August 15, 2025  
Announcement no. 19  
BioPorto Interim Result for the Second Quarter of 2025 - Continued progress with full execution of strategic objectives  
and strong NGAL sales growth.  
Copenhagen, Denmark, August 15, 2025, (GLOBE NEWSWIRE) – BioPorto A/S (“BioPorto” or the “Company”) (CPH:BIOPOR), today
announced interim financial results for the second quarter of 2025 and a business update.  
Continued progress on key strategic milestones for the second quarter of 2025  
•
•
Full execution of the objectives outlined in our February 2024 Strategic Plan.  
A major milestone in the second quarter of 2025 was the receipt of the first purchase order for ProNephroTM AKI (NGAL) for  
the US market, marking the first step in the commercial launch.  
•
The enrollment of patients in the US clinical cut-off study for ProNephro AKI (NGAL) for adult use is progressing as planned  
and is reaching the final phase. We maintain our goal to submit to the FDA by the end of 2026.  
•
•
Strong NGAL sales growth of 39% compared to the second quarter of 2024.  
The Board was restructured with Jens Due Olsen stepping in as Chairman and Carsten Buhl appointed as new CEO as of  
September 1, to drive the next growth phase.  
•
On April 15, 2025, the Company successfully completed a funding round of 25,000,000 new shares in a direct issue at market  
price providing gross proceeds of DKK 33.5 million. The funding round was met with strong support from existing  
shareholders.  
Peter Mørch Eriksen, BioPorto’s Group Chief Executive Officer (CEO), comments:  
“The second quarter of 2025 marked a pivotal chapter for BioPorto, with the first US order of ProNephro AKI (NGAL) initiating our  
commercial journey and laying the foundation for a commercial platform to drive broad adoption of ProNephro AKI through strategic  
partnerships.  
We are pleased with the strong market momentum in the US and the progress in clinical studies toward the FDA submission by the end of  
2026. With a clearly defined strategy and new leadership, we are well positioned to move into the next phase of our growth journey.”  
Financial highlights for the second quarter of 2025  
•
•
•
•
Total revenue in the second quarter of 2025 totaled DKK 10.6 million, representing a 15% increase compared to the same  
period last year. This growth was driven by rising NGAL sales in both the US and the rest of the world (ROW).  
NGAL sales increased by 39% compared to the second quarter of 2024, driven by a 23% increase in the US and a substantial  
growth of 71% in the ROW, primarily due to a bulk order.  
EBITDA loss in the second quarter of 2025 amounted to DKK 18.4 million compared to DKK 16.2 million in the second quarter  
last year. The increase is primarily driven by higher costs associated with the adult clinical study.  
As of June 30, 2025, the Company’s cash position was DKK 47.8 million compared to DKK 103.9 million in the same period last  
year.  
For the first half of 2025 total revenue amounted to DKK 18.3 million, representing a 2% decrease compared to the same period last year,  
primarily driven by lower Antibody sales due to timing in orders. NGAL sales rose by 5% compared to the first half of 2024, driven by a  
22% increase in US NGAL sales. Adjusted EBITDA loss for the first half of 2025 amounted to DKK 46.5 million, compared to DKK 31.5 million  
in the same period last year.  
Guidance  
Based on the results for the first half of 2025 and better visibility for the remainder of 2025, we narrow the full-year guidance for 2025.  
Interim Report BioPorto, second quarter of 2025  
1
 
•
Total revenue is expected to be in the range of DKK 45-50 million (previously DKK 45-60 million). Sales for the rest of 2025 are  
still expected to be back-end loaded.  
•
Adjusted EBITDA loss is expected to be in the range of DKK 75-80 million (previously DKK 75-85 million).  
Guidance  
2025  
Previous  
Guidance  
DKK million  
Q2 2025  
Q2 2024  
Change H1 2025 H1 2024  
Change  
Revenue  
10.6  
18.4  
9.2  
15%  
14%  
18.3  
46.5  
18.7  
31.5  
-2%  
45-50  
75-80  
45-60  
75-85  
Adjusted EBITDA loss  
16.2  
48%  
To receive BioPorto’s Company Announcements, Press Releases, Newsletters and other business relevant information, please sign up on  
https://bioporto.com/investor-contact/.  
Investor Relations Contacts  
Hanne S. Foss, Head of Investor Relations, BioPorto A/S, investor@bioporto.com, C: +45 26368918  
About BioPorto  
BioPorto is an in vitro diagnostics company focused on saving patients’ lives and improving their quality of life with actionable kidney  
biomarkers – tools designed to help clinicians make changes in patient management. The Company leverages its expertise in assay  
development to create a pipeline of novel and compelling products that focus on conditions where there is significant unmet medical  
need, and where the Company’s tests can help improve clinical and economic outcomes for patients, providers, and the healthcare  
ecosystem.  
The Company’s flagship products are based on the NGAL biomarker and designed to aid in risk assessment and diagnosis of Acute Kidney  
Injury (AKI), a common clinical syndrome that can have severe consequences, including significant morbidity and mortality, if not identified  
and treated early. With the aid of NGAL levels, physicians can identify patients at risk of AKI more rapidly than is possible with current  
standard of care measurements, enabling earlier intervention and more tailored patient management strategies. The Company markets  
NGAL tests under applicable registrations including CE mark in several countries worldwide and FDA cleared ProNephro AKITM (NGAL) in  
the US.  
BioPorto has facilities in Copenhagen, Denmark and Boston, MA, USA. The shares of BioPorto A/S are listed on the Nasdaq Copenhagen  
stock exchange. For more information visit www.bioporto.com.  
Forward looking statement disclaimer  
Certain statements in this news release are not historical facts and may be forward-looking statements. Forward-looking statements  
include statements regarding the intent, belief or current expectations with respect to the Company’s expectations, intentions and  
projections regarding its future performance including the Company’s Guidance for 2025; currency exchange rate fluctuations; anticipated  
events or trends and other matters that are not historical facts, including with respect to implementation of manufacturing and quality  
systems, commercialization of NGAL tests, and the development of future products and new indications; concerns that may arise from  
additional data, analysis or results obtained during clinical trials; and, the Company’s ability to successfully market both new and existing  
products. These forward-looking statements, which may use words such as “aim”, “anticipate”, “believe”, “intend”, “estimate”, “expect”  
and words of similar meaning, include all matters that are not historical facts. These forward-looking statements involve risks, and  
uncertainties that could cause the actual results of operations, financial condition, liquidity, dividend policy and the development of the  
industry in which the Company’s business operates to differ materially from the impression created by the forward-looking statements.  
These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors  
that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks  
and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking  
statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation  
to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Factors  
Interim Report BioPorto, second quarter of 2025  
2
 
that may impact BioPorto’s success are more fully disclosed in BioPorto’s periodic financial filings, including its Annual Report for 2024,  
particularly under the heading “Risk Factors”.  
Interim Report BioPorto, second quarter of 2025  
3
 
