Note 1 General information
The consolidated audited financial statements of Lifecare for the full year ended 31 December 2025 were approved for issuance by the Board of Directors on 23 March 2026 and subject to approval by the Annual General Meeting of Lifecare ASA.
Lifecare is a medical sensor company developing technology for sensing and monitoring of various body analytes. Life-care\u2019s main focus is to bring the next generation of Contin-uous Glucose Monitoring (CGM) systems to market. Lifecare enables osmotic pressure as a sensing principle. Lifecare\u2019s sensor technology is suitable for identifying and monitoring the occurrence of a wide range of analytes and molecules in the human body and in pets.
The Lifecare Group consist of the parent company Lifecare ASA and its subsidiaries. Lifecare ASA is a public limited company incorporated and domiciled in Norway and is listed on Euronext Oslo B\u00f8rs (Oslo Stock Exchange). The address of the registered office is Ytrebygdsvegen 215, 5258 Blomster-dalen, Bergen, Norway. The subsidiaries comprise Lifecare Veterinary AS (Norway), Lifecare Chemistry Ltd (UK), Lifecare Germany GmbH (Germany), and RemovAid AS (Norway). Lifecare Veterinary is 80% owned and RemovAid is 89.6% owned by Lifecare ASA, while the other subsidiaries are 100% owned by Lifecare ASA.
Note 2 Material accounting policy information
Lifecare\u2019s general material accounting policies applied in the preparation of the financial statements are outlined below, while specific material policies and estimates are detailed in the respective notes.
Basis of preparation
The financial statements for Lifecare ASA and the Lifecare Group ( \u201cLifecare\u201d or \u201cthe Group\u201d) as of 31 December 2025, covering the period from 1 January to 31 December 2025, have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU, effective as of 31 December 2025.
The financial statements are presented in NOK (Norwegian kroner), with all values stated in NOK 1 000 unless otherwise indicated. The presentation currency for both Lifecare ASA and the Lifecare Group is NOK.
For management purposes, the Group operates as a single business unit, and internal reporting and decision making is structured accordingly.
The financial statements have been prepared using the historical cost basis, except for warrants (financial liabilities) measured at fair value through profit or loss.
Management makes estimates and assumptions about the future that affect accounting policies and the reported amounts of assets, liabilities, income, and expenses. These estimates, based on historical experience and other relevant factors, guide judgments on asset and liability valuations when no clear market values exist. Actual results may differ from these estimates. Management continuously reviews assumptions in light of current and expected market condi-tions. The primary area where Lifecare applies significant estimates and assumptions is the impairment assessment of goodwill, see Note 12 for more details.
The material accounting policies described in the financial statements have been applied consistently to all periods presented, except where otherwise stated in the disclosures. These accounting policies have been applied to both the parent company\u2019s and the consolidated financial statements, unless otherwise specified.
No new standards, amendments to standards, and inter-pretations of standards, effective as from 1 January 2025, has had any material impact on the financial statements of Lifecare ASA or Lifecare Group in 2025. Neither Lifecare ASA nor the Group has early adopted any standards, amendments or interpretations in 2025.
Lifecare has initiated analyses related to the new require-ments in IFRS 18 Presentation and Disclosure in Finan-cial Statements, effective 1 January 2027. The standard introduces new requirements related to the structure and presentation of the statement of profit or loss, including defined categories for operating, investing, and financing activities, as well as enhanced disclosure requirements for management-defined performance measures.Based on the preliminary assessment, IFRS 18 is not expected to have a material impact on the recognition or measure-ment of the Group\u2019s assets, liabilities, income, or expenses. However, the standard may result in changes to the presen-tation of certain line items in the statement of profit or loss and additional disclosures in the notes to the financial state-ments. The Group will continue its assessment to ensure that its financial reporting, disclosures, and accounting policies are updated in line with the new requirements prior to the mandatory adoption date.
Consolidation principles
The consolidated financial statements include all entities controlled by Lifecare ASA. Subsidiaries are all entities over which the Group exercises control. Control over an entity arises when the Group is exposed to variability in the return from the entity and has the ability to impact this return by virtue of its influence over the entity. Subsidiaries are consolidated from the day control arises and deconsolidated when control ceases. The acquisition method of accounting is applied for acquisitions. All the subsidiaries of Lifecare ASA, except for Lifecare Veterinary AS and RemovAid AS, are wholly owned.
Foreign currency translation
When preparing the financial statements, the income statements and statements of financial position of Group entities with functional currencies different from the presentation currency (none of which operate in hyperin-flationary economies) are translated as follows:
The statement of financial position is translated using the closing exchange rate at the end of the reporting period.
Income and expense items are translated at the average exchange rate for the period. If the average rate does not provide a reasonable approximation of the cumulative effects of using transaction rates, the actual transaction rates are applied.
Translation differences are recognized in other comprehensive income and presented separately.
Lifecare ASA has provided loans to subsidiaries with func-tional currencies different from the parent company. Foreign currency exchange differences arising from these loans are recognized as other comprehensive income in the statement of profit or loss.
Cash flow statement
The cash flow statement shows the overall cash flow spec-ified by operating, investing and financing activities using the indirect method. The cash flow statement illustrates the effect of the various activities on cash and cash equivalents. Operating activities are presented using the indirect method, where profit/loss before tax is adjusted for changes in oper-ating receivables and payables, the effect of non-cash items such as depreciation and employee share options, as well as other adjustments.
Going concern
The financial statements have been prepared on a going concern basis in accordance with IFRS as adopted by the EU.In accordance with the requirements of IAS 1 Presentation of Financial Statements, the Board of Directors has performed an assessment of the Group\u2019s ability to continue as a going concern, taking into account liquidity forecasts, expected cash flows, available financing arrangements and mitigating actions.
At 31 December 2025, the Group had limited cash resources and required additional financing to support its planned development activities. At that time, available cash was expected to fund operations into the first quarter of 2026.
Subsequent to the reporting date, Lifecare completed a rights issue in January 2026 raising approximately NOK 80 million in gross proceeds. The proceeds were partly utilized to settle outstanding bridge financing of approximately NOK 50 million, including accrued interest. The remaining proceeds strengthened the Group\u2019s liquidity position.
In addition, a warrant exercise period was completed in March 2026, generating approximately NOK 36 million in gross proceeds. A further warrant exercise period is sched-uled for June 2026.
Based on the completed financing transactions, the estab-lished warrant program, and current operating plans, the Board has concluded that the Group is expected to have sufficient financial resources and financing alternatives to continue its operations for at least the next twelve months from the reporting date.
Accordingly, the financial statements have been prepared on a going concern basis.
Lifecare has identified its operating segments based on internal reporting to the chief operating decision-maker. Lifecare ASA and the Group currently operates as a single segment focused on research and development (R&D) of its osmotic pressure sensor and related components. Conse-quently, Lifecare ASA and the Group reports financial perfor-mance and position as one operating segment.
Lifecare ASA and the Group is in the development phase and does not yet generate revenue from product sales. The Group has derived some revenue from sales of laboratory services provided by Lifecare Germany. Lifecare ASA provides various administrative services to its subsidiaries, which are recog-nized as revenue. Revenue is recognised in the accounting period in which the services are rendered.
Government grants are recognized when it is reasonably assured that the grant will be received and that all asso-ciated conditions will be met. Grants are accounted for in the same period as the related expenses and presented on a gross basis. They are measured at their transaction date value and are typically used to reimburse employee costs or cover other operational expenses classified under \u201cOther operating expenses\u201d. Lifecare ASA and the Group receive income from government grants and tax incentives related to R&D expenses in Norway (SkatteFUNN). Both the parent company and its subsidiaries consistently apply for and secure funding from national and European public programs to support the Group\u2019s R&D activities. In 2024, Lifecare ASA repaid NOK 1 million from an EU grant received in 2022, as the total disbursement exceeded the project\u2019s grant ceiling.Other income includes subleasing of office and laboratory space.Pension
The Group has a defined contribution pension scheme for all employees. Under the defined contribution scheme, the Group does not commit itself to paying specific future pension benefits but makes annual contributions to the employees\u2019 pension savings. The Group\u2019s Norwegian pension schemes meet the requirements of the Norwegian Manda-tory Occupational Pension Act. In Lifecare ASA, Lifecare Veterinary AS and RemovAid AS the contribution amounts to 5% of salary up to 12G (G is Norwegian National Insurance basic amount). In Lifecare Chemistry Ltd the contribution is 3% of base salary. In Lifecare Germany GmbH the contribu-tion is between 7-15% of base salary.
Lifecare\u2019s share option program aligns long-term perfor-mance with shareholder interests while attracting and retaining senior management. Each option grants the right to acquire one Lifecare share at the market price at the grant date, without consideration.
The fair value of options is determined at grant using the Black-Scholes and Monte-Carlo models, considering factors such as share price, exercise price, volatility, expected life, dividends, and risk-free interest rate. A brokerage firm conducts the valuation. The cost is expensed over the vesting period, with a corresponding increase in \u201cOther paid-in capital.\u201d A provision for social security contributions (employer\u2019s social security tax) is recognized over the vesting period in line with the recognition of the underlying share-based payment expense. The provision is calculated based on the estimated fair value of the options and is updated at each reporting date to reflect changes in share price and the expected number of vested options.
Cumulative expense reflects the vesting period\u2019s progres-sion and the estimated number of options expected to vest. Changes in cumulative expense are recognized in the state-ment of profit or loss under employee benefits.
Upon exercise, Lifecare ASA issues new shares, recording proceeds (net of transaction costs) as share capital and share premium reserve. Options typically vest in equal tranches over three years and expire after five years. Vesting is contin-gent on continued employment and may include perfor-mance targets. Options carry no dividend or voting rights before exercise and can only be exercised within Board-de-fined periods.
In accordance with the authorization granted by the Annual General Meeting of Lifecare ASA held on 6 May 2022, the Board of Directors awarded a total of 2 544 173 share options in 2022. In accordance with the authorisation granted by the Annual General Meeting of Lifecare held on 30 April 2023, the Board of Directors awarded a total of 1 825 000 addi-tional share options in 2023 and 600 000 additional share options in 2024. These numbers do not take into account the consolidation of the share options in a ratio of 13:1, described in Note 19. No share options are granted in 2025.
The consolidation of Lifecare ASA\u2019s shares in a ratio of 13:1 in 2024 impacted the share options. The strike price before the consolidation of options was NOK 1.52442. Following the consolidation of options, the strike price is NOK 19.81746.
As at year end 2025, 382 233 share options were outstanding. As of 31 December 2025, the closing share price of Lifecare shares was approximately NOK 1.1, below the strike price of outstanding options (NOK 19.82), making the options out-of-the-money.
Income tax expense comprises current tax payable and changes in deferred tax. Current tax payable is determined based on the applicable tax rates and regulations in effect at the end of the reporting period in the jurisdiction where the Group operates. Deferred tax is calculated on temporary differences between the book values and tax values of assets and liabilities, as well as the tax effects of unused losses available for carryforward as of the reporting date.
Deferred tax liabilities and assets are measured at nominal amounts using the tax rates and regulations in effect at the end of the reporting period. They are presented on a net basis when there is a legal right to offset assets and liabilities. Deferred tax assets are recognized only when it is prob-able that sufficient future taxable profits will be available to utilize loss carryforwards or other deductible temporary differences.
Basic earnings per share (EPS) is calculated by dividing the profit for the year attributable to Lifecare\u2019s shareholders by the weighted average number of ordinary shares issued during the year. Diluted earnings per share is determined by adjusting the weighted average number of ordinary shares to include the effect of all potentially dilutive ordinary shares.
The issued share options could potentially dilute earnings per share. However, no dilutive effect has been recognized because potential ordinary shares are only considered dilu-tive if their conversion would reduce earnings per share or increase the loss per share from continuing operations. Since Lifcare ASA and the Group is currently incurring losses, increasing the average number of shares would have an anti-dilutive effect. As a result, diluted earnings per share and basic (undiluted) earnings per share are identical.
Lifecare holds several key patents central to its inno-vative glucose monitoring technology as well as to the RemovAid tool. Among these, five patents with finite useful lives are recognized in the financial statements:
Apparatus and Method for Measuring Augmented Osmotic Pressure in a Reference Cavity, granted in 2018. This patent pertains to a device for monitoring changes in osmotic pressure in response to concen-tration changes of specific dissolved solute particles. The patent expires in 2030 and is recognized in the financial statement of Lifecare ASA and the Group. The amortization period corresponds to the patent period of 12 years.
Interstitial Fluid Osmotic Pressure Measuring Device System and Method, granted in 2011. This patent describes a sensor design aimed at improving signal amplitude, increasing the accuracy of subcutaneous glucose assessments, and enhancing sensor longevity and resistance to environmental interferences. It also allows for the measurement of other analytes in addition to glucose. The patent expires in 2038, and is recognized in the financial statement of Lifecare ASA and the Group. The amortization period corresponds to the patent period of 27 years.
Patent for the RemovAid tool, granted in 2012. RemovAid is a class IIa medical device to remove single-rod contraceptives. The patent expires in 2036 and is recognized in the financial statements of the Lifecare Group. The amortization period corresponds to the patent period of 24 years.
Patent for an implant remover, granted in 2015. This was a patent related to an upgrade of the RemovAid tool, with an integrated blade. The patent expires in 2041, and is recognized in the financial statements of the Lifecare Group. The total amortization period corre-sponds to the patent period of 26 years.
Patent for the RemovAid tool for removing an item implanted underneath the skin, granted in 2020. The patent expires in 2036, and is recognized in the finan-cial statements of the Lifecare Group. The amortization period corresponds to the patent period of 16 years.
Additionally, through Lifecare Germany, the Group has a licensing agreement with Nanoscale Systems (Nanoss GmbH) to manufacture and commercialize a sensor using the patented Nano3DSense\u00ae production method. This method enables nanoscale printing of pressure-sensing elements on Lifecare\u2019s micro sensors. The licensing agree-ment will remain valid until two years after the expiration of Nanoss\u2019s patent, which is eight years from the acquisition date (ie until 2029). The total amortization period is equal to the licensing period of eight years.
Goodwill relates from the acquisition of Lifecare NanoBio-Sensors in 2021 and Lifecare Laboratory in 2022. It is recog-nized at cost, net of any accumulated impairment losses, and is subject to annual impairment testing or whenever indications of impairment arise.
Management performs annual impairment testing of good-will, or more frequently if events or changes in circumstances indicate that impairment may exist.
For impairment testing purposes, goodwill is allocated to the cash-generating unit (CGU) expected to benefit from the business combination that gave rise to the goodwill. Given that the entities within the Lifecare Group are interdepen-dent in the development of the sensor technology and its components, the cash-generating unit is considered to be the Lifecare Group as a whole.
Assessment of impairment indicators
Management has evaluated both internal and external factors and has not identified any indications of impairment during the year. The assessment includes considerations such as changes in the market value of assets, technological advancements, market conditions, competition, regula-tory and legal developments. Furthermore, no loss of key personnel or significant internal operational changes have occurred that would impact the recognized goodwill value.
Impairment testing
Management has prepared an impairment assessment based on a Value in Use (VIU) calculation, which estimates the recoverable amount by discounting the expected future cash flows generated by the CGU. The assessment compares the book value of goodwill as of 31 December 2025 against the estimated value derived from discounted future cash flows.
Cash flow projections are based on management\u2019s approved forecasts for the near term and management\u2019s assumptions for the remaining forecast period. The Group is expected to reach a more mature stage in manufacturing and market expansion by 2030. Accordingly, the forecast period is set to six years, followed by a terminal value calculation using a perpetual growth rate of 2%. The Group is expected to achieve a maintainable steady-state cash flow by the terminal period.
Key assumptions in the evaluation consist of go to market time, sales price, market share, WACC, growth rate and the distribution and marketing model. Lifecare aims to complete regulatory studies, apply for CE approval and targets entry into the human market by 2027. The assumed sales price is EUR 4 000 per patient per year. Lifecare\u2019s distribution and marketing strategy is based on partnering with established industry players to facilitate commercialization and ensure compatibility with existing devices. The market potential for diabetes management and Continuous Glucose Monitoring (CGM) is supported by external sources. Given the size of the CGM market, even a small market share presents significant opportunities. With our innovative CGM solution, we antic-ipate capturing a modest yet steadily growing share of this expanding market.
The pre-tax discount rate (WACC) applied in the VIU calcu-lation is 13.8%. This reflects the cost of equity at 15% and cost of debt at 12%, with a debt level of 20%.
As of 31 December 2025, the estimated recoverable amount of the CGU exceeds its carrying value, resulting in no impair-ment of goodwill.
Property, plant, and equipment (PPE) consists primarily of office and laboratory equipment and machines. In 2025, Lifecare invested in laboratory and office equipment, mainly related to the new production facilities in Mainz, Germany.
The assets are depreciated using the straight-line method. The useful economic life ranges from 3-5 years.
At contract inception, an evaluation is performed to deter-mine whether an agreement constitutes or contains a lease. This is the case if it grants control over an identified asset for a specified period in exchange for consideration. Upon lease commencement, a lease liability and a corresponding right-of-use asset are recognized, except for short-term leases (\u226412 months) and low-value assets, which are expensed as incurred.
Lease liabilities are initially measured at the present value of unpaid lease payments, considering non-cancellable periods and reasonably certain extension or termination options. Liabilities are subsequently adjusted for interest, lease payments and modifications. Variable lease payments are expensed as incurred.
Right-of-use assets are recognized at cost, net of depre-ciation and impairment, including the initial lease liability, upfront payments and direct costs. Depreciation extends over the lease term.
All office and laboratory space has been recognized as leasing contracts. Office rent due within 12 months are classified as short-term. The largest leasing agreement is in Mainz, Germany, and has a contract term of ten years, with 9.5 years remaining at year end 2025.
The Group has subleased its office space at Lysaker, Norway (former RemovAid office) during 2025. The income from the sublease is included as \u201cOther income\u201d in the financial statements.
Note 15 Lifecare ASA\u2019s investments in subsidiaries
Equity investments of Lifecare ASA (NOK 1 000) | 2025 | 2024 |
Equity investments at 1 January | 19 709 | 15 709 |
Additions | - | 4 000 |
Equity investments 31 December | 19 709 | 19 709 |
Subsidiaries of Lifecare ASA at 31 December 2025 (NOK 1 000) | Country | Ownership | Equity | Carrying amount |
Lifecare Chemistry Ltd | UK | 100 % | -396 | 359 |
Lifecare Germany GmbH | Germany | 100 % | 1 210 | 15 230 |
Lifecare Veterinary AS | Norway | 80 % | -4 328 | 120 |
RemovAid AS | Norway | 89.6 % | -5 715 | 4 000 |
Subsidiaries are recognized at cost in the financial statement of Lifecare ASA. The share capital comprises ordinary shares directly held by Lifecare ASA, with ownership interests corre-sponding to the company\u2019s voting rights. Equity is based on provisional financial statements, which have been prepared in accordance with local accounting standards.
The investments are considered strategically important to the Group\u2019s ongoing development and future operations. No indicators of impairment have been identified as of 31 December 2025.
In June 2024, Lifecare ASA issued warrants in connection with a partially underwritten rights issue. Due to the variability in the exercise price, the warrants did not meet the \u201cfixed-for-fixed\u201d criterion in IAS 32 and were therefore classified as financial liabilities. The warrants were initially recognised at fair value at issuance and subsequently measured at fair value through profit or loss in accordance with IFRS 9 until exercise or expiry.
Following a 13:1 share consolidation in September 2024, 4 193 802 warrants were outstanding at 31 December 2024.
Each warrant entitled the holder to subscribe for one new share at an exercise price equal to the volume weighted average price (VWAP) of the Company\u2019s shares during the last three trading days prior to the first day of the exercise period, less 30%, subject to a floor equal to par value and a cap equal to the subscription price in the 2024 rights issue plus 30%. The final exercise price was determined to be NOK 5.3168 per share.
The warrants were exercisable in the period 2\u201313 June 2025. A total of 3 207 994 warrants were exercised, resulting in gross proceeds of NOK 17.1 million. Upon exercise, the carrying amount of the related warrant liability was derecognised and recognised in equity together with the cash proceeds.
The remaining warrants expired unexercised on 13 June 2025. The residual warrant liability was derecognised through profit or loss.
As of 31 December 2025, no warrants remain outstanding.
Note 23 Fair value measurement
The following hierarchy is applied to determine and disclose the fair value of financial instruments:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: Valuation techniques using observable inputs that significantly impact the fair value, either directly or indirectly.
Level 3: Valuation techniques based on significant unobservable inputs.
The warrants classified as financial liabilities (Note 21) were measured at fair value using Level 1 inputs, based on quoted market prices on Euronext Growth Oslo.
Financial instruments not measured at fair value in the state-ment of financial position are carried at amortised cost. For these instruments, the carrying amount is considered to be a reasonable approximation of fair value due to their short-term nature. This applies to trade receivables, other current assets, cash and cash equivalents, trade payables, other current liabilities and interest-bearing loans.
Lease liabilities are measured at amortised cost. The discount rate applied is considered to reflect the current market cost of borrowing, and accordingly the carrying amount does not materially differ from fair value.
Basis of preparation
The financial statements for Lifecare ASA and the Lifecare Group ( \u201cLifecare\u201d or \u201cthe Group\u201d) as of 31 December 2025, covering the period from 1 January to 31 December 2025, have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU, effective as of 31 December 2025.
The financial statements are presented in NOK (Norwegian kroner), with all values stated in NOK 1 000 unless otherwise indicated. The presentation currency for both Lifecare ASA and the Lifecare Group is NOK.
For management purposes, the Group operates as a single business unit, and internal reporting and decision making is structured accordingly.
The financial statements have been prepared using the historical cost basis, except for warrants (financial liabilities) measured at fair value through profit or loss.
Management makes estimates and assumptions about the future that affect accounting policies and the reported amounts of assets, liabilities, income, and expenses. These estimates, based on historical experience and other relevant factors, guide judgments on asset and liability valuations when no clear market values exist. Actual results may differ from these estimates. Management continuously reviews assumptions in light of current and expected market condi-tions. The primary area where Lifecare applies significant estimates and assumptions is the impairment assessment of goodwill, see Note 12 for more details.
The material accounting policies described in the financial statements have been applied consistently to all periods presented, except where otherwise stated in the disclosures. These accounting policies have been applied to both the parent company\u2019s and the consolidated financial statements, unless otherwise specified.
No new standards, amendments to standards, and inter-pretations of standards, effective as from 1 January 2025, has had any material impact on the financial statements of Lifecare ASA or Lifecare Group in 2025. Neither Lifecare ASA nor the Group has early adopted any standards, amendments or interpretations in 2025.
Lifecare has initiated analyses related to the new require-ments in IFRS 18 Presentation and Disclosure in Finan-cial Statements, effective 1 January 2027. The standard introduces new requirements related to the structure and presentation of the statement of profit or loss, including defined categories for operating, investing, and financing activities, as well as enhanced disclosure requirements for management-defined performance measures.Based on the preliminary assessment, IFRS 18 is not expected to have a material impact on the recognition or measure-ment of the Group\u2019s assets, liabilities, income, or expenses. However, the standard may result in changes to the presen-tation of certain line items in the statement of profit or loss and additional disclosures in the notes to the financial state-ments. The Group will continue its assessment to ensure that its financial reporting, disclosures, and accounting policies are updated in line with the new requirements prior to the mandatory adoption date.
The material accounting policies described in the financial statements have been applied consistently to all periods presented, except where otherwise stated in the disclosures. These accounting policies have been applied to both the parent company\u2019s and the consolidated financial statements, unless otherwise specified.
No new standards, amendments to standards, and inter-pretations of standards, effective as from 1 January 2025, has had any material impact on the financial statements of Lifecare ASA or Lifecare Group in 2025. Neither Lifecare ASA nor the Group has early adopted any standards, amendments or interpretations in 2025.
Lifecare has initiated analyses related to the new require-ments in IFRS 18 Presentation and Disclosure in Finan-cial Statements, effective 1 January 2027. The standard introduces new requirements related to the structure and presentation of the statement of profit or loss, including defined categories for operating, investing, and financing activities, as well as enhanced disclosure requirements for management-defined performance measures.Based on the preliminary assessment, IFRS 18 is not expected to have a material impact on the recognition or measure-ment of the Group\u2019s assets, liabilities, income, or expenses. However, the standard may result in changes to the presen-tation of certain line items in the statement of profit or loss and additional disclosures in the notes to the financial state-ments. The Group will continue its assessment to ensure that its financial reporting, disclosures, and accounting policies are updated in line with the new requirements prior to the mandatory adoption date.
The material accounting policies described in the financial statements have been applied consistently to all periods presented, except where otherwise stated in the disclosures. These accounting policies have been applied to both the parent company\u2019s and the consolidated financial statements, unless otherwise specified.
No new standards, amendments to standards, and inter-pretations of standards, effective as from 1 January 2025, has had any material impact on the financial statements of Lifecare ASA or Lifecare Group in 2025. Neither Lifecare ASA nor the Group has early adopted any standards, amendments or interpretations in 2025.
Lifecare has initiated analyses related to the new require-ments in IFRS 18 Presentation and Disclosure in Finan-cial Statements, effective 1 January 2027. The standard introduces new requirements related to the structure and presentation of the statement of profit or loss, including defined categories for operating, investing, and financing activities, as well as enhanced disclosure requirements for management-defined performance measures.Based on the preliminary assessment, IFRS 18 is not expected to have a material impact on the recognition or measure-ment of the Group\u2019s assets, liabilities, income, or expenses. However, the standard may result in changes to the presen-tation of certain line items in the statement of profit or loss and additional disclosures in the notes to the financial state-ments. The Group will continue its assessment to ensure that its financial reporting, disclosures, and accounting policies are updated in line with the new requirements prior to the mandatory adoption date.
Consolidation principles
The consolidated financial statements include all entities controlled by Lifecare ASA. Subsidiaries are all entities over which the Group exercises control. Control over an entity arises when the Group is exposed to variability in the return from the entity and has the ability to impact this return by virtue of its influence over the entity. Subsidiaries are consolidated from the day control arises and deconsolidated when control ceases. The acquisition method of accounting is applied for acquisitions. All the subsidiaries of Lifecare ASA, except for Lifecare Veterinary AS and RemovAid AS, are wholly owned.
