when they occur. - Share-based paymentsEstimating fair value for share-based payment transactions requires determination of the most appropriatevaluation model, which depends on the terms and conditions of the grant. This estimate also requiresdetermination of the most appropriate inputs to the valuation model including the expected life of theshare option or appreciation right, volatility and dividend yield and making assumptions about them. - TaxesDeferred tax assets are recognized for unused tax losses to the extent that it is probable that taxableprofit will be available against which the losses can be utilized. The Group considers that a deferred taxasset related to accumulated tax losses cannot be recognized in the statement of financial position untilthe product under development has been approved for marketing by the relevant authorities. Significantmanagement judgement is required to determine the amount, if any, of deferred tax assets that can berecognized, based upon the likely timing and the level of future taxable profits, together with future taxplanning strategies.- Impairment of goodwill and intangible assetsThe Group follows the guidance of IAS 36 to determine when impairment indicators exist for its goodwilland intangible assets. When impairment indicators exist, the Group is required to make a formal estimateof the recoverable amount of its intangible assets. This determination requires significant judgment. Inmaking this judgment, management evaluates external and internal factors, such as significant adversechanges in the technological, market, economic or legal environment in which the Group operates as wellas the results of its ongoing development programs. Management also considers the carrying amount ofthe Group\u2019s net assets in relation to its market capitalization as a key indicator. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-309-2": {
"value": "GRANTS RECOGNIZED (NOK 1 000) 2022 2021Skattefunn 4 750 4 750Eurostars - 786Industrial Ph.D. grant from The Research Council of Norway (Forskningsr\u00e5det) 594 802Innovation Project grant from The Research Council of Norway (Forskningsr\u00e5det) 4 194 5 241Innovation Norway - 3 000Total grants 9 538 14 578COSTS DEDUCTED (NOK 1 000) 2022 2021Payroll and payroll related expenses 1 822 2 472Other operating expenses 7 717 12 106Total costs deducted 9 538 14 578GRANTS RECEIVABLES (NOK 1 000) 2022 2021Skattefunn 4 750 4 750Industrial Ph.D. grant from The Research Council of Norway (Forskningsr\u00e5det) 198 267Innovation Project grant from The Research Council of Norway (Forskningsr\u00e5det) 42 296Total grants receivables 4 990 5 314Note 3: Government grantsThe following government grants have been recognized in the statement of profit and loss:Skattefunn:The Skattefunn R&D tax incentive scheme is a government program designed to stimulate research anddevelopment in Norwegian. In FY2022, four Skattefunn-grants were approved, two of which reported in2022, one will report in 2024 and one in 2025. Industrial Ph.D. grant from The Research Council of Norway (Forskningsr\u00e5det):The industrial Ph.D. project is a collaboration between Ultimovacs ASA, Oslo University Hospital and theUniversity of Oslo. The Ph.D. candidate for this project is employed by Ultimovacs. The project aims tocharacterize the immunological mechanisms induced by treatment with a peptide-based therapeuticcancer vaccine. The project ended in and reported in December 2022.Innovation Project grant from The Research Council of Norway (Forskningsr\u00e5det):Innovation Project for the Industrial Sector is a funding instrument that provides grants to business-ledinnovation projects that make extensive use of research and development activities. The FOCUS Phase IItrial has been granted an innovation grant of up to MNOK 16 from the Norwegian Research Council.Innovation Norway:Innovation Norway is the Norwegian Government\u2019s most important instrument for innovation anddevelopment of Norwegian enterprises and industry. Innovation Norway has granted Ultimovacs MNOK 10to support the execution of the Phase II DOVACC study.All conditions and contingencies attached to the grants recognized in the accounts have been fulfilled.Grants receivable as per 31 December are detailed as follows:Government grants have been recognized in the statement of profit and loss and other comprehensive income as a reduction for the related expenses with the following amounts:Skattefunn:The Skattefunn R&D tax incentive scheme is a government program designed to stimulate research and development in Norwegian. In FY2022, four Skattefunn-grants were approved, two of which reported in 2022, one will report in 2024 and one in 2025. Industrial Ph.D. grant from The Research Council of Norway (Forskningsr\u00e5det):The industrial Ph.D. project is a collaboration between Ultimovacs ASA, Oslo University Hospital and the University of Oslo. The Ph.D. candidate for this project is employed by Ultimovacs. The project aims to characterize the immunological mechanisms induced by treatment with a peptide-based therapeutic cancer vaccine. The project ended in and reported in December 2022.Innovation Project grant from The Research Council of Norway (Forskningsr\u00e5det):Innovation Project for the Industrial Sector is a funding instrument that provides grants to business-led innovation projects that make extensive use of research and development activities. The FOCUS Phase II trial has been granted an innovation grant of up to MNOK 16 from the Norwegian Research Council.Innovation Norway:Innovation Norway is the Norwegian Government\u2019s most important instrument for innovation and development of Norwegian enterprises and industry. Innovation Norway has granted Ultimovacs MNOK 10 to support the execution of the Phase II DOVACC study.All conditions and contingencies attached to the grants recognized in the accounts have been fulfilled.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-340-2": {
"value": "PAYROLL AND PAYROLL RELATED EXPENSES (NOK 1 000) 2022 2021Salaries and holiday pay 38 215 34 543Social security tax 9 142 6 686Social security tax related to options 2 016 8 557Pension expenses 2 818 2 690Share-based compensation 20 395 11 595Other personnel expenses 702 318Government grants (1 822) (2 472)Total payroll and payroll related expenses 71 466 61 916Number of FTEs employed during the financial year 23.2 21.3Number of FTEs at end of year 23.2 23.5Note 4: Salary and personnel expenses and management remunerationThe Group\u2019s Management team consists of the Company\u2019s CEO, CFO and the managers of each department,totaling ten employees. Anne Wors\u00f8e (Head of IR and Communication) and Orla Mc Callion (Head ofRegulatory and QA), joined the company in October 2021. Ton Berkien and Orla Mc Callion are both employedin Ultimovacs AB.EXECUTIVE REMUNERATION (NOK 1 000) 2022 2021Management Team remuneration 37 599 30 989Board of Director\u2019s remunerations 2 055 1 915There were no outstanding loans or guarantees made to related parties, the Board of Directors, theManagement Team or any other employees as of 31 December 2021 or as of 31 December 2022.Please refer to the Remuneration Report 2022 for more information. PensionsUltimovacs ASA is required to have an occupational pension scheme in accordance with the Norwegianlaw on required occupational pension (\u201clov om obligatorisk tjenestepensjon\u201d). The company has adefined contribution pension scheme which complies with the Act on Mandatory company pensions.As at 31 December 2022, all twenty of Ultimovacs ASA\u2019s employees were covered by the pensionscheme. A similar pension scheme is in place for the five employees in Ultimovacs AB in Sweden.Other than the general pension schemes described above, there are no specific pension arrangements made forany member of the Management team. The Group has no pension or retirement benefits for its Board Members.The total pension contributions for all employees recognized as expenses equalled MNOK 2.7 and MNOK2.8 in 2021 and 2022 respectively.Note 4: Salary and personnel expenses and management remuneration (continued)Severance pay/pay after termination of employmentUnder certain conditions, the CEO is entitled to 12 months\u2019 severance pay. The severance pay period will beextended to 18 months if the termination of the CEO takes place in connection with a \u2018change of control\u2019event in the Company.The company\u2019s CFO is entitled to receive pay after termination of his employment with the Group equal to9 months\u2019 base salary in addition to payment of his salary during his 3-month notice period. There are no similar arrangements for any of the other employees of the Group with respect to terminationof their employment.Other benefits receivedThere is no bonus scheme in the Group, however, sign-on-fees and bonus may be applied at the Board\u2019sdiscretion.Statement on the executive employee remuneration policy during the previous financial year The executive compensation for the fiscal year 2022 has been in accordance with the RemunerationGuidelines for 2022. Please refer to Remuneration Guidelines 2022 and Remuneration Report 2022 availableon Ultimovacs\u2019 website for more information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-340-3": {
"value": "PAYROLL AND PAYROLL RELATED EXPENSES (NOK 1 000) 2022 2021Salaries and holiday pay 38 215 34 543Social security tax 9 142 6 686Social security tax related to options 2 016 8 557Pension expenses 2 818 2 690Share-based compensation 20 395 11 595Other personnel expenses 702 318Government grants (1 822) (2 472)Total payroll and payroll related expenses 71 466 61 916Number of FTEs employed during the financial year 23.2 21.3Number of FTEs at end of year 23.2 23.5Note 4: Salary and personnel expenses and management remunerationThe Group\u2019s Management team consists of the Company\u2019s CEO, CFO and the managers of each department,totaling ten employees. Anne Wors\u00f8e (Head of IR and Communication) and Orla Mc Callion (Head ofRegulatory and QA), joined the company in October 2021. Ton Berkien and Orla Mc Callion are both employedin Ultimovacs AB.EXECUTIVE REMUNERATION (NOK 1 000) 2022 2021Management Team remuneration 37 599 30 989Board of Director\u2019s remunerations 2 055 1 915There were no outstanding loans or guarantees made to related parties, the Board of Directors, theManagement Team or any other employees as of 31 December 2021 or as of 31 December 2022.Please refer to the Remuneration Report 2022 for more information. PensionsUltimovacs ASA is required to have an occupational pension scheme in accordance with the Norwegianlaw on required occupational pension (\u201clov om obligatorisk tjenestepensjon\u201d). The company has adefined contribution pension scheme which complies with the Act on Mandatory company pensions.As at 31 December 2022, all twenty of Ultimovacs ASA\u2019s employees were covered by the pensionscheme. A similar pension scheme is in place for the five employees in Ultimovacs AB in Sweden.Other than the general pension schemes described above, there are no specific pension arrangements made forany member of the Management team. The Group has no pension or retirement benefits for its Board Members.The total pension contributions for all employees recognized as expenses equalled MNOK 2.7 and MNOK2.8 in 2021 and 2022 respectively.Note 4: Salary and personnel expenses and management remuneration (continued)Severance pay/pay after termination of employmentUnder certain conditions, the CEO is entitled to 12 months\u2019 severance pay. The severance pay period will beextended to 18 months if the termination of the CEO takes place in connection with a \u2018change of control\u2019event in the Company.The company\u2019s CFO is entitled to receive pay after termination of his employment with the Group equal to9 months\u2019 base salary in addition to payment of his salary during his 3-month notice period. There are no similar arrangements for any of the other employees of the Group with respect to terminationof their employment.Other benefits receivedThere is no bonus scheme in the Group, however, sign-on-fees and bonus may be applied at the Board\u2019sdiscretion.Statement on the executive employee remuneration policy during the previous financial year The executive compensation for the fiscal year 2022 has been in accordance with the RemunerationGuidelines for 2022. Please refer to Remuneration Guidelines 2022 and Remuneration Report 2022 availableon Ultimovacs\u2019 website for more information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-367-4": {
"value": "Severance pay/pay after termination of employmentUnder certain conditions, the CEO is entitled to 12 months\u2019 severance pay. The severance pay period will beextended to 18 months if the termination of the CEO takes place in connection with a \u2018change of control\u2019event in the Company.The company\u2019s CFO is entitled to receive pay after termination of his employment with the Group equal to9 months\u2019 base salary in addition to payment of his salary during his 3-month notice period. There are no similar arrangements for any of the other employees of the Group with respect to terminationof their employment.Other benefits receivedThere is no bonus scheme in the Group, however, sign-on-fees and bonus may be applied at the Board\u2019sdiscretion.Statement on the executive employee remuneration policy during the previous financial year The executive compensation for the fiscal year 2022 has been in accordance with the RemunerationGuidelines for 2022. Please refer to Remuneration Guidelines 2022 and Remuneration Report 2022 availableon Ultimovacs\u2019 website for more information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-388-2": {
"value": "OTHER OPERATING EXPENSES (NOK 1 000) 2022 2021External R&D expenses 95 175 96 735 Clinical studies 66 772 56 675 Manufacturing costs 19 899 21 455 Other R&D expenses 8 504 18 605Patent related expenses 3 571 3 540Rent, office and IT 4 221 3 645Accounting, audit, legal, consulting 9 246 5 061Other operating expenses 5 020 2 338Less government grants (7 717) (12 106)Total operating expenses 109 517 99 213Note 5: Other operating expensesThe Group is in a development phase, and the majority of the Group\u2019s costs are related to R&D. These costs are expensed in the statement of profit and loss and other comprehensive income.otal expenses related to R&D, including other operating expenses, payroll and payroll related expenses, less government grants, amounted to MNOK 123.1 in 2021 and MNOK 128.5 in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-388-3": {
"value": "OTHER OPERATING EXPENSES (NOK 1 000) 2022 2021External R&D expenses 95 175 96 735 Clinical studies 66 772 56 675 Manufacturing costs 19 899 21 455 Other R&D expenses 8 504 18 605Patent related expenses 3 571 3 540Rent, office and IT 4 221 3 645Accounting, audit, legal, consulting 9 246 5 061Other operating expenses 5 020 2 338Less government grants (7 717) (12 106)Total operating expenses 109 517 99 213Note 5: Other operating expensesThe Group is in a development phase, and the majority of the Group\u2019s costs are related to R&D. These costs are expensed in the statement of profit and loss and other comprehensive income.otal expenses related to R&D, including other operating expenses, payroll and payroll related expenses, less government grants, amounted to MNOK 123.1 in 2021 and MNOK 128.5 in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-388-4": {
"value": "OTHER OPERATING EXPENSES (NOK 1 000) 2022 2021External R&D expenses 95 175 96 735 Clinical studies 66 772 56 675 Manufacturing costs 19 899 21 455 Other R&D expenses 8 504 18 605Patent related expenses 3 571 3 540Rent, office and IT 4 221 3 645Accounting, audit, legal, consulting 9 246 5 061Other operating expenses 5 020 2 338Less government grants (7 717) (12 106)Total operating expenses 109 517 99 213Note 5: Other operating expensesThe Group is in a development phase, and the majority of the Group\u2019s costs are related to R&D. These costs are expensed in the statement of profit and loss and other comprehensive income.otal expenses related to R&D, including other operating expenses, payroll and payroll related expenses, less government grants, amounted to MNOK 123.1 in 2021 and MNOK 128.5 in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-388-5": {
"value": "OTHER OPERATING EXPENSES (NOK 1 000) 2022 2021External R&D expenses 95 175 96 735 Clinical studies 66 772 56 675 Manufacturing costs 19 899 21 455 Other R&D expenses 8 504 18 605Patent related expenses 3 571 3 540Rent, office and IT 4 221 3 645Accounting, audit, legal, consulting 9 246 5 061Other operating expenses 5 020 2 338Less government grants (7 717) (12 106)Total operating expenses 109 517 99 213Note 5: Other operating expensesThe Group is in a development phase, and the majority of the Group\u2019s costs are related to R&D. These costs are expensed in the statement of profit and loss and other comprehensive income.otal expenses related to R&D, including other operating expenses, payroll and payroll related expenses, less government grants, amounted to MNOK 123.1 in 2021 and MNOK 128.5 in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-388-6": {
"value": "OTHER OPERATING EXPENSES (NOK 1 000) 2022 2021External R&D expenses 95 175 96 735 Clinical studies 66 772 56 675 Manufacturing costs 19 899 21 455 Other R&D expenses 8 504 18 605Patent related expenses 3 571 3 540Rent, office and IT 4 221 3 645Accounting, audit, legal, consulting 9 246 5 061Other operating expenses 5 020 2 338Less government grants (7 717) (12 106)Total operating expenses 109 517 99 213The Group is in a development phase, and the majority of the Group\u2019s costs are related to R&D. These costs are expensed in the statement of profit and loss and other comprehensive income.otal expenses related to R&D, including other operating expenses, payroll and payroll related expenses, less government grants, amounted to MNOK 123.1 in 2021 and MNOK 128.5 in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-388-7": {
"value": "OTHER OPERATING EXPENSES (NOK 1 000) 2022 2021External R&D expenses 95 175 96 735 Clinical studies 66 772 56 675 Manufacturing costs 19 899 21 455 Other R&D expenses 8 504 18 605Patent related expenses 3 571 3 540Rent, office and IT 4 221 3 645Accounting, audit, legal, consulting 9 246 5 061Other operating expenses 5 020 2 338Less government grants (7 717) (12 106)Total operating expenses 109 517 99 213The Group is in a development phase, and the majority of the Group\u2019s costs are related to R&D. These costs are expensed in the statement of profit and loss and other comprehensive income.otal expenses related to R&D, including other operating expenses, payroll and payroll related expenses, less government grants, amounted to MNOK 123.1 in 2021 and MNOK 128.5 in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-390-2": {
"value": "SPECIFICATION AUDITOR'S FEE (NOK 1 000) 2022 2021Statutory audit 404 243Audit related services 40 61Tax related services 10 -Other 3 10Total auditor\u2019s fee 456 313VAT is not included in the fees specified above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-392-2": {
"value": "Note 6: Financial itemsFINANCIAL INCOME (NOK 1 000) 2022 2021Foreign exchange gains - related to derivatives 5 053 9 042Foreign exchange gains - related to EUR bank account 2 087 849Foreign exchange gains - other 1 329 430Interest income 8 906 3 062Total financial income 17 375 13 383FINANCIAL EXPENSES (NOK 1 000) 2022 2021Foreign exchange losses - related to derivatives - 10 520Foreign exchange losses - related to EUR bank account - 2 702Foreign exchange losses - other 1 293 717Other financial expenses 243 333Total financial expenses 1 536 14 272",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19686": {