Consolidated Financial Highlights  
2025 2024 2025 2024 2024  
Apr 1 – Jun 30  
Apr 1 – Jun 30  
Jan 1 – Jun 30  
Jan 1 – Jun 30  
Jan 1 - Dec 31  
DKK million (except where noted)  
Revenue  
(Unaudited)  
(Unaudited)  
(Unaudited)  
(Unaudited)  
10.6  
7.1  
9.2  
7.0  
18.3  
12.0  
18.7  
14.2  
36.2  
24.5  
Gross profit  
Sales and marketing costs  
Research and development costs  
Administrative costs  
Loss before financial items (EBIT)  
Financial items, net  
Loss before tax  
Net loss  
Comprehensive loss  
Adjusted EBITDA  
5.0  
12.0  
8.4  
(18.3)  
(1.4)  
(19.7)  
(18.1)  
(16.1)  
(18.4)  
8.9  
7.1  
8.8  
(17.9)  
0.4  
(17.5)  
(15.8)  
(16.0)  
(16.2)  
13.1  
29.6  
18.3  
(49.1)  
(1.8)  
(50.9)  
(45.5)  
(42.9)  
(46.5)  
14.9  
13.4  
18.4  
(32.6)  
0.2  
(32.3)  
(29.4)  
(29.7)  
(31.5)  
30.2  
33.5  
36.2  
(75.5)  
1.7  
(73.7)  
(68.2)  
(69.5)  
(70.6)  
Non-current assets  
Cash and cash equivalents  
Current assets  
Total assets  
Equity  
Non-current liabilities  
Current liabilities  
Total equity and liabilities  
16.3  
47.8  
71.8  
88.0  
57.2  
5.8  
7.7  
103.9  
123.9  
131.5  
104.8  
3.5  
12.1  
59.7  
83.9  
96.0  
67.8  
7.8  
25.0  
88.0  
23.2  
131.5  
20.4  
96.0  
Cash flows from operating activities  
Cash flows from investing activities  
Of which investment in property, plant, and  
equipment  
Cash flows from financing activities  
Net cash flows  
(41.2)  
(1.4)  
(39.8)  
-
(83.6)  
1.2  
(1.4)  
30.9  
(11.7)  
-
76.8  
37.0  
(0.4)  
75.5  
(6.9)  
Revenue growth  
Gross profit percentage  
15%  
67%  
19%  
76%  
-2%  
66%  
18%  
76%  
17%  
68%  
Equity ratio (solvency)  
65%  
80%  
65%  
80%  
71%  
Average number of employees  
Number of shares at the end of the period (1,000)  
Loss per share (EPS), DKK  
Net asset value per share, period-end, DKK  
Share price, period-end, DKK  
44  
37  
48  
33  
38  
454,670  
(0.04)  
0.13  
429,670  
(0.04)  
0.24  
454,670  
(0.10)  
0.13  
429,670  
(0.08)  
0.24  
429,670  
(0.17)  
0.16  
1.40  
2.14  
1.40  
2.14  
1.55  
Note: Loss per share (EPS) is calculated in accordance with IAS 33 “Earning per share”. Other financial ratios have been calculated in accordance with the  
guidelines from the Danish Society of Financial Analysts and 2024 BioPorto Annual Report.  
Reconciliation of Adjusted EBITDA  
Loss before financial items (EBIT)  
Depreciation and amortization  
Share-based compensation expenses  
Severance costs  
(18.3)  
0.6  
(0.9)  
0.1  
(17.9)  
0.6  
1.1  
(49.1)  
1.3  
(0.5)  
1.7  
(32.6)  
1.2  
(3.7)  
3.6  
(75.5)  
2.4  
(0.9)  
3.4  
0.0  
Adjusted EBITDA  
(18.4)  
(16.2)  
(46.5)  
(31.5)  
(70.6)  
Interim Report BioPorto, second quarter of 2025  
4
 
Non-IFRS Financial Measure  
In the Interim Report, BioPorto discloses a financial measure of the Group’s financial performance that reflects adjustments to the most directly comparable  
measures calculated and presented in accordance with IFRS. This non-IFRS financial measure may not be defined and calculated by other companies in the  
same manner and may thus not be comparable.  
The non-IFRS financial measure presented in the Interim Report is Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted  
EBITDA).  
Adjusted EBITDA is an alternative measure of performance utilized by management, investors, and investment analysts to evaluate and analyze the  
Company’s results. Adjusted EBITDA excludes non-cash share-based compensation and non-recurring costs (e.g., restructuring charges, merger and  
acquisition integration costs), if any. We believe that earnings exclusive of non-cash and non-recurring costs is a key indication of how a company is  
progressing from period to period and that the non-IFRS financial measure Adjusted EBITDA is useful to investors, lenders, and other creditors because  
such information enables them to better understand earnings exclusive of non-cash and non-recurring costs from period to period. However, we also  
believe that Adjusted EBITDA data has limitations, particularly as non-cash and non-recurring costs could significantly impact our performance. We  
therefore limit our use of Adjusted EBITDA and do not evaluate our results and performance without considering both non-IFRS Adjusted EBITDA on the  
one hand and net income or loss on the other. We caution the readers of this report to follow a similar approach by considering data on Adjusted EBITDA  
only in addition to, and not as a substitute for or superior to, net income or loss in accordance with IFRS.  
Interim Report BioPorto, second quarter of 2025  
5
 