Foreign currency translation
When preparing the financial statements, the income statements and statements of financial position of Group entities with functional currencies different from the presentation currency (none of which operate in hyperin-flationary economies) are translated as follows:
The statement of financial position is translated using the closing exchange rate at the end of the reporting period.
Income and expense items are translated at the average exchange rate for the period. If the average rate does not provide a reasonable approximation of the cumulative effects of using transaction rates, the actual transaction rates are applied.
Translation differences are recognized in other comprehensive income and presented separately.
Lifecare ASA has provided loans to subsidiaries with func-tional currencies different from the parent company. Foreign currency exchange differences arising from these loans are recognized as other comprehensive income in the statement of profit or loss.
Foreign currency translation
When preparing the financial statements, the income statements and statements of financial position of Group entities with functional currencies different from the presentation currency (none of which operate in hyperin-flationary economies) are translated as follows:
The statement of financial position is translated using the closing exchange rate at the end of the reporting period.
Income and expense items are translated at the average exchange rate for the period. If the average rate does not provide a reasonable approximation of the cumulative effects of using transaction rates, the actual transaction rates are applied.
Translation differences are recognized in other comprehensive income and presented separately.
Lifecare ASA has provided loans to subsidiaries with func-tional currencies different from the parent company. Foreign currency exchange differences arising from these loans are recognized as other comprehensive income in the statement of profit or loss.
Cash flow statement
The cash flow statement shows the overall cash flow spec-ified by operating, investing and financing activities using the indirect method. The cash flow statement illustrates the effect of the various activities on cash and cash equivalents. Operating activities are presented using the indirect method, where profit/loss before tax is adjusted for changes in oper-ating receivables and payables, the effect of non-cash items such as depreciation and employee share options, as well as other adjustments.
Going concern
The financial statements have been prepared on a going concern basis in accordance with IFRS as adopted by the EU.In accordance with the requirements of IAS 1 Presentation of Financial Statements, the Board of Directors has performed an assessment of the Group\u2019s ability to continue as a going concern, taking into account liquidity forecasts, expected cash flows, available financing arrangements and mitigating actions.
At 31 December 2025, the Group had limited cash resources and required additional financing to support its planned development activities. At that time, available cash was expected to fund operations into the first quarter of 2026.
Subsequent to the reporting date, Lifecare completed a rights issue in January 2026 raising approximately NOK 80 million in gross proceeds. The proceeds were partly utilized to settle outstanding bridge financing of approximately NOK 50 million, including accrued interest. The remaining proceeds strengthened the Group\u2019s liquidity position.
In addition, a warrant exercise period was completed in March 2026, generating approximately NOK 36 million in gross proceeds. A further warrant exercise period is sched-uled for June 2026.
Based on the completed financing transactions, the estab-lished warrant program, and current operating plans, the Board has concluded that the Group is expected to have sufficient financial resources and financing alternatives to continue its operations for at least the next twelve months from the reporting date.
Accordingly, the financial statements have been prepared on a going concern basis.
Note 3 Financial risk management
Capital management
The Group\u2019s primary source of capital is equity financing, supplemented by limited public grants. The objective of the Group\u2019s capital management is to ensure a capital struc-ture that supports its development activities, safeguards its ability to continue as a going concern, and creates long-term shareholder value.
Lifecare operates in a development phase and invests significantly in development, regulatory activities, produc-tion capabilities, and general business development. As the Group does not generate significant operating revenues, it is dependent on external financing to fund its operations. Equity financing is expected to remain the principal source of funding in the foreseeable future.
The Group monitors its capital structure on an ongoing basis, considering development progress, liquidity forecasts, and market conditions. Capital management measures may include issuance of new shares, warrants or other equity instruments, as well as other financing arrangements when appropriate.
Monthly liquidity forecasts are prepared at Group level based on prudent assumptions and form the basis for assessing funding requirements and potential capital measures.
In 2025, Lifecare raised NOK 16.1 million in gross proceeds through the exercise of warrants issued in connection with the rights issue completed in June 2024.
As of 31 December 2025, the Group held NOK 5.7 million in cash and cash equivalents and reported negative equity.
In January 2026, Lifecare completed a partially underwritten rights issue raising gross proceeds of NOK 80 million. The
proceeds were partly utilized to settle outstanding bridge financing of approximately NOK 50 million, including accrued interest. The remaining proceeds strengthened the Group\u2019s liquidity position.
In connection with the rights issue, two series of warrants were issued with exercise periods in March and June 2026. The warrant exercise completed in March 2026 generated gross proceeds of approximately NOK 36 million.
Together, the rights issue and completed warrant exercise have strengthened the Group\u2019s capital base and liquidity position. The upcoming warrant exercise period in June 2026 represents an additional financing opportunity supporting the Group\u2019s continued development activities.
The Group is not subject to externally imposed capital requirements.
Financial risk factors
The Group\u2019s activities expose it to a limited number of finan-cial risks: liquidity risk, market risk (primarily foreign currency risk), interest rate risk and credit risk. The Group\u2019s overall risk management framework seeks to minimise potential adverse effects on the Group\u2019s financial performance and position.Financial risk management is carried out by Group manage-ment in accordance with policies approved by the Board of Directors.
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 manages liquidity risk by maintaining cash reserves and securing financing when required. Liquidity is monitored through monthly cash flow forecasts prepared at
Group level in cooperation with operating management. The forecasts are based on conservative assumptions regarding costs, development progress and financing.
Given the Group\u2019s development stage and limited revenue base, liquidity management remains a key focus area. However, following the rights issue completed in January 2026 and the warrant exercise in March 2026, the Group\u2019s liquidity position has been strengthened.
All financial liabilities as of 31 December 2025 mature within one year, except for lease liabilities. Further informa-tion regarding lease maturity profiles is provided in Note 14 Leases.
Foreign currency risk
The Group\u2019s foreign currency exposure arises primarily from transactions denominated in EUR and GBP. However, subsidiaries in Germany and the UK have EUR and GBP as their functional currencies, respectively. Consequently, their operational purchases and sales in these currencies do not create foreign exchange risk at the subsidiary level.
Foreign exchange risk is therefore mainly concentrated in
Lifecare ASA, where intercompany receivables denominated in foreign currencies (primarily EUR and GBP) give rise to currency exposure in the standalone financial statements.
Foreign exchange risk arises from recognised assets and liabilities denominated in foreign currencies, as well as from future transactions. The Group monitors its currency expo-sure on an ongoing basis.
The Group does not currently apply hedge accounting or enter into currency hedging arrangements. Currency expo-sure is monitored on an ongoing basis.
A sensitivity analysis based on a 5% change in relevant exchange rates at year-end indicates that the impact on profit or loss and equity would not be material.
Interest rate risk
Interest rate risk arises from interest-bearing liabilities and assets.
As of 31 December 2025, the Group had limited exposure to interest rate risk. Bridge loans obtained during 2025 carried fixed interest rates and were repaid in January 2026. The Group\u2019s cash holdings are placed in bank deposits with vari-able interest rates; however, given the limited cash balance at year-end, the exposure to changes in market interest rates is not considered material.
Credit risk
Credit risk is the risk of financial loss if a counterparty fails to meet its contractual obligations.
The Group\u2019s credit risk primarily relates to bank deposits and, to a limited extent, receivables. As the Group generates limited operating revenue, trade receivables are not material.
Credit risk related to bank deposits is mitigated by placing funds with reputable financial institutions.
The parent company provides funding to its subsidiaries through intercompany loans and receivables, and therefore is exposed to credit risk related to these balances in its stand-alone financial statements. However, as the subsidiaries are wholly owned, the Group\u2019s overall external credit risk is limited.The financial performance of subsidiaries may affect the Group\u2019s liquidity position and capital requirements.
Note 21 Interest-bearing loans and other financial liabilities
Interest-bearing loans
In the fourth quarter of 2025, to bridge operations pending completion of the rights issue in January 2026, Lifecare ASA obtained short-term financing consisting of a NOK 25 million bridge loan facility, provided by underwriters in the forthcoming rights issue; and a NOK 25 million subordinated shareholder loan provided by Tjelta AS, Lacal AS and LHH AS.
The shareholder loan is fully subordinated to the bridge loan facility. Drawdown under the shareholder loan was condi-tional upon full utilisation of the bridge loan facility. Both facilities have a contractual term of three months and carry interest at 1% per commenced 30-day period, payable in advance.
The bridge loan facility includes a 4% arrangement fee. The shareholder loan includes a fixed fee of approximately 3.7% of the nominal loan amount. There is no penalty for early repayment. The agreements include customary negative pledge provisions.
As of 31 December 2025, the Company had drawn the full NOK 25 million under each facility. The loans are classified as current liabilities, as the Company does not have an uncon-ditional right to defer settlement beyond twelve months after the reporting date.
The loans are measured at amortised cost using the effective interest method in accordance with IFRS 9. Interest and fees are recognised as finance costs over the term of the facilities.
At 31 December 2025, accrued interest and amortised fees amounted to NOK 2.7 million.
The loans were repaid subsequent to the reporting date following completion of the rights issue in January 2026, refer to Note 25 Subsequent events.
Warrants classified as financial liabilities
In June 2024, Lifecare ASA issued warrants in connection with a partially underwritten rights issue. Due to the variability in the exercise price, the warrants did not meet the \u201cfixed-for-fixed\u201d criterion in IAS 32 and were therefore classified as financial liabilities. The warrants were initially recognised at fair value at issuance and subsequently measured at fair value through profit or loss in accordance with IFRS 9 until exercise or expiry.
Following a 13:1 share consolidation in September 2024, 4 193 802 warrants were outstanding at 31 December 2024.
Each warrant entitled the holder to subscribe for one new share at an exercise price equal to the volume weighted average price (VWAP) of the Company\u2019s shares during the last three trading days prior to the first day of the exercise period, less 30%, subject to a floor equal to par value and a cap equal to the subscription price in the 2024 rights issue plus 30%. The final exercise price was determined to be NOK 5.3168 per share.
The warrants were exercisable in the period 2\u201313 June 2025. A total of 3 207 994 warrants were exercised, resulting in gross proceeds of NOK 17.1 million. Upon exercise, the carrying amount of the related warrant liability was derecognised and recognised in equity together with the cash proceeds.
The remaining warrants expired unexercised on 13 June 2025. The residual warrant liability was derecognised through profit or loss.
As of 31 December 2025, no warrants remain outstanding.
Lifecare ASA | Financial liabilities | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
- | 14 678 | Warrants at 1 January | 14 678 | - |
23 716 | - | Warrants issued | - | 23 716 |
-9 038 | -13 025 | Fair value gains (-) /loss (+) | -13 025 | -9 038 |
- | -1 653 | Warrants exercised/expired, recognized in equity | -1 653 | - |
14 678 | - | Warrants at 31 December | - | 14 678 |
Note 23 Fair value measurement
The following hierarchy is applied to determine and disclose the fair value of financial instruments:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: Valuation techniques using observable inputs that significantly impact the fair value, either directly or indirectly.
Level 3: Valuation techniques based on significant unobservable inputs.
The warrants classified as financial liabilities (Note 21) were measured at fair value using Level 1 inputs, based on quoted market prices on Euronext Growth Oslo.
Financial instruments not measured at fair value in the state-ment of financial position are carried at amortised cost. For these instruments, the carrying amount is considered to be a reasonable approximation of fair value due to their short-term nature. This applies to trade receivables, other current assets, cash and cash equivalents, trade payables, other current liabilities and interest-bearing loans.
Lease liabilities are measured at amortised cost. The discount rate applied is considered to reflect the current market cost of borrowing, and accordingly the carrying amount does not materially differ from fair value.
Note 3 Financial risk management
Capital management
The Group\u2019s primary source of capital is equity financing, supplemented by limited public grants. The objective of the Group\u2019s capital management is to ensure a capital struc-ture that supports its development activities, safeguards its ability to continue as a going concern, and creates long-term shareholder value.
Lifecare operates in a development phase and invests significantly in development, regulatory activities, produc-tion capabilities, and general business development. As the Group does not generate significant operating revenues, it is dependent on external financing to fund its operations. Equity financing is expected to remain the principal source of funding in the foreseeable future.
The Group monitors its capital structure on an ongoing basis, considering development progress, liquidity forecasts, and market conditions. Capital management measures may include issuance of new shares, warrants or other equity instruments, as well as other financing arrangements when appropriate.
Monthly liquidity forecasts are prepared at Group level based on prudent assumptions and form the basis for assessing funding requirements and potential capital measures.
In 2025, Lifecare raised NOK 16.1 million in gross proceeds through the exercise of warrants issued in connection with the rights issue completed in June 2024.
As of 31 December 2025, the Group held NOK 5.7 million in cash and cash equivalents and reported negative equity.
In January 2026, Lifecare completed a partially underwritten rights issue raising gross proceeds of NOK 80 million. The
proceeds were partly utilized to settle outstanding bridge financing of approximately NOK 50 million, including accrued interest. The remaining proceeds strengthened the Group\u2019s liquidity position.
In connection with the rights issue, two series of warrants were issued with exercise periods in March and June 2026. The warrant exercise completed in March 2026 generated gross proceeds of approximately NOK 36 million.
Together, the rights issue and completed warrant exercise have strengthened the Group\u2019s capital base and liquidity position. The upcoming warrant exercise period in June 2026 represents an additional financing opportunity supporting the Group\u2019s continued development activities.
The Group is not subject to externally imposed capital requirements.
Financial risk factors
The Group\u2019s activities expose it to a limited number of finan-cial risks: liquidity risk, market risk (primarily foreign currency risk), interest rate risk and credit risk. The Group\u2019s overall risk management framework seeks to minimise potential adverse effects on the Group\u2019s financial performance and position.Financial risk management is carried out by Group manage-ment in accordance with policies approved by the Board of Directors.
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 manages liquidity risk by maintaining cash reserves and securing financing when required. Liquidity is monitored through monthly cash flow forecasts prepared at
Group level in cooperation with operating management. The forecasts are based on conservative assumptions regarding costs, development progress and financing.
Given the Group\u2019s development stage and limited revenue base, liquidity management remains a key focus area. However, following the rights issue completed in January 2026 and the warrant exercise in March 2026, the Group\u2019s liquidity position has been strengthened.
All financial liabilities as of 31 December 2025 mature within one year, except for lease liabilities. Further informa-tion regarding lease maturity profiles is provided in Note 14 Leases.
Foreign currency risk
The Group\u2019s foreign currency exposure arises primarily from transactions denominated in EUR and GBP. However, subsidiaries in Germany and the UK have EUR and GBP as their functional currencies, respectively. Consequently, their operational purchases and sales in these currencies do not create foreign exchange risk at the subsidiary level.
Foreign exchange risk is therefore mainly concentrated in
Lifecare ASA, where intercompany receivables denominated in foreign currencies (primarily EUR and GBP) give rise to currency exposure in the standalone financial statements.
Foreign exchange risk arises from recognised assets and liabilities denominated in foreign currencies, as well as from future transactions. The Group monitors its currency expo-sure on an ongoing basis.
The Group does not currently apply hedge accounting or enter into currency hedging arrangements. Currency expo-sure is monitored on an ongoing basis.
A sensitivity analysis based on a 5% change in relevant exchange rates at year-end indicates that the impact on profit or loss and equity would not be material.
Interest rate risk
Interest rate risk arises from interest-bearing liabilities and assets.
As of 31 December 2025, the Group had limited exposure to interest rate risk. Bridge loans obtained during 2025 carried fixed interest rates and were repaid in January 2026. The Group\u2019s cash holdings are placed in bank deposits with vari-able interest rates; however, given the limited cash balance at year-end, the exposure to changes in market interest rates is not considered material.
Credit risk
Credit risk is the risk of financial loss if a counterparty fails to meet its contractual obligations.
The Group\u2019s credit risk primarily relates to bank deposits and, to a limited extent, receivables. As the Group generates limited operating revenue, trade receivables are not material.
Credit risk related to bank deposits is mitigated by placing funds with reputable financial institutions.
The parent company provides funding to its subsidiaries through intercompany loans and receivables, and therefore is exposed to credit risk related to these balances in its stand-alone financial statements. However, as the subsidiaries are wholly owned, the Group\u2019s overall external credit risk is limited.The financial performance of subsidiaries may affect the Group\u2019s liquidity position and capital requirements.
Note 24 Climate and nature-related risks
Lifecare\u2019s operations are focused on the development and production of continuous glucose monitoring (CGM) implants. The most important environmental factors relate to manufacturing, supply chain, product lifecycle, and logistics, including energy and material use, waste management, and transport of materials and products. Preliminary assess-ments indicate that Lifecare\u2019s direct exposure to climate- and nature-related risks is limited at the current stage. These risks are continuously monitored as part of the broader enterprise risk management framework, with potential material impacts considered low relative to other risk categories. Lifecare remains attentive to evolving environmental regulations and sustainability best practices.
Capital management
The Group\u2019s primary source of capital is equity financing, supplemented by limited public grants. The objective of the Group\u2019s capital management is to ensure a capital struc-ture that supports its development activities, safeguards its ability to continue as a going concern, and creates long-term shareholder value.
Lifecare operates in a development phase and invests significantly in development, regulatory activities, produc-tion capabilities, and general business development. As the Group does not generate significant operating revenues, it is dependent on external financing to fund its operations. Equity financing is expected to remain the principal source of funding in the foreseeable future.
The Group monitors its capital structure on an ongoing basis, considering development progress, liquidity forecasts, and market conditions. Capital management measures may include issuance of new shares, warrants or other equity instruments, as well as other financing arrangements when appropriate.
Monthly liquidity forecasts are prepared at Group level based on prudent assumptions and form the basis for assessing funding requirements and potential capital measures.
In 2025, Lifecare raised NOK 16.1 million in gross proceeds through the exercise of warrants issued in connection with the rights issue completed in June 2024.
As of 31 December 2025, the Group held NOK 5.7 million in cash and cash equivalents and reported negative equity.
In January 2026, Lifecare completed a partially underwritten rights issue raising gross proceeds of NOK 80 million. The
proceeds were partly utilized to settle outstanding bridge financing of approximately NOK 50 million, including accrued interest. The remaining proceeds strengthened the Group\u2019s liquidity position.
In connection with the rights issue, two series of warrants were issued with exercise periods in March and June 2026. The warrant exercise completed in March 2026 generated gross proceeds of approximately NOK 36 million.
Together, the rights issue and completed warrant exercise have strengthened the Group\u2019s capital base and liquidity position. The upcoming warrant exercise period in June 2026 represents an additional financing opportunity supporting the Group\u2019s continued development activities.
The Group is not subject to externally imposed capital requirements.
Financial risk factors
The Group\u2019s activities expose it to a limited number of finan-cial risks: liquidity risk, market risk (primarily foreign currency risk), interest rate risk and credit risk. The Group\u2019s overall risk management framework seeks to minimise potential adverse effects on the Group\u2019s financial performance and position.Financial risk management is carried out by Group manage-ment in accordance with policies approved by the Board of Directors.
Credit risk
Credit risk is the risk of financial loss if a counterparty fails to meet its contractual obligations.
The Group\u2019s credit risk primarily relates to bank deposits and, to a limited extent, receivables. As the Group generates limited operating revenue, trade receivables are not material.
Credit risk related to bank deposits is mitigated by placing funds with reputable financial institutions.
The parent company provides funding to its subsidiaries through intercompany loans and receivables, and therefore is exposed to credit risk related to these balances in its stand-alone financial statements. However, as the subsidiaries are wholly owned, the Group\u2019s overall external credit risk is limited.The financial performance of subsidiaries may affect the Group\u2019s liquidity position and capital requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:254900D88MYGZ7JD5P39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__28": { "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 manages liquidity risk by maintaining cash reserves and securing financing when required. Liquidity is monitored through monthly cash flow forecasts prepared at
Group level in cooperation with operating management. The forecasts are based on conservative assumptions regarding costs, development progress and financing.
Given the Group\u2019s development stage and limited revenue base, liquidity management remains a key focus area. However, following the rights issue completed in January 2026 and the warrant exercise in March 2026, the Group\u2019s liquidity position has been strengthened.
All financial liabilities as of 31 December 2025 mature within one year, except for lease liabilities. Further informa-tion regarding lease maturity profiles is provided in Note 14 Leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:254900D88MYGZ7JD5P39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__29": { "value": "Foreign currency risk
The Group\u2019s foreign currency exposure arises primarily from transactions denominated in EUR and GBP. However, subsidiaries in Germany and the UK have EUR and GBP as their functional currencies, respectively. Consequently, their operational purchases and sales in these currencies do not create foreign exchange risk at the subsidiary level.
Foreign exchange risk is therefore mainly concentrated in
Lifecare ASA, where intercompany receivables denominated in foreign currencies (primarily EUR and GBP) give rise to currency exposure in the standalone financial statements.
Foreign exchange risk arises from recognised assets and liabilities denominated in foreign currencies, as well as from future transactions. The Group monitors its currency expo-sure on an ongoing basis.
The Group does not currently apply hedge accounting or enter into currency hedging arrangements. Currency expo-sure is monitored on an ongoing basis.
A sensitivity analysis based on a 5% change in relevant exchange rates at year-end indicates that the impact on profit or loss and equity would not be material.
Interest rate risk
Interest rate risk arises from interest-bearing liabilities and assets.
As of 31 December 2025, the Group had limited exposure to interest rate risk. Bridge loans obtained during 2025 carried fixed interest rates and were repaid in January 2026. The Group\u2019s cash holdings are placed in bank deposits with vari-able interest rates; however, given the limited cash balance at year-end, the exposure to changes in market interest rates is not considered material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:254900D88MYGZ7JD5P39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__31": { "value": "Note 4 Revenue and other income
Lifecare has identified its operating segments based on internal reporting to the chief operating decision-maker. Lifecare ASA and the Group currently operates as a single segment focused on research and development (R&D) of its osmotic pressure sensor and related components. Conse-quently, Lifecare ASA and the Group reports financial perfor-mance and position as one operating segment.
Lifecare ASA and the Group is in the development phase and does not yet generate revenue from product sales. The Group has derived some revenue from sales of laboratory services provided by Lifecare Germany. Lifecare ASA provides various administrative services to its subsidiaries, which are recog-nized as revenue. Revenue is recognised in the accounting period in which the services are rendered.
Lifecare ASA | Revenue and other income | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
3 975 | 6 278 | Revenue from contracts with customers | 112 | 2 479 |
-996 | 4 750 | Government grants | 6 491 | 4 270 |
2 353 | - | Subleasing and other income | 37 | 2 924 |
5 332 | 11 028 | Total revenue and other income | 6 640 | 9 671 |
Government grants are recognized when it is reasonably assured that the grant will be received and that all asso-ciated conditions will be met. Grants are accounted for in the same period as the related expenses and presented on a gross basis. They are measured at their transaction date value and are typically used to reimburse employee costs or cover other operational expenses classified under \u201cOther operating expenses\u201d. Lifecare ASA and the Group receive income from government grants and tax incentives related to R&D expenses in Norway (SkatteFUNN). Both the parent company and its subsidiaries consistently apply for and secure funding from national and European public programs to support the Group\u2019s R&D activities. In 2024, Lifecare ASA repaid NOK 1 million from an EU grant received in 2022, as the total disbursement exceeded the project\u2019s grant ceiling.Other income includes subleasing of office and laboratory space.
Note 4 Revenue and other income
Lifecare has identified its operating segments based on internal reporting to the chief operating decision-maker. Lifecare ASA and the Group currently operates as a single segment focused on research and development (R&D) of its osmotic pressure sensor and related components. Conse-quently, Lifecare ASA and the Group reports financial perfor-mance and position as one operating segment.
Lifecare ASA and the Group is in the development phase and does not yet generate revenue from product sales. The Group has derived some revenue from sales of laboratory services provided by Lifecare Germany. Lifecare ASA provides various administrative services to its subsidiaries, which are recog-nized as revenue. Revenue is recognised in the accounting period in which the services are rendered.
Lifecare ASA | Revenue and other income | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
3 975 | 6 278 | Revenue from contracts with customers | 112 | 2 479 |
-996 | 4 750 | Government grants | 6 491 | 4 270 |
2 353 | - | Subleasing and other income | 37 | 2 924 |
5 332 | 11 028 | Total revenue and other income | 6 640 | 9 671 |
Government grants are recognized when it is reasonably assured that the grant will be received and that all asso-ciated conditions will be met. Grants are accounted for in the same period as the related expenses and presented on a gross basis. They are measured at their transaction date value and are typically used to reimburse employee costs or cover other operational expenses classified under \u201cOther operating expenses\u201d. Lifecare ASA and the Group receive income from government grants and tax incentives related to R&D expenses in Norway (SkatteFUNN). Both the parent company and its subsidiaries consistently apply for and secure funding from national and European public programs to support the Group\u2019s R&D activities. In 2024, Lifecare ASA repaid NOK 1 million from an EU grant received in 2022, as the total disbursement exceeded the project\u2019s grant ceiling.Other income includes subleasing of office and laboratory space.
Note 17 Other current assets
Lifecare ASA | Other current assets | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
- | 4 750 | Government grants | 7 592 | 4 326 |
584 | 4 586 | Prepaid expenses | 4 809 | 1 324 |
3 455 | 219 | Other receivables | 3 568 | 5 352 |
22 084 | 26 861 | Intercompany receivables | - | - |
26 122 | 36 417 | Total other current assets | 15 969 | 11 001 |
At 31 December 2025, government grants recognized by Lifecare ASA amounted to NOK 4.8 million and NOK 0.2 million for Lifecare Veterinary under the Norwegian Skat-teFUNN tax incentive scheme. In addition, NOK 2.6 million relates to an R&D funding scheme in Germany. The amounts are expected to be received in 2026.
Other receivables as of year-end 2025 include VAT and secu-rity deposits related to lease agreements.
