{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ZEA": "http://xbrl.zealandpharma.com/2023-12-31", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://xbrl.zealandpharma.com/2023-12-31/549300ITBB1ULBL4CZ12-2023-12-31.xsd" ] }, "facts": { "f26765": { "value": "342788000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26768": { "value": "103986000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26773": { "value": "9138000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RoyaltyExpense", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26776": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RoyaltyExpense", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26781": { "value": "10036000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26784": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26788": { "value": "323614000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26791": { "value": "103986000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26796": { "value": "684902000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ResearchAndDevelopmentExpense", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26799": { "value": "614044000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ResearchAndDevelopmentExpense", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26804": { "value": "30627000", "decimals": -3, "dimensions": { "concept": "ifrs-full:SalesAndMarketingExpense", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26807": { "value": "32298000", "decimals": -3, "dimensions": { "concept": "ifrs-full:SalesAndMarketingExpense", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26812": { "value": "185302000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GeneralAndAdministrativeExpense", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26815": { "value": "237210000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GeneralAndAdministrativeExpense", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26820": { "value": "15979000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26823": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26828": { "value": "11000000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26831": { "value": "57587000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26835": { "value": "895852000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26838": { "value": "941139000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26842": { "value": "-572238000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26845": { "value": "-837153000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26850": { "value": "54115000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26853": { "value": "133270000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26858": { "value": "190742000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26861": { "value": "268158000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26865": { "value": "-708865000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26868": { "value": "-972041000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26873": { "value": "-5126000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26876": { "value": "-6431000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26880": { "value": "-703739000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26883": { "value": "-965610000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26888": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26891": { "value": "-236525000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26895": { "value": "-703739000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26898": { "value": "-1202135000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26903": { "value": "-12.44", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f26904": { "value": "-12.44", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f26907": { "value": "-20.9", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f26908": { "value": "-20.9", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f26914": { "value": "0", "decimals": 0, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromDiscontinuedOperations", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f26915": { "value": "0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromDiscontinuedOperations", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f26918": { "value": "-5.12", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromDiscontinuedOperations", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f26919": { "value": "-5.12", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromDiscontinuedOperations", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f26924": { "value": "-12.44", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f26925": { "value": "-12.44", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f26928": { "value": "-26.02", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f26929": { "value": "-26.02", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f26938": { "value": "-703739000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26941": { "value": "-1202135000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26949": { "value": "8087000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26952": { "value": "462000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26957": { "value": "-695652000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f26960": { "value": "-1201673000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27122": { "value": "12255000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27125": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27131": { "value": "47047000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27134": { "value": "50528000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27139": { "value": "102805000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27142": { "value": "114960000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27147": { "value": "14004000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27150": { "value": "30943000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27155": { "value": "925000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27158": { "value": "2017000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27163": { "value": "15794000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27166": { "value": "18105000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27171": { "value": "7375000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27174": { "value": "6901000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27179": { "value": "200205000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27182": { "value": "223454000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27187": { "value": "7935000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27190": { "value": "1286000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27196": { "value": "122359000", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27199": { "value": "115622000", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27204": { "value": "16437000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27207": { "value": "21599000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27212": { "value": "1183746000", "decimals": -3, "dimensions": { "concept": "ZEA:CurrentInvestmentsUnrestricted", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27215": { "value": "108611000", "decimals": -3, "dimensions": { "concept": "ZEA:CurrentInvestmentsUnrestricted", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27220": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27223": { "value": "348608000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27228": { "value": "449311000", "decimals": -3, "dimensions": { "concept": "ZEA:UnrestrictedCashAndCashEquivalents", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27231": { "value": "720626000", "decimals": -3, "dimensions": { "concept": "ZEA:UnrestrictedCashAndCashEquivalents", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27236": { "value": "1779788000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27239": { "value": "1316352000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27244": { "value": "1979993000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27247": { "value": "1539806000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27257": { "value": "58751000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27260": { "value": "51702000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27264": { "value": "6406225000", "decimals": -3, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27267": { "value": "4921232000", "decimals": -3, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27271": { "value": "22704000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27274": { "value": "14617000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27278": { "value": "-4894841000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27281": { "value": "-4171640000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27286": { "value": "1592839000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27289": { "value": "815911000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27294": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentPayables", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27297": { "value": "19058000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentPayables", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27302": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27305": { "value": "401346000", "decimals": -3, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27310": { "value": "102575000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27313": { "value": "108000000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27318": { "value": "102575000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27321": { "value": "528404000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27326": { "value": "16655000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27329": { "value": "14729000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27335": { "value": "267924000", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27338": { "value": "180762000", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27343": { "value": "284579000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27346": { "value": "195491000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27351": { "value": "387154000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27354": { "value": "723895000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27360": { "value": "1979993000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27363": { "value": "1539806000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27509": { "value": "-703739000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27512": { "value": "-1202135000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27517": { "value": "202033000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsForNoncashItems", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27520": { "value": "269332000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsForNoncashItems", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27525": { "value": "-52103000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInWorkingCapital", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27528": { "value": "-10161000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInWorkingCapital", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27532": { "value": "37887000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27535": { "value": "5178000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27539": { "value": "25252000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27542": { "value": "34124000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27546": { "value": "-11300000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27549": { "value": "-9277000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27553": { "value": "-425668000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27556": { "value": "-942311000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27560": { "value": "1089547000", "decimals": -3, "dimensions": { "concept": "ZEA:DecreaseInShortTermDepositsAndInvestmentsClassifiedAsInvestingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27563": { "value": "887060000", "decimals": -3, "dimensions": { "concept": "ZEA:DecreaseInShortTermDepositsAndInvestmentsClassifiedAsInvestingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27567": { "value": "2159831000", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseInShortTermDepositsAndInvestmentsClassifiedAsInvestingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27570": { "value": "700477000", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseInShortTermDepositsAndInvestmentsClassifiedAsInvestingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27574": { "value": "12508000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27577": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27582": { "value": "11241000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27585": { "value": "11710000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27590": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27593": { "value": "106386000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27597": { "value": "-1094033000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27600": { "value": "281259000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27605": { "value": "525764000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27608": { "value": "436088000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27613": { "value": "17664000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27616": { "value": "13719000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27620": { "value": "1500000000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27623": { "value": "1052757000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27628": { "value": "41600000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27631": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27637": { "value": "63950000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromExerciseOfWarrants", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27640": { "value": "31904000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromExerciseOfWarrants", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27644": { "value": "71908000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27647": { "value": "47354000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27651": { "value": "907014000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27654": { "value": "587500000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27658": { "value": "-612686000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27661": { "value": "-73552000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27665": { "value": "1069234000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27668": { "value": "1129103000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27672": { "value": "-7237000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27675": { "value": "13683000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27679": { "value": "449311000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27682": { "value": "1069234000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27719": { "value": "51702000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27722": { "value": "4921232000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27725": { "value": "14617000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f27728": { "value": "-4171640000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f27731": { "value": "815911000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27736": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27739": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27742": { "value": "8087000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f27745": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f27748": { "value": "8087000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27752": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27755": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27758": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f27761": { "value": "-703739000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f27764": { "value": "-703739000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27768": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27771": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27774": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f27777": { "value": "81045000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f27780": { "value": "81045000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27784": { "value": "0", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfPerformanceBasedShareUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27787": { "value": "0", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfPerformanceBasedShareUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27790": { "value": "0", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfPerformanceBasedShareUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f27793": { "value": "66000", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfPerformanceBasedShareUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f27796": { "value": "66000", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfPerformanceBasedShareUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27800": { "value": "0", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfRestrictedStockUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27803": { "value": "0", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfRestrictedStockUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27806": { "value": "0", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfRestrictedStockUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f27809": { "value": "91000", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfRestrictedStockUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f27812": { "value": "91000", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfRestrictedStockUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27816": { "value": "470000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27819": { "value": "63480000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27822": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f27825": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f27828": { "value": "63950000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27832": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27835": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27838": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f27841": { "value": "61426000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f27844": { "value": "61426000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27848": { "value": "6579000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27851": { "value": "1493421000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27854": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f27857": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f27860": { "value": "1500000000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27864": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27867": { "value": "71908000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27870": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f27873": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f27876": { "value": "71908000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27880": { "value": "58751000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27883": { "value": "6406225000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27886": { "value": "22704000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f27889": { "value": "-4894841000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f27892": { "value": "1592839000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27896": { "value": "43634000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27899": { "value": "3891993000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27902": { "value": "14155000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f27905": { "value": "-3021979000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f27908": { "value": "927803000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27913": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27916": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27919": { "value": "462000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f27922": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f27925": { "value": "462000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27929": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27932": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27935": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f27938": { "value": "-1202135000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f27941": { "value": "-1202135000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27945": { "value": "0", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfPerformanceBasedShareUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27948": { "value": "0", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfPerformanceBasedShareUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27951": { "value": "0", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfPerformanceBasedShareUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f27954": { "value": "72000", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfPerformanceBasedShareUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f27957": { "value": "72000", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfPerformanceBasedShareUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27961": { "value": "0", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfRestrictedStockUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27964": { "value": "0", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfRestrictedStockUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27967": { "value": "0", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfRestrictedStockUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f27970": { "value": "116000", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfRestrictedStockUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f27973": { "value": "116000", "decimals": -3, "dimensions": { "concept": "ZEA:IncreaseDecreaseThroughSettlementOfRestrictedStockUnitsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27977": { "value": "201000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27980": { "value": "31703000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27983": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f27986": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f27989": { "value": "31904000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f27993": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f27996": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f27999": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f28002": { "value": "52286000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f28005": { "value": "52286000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f28009": { "value": "7867000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f28012": { "value": "1044890000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f28015": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f28018": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f28021": { "value": "1052757000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f28025": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f28028": { "value": "47354000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f28031": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f28034": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f28037": { "value": "47354000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f28041": { "value": "51702000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f28044": { "value": "4921232000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:DKK" } }, "f28047": { "value": "14617000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f28050": { "value": "-4171640000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f28053": { "value": "815911000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s7_changesinequity__7__32": { "value": "749600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember", "unit": "iso4217:DKK" } }, "s10_notes__7__37-1": { "value": "1.1 Basis of preparation, going concern assumption, nature of the business and accounting policiesBasis of preparationThese consolidated financial statements include Zealand Pharma A/S (the parent company) and subsidi-aries over which the parent company has control. The Zealand consolidated Group is referenced herein as \"Zealand\" or the \"Group\".This section describes Zealand's material financial accounting policies including Management's judgements and estimates. New or revised EU endorsed accounting standards and interpretations are described, in addition to how these changes are expected to impact the financial performance and reporting of Zealand.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__42": { "value": "Basis of preparationThese consolidated financial statements include Zealand Pharma A/S (the parent company) and subsidi-aries over which the parent company has control. The Zealand consolidated Group is referenced herein as \"Zealand\" or the \"Group\".This section describes Zealand's material financial accounting policies including Management's judgements and estimates. New or revised EU endorsed accounting standards and interpretations are described, in addition to how these changes are expected to impact the financial performance and reporting of Zealand.