Annual Report 2025
Driven by
Science
Nordic Bioscience Holding A/S • Herlev Hovedgade 205 • DK-2730 Herlev • CVR No. 30 51 12 71
The Annual Report was adopted at the
Annual General Meeting held on 25 June
2026, with Sve n Håkan B jörk lund acting
as Chair of the Meeting.
NORDIC BIOSCIENCE
Introduction
3 At a glance
4 Business model
5 CEO and CFO letter
7 Financial highlights
Our business
9 What is ECM?
11 R&D services
14 Clinical Diagnostics
16 Drug Development
18 Business Review
Corporate Governance
22 Governance
23 Executive Management
24 Board of Directors
Contents
ESG
26 Environmental, Social and Governance (ESG)
Financial statements
31 Consolidated financial statements
73 Parent company financial statements
Signatures and statements
83 Management’s Statement
84 Independent Auditor’s Report
Other information
87 Company information
88 Group chart
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Introduction
At a glance
With more than 25 years of research and over 850
published scientific papers, Nordic Bioscience is a pioneer
in the field of extracellular matrix (ECM). We focus on
using our unique ECM expertise to discover and develop
biomarkers for use in R&D services, clinical diagnostics
and drug development. We have a broad patented ECM
portfolio of over 150 biomarkers covering major disease
areas such as liver, cancer and obesity.
NORDIC BIOSCIENCE AT A GLANCE
Nordic Bioscience
a biomarker
powerhouse
426 DKKm
2025 revenue
128 DKKm
2025 EBITDA
30%
EBITDA margin
55 DKKm
2025 net profit
+150
biomarkers
+850
scientific papers
3+3+1
FDA approved, FDA supported,
EMA approved
+60 0 k
tests annually
Introduction
Nordic Bioscience Holding A/S Annual Report 2025
3
Utilizing unique ECM expertise and biomarker portfolio
Clinical
Diagnostics
R&D
Services
Drug
Development
Preclinical and clinical data analysis
based on proprietary ECM expertise
Biomarkers on critical path of disease
+100 pharma, biotech and CRO customers
Ongoing service revenue, stable cash flow
Diagnostics services leveraging
validated ECM biomarkers
3 FDA approved biomarkers, 3 FDA supported
biomarkers, 1 CE-labelled EMA approved
biomarker
Partnership with Roche
Milestone and royality payments
Discovery and development
of new drugs based on ECM expertise
1 partnered compound in clinical phase,
6 unpartnered pre-clinical programmes
Partnership with Eli Lilly
Upfronts, milestone and royality payments
Business model
We have a business model with three complementary business areas all utilizing our unique ECM expertise.
Revenue and earnings from our R&D and clinical diagnostic services fund our drug development activities
which in turn has a biotechnology upside in the form of potential milestone payments and royalties.
Introduction
Nordic Bioscience Holding A/S Annual Report 2025
4
CEO and CFO letter
Overall, 2025 was a satisfactory year in which our continued focus and
expertise in clinical research delivered solid results for R&D Service
and Diagnostics activities while our Drug Development activities
progressed well in line with our plans.
CEO AND CFO LETTER
Solid performance in R&D
Service and Diagnostics
Revenue in the R&D Services and Diagnos-
tics segment increased by 18% to DKK 357
million, driven by a higher number of larger
late phase studies for a broad base of loyal
customers. Over the past three years (2023–
2025), revenue in this segment has grown by
an average of 37% annually.
In the Drug Development segment, revenue
amounted to DKK 69 million, as expected
lower than the DKK 224 million in 2024, which
was positively impacted by a milestone
payment from our collaboration with Eli Lilly
on our DACRA molecule.
Total consolidated revenue was DKK 426
million against record-high DKK 527 million
in 2024. The lower Drug Development
revenue impacted group EBITDA, which was
DKK 128 million, corresponding to an EBITDA
margin of 30% against almost 40% in 2024.
The developments in 2025 clearly demon-
strate the strength of our business model.
Predictable revenue and earnings from our
R&D Services and Diagnostics segment
provide a solid foundation for funding our
Drug Development activities, which in turn
offer significant biotechnology upside
Morten A. Karsdal
CEO
Thomas Nielsen
CFO
Introduction
Nordic Bioscience Holding A/S Annual Report 2025
5
through more irregular milestone payments
and potential royalties. All of this is based
on our ECM expertise and broad, patented
biomarker portfolio spanning multiple
disease areas.
Scientifically, we also progressed well and
according to plans in 2025. In our most
advanced project, KBP-336 DACRA, devel-
oped in partnership with Eli Lilly for the
treatment of obesity and osteoarthritis,
we enrolled the last patient in the ongoing
Phase II study in December, with final results
expected in the second half of 2026. These
results will guide further development.
While KBP-336 is a dual acting agonist, we
are now advancing into next-generation
triple agonists, with the aim to leverage the
weight loss benefits of incretins together
with the bone and muscle preserving effects
of DACRAs.
In May, our PRO-C3 test to assess liver
fibrosis severity was launched as the first
of several tests from our collaboration
with Roche. We are proud that our tech-
nology is now globally available on Roche’s
Cobas platform to make a difference for
patients. Royalties from Roche’s sale of
PRO-C3 tests only contributed marginally to
revenue in 2025 as the first reimbursement
programmes were established late 2025.
To complement the clinical diagnostic
use, we also released a research-use-only
version of PRO-C3 and PRO-C6 biomarkers
to directly support laboratory scientists in
their investigative efforts. Although a more
marginal revenue contributor, these ready-
to-use ‘Kit-in-a-box’ solutions make our
biomarker technology more broadly avail-
able for users who may not have access to
the high-throughput platforms from Roche.
Looking ahead, we are encouraged by pros-
pects to continue to grow the R&D Services
and Diagnostics business. An increased
number of studies contracted combined
with a longer duration of the studies
provides us with increased visibility of future
revenue. More than 70% of the expected
R&D Services and Diagnostics 2026 revenue
is secured in the orderbook by the end of
February 2026. We also expect increased
activity in our Drug Development segment.
Finally, we would like to thank our approx-
imately 180 dedicated and highly skilled
colleagues for their invaluable contributions
in 2025. We are also grateful for the trust
and support of our partners and clients, and
we look forward to continuing to apply our
unique ECM biomarker expertise to enable
earlier disease detection, improve patient
outcomes, and help develop more effective
treatments for the future.
Morten A. Karsdal Thomas Nielsen
CEO CFO
The developments in 2025
clearly demonstrate the
strength of our business model
Morten A. Karsdal
CEO
Introduction
Nordic Bioscience Holding A/S Annual Report 2025
6
2024202320222021 2025
457
132
180
193
338
20252024202320222021
426
527
190
233
225
Financial highlights
Seen over a 5-year period, the development of the Group is described by the following financial
highlights:
Group
2025 2024 2023 2022 2021
TDKK TDKK TDKK TDKK TDKK
Key figures
Profit/loss
Revenue 426,285 527,393 190,449 232,622 224,976
Gross profit 338,250 456,967 132,419 179,668 193,103
Profit/loss of primary operations 104,861 197,729 -17,632 27,959 57,068
Profit/loss of financial income and expenses -24,361 12,077 -3,526 -8,335 -5,603
Net profit/loss for the year 54,532 170,813 12,313 8,655 37,358
Balance Sheet
Balance sheet total 426,092 720,316 288,536 228,699 239,253
Cash and cash equivalents at end of year 136,691 455,420 81,947 60,620 67,009
Investments in property, plant and equipment 23,848 2,599 9,901 4,934 3,962
Equity 71,184 230,949 44,071 61,638 107,173
Number of employees 179 176 171 168 151
Ratios
Solvency ratio 15% 32% 15% 27% 26%
Gross Margin 80% 88% 70% 77% 86%
Net margin 15% 32% 6% 4% 17%
Return on equity 42% 124% 23% 10% 38%
Financial highlights are defined and calculated in accordance with the current version of
"Recommendations & Ratios" issued by the CFA Society Denmark.
426m
Revenue
DKKm
338m
Gross Profit
DKKm
R&D Services/Diagnostics
Drug Development
R&D Services/Diagnostics
Drug Development
Introduction
Nordic Bioscience Holding A/S Annual Report 2025
7
ECM - extracellular matrix - is a complex network of proteins and
carbohydrates outside the cells of our tissue. Up to 75% of tissues
consist of ECM and it plays a crucial role in maintaining tissue
structure, communicating to cells and repairing tissue.
What is ECM?
In healthy organs, ECM undergoes contin-
uous remodelling, where old or damaged
proteins are broken down and replaced by
new proteins with small fragments being
released into the blood.
However, when the body experiences
inflammation, injury or disease, the ECM
remodeling process is disrupted, leading to
changes in the types and amounts of frag-
ments released into the blood.
Diseases such as liver or heart fibrosis
cause tissue scarring or remodelling of the
organ structure, resulting in an increase of
formation fragments being released into the
blood. In contrast, inflammatory diseases
such as arthritis and psoriasis cause tissue
breakdown, leading to an increase in degra-
dation fragments. By identifying and quan-
tifying these changes, the fragments can
serve as ECM biomarkers, providing crucial
insights into disease status, risk of progres-
sion, and potential adverse outcomes.
Since ECM fragments can be detected
from a simple blood sample, they play an
increasingly critical role in drug develop-
ment, as they provide real-time data on
disease progression and serve as an alter-
native to invasive biopsies. This has the
potential to enable faster, safer and more
accurate patient selection and treatment
dosing, and improves the measurement
of treatment efficacy. In other words, it
provides crucial information already in
Phase 1b of a clinical trial, which otherwise
would not have been available until Phase II.
Healthy tissueInflammatory
diseases
Fibrotic diseases
Excessive
ECM degradation
Release of
degradation
fragments into the
blood
Excessive
ECM formation
Release of formation
fragments into the
blood
Balanced
turnover
Low release of
fragments
ECM remodelling during disease progression
Over 330 diseases are related to ECM-remodeling,
causing over 50% of deaths in the developed world.
Around 40% live with EMC-related diseases.
Our business
Nordic Bioscience Holding A/S Annual Report 2025
9
Our commercial and research expertise within ECM is the foundation for our three business segments.
Based on our scientific knowledge and growing number of biomarkers, it is our vision to...
Driven by science
Clinical
Diagnostics
R&D
Services
Drug
Development
...be the preferred strategic partner to
pharmaceutical and biotechnology
companies to help them develop the
right drug candidates faster
Read more Read more Read more
...ensure the right patients are treated
with the right drug through diagnostic
partnerships
...identify and develop own drug
candidates
Nordic Bioscience Holding A/S Annual Report 2025
10
Our business
Why choose Nordic Bioscience
We offer a broad range of services across the pre-clinical
and clinical development phases that provide our customers
with a number of benefits, including:
• improving drug development through better selection
of patients for inclusion in clinical trials and the ability to
identify treatments with a higher chance of success
• enabling assessment of a drug’s effect on affected tissue
in a shorter timeframe
• comparing efficacies of different treatments and dosing
• gaining insights into the critical path of a disease and the
mechanisms of action of drugs
These valuable insights and findings provide our customers
with a clearer foundation to make faster decisions
regarding trials and direct resources to the right devel-
opment programs. It enables them to design shorter and
smaller clinical trials and thus reduce the cost of clinical trial
processes.
Growing addressable market
According to a 2024 market analyses by ClearView Health-
care Partners the specific current relevant addressable
market for Nordic Bioscience within clinical trials in estab-
lished ECM diseases that utilize biomarker testing, is expected
to grow from an estimated EUR 0.5 billion in 2024 to approx.
EUR 2.1 billion in 2030, corresponding to an annual average
growth of 29%.
R&D
services
Based on our ECM expertise and
broad portfolio of biomarkers,
we offer pre-clinical and clinical
contract research to more than
100 major pharmaceutical and
biotechnology companies as well
as clinical research organisations
(CRO) around the world.
Kit-in-a-box
To enable a wider use of our biomarker technology,
we offer ‘kit-in-a-box’ to small clinics and research
groups without access to big research platforms.
Our business
Nordic Bioscience Holding A/S Annual Report 2025
11
Diseases DiseasesOur biomarkers Our biomarkers
Skin
Lung
Cardio-
vascular
Intestine/
Abdomen
Bone &
Cartilage
Cancer
Liver
Kidney
ARGS
C2M
CRPM
PRO-C2
VICM
C6a6 PRO-C17
C3M
C7M
CPa9-HNE
C3F
C4G
PRO-C3
PRO-C8
PRO-C11
TGFB-LAP
CC16-HNE ELNE
C1M ELP-3
C3M NTX-III|
C6M PRO-C6
C4Ma3
CTX-III
PRO-C3
PRO-C6
C1sig
ETP
PRO-C6
TIM
C4M
C7M
CPa9-HNE
PRO-C6
PRO-C22
LG3 TUM
PRO-C3 uC3M
PRO-C6
Systemic
C3M PRO-C6
C7M PRO-C4
PRO-C3 PRO-C22
Brain
A-SYN-C
TAU-C
R&D Services
The critical
role of ECM
Nordic Bioscience is the only
company specialising in degrada-
tion and formation ECM biomarkers,
offering more than 150 patented
biomarkers for fibrosis, cardiorenal
diseases, immunoscience and
cancer. ECM technology is positioned
for rapid growth and adoption, due
to its potential to assess diesease
progression in relevant disease
areas in ways that molecular and
genetic analysis cannot. With over 50
major diseases linked to ECM struc-
ture changes, drug developers are
increasingly focusing on treatments
that target organs and reverse
ECM-related damage.
Our business
Nordic Bioscience Holding A/S Annual Report 2025
12
State-of-the-art laboratory
Advancing precision
medicine with Nordic
ProteinFingerPrint
Technology
Our state-of-the-art laboratory located at the headquarters in Herlev, Denmark is one
of the reasons why customers choose to work with us. It is the only laboratory in Scandi-
navia accredited by College of America Pathologists (CAP) for biomarker testing.
The laboratory is highly scalable through continued automation and digitalisation which
not only increases the number of tests performed but also increases the precision and
quality of tests compared to manual tests. In 2025, a total of approximately 600,000
tests was performed in the laboratory, of which 72% was automated.
A key differentiator for Nordic Bioscience is our proprietary
ProteinFingerPrint Technology’s ability to measure ECM frag-
ments in a clinical setting.
The technology is based on 30 years of research and can
provide vital information about how a disease is progressing
and how the patient is responding to specific treatments as
early as in Phase Ib rather than Phase II studies. This makes the
clinical process much more effective, significantly reducing
time and costs of clinical trials and improving the likelihood of
success. As such, the Nordic ProteinFingerPrint Technology is a
valuable tool for advancing precision medicine.
