BioPorto A/S  
Tuborg Havnevej 15, ground floor
DK-2900 Hellerup
Denmark  
CVR DK-17500317
November 19, 2025  
Announcement no. 26  
BioPorto Interim Result for the Third Quarter of 2025 – Continued progress and continued NGAL sales growth.  
Copenhagen, Denmark, November 19, 2025, (GLOBE NEWSWIRE) – BioPorto A/S (“BioPorto” or the “Company”) (CPH:BIOPOR), today  
announced interim financial results for the third quarter of 2025, unchanged from the pre-announced Key Financial Results that were  
announced on November 4, 2025.  
Highlights of key strategic milestones and a renewed strategy, “Forward”  
•
Delivery of the first ProNephro AKI™ (NGAL) order to the US market in August 2025, marking the first step in the commercial  
launch.  
•
At the end of October 2025, BioPorto successfully completed patient enrollment in its clinical cut-off study. As announced  
previously, the Company has decided to submit a pre-submission meeting request to the US Food and Drug Administration  
(FDA) once the dataset has been analyzed, now expectedly in Q1 2026. The clinical validation study is scheduled to begin  
following feedback from FDA, allowing BioPorto to proceed with a protocol aligned with FDA feedback. Accordingly, the FDA  
regulatory submission is postponed from the end of 2026 and into H1 2027.  
•
•
An updated strategy, “Forward” with focus on building market adoption, capturing high growth and expand addressable  
market was established. BioPorto’s purpose to “improve kidney health and quality of lives” remains intact.  
On November 13, 2025, BioPorto announced a fully subscribed private placement of 40,438,426 new shares at market price.  
The offering is expected to provide gross proceeds of approximately DKK 43 million.  
Carsten Buhl, BioPorto’s Group Chief Executive Officer (CEO), comments:  
“In the third quarter of 2025 we delivered the first US order of ProNephro AKI (NGAL) which marks the first step in building a commercial  
platform to drive broad adoption of ProNephro AKI through strategic distributors.  
As we successfully completed patient enrollment and now are focusing on thorough data analysis, our commitment is to ensure the highest  
quality and most effective design for the validation study. While this means our FDA submission will shift into the first half of 2027, this  
approach derisks our design of the validation study.  
Our “Forward” strategy represents a bold step in advancing our ambition to transform kidney care worldwide. By focusing our execution  
over the next three years, we are confident we can accelerate adoption, drive innovation, and improve outcomes for patients, all while  
staying true to our purpose.  
Finally, on November 13, we successfully completed a share issuance, providing gross proceeds of approximately DKK 43 million. We greatly  
appreciate the strong support from both existing shareholders and new institutional and private investors, supplemented by a strong  
commitment from BioPorto’s Board and management. The proceeds are projected to cover spending throughout 2026 and thereby position  
the Company strongly for its journey towards positive cash flow in the second half of 2027. ”  
Key Financial Results for the third quarter of 2025 and for the first nine months of 2025  
•
Revenue in the third quarter of 2025 totaled DKK 10.4 million, representing a 7% increase compared to the same period last  
year, and a 10% increase at constant exchange rates. For the first nine months of 2025 total revenue amounted to DKK 28.7  
million, representing a 1% increase compared to the same period last year. At constant exchange rates the total revenue  
increased by 2%.  
•
For the third quarter of 2025, total NGAL sales totaled DKK 7.2 million, growing by 5% globally, and by 10% at constant  
exchange rates. For the first nine months of 2025, total NGAL sales rose by 5% compared to the first nine months of 2024 and  
by 7% at constant exchange rates.  
Interim Report BioPorto, third quarter of 2025  
1
 
•
•
Adjusted EBITDA loss in the third quarter of 2025 amounted to DKK 16.8 million as expected, compared to DKK 19.6 million in  
the third quarter last year. For the first nine months of 2025 Adjusted EBITDA loss amounted to DKK 63.3 million, compared to  
DKK 51.1 million in the same period last year.  
As of September 30, 2025, the Company’s cash position was in line with expectations, DKK 27.6 million compared to DKK 77.1  
million in the same period last year.  
Guidance  
Based on the results for the first 9 months of 2025, the full-year guidance for 2025 is unchanged compared to previously announcement  
on November 4, 2025 where the company revised the 2025 Guidance to:  
•
•
Total revenue is expected to be in the range of DKK 40-45 million.  
Adjusted EBITDA loss is expected to be in the range of DKK 75-80 million.  
In connection with the release of the Interim Report for the third quarter of 2025, the Company will host an online investor  
presentation on November 19, 2025, at 11:00 CET via HC Andersen Capital. Investors interested in attending the webcast may register  
here: BioPorto – Presentation of Q3 2025 Interim Results  
To receive BioPorto’s Company Announcements, Press Releases, Newsletters and other business relevant information, please sign up on  
Investor_contact.  
Investor Relations Contacts  
Niels Høy Nielsen, Chief Financial Officer, BioPorto A/S, investor@bioporto.com, C: +45 2551 8724  
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 management 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  
Interim Report BioPorto, third quarter of 2025  
2
 