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__43": { "value": "Accounting policies\u00aeThe consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act (class D). The consolidated financial statements were approved by the Board of Directors and author-ized for issue on February 26, 2024. Except as outlined in note 1.2 New accounting policies and disclo-sures, the financial statements have been prepared using the same accounting policies as in previous years.Zealand describes material accounting policy information in conjunction with each note with the aim to provide a more understandable description of each accounting area.IAS 1 Presentation of Financial Statements - Disclosure of Accounting policiesThe amendments to IAS 1 replace the requirement to disclose significant accounting policies with a requirement to disclose material accounting policy information. Zealand has adapted the amended standard for the annual report for the financial year January 1 - December 31, 2023. As an effect Zealand only discloses accounting policies if:\u2022 A choice of accounting policy is permitted by the IFRS accounting standard, \u2022 It is needed to provide context for a change of accounting policy that had a material effect on the information in the financial statements,\u2022 It is needed to provide context to significant judgements and estimates, \u2022 The required accounting (recognition, measurement, presentation, disclosure) is complex and users would otherwise not understand the material transaction, event, or condition, or\u2022 There are other qualitative factors that make the accounting policy information material.The adoption of the above mentioned amendments did not have a material impact on the financial statements as of December 31, 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__36-1": { "value": "Accounting policies\u00aeThe consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act (class D). The consolidated financial statements were approved by the Board of Directors and author-ized for issue on February 26, 2024. Except as outlined in note 1.2 New accounting policies and disclo-sures, the financial statements have been prepared using the same accounting policies as in previous years.Zealand describes material accounting policy information in conjunction with each note with the aim to provide a more understandable description of each accounting area.IAS 1 Presentation of Financial Statements - Disclosure of Accounting policiesThe amendments to IAS 1 replace the requirement to disclose significant accounting policies with a requirement to disclose material accounting policy information. Zealand has adapted the amended standard for the annual report for the financial year January 1 - December 31, 2023. As an effect Zealand only discloses accounting policies if:\u2022 A choice of accounting policy is permitted by the IFRS accounting standard, \u2022 It is needed to provide context for a change of accounting policy that had a material effect on the information in the financial statements,\u2022 It is needed to provide context to significant judgements and estimates, \u2022 The required accounting (recognition, measurement, presentation, disclosure) is complex and users would otherwise not understand the material transaction, event, or condition, or\u2022 There are other qualitative factors that make the accounting policy information material.The adoption of the above mentioned amendments did not have a material impact on the financial statements as of December 31, 2023.Accounting policiesZealand recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that Zealand determines are within the scope of IFRS 15, Zealand performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Zealand only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, Zealand assesses the goods and services promised within each contract and identifies as a performance obligation each good or service that is distinct. Revenue is recognized in the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.Milestone revenueAt the inception of each arrangement that includes milestone payments, Zealand evaluates whether the achievement of milestones is considered highly probable and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of Zealand or the license and collaboration partner, such as milestones conditioned of regulatory approvals, are not considered probable of being achieved until such regulatory approvals are received. The transaction price is then allocated to each perfor-mance obligation on a relative stand-alone selling price basis, for which Zealand recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, Zealand re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjust-ments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment.License revenue for intellectual propertyIf the license to Zealand's functional intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, Zealand recognizes revenues from non-refund-able upfront fees allocated to the license at the point in time the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, Zealand utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees.RoyaltiesSome of Zealand's license and collaboration agreements include sales-based royalties including commercial milestone payments based on the level of sales. The license has been deemed to be the predominant item to which the royalties relate under Zealand's license and collaboration agreements. As a result, Zealand recognizes revenue when the related sales occur.Reimbursement revenue for R&D servicesZealand\u2019s research and development collaboration agreements include the provisions for reimburse-ment or cost sharing for research and development services and payment for full-time equivalent employees (FTEs) at contractual rates. R&D services are performed over time given that the customer simultaneously receives and consumes the benefits provided by Zealand and revenue for research and development services is therefore recognized over time. Amount is recognized net of any passthrough cost incurred on behalf of the customer. The assessment of if a cost is incurred on behalf of the customer is made by evaluating the nature of its promise to the customer including whether the spec-ified good or service to be provided to the customer is controlled by the Company before that good or service is transferred to the customer.Product salesRevenue from sale of goods is recognized at a point in time when control of the goods is transferred to the customer and recorded net of adjustments for rebates and chargebacks, all of which are estimated at the time of sale.Accounting policiesRoyalty expenses comprise contractual amounts payable to third parties that are derived from milestone payments. Royalty expenses are recognized in the income statement when the related payments and milestone events in the corresponding collaboration agreements materialize.Royalty expense associated with lixisenatide under the Sanofi License AgreementWe have agreed to pay some of our revenue in deferred payments or royalties to third parties. At the time of the dissolution of a former joint venture with Elan Corporation, plc (Elan) and certain of its subsidiaries that were party to the joint venture agreement with us, we agreed to pay royalties to Elan \u2013 now Alkermes plc, as successor in interest to a termination agreement between us and the Elan enti-ties - including 13% of future payments we receive in respect of lixisenatide under the Sanofi License Agreement. In addition, we have agreed to pay a royalty of 0.5% of the total amounts we receive in connection with our SIP-modified peptides, including lixisenatide, to one of the inventors of our SIP technology, who is one of our employees. The royalty to be paid to this inventor is calculated on the basis of all the amounts we receive, including license payments, milestone payments and sales. In 2023 royalty expenses of DKK 9.1 million relate to the mentioned inventor (2022: DKK 0 million).Accounting policiesResearch and development expenses primarily include salaries, benefits and other employee related costs of Zealand's research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contractors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, and depreciation of property and equipment, to the extent that such costs are related to the Group's research and development activities.Accounting policiesSelling and marketing expenses relate to Zealand\u2019s commercial activities, including costs related to preparing the market for Zealand\u2019s products and administration of commercial partnerships. This includes salaries, benefits and other headcount costs related to commercial minded departments as well as third-party costs.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to commercial functions are also included. Selling and marketing expenses are recognized in the income statement in the period to which they relate.Accounting policiesGeneral and administrative expenses relate to the recurring management and administration of Zealand. This includes salaries, benefits and other headcount costs related to management and support func-tions including human resources and the finance departments.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to administrative functions are also included. General and administrative expenses are recog-nized in the income statement in the period to which they relate.Accounting policiesWages and salaries are recognized in the income statement in the period in which services for wages and salaries is rendered to the CompanyAccounting policiesOther operating items comprise non-revenue income and expenses related to Zealand\u2019s operations that are assessed to be non-recurring and significant for the understanding of the financial performance of Zealand.Other operating items also includes expenses as result of restructuring activities, including insurance costs, impairment charges, reversal of inventory write-downs, loss on revaluation of disposal group and other significant one-time transaction expenses.Accounting policiesA discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented sepa-rately in the statement of profit or loss. Comparatives in the statement of profit and loss for previous periods are restated to reflect the result of discontinued operations.Accounting policiesBasic result per shareBasic result per share is calculated as the net result for the period, divided by the weighted average number of ordinary shares outstanding, excluding treasury shares held by the Company.Diluted result per shareDiluted result per share is calculated as the net result for the period, divided by the weighted average number of ordinary shares outstanding, excluding the treasury shares, and adjusted for the dilutive effect of share equivalents.Accounting policiesInternal development programsZealand currently has not recognized internally generated intangible assets from development, as the criteria for recognition of an asset are not met as described below.SoftwareSoftware comprises capitalized implementation costs on IT projects initially measured at cost. Costs include configuration and customization of the underlying software, including training and testing. Capitalization ceases when the asset is in the condition necessary for it to be capable of operating in the manner intended by Management. The intangible assets are subsequently measured at cost less accumulated amortization and any impairment losses according to IAS 38. Amortization is calculated on a straight-line basis over the estimated useful life which is 3-5 years and is included in the income state-ment under general and administrative expenses.Acquired licenses and rightsAcquired licenses, rights, and patents are initially measured at cost and include the net present value of any future payments. The net present value of any future payments is recognized as a liability. When triggered, milestone payments are accounted for as an increase in the cost to acquire licenses, rights, and patents unless such subsequent expenditures are recognized in the income statement as Research & Development expenses if they do not satisfy the conditions for recognition as an asset.AmortizationLicenses, rights, and patents are amortized using the straight-line method over the estimated useful life which is determined when the asset is available for use. Amortizations, impairment losses and gain or losses on the disposal of intangible assets are recognized in the income statement as Research & Development expenses.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of the intangible assets may not be recoverable, Management will review the intangibles for impairment. Intangible assets not ready for use are reviewed for impairment on an annual basis.Accounting policiesProperty, plant, and equipment is mainly comprised of plant and machinery, other fixtures and fittings, leasehold improvements, and assets under construction, which are measured at cost less accumulated depreciation. and any impairment losses.The cost is comprised of the acquisition price and costs directly related to the acquisition until the asset is ready for use. Costs include direct costs and costs to subcontractors.DepreciaionDepreciation is calculated on a straight-line basis to allocate the cost of the assets, net of any residual value, over the estimated useful lives, which are as follows:Leasehold improvements 5-13 years, but never longer than the lease term Plant and machinery 5-10 years Other fixtures and fittings 3-5 yearsThe useful lives and residual values are reviewed and adjusted if appropriate on a yearly basis. Assets under construction are not depreciated.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of property, plant and equipment may not be recoverable, Management reviews that asset for impairment. The basis for the review is the recoverable amount of the assets, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow or savings generated from the asset.If the carrying amount is greater than the recoverable amount, the asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified.Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain wide range of different terms and conditions.All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets. ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term.Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of right-of-use assets (\"ROU\") may not be recoverable, Management reviews that ROU for impairment. The basis for the review is the recoverable amount of the ROU, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow or savings generated from the ROU. If the carrying amount is greater than the recoverable amount, the ROU is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified.Accounting policiesOther investments are measured at fair value on initial recognition and subsequently. Changes in fair value are recognized in the income statement under financial items.Accounting policiesRaw materials, work in progress and finished goods are measured at the lower of cost and net realiz-able value. Cost is determined on a first in, first out basis and comprises direct materials, direct labor and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of busi-ness less the estimated costs of completion and the estimated costs necessary to complete the sale.Inventory manufactured prior to regulatory approval (prelaunch inventory) is capitalized but immedi-ately provided for, until there is a high probability of regulatory approval for the product. A write-down is made against inventory, and the cost is recognized in the income statement as research and devel-opment costs. Once there is a high probability of regulatory approval being obtained, the write-down is reversed, up to no more than the original cost.Zealand reviews inventory for excess or obsolescence and writes down inventory that has no alternative uses to its net realizable value. Economic conditions, customer demand and changes in purchasing and distribution can affect the carrying amount of inventory. We record provisions for potentially obsolete or slow-moving inventory and lower of cost or net realizable value inventory adjustments. In some instances, these adjustments can have a material effect on the financial results of an annual or interim period. In order to determine such adjustments, we evaluate the age, inventory turns, future sales fore-casts and the estimated fair value of inventory.Accounting policiesReceivables are designated as financial assets measured at amortized cost and are initially measured at fair value less transaction costs and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit loss provision. Zealand utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due. Expected credit losses as of December 31, 2023, and December 31, 2022, are immaterial. Deposits relate to up-front payments on rental of office buildings measured at nominal value. Other receivables include accrued interest on marketable securities and VAT receivables measured at nominal value. Prepaid expenses include expenditures related to a future financial period. Prepaid expenses are measured at historical cost.Accounting policiesPlease refer to accounting policies in note 4.3 Financial assets and liabilities.Accounting policiesPlease refer to accounting policies in note 4.3 Financial assets and liabilities.Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes. Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instruments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022 Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.Accounting policiesCash is measured on intitial recognition at cost.Accounting policiesMarketable securities consist of investments in securities with a maturity of ninety days or greater at the time of acquisition. Measurement of marketable securities depends on the business model for managing the asset and the cash flow characteristics of the asset. There are three measurement cate-gories which Zealand considers when classifying its marketable securities:\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together with foreign exchange rate gains/(losses). Impairment losses are presented as a separate line item in the statement of profit or loss. \u2022 Fair value through other comprehensive income (FVOCI): Assets that are held with an objective that results in collecting contractual cash flows and selling financial assets are measured at FVOCI. A gain or loss on assets that is subsequently measured at FVOCI is recognized in other comprehensive profit or loss. Impairment losses and foreign exchange rate gains/(losses) are presented as a separate line item in the statement of profit or loss. \u2022 Fair value through profit and loss (FVTPL): Assets that do not meet the criteria for amortized cost or fair value through other comprehensive income (FVOCI) are measured at FVTPL. A gain or loss on a debt investment that is subsequently measured at FVTPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.Zealand's portfolio is managed and evaluated on a fair value basis in accordance with its stated invest-ment guidelines and the information provided internally to Management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securities are measured at fair value through profit and loss. This classification is consistent with prior year's classification.Transactions are recognized at trade date.Accounting policiesOn initial recognition, borrowings are measured at fair value which is generally equal to the proceeds received. Fair value is allocated between the debt host contract and, if applicable, an embedded derivative. Transaction costs attributable to the debt host contract are deducted from the initial fair value and amortized over the term of the loan as part of the effective interest rate on the loan. Transaction costs attributable to non-closely related embedded derivatives are expensed on initial recognition. Subsequently, borrowings are measured at amortized cost. On initial recognition, borrowings are evaluated for the existence of non-closely related embedded derivatives, i.e. cash flows or potential cash flows whose economic characteristics and risks are not closely related to the economic characteristics and risks in the debt host contract such as prepayment options at amounts which are not substantially equal to the loan\u2019s amortized cost. The cash flows attributable to such non-closely related embedded derivatives are separated and accounted for as derivative financial instruments.Loan commitments are not recognized. Lender fees and transaction costs attributable to unconditional loan commitments are treated as prepaid transaction costs if the Group expects to draw down on the facility. If the Group has no specific plans for draw down on the loan commitment, the transaction costs are amortized over the commitment period. If a loan commitment is subject to meeting certain conditions, it is considered an unconditional loan commitment if the Group considers it probable that the conditions will be met. Amendment of the terms of a loan is accounted for as an extinguishment of the original loan and recognition of a new liability reflecting the amended terms if the amended terms are substantially different from the orig-inal terms. Both quantitative and qualitive factors are considered. If the present value of the amended cash flows discounted at the original effective interest rate differs by 10% or more, the amendment is treated as an extinguishment. If the presented value of the amended cash flows differs by less than 10%, Management evaluates qualitative factors such as:\u2022 Change in collateral and restrictions of the use of proceeds\u2022 Significant change in the term of the loan\u2022 Change in loan currency and interest baseAll fees incurred in connection with a modification of the terms accounted for as an extinguishment are recognized as an expense.Derecognition of financial liabilities: A financial liability is derecognized when the obligation under the liability is settled, discharged, cancelled, or expires. The difference between the carrying amount of a financial liability extinguished and the consideration paid is recognized through profit and loss.Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities, banking fees from managing finan-cial transactions, gains and losses from sale of marketable securities and dividends from marketable securities.Accounting policiesThe share capital comprises the nominal amount of Zealand Pharma A/S\u2019s ordinary shares, each at a nominal value of DKK 1. All shares are fully paid. The share premium reserve is comprised of the amount received, attributable to shareholders\u2019 equity, in excess of the nominal amount of the shares issued at the parent company\u2019s capital increases or exercise of warrants, reduced by any external expenses directly attributable to the offerings. The total nominal amount from purchase of treasury shares is recognized in retained losses, including any amount excess of the nominal amount.Share option schemesThe Group has share option schemes for warrants, performance share units (PSUs) and restricted share units (RSUs) under which options to subscribe for the Group\u2019s shares have been granted to employees, Management and Board of Directors. Refer to note 4.9 Share-based instruments for further details.PSUs and RSUs exercised in each respective year have been settled using the treasury shares of the Group. Any excess of the cash received from exercise of warrants over the nominal amount of the shares issued is recorded in share premium.Accounting policiesShare-based compensation expensesThe value of services received as consideration for share-based compensation is measured at the fair value of the granted instrument. The fair value of equity-settled share-based compensation is determined at the grant date and is recognized in the income statement as employee benefit expense over the period in which the instruments vest. The offsetting entry is recognized under equity. At each reporting date, an estimate is made of the number of instruments expected to vest, so the total expense recognized over the vesting period is equal to fair value of the actual number of instruments which vest. The fair value of warrants granted is estimated using the Black\u2013Scholes pricing model, whereas for RSUs and PSUs the closing share price on the day of the grant is used.In respect of performance obligations, market conditions, such as when the exercisability of an instrument depends on the achievement of a specified target that is based on the market price or value of the entity\u2019s equity instruments, relative to an index, are taken into account when estimating the fair value of the award at the grant date, while non-market vesting conditions, such as forfeiture rates, are taken into account by adjusting the number of equity instruments included in the measurement of the transaction amount so as to reflect the number of awards that are expected to vest.Accounting policiesIncome tax on results for the year, which comprises current tax and changes in deferred tax, is recog-nized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders' equity or other comprehensive income.Current tax liabilities and current tax receivables are measure at the amounts expected to be paid to or recovered from the tax authorities.Deferred tax is accounted for under the liability method which requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of tax losses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax from changes in tax rates is recognized in the income statement.Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which the differences can be utilized.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__41": { "value": "The consolidated financial statements were approved by the Board of Directors and author-ized for issue on February 26, 2024. Except as outlined in note 1.2 New accounting policies and disclo-sures, the financial statements have been prepared using the same accounting policies as in previous years.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__46": { "value": "Going concern assessmentThe Company's strategy to prioritize research and development allows the Company to focus on the research and development of innovative peptide-based medicines and leverage its peptide platform through strategic collaborations.Until such time where the Company becomes able to generate positive cash-flows from its operations, additional funding is expected to be necessary to fund future research and development activities. Therefore, the Company may raise additional funds through either public financing, debt financing, collaboration agreements, strategic alliances and licensing arrangements, or a combination of such. Management\u2019s judgement and assessment of the Company\u2019s ability to continue as a going concern includes evaluation of the Company's operational cash-flow requirements for the forthcoming 12 months from the balance sheet date and future sources and uses of cash. Management has assessed factors such as its product pipeline, cash position, planned research and development activities, current license and collaboration agreements, undrawn borrowing facilities and financing opportunities.Management expects that the Company's cash and cash equivalents as of December 31, 2023, will be sufficient to fund the Company's research and development activities as planned and capital requirements for at least 12 months from the December 31, 2023 balance sheet date. Following the capital increase in January 2024 the Group received gross proceeds of DKK 1.45 billion.On this basis, these consolidated financial statements are prepared using the going concern assumption.", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__44-1": { "value": "Going concern assessmentThe Company's strategy to prioritize research and development allows the Company to focus on the research and development of innovative peptide-based medicines and leverage its peptide platform through strategic collaborations.Until such time where the Company becomes able to generate positive cash-flows from its operations, additional funding is expected to be necessary to fund future research and development activities. Therefore, the Company may raise additional funds through either public financing, debt financing, collaboration agreements, strategic alliances and licensing arrangements, or a combination of such. Management\u2019s judgement and assessment of the Company\u2019s ability to continue as a going concern includes evaluation of the Company's operational cash-flow requirements for the forthcoming 12 months from the balance sheet date and future sources and uses of cash. Management has assessed factors such as its product pipeline, cash position, planned research and development activities, current license and collaboration agreements, undrawn borrowing facilities and financing opportunities.Management expects that the Company's cash and cash equivalents as of December 31, 2023, will be sufficient to fund the Company's research and development activities as planned and capital requirements for at least 12 months from the December 31, 2023 balance sheet date. Following the capital increase in January 2024 the Group received gross proceeds of DKK 1.45 billion.On this basis, these consolidated financial statements are prepared using the going concern assumption.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__47": { "value": "Nature of the BusinessZealand is a biotechnology company focused on the discovery and development of innovative peptide-based medicines. More than 10 drug candidates invented by Zealand have advanced into clinical devel-opment, of which two have reached the market. The Company has development partnerships with a number of pharma companies as well as commercial partnerships for its marketed products.Zealand Pharma A/S, founded in 1998, is incorporated in Denmark and headquartered in Copenhagen, Denmark with a presence in the U.S.