R&D Services R&D Services
Our business
Nordic Bioscience Holding A/S Annual Report 2025
13
We license specific, validated biomarkers to diagnostic
companies for use in their diagnostic products and plat-
forms. As part of a license agreement, Nordic Bioscience
may receive milestone payments and royalties when the
biomarkers are sold to end customers.
The Clinical Diagnostics business has strong synergies
with our R&D Services business. Through the results of
tests performed in R&D Services and in collaboration with
academic research partners, we generate a wide range of
data sets that are used to develop biomarkers.
Nordic Bioscience has more than 30 biomarkers enabled for
in-vitro diagnostics (IVD). In vitro refers to testing of blood or
tissue samples in laboratory test equipment, as opposed to
in vivo testing, which is performed inside a living organism.
Three of our biomarkers have historically been approved by
the FDA and three others have received a so-called Letter of
Support from FDA. The three FDA approved biomarkers are
sold off, while the three with letter of support are our key vali-
dated biomarkers - PRO-C3, PRO-C6 and CPa9-HNE - which
are licensed to global leading diagnostics group Roche.
Currently, only a few IVD validated biomarkers based on
ECM exist on the market, and in May 2025, our PRO-C3 test to
assess liver fibrosis severity was launched on Roche’s Cobas
platform. The commercial launch of these IVD biomarkers
will improve diagnostic precision and enhance patient care
across multiple diseases, ultimately improving outcomes for
patients worldwide.
In addition to our partnership with Roche, we may enter into
partnerships with other diagnostic companies regarding
other IVD validated biomarkers as well as non-validated
biomarkers.
A growing market
As global populations age and the prevalence of chronic
diseases rises, demand for advanced diagnostic tools
continues to grow. Nordic Bioscience's ECM biomarkers
— including PRO-C3 and PRO-C6/ETP — are uniquely posi-
tioned to address this expanding market, with the immuno-
assay reagents segment representing our primary directly
addressable opportunity.
Clinical
Diagnostics
Nordic Bioscience serves the
global clinical diagnostics market
by developing and utilising
ECM biomarkers for diagnostic,
prognostic and monitoring
purposes.
Our business
Nordic Bioscience Holding A/S Annual Report 2025
14
Clinical Diagnostics
Partnership
with Roche
Our partnership with Roche is centered around our three IVD
enabled biomarkers with letter of support from FDA; PRO-C3,
PRO-C6 and CPa9-HNE. The partnership with Roche is not
limited to these three biomarkers but has the potential to
expand to more biomarkers for diagnostic commercialisa-
tion.
While PRO-C3 was launched on Roche’s Cobas platform in
2025, PRO-C6/ETP is expected to be the next test ready for
commercialisation.
PRO-C3 and PRO-C6 are highly differentiated. By meas-
uring collagen formation, PRO-C3 has the potential to
predict disease progression and outcomes in patients with
liver fibrosis and chronic liver disease, enabling precise
monitoring of treatment response over time. The PRO-C3
biomarker may be a future non-invasive alternative to liver
biopsy. PRO-C6 assesses endotrophin with a potential to
predict outcomes, e.g. risk of cardiovascular events and
mortality, in fibrotic diseases and metabolic diseases.
Significant
future royalties
from Roche's commercialization
of PRO-C3 and PRO-C6
The near-term opportunity for PRO-C3 is for the liver disease
MAFLD, with potential to expand into applications across
cancer, autoimmune diseases and inflammatory bowel
disease. For PRO-C6, the near-term opportunity is for use in
chronic kidney disease (CKD), the chronic lung disease IPF
and heart failure (HFpEF), with potential to expand into cardi-
ovascular diseases, metabolic disorders, severe liver disease
and musculoskeletal disorders.
Including the expanded use in more diseases, PRO-C3 and
PRO-C6, is expected to have a significant future revenue
potential for Roche, of which Nordic Bioscience will receive
royalty payments.
Our business
Nordic Bioscience Holding A/S Annual Report 2025
15
We do the discovery and development in-house until proof
of concept. Our strategy is to find a partner after Phase I,
and we do not expect to develop any of our drug candidates
beyond Phase IIb. This approach allows us to take advan-
tage of the fact that our biomarkers can be used to accel-
erate clinical development and increase the likelihood of
successful clinical trials, and benefit from a partner's capa-
bilities in the later stages of development and commercial-
isation. In this way, we retain significant economic upside
while minimising development costs.
Once a compound has been partnered, Nordic Bioscience is
entitled to receive upfront and milestone payments, and if it
reaches commercialization, we may receive royalties based
on sales.
We focus on drug candidates for obesity and metabolic
diseases as well as our core competence area Fibrosis in
multiple disorders.
Drug
Development
Through our Drug Development
activities, we utilise our deep ECM
knowledge and broad portfolio of
biomarkers to identify and develop
new drug candidates for further
development in partnership with
pharmaceutical companies.
Discovery CommercialisationClinical Development
Milestone payments
Royalty payments
In-house development until
proof-of-concept
Nordic Bioscience
Nordic Bioscience Nordic Bioscience
Clinical development and
commercialisation by partner
Leveraging
biomarkers to
understand MoA,
efficacy and
pharmacodynamics
Initial assessment
of drug safety and
pharma-
cokinetics
Discovery of
new drug
compounds
Large-scale
clinical trials
Approval and
launch
Product sales
Drug
discovery
Phase la PhaseII
FDA
approval
Pre-clinical
reseacch
Phase Ib PhaseIII
Marketing of
drug
Our business
Nordic Bioscience Holding A/S Annual Report 2025
16
Drug Development
A promising pipeline
with significant
commercial potential
We currently have several projects in our drug development
pipeline, spanning two core platforms — our dual amylin
and calcitonin receptor agonists (DACRA) and our triple
agonists — as well as a number of earlier-stage programmes
targeting areas of high unmet medical need. Together, these
projects reflect the breadth of our extracellular matrix (ECM)
expertise and our ability to translate deep biological insight
into differentiated drug candidates with significant commer-
cial potential.
Our most advanced programme, KBP-336, is a DACRA
compound under development for metabolic diseases.
By activating both the amylin and calcitonin receptors,
KBP-336 offers a unique dual mechanism of action: the
amylin receptor component supports glucose homeostasis,
promotes satiety and enhances energy expenditure, while
the calcitonin receptor component contributes to bone and
cartilage protection, pain reduction and improved insulin
sensitivity. This multi-faceted profile positions KBP-336 as
a promising candidate across a range of metabolic condi-
tions and their associated comorbidities. In 2017, we entered
into a partnership with Eli Lilly for the development of DACRA
compounds, including KBP-336, which we view as a strong
validation of the platform's clinical and commercial poten-
tial.
Our triple agonist platform combines calcitonin, amylin and
a third receptor activity into a single molecule, enabling us to
address distinct patient populations through tailored candi-
dates. KBP-718, which incorporates the GLP-1 receptor activity,
is in preparation for clinical development.
In addition, we are advancing several earlier-stage
programmes that leverage our ECM knowledge in oncology
and other fibrotic diseases.
All projects are developed entirely in-house, and we believe
each of our drug candidates has a commercially attractive
proposition supported by robust preclinical and, in several
cases, early clinical data.
Our business
Nordic Bioscience Holding A/S Annual Report 2025
17
2023 2024 2025
Business Review
Segmental Development and 2025
Performance
We experienced solid progress in both
reporting segments, and the financial
performance for 2025 for each segment
was in line with the outlook presented in the
Annual Report for 2024.
R&D Service and Diagnostics
Revenue in the R&D Service and Diagnostics
segment reached DKK 357.2 million, up from
DKK 303.4 million in 2024. The increase was
primarily driven by higher activity levels,
especially sample measurements in late-
phase studies.
Drug Development
Revenue in the Drug Development segment
was DKK 69.1 million, compared with DKK
223.9 million in 2024, where DKK 140.2 million
related to a milestone payment.
Excluding milestones, revenue timing follows
R&D costs related to the Phase II study of
KBP-336. R&D costs decreased to DKK 84.9
million in 2025 from DKK 105.5 million in 2024.
Financial statement
2025 2024
DKK ’000 DKK ’000
Revenue 426,285 527,393
Cost of goods sold -87,237 -69,628
Gross profit 339,048 457,765
Gross margin 79.5% 86.8%
Research & Development -160,214 -186,344
Admin costs -57,858 -62,768
Other operating income 6,494 8,438
EBITDA 127,469 217,091
EBITDA margin 29.9% 41.2%
Special items, net -12,924 -7,245
Depreciations & amortisation -9,683 -12,116
EBIT 104,861 197,730
Financial income 12,171 16,077
Financial expenses -36,532 -4,000
Profit before tax 80,501 209,807
Tax -25,970 -38,994
Net profit for the year 54,532 170,813
2025 revenue by segment
DKKm
R&D services and Diagnostics
Drug development
357.2303.4190.5
223.9
69.1
Our business
Nordic Bioscience Holding A/S Annual Report 2025
18
2023 2024 2025
Total Revenue and Gross Profit
Total revenue for 2025 decreased to DKK
426.3 million from DKK 527.4 million in 2024.
Gross profit decreased to DKK 339.0 million
from DKK 457.8 million. Adjusted for the DKK
140.2 million milestone in 2024, gross profit
increased by 6.7%.
Total R&D, Administrative Costs, and Other
Operating Income
Research and development costs were
DKK 160.2 million, compared with DKK 186.3
million in 2024.
Administrative costs were DKK 57.9 million,
down from DKK 62.8 million in 2024.
EBITDA
EBITDA decreased to DKK 127.5 million from
DKK 217.1 million in 2024. Adjusted for the
milestone, the EBITDA margin increased by
65.8%, driven by higher revenue in the R&D
Service and Diagnostics segment.
Special Items
Special items amount to DKK 12.5 million in
2025 and DKK 7.2 million in 2024.
Special items consist of legal, financial, and
other costs incurred as part of a strategic
review of future ownership structure.
Net Result
Net profit decreased to DKK 54.5 million in
2025 from DKK 170.8 million in 2024.
Cash Flow
Cash flow from operations decreased
to negative DKK 44.8 million, compared
with positive DKK 379.9 million in 2024.
The year-end cash position was DKK 136.7
million.
Balance Sheet
Total non-current assets were DKK 167.5
million vs. DKK 147.0 million.
Total current assets decreased to DKK 258.8
million from DKK 573.3 million.
Total equity was DKK 71.2 million, compared
with DKK 230.9 million.
Total current liabilities were DKK 321.5 million,
down from DKK 448.7 million.
Uncertainty relating to recognition and
measurement
There has been no uncertainty regarding
recognition and measurement in the Annual
Report.
Unusual events
The financial position at 31 December 2025
of the Group and the results of the activities
and cash flows of the Group for the financial
year for 2025 have not been affected by any
unusual events.
Outlook for 2025 expressed in the Annual
Report for 2024
The profit/loss for the year was in line with
the outlook expressed in the Annual Report
for 2024.
Outlook for 2026
For the R&D Service and Diagnostics
segment we expect moderate revenue
growth with slightly improved margins. For
the Drug Development segment, we are
also expecting increased activity, but no
milestone payments anticipated in 2026.
2025 EBITDA by segment
DKKm
R&D services and Diagnostics
Drug development
126.548.7
115.2
103.8
-16.5
-54.4
Our business
Nordic Bioscience Holding A/S Annual Report 2025
19
Intangible resources
Nordic Bioscience’s business model relies
significantly on intangible key resources,
including scientific know-how, intellectual
property, biomarker platforms, proprietary
laboratory methods, and internally devel-
oped data assets. These resources support
the Group’s long-term competitive position
and value creation. A substantial part of these
intangible resources has been developed
internally and are therefore not recognized as
assets in the consolidated balance sheet.
Financial instruments and risk
management
The Group uses financial instruments
primarily as part of its overall risk manage-
ment activities. Financial risk exposures
relate mainly to currency fluctuations,
interest rate developments, and counter-
party risk. Further details regarding financial
instruments and financial risk management
are provided in the notes to the consoli-
dated financial statements.
Our business
Nordic Bioscience Holding A/S Annual Report 2025
20
Nordic Bioscience is committed
to exercising good corporate
governance and strives to
comply with good governance
principles and guidelines.
Governance
and organizational stability, human rights
considerations, data protection, and cyber-
security, as well as integrity and compliance
matters.
The Board of Directors retains overall respon-
sibility for risk oversight, while Executive
Management is responsible for the imple-
mentation and operation of risk management
processes. Significant risks are reported to the
Board of Directors as part of the Company’s
regular governance procedures.
Overall responsibility for ESG matters rests
with Executive Management, with oversight
provided by the Board of Directors. ESG-re-
lated risks are monitored as part of the
Group’s risk management processes and,
where appropriate, reviewed by the Audit
Committee.
The Board of Directors consists of five
members and has appointed a Chairperson
and a Vice Chairperson. Three members
are considered independent in accordance
with applicable governance principles. The
Board represents broad international busi-
ness experience and competencies consid-
ered relevant to Nordic Bioscience.
The Board of Directors normally meets
regularly and holds extraordinary meetings
when required. During the year, the Board
regularly evaluated the Company’s stra-
tegic priorities, operational performance,
and overall risk profile.
The Board of Directors has established an
Audit Committee responsible for overseeing
financial reporting, internal controls, risk
management, compliance, and relevant
ESG-related matters, including cooper-
ation with the independent auditors. The
Audit Committee’s activities include review
of financial reporting processes, internal
controls, and risk management frameworks.
The Board of Directors has also established a
Remuneration and Nomination Committee.
The Committee supports the Board in
matters relating to remuneration policies,
governance practices, and nomination
procedures for the Board of Directors, Execu-
tive Management, and Board committees.
Ownership
Nordic Bioscience is partly owned by
Romarine ApS, controlled by founders
Claus Christiansen and Bente Chris-
tiansen, with 74.0% of the share capital,
KKR Precision Aggregator L.P. with 10.2%
of the share capital, and Nordic Life
Science Consulting ApS, controlled by
CEO Morten Karsdal and CFO Thomas
Nielsen, with 9.2% of the share capital.
Other shareholders, consisting of three
board members and employees,
together hold the remaining part of the
share capital.
The Company applies a two-tier govern-
ance structure consisting of the Board of
Directors and Executive Management. The
governing bodies are separate and have
no overlapping members, ensuring a clear
allocation of responsibilities between stra-
tegic oversight and operational manage-
ment. The Board of Directors is responsible
for the Company’s overall strategic direc-
tion, governance framework, and supervi-
sion of activities, while Executive Manage-
ment is responsible for the day-to-day
management of operations.