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  
that may impact BioPorto’s success are more fully disclosed in BioPorto’s periodic financial filings, including its Annual Report for 2024,  
with the Danish Financial Supervisory Authority, particularly under the heading “Risk Factors”.  
Interim Report BioPorto, third quarter of 2025  
3
 
Consolidated Financial Highlights  
2025 2024 2025 2024 2024  
Jul 1 – Sep 30  
Jul 1 – Sep 30  
Jan 1 – Sep 30  
Jan 1 – Sep 30  
Jan 1 - Dec 31  
DKK million (except where noted)  
Revenue  
(Unaudited)  
(Unaudited)  
(Unaudited)  
(Unaudited)  
10.4  
7.7  
9.7  
6.7  
28.7  
19.7  
28.3  
20.8  
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  
6.8  
10.3  
13.6  
(23.0)  
(0.3)  
(23.3)  
(23.3)  
(23.2)  
(16.8)  
10.2  
9.6  
8.4  
(21.6)  
(0.7)  
(22.3)  
(20.9)  
(19.7)  
(19.6)  
20.0  
39.9  
31.9  
(72.1)  
(2.2)  
(74.3)  
(68.8)  
(66.0)  
(63.3)  
25.2  
23.0  
26.8  
(54.2)  
(0.5)  
(54.7)  
(50.3)  
(49.4)  
(51.1)  
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  
14.6  
27.6  
53.5  
68.1  
35.2  
4.9  
8.1  
77.1  
100.8  
108.9  
86.5  
3.0  
19.4  
108.9  
12.1  
59.7  
83.9  
96.0  
67.8  
7.8  
28.0  
68.1  
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  
(61.4)  
(0.4)  
(65.1)  
0.9  
(83.6)  
1.2  
(1.4)  
29.9  
(31.9)  
-
75.2  
10.7  
(0.4)  
75.5  
(6.9)  
Revenue growth  
Gross profit percentage  
7%  
74%  
12%  
69%  
1%  
69%  
16%  
74%  
17%  
68%  
Equity ratio (solvency)  
52%  
79%  
52%  
79%  
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  
46  
42  
48  
36  
38  
454,670  
(0.05)  
0.08  
429,670  
(0.05)  
0.20  
454,670  
(0.15)  
0.08  
429,670  
(0.13)  
0.20  
429,670  
(0.17)  
0.16  
1.30  
1.87  
1.30  
1.87  
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  
(23.0)  
0.6  
1.2  
(21.6)  
0.6  
1.4  
(72.1)  
1.9  
0.7  
(54.2)  
1.8  
(2.3)  
3.6  
(75.5)  
2.4  
(0.9)  
3.4  
4.5  
0.0  
6.2  
Adjusted EBITDA  
(16.8)  
(19.6)  
(63.3)  
(51.1)  
(70.6)  
Interim Report BioPorto, third 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. The company 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, the company  
also believe that Adjusted EBITDA data has limitations, particularly as non-cash and non-recurring costs could significantly impact our performance. The  
company therefore limit the 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. The company 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, third quarter of 2025  
5
 