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__48-1": { "value": "MaterialityZealand's Annual Report is based on the concept of materiality and the Company focuses on informa-tion that is considered material and relevant to the users of the consolidated financial statements. The consolidated financial statements consist of a large number of transactions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consolidated financial statements as required by IFRS and the Danish Financial Statements Act. If items are individually immaterial, they are aggregated with other items of similar nature in the financial statements or in the notes.ESEF and iXBRL reportingZealand Pharma is required to file its annual report in ESEF format, and the annual report is therefore prepared in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format. The consolidated financial statements are tagged using inline eXtensible Business Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. Where a financial statement line item is not defined in the ESEF taxonomy, an exten-sion to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions which are subtotals. The Annual Report submitted to the Danish Financial Supervisory Authority consists of the XHTML document together with certain technical files, all included in a file named 549300ITBB1ULBL4CZ12-2023-12-31-en.zip", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__50-1": { "value": "Consolidated Financial StatementsThe consolidated financial statements include Zealand A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary.Zealand's consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsidiaries, prepared under Zealand's accounting policies by combining similar accounting items on a line-by-line basis. On consolidation, intercompany income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consolidated companies are eliminated. The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the propor-tionate share of the subsidiaries' equity. Subsidiaries are consolidated from the date when control is transferred to the Group.The income statements for subsidiaries with a different functional currency than Zealand's presenta-tion currency, are translated into Zealand's presentation currency at average exchange rates, and the balance sheets are translated at the exchange rate in effect at the balance sheet date.Exchange rate differences arising from the translation of foreign subsidiaries shareholders' equity at the beginning of the year and exchange rate differences arising as a result of foreign subsidiaries' income Zealand Pharma A/SUltimate parentDomicile: DenmarkZP SPV 3 K/SZP General Partner 3ZP Holding SPV K/SZP General Partner 1 ApSZealand Pharma U.S., Inc.Domicile: DenmarkDomicile: DenmarkDomicile: DenmarkDomicile: DenmarkDomicile: United StatesOwnership: 100%Ownership: 100%Ownership: 100%Ownership: 100%Ownership: 100%Voting rights: 100%Voting rights: 100%Voting rights: 100%Voting rights: 100%Voting rights: 100%ZP General Partner 2 ApSZP SPV 1 K/SZealand Pharma California US, LLC.Domicile: DenmarkDomicile: DenmarkDomicile: United StatesOwnership: 100%Ownership: 100%Ownership: 100%Voting rights: 100%Voting rights: 100%Voting rights: 100%statements being translated at average exchange rates are recorded in translation reserves in share-holders' equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__40": { "value": "Consolidated Financial StatementsThe consolidated financial statements include Zealand A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary.Zealand's consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsidiaries, prepared under Zealand's accounting policies by combining similar accounting items on a line-by-line basis. On consolidation, intercompany income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consolidated companies are eliminated. The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the propor-tionate share of the subsidiaries' equity. Subsidiaries are consolidated from the date when control is transferred to the Group.The income statements for subsidiaries with a different functional currency than Zealand's presenta-tion currency, are translated into Zealand's presentation currency at average exchange rates, and the balance sheets are translated at the exchange rate in effect at the balance sheet date.Exchange rate differences arising from the translation of foreign subsidiaries shareholders' equity at the beginning of the year and exchange rate differences arising as a result of foreign subsidiaries' income Zealand Pharma A/SUltimate parentDomicile: DenmarkZP SPV 3 K/SZP General Partner 3ZP Holding SPV K/SZP General Partner 1 ApSZealand Pharma U.S., Inc.Domicile: DenmarkDomicile: DenmarkDomicile: DenmarkDomicile: DenmarkDomicile: United StatesOwnership: 100%Ownership: 100%Ownership: 100%Ownership: 100%Ownership: 100%Voting rights: 100%Voting rights: 100%Voting rights: 100%Voting rights: 100%Voting rights: 100%ZP General Partner 2 ApSZP SPV 1 K/SZealand Pharma California US, LLC.Domicile: DenmarkDomicile: DenmarkDomicile: United StatesOwnership: 100%Ownership: 100%Ownership: 100%Voting rights: 100%Voting rights: 100%Voting rights: 100%statements being translated at average exchange rates are recorded in translation reserves in share-holders' equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__39": { "value": "Consolidated Financial StatementsThe consolidated financial statements include Zealand A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary.Zealand's consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsidiaries, prepared under Zealand's accounting policies by combining similar accounting items on a line-by-line basis. On consolidation, intercompany income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consolidated companies are eliminated. The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the propor-tionate share of the subsidiaries' equity. Subsidiaries are consolidated from the date when control is transferred to the Group.The income statements for subsidiaries with a different functional currency than Zealand's presenta-tion currency, are translated into Zealand's presentation currency at average exchange rates, and the balance sheets are translated at the exchange rate in effect at the balance sheet date.Exchange rate differences arising from the translation of foreign subsidiaries shareholders' equity at the beginning of the year and exchange rate differences arising as a result of foreign subsidiaries' income Zealand Pharma A/SUltimate parentDomicile: DenmarkZP SPV 3 K/SZP General Partner 3ZP Holding SPV K/SZP General Partner 1 ApSZealand Pharma U.S., Inc.Domicile: DenmarkDomicile: DenmarkDomicile: DenmarkDomicile: DenmarkDomicile: United StatesOwnership: 100%Ownership: 100%Ownership: 100%Ownership: 100%Ownership: 100%Voting rights: 100%Voting rights: 100%Voting rights: 100%Voting rights: 100%Voting rights: 100%ZP General Partner 2 ApSZP SPV 1 K/SZealand Pharma California US, LLC.Domicile: DenmarkDomicile: DenmarkDomicile: United StatesOwnership: 100%Ownership: 100%Ownership: 100%Voting rights: 100%Voting rights: 100%Voting rights: 100%statements being translated at average exchange rates are recorded in translation reserves in share-holders' equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__52-1": { "value": "Functional and Presentation CurrencyThe consolidated financial statements have been prepared in Danish Kroner (DKK), which is the func-tional and presentation currency of the parent company.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__54-1": { "value": "Foreign CurrencyTransactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction. Exchange rate gains and losses arising between the transaction date and the settlement date are recog-nized in the income statement as financial income or expense.Unsettled monetary assets and liabilities in foreign currencies are translated at the exchange rates in effect at the balance sheet date. Exchange rate gains and losses arising between the transaction date and the balance sheet date are recognized in the income statement as financial income or expense.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__56-1": { "value": "Statements of Cash FlowsThe cash flow statement is presented using the indirect method.Cash flows from operating activities are stated as the net result for the year adjusted for net financial items, non-cash operating items such as depreciation, amortization, impairment losses, share-based compensation expenses, provisions, and for changes in operating assets and liabilities, interest paid and received, interest elements of lease payments and corporate taxes paid or received. Operating assets and liabilities are mainly comprised of changes in receivables and other payables excluding the items included in cash and cash equivalents. Changes in non-current assets and liabilities are included in operating assets and liabilities, if related to the main revenue-producing activities of Zealand.Cash flows from investing activities consist of purchases and sales of marketable securities and other investments, as well as purchases of intangible assets and property and equipment.Cash flows from financing activities relate to the issuance of shares, purchase of treasury shares and payments of loans including installments on lease liabilities.Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a maturity of less than ninety days on the date of acquisition.The statements of cash flows cannot be derived solely from the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__63": { "value": "1.2 New accounting policies and disclosuresImplementation of new and revised standards and interpretationsZealand has, with effect from January 1, 2023, applied and implemented the following new standards and amendments, which are relevant for Zealand:\u2022 Amendments to IAS 1 Presentation of Financial Statements and to the IFRS Practice Statement 2 (PS2) Making Materiality Judgements. \u2022 Amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Error relating to the definition of Accounting Estimates \u2022 Amendments to IAS 12 Income taxes relating to (i) deferred tax related to assets and liabilities arising from a single transaction and (ii) the International Tax Reform \u2013 Pillar Two Model RulesThe implementation of the above new and revised standards and amendments did not have any mate-rial impact on amounts recognized in current and prior periods and is not expected to have a material impact in the current or future reporting periods.Standards and interpretations not yet effectiveThe IASB has issued a number of new standards and updated some existing standards, which are effec-tive for accounting periods beginning on January 1, 2024, or later. Therefore, they are not incorporated in these consolidated financial statements. There are no standards presently known that are not yet effective and that would be expected to have a material impact on Zealand in current or future reporting periods and on foreseeable future transactions.New accounting policy for softwareIn 2023, Zealand has adopted a new accounting policy on capitalization of implementation costs on IT projects due to a new type of transactions. On initial recognition they are measured at cost and include configuration and customization of the underlying software, including training and testing. Refer to note 3.1 Intangible assets for additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__61-1": { "value": "1.2 New accounting policies and disclosuresImplementation of new and revised standards and interpretationsZealand has, with effect from January 1, 2023, applied and implemented the following new standards and amendments, which are relevant for Zealand:\u2022 Amendments to IAS 1 Presentation of Financial Statements and to the IFRS Practice Statement 2 (PS2) Making Materiality Judgements. \u2022 Amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Error relating to the definition of Accounting Estimates \u2022 Amendments to IAS 12 Income taxes relating to (i) deferred tax related to assets and liabilities arising from a single transaction and (ii) the International Tax Reform \u2013 Pillar Two Model RulesThe implementation of the above new and revised standards and amendments did not have any mate-rial impact on amounts recognized in current and prior periods and is not expected to have a material impact in the current or future reporting periods.Standards and interpretations not yet effectiveThe IASB has issued a number of new standards and updated some existing standards, which are effec-tive for accounting periods beginning on January 1, 2024, or later. Therefore, they are not incorporated in these consolidated financial statements. There are no standards presently known that are not yet effective and that would be expected to have a material impact on Zealand in current or future reporting periods and on foreseeable future transactions.New accounting policy for softwareIn 2023, Zealand has adopted a new accounting policy on capitalization of implementation costs on IT projects due to a new type of transactions. On initial recognition they are measured at cost and include configuration and customization of the underlying software, including training and testing. Refer to note 3.1 Intangible assets for additional information.1.3 Management's judgements and estimates under IFRSIn preparing consolidated financial statements under IFRS, certain provisions in the standards require Management's judgements, including various accounting estimates and assumptions. These judge-ments and estimates affect the application of accounting policies, as well as reported amounts within the consolidated financial statements and disclosures.Determining the carrying amount of certain assets and liabilities requires judgements, estimates and assumptions concerning future events that are based on historical experience and other factors, which by their very nature are associated with uncertainty and unpredictability.Accounting estimates are based on historical experience and various other factors relative to the circumstances in which they are applied. Estimates are generally made based on information available at the time. An example would include Management's estimation of useful lives of intangible assets.Accounting judgements are made in the process of applying accounting policies. These judgements are typically made based on the guidance and information available at the time of application. Examples would include Management's judgements utilized in determining revenue recognition.These estimates and judgements may prove incomplete or incorrect, and unexpected events or circum-stances may arise. Zealand is also subject to risks and uncertainties which may lead actual results to differ from these estimates, both positively and negatively. Specific risks for Zealand are discussed in the relevant section of this Annual Report and in the notes to the consolidated financial statements.The areas involving a high degree of judgement and estimation that at the end of the reporting period have a significant risk of resulting in material adjustment to the carrying amount of assets and liabilities within the next financial year are summarized below. Refer to the identified notes for further informa-tion on the key accounting estimates and judgements utilized in the preparation of these consolidated financial statements.Climate changeIn preparing the consolidated financial statements, Management has considered the impact of climate change, particularly in the context of the Group\u2019s sustainability targets. Zealand Pharma targets to minimize and mitigate the climate impact by continuously evaluating and implementing initiatives that can reduce any negative impact on the environment from the Group\u2019s operations. These considerations did not have a material impact on Management\u2019s judgements and estimates, consistent with the assessment that climate change is not expected to have a significant impact on the Group\u2019s future cash flows, the carrying amount of non-current assets, or going concern assessment.Accounting topic Key accounting estimates and judgements Note reference Estimation riskRevenue recognition Judgement in assessing the nature of combined performance obligations within contracts 2.1 ModerateJudgement in assessing the probability of attainment of milestones LowEstimation of stand-alone selling price for each identified performance obligation ModerateShare-based compensation Judgement in determining assumptions required for valuation of warrant grants 4.9 ModerateEstimate of instruments expected to vest Moderate\u00aeInventory Estimate of net realizable value of Zegalogue raw materials 3.5 LowDeferred taxes Judgement and estimate regarding valuation of deferred income tax assets 5.1 LowCapitalization of research and development costs Judgement involved in determining when a development project reached technological feasibility 3.1 LowGoing concern assumption Judgement in assessing operational cashflow and capital requirements for the forthcoming 12 months from the 1.1 Lowbalance sheet dateDiscontinued operations Judgements exercised by Management in applying IFRS 5 as a result of the divestment of the US sales activities, 2.10 Moderate\u00aeincluding the V-GO activity and the transfer of the commercial rights for ZegalogueAccrual of costs for clinical contracts Estimate on allocation of total contract costs between start-up, patient treatment and wrap-up phases for clinical 2.5 Lowtrials including estimate of value for expected change orders.Right-of-use assets Estimate in assessing the recoverable amount under the finance lease agreement for the US Boston office 3.3 Low", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__60": { "value": "1.2 New accounting policies and disclosuresImplementation of new and revised standards and interpretationsZealand has, with effect from January 1, 2023, applied and implemented the following new standards and amendments, which are relevant for Zealand:\u2022 Amendments to IAS 1 Presentation of Financial Statements and to the IFRS Practice Statement 2 (PS2) Making Materiality Judgements. \u2022 Amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Error relating to the definition of Accounting Estimates \u2022 Amendments to IAS 12 Income taxes relating to (i) deferred tax related to assets and liabilities arising from a single transaction and (ii) the International Tax Reform \u2013 Pillar Two Model RulesThe implementation of the above new and revised standards and amendments did not have any mate-rial impact on amounts recognized in current and prior periods and is not expected to have a material impact in the current or future reporting periods.Standards and interpretations not yet effectiveThe IASB has issued a number of new standards and updated some existing standards, which are effec-tive for accounting periods beginning on January 1, 2024, or later. Therefore, they are not incorporated in these consolidated financial statements. There are no standards presently known that are not yet effective and that would be expected to have a material impact on Zealand in current or future reporting periods and on foreseeable future transactions.New accounting policy for softwareIn 2023, Zealand has adopted a new accounting policy on capitalization of implementation costs on IT projects due to a new type of transactions. On initial recognition they are measured at cost and include configuration and customization of the underlying software, including training and testing. Refer to note 3.1 Intangible assets for additional information.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__66": { "value": "1.3 Management's judgements and estimates under IFRSIn preparing consolidated financial statements under IFRS, certain provisions in the standards require Management's judgements, including various accounting estimates and assumptions. These judge-ments and estimates affect the application of accounting policies, as well as reported amounts within the consolidated financial statements and disclosures.Determining the carrying amount of certain assets and liabilities requires judgements, estimates and assumptions concerning future events that are based on historical experience and other factors, which by their very nature are associated with uncertainty and unpredictability.Accounting estimates are based on historical experience and various other factors relative to the circumstances in which they are applied. Estimates are generally made based on information available at the time. An example would include Management's estimation of useful lives of intangible assets.Accounting judgements are made in the process of applying accounting policies. These judgements are typically made based on the guidance and information available at the time of application. Examples would include Management's judgements utilized in determining revenue recognition.These estimates and judgements may prove incomplete or incorrect, and unexpected events or circum-stances may arise. Zealand is also subject to risks and uncertainties which may lead actual results to differ from these estimates, both positively and negatively. Specific risks for Zealand are discussed in the relevant section of this Annual Report and in the notes to the consolidated financial statements.The areas involving a high degree of judgement and estimation that at the end of the reporting period have a significant risk of resulting in material adjustment to the carrying amount of assets and liabilities within the next financial year are summarized below. Refer to the identified notes for further informa-tion on the key accounting estimates and judgements utilized in the preparation of these consolidated financial statements.Climate changeIn preparing the consolidated financial statements, Management has considered the impact of climate change, particularly in the context of the Group\u2019s sustainability targets. Zealand Pharma targets to minimize and mitigate the climate impact by continuously evaluating and implementing initiatives that can reduce any negative impact on the environment from the Group\u2019s operations. These considerations did not have a material impact on Management\u2019s judgements and estimates, consistent with the assessment that climate change is not expected to have a significant impact on the Group\u2019s future cash flows, the carrying amount of non-current assets, or going concern assessment.Accounting topic Key accounting estimates and judgements Note reference Estimation riskRevenue recognition Judgement in assessing the nature of combined performance obligations within contracts 2.1 ModerateJudgement in assessing the probability of attainment of milestones LowEstimation of stand-alone selling price for each identified performance obligation ModerateShare-based compensation Judgement in determining assumptions required for valuation of warrant grants 4.9 ModerateEstimate of instruments expected to vest Moderate\u00aeInventory Estimate of net realizable value of Zegalogue raw materials 3.5 LowDeferred taxes Judgement and estimate regarding valuation of deferred income tax assets 5.1 LowCapitalization of research and development costs Judgement involved in determining when a development project reached technological feasibility 3.1 LowGoing concern assumption Judgement in assessing operational cashflow and capital requirements for the forthcoming 12 months from the 1.1 Lowbalance sheet dateDiscontinued operations Judgements exercised by Management in applying IFRS 5 as a result of the divestment of the US sales activities, 2.10 Moderate\u00aeincluding the V-GO activity and the transfer of the commercial rights for ZegalogueAccrual of costs for clinical contracts Estimate on allocation of total contract costs between start-up, patient treatment and wrap-up phases for clinical 2.5 Lowtrials including estimate of value for expected change orders.Right-of-use assets Estimate in assessing the recoverable amount under the finance lease agreement for the US Boston office 3.3 Low", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__65-1": { "value": "1.3 Management's judgements and estimates under IFRSIn preparing consolidated financial statements under IFRS, certain provisions in the standards require Management's judgements, including various accounting estimates and assumptions. These judge-ments and estimates affect the application of accounting policies, as well as reported amounts within the consolidated financial statements and disclosures.Determining the carrying amount of certain assets and liabilities requires judgements, estimates and assumptions concerning future events that are based on historical experience and other factors, which by their very nature are associated with uncertainty and unpredictability.Accounting estimates are based on historical experience and various other factors relative to the circumstances in which they are applied. Estimates are generally made based on information available at the time. An example would include Management's estimation of useful lives of intangible assets.Accounting judgements are made in the process of applying accounting policies. These judgements are typically made based on the guidance and information available at the time of application. Examples would include Management's judgements utilized in determining revenue recognition.These estimates and judgements may prove incomplete or incorrect, and unexpected events or circum-stances may arise. Zealand is also subject to risks and uncertainties which may lead actual results to differ from these estimates, both positively and negatively. Specific risks for Zealand are discussed in the relevant section of this Annual Report and in the notes to the consolidated financial statements.The areas involving a high degree of judgement and estimation that at the end of the reporting period have a significant risk of resulting in material adjustment to the carrying amount of assets and liabilities within the next financial year are summarized below. Refer to the identified notes for further informa-tion on the key accounting estimates and judgements utilized in the preparation of these consolidated financial statements.Climate changeIn preparing the consolidated financial statements, Management has considered the impact of climate change, particularly in the context of the Group\u2019s sustainability targets. Zealand Pharma targets to minimize and mitigate the climate impact by continuously evaluating and implementing initiatives that can reduce any negative impact on the environment from the Group\u2019s operations. These considerations did not have a material impact on Management\u2019s judgements and estimates, consistent with the assessment that climate change is not expected to have a significant impact on the Group\u2019s future cash flows, the carrying amount of non-current assets, or going concern assessment.Accounting topic Key accounting estimates and judgements Note reference Estimation riskRevenue recognition Judgement in assessing the nature of combined performance obligations within contracts 2.1 ModerateJudgement in assessing the probability of attainment of milestones LowEstimation of stand-alone selling price for each identified performance obligation ModerateShare-based compensation Judgement in determining assumptions required for valuation of warrant grants 4.9 ModerateEstimate of instruments expected to vest Moderate\u00aeInventory Estimate of net realizable value of Zegalogue raw materials 3.5 LowDeferred taxes Judgement and estimate regarding valuation of deferred income tax assets 5.1 LowCapitalization of research and development costs Judgement involved in determining when a development project reached technological feasibility 3.1 LowGoing concern assumption Judgement in assessing operational cashflow and capital requirements for the forthcoming 12 months from the 1.1 Lowbalance sheet dateDiscontinued operations Judgements exercised by Management in applying IFRS 5 as a result of the divestment of the US sales activities, 2.10 Moderate\u00aeincluding the V-GO activity and the transfer of the commercial rights for ZegalogueAccrual of costs for clinical contracts Estimate on allocation of total contract costs between start-up, patient treatment and wrap-up phases for clinical 2.5 Lowtrials including estimate of value for expected change orders.Right-of-use assets Estimate in assessing the recoverable amount under the finance lease agreement for the US Boston office 3.3 LowManagement\u2019s judgements and estimatesRevenue recognitionEvaluating the criteria for revenue recognition under license and collaboration agreements requires Management's judgement to assess and determine the following:\u2022 Identification of performance obligations within the contract and determine the nature of perfor-mance obligations and whether they are distinct or should be combined with other performance obligations to determine whether the performance obligations are satisfied over time or at a point in time.\u2022 Determine the transaction price, including an assessment of whether the achievement of milestone payments is highly probable.\u2022 Allocation of transaction price to performance obligations to determine the stand-alone selling price of each performance obligation identified in the contract using key assumptions which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success.Management\u2019s judgements and estimatesTreatment of research and development expensesResearch and development expenses are recognized in the income statement as incurred and in the period in which they relate, except for development expenses for which the capitalization criteria are met.Please see note 3.1 Intangible assets for a more detailed description on the treatment of Zealand's development expenses related to internal development projects.Accrual of costs for clinical contractsManagement estimates expenses to be recognized from Contract Research Organizations (CROs) based on an estimate on allocation of total contract costs between start-up, patient treatment and wrap-up phases for clinical trials including an estimate of treatment cost per patient and value of expected change orders.Total contract costs are allocated to each phase using the below split for all Zealand\u2019s CRO contracts based on previous experiences:\u2022 Service fee: Start-up (20%), Patient treatment (75%), Wrap-up (5%)\u2022 Pass through: Start-up (5%), Patient treatment (90%), Wrap-up (5%)CRO contracts are recognized over the contract period based on an estimate of the contract\u2019s cost driving element which could be either i) patients or ii) time. If the primary goal of the study is to get a certain number of patients through the study, then patients is used as the cost driving element. Time is used if the study runs through a certain timeline regardless of how many patients that are enrolled.At the end of each reporting period, Management estimates any expected change orders, which are recognized up front with an amount corresponding to the completion rate of the contract (patients or time). The remaining change order amount will be recognized over the remaining contract period.Management's judgements and estimatesOn March 30, 2022, the group announced its intention to exit the US sales activities including the V-GO activity. The activities were successfully divested through an asset purchase agreement with MannKind Corporation dated May 29, 2022. On September 7, 2022, the group announced the transfer of the \u00a9commercial rights for Zegalogue to Novo Nordisk A/S effectually ending all efforts to commercialize the Group's products via its own sales force in 2022.Management has exercised judgement in determining that the activities around commercialization of \u00a9V-GO products via Zealand's own sales force and the transfer of commercial rights for Zegalogue met the criteria for classification as a discontinued operations and in the segregation of results from discon-tinued operation from results from continued operations for all periods presented. Accordingly, the activities, including the effect of the divestment of the V-GO disposal group, has been presented sepa-rately as a discontinued operation in the income statement.Management's judgements and estimatesAccording to IAS 38, intangible assets arising from development projects should be recognized in the balance sheet. The criteria that must be met for capitalization are that:\u2022 the development project is clearly defined and identifiable and the attributable costs can be meas-ured reliably during the development period; and\u2022 the technological feasibility, adequate resources to complete and a market for the product or an internal use of the product can be documented; and \u2022 Management has the intent to produce and market the product or to use it internally.Such an intangible asset should be recognized if sufficient certainty can be documented that the future income from the development project will exceed the aggregate cost of production, development and sale and administration of the product.A development project involves a single product candidate undergoing a high number of tests to illus-trate its safety profile and its effect on humans prior to obtaining the necessary final approval of the product from the authorities. The future economic benefit associated with the individual development projects are dependent on obtaining such approval. Considering the significant risk and duration of the development period related to the development of biological products, Management has concluded that the future economic benefits associated with the individual projects cannot be estimated with sufficient certainty until the project has been finalized and the necessary final regulatory approval of the product has been obtained. Accordingly, Zealand has not recognized such assets at this time and there-fore all research and development costs are recognized in the income statement when incurred.Management's judgements and estimatesManagement has estimated the recoverable amount of the right-of-use asset related to the US Boston office as of December 31, 2023. The impairment in 2023 of DKK 11.0 million reflects an assessment of the ROU's carrying amount against its recoverable amount, considering factors such as future cash flows and market conditions for office rentals in Boston, Massachusetts. Zealand has entered into an irrevocable lease agreement until 2029 thereby knowing the expected cash flows many years ahead and Management is currently investigating possibilities on subleasing the US office to a third party. The initial feedback from the real estate agent has indicated a lower rent level than previously anticipated thereby triggering impairment.The recoverable amount has been calculated by applying a discount rate of 4.5% on future cash flows being the annual effective discount rate from the lease contract. Future cash flows are projected with 2% annual escalations and current projections include an estimate of the recoverable rent payments until the end of the lease term on August 31, 2029, partly offset by non-recovered operating expenses and real estate taxes.The estimated recoverable amount is subject to sensitivity if the projected level for base rent per square feet changes; however, Management has chosen a conservative approach in the calculations, and therefore the risk for a significant change in the recoverable amount is deemed immaterial.The DKK 1.3 million from impairment of right-of-use assets (\"ROU\") is included in other operating expenses, refer to note 2.9 Other operating items.The total provision for onerous contract of DKK 6.2 million has been recognized as an addition to lease liabilities as of December 31, 2023, out of which DKK 1.4 million is short-term and DKK 4.8 million is long-term.No impairment losses have previously been recognized for the right-of-use asset in Zealand Pharma U.S., Inc.Management's judgements and estimates\u00aeAs of December 31, 2023, Zegalogue related raw materials at cost amounted to DKK 7.9 million. Management has estimated the net realizable value to be DKK 7.9 million, and therefore a reversal of \u00aeZegalogue inventory write-down of DKK 16.0 million has been made as the raw materials are expected to be utilized under the license and development agreement with Novo Nordisk A/S.