"value": "Note 6: Financial items",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-393-3": {
"value": "FINANCIAL INCOME (NOK 1 000) 2022 2021Foreign exchange gains - related to derivatives 5 053 9 042Foreign exchange gains - related to EUR bank account 2 087 849Foreign exchange gains - other 1 329 430Interest income 8 906 3 062Total financial income 17 375 13 383",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-393-4": {
"value": "FINANCIAL INCOME (NOK 1 000) 2022 2021Foreign exchange gains - related to derivatives 5 053 9 042Foreign exchange gains - related to EUR bank account 2 087 849Foreign exchange gains - other 1 329 430Interest income 8 906 3 062Total financial income 17 375 13 383",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-394-3": {
"value": "FINANCIAL EXPENSES (NOK 1 000) 2022 2021Foreign exchange losses - related to derivatives - 10 520Foreign exchange losses - related to EUR bank account - 2 702Foreign exchange losses - other 1 293 717Other financial expenses 243 333Total financial expenses 1 536 14 272",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-394-4": {
"value": "FINANCIAL EXPENSES (NOK 1 000) 2022 2021Foreign exchange losses - related to derivatives - 10 520Foreign exchange losses - related to EUR bank account - 2 702Foreign exchange losses - other 1 293 717Other financial expenses 243 333Total financial expenses 1 536 14 272",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-399-2": {
"value": "TAX EXPENSE BASIS (NOK 1 000) 2022 2021Profit (loss) before tax (167 792) (164 722)Net non-taxable income (4 759) (4 750)Other items* 18 089 (116)Change in temporary differences 1 051 7 248Basis for tax calculation (153 411) (162 340)Note 7: Income tax* The share issue cost of MNOK 11.0 in 2021 was deducted directly from equity and is included in the basis for tax calculation as the tax-effect is charged directly to equity.The corporate tax rate in Norway was 22% in 2021 and 2022. The corporate tax rate in Sweden was 20.6% in 2021 and 2022, which is the basis of the deferred tax calculation for Ultimovacs AB.INCOME TAX EXPENSE (NOK 1 000) 2022 2021Expected tax expense (36 821) (36 049)Net non-taxable income (1 049) (1 045)Other items 3 980 (26)Change in deferred tax assets not recognized 33 888 37 119Income tax expense - -Ultimovacs has not recognized a deferred tax asset in the statement of financial position related to its previouslosses, as the Group does not expect taxable income to be generated in the short-term to support the useof the deferred tax asset. Total tax losses carried forward and temporary differences as per 31 December2021 was MNOK 513.8, and MNOK 669.9 as per 31 December 2022 (of which MNOK 33.4 in Ultimovacs AB).In relation to purchase price allocation conducted of Ultimovacs AB, acquired in July 2018, all excess valuehas been allocated to the license agreement which gives access to the TET-technology. A deferred taxliability of MNOK 10.7 has been calculated on the excess values utilizing the tax rate in Sweden of 20.6%.Please see note 9 for more information.INCOME TAX EXPENSE (NOK 1 000) 2022 2021Tax losses carried forward 709 118 555 707Temporary differences - financial instruments (1 083) (759)Temporary differences - leasing liability 37 134Temporary differences - licenses (51 944) (53 549)Temporary differences - social security on options 13 488 12 009Temporary differences - PP&E 238 246Temporary differences and tax loss carry forward 669 854 513 788Deferred tax assets - not recognized in statement of financial position 158 329 124 440Deferred tax liability per 31 December 10 701 11 031",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-399-3": {
"value": "TAX EXPENSE BASIS (NOK 1 000) 2022 2021Profit (loss) before tax (167 792) (164 722)Net non-taxable income (4 759) (4 750)Other items* 18 089 (116)Change in temporary differences 1 051 7 248Basis for tax calculation (153 411) (162 340)Note 7: Income tax* The share issue cost of MNOK 11.0 in 2021 was deducted directly from equity and is included in the basis for tax calculation as the tax-effect is charged directly to equity.The corporate tax rate in Norway was 22% in 2021 and 2022. The corporate tax rate in Sweden was 20.6% in 2021 and 2022, which is the basis of the deferred tax calculation for Ultimovacs AB.INCOME TAX EXPENSE (NOK 1 000) 2022 2021Expected tax expense (36 821) (36 049)Net non-taxable income (1 049) (1 045)Other items 3 980 (26)Change in deferred tax assets not recognized 33 888 37 119Income tax expense - -Ultimovacs has not recognized a deferred tax asset in the statement of financial position related to its previouslosses, as the Group does not expect taxable income to be generated in the short-term to support the useof the deferred tax asset. Total tax losses carried forward and temporary differences as per 31 December2021 was MNOK 513.8, and MNOK 669.9 as per 31 December 2022 (of which MNOK 33.4 in Ultimovacs AB).In relation to purchase price allocation conducted of Ultimovacs AB, acquired in July 2018, all excess valuehas been allocated to the license agreement which gives access to the TET-technology. A deferred taxliability of MNOK 10.7 has been calculated on the excess values utilizing the tax rate in Sweden of 20.6%.Please see note 9 for more information.INCOME TAX EXPENSE (NOK 1 000) 2022 2021Tax losses carried forward 709 118 555 707Temporary differences - financial instruments (1 083) (759)Temporary differences - leasing liability 37 134Temporary differences - licenses (51 944) (53 549)Temporary differences - social security on options 13 488 12 009Temporary differences - PP&E 238 246Temporary differences and tax loss carry forward 669 854 513 788Deferred tax assets - not recognized in statement of financial position 158 329 124 440Deferred tax liability per 31 December 10 701 11 031",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-399-4": {
"value": "TAX EXPENSE BASIS (NOK 1 000) 2022 2021Profit (loss) before tax (167 792) (164 722)Net non-taxable income (4 759) (4 750)Other items* 18 089 (116)Change in temporary differences 1 051 7 248Basis for tax calculation (153 411) (162 340)Note 7: Income tax* The share issue cost of MNOK 11.0 in 2021 was deducted directly from equity and is included in the basis for tax calculation as the tax-effect is charged directly to equity.The corporate tax rate in Norway was 22% in 2021 and 2022. The corporate tax rate in Sweden was 20.6% in 2021 and 2022, which is the basis of the deferred tax calculation for Ultimovacs AB.INCOME TAX EXPENSE (NOK 1 000) 2022 2021Expected tax expense (36 821) (36 049)Net non-taxable income (1 049) (1 045)Other items 3 980 (26)Change in deferred tax assets not recognized 33 888 37 119Income tax expense - -Ultimovacs has not recognized a deferred tax asset in the statement of financial position related to its previouslosses, as the Group does not expect taxable income to be generated in the short-term to support the useof the deferred tax asset. Total tax losses carried forward and temporary differences as per 31 December2021 was MNOK 513.8, and MNOK 669.9 as per 31 December 2022 (of which MNOK 33.4 in Ultimovacs AB).In relation to purchase price allocation conducted of Ultimovacs AB, acquired in July 2018, all excess valuehas been allocated to the license agreement which gives access to the TET-technology. A deferred taxliability of MNOK 10.7 has been calculated on the excess values utilizing the tax rate in Sweden of 20.6%.Please see note 9 for more information.INCOME TAX EXPENSE (NOK 1 000) 2022 2021Tax losses carried forward 709 118 555 707Temporary differences - financial instruments (1 083) (759)Temporary differences - leasing liability 37 134Temporary differences - licenses (51 944) (53 549)Temporary differences - social security on options 13 488 12 009Temporary differences - PP&E 238 246Temporary differences and tax loss carry forward 669 854 513 788Deferred tax assets - not recognized in statement of financial position 158 329 124 440Deferred tax liability per 31 December 10 701 11 031",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-417-5": {
"value": "INCOME TAX EXPENSE (NOK 1 000) 2022 2021Tax losses carried forward 709 118 555 707Temporary differences - financial instruments (1 083) (759)Temporary differences - leasing liability 37 134Temporary differences - licenses (51 944) (53 549)Temporary differences - social security on options 13 488 12 009Temporary differences - PP&E 238 246Temporary differences and tax loss carry forward 669 854 513 788Deferred tax assets - not recognized in statement of financial position 158 329 124 440Deferred tax liability per 31 December 10 701 11 031Note 14: Leases and commitmentsLEASE LIABILITIES (NOK 1 000) 2022 2021Lease liability as per 1 January2 084 3 782Additions5 199 19Cash payments for the principal portion of the lease liability(1 802) (1 716)Cash payments for the interest portion of the lease liability(105) (179)Interest expense on lease liabilities105 179Lease liability as per 31 December5 481 2 084Current1 767 1 628Non-current3 713 457Note 16 - Other current liabilitiesOTHER CURRENT LIABILITIES (NOK 1 000) 2022 2021Public duties payable 3 698 3 386Public duties payable related to options 14 904 12 888Holiday pay payable 3 913 3 415Other accrued expenses 13 970 7 025Sum 36 485 26 714The Company has utilized the practical expedients relating to leases where short term leases and lease-contracts of low value have not been recognized as right of use assets. Expenses relating to short-term lease comprise lab premises and parking spaces in Oslo, Norway. These contracts can be terminated by both lessee and lessor within 1 - 3 months. Expense relating to low-value assets comprise leasing of an office printer in Oslo.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-417-6": {
"value": "INCOME TAX EXPENSE (NOK 1 000) 2022 2021Tax losses carried forward 709 118 555 707Temporary differences - financial instruments (1 083) (759)Temporary differences - leasing liability 37 134Temporary differences - licenses (51 944) (53 549)Temporary differences - social security on options 13 488 12 009Temporary differences - PP&E 238 246Temporary differences and tax loss carry forward 669 854 513 788Deferred tax assets - not recognized in statement of financial position 158 329 124 440Deferred tax liability per 31 December 10 701 11 031Note 14: Leases and commitmentsLEASE LIABILITIES (NOK 1 000) 2022 2021Lease liability as per 1 January2 084 3 782Additions5 199 19Cash payments for the principal portion of the lease liability(1 802) (1 716)Cash payments for the interest portion of the lease liability(105) (179)Interest expense on lease liabilities105 179Lease liability as per 31 December5 481 2 084Current1 767 1 628Non-current3 713 457The Company has utilized the practical expedients relating to leases where short term leases and lease-contracts of low value have not been recognized as right of use assets. Expenses relating to short-term lease comprise lab premises and parking spaces in Oslo, Norway. These contracts can be terminated by both lessee and lessor within 1 - 3 months. Expense relating to low-value assets comprise leasing of an office printer in Oslo.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-418-2": {
"value": "Note 8: Earnings per shareThe basic earnings per share (EPS) are calculated as the ratio of the total profit (loss) for theyear divided by the weighted average number of ordinary shares outstanding. As the Group hascurrently no potential issuable ordinary shares, basic and diluted earnings per share is the same.The issued share options have a potential dilutive effect on earnings per share. No dilutive effect has beenrecognized, as potential ordinary shares only shall be treated as dilutive if their conversion to ordinaryshares would decrease earnings per share or increase loss per share from continuing operations. As theGroup is currently loss-making, an increase in the average number of shares would have anti-dilutiveeffects. Diluted and basic (undiluted) earnings per share is therefore the same.EARNINGS PER SHARE 2022 2021Profit (loss) for the year (NOK 1000) (167 792) (164 722)Average number of outstanding shares during the year (1 000) 34 247 32 373EPS - basic and diluted (NOK per share) (4.9) (5.1)Please see note 15 for more information regarding the option program.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-431-2": {
"value": "Note 9: Non-current assetsOFFICE AND NON-CURRENT ASSETS 2021 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2021 2 063 9 000 50 401 10 383 71 847Additions 85 - --85Cost at 31 Dec 2021 2 148 9 000 50 401 10 383 71 932Accumulated depreciation and amortization (1 686) (1 707)- -(3 393)at 1 Jan 2021Depreciations in the year (250) (754)- -(1 004)Accumulated depreciation and amortization (1 936) (2 461) --(4 397)at 31 Dec 2021Accumulated currency effects at 1 Jan 2021- -6 857 1 413 8 270Currency exchange effects in the year- -(3 709) (764) (4 473Carrying value at 31 Dec 2021 212 6 539 53 549 11 031 71 331Economic life 3 years 15 years indefinite indefiniteDepreciation method linear linearPatentsIn 2015, the Group acquired all rights to the patents and technology from Inven2 AS, which is one of theGroup\u2019s main shareholders. The price for the patent was MNOK 4.0 and was based on a purchase optionin the license agreement entered into with Inven2 AS in 2011. The purchase of these rights implies thatthe Group no longer has to pay future royalties to Inven2 AS from potential commercial sales of products related to the patents/patent applications. The patent period spans over 15 years and expires in 2031.According to the purchase agreement related to the same patents, Inven2 AS is entitled to two milestonepayments of MNOK 5.0 and MNOK 6.0 at the commencement of a clinical phase IIb and phase III study (oranother registration study) respectively. The first milestone payment of MNOK 5.0 was paid to Inven2 in May2020 due to the commencement of the INITIUM phase II trial. The milestone payment was capitalized inthe balance sheet when it was paid to Inven2, and will be depreciated linearly until February 2031. Licenses and GoodwillBeyond UV1, which is the core product of the Ultimovacs group, Ultimovacs is pursuing development of afirst-in-class vaccine solution utilizing the proprietary Tetanus-Epitope Targeting-platform (TET-platform).A preclinical program was initiated in 2019 to take the pharmaceutical product candidate to a decisionpoint for further clinical development, given that the results from the preclinical program are positive. OFFICE AND NON-CURRENT ASSETS 2022 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2022 2 148 9 000 50 401 10 383 71 932Additions 195 - --195Cost at 31 Dec 2022 2 344 9 000 50 401 10 383 72 127Accumulated depreciation and amortization (1 936) (2 461)- -(4 397)at 1 Jan 2022Depreciations in the year (188) (754)- -(943)Accumulated depreciation and amortization (2 124) (3 215) --(5 339)at 31 Dec 2022Accumulated currency effects at 1 Jan 2022- -3 148 649 3 797Currency exchange effects in the year- -(1 605) (331) (1 935)Carrying value at 31 Dec 2022 220 5 784 51 944 10 701 68 649Note 9: Non-current assets (continued)Licenses and Goodwill (continued)There have been and there are several significant milestones in terms of impairment testing of the value ofthe TET technology. The current preclinical development of TET is planned to be funded until an expectedmilestone in 2023. If Ultimovacs decides not to go further in the development of the TET technology, itwould be difficult to justify the value in the balance-sheet, and a substantial part of the booked value issubject for impairment. Impairment of assets1. IAS 36 seeks to ensure that an entity\u2019s assets are not carried at more than their recoverable amount.2. Impairment means that asset has suffered a loss in value.3. An asset is said to be impaired when its recoverable amount is less than its carrying amount.Ultimovacs has both goodwill and intangibles with indefinite useful lives as of 31 December 2022. UnderIAS 36, \u2018Impairment of assets\u2019, these assets are required to be tested annually for impairment irrespectiveof indictors of impairment. The intangible assets subject to impairment in the balance sheet are \u201cLicenses\u201d,which are the basis for the TET technology. The license agreement with Academisch Ziekenhuis Leiden andTechnologiestichting STW gives Ultimovacs rights to commercial development, manufacture and sales ofimmunotherapy treatments against cancer utilizing the TET technology. The license agreement does nothave any expiration date, and the license is therefore defined to have indefinite useful life.The Group also has goodwill created by deferred tax, which is a result of the purchase price amountfor acquiring the licensed technology. The Goodwill is also tested for impairment annually. To test forimpairment, goodwill must be allocated to each of the acquirer\u2019s cash-generating units (CGU), or groupsof cash-generating units, that are expected to benefit from the synergies of the combination, irrespectiveof whether other assets or liabilities of the acquiree are assigned to those units or groups of units. Thelegal entities Ultimovacs ASA and Ultimovacs AB, together the Group, is defined as the CGU subject forimpairment testing. The impairment testing of the Licenses and its corresponding goodwill will thereforebe performed at Group level. Impairment testIn order to identify the Recoverable amount of the intangible assets, a value must be found for both Valuein use and Fair value. The Value in use of an asset is the expected future cash flows that the asset in itscurrent condition will produce, discounted to present value using an appropriate discount rate. Ultimovacshas chosen not to prepare a Value in use calculation from the TET technology as the estimates of futurecash flows would be highly unreliable. Potential earnings are years ahead, and it would not be clear if thesecould come from direct sales, indirect sales or through licensing agreements. To prepare a forecast in orderto obtain any value for the assets tested for impairments would not be reasonable and supportable.Ultimovacs will therefore rely on the value from the Fair Value assessment, which normally is the marketvalue at measurement date. No active market exists for comparison; thus, the acquisition price, and bookvalue, is considered as the fair value. The fair value, however, must be tested for factors which may reduceis value, function etc.The following factors have been assessed when testing for impairment:1. Market value declines: There is no indication that the value for adjuvants is in decline. Ultimovacs hasfew or no real alternatives to the adjuvant currently being used, GM-CSF. 2. Negative changes in technology, markets, economy, or laws: There is still an unmet need for moreadjuvant solutions to be used with vaccines. Thus, the TET technology may potentially be utilized in othervaccine candidates, and it could also be sold to third parties. No other negative factors are observed inthe markets.Note 9: Non-current assets (continued)3. Asset is idle, part of a restructuring or held for disposal: The first phase of the development planis to develop product candidates of the TET prototype and identify 1-2 clinical trial lead candidate(s).Approximately MNOK 37 has been spent from 2019 until December 2022 on preclinical development, theTENDU phase I clinical trial, production and consultant costs in order to create and validate the TETtechnology platform and to develop one or more product candidates. Several employees in both Norwayand Sweden are involved in the project. In October 2021, the Company raised gross MNOK 270 in equity ina private placement, where a certain amount was allocated to further TET-development.4. Worse economic performance than expected: Even though TET is still far from bringing any cash inflowsto the company, the technology will be highly valuable if the project is successful. Setting any value onthe TET technology using a CF model is of no real value/use at this very early stage of its research anddevelopment. In addition, Management has undertaken a review of the company\u2019s business and the environment in whichit operates, and concludes that there are no significant changes in the business or its environment now orin the future regarding:a decline in the market or price for products or servicesoversupply in markets for products or servicesproblems in sourcing raw materials or servicesincreases in the costs of production or delivering serviceschanges in exchange rates affecting costs or salesnew competitorsnew products or services from competitorstechnological changechanges in law or regulationschanges in economic conditionsAn additional factor which could be an indicator for impairment of the non intangible assets would be ifthe total market capitalization of the Group was lower than the net asset value in the balance sheet. Thisdoes however, not necessarily mean that the asset is overvalued in the statement of financial position, butshould be a trigger to test for impairment based on other parameters. Market capitalization for the Groupwas as per 31 December 2022, MNOK 3,784, significantly higher than the value of the assets being testedfor impairment (MNOK 449.4). On the other hand, a market capitalization over the current book value,does not directly indicate that the value is present and no other testing is required, as most of the marketvalue is primarily attributable to UV1. Market capitalization alone cannot therefore be the sole parameterfor testing the asset for impairment, but should additionally be assessed based on the factors discussedabove. Based on the market capitalization as per 31 December 2022, there is no indication that the marketvalues TET lower than the current book value.Although the list above is not exhaustive, we do not observe any new risk factors related to the technologywhich may reduce the value of the assets in the balance sheet.The preclinical development of TET is planned to be funded until an expected milestone in 2023. Then,if certain milestones are reached, additional funding will be needed for the next phase (mainly CMCdevelopment/manufacturing processes and clinical development) towards the commencement of a clinicaltrial. This critical decision point will be important when considering impairment of the intangible assets, asthe asset could then be considered partly idle, reducing its value significantly.ConclusionIn the impairment test performed, no indications of impairment were identified, which concludes thatthe fair value of the intangible assets are higher than carrying value. As a result, no impairment of theseintangible assets has been recognized.