Management Review  
Revenue growth in the third quarter of 2025 driven by  
strong US NGAL RUO (Research Use Only) sales growth  
Preparation of FDA application for ProNephro AKI (NGAL)  
for adults  
Total Revenue for the third quarter of 2025 totaled DKK 10.4 million, a 7%  
increase compared to Q3 2024, and a 10% increase at constant exchange  
rates. Total NGAL sales rose by 5%, and by 10% at constant exchange rates,  
compared to the third quarter of 2024, driven by a 20% increase in US NGAL  
RUO sales and ProNephro AKITM sales of DKK 2.1 million. Assuming constant  
exchange rates, US NGAL sales increased by 27%. NGAL sales for the rest of  
the world decreased by 87%.  
The enrollment of patients in the US clinical cut-off study for ProNephro AKI  
(NGAL) has been completed at the end of October 2025.  
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). Currently, the study  
data is being collected, and this process is taking more time than initially  
anticipated.  
Revenue in the third quarter of 2025 from antibodies sales rose by 17% and  
sales of ELISA kits decreased by 11% compared to the third quarter of 2024.  
To ensure the most effective design of the validation study, a pre-  
submission to the FDA is intended once the full dataset is available.  
DKK million  
Q3 2025  
Q3 2024  
Var 9M 2025  
9M 2024  
Var  
As a result, the validation study is now scheduled to begin following  
feedback from FDA. This allows us to proceed with greater precision and  
alignment with regulatory expectations. The timeline for the adult  
submission for US FDA clearance is postponed to the first half of 2027.  
US NGAL  
4.7  
0.4  
2.1  
3.9  
2.8  
-
20%  
-87%  
-
13.6  
3.6  
11.2  
7.1  
-
21%  
-49%  
-
ROW NGAL  
ProNephro AKI  
(distributors)  
NGAL Total  
2.1  
7.2  
2.9  
6.8  
2.5  
0.4  
9.7  
5%  
17%  
-11%  
7%  
19.3  
8.2  
18.3  
8.4  
5%  
-3%  
BioPorto still 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.  
Antibodies  
ELISA & other  
Total Revenue  
0.4  
1.2  
1.6  
-22%  
1%  
10.4  
28.7  
28.3  
BioPorto’s ”Forward” Strategic Direction  
As commercial opportunities in the US begin to materialize, BioPorto has  
transitioned from a research-based organization to a growth-oriented  
company. To lead the business in the next phases of commercialization and  
towards FDA clearance of ProNephro AKI (NGAL) for adult use in 2027,  
Carsten Buhl assumed the role of Chief Executive Officer (CEO), effective  
September 1, 2025.  
Total Revenue for the first nine months of 2025 totaled DKK 28.7 million, a  
1% increase compared to the first nine months of 2024, and a 2% at  
constant exchange rates. Total NGAL sales rose by 5% compared to the first  
nine months of 2024, and by 10% at constant exchange rates, driven by a  
21% increase in US NGAL sales and ProNephro AKITM sales of DKK 2.1  
million. Assuming constant exchange rates, US NGAL sales increased by  
23%. NGAL sales for the rest of the world decreased by 49%. Revenue in  
the first nine months of 2025 from antibodies sales declined by 3%  
compared to the first nine months of 2024.  
Following a review of the company’s strategic direction, a revised plan was  
presented at the beginning of November. BioPorto’s purpose to “improve  
kidney health and quality of lives of patients” remains intact, as well as its  
ambition to pursue its purpose: ”Through actionable biomarkers enabling  
clinicians to know earlier, manage better with confidence and thereby  
transform kidney care globally”. The “Forward” strategic plan focuses on  
building market adoption, capturing high growth and expand addressable  
market.  
BioPorto delivered the first ProNephro AKITM order for the  
US market  
The key highlight for the third quarter of 2025 was the delivery of the first  
ProNephro AKI (NGAL) order to our distributor for the US market in August  
2025. 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.  
2026  
2027  
2028  
Build Market Adoption  
for BioPorto’s NGAL  
test  
Capturing High Growth  
within the addressable  
Market of USD 700m  
Expand Addressable  
Market & accelerate  
growth  
The next phase involves submission of ProNephro AKI (NGAL) for other  
Cobas® analyzers than the c 501 to the FDA. BioPorto is also working to  
expand the global distribution network through partnerships with other  
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 pediatric and adult indication available across multiple instruments.  
•
•
•
Increase market  
adoption  
•
•
•
Increase market  
•
•
•
Expand the market  
adoption in the EU  
adoption in the EU  
Reach 60+ active  
hospitals in the US  
Reach +100 active  
hospitals globally  
Reach +170 active  
hospitals globally  
Initiate the clinical  
validation study for  
adults  
FDA submission for  
adults by first half of  
2027 & CE-mark under  
EU IVDR in 2027  
Unlock broader  
market potential by  
targeting new  
patients’ segments  
Interim Report BioPorto, third quarter of 2025  
6
 
Following BioPorto’s revised “Forward” strategic plan, the company has  
revised its financial guidance for 2025 and aspirations for the next three  
years.  
Update – Nov 2025  
Aspirations  
Previously Feb 2024  
(Replaces Feb 2024 aspiration)  
Cash flow  
positive  
End 2026  
Second half of 2027  
at the earliest  
USD 100 million  
FY 2029  
Revenue  
DKK 150-200 million FY 2028  
+15% FY 2028  
Adj. EBITDA-  
margin  
Neutral end 2026  
at the earliest  
Ongoing funding considerations  
To support the previously announced estimated funding needs of DKK 60 –  
70 million until cash flow positive in second half of 2027, the Company  
announced on November 13, 2025, the completion of a fully subscribed  
private placement of 40,438,426 new shares at market price, providing  
gross proceeds of approximately DKK 43 million. The proceeds will finance  
completing data collection, submitting a pre-submission to the FDA, and  
initiating the Validation Study in BioPorto’s U.S. clinical trial, while  
strengthening our commercial platform. The proceeds are projected to  
cover spending throughout 2026 and thereby position the Company strong  
for its journey towards positive cash flow in the second half of 2027.  
Interim Report BioPorto, third quarter of 2025  
7
 