Risk management constitutes an integrated
component of the Company’s governance
framework and is embedded across the
Group’s activities and decision-making
processes. The Company continuously
evaluates its risk management policies
and internal control procedures to ensure
appropriate mitigation of identified risks.
Risk management activities include the
identification, assessment, and manage-
ment of operational, regulatory, finan-
cial, compliance, and ESG-related risks.
ESG-related risks include those associated
with environmental impacts, workforce
Corporate Governance
Nordic Bioscience Holding A/S Annual Report 2025
22
Executive Management
Morten Asser Karsdal
CEO
Danish, born 1973
With Nordic Bioscience since 2001,
CEO since 2010
Previous positions: Chair ProScion
ApS, board member NBCD A/S,
Clinical-Microbiomics A/S, board
member Vivoryon Therapeutics
N.V.
Education: MSc in Cell and Molec-
ular Biology from the Technical
University of Denmark as well as a
PhD in Bone and Cartilage Phar-
macology from the University of
Southern Denmark
Thomas Nielsen
CFO
Danish, born 1974
Joined Nordic Bioscience in 2007
as CFO
Other positions: Chair DESCOM
A/S, Chair Alma Mademarked A/S,
board member Electa P/S, Director
of Romarine ApS, Miramare ApS.
Previous positions: Board member
RISMA Systems A/S, Sanos A/S,
NBCD A/S, board member Den
Danske Forskningsfond.
Education: Graduate Diploma in
Business Administration, Financial
and Management Accounting
and a MSc in Accounting, Audit
and Business Management from
Copenhagen Business School.
Morten A. Karsdal
CEO
Thomas Nielsen
CFO
Corporate Governance
Nordic Bioscience Holding A/S Annual Report 2025
23
Håkan Björklund
Chair
Chair Remuneration
and Nomination Committee
Swedish, born 1956
Joined the Board November
2024
Other positions: Board
member Intervacc, Bohus,
Tellacq. Board member
Bonesupport, advisor to
Rothschild Private Equity
Previous experience: CEO
Nycomed. Chair Asker
Healthcare Group. Board
member Alere, Coloplast,
Lundbeck, Biovitrum
Steffen Kragh
Vice Chair
Chair Audit Committee,
member Remuneration and
Nomination Committee
Danish, born 1964
Joined the Board November
2024
Other positions: CEO Egmont,
Chair Tryg
Previous experience: Chair
Nykredit. Chair Lundbeck-
foundation
Claus Henrik
Christiansen
Board Member
Member Remuneration and
Nomination Committee
Danish, born 1942
Joined the Board November
2008 (Chair 2008 to 2022)
Other positions: Chair
Den Danske Forsknings-
fond, Romarine ApS. Board
member RISMA Systems A/S
and Spora ApS.
Previous experience:
Founder of Nordic Bioscience
Kugan Sathiyanandarajah
Board Member
Member Audit
Committee
British, born 1986
Joined the Board March 2021
Other positions: Board
member of Argenta,
Nordic Biosciences, Dawn
Bio pharma, Biosynth Carbo-
synth, Alliance Pharma,
Clinisupplies, Gamma
Biosciences and Replay.
Previous experience:
Goldman Sachs
Henrik Bernt Sanders
Board Member
Member Audit
Committee
Danish, born 1965
Joined the Board March 2011
Other Positions: H.H. Ejendomsinvest ApS, Anders Nielsen &
Co A/S, Elmelund Holding ApS, Henrik Steenbjerge Holding
A/S, Advokatanpartsselskabet Mazanti-Andersen, Mazan-
ti-Andersen Advokatpartnerselskab, True Content Entertain-
ment ApS, Malerfirmaet Hoverby A/S, J.P. Hoverby A/S, H.H.
Holding ApS, Ihm A/S, Den Danske Forskningsfond, A/S A. P.
Botved, Gobsmack Productions A/S, Romarine ApS, Hilde-
brandt Hammer Hotels ApS, Almindelig Reklamebureau A/S,
Hasbo Drilling & Water Engineering A/S, Alma Mad ApS
Previous experience: Investigate North ApS, Sanos Group A/S
Board of Directors
Corporate Governance
Nordic Bioscience Holding A/S Annual Report 2025
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Corporate Governance
Environmental, Social and Governance (ESG)
ESG
Nordic Bioscience Holding A/S Annual Report 2025
26
ESG
Nordic Bioscience Holding A/S Annual Report 2025
27
ESG
Nordic Bioscience Holding A/S Annual Report 2025
28
ESG
Nordic Bioscience Holding A/S Annual Report 2025
29
Consolidated financial statements
Contents the Consolidated
financial statements
Income statement 32
Comprehensive income statement 32
Balance sheet 33
Statement of changes in equity 34
Cash flow statement 35
Note 1 Summary of material accounting policies 36
Note 2 Significant estimates and judgements 44
Note 3 Segment reporting 46
Note 4 Revenue from contracts with customers 49
Note 5 Breakdown of expenses by nature 51
Note 6 Staff costs 51
Note 7 Special items 56
Note 8 Financial income and expenses 58
Note 9 Income tax expense 58
Note 10 Deferred tax 59
Note 11 Intangible assets 60
Note 12 Property, plant and equipment 62
Note 13 Leases 63
Note 14 Inventories 63
Note 15 Financial assets and financial liabilities 64
Note 16 Financial risk management 64
Note 17 Cash flow specifications 67
Note 18 Share capital 68
Note 19 Earnings per share 68
Note 20 Capital management 70
Note 21 Contingent liabilities, commitments and contingencies 70
Note 22 Related party transactions 71
Note 23 Fee to auditors 71
Note 24 Interests in other entities 72
Note 25 Subsequent events 72
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
31
Comprehensive income statement
Income statement
for the year ended 31 December 2025
Note 2025 2024
TDKK TDKK
Revenue 4 426,285 527,393
Production expenses 5 -88,035 -70,426
Gross profit 338,250 456,967
Research and development costs 5 -163,630 -190,725
Administrative costs 5 -63,326 -69,706
Other operating income 6,494 8,438
Operating profit before special items 117,787 204,974
Special items, net 7 -12,924 -7,245
Financial income 8 12,171 16,077
Financial expenses 8 -36,532 -4,000
Profit before tax 80,502 209,806
Tax on profit/loss for the year 9 -25,970 -38,993
Net profit for the year 54,532 170,813
Net profit for the period is attributable to:
Owners of Nordic Bioscience Holding A/S 54,532 170,813
Minority interests - -
Earnings per share for profit attributable to the ordinary equity
holders of the company:
Basic earnings per share 19 0.05 0.16
Diluted earnings per share 19 0.05 0.16
Comprehensive income
for the year ended 31 December 2025
Note 2025 2024
TDKK TDKK
Profit for the year 54,532 170,813
Other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations 2,292 -42
Other comprehensive income for the period, net of tax 2,292 -42
Total comprehensive income for the period 56,824 170,771
Total comprehensive income for the period is attributable to:
Owners of Nordic Bioscience Holding A/S 56,824 170,771
56,824 170,771
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
32
Balance sheet
as at 31 December 2025
Assets
Note 2025 2024
TDKK TDKK
Non-current assets
Intangible assets 11 930 4,057
Land and buildings 12 84,261 64,286
Other fixtures and fittings, tools and equipment 12, 13 8,471 10,865
Deferred tax asset 10 73,669 67,776
Total non-current assets 167,332 146,984
Current assets
Inventories 14 25,988 19,944
Trade receivables 15 27,687 82,912
Contract assets 4 62,957 13,436
Other receivables 15 5,436 1,620
Cash and cash equivalents 136,691 455,420
Total current assets 258,759 573,332
Total assets 426,092 720,316
Liabilities and equity
Note 2025 2024
TDKK TDKK
Equity
Share capital 18 10,616 10,616
Reserve for translation of foreign operations 6,044 3,752
Retained earnings 54,524 216,581
Total equity 71,184 230,949
Liabilities
Non-current liabilities
Mortgage debt 15 31,346 37,041
Lease Liabilities 13 1,969 2,398
Deferred tax 10 0 1,207
Total non-current liabilities 33,315 40,647
Current liabilities
Mortgage debt 15 5,654 2,806
Lease Liabilities 13 563 671
Contract liabilities 4 213,423 329,000
Prepayments 6,945 8,509
Trade payables 15 23,788 24,201
Current tax liabilities 47,061 65,629
Other payables 24,159 17,904
Total current liabilities 321,593 448,720
Total liabilities 354,907 489,366
Total liabilities and equity 426,092 720,316
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
33
Statement of changes in equity
for the year ended 31 December 2025
Group
Share
capital
Reserve for
translation
of foreign
operations
Retained
earnings
Total
equity
TDKK TDKK TDKK TDKK
As at 1 January 2025 10,616 3,752 216,580 230,948
Profit for the period - - 54,532 54,532
Other comprehensive income - 2,292 - 2,292
Total comprehensive income - 2,292 54,532 56,824
Transactions with owners in their capacity as owners
Dividend paid - - -220,004 -220,004
Share-based payments - - 3,417 3,417
As at 31 December 2025 10,616 6,044 54,525 71,184
As at 1 January 2024 10,616 3,794 29,659 44,069
Profit for the period - - 170,813 170,813
Other comprehensive income - -42 - -42
Total comprehensive income 10,616 3,752 200,472 170,771
Transactions with owners in their capacity as owners
Share-based payments - - 16,108 16,108
As at 31 December 2024 10,616 3,752 216,580 230,948
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
34
Cash flow statement
for the year ended 31 December 2025
Note 2025 2024
TDKK TDKK
Cash flows from operating activities
Net profit (loss) for the year 54,532 170,813
Adjustment for non-cash items 17 63,430 55,142
Changes in net working capital 17 -127,109 155,980
Financial income received 18,045 10,661
Financial expenses paid -7,494 -4,000
Income taxes paid -46,165 -8,740
Net cash inflow from operating activities -44,761 379,856
Cash flows from investing activities
Acquisitions of property, plant and equipment -23,831 -2,599
Acquisitions and disposals of intangible assets -289 -1,263
Net cash inflow from investing activities -24,120 -3,862
Note 2025 2024
TDKK TDKK
Cash flows from financing activities
Dividends paid -220,004 -
Installment on leases 17 -537 -512
Mortgage debt raised/paid 17 -2,847 -2,772
Net cash inflow (outflow) from financing activities -223,388 -3,284
Net increase (decrease) in cash and cash equivalents -292,269 372,710
Cash and cash equivalents at the beginning of the financial year 455,421 81,947
Effects of exchange rate changes on cash and cash equivalents -26,461 764
Cash and cash equivalents at end of year 136,691 455,421
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
35
Notes to the consolidated financial statements
The consolidated financial statements of Nordic Bioscience Holding A/S and its subsidiaries ('the
group') for the financial year 1 January to December 31 2025 were authorised for issue in accord-
ance with a resolution of the board of directors on 12 March 2026.
This note provides a list of the significant accounting policies adopted in the preparation of these
consolidated financial statements. These policies have been consistently applied to all the years
presented, unless otherwise stated. The consolidated financial statements are for the group
consisting of Nordic Bioscience Holding A/S and its subsidiaries.
Basis of preparation
The consolidated financial statements of the group have been prepared in accordance with
International Financial Accounting Standards (IFRS) as adopted by the EU as well as additional the
Danish disclosure requirements applying to entities of reporting class C for large-sized enterprises.
The consolidated financial statements have been prepared on a historical cost basis.
The consolidated financial statements are presented in DKK and all values are rounded to the
nearest thousand, except when otherwise indicated.
New standards and interpretations not yet adopted
Certain new accounting standards, amendments to accounting standards and interpretations
have been published that are not mandatory for the 2025 reporting period and have not been
early adopted by the group. These standards, amendments or interpretations are not expected to
have a material impact on the group in the current or future reporting periods and on foreseeable
future transactions.
Principles of consolidation
Subsidiaries
Subsidiaries are all entities over which the group has control. The group controls an entity where
the group is exposed to, or has rights to, variable returns from its involvement with the entity and
has the ability to affect those returns through its power to direct the activities of the group. Subsid-
iaries are fully consolidated from the date on which control is transferred to the group. They are
deconsolidated from the date that control ceases.
The acquisition method of accounting is used to account for business combinations by the group.
Inter-company transactions, balances and unrealised gains on transactions between group
companies are eliminated. Unrealised losses are also eliminated unless the transaction provides
evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with the policies adopted by the group.
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the group’s entities are measured using
the currency of the primary economic environment in which the entity operates (‘the functional
currency’). The consolidated financial statements are presented in Danish Kroner (DKK).
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement
of such transactions, and from the translation of monetary assets and liabilities denominated in
foreign currencies at year end exchange rates, are generally recognised in profit or loss.
On consolidation, exchange differences arising from the translation of any net investment in
foreign entities are recognised in other comprehensive income. When a foreign operation is sold
the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on
sale.
New accounting regulations
The IASB has issued new standards and amendments not yet in effect or adopted by the EU and
therefore not relevant for the preparation of the 2025 consolidated financial statements. The
Group expects to implement the standards and amendments when they take effect.
1. Summary of material accounting policies
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
36
Notes to the consolidated financial statements
Management assesses that none of the issued standards and amendments not yet in effect will
significantly impact the recognition and measurement policies of the Group. The Group has initi-
ated but has not yet completed its analysis of the impact of IFRS 18 on the Group’s financial state-
ments and accompanying notes
Income statement
Revenue
The group is in the business of preclinical and clinical drug development and is specialized in
precision medicine using unique biomarker technologies.
Revenue is recognised when customers obtain control of promised goods or services, at an
amount that reflects the consideration that the entity expects to receive in exchange for those
goods or services. Unless otherwise stated below the significant payment terms are generally that
revenue is paid upfront.
For the purpose of recognising revenue, the group distinguishes between its typical customer
contracts consisting of 1. R&D Services, 2. Clinical diagnostics, and 3. Drug development. 1. and 2.
comprising the segment R&D services and Diagnostics and 3 comprising the segment Drug Devel-
opment.
R&D Services
Under these contract types, the group is collaborating with the customers in research projects,
which aim to provide services to the customer to facilitate drug discovery and data analysis
across both pre-clinical and clinical phases.
The contracts contain various work packages (e.g. translation research and sample measure-
ment, rodent assay development, and ex vivo and in vitro validation), each comprising a separate
performance obligation.
The transaction price includes a single fixed non-refundable upfront fee plus any milestone
payments to the extent that it is highly probable that a significant reversal in the amount of cumu-
lative revenue recognized will not occur when the uncertainty associated with the specific mile-
stone payment is subsequently resolved.