Note 4 Revenue and other income
Lifecare has identified its operating segments based on internal reporting to the chief operating decision-maker. Lifecare ASA and the Group currently operates as a single segment focused on research and development (R&D) of its osmotic pressure sensor and related components. Conse-quently, Lifecare ASA and the Group reports financial perfor-mance and position as one operating segment.
Lifecare ASA and the Group is in the development phase and does not yet generate revenue from product sales. The Group has derived some revenue from sales of laboratory services provided by Lifecare Germany. Lifecare ASA provides various administrative services to its subsidiaries, which are recog-nized as revenue. Revenue is recognised in the accounting period in which the services are rendered.
Lifecare ASA | Revenue and other income | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
3 975 | 6 278 | Revenue from contracts with customers | 112 | 2 479 |
-996 | 4 750 | Government grants | 6 491 | 4 270 |
2 353 | - | Subleasing and other income | 37 | 2 924 |
5 332 | 11 028 | Total revenue and other income | 6 640 | 9 671 |
Government grants are recognized when it is reasonably assured that the grant will be received and that all asso-ciated conditions will be met. Grants are accounted for in the same period as the related expenses and presented on a gross basis. They are measured at their transaction date value and are typically used to reimburse employee costs or cover other operational expenses classified under \u201cOther operating expenses\u201d. Lifecare ASA and the Group receive income from government grants and tax incentives related to R&D expenses in Norway (SkatteFUNN). Both the parent company and its subsidiaries consistently apply for and secure funding from national and European public programs to support the Group\u2019s R&D activities. In 2024, Lifecare ASA repaid NOK 1 million from an EU grant received in 2022, as the total disbursement exceeded the project\u2019s grant ceiling.Other income includes subleasing of office and laboratory space.
Note 7 Other operating expenses
Research and development costs are expensed as incurred. Internal R&D costs are recognized in the income statement in the year incurred unless they meet the asset recognition criteria outlined in IAS 38, \u2018Intangible Assets. Uncertainties related to the regulatory approval process and clinical trial outcomes generally indicate that these criteria are not met until marketing authorization is obtained from the relevant regulatory authorities. Currently, neither Lifecare ASA nor the Group has no development expenditures that qualify for recognition under IAS 38.
The parent company\u2019s R&D expenses are higher due to intercompany charges from subsidiaries for develop-ment activities performed on behalf of the parent. These transactions are eliminated in the consolidated accounts.In addition, certain development activities and personnel costs are primarily recognized in the parent company.
Lifecare ASA | Other operating expenses | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
41 822 | 95 192 | R&D expenses | 67 944 | 19 448 |
5 557 | 7 646 | Administrative expenses | 11 819 | 9 006 |
5 659 | 2 537 | Accounting, audit, legal and consulting expenses | 3 747 | 6 698 |
3 770 | - | Listing fees | - | 3 770 |
6 651 | 7 748 | Other operating expenses | 9 639 | 12 896 |
63 459 | 113 123 | Total other operating expenses | 93 149 | 51 818 |
Lifecare ASA | Specification of audit fee | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
334 | 1 230 | Statutory audit | 1 346 | 389 |
176 | 64 | Other attestation services | 68 | 202 |
254 | 163 | Other non-assurance services | 163 | 257 |
764 | 1 457 | Total audit expenses | 1 577 | 848 |
Audit fees are exclusive of VAT. The fees reflect expenses recognized in the financial year and not necessarily the audit work performed for that year.
Note 4 Revenue and other income
Lifecare has identified its operating segments based on internal reporting to the chief operating decision-maker. Lifecare ASA and the Group currently operates as a single segment focused on research and development (R&D) of its osmotic pressure sensor and related components. Conse-quently, Lifecare ASA and the Group reports financial perfor-mance and position as one operating segment.
Lifecare ASA and the Group is in the development phase and does not yet generate revenue from product sales. The Group has derived some revenue from sales of laboratory services provided by Lifecare Germany. Lifecare ASA provides various administrative services to its subsidiaries, which are recog-nized as revenue. Revenue is recognised in the accounting period in which the services are rendered.
Lifecare ASA | Revenue and other income | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
3 975 | 6 278 | Revenue from contracts with customers | 112 | 2 479 |
-996 | 4 750 | Government grants | 6 491 | 4 270 |
2 353 | - | Subleasing and other income | 37 | 2 924 |
5 332 | 11 028 | Total revenue and other income | 6 640 | 9 671 |
Government grants are recognized when it is reasonably assured that the grant will be received and that all asso-ciated conditions will be met. Grants are accounted for in the same period as the related expenses and presented on a gross basis. They are measured at their transaction date value and are typically used to reimburse employee costs or cover other operational expenses classified under \u201cOther operating expenses\u201d. Lifecare ASA and the Group receive income from government grants and tax incentives related to R&D expenses in Norway (SkatteFUNN). Both the parent company and its subsidiaries consistently apply for and secure funding from national and European public programs to support the Group\u2019s R&D activities. In 2024, Lifecare ASA repaid NOK 1 million from an EU grant received in 2022, as the total disbursement exceeded the project\u2019s grant ceiling.Other income includes subleasing of office and laboratory space.
Lifecare has identified its operating segments based on internal reporting to the chief operating decision-maker. Lifecare ASA and the Group currently operates as a single segment focused on research and development (R&D) of its osmotic pressure sensor and related components. Conse-quently, Lifecare ASA and the Group reports financial perfor-mance and position as one operating segment.
Lifecare ASA and the Group is in the development phase and does not yet generate revenue from product sales. The Group has derived some revenue from sales of laboratory services provided by Lifecare Germany. Lifecare ASA provides various administrative services to its subsidiaries, which are recog-nized as revenue. Revenue is recognised in the accounting period in which the services are rendered.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:254900D88MYGZ7JD5P39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__36": { "value": "Government grants are recognized when it is reasonably assured that the grant will be received and that all asso-ciated conditions will be met. Grants are accounted for in the same period as the related expenses and presented on a gross basis. They are measured at their transaction date value and are typically used to reimburse employee costs or cover other operational expenses classified under \u201cOther operating expenses\u201d. Lifecare ASA and the Group receive income from government grants and tax incentives related to R&D expenses in Norway (SkatteFUNN). Both the parent company and its subsidiaries consistently apply for and secure funding from national and European public programs to support the Group\u2019s R&D activities. In 2024, Lifecare ASA repaid NOK 1 million from an EU grant received in 2022, as the total disbursement exceeded the project\u2019s grant ceiling.Other income includes subleasing of office and laboratory space.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:254900D88MYGZ7JD5P39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__39": { "value": "Note 5 Employee benefits expenses
Pension
The Group has a defined contribution pension scheme for all employees. Under the defined contribution scheme, the Group does not commit itself to paying specific future pension benefits but makes annual contributions to the employees\u2019 pension savings. The Group\u2019s Norwegian pension schemes meet the requirements of the Norwegian Manda-tory Occupational Pension Act. In Lifecare ASA, Lifecare Veterinary AS and RemovAid AS the contribution amounts to 5% of salary up to 12G (G is Norwegian National Insurance basic amount). In Lifecare Chemistry Ltd the contribution is 3% of base salary. In Lifecare Germany GmbH the contribu-tion is between 7-15% of base salary.
Other benefits
Other benefits consist of mobile phone, broadband and newspaper for some of the employees. There is no bonus scheme in Lifecare ASA nor in the Group. Lifecare has a share option program, see Note 6 Share option.
Management remuneration
The guideline for management remuneration as well as the remuneration report is available on Lifecare\u2019s website.
Lifecare ASA | Employee benefits expenses | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
10 814 | 12 063 | Salaries | 27 189 | 28 515 |
1 653 | 1 919 | Social security tax | 5 036 | 4 866 |
404 | 536 | Pension cost | 856 | 499 |
375 | 1 440 | Other benefits | 1 687 | 703 |
13 246 | 15 958 | Total payroll | 34 769 | 34 583 |
3 796 | 684 | Share option expense | 684 | 3 796 |
-667 | - | Accrued social security tax on share option | - | -667 |
3 129 | 684 | Total employee share option cost | 684 | 3 129 |
16 376 | 16 642 | Total employee benefit expenses | 35 453 | 37 712 |
10 | 9 | Number of FTE at year end | 24 | 33 |
8 | 10 | Average number of FTE during the year | 28 | 31 |
Remuneration to Group management
2025 | 2024 | |||||
Remuneration to Group management | Salary | Other remuneration | Total | Salary | Other remuneration | Total |
(NOK 1 000) | ||||||
Joacim Holter (CEO) | 2 592 045 | 20 144 | 2 612 189 | 2 468 621 | 8 759 | 2 477 380 |
Renete Kaarvik (CFO)* | 1 993 636 | 19 227 | 2 012 863 | 1 143 939 | 18 188 | 1 162 128 |
Andreas Pf\u00fctzner (CSO)** | 2 244 833 | 184 854 | 2 429 687 | 2 120 867 | 197 671 | 2 318 538 |
Total remuneration | 6 830 514 | 224 225 | 7 054 739 | 5 733 427 | 224 618 | 5 958 046 |
Remuneration to board members | 2025 | 2024 |
(NOK 1 000) | ||
Morten Foros Kronhstad (Chair) | 350 000 | 350\u00a0000 |
Trine Teigland | 240 000 | 240\u00a0000 |
Lutz Heinemann | 220 000 | 220\u00a0000 |
Hans Hekland | 255 000 | 255\u00a0000 |
Tone Kv\u00e5le | 270 000 | 270\u00a0000 |
Total remuneration | 1 335 000 | 1\u00a0335\u00a0000 |
*The CFO started in the position 1 May 2024.
**The CSO is employed through Lifecare Germany, with the total remuneration recharged to Lifecare ASA.
Note 5 Employee benefits expenses
Pension
The Group has a defined contribution pension scheme for all employees. Under the defined contribution scheme, the Group does not commit itself to paying specific future pension benefits but makes annual contributions to the employees\u2019 pension savings. The Group\u2019s Norwegian pension schemes meet the requirements of the Norwegian Manda-tory Occupational Pension Act. In Lifecare ASA, Lifecare Veterinary AS and RemovAid AS the contribution amounts to 5% of salary up to 12G (G is Norwegian National Insurance basic amount). In Lifecare Chemistry Ltd the contribution is 3% of base salary. In Lifecare Germany GmbH the contribu-tion is between 7-15% of base salary.
Other benefits
Other benefits consist of mobile phone, broadband and newspaper for some of the employees. There is no bonus scheme in Lifecare ASA nor in the Group. Lifecare has a share option program, see Note 6 Share option.
Management remuneration
The guideline for management remuneration as well as the remuneration report is available on Lifecare\u2019s website.
Lifecare ASA | Employee benefits expenses | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
10 814 | 12 063 | Salaries | 27 189 | 28 515 |
1 653 | 1 919 | Social security tax | 5 036 | 4 866 |
404 | 536 | Pension cost | 856 | 499 |
375 | 1 440 | Other benefits | 1 687 | 703 |
13 246 | 15 958 | Total payroll | 34 769 | 34 583 |
3 796 | 684 | Share option expense | 684 | 3 796 |
-667 | - | Accrued social security tax on share option | - | -667 |
3 129 | 684 | Total employee share option cost | 684 | 3 129 |
16 376 | 16 642 | Total employee benefit expenses | 35 453 | 37 712 |
10 | 9 | Number of FTE at year end | 24 | 33 |
8 | 10 | Average number of FTE during the year | 28 | 31 |
Remuneration to Group management
2025 | 2024 | |||||
Remuneration to Group management | Salary | Other remuneration | Total | Salary | Other remuneration | Total |
(NOK 1 000) | ||||||
Joacim Holter (CEO) | 2 592 045 | 20 144 | 2 612 189 | 2 468 621 | 8 759 | 2 477 380 |
Renete Kaarvik (CFO)* | 1 993 636 | 19 227 | 2 012 863 | 1 143 939 | 18 188 | 1 162 128 |
Andreas Pf\u00fctzner (CSO)** | 2 244 833 | 184 854 | 2 429 687 | 2 120 867 | 197 671 | 2 318 538 |
Total remuneration | 6 830 514 | 224 225 | 7 054 739 | 5 733 427 | 224 618 | 5 958 046 |
Remuneration to board members | 2025 | 2024 |
(NOK 1 000) | ||
Morten Foros Kronhstad (Chair) | 350 000 | 350\u00a0000 |
Trine Teigland | 240 000 | 240\u00a0000 |
Lutz Heinemann | 220 000 | 220\u00a0000 |
Hans Hekland | 255 000 | 255\u00a0000 |
Tone Kv\u00e5le | 270 000 | 270\u00a0000 |
Total remuneration | 1 335 000 | 1\u00a0335\u00a0000 |
*The CFO started in the position 1 May 2024.
**The CSO is employed through Lifecare Germany, with the total remuneration recharged to Lifecare ASA.
Management remuneration
The guideline for management remuneration as well as the remuneration report is available on Lifecare\u2019s website.
Remuneration to Group management
2025 | 2024 | |||||
Remuneration to Group management | Salary | Other remuneration | Total | Salary | Other remuneration | Total |
(NOK 1 000) | ||||||
Joacim Holter (CEO) | 2 592 045 | 20 144 | 2 612 189 | 2 468 621 | 8 759 | 2 477 380 |
Renete Kaarvik (CFO)* | 1 993 636 | 19 227 | 2 012 863 | 1 143 939 | 18 188 | 1 162 128 |
Andreas Pf\u00fctzner (CSO)** | 2 244 833 | 184 854 | 2 429 687 | 2 120 867 | 197 671 | 2 318 538 |
Total remuneration | 6 830 514 | 224 225 | 7 054 739 | 5 733 427 | 224 618 | 5 958 046 |
Remuneration to board members | 2025 | 2024 |
(NOK 1 000) | ||
Morten Foros Kronhstad (Chair) | 350 000 | 350\u00a0000 |
Trine Teigland | 240 000 | 240\u00a0000 |
Lutz Heinemann | 220 000 | 220\u00a0000 |
Hans Hekland | 255 000 | 255\u00a0000 |
Tone Kv\u00e5le | 270 000 | 270\u00a0000 |
Total remuneration | 1 335 000 | 1\u00a0335\u00a0000 |
*The CFO started in the position 1 May 2024.
**The CSO is employed through Lifecare Germany, with the total remuneration recharged to Lifecare ASA.
Note 6 Share option
Lifecare\u2019s share option program aligns long-term perfor-mance with shareholder interests while attracting and retaining senior management. Each option grants the right to acquire one Lifecare share at the market price at the grant date, without consideration.
The fair value of options is determined at grant using the Black-Scholes and Monte-Carlo models, considering factors such as share price, exercise price, volatility, expected life, dividends, and risk-free interest rate. A brokerage firm conducts the valuation. The cost is expensed over the vesting period, with a corresponding increase in \u201cOther paid-in capital.\u201d A provision for social security contributions (employer\u2019s social security tax) is recognized over the vesting period in line with the recognition of the underlying share-based payment expense. The provision is calculated based on the estimated fair value of the options and is updated at each reporting date to reflect changes in share price and the expected number of vested options.
Cumulative expense reflects the vesting period\u2019s progres-sion and the estimated number of options expected to vest. Changes in cumulative expense are recognized in the state-ment of profit or loss under employee benefits.
Upon exercise, Lifecare ASA issues new shares, recording proceeds (net of transaction costs) as share capital and share premium reserve. Options typically vest in equal tranches over three years and expire after five years. Vesting is contin-gent on continued employment and may include perfor-mance targets. Options carry no dividend or voting rights before exercise and can only be exercised within Board-de-fined periods.
In accordance with the authorization granted by the Annual General Meeting of Lifecare ASA held on 6 May 2022, the Board of Directors awarded a total of 2 544 173 share options in 2022. In accordance with the authorisation granted by the Annual General Meeting of Lifecare held on 30 April 2023, the Board of Directors awarded a total of 1 825 000 addi-tional share options in 2023 and 600 000 additional share options in 2024. These numbers do not take into account the consolidation of the share options in a ratio of 13:1, described in Note 19. No share options are granted in 2025.
The consolidation of Lifecare ASA\u2019s shares in a ratio of 13:1 in 2024 impacted the share options. The strike price before the consolidation of options was NOK 1.52442. Following the consolidation of options, the strike price is NOK 19.81746.
As at year end 2025, 382 233 share options were outstanding. As of 31 December 2025, the closing share price of Lifecare shares was approximately NOK 1.1, below the strike price of outstanding options (NOK 19.82), making the options out-of-the-money.
2025 | 2024 | |||
Changes in options | Number of options | Weighted average exercise price | Number of options | Weighted average exercise price |
As of 1 January | 382 233 | 19.82 | 4 369 173 | 2.43 |
Granted during the year | - | - | 600 000 | 1.52 |
Exercised during the year | - | - | - | - |
Expired during the year | - | - | - | - |
Options pre share consolidation 13:1 | - | - | 4 969 173 | 2.43 |
As of 31 December | 382 233 | 19.82 | 382 233 | 19.82 |
Weighted average remaining contractual life (months) | 20.5 | 32.5 |
Lifecare\u2019s share option program aligns long-term perfor-mance with shareholder interests while attracting and retaining senior management. Each option grants the right to acquire one Lifecare share at the market price at the grant date, without consideration.
The fair value of options is determined at grant using the Black-Scholes and Monte-Carlo models, considering factors such as share price, exercise price, volatility, expected life, dividends, and risk-free interest rate. A brokerage firm conducts the valuation. The cost is expensed over the vesting period, with a corresponding increase in \u201cOther paid-in capital.\u201d A provision for social security contributions (employer\u2019s social security tax) is recognized over the vesting period in line with the recognition of the underlying share-based payment expense. The provision is calculated based on the estimated fair value of the options and is updated at each reporting date to reflect changes in share price and the expected number of vested options.
Cumulative expense reflects the vesting period\u2019s progres-sion and the estimated number of options expected to vest. Changes in cumulative expense are recognized in the state-ment of profit or loss under employee benefits.
Upon exercise, Lifecare ASA issues new shares, recording proceeds (net of transaction costs) as share capital and share premium reserve. Options typically vest in equal tranches over three years and expire after five years. Vesting is contin-gent on continued employment and may include perfor-mance targets. Options carry no dividend or voting rights before exercise and can only be exercised within Board-de-fined periods.
In accordance with the authorization granted by the Annual General Meeting of Lifecare ASA held on 6 May 2022, the Board of Directors awarded a total of 2 544 173 share options in 2022. In accordance with the authorisation granted by the Annual General Meeting of Lifecare held on 30 April 2023, the Board of Directors awarded a total of 1 825 000 addi-tional share options in 2023 and 600 000 additional share options in 2024. These numbers do not take into account the consolidation of the share options in a ratio of 13:1, described in Note 19. No share options are granted in 2025.
The consolidation of Lifecare ASA\u2019s shares in a ratio of 13:1 in 2024 impacted the share options. The strike price before the consolidation of options was NOK 1.52442. Following the consolidation of options, the strike price is NOK 19.81746.
As at year end 2025, 382 233 share options were outstanding. As of 31 December 2025, the closing share price of Lifecare shares was approximately NOK 1.1, below the strike price of outstanding options (NOK 19.82), making the options out-of-the-money.
Note 7 Other operating expenses
Research and development costs are expensed as incurred. Internal R&D costs are recognized in the income statement in the year incurred unless they meet the asset recognition criteria outlined in IAS 38, \u2018Intangible Assets. Uncertainties related to the regulatory approval process and clinical trial outcomes generally indicate that these criteria are not met until marketing authorization is obtained from the relevant regulatory authorities. Currently, neither Lifecare ASA nor the Group has no development expenditures that qualify for recognition under IAS 38.
The parent company\u2019s R&D expenses are higher due to intercompany charges from subsidiaries for develop-ment activities performed on behalf of the parent. These transactions are eliminated in the consolidated accounts.In addition, certain development activities and personnel costs are primarily recognized in the parent company.
Lifecare ASA | Other operating expenses | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
41 822 | 95 192 | R&D expenses | 67 944 | 19 448 |
5 557 | 7 646 | Administrative expenses | 11 819 | 9 006 |
5 659 | 2 537 | Accounting, audit, legal and consulting expenses | 3 747 | 6 698 |
3 770 | - | Listing fees | - | 3 770 |
6 651 | 7 748 | Other operating expenses | 9 639 | 12 896 |
63 459 | 113 123 | Total other operating expenses | 93 149 | 51 818 |
Lifecare ASA | Specification of audit fee | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
334 | 1 230 | Statutory audit | 1 346 | 389 |
176 | 64 | Other attestation services | 68 | 202 |
254 | 163 | Other non-assurance services | 163 | 257 |
764 | 1 457 | Total audit expenses | 1 577 | 848 |
Audit fees are exclusive of VAT. The fees reflect expenses recognized in the financial year and not necessarily the audit work performed for that year.
Note 13 Property, plant and equipment
Property, plant, and equipment (PPE) consists primarily of office and laboratory equipment and machines. In 2025, Lifecare invested in laboratory and office equipment, mainly related to the new production facilities in Mainz, Germany.
The assets are depreciated using the straight-line method. The useful economic life ranges from 3-5 years.
Lifecare ASA | Property, plant and equipment | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
1 017 | 1 061 | Book value at 1 January | 14 484 | 3 192 |
- | - | Currency translation differences | -120 | 143 |
365 | 2 168 | Additions | 6 462 | 12 765 |
- | - | Disposals | -201 | - |
-320 | -378 | Depreciation | -2 405 | -1 617 |
1 061 | 2 851 | Book value at 31 December | 18 220 | 14 484 |
1 771 | 3 939 | Accumulated acquisition cost | 23 847 | 17 705 |
-709 | -1 087 | Accumulated depreciation | -5 626 | -3 221 |
1 062 | 2 852 | Book value at 31 December | 18 220 | 14 484 |
Note 14 Right of use assets / leases
At contract inception, an evaluation is performed to deter-mine whether an agreement constitutes or contains a lease. This is the case if it grants control over an identified asset for a specified period in exchange for consideration. Upon lease commencement, a lease liability and a corresponding right-of-use asset are recognized, except for short-term leases (\u226412 months) and low-value assets, which are expensed as incurred.
Lease liabilities are initially measured at the present value of unpaid lease payments, considering non-cancellable periods and reasonably certain extension or termination options. Liabilities are subsequently adjusted for interest, lease payments and modifications. Variable lease payments are expensed as incurred.
Right-of-use assets are recognized at cost, net of depre-ciation and impairment, including the initial lease liability, upfront payments and direct costs. Depreciation extends over the lease term.
All office and laboratory space has been recognized as leasing contracts. Office rent due within 12 months are classified as short-term. The largest leasing agreement is in Mainz, Germany, and has a contract term of ten years, with 9.5 years remaining at year end 2025.
The Group has subleased its office space at Lysaker, Norway (former RemovAid office) during 2025. The income from the sublease is included as \u201cOther income\u201d in the financial statements.
Lifecare ASA | Right of use assets | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
413 | 4 477 | Right of use assets at 1 January | 10 692 | 6 642 |
- | - | Currency translation differences | -352 | 287 |
4 493 | 88 | Additions | 37 810 | 6 106 |
-430 | -494 | Depreciation | -4 574 | -2 343 |
4 477 | 4 072 | Right of use assets at 31 December | 43 576 | 10 692 |
Lifecare ASA | Lease liabilities | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
425 | 4 569 | Lease liabilities at 1 January | 10 863 | 6 450 |
- | - | Currency translation differences | -210 | 40 |
4 421 | 88 | Changes in leases during the year | 37 810 | 6 491 |
-484 | -658 | Cash payment for the principal portion of the lease liability | -4 213 | -2 585 |
206 | 271 | Interest expense on lease liabilities | 1 212 | 467 |
4 569 | 4 270 | Lease liabilities at 31 December | 45 462 | 10 863 |
381 | 413 | Current lease liabilities | 6 866 | 2 590 |
4 188 | 3 858 | Non-current lease liabilities | 38 597 | 8 274 |
Lifecare ASA | Lease expenses | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
430 | 494 | Depreciation right of use assets | 4 574 | 2 343 |
206 | 271 | Interest expense on lease liabilities | 1 212 | 467 |
- | - | Operating expenses related to short term leases | - | 319 |
- | - | Operating expenses related to low value assets | 194 | 282 |
635 | 764 | Total lease expenses | 5 980 | 3 410 |
Lifecare ASA | Lease liabilities and maturities of cash outflows | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
381 | 413 | Less than 1 year | 6 866 | 2 590 |
1 774 | 1 921 | 1-5 years | 17 816 | 5 859 |
2 414 | 1 937 | More than 5 years | 20 781 | 2 414 |
4 569 | 4 270 | Total lease liabilities at 31 December | 45 462 | 10 863 |
Note 7 Other operating expenses
Research and development costs are expensed as incurred. Internal R&D costs are recognized in the income statement in the year incurred unless they meet the asset recognition criteria outlined in IAS 38, \u2018Intangible Assets. Uncertainties related to the regulatory approval process and clinical trial outcomes generally indicate that these criteria are not met until marketing authorization is obtained from the relevant regulatory authorities. Currently, neither Lifecare ASA nor the Group has no development expenditures that qualify for recognition under IAS 38.
The parent company\u2019s R&D expenses are higher due to intercompany charges from subsidiaries for develop-ment activities performed on behalf of the parent. These transactions are eliminated in the consolidated accounts.In addition, certain development activities and personnel costs are primarily recognized in the parent company.
Lifecare ASA | Other operating expenses | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
41 822 | 95 192 | R&D expenses | 67 944 | 19 448 |
5 557 | 7 646 | Administrative expenses | 11 819 | 9 006 |
5 659 | 2 537 | Accounting, audit, legal and consulting expenses | 3 747 | 6 698 |
3 770 | - | Listing fees | - | 3 770 |
6 651 | 7 748 | Other operating expenses | 9 639 | 12 896 |
63 459 | 113 123 | Total other operating expenses | 93 149 | 51 818 |
Lifecare ASA | Specification of audit fee | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
334 | 1 230 | Statutory audit | 1 346 | 389 |
176 | 64 | Other attestation services | 68 | 202 |
254 | 163 | Other non-assurance services | 163 | 257 |
764 | 1 457 | Total audit expenses | 1 577 | 848 |
Audit fees are exclusive of VAT. The fees reflect expenses recognized in the financial year and not necessarily the audit work performed for that year.