Financial Review  
This financial review is based on the Group’s consolidated financial  
information for the third quarter and the first nine months of 2025 ended  
September 30, 2025, with comparative results for the third quarter and the  
first nine months of 2024 ended September 30, 2024, in brackets.  
Gross Profit  
Gross profit for the third quarter of 2025 was DKK 7.7 million (DKK 6.7  
million), the increase was driven by higher sales volume and lower staff  
costs in Production compared to prior year period.  
Gross profit for the first nine months of 2025 was DKK 19.7 million (DKK  
20.8 million), the decrease was mainly driven by higher consultancy costs  
and increased staff costs in first half of 2025 in production compared to  
prior year period.  
Revenue  
Revenue totaled DKK 10.4 million (DKK 9.7 million) in the third quarter of  
2025, increasing 7% over prior period, mainly due to increased NGAL test  
sales. In the third quarter NGAL test sales totaled DKK 7.2 million (DKK 6.8  
million), growing 5% due to an increase of 20% in NGAL US RUO sales, a  
decrease of 87% in NGAL ROW sales and ProNephro AKI distribution sale of  
DKK 2.1 million compared to the prior year period. Antibody sales totaled  
DKK 2.9 million (DKK 2.5 million), increasing by 17%.  
Sales and Marketing Costs  
Sales and marketing costs totaled DKK 6.8 million (DKK 10.2 million) in the  
third 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.  
Figure 1. Revenue by quarter (DKK million)  
12  
10  
8
10.6  
9.2  
10.4  
Sales and marketing costs totaled DKK 20 million (DKK 25.2 million) in the  
first nine months of 2025. The decrease was primarily driven by reversal of  
share-based compensation expenses and lower recruiting and consultancy  
costs; 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.  
9.7  
9.5  
8.6  
8
7.8  
7.8  
Q4  
7.7  
6.6  
6
4
2
0
Research and Development Costs  
Q1  
Q2  
2023  
Q3  
Research and development costs, consisting of research and development,  
regulatory affairs, quality assurance, clinical, and medical affairs, totaled in  
the third quarter of 2025 DKK 10.3 million (DKK 9.6 million), with the  
increase mainly due to our adult clinical study.  
2024  
2025  
Figure 2. NGAL test product revenue by quarter (DKK  
million)  
For the first nine months of 2025, these costs amounted to DKK 39.9 million  
(DKK 23.0 million), also primarily driven by our adult clinical study.  
7.5  
7.2  
8
7
6
5
4
3
2
1
0
6.8  
Administrative Costs  
6.1  
5.8  
5.4  
Administrative costs in the third quarter of 2025 totaled DKK 13.6 million  
(DKK 8.4 million). The increase in costs is due to severance costs and  
additional staff being hired during the first nine months of 2025.  
4.8  
4.8  
4.6  
4.6  
3.4  
Administrative costs in the first nine months of 2025 totaled DKK 31.9  
million (DKK 26.8 million). The increase in costs is due to severance costs  
that incurred in the third quarter of 2025.  
Q1  
Q2  
Q3  
2025  
Q4  
Financials Items, net  
2023  
2024  
Financial income and expenses reflect interest income/expense and  
currency transaction gains/losses. Financial items, net for the third quarter  
of 2025 were an expense of DKK 0.3 million (income of DKK 0.1 million), and  
expense of DKK 2.2 million (income of DKK 0.4 million) in the first nine  
months of 2025.  
In the first nine months of 2025 revenue totaled DKK 28.7 million (DKK 28.3  
million), increasing 1%. For the first nine months of 2025 NGAL test sales  
totaled DKK 19.3 million (DKK 18.3 million), growing 5%, which comprised  
67% of total revenue. US NGAL RUO revenue totaled DKK 13.6 million (DKK  
11.2 million), growing 21%, while NGAL revenue in ROW declined by 49%  
to DKK 3.6 million (DKK 7.1 million) and ProNephro AKI distribution revenue  
of DKK 2.1 million. Further, the Antibody sales declined by 3% to DKK 8.2  
million (DKK 8.4 million).  
Tax Benefit  
In the third quarter of 2025, a DKK 0 million tax benefit (DKK 1.4 million)  
was recognized as the company in Q2 2025 reached the cap for the year of  
the tax benefit. For the first nine months of 2025 DKK 5.4 million (DKK 4.4  
million) was recognized. The tax benefit is primarily related to tax credits  
held by the company’s Danish entities associated with the Company’s  
investment in research and development.  
Interim Report BioPorto, third quarter of 2025  
8
 