Management has assessed that the price stated in the contract for each work package is equal
to the stand-alone selling price of each work package. The milestone payments are allocated to
each work package to which the milestone relates.
Revenue related to all performance obligations is recognized over time as the customer receives
and consumes the benefits as the group performs, by reference to the method that most faith-
fully depicts the group's performance in transferring control of the performance obligation. This is
either by reference to the number of data points transferred relative to the number of data points
expected to be transferred (output) or by reference to labour hours spent compared to the total
estimate of hours to be spent to complete the work (input).
Clinical diagnostics
Under these sample-measurement contract types, the group is to provide various services with
respect to clinical trials, quality control, data management and analysis, and measurement of
preclinical and clinical samples. Specifically, this includes the provision of various biomarkers, a
statistical package, bioanalytical reports and project management.
Although the customers may be able to benefit from the various deliverables on their own, the
contracts comprise a single performance obligation (i.e., a sample measurement project) as
the nature of the promise is to deliver a combined output to which the promised deliverables are
inputs. The group provides a significant service of integrating the deliverables into a bundle and
the nature of the promise (from the customer’s perspective) is to receive the final results of the
sample-measurement. It is not to receive each deliverable on a stand-alone basis.
The transaction price is fixed and does not include any forms of variable consideration.
Revenue is recognised over time as the group’s performance does not create an asset with an
alternative use to the group, and the group has an enforceable right to payment for performance
completed to date.
1. Summary of material accounting policies (continued)
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
37
Notes to the consolidated financial statements
Revenue is recognised based on samples measured to date relative to the total samples to be
measured (output), which is the method that most faithfully depicts the group's performance in
transferring control of the performance obligation. This is because the group’s effort in measuring
samples is the main value of the project. The credit term is 30 days from the invoice date
Drug development
For the purpose of providing an understanding of the activities in the drug development revenue
category, the group has identified one major contract that is representative for the material
accounting policies related to revenue recognition in the category:
Eli Lilly and Company collaboration and license agreement
In July 2024, the group entered into a collaboration and license agreement with Eli Lilly and
Company (Lilly) to further develop one or more DACRA compounds and if successfully developed
for Lilly to commercialize the compounds.
At contract inception, the group granted Lilly an exclusive license to the compounds.
Under the agreement the group has received a non-refundable upfront payment of USD 50 million.
The agreement also provides the potential for regulatory milestone payments, commercial mile-
stone payments, and royalty payments related to the compounds’ regulatory approval, commer-
cialization and subsequent product sales.
Both the exclusive license and development services are assessed to comprise separate perfor-
mance obligations because both are capable of being distinct and distinct within the context of
the contract.
At contract inception the transaction price consists solely of the non-refundable upfront payment
due to the significant uncertainty associated with the future events that would trigger milestone
payments (i.e. milestone payments are fully constrained at contract inception). Royalty payments
are only recognised when the subsequent sale occurs and the group is entitled to receive royalty
payments.
The non-refundable upfront payment is thus allocated based on the relative stand-alone selling
prices of the license and development services, respectively. To estimate the stand-alone selling
prices the residual approach has been applied since no established price for the license is present
(refer to note 2). Variable consideration (e.g. when a milestone payment is triggered) is allocated
to the license and development services based on their relative stand-alone selling prices (refer to
note 2).
Revenue related to the license is recognised at a point in time. Revenue related to development
services are recognised over the service period by reference to costs incurred compared to the
total estimated costs to be spent to complete the work.
General policy considerations
For contracts comprising a license to the group's intellectual property, as well as research and
development services, the group considers whether there are multiple performance obligations to
which a portion of the transaction price needs to be allocated.
In determining whether the license is a separate performance obligation, the group considers
whether the license is both capable of being distinct and distinct within the context of the contract.
The group considers this determination a significant judgment (refer to note 2).
Where the contracts include multiple performance obligations, the transaction price will be allo-
cated to each performance obligation based on the stand-alone selling prices. Where these are
not directly observable, they are estimated based on a residual value approach.
The contracts may comprise both fixed and variable consideration. The fixed consideration usually
consists of a non-refundable upfront fee. For the variable consideration, the group estimates the
amount of consideration to which it will be entitled in exchange for transferring the goods to the
customer. The variable consideration is estimated at contract inception and constrained until it is
highly probable that a significant revenue reversal in the amount of cumulative revenue recog-
nised will not occur when the associated uncertainty with the variable consideration is subse-
quently resolved.
1. Summary of material accounting policies (continued)
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
38
Notes to the consolidated financial statements
If the license is determined to comprise a seperate performance obligation, the portion of the
transaction price allocated to the license is recognized at a point in time. This is usually at contract
inception.
Revenue from providing services is recognized over time as the services are rendered, measuring
progress on the basis of costs.
Government grants
Grants from the government are recognised at their proceeds received where there is a reason-
able assurance that the grant will be received and the group will comply with all attached condi-
tions. Government grants relates to EU-projects.
Government grants relating to costs are deferred and recognised in profit or loss over the period
necessary to match them with the costs that they are intended to compensate. It is recognised as
other operating income.
Upfront payment of grants are included in the "prepayments" line items as deferred income and
they are recognised when the costs related to the EU projects are recognised.
Production costs
Production costs comprise expenses incurred to earn revenue for the financial year. Production
costs comprise direct and indirect costs for wages and salaries, rent and lease, and amortisation,
depreciation and impairment losses relating to intangible assets and property, plant and equip-
ment included in the production process.
Research and development costs
Research and development costs comprise research costs, costs of development projects not
qualifying for recognition in the balance sheet such as staff costs and amortisation and impair-
ment losses relating to development projects.
Administrative costs
Administrative expenses comprise expenses incurred for the group’s administrative functions,
including wages and salaries for administrative staff and Management, rent, stationary and office
supplies, and amortisation, depreciation and impairment losses relating to intangible assets and
property, plant and equipment used for administration of the group.
Other operating income
Other operating income comprises income of a secondary nature as viewed in realtion to the
group's primary activities.
Share-based payments
Share-based compensation benefits are provided to employees of Nordic Bioscience and inlcude
a warrants-program and restricted stock units program (RSUs).
The fair value of the warrants and RSUs granted under equity settled programs are recognised as
an expense with a corresponding increase in equity.
The total amount to be expensed is determined by reference to the grant date fair value of the
warrants and RSUs respectively.
Since there is no exercise prise for the RSU's, the value if eacg RSU equals the share on the date
employees are granted with the RSU's. The share price used for the grant of the RSU's is estimated
at the amount that reflects the latest aquistion price between in dependant shareholders.
At grant date, the value of the warrants have been valued using the Black-Scholes option pricing
model, which is a commonly used model for warrant pricing. The assumptions applied in the
Black-Scholes valuation of the warrants are summarised in note 6.
The total expense is recognised over the vesting period, which is the period over which all of the
specified vesting conditions are to be satisfied. At the end of each period, the Company revises its
estimates of the number of warrants and RSU’s that are expected to vest based on the non-market
1. Summary of material accounting policies (continued)
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
39
Notes to the consolidated financial statements
vesting and service conditions. It recognises the impact of the revision to original estimates, if any,
in profit or loss, with a corresponding adjustment to equity.
Warrants subject to accelerated vesting clauses are reassessed at the reporting date to deter-
mine the length of the service period. Any change in the service period is accounted for as a
change in estimate and any catch-up effect is expensed. The cost allocated to the remaining
service period are expensed immediately for cancelled warrants.
Financial income and expenses
Financial income and expenses comprise interest income and expenses on financial assets and
liabilities at amortised cost calculated using the effective interest method and exchange rate
ajustments.
Tax on profit/loss for the year
Tax for the year, which consists of current tax for the year and changes in deferred tax, is recog-
nised in the income statement by the portion attributable to the profit for the year and recognised
directly in equity by the portion attributable to entries directly in equity.
Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to
the chief operating decision maker. The Group's chief operating decision maker (CODM), consisting
of the chief executive officer and chief financial officer, examines the Group's performance both
from a product and geographic perspective.
Measurement of earnings per segment
The Group's chief operating decision maker (CODM) uses EBIT to assess the performance of the
operating segments. It excludes the effects of significant items of income and expenditure which
may have an impact on the quality of earnings such as restructuring costs, legal expenses and
impairments where the impairment is the result of an isolated, non-recurring event.
Financial income and financial expenses are not allocated to segments, as this type of activity is
driven by the central treasury function, which manages the cash position of the group.
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing:
- the profit attributable to owners of the company, excluding any costs of servicing equity other
than ordinary shares
- by the weighted average number of ordinary shares outstanding during the financial year, adjusted
for bonus elements in ordinary shares issued during the year and excluding treasury shares.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per
share to take into account:
- the after-income tax effect of interest and other financing costs associated with dilutive poten-
tial ordinary shares, and
- the weighted average number of additional ordinary shares that would have been outstanding
assuming the conversion of all dilutive potential ordinary shares.
Balance sheet
Intangible assets
Intangible assets comprise comprise completed development projects and development projects
in progress.
All intangible assets except for development projects in progress are measured at cost less accu-
mulated amortisation.
Development projects in progress are not amortized until the asset is ready for use. Instead they
are tested annually for impairment.
1. Summary of material accounting policies (continued)
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
40
Notes to the consolidated financial statements
Intangible assets are written down to the lower of recoverable amount and carrying amount.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-
line amortisation is made on the basis of the following estimated useful lives of the assets:
Completed development projects 3 years
Land and buildings, other fixtures and fittings, tools and equipment
Land and buildings and other fixtures and fittings, are measured at cost less accumulated depre-
ciation and impairment losses. Land is not depreciated.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation
costs of the asset until the time when it is ready to be put into operation.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-
line depreciation is made on the basis of the following estimated useful lives of the assets:
Buildings 50 years
Other fixtures and fittings, tools and equipment 3-7 years
Estimated useful lives and residual values are reassessed annually and property plant & equip-
ment is tested for impairment if indication are present.
Items of property, plant and equipment are written down to the lower of recoverable amount and
carrying amount.
Leases
The Group assesses at contract inception whether a contract is, or contain, a lease. This is, if
the contract conveys the right to control the use of an identified assets for a period of time in
exchange for consideration.
The Group recognises lease liabilities to make lease payments and right-of-use assets repre-
senting the right to use the underlying asset.
Right-of-use assets
The Group recognises right-of-use assets at the commencement date for the leases. Right-of-use
assets are measured at cost, less any accumulated depreciation and impairment losses, and
adjusted for any remeasurement of lease liabilities.
The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct
costs incurred, and lease payments made at or before the commencement date less lease incen-
tives received. Right-of-use assets are depreciated over the shorter of the asset's useful life and
lease term on a straight-line basis.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the
present value for lease payments to be made over the lease term. The lease payments include
fixed payments less any lease incentives receivable, variable lease payments that depend on
a index or a rate, and amounts expected to be paid under residual value guarantiees. The lease
payment also include the exercise price of a purchase option reasonably certain to be exercised
by the Group and payments of penalties for terminating the lease, if the lease term reflects the
Group exercising the option to terminate. Variable lease payments that do not depend on an index
or a rate are recognised as expenses in the period in which the event or condition that triggers the
payment occurs. Non-lease components are not included in the calculation of lease liabilities.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate
at the lease commencement date because the implied interest of the lease is not readily deter-
minable. After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. Additionally, the carrying amount
of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in
the lease payments, or a change in the assessment of an option to purchase the underlying asset.
1. Summary of material accounting policies (continued)
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
41
Notes to the consolidated financial statements
Short term leases and leases of low-value assets
The Group applies the short-term recognition exemption to its short-term leases insofar the
leases have a lease term of 12 months or less from the commencement date and do not contain a
purchase option. Furthermore, the Group applies the lease of low-value assets recognition exemp-
tion to leases that are considered to be of low value. Lease payments on short-term and low value
assets are recognised as expenses on a straight-line basis over the lease term.
Inventories
Inventories are measured at the lower of cost using the FIFO method and net realisable value.
The cost comprises direct materials, being typical lab tools and equipment used in the ordinary
operations. Costs of purchased inventory are determined after deducting rebates and discounts.
The net realisable value of inventories is calculated as the estimated selling price less completion
costs and costs incurred to execute sale.
Receivables
Trade receivables are initially measured at transaction value according to IFRS 15 and subse-
quently measured at amortised cost. Trade receivables are written down for expected credit
losses. The group applies the simplified approach under IFRS 9 to measure expected credit losses
which uses a lifetime expected loss allowance for receivables and contract assets.
Other receivables are initally measured at fair value and subsequently at amortised cost.
Contract work in progress (contract asset and liabilities)
Contract work in progress is measured at the selling price of the work carried out at the balance
sheet date. Contract assets are written down for expected credit losses with the simplified approach.
The selling price is measured based on the stage of completion and the total estimated income
from the individual contracts in progress. The stage of completion is determined as the ratio of
actual to total budgeted consumption of resources.
If the selling price of a contract in progress cannot be made up reliably, it is measured at the lower
of costs incurred and net realisable value.
Each contract in progress is recognised in the balance sheet in receivables or liabilities other than
provisions, depending on whether the net value, calculated as the selling price less prepayments
received, is positive or negative.
Costs of sales work and of securing contracts, and finance costs are recognised in the income
statement as incurred.
Tax payable or receivable
Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on
this year's taxable income, adjusted for prepaid tax.
Joint taxation contributions payable or receivable
Current joint taxation (with companies outside the group) contributions payable or receivable are
recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted
for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such
losses are expected to be used under the joint taxation arrangement.
Prepayments (assets)
Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are
measured at cost.
Cash and cash equivalents
Cash and cash equivalents comprises cash in hand and bank deposits.
Treasury shares
Acquisition and selling prices and dividends of treasury shares are classified directly as equity
under retained earnings. Gains and losses from sale are not recognised in the income state-
ment. Capital reduction by cancellation of treasury shares reduces the contributed capital by an
amount corresponding to their nominal value.
1. Summary of material accounting policies (continued)
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
42
Notes to the consolidated financial statements
Deferred tax
Deferred tax is recognised on all temporary differences between the carrying amount and the
tax-based value of assets and liabilities, for which the tax-based value is calculated based on the
planned use of each asset.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be avail-
able to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset
current tax assets and liabilities and where the deferred tax balances relate to the same taxation
authority. Current tax assets and tax liabilities are offset where the entity has a legally enforce-
able right to offset and intends either to settle on a net basis, or to realise the asset and settle the
liability simultaneously.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance
sheet to the extent that it is probable that taxable profit will be avilable against which loses can be
utilised.
