In April 2025, BioPorto raised gross proceeds of DKK 33.5  

million and 25,000,000 new shares of commen stock were  

issued.  

In November 2025, BioPorto raised gross proceeds of DKK  

43,3 million and 40,438,426 new shares of commen stock  

were issued.  

1. Basis of Reporting  

Report is therefore prepared in the XHTML format, which can  

be displayed in a standard browser. The primary statements  

and the notes in the consolidated financial statements are  

tagged using the inline eXtensible Business Reporting  

Language (iXBRL). The iXBRL tags comply with the ESEF  

taxonomy, which is included in the ESEF Regulation and  

development based on the IFRS taxonomy published by the  

IFRS Foundation. Where a financial statement line item is not  

defined in the ESEF taxonomy, an extension to the taxonomy  

has been created. Extensions are anchored to elements in the  

ESEF taxonomy, except for extensions that are subtotals. The  

Annual Report submitted to the Danish Financial Supervisory  

Authority consists of the XHTML document together with  

certain technical files, all included in a file named BIOPORTO-  

2025-12-31-1-en.zip.  

Currency  

The Group’s 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 both the parent company and its most significant subsidiary.  

Figures are rounded to the nearest DKK thousand unless  

otherwise stated.  

Basis of Preparation  

The consolidated financial statements are prepared in  

accordance IFRS Accounting Standards as adopted by the  

EU and additional requirements of the Danish Financial  

Statements Act. The financial year for the Group is January  

1 - December 31.  

The consolidated and parent financial statements have been  

prepared on a going concern basis.  

Basis of Consolidation  

The consolidated financial statements are prepared as a  

consolidation of the financial statements of the Parent Company,  

BioPorto A/S,

and its subsidiaries in accordance with the  

Group’s accounting policies. All intra-group income, expenses,  

The accounting policies set out below have been used con-  

sistently with respect to the financial year and comparative  

figures. Certain comparative figures have been reclassified  

to conform to the current year’s presentation. The  

accounting policies have been applied consistently except  

that a reclassification has been made to ensure the correct  

presentation of accruals related to vendors. As a result,  

vendor-related accruals are now included in Trade Payables,  

while Other Payables primarily comprise accruals related to  

employees and public authorities. The reclassification is a  

presentation adjustment only and has no impact on profit  

or loss.  

Applying Materiality  

Material items are presented individually in the financial  

statements as required by IAS 1.  

Items that are not individually material but support the  

understanding of BioPorto’s business model and performance  

in the reporting period are presented in the financial  

statements.  

iXBRL reporting  

BioPorto

A/S

is required to file its annual report in the  

European Single Electronic Format ('ESEF'), and the Annual  

shareholdings, balances, and dividends are eliminated on  

consolidation. The accounting items of subsidiaries are included  

in full in the consolidated financial statements.  

Implementation of new and amended standards and  

interpretations  

All new and amended Standards (IFRS/IAS) and the new  

Interpretations (IFRIC) issued by IASB and adopted by EU  

effective as of January 1, 2025, have been adopted by the  

BioPorto Group as applicable and did not have a material  

impact on the consolidated financial statements.  

Differences arising from the translation of the opening balance  

of equity of foreign entities at the exchange rates prevailing at  

the reporting date, and on translation of the income statement  

from the transaction date to the reporting date, are recognized  

in other comprehensive income and attributed to a separate  

translation reserve in equity.  

New standards and interpretations  

The IASB has issued new or amended accounting standards  

and interpretation that have not yet become effective and  

have consequently not been implemented in the Consolidated  

financial statements for 2025. BioPorto intends to adopt these  

new and amended accounting standards and interpretations,  

if applicable, when they become mandatory.  

Incentive programs  

The Company has issued warrants (options) to Management  

and employees. Share-based incentive programs in which  

employees only have the option of choosing to subscribe for  

new shares in the parent Company (equity-settled share-based  

payment transactions) are measured at the equity instrument’s  

fair value on the grant date and are recognized in the income  

statement over the vesting period. The counter entry for this  

is recognized directly in equity. Warrants restricted by vesting  

conditions are forfeited if the vesting conditions are not met.  

Translation of foreign currency  

Exchange rate differences arising between the transaction  

date and the reporting date are recognized as Financial  

income or Financial costs.  

Foreign currency transactions are translated into the  

functional currency defined for each company using the  

exchange rates prevailing at the transaction date. Monetary  

items denominated in foreign currencies are translated into  

the functional currency at the exchange rates prevailing at the  

reporting date.  

Financial statements of foreign subsidiaries are translated  

into DKK at the exchange rates prevailing at the reporting  

date for assets and liabilities, and at average exchange rates  

for income statement items.  

The new or amended standards and interpretations are not  

expected to have any significant impact on recognition and  

measurement in the Consolidated financial statements.  

The implementation of IFRS 18 entails a change in the pre-  

sentation of BioPorto's income statement where a change  

in classification of certain items, primarily gains and losses  

from foreign currency translation will be impacted.  

Segment information  

The BioPorto Group does not prepare segment reporting  

internally and therefore only reports one operating segment  

externally. The geographic distribution of revenue and  

revenue from major customers is presented in Note 3 to the  

consolidated financial statements. 75% of non-current assets  

were located in Denmark (50% in 2024).  

considers the effects of variable consideration. No element of  

financing is deemed present. Discounts generally arise from  

sales transactions where the customer receives an immediate  

reduction in the selling price. Payment terms are generally  

net 30 days.  

Financial Income and Expenses  

Financial income and expenses include interest, capital gains  

and losses, transactions in foreign currencies, amortization  

of financial assets and liabilities, etc.  