Management Review  
Strong revenue growth in the second quarter of 2025  
driven by NGAL sales growth  
Total Revenue for the second quarter of 2025 totaled DKK 10.6 million, a  
15% increase compared to Q2 2024. Total NGAL sales rose by 39%  
compared to the second quarter of 2024, driven by a 23% increase in US  
NGAL research use only (RUO) sales and a 71% growth in sales for the rest  
of the world, primarily due to a bulk order.  
Preparation of FDA application for ProNephro AKI (NGAL)  
for adults  
The enrollment of patients in the US clinical cut-off study for ProNephro AKI  
(NGAL) is progressing as planned. The goal of the cut-off study is to  
determine a cut-off point for risk stratification of moderate to severe AKI in  
adult patients. The cut-off study is the first of two studies which will form a  
substantial part of the adult submission for US clearance of ProNephro AKI  
(NGAL). The enrollment of patients follows the successful process path  
implemented by BioPorto’s regulatory team leveraging the experience  
from the US pediatric clearance process, which was successfully concluded  
with a US marketing clearance in December 2023.  
Revenue in the second quarter of 2025 from antibodies sales declined by  
16% and sales of ELISA kits decreased by 37% compared to the second  
quarter of 2024. These declines are due to timing differences between  
quarters and are expected to recover in the coming quarters of 2025.  
The growth in NGAL sales for the second quarter of 2025 was encouraging  
and demonstrated strong momentum in our core business. We remain  
pleased with the sustained growth in US NGAL RUO sales, our primary  
market, and are optimistic about the rest of the year, especially given the  
first step in the commercialization of ProNephro AKITM (NGAL) in the US  
market.  
As the patient enrollment for cut-off study has progressed as planned in the  
second quarter of 2025, the study is reaching the final phase. Accordingly,  
enrollment pauses have now been initiated at several sites. The interim  
analysis and preliminary results of the cut-off study are expected in October  
2025 at the latest followed by patient enrollment for the validation study.  
The timeline for the adult submission for US FDA clearance remains  
unchanged, with submission planned by the end of 2026.  
DKK million  
Q2 2025 Q2 2024 Change  
H1 2025 H1 2024 Change  
- US NGAL  
4.4  
3.1  
3.6  
1.8  
5.4  
3.3  
0.5  
9.2  
23%  
71%  
39%  
-16%  
-38%  
15%  
8.9  
3.3  
7.3  
4.2  
22%  
-23%  
5%  
BioPorto expects the FDA submission could lead to a clearance for clinical  
use in adult patients in 2027, allowing the test to be commercially  
distributed to this segment in the US.  
- ROW NGAL  
NGAL Total  
Antibodies  
7.5  
12.1  
5.3  
11.5  
6.0  
2.8  
-12%  
-26%  
-2%  
New Board composition and CEO to drive next phase of  
growth  
ELISA & other  
Total Revenue  
0.3  
0.9  
1.2  
10.6  
18.3  
18.7  
As commercial opportunities in the US begin to materialize, BioPorto has  
transitioned from a research-based organization to a growth-oriented  
company. To support the next phase of development and reinforce our  
strategic positioning in the Nordic region, Jens Due Olsen has been  
appointed Chairman of the Board. He brings extensive leadership  
experience from Danish and international companies across industrial,  
financial, and technology sectors.  
Total Revenue for the first half of 2025 totaled DKK 18.3 million, a 2%  
decrease compared to the first half of 2024. NGAL sales rose by 5%  
compared to the first half of 2024, driven by a 22% increase in US NGAL  
sales. Revenue in the first half of 2025 from antibodies sales declined by  
12% and sales of ELISA kits declined by 27% compared to the first half of  
2024.  
In addition, Donna Haire has joined the Board as a new member. With her  
deep expertise in US regulatory affairs, she will play a key role in the  
preparation of the planned FDA submission for adult use of ProNephro AKI.  
BioPorto receives first order for ProNephro AKI for the US  
market  
The key highlight for the second quarter of 2025 was the receipt of the first  
purchase order for ProNephro AKI (NGAL) for the US market in June 2025,  
marking the initial step in the commercial launch of the test on the Roche  
Cobas® c501 analyzer. This represents a significant milestone and the first  
commercial step in BioPorto’s ambition to establish a commercial platform  
for kidney diagnostics and to drive broader adoption of ProNephro AKI.  
The newly appointed Board of Directors thereafter consists of Jens Due  
Olsen as Chair, Henrik Juuel as Vice Chair, Donna Haire and Mats Thorén.  
This new composition provides a strong foundation for executing our  
strategic priorities and enhancing BioPorto’s visibility and positioning in the  
Nordic market.  
To lead the business in the next phases of commercialization and towards  
FDA clearance of ProNephro AKI (NGAL) for adult use in 2027, the Board of  
Directors has in June 2025 appointed Carsten Buhl as new Chief Executive  
Officer (CEO), effective September 1, 2025. With more than 25 years of  
experience in the MedTech and life science industry – most recently as  
President of the Americas at WSAudiology and part of the Executive  
Management of the Company's global top management team – Carsten  
brings strong commercial insight and international perspective.  
The next phase involves submitting ProNephro AKI (NGAL) for integration  
on Roche Cobas c502 and c503 analyzers, while also expanding the global  
distribution network through partnerships with the remaining three of the  
“Big 5” leading instrument manufacturers. These efforts aim to accelerate  
the adoption of NGAL-cleared instruments, broaden test availability across  
laboratories, and significantly increase the addressable market — laying the  
foundation for a strong commercial launch of the adult test indication, once  
expectedly cleared in the US in 2027.  
Ongoing funding considerations  
On April 15, 2025, BioPorto completed a fully subscribed funding round of  
25,000,000 new shares at market price providing gross proceeds of DKK  
Interim Report BioPorto, second quarter of 2025  
6
 
33.5 million. The proceeds are to be applied to finance clinical trials to seek  
FDA clearance for ProNephro AKI (NGAL) for adult use in the US, increase  
sales and marketing activities as well as general corporate purposes until  
the beginning of 2026. The Company will continue to evaluate financing  
opportunities, including share issuance and alternative financing solutions.  
Interim Report BioPorto, second quarter of 2025  
7
 
Financial Review  
This financial review is based on the Group’s consolidated financial  
information as of and for the second quarter and the first half of 2025  
ended June 30, 2025, with comparative results as of and for the second  
quarter and the first half of 2024 ended June 30, 2024, in brackets.  
Gross Profit  
Gross profit for the second quarter of 2025 was DKK 7.1 million (DKK 7.0  
million), the increase was driven by higher sales volume; offset by lower  
margin due to higher staff costs in Production compared to prior year  
period.  
Revenue  
Gross profit for the first half of 2025 was DKK 12.0 million (DKK 14.2  
million), the decrease was mainly driven by lower margin due to higher  
consultancy costs and staff costs in Production compared to prior year  
period.  
Revenue totaled DKK 10.6 million (DKK 9.2 million) in the second quarter of  
2025, increasing 15% over prior the year period, mainly due to increased  
NGAL test sales. In the first half of 2025 revenue totaled DKK 18.3 million  
(DKK 18.7 million), declining 2%. Assuming constant exchange rates, total  
revenue declined by 2%.  
Sales and Marketing Costs  
In the second quarter NGAL test sales totaled DKK 7.5 million (DKK 5.4  
million), growing 39% due to an increase of 23% in NGAL US/Canada sales  
and an increase of 71% in NGAL ROW sales compared to the prior year  
period. Antibody sales totaled DKK 2.8 million (DKK 3.3 million), declining  
by 16%.  
Sales and marketing costs totaled DKK 5.0 million (DKK 8.9 million) in the  
second quarter of 2025. The decrease in sales and marketing costs was  
primarily driven by reversal of share-based compensation expenses and  
lower recruiting and consultancy costs.  
Sales and marketing costs totaled DKK 13.1 million (DKK 14.9 million) in the  
first half of 2025. The decrease is due to the above-mentioned items; offset  
by the carry-over from end of 2024 of staffing up in areas of business  
development and sales force to commercialize ProNephro AKI (NGAL) in the  
US and grow NGAL revenue in the rest of the world (ROW).  
Figure 1. Revenue by quarter (DKK million)  
12  
10  
8
10.6  
9.2  
7.8  
9.7  
8.6  
9.5  
8
7.8  
6.6  
7.7  
Research and Development Costs  
6
Research and development costs, consisting of research and development,  
regulatory affairs, quality assurance, clinical, and medical affairs, totaled in  
the second quarter of 2025 DKK 12.0 million (DKK 7.1 million), with the  
increase mainly due to our adult clinical study.  
4
2
0
Q1  
Q2  
2023  
Q3  
2025  
Q4  
For the first half of 2025, these costs amounted to DKK 29.6 million (DKK  
13.4 million), also primarily driven by our adult clinical study.  
2024  
Administrative Costs  
Figure 2. NGAL test product revenue by quarter (DKK  
million)  
Administrative costs in the second quarter of 2025 totaled DKK 8.4 million  
(DKK 8.8 million). The decrease in costs is due to lower consultancy costs;  
offset by carry-over of additional staff being hired in the second half of  
2024.  
7.5  
8
6.8  
5.8  
7
6
5
4
3
2
1
0
6.1  
5.4  
4.8  
4.8  
4.6  
4.6  
Administrative costs in the first half of 2025 totaled DKK 18.3 million (DKK  
18.4 million). The decrease in costs is due to severance costs that incurred  
in the first quarter of 2024 and lower consultancy costs; offset by the carry-  
over of additional staff being hired in the second half of 2024.  
3.4  
Financials Items, net  
Q1  
Q2  
Q3  
Q4  
Financial income and expenses reflect interest income/expense and  
currency transaction gains/losses. Financial items, net for the second  
quarter of 2025 were an expense of DKK 1.4 million (income of DKK 0.4  
million), and expense of DKK 1.8 million (income of DKK 0.2 million) in the  
first half of 2025.  
2023  
2024  
2025  
For the first half of 2025 NGAL test sales totaled DKK 12.1 million (DKK 11.5  
million), growing 5%, which comprised 66% of total revenue. NGAL revenue  
in the US/Canada totaled DKK 8.9 million (DKK 7.3 million), growing 22%,  
while NGAL revenue in ROW declined by 23% to DKK 3.3 million (DKK 4.2  
million). Further, the Antibody sales declined by 12% to DKK 5.3 million  
(DKK 6.0 million).  
Tax Benefit  
In the second quarter of 2025, a DKK 1.7 million tax benefit (DKK 1.6 million)  
was recognized, and DKK 5.4 million (DKK 2.9 million) was recognized for  
the first half of 2025. The tax benefit is primarily related to tax credits held  
Interim Report BioPorto, second quarter of 2025  
8
 