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-431-3": {
"value": "Note 9: Non-current assetsOFFICE AND NON-CURRENT ASSETS 2021 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2021 2 063 9 000 50 401 10 383 71 847Additions 85 - --85Cost at 31 Dec 2021 2 148 9 000 50 401 10 383 71 932Accumulated depreciation and amortization (1 686) (1 707)- -(3 393)at 1 Jan 2021Depreciations in the year (250) (754)- -(1 004)Accumulated depreciation and amortization (1 936) (2 461) --(4 397)at 31 Dec 2021Accumulated currency effects at 1 Jan 2021- -6 857 1 413 8 270Currency exchange effects in the year- -(3 709) (764) (4 473Carrying value at 31 Dec 2021 212 6 539 53 549 11 031 71 331Economic life 3 years 15 years indefinite indefiniteDepreciation method linear linearPatentsIn 2015, the Group acquired all rights to the patents and technology from Inven2 AS, which is one of theGroup\u2019s main shareholders. The price for the patent was MNOK 4.0 and was based on a purchase optionin the license agreement entered into with Inven2 AS in 2011. The purchase of these rights implies thatthe Group no longer has to pay future royalties to Inven2 AS from potential commercial sales of products related to the patents/patent applications. The patent period spans over 15 years and expires in 2031.According to the purchase agreement related to the same patents, Inven2 AS is entitled to two milestonepayments of MNOK 5.0 and MNOK 6.0 at the commencement of a clinical phase IIb and phase III study (oranother registration study) respectively. The first milestone payment of MNOK 5.0 was paid to Inven2 in May2020 due to the commencement of the INITIUM phase II trial. The milestone payment was capitalized inthe balance sheet when it was paid to Inven2, and will be depreciated linearly until February 2031. Licenses and GoodwillBeyond UV1, which is the core product of the Ultimovacs group, Ultimovacs is pursuing development of afirst-in-class vaccine solution utilizing the proprietary Tetanus-Epitope Targeting-platform (TET-platform).A preclinical program was initiated in 2019 to take the pharmaceutical product candidate to a decisionpoint for further clinical development, given that the results from the preclinical program are positive. OFFICE AND NON-CURRENT ASSETS 2022 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2022 2 148 9 000 50 401 10 383 71 932Additions 195 - --195Cost at 31 Dec 2022 2 344 9 000 50 401 10 383 72 127Accumulated depreciation and amortization (1 936) (2 461)- -(4 397)at 1 Jan 2022Depreciations in the year (188) (754)- -(943)Accumulated depreciation and amortization (2 124) (3 215) --(5 339)at 31 Dec 2022Accumulated currency effects at 1 Jan 2022- -3 148 649 3 797Currency exchange effects in the year- -(1 605) (331) (1 935)Carrying value at 31 Dec 2022 220 5 784 51 944 10 701 68 649Note 9: Non-current assets (continued)Licenses and Goodwill (continued)There have been and there are several significant milestones in terms of impairment testing of the value ofthe TET technology. The current preclinical development of TET is planned to be funded until an expectedmilestone in 2023. If Ultimovacs decides not to go further in the development of the TET technology, itwould be difficult to justify the value in the balance-sheet, and a substantial part of the booked value issubject for impairment. Impairment of assets1. IAS 36 seeks to ensure that an entity\u2019s assets are not carried at more than their recoverable amount.2. Impairment means that asset has suffered a loss in value.3. An asset is said to be impaired when its recoverable amount is less than its carrying amount.Ultimovacs has both goodwill and intangibles with indefinite useful lives as of 31 December 2022. UnderIAS 36, \u2018Impairment of assets\u2019, these assets are required to be tested annually for impairment irrespectiveof indictors of impairment. The intangible assets subject to impairment in the balance sheet are \u201cLicenses\u201d,which are the basis for the TET technology. The license agreement with Academisch Ziekenhuis Leiden andTechnologiestichting STW gives Ultimovacs rights to commercial development, manufacture and sales ofimmunotherapy treatments against cancer utilizing the TET technology. The license agreement does nothave any expiration date, and the license is therefore defined to have indefinite useful life.The Group also has goodwill created by deferred tax, which is a result of the purchase price amountfor acquiring the licensed technology. The Goodwill is also tested for impairment annually. To test forimpairment, goodwill must be allocated to each of the acquirer\u2019s cash-generating units (CGU), or groupsof cash-generating units, that are expected to benefit from the synergies of the combination, irrespectiveof whether other assets or liabilities of the acquiree are assigned to those units or groups of units. Thelegal entities Ultimovacs ASA and Ultimovacs AB, together the Group, is defined as the CGU subject forimpairment testing. The impairment testing of the Licenses and its corresponding goodwill will thereforebe performed at Group level. Impairment testIn order to identify the Recoverable amount of the intangible assets, a value must be found for both Valuein use and Fair value. The Value in use of an asset is the expected future cash flows that the asset in itscurrent condition will produce, discounted to present value using an appropriate discount rate. Ultimovacshas chosen not to prepare a Value in use calculation from the TET technology as the estimates of futurecash flows would be highly unreliable. Potential earnings are years ahead, and it would not be clear if thesecould come from direct sales, indirect sales or through licensing agreements. To prepare a forecast in orderto obtain any value for the assets tested for impairments would not be reasonable and supportable.Ultimovacs will therefore rely on the value from the Fair Value assessment, which normally is the marketvalue at measurement date. No active market exists for comparison; thus, the acquisition price, and bookvalue, is considered as the fair value. The fair value, however, must be tested for factors which may reduceis value, function etc.The following factors have been assessed when testing for impairment:1. Market value declines: There is no indication that the value for adjuvants is in decline. Ultimovacs hasfew or no real alternatives to the adjuvant currently being used, GM-CSF. 2. Negative changes in technology, markets, economy, or laws: There is still an unmet need for moreadjuvant solutions to be used with vaccines. Thus, the TET technology may potentially be utilized in othervaccine candidates, and it could also be sold to third parties. No other negative factors are observed inthe markets.Note 9: Non-current assets (continued)3. Asset is idle, part of a restructuring or held for disposal: The first phase of the development planis to develop product candidates of the TET prototype and identify 1-2 clinical trial lead candidate(s).Approximately MNOK 37 has been spent from 2019 until December 2022 on preclinical development, theTENDU phase I clinical trial, production and consultant costs in order to create and validate the TETtechnology platform and to develop one or more product candidates. Several employees in both Norwayand Sweden are involved in the project. In October 2021, the Company raised gross MNOK 270 in equity ina private placement, where a certain amount was allocated to further TET-development.4. Worse economic performance than expected: Even though TET is still far from bringing any cash inflowsto the company, the technology will be highly valuable if the project is successful. Setting any value onthe TET technology using a CF model is of no real value/use at this very early stage of its research anddevelopment. In addition, Management has undertaken a review of the company\u2019s business and the environment in whichit operates, and concludes that there are no significant changes in the business or its environment now orin the future regarding:a decline in the market or price for products or servicesoversupply in markets for products or servicesproblems in sourcing raw materials or servicesincreases in the costs of production or delivering serviceschanges in exchange rates affecting costs or salesnew competitorsnew products or services from competitorstechnological changechanges in law or regulationschanges in economic conditionsAn additional factor which could be an indicator for impairment of the non intangible assets would be ifthe total market capitalization of the Group was lower than the net asset value in the balance sheet. Thisdoes however, not necessarily mean that the asset is overvalued in the statement of financial position, butshould be a trigger to test for impairment based on other parameters. Market capitalization for the Groupwas as per 31 December 2022, MNOK 3,784, significantly higher than the value of the assets being testedfor impairment (MNOK 449.4). On the other hand, a market capitalization over the current book value,does not directly indicate that the value is present and no other testing is required, as most of the marketvalue is primarily attributable to UV1. Market capitalization alone cannot therefore be the sole parameterfor testing the asset for impairment, but should additionally be assessed based on the factors discussedabove. Based on the market capitalization as per 31 December 2022, there is no indication that the marketvalues TET lower than the current book value.Although the list above is not exhaustive, we do not observe any new risk factors related to the technologywhich may reduce the value of the assets in the balance sheet.The preclinical development of TET is planned to be funded until an expected milestone in 2023. Then,if certain milestones are reached, additional funding will be needed for the next phase (mainly CMCdevelopment/manufacturing processes and clinical development) towards the commencement of a clinicaltrial. This critical decision point will be important when considering impairment of the intangible assets, asthe asset could then be considered partly idle, reducing its value significantly.ConclusionIn the impairment test performed, no indications of impairment were identified, which concludes thatthe fair value of the intangible assets are higher than carrying value. As a result, no impairment of theseintangible assets has been recognized.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-431-4": {
"value": "Note 9: Non-current assetsOFFICE AND NON-CURRENT ASSETS 2021 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2021 2 063 9 000 50 401 10 383 71 847Additions 85 - --85Cost at 31 Dec 2021 2 148 9 000 50 401 10 383 71 932Accumulated depreciation and amortization (1 686) (1 707)- -(3 393)at 1 Jan 2021Depreciations in the year (250) (754)- -(1 004)Accumulated depreciation and amortization (1 936) (2 461) --(4 397)at 31 Dec 2021Accumulated currency effects at 1 Jan 2021- -6 857 1 413 8 270Currency exchange effects in the year- -(3 709) (764) (4 473Carrying value at 31 Dec 2021 212 6 539 53 549 11 031 71 331Economic life 3 years 15 years indefinite indefiniteDepreciation method linear linearPatentsIn 2015, the Group acquired all rights to the patents and technology from Inven2 AS, which is one of theGroup\u2019s main shareholders. The price for the patent was MNOK 4.0 and was based on a purchase optionin the license agreement entered into with Inven2 AS in 2011. The purchase of these rights implies thatthe Group no longer has to pay future royalties to Inven2 AS from potential commercial sales of products related to the patents/patent applications. The patent period spans over 15 years and expires in 2031.According to the purchase agreement related to the same patents, Inven2 AS is entitled to two milestonepayments of MNOK 5.0 and MNOK 6.0 at the commencement of a clinical phase IIb and phase III study (oranother registration study) respectively. The first milestone payment of MNOK 5.0 was paid to Inven2 in May2020 due to the commencement of the INITIUM phase II trial. The milestone payment was capitalized inthe balance sheet when it was paid to Inven2, and will be depreciated linearly until February 2031. Licenses and GoodwillBeyond UV1, which is the core product of the Ultimovacs group, Ultimovacs is pursuing development of afirst-in-class vaccine solution utilizing the proprietary Tetanus-Epitope Targeting-platform (TET-platform).A preclinical program was initiated in 2019 to take the pharmaceutical product candidate to a decisionpoint for further clinical development, given that the results from the preclinical program are positive. OFFICE AND NON-CURRENT ASSETS 2022 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2022 2 148 9 000 50 401 10 383 71 932Additions 195 - --195Cost at 31 Dec 2022 2 344 9 000 50 401 10 383 72 127Accumulated depreciation and amortization (1 936) (2 461)- -(4 397)at 1 Jan 2022Depreciations in the year (188) (754)- -(943)Accumulated depreciation and amortization (2 124) (3 215) --(5 339)at 31 Dec 2022Accumulated currency effects at 1 Jan 2022- -3 148 649 3 797Currency exchange effects in the year- -(1 605) (331) (1 935)Carrying value at 31 Dec 2022 220 5 784 51 944 10 701 68 649Note 9: Non-current assets (continued)Licenses and Goodwill (continued)There have been and there are several significant milestones in terms of impairment testing of the value ofthe TET technology. The current preclinical development of TET is planned to be funded until an expectedmilestone in 2023. If Ultimovacs decides not to go further in the development of the TET technology, itwould be difficult to justify the value in the balance-sheet, and a substantial part of the booked value issubject for impairment. Impairment of assets1. IAS 36 seeks to ensure that an entity\u2019s assets are not carried at more than their recoverable amount.2. Impairment means that asset has suffered a loss in value.3. An asset is said to be impaired when its recoverable amount is less than its carrying amount.Ultimovacs has both goodwill and intangibles with indefinite useful lives as of 31 December 2022. UnderIAS 36, \u2018Impairment of assets\u2019, these assets are required to be tested annually for impairment irrespectiveof indictors of impairment. The intangible assets subject to impairment in the balance sheet are \u201cLicenses\u201d,which are the basis for the TET technology. The license agreement with Academisch Ziekenhuis Leiden andTechnologiestichting STW gives Ultimovacs rights to commercial development, manufacture and sales ofimmunotherapy treatments against cancer utilizing the TET technology. The license agreement does nothave any expiration date, and the license is therefore defined to have indefinite useful life.The Group also has goodwill created by deferred tax, which is a result of the purchase price amountfor acquiring the licensed technology. The Goodwill is also tested for impairment annually. To test forimpairment, goodwill must be allocated to each of the acquirer\u2019s cash-generating units (CGU), or groupsof cash-generating units, that are expected to benefit from the synergies of the combination, irrespectiveof whether other assets or liabilities of the acquiree are assigned to those units or groups of units. Thelegal entities Ultimovacs ASA and Ultimovacs AB, together the Group, is defined as the CGU subject forimpairment testing. The impairment testing of the Licenses and its corresponding goodwill will thereforebe performed at Group level. Impairment testIn order to identify the Recoverable amount of the intangible assets, a value must be found for both Valuein use and Fair value. The Value in use of an asset is the expected future cash flows that the asset in itscurrent condition will produce, discounted to present value using an appropriate discount rate. Ultimovacshas chosen not to prepare a Value in use calculation from the TET technology as the estimates of futurecash flows would be highly unreliable. Potential earnings are years ahead, and it would not be clear if thesecould come from direct sales, indirect sales or through licensing agreements. To prepare a forecast in orderto obtain any value for the assets tested for impairments would not be reasonable and supportable.Ultimovacs will therefore rely on the value from the Fair Value assessment, which normally is the marketvalue at measurement date. No active market exists for comparison; thus, the acquisition price, and bookvalue, is considered as the fair value. The fair value, however, must be tested for factors which may reduceis value, function etc.The following factors have been assessed when testing for impairment:1. Market value declines: There is no indication that the value for adjuvants is in decline. Ultimovacs hasfew or no real alternatives to the adjuvant currently being used, GM-CSF. 2. Negative changes in