Note 8 Net financial items
Lifecare ASA | Net financial items | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
516 | 261 | Net currency gains | 62 | 545 |
2 531 | 1 098 | Interest income on bank deposits | 1 098 | 2 531 |
72 | 1 | Interest income on tax repaid | 8 | 78 |
- | 464 | Other interest income | - | - |
9 038 | 13 025 | Fair value adjustment of financial liabilities* | 13 025 | 9 038 |
12 156 | 14 850 | Total financial income | 14 193 | 12 192 |
335 | 526 | Net currency losses | 1 266 | 357 |
206 | 271 | Interest on lease liabilities | 1 212 | 467 |
- | 1 312 | Interest on loans | 1 312 | - |
- | 1 203 | Other financial expenses | 1 203 | 67 |
541 | 3 312 | Total financial expenses | 4 993 | 892 |
11 615 | 11 538 | Net financial items | 9 201 | 11 299 |
* Fair value adjustment related to warrants, refer to Note 21 Interest-bearing loand and other financial liabilities.
Note 11 Patents and licenses
Lifecare holds several key patents central to its inno-vative glucose monitoring technology as well as to the RemovAid tool. Among these, five patents with finite useful lives are recognized in the financial statements:
Apparatus and Method for Measuring Augmented Osmotic Pressure in a Reference Cavity, granted in 2018. This patent pertains to a device for monitoring changes in osmotic pressure in response to concen-tration changes of specific dissolved solute particles. The patent expires in 2030 and is recognized in the financial statement of Lifecare ASA and the Group. The amortization period corresponds to the patent period of 12 years.
Interstitial Fluid Osmotic Pressure Measuring Device System and Method, granted in 2011. This patent describes a sensor design aimed at improving signal amplitude, increasing the accuracy of subcutaneous glucose assessments, and enhancing sensor longevity and resistance to environmental interferences. It also allows for the measurement of other analytes in addition to glucose. The patent expires in 2038, and is recognized in the financial statement of Lifecare ASA and the Group. The amortization period corresponds to the patent period of 27 years.
Patent for the RemovAid tool, granted in 2012. RemovAid is a class IIa medical device to remove single-rod contraceptives. The patent expires in 2036 and is recognized in the financial statements of the Lifecare Group. The amortization period corresponds to the patent period of 24 years.
Patent for an implant remover, granted in 2015. This was a patent related to an upgrade of the RemovAid tool, with an integrated blade. The patent expires in 2041, and is recognized in the financial statements of the Lifecare Group. The total amortization period corre-sponds to the patent period of 26 years.
Patent for the RemovAid tool for removing an item implanted underneath the skin, granted in 2020. The patent expires in 2036, and is recognized in the finan-cial statements of the Lifecare Group. The amortization period corresponds to the patent period of 16 years.
Additionally, through Lifecare Germany, the Group has a licensing agreement with Nanoscale Systems (Nanoss GmbH) to manufacture and commercialize a sensor using the patented Nano3DSense\u00ae production method. This method enables nanoscale printing of pressure-sensing elements on Lifecare\u2019s micro sensors. The licensing agree-ment will remain valid until two years after the expiration of Nanoss\u2019s patent, which is eight years from the acquisition date (ie until 2029). The total amortization period is equal to the licensing period of eight years.
Impairment assessment
Patents and licenses are allocated to the same cash-gen-erating unit (CGU) as goodwill and are therefore tested for impairment as part of the Group\u2019s annual impairment assess-ment in accordance with IAS 36.
The Group considers both internal and external factors when assessing impairment indicators. External factors, including market developments and the development in the share price during the year, have been evaluated.
Based on the annual impairment test performed at CGU level, no indication of impairment was identified, and no impairment has been recognized.
Furthermore, no loss of key personnel or significant internal operational changes have occurred that would impact the recognized values.
Lifecare ASA | Patents and licenses | Lifecare Group | ||
2024 | 2025 | NOK 1000 | 2025 | 2024 |
155 | 138 | Book value at 1 January | 5 371 | 5 283 |
- | - | Currency translation differences | -26 | - |
- | - | Business combinations | - | 1 057 |
-17 | -17 | Amortization | -1 018 | -969 |
138 | 138- | Book value at 31 December | 4 326 | 5 371 |
321 | 321 | Accumulated acquisition cost | 8 865 | 8 865 |
-183 | -200 | Accumulated amortization | -4 538 | -3 494 |
138 | 122 | Book value at 31 December | 4 326 | 5 371 |
Note 13 Property, plant and equipment
Property, plant, and equipment (PPE) consists primarily of office and laboratory equipment and machines. In 2025, Lifecare invested in laboratory and office equipment, mainly related to the new production facilities in Mainz, Germany.
The assets are depreciated using the straight-line method. The useful economic life ranges from 3-5 years.
Lifecare ASA | Property, plant and equipment | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
1 017 | 1 061 | Book value at 1 January | 14 484 | 3 192 |
- | - | Currency translation differences | -120 | 143 |
365 | 2 168 | Additions | 6 462 | 12 765 |
- | - | Disposals | -201 | - |
-320 | -378 | Depreciation | -2 405 | -1 617 |
1 061 | 2 851 | Book value at 31 December | 18 220 | 14 484 |
1 771 | 3 939 | Accumulated acquisition cost | 23 847 | 17 705 |
-709 | -1 087 | Accumulated depreciation | -5 626 | -3 221 |
1 062 | 2 852 | Book value at 31 December | 18 220 | 14 484 |
Note 14 Right of use assets / leases
At contract inception, an evaluation is performed to deter-mine whether an agreement constitutes or contains a lease. This is the case if it grants control over an identified asset for a specified period in exchange for consideration. Upon lease commencement, a lease liability and a corresponding right-of-use asset are recognized, except for short-term leases (\u226412 months) and low-value assets, which are expensed as incurred.
Lease liabilities are initially measured at the present value of unpaid lease payments, considering non-cancellable periods and reasonably certain extension or termination options. Liabilities are subsequently adjusted for interest, lease payments and modifications. Variable lease payments are expensed as incurred.
Right-of-use assets are recognized at cost, net of depre-ciation and impairment, including the initial lease liability, upfront payments and direct costs. Depreciation extends over the lease term.
All office and laboratory space has been recognized as leasing contracts. Office rent due within 12 months are classified as short-term. The largest leasing agreement is in Mainz, Germany, and has a contract term of ten years, with 9.5 years remaining at year end 2025.
The Group has subleased its office space at Lysaker, Norway (former RemovAid office) during 2025. The income from the sublease is included as \u201cOther income\u201d in the financial statements.
Lifecare ASA | Right of use assets | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
413 | 4 477 | Right of use assets at 1 January | 10 692 | 6 642 |
- | - | Currency translation differences | -352 | 287 |
4 493 | 88 | Additions | 37 810 | 6 106 |
-430 | -494 | Depreciation | -4 574 | -2 343 |
4 477 | 4 072 | Right of use assets at 31 December | 43 576 | 10 692 |
Lifecare ASA | Lease liabilities | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
425 | 4 569 | Lease liabilities at 1 January | 10 863 | 6 450 |
- | - | Currency translation differences | -210 | 40 |
4 421 | 88 | Changes in leases during the year | 37 810 | 6 491 |
-484 | -658 | Cash payment for the principal portion of the lease liability | -4 213 | -2 585 |
206 | 271 | Interest expense on lease liabilities | 1 212 | 467 |
4 569 | 4 270 | Lease liabilities at 31 December | 45 462 | 10 863 |
381 | 413 | Current lease liabilities | 6 866 | 2 590 |
4 188 | 3 858 | Non-current lease liabilities | 38 597 | 8 274 |
Lifecare ASA | Lease expenses | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
430 | 494 | Depreciation right of use assets | 4 574 | 2 343 |
206 | 271 | Interest expense on lease liabilities | 1 212 | 467 |
- | - | Operating expenses related to short term leases | - | 319 |
- | - | Operating expenses related to low value assets | 194 | 282 |
635 | 764 | Total lease expenses | 5 980 | 3 410 |
Lifecare ASA | Lease liabilities and maturities of cash outflows | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
381 | 413 | Less than 1 year | 6 866 | 2 590 |
1 774 | 1 921 | 1-5 years | 17 816 | 5 859 |
2 414 | 1 937 | More than 5 years | 20 781 | 2 414 |
4 569 | 4 270 | Total lease liabilities at 31 December | 45 462 | 10 863 |
Note 7 Other operating expenses
Research and development costs are expensed as incurred. Internal R&D costs are recognized in the income statement in the year incurred unless they meet the asset recognition criteria outlined in IAS 38, \u2018Intangible Assets. Uncertainties related to the regulatory approval process and clinical trial outcomes generally indicate that these criteria are not met until marketing authorization is obtained from the relevant regulatory authorities. Currently, neither Lifecare ASA nor the Group has no development expenditures that qualify for recognition under IAS 38.
The parent company\u2019s R&D expenses are higher due to intercompany charges from subsidiaries for develop-ment activities performed on behalf of the parent. These transactions are eliminated in the consolidated accounts.In addition, certain development activities and personnel costs are primarily recognized in the parent company.
Lifecare ASA | Other operating expenses | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
41 822 | 95 192 | R&D expenses | 67 944 | 19 448 |
5 557 | 7 646 | Administrative expenses | 11 819 | 9 006 |
5 659 | 2 537 | Accounting, audit, legal and consulting expenses | 3 747 | 6 698 |
3 770 | - | Listing fees | - | 3 770 |
6 651 | 7 748 | Other operating expenses | 9 639 | 12 896 |
63 459 | 113 123 | Total other operating expenses | 93 149 | 51 818 |
Lifecare ASA | Specification of audit fee | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
334 | 1 230 | Statutory audit | 1 346 | 389 |
176 | 64 | Other attestation services | 68 | 202 |
254 | 163 | Other non-assurance services | 163 | 257 |
764 | 1 457 | Total audit expenses | 1 577 | 848 |
Audit fees are exclusive of VAT. The fees reflect expenses recognized in the financial year and not necessarily the audit work performed for that year.
Note 7 Other operating expenses
Research and development costs are expensed as incurred. Internal R&D costs are recognized in the income statement in the year incurred unless they meet the asset recognition criteria outlined in IAS 38, \u2018Intangible Assets. Uncertainties related to the regulatory approval process and clinical trial outcomes generally indicate that these criteria are not met until marketing authorization is obtained from the relevant regulatory authorities. Currently, neither Lifecare ASA nor the Group has no development expenditures that qualify for recognition under IAS 38.
The parent company\u2019s R&D expenses are higher due to intercompany charges from subsidiaries for develop-ment activities performed on behalf of the parent. These transactions are eliminated in the consolidated accounts.In addition, certain development activities and personnel costs are primarily recognized in the parent company.
Lifecare ASA | Other operating expenses | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
41 822 | 95 192 | R&D expenses | 67 944 | 19 448 |
5 557 | 7 646 | Administrative expenses | 11 819 | 9 006 |
5 659 | 2 537 | Accounting, audit, legal and consulting expenses | 3 747 | 6 698 |
3 770 | - | Listing fees | - | 3 770 |
6 651 | 7 748 | Other operating expenses | 9 639 | 12 896 |
63 459 | 113 123 | Total other operating expenses | 93 149 | 51 818 |
Lifecare ASA | Specification of audit fee | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
334 | 1 230 | Statutory audit | 1 346 | 389 |
176 | 64 | Other attestation services | 68 | 202 |
254 | 163 | Other non-assurance services | 163 | 257 |
764 | 1 457 | Total audit expenses | 1 577 | 848 |
Audit fees are exclusive of VAT. The fees reflect expenses recognized in the financial year and not necessarily the audit work performed for that year.
Note 7 Other operating expenses
Research and development costs are expensed as incurred. Internal R&D costs are recognized in the income statement in the year incurred unless they meet the asset recognition criteria outlined in IAS 38, \u2018Intangible Assets. Uncertainties related to the regulatory approval process and clinical trial outcomes generally indicate that these criteria are not met until marketing authorization is obtained from the relevant regulatory authorities. Currently, neither Lifecare ASA nor the Group has no development expenditures that qualify for recognition under IAS 38.
The parent company\u2019s R&D expenses are higher due to intercompany charges from subsidiaries for develop-ment activities performed on behalf of the parent. These transactions are eliminated in the consolidated accounts.In addition, certain development activities and personnel costs are primarily recognized in the parent company.
Lifecare ASA | Other operating expenses | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
41 822 | 95 192 | R&D expenses | 67 944 | 19 448 |
5 557 | 7 646 | Administrative expenses | 11 819 | 9 006 |
5 659 | 2 537 | Accounting, audit, legal and consulting expenses | 3 747 | 6 698 |
3 770 | - | Listing fees | - | 3 770 |
6 651 | 7 748 | Other operating expenses | 9 639 | 12 896 |
63 459 | 113 123 | Total other operating expenses | 93 149 | 51 818 |
Lifecare ASA | Specification of audit fee | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
334 | 1 230 | Statutory audit | 1 346 | 389 |
176 | 64 | Other attestation services | 68 | 202 |
254 | 163 | Other non-assurance services | 163 | 257 |
764 | 1 457 | Total audit expenses | 1 577 | 848 |
Audit fees are exclusive of VAT. The fees reflect expenses recognized in the financial year and not necessarily the audit work performed for that year.
Property, plant, and equipment (PPE) consists primarily of office and laboratory equipment and machines. In 2025, Lifecare invested in laboratory and office equipment, mainly related to the new production facilities in Mainz, Germany.
The assets are depreciated using the straight-line method. The useful economic life ranges from 3-5 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:254900D88MYGZ7JD5P39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__57": { "value": "Note 8 Net financial items
Lifecare ASA | Net financial items | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
516 | 261 | Net currency gains | 62 | 545 |
2 531 | 1 098 | Interest income on bank deposits | 1 098 | 2 531 |
72 | 1 | Interest income on tax repaid | 8 | 78 |
- | 464 | Other interest income | - | - |
9 038 | 13 025 | Fair value adjustment of financial liabilities* | 13 025 | 9 038 |
12 156 | 14 850 | Total financial income | 14 193 | 12 192 |
335 | 526 | Net currency losses | 1 266 | 357 |
206 | 271 | Interest on lease liabilities | 1 212 | 467 |
- | 1 312 | Interest on loans | 1 312 | - |
- | 1 203 | Other financial expenses | 1 203 | 67 |
541 | 3 312 | Total financial expenses | 4 993 | 892 |
11 615 | 11 538 | Net financial items | 9 201 | 11 299 |
* Fair value adjustment related to warrants, refer to Note 21 Interest-bearing loand and other financial liabilities.
Note 8 Net financial items
Lifecare ASA | Net financial items | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
516 | 261 | Net currency gains | 62 | 545 |
2 531 | 1 098 | Interest income on bank deposits | 1 098 | 2 531 |
72 | 1 | Interest income on tax repaid | 8 | 78 |
- | 464 | Other interest income | - | - |
9 038 | 13 025 | Fair value adjustment of financial liabilities* | 13 025 | 9 038 |
12 156 | 14 850 | Total financial income | 14 193 | 12 192 |
335 | 526 | Net currency losses | 1 266 | 357 |
206 | 271 | Interest on lease liabilities | 1 212 | 467 |
- | 1 312 | Interest on loans | 1 312 | - |
- | 1 203 | Other financial expenses | 1 203 | 67 |
541 | 3 312 | Total financial expenses | 4 993 | 892 |
11 615 | 11 538 | Net financial items | 9 201 | 11 299 |
* Fair value adjustment related to warrants, refer to Note 21 Interest-bearing loand and other financial liabilities.
Note 8 Net financial items
Lifecare ASA | Net financial items | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
516 | 261 | Net currency gains | 62 | 545 |
2 531 | 1 098 | Interest income on bank deposits | 1 098 | 2 531 |
72 | 1 | Interest income on tax repaid | 8 | 78 |
- | 464 | Other interest income | - | - |
9 038 | 13 025 | Fair value adjustment of financial liabilities* | 13 025 | 9 038 |
12 156 | 14 850 | Total financial income | 14 193 | 12 192 |
335 | 526 | Net currency losses | 1 266 | 357 |
206 | 271 | Interest on lease liabilities | 1 212 | 467 |
- | 1 312 | Interest on loans | 1 312 | - |
- | 1 203 | Other financial expenses | 1 203 | 67 |
541 | 3 312 | Total financial expenses | 4 993 | 892 |
11 615 | 11 538 | Net financial items | 9 201 | 11 299 |
* Fair value adjustment related to warrants, refer to Note 21 Interest-bearing loand and other financial liabilities.
Note 8 Net financial items
Lifecare ASA | Net financial items | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
516 | 261 | Net currency gains | 62 | 545 |
2 531 | 1 098 | Interest income on bank deposits | 1 098 | 2 531 |
72 | 1 | Interest income on tax repaid | 8 | 78 |
- | 464 | Other interest income | - | - |
9 038 | 13 025 | Fair value adjustment of financial liabilities* | 13 025 | 9 038 |
12 156 | 14 850 | Total financial income | 14 193 | 12 192 |
335 | 526 | Net currency losses | 1 266 | 357 |
206 | 271 | Interest on lease liabilities | 1 212 | 467 |
- | 1 312 | Interest on loans | 1 312 | - |
- | 1 203 | Other financial expenses | 1 203 | 67 |
541 | 3 312 | Total financial expenses | 4 993 | 892 |
11 615 | 11 538 | Net financial items | 9 201 | 11 299 |
* Fair value adjustment related to warrants, refer to Note 21 Interest-bearing loand and other financial liabilities.
Note 8 Net financial items
Lifecare ASA | Net financial items | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
516 | 261 | Net currency gains | 62 | 545 |
2 531 | 1 098 | Interest income on bank deposits | 1 098 | 2 531 |
72 | 1 | Interest income on tax repaid | 8 | 78 |
- | 464 | Other interest income | - | - |
9 038 | 13 025 | Fair value adjustment of financial liabilities* | 13 025 | 9 038 |
12 156 | 14 850 | Total financial income | 14 193 | 12 192 |
335 | 526 | Net currency losses | 1 266 | 357 |
206 | 271 | Interest on lease liabilities | 1 212 | 467 |
- | 1 312 | Interest on loans | 1 312 | - |
- | 1 203 | Other financial expenses | 1 203 | 67 |
541 | 3 312 | Total financial expenses | 4 993 | 892 |
11 615 | 11 538 | Net financial items | 9 201 | 11 299 |
* Fair value adjustment related to warrants, refer to Note 21 Interest-bearing loand and other financial liabilities.
Note 8 Net financial items
Lifecare ASA | Net financial items | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
516 | 261 | Net currency gains | 62 | 545 |
2 531 | 1 098 | Interest income on bank deposits | 1 098 | 2 531 |
72 | 1 | Interest income on tax repaid | 8 | 78 |
- | 464 | Other interest income | - | - |
9 038 | 13 025 | Fair value adjustment of financial liabilities* | 13 025 | 9 038 |
12 156 | 14 850 | Total financial income | 14 193 | 12 192 |
335 | 526 | Net currency losses | 1 266 | 357 |
206 | 271 | Interest on lease liabilities | 1 212 | 467 |
- | 1 312 | Interest on loans | 1 312 | - |
- | 1 203 | Other financial expenses | 1 203 | 67 |
541 | 3 312 | Total financial expenses | 4 993 | 892 |
11 615 | 11 538 | Net financial items | 9 201 | 11 299 |
* Fair value adjustment related to warrants, refer to Note 21 Interest-bearing loand and other financial liabilities.
Note 9 Income tax
Income tax expense comprises current tax payable and changes in deferred tax. Current tax payable is determined based on the applicable tax rates and regulations in effect at the end of the reporting period in the jurisdiction where the Group operates. Deferred tax is calculated on temporary differences between the book values and tax values of assets and liabilities, as well as the tax effects of unused losses available for carryforward as of the reporting date.
Deferred tax liabilities and assets are measured at nominal amounts using the tax rates and regulations in effect at the end of the reporting period. They are presented on a net basis when there is a legal right to offset assets and liabilities. Deferred tax assets are recognized only when it is prob-able that sufficient future taxable profits will be available to utilize loss carryforwards or other deductible temporary differences.
Lifecare ASA | Income tax | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
-63 654 | -108 088 | Profit/loss before tax | -120 759 | -73 484 |
2 391 | 16 | Non deductible expenses | -210 | 2 391 |
-11 357 | -17 776 | Non taxable income | -18 004 | -11 749 |
4 253 | 533 | Change in temporary differences | 45 | 4 253 |
-68 367 | -125 315 | Taxable income | -138 928 | -78 589 |
- | - | Income tax expense | -561 | -740 |
Lifecare ASA | Deferred tax and deferred tax assets | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
-213 910 | -339 225 | Tax losses carried forward | -363 538 | -224 610 |
35 | 533 | Temporary differences fixed asset | 45 | 35 |
-1 390 | -685 | Other temporary differences | -913 | -1 390 |
215 265 | 339 377 | Temporary differences and tax loss carry forward | 364 406 | 225 966 |
47 358 | 74 663 | Deferred tax assets not recognized | 80 169 | 49 712 |
- | - | Deferred tax liabilities | 688 | 923 |
Lifecare ASA had a tax loss of NOK 125.3 million in 2025, and a tax loss carried forward as of 31 December 2025 of NOK 339.2 million. There are no timing restrictions on carrying forward the tax loss, and it can be carried forward indefinitely. The deferred tax asset has not been recognized in the state-ment of financial position, as the company does not consider that taxable income in the short-term will sufficiently support the use of a deferred tax asset.
Lifecare Group has a tax loss of NOK 138.9 million in 2025, and a loss carried forward as of 31 December 2025 of NOK 363.5 million.
Deferred tax liabilities are related to added value on acqui-sition of subsidiaries.
Note 9 Income tax
Income tax expense comprises current tax payable and changes in deferred tax. Current tax payable is determined based on the applicable tax rates and regulations in effect at the end of the reporting period in the jurisdiction where the Group operates. Deferred tax is calculated on temporary differences between the book values and tax values of assets and liabilities, as well as the tax effects of unused losses available for carryforward as of the reporting date.
Deferred tax liabilities and assets are measured at nominal amounts using the tax rates and regulations in effect at the end of the reporting period. They are presented on a net basis when there is a legal right to offset assets and liabilities. Deferred tax assets are recognized only when it is prob-able that sufficient future taxable profits will be available to utilize loss carryforwards or other deductible temporary differences.
Lifecare ASA | Income tax | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
-63 654 | -108 088 | Profit/loss before tax | -120 759 | -73 484 |
2 391 | 16 | Non deductible expenses | -210 | 2 391 |
-11 357 | -17 776 | Non taxable income | -18 004 | -11 749 |
4 253 | 533 | Change in temporary differences | 45 | 4 253 |
-68 367 | -125 315 | Taxable income | -138 928 | -78 589 |
- | - | Income tax expense | -561 | -740 |
Lifecare ASA | Deferred tax and deferred tax assets | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
-213 910 | -339 225 | Tax losses carried forward | -363 538 | -224 610 |
35 | 533 | Temporary differences fixed asset | 45 | 35 |
-1 390 | -685 | Other temporary differences | -913 | -1 390 |
215 265 | 339 377 | Temporary differences and tax loss carry forward | 364 406 | 225 966 |
47 358 | 74 663 | Deferred tax assets not recognized | 80 169 | 49 712 |
- | - | Deferred tax liabilities | 688 | 923 |
Lifecare ASA had a tax loss of NOK 125.3 million in 2025, and a tax loss carried forward as of 31 December 2025 of NOK 339.2 million. There are no timing restrictions on carrying forward the tax loss, and it can be carried forward indefinitely. The deferred tax asset has not been recognized in the state-ment of financial position, as the company does not consider that taxable income in the short-term will sufficiently support the use of a deferred tax asset.
Lifecare Group has a tax loss of NOK 138.9 million in 2025, and a loss carried forward as of 31 December 2025 of NOK 363.5 million.
Deferred tax liabilities are related to added value on acqui-sition of subsidiaries.
Note 9 Income tax
Income tax expense comprises current tax payable and changes in deferred tax. Current tax payable is determined based on the applicable tax rates and regulations in effect at the end of the reporting period in the jurisdiction where the Group operates. Deferred tax is calculated on temporary differences between the book values and tax values of assets and liabilities, as well as the tax effects of unused losses available for carryforward as of the reporting date.
Deferred tax liabilities and assets are measured at nominal amounts using the tax rates and regulations in effect at the end of the reporting period. They are presented on a net basis when there is a legal right to offset assets and liabilities. Deferred tax assets are recognized only when it is prob-able that sufficient future taxable profits will be available to utilize loss carryforwards or other deductible temporary differences.
Lifecare ASA | Income tax | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
-63 654 | -108 088 | Profit/loss before tax | -120 759 | -73 484 |
2 391 | 16 | Non deductible expenses | -210 | 2 391 |
-11 357 | -17 776 | Non taxable income | -18 004 | -11 749 |
4 253 | 533 | Change in temporary differences | 45 | 4 253 |
-68 367 | -125 315 | Taxable income | -138 928 | -78 589 |
- | - | Income tax expense | -561 | -740 |
Lifecare ASA | Deferred tax and deferred tax assets | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
-213 910 | -339 225 | Tax losses carried forward | -363 538 | -224 610 |
35 | 533 | Temporary differences fixed asset | 45 | 35 |
-1 390 | -685 | Other temporary differences | -913 | -1 390 |
215 265 | 339 377 | Temporary differences and tax loss carry forward | 364 406 | 225 966 |
47 358 | 74 663 | Deferred tax assets not recognized | 80 169 | 49 712 |
- | - | Deferred tax liabilities | 688 | 923 |
Lifecare ASA had a tax loss of NOK 125.3 million in 2025, and a tax loss carried forward as of 31 December 2025 of NOK 339.2 million. There are no timing restrictions on carrying forward the tax loss, and it can be carried forward indefinitely. The deferred tax asset has not been recognized in the state-ment of financial position, as the company does not consider that taxable income in the short-term will sufficiently support the use of a deferred tax asset.