\u00aeWith the March 30, 2022, restructuring announcement an allowance for loss on Zegalogue raw mate-rials and finished goods of DKK 45.6 million was recognized in 2022 due to uncertainties around the future sales channels for the product. The allowance was included as discontinued operations under \u00aeother operating expenses as a restructuring cost. As all Zegalogue finished goods were transferred to Novo Nordisk A/S as a result of the global license and development agreement announced in Q3, 2022, a partial reversal of the inventory allowance of DKK 22.6 million was recognized under other operating income from discontinued operations in 2022. In 2023, an additional reversal of prior years\u2019 inventory allowance of DKK 16.0 million was recognized under other operating income. \u00aeAs of December 31, 2022, Zegalogue related raw materials and semi-finished goods at cost amounted to DKK 33.6 million. Due to uncertainties whether the materials would be utilized in the production under the supply agreement with Novo Nordisk A/S, Management estimated the net realizable value to be DKK 1.3 million at the end of 2022.Management's judgements and estimates Fair value measurement of lender's call optionFair value of the lender call option is determined as the difference between the present value of the probability weighted contractual cash flow upon the occurrence of a call option trigger event and the present value of the contractual cash flows without a call option trigger event occurring, discounted at the expected internal rate of return of 14.3%. It is assumed that any call option trigger event will result in full repayment of the loan. As of December 31, 2022, the likelihood of a lender call option trigger event within the next two years was assessed as realistic and fair value of the option was assessed to DKK 80.6 million. At the time of settlement on May 10, 2023, the fair value of the option amounted to DKK 77.5 million. The fair value change, DKK 1.2 million (2022: DKK -62.6 million), is included in financial items, while the effect of changes to the exchange rate, DKK 1.9 million (2022: DKK 0.0 million), is included in other comprehensive income. Valuation is based on unobservable data (level 3).Management's judgements and estimates Estimate of fair value of share-based compensation programsIn accordance with IFRS 2, the fair value of the warrants at grant date is recognized as an expense in the income statement over the vesting period.The fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model. This pricing model requires the input of subjective assumptions such as:\u2022 The expected share price volatility, which is based upon the historical volatility of Zealand's share price.\u2022 The risk-free interest rate, which is determined based on the interest rate on Danish government bonds (bullet issues) with a maturity similar to the expected life of the option.\u2022 The expected life of warrants, which is based on vesting terms, expected rate of exercise, and contractual life terms in the current warrant program.These assumptions can vary over time and can change the fair value of future warrants granted.Estimate of forfeiture rate for share-based compensation programsThe estimated number of shares expected to vest is based on a series of factors such as:\u2022 The historic rate of employee turnover adjusted for significant events.\u2022 Remaining time until vesting.\u2022 Expected achievement of performance goals for PSUs.Management's judgements and estimates Zealand recognizes deferred tax assets, including the tax base of tax losses carried forward, if Management assesses that these tax assets can be offset against positive taxable income within a foreseeable future. This judgement is made on an ongoing basis and is based on numerous factors, including actual results, budgets, and business plans for the coming years.The creation and development of therapeutic products within the biotechnology and pharmaceutical industry are subject to considerable risks and uncertainties. Zealand's future taxable income will be driven by future events that are highly susceptible to factors outside of the groups control including outcomes of clinical trials, regulatory approvals, and other matters.Due to the uncertainties described, Management has concluded that no deferred tax assets should be recognized on December 31, 2023 (none recognized in 2022), except for the US entity, which is expected to have profitable taxable income due to the Group\u2019s transfer pricing setup.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__64": { "value": "1.3 Management's judgements and estimates under IFRSIn preparing consolidated financial statements under IFRS, certain provisions in the standards require Management's judgements, including various accounting estimates and assumptions. These judge-ments and estimates affect the application of accounting policies, as well as reported amounts within the consolidated financial statements and disclosures.Determining the carrying amount of certain assets and liabilities requires judgements, estimates and assumptions concerning future events that are based on historical experience and other factors, which by their very nature are associated with uncertainty and unpredictability.Accounting estimates are based on historical experience and various other factors relative to the circumstances in which they are applied. Estimates are generally made based on information available at the time. An example would include Management's estimation of useful lives of intangible assets.Accounting judgements are made in the process of applying accounting policies. These judgements are typically made based on the guidance and information available at the time of application. Examples would include Management's judgements utilized in determining revenue recognition.These estimates and judgements may prove incomplete or incorrect, and unexpected events or circum-stances may arise. Zealand is also subject to risks and uncertainties which may lead actual results to differ from these estimates, both positively and negatively. Specific risks for Zealand are discussed in the relevant section of this Annual Report and in the notes to the consolidated financial statements.The areas involving a high degree of judgement and estimation that at the end of the reporting period have a significant risk of resulting in material adjustment to the carrying amount of assets and liabilities within the next financial year are summarized below. Refer to the identified notes for further informa-tion on the key accounting estimates and judgements utilized in the preparation of these consolidated financial statements.Climate changeIn preparing the consolidated financial statements, Management has considered the impact of climate change, particularly in the context of the Group\u2019s sustainability targets. Zealand Pharma targets to minimize and mitigate the climate impact by continuously evaluating and implementing initiatives that can reduce any negative impact on the environment from the Group\u2019s operations. These considerations did not have a material impact on Management\u2019s judgements and estimates, consistent with the assessment that climate change is not expected to have a significant impact on the Group\u2019s future cash flows, the carrying amount of non-current assets, or going concern assessment.Accounting topic Key accounting estimates and judgements Note reference Estimation riskRevenue recognition Judgement in assessing the nature of combined performance obligations within contracts 2.1 ModerateJudgement in assessing the probability of attainment of milestones LowEstimation of stand-alone selling price for each identified performance obligation ModerateShare-based compensation Judgement in determining assumptions required for valuation of warrant grants 4.9 ModerateEstimate of instruments expected to vest Moderate\u00aeInventory Estimate of net realizable value of Zegalogue raw materials 3.5 LowDeferred taxes Judgement and estimate regarding valuation of deferred income tax assets 5.1 LowCapitalization of research and development costs Judgement involved in determining when a development project reached technological feasibility 3.1 LowGoing concern assumption Judgement in assessing operational cashflow and capital requirements for the forthcoming 12 months from the 1.1 Lowbalance sheet dateDiscontinued operations Judgements exercised by Management in applying IFRS 5 as a result of the divestment of the US sales activities, 2.10 Moderate\u00aeincluding the V-GO activity and the transfer of the commercial rights for ZegalogueAccrual of costs for clinical contracts Estimate on allocation of total contract costs between start-up, patient treatment and wrap-up phases for clinical 2.5 Lowtrials including estimate of value for expected change orders.Right-of-use assets Estimate in assessing the recoverable amount under the finance lease agreement for the US Boston office 3.3 Low", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__70": { "value": "Accounting policiesZealand recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that Zealand determines are within the scope of IFRS 15, Zealand performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Zealand only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, Zealand assesses the goods and services promised within each contract and identifies as a performance obligation each good or service that is distinct. Revenue is recognized in the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.Milestone revenueAt the inception of each arrangement that includes milestone payments, Zealand evaluates whether the achievement of milestones is considered highly probable and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of Zealand or the license and collaboration partner, such as milestones conditioned of regulatory approvals, are not considered probable of being achieved until such regulatory approvals are received. The transaction price is then allocated to each perfor-mance obligation on a relative stand-alone selling price basis, for which Zealand recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, Zealand re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjust-ments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment.License revenue for intellectual propertyIf the license to Zealand's functional intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, Zealand recognizes revenues from non-refund-able upfront fees allocated to the license at the point in time the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, Zealand utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees.RoyaltiesSome of Zealand's license and collaboration agreements include sales-based royalties including commercial milestone payments based on the level of sales. The license has been deemed to be the predominant item to which the royalties relate under Zealand's license and collaboration agreements. As a result, Zealand recognizes revenue when the related sales occur.Reimbursement revenue for R&D servicesZealand\u2019s research and development collaboration agreements include the provisions for reimburse-ment or cost sharing for research and development services and payment for full-time equivalent employees (FTEs) at contractual rates. R&D services are performed over time given that the customer simultaneously receives and consumes the benefits provided by Zealand and revenue for research and development services is therefore recognized over time. Amount is recognized net of any passthrough cost incurred on behalf of the customer. The assessment of if a cost is incurred on behalf of the customer is made by evaluating the nature of its promise to the customer including whether the spec-ified good or service to be provided to the customer is controlled by the Company before that good or service is transferred to the customer.Product salesRevenue from sale of goods is recognized at a point in time when control of the goods is transferred to the customer and recorded net of adjustments for rebates and chargebacks, all of which are estimated at the time of sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__68": { "value": "2.1 Revenue Accounting policiesZealand recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that Zealand determines are within the scope of IFRS 15, Zealand performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Zealand only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, Zealand assesses the goods and services promised within each contract and identifies as a performance obligation each good or service that is distinct. Revenue is recognized in the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.Milestone revenueAt the inception of each arrangement that includes milestone payments, Zealand evaluates whether the achievement of milestones is considered highly probable and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of Zealand or the license and collaboration partner, such as milestones conditioned of regulatory approvals, are not considered probable of being achieved until such regulatory approvals are received. The transaction price is then allocated to each perfor-mance obligation on a relative stand-alone selling price basis, for which Zealand recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, Zealand re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjust-ments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment.License revenue for intellectual propertyIf the license to Zealand's functional intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, Zealand recognizes revenues from non-refund-able upfront fees allocated to the license at the point in time the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, Zealand utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees.RoyaltiesSome of Zealand's license and collaboration agreements include sales-based royalties including commercial milestone payments based on the level of sales. The license has been deemed to be the predominant item to which the royalties relate under Zealand's license and collaboration agreements. As a result, Zealand recognizes revenue when the related sales occur.Reimbursement revenue for R&D servicesZealand\u2019s research and development collaboration agreements include the provisions for reimburse-ment or cost sharing for research and development services and payment for full-time equivalent employees (FTEs) at contractual rates. R&D services are performed over time given that the customer simultaneously receives and consumes the benefits provided by Zealand and revenue for research and development services is therefore recognized over time. Amount is recognized net of any passthrough cost incurred on behalf of the customer. The assessment of if a cost is incurred on behalf of the customer is made by evaluating the nature of its promise to the customer including whether the spec-ified good or service to be provided to the customer is controlled by the Company before that good or service is transferred to the customer.Product salesRevenue from sale of goods is recognized at a point in time when control of the goods is transferred to the customer and recorded net of adjustments for rebates and chargebacks, all of which are estimated at the time of sale. Management\u2019s judgements and estimatesRevenue recognitionEvaluating the criteria for revenue recognition under license and collaboration agreements requires Management's judgement to assess and determine the following:\u2022 Identification of performance obligations within the contract and determine the nature of perfor-mance obligations and whether they are distinct or should be combined with other performance obligations to determine whether the performance obligations are satisfied over time or at a point in time.\u2022 Determine the transaction price, including an assessment of whether the achievement of milestone payments is highly probable.\u2022 Allocation of transaction price to performance obligations to determine the stand-alone selling price of each performance obligation identified in the contract using key assumptions which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success.Recognized revenue can be specified as follows for all agreements and product sales:DKK thousand 2023 2022Alexion Pharmaceuticals Inc. 4,094 69,027Boehringer Ingelheim International GmbH 223,725 -Novo Nordisk A/S 34,149 34,959Sanofi-Aventis Deutschland GmbH 70,784 -Total revenue from license and collaboration agreements 332,752 103,986Gross product sales 10,036 164,651Sales rebates - -69,526Returns and sales reductions - -7,513- Hereof related to discontinued operations - -87,612Sale of goods revenue from continuing operations 10,036 -Total revenue from continuing operations 342,788 103,986Total revenue recognized over time 38,244 76,181Total revenue recognized at a point in time from continuing operations 304,544 27,805Total revenue recognized at a point in time from discontinued operations - 87,612Milestone revenue 294,509 27,805Royalty revenue 841 -Reimbursement revenue for R&D services 37,402 76,181Product sales 10,036 -Total revenue by revenue stream from continuing operations 342,788 103,986Product sales - 87,612Total revenue by revenue stream from discontinued operations - 87,612Alexion Pharmaceuticals Inc. agreementIn March 2019, Zealand entered into a license, research and development agreement with Alexion Pharmaceuticals, Inc. (Alexion) to develop novel therapies to treat complement-mediated diseases. This agreement provided Zealand an immediate cash injection as well as further external validation of Zealand\u2019s peptide platform. The agreement is described further in note 6.7 Collaborations and tech-nology licenses.Under the Alexion license, research and development agreement, Zealand has received an upfront non-refundable payment of USD 25 million for the Complement C3 program and a concurrent USD 15 million equity investment in Zealand at a premium to the market price. These payments have been received and recognized in revenue in prior years. The agreement also provides the potential for development-related milestones of up to USD 115 million, as well as up to USD 495 million in sales-related milestones and high single digit to low double digit royalty payments. Zealand is furthermore eligible to receive non-refundable upfront payments of USD 15 million each for up to three additional targets, with development and sales milestone and royalties. The non-refundable up-front fee was allocated to the combined license, research and development services, and is being recognized as revenue along with provision of the research and development services under the lead program. Expenses to provide the services are being recognized when incurred. Further, the premium over the market share price on the Zealand shares subscribed by Alexion, DKK 12.7 million, is attributed to the Agreement as further consideration and consequently also recognized over the period over which the R&D services are provided. The remaining deferred revenue was recognized in December 2022. In 2023, the revenue of DKK 4.1 million under the Alexion agreement solely relates to compensation on a time and material basis for R&D services.Boehringer Ingelheim International GmbH agreementIn June 2011, Zealand entered into a license, research and development collaboration agreement with Boehringer Ingelheim International GmbH (BI) to advance novel dual acting glucagon/GLP-1 peptide receptor agonists for the treatment of patients with type 2 diabetes and obesity. As part of the agree-ment, Boehringer obtained global development and commercialization rights to the lead drug candidate, survodutide. Boehringer funds all research, development, and commercialization activities under the agreement.Under the agreement, Zealand is eligible to receive a EUR 30 million milestone payment on initiation of Phase 3 clinical trials for survodutide. In November 2023, Boehringer initiated the Phase 3 program with survodutide in patients living with obesity or overweight (SYNCHRONIZE\u2122) that consists of three global clinical trials, which triggered the milestone payment. 85% of the payment was received in December 2023 with 15% withholding taxes that will be paid out upon approval of Zealand\u2019s WHT exemption application. For further information about potential future milestone payments refer to note 6.7 Collaborations and technology licenses.Novo Nordisk A/S license and development agreementOn September 7, 2022, Zealand announced a global license and development agreement with Novo \u00aeNordisk to commercialize Zegalogue (dasiglucagon) for injection. Under the agreement Zealand received DKK 25 million in upfront payments and is eligible for up to DKK 45 million in development milestones and DKK 220 million in net sales-based milestones as well as compensation on a time and material basis. The agreement with Novo Nordisk is considered a contract with a customer as defined in IFRS 15. Thus, Zealand recognizes as revenue from research and development services under the collaboration agreement the amount of the transaction price that is allocated to the respective perfor-mance obligation when (or as) the performance obligation is satisfied.Within this Novo Agreement, Zealand identified five distinct performance obligations:\u00ae1. Delivery of license for Zegalogue (completed in 2022)2. Delivery of transitional services3. Delivery of R&D services4. Submission of EU marketing authorization application (completed in 2023)5. Delivery of specified development activitiesThe total transaction price under the agreement was determined to be DKK 55 million which includes the upfront payment of DKK 25 million and DKK 30 million of the future potential milestone amounts. While determining the transaction price to be allocated to performance obligations, Management has deemed milestones of DKK 30 million to be highly probable and unlikely that a significant revenue reversal would occur. As the remaining milestones are contingent of the occurrence of future events outside the control of the Company, such milestones will be recognized when their achievement is deemed to be highly probable and a significant revenue reversal would not occur. Royalties and net sales-based milestones under this agreement, will be recognized when the related sales occur. As Zealand is compensated on a time and material basis for delivery of transition services and R&D services as listed above, the total transaction price of DKK 55 million has been allocated to the three remaining performance obliga-\u00aetions, being the delivery of the license for Zegalogue, services related to submission of EU marketing authorization application and delivery of specified development activities. The allocation has been based on Management\u2019s estimate of relative stand-alone selling prices. For performance obligations in respect to services related to submission of EU marketing authorization application and delivery of specified develop-ment activities, the stand-alone selling prices have been based on internal budgets and the same time and material compensation schedules as agreed between Zealand and Novo Nordisk. The stand-alone selling \u00aeprice for the delivery of the license for Zegalogue was estimated using the residual approach. The alloca-tion of the transaction price to the performance obligations not compensated on a time and material basis is summarized below:\u00ae1. Delivery of license for Zegalogue: DKK 28 million (completed in 2022)4. Submission of EU marketing authorization application: DKK 13 million (completed in 2023)5. Delivery of specified development activities: DKK 14 million (ongoing)\u00aeThe performance obligations related to the delivery of the license for Zegalogue were completed at a point in time (September 2022) and revenue of DKK 28 million was recognized in 2022. The submission of EU marketing authorization application has been recognized over a period of time (completed in June 2023). The revenue of DKK 13 million has been recognized with DKK 3 million in 2022 and DKK 10 million in 2023 respectively.The delivery of specified development activities are recognized over time as the activities progress. Revenue is measured based on Zealand\u2019s estimate of actual expenses incurred while rendering the services during the period compared to planned service periods and budgeted expenses. As such, Zealand applies an input-based method (budget expenses) when determining the timing of satisfaction of performance obligations as the services related to delivery of specified development activities are performed by an indeterminate number of acts over the development timeline. Revenue from delivery of the specified development activities has been recognized with DKK 2 million in 2022 and DKK 6 million in 2023 respectively, resulting in a remaining obligation as of December 31, 2023, of DKK 6 million.Sanofi-Aventis Deutschland GmbH agreementIn 2023, USD 10 million in milestone payments associated with lixisenatide were received from Sanofi. Out of the USD 10 million from Sanofi, Zealand will pay USD 1.3 million in royalty expenses to Alkermes in line with a termination agreement following the dissolution of a former joint venture with Elan Corporation (now Alkermes), stipulating that Alkermes is entitled to 13% of payments received by Zealand in respect to lixisenatide under the Sanofi License Agreement. As of December 31, 2023, there are no other outstanding milestone payments associated with the license agreement with Sanofi. All royalties related to lixisenatide were sold to Royalty Pharma in 2018.