technology, markets, economy, or laws: There is still an unmet need for moreadjuvant solutions to be used with vaccines. Thus, the TET technology may potentially be utilized in othervaccine candidates, and it could also be sold to third parties. No other negative factors are observed inthe markets.Note 9: Non-current assets (continued)3. Asset is idle, part of a restructuring or held for disposal: The first phase of the development planis to develop product candidates of the TET prototype and identify 1-2 clinical trial lead candidate(s).Approximately MNOK 37 has been spent from 2019 until December 2022 on preclinical development, theTENDU phase I clinical trial, production and consultant costs in order to create and validate the TETtechnology platform and to develop one or more product candidates. Several employees in both Norwayand Sweden are involved in the project. In October 2021, the Company raised gross MNOK 270 in equity ina private placement, where a certain amount was allocated to further TET-development.4. Worse economic performance than expected: Even though TET is still far from bringing any cash inflowsto the company, the technology will be highly valuable if the project is successful. Setting any value onthe TET technology using a CF model is of no real value/use at this very early stage of its research anddevelopment. In addition, Management has undertaken a review of the company\u2019s business and the environment in whichit operates, and concludes that there are no significant changes in the business or its environment now orin the future regarding:a decline in the market or price for products or servicesoversupply in markets for products or servicesproblems in sourcing raw materials or servicesincreases in the costs of production or delivering serviceschanges in exchange rates affecting costs or salesnew competitorsnew products or services from competitorstechnological changechanges in law or regulationschanges in economic conditionsAn additional factor which could be an indicator for impairment of the non intangible assets would be ifthe total market capitalization of the Group was lower than the net asset value in the balance sheet. Thisdoes however, not necessarily mean that the asset is overvalued in the statement of financial position, butshould be a trigger to test for impairment based on other parameters. Market capitalization for the Groupwas as per 31 December 2022, MNOK 3,784, significantly higher than the value of the assets being testedfor impairment (MNOK 449.4). On the other hand, a market capitalization over the current book value,does not directly indicate that the value is present and no other testing is required, as most of the marketvalue is primarily attributable to UV1. Market capitalization alone cannot therefore be the sole parameterfor testing the asset for impairment, but should additionally be assessed based on the factors discussedabove. Based on the market capitalization as per 31 December 2022, there is no indication that the marketvalues TET lower than the current book value.Although the list above is not exhaustive, we do not observe any new risk factors related to the technologywhich may reduce the value of the assets in the balance sheet.The preclinical development of TET is planned to be funded until an expected milestone in 2023. Then,if certain milestones are reached, additional funding will be needed for the next phase (mainly CMCdevelopment/manufacturing processes and clinical development) towards the commencement of a clinicaltrial. This critical decision point will be important when considering impairment of the intangible assets, asthe asset could then be considered partly idle, reducing its value significantly.ConclusionIn the impairment test performed, no indications of impairment were identified, which concludes thatthe fair value of the intangible assets are higher than carrying value. As a result, no impairment of theseintangible assets has been recognized.",
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}
},
"pp-value-431-5": {
"value": "Note 9: Non-current assetsOFFICE AND NON-CURRENT ASSETS 2021 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2021 2 063 9 000 50 401 10 383 71 847Additions 85 - --85Cost at 31 Dec 2021 2 148 9 000 50 401 10 383 71 932Accumulated depreciation and amortization (1 686) (1 707)- -(3 393)at 1 Jan 2021Depreciations in the year (250) (754)- -(1 004)Accumulated depreciation and amortization (1 936) (2 461) --(4 397)at 31 Dec 2021Accumulated currency effects at 1 Jan 2021- -6 857 1 413 8 270Currency exchange effects in the year- -(3 709) (764) (4 473Carrying value at 31 Dec 2021 212 6 539 53 549 11 031 71 331Economic life 3 years 15 years indefinite indefiniteDepreciation method linear linearPatentsIn 2015, the Group acquired all rights to the patents and technology from Inven2 AS, which is one of theGroup\u2019s main shareholders. The price for the patent was MNOK 4.0 and was based on a purchase optionin the license agreement entered into with Inven2 AS in 2011. The purchase of these rights implies thatthe Group no longer has to pay future royalties to Inven2 AS from potential commercial sales of products related to the patents/patent applications. The patent period spans over 15 years and expires in 2031.According to the purchase agreement related to the same patents, Inven2 AS is entitled to two milestonepayments of MNOK 5.0 and MNOK 6.0 at the commencement of a clinical phase IIb and phase III study (oranother registration study) respectively. The first milestone payment of MNOK 5.0 was paid to Inven2 in May2020 due to the commencement of the INITIUM phase II trial. The milestone payment was capitalized inthe balance sheet when it was paid to Inven2, and will be depreciated linearly until February 2031. Licenses and GoodwillBeyond UV1, which is the core product of the Ultimovacs group, Ultimovacs is pursuing development of afirst-in-class vaccine solution utilizing the proprietary Tetanus-Epitope Targeting-platform (TET-platform).A preclinical program was initiated in 2019 to take the pharmaceutical product candidate to a decisionpoint for further clinical development, given that the results from the preclinical program are positive. OFFICE AND NON-CURRENT ASSETS 2022 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2022 2 148 9 000 50 401 10 383 71 932Additions 195 - --195Cost at 31 Dec 2022 2 344 9 000 50 401 10 383 72 127Accumulated depreciation and amortization (1 936) (2 461)- -(4 397)at 1 Jan 2022Depreciations in the year (188) (754)- -(943)Accumulated depreciation and amortization (2 124) (3 215) --(5 339)at 31 Dec 2022Accumulated currency effects at 1 Jan 2022- -3 148 649 3 797Currency exchange effects in the year- -(1 605) (331) (1 935)Carrying value at 31 Dec 2022 220 5 784 51 944 10 701 68 649Note 9: Non-current assets (continued)Licenses and Goodwill (continued)There have been and there are several significant milestones in terms of impairment testing of the value ofthe TET technology. The current preclinical development of TET is planned to be funded until an expectedmilestone in 2023. If Ultimovacs decides not to go further in the development of the TET technology, itwould be difficult to justify the value in the balance-sheet, and a substantial part of the booked value issubject for impairment. Impairment of assets1. IAS 36 seeks to ensure that an entity\u2019s assets are not carried at more than their recoverable amount.2. Impairment means that asset has suffered a loss in value.3. An asset is said to be impaired when its recoverable amount is less than its carrying amount.Ultimovacs has both goodwill and intangibles with indefinite useful lives as of 31 December 2022. UnderIAS 36, \u2018Impairment of assets\u2019, these assets are required to be tested annually for impairment irrespectiveof indictors of impairment. The intangible assets subject to impairment in the balance sheet are \u201cLicenses\u201d,which are the basis for the TET technology. The license agreement with Academisch Ziekenhuis Leiden andTechnologiestichting STW gives Ultimovacs rights to commercial development, manufacture and sales ofimmunotherapy treatments against cancer utilizing the TET technology. The license agreement does nothave any expiration date, and the license is therefore defined to have indefinite useful life.The Group also has goodwill created by deferred tax, which is a result of the purchase price amountfor acquiring the licensed technology. The Goodwill is also tested for impairment annually. To test forimpairment, goodwill must be allocated to each of the acquirer\u2019s cash-generating units (CGU), or groupsof cash-generating units, that are expected to benefit from the synergies of the combination, irrespectiveof whether other assets or liabilities of the acquiree are assigned to those units or groups of units. Thelegal entities Ultimovacs ASA and Ultimovacs AB, together the Group, is defined as the CGU subject forimpairment testing. The impairment testing of the Licenses and its corresponding goodwill will thereforebe performed at Group level. Impairment testIn order to identify the Recoverable amount of the intangible assets, a value must be found for both Valuein use and Fair value. The Value in use of an asset is the expected future cash flows that the asset in itscurrent condition will produce, discounted to present value using an appropriate discount rate. Ultimovacshas chosen not to prepare a Value in use calculation from the TET technology as the estimates of futurecash flows would be highly unreliable. Potential earnings are years ahead, and it would not be clear if thesecould come from direct sales, indirect sales or through licensing agreements. To prepare a forecast in orderto obtain any value for the assets tested for impairments would not be reasonable and supportable.Ultimovacs will therefore rely on the value from the Fair Value assessment, which normally is the marketvalue at measurement date. No active market exists for comparison; thus, the acquisition price, and bookvalue, is considered as the fair value. The fair value, however, must be tested for factors which may reduceis value, function etc.The following factors have been assessed when testing for impairment:1. Market value declines: There is no indication that the value for adjuvants is in decline. Ultimovacs hasfew or no real alternatives to the adjuvant currently being used, GM-CSF. 2. Negative changes in technology, markets, economy, or laws: There is still an unmet need for moreadjuvant solutions to be used with vaccines. Thus, the TET technology may potentially be utilized in othervaccine candidates, and it could also be sold to third parties. No other negative factors are observed inthe markets.Note 9: Non-current assets (continued)3. Asset is idle, part of a restructuring or held for disposal: The first phase of the development planis to develop product candidates of the TET prototype and identify 1-2 clinical trial lead candidate(s).Approximately MNOK 37 has been spent from 2019 until December 2022 on preclinical development, theTENDU phase I clinical trial, production and consultant costs in order to create and validate the TETtechnology platform and to develop one or more product candidates. Several employees in both Norwayand Sweden are involved in the project. In October 2021, the Company raised gross MNOK 270 in equity ina private placement, where a certain amount was allocated to further TET-development.4. Worse economic performance than expected: Even though TET is still far from bringing any cash inflowsto the company, the technology will be highly valuable if the project is successful. Setting any value onthe TET technology using a CF model is of no real value/use at this very early stage of its research anddevelopment. In addition, Management has undertaken a review of the company\u2019s business and the environment in whichit operates, and concludes that there are no significant changes in the business or its environment now orin the future regarding:a decline in the market or price for products or servicesoversupply in markets for products or servicesproblems in sourcing raw materials or servicesincreases in the costs of production or delivering serviceschanges in exchange rates affecting costs or salesnew competitorsnew products or services from competitorstechnological changechanges in law or regulationschanges in economic conditionsAn additional factor which could be an indicator for impairment of the non intangible assets would be ifthe total market capitalization of the Group was lower than the net asset value in the balance sheet. Thisdoes however, not necessarily mean that the asset is overvalued in the statement of financial position, butshould be a trigger to test for impairment based on other parameters. Market capitalization for the Groupwas as per 31 December 2022, MNOK 3,784, significantly higher than the value of the assets being testedfor impairment (MNOK 449.4). On the other hand, a market capitalization over the current book value,does not directly indicate that the value is present and no other testing is required, as most of the marketvalue is primarily attributable to UV1. Market capitalization alone cannot therefore be the sole parameterfor testing the asset for impairment, but should additionally be assessed based on the factors discussedabove. Based on the market capitalization as per 31 December 2022, there is no indication that the marketvalues TET lower than the current book value.Although the list above is not exhaustive, we do not observe any new risk factors related to the technologywhich may reduce the value of the assets in the balance sheet.The preclinical development of TET is planned to be funded until an expected milestone in 2023. Then,if certain milestones are reached, additional funding will be needed for the next phase (mainly CMCdevelopment/manufacturing processes and clinical development) towards the commencement of a clinicaltrial. This critical decision point will be important when considering impairment of the intangible assets, asthe asset could then be considered partly idle, reducing its value significantly.ConclusionIn the impairment test performed, no indications of impairment were identified, which concludes thatthe fair value of the intangible assets are higher than carrying value. As a result, no impairment of theseintangible assets has been recognized.",
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"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-431-6": {
"value": "Note 9: Non-current assetsOFFICE AND NON-CURRENT ASSETS 2021 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2021 2 063 9 000 50 401 10 383 71 847Additions 85 - --85Cost at 31 Dec 2021 2 148 9 000 50 401 10 383 71 932Accumulated depreciation and amortization (1 686) (1 707)- -(3 393)at 1 Jan 2021Depreciations in the year (250) (754)- -(1 004)Accumulated depreciation and amortization (1 936) (2 461) --(4 397)at 31 Dec 2021Accumulated currency effects at 1 Jan 2021- -6 857 1 413 8 270Currency exchange effects in the year- -(3 709) (764) (4 473Carrying value at 31 Dec 2021 212 6 539 53 549 11 031 71 331Economic life 3 years 15 years indefinite indefiniteDepreciation method linear linearPatentsIn 2015, the Group acquired all rights to the patents and technology from Inven2 AS, which is one of theGroup\u2019s main shareholders. The price for the patent was MNOK 4.0 and was based on a purchase optionin the license agreement entered into with Inven2 AS in 2011. The purchase of these rights implies thatthe Group no longer has to pay future royalties to Inven2 AS from potential commercial sales of products related to the patents/patent applications. The patent period spans over 15 years and expires in 2031.According to the purchase agreement related to the same patents, Inven2 AS is entitled to two milestonepayments of MNOK 5.0 and MNOK 6.0 at the commencement of a clinical phase IIb and phase III study (oranother registration study) respectively. The first milestone payment of MNOK 5.0 was paid to Inven2 in May2020 due to the commencement of the INITIUM phase II trial. The milestone payment was capitalized inthe balance sheet when it was paid to Inven2, and will be depreciated linearly until February 2031. Licenses and GoodwillBeyond UV1, which is the core product of the Ultimovacs group, Ultimovacs is pursuing development of afirst-in-class vaccine solution utilizing the proprietary Tetanus-Epitope Targeting-platform (TET-platform).A preclinical program was initiated in 2019 to take the pharmaceutical product candidate to a decisionpoint for further clinical development, given that the results from the preclinical program are positive. OFFICE AND NON-CURRENT ASSETS 2022 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2022 2 148 9 000 50 401 10 383 71 932Additions 195 - --195Cost at 31 Dec 2022 2 344 9 000 50 401 10 383 72 127Accumulated depreciation and amortization (1 936) (2 461)- -(4 397)at 1 Jan 2022Depreciations in the year (188) (754)- -(943)Accumulated depreciation and amortization (2 124) (3 215) --(5 339)at 31 Dec 2022Accumulated currency effects at 1 Jan 2022- -3 148 649 3 797Currency exchange effects in the year- -(1 605) (331) (1 935)Carrying value at 31 Dec 2022 220 5 784 51 944 10 701 68 649Note 9: Non-current assets (continued)Licenses and Goodwill (continued)There have been and there are several significant milestones in terms of impairment testing of the value ofthe TET technology. The current preclinical development of TET is planned to be funded until an expectedmilestone in 2023. If Ultimovacs decides not to go further in the development of the TET technology, itwould be difficult to justify the value in the balance-sheet, and a substantial part of the booked value issubject for impairment. Impairment of assets1. IAS 36 seeks to ensure that an entity\u2019s assets are not carried at more than their recoverable amount.2. Impairment means that asset has suffered a loss in value.3. An asset is said to be impaired when its recoverable amount is less than its carrying amount.Ultimovacs has both goodwill and intangibles with indefinite useful lives as of 31 December 2022. UnderIAS 36, \u2018Impairment of assets\u2019, these assets are required to be tested annually for impairment irrespectiveof indictors of impairment. The intangible assets subject to impairment in the balance sheet are \u201cLicenses\u201d,which are the basis for the TET technology. The license agreement with Academisch Ziekenhuis Leiden andTechnologiestichting STW gives Ultimovacs rights to commercial development, manufacture and sales ofimmunotherapy treatments against cancer utilizing the TET technology. The license agreement does nothave any expiration date, and the license is therefore defined to have indefinite useful life.The Group also has goodwill created by deferred tax, which is a result of the purchase price amountfor acquiring the licensed technology. The Goodwill is also tested for impairment annually. To test forimpairment, goodwill must be allocated to each of the acquirer\u2019s cash-generating units (CGU), or groupsof cash-generating units, that are expected to benefit from the synergies of the combination, irrespectiveof whether other assets or liabilities of the acquiree are assigned to those units or groups of units. Thelegal entities Ultimovacs ASA and Ultimovacs AB, together the Group, is defined as the CGU subject forimpairment testing. The impairment testing of the Licenses and its corresponding goodwill will thereforebe performed at Group level. Impairment testIn order to identify the Recoverable amount of the intangible assets, a value must be found for both Valuein use and Fair value. The Value in use of an asset is the expected future cash flows that the asset in itscurrent condition will produce, discounted to present value