Lifecare Group has a tax loss of NOK 138.9 million in 2025, and a loss carried forward as of 31 December 2025 of NOK 363.5 million.
Deferred tax liabilities are related to added value on acqui-sition of subsidiaries.
Income tax expense comprises current tax payable and changes in deferred tax. Current tax payable is determined based on the applicable tax rates and regulations in effect at the end of the reporting period in the jurisdiction where the Group operates. Deferred tax is calculated on temporary differences between the book values and tax values of assets and liabilities, as well as the tax effects of unused losses available for carryforward as of the reporting date.
Deferred tax liabilities and assets are measured at nominal amounts using the tax rates and regulations in effect at the end of the reporting period. They are presented on a net basis when there is a legal right to offset assets and liabilities. Deferred tax assets are recognized only when it is prob-able that sufficient future taxable profits will be available to utilize loss carryforwards or other deductible temporary differences.
Income tax expense comprises current tax payable and changes in deferred tax. Current tax payable is determined based on the applicable tax rates and regulations in effect at the end of the reporting period in the jurisdiction where the Group operates. Deferred tax is calculated on temporary differences between the book values and tax values of assets and liabilities, as well as the tax effects of unused losses available for carryforward as of the reporting date.
Deferred tax liabilities and assets are measured at nominal amounts using the tax rates and regulations in effect at the end of the reporting period. They are presented on a net basis when there is a legal right to offset assets and liabilities. Deferred tax assets are recognized only when it is prob-able that sufficient future taxable profits will be available to utilize loss carryforwards or other deductible temporary differences.
Note 10 Earnings per share
Basic earnings per share (EPS) is calculated by dividing the profit for the year attributable to Lifecare\u2019s shareholders by the weighted average number of ordinary shares issued during the year. Diluted earnings per share is determined by adjusting the weighted average number of ordinary shares to include the effect of all potentially dilutive ordinary shares.
The issued share options could potentially dilute earnings per share. However, no dilutive effect has been recognized because potential ordinary shares are only considered dilu-tive if their conversion would reduce earnings per share or increase the loss per share from continuing operations. Since Lifcare ASA and the Group is currently incurring losses, increasing the average number of shares would have an anti-dilutive effect. As a result, diluted earnings per share and basic (undiluted) earnings per share are identical.
Lifecare ASA | Earnings per share | Lifecare Group | ||
2024 | 2025 | 2025 | 2024 | |
-63 654 | -108 088 | Profit/loss after tax (NOK 1 000) | -119 328 | -73 063 |
15 852 979 | 19 060 973 | Number of shares | 19 060 973 | 15 852 979 |
1 023 | 1 023 | Number of treasury shares | 1 023 | 1 023 |
15 851 956 | 19 059 950 | Number of outstanding shares | 19 059 950 | 15 851 956 |
12 758 700 | 17 538 748 | Weighted average number of outstanding shares | 17 538 748 | 12 758 700 |
-4.99 | -6.16 | Basic and diluted earnings per share (NOK) | -6.80 | -5.73 |
Note 10 Earnings per share
Basic earnings per share (EPS) is calculated by dividing the profit for the year attributable to Lifecare\u2019s shareholders by the weighted average number of ordinary shares issued during the year. Diluted earnings per share is determined by adjusting the weighted average number of ordinary shares to include the effect of all potentially dilutive ordinary shares.
The issued share options could potentially dilute earnings per share. However, no dilutive effect has been recognized because potential ordinary shares are only considered dilu-tive if their conversion would reduce earnings per share or increase the loss per share from continuing operations. Since Lifcare ASA and the Group is currently incurring losses, increasing the average number of shares would have an anti-dilutive effect. As a result, diluted earnings per share and basic (undiluted) earnings per share are identical.
Lifecare ASA | Earnings per share | Lifecare Group | ||
2024 | 2025 | 2025 | 2024 | |
-63 654 | -108 088 | Profit/loss after tax (NOK 1 000) | -119 328 | -73 063 |
15 852 979 | 19 060 973 | Number of shares | 19 060 973 | 15 852 979 |
1 023 | 1 023 | Number of treasury shares | 1 023 | 1 023 |
15 851 956 | 19 059 950 | Number of outstanding shares | 19 059 950 | 15 851 956 |
12 758 700 | 17 538 748 | Weighted average number of outstanding shares | 17 538 748 | 12 758 700 |
-4.99 | -6.16 | Basic and diluted earnings per share (NOK) | -6.80 | -5.73 |
Note 19 Share capital and shareholder information
2025 | 2024 | |||
Shares | Number of shares | Book value | Number of shares | Book value |
Shares 1 January | 15 852 979 | 82 435 491 | 134 865 742 | 53 946 297 |
Issue of shares | 3 207 994 | 16 681 569 | 60 416 527 | 24 166 611 |
Shares pre consolidation | 19 060 973 | 99 117 060 | 195 282 269 | 78 112 908 |
Shares post consolidation 13:1 | - | - | 15 021 713 | 78 112 908 |
Issue of shares post consolidation | - | - | 831 266 | 4 322 583 |
Capital reduction | - | 97 210 962 | ||
Shares 31 December | 19 060 973 | 1 906 097 | 15 852 979 | 82 435 491 |
Holding of treasury shares | 1 023 | 102 | 1 023 | 5 320 |
Total excluding treasury shares | 19 059 950 | 1905 994 | 15 851 956 | 82 430 171 |
In 2024, Lifecare ASA issued 60 416 527 new shares in connection with a partially underwritten rights issue.
In September 2024, Lifecare ASA completed a share consol-idation (reverse split) in the ratio of 13:1. 195 282 269 shares were consolidated to 15 021 713 shares. The nominal value of each share changed from NOK 0.40 to NOK 5.20. The share capital was unchanged at NOK 78 112 908. To deliver shares to persons who owned shares that did not compute with the 13:1 consolidation ratio, Lifecare ASA acquired 30 000 trea-sury shares at an average price of NOK 1.67 per share. The purchase was carried out as ordinary trades in the market. Following the consolidation, Lifecare held 2 308 shares, of which 1 285 were allocated to shareholders to maintain the 13:1 ratio, where Lifecare retained 1 023 treasury shares.
In June 2025, Lifecare ASA issued 3 207 994 new shares from exercised warrants following the rights issue in June 2024.
In December 2025, the par value of the company\u2019s shares was reduced from NOK 5.20 to NOK 0.10 to facilitate the subscription of shares and exercise of warrants in connec-tion with the planned partially underwritten rights issue in January 2026. Following the reduction, the share capital was NOK 1 906 097.30.
20 largest shareholders 31 December 2025 | Number of shares | Shareholding |
Lacal AS | 2 457 209 | 12.89% |
Teigland Eiendom AS | 2 202 136 | 11.55% |
Nordnet Bank AB | 1 050 502 | 5.51% |
Jostein Tjelta | 1 027 877 | 5.39% |
Nordea Funds | 728 836 | 3.82% |
Spit Air AS | 425 926 | 2.23% |
Hejma AS | 280 000 | 1.47% |
Lt Finans AS | 222 584 | 1.17% |
Moun10 AS | 204 715 | 1.07% |
Nordnet Livsforsikring AS | 201 511 | 1.06% |
Kurt Andreassen | 196 761 | 1.03% |
Einar St\u00e5le Solheim | 173 071 | 0.91% |
Nexus Marketing | 157 863 | 0.83% |
Han Lei | 148 987 | 0.78% |
Andreas Pf\u00fctzner | 138 485 | 0.73% |
Rizwan Ali Mohammad | 133 384 | 0.70% |
\u00c5ge Westb\u00f8 | 124 685 | 0.65% |
Joacim Holter | 112 312 | 0.59% |
Berg Jan Magne Haugane | 108 372 | 0.57% |
Meto Capital AS | 102 081 | 0.54% |
Total shareholding by 20 largest shareholders | 10 197 297 | 53.50% |
Total others | 8 863 676 | 46.50% |
Total shares | 19 060 973 | 100.00% |
20 largest shareholders 31 December 2024 | Number of shares | Shareholding |
Teigland Eiendom AS | 2 203 362 | 13.90% |
Lacal AS | 2 101 214 | 13.25% |
Nordea Funds | 898 738 | 5.67% |
Jostein Tjelta | 704 055 | 4.44% |
Spit Air AS | 645 374 | 4.07% |
Patricia Rodrigues Sandquist | 499 544 | 3.15% |
Nordnet Livsforsikring AS | 356 242 | 2.25% |
Lt Finans AS | 352 903 | 2.23% |
Einarsen Even Harald | 280 000 | 1.77% |
Andreas Pf\u00fctzner | 222 584 | 1.40% |
Nexus Marketing | 200 000 | 1.26% |
Kurt Andreassen | 175 222 | 1.11% |
Joacim Holter | 155 001 | 0.98% |
\u00c5ge Westb\u00f8 | 146 509 | 0.92% |
Max Invest AS | 138 485 | 0.87% |
Nordnet Bank AB | 127 991 | 0.81% |
Probe AS | 124 951 | 0.79% |
Hejma AS | 124 685 | 0.79% |
Han Lei | 110 319 | 0.70% |
Moun10 AS | 82 872 | 0.52% |
Total shareholding by 20 largest shareholders | 9 650 051 | 60.87% |
Total others | 6 202 928 | 39.13% |
Total shares | 15 852 979 | 100.00% |
31 December 2025 | 31 December 2024 | |||
Shares controlled directly and indirectly by the Board of Directors and Executive Management | Number of shares | Share-holding | Number of shares | Share-holding |
Board of Directors | ||||
Hans Hekland | 17 897 | 0.09% | 11 562 | 0.07% |
Trine Teigland | 2 202 136 | 11.55% | 2 101 214 | 13.25% |
Tone Kv\u00e5le | 4 616 | 0.02% | 3 077 | 0.02% |
Executive Management | ||||
Joacim Holter*, CEO | 112 953 | 0.59% | 125 592 | 0.79% |
Andreas Pf\u00fctzner, CSO | 138 485 | 0.73% | 138 485 | 0.87% |
Total shares held by the Board and Executive Management | 2 476 087 | 12.99% | 2 379 930 | 15.01% |
*Shares owned by the CEO and close associates.
Basic earnings per share (EPS) is calculated by dividing the profit for the year attributable to Lifecare\u2019s shareholders by the weighted average number of ordinary shares issued during the year. Diluted earnings per share is determined by adjusting the weighted average number of ordinary shares to include the effect of all potentially dilutive ordinary shares.
The issued share options could potentially dilute earnings per share. However, no dilutive effect has been recognized because potential ordinary shares are only considered dilu-tive if their conversion would reduce earnings per share or increase the loss per share from continuing operations. Since Lifcare ASA and the Group is currently incurring losses, increasing the average number of shares would have an anti-dilutive effect. As a result, diluted earnings per share and basic (undiluted) earnings per share are identical.
Note 11 Patents and licenses
Lifecare holds several key patents central to its inno-vative glucose monitoring technology as well as to the RemovAid tool. Among these, five patents with finite useful lives are recognized in the financial statements:
Apparatus and Method for Measuring Augmented Osmotic Pressure in a Reference Cavity, granted in 2018. This patent pertains to a device for monitoring changes in osmotic pressure in response to concen-tration changes of specific dissolved solute particles. The patent expires in 2030 and is recognized in the financial statement of Lifecare ASA and the Group. The amortization period corresponds to the patent period of 12 years.
Interstitial Fluid Osmotic Pressure Measuring Device System and Method, granted in 2011. This patent describes a sensor design aimed at improving signal amplitude, increasing the accuracy of subcutaneous glucose assessments, and enhancing sensor longevity and resistance to environmental interferences. It also allows for the measurement of other analytes in addition to glucose. The patent expires in 2038, and is recognized in the financial statement of Lifecare ASA and the Group. The amortization period corresponds to the patent period of 27 years.
Patent for the RemovAid tool, granted in 2012. RemovAid is a class IIa medical device to remove single-rod contraceptives. The patent expires in 2036 and is recognized in the financial statements of the Lifecare Group. The amortization period corresponds to the patent period of 24 years.
Patent for an implant remover, granted in 2015. This was a patent related to an upgrade of the RemovAid tool, with an integrated blade. The patent expires in 2041, and is recognized in the financial statements of the Lifecare Group. The total amortization period corre-sponds to the patent period of 26 years.
Patent for the RemovAid tool for removing an item implanted underneath the skin, granted in 2020. The patent expires in 2036, and is recognized in the finan-cial statements of the Lifecare Group. The amortization period corresponds to the patent period of 16 years.
Additionally, through Lifecare Germany, the Group has a licensing agreement with Nanoscale Systems (Nanoss GmbH) to manufacture and commercialize a sensor using the patented Nano3DSense\u00ae production method. This method enables nanoscale printing of pressure-sensing elements on Lifecare\u2019s micro sensors. The licensing agree-ment will remain valid until two years after the expiration of Nanoss\u2019s patent, which is eight years from the acquisition date (ie until 2029). The total amortization period is equal to the licensing period of eight years.
Impairment assessment
Patents and licenses are allocated to the same cash-gen-erating unit (CGU) as goodwill and are therefore tested for impairment as part of the Group\u2019s annual impairment assess-ment in accordance with IAS 36.
The Group considers both internal and external factors when assessing impairment indicators. External factors, including market developments and the development in the share price during the year, have been evaluated.
Based on the annual impairment test performed at CGU level, no indication of impairment was identified, and no impairment has been recognized.
Furthermore, no loss of key personnel or significant internal operational changes have occurred that would impact the recognized values.
Lifecare ASA | Patents and licenses | Lifecare Group | ||
2024 | 2025 | NOK 1000 | 2025 | 2024 |
155 | 138 | Book value at 1 January | 5 371 | 5 283 |
- | - | Currency translation differences | -26 | - |
- | - | Business combinations | - | 1 057 |
-17 | -17 | Amortization | -1 018 | -969 |
138 | 138- | Book value at 31 December | 4 326 | 5 371 |
321 | 321 | Accumulated acquisition cost | 8 865 | 8 865 |
-183 | -200 | Accumulated amortization | -4 538 | -3 494 |
138 | 122 | Book value at 31 December | 4 326 | 5 371 |
Note 12 Goodwill
Goodwill relates from the acquisition of Lifecare NanoBio-Sensors in 2021 and Lifecare Laboratory in 2022. It is recog-nized at cost, net of any accumulated impairment losses, and is subject to annual impairment testing or whenever indications of impairment arise.
Management performs annual impairment testing of good-will, or more frequently if events or changes in circumstances indicate that impairment may exist.
For impairment testing purposes, goodwill is allocated to the cash-generating unit (CGU) expected to benefit from the business combination that gave rise to the goodwill. Given that the entities within the Lifecare Group are interdepen-dent in the development of the sensor technology and its components, the cash-generating unit is considered to be the Lifecare Group as a whole.
Assessment of impairment indicators
Management has evaluated both internal and external factors and has not identified any indications of impairment during the year. The assessment includes considerations such as changes in the market value of assets, technological advancements, market conditions, competition, regula-tory and legal developments. Furthermore, no loss of key personnel or significant internal operational changes have occurred that would impact the recognized goodwill value.
Impairment testing
Management has prepared an impairment assessment based on a Value in Use (VIU) calculation, which estimates the recoverable amount by discounting the expected future cash flows generated by the CGU. The assessment compares the book value of goodwill as of 31 December 2025 against the estimated value derived from discounted future cash flows.
Cash flow projections are based on management\u2019s approved forecasts for the near term and management\u2019s assumptions for the remaining forecast period. The Group is expected to reach a more mature stage in manufacturing and market expansion by 2030. Accordingly, the forecast period is set to six years, followed by a terminal value calculation using a perpetual growth rate of 2%. The Group is expected to achieve a maintainable steady-state cash flow by the terminal period.
Key assumptions in the evaluation consist of go to market time, sales price, market share, WACC, growth rate and the distribution and marketing model. Lifecare aims to complete regulatory studies, apply for CE approval and targets entry into the human market by 2027. The assumed sales price is EUR 4 000 per patient per year. Lifecare\u2019s distribution and marketing strategy is based on partnering with established industry players to facilitate commercialization and ensure compatibility with existing devices. The market potential for diabetes management and Continuous Glucose Monitoring (CGM) is supported by external sources. Given the size of the CGM market, even a small market share presents significant opportunities. With our innovative CGM solution, we antic-ipate capturing a modest yet steadily growing share of this expanding market.
The pre-tax discount rate (WACC) applied in the VIU calcu-lation is 13.8%. This reflects the cost of equity at 15% and cost of debt at 12%, with a debt level of 20%.
As of 31 December 2025, the estimated recoverable amount of the CGU exceeds its carrying value, resulting in no impair-ment of goodwill.
Sensitivity analysis
Delays in the engineering or design freeze of the GCM implant, the automated production process, clinical studies, or the regulatory approval process could impact the timeline for market entry. Additionally, sales or licensing agreements may influence revenue and margin expecta-tions, while changes in market conditions or other critical assumptions could necessitate adjustments to the valuation.The sensitivity analysis indicates that even under significantly conservative assumptions, the estimated value remains above the carrying amount, preventing any impairment of goodwill.
Lifecare ASA | Goodwill | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
- | - | Book value at 1 January | 7 228 | 7 228 |
- | - | Impairment | - | - |
- | - | Book value at 31 December | 7 228 | 7 228 |
- | - | Accumulated acquisition cost | 7 331 | 7 331 |
- | - | Accumulated amortization | -103 | -103 |
- | - | Book value at 31 December | 7 228 | 7 228 |
Note 11 Patents and licenses
Lifecare holds several key patents central to its inno-vative glucose monitoring technology as well as to the RemovAid tool. Among these, five patents with finite useful lives are recognized in the financial statements:
Apparatus and Method for Measuring Augmented Osmotic Pressure in a Reference Cavity, granted in 2018. This patent pertains to a device for monitoring changes in osmotic pressure in response to concen-tration changes of specific dissolved solute particles. The patent expires in 2030 and is recognized in the financial statement of Lifecare ASA and the Group. The amortization period corresponds to the patent period of 12 years.
Interstitial Fluid Osmotic Pressure Measuring Device System and Method, granted in 2011. This patent describes a sensor design aimed at improving signal amplitude, increasing the accuracy of subcutaneous glucose assessments, and enhancing sensor longevity and resistance to environmental interferences. It also allows for the measurement of other analytes in addition to glucose. The patent expires in 2038, and is recognized in the financial statement of Lifecare ASA and the Group. The amortization period corresponds to the patent period of 27 years.
Patent for the RemovAid tool, granted in 2012. RemovAid is a class IIa medical device to remove single-rod contraceptives. The patent expires in 2036 and is recognized in the financial statements of the Lifecare Group. The amortization period corresponds to the patent period of 24 years.
Patent for an implant remover, granted in 2015. This was a patent related to an upgrade of the RemovAid tool, with an integrated blade. The patent expires in 2041, and is recognized in the financial statements of the Lifecare Group. The total amortization period corre-sponds to the patent period of 26 years.
Patent for the RemovAid tool for removing an item implanted underneath the skin, granted in 2020. The patent expires in 2036, and is recognized in the finan-cial statements of the Lifecare Group. The amortization period corresponds to the patent period of 16 years.
Additionally, through Lifecare Germany, the Group has a licensing agreement with Nanoscale Systems (Nanoss GmbH) to manufacture and commercialize a sensor using the patented Nano3DSense\u00ae production method. This method enables nanoscale printing of pressure-sensing elements on Lifecare\u2019s micro sensors. The licensing agree-ment will remain valid until two years after the expiration of Nanoss\u2019s patent, which is eight years from the acquisition date (ie until 2029). The total amortization period is equal to the licensing period of eight years.
Impairment assessment
Patents and licenses are allocated to the same cash-gen-erating unit (CGU) as goodwill and are therefore tested for impairment as part of the Group\u2019s annual impairment assess-ment in accordance with IAS 36.
The Group considers both internal and external factors when assessing impairment indicators. External factors, including market developments and the development in the share price during the year, have been evaluated.
Based on the annual impairment test performed at CGU level, no indication of impairment was identified, and no impairment has been recognized.
Furthermore, no loss of key personnel or significant internal operational changes have occurred that would impact the recognized values.
Lifecare ASA | Patents and licenses | Lifecare Group | ||
2024 | 2025 | NOK 1000 | 2025 | 2024 |
155 | 138 | Book value at 1 January | 5 371 | 5 283 |
- | - | Currency translation differences | -26 | - |
- | - | Business combinations | - | 1 057 |
-17 | -17 | Amortization | -1 018 | -969 |
138 | 138- | Book value at 31 December | 4 326 | 5 371 |
321 | 321 | Accumulated acquisition cost | 8 865 | 8 865 |
-183 | -200 | Accumulated amortization | -4 538 | -3 494 |
138 | 122 | Book value at 31 December | 4 326 | 5 371 |
Note 12 Goodwill
Goodwill relates from the acquisition of Lifecare NanoBio-Sensors in 2021 and Lifecare Laboratory in 2022. It is recog-nized at cost, net of any accumulated impairment losses, and is subject to annual impairment testing or whenever indications of impairment arise.
Management performs annual impairment testing of good-will, or more frequently if events or changes in circumstances indicate that impairment may exist.
For impairment testing purposes, goodwill is allocated to the cash-generating unit (CGU) expected to benefit from the business combination that gave rise to the goodwill. Given that the entities within the Lifecare Group are interdepen-dent in the development of the sensor technology and its components, the cash-generating unit is considered to be the Lifecare Group as a whole.
Assessment of impairment indicators
Management has evaluated both internal and external factors and has not identified any indications of impairment during the year. The assessment includes considerations such as changes in the market value of assets, technological advancements, market conditions, competition, regula-tory and legal developments. Furthermore, no loss of key personnel or significant internal operational changes have occurred that would impact the recognized goodwill value.
Impairment testing
Management has prepared an impairment assessment based on a Value in Use (VIU) calculation, which estimates the recoverable amount by discounting the expected future cash flows generated by the CGU. The assessment compares the book value of goodwill as of 31 December 2025 against the estimated value derived from discounted future cash flows.
Cash flow projections are based on management\u2019s approved forecasts for the near term and management\u2019s assumptions for the remaining forecast period. The Group is expected to reach a more mature stage in manufacturing and market expansion by 2030. Accordingly, the forecast period is set to six years, followed by a terminal value calculation using a perpetual growth rate of 2%. The Group is expected to achieve a maintainable steady-state cash flow by the terminal period.
Key assumptions in the evaluation consist of go to market time, sales price, market share, WACC, growth rate and the distribution and marketing model. Lifecare aims to complete regulatory studies, apply for CE approval and targets entry into the human market by 2027. The assumed sales price is EUR 4 000 per patient per year. Lifecare\u2019s distribution and marketing strategy is based on partnering with established industry players to facilitate commercialization and ensure compatibility with existing devices. The market potential for diabetes management and Continuous Glucose Monitoring (CGM) is supported by external sources. Given the size of the CGM market, even a small market share presents significant opportunities. With our innovative CGM solution, we antic-ipate capturing a modest yet steadily growing share of this expanding market.
The pre-tax discount rate (WACC) applied in the VIU calcu-lation is 13.8%. This reflects the cost of equity at 15% and cost of debt at 12%, with a debt level of 20%.
As of 31 December 2025, the estimated recoverable amount of the CGU exceeds its carrying value, resulting in no impair-ment of goodwill.
Sensitivity analysis
Delays in the engineering or design freeze of the GCM implant, the automated production process, clinical studies, or the regulatory approval process could impact the timeline for market entry. Additionally, sales or licensing agreements may influence revenue and margin expecta-tions, while changes in market conditions or other critical assumptions could necessitate adjustments to the valuation.The sensitivity analysis indicates that even under significantly conservative assumptions, the estimated value remains above the carrying amount, preventing any impairment of goodwill.
Lifecare ASA | Goodwill | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
- | - | Book value at 1 January | 7 228 | 7 228 |
- | - | Impairment | - | - |
- | - | Book value at 31 December | 7 228 | 7 228 |
- | - | Accumulated acquisition cost | 7 331 | 7 331 |
- | - | Accumulated amortization | -103 | -103 |
- | - | Book value at 31 December | 7 228 | 7 228 |
Note 11 Patents and licenses
Lifecare holds several key patents central to its inno-vative glucose monitoring technology as well as to the RemovAid tool. Among these, five patents with finite useful lives are recognized in the financial statements:
Apparatus and Method for Measuring Augmented Osmotic Pressure in a Reference Cavity, granted in 2018. This patent pertains to a device for monitoring changes in osmotic pressure in response to concen-tration changes of specific dissolved solute particles. The patent expires in 2030 and is recognized in the financial statement of Lifecare ASA and the Group. The amortization period corresponds to the patent period of 12 years.
Interstitial Fluid Osmotic Pressure Measuring Device System and Method, granted in 2011. This patent describes a sensor design aimed at improving signal amplitude, increasing the accuracy of subcutaneous glucose assessments, and enhancing sensor longevity and resistance to environmental interferences. It also allows for the measurement of other analytes in addition to glucose. The patent expires in 2038, and is recognized in the financial statement of Lifecare ASA and the Group. The amortization period corresponds to the patent period of 27 years.
Patent for the RemovAid tool, granted in 2012. RemovAid is a class IIa medical device to remove single-rod contraceptives. The patent expires in 2036 and is recognized in the financial statements of the Lifecare Group. The amortization period corresponds to the patent period of 24 years.
Patent for an implant remover, granted in 2015. This was a patent related to an upgrade of the RemovAid tool, with an integrated blade. The patent expires in 2041, and is recognized in the financial statements of the Lifecare Group. The total amortization period corre-sponds to the patent period of 26 years.
Patent for the RemovAid tool for removing an item implanted underneath the skin, granted in 2020. The patent expires in 2036, and is recognized in the finan-cial statements of the Lifecare Group. The amortization period corresponds to the patent period of 16 years.