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__67": { "value": "2.1 Revenue Accounting policiesZealand recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that Zealand determines are within the scope of IFRS 15, Zealand performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Zealand only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, Zealand assesses the goods and services promised within each contract and identifies as a performance obligation each good or service that is distinct. Revenue is recognized in the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.Milestone revenueAt the inception of each arrangement that includes milestone payments, Zealand evaluates whether the achievement of milestones is considered highly probable and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of Zealand or the license and collaboration partner, such as milestones conditioned of regulatory approvals, are not considered probable of being achieved until such regulatory approvals are received. The transaction price is then allocated to each perfor-mance obligation on a relative stand-alone selling price basis, for which Zealand recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, Zealand re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjust-ments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment.License revenue for intellectual propertyIf the license to Zealand's functional intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, Zealand recognizes revenues from non-refund-able upfront fees allocated to the license at the point in time the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, Zealand utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees.RoyaltiesSome of Zealand's license and collaboration agreements include sales-based royalties including commercial milestone payments based on the level of sales. The license has been deemed to be the predominant item to which the royalties relate under Zealand's license and collaboration agreements. As a result, Zealand recognizes revenue when the related sales occur.Reimbursement revenue for R&D servicesZealand\u2019s research and development collaboration agreements include the provisions for reimburse-ment or cost sharing for research and development services and payment for full-time equivalent employees (FTEs) at contractual rates. R&D services are performed over time given that the customer simultaneously receives and consumes the benefits provided by Zealand and revenue for research and development services is therefore recognized over time. Amount is recognized net of any passthrough cost incurred on behalf of the customer. The assessment of if a cost is incurred on behalf of the customer is made by evaluating the nature of its promise to the customer including whether the spec-ified good or service to be provided to the customer is controlled by the Company before that good or service is transferred to the customer.Product salesRevenue from sale of goods is recognized at a point in time when control of the goods is transferred to the customer and recorded net of adjustments for rebates and chargebacks, all of which are estimated at the time of sale. Management\u2019s judgements and estimatesRevenue recognitionEvaluating the criteria for revenue recognition under license and collaboration agreements requires Management's judgement to assess and determine the following:\u2022 Identification of performance obligations within the contract and determine the nature of perfor-mance obligations and whether they are distinct or should be combined with other performance obligations to determine whether the performance obligations are satisfied over time or at a point in time.\u2022 Determine the transaction price, including an assessment of whether the achievement of milestone payments is highly probable.\u2022 Allocation of transaction price to performance obligations to determine the stand-alone selling price of each performance obligation identified in the contract using key assumptions which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success.Recognized revenue can be specified as follows for all agreements and product sales:DKK thousand 2023 2022Alexion Pharmaceuticals Inc. 4,094 69,027Boehringer Ingelheim International GmbH 223,725 -Novo Nordisk A/S 34,149 34,959Sanofi-Aventis Deutschland GmbH 70,784 -Total revenue from license and collaboration agreements 332,752 103,986Gross product sales 10,036 164,651Sales rebates - -69,526Returns and sales reductions - -7,513- Hereof related to discontinued operations - -87,612Sale of goods revenue from continuing operations 10,036 -Total revenue from continuing operations 342,788 103,986Total revenue recognized over time 38,244 76,181Total revenue recognized at a point in time from continuing operations 304,544 27,805Total revenue recognized at a point in time from discontinued operations - 87,612Milestone revenue 294,509 27,805Royalty revenue 841 -Reimbursement revenue for R&D services 37,402 76,181Product sales 10,036 -Total revenue by revenue stream from continuing operations 342,788 103,986Product sales - 87,612Total revenue by revenue stream from discontinued operations - 87,612Alexion Pharmaceuticals Inc. agreementIn March 2019, Zealand entered into a license, research and development agreement with Alexion Pharmaceuticals, Inc. (Alexion) to develop novel therapies to treat complement-mediated diseases. This agreement provided Zealand an immediate cash injection as well as further external validation of Zealand\u2019s peptide platform. The agreement is described further in note 6.7 Collaborations and tech-nology licenses.Under the Alexion license, research and development agreement, Zealand has received an upfront non-refundable payment of USD 25 million for the Complement C3 program and a concurrent USD 15 million equity investment in Zealand at a premium to the market price. These payments have been received and recognized in revenue in prior years. The agreement also provides the potential for development-related milestones of up to USD 115 million, as well as up to USD 495 million in sales-related milestones and high single digit to low double digit royalty payments. Zealand is furthermore eligible to receive non-refundable upfront payments of USD 15 million each for up to three additional targets, with development and sales milestone and royalties. The non-refundable up-front fee was allocated to the combined license, research and development services, and is being recognized as revenue along with provision of the research and development services under the lead program. Expenses to provide the services are being recognized when incurred. Further, the premium over the market share price on the Zealand shares subscribed by Alexion, DKK 12.7 million, is attributed to the Agreement as further consideration and consequently also recognized over the period over which the R&D services are provided. The remaining deferred revenue was recognized in December 2022. In 2023, the revenue of DKK 4.1 million under the Alexion agreement solely relates to compensation on a time and material basis for R&D services.Boehringer Ingelheim International GmbH agreementIn June 2011, Zealand entered into a license, research and development collaboration agreement with Boehringer Ingelheim International GmbH (BI) to advance novel dual acting glucagon/GLP-1 peptide receptor agonists for the treatment of patients with type 2 diabetes and obesity. As part of the agree-ment, Boehringer obtained global development and commercialization rights to the lead drug candidate, survodutide. Boehringer funds all research, development, and commercialization activities under the agreement.Under the agreement, Zealand is eligible to receive a EUR 30 million milestone payment on initiation of Phase 3 clinical trials for survodutide. In November 2023, Boehringer initiated the Phase 3 program with survodutide in patients living with obesity or overweight (SYNCHRONIZE\u2122) that consists of three global clinical trials, which triggered the milestone payment. 85% of the payment was received in December 2023 with 15% withholding taxes that will be paid out upon approval of Zealand\u2019s WHT exemption application. For further information about potential future milestone payments refer to note 6.7 Collaborations and technology licenses.Novo Nordisk A/S license and development agreementOn September 7, 2022, Zealand announced a global license and development agreement with Novo \u00aeNordisk to commercialize Zegalogue (dasiglucagon) for injection. Under the agreement Zealand received DKK 25 million in upfront payments and is eligible for up to DKK 45 million in development milestones and DKK 220 million in net sales-based milestones as well as compensation on a time and material basis. The agreement with Novo Nordisk is considered a contract with a customer as defined in IFRS 15. Thus, Zealand recognizes as revenue from research and development services under the collaboration agreement the amount of the transaction price that is allocated to the respective perfor-mance obligation when (or as) the performance obligation is satisfied.Within this Novo Agreement, Zealand identified five distinct performance obligations:\u00ae1. Delivery of license for Zegalogue (completed in 2022)2. Delivery of transitional services3. Delivery of R&D services4. Submission of EU marketing authorization application (completed in 2023)5. Delivery of specified development activitiesThe total transaction price under the agreement was determined to be DKK 55 million which includes the upfront payment of DKK 25 million and DKK 30 million of the future potential milestone amounts. While determining the transaction price to be allocated to performance obligations, Management has deemed milestones of DKK 30 million to be highly probable and unlikely that a significant revenue reversal would occur. As the remaining milestones are contingent of the occurrence of future events outside the control of the Company, such milestones will be recognized when their achievement is deemed to be highly probable and a significant revenue reversal would not occur. Royalties and net sales-based milestones under this agreement, will be recognized when the related sales occur. As Zealand is compensated on a time and material basis for delivery of transition services and R&D services as listed above, the total transaction price of DKK 55 million has been allocated to the three remaining performance obliga-\u00aetions, being the delivery of the license for Zegalogue, services related to submission of EU marketing authorization application and delivery of specified development activities. The allocation has been based on Management\u2019s estimate of relative stand-alone selling prices. For performance obligations in respect to services related to submission of EU marketing authorization application and delivery of specified develop-ment activities, the stand-alone selling prices have been based on internal budgets and the same time and material compensation schedules as agreed between Zealand and Novo Nordisk. The stand-alone selling \u00aeprice for the delivery of the license for Zegalogue was estimated using the residual approach. The alloca-tion of the transaction price to the performance obligations not compensated on a time and material basis is summarized below:\u00ae1. Delivery of license for Zegalogue: DKK 28 million (completed in 2022)4. Submission of EU marketing authorization application: DKK 13 million (completed in 2023)5. Delivery of specified development activities: DKK 14 million (ongoing)\u00aeThe performance obligations related to the delivery of the license for Zegalogue were completed at a point in time (September 2022) and revenue of DKK 28 million was recognized in 2022. The submission of EU marketing authorization application has been recognized over a period of time (completed in June 2023). The revenue of DKK 13 million has been recognized with DKK 3 million in 2022 and DKK 10 million in 2023 respectively.The delivery of specified development activities are recognized over time as the activities progress. Revenue is measured based on Zealand\u2019s estimate of actual expenses incurred while rendering the services during the period compared to planned service periods and budgeted expenses. As such, Zealand applies an input-based method (budget expenses) when determining the timing of satisfaction of performance obligations as the services related to delivery of specified development activities are performed by an indeterminate number of acts over the development timeline. Revenue from delivery of the specified development activities has been recognized with DKK 2 million in 2022 and DKK 6 million in 2023 respectively, resulting in a remaining obligation as of December 31, 2023, of DKK 6 million.Sanofi-Aventis Deutschland GmbH agreementIn 2023, USD 10 million in milestone payments associated with lixisenatide were received from Sanofi. Out of the USD 10 million from Sanofi, Zealand will pay USD 1.3 million in royalty expenses to Alkermes in line with a termination agreement following the dissolution of a former joint venture with Elan Corporation (now Alkermes), stipulating that Alkermes is entitled to 13% of payments received by Zealand in respect to lixisenatide under the Sanofi License Agreement. As of December 31, 2023, there are no other outstanding milestone payments associated with the license agreement with Sanofi. All royalties related to lixisenatide were sold to Royalty Pharma in 2018.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__74": { "value": "2.2 Information about geographic areas Non-current Non-current Revenueassets Revenueassets(DKK thousand) 2023 2022Denmark 44,185 136,819 34,959 143,740United States 4,094 13,033 69,027 21,748Germany 294,509 - - -Total continuing operations 342,788 149,851 103,986 165,488United States - - 87,612 -Total discontinued operations - - 87,612 -Zealand is managed and operated as one business unit, which is reflected in the organizational structure and internal reporting. No separate lines of business or separate business entities have been identified with respect to any licensed products, marketed products, product candidates or geographical markets and no segment information is currently prepared for internal reporting.The development compared to the prior year is a result of the completed restructuring announced in March 2022 closing all commercial activities in the US to pursue partnerships on Zealand\u2019s late-stage clinical portfolio, including delisting from the Nasdaq Global Select Market in the U.S.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__73": { "value": "2.2 Information about geographic areas Non-current Non-current Revenueassets Revenueassets(DKK thousand) 2023 2022Denmark 44,185 136,819 34,959 143,740United States 4,094 13,033 69,027 21,748Germany 294,509 - - -Total continuing operations 342,788 149,851 103,986 165,488United States - - 87,612 -Total discontinued operations - - 87,612 -Zealand is managed and operated as one business unit, which is reflected in the organizational structure and internal reporting. No separate lines of business or separate business entities have been identified with respect to any licensed products, marketed products, product candidates or geographical markets and no segment information is currently prepared for internal reporting.The development compared to the prior year is a result of the completed restructuring announced in March 2022 closing all commercial activities in the US to pursue partnerships on Zealand\u2019s late-stage clinical portfolio, including delisting from the Nasdaq Global Select Market in the U.S.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__75-1": { "value": "2.3 Royalty expenses Accounting policiesRoyalty expenses comprise contractual amounts payable to third parties that are derived from milestone payments. Royalty expenses are recognized in the income statement when the related payments and milestone events in the corresponding collaboration agreements materialize.Royalty expense associated with lixisenatide under the Sanofi License AgreementWe have agreed to pay some of our revenue in deferred payments or royalties to third parties. At the time of the dissolution of a former joint venture with Elan Corporation, plc (Elan) and certain of its subsidiaries that were party to the joint venture agreement with us, we agreed to pay royalties to Elan \u2013 now Alkermes plc, as successor in interest to a termination agreement between us and the Elan enti-ties - including 13% of future payments we receive in respect of lixisenatide under the Sanofi License Agreement. In addition, we have agreed to pay a royalty of 0.5% of the total amounts we receive in connection with our SIP-modified peptides, including lixisenatide, to one of the inventors of our SIP technology, who is one of our employees. The royalty to be paid to this inventor is calculated on the basis of all the amounts we receive, including license payments, milestone payments and sales. In 2023 royalty expenses of DKK 9.1 million relate to the mentioned inventor (2022: DKK 0 million).2.6 Selling and marketing expenses Accounting policiesSelling and marketing expenses relate to Zealand\u2019s commercial activities, including costs related to preparing the market for Zealand\u2019s products and administration of commercial partnerships. This includes salaries, benefits and other headcount costs related to commercial minded departments as well as third-party costs.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to commercial functions are also included. Selling and marketing expenses are recognized in the income statement in the period to which they relate.DKK thousand 2023 2022Staff costs (note 2.8) -14,455 -75,346Amortization, depreciation, impairment losses on intangibles assets, property, plant and equipment, and right-of-use assets -120 -23Other external sales and marketing expenses -16,052 -88,567Total sales and marketing expenses -30,627 -163,936- Hereof related to discontinued operations - 131,638Total sales and marketing expenses from continuing operations -30,627 -32,298In 2023, total sales and marketing expenses have been primarily related to preparing the market for Zealand\u2019s remaining late-stage rare disease assets and in pursuing strong strategic partners for future commercialization. In 2022, all commercial activities in the US were discontinued following the company announcement in March 2022 on restructuring.2.7 General and administrative expenses Accounting policiesGeneral and administrative expenses relate to the recurring management and administration of Zealand. This includes salaries, benefits and other headcount costs related to management and support func-tions including human resources and the finance departments.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to administrative functions are also included. General and administrative expenses are recog-nized in the income statement in the period to which they relate.DKK thousand 2023 2022Staff costs (note 2.8) -105,256 -118,308Amortization, depreciation, impairment losses on intangibles assets, property, plant and equipment, and right-of-use assets -6,249 -5,662Other external general and administrative expenses -73,797 -130,365Total general and administrative expenses -185,302 -254,335- Hereof related to discontinued operations - 17,125Total general and administrative expenses from continuing operations -185,302 -237,210The decrease in total general and administrative expenses compared to prior year is mainly a result of the delisting from the US stock exchange in 2022, significantly reducing insurance premiums paid by Zealand.2.8 Staff costs Accounting policiesWages and salaries are recognized in the income statement in the period in which services for wages and salaries is rendered to the CompanyDKK thousand 2023 2022Total staff costs can be specified as follows:Wages and salaries -268,078 -369,311Share-based compensation (note 4.9) -61,426 -52,286Pension schemes (defined contribution plans) -21,189 -19,672Government grants 7 5Other payroll and staff-related costs -25,335 -31,676Total staff costs -376,021 -472,940- Hereof related to discontinued operations - 110,426Total staff costs from continuing operations -376,021 -362,514The amount is charged as:Research and development expenses -256,310 -231,022Sales and marketing expenses -14,455 -7,870General and administrative expenses -105,256 -104,524Other operating items - restructuring costs - -19,098Discontinued operations - -110,426Total staff costs -376,021 -472,940Average number of employees 235 247For additional information refer to note 4.9 Share-based instruments and note 6.1 Remuneration of the Board of Directors and Executive Management.For further information on restructuring costs included in other operating items in 2022, refer to note 2.9 Other operating items.2.9 Other operating items Accounting policiesOther operating items comprise non-revenue income and expenses related to Zealand\u2019s operations that are assessed to be non-recurring and significant for the understanding of the financial performance of Zealand.Other operating items also includes expenses as result of restructuring activities, including insurance costs, impairment charges, reversal of inventory write-downs, loss on revaluation of disposal group and other significant one-time transaction expenses.DKK thousand 2023 2022Restructuring costs - continuing operations - -19,098Insurance - -37,033Loss on retirement of fixed assets - -1,456Write-down of US Boston lease -11,000 -Reversal of inventory write-down (note 3.5) 15,979 -Total other operating items from continuing operations 4,979 -57,587Restructuring costs - discontinued operations - -56,738Impairment of production equipment (note 3.2) - -9,725Reversal of inventory write-down (note 3.5) - 22,564Loss on disposal group V-GO (note 2.10) - -40,743Total other operating items from discontinued operations - -84,642Presentation in income statement:Other operating income 15,979 -Other operating expenses -11,000 -57,587As of December 31, 2023 Management has estimated the net realizable value of raw materials to be DKK 7.9 million as all remaining materials are expected to be utilized in the production and sale under the \u00aesupply agreement with Novo Nordisk A/S, and therefore a reversal of Zegalogue inventory write-down of DKK 16.0 million has been made, reference is made to note 3.5 Inventories. The partial reversal of the \u00a9inventory write-down of DKK 22.6 million in 2022 primarily related to Zegalogue finished goods which were transferred to Novo Nordisk A/S as a result of the global license and development agreement as announced in September 2022.Impairment of right-of-use assets relates to an impairment of the US Boston office of DKK 11.0 million. The DKK 11.0 million comprise DKK 3.5 from impairment of furniture, fixtures & equipment (FF&E), DKK 1.3 million from impairment of right-of-use assets (\"ROU\"), and DKK 6.2 million from onerous contract (not recovered operating expenses and real estate taxes). The change in estimate of the recoverable amount reflects Management\u2019s assessment of future cash flows and market conditions from subleasing the US Boston lease, where the initial feedback from the real estate agent has indicated a lower rent level than anticipated previously thereby triggering impairment, refer to note 3.3 Right-of-use assets and lease liabilities.Insurance in 2022 comprised a one-off cost to cover any claims against directors and officers that would arise following the delisting from the US stock exchange. Restructuring costs from discontinued operations in 2022 comprised severance costs (DKK 13.8 million), reversal of costs related to forfeited \u00a9share-based incentive programs (DKK 2.7 million) and an allowance for loss on Zegalogue inventories (DKK 45.6 million), while restructuring costs from continuing operations in 2022 comprised severance costs (DKK 30.3 million) and reversal of costs related to forfeited share-based incentive programs (DKK 11.2 million). All restructuring costs were incurred as a result of the March 30, 2022, company announcement.Impairment of production equipment in 2022 is related to equipment acquired to be able to upscale the \u00a9production of Zegalogue. Loss on disposal group V-GO covers the accounting loss incurred in 2022 as a result of the divestment of the V-GO activities. Please refer to note 2.10 Discontinued operations for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__76-1": { "value": "2.4 Cost of goods soldCosts of goods sold in 2023 of DKK 10.0 million (2022: DKK 0 million) relates to inventory utilized in the production under the supply agreement with Novo Nordisk A/S. The inventory was measured at net realizable value which equals the agreed selling price with Novo Nordisk A/S. Therefore, an equivalent revenue from sale of goods of DKK 10.0 million has been recognized, thus resulting in neutral effect on gross profit. The offsetting DKK 10.0 million in product sales is included in revenue, refer to note 2.1 Revenue.2.6 Selling and marketing expenses Accounting policiesSelling and marketing expenses relate to Zealand\u2019s commercial activities, including costs related to preparing the market for Zealand\u2019s products and administration of commercial partnerships. This includes salaries, benefits and other headcount costs related to commercial minded departments as well as third-party costs.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to commercial functions are also included. Selling and marketing expenses are recognized in the income statement in the period to which they relate.DKK thousand 2023 2022Staff costs (note 2.8) -14,455 -75,346Amortization, depreciation, impairment losses on intangibles assets, property, plant and equipment, and right-of-use assets -120 -23Other external sales and marketing expenses -16,052 -88,567Total sales and marketing expenses -30,627 -163,936- Hereof related to discontinued operations - 131,638Total sales and marketing expenses from continuing operations -30,627 -32,298In 2023, total sales and marketing expenses have been primarily related to preparing the market for Zealand\u2019s remaining late-stage rare disease assets and in pursuing strong strategic partners for future commercialization. In 2022, all commercial activities in the US were discontinued following the company announcement in March 2022 on restructuring.2.7 General and administrative expenses Accounting policiesGeneral and administrative expenses relate to the recurring management and administration of Zealand. This includes salaries, benefits and other headcount costs related to management and support func-tions including human resources and the finance departments.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to administrative functions are also included. General and administrative expenses are recog-nized in the income statement in the period to which they relate.DKK thousand 2023 2022Staff costs (note 2.8) -105,256 -118,308Amortization, depreciation, impairment losses on intangibles assets, property, plant and equipment, and right-of-use assets -6,249 -5,662Other external general and administrative expenses -73,797 -130,365Total general and administrative expenses -185,302 -254,335- Hereof related to discontinued operations - 17,125Total general and administrative expenses from continuing operations -185,302 -237,210The decrease in total general and administrative expenses compared to prior year is mainly a result of the delisting from the US stock exchange in 2022, significantly reducing insurance premiums paid by Zealand.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__77": { "value": "2.5 Research and development expenses Accounting policiesResearch and development expenses primarily include salaries, benefits and other employee related costs of Zealand's research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contractors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, and depreciation of property and equipment, to the extent that such costs are related to the Group's research and development activities. Management\u2019s judgements and estimatesTreatment of research and development expensesResearch and development expenses are recognized in the income statement as incurred and in the period in which they relate, except for development expenses for which the capitalization criteria are met.Please see note 3.1 Intangible assets for a more detailed description on the treatment of Zealand's development expenses related to internal development projects.Accrual of costs for clinical contractsManagement estimates expenses to be recognized from Contract Research Organizations (CROs) based on an estimate on allocation of total contract costs between start-up, patient treatment and wrap-up phases for clinical trials including an estimate of treatment cost per patient and value of expected change orders.Total contract costs are allocated to each phase using the below split for all Zealand\u2019s CRO contracts based on previous experiences:\u2022 Service fee: Start-up (20%), Patient treatment (75%), Wrap-up (5%)\u2022 Pass through: Start-up (5%), Patient treatment (90%), Wrap-up (5%)CRO contracts are recognized over the contract period based on an estimate of the contract\u2019s cost driving element which could be either i) patients or ii) time. If the primary goal of the study is to get a certain number of patients through the study, then patients is used as the cost driving element. Time is used if the study runs through a certain timeline regardless of how many patients that are enrolled.At the end of each reporting period, Management estimates any expected change orders, which are recognized up front with an amount corresponding to the completion rate of the contract (patients or time). The remaining change order amount will be recognized over the remaining contract period.DKK thousand 2023 2022Staff costs (note 2.8) -256,310 -233,474Amortization, depreciation, impairment losses on intangible assets, property plant and equipment, and right of use assets -18,717 -23,851Other external research and development expenses -409,875 -361,632Total research and development expenses -684,902 -618,957- Hereof related to discontinued operations - 4,913Total research and development expenses from continuing operations -684,902 -614,044Since the capital raise completed in April 2023, Zealand has intensified its research and development activities which have been continuously increasing throughout 2023. The increase compared to 2022 comes from project expenses across all therapeutic areas along with increased hiring within Zealand\u2019s R&D area.