using an appropriate discount rate. Ultimovacshas chosen not to prepare a Value in use calculation from the TET technology as the estimates of futurecash flows would be highly unreliable. Potential earnings are years ahead, and it would not be clear if thesecould come from direct sales, indirect sales or through licensing agreements. To prepare a forecast in orderto obtain any value for the assets tested for impairments would not be reasonable and supportable.Ultimovacs will therefore rely on the value from the Fair Value assessment, which normally is the marketvalue at measurement date. No active market exists for comparison; thus, the acquisition price, and bookvalue, is considered as the fair value. The fair value, however, must be tested for factors which may reduceis value, function etc.The following factors have been assessed when testing for impairment:1. Market value declines: There is no indication that the value for adjuvants is in decline. Ultimovacs hasfew or no real alternatives to the adjuvant currently being used, GM-CSF. 2. Negative changes in technology, markets, economy, or laws: There is still an unmet need for moreadjuvant solutions to be used with vaccines. Thus, the TET technology may potentially be utilized in othervaccine candidates, and it could also be sold to third parties. No other negative factors are observed inthe markets.Note 9: Non-current assets (continued)3. Asset is idle, part of a restructuring or held for disposal: The first phase of the development planis to develop product candidates of the TET prototype and identify 1-2 clinical trial lead candidate(s).Approximately MNOK 37 has been spent from 2019 until December 2022 on preclinical development, theTENDU phase I clinical trial, production and consultant costs in order to create and validate the TETtechnology platform and to develop one or more product candidates. Several employees in both Norwayand Sweden are involved in the project. In October 2021, the Company raised gross MNOK 270 in equity ina private placement, where a certain amount was allocated to further TET-development.4. Worse economic performance than expected: Even though TET is still far from bringing any cash inflowsto the company, the technology will be highly valuable if the project is successful. Setting any value onthe TET technology using a CF model is of no real value/use at this very early stage of its research anddevelopment. In addition, Management has undertaken a review of the company\u2019s business and the environment in whichit operates, and concludes that there are no significant changes in the business or its environment now orin the future regarding:a decline in the market or price for products or servicesoversupply in markets for products or servicesproblems in sourcing raw materials or servicesincreases in the costs of production or delivering serviceschanges in exchange rates affecting costs or salesnew competitorsnew products or services from competitorstechnological changechanges in law or regulationschanges in economic conditionsAn additional factor which could be an indicator for impairment of the non intangible assets would be ifthe total market capitalization of the Group was lower than the net asset value in the balance sheet. Thisdoes however, not necessarily mean that the asset is overvalued in the statement of financial position, butshould be a trigger to test for impairment based on other parameters. Market capitalization for the Groupwas as per 31 December 2022, MNOK 3,784, significantly higher than the value of the assets being testedfor impairment (MNOK 449.4). On the other hand, a market capitalization over the current book value,does not directly indicate that the value is present and no other testing is required, as most of the marketvalue is primarily attributable to UV1. Market capitalization alone cannot therefore be the sole parameterfor testing the asset for impairment, but should additionally be assessed based on the factors discussedabove. Based on the market capitalization as per 31 December 2022, there is no indication that the marketvalues TET lower than the current book value.Although the list above is not exhaustive, we do not observe any new risk factors related to the technologywhich may reduce the value of the assets in the balance sheet.The preclinical development of TET is planned to be funded until an expected milestone in 2023. Then,if certain milestones are reached, additional funding will be needed for the next phase (mainly CMCdevelopment/manufacturing processes and clinical development) towards the commencement of a clinicaltrial. This critical decision point will be important when considering impairment of the intangible assets, asthe asset could then be considered partly idle, reducing its value significantly.ConclusionIn the impairment test performed, no indications of impairment were identified, which concludes thatthe fair value of the intangible assets are higher than carrying value. As a result, no impairment of theseintangible assets has been recognized.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-431-7": {
"value": "Note 9: Non-current assetsOFFICE AND NON-CURRENT ASSETS 2021 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2021 2 063 9 000 50 401 10 383 71 847Additions 85 - --85Cost at 31 Dec 2021 2 148 9 000 50 401 10 383 71 932Accumulated depreciation and amortization (1 686) (1 707)- -(3 393)at 1 Jan 2021Depreciations in the year (250) (754)- -(1 004)Accumulated depreciation and amortization (1 936) (2 461) --(4 397)at 31 Dec 2021Accumulated currency effects at 1 Jan 2021- -6 857 1 413 8 270Currency exchange effects in the year- -(3 709) (764) (4 473Carrying value at 31 Dec 2021 212 6 539 53 549 11 031 71 331Economic life 3 years 15 years indefinite indefiniteDepreciation method linear linearPatentsIn 2015, the Group acquired all rights to the patents and technology from Inven2 AS, which is one of theGroup\u2019s main shareholders. The price for the patent was MNOK 4.0 and was based on a purchase optionin the license agreement entered into with Inven2 AS in 2011. The purchase of these rights implies thatthe Group no longer has to pay future royalties to Inven2 AS from potential commercial sales of products related to the patents/patent applications. The patent period spans over 15 years and expires in 2031.According to the purchase agreement related to the same patents, Inven2 AS is entitled to two milestonepayments of MNOK 5.0 and MNOK 6.0 at the commencement of a clinical phase IIb and phase III study (oranother registration study) respectively. The first milestone payment of MNOK 5.0 was paid to Inven2 in May2020 due to the commencement of the INITIUM phase II trial. The milestone payment was capitalized inthe balance sheet when it was paid to Inven2, and will be depreciated linearly until February 2031. Licenses and GoodwillBeyond UV1, which is the core product of the Ultimovacs group, Ultimovacs is pursuing development of afirst-in-class vaccine solution utilizing the proprietary Tetanus-Epitope Targeting-platform (TET-platform).A preclinical program was initiated in 2019 to take the pharmaceutical product candidate to a decisionpoint for further clinical development, given that the results from the preclinical program are positive. OFFICE AND NON-CURRENT ASSETS 2022 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2022 2 148 9 000 50 401 10 383 71 932Additions 195 - --195Cost at 31 Dec 2022 2 344 9 000 50 401 10 383 72 127Accumulated depreciation and amortization (1 936) (2 461)- -(4 397)at 1 Jan 2022Depreciations in the year (188) (754)- -(943)Accumulated depreciation and amortization (2 124) (3 215) --(5 339)at 31 Dec 2022Accumulated currency effects at 1 Jan 2022- -3 148 649 3 797Currency exchange effects in the year- -(1 605) (331) (1 935)Carrying value at 31 Dec 2022 220 5 784 51 944 10 701 68 649Note 9: Non-current assets (continued)Licenses and Goodwill (continued)There have been and there are several significant milestones in terms of impairment testing of the value ofthe TET technology. The current preclinical development of TET is planned to be funded until an expectedmilestone in 2023. If Ultimovacs decides not to go further in the development of the TET technology, itwould be difficult to justify the value in the balance-sheet, and a substantial part of the booked value issubject for impairment. Impairment of assets1. IAS 36 seeks to ensure that an entity\u2019s assets are not carried at more than their recoverable amount.2. Impairment means that asset has suffered a loss in value.3. An asset is said to be impaired when its recoverable amount is less than its carrying amount.Ultimovacs has both goodwill and intangibles with indefinite useful lives as of 31 December 2022. UnderIAS 36, \u2018Impairment of assets\u2019, these assets are required to be tested annually for impairment irrespectiveof indictors of impairment. The intangible assets subject to impairment in the balance sheet are \u201cLicenses\u201d,which are the basis for the TET technology. The license agreement with Academisch Ziekenhuis Leiden andTechnologiestichting STW gives Ultimovacs rights to commercial development, manufacture and sales ofimmunotherapy treatments against cancer utilizing the TET technology. The license agreement does nothave any expiration date, and the license is therefore defined to have indefinite useful life.The Group also has goodwill created by deferred tax, which is a result of the purchase price amountfor acquiring the licensed technology. The Goodwill is also tested for impairment annually. To test forimpairment, goodwill must be allocated to each of the acquirer\u2019s cash-generating units (CGU), or groupsof cash-generating units, that are expected to benefit from the synergies of the combination, irrespectiveof whether other assets or liabilities of the acquiree are assigned to those units or groups of units. Thelegal entities Ultimovacs ASA and Ultimovacs AB, together the Group, is defined as the CGU subject forimpairment testing. The impairment testing of the Licenses and its corresponding goodwill will thereforebe performed at Group level. Impairment testIn order to identify the Recoverable amount of the intangible assets, a value must be found for both Valuein use and Fair value. The Value in use of an asset is the expected future cash flows that the asset in itscurrent condition will produce, discounted to present value using an appropriate discount rate. Ultimovacshas chosen not to prepare a Value in use calculation from the TET technology as the estimates of futurecash flows would be highly unreliable. Potential earnings are years ahead, and it would not be clear if thesecould come from direct sales, indirect sales or through licensing agreements. To prepare a forecast in orderto obtain any value for the assets tested for impairments would not be reasonable and supportable.Ultimovacs will therefore rely on the value from the Fair Value assessment, which normally is the marketvalue at measurement date. No active market exists for comparison; thus, the acquisition price, and bookvalue, is considered as the fair value. The fair value, however, must be tested for factors which may reduceis value, function etc.The following factors have been assessed when testing for impairment:1. Market value declines: There is no indication that the value for adjuvants is in decline. Ultimovacs hasfew or no real alternatives to the adjuvant currently being used, GM-CSF. 2. Negative changes in technology, markets, economy, or laws: There is still an unmet need for moreadjuvant solutions to be used with vaccines. Thus, the TET technology may potentially be utilized in othervaccine candidates, and it could also be sold to third parties. No other negative factors are observed inthe markets.Note 9: Non-current assets (continued)3. Asset is idle, part of a restructuring or held for disposal: The first phase of the development planis to develop product candidates of the TET prototype and identify 1-2 clinical trial lead candidate(s).Approximately MNOK 37 has been spent from 2019 until December 2022 on preclinical development, theTENDU phase I clinical trial, production and consultant costs in order to create and validate the TETtechnology platform and to develop one or more product candidates. Several employees in both Norwayand Sweden are involved in the project. In October 2021, the Company raised gross MNOK 270 in equity ina private placement, where a certain amount was allocated to further TET-development.4. Worse economic performance than expected: Even though TET is still far from bringing any cash inflowsto the company, the technology will be highly valuable if the project is successful. Setting any value onthe TET technology using a CF model is of no real value/use at this very early stage of its research anddevelopment. In addition, Management has undertaken a review of the company\u2019s business and the environment in whichit operates, and concludes that there are no significant changes in the business or its environment now orin the future regarding:a decline in the market or price for products or servicesoversupply in markets for products or servicesproblems in sourcing raw materials or servicesincreases in the costs of production or delivering serviceschanges in exchange rates affecting costs or salesnew competitorsnew products or services from competitorstechnological changechanges in law or regulationschanges in economic conditionsAn additional factor which could be an indicator for impairment of the non intangible assets would be ifthe total market capitalization of the Group was lower than the net asset value in the balance sheet. Thisdoes however, not necessarily mean that the asset is overvalued in the statement of financial position, butshould be a trigger to test for impairment based on other parameters. Market capitalization for the Groupwas as per 31 December 2022, MNOK 3,784, significantly higher than the value of the assets being testedfor impairment (MNOK 449.4). On the other hand, a market capitalization over the current book value,does not directly indicate that the value is present and no other testing is required, as most of the marketvalue is primarily attributable to UV1. Market capitalization alone cannot therefore be the sole parameterfor testing the asset for impairment, but should additionally be assessed based on the factors discussedabove. Based on the market capitalization as per 31 December 2022, there is no indication that the marketvalues TET lower than the current book value.Although the list above is not exhaustive, we do not observe any new risk factors related to the technologywhich may reduce the value of the assets in the balance sheet.The preclinical development of TET is planned to be funded until an expected milestone in 2023. Then,if certain milestones are reached, additional funding will be needed for the next phase (mainly CMCdevelopment/manufacturing processes and clinical development) towards the commencement of a clinicaltrial. This critical decision point will be important when considering impairment of the intangible assets, asthe asset could then be considered partly idle, reducing its value significantly.ConclusionIn the impairment test performed, no indications of impairment were identified, which concludes thatthe fair value of the intangible assets are higher than carrying value. As a result, no impairment of theseintangible assets has been recognized.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-431-8": {
"value": "Note 9: Non-current assetsOFFICE AND NON-CURRENT ASSETS 2021 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2021 2 063 9 000 50 401 10 383 71 847Additions 85 - --85Cost at 31 Dec 2021 2 148 9 000 50 401 10 383 71 932Accumulated depreciation and amortization (1 686) (1 707)- -(3 393)at 1 Jan 2021Depreciations in the year (250) (754)- -(1 004)Accumulated depreciation and amortization (1 936) (2 461) --(4 397)at 31 Dec 2021Accumulated currency effects at 1 Jan 2021- -6 857 1 413 8 270Currency exchange effects in the year- -(3 709) (764) (4 473Carrying value at 31 Dec 2021 212 6 539 53 549 11 031 71 331Economic life 3 years 15 years indefinite indefiniteDepreciation method linear linearPatentsIn 2015, the Group acquired all rights to the patents and technology from Inven2 AS, which is one of theGroup\u2019s main shareholders. The price for the patent was MNOK 4.0 and was based on a purchase optionin the license agreement entered into with Inven2 AS in 2011. The purchase of these rights implies thatthe Group no longer has to pay future royalties to Inven2 AS from potential commercial sales of products related to the patents/patent applications. The patent period spans over 15 years and expires in 2031.According to the purchase agreement related to the same patents, Inven2 AS is entitled to two milestonepayments of MNOK 5.0 and MNOK 6.0 at the commencement of a clinical phase IIb and phase III study (oranother registration study) respectively. The first milestone payment of MNOK 5.0 was paid to Inven2 in May2020 due to the commencement of the INITIUM phase II trial. The milestone payment was capitalized inthe balance sheet when it was paid to Inven2, and will be depreciated linearly until February 2031. Licenses and GoodwillBeyond UV1, which is the core product of the Ultimovacs group, Ultimovacs is pursuing development of afirst-in-class vaccine solution utilizing the proprietary Tetanus-Epitope Targeting-platform (TET-platform).A preclinical program was initiated in 2019 to take the pharmaceutical product candidate to a decisionpoint for further clinical development, given that the results from the preclinical program are positive. OFFICE AND NON-CURRENT ASSETS 2022 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2022 2 148 9 000 50 401 10 383 71 932Additions 195 - --195Cost at 31 Dec 2022 2 344 9 000 50 401 10 383 72 127Accumulated depreciation and amortization (1 936) (2 461)- -(4 397)at 1 Jan 2022Depreciations in the year (188) (754)- -(943)Accumulated depreciation and amortization (2 124) (3 215) --(5 339)at 31 Dec 2022Accumulated currency effects at 1 Jan 2022- -3 148 649 3 797Currency exchange effects in the year- -(1 605) (331) (1 935)Carrying value at 31 Dec 2022 220 5 784 51 944 10 701 68 649Note 9: Non-current assets (continued)Licenses and Goodwill (continued)There have been and there are several significant milestones in terms of impairment testing of the value ofthe TET technology. The current preclinical development of TET is planned to be funded until an expectedmilestone in 2023. If Ultimovacs decides not to go further in the development of the TET technology, itwould be difficult to justify the value in the balance-sheet, and a substantial part of the booked value issubject for impairment. Impairment of assets1. IAS 36 seeks to ensure that an entity\u2019s assets are not carried at more than their recoverable amount.2. Impairment means that asset has suffered a loss in value.3. An asset is said to be impaired when its recoverable amount is less than its carrying amount.Ultimovacs has both goodwill and intangibles with indefinite useful lives as of 31 December 2022. UnderIAS 36, \u2018Impairment of assets\u2019, these assets are required to be tested annually for impairment irrespectiveof indictors of impairment. The intangible assets subject to impairment in the balance sheet are \u201cLicenses\u201d,which are the basis for the TET technology. The license agreement with Academisch Ziekenhuis Leiden andTechnologiestichting STW gives Ultimovacs rights to commercial development, manufacture and sales ofimmunotherapy treatments against cancer utilizing the TET technology. The license agreement does nothave any expiration date, and the license is therefore defined to have indefinite useful life.The Group also has goodwill created