Additionally, through Lifecare Germany, the Group has a licensing agreement with Nanoscale Systems (Nanoss GmbH) to manufacture and commercialize a sensor using the patented Nano3DSense\u00ae production method. This method enables nanoscale printing of pressure-sensing elements on Lifecare\u2019s micro sensors. The licensing agree-ment will remain valid until two years after the expiration of Nanoss\u2019s patent, which is eight years from the acquisition date (ie until 2029). The total amortization period is equal to the licensing period of eight years.
Impairment assessment
Patents and licenses are allocated to the same cash-gen-erating unit (CGU) as goodwill and are therefore tested for impairment as part of the Group\u2019s annual impairment assess-ment in accordance with IAS 36.
The Group considers both internal and external factors when assessing impairment indicators. External factors, including market developments and the development in the share price during the year, have been evaluated.
Based on the annual impairment test performed at CGU level, no indication of impairment was identified, and no impairment has been recognized.
Furthermore, no loss of key personnel or significant internal operational changes have occurred that would impact the recognized values.
Lifecare ASA | Patents and licenses | Lifecare Group | ||
2024 | 2025 | NOK 1000 | 2025 | 2024 |
155 | 138 | Book value at 1 January | 5 371 | 5 283 |
- | - | Currency translation differences | -26 | - |
- | - | Business combinations | - | 1 057 |
-17 | -17 | Amortization | -1 018 | -969 |
138 | 138- | Book value at 31 December | 4 326 | 5 371 |
321 | 321 | Accumulated acquisition cost | 8 865 | 8 865 |
-183 | -200 | Accumulated amortization | -4 538 | -3 494 |
138 | 122 | Book value at 31 December | 4 326 | 5 371 |
Note 12 Goodwill
Goodwill relates from the acquisition of Lifecare NanoBio-Sensors in 2021 and Lifecare Laboratory in 2022. It is recog-nized at cost, net of any accumulated impairment losses, and is subject to annual impairment testing or whenever indications of impairment arise.
Management performs annual impairment testing of good-will, or more frequently if events or changes in circumstances indicate that impairment may exist.
For impairment testing purposes, goodwill is allocated to the cash-generating unit (CGU) expected to benefit from the business combination that gave rise to the goodwill. Given that the entities within the Lifecare Group are interdepen-dent in the development of the sensor technology and its components, the cash-generating unit is considered to be the Lifecare Group as a whole.
Assessment of impairment indicators
Management has evaluated both internal and external factors and has not identified any indications of impairment during the year. The assessment includes considerations such as changes in the market value of assets, technological advancements, market conditions, competition, regula-tory and legal developments. Furthermore, no loss of key personnel or significant internal operational changes have occurred that would impact the recognized goodwill value.
Impairment testing
Management has prepared an impairment assessment based on a Value in Use (VIU) calculation, which estimates the recoverable amount by discounting the expected future cash flows generated by the CGU. The assessment compares the book value of goodwill as of 31 December 2025 against the estimated value derived from discounted future cash flows.
Cash flow projections are based on management\u2019s approved forecasts for the near term and management\u2019s assumptions for the remaining forecast period. The Group is expected to reach a more mature stage in manufacturing and market expansion by 2030. Accordingly, the forecast period is set to six years, followed by a terminal value calculation using a perpetual growth rate of 2%. The Group is expected to achieve a maintainable steady-state cash flow by the terminal period.
Key assumptions in the evaluation consist of go to market time, sales price, market share, WACC, growth rate and the distribution and marketing model. Lifecare aims to complete regulatory studies, apply for CE approval and targets entry into the human market by 2027. The assumed sales price is EUR 4 000 per patient per year. Lifecare\u2019s distribution and marketing strategy is based on partnering with established industry players to facilitate commercialization and ensure compatibility with existing devices. The market potential for diabetes management and Continuous Glucose Monitoring (CGM) is supported by external sources. Given the size of the CGM market, even a small market share presents significant opportunities. With our innovative CGM solution, we antic-ipate capturing a modest yet steadily growing share of this expanding market.
The pre-tax discount rate (WACC) applied in the VIU calcu-lation is 13.8%. This reflects the cost of equity at 15% and cost of debt at 12%, with a debt level of 20%.
As of 31 December 2025, the estimated recoverable amount of the CGU exceeds its carrying value, resulting in no impair-ment of goodwill.
Sensitivity analysis
Delays in the engineering or design freeze of the GCM implant, the automated production process, clinical studies, or the regulatory approval process could impact the timeline for market entry. Additionally, sales or licensing agreements may influence revenue and margin expecta-tions, while changes in market conditions or other critical assumptions could necessitate adjustments to the valuation.The sensitivity analysis indicates that even under significantly conservative assumptions, the estimated value remains above the carrying amount, preventing any impairment of goodwill.
Lifecare ASA | Goodwill | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
- | - | Book value at 1 January | 7 228 | 7 228 |
- | - | Impairment | - | - |
- | - | Book value at 31 December | 7 228 | 7 228 |
- | - | Accumulated acquisition cost | 7 331 | 7 331 |
- | - | Accumulated amortization | -103 | -103 |
- | - | Book value at 31 December | 7 228 | 7 228 |
Lifecare holds several key patents central to its inno-vative glucose monitoring technology as well as to the RemovAid tool. Among these, five patents with finite useful lives are recognized in the financial statements:
Apparatus and Method for Measuring Augmented Osmotic Pressure in a Reference Cavity, granted in 2018. This patent pertains to a device for monitoring changes in osmotic pressure in response to concen-tration changes of specific dissolved solute particles. The patent expires in 2030 and is recognized in the financial statement of Lifecare ASA and the Group. The amortization period corresponds to the patent period of 12 years.
Interstitial Fluid Osmotic Pressure Measuring Device System and Method, granted in 2011. This patent describes a sensor design aimed at improving signal amplitude, increasing the accuracy of subcutaneous glucose assessments, and enhancing sensor longevity and resistance to environmental interferences. It also allows for the measurement of other analytes in addition to glucose. The patent expires in 2038, and is recognized in the financial statement of Lifecare ASA and the Group. The amortization period corresponds to the patent period of 27 years.
Patent for the RemovAid tool, granted in 2012. RemovAid is a class IIa medical device to remove single-rod contraceptives. The patent expires in 2036 and is recognized in the financial statements of the Lifecare Group. The amortization period corresponds to the patent period of 24 years.
Patent for an implant remover, granted in 2015. This was a patent related to an upgrade of the RemovAid tool, with an integrated blade. The patent expires in 2041, and is recognized in the financial statements of the Lifecare Group. The total amortization period corre-sponds to the patent period of 26 years.
Patent for the RemovAid tool for removing an item implanted underneath the skin, granted in 2020. The patent expires in 2036, and is recognized in the finan-cial statements of the Lifecare Group. The amortization period corresponds to the patent period of 16 years.
Additionally, through Lifecare Germany, the Group has a licensing agreement with Nanoscale Systems (Nanoss GmbH) to manufacture and commercialize a sensor using the patented Nano3DSense\u00ae production method. This method enables nanoscale printing of pressure-sensing elements on Lifecare\u2019s micro sensors. The licensing agree-ment will remain valid until two years after the expiration of Nanoss\u2019s patent, which is eight years from the acquisition date (ie until 2029). The total amortization period is equal to the licensing period of eight years.
Goodwill relates from the acquisition of Lifecare NanoBio-Sensors in 2021 and Lifecare Laboratory in 2022. It is recog-nized at cost, net of any accumulated impairment losses, and is subject to annual impairment testing or whenever indications of impairment arise.
Management performs annual impairment testing of good-will, or more frequently if events or changes in circumstances indicate that impairment may exist.
For impairment testing purposes, goodwill is allocated to the cash-generating unit (CGU) expected to benefit from the business combination that gave rise to the goodwill. Given that the entities within the Lifecare Group are interdepen-dent in the development of the sensor technology and its components, the cash-generating unit is considered to be the Lifecare Group as a whole.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:254900D88MYGZ7JD5P39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__81": { "value": "Lifecare holds several key patents central to its inno-vative glucose monitoring technology as well as to the RemovAid tool. Among these, five patents with finite useful lives are recognized in the financial statements:
Apparatus and Method for Measuring Augmented Osmotic Pressure in a Reference Cavity, granted in 2018. This patent pertains to a device for monitoring changes in osmotic pressure in response to concen-tration changes of specific dissolved solute particles. The patent expires in 2030 and is recognized in the financial statement of Lifecare ASA and the Group. The amortization period corresponds to the patent period of 12 years.
Interstitial Fluid Osmotic Pressure Measuring Device System and Method, granted in 2011. This patent describes a sensor design aimed at improving signal amplitude, increasing the accuracy of subcutaneous glucose assessments, and enhancing sensor longevity and resistance to environmental interferences. It also allows for the measurement of other analytes in addition to glucose. The patent expires in 2038, and is recognized in the financial statement of Lifecare ASA and the Group. The amortization period corresponds to the patent period of 27 years.
Patent for the RemovAid tool, granted in 2012. RemovAid is a class IIa medical device to remove single-rod contraceptives. The patent expires in 2036 and is recognized in the financial statements of the Lifecare Group. The amortization period corresponds to the patent period of 24 years.
Patent for an implant remover, granted in 2015. This was a patent related to an upgrade of the RemovAid tool, with an integrated blade. The patent expires in 2041, and is recognized in the financial statements of the Lifecare Group. The total amortization period corre-sponds to the patent period of 26 years.
Patent for the RemovAid tool for removing an item implanted underneath the skin, granted in 2020. The patent expires in 2036, and is recognized in the finan-cial statements of the Lifecare Group. The amortization period corresponds to the patent period of 16 years.
Additionally, through Lifecare Germany, the Group has a licensing agreement with Nanoscale Systems (Nanoss GmbH) to manufacture and commercialize a sensor using the patented Nano3DSense\u00ae production method. This method enables nanoscale printing of pressure-sensing elements on Lifecare\u2019s micro sensors. The licensing agree-ment will remain valid until two years after the expiration of Nanoss\u2019s patent, which is eight years from the acquisition date (ie until 2029). The total amortization period is equal to the licensing period of eight years.
Impairment assessment
Patents and licenses are allocated to the same cash-gen-erating unit (CGU) as goodwill and are therefore tested for impairment as part of the Group\u2019s annual impairment assess-ment in accordance with IAS 36.
The Group considers both internal and external factors when assessing impairment indicators. External factors, including market developments and the development in the share price during the year, have been evaluated.
Based on the annual impairment test performed at CGU level, no indication of impairment was identified, and no impairment has been recognized.
Furthermore, no loss of key personnel or significant internal operational changes have occurred that would impact the recognized values.
Assessment of impairment indicators
Management has evaluated both internal and external factors and has not identified any indications of impairment during the year. The assessment includes considerations such as changes in the market value of assets, technological advancements, market conditions, competition, regula-tory and legal developments. Furthermore, no loss of key personnel or significant internal operational changes have occurred that would impact the recognized goodwill value.
Impairment testing
Management has prepared an impairment assessment based on a Value in Use (VIU) calculation, which estimates the recoverable amount by discounting the expected future cash flows generated by the CGU. The assessment compares the book value of goodwill as of 31 December 2025 against the estimated value derived from discounted future cash flows.
Cash flow projections are based on management\u2019s approved forecasts for the near term and management\u2019s assumptions for the remaining forecast period. The Group is expected to reach a more mature stage in manufacturing and market expansion by 2030. Accordingly, the forecast period is set to six years, followed by a terminal value calculation using a perpetual growth rate of 2%. The Group is expected to achieve a maintainable steady-state cash flow by the terminal period.
Key assumptions in the evaluation consist of go to market time, sales price, market share, WACC, growth rate and the distribution and marketing model. Lifecare aims to complete regulatory studies, apply for CE approval and targets entry into the human market by 2027. The assumed sales price is EUR 4 000 per patient per year. Lifecare\u2019s distribution and marketing strategy is based on partnering with established industry players to facilitate commercialization and ensure compatibility with existing devices. The market potential for diabetes management and Continuous Glucose Monitoring (CGM) is supported by external sources. Given the size of the CGM market, even a small market share presents significant opportunities. With our innovative CGM solution, we antic-ipate capturing a modest yet steadily growing share of this expanding market.
The pre-tax discount rate (WACC) applied in the VIU calcu-lation is 13.8%. This reflects the cost of equity at 15% and cost of debt at 12%, with a debt level of 20%.
As of 31 December 2025, the estimated recoverable amount of the CGU exceeds its carrying value, resulting in no impair-ment of goodwill.
Sensitivity analysis
Delays in the engineering or design freeze of the GCM implant, the automated production process, clinical studies, or the regulatory approval process could impact the timeline for market entry. Additionally, sales or licensing agreements may influence revenue and margin expecta-tions, while changes in market conditions or other critical assumptions could necessitate adjustments to the valuation.The sensitivity analysis indicates that even under significantly conservative assumptions, the estimated value remains above the carrying amount, preventing any impairment of goodwill.
Lifecare ASA | Patents and licenses | Lifecare Group | ||
2024 | 2025 | NOK 1000 | 2025 | 2024 |
155 | 138 | Book value at 1 January | 5 371 | 5 283 |
- | - | Currency translation differences | -26 | - |
- | - | Business combinations | - | 1 057 |
-17 | -17 | Amortization | -1 018 | -969 |
138 | 138- | Book value at 31 December | 4 326 | 5 371 |
321 | 321 | Accumulated acquisition cost | 8 865 | 8 865 |
-183 | -200 | Accumulated amortization | -4 538 | -3 494 |
138 | 122 | Book value at 31 December | 4 326 | 5 371 |
Lifecare ASA | Goodwill | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
- | - | Book value at 1 January | 7 228 | 7 228 |
- | - | Impairment | - | - |
- | - | Book value at 31 December | 7 228 | 7 228 |
- | - | Accumulated acquisition cost | 7 331 | 7 331 |
- | - | Accumulated amortization | -103 | -103 |
- | - | Book value at 31 December | 7 228 | 7 228 |
Note 13 Property, plant and equipment
Property, plant, and equipment (PPE) consists primarily of office and laboratory equipment and machines. In 2025, Lifecare invested in laboratory and office equipment, mainly related to the new production facilities in Mainz, Germany.
The assets are depreciated using the straight-line method. The useful economic life ranges from 3-5 years.
Lifecare ASA | Property, plant and equipment | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
1 017 | 1 061 | Book value at 1 January | 14 484 | 3 192 |
- | - | Currency translation differences | -120 | 143 |
365 | 2 168 | Additions | 6 462 | 12 765 |
- | - | Disposals | -201 | - |
-320 | -378 | Depreciation | -2 405 | -1 617 |
1 061 | 2 851 | Book value at 31 December | 18 220 | 14 484 |
1 771 | 3 939 | Accumulated acquisition cost | 23 847 | 17 705 |
-709 | -1 087 | Accumulated depreciation | -5 626 | -3 221 |
1 062 | 2 852 | Book value at 31 December | 18 220 | 14 484 |
Note 14 Right of use assets / leases
At contract inception, an evaluation is performed to deter-mine whether an agreement constitutes or contains a lease. This is the case if it grants control over an identified asset for a specified period in exchange for consideration. Upon lease commencement, a lease liability and a corresponding right-of-use asset are recognized, except for short-term leases (\u226412 months) and low-value assets, which are expensed as incurred.
Lease liabilities are initially measured at the present value of unpaid lease payments, considering non-cancellable periods and reasonably certain extension or termination options. Liabilities are subsequently adjusted for interest, lease payments and modifications. Variable lease payments are expensed as incurred.
Right-of-use assets are recognized at cost, net of depre-ciation and impairment, including the initial lease liability, upfront payments and direct costs. Depreciation extends over the lease term.
All office and laboratory space has been recognized as leasing contracts. Office rent due within 12 months are classified as short-term. The largest leasing agreement is in Mainz, Germany, and has a contract term of ten years, with 9.5 years remaining at year end 2025.
The Group has subleased its office space at Lysaker, Norway (former RemovAid office) during 2025. The income from the sublease is included as \u201cOther income\u201d in the financial statements.
Lifecare ASA | Right of use assets | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
413 | 4 477 | Right of use assets at 1 January | 10 692 | 6 642 |
- | - | Currency translation differences | -352 | 287 |
4 493 | 88 | Additions | 37 810 | 6 106 |
-430 | -494 | Depreciation | -4 574 | -2 343 |
4 477 | 4 072 | Right of use assets at 31 December | 43 576 | 10 692 |
Lifecare ASA | Lease liabilities | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
425 | 4 569 | Lease liabilities at 1 January | 10 863 | 6 450 |
- | - | Currency translation differences | -210 | 40 |
4 421 | 88 | Changes in leases during the year | 37 810 | 6 491 |
-484 | -658 | Cash payment for the principal portion of the lease liability | -4 213 | -2 585 |
206 | 271 | Interest expense on lease liabilities | 1 212 | 467 |
4 569 | 4 270 | Lease liabilities at 31 December | 45 462 | 10 863 |
381 | 413 | Current lease liabilities | 6 866 | 2 590 |
4 188 | 3 858 | Non-current lease liabilities | 38 597 | 8 274 |
Lifecare ASA | Lease expenses | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
430 | 494 | Depreciation right of use assets | 4 574 | 2 343 |
206 | 271 | Interest expense on lease liabilities | 1 212 | 467 |
- | - | Operating expenses related to short term leases | - | 319 |
- | - | Operating expenses related to low value assets | 194 | 282 |
635 | 764 | Total lease expenses | 5 980 | 3 410 |
Lifecare ASA | Lease liabilities and maturities of cash outflows | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
381 | 413 | Less than 1 year | 6 866 | 2 590 |
1 774 | 1 921 | 1-5 years | 17 816 | 5 859 |
2 414 | 1 937 | More than 5 years | 20 781 | 2 414 |
4 569 | 4 270 | Total lease liabilities at 31 December | 45 462 | 10 863 |
Note 12 Goodwill
Goodwill relates from the acquisition of Lifecare NanoBio-Sensors in 2021 and Lifecare Laboratory in 2022. It is recog-nized at cost, net of any accumulated impairment losses, and is subject to annual impairment testing or whenever indications of impairment arise.
Management performs annual impairment testing of good-will, or more frequently if events or changes in circumstances indicate that impairment may exist.
For impairment testing purposes, goodwill is allocated to the cash-generating unit (CGU) expected to benefit from the business combination that gave rise to the goodwill. Given that the entities within the Lifecare Group are interdepen-dent in the development of the sensor technology and its components, the cash-generating unit is considered to be the Lifecare Group as a whole.
Assessment of impairment indicators
Management has evaluated both internal and external factors and has not identified any indications of impairment during the year. The assessment includes considerations such as changes in the market value of assets, technological advancements, market conditions, competition, regula-tory and legal developments. Furthermore, no loss of key personnel or significant internal operational changes have occurred that would impact the recognized goodwill value.
Impairment testing
Management has prepared an impairment assessment based on a Value in Use (VIU) calculation, which estimates the recoverable amount by discounting the expected future cash flows generated by the CGU. The assessment compares the book value of goodwill as of 31 December 2025 against the estimated value derived from discounted future cash flows.
Cash flow projections are based on management\u2019s approved forecasts for the near term and management\u2019s assumptions for the remaining forecast period. The Group is expected to reach a more mature stage in manufacturing and market expansion by 2030. Accordingly, the forecast period is set to six years, followed by a terminal value calculation using a perpetual growth rate of 2%. The Group is expected to achieve a maintainable steady-state cash flow by the terminal period.
Key assumptions in the evaluation consist of go to market time, sales price, market share, WACC, growth rate and the distribution and marketing model. Lifecare aims to complete regulatory studies, apply for CE approval and targets entry into the human market by 2027. The assumed sales price is EUR 4 000 per patient per year. Lifecare\u2019s distribution and marketing strategy is based on partnering with established industry players to facilitate commercialization and ensure compatibility with existing devices. The market potential for diabetes management and Continuous Glucose Monitoring (CGM) is supported by external sources. Given the size of the CGM market, even a small market share presents significant opportunities. With our innovative CGM solution, we antic-ipate capturing a modest yet steadily growing share of this expanding market.
The pre-tax discount rate (WACC) applied in the VIU calcu-lation is 13.8%. This reflects the cost of equity at 15% and cost of debt at 12%, with a debt level of 20%.
As of 31 December 2025, the estimated recoverable amount of the CGU exceeds its carrying value, resulting in no impair-ment of goodwill.
Sensitivity analysis
Delays in the engineering or design freeze of the GCM implant, the automated production process, clinical studies, or the regulatory approval process could impact the timeline for market entry. Additionally, sales or licensing agreements may influence revenue and margin expecta-tions, while changes in market conditions or other critical assumptions could necessitate adjustments to the valuation.The sensitivity analysis indicates that even under significantly conservative assumptions, the estimated value remains above the carrying amount, preventing any impairment of goodwill.
Lifecare ASA | Goodwill | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
- | - | Book value at 1 January | 7 228 | 7 228 |
- | - | Impairment | - | - |
- | - | Book value at 31 December | 7 228 | 7 228 |
- | - | Accumulated acquisition cost | 7 331 | 7 331 |
- | - | Accumulated amortization | -103 | -103 |
- | - | Book value at 31 December | 7 228 | 7 228 |
Goodwill relates from the acquisition of Lifecare NanoBio-Sensors in 2021 and Lifecare Laboratory in 2022. It is recog-nized at cost, net of any accumulated impairment losses, and is subject to annual impairment testing or whenever indications of impairment arise.
Management performs annual impairment testing of good-will, or more frequently if events or changes in circumstances indicate that impairment may exist.
For impairment testing purposes, goodwill is allocated to the cash-generating unit (CGU) expected to benefit from the business combination that gave rise to the goodwill. Given that the entities within the Lifecare Group are interdepen-dent in the development of the sensor technology and its components, the cash-generating unit is considered to be the Lifecare Group as a whole.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:254900D88MYGZ7JD5P39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__91-1": { "value": "Goodwill relates from the acquisition of Lifecare NanoBio-Sensors in 2021 and Lifecare Laboratory in 2022. It is recog-nized at cost, net of any accumulated impairment losses, and is subject to annual impairment testing or whenever indications of impairment arise.
Management performs annual impairment testing of good-will, or more frequently if events or changes in circumstances indicate that impairment may exist.
For impairment testing purposes, goodwill is allocated to the cash-generating unit (CGU) expected to benefit from the business combination that gave rise to the goodwill. Given that the entities within the Lifecare Group are interdepen-dent in the development of the sensor technology and its components, the cash-generating unit is considered to be the Lifecare Group as a whole.
On 26 April 2024, Lifecare ASA acquired 80% of RemovAid AS through a share issue for consideration of NOK 2 million. On 8 July 2024, Lifecare ASA acquired an additional 9.6% of RemovAid AS through a share issue, bringing Lifecare\u2019s shareholding up to 89.6%, for a cash consideration of addi-tional NOK 2 million. With this acquisition, Lifecare has secured technology for a solution for the removal of the Sencell implant. RemovAid has developed a unique, user-friendly medical device for removing subdermal implants. The Sencell implant, which will be injected under the skin, can be removed using RemovAid\u2019s technology with some adjust-ments. RemovAid is ISO 13485-certified and CE approved. The acquisition method of accounting has been applied for the acquisitions. The consideration is measured as the fair value of the transferred assets and liabilities. Identifiable assets and liabilities assumed in the business combination were initially measured at fair value at the acquisition date. Non-controlling interests in the acquired entity are measured at their proportionate share of net assets of the acquired entity. Costs relating to the business combination were expensed as they incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:254900D88MYGZ7JD5P39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__93": { "value": "Goodwill relates from the acquisition of Lifecare NanoBio-Sensors in 2021 and Lifecare Laboratory in 2022. It is recog-nized at cost, net of any accumulated impairment losses, and is subject to annual impairment testing or whenever indications of impairment arise.
Management performs annual impairment testing of good-will, or more frequently if events or changes in circumstances indicate that impairment may exist.
For impairment testing purposes, goodwill is allocated to the cash-generating unit (CGU) expected to benefit from the business combination that gave rise to the goodwill. Given that the entities within the Lifecare Group are interdepen-dent in the development of the sensor technology and its components, the cash-generating unit is considered to be the Lifecare Group as a whole.
Assessment of impairment indicators
Management has evaluated both internal and external factors and has not identified any indications of impairment during the year. The assessment includes considerations such as changes in the market value of assets, technological advancements, market conditions, competition, regula-tory and legal developments. Furthermore, no loss of key personnel or significant internal operational changes have occurred that would impact the recognized goodwill value.
Impairment testing
Management has prepared an impairment assessment based on a Value in Use (VIU) calculation, which estimates the recoverable amount by discounting the expected future cash flows generated by the CGU. The assessment compares the book value of goodwill as of 31 December 2025 against the estimated value derived from discounted future cash flows.
Cash flow projections are based on management\u2019s approved forecasts for the near term and management\u2019s assumptions for the remaining forecast period. The Group is expected to reach a more mature stage in manufacturing and market expansion by 2030. Accordingly, the forecast period is set to six years, followed by a terminal value calculation using a perpetual growth rate of 2%. The Group is expected to achieve a maintainable steady-state cash flow by the terminal period.
Key assumptions in the evaluation consist of go to market time, sales price, market share, WACC, growth rate and the distribution and marketing model. Lifecare aims to complete regulatory studies, apply for CE approval and targets entry into the human market by 2027. The assumed sales price is EUR 4 000 per patient per year. Lifecare\u2019s distribution and marketing strategy is based on partnering with established industry players to facilitate commercialization and ensure compatibility with existing devices. The market potential for diabetes management and Continuous Glucose Monitoring (CGM) is supported by external sources. Given the size of the CGM market, even a small market share presents significant opportunities. With our innovative CGM solution, we antic-ipate capturing a modest yet steadily growing share of this expanding market.
The pre-tax discount rate (WACC) applied in the VIU calcu-lation is 13.8%. This reflects the cost of equity at 15% and cost of debt at 12%, with a debt level of 20%.
As of 31 December 2025, the estimated recoverable amount of the CGU exceeds its carrying value, resulting in no impair-ment of goodwill.