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__79-1": { "value": "Accounting policiesResearch and development expenses primarily include salaries, benefits and other employee related costs of Zealand's research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contractors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, and depreciation of property and equipment, to the extent that such costs are related to the Group's research and development activities.Accounting policiesSelling and marketing expenses relate to Zealand\u2019s commercial activities, including costs related to preparing the market for Zealand\u2019s products and administration of commercial partnerships. This includes salaries, benefits and other headcount costs related to commercial minded departments as well as third-party costs.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to commercial functions are also included. Selling and marketing expenses are recognized in the income statement in the period to which they relate.Accounting policiesGeneral and administrative expenses relate to the recurring management and administration of Zealand. This includes salaries, benefits and other headcount costs related to management and support func-tions including human resources and the finance departments.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to administrative functions are also included. General and administrative expenses are recog-nized in the income statement in the period to which they relate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__78": { "value": "Accounting policiesResearch and development expenses primarily include salaries, benefits and other employee related costs of Zealand's research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contractors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, and depreciation of property and equipment, to the extent that such costs are related to the Group's research and development activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__82": { "value": "2.6 Selling and marketing expenses Accounting policiesSelling and marketing expenses relate to Zealand\u2019s commercial activities, including costs related to preparing the market for Zealand\u2019s products and administration of commercial partnerships. This includes salaries, benefits and other headcount costs related to commercial minded departments as well as third-party costs.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to commercial functions are also included. Selling and marketing expenses are recognized in the income statement in the period to which they relate.DKK thousand 2023 2022Staff costs (note 2.8) -14,455 -75,346Amortization, depreciation, impairment losses on intangibles assets, property, plant and equipment, and right-of-use assets -120 -23Other external sales and marketing expenses -16,052 -88,567Total sales and marketing expenses -30,627 -163,936- Hereof related to discontinued operations - 131,638Total sales and marketing expenses from continuing operations -30,627 -32,298In 2023, total sales and marketing expenses have been primarily related to preparing the market for Zealand\u2019s remaining late-stage rare disease assets and in pursuing strong strategic partners for future commercialization. In 2022, all commercial activities in the US were discontinued following the company announcement in March 2022 on restructuring.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__86": { "value": "2.7 General and administrative expenses Accounting policiesGeneral and administrative expenses relate to the recurring management and administration of Zealand. This includes salaries, benefits and other headcount costs related to management and support func-tions including human resources and the finance departments.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to administrative functions are also included. General and administrative expenses are recog-nized in the income statement in the period to which they relate.DKK thousand 2023 2022Staff costs (note 2.8) -105,256 -118,308Amortization, depreciation, impairment losses on intangibles assets, property, plant and equipment, and right-of-use assets -6,249 -5,662Other external general and administrative expenses -73,797 -130,365Total general and administrative expenses -185,302 -254,335- Hereof related to discontinued operations - 17,125Total general and administrative expenses from continuing operations -185,302 -237,210The decrease in total general and administrative expenses compared to prior year is mainly a result of the delisting from the US stock exchange in 2022, significantly reducing insurance premiums paid by Zealand.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__88-1": { "value": "Accounting policiesGeneral and administrative expenses relate to the recurring management and administration of Zealand. This includes salaries, benefits and other headcount costs related to management and support func-tions including human resources and the finance departments.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to administrative functions are also included. General and administrative expenses are recog-nized in the income statement in the period to which they relate.Accounting policiesInternal development programsZealand currently has not recognized internally generated intangible assets from development, as the criteria for recognition of an asset are not met as described below.SoftwareSoftware comprises capitalized implementation costs on IT projects initially measured at cost. Costs include configuration and customization of the underlying software, including training and testing. Capitalization ceases when the asset is in the condition necessary for it to be capable of operating in the manner intended by Management. The intangible assets are subsequently measured at cost less accumulated amortization and any impairment losses according to IAS 38. Amortization is calculated on a straight-line basis over the estimated useful life which is 3-5 years and is included in the income state-ment under general and administrative expenses.Acquired licenses and rightsAcquired licenses, rights, and patents are initially measured at cost and include the net present value of any future payments. The net present value of any future payments is recognized as a liability. When triggered, milestone payments are accounted for as an increase in the cost to acquire licenses, rights, and patents unless such subsequent expenditures are recognized in the income statement as Research & Development expenses if they do not satisfy the conditions for recognition as an asset.AmortizationLicenses, rights, and patents are amortized using the straight-line method over the estimated useful life which is determined when the asset is available for use. Amortizations, impairment losses and gain or losses on the disposal of intangible assets are recognized in the income statement as Research & Development expenses.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of the intangible assets may not be recoverable, Management will review the intangibles for impairment. Intangible assets not ready for use are reviewed for impairment on an annual basis.If circumstances or changes in Zealand's operations indicate that the carrying amount of property, plant and equipment may not be recoverable, Management reviews that asset for impairment. The basis for the review is the recoverable amount of the assets, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow or savings generated from the asset.If the carrying amount is greater than the recoverable amount, the asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified.Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain wide range of different terms and conditions.All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets. ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term.Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of right-of-use assets (\"ROU\") may not be recoverable, Management reviews that ROU for impairment. The basis for the review is the recoverable amount of the ROU, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow or savings generated from the ROU. If the carrying amount is greater than the recoverable amount, the ROU is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__91": { "value": "2.8 Staff costs Accounting policiesWages and salaries are recognized in the income statement in the period in which services for wages and salaries is rendered to the CompanyDKK thousand 2023 2022Total staff costs can be specified as follows:Wages and salaries -268,078 -369,311Share-based compensation (note 4.9) -61,426 -52,286Pension schemes (defined contribution plans) -21,189 -19,672Government grants 7 5Other payroll and staff-related costs -25,335 -31,676Total staff costs -376,021 -472,940- Hereof related to discontinued operations - 110,426Total staff costs from continuing operations -376,021 -362,514The amount is charged as:Research and development expenses -256,310 -231,022Sales and marketing expenses -14,455 -7,870General and administrative expenses -105,256 -104,524Other operating items - restructuring costs - -19,098Discontinued operations - -110,426Total staff costs -376,021 -472,940Average number of employees 235 247For additional information refer to note 4.9 Share-based instruments and note 6.1 Remuneration of the Board of Directors and Executive Management.For further information on restructuring costs included in other operating items in 2022, refer to note 2.9 Other operating items.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__90": { "value": "2.8 Staff costs Accounting policiesWages and salaries are recognized in the income statement in the period in which services for wages and salaries is rendered to the CompanyDKK thousand 2023 2022Total staff costs can be specified as follows:Wages and salaries -268,078 -369,311Share-based compensation (note 4.9) -61,426 -52,286Pension schemes (defined contribution plans) -21,189 -19,672Government grants 7 5Other payroll and staff-related costs -25,335 -31,676Total staff costs -376,021 -472,940- Hereof related to discontinued operations - 110,426Total staff costs from continuing operations -376,021 -362,514The amount is charged as:Research and development expenses -256,310 -231,022Sales and marketing expenses -14,455 -7,870General and administrative expenses -105,256 -104,524Other operating items - restructuring costs - -19,098Discontinued operations - -110,426Total staff costs -376,021 -472,940Average number of employees 235 247For additional information refer to note 4.9 Share-based instruments and note 6.1 Remuneration of the Board of Directors and Executive Management.For further information on restructuring costs included in other operating items in 2022, refer to note 2.9 Other operating items.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__92": { "value": "Accounting policiesWages and salaries are recognized in the income statement in the period in which services for wages and salaries is rendered to the Company", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__99": { "value": "2.9 Other operating items Accounting policiesOther operating items comprise non-revenue income and expenses related to Zealand\u2019s operations that are assessed to be non-recurring and significant for the understanding of the financial performance of Zealand.Other operating items also includes expenses as result of restructuring activities, including insurance costs, impairment charges, reversal of inventory write-downs, loss on revaluation of disposal group and other significant one-time transaction expenses.DKK thousand 2023 2022Restructuring costs - continuing operations - -19,098Insurance - -37,033Loss on retirement of fixed assets - -1,456Write-down of US Boston lease -11,000 -Reversal of inventory write-down (note 3.5) 15,979 -Total other operating items from continuing operations 4,979 -57,587Restructuring costs - discontinued operations - -56,738Impairment of production equipment (note 3.2) - -9,725Reversal of inventory write-down (note 3.5) - 22,564Loss on disposal group V-GO (note 2.10) - -40,743Total other operating items from discontinued operations - -84,642Presentation in income statement:Other operating income 15,979 -Other operating expenses -11,000 -57,587As of December 31, 2023 Management has estimated the net realizable value of raw materials to be DKK 7.9 million as all remaining materials are expected to be utilized in the production and sale under the \u00aesupply agreement with Novo Nordisk A/S, and therefore a reversal of Zegalogue inventory write-down of DKK 16.0 million has been made, reference is made to note 3.5 Inventories. The partial reversal of the \u00a9inventory write-down of DKK 22.6 million in 2022 primarily related to Zegalogue finished goods which were transferred to Novo Nordisk A/S as a result of the global license and development agreement as announced in September 2022.Impairment of right-of-use assets relates to an impairment of the US Boston office of DKK 11.0 million. The DKK 11.0 million comprise DKK 3.5 from impairment of furniture, fixtures & equipment (FF&E), DKK 1.3 million from impairment of right-of-use assets (\"ROU\"), and DKK 6.2 million from onerous contract (not recovered operating expenses and real estate taxes). The change in estimate of the recoverable amount reflects Management\u2019s assessment of future cash flows and market conditions from subleasing the US Boston lease, where the initial feedback from the real estate agent has indicated a lower rent level than anticipated previously thereby triggering impairment, refer to note 3.3 Right-of-use assets and lease liabilities.Insurance in 2022 comprised a one-off cost to cover any claims against directors and officers that would arise following the delisting from the US stock exchange. Restructuring costs from discontinued operations in 2022 comprised severance costs (DKK 13.8 million), reversal of costs related to forfeited \u00a9share-based incentive programs (DKK 2.7 million) and an allowance for loss on Zegalogue inventories (DKK 45.6 million), while restructuring costs from continuing operations in 2022 comprised severance costs (DKK 30.3 million) and reversal of costs related to forfeited share-based incentive programs (DKK 11.2 million). All restructuring costs were incurred as a result of the March 30, 2022, company announcement.Impairment of production equipment in 2022 is related to equipment acquired to be able to upscale the \u00a9production of Zegalogue. Loss on disposal group V-GO covers the accounting loss incurred in 2022 as a result of the divestment of the V-GO activities. Please refer to note 2.10 Discontinued operations for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__97": { "value": "2.9 Other operating items Accounting policiesOther operating items comprise non-revenue income and expenses related to Zealand\u2019s operations that are assessed to be non-recurring and significant for the understanding of the financial performance of Zealand.Other operating items also includes expenses as result of restructuring activities, including insurance costs, impairment charges, reversal of inventory write-downs, loss on revaluation of disposal group and other significant one-time transaction expenses.DKK thousand 2023 2022Restructuring costs - continuing operations - -19,098Insurance - -37,033Loss on retirement of fixed assets - -1,456Write-down of US Boston lease -11,000 -Reversal of inventory write-down (note 3.5) 15,979 -Total other operating items from continuing operations 4,979 -57,587Restructuring costs - discontinued operations - -56,738Impairment of production equipment (note 3.2) - -9,725Reversal of inventory write-down (note 3.5) - 22,564Loss on disposal group V-GO (note 2.10) - -40,743Total other operating items from discontinued operations - -84,642Presentation in income statement:Other operating income 15,979 -Other operating expenses -11,000 -57,587As of December 31, 2023 Management has estimated the net realizable value of raw materials to be DKK 7.9 million as all remaining materials are expected to be utilized in the production and sale under the \u00aesupply agreement with Novo Nordisk A/S, and therefore a reversal of Zegalogue inventory write-down of DKK 16.0 million has been made, reference is made to note 3.5 Inventories. The partial reversal of the \u00a9inventory write-down of DKK 22.6 million in 2022 primarily related to Zegalogue finished goods which were transferred to Novo Nordisk A/S as a result of the global license and development agreement as announced in September 2022.Impairment of right-of-use assets relates to an impairment of the US Boston office of DKK 11.0 million. The DKK 11.0 million comprise DKK 3.5 from impairment of furniture, fixtures & equipment (FF&E), DKK 1.3 million from impairment of right-of-use assets (\"ROU\"), and DKK 6.2 million from onerous contract (not recovered operating expenses and real estate taxes). The change in estimate of the recoverable amount reflects Management\u2019s assessment of future cash flows and market conditions from subleasing the US Boston lease, where the initial feedback from the real estate agent has indicated a lower rent level than anticipated previously thereby triggering impairment, refer to note 3.3 Right-of-use assets and lease liabilities.Insurance in 2022 comprised a one-off cost to cover any claims against directors and officers that would arise following the delisting from the US stock exchange. Restructuring costs from discontinued operations in 2022 comprised severance costs (DKK 13.8 million), reversal of costs related to forfeited \u00a9share-based incentive programs (DKK 2.7 million) and an allowance for loss on Zegalogue inventories (DKK 45.6 million), while restructuring costs from continuing operations in 2022 comprised severance costs (DKK 30.3 million) and reversal of costs related to forfeited share-based incentive programs (DKK 11.2 million). All restructuring costs were incurred as a result of the March 30, 2022, company announcement.Impairment of production equipment in 2022 is related to equipment acquired to be able to upscale the \u00a9production of Zegalogue. Loss on disposal group V-GO covers the accounting loss incurred in 2022 as a result of the divestment of the V-GO activities. Please refer to note 2.10 Discontinued operations for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__96": { "value": "2.9 Other operating items Accounting policiesOther operating items comprise non-revenue income and expenses related to Zealand\u2019s operations that are assessed to be non-recurring and significant for the understanding of the financial performance of Zealand.Other operating items also includes expenses as result of restructuring activities, including insurance costs, impairment charges, reversal of inventory write-downs, loss on revaluation of disposal group and other significant one-time transaction expenses.DKK thousand 2023 2022Restructuring costs - continuing operations - -19,098Insurance - -37,033Loss on retirement of fixed assets - -1,456Write-down of US Boston lease -11,000 -Reversal of inventory write-down (note 3.5) 15,979 -Total other operating items from continuing operations 4,979 -57,587Restructuring costs - discontinued operations - -56,738Impairment of production equipment (note 3.2) - -9,725Reversal of inventory write-down (note 3.5) - 22,564Loss on disposal group V-GO (note 2.10) - -40,743Total other operating items from discontinued operations - -84,642Presentation in income statement:Other operating income 15,979 -Other operating expenses -11,000 -57,587As of December 31, 2023 Management has estimated the net realizable value of raw materials to be DKK 7.9 million as all remaining materials are expected to be utilized in the production and sale under the \u00aesupply agreement with Novo Nordisk A/S, and therefore a reversal of Zegalogue inventory write-down of DKK 16.0 million has been made, reference is made to note 3.5 Inventories. The partial reversal of the \u00a9inventory write-down of DKK 22.6 million in 2022 primarily related to Zegalogue finished goods which were transferred to Novo Nordisk A/S as a result of the global license and development agreement as announced in September 2022.Impairment of right-of-use assets relates to an impairment of the US Boston office of DKK 11.0 million. The DKK 11.0 million comprise DKK 3.5 from impairment of furniture, fixtures & equipment (FF&E), DKK 1.3 million from impairment of right-of-use assets (\"ROU\"), and DKK 6.2 million from onerous contract (not recovered operating expenses and real estate taxes). The change in estimate of the recoverable amount reflects Management\u2019s assessment of future cash flows and market conditions from subleasing the US Boston lease, where the initial feedback from the real estate agent has indicated a lower rent level than anticipated previously thereby triggering impairment, refer to note 3.3 Right-of-use assets and lease liabilities.Insurance in 2022 comprised a one-off cost to cover any claims against directors and officers that would arise following the delisting from the US stock exchange. Restructuring costs from discontinued operations in 2022 comprised severance costs (DKK 13.8 million), reversal of costs related to forfeited \u00a9share-based incentive programs (DKK 2.7 million) and an allowance for loss on Zegalogue inventories (DKK 45.6 million), while restructuring costs from continuing operations in 2022 comprised severance costs (DKK 30.3 million) and reversal of costs related to forfeited share-based incentive programs (DKK 11.2 million). All restructuring costs were incurred as a result of the March 30, 2022, company announcement.Impairment of production equipment in 2022 is related to equipment acquired to be able to upscale the \u00a9production of Zegalogue. Loss on disposal group V-GO covers the accounting loss incurred in 2022 as a result of the divestment of the V-GO activities. Please refer to note 2.10 Discontinued operations for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__95": { "value": "2.9 Other operating items Accounting policiesOther operating items comprise non-revenue income and expenses related to Zealand\u2019s operations that are assessed to be non-recurring and significant for the understanding of the financial performance of Zealand.Other operating items also includes expenses as result of restructuring activities, including insurance costs, impairment charges, reversal of inventory write-downs, loss on revaluation of disposal group and other significant one-time transaction expenses.DKK thousand 2023 2022Restructuring costs - continuing operations - -19,098Insurance - -37,033Loss on retirement of fixed assets - -1,456Write-down of US Boston lease -11,000 -Reversal of inventory write-down (note 3.5) 15,979 -Total other operating items from continuing operations 4,979 -57,587Restructuring costs - discontinued operations - -56,738Impairment of production equipment (note 3.2) - -9,725Reversal of inventory write-down (note 3.5) - 22,564Loss on disposal group V-GO (note 2.10) - -40,743Total other operating items from discontinued operations - -84,642Presentation in income statement:Other operating income 15,979 -Other operating expenses -11,000 -57,587As of December 31, 2023 Management has estimated the net realizable value of raw materials to be DKK 7.9 million as all remaining materials are expected to be utilized in the production and sale under the \u00aesupply agreement with Novo Nordisk A/S, and therefore a reversal of Zegalogue inventory write-down of DKK 16.0 million has been made, reference is made to note 3.5 Inventories. The partial reversal of the \u00a9inventory write-down of DKK 22.6 million in 2022 primarily related to Zegalogue finished goods which were transferred to Novo Nordisk A/S as a result of the global license and development agreement as announced in September 2022.Impairment of right-of-use assets relates to an impairment of the US Boston office of DKK 11.0 million. The DKK 11.0 million comprise DKK 3.5 from impairment of furniture, fixtures & equipment (FF&E), DKK 1.3 million from impairment of right-of-use assets (\"ROU\"), and DKK 6.2 million from onerous contract (not recovered operating expenses and real estate taxes). The change in estimate of the recoverable amount reflects Management\u2019s assessment of future cash flows and market conditions from subleasing the US Boston lease, where the initial feedback from the real estate agent has indicated a lower rent level than anticipated previously thereby triggering impairment, refer to note 3.3 Right-of-use assets and lease liabilities.Insurance in 2022 comprised a one-off cost to cover any claims against directors and officers that would arise following the delisting from the US stock exchange. Restructuring costs from discontinued operations in 2022 comprised severance costs (DKK 13.8 million), reversal of costs related to forfeited \u00a9share-based incentive programs (DKK 2.7 million) and an allowance for loss on Zegalogue inventories (DKK 45.6 million), while restructuring costs from continuing operations in 2022 comprised severance costs (DKK 30.3 million) and reversal of costs related to forfeited share-based incentive programs (DKK 11.2 million). All restructuring costs were incurred as a result of the March 30, 2022, company announcement.Impairment of production equipment in 2022 is related to equipment acquired to be able to upscale the \u00a9production of Zegalogue. Loss on disposal group V-GO covers the accounting loss incurred in 2022 as a result of the divestment of the V-GO activities. Please refer to note 2.10 Discontinued operations for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__98": { "value": "Accounting policiesOther operating items comprise non-revenue income and expenses related to Zealand\u2019s operations that are assessed to be non-recurring and significant for the understanding of the financial performance of Zealand.Other operating items also includes expenses as result of restructuring activities, including insurance costs, impairment charges, reversal of inventory write-downs, loss on revaluation of disposal group and other significant one-time transaction expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__100": { "value": "2.10 Discontinued operations Accounting policiesA discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented sepa-rately in the statement of profit or loss. Comparatives in the statement of profit and loss for previous periods are restated to reflect the result of discontinued operations. Management's judgements and estimatesOn March 30, 2022, the group announced its intention to exit the US sales activities including the V-GO activity. The activities were successfully divested through an asset purchase agreement with MannKind Corporation dated May 29, 2022. On September 7, 2022, the group announced the transfer of the \u00a9commercial rights for Zegalogue to Novo Nordisk A/S effectually ending all efforts to commercialize the Group's products via its own sales force in 2022.Management has exercised judgement in determining that the activities around commercialization of \u00a9V-GO products via Zealand's own sales force and the transfer of commercial rights for Zegalogue met the criteria for classification as a discontinued operations and in the segregation of results from discon-tinued operation from results from continued operations for all periods presented. Accordingly, the activities, including the effect of the divestment of the V-GO disposal group, has been presented sepa-rately as a discontinued operation in the income statement.Notes to the Consolidated financial statements2.10 Discontinued operations (continued)The results and the cash flow of the discontinued activities are presented below as discontinued opera-tions for the period ended December 31, 2023, and December 31, 2022:DKK thousand 2023 2022Revenue - 87,613Cost of goods sold - -70,688Gross profit - 16,925Research and development expenses - -4,913Sales and marketing expenses - -133,695Administrative expenses - -17,125Other operating items - -84,642Net operating expenses - -240,375Result before tax - -223,450Corporate tax - -13,075Net result for the year from discontinued operations - -236,525DKK thousand 2023 2022Cash flows from discontinued operationsNet cash outflow from operating activities - -155,238Net cash inflow from investing activities - 106,380Net cash outflow from financing activities - -1,064Net cash decrease generated from the discontinued operation - -49,922All assets and liabilities included in the V-GO disposal group were derecognized as of May 29, 2022, with the closure of the asset purchase agreement with MannKind Corporation. As a result, no assets or liabil-ities were classified as held for sale in relation to the discontinued operation as of December 31, 2022. The derecognized assets and liabilities, recognized consideration and net impact on profit and loss from the divestment of V-GO are presented below:DKK thousand May 29, 2022Assets included in disposal groupIntangible assets 52,082Property, plant and equipment 20,586Right-of-use assets 8,128Deposits and prepayments 1,871Inventories 79,872Total assets of disposal group 162,539Liabilities directly associated with assets included in disposal groupLease liabilities 8,837Total liabilities of disposal group 8,837Net assets of disposal group 153,702Consideration:Cash consideration 111,553Purchase price adjustment -5,167Other financial assets 6,573Total consideration 112,959Loss on sale of disposal group - recognized as other operating items from discontinued operations -40,743As part of the license and development agreement with Novo Nordisk A/S as described in note 2.1 Reve-nue, finished goods with a value of DKK 21.3 was transferred as part of the contract.", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__102": { "value": "Accounting policiesA discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented sepa-rately in the statement of profit or loss. Comparatives in the statement of profit and loss for previous periods are restated to reflect the result of discontinued operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__101": { "value": "Accounting policiesA discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented sepa-rately in the statement of profit or loss. Comparatives in the statement of profit and loss for previous periods are restated to reflect the result of discontinued operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__103": { "value": "2.11 Earnings per share Accounting policiesBasic result per shareBasic result per share is calculated as the net result for the period, divided by the weighted average number of ordinary shares outstanding, excluding treasury shares held by the Company.Diluted result per shareDiluted result per share is calculated as the net result for the period, divided by the weighted average number of ordinary shares outstanding, excluding the treasury shares, and adjusted for the dilutive effect of share equivalents.DKK thousand 2023 2022Net result used in the calculation of basic and diluted earnings/ losses per share from continuing operations -703,739 -965,610Net result used in the calculation of basic and diluted earnings/ losses per share from discontinued operations - -236,525Net result used in the calculation of basic and diluted earnings/ losses per share -703,739 -1,202,135Weighted average number of ordinary shares 56,881,075 46,502,969Weighted average number of treasury shares -292,488 -302,817Weighted average number of ordinary shares excluding treasury shares used in the calculation of basic/diluted earnings per share 56,588,587 46,200,152Loss per share from continuing operations -basic/diluted (DKK) -12.44 -20.90Loss per share from discontinued operations -basic/diluted (DKK) - -5.12Total loss per share - basic/diluted (DKK) -12.44 -26.02In the calculation of the diluted loss per share for 2023, 1,970,432 potential ordinary shares related to share-based payment instruments have been excluded as they are anti-dilutive (2022: 2,190,503).On January 8, 2024, Zealand announced an issue of 3,761,470 new ordinary shares, which represent the remaining authorization, at a subscription price of DKK 386.45 per new share resulting in gross proceeds of DKK 1.45 billion. The capital increase was completed in January 2024. Please refer to note 6.8 Subsequent events for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__104": { "value": "Accounting policiesBasic result per shareBasic result per share is calculated as the net result for the period, divided by the weighted average number of ordinary shares outstanding, excluding treasury shares held by the Company.Diluted result per shareDiluted result per share is calculated as the net result for the period, divided by the weighted average number of ordinary shares outstanding, excluding the treasury shares, and adjusted for the dilutive effect of share equivalents.