by its Danish entities associated with the Company’s investment in research  
and development.  
Subsequent event  
Please see Note 13 for further details.  
EBIT/Adjusted EBITDA  
Significant risks and uncertainties  
For the second quarter of 2025, Earnings before interest and taxes (EBIT)  
was a loss of DKK 18.3 million (DKK 17.9 million), and adjusted EBITDA was  
a loss of DKK 18.4 million (DKK 16.2 million), reflecting the mix of variances  
described above.  
BioPorto faces a number of risks and uncertainties, including those  
common for the biotech/medical device industry and could potentially  
impact the Company across the value chain including clinical and  
regulatory, research and development, manufacturing, commercial, and  
financial activities. Furthermore, the uncertainty in the US could impact the  
Company adversely by implementation of tariffs or delaying any  
submissions with the FDA.  
For the first half of 2025, Earnings before interest and taxes (EBIT) was a  
loss of DKK 49.1 million (DKK 32.6 million), and adjusted EBITDA was a loss  
of DKK 46.5 million (DKK 31.5 million), reflecting the mix of variances  
described above.  
A variety of factors and events, including geopolitical uncertainty, have  
resulted in delays and other challenges in global supply chains. To  
manufacture its products, the Company is dependent on the supply of raw  
materials and key components from suppliers, some of which are single  
source suppliers. Delays in the manufacturing, delivery, or quality of these  
components, or delays in the Company’s execution of its commercialization  
strategy, including hiring personnel and continuing to prepare  
manufacturing and quality systems, could affect the Company’s ability to  
deliver products to its customers, which could cause the Company’s results,  
prospects, and financial performance to be negatively impacted.  
Cash and Cash equivalents  
As of June 30, 2025, BioPorto’s cash position was DKK 47.8 million (DKK  
103.9 million) and is deposited at major, national Danish, Nordic, and US  
banks. The Company continually evaluates its liquidity requirements,  
capital needs and availability of capital resources based on its operating  
needs and planned initiatives. The Company’s assessment as to the  
adequacy of liquidity relies on inter alia on assumptions and significant  
judgements (in addition to those matters discussed cf. Note 2). These  
assumptions are applied in the Company’s budgets and forecasts as well as  
customary sensitivities, existing capital resources and assumptions  
concerning the timing, costs and resources required to undertake the  
Company’s strategic priorities and tactical decisions. This includes the US  
clinical commercial launch of ProNephro AKI (NGAL) for pediatric and young  
adults, commercialization activities for NGAL tests under CE Mark and  
Antibodies in Europe, supply chain management, and ongoing R&D, all of  
which under current circumstances remain difficult to predict.  
In addition, a full description of risks can be found in BioPorto’s 2024 Annual  
Report in the section captioned “Risk Management”, describing which  
factors could materially affect the Group’s business, financial condition,  
and/or future results. The risks described in those sections and in this  
report are not the only risks BioPorto faces. Additional risks and  
uncertainties not currently known to management or the Group or that the  
Group currently deems to be immaterial may also have a material adverse  
effect on the Group’s business, future opportunities, financial condition,  
and/or operating results.  
The Company assessed its liquidity and capital resources based on sufficient  
cash in a fallback scenario should no additional financing be added in the  
next four quarters and concluded that these are adequate to fund  
operations considering a twelve-month period from the balance sheet date  
due to the Company’s ability to scale back its strategic initiatives based on  
facts and circumstances. BioPorto has continuously exercised strong cost  
control to preserve cash in the first half of 2025.  
Guidance 2025  
Based on the results for the first half of 2025 and the outlook for the  
remaining part of 2025, we narrow our financial guidance for 2025 due to  
better visibility for the remainder of 2025:  
Total Revenue is expected to end in the range DKK 45-50 million, previously  
in the range DKK 45-60 million. Sales for the remaining part of 2025 are still  
expected to be back-end loaded.  
Net working capital  
Net working capital (i.e., current assets minus current liabilities) as of June  
30, 2025, totaled DKK 46.8 million (DKK 100.7 million).  
Adjusted EBITDA loss is expected to end in the range DKK 75-80 million,  
previously in the range DKK 75-85 million.  
Cash Flow Statement  
Forward-looking safe harbor statements  
Cash used in operating activities during the first half of 2025 totaled DKK  
41.2 million (DKK 39.8 million), which reflected costs for the adult clinical  
study and the reasons described above.  
This interim report contains forward-looking statements that involve risks,  
uncertainties, and other factors, many of which are outside of BioPorto’s  
control, that could cause actual results to differ materially from the results  
or expectations discussed in the forward-looking statements. Forward-  
looking statements include statements concerning the Group’s plans,  
objectives, goals, future events, performance and/or other information  
that is not historical information. All such forward-looking statements are  
expressly qualified by these cautionary statements and any other  
cautionary statements which may accompany the forward-looking  
statements. BioPorto does not undertake any obligation to update or revise  
forward-looking statements to reflect subsequent events or circumstances  
after the date made.  
Cash used in investing activities was DKK 1.4 million (inflow of DKK 0.6  
million). Cash from financing activities was DKK 30.9 (DKK 76.2 million),  
reflecting DKK 32.8 million net proceeds from the directed offering  
completed in April 2025.  
The net cash flow during the first half of 2025 was a use of DKK 11.7 million  
(source of DKK 37.0 million).  
Interim Report BioPorto, second quarter of 2025  
9
 
