SCIENCE OF CERTAINTY

Gubra

Annual Report

2023

CVR-nr 30514041

biotech industry.

CRO Services

+ Founded at CPH University Campus

+ Initiates targetand drug discovery

+ Moves to DTU Science Park

2008-2012 – Early growth

+ IPO on NASDAQ Copenhagen

+ Oce opened in the US

+ Amylin rst human dose

2023 – IPO

+ Adding 5 new partnerships

+ First partnership with dose in man

+ New Gubra NASH model

2017-22 – Growth and new partnerships

199

Obesity has been a core area since the

inception of Gubra and we now deliver

our specialized CRO obesity services to

a broad range of customers.

Discovery & Partnerships

as it is to a large extent driven by mile-

stone payments in a particular year.

In 2023, it amounted to DKK 36.5 million

2023 have been excellent and exceed-

ed our expectations. To this we are very

grateful to all talented and hardworking

ers and collaborators, and the investors

Highlight of the year:

further enhances our accomplishments.

ships. In line with the upper end of our

guidance, we signed two new partner-

ships in 2023. Also, in 2023, we have tak-

en important steps forward by upgrad-

more complex peptide structures, which

opens a broader palee of therapeutic

targets and new treatment options, and

also potentially enable the devel opment

of orally available peptides.

Jacob Jelsing, Co-founder and Chair, and Henrik Blou, CEO

The new partnership with Hemab is an

example of how our innovative power

and understanding of peptides can

platform can be used to develop drug

A new partnership with Boehringer-

beer weight loss than current thera-

py options. The global prevalence of

Looking ahead

increased our lab capacity by 30%. This,

combined with the opening of our new

oce in Boston and the acquisition of

foundation for continued growth. We

for 2024 is on continuing to build our

R&D pipeline with innovative novel drug

ship discussions. Then of course, the

ongoing Phase 1 trial for GUBamy where

we expect to complete enrollment by

which was strengthened with two new

members in 2023. Together with all our

skilled colleagues, we are truly excited

our business and to unfold our strategy

There is an increased pressure on

pharmaceutical and biotechnology

tions, forcing them to not only increase

research and development spending,

but also to improve cost eciencies.

including to contract research compa-

America, Europe, Japan and South

Korea – represented approx. 83% of

the global CRO market in 2021.

1

CRO services in the Geographical Focus Markets (21% in 2021) has been applied to the market value per disease area. Thus, the estimated market values are independent and not derived directly from Fortune Business Insights’ data.

Acquisition of

Gubra opens oce

in the US

The Discovery & Partnerships business serves as our drug discovery engine for iden-

tication of novel peptide-based candidates within metabolic and brotic diseases.

For drug discovery, Gubra has developed a unique method using Machine Learning

(ML) and Articial Intelligence (AI), which accelerates the process from target

identication to drug candidates. We call it the streaMLine platform.

The streaMLine process is a circular process that can evaluate several aspects

of the molecule simultaneously, resulting in the ability to rapidly modify molecule

designs and thus optimizing the hit molecule before testing it in vivo in our readily

available and translatable models. The streaMLine platform enables us to run multi-

ple projects in parallel with fewer resources, and thus lowering pre-clinical develop-

ment costs per project.

Once our projects have matured they are included in our R&D pipeline and are

ready to be out-licenses to partners. Our approach is to out-license our projects

early to reduce risks and costs.

streaMLine advantages

+ Design of over 4,000 peptides per month – compared to

+ Focus on 4-6 projects simultaneously instead of 2-3 using

+ Improved patent potential

Upgrading to cyclic peptides

We have upgraded our AI-based drug discovery engine, the streaMLine platform,

to handle complex peptide structures such as cyclical peptides. Bringing in cyclic

peptides to the streaMLine Platform not only opens up a broader palee of targets in

the body and new treatment options, but the rigid cyclic structures may also enable

Progressing our R&D pipeline

Boehringer- Ingelheim were presented in 2023. The results showed positive eects

on energy intake and gastric emptying and no unexpected safety concerns.

Our most advanced obesity asset entered clinical Phase 1 in 2023 (see more on page 22)

Orexin was added to the R&D portfolio. Orexin is an internally developed brain-

accessible orexin peptide for the treatment of narcolepsy. The results so far show

that the peptide can cross the blood-brain-barrier and induce a positive eect in

Obesity

collaborations

the D&P segment is volatile by nature – in contrast to the more stable CRO service

business. In certain periods a number of partnership payments such as milestones

are triggered and the D&P revenue increases signicantly, and in periods less mile-

stones are triggered resulting in lower D&P revenue.

In the second half of 2023, two new partnerships were established. The recognition

of revenue from upfront payments is deferred over the collaboration period.

Thus, the revenue eect of the two new partnerships was relatively limited in 2023.

Total costs, cost of sales and OPEX, excluding special items, amounted to DKK 116.7

million in 2023. This was slightly above the expected range of DKK 105-110 million.

The higher costs were related to timing eects driven by the fast progress for the

Excluding Amylin costs, the total costs were DKK 93.1 million, which can be com-

pared to the guided range of DKK 85-95 million.

Total costs of Gubra green amounted to DKK 0.4 million, wich was fully in line with

expectations.

Group adjusted EBIT was, as expected, negative and amounted to DKK -34.1 million

million, driven by revenue growth. In terms of adjusted EBIT-margin, it stood at 27.4%

compared to outlook for 2023 in the Annual Report 2022 at 25% and latest guidance

26-28% (2022: 27.5%).

Reported EBIT totalled DKK -47.7 million in 2023. The dierence vis-à-vis adjusted

EBIT is primarily explained by adjustments for IPO related costs and costs recogni-

tion of employee incentive programs that were implemented in the years prior to

2023 (no cash ow impact). The adjustments are explained in more detail in note 3.

we are on a journey moving towards carbon negative and nature positive

within few years, and the material sub-topics will help guide our actions.

We are ambitious and this is also reected in our sustainability guidelines and

the targets we have set. We have taken numerous initiatives and actions to-

wards avoiding and reducing our negative impacts on climate and nature,

negative

developed in 2019. In 2022, we added the guideline regarding nature positive, and

contribution to climate and nature is our commitment to invest 10% of our pre-tax

prot in environmental activities every year through our subsidiary Gubra Green.

By the end of 2023, Gubra Green had a cash position of around 20 mDKK.

In 2023, we had lots of exciting activity in Gubra Green with high expectations for

impact investments in 2024.

Since 2020, Gubra has converted 150 hectares of conventional CO

2

e

dierent greenhouse gases based on their relative contribution to climate change.

In 2023, we have established a comprehensive 2022 data baseline for Environment

e (2022: 288.5)

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