For impairment testing purposes, goodwill is allocated to the cash-generating unit (CGU) expected to benefit from the business combination that gave rise to the goodwill. Given that the entities within the Lifecare Group are interdepen-dent in the development of the sensor technology and its components, the cash-generating unit is considered to be the Lifecare Group as a whole.
Assessment of impairment indicators
Management has evaluated both internal and external factors and has not identified any indications of impairment during the year. The assessment includes considerations such as changes in the market value of assets, technological advancements, market conditions, competition, regula-tory and legal developments. Furthermore, no loss of key personnel or significant internal operational changes have occurred that would impact the recognized goodwill value.
Impairment testing
Management has prepared an impairment assessment based on a Value in Use (VIU) calculation, which estimates the recoverable amount by discounting the expected future cash flows generated by the CGU. The assessment compares the book value of goodwill as of 31 December 2025 against the estimated value derived from discounted future cash flows.
Cash flow projections are based on management\u2019s approved forecasts for the near term and management\u2019s assumptions for the remaining forecast period. The Group is expected to reach a more mature stage in manufacturing and market expansion by 2030. Accordingly, the forecast period is set to six years, followed by a terminal value calculation using a perpetual growth rate of 2%. The Group is expected to achieve a maintainable steady-state cash flow by the terminal period.
Key assumptions in the evaluation consist of go to market time, sales price, market share, WACC, growth rate and the distribution and marketing model. Lifecare aims to complete regulatory studies, apply for CE approval and targets entry into the human market by 2027. The assumed sales price is EUR 4 000 per patient per year. Lifecare\u2019s distribution and marketing strategy is based on partnering with established industry players to facilitate commercialization and ensure compatibility with existing devices. The market potential for diabetes management and Continuous Glucose Monitoring (CGM) is supported by external sources. Given the size of the CGM market, even a small market share presents significant opportunities. With our innovative CGM solution, we antic-ipate capturing a modest yet steadily growing share of this expanding market.
The pre-tax discount rate (WACC) applied in the VIU calcu-lation is 13.8%. This reflects the cost of equity at 15% and cost of debt at 12%, with a debt level of 20%.
As of 31 December 2025, the estimated recoverable amount of the CGU exceeds its carrying value, resulting in no impair-ment of goodwill.
Note 13 Property, plant and equipment
Property, plant, and equipment (PPE) consists primarily of office and laboratory equipment and machines. In 2025, Lifecare invested in laboratory and office equipment, mainly related to the new production facilities in Mainz, Germany.
The assets are depreciated using the straight-line method. The useful economic life ranges from 3-5 years.
Lifecare ASA | Property, plant and equipment | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
1 017 | 1 061 | Book value at 1 January | 14 484 | 3 192 |
- | - | Currency translation differences | -120 | 143 |
365 | 2 168 | Additions | 6 462 | 12 765 |
- | - | Disposals | -201 | - |
-320 | -378 | Depreciation | -2 405 | -1 617 |
1 061 | 2 851 | Book value at 31 December | 18 220 | 14 484 |
1 771 | 3 939 | Accumulated acquisition cost | 23 847 | 17 705 |
-709 | -1 087 | Accumulated depreciation | -5 626 | -3 221 |
1 062 | 2 852 | Book value at 31 December | 18 220 | 14 484 |
Property, plant, and equipment (PPE) consists primarily of office and laboratory equipment and machines. In 2025, Lifecare invested in laboratory and office equipment, mainly related to the new production facilities in Mainz, Germany.
The assets are depreciated using the straight-line method. The useful economic life ranges from 3-5 years.
Right-of-use assets are recognized at cost, net of depre-ciation and impairment, including the initial lease liability, upfront payments and direct costs. Depreciation extends over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:254900D88MYGZ7JD5P39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__103": { "value": "Property, plant, and equipment (PPE) consists primarily of office and laboratory equipment and machines. In 2025, Lifecare invested in laboratory and office equipment, mainly related to the new production facilities in Mainz, Germany.
The assets are depreciated using the straight-line method. The useful economic life ranges from 3-5 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:254900D88MYGZ7JD5P39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__107": { "value": "Note 14 Right of use assets / leases
At contract inception, an evaluation is performed to deter-mine whether an agreement constitutes or contains a lease. This is the case if it grants control over an identified asset for a specified period in exchange for consideration. Upon lease commencement, a lease liability and a corresponding right-of-use asset are recognized, except for short-term leases (\u226412 months) and low-value assets, which are expensed as incurred.
Lease liabilities are initially measured at the present value of unpaid lease payments, considering non-cancellable periods and reasonably certain extension or termination options. Liabilities are subsequently adjusted for interest, lease payments and modifications. Variable lease payments are expensed as incurred.
Right-of-use assets are recognized at cost, net of depre-ciation and impairment, including the initial lease liability, upfront payments and direct costs. Depreciation extends over the lease term.
All office and laboratory space has been recognized as leasing contracts. Office rent due within 12 months are classified as short-term. The largest leasing agreement is in Mainz, Germany, and has a contract term of ten years, with 9.5 years remaining at year end 2025.
The Group has subleased its office space at Lysaker, Norway (former RemovAid office) during 2025. The income from the sublease is included as \u201cOther income\u201d in the financial statements.
Lifecare ASA | Right of use assets | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
413 | 4 477 | Right of use assets at 1 January | 10 692 | 6 642 |
- | - | Currency translation differences | -352 | 287 |
4 493 | 88 | Additions | 37 810 | 6 106 |
-430 | -494 | Depreciation | -4 574 | -2 343 |
4 477 | 4 072 | Right of use assets at 31 December | 43 576 | 10 692 |
Lifecare ASA | Lease liabilities | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
425 | 4 569 | Lease liabilities at 1 January | 10 863 | 6 450 |
- | - | Currency translation differences | -210 | 40 |
4 421 | 88 | Changes in leases during the year | 37 810 | 6 491 |
-484 | -658 | Cash payment for the principal portion of the lease liability | -4 213 | -2 585 |
206 | 271 | Interest expense on lease liabilities | 1 212 | 467 |
4 569 | 4 270 | Lease liabilities at 31 December | 45 462 | 10 863 |
381 | 413 | Current lease liabilities | 6 866 | 2 590 |
4 188 | 3 858 | Non-current lease liabilities | 38 597 | 8 274 |
Lifecare ASA | Lease expenses | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
430 | 494 | Depreciation right of use assets | 4 574 | 2 343 |
206 | 271 | Interest expense on lease liabilities | 1 212 | 467 |
- | - | Operating expenses related to short term leases | - | 319 |
- | - | Operating expenses related to low value assets | 194 | 282 |
635 | 764 | Total lease expenses | 5 980 | 3 410 |
Lifecare ASA | Lease liabilities and maturities of cash outflows | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
381 | 413 | Less than 1 year | 6 866 | 2 590 |
1 774 | 1 921 | 1-5 years | 17 816 | 5 859 |
2 414 | 1 937 | More than 5 years | 20 781 | 2 414 |
4 569 | 4 270 | Total lease liabilities at 31 December | 45 462 | 10 863 |
At contract inception, an evaluation is performed to deter-mine whether an agreement constitutes or contains a lease. This is the case if it grants control over an identified asset for a specified period in exchange for consideration. Upon lease commencement, a lease liability and a corresponding right-of-use asset are recognized, except for short-term leases (\u226412 months) and low-value assets, which are expensed as incurred.
Lease liabilities are initially measured at the present value of unpaid lease payments, considering non-cancellable periods and reasonably certain extension or termination options. Liabilities are subsequently adjusted for interest, lease payments and modifications. Variable lease payments are expensed as incurred.
Right-of-use assets are recognized at cost, net of depre-ciation and impairment, including the initial lease liability, upfront payments and direct costs. Depreciation extends over the lease term.
All office and laboratory space has been recognized as leasing contracts. Office rent due within 12 months are classified as short-term. The largest leasing agreement is in Mainz, Germany, and has a contract term of ten years, with 9.5 years remaining at year end 2025.
The Group has subleased its office space at Lysaker, Norway (former RemovAid office) during 2025. The income from the sublease is included as \u201cOther income\u201d in the financial statements.
Note 15 Lifecare ASA\u2019s investments in subsidiaries
Equity investments of Lifecare ASA (NOK 1 000) | 2025 | 2024 |
Equity investments at 1 January | 19 709 | 15 709 |
Additions | - | 4 000 |
Equity investments 31 December | 19 709 | 19 709 |
Subsidiaries of Lifecare ASA at 31 December 2025 (NOK 1 000) | Country | Ownership | Equity | Carrying amount |
Lifecare Chemistry Ltd | UK | 100 % | -396 | 359 |
Lifecare Germany GmbH | Germany | 100 % | 1 210 | 15 230 |
Lifecare Veterinary AS | Norway | 80 % | -4 328 | 120 |
RemovAid AS | Norway | 89.6 % | -5 715 | 4 000 |
Subsidiaries are recognized at cost in the financial statement of Lifecare ASA. The share capital comprises ordinary shares directly held by Lifecare ASA, with ownership interests corre-sponding to the company\u2019s voting rights. Equity is based on provisional financial statements, which have been prepared in accordance with local accounting standards.
The investments are considered strategically important to the Group\u2019s ongoing development and future operations. No indicators of impairment have been identified as of 31 December 2025.
Note 15 Lifecare ASA\u2019s investments in subsidiaries
Equity investments of Lifecare ASA (NOK 1 000) | 2025 | 2024 |
Equity investments at 1 January | 19 709 | 15 709 |
Additions | - | 4 000 |
Equity investments 31 December | 19 709 | 19 709 |
Subsidiaries of Lifecare ASA at 31 December 2025 (NOK 1 000) | Country | Ownership | Equity | Carrying amount |
Lifecare Chemistry Ltd | UK | 100 % | -396 | 359 |
Lifecare Germany GmbH | Germany | 100 % | 1 210 | 15 230 |
Lifecare Veterinary AS | Norway | 80 % | -4 328 | 120 |
RemovAid AS | Norway | 89.6 % | -5 715 | 4 000 |
Subsidiaries are recognized at cost in the financial statement of Lifecare ASA. The share capital comprises ordinary shares directly held by Lifecare ASA, with ownership interests corre-sponding to the company\u2019s voting rights. Equity is based on provisional financial statements, which have been prepared in accordance with local accounting standards.
The investments are considered strategically important to the Group\u2019s ongoing development and future operations. No indicators of impairment have been identified as of 31 December 2025.
Note 15 Lifecare ASA\u2019s investments in subsidiaries
Equity investments of Lifecare ASA (NOK 1 000) | 2025 | 2024 |
Equity investments at 1 January | 19 709 | 15 709 |
Additions | - | 4 000 |
Equity investments 31 December | 19 709 | 19 709 |
Subsidiaries of Lifecare ASA at 31 December 2025 (NOK 1 000) | Country | Ownership | Equity | Carrying amount |
Lifecare Chemistry Ltd | UK | 100 % | -396 | 359 |
Lifecare Germany GmbH | Germany | 100 % | 1 210 | 15 230 |
Lifecare Veterinary AS | Norway | 80 % | -4 328 | 120 |
RemovAid AS | Norway | 89.6 % | -5 715 | 4 000 |
Subsidiaries are recognized at cost in the financial statement of Lifecare ASA. The share capital comprises ordinary shares directly held by Lifecare ASA, with ownership interests corre-sponding to the company\u2019s voting rights. Equity is based on provisional financial statements, which have been prepared in accordance with local accounting standards.
The investments are considered strategically important to the Group\u2019s ongoing development and future operations. No indicators of impairment have been identified as of 31 December 2025.
Note 16 Business combination
No business combinations were completed during 2025.
On 26 April 2024, Lifecare ASA acquired 80% of RemovAid AS through a share issue for consideration of NOK 2 million. On 8 July 2024, Lifecare ASA acquired an additional 9.6% of RemovAid AS through a share issue, bringing Lifecare\u2019s shareholding up to 89.6%, for a cash consideration of addi-tional NOK 2 million. With this acquisition, Lifecare has secured technology for a solution for the removal of the Sencell implant. RemovAid has developed a unique, user-friendly medical device for removing subdermal implants. The Sencell implant, which will be injected under the skin, can be removed using RemovAid\u2019s technology with some adjust-ments. RemovAid is ISO 13485-certified and CE approved.
Asset and liabilities acquired | 26 April 2024 |
(NOK 1 000) | |
Cash and cash equivalents | 2 409 |
Current receivables | 552 |
Patents | 1 057 |
Total assets acquired | 4 017 |
Payables | -927 |
Employee benefits | -590 |
Net identifiable assets acquired | 2 500 |
20% non-controlling interest at fair value | 500 |
Purchase consideration transferred | 2 000 |
The acquisition method of accounting has been applied for the acquisitions. The consideration is measured as the fair value of the transferred assets and liabilities. Identifiable assets and liabilities assumed in the business combination were initially measured at fair value at the acquisition date. Non-controlling interests in the acquired entity are measured at their proportionate share of net assets of the acquired entity. Costs relating to the business combination were expensed as they incurred.
Purchase consideration | 26 April 2024 |
(NOK 1 000) | |
Cash paid | 2 000 |
Total purchase consideration | 2 000 |
Note 17 Other current assets
Lifecare ASA | Other current assets | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
- | 4 750 | Government grants | 7 592 | 4 326 |
584 | 4 586 | Prepaid expenses | 4 809 | 1 324 |
3 455 | 219 | Other receivables | 3 568 | 5 352 |
22 084 | 26 861 | Intercompany receivables | - | - |
26 122 | 36 417 | Total other current assets | 15 969 | 11 001 |
At 31 December 2025, government grants recognized by Lifecare ASA amounted to NOK 4.8 million and NOK 0.2 million for Lifecare Veterinary under the Norwegian Skat-teFUNN tax incentive scheme. In addition, NOK 2.6 million relates to an R&D funding scheme in Germany. The amounts are expected to be received in 2026.
Other receivables as of year-end 2025 include VAT and secu-rity deposits related to lease agreements.
Note 17 Other current assets
Lifecare ASA | Other current assets | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
- | 4 750 | Government grants | 7 592 | 4 326 |
584 | 4 586 | Prepaid expenses | 4 809 | 1 324 |
3 455 | 219 | Other receivables | 3 568 | 5 352 |
22 084 | 26 861 | Intercompany receivables | - | - |
26 122 | 36 417 | Total other current assets | 15 969 | 11 001 |
At 31 December 2025, government grants recognized by Lifecare ASA amounted to NOK 4.8 million and NOK 0.2 million for Lifecare Veterinary under the Norwegian Skat-teFUNN tax incentive scheme. In addition, NOK 2.6 million relates to an R&D funding scheme in Germany. The amounts are expected to be received in 2026.
Other receivables as of year-end 2025 include VAT and secu-rity deposits related to lease agreements.
Note 17 Other current assets
Lifecare ASA | Other current assets | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
- | 4 750 | Government grants | 7 592 | 4 326 |
584 | 4 586 | Prepaid expenses | 4 809 | 1 324 |
3 455 | 219 | Other receivables | 3 568 | 5 352 |
22 084 | 26 861 | Intercompany receivables | - | - |
26 122 | 36 417 | Total other current assets | 15 969 | 11 001 |
At 31 December 2025, government grants recognized by Lifecare ASA amounted to NOK 4.8 million and NOK 0.2 million for Lifecare Veterinary under the Norwegian Skat-teFUNN tax incentive scheme. In addition, NOK 2.6 million relates to an R&D funding scheme in Germany. The amounts are expected to be received in 2026.
Other receivables as of year-end 2025 include VAT and secu-rity deposits related to lease agreements.
Note 17 Other current assets
Lifecare ASA | Other current assets | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
- | 4 750 | Government grants | 7 592 | 4 326 |
584 | 4 586 | Prepaid expenses | 4 809 | 1 324 |
3 455 | 219 | Other receivables | 3 568 | 5 352 |
22 084 | 26 861 | Intercompany receivables | - | - |
26 122 | 36 417 | Total other current assets | 15 969 | 11 001 |
At 31 December 2025, government grants recognized by Lifecare ASA amounted to NOK 4.8 million and NOK 0.2 million for Lifecare Veterinary under the Norwegian Skat-teFUNN tax incentive scheme. In addition, NOK 2.6 million relates to an R&D funding scheme in Germany. The amounts are expected to be received in 2026.
Other receivables as of year-end 2025 include VAT and secu-rity deposits related to lease agreements.
Note 18 Cash
Lifecare ASA | Cash | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
60 440 | 4 908 | Bank deposits | 5 045 | 60 854 |
556 | 573 | Restricted deposits related to employee withholding tax | 604 | 761 |
60 996 | 5 481 | Total | 5 650 | 61 615 |
Cash includes bank deposits and restricted deposits related to employee withholding tax. Lifecare ASA manages the Group\u2019s cash balance, with the majority of funds held by the parent company to cover daily liquidity needs, including adminis-trative services and the R&D activities of its subsidiaries.Lifecare ASA\u2019s and the Group\u2019s short-term bank deposits carry variable interest rates.
Note 18 Cash
Lifecare ASA | Cash | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
60 440 | 4 908 | Bank deposits | 5 045 | 60 854 |
556 | 573 | Restricted deposits related to employee withholding tax | 604 | 761 |
60 996 | 5 481 | Total | 5 650 | 61 615 |
Cash includes bank deposits and restricted deposits related to employee withholding tax. Lifecare ASA manages the Group\u2019s cash balance, with the majority of funds held by the parent company to cover daily liquidity needs, including adminis-trative services and the R&D activities of its subsidiaries.Lifecare ASA\u2019s and the Group\u2019s short-term bank deposits carry variable interest rates.
Note 19 Share capital and shareholder information
2025 | 2024 | |||
Shares | Number of shares | Book value | Number of shares | Book value |
Shares 1 January | 15 852 979 | 82 435 491 | 134 865 742 | 53 946 297 |
Issue of shares | 3 207 994 | 16 681 569 | 60 416 527 | 24 166 611 |
Shares pre consolidation | 19 060 973 | 99 117 060 | 195 282 269 | 78 112 908 |
Shares post consolidation 13:1 | - | - | 15 021 713 | 78 112 908 |
Issue of shares post consolidation | - | - | 831 266 | 4 322 583 |
Capital reduction | - | 97 210 962 | ||
Shares 31 December | 19 060 973 | 1 906 097 | 15 852 979 | 82 435 491 |
Holding of treasury shares | 1 023 | 102 | 1 023 | 5 320 |
Total excluding treasury shares | 19 059 950 | 1905 994 | 15 851 956 | 82 430 171 |
In 2024, Lifecare ASA issued 60 416 527 new shares in connection with a partially underwritten rights issue.
In September 2024, Lifecare ASA completed a share consol-idation (reverse split) in the ratio of 13:1. 195 282 269 shares were consolidated to 15 021 713 shares. The nominal value of each share changed from NOK 0.40 to NOK 5.20. The share capital was unchanged at NOK 78 112 908. To deliver shares to persons who owned shares that did not compute with the 13:1 consolidation ratio, Lifecare ASA acquired 30 000 trea-sury shares at an average price of NOK 1.67 per share. The purchase was carried out as ordinary trades in the market. Following the consolidation, Lifecare held 2 308 shares, of which 1 285 were allocated to shareholders to maintain the 13:1 ratio, where Lifecare retained 1 023 treasury shares.
In June 2025, Lifecare ASA issued 3 207 994 new shares from exercised warrants following the rights issue in June 2024.
In December 2025, the par value of the company\u2019s shares was reduced from NOK 5.20 to NOK 0.10 to facilitate the subscription of shares and exercise of warrants in connec-tion with the planned partially underwritten rights issue in January 2026. Following the reduction, the share capital was NOK 1 906 097.30.
20 largest shareholders 31 December 2025 | Number of shares | Shareholding |
Lacal AS | 2 457 209 | 12.89% |
Teigland Eiendom AS | 2 202 136 | 11.55% |
Nordnet Bank AB | 1 050 502 | 5.51% |
Jostein Tjelta | 1 027 877 | 5.39% |
Nordea Funds | 728 836 | 3.82% |
Spit Air AS | 425 926 | 2.23% |
Hejma AS | 280 000 | 1.47% |
Lt Finans AS | 222 584 | 1.17% |
Moun10 AS | 204 715 | 1.07% |
Nordnet Livsforsikring AS | 201 511 | 1.06% |
Kurt Andreassen | 196 761 | 1.03% |
Einar St\u00e5le Solheim | 173 071 | 0.91% |
Nexus Marketing | 157 863 | 0.83% |
Han Lei | 148 987 | 0.78% |
Andreas Pf\u00fctzner | 138 485 | 0.73% |
Rizwan Ali Mohammad | 133 384 | 0.70% |
\u00c5ge Westb\u00f8 | 124 685 | 0.65% |
Joacim Holter | 112 312 | 0.59% |
Berg Jan Magne Haugane | 108 372 | 0.57% |
Meto Capital AS | 102 081 | 0.54% |
Total shareholding by 20 largest shareholders | 10 197 297 | 53.50% |
Total others | 8 863 676 | 46.50% |
Total shares | 19 060 973 | 100.00% |
20 largest shareholders 31 December 2024 | Number of shares | Shareholding |
Teigland Eiendom AS | 2 203 362 | 13.90% |
Lacal AS | 2 101 214 | 13.25% |
Nordea Funds | 898 738 | 5.67% |
Jostein Tjelta | 704 055 | 4.44% |
Spit Air AS | 645 374 | 4.07% |
Patricia Rodrigues Sandquist | 499 544 | 3.15% |
Nordnet Livsforsikring AS | 356 242 | 2.25% |
Lt Finans AS | 352 903 | 2.23% |
Einarsen Even Harald | 280 000 | 1.77% |
Andreas Pf\u00fctzner | 222 584 | 1.40% |
Nexus Marketing | 200 000 | 1.26% |
Kurt Andreassen | 175 222 | 1.11% |
Joacim Holter | 155 001 | 0.98% |
\u00c5ge Westb\u00f8 | 146 509 | 0.92% |
Max Invest AS | 138 485 | 0.87% |
Nordnet Bank AB | 127 991 | 0.81% |
Probe AS | 124 951 | 0.79% |
Hejma AS | 124 685 | 0.79% |
Han Lei | 110 319 | 0.70% |
Moun10 AS | 82 872 | 0.52% |
Total shareholding by 20 largest shareholders | 9 650 051 | 60.87% |
Total others | 6 202 928 | 39.13% |
Total shares | 15 852 979 | 100.00% |
31 December 2025 | 31 December 2024 | |||
Shares controlled directly and indirectly by the Board of Directors and Executive Management | Number of shares | Share-holding | Number of shares | Share-holding |
Board of Directors | ||||
Hans Hekland | 17 897 | 0.09% | 11 562 | 0.07% |
Trine Teigland | 2 202 136 | 11.55% | 2 101 214 | 13.25% |
Tone Kv\u00e5le | 4 616 | 0.02% | 3 077 | 0.02% |
Executive Management | ||||
Joacim Holter*, CEO | 112 953 | 0.59% | 125 592 | 0.79% |
Andreas Pf\u00fctzner, CSO | 138 485 | 0.73% | 138 485 | 0.87% |
Total shares held by the Board and Executive Management | 2 476 087 | 12.99% | 2 379 930 | 15.01% |
*Shares owned by the CEO and close associates.
Note 19 Share capital and shareholder information
2025 | 2024 | |||
Shares | Number of shares | Book value | Number of shares | Book value |
Shares 1 January | 15 852 979 | 82 435 491 | 134 865 742 | 53 946 297 |
Issue of shares | 3 207 994 | 16 681 569 | 60 416 527 | 24 166 611 |
Shares pre consolidation | 19 060 973 | 99 117 060 | 195 282 269 | 78 112 908 |
Shares post consolidation 13:1 | - | - | 15 021 713 | 78 112 908 |
Issue of shares post consolidation | - | - | 831 266 | 4 322 583 |
Capital reduction | - | 97 210 962 | ||
Shares 31 December | 19 060 973 | 1 906 097 | 15 852 979 | 82 435 491 |
Holding of treasury shares | 1 023 | 102 | 1 023 | 5 320 |
Total excluding treasury shares | 19 059 950 | 1905 994 | 15 851 956 | 82 430 171 |
In 2024, Lifecare ASA issued 60 416 527 new shares in connection with a partially underwritten rights issue.
In September 2024, Lifecare ASA completed a share consol-idation (reverse split) in the ratio of 13:1. 195 282 269 shares were consolidated to 15 021 713 shares. The nominal value of each share changed from NOK 0.40 to NOK 5.20. The share capital was unchanged at NOK 78 112 908. To deliver shares to persons who owned shares that did not compute with the 13:1 consolidation ratio, Lifecare ASA acquired 30 000 trea-sury shares at an average price of NOK 1.67 per share. The purchase was carried out as ordinary trades in the market. Following the consolidation, Lifecare held 2 308 shares, of which 1 285 were allocated to shareholders to maintain the 13:1 ratio, where Lifecare retained 1 023 treasury shares.
In June 2025, Lifecare ASA issued 3 207 994 new shares from exercised warrants following the rights issue in June 2024.
In December 2025, the par value of the company\u2019s shares was reduced from NOK 5.20 to NOK 0.10 to facilitate the subscription of shares and exercise of warrants in connec-tion with the planned partially underwritten rights issue in January 2026. Following the reduction, the share capital was NOK 1 906 097.30.