The group accepts government sponsored tax credits and incentives with strict adherence to the
rules and in line with the economic substance of the group’s business activities. Under Danish tax,
the group is eligible to receive cash refunds on qualifying research and development costs. As
such, tax deductions related to qualifying research and development costs have been recognised
for all periods presented.
Mortgage debt
At the time of borrowing, mortgage debt to mortgage credit institutions is measured at fair value
less less transaction costs. Mortgage debt is subsequently measured at amortised cost. This
means that the difference between the proceeds at the time of borrowing and the nominal repay-
able amount of the loan is recognised in the income statement as a financial expense over the
term of the loan applying the effective interest method.
1. Summary of material accounting policies (continued)
Other payables
Other financial liabilities are measured at amortised cost, which usually corresponds to nominal
value.
Prepayments (liability)
Prepayments comprise amounts grants received from EU-projects. Prepayments related to
EU-projects are recognised as other operating income when the group performs under the
EU-projects.
Equity
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
shares are shown in equity as a deduction, net of tax, from the proceeds.
Dividends
Dividend is recognised as a liability at the time of adoption at the general meeting. Proposed
dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend
adopted in the financial year is recognised directly in equity when distributed and disclosed as a
separate item in Management's proposal for distribution of profit/loss.
Cash flow statement
The cash flow statement shows cash flows from operating, investing and financing activities, and
cash and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as
the operating profit/loss adjusted for non-cash operating items, working capital changes, and
financial income, financial expenses and income tax paid.
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
43
Notes to the consolidated financial statements
1. Summary of material accounting policies (continued)
Cash flows from investing activities comprise payments in connection with acquisition and divest-
ment of enterprises, activities and fixed asset investments, and purchase, development, improve-
ment and sale, etc of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contrib-
uted capital and related costs, and the raising of loans, repayments of interest-bearing debt,
including lease liabilities, purchase of treasury shares and payment of dividend.
Financial highlights
Solvency ratio Equity at year end x 100 / Total assets at year end
Net margin Profit-Loss for the year x 100 / Revenue
Return on equity Net profit of the year x 100 / Average equity
2. Significant estimates and judgements
The preparation of financial statements requires the use of accounting estimates which, by defini-
tion, will seldom equal the actual results. Management also needs to exercise judgement in applying
the group’s accounting policies.
This note provides an overview of the areas that involve a higher degree of judgement or complexity,
and of items which are more likely to be materially adjusted due to estimates and assumptions
turning out to be wrong. Detailed information about each of these estimates and judgements is
included in other notes together with information about the basis of calculation for each affected
line item in the financial statements.
Judgements
Revenue
Drug development (licenses, research and development services)
For contracts comprising a license to the group's intellectual property, as well as research and
development services, management carefully considers whether the license is distinct (i.e., the
license is a separate performance obligation).
If the license to the group's intellectual property is determined to be distinct, the group recognises the
portion of the transaction price allocated to the license once the license is transferred to the licensee
and the licensee is able to use and benefit from the license. This is usually at contract inception.
Licenses that are non-distinct are bundled with the related research and development services
and the total transaction price is recognized as revenue over time using cost as the method of
measuring progress.
In determining whether the license is distinct, Management carefully considers all facts and
circumstances. A license is usually distinct if the related services could be readily performed by
another entity and the related services are not expected to significantly modify or customize the
intellectual property. However, whether a license is distinct depends on the specific circumstances
under the contract. If the license is in an early stage and the related services are expected to
involve significant further development of the intellectual property, the license is likely not distinct.
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
44
Notes to the consolidated financial statements
2. Significant estimates and judgements (continued)
Drug development (amount and timing of recognition of variable consideration)
For contracts comprising the potential for milestone payments triggered by the occurrence or
non-occurrence of future events (i.e. variable consideration), management carefully considers the
amount of variable consideration to include in the transaction price and only include an amount
to the extent that it is highly probable that a significant reversal in the amount of cumulative
revenue recognised will not occur once the uncertainty related to the variable consideration is
subsequently resolved.
As a result of past experience with milestones, management has determined that milestones
cannot be included in the transaction price at contract inception.
This is due to the fact that many of the events related to the milestone payments are susceptible
to factors outside the influence of the group. Additionally, the uncertainty related to the mile-
stone payments are not expected to be resolved for a long period of time at contract inception.
Therefore, variable consideration is recognised as revenue when the group is entitled to receive
payment.
At the end of each reporting period, management updates its assessment of whether the mile-
stone payments are constrained by considering the likelihood of a potential significant revenue
reversal.
Estimates
Revenue
Drug development (stand-alone selling prices of licenses and research/development services)
For contracts comprising a license to the group's intellectual property, as well as research and
development services determined to be separate performance obligations, management allo-
cates the transactions price based on the relative stand-alone selling prices of the license and
development services, respectively.
When the stand-alone selling prices of a license is not readily observable, management has
decided to apply a residual approach in estimating its stand-alone selling price.
The stand-alone selling price of the development services are readily observable as the group
regularly sells identical services on a stand-alone basis. Consequently, in calculating the stand-
alone selling price of the license, the stand-alone selling price of the development services is
deducted from the total transaction price.
Recognition of revenue over time (percentage of completion)
For revenue recognised over time, the group applies the percentage of completion method. The
group applies both input-based (e.g. costs incurred) and output-based (e.g. units produced)
methods in determining the percentage of completion. The method is applied when the costs
incurred or units produced can be reliably estimated by reference to the expected total costs to be
incurred or total units to be produced, respectively.
The use of the percentage of completion method involves significant estimation. Changes in the
estimated total costs or the actual costs incurred can materially affect the amount of revenue
recognised in each reporting period. The group regularly reviews and updates these estimates to
reflect the most current information available.
Deferred tax asset
Estimate of utilization of deferred tax asset
Deferred tax assets are recognized for all unused tax losses and difference values to the extent it is
deemed likely that within the foreseeable future taxable profits will be realized in which the losses
and the difference values can be utilized. Determining the size of the amount that can be recog-
nized for deferred tax assets is based on management’s estimate of the likely time and amount of
future taxable profits. At 31 December 2025, the carrying value of recognized tax was DKK 73,669k,
which is estimated to be realized in the foreseeable future (3 years or less), see note 10.
Estimating fair value
Estimating fair value for share-based payment transactions requires determination of the most
appropriate valuation model, which depends on the terms and conditions of the grant. This esti-
mate also requires determination of the most appropriate inputs to the valuation model. In valuing
the shares, Management has applied a valuation technique that focuses on the Group as a whole
as a starting point and includes market multiples. The assumptions and models used for esti-
mating the fair value of the incentive program are disclosed in note 6.
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
45
Notes to the consolidated financial statements
Description of segments and principal activities
Operating segments are reported in a manner consistent with the internal reporting provided to
the chief operating decision maker.
The Group's chief operating decision maker (CODM), consisting of the chief executive officer and
chief financial officer, examines the Group's performance both from a product and geographic
perspective and has identified two reportable segments of which the Group derives its revenues:
R&D service and Diagnostics
The R&D service and Diagnostics business provides scientific services based on Nordic
Biosciences biomarkers. In addition to R&D collaborations with customers, samples are measured
in the CAP certified lab in Herlev, Denmark. Selected biomarkers are licensed to diagnostic compa-
nies and generates license-income. In 2025 the service business was expanded with the launch
of PRO-C3 Kit-in-the box (KIB). KIB is standarized PRO-C3 biomarker set customers can acquire to
perform measurements with PRO-C3 on their own with instructions to follow.
Drug development
The drug development business has strong drug candidates in both clinical and preclinical devel-
opment. This part of the business is carried out in Switzerland.
All other segments and eliminations
TThis relates to group cost unrelated to the two operating segments and to eliminations.
The Group's chief operating decision maker (CODM) uses EBIT to assess the performance of the
operating segments. It excludes the effects of significant items of income and expenditure which
may have an impact on the quality of earnings such as restructuring costs, legal expenses and
impairments where the impairment is the result of an isolated, non-recurring event.
Financial income and financial expenses are not allocated to segments, as this type of activity is
driven by the central treasury function, which manages the cash position of the group.
Major customers
The Group had 3 major customers in 2025. Transactions from these customers amount to 44% of
the Group's revenue in 2025. Compared to 2024 the Group's 3 major customers transaction was 61%
of the Group's revenue.
Major customer #1 contributes to 18% of the Group's revenue in 2025, which amounts to TDKK
78,699, compared to the 2024 revenue major customer #1 which contributed to 42% of the Group's
revenue. This is a change in -24% and a change in which customer is the largest to the Group.
Major customer #2 contributed to 17% of the Group's revenue in 2025, which amounts to TDKK
70,663, compared to the 2024 revenue major customer #2 which contributed to 10% of the Group's
revenue. The major customer #2 in 2025 was the #1 customer in 2024, which shows this customer
contribute to less revenue than previous year.
Major customer #3 contributed to 9% of the Group's revenue in 2025, which amounts to TDKK
37,869, compared to the 2024 revenue major customer #3 which contributed to 8% of the Group's
revenue. The major customer #3 in 2025 was the #2 customer in 2024, which shows this customer
contribute to less revenue than previous year.
In 2025, the Group’s customer concentration changed significantly compared with 2024, as
revenue from the three major customers decreased from 61% to 44% of total revenue. One
customer increased its contribution materially to become the Group’s largest customer in 2025,
while the customers that were the first and second largest in 2024 both contributed a smaller
share of revenue in 2025.
See next page for segment information in table format:
3. Segment reporting
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
46
Notes to the consolidated financial statements
3. Segment reporting (continued)
R&D services and
Diagnostics
Drug
development Other and Eliminations Total
2025 2024 2025 2024 2025 2024 2025 2024
TDKK TDKK TDKK TDKK TDKK TDKK TDKK TDKK
Segment information
Revenue 357,178 303,404 69,107 223,990 - 426,285 527,394
Intersegment revenue 22,166 21,515 - - -22,166 -21,515 - -
Segment revenue 379,344 324,919 69,107 223,990 -22,166 -21,515 426,285 527,394
Cost of goods sold (staff costs) -47,042 -50,343 - - - - -47,042 -50,343
Cost of goods sold (materials) -40,196 -19,286 - - - - -40,196 -19,286
Gross profit 292,107 255,290 69,107 223,990 -22,166 -21,515 339,048 457,765
Research & Development (staff costs) -71,135 -69,378 - -7,100 - 7,100 -71,135 -69,378
Research & Development (materials) -26,320 -33,014 -84,925 -98,367 22,166 14,415 -89,079 -116,966
Admin costs -52,495 -44,867 -728 -14,719 -4,635 -3,181 -57,858 -62,767
Other operating income 6,494 7,190 - - - 1,248 6,494 8,438
EBITDA 148,650 115,221 -16,546 103,804 -4,635 -1,933 127,469 217,092
Special items, net -12,487 -7,245 - - -438 - -12,924 -7,245
Depreciations & amortisation -9,682 -12,117 - - - - -9,682 -12,117
EBIT 126,481 95,859 -16,546 103,804 -5,072 -1,933 104,862 197,730
Other Financial income - - - - - 12,171 16,077
Other Financial expenses - - - - - - -36,532 -4,000
Profit before tax - - - - - - 80,502 209,807
Non-current assets 93,663 79,208 - - - - 93,663 79,208
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
47
Notes to the consolidated financial statements
3. Segment reporting (continued)
Revenue, total segments 2025 2024
TDKK TDKK
Geographical information - major regions
Denmark 101,335 32,718
Rest of Europe 111,813 140,213
US 207,627 342,645
Rest of World 5,509 11,817
Total 426,285 527,393
R&D Services 2025 2024
TDKK TDKK
Geographical information - major regions
Denmark 101,335 32,719
Rest of Europe 111,813 140,306
US 138,521 118,577
Rest of World 5,509 11,801
Total 357,178 303,403
Drug Development 2025 2024
TDKK TDKK
Geographical information - major regions
Denmark - -
Rest of Europe - -
US 69,107 223,990
Rest of World - -
Total 69,107 223,990
The allocation of revenue to geographical areas - in this instance major regions - is based on the
customer's location.
Segment assets
The total of non-current assets other than deferred tax assets, broken down by location of the
assets, is shown below:
Non-current assets 2025 2024
TDKK TDKK
Denmark 93,663 79,208
Rest of Europe - -
93,663 79,208
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
48
Notes to the consolidated financial statements
4. Revenue from contracts with customers
Disaggregation of revenue from contracts with customers
The group derives revenue from its business practices in the following types of revenue streams:
Revenue, total segments 2025 2024
TDKK TDKK
Revenue related to Customer type category:
Pharma 314,220 412,065
Biotech 43,491 17,790
Contract Research Organisation 63,090 97,538
Other 5,484 -
Total revenue 426,285 527,393
R&D Services 2025 2024
TDKK TDKK
Revenue related to Customer type category:
Pharma 245,113 188,075
Biotech 43,491 17,790
Contract Research Organisation 63,090 97,538
Other 5,484 -
Total revenue 357,178 303,403
Drug Development 2025 2024
TDKK TDKK
Revenue related to Customer type category:
Pharma 69,107 223,990
Biotech - -
Contract Research Organisation - -
Other - -
Total revenue 69,107 223,990
2025 2024
TDKK TDKK
Timing of revenue recognition:
Revenue recognised at a point in time 4,825 140,200
Revenue recognised over time 421,460 387,193
Total revenue 426,285 527,393
2025 2024
TDKK TDKK
Revenue related to type of study:
Non-clinical 41,402 56,659
Clinical 384,883 470,734
Total revenue 426,285 527,393
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
49
Notes to the consolidated financial statements
4. Revenue from contracts with customers (continued)
Assets and liabilities related to contracts with customers
The group has recognised the following assets and liabilities related to contracts with customers:
2025 2024
TDKK TDKK
Assets
Contract assets 62,957 13,436
Liabilities
Contract liability 213,423 329,000
Significant changes in assets and liabilities related to contracts with customers
Contract assets has increased with 49,521 TDKK due to samples measured on a large study in 2025.
The contract liabilities has decreased with -119,467 TDKK due to work performed on the drug devel-
opment study and finalization of a large research and development measurement in the group's
CAP certified lab in Herlev.
Revenue recognised in relation to prepayments
The following table shows how much of the revenue recognised in the current reporting period
relates to carried-forward contract liabilities and how much relates to performance obligations
that were satisfied in a prior year:
2025 2024
TDKK TDKK
Revenue recognised that was included in prepayments received from
customers balance at the beginning of the period 110,936 99,497
Unsatisfied contracts
The following table shows unsatisfied performance obligations resulting from long-term contracts:
2025 2024
TDKK TDKK
Aggregate amount of the transaction price allocated to long-term
contracts that are partially unsatisfied as at 31 December 19,327 191,361
Aggregate amount of the transaction price allocated to long-term
contracts that are fully unsatisfied as at 31 December 127,249 124,204
Total unsatisfied contracts 146,576 315,565
Management expects that 100% of the transaction price allocated to partially unsatisfied perfor-
mance obligations as of 31 December 2025 will be recognized as revenue during the next or
following reporting period (TDKK 19,327). The amount does not include variable consideration
which is constrained.