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.  
EBIT/Adjusted EBITDA  
For the third quarter of 2025, Earnings before interest and taxes (EBIT) was  
a loss of DKK 23.0 million (DKK 21.6 million), and adjusted EBITDA was a loss  
of DKK 16.8 million (DKK 19.6 million).  
For the first nine months of 2025, Earnings before interest and taxes (EBIT)  
was a loss of DKK 72.1 million (DKK 54.2 million), and adjusted EBITDA was  
a loss of DKK 63.3 million (DKK 51.1 million).  
Cash and Cash equivalents  
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.  
As of September 30, 2025, BioPorto’s cash position was DKK 27.6 million  
(DKK 77.1 million).  
The Company regularly reviews its cash needs, funding plans and available  
resources based on operations and further goals. This review depends on  
key assumptions and judgments, which are used in the budgets and  
forecasts.  
The Company assessed its liquidity and capital resources based on the  
current cash position if no additional financing is to 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. The  
Company has continuously exercised strong cost control to preserve cash  
in the first nine months of 2025.  
Guidance 2025  
Based on the results for the first nine months of 2025 and the outlook for  
the remaining part of 2025, the company announced November 4, 2025  
that the company revised the financial guidance. As previously announced  
the Guidance is as follows:  
Net working capital  
Net working capital (i.e., current assets minus current liabilities) as of  
September 30, 2025, totaled DKK 25.5 million (DKK 81.4 million).  
Total Revenue is expected to be in the range DKK 40-45 million. Sales for  
the remaining part of 2025 are still expected to be back-end loaded.  
Adjusted EBITDA loss is expected to be in the range DKK 75-80 million.  
Cash Flow Statement  
Forward-looking safe harbor statements  
Cash used in operating activities during the first nine months of 2025  
totaled DKK 61.4 million (DKK 65.3 million), driven by the EBIT loss  
explained in the sections 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 0.4 million (inflow of DKK 0.9  
million). Cash from financing activities was DKK 29.9 (DKK 75.2 million),  
reflecting DKK 32.8 million net proceeds from the directed offering  
completed in April 2025.  
The net cash flow during the first nine months of 2025 was a use of DKK  
31.9 million (source of DKK 10.7 million).  
Subsequent event  
Please see Note 13 for further details.  
For Further Information  
Niels Høy Nielsen, Chief Financial Officer, BioPorto, +45 4529 0000,  
investor@bioporto.com  
Significant risks and uncertainties  
www.bioporto.com  
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.  
Interim Report BioPorto, third quarter of 2025  
9
 
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  
September 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 September 30, 2025, and the results of the Group’s  
operations and cash flows for the period January 1 to September 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, November 19, 2025
Executive Management:  
___________________________  
Carsten Buhl
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, third quarter of 2025  
10  
 
Interim Financial Statements  
(unaudited)  
Consolidated Statements of Loss  
2025 2024 2025 2024 2024  
Jul 1 - Sep 30  
(Unaudited)  
Jul 1 - Sep 30  
(Unaudited)  
Jan 1 - Sep 30  
(Unaudited)  
Jan 1 - Sep 30  
(Unaudited)  
Jan 1 - Dec 31  
DKK thousand  
Notes  
3
Revenue  
10,406
2,706
7,700
6,812
10,264
13,618
(22,994)
83
9,685
3,003
28,664
8,995
28,346
7,511
36,243
11,713
24,530
30,202
33,533
36,247
(75,452)
2,543
Production costs  
Gross profit  
6,682
19,669
19,960
39,889
31,920
(72,100)
432
20,835
25,171
23,025
26,816
(54,177)
1,036
Sales and marketing costs  
Research and development costs  
Administrative costs  
Loss before financial items (EBIT)  
Financial income  
10,248
9,620
8,416
(21,602)
316
Financial expenses  
Loss before tax  
402
1,034
2,589
1,523
834
(23,313)
-
(22,320)
1,434
(74,257)
5,422
(54,664)
4,382
(73,743)
5,500
Income tax benefit, net  
Net loss  
5
6
(23,313)
(20,886)
(68,835)
(50,282)
(68,243)
DKK  
DKK  
Loss per share (EPS & DEPS)  
(0.05)
(0.05)
(0.15)
(0.13)
(0.17)
Consolidated Statements of Comprehensive Loss  
2025 2024 2025 2024 2024  
Jul 1 - Sep 30  
(Unaudited)  
Jul 1 - Sep 30  
(Unaudited)  
Jan 1 - Sep 30  
(Unaudited)  
Jan 1 - Sep 30  
(Unaudited)  
Jan 1 - Dec 31  
DKK thousand  
Net loss  
(23,313)
(20,886)
(68,835)
(50,282)
(68,243)
Other comprehensive loss:  
Amounts which will be reclassified to the  
income statement:  
Exchange rate adjustments of investments in  
subsidiaries  
163
1,229
2,811
920
(1,277)
Other comprehensive loss  
Comprehensive loss  
163
1,229
2,811
920
(1,277)
(23,150)
(19,657)
(66,024)
(49,362)
(69,520)
Interim Report BioPorto, third quarter of 2025  
11  
 