For Further Information  
Hanne Søgaard Foss, Head of Investor Relations, BioPorto, +45 4529 0000,  
investor@bioporto.com  
www.bioporto.com  
Interim Report BioPorto, second quarter of 2025  
10  
 
Statement by the Board of Directors and  
Management  
The Board of Directors and Executive Management today reviewed and approved the Interim Report of the BioPorto Group for the period January 1 to  
June 30, 2025.  
The Interim Report, which is unaudited and has not been reviewed by the Company’s auditors, is presented in accordance with IAS 34 “Interim Financial  
Reporting” as adopted by the EU and additional Danish disclosure requirements for interim reports of listed companies.  
In our opinion, the interim report gives a true and fair view of the Group’s financial position as of June 30, 2025, and the results of the Group’s operations  
and cash flows for the period January 1 to June 30, 2025.  
In our opinion the management’s review includes a fair review of the development and performance of the business, the results for the period and the  
Group’s financial position in general and describes changes in principal risks and uncertainties that have occurred relative to what was disclosed in the  
consolidated Annual Report for 2024.  
Hellerup, August 15, 2025  
Executive Management:  
___________________________  
Peter Mørch Eriksen
CEO
___________________________  
Gry Louise Husby Larsen
CLO
___________________________  
Niels Høy Nielsen
CFO
Board of Directors:  
___________________________  
Jens Due Olsen
___________________________  
Henrik Juuel
__________________________  
Mats Thorén
Chair
Vice Chair
___________________________  
Donna Haire
Interim Report BioPorto, second quarter of 2025  
11  
 
Interim Financial Statements  
Condensed Consolidated Statements of Loss  
2025 2024 2025 2024 2024  
Apr 1 - Jun 30  
(Unaudited)  
Apr 1 - Jun 30  
(Unaudited)  
Jan 1 - Jun 30  
(Unaudited)  
Jan 1 - Jun 30  
(Unaudited)  
Jan 1 - Dec 31  
DKK thousand  
Notes  
3
Revenue  
10,591
3,530
9,200
2,217
6,983
8,930
7,086
8,840
(17,873)
434
18,258
6,289
18,661
4,508
36,243
11,713
24,530
30,202
33,533
36,247
(75,452)
2,543
Production costs  
Gross profit  
7,061
11,969
13,148
29,625
18,302
(49,106)
349
14,153
14,923
13,405
18,400
(32,575)
720
Sales and marketing costs  
Research and development costs  
Administrative costs  
Loss before financial items (EBIT)  
Financial income  
5,042
11,966
8,369
(18,316)
141
Financial expenses  
Loss before tax  
1,542
45
2,187
489
834
(19,717)
1,653
(17,484)
1,641
(15,843)
(50,944)
5,422
(32,344)
2,948
(73,743)
5,500
Income tax benefit, net  
Net loss  
5
6
(18,064)
(45,522)
(29,396)
(68,243)
DKK  
DKK  
Loss per share (EPS & DEPS)  
(0.04)
(0.04)
(0.10)
(0.08)
(0.17)
Condensed Consolidated Statements of Comprehensive Loss  
2025 2024 2025 2024 2024  
Apr 1 - Jun 30  
(Unaudited)  
Apr 1 - Jun 30  
(Unaudited)  
Jan 1 - Jun 30  
(Unaudited)  
Jan 1 - Jun 30  
(Unaudited)  
Jan 1 - Dec 31  
DKK thousand  
Net loss  
(18,064)
(15,843)
(45,522)
(29,396)
(68,243)
Other comprehensive loss:  
Amounts which will be reclassified to the  
income statement:  
Exchange rate adjustments of investments in  
subsidiaries  
1,945
(164)
2,648
(309)
(1,277)
Other comprehensive loss  
Comprehensive loss  
1,945
(164)
2,648
(309)
(1,277)
(16,119)
(16,007)
(42,874)
(29,705)
(69,520)
Interim Report BioPorto, second quarter of 2025  
12  
 
Condensed Consolidated Balance Sheets  
Assets  
2025 2024 2024  
Jun 30  
Jun 30  
Dec 31  
DKK thousand  
Notes  
(Unaudited)  
(Unaudited)  
Non-current assets  
Property, plant and equipment and intangible assets  
Rights and software  
207
346
276
Property, plant and equipment  
Right-of-use assets  
1,785
5,702
7,694
679
418
2,136
6,579
8,991
Total property, plant and equipment and intangible assets  
1,443
Financial assets  
Lease receivable - Long term  
Deposits  
9
5
967
2,101
5,500
8,568
16,262
1,912
1,348
2,948
6,208
7,651
1,707
1,415
-
Non-current tax receivable  
Total financial assets  
Total non-current assets  
3,122
12,113
Current assets  
Inventories  
4,830
7,029
6,288
1,874
2,896
1,090
47,766
71,773
4,294
4,479
4,640
8,187
6,392
1,368
2,448
1,200
59,664
83,899
Trade receivables  
7, 9  
5
Current tax receivable  
Other receivables  
5,931
7, 9  
7
1,746
Prepayments  
2,327
Lease receivable - short term  
Cash and cash equivalents  
Total current assets  
9
1,198
9
103,909
123,884
Total assets  
88,035
131,535
96,012
Interim Report BioPorto, second quarter of 2025  
13  
 
Equity and Liabilities  
2025 2024 2024  
Jun 30  
Jun 30  
Dec 31  
DKK thousand  
Equity  
Notes  
(Unaudited)  
(Unaudited)  
Share capital  
8
8
454,670
-
429,670
-
429,670
Treasury shares  
Exchange-rate adjustments  
Retained earnings  
Total equity  
-
(1,052)
1,596
(84)
(399,046)
57,220
(324,766)
104,820
(360,840)
67,778
Liabilities  
Non-current liabilities  
Lease obligations  
9
5,821
3,539
7,846
Total non-current liabilities  
5,821
3,539
7,846
Current liabilities  
Current portion of lease obligations  
Trade payables  
9
9
3,321
4,770
-
2,180
5,545
80
3,344
5,706
-
Tax payables  
Other accrued liabilities  
Total current liabilities  
10  
16,903
24,994
15,371
23,176
11,338
20,388
Total liabilities  
30,815
88,035
26,715
28,234
96,012
Total equity and liabilities  
131,535
Interim Report BioPorto, second quarter of 2025  
14  
 