Statements of Profit or  

Loss and Statements of  

Comprehensive Loss  

Income Tax  

Income tax comprises current tax and changes in deferred tax  

for the year. The tax expense/income associated with current  

year results is recognized in the income statement, and the  

tax expense relating to changes is recognized in equity or  

other comprehensive income is recognized in equity.  

To the extent the Group benefits from a deduction in  

the determination of taxable income due to share-based  

compensation, the tax effect of such programs is included  

in income tax.  

Deferred tax assets are reviewed annually and recognized to  

the extent that it is estimated to be probable that they will  

be utilized in the foreseeable future.  

Revenue  

Revenue from contracts with customers comprises sale of  

goods and royalty income. Revenue from the sale of goods  

is recognized at the point in time when control of the goods  

is transferred to the customer, which generally takes place  

upon shipment. Contracts generally do not provide customers  

with a right of return.  

Royalties on net sales is recognized as the underlying  

customers’ sale occurs in accordance with the terms of the  

relevant agreement.  

Production Costs  

Production costs include costs incurred to generate the  

revenue, including direct and indirect costs for raw materials  

and consumables, wages and salaries, freight and packaging  

material, and depreciation of production equipment.  

Sales and Marketing Costs  

Sales and marketing costs include royalties and costs incurred  

for the marketing of goods sold during the year and for  

sales campaigns, etc. This includes costs related to sales and  

marketing staff, advertising, exhibitions and depreciation  

and amortization.  

Revenue from contracts with customers is measured at an  

amount that reflects the consideration to which the Group  

expects to be entitled in exchange for those goods. Amounts  

disclosed as net revenue exclude discounts, VAT and other  

duties.  

Research and Development Costs  

Research and development costs include wages and salaries,  

laboratory materials, patent costs, clinical studies, depreciation  

and amortization, and other costs relating to the Group’s  

research and development activities that are not capitalized.  

The Group considers whether contracts include other  

promises that constitute separate performance obligations  

to which a portion of the transaction price needs to be  

allocated. In determining the transaction price, the Group  

Administrative Costs  

Administrative costs include management and administration,  

including expenses for administrative staff, office premises,  

office expenses, and depreciation and amortization.  

The basis of depreciation is cost less expected residual value  

at the end of the useful life. Depreciation methods, useful lives  

and residual values are reassessed annually. To the extent  

that depreciation is not reflected in the cost of inventories  

as production overhead, depreciation is recognized on  

the income statement under production costs, sales and  

marketing costs, research and development costs and  

administrative costs, respectively.  

at the acquisition date without affecting either the profit/  

loss for the year or the taxable income. If the tax base may  

be calculated according to several sets of tax regulations,  

deferred tax is measured in accordance with the regulations  

that apply to the use of the asset or settlement of the liability  

as planned by Management. Deferred tax assets, including the  

tax base of tax loss carry-forwards, are recognized under other  

non-current assets at the expected value of their utilization,  

either as an off-set against tax on future income or as an off-  

set against deferred tax liabilities within the same legal tax  

entity or jurisdiction (joint taxation), cf. Note 9.  

Rights and Software  

Rights and software are measured at cost less accumulated  

depreciation and impairment. Cost comprises the purchase  

price as well as costs directly related to the purchase until  

the date on which the asset is ready for use.  

Assets are depreciated on a straight-line basis over their  

estimated useful lives based on the following assessment  

of the expected lives of the assets:  

•

Rights and software 3-10 years  

Depreciation is recognized in the income statement under  

sales and marketing costs and administrative costs.  

Right-of-Use Assets  

The Company leases facilities in Hellerup, Denmark. Right-  

of-use assets are initially measured at the amount equal to  

the lease liability, adjusted by the amount of any prepaid or  

accrued lease payments. Lease liabilities are initially measured  

as the net present value of the future lease payments  

discounted by the incremental borrowing rate, cf. Note 13.  

Deferred tax related to the elimination of unrealized intra-  

group profits and losses is adjusted upon consolidation.  

Deferred tax is measured based on the tax regulations and  

rates that, according to the rules in force at the balance sheet  

date, will apply at the time the deferred tax is expected  

to crystallize as current tax. Changes in deferred tax due  

to changes in the tax rate are recognized on the income  

statement.  

Property, Plant, and Equipment  

Property, plant, and equipment are measured at cost  

less accumulated depreciation and impairment losses.  

Cost comprises the purchase price and any costs directly  

attributable to the acquisition until the date when the asset  

is ready for use, cf. Note 12.  

The right-of-use asset is depreciated over the shorter of the  

asset’s useful life or the lease term on a straight-line basis.  

Depreciation is recognized on the income statement under  

administrative costs.  

Impairment of non-current assets  

The carrying amounts of other non-current assets are tested  

annually to determine whether there is any indication of  

impairment. If such an indication exists, the recoverable  

amount of the asset is calculated. The recoverable amount  

is the higher of an asset’s fair value, less expected costs to  

sell and its value in use. An impairment loss is recognized  

when the carrying amount of an asset or a cash generating  

Deferred Tax Assets  

Deferred tax is measured using the balance sheet liability  

method on temporary differences between the carrying  

amount and tax base of assets and liabilities. However, no  

deferred tax is recognized on temporary differences regarding  

non-deductible goodwill or other items for which temporary  

differences, with the exception of acquisitions, have arisen  

Assets are depreciated on a straight-line basis over their  

estimated useful lives based on the following assessment  

of the expected lives of the assets:  

•

Property, plant, and equipment 3-5 years