Fully unsatisfied contracts consists of the contractual amount of projects, where the work has not
started per 31 December 2025 (TDKK 127,249) and will be recognized over the period where the work
is performed. Management has decided to present these contracts as fully unsatisfied as there is
not accurate data to estimate when the revenue will be recognized, but expects the projects to be
finalized in 1-5 years.
Revenue arise from signed contracts of work orders and change orders measured in house and
Kit-in-the box sales. The customers amount due include the net value of the contract amount,
with discounts and cancellation fee contractually agreed. Nordic Bioscience's contracts with
customers have initial payment terms that range from 30 to 90 days.
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
50
Notes to the consolidated financial statements
5. Breakdown of expenses by nature
The following table breaks down costs by nature:
2025 2024
TDKK TDKK
Staff costs 147,574 157,643
Depreciation, amortization and impairments 9,682 12,117
Materials and oher expenses 157,736 168,342
314,992 338,102
Included in production costs:
Staff costs 47,042 50,343
Depreciation, amortization and impairments 798 798
Materials and other expenses 40,196 19,285
88,035 70,426
Included in research and developement costs:
Staff costs 71,135 69,378
Depreciation, amortization and impairments 3,416 4,381
Materials and other expenses 89,079 116,966
163,630 190,725
Included in administrative costs:
Staff costs 29,397 37,923
Depreciation, amortization and impairments 5,468 6,938
Materials and other expenses 28,461 32,091
63,326 76,952
Comparative figures for 2024 have been reclassified from “Materials and other expenses" included
in research and development costs to “Materials and other expenses" included in production
expenses, within cost of goods sold for presentation purposes only and with no impact on profit or
loss. The reclassification amounts to DKK 8.6 million.
6. Staff costs
2025 2024
TDKK TDKK
Wages and salaries 132,037 131,397
Pension cost, defined contribution plans 8,415 7,775
Other social security costs 947 583
Share-based payments* 3,417 16,168
Other staff costs 2,758 1,721
147,574 157,643
Average number of employees 179 176
Key management personnel compensation
Key management personnel consists of the Executive Board and Board of Directors and other key
management. The compensation paid to key management personnel for is shown below:
Of which
constitutes:
Total key
management
remuneration
Executive
board and
Board of
Directors
TDKK TDKK
2025
Wages and salaries 16,627 10,790
Pension cost, defined contribution plans 708 397
Other social security costs 5 2
Share-based payments* 273 154
17,614 11,344
* Refers to recognised costs but not paid-out remuneration for active share-based incentive programmes.
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
51
Notes to the consolidated financial statements
6. Staff costs (continued)
Total key
management
remuneration
Executive
board and
Board of
Directors
TDKK TDKK
2024
Wages and salaries 24,465 13,346
Pension cost, defined contribution plans 682 385
Other social security costs 4 2
Share-based payments* 46 26
25,197 13,759
* Refers to recognised costs but not paid-out remuneration for active share-based incentive programmes.
Share-based payments
Incentive programme
Nordic Bioscience Holding has in 2022 and in 2024 implemented incentive programmes to provide
long-term incentives for participants (Executive Board and full-time employees) to deliver long-
term shareholder return. The program are important to retain the participants in the group.
In 2022, 2023 and 2024, Nordic Bioscience Holding A/S implemented long-term incentive programs
for employees. The granted incentive programs consist of one being Restricted Stock Unit ("RSU").
These types of programmes are the only outstanding share-based remuneration programs as of
31 December 2024.
Below is a summary of the share-based instruments granted under the incentive programmes.
Restricted Stock Unit ("RSU") programme
Employees in Nordic Bioscience Holding A/S have been offered the opportunity to receive RSU's
in the Company. The RSU's are granted free of charge to the employees. The grant of RSU’s to the
Participants is not part of an ongoing program.
The RSU’s vest over a period of ten years and the vesting of granted RSU’s takes place on the 10th
anniversary of the Date of Grant. At vesting the employee is delivered a number of A-shares in
the Company equal to the number of RSU's having vested (one RSU to one ordinary share). Grant,
vesting and/or exercise is not subject to achievement of performance targets, but conditional on
continued employment during the vesting period (service condition).
In total 2,360,339 RSU's were granted to Employees in 2022, 11,095 were granted in 2023 and 1,139,825
were granted in 2024 and none were granted in 2025.
In the event of an IPO the RSU program is subject to accelerated vesting.
Set out below are summaries of shares granted under the incentive programmes.
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
52
Notes to the consolidated financial statements
Warrant programme
Certain senior employees have been offered the opportunity to receive warrants in the Company.
The warrants are granted free of charge to those members. The grant of warrants is not part of an
ongoing program.
The warrants vest over a period of ten years and the vesting of all the warrants takes place on
the 10th anniversary of the Date of Grant. The vested warrants gives the Holder the right but not
an obligation to convert the warrants into A-shares. Grant, vesting and/or exercise is not subject
to achievement of performance targets, but conditional on continued employment during the
vesting period (service condition).
6. Staff costs (continued)
In total 4,807,759 warrants were granted to Employees in the 2022, 1,230,253 were granted in 2023,
6,037,000 in 2024 and none were granted in 2025.
In the event of an IPO the warrant program is subject to accelerated vesting.
Set out below are summaries of shares granted under the incentive programmes.
Grant date
No. of
instruments
Contract
life
Fair value
at grant
DKK
2024
Warrants (February/
November 2024) 6,037,000 10 years 0.967
Restricted Stock Units (RSU) (February/
November 2024) 1,139,825 10 years 5.256
2023
Warrants 9 December 2023 1,230,253 10 years 1.080
Restricted Stock Units (RSU) 9 December 2023 11,095 10 years 5.256
2022
Warrants 9 December 2022 4,807,754 10 years 0.952
Restricted Stock Units (RSU) 9 December 2022 2,360,339 10 years 5.256
2025 2024
TDKK TDKK
Refers to recognised costs but not paid-out remuneration for active
share-based incentive programmes -3,417 -16,299
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
53
Notes to the consolidated financial statements
Specification of outstanding RSU's
Weighted
average
exercise price
Weighted
average
exercise price
Key
Management Employees Total
DKK DKK
Outstanding 1 January 2024 5.256 - - 2,668,918 2,668,918
Granted 5.256 - - 1,139,825 1,139,825
Exercised - - - - -
Forfeited 5.256 - - -65,241 -65,241
Expired - - - - -
Outstanding 31 December 2024 5.256 - - 3,743,502 3,743,502
Outstanding 1 January 2025 5.256 - - 3,743,502 3,743,502
Granted - - - - -
Exercised - - - - -
Forfeited 5.256 - - -293,815 -293,815
Expired - - - - -
Outstanding 31 December 2025 5.256 - - 3,449,687 3,449,687
Average remaining contractual life of outstanding RSUs as per 31 December 2025 is 7 years (31
December 2024: 8 years)
6. Staff costs (continued)
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
54
Notes to the consolidated financial statements
6. Staff costs (continued)
Specification of outstanding warrants
Weighted
average
exercise price
Key
Management Employees Total
DKK
Outstanding 1 January 2024 1.338 - 2,569,240 2,569,240
Granted 0.9662 850,000 5,187,000 6,037,000
Exercised - - - -
Forfeited - - - -
Expired - - - -
Outstanding 31 December 2024 1.152 850,000 7,756,240 8,606,240
Outstanding 1 January 2025 1.152 850,000 7,756,240 8,606,240
Granted - - - -
Exercised - - - -
Forfeited 0.965 - -134,000 -134,000
Expired - - - -
Outstanding 31 December 2025 1.059 850,000 7,622,240 8,472,240
Average remaining contractual life of outstanding Warrants as per 31 December 2025 is 5.40 (31
December 2024: 6.40)
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
55
Notes to the consolidated financial statements
Fair value measurement
Nordic Bioscience Holding A/S has applied the Black-Scholes formula model to determine the fair
value on the grant date 9 December 2022, 9 December 2023, 1 February 2024 and 1 November 2024,
respectively.
Service and non-market performance conditions attached to the arrangements were not taken
into account in measuring the fair value. The expected volatility below is based on historical vola-
tility of a peer group of similar listed Companies for a one year period.
The inputs used to measure the fair values at grant date of the equity-settled share-based
payments where as follows.
2025 2024
Black-Scholes parameters/assumptions/input
Exercise price (DKK) for warrants - 5.256
Exercise price (DKK) for RSU's - 0.000
Volatility - 45.03%
Risk-free interest rate - 2.50%
Dividend yield - 0.88%
Expected remaining life - 1.20
Expected remaining life (Nov 2024 grant) - 3.00
Fair value of warrant (DKK) - 0.939
Fair value of warrant, Nov 2024 grant (DKK) - 0.965
6. Staff costs (continued) 7. Special items
§ Accounting policies
Special items are used in the profit/loss statement, to distinguish the costs from ordinary opera-
tion.
Special items in these financial statements comprise costs related to preparation for possible IPO.
The costs regards, laywers, auditors and consultants.
2025 2024
TDKK TDKK
Special items, expenses
Costs related to prepare for possible IPO -12,924 -7,245
Special items, net -12,924 -7,245
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
56
Notes to the consolidated financial statements
7. Special items (continued)
2025
Special items bridge
Reported
statement of
profit or loss
Special
items
Adjusted
statement of
profit or loss
TDKK TDKK TDKK
Revenue 426,285 - 426,285
Production expenses -87,237 - -87,237
Gross profit 339,048 - 339,048
Research and development costs -163,630 - -163,630
Administrative costs -64,124 -12,924 -7 7,048
Other operating income 6,494 - 6,494
Operating profit before special items and financials 117,787 -12,924 104,863
Special items, net -12,924 12,924 -
Other financial income 12,171 - 12,171
Other financial expenses -36,532 - -36,532
Profit before tax 80,502 - 80,502
2024
Special items bridge
Reported
statement of
profit or loss
Special
items
Adjusted
statement of
profit or loss
TDKK TDKK TDKK
Revenue 527,393 - 527,393
Production expenses -70,426 - -70,426
Gross profit 456,967 - 456,967
Research and development costs -190,725 - -190,725
Administrative costs -69,706 -7,245 -76,951
Other operating income 8,438 - 8,438
Operating profit before special items and financials 204,974 -7,245 197,729
Special items, net -7, 245 7,245 -
Other financial income 16,077 - 16,077
Other financial expenses -4,000 - -4,000
Profit before tax 209,806 - 209,806
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
57
Notes to the consolidated financial statements
8. Financial income and expenses
2025 2024
TDKK TDKK
Financial income
Interest income 12,171 10,661
Total interest and financial expenses for financial liabilities not
at fair value through profit or loss 12,171 10,661
Foreign exchange rate gains - 5,416
Total financial income 12,171 16,077
Financial expenses
Interest expense bank -1,541 -2,640
Interest expense on mortgage debt -1,114 -1,145
Interest expense on lease liabilities -134 -159
Other financial expenses -10 -56
Total interest and finance charges for financial liabilities not
at fair value through profit or loss -2,799 -4,000
Net foreign exchange rate losses -33,732 -
Total financial expenses -36,532 -4,000
9. Income tax expense
2025 2024
TDKK TDKK
Income tax for the year
Current tax for the year 31,200 66,822
Changes in deferred tax -7,867 -27,829
Tax adjustments relating to previous years 2,637 -
Tax on profit for the year 25,970 38,993
Income tax expense 25,970 38,993
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
58
Notes to the consolidated financial statements
9. Income tax expense (continued)
2025 2024
TDKK % TDKK %
Reconcilliation of effective tax rate
Profit before income tax 80,502 209,806
Tax at the Danish tax rate of 22% (2023: 22%) 17,710 22% 46,157 22%
Less tax in foreign operations in relation to the Danish
tax rate of 22% rate (2023: 22%) - 0% - 0%
Tax effects of:
Non-deductible expenses 2,843 4% 988 0%
Adjustment for share-based payment 367 0% 2,196 1%
Raised deduction for research and development costs -1,721 -2% -1,845 -1%
Swiss capital taxes 1,007 1% -8,503 -4%
Other adjustments 3,126 4% -
Adjustments for current tax of prior periods 2,637 3% - 0%
Income tax expense 25,970 32% 38,993 19%
Effective tax rate (%) 32% 19%
10. Deferred tax
2025 2024
TDKK TDKK
Deferred tax
Deferred tax at the beginning of period 66,569 38,741
Deferred tax recognised in the statement of profit or loss 7,100 27,828
Deferred tax at year end 73,669 66,569
2025 2024
TDKK TDKK
Deferred tax relates to:
Intangible assets -205 -893
Property, plant and equipment -2,277 -1,996
Receivables 440 220
Leasing assets/debt 200 119
Share-based compensation 1,733 1,342
Deferred income 14,834 29,452
Tax loss carry-forward 3,409 3,144
Capitalized costs 32,054 35,180
KB AG tax losses 23,481 0
Total 73,669 66,569
Recognised as follows:
Deferred tax assets 73,669 67,776
Deferred tax liabilities 0 -1,207
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will
be available against which deductible temporary differences and tax loss carry-forwards can
be utilised. The assessment is performed for each taxable entity and jurisdiction and is based on
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
59
Notes to the consolidated financial statements
10. Deferred tax (continued)
approved business plans, forecast taxable income, the expected reversal of temporary differences
and, where relevant, available tax planning opportunities.
As at 31 December 2025, the Group has recognised net deferred tax assets of TDKK 73,669 (2024:
TDKK 66,569). The recognised deferred tax assets primarily relate to KeyBioscience AG in Switzer-
land and Nordic Bioscience Holding A/S and other Danish group entities.
Deferred tax assets relating to KeyBioscience AG comprise TDKK 32,054 (2024: TDKK 35,180) related
to research and development costs capitalised for tax purposes and TDKK 23,481 (2024: TDKK
0) related to Swiss tax loss carry-forwards. The tax losses can be carried forward indefinitely.
Management’s assessment of recoverability is based on expected future taxable income in KeyBi-
oscience AG, supported by existing commercial arrangement and feasible tax planning opportu-
nities within management’s control. Based on this assessment, management has concluded that
it is probable that sufficient future Swiss taxable profits will be available to utilise the recognised
deferred tax assets.