Condensed Consolidated Statement of Changes in Equity (Unaudited)  
Share  
Capital  
Share  
Premium  
Treasury  
Shares  
Accumulated  
Deficit  
AOCI  
Total  
Amounts in DKK thousand  
Balance at December 31, 2024  
Other comprehensive loss  
Transaction with owners:  
Issuance of stock  
429,670
-
13
(360,840)
(1,052)
67,778
2,648
-
-
-
-
2,648
25,000
8,505
(735)
(7,770)
-
-
-
-
-
-
-
-
-
-
-
33,505
(735)
-
Issuance costs  
-
-
-
Transferred to Accumulated Deficit  
Share-based compensation  
7,770
(454)
(454)
Net loss  
-
-
-
(45,522)
-
(45,522)
57,220
Balance at June 30, 2025  
454,670
-
13
(399,046)
1,596
Share  
Capital  
Share  
Premium  
Treasury  
Shares  
Accumulated  
deficit  
AOCI  
Total  
Amounts in DKK thousand  
Balance at December 31, 2023  
Other comprehensive loss  
Transaction with owners:  
Issuance of stock  
379,670
-
13
(319,735)
225
60,160
(309)
-
-
-
-
(309)
50,000
31,400
(3,336)
(28,064)
-
-
-
-
-
-
-
-
-
-
-
81,400
(3,336)
-
Issuance costs  
-
-
-
Transferred to Accumulated Deficit  
Share-based compensation  
28,064
(3,699)
(3,699)
Net loss  
-
-
-
(29,396)
-
(29,396)
104,820
Balance at June 30, 2024  
429,670
-
13
(324,766)
(84)
Interim Report BioPorto, second quarter of 2025  
15  
 
Condensed Consolidated Statement of Cash Flows  
2025 2024 2024  
Jun 30  
Jun 30  
Dec 31  
DKK thousand  
Notes  
(Unaudited)  
(Unaudited)  
Loss before financial items  
(49,106)
(32,575)
(75,452)
Adjustments:  
Depreciation and amortization  
Share based compensation expenses  
Other non-cash items  
1,296
(454)
1,231
-
1,195
(3,699)
3,508
-
2,382
(875)
4
(1,400)
(984)
Remeasurement of lease  
Changes in operating assets and liabilities:  
Inventories  
(202)
1,178
(449)
(2,124)
(1,360)
(4,062)
(39,566)
(864)
(5,847)
(1,199)
(5,542)
(89,781)
Trade receivables  
Trade payables  
(936)
Other operating assets and liabilities, net  
Cash flows from operations  
5,758
(41,235)
Financial income, received  
Financial expenses, paid  
Tax refund, net  
143
(69)
67
(290)
-
1,641
(381)
-
4,938
Cash flows from operating activities  
(41,161)
(39,789)
(83,583)
Purchase of property, plant and equipment  
Purchase of financial assets  
(1,368)
(700)
-
-
-
(350)
(165)
921
Proceeds from financial assets  
Proceeds from sublease  
-
674
596
596
781
Cash flows from investing activities  
(1,394)
1,187
Proceeds from rights issue  
33,505
(735)
81,400
(3,336)
(1,894)
76,170
81,400
(3,387)
(2,547)
75,466
Cost related to Issue of new shares  
Repayments of lease obligation  
Cash flows from financing activities  
(1,919)
30,851
Net cash flows for the period  
(11,704)
59,664
(194)
36,977
66,402
530
(6,930)
66,402  
192
Cash and cash equivalents at beginning of period  
Effect of exchange rate changes on cash  
Cash and cash equivalents end of period  
47,766
103,909
59,664
Interim Report BioPorto, second quarter of 2025  
16  
 
Notes to Interim Condensed  
Consolidated Financial Statements  
(Unaudited)  
1. Basis of reporting  
Basis of preparation  
This Interim Report and the accompanying unaudited interim condensed consolidated financial statements include the accounts of BioPorto A/S and its  
subsidiaries (“BioPorto” or “the Group”). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying  
unaudited interim condensed consolidated financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting” as issued by  
the International Accounting Standards Board (IASB) and adopted by the EU, and the additional Danish regulations for the presentation of quarterly interim  
reports by listed companies. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in  
accordance with IFRS Accounting Standards (“IFRS”) as adopted by the EU have been condensed or omitted pursuant to such rules and regulations. The  
accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial  
statements and notes thereto contained in BioPorto’s Annual Report for the fiscal year ended December 31, 2024.  
The Company’s assessment as to the adequacy of liquidity relies inter alia on assumptions and significant judgements (in addition to those matters  
discussed cf. Note 2) applied in the Company’s budgets and forecasts as well as customary sensitivities, existing capital resources and assumptions  
concerning the timing, costs and resources required to undertake the Company’s strategic priorities and tactical decisions. We have allocated resources  
and significant efforts regarding the US clinical commercial launch of ProNephro AKI (NGAL) for pediatric and young adults, commercialization activities  
for NGAL tests under CE Mark and Antibodies in Europe, supply chain management, and ongoing R&D, all of which under current circumstances remain  
difficult to predict.  
The Company assessed its liquidity and capital resources based on a sufficient cash in fallback scenario should no additional financing be added in the next  
four quarters and concluded that these are adequate to fund operations considering a twelve-month period from the balance sheet date due to the  
Company’s ability to scale back its strategic initiatives based on facts and circumstances. The Company continues to monitor its liquidity needs, manage its  
costs, and investigate its financing options.  
In the event that the Company’s strategic priorities and tactical decisions, commercialization activities for NGAL tests in the US, under CE Mark and  
Antibodies, and ongoing R&D are more positive than expected, the Company may choose to accelerate projects and/or increase spending, in which case  
the Company may be required or may choose to raise additional capital prior to the twelve month period after the date of this Interim Report.  
The unaudited interim condensed consolidated financial statements are presented in Danish Kroner (DKK), which is considered the primary currency of  
the Group’s activities and the functional currency of the parent company.  
Accounting policies  
The accounting policies used in the unaudited interim condensed consolidated financial statements are consistent with those used in the consolidated  
financial statements for 2024 and in accordance with the recognition and measurement policies of IFRS. Certain comparative figures have been reclassified  
to conform to the current period’s presentation.  
As of June 30, 2025, the Group has implemented all new or amended IFRS accounting standards and interpretations as adopted by the EU and applicable  
for the 2025 financial year. None of the new or amended standards or interpretations are assessed to have a material impact on the unaudited condensed  
consolidated financial statements. The Group has not implemented any new or modified standards and interpretations that are not yet effective. The new  
or modified standards and interpretations will be implemented when they become mandatory. They are not presently expected to have a material impact  
on the Group’s consolidated financial statements.  
The new IFRS 18 is expected to change the presentation of the Income statement and to differentiate between earnings from operating activities,  
investment activities and financing activities. IFRS 18 will also add additional disclosures but will not change any accounting policies on recognition and  
measurement, hence it will not change reported net results. IFRS 18 will come into effect in 2027 or later.  
2. Critical accounting estimates and judgments  
The calculation of the carrying amounts of certain assets and liabilities requires an estimate of how future events will affect the value of such assets and  
liabilities at the balance sheet date. Estimates material to the financial reporting are made in the calculation of, inter alia, development costs, incentive  
schemes, inventories, accounts receivable, and deferred taxes.  
The estimates made are based on assumptions that Management finds reasonable given the circumstances, but which are inherently uncertain and  
unpredictable. The assumptions may be incomplete or imprecise and unexpected events or circumstances may arise. In addition, the Company is subject  
Interim Report BioPorto, second quarter of 2025  
17  
 