20 largest shareholders 31 December 2025 | Number of shares | Shareholding |
Lacal AS | 2 457 209 | 12.89% |
Teigland Eiendom AS | 2 202 136 | 11.55% |
Nordnet Bank AB | 1 050 502 | 5.51% |
Jostein Tjelta | 1 027 877 | 5.39% |
Nordea Funds | 728 836 | 3.82% |
Spit Air AS | 425 926 | 2.23% |
Hejma AS | 280 000 | 1.47% |
Lt Finans AS | 222 584 | 1.17% |
Moun10 AS | 204 715 | 1.07% |
Nordnet Livsforsikring AS | 201 511 | 1.06% |
Kurt Andreassen | 196 761 | 1.03% |
Einar St\u00e5le Solheim | 173 071 | 0.91% |
Nexus Marketing | 157 863 | 0.83% |
Han Lei | 148 987 | 0.78% |
Andreas Pf\u00fctzner | 138 485 | 0.73% |
Rizwan Ali Mohammad | 133 384 | 0.70% |
\u00c5ge Westb\u00f8 | 124 685 | 0.65% |
Joacim Holter | 112 312 | 0.59% |
Berg Jan Magne Haugane | 108 372 | 0.57% |
Meto Capital AS | 102 081 | 0.54% |
Total shareholding by 20 largest shareholders | 10 197 297 | 53.50% |
Total others | 8 863 676 | 46.50% |
Total shares | 19 060 973 | 100.00% |
20 largest shareholders 31 December 2024 | Number of shares | Shareholding |
Teigland Eiendom AS | 2 203 362 | 13.90% |
Lacal AS | 2 101 214 | 13.25% |
Nordea Funds | 898 738 | 5.67% |
Jostein Tjelta | 704 055 | 4.44% |
Spit Air AS | 645 374 | 4.07% |
Patricia Rodrigues Sandquist | 499 544 | 3.15% |
Nordnet Livsforsikring AS | 356 242 | 2.25% |
Lt Finans AS | 352 903 | 2.23% |
Einarsen Even Harald | 280 000 | 1.77% |
Andreas Pf\u00fctzner | 222 584 | 1.40% |
Nexus Marketing | 200 000 | 1.26% |
Kurt Andreassen | 175 222 | 1.11% |
Joacim Holter | 155 001 | 0.98% |
\u00c5ge Westb\u00f8 | 146 509 | 0.92% |
Max Invest AS | 138 485 | 0.87% |
Nordnet Bank AB | 127 991 | 0.81% |
Probe AS | 124 951 | 0.79% |
Hejma AS | 124 685 | 0.79% |
Han Lei | 110 319 | 0.70% |
Moun10 AS | 82 872 | 0.52% |
Total shareholding by 20 largest shareholders | 9 650 051 | 60.87% |
Total others | 6 202 928 | 39.13% |
Total shares | 15 852 979 | 100.00% |
31 December 2025 | 31 December 2024 | |||
Shares controlled directly and indirectly by the Board of Directors and Executive Management | Number of shares | Share-holding | Number of shares | Share-holding |
Board of Directors | ||||
Hans Hekland | 17 897 | 0.09% | 11 562 | 0.07% |
Trine Teigland | 2 202 136 | 11.55% | 2 101 214 | 13.25% |
Tone Kv\u00e5le | 4 616 | 0.02% | 3 077 | 0.02% |
Executive Management | ||||
Joacim Holter*, CEO | 112 953 | 0.59% | 125 592 | 0.79% |
Andreas Pf\u00fctzner, CSO | 138 485 | 0.73% | 138 485 | 0.87% |
Total shares held by the Board and Executive Management | 2 476 087 | 12.99% | 2 379 930 | 15.01% |
*Shares owned by the CEO and close associates.
Note 20 Other current liabilities
Lifecare ASA | Other current liabilities | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
1 002 | 1 190 | Vacation pay payable | 1 288 | 2 271 |
2 083 | 1 895 | Other accrued expenses | 4 248 | 4 199 |
3 085 | 3 085 | Total other current liabilities | 5 536 | 6 470 |
Note 20 Other current liabilities
Lifecare ASA | Other current liabilities | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
1 002 | 1 190 | Vacation pay payable | 1 288 | 2 271 |
2 083 | 1 895 | Other accrued expenses | 4 248 | 4 199 |
3 085 | 3 085 | Total other current liabilities | 5 536 | 6 470 |
Note 20 Other current liabilities
Lifecare ASA | Other current liabilities | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
1 002 | 1 190 | Vacation pay payable | 1 288 | 2 271 |
2 083 | 1 895 | Other accrued expenses | 4 248 | 4 199 |
3 085 | 3 085 | Total other current liabilities | 5 536 | 6 470 |
Note 21 Interest-bearing loans and other financial liabilities
Interest-bearing loans
In the fourth quarter of 2025, to bridge operations pending completion of the rights issue in January 2026, Lifecare ASA obtained short-term financing consisting of a NOK 25 million bridge loan facility, provided by underwriters in the forthcoming rights issue; and a NOK 25 million subordinated shareholder loan provided by Tjelta AS, Lacal AS and LHH AS.
The shareholder loan is fully subordinated to the bridge loan facility. Drawdown under the shareholder loan was condi-tional upon full utilisation of the bridge loan facility. Both facilities have a contractual term of three months and carry interest at 1% per commenced 30-day period, payable in advance.
The bridge loan facility includes a 4% arrangement fee. The shareholder loan includes a fixed fee of approximately 3.7% of the nominal loan amount. There is no penalty for early repayment. The agreements include customary negative pledge provisions.
As of 31 December 2025, the Company had drawn the full NOK 25 million under each facility. The loans are classified as current liabilities, as the Company does not have an uncon-ditional right to defer settlement beyond twelve months after the reporting date.
The loans are measured at amortised cost using the effective interest method in accordance with IFRS 9. Interest and fees are recognised as finance costs over the term of the facilities.
At 31 December 2025, accrued interest and amortised fees amounted to NOK 2.7 million.
The loans were repaid subsequent to the reporting date following completion of the rights issue in January 2026, refer to Note 25 Subsequent events.
Warrants classified as financial liabilities
In June 2024, Lifecare ASA issued warrants in connection with a partially underwritten rights issue. Due to the variability in the exercise price, the warrants did not meet the \u201cfixed-for-fixed\u201d criterion in IAS 32 and were therefore classified as financial liabilities. The warrants were initially recognised at fair value at issuance and subsequently measured at fair value through profit or loss in accordance with IFRS 9 until exercise or expiry.
Following a 13:1 share consolidation in September 2024, 4 193 802 warrants were outstanding at 31 December 2024.
Each warrant entitled the holder to subscribe for one new share at an exercise price equal to the volume weighted average price (VWAP) of the Company\u2019s shares during the last three trading days prior to the first day of the exercise period, less 30%, subject to a floor equal to par value and a cap equal to the subscription price in the 2024 rights issue plus 30%. The final exercise price was determined to be NOK 5.3168 per share.
The warrants were exercisable in the period 2\u201313 June 2025. A total of 3 207 994 warrants were exercised, resulting in gross proceeds of NOK 17.1 million. Upon exercise, the carrying amount of the related warrant liability was derecognised and recognised in equity together with the cash proceeds.
The remaining warrants expired unexercised on 13 June 2025. The residual warrant liability was derecognised through profit or loss.
As of 31 December 2025, no warrants remain outstanding.
Lifecare ASA | Financial liabilities | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
- | 14 678 | Warrants at 1 January | 14 678 | - |
23 716 | - | Warrants issued | - | 23 716 |
-9 038 | -13 025 | Fair value gains (-) /loss (+) | -13 025 | -9 038 |
- | -1 653 | Warrants exercised/expired, recognized in equity | -1 653 | - |
14 678 | - | Warrants at 31 December | - | 14 678 |
Note 23 Fair value measurement
The following hierarchy is applied to determine and disclose the fair value of financial instruments:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: Valuation techniques using observable inputs that significantly impact the fair value, either directly or indirectly.
Level 3: Valuation techniques based on significant unobservable inputs.
The warrants classified as financial liabilities (Note 21) were measured at fair value using Level 1 inputs, based on quoted market prices on Euronext Growth Oslo.
Financial instruments not measured at fair value in the state-ment of financial position are carried at amortised cost. For these instruments, the carrying amount is considered to be a reasonable approximation of fair value due to their short-term nature. This applies to trade receivables, other current assets, cash and cash equivalents, trade payables, other current liabilities and interest-bearing loans.
Lease liabilities are measured at amortised cost. The discount rate applied is considered to reflect the current market cost of borrowing, and accordingly the carrying amount does not materially differ from fair value.
Note 21 Interest-bearing loans and other financial liabilities
Interest-bearing loans
In the fourth quarter of 2025, to bridge operations pending completion of the rights issue in January 2026, Lifecare ASA obtained short-term financing consisting of a NOK 25 million bridge loan facility, provided by underwriters in the forthcoming rights issue; and a NOK 25 million subordinated shareholder loan provided by Tjelta AS, Lacal AS and LHH AS.
The shareholder loan is fully subordinated to the bridge loan facility. Drawdown under the shareholder loan was condi-tional upon full utilisation of the bridge loan facility. Both facilities have a contractual term of three months and carry interest at 1% per commenced 30-day period, payable in advance.
The bridge loan facility includes a 4% arrangement fee. The shareholder loan includes a fixed fee of approximately 3.7% of the nominal loan amount. There is no penalty for early repayment. The agreements include customary negative pledge provisions.
As of 31 December 2025, the Company had drawn the full NOK 25 million under each facility. The loans are classified as current liabilities, as the Company does not have an uncon-ditional right to defer settlement beyond twelve months after the reporting date.
The loans are measured at amortised cost using the effective interest method in accordance with IFRS 9. Interest and fees are recognised as finance costs over the term of the facilities.
At 31 December 2025, accrued interest and amortised fees amounted to NOK 2.7 million.
The loans were repaid subsequent to the reporting date following completion of the rights issue in January 2026, refer to Note 25 Subsequent events.
Warrants classified as financial liabilities
In June 2024, Lifecare ASA issued warrants in connection with a partially underwritten rights issue. Due to the variability in the exercise price, the warrants did not meet the \u201cfixed-for-fixed\u201d criterion in IAS 32 and were therefore classified as financial liabilities. The warrants were initially recognised at fair value at issuance and subsequently measured at fair value through profit or loss in accordance with IFRS 9 until exercise or expiry.
Following a 13:1 share consolidation in September 2024, 4 193 802 warrants were outstanding at 31 December 2024.
Each warrant entitled the holder to subscribe for one new share at an exercise price equal to the volume weighted average price (VWAP) of the Company\u2019s shares during the last three trading days prior to the first day of the exercise period, less 30%, subject to a floor equal to par value and a cap equal to the subscription price in the 2024 rights issue plus 30%. The final exercise price was determined to be NOK 5.3168 per share.
The warrants were exercisable in the period 2\u201313 June 2025. A total of 3 207 994 warrants were exercised, resulting in gross proceeds of NOK 17.1 million. Upon exercise, the carrying amount of the related warrant liability was derecognised and recognised in equity together with the cash proceeds.
The remaining warrants expired unexercised on 13 June 2025. The residual warrant liability was derecognised through profit or loss.
As of 31 December 2025, no warrants remain outstanding.
Lifecare ASA | Financial liabilities | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
- | 14 678 | Warrants at 1 January | 14 678 | - |
23 716 | - | Warrants issued | - | 23 716 |
-9 038 | -13 025 | Fair value gains (-) /loss (+) | -13 025 | -9 038 |
- | -1 653 | Warrants exercised/expired, recognized in equity | -1 653 | - |
14 678 | - | Warrants at 31 December | - | 14 678 |
Note 21 Interest-bearing loans and other financial liabilities
Interest-bearing loans
In the fourth quarter of 2025, to bridge operations pending completion of the rights issue in January 2026, Lifecare ASA obtained short-term financing consisting of a NOK 25 million bridge loan facility, provided by underwriters in the forthcoming rights issue; and a NOK 25 million subordinated shareholder loan provided by Tjelta AS, Lacal AS and LHH AS.
The shareholder loan is fully subordinated to the bridge loan facility. Drawdown under the shareholder loan was condi-tional upon full utilisation of the bridge loan facility. Both facilities have a contractual term of three months and carry interest at 1% per commenced 30-day period, payable in advance.
The bridge loan facility includes a 4% arrangement fee. The shareholder loan includes a fixed fee of approximately 3.7% of the nominal loan amount. There is no penalty for early repayment. The agreements include customary negative pledge provisions.
As of 31 December 2025, the Company had drawn the full NOK 25 million under each facility. The loans are classified as current liabilities, as the Company does not have an uncon-ditional right to defer settlement beyond twelve months after the reporting date.
The loans are measured at amortised cost using the effective interest method in accordance with IFRS 9. Interest and fees are recognised as finance costs over the term of the facilities.
At 31 December 2025, accrued interest and amortised fees amounted to NOK 2.7 million.
The loans were repaid subsequent to the reporting date following completion of the rights issue in January 2026, refer to Note 25 Subsequent events.
Warrants classified as financial liabilities
In June 2024, Lifecare ASA issued warrants in connection with a partially underwritten rights issue. Due to the variability in the exercise price, the warrants did not meet the \u201cfixed-for-fixed\u201d criterion in IAS 32 and were therefore classified as financial liabilities. The warrants were initially recognised at fair value at issuance and subsequently measured at fair value through profit or loss in accordance with IFRS 9 until exercise or expiry.
Following a 13:1 share consolidation in September 2024, 4 193 802 warrants were outstanding at 31 December 2024.
Each warrant entitled the holder to subscribe for one new share at an exercise price equal to the volume weighted average price (VWAP) of the Company\u2019s shares during the last three trading days prior to the first day of the exercise period, less 30%, subject to a floor equal to par value and a cap equal to the subscription price in the 2024 rights issue plus 30%. The final exercise price was determined to be NOK 5.3168 per share.
The warrants were exercisable in the period 2\u201313 June 2025. A total of 3 207 994 warrants were exercised, resulting in gross proceeds of NOK 17.1 million. Upon exercise, the carrying amount of the related warrant liability was derecognised and recognised in equity together with the cash proceeds.
The remaining warrants expired unexercised on 13 June 2025. The residual warrant liability was derecognised through profit or loss.
As of 31 December 2025, no warrants remain outstanding.
Lifecare ASA | Financial liabilities | Lifecare Group | ||
2024 | 2025 | NOK 1 000 | 2025 | 2024 |
- | 14 678 | Warrants at 1 January | 14 678 | - |
23 716 | - | Warrants issued | - | 23 716 |
-9 038 | -13 025 | Fair value gains (-) /loss (+) | -13 025 | -9 038 |
- | -1 653 | Warrants exercised/expired, recognized in equity | -1 653 | - |
14 678 | - | Warrants at 31 December | - | 14 678 |
In June 2024, Lifecare ASA issued warrants in connection with a partially underwritten rights issue. Due to the variability in the exercise price, the warrants did not meet the \u201cfixed-for-fixed\u201d criterion in IAS 32 and were therefore classified as financial liabilities. The warrants were initially recognised at fair value at issuance and subsequently measured at fair value through profit or loss in accordance with IFRS 9 until exercise or expiry.
Following a 13:1 share consolidation in September 2024, 4 193 802 warrants were outstanding at 31 December 2024.
Each warrant entitled the holder to subscribe for one new share at an exercise price equal to the volume weighted average price (VWAP) of the Company\u2019s shares during the last three trading days prior to the first day of the exercise period, less 30%, subject to a floor equal to par value and a cap equal to the subscription price in the 2024 rights issue plus 30%. The final exercise price was determined to be NOK 5.3168 per share.
The warrants were exercisable in the period 2\u201313 June 2025. A total of 3 207 994 warrants were exercised, resulting in gross proceeds of NOK 17.1 million. Upon exercise, the carrying amount of the related warrant liability was derecognised and recognised in equity together with the cash proceeds.
The remaining warrants expired unexercised on 13 June 2025. The residual warrant liability was derecognised through profit or loss.
As of 31 December 2025, no warrants remain outstanding.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:254900D88MYGZ7JD5P39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__143-1": { "value": "In June 2024, Lifecare ASA issued warrants in connection with a partially underwritten rights issue. Due to the variability in the exercise price, the warrants did not meet the \u201cfixed-for-fixed\u201d criterion in IAS 32 and were therefore classified as financial liabilities. The warrants were initially recognised at fair value at issuance and subsequently measured at fair value through profit or loss in accordance with IFRS 9 until exercise or expiry.
Following a 13:1 share consolidation in September 2024, 4 193 802 warrants were outstanding at 31 December 2024.
Each warrant entitled the holder to subscribe for one new share at an exercise price equal to the volume weighted average price (VWAP) of the Company\u2019s shares during the last three trading days prior to the first day of the exercise period, less 30%, subject to a floor equal to par value and a cap equal to the subscription price in the 2024 rights issue plus 30%. The final exercise price was determined to be NOK 5.3168 per share.
The warrants were exercisable in the period 2\u201313 June 2025. A total of 3 207 994 warrants were exercised, resulting in gross proceeds of NOK 17.1 million. Upon exercise, the carrying amount of the related warrant liability was derecognised and recognised in equity together with the cash proceeds.
The remaining warrants expired unexercised on 13 June 2025. The residual warrant liability was derecognised through profit or loss.
As of 31 December 2025, no warrants remain outstanding.
Note 23 Fair value measurement
The following hierarchy is applied to determine and disclose the fair value of financial instruments:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: Valuation techniques using observable inputs that significantly impact the fair value, either directly or indirectly.
Level 3: Valuation techniques based on significant unobservable inputs.
The warrants classified as financial liabilities (Note 21) were measured at fair value using Level 1 inputs, based on quoted market prices on Euronext Growth Oslo.
Financial instruments not measured at fair value in the state-ment of financial position are carried at amortised cost. For these instruments, the carrying amount is considered to be a reasonable approximation of fair value due to their short-term nature. This applies to trade receivables, other current assets, cash and cash equivalents, trade payables, other current liabilities and interest-bearing loans.
Lease liabilities are measured at amortised cost. The discount rate applied is considered to reflect the current market cost of borrowing, and accordingly the carrying amount does not materially differ from fair value.
Note 22 Related parties transactions
There have been no related parties\u2019 transactions during the year outside the ordinary course of business.
Lifecare ASA provides a range of services to the subsidiaries of the Lifecare Group. The services include administrative services performed on behalf of the subsidiaries of the Group, including project management, quality assurance, human resources, accounting and financial services. Service fees are charged on an arm\u2019s length basis.
During 2025, Lifecare acquired and received clinical services related to R&D projects from companies affiliated with the Chief Scientific Officer (CSO) on terms equivalent to those with unrelated parties. The transactions have been settled during 2025.
In 2025, a short-term loan of EUR 32 000 was granted to the CSO at market-based interest. The loan was approved by the Board of Directors and is repayable through salary deduc-tions. The loan is secured by a pledge of the CSO\u2019s shares in Lifecare ASA. The pledged shares remain the property of the employee and may only be realized by the lender in the event of default. The loan is recognised at amortized cost, and interest income is recognised over the term of the loan.
Towards the end of the year, certain related parties committed to participate in underwriting the partially under-written rights issue completed in January 2026. Teigland Eiendom AS, associated with board member Trine Teigland, underwrote NOK 2 million, and Hannibal Invest AS, associ-ated with board member Hans Hekland, underwrote NOK 0.5 million. As compensation, they were entitled to 12% of their underwritten amount, payable by issuance of new shares in the company at the subscription price of NOK 0.50, together with a corresponding number of warrants in the March series (W01) and the June series (W02) as under-writing commission. The terms were consistent with those offered to other underwriters. Following the rights issue in January 2026, Teigland Eiendom AS claimed 480 000 shares and 720 000 warrants, while Hans Hekland claimed 120 000 shares and 180 000 warrants as compensation for their guarantee commitment. See also Note 25 Subsequent events for information about subscriptions and allocation of shares and warrants.
In connection with the acquisition of RemovAid in April 2024, Lifecare ASA procured consultancy services from a company associated with Hans Hekland, board member of Lifecare ASA. The transaction was conducted on normal commercial terms, and the fee did not exceed the board remuneration.
For shares controlled by the Board of Directors and Executive Management, see Note 19.
The table presents the related parties balances of Lifecare ASA as at year end 2025 and 2024.
Outstanding balance | 31 December 2025 | 31 December 2024 | ||
NOK 1 000 | Group companies | Management/ shareholders | Group companies | Management/ shareholders |
Trade receivables | - | - | 3 339 | - |
Other current assets | 26 861 | 33 | 22 084 | - |
Trade payables | - | - | -2 646 | -33 |
Total outstanding balance | 26 861 | 33 | 22 777 | -33 |
Note 23 Fair value measurement
The following hierarchy is applied to determine and disclose the fair value of financial instruments:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: Valuation techniques using observable inputs that significantly impact the fair value, either directly or indirectly.
Level 3: Valuation techniques based on significant unobservable inputs.
The warrants classified as financial liabilities (Note 21) were measured at fair value using Level 1 inputs, based on quoted market prices on Euronext Growth Oslo.
Financial instruments not measured at fair value in the state-ment of financial position are carried at amortised cost. For these instruments, the carrying amount is considered to be a reasonable approximation of fair value due to their short-term nature. This applies to trade receivables, other current assets, cash and cash equivalents, trade payables, other current liabilities and interest-bearing loans.
Lease liabilities are measured at amortised cost. The discount rate applied is considered to reflect the current market cost of borrowing, and accordingly the carrying amount does not materially differ from fair value.
Note 25 Subsequent events
Completion of rights issue and repayment of bridge financing
On 21 January 2026, Lifecare completed a partially under-written rights issue. The rights issue generated gross proceeds of NOK 80 million, of which NOK 50 million had been provided in advance as a shareholder loan and bridge loan.
The subscription price was determined as the theoretical ex-rights price (TERP), based on the volume-weighted average price (VWAP) of Lifecare shares over the three trading days prior to the Extraordinary General Meeting held on 2 January 2026, less a 35% discount, resulting in a subscription price of NOK 0.50 per share.
The issuance of 160 000 000 new shares with a par value of NOK 0.10 increased the share capital from NOK 1 906 097 to NOK 17 906 097. In addition, 12 000 000 new shares were issued to the underwriters as settlement of under-writing commission in accordance with the underwriting agreements, increasing the share capital to NOK 19 106 097.
For every four new shares subscribed or allocated, partici-pants received three warrants of series W01 (exercise period 1\u201312 March 2026) and three warrants of series W02 (exercise period 2\u201313 June 2026), each granting the right to subscribe for one new share. A total of 258 000 066 warrants were allocated and listed on Euronext Oslo B\u00f8rs, divided equally between the ticker codes \u201cLIFEJ\u201d (W01) and \u201cLIFES\u201d (W02), with 129 000 033 warrants each. The subscription price for shares issued upon exercise of the warrants is 70% of the 10-day VWAP prior to the first day of the relevant exercise period, capped at NOK 0.625 and not lower than the par value of NOK 0.10 per share. On 27 February, the exercise price of W01 was set at NOK 0.3342.
The exercise price of W02 will be determined prior to the June exercise period. Actual proceeds will depend on the number of warrants exercised and the applicable subscrip-tion price determined in accordance with the VWAP-based pricing mechanism.
Following completion of the rights issue, the company repaid the NOK 25 million bridge loan facility in full. The NOK 25 million subordinated shareholder loan was offset against subscription amounts in the rights issue.
Allocation of shares and warrants to related parties
The rights issue was underwritten by certain shareholders and external investors, including Teigland Eiendom AS, a company associated with board member Trine Teigland, which underwrote NOK 2\u00a0million, and board member Hans Hekland, who underwrote NOK 0.5 million. Teigland Eiendom AS subscribed for and was allocated 10\u00a0000\u00a0000 shares and 15\u00a0000\u00a0000 warrants, and, as part of the underwriting commission, received an additional 480\u00a0000 shares and 720\u00a0000 warrants. Hans Hekland subscribed for 200\u00a0000 shares and was allocated 820\u00a0261 shares and 1\u00a0230\u00a0392 warrants, and, as part of the underwriting commission, received an additional 120\u00a0000 shares and 180\u00a0000 warrants. Hans Hekland\u2019s shares and warrants were subsequently transferred to Hannibal Invest AS, a company closely asso-ciated with him. All transactions were carried out in accor-dance with applicable rules governing board members\u2019 participation in share issues and related-party arrangements.
Note 25 Subsequent events cont.
Changes to management
On 25 February 2026, Lifecare announced the appointment of Petter Nielsen as Chief Financial Officer (CFO), effective 1 April 2026. Nielsen succeeds Renete Kaarvik, who will step down from her role on 31 March 2026. Petter Nielsen brings extensive experience from listed growth companies and international industrial groups, including previous roles as Group CEO of Gexcon AS and CFO of BerGenBio ASA.
On 13 March, Lifecare announced that Prof. Dr. Dr. med. Andreas Pf\u00fctzner has decided to step down from his exec-utive position as Chief Scientific Officer (CSO). Prof. Pf\u00fctzner has agreed to continue contributing to Lifecare in an oper-ational and supporting role. The company will evaluate how to best make use of his extensive scientific expertise, deep knowledge of Lifecare\u2019s technology, and valuable insights into the diabetes technology market going forward.
Regulatory milestone \u2013 CE marking of electronics
On 26 February 2026, Lifecare announced that the elec-tronics module used in its implant system achieved CE marking under applicable EU EMC and Radio Equipment directives following completion of conformity assessment and signing of the EU Declaration of Conformity.
As a result, the veterinary product incorporating these elec-tronics is CE marked and cleared for commercial sales in Europe. The CE marked electronics are also being used in the company\u2019s production batch, longevity study implants and will be applied in the upcoming first-in-human study.
This milestone strengthens the company\u2019s regulatory foun-dation as it advances toward veterinary commercialization and continued development for human use.
Resubmission of clinical application
On 9 March 2026, the Norwegian Medical Products Agency (NOMA) completed its review of Lifecare ASA\u2019s application to conduct a clinical investigation of the company\u2019s implantable CGM sensor. NOMA concluded that the submitted docu-mentation was not sufficient to support authorization of the clinical investigation at this stage and requested addi-tional documentation and clarifications prior to approval. The company is addressing the requested items and plans to resubmit the application. Lifecare has engaged LINK Medical to assist in the final phase towards regulatory approval for the first-in-human study.
Results of Warrant Series 1
On 13 March, the exercise period for the 129 000 033 Warrants Series 1 issued in connection with the January rights issue concluded. A total of 107 059 776 warrants were exercised at a price of NOK 0.3342 per share, securing Life-care gross proceeds of NOK 35.8 million.
The issuance of 107 059 776 new shares with a par value
of NOK 0.10 will increase the share capital from NOK 19 106 097 to NOK 29 812 075.