Deferred tax assets relating to Nordic Bioscience Holding A/S and other Danish group entities
primarily comprise TDKK 14,834 (2024: TDKK 29,452) related to deferred income taxed under the
Danish Controlled Foreign Company (CFC) rules, TDKK 3,409 (2024: TDKK 3,144) related to Danish
tax loss carry-forwards and other deductible temporary differences, including share-based
compensation. The tax losses can be carried forward indefinitely. The deferred tax asset relating
to deferred income is expected to reverse as the underlying income is recognised for accounting
purposes over the period 2026-2028.Based on approved forecasts, management expects suffi-
cient future Danish taxable income to be available to utilise these deferred tax assets.
Management has considered evidence is in accordance with IAS 12 and concluded that the recog-
nised deferred tax assets are recoverable.
11. Intangible assets
In thousands DKK
Completed
development
projects
Development
projects in
progress Total
TDKK TDKK TDKK
Cost:
At 1 January 2024 17,145 - 17,145
Additions 1,263 - 1,263
Disposals - - -
At 31 December 2024 18,408 - 18,408
Accumulated depreciation and impairment:
At 1 January 2024 -9,172 - -9,172
Amortisation charge -5,179 - -5,179
Exchange differences - - -
At 31 December 2024 -14,351 - -14,351
Carrying amount 31 December 2024 4,057 - 4,057
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
60
Notes to the consolidated financial statements
Completed development projects and development projects in progress include the development
of technology, which automate various processes within the production of biomarkers. The devel-
opment projects comprise both external consultancy fees and internal labor costs.
Intangible assets are amortised on a straight-line basis over their estimated useful lives.
Software and IT systems are amortised over 3–5 years, while capitalised development costs are
amortised over 3 years based on the expected useful life of the underlying assets.
Impairment of assets
Development projects in progress are not subject to amortisation and are tested annually for
impairment, or more frequently if events or changes in circumstances indicate that they might
be impaired. Other non-current assets are tested for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is
recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in
use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which
there are separately identifiable cash inflows which are largely independent of the cash inflows
from other assets or groups of assets (cash-generating units). Non-financial assets other than
goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the
end of each reporting period.
Total expense related to research and development amounted to TDKK 164,020 in 2025 (2024: TDKK
200,582).
11. Intangible assets (continued)
In thousands DKK
Completed
development
projects Total
TDKK TDKK
Cost:
At 1 January 2025 18,408 18,408
Additions 390 390
Disposals -101 -101
At 31 December 2025 18,697 18,697
Accumulated depreciation and impairment:
At 1 January 2025 -14,351 -14,351
Amortisation charge -3,416 -3,416
Exchange differences - -
At 31 December 2025 -17,767 -17,767
Carrying amount 31 December 2025 930 930
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
61
Notes to the consolidated financial statements
12. Property, plant and equipment
Land and
buildings
Other
fixtures,
fittings and
equipment Total
TDKK TDKK TDKK
Cost:
At 1 January 2024 79,065 42,526 121,591
Additions 366 2,964 3,330
Disposals - -732 -732
At 31 December 2024 79,431 44,759 124,190
Accumulated depreciation and impairment:
At 1 January 2024 -13,427 -29,350 -42,777
Depreciation charge -1,718 -5,275 -6,993
Reversal regarding disposals - 732 732
At 31 December 2024 -15,145 -33,894 -49,039
Carrying amount 31 December 2024 64,286 10,865 75,153
Cost:
At 1 January 2025 79,431 44,759 124,190
Additions 21,817 2,030 23,848
Disposals - -1,886 -1,886
At 31 December 2025 101,248 44,903 146,152
Accumulated depreciation and impairment:
At 1 January 2025 -15,145 -33,894 -49,039
Depreciation charge -1,842 -4,424 -6,266
Reversal regarding disposals - 1,886 1,886
At 31 December 2025 -16,987 -36,432 -53,419
Carrying amount 31 December 2025 84,261 8,471 92,733
Right-of use assets are included in the "Other fixtures, fittings and equipent"-category in the state-
ment of financial position since the corresponding right-of-use asset would have been presented
in this category if it was owned.
Refer to note 13 for more information about the group's leasing activities.
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
62
Notes to the consolidated financial statements
13. Leases
2025 2024
TDKK TDKK
Other fixtures, fittings and equipment 1,729 2,527
Right of use assets at 31 December 1,729 2,527
Current lease liabilities 563 671
Non-current lease liabilities 1,969 2,398
Lease liabilities at 31 December 2,532 3,069
Depreciation charge of right-of-use assets
Other fixtures, fittings and equipment -798 -798
Total -798 -798
Interest expense on lease liabilities
(included in financial expenses) -134 -159
Principal repayment of lease liabilities -537 -512
Additions to right-of-use assets - -
Total cash outflow related to leases -671 -671
The group's leasing activity consists of a single lease agreement in which the group leases lab
equipment. As such, the average lease maturity equals the maturity of said agreement, which is
7 years. A termination option is included in the agreement only for the group to exercise, but is not
expected to be exercised.
The group did not incur any material expenses related to short-term leases, leases of low-value
assets or variable lease payments.
No subleasing or sale and lease back transactions have occured.
For the maturity analysis of lease payments, refer to note 16.
14. Inventories
2025 2024
TDKK TDKK
Finished goods 25,988 19,944
Total inventories at 31 December 25,988 19,944
Inventories recognised as an expense during the year 2025 amounted to TDKK 44,955 (2024: TDKK
33,573).
Writedowns during the year 2025 amounted to TDKK 0 (2024: TDKK 0).
Finished goods consist of laboratory equipment that is consumed in connection with work to be
performed for customers, such as test tubes, flasks, and similar items. As such, finished goods are
not expected to be sold.
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
63
Notes to the consolidated financial statements
15. Financial assets and financial liabilities
The group holds the following financial instruments:
2025 2024
TDKK TDKK
Financial assets
Financial assets at amortised cost
Trade receivables 27,687 82,913
Other receivables 5,436 1,620
Cash and cash equivalents 136,691 455,420
169,814 539,953
Financial liabilities
Financial liabilities at amortised cost
Trade payables -23,788 -24,201
Lease liabilities -2,532 -3,069
Mortgage debt -37,000 -39,847
Other payables -24,095 -17,904
-87,415 -85,022
For the financial liabilities at amortized cost, the fair values are not materially different from their
carrying amounts, since the interest payable on those liabilities is either close to current market
rates or the liabilities are of a short-term nature.
The group’s exposure to various risks associated with the financial instruments is discussed in note
16.
16. Financial risk management
The group’s principal financial liabilities, comprise mortgage debt, and trade and other payables.
The main purpose of these financial liabilities is to finance the group’s operations. The group’s
principal financial assets include trade receivables, other receivables and cash and cash equiva-
lents.
The group is exposed to market risk, credit risk and liquidity risk.
Market risk
Interest rate risk
The group’s main interest rate risk arises from cash and cash equivalents and mortgage debt with
variable rates, which expose the group to cash flow interest rate risk. Management considers the
risk moderate. Exposure and sensitivity analysis below:
Exposure
2025
% of total
loans 2024
% of total
loans
TDKK TDKK
Variable rate loans 39,532 100% 39,847 100%
Fixed rate loans - 0% - 0%
Cash and cash equivalents 136,691 455,420
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
64
Notes to the consolidated financial statements
16. Financial risk management (continued)
Sensitivity analysis
The following table shows the material sensitivity of profit and loss and equity to what manage-
ment considers reasonably probable interest rate changes:
Hypothetical impact
on post-tax profit
Hypothetical impact
on equity
2025 2024 2025 2024
TDKK TDKK TDKK TDKK
Interest rate - 1%-point increase 758 3,406 758 3,406
Interest rate - 1%-point decrease -758 -3,406 -758 -3,406
Foreign currency risk
Foreign currency risk is the risk that fair value or future cash flows of an exposure will fluctuate
because of changes in foreign exchange rates. The group’s exposure to the risk of changes in
foreign exchange rates relates primarily to the group’s operating activities (when revenue is
denominated in a foreign currency). The group is primarily exposed to fluctuations in EUR, CHF, and
USD. However, since DKK is locked to EUR through a fixed exchange rate policy, fluctuations in EUR/
DKK is considered immaterial. The very limited exposure to CHF is considered immaterial.
As such, only the group's exposure to the effect of fluctuations in USD is presented.
The group consider its foreign currency risk to be immaterial and does not take measurers to miti-
gate this.
Exposure
2025 2024
TUSD TUSD
Trade receivables 9,819 8,632
Trade payables -319 170
Sensitivity analysis
The following table shows the material sensitivity of profit and loss and equity to what manage-
ment consider reasonably probable exchange rate changes:
Hypothetical impact
on post-tax profit
Hypothetical impact
on equity
2025 2024 2025 2024
TDKK TDKK TDKK TDKK
DKK/USD - 10% increase 950 880 950 880
DKK/USD - 10% decrease -950 -880 -950 -880
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
65
Notes to the consolidated financial statements
16. Financial risk management (continued)
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a customer contract,
leading to a financial loss. The group is exposed to credit risk from its operating activities (primarily
trade receivables) and from its financing activities, including deposits with banks.
Management has determined that the credit risk related to the group’s trade receivables and
contract work in progress is immaterial. This is due to the high-quality nature of the group’s
customers, which are all considered creditworthy.
The credit risk on bank deposits is limited because the counterparties, holding significant deposits,
are banks with high credit-ratings (minimum A1) assigned by international credit-rating agencies.
The group’s policy is only to invest its cash deposits with highly rated financial institutions. Accord-
ingly, the group considers credit risk to be immaterial.
Liquidity risk
Liquidity risk management implies maintaining sufficient cash and the availability of funding to
meet obligations when due.
Maturities of financial liabilities
The amounts disclosed in the following table are the contractual undiscounted cash flows.
Balances due within 12 months equal their carrying balances.
Contractual maturities of financial liabilities
> 1 year 1 - 5 years < 5 years
Total
contractual
cash flows
Carrying
amount
TDKK TDKK TDKK TDKK TDKK
At 31 December 2025
Mortgage debt 3,940 18,842 20,506 43,288 37,000
Trade payables 23,788 - - 23,788 23,788
Lease liabilities 563 1,969 - 2,532 2,532
Other payables 24,095 - - 24,095 24,095
52,386 20,811 20,506 93,703 87,415
At 31 December 2024
Mortgage debt 3,973 15,782 28,309 48,064 39,847
Trade payables 37,483 - - 37,483 37,483
Lease liabilities 671 2,398 - 3,069 3,069
Other payables 4,622 - - 4,622 4,622
46,749 18,180 28,309 93,238 85,021
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
66
Notes to the consolidated financial statements
17. Cash flow specifications
2025 2024
TDKK TDKK
Adjustments to reconcile profit before tax to net cash flows
Financial income -12,171 -16,077
Financial expenses 36,532 4,000
Depreciation, amortisation and impairment charges 9,682 12,117
Income tax 25,970 38,994
Share-based payments 3,417 16,108
63,430 55,142
Changes in net working capital
Change in inventories -6,044 3,670
Change in receivables, etc. 51,409 -42,786
Change in trade payables, etc. 5,778 22,227
Change in contract assets, contract liabilities and prepayments -166,662 168,879
Other changes -11,590 3,990
-127,109 155,980
Changes in liabilities arising from financing activities
This section sets out an analysis of net debt and the movements in net debt for each of the periods
presented.
Mortgage
debt
Lease
liabilities Total
TDKK TDKK TDKK
Debt as at 1 January 2024 42,619 3,581 46,200
Repayment -2,772 -512 -3,284
Cash flows -2,772 -512 -3,284
Interest - - -
Non-cash flows - - -
Debt as at 31 December 2024 39,847 3,069 42,916
Debt as at 1 January 2025 39,847 3,069 42,916
Repayment -2,847 -537 -3,384
Cash flows -2,847 -537 -3,384
Debt as at 31 December 2025 37,000 2,532 39,532
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
67
Notes to the consolidated financial statements
18. Share capital
2025 2024
Number of
shares in
thousands
Nominal
value
Number of
shares in
thousands
Nominal
value
TDKK TDKK
The share capital comprise:
A shares (fully paid) 955,475 9,555 955,475 9,555
B shares (fully paid) 106,164 1,061 106,164 1,061
1,061,639 10,616 1,061,639 10,616
Each share has a nominal value of 0.01 DKK.
No changes to the share capital were recognised in any of the periods presented.
All shares carry same voting rights. B shares does not carry dividend rights, but have a liquidation
preference which will be setted before A shares participate in proceeds from a liquidation event.
2025 2024
DKK per
share
DKK per
share
Total dividend paid out for the year 0.207 0,000
Total dividend proposed for the year - 220,000
Number of treasury shares - -
19. Earnings per share
2025 2024
TDKK TDKK
Basic earnings per share
Total basic earnings per share attributable to the ordinary equity
holders of the company 0.05 0.16
Diluted earnings per share
Total diluted earnings per share attributable to the ordinary equity
holders of the company 0.05 0.16
Reconciliations of earnings used in calculating earnings per share
2025 2024
TDKK TDKK
Basic earnings per share
Profit for the year as presented in the income statement 54,532 170,813
Profit attributable to the ordinary equity holders of the company used
in calculating basic earnings per share 54,532 170,813
Diluted earnings per share
Profit attributable to the ordinary equity holders of the company used
in calculating basic earnings per share 54,532 170,813
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
68
Notes to the consolidated financial statements
19. Earnings per share (continued)
2025 2024
Number of
shares in
thousands
Number of
shares in
thousands
Weighted average number of shares
used as the denominator
Weighted average number of ordinary shares used as the
denominator in calculating basic earnings per share 1,061,638 1,061,638
Adjustments for calculation of diluted earnings per share:
Warrants 8,472 8,606
RSU 3,450 2,825
Weighted average number of ordinary share and potential ordinary
shares used as the denominator in calculating diluted earnings per
share 1,073,560 1,073,069
Information concerning the classification of securities
Warrants
Warrants are included in the determination of diluted earnings per share, since the exercise of
warrants under the warrant programme would require the group to issue new shares, which would
have a dilutive effect.
RSU
RSU's are also included in the determination of diluted earnings per share, since the event that
would lead to the transfer of shares would require the group to issue new shares, which would
have a dilutive effect.
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
69
Notes to the consolidated financial statements
21. Contingent liabilities, commitments and contingencies
Contingent liabilities
The group participates in a Danish joint taxation with the parent company Romarine ApS and its
other Danish subsidiaries (the parent group). The group companies and the parent group are
jointly and severally liable for tax on the jointly taxed incomes etc. of the group and the parent
group. The total amount of corporation tax payable is disclosed in the Annual Report of Romarine
ApS, which is the management company of the Danish joint taxation. Moreover, the group compa-
nies and the parent group are jointly and severally liable for Danish withholding taxes by way of
dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments
of corporation taxes and withholding taxes may increase the Group's liability.