to risks and uncertainties that may cause actual results to deviate from the estimates. Such estimates comprise judgments made on the basis of the most  
recent information available at the reporting date. It may be necessary to change previous estimates as a result of changes to the assumptions on which  
the estimates were based or due to supplementary information, additional experience or subsequent events.  
Similarly, the value of assets and liabilities often depends on future events that are somewhat uncertain. In that connection, it is necessary to set out e.g.,  
a course of events that reflects Management’s assessment of the most probable course of events. Special risks to BioPorto are described in the Annual  
Report as of and for the year ended December 31, 2024. The significant judgements made by Management in applying the Group’s accounting policies and  
the key sources of estimation uncertainty were not materially different from those that applied to the consolidated financial statements, C.f. the Annual  
Report as of and for the year ended December 31, 2024.  
3. Business area reporting  
2025 2024 2025 2024 2024  
GEOGRAPHIC DISTRIBUTION  
Apr 1 - Jun 30  
(Unaudited)  
Apr 1 - Jun 30  
(Unaudited)  
Jan 1 - Jun 30  
(Unaudited)  
Jan 1 - Jun 30  
(Unaudited)  
Jan 1 - Dec 31  
DKK Thousand  
North America  
Europe  
5,888  
2,850  
1,853  
-
4,980  
3,822  
398  
11,693  
4,281  
2,284  
-
9,714  
6,736  
2,211  
-
20,634  
10,237  
5,372  
-
Asia  
Other regions  
Revenue  
-
10,591  
9,200  
18,258  
18,661  
36,243  
2025 2024 2025 2024 2024  
PRODUCT GROUPS  
DKK Thousand  
Apr 1 - Jun 30  
(Unaudited)  
Apr 1 - Jun 30  
(Unaudited)  
Jan 1 - Jun 30  
(Unaudited)  
Jan 1 - Jun 30  
(Unaudited)  
Jan 1 - Dec 31  
NGAL tests  
7,523  
2,768  
289  
5,419  
3,296  
457  
12,127  
5,273  
815  
11,527  
5,969  
1,119  
46  
23,054  
10,783  
2,269  
137  
Antibodies  
ELISA kits  
Royalty and other revenue  
Revenue  
11  
28  
43  
10,591  
9,200  
18,258  
18,661  
36,243  
4. Share-based payment  
For the purpose of motivating and retaining Management and key staff and aligning their interests with those of its shareholders, BioPorto A/S uses  
warrants as an incentive scheme. The arrangements, which are exercised by the issuance of new shares (equity-settled share-based payment transaction),  
entitle the recipient to subscribe for new shares in the parent company at a price defined on the date of grant.  
In the first half of 2025, share-based compensation totaled an income of DKK 0.5 million compared to an income of DKK 3.7 million for the prior year  
period. The warrant terms are included in the Company’s Articles of Association, which can be found at www.bioporto.com. Upon vesting, each warrant  
entitles the recipient to subscribe for one share in BioPorto A/S.  
Interim Report BioPorto, second quarter of 2025  
18  
 
5. Taxes  
The Group has a deferred tax asset. However, Management has found that it is not sufficiently probable that the tax asset can be utilized in the foreseeable  
future. Management has therefore decided not to recognize the deferred tax assets on the balance sheet, cf. Note 2. The deferred tax asset is of indefinite  
duration. As of the most recent year-end, December 31, 2024, the gross value of the deferred tax asset prior to the valuation allowance was DKK 105.4  
million.  
Taxes receivable represent refunds of previous US federal tax liabilities and tax credits held by its Danish entities associated with the Company’s investment  
in research and development.  
6. Loss per share  
2025 2024 2025 2024 2024  
Apr 1 - Jun 30  
(Unaudited)  
Apr 1 - Jun 30  
(Unaudited)  
Jan 1 - Jun 30  
(Unaudited)  
Jan 1 - Jun 30  
(Unaudited)  
Jan 1 - Dec 31  
DKK thousand (except where noted)  
Loss for the period  
(18,064)  
(15,843)  
(45,522)  
(29,396)  
(68,243)  
BioPorto Group's share of loss  
(18,064)  
(15,843)  
(45,522)  
(29,396)  
(68,243)  
Weighted average number of shares (in  
thousand)  
448,077  
(13)  
383,517  
(13)  
438,925  
(13)  
381,594  
(13)  
405,763  
(13)  
Weighted average number of treasury shares  
(in thousand)  
Weighted average number of shares in  
circulation – basic and diluted (in thousand)  
448,064  
381,504  
438,912  
381,581  
405,750  
Loss per share (EPS) basic and diluted, DKK  
(0.04)  
(0.04)  
(0.10)  
(0.08)  
(0.17)  
Warrants outstanding were excluded from the calculation of loss per share because the effect would have been anti-dilutive.  
7. Receivables  
For receivables that mature within one year after the end of the financial year, the nominal value is considered to correspond to the fair value.  
2025 2024 2024  
Jun 30  
Jun 30  
Dec 31  
DKK thousand  
(Unaudited)  
(Unaudited)  
Trade receivables  
7,073  
4,528  
8,251  
Other receivables  
1,874  
2,896  
(44)  
1,746  
2,327  
(49)  
1,368  
2,448  
(64)  
Prepayments  
Write-down for bad debt  
Receivables at amortized costs  
11,799  
8,552  
12,003  
Interim Report BioPorto, second quarter of 2025  
19  
 
A write-down for bad debts is recognized to reduce the carrying amount of trade receivables by the value which is impaired due to risk of loss.  
AS OF JUNE 30, 2025  
Expected  
Trade  
DKK thousand  
credit loss rate  
receivables  
Expected loss  
Total  
5,350  
Not due  
0.1%  
0.2%  
0.0%  
0.0%  
6.2%  
5,357  
7
1 - 30 days overdue  
31 - 60 days overdue  
61 - 90 days overdue  
More than 90 days overdue  
As of June 30, 2025  
634  
345  
1
-
633  
345  
158  
-
158  
579  
36  
44  
543  
7,073  
7,029  
AS OF JUNE 30, 2024  
DKK thousand  
Expected  
credit loss rate  
Trade  
receivables  
Expected loss  
Total  
Not due  
0.2%  
0.2%  
3,898  
9
1
3,889  
540  
-
1 - 30 days overdue  
31 - 60 days overdue  
61 - 90 days overdue  
More than 90 days overdue  
As of June 30, 2024  
541  
-
0.0%  
-
0.0%  
17  
-
17  
54.2%  
72  
39  
49  
33  
4,528  
4,479  
8. Share capital  
As of June 30, 2025, the share capital consists of 454,670,461 shares of DKK 1.00 each. The share capital has been paid up in full. The shares have not been  
divided into classes and carry no special rights. As of June 30, 2025, and 2024, and December 31, 2024, the Company held 13,000 treasury shares  
representing less than 0.01% of outstanding shares as of each date with nominal value of DKK 13,000. As of June 30, 2025, BioPorto A/S is not authorized  
to acquire treasury shares.
BioPorto A/S
did not acquire treasury shares during the six months ended June 30, 2025, or the year ended December 31, 2024.  
Interim Report BioPorto, second quarter of 2025  
20  
 