Consolidated Balance Sheets  
Assets  
2025 2024 2024  
Sep 30  
Sep 30  
Dec 31  
DKK thousand  
Notes  
(Unaudited)  
(Unaudited)  
Non-current assets  
Property, plant and equipment and intangible assets  
Rights and software  
173
311
276
Property, plant and equipment  
Right-of-use assets  
1,641
5,263
7,077
551
-
2,136
6,579
8,991
Total property, plant and equipment and intangible assets  
862
Financial assets  
Lease receivable - Long term  
Deposits  
9
5
682
1,348
5,500
7,530
14,607
1,541
1,351
4,382
7,274
8,136
1,707
1,415
-
Non-current tax receivable  
Total financial assets  
Total non-current assets  
3,122
12,113
Current assets  
Inventories  
5,613
9,399
6,280
1,328
2,163
1,107
27,593
53,483
4,718
6,184
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  
5,889
7, 9  
7
2,326
Prepayments  
3,407
Lease receivable - short term  
Cash and cash equivalents  
Total current assets  
9
1,146
9
77,092
100,762
Total assets  
68,090
108,898
96,012
Interim Report BioPorto, third quarter of 2025  
12  
 
Equity and Liabilities  
2025 2024 2024  
Sep 30  
Sep 30  
Dec 31  
DKK thousand  
Equity  
Notes  
8
(Unaudited)  
(Unaudited)  
Share capital  
454,670
1,759
429,670
1,145
429,670
Exchange-rate adjustments  
Retained earnings  
Total equity  
(1,052)
(360,840)
67,778
(421,247)
35,182
(344,270)
86,545
Liabilities  
Non-current liabilities  
Lease obligations  
9
4,941
2,952
7,846
Total non-current liabilities  
4,941
2,952
7,846
Current liabilities  
Current portion of lease obligations  
Trade payables  
9
9
3,395
5,228
-
1,673
2,881
76
3,344
5,706
-
Tax payables  
Other accrued liabilities  
Total current liabilities  
10  
19,344
27,967
14,771
19,401
11,338
20,388
Total liabilities  
32,908
68,090
22,353
28,234
96,012
Total equity and liabilities  
108,898
Interim Report BioPorto, third quarter of 2025  
13  
 
Consolidated Statement of Changes in Equity  
Share  
Share  
Accumulated  
Deficit  
Capital  
Premium  
AOCI  
Total  
Amounts in DKK thousand  
Balance at December 31, 2024  
Other comprehensive loss  
Transaction with owners:  
Issuance of stock  
429,670
-
(360,869)
(1,052)
67,750  
2,811
-
-
-
2,811
25,000
8,505
(735)
(7,770)
-
-
-
-
-
-
-
33,505
(735)
-
Issuance costs  
-
-
-
Transferred to Accumulated Deficit  
Share-based compensation  
7,770
687
687
Net loss  
-
-
(68,835)
-
(68,835)
35,182
Balance at September 30, 2025  
454,670
-
(421,247)
1,759
Share  
Capital  
Share  
Premium  
Accumulated  
deficit  
AOCI  
Total  
Amounts in DKK thousand  
Balance at December 31, 2023  
Other comprehensive loss  
Transaction with owners:  
Issuance of stock  
379,670
-
(319,735)
225
60,160
920
-
-
-
920
50,000
31,400
(3,387)
(28,013)
-
-
-
-
-
-
-
81,400
(3,387)
-
Issuance costs  
-
-
-
Transferred to Accumulated Deficit  
Share-based compensation  
28,013
(2,266)
(2,266)
Net loss  
-
-
(50,282)
-
(50,282)
86,545
Balance at September 30, 2024  
429,670
-
(344,270)
1,145
Interim Report BioPorto, third quarter of 2025  
14  
 