by deferred tax, which is a result of the purchase price amountfor acquiring the licensed technology. The Goodwill is also tested for impairment annually. To test forimpairment, goodwill must be allocated to each of the acquirer\u2019s cash-generating units (CGU), or groupsof cash-generating units, that are expected to benefit from the synergies of the combination, irrespectiveof whether other assets or liabilities of the acquiree are assigned to those units or groups of units. Thelegal entities Ultimovacs ASA and Ultimovacs AB, together the Group, is defined as the CGU subject forimpairment testing. The impairment testing of the Licenses and its corresponding goodwill will thereforebe performed at Group level. Impairment testIn order to identify the Recoverable amount of the intangible assets, a value must be found for both Valuein use and Fair value. The Value in use of an asset is the expected future cash flows that the asset in itscurrent condition will produce, discounted to present value using an appropriate discount rate. Ultimovacshas chosen not to prepare a Value in use calculation from the TET technology as the estimates of futurecash flows would be highly unreliable. Potential earnings are years ahead, and it would not be clear if thesecould come from direct sales, indirect sales or through licensing agreements. To prepare a forecast in orderto obtain any value for the assets tested for impairments would not be reasonable and supportable.Ultimovacs will therefore rely on the value from the Fair Value assessment, which normally is the marketvalue at measurement date. No active market exists for comparison; thus, the acquisition price, and bookvalue, is considered as the fair value. The fair value, however, must be tested for factors which may reduceis value, function etc.The following factors have been assessed when testing for impairment:1. Market value declines: There is no indication that the value for adjuvants is in decline. Ultimovacs hasfew or no real alternatives to the adjuvant currently being used, GM-CSF. 2. Negative changes in technology, markets, economy, or laws: There is still an unmet need for moreadjuvant solutions to be used with vaccines. Thus, the TET technology may potentially be utilized in othervaccine candidates, and it could also be sold to third parties. No other negative factors are observed inthe markets.Note 9: Non-current assets (continued)3. Asset is idle, part of a restructuring or held for disposal: The first phase of the development planis to develop product candidates of the TET prototype and identify 1-2 clinical trial lead candidate(s).Approximately MNOK 37 has been spent from 2019 until December 2022 on preclinical development, theTENDU phase I clinical trial, production and consultant costs in order to create and validate the TETtechnology platform and to develop one or more product candidates. Several employees in both Norwayand Sweden are involved in the project. In October 2021, the Company raised gross MNOK 270 in equity ina private placement, where a certain amount was allocated to further TET-development.4. Worse economic performance than expected: Even though TET is still far from bringing any cash inflowsto the company, the technology will be highly valuable if the project is successful. Setting any value onthe TET technology using a CF model is of no real value/use at this very early stage of its research anddevelopment. In addition, Management has undertaken a review of the company\u2019s business and the environment in whichit operates, and concludes that there are no significant changes in the business or its environment now orin the future regarding:a decline in the market or price for products or servicesoversupply in markets for products or servicesproblems in sourcing raw materials or servicesincreases in the costs of production or delivering serviceschanges in exchange rates affecting costs or salesnew competitorsnew products or services from competitorstechnological changechanges in law or regulationschanges in economic conditionsAn additional factor which could be an indicator for impairment of the non intangible assets would be ifthe total market capitalization of the Group was lower than the net asset value in the balance sheet. Thisdoes however, not necessarily mean that the asset is overvalued in the statement of financial position, butshould be a trigger to test for impairment based on other parameters. Market capitalization for the Groupwas as per 31 December 2022, MNOK 3,784, significantly higher than the value of the assets being testedfor impairment (MNOK 449.4). On the other hand, a market capitalization over the current book value,does not directly indicate that the value is present and no other testing is required, as most of the marketvalue is primarily attributable to UV1. Market capitalization alone cannot therefore be the sole parameterfor testing the asset for impairment, but should additionally be assessed based on the factors discussedabove. Based on the market capitalization as per 31 December 2022, there is no indication that the marketvalues TET lower than the current book value.Although the list above is not exhaustive, we do not observe any new risk factors related to the technologywhich may reduce the value of the assets in the balance sheet.The preclinical development of TET is planned to be funded until an expected milestone in 2023. Then,if certain milestones are reached, additional funding will be needed for the next phase (mainly CMCdevelopment/manufacturing processes and clinical development) towards the commencement of a clinicaltrial. This critical decision point will be important when considering impairment of the intangible assets, asthe asset could then be considered partly idle, reducing its value significantly.ConclusionIn the impairment test performed, no indications of impairment were identified, which concludes thatthe fair value of the intangible assets are higher than carrying value. As a result, no impairment of theseintangible assets has been recognized.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-431-9": {
"value": "Note 9: Non-current assetsOFFICE AND NON-CURRENT ASSETS 2021 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2021 2 063 9 000 50 401 10 383 71 847Additions 85 - --85Cost at 31 Dec 2021 2 148 9 000 50 401 10 383 71 932Accumulated depreciation and amortization (1 686) (1 707)- -(3 393)at 1 Jan 2021Depreciations in the year (250) (754)- -(1 004)Accumulated depreciation and amortization (1 936) (2 461) --(4 397)at 31 Dec 2021Accumulated currency effects at 1 Jan 2021- -6 857 1 413 8 270Currency exchange effects in the year- -(3 709) (764) (4 473Carrying value at 31 Dec 2021 212 6 539 53 549 11 031 71 331Economic life 3 years 15 years indefinite indefiniteDepreciation method linear linearPatentsIn 2015, the Group acquired all rights to the patents and technology from Inven2 AS, which is one of theGroup\u2019s main shareholders. The price for the patent was MNOK 4.0 and was based on a purchase optionin the license agreement entered into with Inven2 AS in 2011. The purchase of these rights implies thatthe Group no longer has to pay future royalties to Inven2 AS from potential commercial sales of products related to the patents/patent applications. The patent period spans over 15 years and expires in 2031.According to the purchase agreement related to the same patents, Inven2 AS is entitled to two milestonepayments of MNOK 5.0 and MNOK 6.0 at the commencement of a clinical phase IIb and phase III study (oranother registration study) respectively. The first milestone payment of MNOK 5.0 was paid to Inven2 in May2020 due to the commencement of the INITIUM phase II trial. The milestone payment was capitalized inthe balance sheet when it was paid to Inven2, and will be depreciated linearly until February 2031. Licenses and GoodwillBeyond UV1, which is the core product of the Ultimovacs group, Ultimovacs is pursuing development of afirst-in-class vaccine solution utilizing the proprietary Tetanus-Epitope Targeting-platform (TET-platform).A preclinical program was initiated in 2019 to take the pharmaceutical product candidate to a decisionpoint for further clinical development, given that the results from the preclinical program are positive. OFFICE AND NON-CURRENT ASSETS 2022 (NOK 1 000)PATENTS LICENSES GOODWILL TOTALLAB EQUIPM.Accumulated cost 1 Jan 2022 2 148 9 000 50 401 10 383 71 932Additions 195 - --195Cost at 31 Dec 2022 2 344 9 000 50 401 10 383 72 127Accumulated depreciation and amortization (1 936) (2 461)- -(4 397)at 1 Jan 2022Depreciations in the year (188) (754)- -(943)Accumulated depreciation and amortization (2 124) (3 215) --(5 339)at 31 Dec 2022Accumulated currency effects at 1 Jan 2022- -3 148 649 3 797Currency exchange effects in the year- -(1 605) (331) (1 935)Carrying value at 31 Dec 2022 220 5 784 51 944 10 701 68 649Note 9: Non-current assets (continued)Licenses and Goodwill (continued)There have been and there are several significant milestones in terms of impairment testing of the value ofthe TET technology. The current preclinical development of TET is planned to be funded until an expectedmilestone in 2023. If Ultimovacs decides not to go further in the development of the TET technology, itwould be difficult to justify the value in the balance-sheet, and a substantial part of the booked value issubject for impairment. Impairment of assets1. IAS 36 seeks to ensure that an entity\u2019s assets are not carried at more than their recoverable amount.2. Impairment means that asset has suffered a loss in value.3. An asset is said to be impaired when its recoverable amount is less than its carrying amount.Ultimovacs has both goodwill and intangibles with indefinite useful lives as of 31 December 2022. UnderIAS 36, \u2018Impairment of assets\u2019, these assets are required to be tested annually for impairment irrespectiveof indictors of impairment. The intangible assets subject to impairment in the balance sheet are \u201cLicenses\u201d,which are the basis for the TET technology. The license agreement with Academisch Ziekenhuis Leiden andTechnologiestichting STW gives Ultimovacs rights to commercial development, manufacture and sales ofimmunotherapy treatments against cancer utilizing the TET technology. The license agreement does nothave any expiration date, and the license is therefore defined to have indefinite useful life.The Group also has goodwill created by deferred tax, which is a result of the purchase price amountfor acquiring the licensed technology. The Goodwill is also tested for impairment annually. To test forimpairment, goodwill must be allocated to each of the acquirer\u2019s cash-generating units (CGU), or groupsof cash-generating units, that are expected to benefit from the synergies of the combination, irrespectiveof whether other assets or liabilities of the acquiree are assigned to those units or groups of units. Thelegal entities Ultimovacs ASA and Ultimovacs AB, together the Group, is defined as the CGU subject forimpairment testing. The impairment testing of the Licenses and its corresponding goodwill will thereforebe performed at Group level. Impairment testIn order to identify the Recoverable amount of the intangible assets, a value must be found for both Valuein use and Fair value. The Value in use of an asset is the expected future cash flows that the asset in itscurrent condition will produce, discounted to present value using an appropriate discount rate. Ultimovacshas chosen not to prepare a Value in use calculation from the TET technology as the estimates of futurecash flows would be highly unreliable. Potential earnings are years ahead, and it would not be clear if thesecould come from direct sales, indirect sales or through licensing agreements. To prepare a forecast in orderto obtain any value for the assets tested for impairments would not be reasonable and supportable.Ultimovacs will therefore rely on the value from the Fair Value assessment, which normally is the marketvalue at measurement date. No active market exists for comparison; thus, the acquisition price, and bookvalue, is considered as the fair value. The fair value, however, must be tested for factors which may reduceis value, function etc.The following factors have been assessed when testing for impairment:1. Market value declines: There is no indication that the value for adjuvants is in decline. Ultimovacs hasfew or no real alternatives to the adjuvant currently being used, GM-CSF. 2. Negative changes in technology, markets, economy, or laws: There is still an unmet need for moreadjuvant solutions to be used with vaccines. Thus, the TET technology may potentially be utilized in othervaccine candidates, and it could also be sold to third parties. No other negative factors are observed inthe markets.Note 9: Non-current assets (continued)3. Asset is idle, part of a restructuring or held for disposal: The first phase of the development planis to develop product candidates of the TET prototype and identify 1-2 clinical trial lead candidate(s).Approximately MNOK 37 has been spent from 2019 until December 2022 on preclinical development, theTENDU phase I clinical trial, production and consultant costs in order to create and validate the TETtechnology platform and to develop one or more product candidates. Several employees in both Norwayand Sweden are involved in the project. In October 2021, the Company raised gross MNOK 270 in equity ina private placement, where a certain amount was allocated to further TET-development.4. Worse economic performance than expected: Even though TET is still far from bringing any cash inflowsto the company, the technology will be highly valuable if the project is successful. Setting any value onthe TET technology using a CF model is of no real value/use at this very early stage of its research anddevelopment. In addition, Management has undertaken a review of the company\u2019s business and the environment in whichit operates, and concludes that there are no significant changes in the business or its environment now orin the future regarding:a decline in the market or price for products or servicesoversupply in markets for products or servicesproblems in sourcing raw materials or servicesincreases in the costs of production or delivering serviceschanges in exchange rates affecting costs or salesnew competitorsnew products or services from competitorstechnological changechanges in law or regulationschanges in economic conditionsAn additional factor which could be an indicator for impairment of the non intangible assets would be ifthe total market capitalization of the Group was lower than the net asset value in the balance sheet. Thisdoes however, not necessarily mean that the asset is overvalued in the statement of financial position, butshould be a trigger to test for impairment based on other parameters. Market capitalization for the Groupwas as per 31 December 2022, MNOK 3,784, significantly higher than the value of the assets being testedfor impairment (MNOK 449.4). On the other hand, a market capitalization over the current book value,does not directly indicate that the value is present and no other testing is required, as most of the marketvalue is primarily attributable to UV1. Market capitalization alone cannot therefore be the sole parameterfor testing the asset for impairment, but should additionally be assessed based on the factors discussedabove. Based on the market capitalization as per 31 December 2022, there is no indication that the marketvalues TET lower than the current book value.Although the list above is not exhaustive, we do not observe any new risk factors related to the technologywhich may reduce the value of the assets in the balance sheet.The preclinical development of TET is planned to be funded until an expected milestone in 2023. Then,if certain milestones are reached, additional funding will be needed for the next phase (mainly CMCdevelopment/manufacturing processes and clinical development) towards the commencement of a clinicaltrial. This critical decision point will be important when considering impairment of the intangible assets, asthe asset could then be considered partly idle, reducing its value significantly.ConclusionIn the impairment test performed, no indications of impairment were identified, which concludes thatthe fair value of the intangible assets are higher than carrying value. As a result, no impairment of theseintangible assets has been recognized.",
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"value": "Note 10: Other receivablesOTHER RECEIVABLES (NOK 1 000) 2022 2021Government grants receivables (ref note 3) 4 990 5 314Prepayments 2 916 878Fair value of currency contracts 1 083 759Other receivables 1 280 1 135Total other receivables 10 270 8 087",
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"value": "Note 10: Other receivablesOTHER RECEIVABLES (NOK 1 000) 2022 2021Government grants receivables (ref note 3) 4 990 5 314Prepayments 2 916 878Fair value of currency contracts 1 083 759Other receivables 1 280 1 135Total other receivables 10 270 8 087",
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"value": "As of 31 December 2022, cash and cash equivalents amounted to MNOK 425.3, of which MNOK 19.7 (MEUR 1.9) on an EUR account and MNOK 4.9 (MSEK 5.2) in Ultimovacs AB on a Swedish bank account in SEK. Note 11: Cash and cash equivalentsCASH AND CASH EQUIVALENTS (NOK 1 000) 2022 2021Employee withholding tax 1 818 1 855Cash at bank 423 491 572 313Cash and cash equivalents 425 309 574 168",
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"value": "As of 31 December 2022, cash and cash equivalents amounted to MNOK 425.3, of which MNOK 19.7 (MEUR 1.9) on an EUR account and MNOK 4.9 (MSEK 5.2) in Ultimovacs AB on a Swedish bank account in SEK. Note 11: Cash and cash equivalentsCASH AND CASH EQUIVALENTS (NOK 1 000) 2022 2021Employee withholding tax 1 818 1 855Cash at bank 423 491 572 313Cash and cash equivalents 425 309 574 168",
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"value": "SHARE CAPITAL SHARE CAPITAL CHANGES TO SHARE CAPITALNUMBER OF SHARES(NOK 1 000)31 December 2020 31 973 511 3 197 351.1Issuance of ordinary shares 2 248 250 224 825.031 December 2021 34 221 761 3 422 176.1Issuance of ordinary shares 174 700 17 47031 December 2022 34 396 461 3 439 646.1Note 12: Share capital, shareholder information and dividendIn September and November 2022, a total of 174,700 options, granted under Ultimovacs\u2019 option program,were exercised. Subsequently, the Company\u2019s share capital was increased by NOK 17,470 by issuing 174,700new shares, each share of par value NOK 0.10.In a private placement in October 2021, 2,160,000 new shares each with a par value of NOK 0.10 and issuedat a subscription price per share of NOK 125.0, resulting in gross proceeds from the share issue of MNOK270. The transaction costs related to the share-issues amounted to MNOK 11.0 in 2021, and have beenrecognized against share premium. For computation of earnings per share and diluted earnings per sharesee Note 8. In March and October 2021, a total of 88,250 options, granted under Ultimovacs\u2019 option program, wereexercised. Subsequently, the Company\u2019s share capital was increased by NOK 8,825 by issuing 88,250 newshares, each share of par value NOK 0.10. The share capital as of 31 December 2022 was NOK 3,439,646.1, with 34,396,461 ordinary shares with anominal value of NOK 0.1. All issued shares have equal voting rights and the right to receive dividend.No dividend has been paid in the period. Ultimovacs ASA has approximately 5,000 shareholders as of 31December 2022, with the 20 largest shareholders as of this date listed in a table below on the next page.The movement in the number of registered shares and share capital was in 2021 and 2022 as follows:The share capital as of 31 December 2022 was NOK 3,439,646.1, with 34,396,461 ordinary shares with a nominal value of NOK 0.1. All issued shares have equal voting rights and the right to receive dividend. No dividend has been paid in the period. Ultimovacs ASA has approximately 5,000 shareholders as of 31 December 2022, with the 20 largest shareholders as of this date listed in a table below on the next page. The movement in the number of registered shares and share capital was in 2021 and 2022 as follows:",