Charges and securities
The following assets have been placed as security with mortgage credit institutions:
2025 2024
TDKK TDKK
Land and buildings with a carrying amount of 84,261 64,286
20. Capital management
Objective and capital management policies
The group and its Board of Directors monitor capital structure to ensure that the group’s capital
resources support the strategic goals. Moreover, capital structure is monitored to safeguard an
acceptable level of cost of capital. Consequently, both debt and equity are used as financing
components.
The group’s objectives when managing capital are to:
- safeguard their ability to continue as a going concern, so that they can continue to provide
returns for shareholders and benefits for other stakeholders, and
- maintain a strong capital base to guarantee investor, credit and market confidence.
In order to maintain or adjust the capital structure, the group may adjust the amount of dividends
paid to shareholders, return capital to shareholders, issue new debt, issue new shares or sell
assets to reduce debt.
Historically, the main source of funding has come from internally generated funds. As such, drug
development investments have been financed by positive cash inflows - even resulting in positive
pre-dividend cashflows.
Any future determination on the group’s dividend policy and the declaration of any dividends
will be made at the discretion of the Board of Directors and will depend on a number of factors,
including the group’s results of operations, financial condition, future prospects, contractual
restrictions, restrictions imposed by applicable law and other factors the Board of Directors deems
relevant.
The Group has a track record of strong revenue growth, whilst maintaining high profitability and
strong cash flow generation. The R&D Services and Diagnostics segment is highly profitable and
the group’s strategy of early partnering and out-licensing has contributed to the group’s goal of
achieving low capital expenditure.
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
70
Notes to the consolidated financial statements
22. Related party transactions
The group is controlled by the following entity:
Ownership interests
Name of entity Type Place of business 2025 2024
Romarine ApS Ultimate
parent company
Vedbæk,
Denmark 74% 74%
Nordic Life Science Consulting ApS Principal
shareholder
København Ø,
Denmark 9% 10%
KKR Precision Aggregator L.P. Principal
shareholder
Toronto,
Canada 10% 10%
Information about remuneration to key management personnel has been disclosed in note 6.
Interests in subsidiaries are set out in note 24.
Dividend paid to shareholders
The group has paid out the following dividends to its shareholders:
Ordinary dividend decided on the general meeting March 20, 2025 220,000 TDKK
23. Fee to auditors
2025 2024
TDKK TDKK
PwC
Audit fee 1,539 999
Other assurance services - 132
Tax advisory service 1,157 628
Other services 1,527 2,611
4,223 4,370
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
71
Notes to the consolidated financial statements
24. Interests in other entities
The group’s principal subsidiaries at year end are set out below. Unless otherwise stated, they
have share capital consisting solely of ordinary shares that are held directly by the group, and the
proportion of ownership interests held equals the voting rights held by the group. The country of
incorporation or registration is also their principal place of business.
Ownership interests held
by the group
Name of entity Place of business 2025 2024
Nordic Bioscience A/S Herlev, DK 100% 100%
KeyBioscience AG Lugano, CH 100% 100%
25. Subsequent events
No other material subsequent events have occurred after 31 December 2025.
Financial statements – Consolidated financial statements
Nordic Bioscience Holding A/S Annual Report 2025
72
Parent company financial statements
Contents of the Parent company
financial statements
Note 1 Summary of material accounting policies 77
Note 2 Staff costs 79
Note 3 Financial income and expenses 79
Note 4 Income tax expense 80
Note 5 Profit allocation 80
Note 6 Investments in subsidiaries 80
Note 7 Share capital 81
Note 8 Contingent assets, liabilities and other financial obligations 81
Note 9 Related parties 81
Note 10 Subsequent events 81
Income statement 74
Balance sheet 75
Statement of changes in equity 76
Financial statements – Parent company financial statements
Nordic Bioscience Holding A/S Annual Report 2025
73
Income statement
for the year ended 31 December 2025
Note 2025 2024
TDKK TDKK
Gross profit (loss) - -
Administrative costs 2 -5,072 -3,181
Operating profit (loss) before financial income and expenses -5,072 -3,181
Income from investments in subsidiaries 6 61,501 252,131
Financial income 3 860 62
Financial expenses 3 -4,517 -4,351
Profit (loss) before tax 52,773 244,661
Tax on profit/loss for the year 4 1,760 -9,216
Net profit (loss) for the year 5 54,532 235,445
Financial statements – Parent company financial statements
Nordic Bioscience Holding A/S Annual Report 2025
74
Balance sheet
as at 31 December 2025
Assets
Note 2025 2024
TDKK TDKK
Non-current assets
Deferred tax 3,409 3,145
Investments in subsidiaries 6 325,812 343,750
Total non-current assets 329,221 346,895
Current assets
Other receivables 1,825 -
Cash and cash equivalents - 897
Total current assets 1,825 897
Total assets 331,045 347,792
Liabilities and equity
Note 2025 2024
TDKK TDKK
Equity
Share capital 7 10,616 10,616
Retained earnings 60,570 332
Proposed dividend - 220,000
Total equity 71,186 230,948
Current liabilities
Trade payables 167 -
Payables to group enterprises 253,252 80,861
Company tax 890 34,993
Other payables 220 990
Credit institutions 5,330 -
Total current liabilities 259,859 116,844
Total liabilities 259,859 116,844
Total liabilities and equity 331,045 347,792
Financial statements – Parent company financial statements
Nordic Bioscience Holding A/S Annual Report 2025
75
Statement of changes in equity
for the year ended 31 December 2025
Parent company
Share
capital
Reserve for net
revaluation
under the
equity method
Retained
earnings
Proposed
dividend for
the financial
year
Total
equity
TDKK TDKK TDKK TDKK
As at 1 January 2025 10,616 68,314 -67,981 220,000 230,949
Ordinary dividend paid - - -220,000 -220,000
Exchange adjustments relating to foreign entities - 2,628 - - 2,628
Other equity movements - -2,067 1,727 - -340
Share-based payments - 3,417 - 3,417
Dividend from subsidiaries - -120,000 120,000 - -
Net profit/loss for the year - 51,125 3,407 - 54,532
As at 31 December 2025 10,616 - 60,570 - 71,186
Financial statements – Parent company financial statements
Nordic Bioscience Holding A/S Annual Report 2025
76
Notes to the parent company financial statements
The Annual Report of Nordic Bioscience Holding A/S for 2025 has been prepared in accordance
with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises
of reporting class C.
The accounting policies applied remain unchanged from last year.
Cash flow statement
With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow state-
ment included in the consolidated financial statements of the Company has not prepared a cash
flow statement.
Recognition and measurement
Assets are recognised in the balance sheet when it is probable as a result of a prior event that
future economic benefits will flow to the Entity, and the value of the asset can be measured reli-
ably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obliga-
tion as a result of a prior event, and it is probable that future economic benefits will flow out of the
Entity, and the value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to
initial recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and
that confirm or invalidate affairs and conditions existing at the balance sheet date are considered
at recognition and measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the
amounts attributable to this financial year.
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the group’s entities are measured using
the currency of the primary economic environment in which the entity operates (‘the functional
currency’). The consolidated financial statements are presented in Danish Kroner (DKK).
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement
of such transactions, and from the translation of monetary assets and liabilities denominated in
foreign currencies at year end exchange rates, are generally recognised in profit or loss.
Income statement
Administrative costs
Administrative expenses comprise expenses incurred for the group’s administrative functions,
including wages and salaries for administrative staff.
Income from investments in subsidiaries
Income from investments in group enterprises comprises the pro rata share of the individual
enterprises’ profit/loss after full elimination of intra-group profits or losses.
Financial income and expenses
Financial income and expenses comprise interest income and expenses on financial assets and
liabilities at amortised cost calculated using the effective interest method and exchange rate
adjustments.
Tax on profit/loss for the year
Tax for the year, which consists of current tax for the year and changes in deferred tax, is recog-
nised in the income statement by the portion attributable to the profit for the year and recognised
directly in equity by the portion attributable to entries directly in equity.
1. Summary of material accounting policies
Financial statements – Parent company financial statements
Nordic Bioscience Holding A/S Annual Report 2025
77
Notes to the parent company financial statements
1. Summary of material accounting policies (continued)
Balance sheet
Investments in subsidiaries
Investments in group enterprises are recognised and measured in the parent financial statements
according to the equity method. This means that investments are measured at the pro rata share
of the enterprises’ equity value.
Group enterprises with negative equity value are measured at DKK 0. Any receivables from these
enterprises are written down to net realisable value based on a specific assessment. If the Parent
has a legalor constructive obligation to cover the liabilities of the relevant enterprise, and it is
probable that suchobligation will involve a loss, a provision is recognised that is measured at
present value of the costsnecessary to settle the obligations at the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred
toreserve for net revaluation according to the equity method in equity.
Investments in group enterprises are written down to the lower of recoverable amount and
carrying amount.
Tax payable or receivable
Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on
this year's taxable income, adjusted for prepaid tax.
Joint taxation contributions payable or receivable
Current joint taxation contributions payable or receivable are recognised in the balance sheet,
stated as tax computed on this year's taxable income, adjusted for prepaid tax. For tax losses, joint
taxation contributions receivable are only recognised if such losses are expected to be used under
the joint taxation arrangement.
Cash and cash equivalents
Cash and cash equivalents comprises cash in hand and bank deposits.
Other payables
Other payables are measured at amortised cost, which corresponds to nominal value.
Equity
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
shares are shown in equity as a deduction, net of tax, from the proceeds.
Dividends
Dividend is recognised as a liability at the time of adoption at the general meeting. Proposed
dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend
adopted in the financial year is recognised directly in equity when distributed and disclosed as a
separate item in Management's proposal for distribution of profit/loss.
Reserve for net revaluation under the equity method
The reserve for net revaluation under the equity method comprises net revaluations of invest-
ments in subsidiaries and associates measured under the equity method.
The reserve is reduced by dividends distributed from the respective entities and adjusted for other
equity movements in these entities.
The reserve is dissolved to the extent that the recognised net revaluations are realised or reversed.
Financial statements – Parent company financial statements
Nordic Bioscience Holding A/S Annual Report 2025
78
Notes to the parent company financial statements
2. Staff costs
2025 2024
TDKK TDKK
Wages and salaries 3,315 1,015
3,315 1,015
Including remuneration to the Executive Board and Board of Directors 3,315 1,015
Average number of employees 1 1
Wages and salaries, pension cost, other social security costs,
share-based payments and other staff costs are recognised in
following lines:
Administrative costs 3,315 1,015
3,315 1,015
3. Financial income and expenses
2025 2024
TDKK TDKK
Financial income
Other financial income 860 2,549
Total financial income 860 2,549
Financial expenses
Interest paid to group enterprises -4,169 -4,311
Interest expense bank -347 -2,488
Other financial expenses -1 -40
Total financial expenses -4,517 -6,839
Financial statements – Parent company financial statements
Nordic Bioscience Holding A/S Annual Report 2025
79
Notes to the parent company financial statements
6. Investments in subsidiaries
2025 2024
TDKK TDKK
Costs
Cost at 1 January 275,436 275,436
Transfers for the year 275,436 275,436
Value adjustments at 1 January 68,314 -160,092
Exchange adjustment 2,628 -44
Net profit/loss for the year 61,501 252,131
Dividend to the Parent Company -80,000 -40,000
Other equity movements, net -2,067 16,319
Value adjustments at 31 December 50,376 68,314
Carrying amount 31 December 325,812 343,750
Ownership interests held
by the group
Name of entity Place of business 2025 2024
Nordic Bioscience A/S KeyBioscience AG 100% 100%
KeyBioscience AG Lugano, CH 100% 100%
4. Income tax expense
2025 2024
TDKK TDKK
Income tax for the year
Current tax for the year 1,824 -34,993
Change in deferred tax -328 25,777
Tax adjustment relating to previous years 264 -
Tax on profit for the year 1,760 -9,216
Income tax expense 1,760 -9,216
5. Profit allocation
2025 2024
TDKK TDKK
Proposed dividend for the year - 220,000
Retained earnings 54,532 15,445
Allocated 54,532 235,445
Financial statements – Parent company financial statements
Nordic Bioscience Holding A/S Annual Report 2025
80
Notes to the parent company financial statements
9. Related parties
The Company has chosen only to disclose transactions which have not been made on an arm's
length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act.
No such transactions were carried out in the financial year.
Consolidated Financial Statements
The Company is included in the Group Annual Report of the Parent Company of the largest and
smallest group:
Name Place of registered office
Romarine ApS Vedbæk, Denmark
The Group Annual Report of Romarine ApS may be obtained at the following address:
CVR No: 37126306
10. Subsequent events
No other material subsequent events have occurred after 31 December 2025.
7. Share capital
2025 2024
Number of
shares in
thousands
Nominal
value
Number of
shares in
thousands
Nominal
value
TDKK TDKK
The share capital comprise:
A shares (fully paid) 955,475 9,555 955,475 9,555
B shares (fully paid) 106,164 1,061 106,164 1,061
1,061,639 10,616 1,061,639 10,616
8. Contingent assets, liabilities and other financial obligations
There are no security and contingent liabilities at 31 December 2025.
Financial statements – Parent company financial statements
Nordic Bioscience Holding A/S Annual Report 2025
81
Executive Board
Board of Directors
Signatures and statements
Nordic Bioscience Holding A/S Annual Report 2025
83
Signatures and statements
Nordic Bioscience Holding A/S Annual Report 2025
84
CVR No 33 7 7 12 31
mne28705 mne44112
Signatures and statements
Nordic Bioscience Holding A/S Annual Report 2025
85
The Company Nordic Bioscience Holding A/ S
CVR No: 3 0 5 1 12 71
Financial period: 1 January - 31 December Incorporated: 29 June 2007
Municipality of reg. office: Herlev
Board of Directors Håkan Björklund
Steffen Kragh
Claus Henrik Christiansen
Henrik Bernt Sanders
Kugan Sathiyanandarajah
Executive Board Morten Asser Karsdal
Auditors Price waterhouseCoopers St atsautoriser et R evisionspartnerselskab
Company information
Other information
Nordic Bioscience Holding A/S Annual Report 2025
87
Nordic Bioscience Holding A/S
Herlev Hovedgade 205
2730 Herlev
Denmark
+45 4452 5252
nordicbioscience.com
info@nordicbio.com
CVR No. 30 51 12 71
Design and production: Noted