Consolidated Statement of Cash Flows  
2025 2024 2024  
Jan 1 - Sep 30  
(Unaudited)  
Jan 1 - Sep 30  
(Unaudited)  
Jan 1 - Dec 31  
DKK thousand  
Notes  
Loss before financial items  
(72,100)
(54,177)
(75,452)
Adjustments:  
Depreciation and amortization  
Share based compensation expenses  
Other non-cash items  
1,914
687
1,339
-
1,768
(2,266)
1,854
-
2,382
(875)
4
(1,400)
(984)
Remeasurement of lease  
Changes in operating assets and liabilities:  
Inventories  
(1,127)
(1,238)
(478)
(750)
(3,836)
(4,024)
(3,665)
(65,096)
(864)
(5,847)
(1,199)
(5,542)
(89,781)
Trade receivables  
Trade payables  
Other operating assets and liabilities, net  
Cash flows from operations  
9,562
(61,441)
Financial income, received  
Financial expenses, paid  
Tax refund, net  
196
(144)
-
92
(328)
-
1,641
(381)
4,938
Cash flows from operating activities  
(61,389)
(65,332)
(83,583)
Purchase of property, plant and equipment  
Purchase of financial assets  
(1,368)
-
-
(350)
(165)
921
-
-
Proceeds from financial assets  
Proceeds from sublease  
-
974
(394)
892
892
781
Cash flows from investing activities  
1,187
Proceeds from rights issue  
33,505
(735)
81,400
(3,387)
(2,843)
75,171
81,400
(3,387)
(2,547)
75,466
Cost related to Issue of new shares  
Repayments of lease obligation  
Cash flows from financing activities  
(2,859)
29,911
Net cash flows for the period  
(31,872)
59,664
(199)
10,730
66,402
(40)
(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  
27,593
77,092
59,664
Interim Report BioPorto, third quarter of 2025  
15  
 
Notes to Interim Consolidated Financial  
Statements (Unaudited)  
1. Basis of reporting  
Basis of preparation  
This Interim Report and the accompanying unaudited interim 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 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 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. The company has 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 the current cash position if no additional financing is to 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. 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 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 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 September 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  
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  
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.  
Interim Report BioPorto, third quarter of 2025  
16  
 
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  
Jul 1 - Sep 30  
(Unaudited)  
Jul 1 - Sep 30  
(Unaudited)  
Jan 1 - Sep 30  
(Unaudited)  
Jan 1 - Sep 30  
(Unaudited)  
Jan 1 - Dec 31  
DKK Thousand  
North America  
Europe  
6,194  
3,615  
597  
5,363  
1,458  
2,864  
9,685  
17,887  
7,896  
15,077  
8,194  
20,634  
10,237  
5,372  
Asia  
2,881  
5,075  
Revenue  
10,406  
28,664  
28,346  
36,243  
2025 2024 2025 2024 2024  
PRODUCT GROUPS  
DKK Thousand  
Jul 1 - Sep 30  
(Unaudited)  
Jul 1 - Sep 30  
(Unaudited)  
Jan 1 - Sep 30  
(Unaudited)  
Jan 1 - Sep 30  
(Unaudited)  
Jan 1 - Dec 31  
NGAL tests  
7,150  
2,892  
262  
6,803  
2,472  
402  
19,277  
8,165  
1,077  
145  
18,330  
8,441  
1,521  
54  
23,054  
10,783  
2,269  
137  
Antibodies  
ELISA kits  
Royalty and other revenue  
Revenue  
102  
8
10,406  
9,685  
28,664  
28,346  
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 nine months of 2025, share-based compensation totaled an cost of DKK 0.7 million compared to an income of DKK 2.3 million for the same  
period in 2024. 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.  
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.  
Interim Report BioPorto, third quarter of 2025  
17  
 
6. Loss per share  
2025 2024 2025 2024 2024  
Jul 1 - Sep 30  
(Unaudited)  
Jul 1 - Sep 30  
(Unaudited)  
Jan 1 - Sep 30  
(Unaudited)  
Jan 1 - Sep 30  
(Unaudited)  
Jan 1 - Dec 31  
DKK thousand (except where noted)  
Loss for the period  
(23,313)  
(20,886)  
(68,835)  
(50,282)  
(68,243)  
BioPorto Group's share of loss  
(23,313)  
(20,886)  
(68,835)  
(50,282)  
(68,243)  
Weighted average number of shares (in  
thousand)  
454,670  
(13)  
429,670  
(13)  
444,231  
(13)  
397,736  
(13)  
405,763  
(13)  
Weighted average number of treasury shares  
(in thousand)  
Weighted average number of shares in  
circulation – basic and diluted (in thousand)  
454,657  
429,657  
444,218  
397,723  
405,750  
Loss per share (EPS) basic and diluted, DKK  
(0.05)  
(0.05)  
(0.15)  
(0.13)  
(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  
Sep 30  
Sep 30  
Dec 31  
DKK thousand  
(Unaudited)  
(Unaudited)  
Trade receivables  
9,489  
6,240  
8,251  
Other receivables  
1,328  
2,163  
(90)  
2,326  
3,407  
(56)  
1,368  
2,448  
(64)  
Prepayments  
Write-down for bad debt  
Receivables at amortized costs  
12,890  
11,917  
12,003  
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.  
Interim Report BioPorto, third quarter of 2025  
18  
 