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"value": "SHARE CAPITAL SHARE CAPITAL CHANGES TO SHARE CAPITALNUMBER OF SHARES(NOK 1 000)31 December 2020 31 973 511 3 197 351.1Issuance of ordinary shares 2 248 250 224 825.031 December 2021 34 221 761 3 422 176.1Issuance of ordinary shares 174 700 17 47031 December 2022 34 396 461 3 439 646.1Note 12: Share capital, shareholder information and dividendIn September and November 2022, a total of 174,700 options, granted under Ultimovacs\u2019 option program,were exercised. Subsequently, the Company\u2019s share capital was increased by NOK 17,470 by issuing 174,700new shares, each share of par value NOK 0.10.In a private placement in October 2021, 2,160,000 new shares each with a par value of NOK 0.10 and issuedat a subscription price per share of NOK 125.0, resulting in gross proceeds from the share issue of MNOK270. The transaction costs related to the share-issues amounted to MNOK 11.0 in 2021, and have beenrecognized against share premium. For computation of earnings per share and diluted earnings per sharesee Note 8. In March and October 2021, a total of 88,250 options, granted under Ultimovacs\u2019 option program, wereexercised. Subsequently, the Company\u2019s share capital was increased by NOK 8,825 by issuing 88,250 newshares, each share of par value NOK 0.10. The share capital as of 31 December 2022 was NOK 3,439,646.1, with 34,396,461 ordinary shares with anominal value of NOK 0.1. All issued shares have equal voting rights and the right to receive dividend.No dividend has been paid in the period. Ultimovacs ASA has approximately 5,000 shareholders as of 31December 2022, with the 20 largest shareholders as of this date listed in a table below on the next page.The movement in the number of registered shares and share capital was in 2021 and 2022 as follows:The share capital as of 31 December 2022 was NOK 3,439,646.1, with 34,396,461 ordinary shares with a nominal value of NOK 0.1. All issued shares have equal voting rights and the right to receive dividend. No dividend has been paid in the period. Ultimovacs ASA has approximately 5,000 shareholders as of 31 December 2022, with the 20 largest shareholders as of this date listed in a table below on the next page. The movement in the number of registered shares and share capital was in 2021 and 2022 as follows:",
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"value": "SHARE CAPITAL SHARE CAPITAL CHANGES TO SHARE CAPITALNUMBER OF SHARES(NOK 1 000)31 December 2020 31 973 511 3 197 351.1Issuance of ordinary shares 2 248 250 224 825.031 December 2021 34 221 761 3 422 176.1Issuance of ordinary shares 174 700 17 47031 December 2022 34 396 461 3 439 646.1Note 12: Share capital, shareholder information and dividendIn September and November 2022, a total of 174,700 options, granted under Ultimovacs\u2019 option program,were exercised. Subsequently, the Company\u2019s share capital was increased by NOK 17,470 by issuing 174,700new shares, each share of par value NOK 0.10.In a private placement in October 2021, 2,160,000 new shares each with a par value of NOK 0.10 and issuedat a subscription price per share of NOK 125.0, resulting in gross proceeds from the share issue of MNOK270. The transaction costs related to the share-issues amounted to MNOK 11.0 in 2021, and have beenrecognized against share premium. For computation of earnings per share and diluted earnings per sharesee Note 8. In March and October 2021, a total of 88,250 options, granted under Ultimovacs\u2019 option program, wereexercised. Subsequently, the Company\u2019s share capital was increased by NOK 8,825 by issuing 88,250 newshares, each share of par value NOK 0.10. The share capital as of 31 December 2022 was NOK 3,439,646.1, with 34,396,461 ordinary shares with anominal value of NOK 0.1. All issued shares have equal voting rights and the right to receive dividend.No dividend has been paid in the period. Ultimovacs ASA has approximately 5,000 shareholders as of 31December 2022, with the 20 largest shareholders as of this date listed in a table below on the next page.The movement in the number of registered shares and share capital was in 2021 and 2022 as follows:The share capital as of 31 December 2022 was NOK 3,439,646.1, with 34,396,461 ordinary shares with a nominal value of NOK 0.1. All issued shares have equal voting rights and the right to receive dividend. No dividend has been paid in the period. Ultimovacs ASA has approximately 5,000 shareholders as of 31 December 2022, with the 20 largest shareholders as of this date listed in a table below on the next page. The movement in the number of registered shares and share capital was in 2021 and 2022 as follows:",
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"value": "SHARE CAPITAL SHARE CAPITAL CHANGES TO SHARE CAPITALNUMBER OF SHARES(NOK 1 000)31 December 2020 31 973 511 3 197 351.1Issuance of ordinary shares 2 248 250 224 825.031 December 2021 34 221 761 3 422 176.1Issuance of ordinary shares 174 700 17 47031 December 2022 34 396 461 3 439 646.1Note 12: Share capital, shareholder information and dividendIn September and November 2022, a total of 174,700 options, granted under Ultimovacs\u2019 option program,were exercised. Subsequently, the Company\u2019s share capital was increased by NOK 17,470 by issuing 174,700new shares, each share of par value NOK 0.10.In a private placement in October 2021, 2,160,000 new shares each with a par value of NOK 0.10 and issuedat a subscription price per share of NOK 125.0, resulting in gross proceeds from the share issue of MNOK270. The transaction costs related to the share-issues amounted to MNOK 11.0 in 2021, and have beenrecognized against share premium. For computation of earnings per share and diluted earnings per sharesee Note 8. In March and October 2021, a total of 88,250 options, granted under Ultimovacs\u2019 option program, wereexercised. Subsequently, the Company\u2019s share capital was increased by NOK 8,825 by issuing 88,250 newshares, each share of par value NOK 0.10. The share capital as of 31 December 2022 was NOK 3,439,646.1, with 34,396,461 ordinary shares with anominal value of NOK 0.1. All issued shares have equal voting rights and the right to receive dividend.No dividend has been paid in the period. Ultimovacs ASA has approximately 5,000 shareholders as of 31December 2022, with the 20 largest shareholders as of this date listed in a table below on the next page.The movement in the number of registered shares and share capital was in 2021 and 2022 as follows:NUMBER OF OWNERSHIP THE 20 MAIN SHAREHOLDERS AS OF 31 DECEMBER 2022SHARES INTERESTGjelsten Holding AS 6 495 866 18.9 %Canica AS 2 705 957 7.9 %Watrium AS 1 780 575 5.2 %Inven2 AS 1 555 492 4.5 %Folketrygdfondet 1 515 813 4.4 %Radforsk Investeringsstiftelse 1 512 163 4.4 %Lang\u00f8ya Invest AS 1 389 006 4.0 %Helene Sundt AS 965 802 2.8 %CGS Holding AS 882 132 2.6 %Sundt AS 803 321 2.3 %Danske Invest Norge Vekst 736 440 2.1 %Stavanger Forvaltning AS 590 000 1.7 %Prieta AS 533 988 1.6 %Verdipapirfondet Nordea Avkastning 480 573 1.4 %SEB Prime Solutions Sissener Canopus 400 000 1.2 %Verdipapirfondet KLP Aksjenorge 348 416 1.0 %Swedbank AB 252 814 0.7 %Wiarom AS 250 000 0.7 %Verdipapirfondet Nordea Kapital 246 178 0.7 %Gade, Leif Johan 225 052 0.7 %20 Largest shareholders 23 669 588 68.8%Other shareholders 10 726 873 31.2%Total 34 396 461100.0%As of 31 December 2022, four members of the Management team in the Group held a total of 163,066 ordinary shares in Ultimovacs. NUMBER OF SHARES HELD BY CEO AND THE BOARD OF DIRECTORS NUMBER OF POSITION AS OF 31 DECEMBER 2022SHARESCarlos de Sousa CEO 14 906Ketil Fjerdingen - through Lang\u00f8ya Invest AS Board member 1 389 006 Leiv Askvig - through Basen Kapital AS Board member 91 500Henrik Schussler - through Fireh AS Board member 30 900Eva S. Dugstad Board member 6 400Kari Gr\u00f8n\u00e5s - through K OG K AS Board member 6 640Total shares held by CEO and Board of Directors 1 539 352As of 31 December 2021, three members of the Management team in the Group held a total of 156,606 ordinary shares in Ultimovacs. NUMBER OF SHARES HELD BY CEO AND THE BOARD OF DIRECTORS NUMBER OF POSITION AS OF 31 DECEMBER 2021SHARESCarlos de Sousa CEO 11 906Ketil Fjerdingen - through Lang\u00f8ya Invest AS Board member 1 389 006 Leiv Askvig - through Basen Kapital AS Board member 91 500Henrik Schussler - through Fireh AS Board member 30 900Eva S. Dugstad Board member 6 400Kari Gr\u00f8n\u00e5s - through K OG K AS Board member 6 640H\u00e5kan Englund - through JDS Invest AB Deputy Board member 73 650Total shares held by CEO and Board of Directors 1 610 002NUMBER OF OWNERSHIP THE 20 MAIN SHAREHOLDERS AS OF 31 DECEMBER 2021SHARES INTERESTGjelsten Holding AS 6 495 866 19.0 %Canica AS 2 705 957 7.9 %Watrium AS 1 780 575 5.2 %Inven2 AS 1 555 492 4.5 %Radforsk Investeringsstiftelse 1 506 913 4.4 %Folketrygdfondet 1 400 000 4.1 %Lang\u00f8ya Invest AS 1 389 006 4.1 %Helene Sundt AS 965 802 2.8 %CGS Holding AS 882 132 2.6 %Sundt AS 803 321 2.3 %Danske Invest Norge Vekst 736 440 2.2 %Stavanger Forvaltning AS 596 999 1.7 %Prieta AS 533 988 1.6 %Verdipapirfondet Nordea Avkastning 483 573 1.4 %JPMorgan Chase Bank, N.A., London 402 495 1.2 %Verdipapirfondet KLP AksjeNorge 348 416 1.0 %SEB Prime Solutions Sissener Canopus 324 000 0.9 %Verdipapirfondet Nordea Kapital 282 549 0.8 %Avanza Bank AB (Nominee) 274 520 0.8 %Swedbank AB 258 629 0.8 %20 Largest shareholders 23 726 673 69.3%Other shareholders 10 495 088 30.7%Total 34 221 761100.0%The share capital as of 31 December 2022 was NOK 3,439,646.1, with 34,396,461 ordinary shares with a nominal value of NOK 0.1. All issued shares have equal voting rights and the right to receive dividend. No dividend has been paid in the period. Ultimovacs ASA has approximately 5,000 shareholders as of 31 December 2022, with the 20 largest shareholders as of this date listed in a table below on the next page. The movement in the number of registered shares and share capital was in 2021 and 2022 as follows:",
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"value": "Note 13: Transactions with related partiesIn 2015, Ultimovacs acquired the patent rights for the core UV1 technology from Inven2 AS, a majorshareholder in the Group. Based on the agreements, Invent2 AS is entitled to receive two potentialmilestone payments when certain clinical research criteria are reached; MNOK 5.0 and MNOK 6.0 at thecommencement of a clinical phase IIb and phase III study (or another registration study) respectively. Thefirst milestone payment of MNOK 5.0 was paid to Inven2 in May 2020 due to the commencement of theINITIUM phase II trial.Please refer to note 9 for additional information.As part of ordinary business and at market price, Ultimovacs purchases services related to clinical trials andlaboratory services from Oslo University Hospital through Inven2 AS. Invoicing directly from or administeredby Inven2 AS amounted to MNOK 4.3 in 2021 and MNOK 2.9 in 2022 respectively (incl. VAT). As per 31December 2022, Ultimovacs had no outstanding payables to Inven2 AS.Ultimovacs ASA partly finances running operations and projects in its Swedish subsidiary Ultimovacs ABthrough unconditional shareholder contributions. In 2021, Ultimovacs ASA contributed with a total of MNOK12.0 in unconditional shareholder contributions to Ultimovacs AB, and MNOK 8.0 in 2022.As of 2022, Ultimovacs ASA and Ultimovacs AB have entered into an intercompany agreement whereUltimovacs AB will provide R&D services for Ultimovacs ASA, and thus invoice Ultimovacs ASA for theseservices. Direct and indirect costs pertaining to Ultimovacs AB\u2019s employees\u2019 performance of the servicesas well as other direct costs are invoiced using a \u2018cost plus\u2019 model. In 2022, MNOK 9.9 was invoiced fromUltimovacs AB to Ultimovacs ASA. In 2015, Ultimovacs acquired the patent rights for the core UV1 technology from Inven2 AS, a majorshareholder in the Group. Based on the agreements, Invent2 AS is entitled to receive two potentialmilestone payments when certain clinical research criteria are reached: MNOK 5.0 and MNOK 6.0 at thecommencement of a clinical Phase IIb and Phase III study (or another registration study) respectively. Thefirst milestone payment of MNOK 5.0 was paid to Inven2 in May 2020 due to the commencement of theINITIUM Phase II trial.Please refer to note 9 for additional information.As part of ordinary business and at market price, Ultimovacs purchases services related to clinical trials andlaboratory services from Oslo University Hospital through Inven2 AS. Invoicing directly from or administeredby Inven2 AS amounted to MNOK 4.3 in 2021 and MNOK 2.9 in 2022 respectively (incl. VAT). As per 31December 2022, Ultimovacs had no outstanding payables to Inven2 AS.Ultimovacs ASA partly finances running operations and projects in its Swedish subsidiary Ultimovacs ABthrough unconditional shareholder contributions. In 2021, Ultimovacs ASA contributed with a total of MNOK12.0 in unconditional shareholder contributions to Ultimovacs AB, and MNOK 8.0 in 2022.",
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"pp-value-616-4": {
"value": "Note 14: Leases and commitmentsThe right-of-use assets comprise a rental agreement for office premises in Oslo with 3 years left of therental contract as of 31 December 2022, and four car-leasing contracts. The weighted average discount rateapplied is 8.3% as per 31 December 2022. The Group has utilized the practical expedients relating to leases where short term leases and lease-contracts of low value have not been recognized as right of use assets. Expenses relating to short-termlease comprise lab premises and parking spaces in Oslo, Norway, and office- and lab premises in Uppsala,Sweden. These contracts can be terminated by both lessee and lessor within 1 - 3 months.Expense relatingto low-value assets comprise leasing of an office printer in Oslo.The Group had total cash outflows related to leases of MNOK 2.6 in FY21 and MNOK 2.8 in FY22.LEASE EXPENSES (NOK 1 000) 2022 2021Depreciation expense of right-of-use assets 1 705 1 698Interest expense on lease liabilities 105 179Expense relating to short-term leases (incl. in Other operating expenses) 1 018 743Expense relating to low-value assets (incl. in Other operating expenses) 11 11Total amount recognized in profit or loss 2 839 2 632NON-DISCOUNTED LEASE LIABILITIES EXPIRING WITHIN THE FOLLOWING PERIODS 2022 2021FROM THE BALANCE SHEET DATE (NOK 1 000)Within 1 year 2 147 1 708 1 to 2 years 2 058 285 2 to 3 years 1 862 196 3 to 4 years 112 -4 to 5 years - -Over 5 years - -Sum 6 179 2 190LEASE LIABILITIES (NOK 1 000) 2022 2021Lease liability as per 1 January2 084 3 782Additions5 199 19Cash payments for the principal portion of the lease liability(1 802) (1 716)Cash payments for the interest portion of the lease liability(105) (179)Interest expense on lease liabilities105 179Lease liability as per 31 December5 481 2 084Current1 767 1 628Non-current3 713 457RIGHT-OF-USE ASSETS 2022 (NOK 1 000) CARS OFFICE TOTALRight-of-use assets as per 1 January 2022 680 1 270 1 951Depreciation costs during the year (365) (1 340) (1 705)Extension options exercised / additions 955 4 244 5 199Balance sheet value as per 31 December 2022 1 270 4 174 5 444RIGHT-OF-USE ASSETS 2021 (NOK 1 000) CARS OFFICE TOTALRight-of-use assets as per 1 January 2021 1 109 2 520 3 630Depreciation costs during the year (429) (1 269) (1 698)Extension options exercised / additions - 19 19Balance sheet value as per 31 December 2021 680 1 270 1 951The Company has utilized the practical expedients relating to leases where short term leases and lease-contracts of low value have not been recognized as right of use assets. Expenses relating to short-term lease comprise lab premises and parking spaces in Oslo, Norway. These contracts can be terminated by both lessee and lessor within 1 - 3 months. Expense relating to low-value assets comprise leasing of an office printer in Oslo.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-632-2": {
"value": "Note 15: Share based paymentShare option programThe share option program was introduced in June 2019. The share option program is groupwide andincludes all employees in the Group. At the Annual General Meeting held on 21 April 2022, the Board wasauthorized to increase the Company\u2019s share capital in connection with the share incentive arrangement byup to NOK 342,217.61. The authorization is valid until the next ordinary General Meeting in 2023. Each option gives the right to acquire one share in the Company and is granted without consideration.Pursuant to the vesting schedule, 25% of the options will vest one year after the day of grant, 25% of theoptions will vest two years after the day of grant and the remaining 50% will vest three years after the dayof grant. The options granted in 2020 to the CEO, Carlos de Sousa, will vest with 33.33% one year following the grantdate, 33.33% after two years, and the remaining 33.34% on the third anniversary following the grant date.Vesting is dependent on the option holder still being employed in the Company.The exercise price for all options granted in 2019 was NOK 31.25, NOK 39.15 for the options granted in 2020,NOK 61.99 for the options granted in 2021 and NOK 83.46 for the options granted in 2022.Options that are not exercised within 7 years from the date of grant will lapse and become void. In 2022,the Board of Directors decided to extend the duration of all options under the share option program from5 years to 7 years. Due to this life extension, the unamortized value of the options increased, resulting inan increased IFRS cost related to the options going forward, as well as a one-off cost of MNOK 4.5 bookedin Q2 2022 in accordance with IFRS 2.After the distribution of 480,000 new options on 21 April 2022 and the exercise of 174,700 shares during2022, a total of 2,138,885 share options are granted per 31 December 2022, corresponding to 6.22% of theoutstanding number of shares in the Company.OUTSTANDING INSTRUMENTS OVERVIEW AT YEAR END 2022 2021Number of instruments 2 138 885 1 833 585Weighted Average Exercise Price (NOK) 54.55 44.77Vested/Exercisable instruments as of 31 December 40.76 35.42Weighted Average Exercise Price on vested instruments (NOK) 860 454 419 328Weighted Average remaining contractual life (years) 4.96 3.46NUMBER OF WEIGHTED AVERAGE MOVEMENTS OF OPTIONS DURING 2022INSTRUMENTSEXERCISE PRICEOutstanding at 1 January 1 833 585 44.77Granted during the year 480 000 83.46Terminated during the year - -Exercised during the year (174 700) 31.39Expired during the year - -Outstanding at 31 December 2 138 885 54.55Vested options during the year 441 126 45.85NUMBER OF WEIGHTED AVERAGE MOVEMENTS OF OPTIONS DURING 2021INSTRUMENTSEXERCISE PRICEOutstanding at 1 January 1 330 435 36.16Granted during the year 600 000 61.99Terminated during the year (8 600) 39.15Exercised during the year (88 250) 32.46Expired during the year - -Outstanding at 31 December 1 833 585 44.77Vested options during the year 279 953 37.49Assumptions, costs and social security provisions: The Ultimovacs Employee Share Options\u2019 fair value is calculated according to the IFRS-2 regulations. As stated in IFRS-2 Appendix B \u00a7B5 the Black-Scholes-Merton Option Pricing Model (\u201cB&S Model\u201d) may be used to estimate