9. Financial risks and financial instruments  
Financial instrument categories  
2025 2024 2024  
Jun 30  
Jun 30  
Dec 31  
DKK thousand  
(Unaudited)  
(Unaudited)  
Trade receivables  
7,029  
4,479  
8,187  
Other receivables  
1,874  
1,090  
967  
1,746  
1,198  
1,368  
1,200  
Lease receivable - Short term  
Lease receivable - Long term  
Cash and cash equivalents  
Financial assets at amortized costs  
1,912  
1,707  
47,766  
58,726  
103,909  
113,244  
59,664  
72,126  
2025 2024 2024  
Jun 30  
Jun 30  
Dec 31  
DKK thousand  
(Unaudited)  
(Unaudited)  
Lease liabilities  
9,142  
5,719  
11,190  
Trade payables  
4,770  
5,545  
5,706  
Financial liabilities at amortized costs  
13,912  
11,264  
16,896  
Financial liabilities  
Trade payables generally fall due within one year after the end of the financial year. Their carrying amount is assumed to equal the fair value.  
Currency risk  
The Group’s presentation currency is DKK, but part of its activities is denominated in currencies other than DKK, primarily USD and EUR. Consequently,  
there is a risk of exchange rate fluctuations having an impact on the Group’s reported results.  
The Group is exposed to currency risks through sales, production, R&D contracts, and payroll denominated in currencies other than DKK. The Group is  
subjected to transaction risk related to sales and purchases in foreign currencies, and translation risk when translating foreign entities into the Group’s  
presentation currency.  
Interim Report BioPorto, second quarter of 2025  
21  
 
2025 2024 2024  
B/S CURRENCIES PERCENTAGES  
DKK thousand  
Jun 30  
Jun 30  
Dec 31  
(Unaudited)  
(Unaudited)  
Inventory  
DKK  
100%  
100%  
100%  
Trade receivables  
USD  
81%  
18%  
1%  
30%  
68%  
2%  
30%  
68%  
2%  
EUR  
Other  
Cash and cash equivalents  
DKK  
USD  
EUR  
88%  
10%  
2%  
97%  
3%  
-
93%  
6%  
1%  
Trade payables  
DKK  
18%  
79%  
2%  
79%  
8%  
53%  
29%  
17%  
1%  
USD  
EUR  
11%  
2%  
Other  
1%  
Based on its transaction volume, the Group has determined not to hedge its USD exposure. As the DKK is pegged to the EUR, hedging of the Company’s  
transactions in EUR is not necessary.  
Interest rate risk  
The Group has interest rate exposure because substantially all of its assets consist of bank deposits. A one percent change in interest rate could result in a  
change in interest income of approximately DKK 0.5 million based on the interest-bearing accounts portion of the DKK 47.8 million cash and cash  
equivalents as of June 30, 2025.  
Credit risk  
The Group’s credit risk is primarily associated with trade receivables. Cash and cash equivalents are deposited with major Nordic and US banks. The financial  
situation and ability of customers to pay trade receivables are regularly evaluated, with payment upon placement of an order required if ability-to-pay is  
evaluated to be low. Expected credit losses are estimated by analyzing trade receivables by customer type and days past due. An estimated loss percentage  
is calculated based on historical credit losses and specific customer circumstances. Trade receivables are written off when there is no reasonable  
expectation of recovery.  
Liquidity risk  
In connection with BioPorto’s ongoing financing of operations, efforts are made to ensure sufficient financial resources are available. BioPorto’s cash and  
cash equivalents totaled DKK 47.8 million and DKK 59.7 million as of June 30, 2025, and December 31, 2024, respectively.  
Free funds are placed in deposits to maintain flexibility.  
Capital structure  
Management regularly assesses whether the Group’s capital structure properly serves the interests of the Group and its shareholders.  
Interim Report BioPorto, second quarter of 2025  
22  
 
10. Other accrued liabilities  
2025 2024 2024  
Jun 30  
Jun 30  
Dec 31  
DKK thousand  
(Unaudited)  
(Unaudited)  
Accrued incentive compensation  
Accrued vacation  
2,366  
3,416  
3,290  
1,901  
1,563  
6,528  
2,926  
-
1,864  
3,957  
-
1,599  
1,014  
892  
Accrued professional and consulting fees  
Accrued clinical trial costs  
Accrued supplier costs  
2,384  
2,009  
1,741  
15,371  
2,926  
-
Accrued severance costs  
Accrued expenses - Other  
Other accrued liabilities  
1,619  
16,903  
1,617  
11,338  
11. Commitments and contingencies  
All of the Company’s existing and proposed diagnostic products are regulated by the FDA and similar regulatory bodies in other countries and/or regions.  
Most aspects of development, production, and marketing, including product testing, authorizations to market, labeling, promotion, manufacturing, and  
record keeping, are subject to regulatory review.  
After marketing approval has been granted, the Company must continue to comply with governmental regulations. Failure to comply with applicable  
requirements can lead to sanctions, including withdrawal of products from the market, recalls, refusal to authorize government contracts, product seizures,  
civil money penalties, injunctions, and criminal prosecution.  
From time to time the Company may become involved in legal proceedings or may be subject to claims arising in the ordinary course of its business.  
Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these ordinary  
course matters will not have a material adverse effect on its business, operating results, financial condition or cash flows. Regardless of the outcome,  
litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors.  
12. Related parties  
Related parties with significant interests  
Related parties of BioPorto with significant interests include the Board of Directors, the Executive Management, and their close family members. Related  
parties also include companies in which these persons have control or significant interests.  
Transactions with related parties  
Other than ordinary executive management and Board of Director remuneration, the company did not have any transactions with related parties in the  
first half of 2025.  
13. Subsequent events  
There have been no significant subsequent events.  
Interim Report BioPorto, second quarter of 2025  
23  
 
BioPorto is an in vitro diagnostics company focused on saving lives and improving  
the quality of life with actionable biomarkers – tools designed to help clinicians  
make changes in patient management. The Company uses its expertise in  
antibodies and assay development, as well as its platform for assay  
development, to create a pipeline of novel and compelling products that focus  
on conditions where there is significant unmet medical need, and where the  
Company’s tests can help improve clinical and economic outcomes for patients,  
providers, and the healthcare ecosystem.  
The Company’s flagship products are based on the NGAL biomarker and  
designed to aid in the risk assessment and diagnosis of Acute Kidney Injury, a  
common clinical syndrome that can have severe consequences, including  
significant morbidity and mortality, if not identified and treated early. With the  
aid of NGAL levels, physicians can identify patients potentially at risk of AKI more  
rapidly than is possible with current standard of care measurements, enabling  
earlier intervention and more tailored patient management strategies. The  
Company markets NGAL tests under applicable registrations including CE mark  
in several countries worldwide.  
BioPorto has facilities in Copenhagen, Denmark and Boston, MA, USA. The shares  
of BioPorto A/S are listed on the Nasdaq Copenhagen stock exchange. For more  
information visit www.bioporto.com.  
www.bioporto.com  
BioPorto A/S  
BioPorto, Inc.  
Tuborg Havnevej 15, ground floor  
DK-2900 Hellerup  
Denmark  
117 Kendrick Street, Suite 300  
Needham, MA 02494  
USA  
CVR DK-17500317  
Interim Report BioPorto, second quarter of 2025  
24