AS OF SEPTEMBER 30, 2025  
DKK thousand  
Expected  
credit loss rate  
Trade  
receivables  
Expected loss  
Total  
7,396  
Not due  
0.1%  
0.1%  
7,403  
7
1 - 30 days overdue  
31 - 60 days overdue  
61 - 90 days overdue  
More than 90 days overdue  
As of September 30, 2025  
741  
462  
1
3
740  
459  
0.6%  
0.0%  
232  
1
231  
12.0%  
651  
78  
90  
573  
9,489  
9,399  
AS OF SEPTEMBER 30, 2024  
DKK thousand  
Expected  
credit loss rate  
Trade  
receivables  
Expected loss  
Total  
Not due  
0.4%  
0.3%  
5,803  
22  
1
5,781  
359  
16  
1 - 30 days overdue  
31 - 60 days overdue  
61 - 90 days overdue  
More than 90 days overdue  
As of September 30, 2024  
360  
16  
0.0%  
-
0.0%  
0
-
0
54.1%  
61  
33  
56  
28  
6,240  
6,184  
8. Share capital  
As of September 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.  
9. Financial risks and financial instruments  
Financial instrument categories  
2025 2024 2024  
Sep 30  
Sep 30  
Dec 31  
DKK thousand  
(Unaudited)  
(Unaudited)  
Trade receivables  
9,399  
6,184  
8,187  
Other receivables  
1,328  
1,107  
682  
2,326  
1,146  
1,368  
1,200  
Lease receivable - Short term  
Lease receivable - Long term  
Cash and cash equivalents*  
Financial assets at amortized costs  
1,541  
1,707  
27,593  
40,109  
77,092  
88,289  
59,664  
72,126  
*As of September 30, 2025 DKK 1,510 thousand are restricted cash against third-party delivery of goods (DKK 750 thousand as per Sep. 30, 2024 and  
DKK 0 thousand as per Dec. 31, 2024)  
Interim Report BioPorto, third quarter of 2025  
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2025 2024 2024  
Sep 30  
Sep 30  
Dec 31  
DKK thousand  
(Unaudited)  
(Unaudited)  
Lease liabilities  
8,336  
4,625  
11,190  
Trade payables  
5,228  
2,881  
5,706  
Financial liabilities at amortized costs  
13,564  
7,506  
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.  
2025 2024 2024  
B/S CURRENCIES PERCENTAGES  
Sep 30  
Sep 30  
Dec 31  
DKK thousand  
(Unaudited)  
(Unaudited)  
Inventory  
DKK  
100%  
100%  
100%  
Trade receivables  
USD  
25%  
72%  
3%  
30%  
69%  
1%  
30%  
68%  
2%  
EUR  
Other  
Cash and cash equivalents  
DKK  
USD  
EUR  
68%  
19%  
13%  
96%  
4%  
-
93%  
6%  
1%  
Trade payables  
DKK  
16%  
77%  
7%  
53%  
31%  
16%  
0%  
53%  
29%  
17%  
1%  
USD  
EUR  
Other  
0%  
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.  
Interim Report BioPorto, third quarter of 2025  
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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 0.3 million based on the interest-bearing accounts portion of the DKK 27.6 million cash and cash  
equivalents as of September 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 27.6 million as of September 30, 2025 and DKK 59.7 million as of 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.  
10. Other accrued liabilities  
2025 2024 2024  
Sep 30  
Sep 30  
Dec 31  
DKK thousand  
(Unaudited)  
(Unaudited)  
Accrued incentive compensation  
Accrued vacation  
2,920  
5,600  
3,290  
1,500  
1,853  
5,428  
2,415  
-
1,861  
1,473  
328  
1,599  
1,014  
892  
Accrued professional and consulting fees  
Accrued clinical trial costs  
Accrued supplier costs  
2,445  
436  
2,926  
-
Accrued staff costs liabilities  
Accrued severance costs  
Accrued expenses - Other  
Other accrued liabilities  
4,000  
1,228  
19,344  
1,076  
1,552  
14,771  
-
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.  
Interim Report BioPorto, third quarter of 2025  
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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 nine months of 2025.  
13. Subsequent events  
On November 13, 2025, the Company announced that a private placement of 40,438,426 new shares has been completed. The gross proceeds for the new  
shares is approximately DKK 43 million.  
Interim Report BioPorto, third quarter of 2025  
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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  
Tuborg Havnevej 15, ground floor  
DK-2900 Hellerup  
Denmark  
CVR DK-17500317  
Interim Report BioPorto, third quarter of 2025  
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