the fair value of employee share options, which is therefore used to estimate the fair value of the Ultimovacs Employee Share Options. The model uses the following parameters; the exercise price, the current price of the underlying shares, the life of the option, the expected volatility of the share price, the dividends expected on the shares, and the risk-free interest rate for the life of the option. The exercise price is set out in the Ultimovacs Award Agreements with each employee and is stated in the Norwegian Krone. The current price of the underlying shares used in the model is the last available closing price of Ultimovacs at grant date. The risk-free interest rate used in the B&S Model is equal to the rates of the government bond issues of the country in whose currency the exercise price is expressed, with the term equal to the expected term of the option being valued. Since the exercise price is expressed in Norwegian Krone, the \u201cNorges Bank Statskasseveksler\u201d and \u201cObligasjoner\u201d-rate is used as input. The interest rates used for the options with term structures outside of the quoted terms of Norges Banks interest rates are calculated with the use of a linear interpolation between the two closest quoted rates. A dividend parameter is not included in the calculations.The B&S Model assumes that the time from grant until expiry gives the time parameter in themodel. This assumption is based on the options being free from restraints and that the owner ofthe options holds the right to sell the option in the market at any time. As this is not the case formost employee share options, IFRS-2 Appendix B \u00a7B16-18, states that a shorter time period can beused as the expected lifetime of the options in some cases. Half a year after vesting date is thereforeassumed to be the estimated end-of-lifetime of each option in the model. However, exercisepatterns will be monitored, and expected option lifetime will be updated if needed for future grants.As Ultimovacs has not been listed on a stock exchange long enough to have a sufficient share price historyto calculate the shares\u2019 volatility, comparable firms\u2019 share price volatility have been used to estimate theexpected volatility. The fair value of the granted instruments in 2021 and 2022 have been calculated using a Black Scholesmodel with the following assumptions:FAIR VALUE PRICING ASSUMPTIONS 2022 2021Instrument Option Option Quantity as of 31 December 480 000 600 000Contractual life* 7.00 7.00Exercise price* 83.46 61.99Share price* 81.60 62.10Expected lifetime* 3.25 3.25Volatility* 59.60% 48.12%Interest rate* 2.2451% 0.067%Dividend* - -Fair value per instrument* 34.46 20.79Vesting conditions Service condition *Weighted average parameters at grant of instrumentThe total IFRS cost recognized for the option program was MNOK 11.6 in FY 2021 and MNOK 20.4 in FY22. The total social security provision was MNOK 8.6 in FY21 and MNOK 2.0 in FY22.NUMBER OF OPTIONS HELD BY MANAGEMENT TEAM POSITION 2022 2021Carlos de Sousa Chief Executive Officer 416 035 416 035 Hans Vassg\u00e5rd Eid Chief Financial Officer 224 500 177 500 Jens Egil Torbj\u00f8rn Bj\u00f8rheim Chief Medical Officer 215 000 168 000 Audun Tornes Chief Technology Officer 137 500 107 500 Gudrun Tr\u00f8ite Head of Project Coordination 96 814 107 500 Ingunn Hagen Westgaard Head of Research 111 395 107 500 \u00d8ivind Foss Head of Clinical Operations 104 500 107 500 Ton Berkien Chief Business Officer 106 000 59 000Anne Wors\u00f8e Head of IR and Communication 22 500 -Orla Mc Callion Head of Regulatory Affairs and QA 38 000 -Total allocated share options to Management Team 1 472 244 1 250 535",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-703-3": {
"value": "Note 16 - Other current liabilitiesOTHER CURRENT LIABILITIES (NOK 1 000) 2022 2021Public duties payable 3 698 3 386Public duties payable related to options 14 904 12 888Holiday pay payable 3 913 3 415Other accrued expenses 13 970 7 025Sum 36 485 26 714",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-703-4": {
"value": "Note 16 - Other current liabilitiesOTHER CURRENT LIABILITIES (NOK 1 000) 2022 2021Public duties payable 3 698 3 386Public duties payable related to options 14 904 12 888Holiday pay payable 3 913 3 415Other accrued expenses 13 970 7 025Sum 36 485 26 714",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-703-5": {
"value": "Note 16 - Other current liabilitiesOTHER CURRENT LIABILITIES (NOK 1 000) 2022 2021Public duties payable 3 698 3 386Public duties payable related to options 14 904 12 888Holiday pay payable 3 913 3 415Other accrued expenses 13 970 7 025Sum 36 485 26 714",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-703-6": {
"value": "Note 16 - Other current liabilitiesOTHER CURRENT LIABILITIES (NOK 1 000) 2022 2021Public duties payable 3 698 3 386Public duties payable related to options 14 904 12 888Holiday pay payable 3 913 3 415Other accrued expenses 13 970 7 025Sum 36 485 26 714",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-703-7": {
"value": "Note 16 - Other current liabilitiesOTHER CURRENT LIABILITIES (NOK 1 000) 2022 2021Public duties payable 3 698 3 386Public duties payable related to options 14 904 12 888Holiday pay payable 3 913 3 415Other accrued expenses 13 970 7 025Sum 36 485 26 714",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-706-2": {
"value": "Note 17: Financial instrumentsForeign exchange forward contracts are valued at fair value which is also the market value of the contractbased on the use of market observable inputs at Level 2 of the fair value hierarchy (please refer to \u2018Note2: Accounting principles - iii. Financial instruments\u2019 for information regarding the \u2018fair value hierarchy\u2019).Market values are calculated using mid-rates (excluding margins) as determined by the financial institutioncounterparty on available market rates at reporting date.Foreign exchange derivatives not designated as hedging instruments reflect the positive change in fairvalue of those foreign exchange forward contracts that are not designated in hedge relationships, but are,nevertheless, intended to reduce the level of foreign currency risk for expected purchases.2022 2022 2021 2021CARRYING CARRYING FINANCIAL ASSETS (NOK 1 000)FAIR VALUEFAIR VALUEVALUEVALUEForeign exchange forward contracts 1 083 1 083 759 759Total financial assets 1 083 1 083 759 759Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange-rates relates to the Group\u2019s operating activities, primarily expenses in USD, EUR, SEK and GBP. During 2022 the Company has held funds in EUR and entered into EUR swaps to mitigate the foreign exchange risk and to get a better predictability regarding future costs. The fair value of forward exchange contracts are determined using the forward exchange rate at the end of the reporting period, with changes in the value recognized in the income statement. In the income statement, impacts from the derivatives are presented as loss/gains in the financial items. Foreign exchange forward contracts are valued at fair value which is also the market value of the contract based on the use of market observable inputs at Level 2 of the fair value hierarchy (please refer to \u2018Note 2: Accounting principles - iii. Financial instruments\u2019 for information regarding the \u2018fair value hierarchy\u2019). Market values are calculated using mid-rates (excluding margins) as determined by the financial institution counterparty on available market rates at reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-706-3": {
"value": "Note 17: Financial instrumentsForeign exchange forward contracts are valued at fair value which is also the market value of the contractbased on the use of market observable inputs at Level 2 of the fair value hierarchy (please refer to \u2018Note2: Accounting principles - iii. Financial instruments\u2019 for information regarding the \u2018fair value hierarchy\u2019).Market values are calculated using mid-rates (excluding margins) as determined by the financial institutioncounterparty on available market rates at reporting date.Foreign exchange derivatives not designated as hedging instruments reflect the positive change in fairvalue of those foreign exchange forward contracts that are not designated in hedge relationships, but are,nevertheless, intended to reduce the level of foreign currency risk for expected purchases.2022 2022 2021 2021CARRYING CARRYING FINANCIAL ASSETS (NOK 1 000)FAIR VALUEFAIR VALUEVALUEVALUEForeign exchange forward contracts 1 083 1 083 759 759Total financial assets 1 083 1 083 759 759Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange-rates relates to the Group\u2019s operating activities, primarily expenses in USD, EUR, SEK and GBP. During 2022 the Company has held funds in EUR and entered into EUR swaps to mitigate the foreign exchange risk and to get a better predictability regarding future costs. The fair value of forward exchange contracts are determined using the forward exchange rate at the end of the reporting period, with changes in the value recognized in the income statement. In the income statement, impacts from the derivatives are presented as loss/gains in the financial items. Foreign exchange forward contracts are valued at fair value which is also the market value of the contract based on the use of market observable inputs at Level 2 of the fair value hierarchy (please refer to \u2018Note 2: Accounting principles - iii. Financial instruments\u2019 for information regarding the \u2018fair value hierarchy\u2019). Market values are calculated using mid-rates (excluding margins) as determined by the financial institution counterparty on available market rates at reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-706-4": {
"value": "Note 17: Financial instrumentsForeign exchange forward contracts are valued at fair value which is also the market value of the contractbased on the use of market observable inputs at Level 2 of the fair value hierarchy (please refer to \u2018Note2: Accounting principles - iii. Financial instruments\u2019 for information regarding the \u2018fair value hierarchy\u2019).Market values are calculated using mid-rates (excluding margins) as determined by the financial institutioncounterparty on available market rates at reporting date.Foreign exchange derivatives not designated as hedging instruments reflect the positive change in fairvalue of those foreign exchange forward contracts that are not designated in hedge relationships, but are,nevertheless, intended to reduce the level of foreign currency risk for expected purchases.2022 2022 2021 2021CARRYING CARRYING FINANCIAL ASSETS (NOK 1 000)FAIR VALUEFAIR VALUEVALUEVALUEForeign exchange forward contracts 1 083 1 083 759 759Total financial assets 1 083 1 083 759 759Foreign exchange forward contracts are valued at fair value which is also the market value of the contract based on the use of market observable inputs at Level 2 of the fair value hierarchy (please refer to \u2018Note 2: Accounting principles - iii. Financial instruments\u2019 for information regarding the \u2018fair value hierarchy\u2019). Market values are calculated using mid-rates (excluding margins) as determined by the financial institution counterparty on available market rates at reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-706-5": {
"value": "Note 17: Financial instrumentsForeign exchange forward contracts are valued at fair value which is also the market value of the contractbased on the use of market observable inputs at Level 2 of the fair value hierarchy (please refer to \u2018Note2: Accounting principles - iii. Financial instruments\u2019 for information regarding the \u2018fair value hierarchy\u2019).Market values are calculated using mid-rates (excluding margins) as determined by the financial institutioncounterparty on available market rates at reporting date.Foreign exchange derivatives not designated as hedging instruments reflect the positive change in fairvalue of those foreign exchange forward contracts that are not designated in hedge relationships, but are,nevertheless, intended to reduce the level of foreign currency risk for expected purchases.2022 2022 2021 2021CARRYING CARRYING FINANCIAL ASSETS (NOK 1 000)FAIR VALUEFAIR VALUEVALUEVALUEForeign exchange forward contracts 1 083 1 083 759 759Total financial assets 1 083 1 083 759 759Fair value The Management assessed that the fair values of cash and cash equivalents, accounts receivable, accounts payable and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. Foreign exchange forward contracts are valued at fair value which is also the market value of the contract based on the use of market observable inputs at Level 2 of the fair value hierarchy (please refer to \u2018Note 2: Accounting principles - iii. Financial instruments\u2019 for information regarding the \u2018fair value hierarchy\u2019). Market values are calculated using mid-rates (excluding margins) as determined by the financial institution counterparty on available market rates at reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-706-6": {
"value": "Note 17: Financial instrumentsForeign exchange forward contracts are valued at fair value which is also the market value of the contractbased on the use of market observable inputs at Level 2 of the fair value hierarchy (please refer to \u2018Note2: Accounting principles - iii. Financial instruments\u2019 for information regarding the \u2018fair value hierarchy\u2019).Market values are calculated using mid-rates (excluding margins) as determined by the financial institutioncounterparty on available market rates at reporting date.Foreign exchange derivatives not designated as hedging instruments reflect the positive change in fairvalue of those foreign exchange forward contracts that are not designated in hedge relationships, but are,nevertheless, intended to reduce the level of foreign currency risk for expected purchases.2022 2022 2021 2021CARRYING CARRYING FINANCIAL ASSETS (NOK 1 000)FAIR VALUEFAIR VALUEVALUEVALUEForeign exchange forward contracts 1 083 1 083 759 759Total financial assets 1 083 1 083 759 759Foreign exchange forward contracts are valued at fair value which is also the market value of the contract based on the use of market observable inputs at Level 2 of the fair value hierarchy (please refer to \u2018Note 2: Accounting principles - iii. Financial instruments\u2019 for information regarding the \u2018fair value hierarchy\u2019). Market values are calculated using mid-rates (excluding margins) as determined by the financial institution counterparty on available market rates at reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-706-7": {
"value": "Note 17: Financial instrumentsForeign exchange forward contracts are valued at fair value which is also the market value of the contractbased on the use of market observable inputs at Level 2 of the fair value hierarchy (please refer to \u2018Note2: Accounting principles - iii. Financial instruments\u2019 for information regarding the \u2018fair value hierarchy\u2019).Market values are calculated using mid-rates (excluding margins) as determined by the financial institutioncounterparty on available market rates at reporting date.Foreign exchange derivatives not designated as hedging instruments reflect the positive change in fairvalue of those foreign exchange forward contracts that are not designated in hedge relationships, but are,nevertheless, intended to reduce the level of foreign currency risk for expected purchases.2022 2022 2021 2021CARRYING CARRYING FINANCIAL ASSETS (NOK 1 000)FAIR VALUEFAIR VALUEVALUEVALUEForeign exchange forward contracts 1 083 1 083 759 759Total financial assets 1 083 1 083 759 759Foreign exchange forward contracts are valued at fair value which is also the market value of the contract based on the use of market observable inputs at Level 2 of the fair value hierarchy (please refer to \u2018Note 2: Accounting principles - iii. Financial instruments\u2019 for information regarding the \u2018fair value hierarchy\u2019). Market values are calculated using mid-rates (excluding margins) as determined by the financial institution counterparty on available market rates at reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-716-2": {
"value": "Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument of customer contract, leading to a financial loss. The Group is exposed to credit risk from its receivables, deposits in banks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-720-2": {
"value": "Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-734-2": {
"value": "The table below shows a simulation of sensitivity to a 10% increase/decrease in EUR, GBP, USD and SEK against NOK and the effect on Profit (loss) before tax:FOREIGN CURRENCY SENSITIVITY (NOK 1 000) CHANGE IN FOREIGN CURRENCY 2022 2021 +10%25 215 26 533EUR-10% (25 215) (26 533) +10% 629 455GBP -10% (629) (455)+10% 1 334 821USD -10% (1 334) (821)+10% 1 764 2 646SEK-10% (1 764) (2 646)Note that the majority of the simulated EUR sensitivity effects are related to EUR at bank and the forward exchange contracts which effects Profit (loss) before tax when EUR/NOK fluctuates.Currency fluctuations in regards to the bank deposits in foreign currency and the foreign exchange forward contracts will not result in any \u2018other comprehensive income\u2019 (OCI) effects.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-743-2": {
"value": "Capital managementThe Group manages its capital to ensure that Group will be able to continue as a going concern whilemaximizing the return to stakeholders through the optimization of the debt and equity balance. The Group\u2019spolicy is to maintain a strong capital base so as to maintain investor, creditor and market confidence andto support future development of the business. The Group is currently sufficiently capitalized as per 31December 2022. Management closely monitors the Group\u2019s cash flows short-term and long-term andcontinuously assesses the need for additional funding.The capital structure of the Group consists of equity attributable to owners of the Group, comprising share capital, share premium and accumulated losses. The Group is not subject to any externally imposed capital requirements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-755-2": {
"value": "Note 18: Events after the balance sheet dateOn 23 January 2023, Ultimovacs announced that patient enrollment was completed in the NIPU Phase II clinical trial in metastatic pleural mesothelioma.In February 2023, as part of the Q4 2022 reporting, Ultimovacs provided an update on guidance regarding topline data readouts for its Phase II clinical trials:\u2022 INITIUM (malignant melanoma): H1 2023 (no change from previous statements)\u2022 NIPU (pleural mesothelioma): H1 2023 (no change from previous statements)\u2022 FOCUS (head and neck cancer): H1 2024 \u2022 DOVACC (ovarian cancer): H2 2024\u2022 LUNGVAC (non-small cell lung cancer): H2 2025There are no other significant subsequent events after the balance sheet date.In February 2023, as part of the Q4 2022 reporting, Ultimovacs provided an update on guidance regarding topline data readouts for its Phase II clinical trials:\u2022 INITIUM (malignant melanoma): H1 2023 (no change from previous statements)\u2022 NIPU (pleural mesothelioma): H1 2023 (no change from previous statements)\u2022 FOCUS (head and neck cancer): H1 2024\u2022 DOVACC (ovarian cancer): H2 2024 \u2022 LUNGVAC (non-small cell lung cancer): H2 2025 There are no other significant subsequent events after the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-833-1": {
"value": "Ullernchauss\u00e9en 640379 OsloNorway",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:254900B4VALJZR9TL744",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}