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__106": { "value": "3.1 Intangible assets Accounting policiesInternal development programsZealand currently has not recognized internally generated intangible assets from development, as the criteria for recognition of an asset are not met as described below.SoftwareSoftware comprises capitalized implementation costs on IT projects initially measured at cost. Costs include configuration and customization of the underlying software, including training and testing. Capitalization ceases when the asset is in the condition necessary for it to be capable of operating in the manner intended by Management. The intangible assets are subsequently measured at cost less accumulated amortization and any impairment losses according to IAS 38. Amortization is calculated on a straight-line basis over the estimated useful life which is 3-5 years and is included in the income state-ment under general and administrative expenses.Acquired licenses and rightsAcquired licenses, rights, and patents are initially measured at cost and include the net present value of any future payments. The net present value of any future payments is recognized as a liability. When triggered, milestone payments are accounted for as an increase in the cost to acquire licenses, rights, and patents unless such subsequent expenditures are recognized in the income statement as Research & Development expenses if they do not satisfy the conditions for recognition as an asset.AmortizationLicenses, rights, and patents are amortized using the straight-line method over the estimated useful life which is determined when the asset is available for use. Amortizations, impairment losses and gain or losses on the disposal of intangible assets are recognized in the income statement as Research & Development expenses.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of the intangible assets may not be recoverable, Management will review the intangibles for impairment. Intangible assets not ready for use are reviewed for impairment on an annual basis. Management's judgements and estimatesAccording to IAS 38, intangible assets arising from development projects should be recognized in the balance sheet. The criteria that must be met for capitalization are that:\u2022 the development project is clearly defined and identifiable and the attributable costs can be meas-ured reliably during the development period; and\u2022 the technological feasibility, adequate resources to complete and a market for the product or an internal use of the product can be documented; and \u2022 Management has the intent to produce and market the product or to use it internally.Such an intangible asset should be recognized if sufficient certainty can be documented that the future income from the development project will exceed the aggregate cost of production, development and sale and administration of the product.A development project involves a single product candidate undergoing a high number of tests to illus-trate its safety profile and its effect on humans prior to obtaining the necessary final approval of the product from the authorities. The future economic benefit associated with the individual development projects are dependent on obtaining such approval. Considering the significant risk and duration of the development period related to the development of biological products, Management has concluded that the future economic benefits associated with the individual projects cannot be estimated with sufficient certainty until the project has been finalized and the necessary final regulatory approval of the product has been obtained. Accordingly, Zealand has not recognized such assets at this time and there-fore all research and development costs are recognized in the income statement when incurred.DKK thousand SoftwareCost at January 1, 2023 -Additions 12,508Cost at December 31, 2023 12,508Amortization and impairment at January 1, 2023 -Amortization for the year -253Amortization and impairment at December 31, 2023 -253Carrying amount at December 31, 2023 12,255Amortization and impairment for the financial year has been charged as:General and administrative expenses -253Total -253In 2023, Zealand has implemented a new budget tool along with a new enterprise resource planning system (ERP) to further strengthen Management reporting. In 2023, a new quality assurance (QA) system has also been implemented with going-live date in December 2023. These investments have been made to provide Zealand with future economic benefits and are capitalized according to the new accounting policy for software.Licenses, rights and Intellectual Physician DKK thousandpatentspropertyrelationshipCost at January 1, 2022 2,530 13,692 65,613Disposals -2,530 - -Transferred to V-GO disposal group (note 2.10) - -13,692 -69,443Currency translation - - 3,830Cost at December 31, 2022 - - -Amortization and impairment at January 1, 2022 - 13,692 14,353Impairment for the year 2,530 - -Amortization for the year - - 2,057Disposals -2,530 - -Transferred to V-GO disposal group (note 2.10) - -13,692 -17,361Currency translation - - 951Amortization and impairment at December 31, 2022 - - -Carrying amount at December 31, 2022 - - -Amortization and impairment for the financial year has been charged as:Research and development expenses -2,530 -Discontinued operations - - -2,057Total -2,530 - -2,057Assets listed under Intellectual property and Physician relationship were all disposed of as a part of the V-GO disposal group. Please refer to note 2.10 Discontinued operations for further information.Licenses, rights, and patents as of January 1, 2022, comprised the license to the lead product candidate acquired with Encycle Therapeutics in October 2019. During 2022 the development program with the lead candidate was abandoned and it was decided to move on with another product candidate from the same patent instead. As a result, the recognized asset was impaired and disposed.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__105": { "value": "3.1 Intangible assets Accounting policiesInternal development programsZealand currently has not recognized internally generated intangible assets from development, as the criteria for recognition of an asset are not met as described below.SoftwareSoftware comprises capitalized implementation costs on IT projects initially measured at cost. Costs include configuration and customization of the underlying software, including training and testing. Capitalization ceases when the asset is in the condition necessary for it to be capable of operating in the manner intended by Management. The intangible assets are subsequently measured at cost less accumulated amortization and any impairment losses according to IAS 38. Amortization is calculated on a straight-line basis over the estimated useful life which is 3-5 years and is included in the income state-ment under general and administrative expenses.Acquired licenses and rightsAcquired licenses, rights, and patents are initially measured at cost and include the net present value of any future payments. The net present value of any future payments is recognized as a liability. When triggered, milestone payments are accounted for as an increase in the cost to acquire licenses, rights, and patents unless such subsequent expenditures are recognized in the income statement as Research & Development expenses if they do not satisfy the conditions for recognition as an asset.AmortizationLicenses, rights, and patents are amortized using the straight-line method over the estimated useful life which is determined when the asset is available for use. Amortizations, impairment losses and gain or losses on the disposal of intangible assets are recognized in the income statement as Research & Development expenses.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of the intangible assets may not be recoverable, Management will review the intangibles for impairment. Intangible assets not ready for use are reviewed for impairment on an annual basis. Management's judgements and estimatesAccording to IAS 38, intangible assets arising from development projects should be recognized in the balance sheet. The criteria that must be met for capitalization are that:\u2022 the development project is clearly defined and identifiable and the attributable costs can be meas-ured reliably during the development period; and\u2022 the technological feasibility, adequate resources to complete and a market for the product or an internal use of the product can be documented; and \u2022 Management has the intent to produce and market the product or to use it internally.Such an intangible asset should be recognized if sufficient certainty can be documented that the future income from the development project will exceed the aggregate cost of production, development and sale and administration of the product.A development project involves a single product candidate undergoing a high number of tests to illus-trate its safety profile and its effect on humans prior to obtaining the necessary final approval of the product from the authorities. The future economic benefit associated with the individual development projects are dependent on obtaining such approval. Considering the significant risk and duration of the development period related to the development of biological products, Management has concluded that the future economic benefits associated with the individual projects cannot be estimated with sufficient certainty until the project has been finalized and the necessary final regulatory approval of the product has been obtained. Accordingly, Zealand has not recognized such assets at this time and there-fore all research and development costs are recognized in the income statement when incurred.DKK thousand SoftwareCost at January 1, 2023 -Additions 12,508Cost at December 31, 2023 12,508Amortization and impairment at January 1, 2023 -Amortization for the year -253Amortization and impairment at December 31, 2023 -253Carrying amount at December 31, 2023 12,255Amortization and impairment for the financial year has been charged as:General and administrative expenses -253Total -253In 2023, Zealand has implemented a new budget tool along with a new enterprise resource planning system (ERP) to further strengthen Management reporting. In 2023, a new quality assurance (QA) system has also been implemented with going-live date in December 2023. These investments have been made to provide Zealand with future economic benefits and are capitalized according to the new accounting policy for software.Licenses, rights and Intellectual Physician DKK thousandpatentspropertyrelationshipCost at January 1, 2022 2,530 13,692 65,613Disposals -2,530 - -Transferred to V-GO disposal group (note 2.10) - -13,692 -69,443Currency translation - - 3,830Cost at December 31, 2022 - - -Amortization and impairment at January 1, 2022 - 13,692 14,353Impairment for the year 2,530 - -Amortization for the year - - 2,057Disposals -2,530 - -Transferred to V-GO disposal group (note 2.10) - -13,692 -17,361Currency translation - - 951Amortization and impairment at December 31, 2022 - - -Carrying amount at December 31, 2022 - - -Amortization and impairment for the financial year has been charged as:Research and development expenses -2,530 -Discontinued operations - - -2,057Total -2,530 - -2,057Assets listed under Intellectual property and Physician relationship were all disposed of as a part of the V-GO disposal group. Please refer to note 2.10 Discontinued operations for further information.Licenses, rights, and patents as of January 1, 2022, comprised the license to the lead product candidate acquired with Encycle Therapeutics in October 2019. During 2022 the development program with the lead candidate was abandoned and it was decided to move on with another product candidate from the same patent instead. As a result, the recognized asset was impaired and disposed.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__108": { "value": "Accounting policiesInternal development programsZealand currently has not recognized internally generated intangible assets from development, as the criteria for recognition of an asset are not met as described below.SoftwareSoftware comprises capitalized implementation costs on IT projects initially measured at cost. Costs include configuration and customization of the underlying software, including training and testing. Capitalization ceases when the asset is in the condition necessary for it to be capable of operating in the manner intended by Management. The intangible assets are subsequently measured at cost less accumulated amortization and any impairment losses according to IAS 38. Amortization is calculated on a straight-line basis over the estimated useful life which is 3-5 years and is included in the income state-ment under general and administrative expenses.Acquired licenses and rightsAcquired licenses, rights, and patents are initially measured at cost and include the net present value of any future payments. The net present value of any future payments is recognized as a liability. When triggered, milestone payments are accounted for as an increase in the cost to acquire licenses, rights, and patents unless such subsequent expenditures are recognized in the income statement as Research & Development expenses if they do not satisfy the conditions for recognition as an asset.AmortizationLicenses, rights, and patents are amortized using the straight-line method over the estimated useful life which is determined when the asset is available for use. Amortizations, impairment losses and gain or losses on the disposal of intangible assets are recognized in the income statement as Research & Development expenses.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of the intangible assets may not be recoverable, Management will review the intangibles for impairment. Intangible assets not ready for use are reviewed for impairment on an annual basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__107": { "value": "Accounting policiesInternal development programsZealand currently has not recognized internally generated intangible assets from development, as the criteria for recognition of an asset are not met as described below.SoftwareSoftware comprises capitalized implementation costs on IT projects initially measured at cost. Costs include configuration and customization of the underlying software, including training and testing. Capitalization ceases when the asset is in the condition necessary for it to be capable of operating in the manner intended by Management. The intangible assets are subsequently measured at cost less accumulated amortization and any impairment losses according to IAS 38. Amortization is calculated on a straight-line basis over the estimated useful life which is 3-5 years and is included in the income state-ment under general and administrative expenses.Acquired licenses and rightsAcquired licenses, rights, and patents are initially measured at cost and include the net present value of any future payments. The net present value of any future payments is recognized as a liability. When triggered, milestone payments are accounted for as an increase in the cost to acquire licenses, rights, and patents unless such subsequent expenditures are recognized in the income statement as Research & Development expenses if they do not satisfy the conditions for recognition as an asset.AmortizationLicenses, rights, and patents are amortized using the straight-line method over the estimated useful life which is determined when the asset is available for use. Amortizations, impairment losses and gain or losses on the disposal of intangible assets are recognized in the income statement as Research & Development expenses.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of the intangible assets may not be recoverable, Management will review the intangibles for impairment. Intangible assets not ready for use are reviewed for impairment on an annual basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__110": { "value": "3.2 Property, plant and equipment Accounting policiesProperty, plant, and equipment is mainly comprised of plant and machinery, other fixtures and fittings, leasehold improvements, and assets under construction, which are measured at cost less accumulated depreciation. and any impairment losses.The cost is comprised of the acquisition price and costs directly related to the acquisition until the asset is ready for use. Costs include direct costs and costs to subcontractors.DepreciaionDepreciation is calculated on a straight-line basis to allocate the cost of the assets, net of any residual value, over the estimated useful lives, which are as follows:Leasehold improvements 5-13 years, but never longer than the lease term Plant and machinery 5-10 years Other fixtures and fittings 3-5 yearsThe useful lives and residual values are reviewed and adjusted if appropriate on a yearly basis. Assets under construction are not depreciated.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of property, plant and equipment may not be recoverable, Management reviews that asset for impairment. The basis for the review is the recoverable amount of the assets, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow or savings generated from the asset.If the carrying amount is greater than the recoverable amount, the asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified.3.2 Property, plant and equipment (continued)Other Leasehold Assets Plant and fixtures and improve-under con-DKK thousandmachineryfittingsmentsstructionCost at January 1, 2023 66,828 15,997 38,193 870Transfers - 870 - -870Additions 9,043 1,386 812 -Disposals -15,066 -427 - -Currency translation - -60 -98 -Cost at December 31, 2023 60,805 17,766 38,907 -Accumulated depreciation and impairment at January 1, 2023 52,339 11,233 7,788 -Depreciation for the year 5,330 2,372 3,296 -Impairment for the year - 1,173 2,270 -Disposals -14,919 -427 - -Currency translation - -12 -12 -Accumulated depreciation and impairment at December 31, 2023 42,750 14,339 13,342 -Carrying amount at December 31, 2023 18,055 3,427 25,565 -Depreciation and impairment for the financial year has been charged as:Research and development expenses -5,320 -1,775 -2,523 -Sales and marketing expenses - -68 -51 -General and administrative expenses -10 -1,702 -2,992 -Total -5,330 -3,545 -5,566 -Impairment in 2023 on other fixtures and fittings of DKK 1.2 million and DKK 2.3 million on leasehold im-provements relate to the US Boston office and is included in other operating expenses, refer to note 2.9 Other operating items. For further information on the impairment assessment refer to Management\u2019s judgements and estimates in note 3.3 Right-of-use assets and lease liabilities.Disposals on plant and machinery mainly relate to scrap of old lab equipment in May 2023.Other Leasehold Assets Plant and fixtures and improve-under con-DKK thousandmachineryfittingsmentsstructionCost at January 1, 2022 90,797 15,835 36,600 12,112Transfers 268 1,644 2,915 -4,827Additions 2,985 73 293 6,089Disposals -1,433 -905 - -10,092Transferred to V-GO disposal group (Note 2.10) -25,790 -763 -1,801 -2,563Currency translation 1 113 186 151Cost at December 31, 2022 66,828 15,997 38,193 870Accumulated depreciation and impairment at January 1, 2022 54,216 9,240 5,434 -Depreciation for the year 7,903 3,145 3,187 -Impairment for the year 742 71 - 10,092Disposals -1,433 -905 - -10,092Transferred to V-GO disposal group (Note 2.10) -9,090 -357 -884 -Currency translation 1 39 51 -Accumulated depreciation and impairment at December 31, 2022 52,339 11,233 7,788 -Carrying amount at December 31, 2022 14,489 4,764 30,405 870Depreciation and impairment for the financial year has been charged as:Research and development expenses -6,214 -2,315 -2,417General and administrative expenses - -779 -770 -Other operating items -742 -71 - -362Discontinued operations -1,689 -28 - -9,730Total -8,645 -3,216 -3,187 -10,092\u00aeImpairment of assets under construction relates to production equipment for Zegalogue which is not expected to be used by the Company. The amount is recognized as other operating items from discontinued operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__111": { "value": "Accounting policiesProperty, plant, and equipment is mainly comprised of plant and machinery, other fixtures and fittings, leasehold improvements, and assets under construction, which are measured at cost less accumulated depreciation. and any impairment losses.The cost is comprised of the acquisition price and costs directly related to the acquisition until the asset is ready for use. Costs include direct costs and costs to subcontractors.DepreciaionDepreciation is calculated on a straight-line basis to allocate the cost of the assets, net of any residual value, over the estimated useful lives, which are as follows:Leasehold improvements 5-13 years, but never longer than the lease term Plant and machinery 5-10 years Other fixtures and fittings 3-5 yearsThe useful lives and residual values are reviewed and adjusted if appropriate on a yearly basis. Assets under construction are not depreciated.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of property, plant and equipment may not be recoverable, Management reviews that asset for impairment. The basis for the review is the recoverable amount of the assets, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow or savings generated from the asset.If the carrying amount is greater than the recoverable amount, the asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__119": { "value": "3.3 Right-of-use assets and lease liabilities Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain wide range of different terms and conditions.All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets. ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term.Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of right-of-use assets (\"ROU\") may not be recoverable, Management reviews that ROU for impairment. The basis for the review is the recoverable amount of the ROU, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow or savings generated from the ROU. If the carrying amount is greater than the recoverable amount, the ROU is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified. Management's judgements and estimatesManagement has estimated the recoverable amount of the right-of-use asset related to the US Boston office as of December 31, 2023. The impairment in 2023 of DKK 11.0 million reflects an assessment of the ROU's carrying amount against its recoverable amount, considering factors such as future cash flows and market conditions for office rentals in Boston, Massachusetts. Zealand has entered into an irrevocable lease agreement until 2029 thereby knowing the expected cash flows many years ahead and Management is currently investigating possibilities on subleasing the US office to a third party. The initial feedback from the real estate agent has indicated a lower rent level than previously anticipated thereby triggering impairment.The recoverable amount has been calculated by applying a discount rate of 4.5% on future cash flows being the annual effective discount rate from the lease contract. Future cash flows are projected with 2% annual escalations and current projections include an estimate of the recoverable rent payments until the end of the lease term on August 31, 2029, partly offset by non-recovered operating expenses and real estate taxes.The estimated recoverable amount is subject to sensitivity if the projected level for base rent per square feet changes; however, Management has chosen a conservative approach in the calculations, and therefore the risk for a significant change in the recoverable amount is deemed immaterial.The DKK 1.3 million from impairment of right-of-use assets (\"ROU\") is included in other operating expenses, refer to note 2.9 Other operating items.The total provision for onerous contract of DKK 6.2 million has been recognized as an addition to lease liabilities as of December 31, 2023, out of which DKK 1.4 million is short-term and DKK 4.8 million is long-term.No impairment losses have previously been recognized for the right-of-use asset in Zealand Pharma U.S., Inc.Amounts recognized in the statement of financial positionThe statement of financial position shows the following amounts relating to right-of-use assets:Other Office fixtures and DKK thousandBuildingsfittingsAs at January 1, 2023 113,379 1,581Additions 1,860 1,344Depreciation expense -12,557 -1,025Impairment -1,266 -Currency translation -532 21As at December 31, 2023 100,884 1,921As at January 1, 2022 133,371 1,623Additions - 736Depreciation expense -13,710 -778Transferred to V-GO disposal group (note 2.10) -8,128 -Currency translation 1,846 -As at December 31, 2022 113,379 1,581The Group leases office buildings, equipment, and vehicles. The rental contract for the HQ office building has been made for a minimum period of 13 years (terminable by the landlord after 15 years). Management has assessed the lease period to be 13 years. The rental contract for the US office site has a lease expiration date of August 31, 2029 with the opportunity to sublease. Equipment and vehicles are leased over a period of 3-4 years with no extension option.Set out below are the carrying amounts of lease liabilities and the movements during the period:DKK thousand 2023 2022As at January 1 122,729 139,523Additions 5,680 992Accretion of interest 2,890 3,286Payments -12,711 -13,719Transferred to V-GO disposal group (note 2.10) - -8,836Currency translation 643 1,483As at December 31 119,231 122,729Current 16,655 14,729Non-current 102,575 108,000The following amounts are recognized in the income statement:Depreciation expense of right-of-use assets -13,610 -14,488Interest expense on lease liabilities -2,892 -3,286Total amount recognized in profit and loss -16,502 -17,774Cash flow -17,664 -13,719Total cash outflow from leases -17,664 -13,719Depreciation for the financial year has been charged as:Research and development expenses -8,951 -10,375General and administrative expenses -4,659 -4,113Total amount recognized in profit and loss -13,610 -14,488", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__116": { "value": "3.3 Right-of-use assets and lease liabilities Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain wide range of different terms and conditions.All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets. ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term.Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of right-of-use assets (\"ROU\") may not be recoverable, Management reviews that ROU for impairment. The basis for the review is the recoverable amount of the ROU, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow or savings generated from the ROU. If the carrying amount is greater than the recoverable amount, the ROU is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified. Management's judgements and estimatesManagement has estimated the recoverable amount of the right-of-use asset related to the US Boston office as of December 31, 2023. The impairment in 2023 of DKK 11.0 million reflects an assessment of the ROU's carrying amount against its recoverable amount, considering factors such as future cash flows and market conditions for office rentals in Boston, Massachusetts. Zealand has entered into an irrevocable lease agreement until 2029 thereby knowing the expected cash flows many years ahead and Management is currently investigating possibilities on subleasing the US office to a third party. The initial feedback from the real estate agent has indicated a lower rent level than previously anticipated thereby triggering impairment.The recoverable amount has been calculated by applying a discount rate of 4.5% on future cash flows being the annual effective discount rate from the lease contract. Future cash flows are projected with 2% annual escalations and current projections include an estimate of the recoverable rent payments until the end of the lease term on August 31, 2029, partly offset by non-recovered operating expenses and real estate taxes.The estimated recoverable amount is subject to sensitivity if the projected level for base rent per square feet changes; however, Management has chosen a conservative approach in the calculations, and therefore the risk for a significant change in the recoverable amount is deemed immaterial.The DKK 1.3 million from impairment of right-of-use assets (\"ROU\") is included in other operating expenses, refer to note 2.9 Other operating items.The total provision for onerous contract of DKK 6.2 million has been recognized as an addition to lease liabilities as of December 31, 2023, out of which DKK 1.4 million is short-term and DKK 4.8 million is long-term.No impairment losses have previously been recognized for the right-of-use asset in Zealand Pharma U.S., Inc.Amounts recognized in the statement of financial positionThe statement of financial position shows the following amounts relating to right-of-use assets:Other Office fixtures and DKK thousandBuildingsfittingsAs at January 1, 2023 113,379 1,581Additions 1,860 1,344Depreciation expense -12,557 -1,025Impairment -1,266 -Currency translation -532 21As at December 31, 2023 100,884 1,921As at January 1, 2022 133,371 1,623Additions - 736Depreciation expense -13,710 -778Transferred to V-GO disposal group (note 2.10) -8,128 -Currency translation 1,846 -As at December 31, 2022 113,379 1,581The Group leases office buildings, equipment, and vehicles. The rental contract for the HQ office building has been made for a minimum period of 13 years (terminable by the landlord after 15 years). Management has assessed the lease period to be 13 years. The rental contract for the US office site has a lease expiration date of August 31, 2029 with the opportunity to sublease. Equipment and vehicles are leased over a period of 3-4 years with no extension option.Set out below are the carrying amounts of lease liabilities and the movements during the period:DKK thousand 2023 2022As at January 1 122,729 139,523Additions 5,680 992Accretion of interest 2,890 3,286Payments -12,711 -13,719Transferred to V-GO disposal group (note 2.10) - -8,836Currency translation 643 1,483As at December 31 119,231 122,729Current 16,655 14,729Non-current 102,575 108,000The following amounts are recognized in the income statement:Depreciation expense of right-of-use assets -13,610 -14,488Interest expense on lease liabilities -2,892 -3,286Total amount recognized in profit and loss -16,502 -17,774Cash flow -17,664 -13,719Total cash outflow from leases -17,664 -13,719Depreciation for the financial year has been charged as:Research and development expenses -8,951 -10,375General and administrative expenses -4,659 -4,113Total amount recognized in profit and loss -13,610 -14,488", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__115": { "value": "3.3 Right-of-use assets and lease liabilities Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain wide range of different terms and conditions.All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets. ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term.Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of right-of-use assets (\"ROU\") may not be recoverable, Management reviews that ROU for impairment. The basis for the review is the recoverable amount of the ROU, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow or savings generated from the ROU. If the carrying amount is greater than the recoverable amount, the ROU is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified. Management's judgements and estimatesManagement has estimated the recoverable amount of the right-of-use asset related to the US Boston office as of December 31, 2023. The impairment in 2023 of DKK 11.0 million reflects an assessment of the ROU's carrying amount against its recoverable amount, considering factors such as future cash flows and market conditions for office rentals in Boston, Massachusetts. Zealand has entered into an irrevocable lease agreement until 2029 thereby knowing the expected cash flows many years ahead and Management is currently investigating possibilities on subleasing the US office to a third party. The initial feedback from the real estate agent has indicated a lower rent level than previously anticipated thereby triggering impairment.The recoverable amount has been calculated by applying a discount rate of 4.5% on future cash flows being the annual effective discount rate from the lease contract. Future cash flows are projected with 2% annual escalations and current projections include an estimate of the recoverable rent payments until the end of the lease term on August 31, 2029, partly offset by non-recovered operating expenses and real estate taxes.The estimated recoverable amount is subject to sensitivity if the projected level for base rent per square feet changes; however, Management has chosen a conservative approach in the calculations, and therefore the risk for a significant change in the recoverable amount is deemed immaterial.The DKK 1.3 million from impairment of right-of-use assets (\"ROU\") is included in other operating expenses, refer to note 2.9 Other operating items.The total provision for onerous contract of DKK 6.2 million has been recognized as an addition to lease liabilities as of December 31, 2023, out of which DKK 1.4 million is short-term and DKK 4.8 million is long-term.No impairment losses have previously been recognized for the right-of-use asset in Zealand Pharma U.S., Inc.Amounts recognized in the statement of financial positionThe statement of financial position shows the following amounts relating to right-of-use assets:Other Office fixtures and DKK thousandBuildingsfittingsAs at January 1, 2023 113,379 1,581Additions 1,860 1,344Depreciation expense -12,557 -1,025Impairment -1,266 -Currency translation -532 21As at December 31, 2023 100,884 1,921As at January 1, 2022 133,371 1,623Additions - 736Depreciation expense -13,710 -778Transferred to V-GO disposal group (note 2.10) -8,128 -Currency translation 1,846 -As at December 31, 2022 113,379 1,581The Group leases office buildings, equipment, and vehicles. The rental contract for the HQ office building has been made for a minimum period of 13 years (terminable by the landlord after 15 years). Management has assessed the lease period to be 13 years. The rental contract for the US office site has a lease expiration date of August 31, 2029 with the opportunity to sublease. Equipment and vehicles are leased over a period of 3-4 years with no extension option.Set out below are the carrying amounts of lease liabilities and the movements during the period:DKK thousand 2023 2022As at January 1 122,729 139,523Additions 5,680 992Accretion of interest 2,890 3,286Payments -12,711 -13,719Transferred to V-GO disposal group (note 2.10) - -8,836Currency translation 643 1,483As at December 31 119,231 122,729Current 16,655 14,729Non-current 102,575 108,000The following amounts are recognized in the income statement:Depreciation expense of right-of-use assets -13,610 -14,488Interest expense on lease liabilities -2,892 -3,286Total amount recognized in profit and loss -16,502 -17,774Cash flow -17,664 -13,719Total cash outflow from leases -17,664 -13,719Depreciation for the financial year has been charged as:Research and development expenses -8,951 -10,375General and administrative expenses -4,659 -4,113Total amount recognized in profit and loss -13,610 -14,488", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__114": { "value": "3.3 Right-of-use assets and lease liabilities Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain wide range of different terms and conditions.All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets. ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term.Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of right-of-use assets (\"ROU\") may not be recoverable, Management reviews that ROU for impairment. The basis for the review is the recoverable amount of the ROU, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow or savings generated from the ROU. If the carrying amount is greater than the recoverable amount, the ROU is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified. Management's judgements and estimatesManagement has estimated the recoverable amount of the right-of-use asset related to the US Boston office as of December 31, 2023. The impairment in 2023 of DKK 11.0 million reflects an assessment of the ROU's carrying amount against its recoverable amount, considering factors such as future cash flows and market conditions for office rentals in Boston, Massachusetts. Zealand has entered into an irrevocable lease agreement until 2029 thereby knowing the expected cash flows many years ahead and Management is currently investigating possibilities on subleasing the US office to a third party. The initial feedback from the real estate agent has indicated a lower rent level than previously anticipated thereby triggering impairment.The recoverable amount has been calculated by applying a discount rate of 4.5% on future cash flows being the annual effective discount rate from the lease contract. Future cash flows are projected with 2% annual escalations and current projections include an estimate of the recoverable rent payments until the end of the lease term on August 31, 2029, partly offset by non-recovered operating expenses and real estate taxes.The estimated recoverable amount is subject to sensitivity if the projected level for base rent per square feet changes; however, Management has chosen a conservative approach in the calculations, and therefore the risk for a significant change in the recoverable amount is deemed immaterial.The DKK 1.3 million from impairment of right-of-use assets (\"ROU\") is included in other operating expenses, refer to note 2.9 Other operating items.The total provision for onerous contract of DKK 6.2 million has been recognized as an addition to lease liabilities as of December 31, 2023, out of which DKK 1.4 million is short-term and DKK 4.8 million is long-term.No impairment losses have previously been recognized for the right-of-use asset in Zealand Pharma U.S., Inc.Amounts recognized in the statement of financial positionThe statement of financial position shows the following amounts relating to right-of-use assets:Other Office fixtures and DKK thousandBuildingsfittingsAs at January 1, 2023 113,379 1,581Additions 1,860 1,344Depreciation expense -12,557 -1,025Impairment -1,266 -Currency translation -532 21As at December 31, 2023 100,884 1,921As at January 1, 2022 133,371 1,623Additions - 736Depreciation expense -13,710 -778Transferred to V-GO disposal group (note 2.10) -8,128 -Currency translation 1,846 -As at December 31, 2022 113,379 1,581The Group leases office buildings, equipment, and vehicles. The rental contract for the HQ office building has been made for a minimum period of 13 years (terminable by the landlord after 15 years). Management has assessed the lease period to be 13 years. The rental contract for the US office site has a lease expiration date of August 31, 2029 with the opportunity to sublease. Equipment and vehicles are leased over a period of 3-4 years with no extension option.Set out below are the carrying amounts of lease liabilities and the movements during the period:DKK thousand 2023 2022As at January 1 122,729 139,523Additions 5,680 992Accretion of interest 2,890 3,286Payments -12,711 -13,719Transferred to V-GO disposal group (note 2.10) - -8,836Currency translation 643 1,483As at December 31 119,231 122,729Current 16,655 14,729Non-current 102,575 108,000The following amounts are recognized in the income statement:Depreciation expense of right-of-use assets -13,610 -14,488Interest expense on lease liabilities -2,892 -3,286Total amount recognized in profit and loss -16,502 -17,774Cash flow -17,664 -13,719Total cash outflow from leases -17,664 -13,719Depreciation for the financial year has been charged as:Research and development expenses -8,951 -10,375General and administrative expenses -4,659 -4,113Total amount recognized in profit and loss -13,610 -14,488", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__113": { "value": "3.3 Right-of-use assets and lease liabilities Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain wide range of different terms and conditions.All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets. ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term.Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of right-of-use assets (\"ROU\") may not be recoverable, Management reviews that ROU for impairment. The basis for the review is the recoverable amount of the ROU, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow or savings generated from the ROU. If the carrying amount is greater than the recoverable amount, the ROU is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified. Management's judgements and estimatesManagement has estimated the recoverable amount of the right-of-use asset related to the US Boston office as of December 31, 2023. The impairment in 2023 of DKK 11.0 million reflects an assessment of the ROU's carrying amount against its recoverable amount, considering factors such as future cash flows and market conditions for office rentals in Boston, Massachusetts. Zealand has entered into an irrevocable lease agreement until 2029 thereby knowing the expected cash flows many years ahead and Management is currently investigating possibilities on subleasing the US office to a third party. The initial feedback from the real estate agent has indicated a lower rent level than previously anticipated thereby triggering impairment.The recoverable amount has been calculated by applying a discount rate of 4.5% on future cash flows being the annual effective discount rate from the lease contract. Future cash flows are projected with 2% annual escalations and current projections include an estimate of the recoverable rent payments until the end of the lease term on August 31, 2029, partly offset by non-recovered operating expenses and real estate taxes.The estimated recoverable amount is subject to sensitivity if the projected level for base rent per square feet changes; however, Management has chosen a conservative approach in the calculations, and therefore the risk for a significant change in the recoverable amount is deemed immaterial.The DKK 1.3 million from impairment of right-of-use assets (\"ROU\") is included in other operating expenses, refer to note 2.9 Other operating items.The total provision for onerous contract of DKK 6.2 million has been recognized as an addition to lease liabilities as of December 31, 2023, out of which DKK 1.4 million is short-term and DKK 4.8 million is long-term.No impairment losses have previously been recognized for the right-of-use asset in Zealand Pharma U.S., Inc.Amounts recognized in the statement of financial positionThe statement of financial position shows the following amounts relating to right-of-use assets:Other Office fixtures and DKK thousandBuildingsfittingsAs at January 1, 2023 113,379 1,581Additions 1,860 1,344Depreciation expense -12,557 -1,025Impairment -1,266 -Currency translation -532 21As at December 31, 2023 100,884 1,921As at January 1, 2022 133,371 1,623Additions - 736Depreciation expense -13,710 -778Transferred to V-GO disposal group (note 2.10) -8,128 -Currency translation 1,846 -As at December 31, 2022 113,379 1,581The Group leases office buildings, equipment, and vehicles. The rental contract for the HQ office building has been made for a minimum period of 13 years (terminable by the landlord after 15 years). Management has assessed the lease period to be 13 years. The rental contract for the US office site has a lease expiration date of August 31, 2029 with the opportunity to sublease. Equipment and vehicles are leased over a period of 3-4 years with no extension option.Set out below are the carrying amounts of lease liabilities and the movements during the period:DKK thousand 2023 2022As at January 1 122,729 139,523Additions 5,680 992Accretion of interest 2,890 3,286Payments -12,711 -13,719Transferred to V-GO disposal group (note 2.10) - -8,836Currency translation 643 1,483As at December 31 119,231 122,729Current 16,655 14,729Non-current 102,575 108,000The following amounts are recognized in the income statement:Depreciation expense of right-of-use assets -13,610 -14,488Interest expense on lease liabilities -2,892 -3,286Total amount recognized in profit and loss -16,502 -17,774Cash flow -17,664 -13,719Total cash outflow from leases -17,664 -13,719Depreciation for the financial year has been charged as:Research and development expenses -8,951 -10,375General and administrative expenses -4,659 -4,113Total amount recognized in profit and loss -13,610 -14,488", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__120": { "value": "Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain wide range of different terms and conditions.All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets. ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term.Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of right-of-use assets (\"ROU\") may not be recoverable, Management reviews that ROU for impairment. The basis for the review is the recoverable amount of the ROU, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow or savings generated from the ROU. If the carrying amount is greater than the recoverable amount, the ROU is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__118": { "value": "Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain wide range of different terms and conditions.All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets. ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term.Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of right-of-use assets (\"ROU\") may not be recoverable, Management reviews that ROU for impairment. The basis for the review is the recoverable amount of the ROU, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow or savings generated from the ROU. If the carrying amount is greater than the recoverable amount, the ROU is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__122": { "value": "Accounting policiesOther investments are measured at fair value on initial recognition and subsequently. Changes in fair value are recognized in the income statement under financial items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__121": { "value": "3.4 Other investments Accounting policiesOther investments are measured at fair value on initial recognition and subsequently. Changes in fair value are recognized in the income statement under financial items.Investment in Beta Bionics Inc.The Group\u2019s other investments consist of an investment in Beta Bionics, Inc., the developer of iLet\u2122, a fully integrated dual-hormone pump (bionic pancreas) for autonomous diabetes care. The investment in Beta Bionics, Inc. is measured at fair value through profit and loss. This investment represents 0.6% (2022 :1.5%) ownership of Beta Bionics, Inc., and is measured at a fair value of DKK 14.0 million as of December 31, 2023 (2022: DKK 30.9 million).In determining fair value, Zealand considers the value per share from the most recent closed financing round, adjusted for valuation infliction points through the balance sheet date, including (i) discount for lack of marketability, (ii) information obtained from third party valuation reports, and (iii) company announcements.The following have been recognized as financial items:DKK thousand 2023 2022Other investments at January 1 30,943 26,907Fair value adjustments -16,939 4,036Other investments at December 31 14,004 30,943The fair value adjustment of the investment in 2023 of DKK 16.9 million is a combination of a reduc-tion of the implied value per share provided by a third-party valuation expert. Also in August 2023, Beta Bionics announced the closing of $100 million series D funding. Zealand did not participate in this financing round thus having a dilutive effect on Zealand\u2019s ownership compared to 2022. Reference is made to note 4.3 Financial assets and liabilities for fair value disclosures.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__124": { "value": "Accounting policiesRaw materials, work in progress and finished goods are measured at the lower of cost and net realiz-able value. Cost is determined on a first in, first out basis and comprises direct materials, direct labor and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of busi-ness less the estimated costs of completion and the estimated costs necessary to complete the sale.Inventory manufactured prior to regulatory approval (prelaunch inventory) is capitalized but immedi-ately provided for, until there is a high probability of regulatory approval for the product. A write-down is made against inventory, and the cost is recognized in the income statement as research and devel-opment costs. Once there is a high probability of regulatory approval being obtained, the write-down is reversed, up to no more than the original cost.Zealand reviews inventory for excess or obsolescence and writes down inventory that has no alternative uses to its net realizable value. Economic conditions, customer demand and changes in purchasing and distribution can affect the carrying amount of inventory. We record provisions for potentially obsolete or slow-moving inventory and lower of cost or net realizable value inventory adjustments. In some instances, these adjustments can have a material effect on the financial results of an annual or interim period. In order to determine such adjustments, we evaluate the age, inventory turns, future sales fore-casts and the estimated fair value of inventory.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__123": { "value": "3.5 Inventories Accounting policiesRaw materials, work in progress and finished goods are measured at the lower of cost and net realiz-able value. Cost is determined on a first in, first out basis and comprises direct materials, direct labor and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of busi-ness less the estimated costs of completion and the estimated costs necessary to complete the sale.Inventory manufactured prior to regulatory approval (prelaunch inventory) is capitalized but immedi-ately provided for, until there is a high probability of regulatory approval for the product. A write-down is made against inventory, and the cost is recognized in the income statement as research and devel-opment costs. Once there is a high probability of regulatory approval being obtained, the write-down is reversed, up to no more than the original cost.Zealand reviews inventory for excess or obsolescence and writes down inventory that has no alternative uses to its net realizable value. Economic conditions, customer demand and changes in purchasing and distribution can affect the carrying amount of inventory. We record provisions for potentially obsolete or slow-moving inventory and lower of cost or net realizable value inventory adjustments. In some instances, these adjustments can have a material effect on the financial results of an annual or interim period. In order to determine such adjustments, we evaluate the age, inventory turns, future sales fore-casts and the estimated fair value of inventory. Management's judgements and estimates\u00aeAs of December 31, 2023, Zegalogue related raw materials at cost amounted to DKK 7.9 million. Management has estimated the net realizable value to be DKK 7.9 million, and therefore a reversal of \u00aeZegalogue inventory write-down of DKK 16.0 million has been made as the raw materials are expected to be utilized under the license and development agreement with Novo Nordisk A/S.\u00aeWith the March 30, 2022, restructuring announcement an allowance for loss on Zegalogue raw mate-rials and finished goods of DKK 45.6 million was recognized in 2022 due to uncertainties around the future sales channels for the product. The allowance was included as discontinued operations under \u00aeother operating expenses as a restructuring cost. As all Zegalogue finished goods were transferred to Novo Nordisk A/S as a result of the global license and development agreement announced in Q3, 2022, a partial reversal of the inventory allowance of DKK 22.6 million was recognized under other operating income from discontinued operations in 2022. In 2023, an additional reversal of prior years\u2019 inventory allowance of DKK 16.0 million was recognized under other operating income. \u00aeAs of December 31, 2022, Zegalogue related raw materials and semi-finished goods at cost amounted to DKK 33.6 million. Due to uncertainties whether the materials would be utilized in the production under the supply agreement with Novo Nordisk A/S, Management estimated the net realizable value to be DKK 1.3 million at the end of 2022.DKK thousand 2023 2022Raw materials 7,935 1,286Total 7,935 1,286Write downs on inventory were comprised as follows:DKK thousand 2023 2022Accumulated write-downs, January 1 -32,257 -25,653Write-downs in the reporting period - -45,547Utilization of write-downs 3,635 16,867Reversal of write-downs 15,979 22,623Exchange differences - -547Accumulated write-downs, December 31 -12,643 -32,257The write-downs and the reversal of write-downs on inventory recognized in 2023 and 2022 are included in other operating items. Please refer to note 2.9 Other operating items.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__125": { "value": "3.6 Trade and other receivables Accounting policiesReceivables are designated as financial assets measured at amortized cost and are initially measured at fair value less transaction costs and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit loss provision. Zealand utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due. Expected credit losses as of December 31, 2023, and December 31, 2022, are immaterial. Deposits relate to up-front payments on rental of office buildings measured at nominal value. Other receivables include accrued interest on marketable securities and VAT receivables measured at nominal value. Prepaid expenses include expenditures related to a future financial period. Prepaid expenses are measured at historical cost.DKK thousand 2023 2022Deposits 8,908 9,409Trade receivables 1,004 1,361Receivables related to license and collaboration agreements 68,793 56,431Other receivables 24,556 3,438Prepaid expenses 34,892 63,088Total trade and other receivables 138,153 133,727Non-current 15,794 18,105Current 122,359 115,622Non-current other receivables comprise deposits on office buildings and accrued insurance costs. Current other receivables mainly comprise accrued interest from marketable securities and VAT receivables. Receivables related to license and collaboration agreements include withholding tax receivable from the Boehringer Ingelheim (BI) milestone payment of DKK 35.7 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__126": { "value": "3.6 Trade and other receivables Accounting policiesReceivables are designated as financial assets measured at amortized cost and are initially measured at fair value less transaction costs and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit loss provision. Zealand utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due. Expected credit losses as of December 31, 2023, and December 31, 2022, are immaterial. Deposits relate to up-front payments on rental of office buildings measured at nominal value. Other receivables include accrued interest on marketable securities and VAT receivables measured at nominal value. Prepaid expenses include expenditures related to a future financial period. Prepaid expenses are measured at historical cost.DKK thousand 2023 2022Deposits 8,908 9,409Trade receivables 1,004 1,361Receivables related to license and collaboration agreements 68,793 56,431Other receivables 24,556 3,438Prepaid expenses 34,892 63,088Total trade and other receivables 138,153 133,727Non-current 15,794 18,105Current 122,359 115,622Non-current other receivables comprise deposits on office buildings and accrued insurance costs. Current other receivables mainly comprise accrued interest from marketable securities and VAT receivables. Receivables related to license and collaboration agreements include withholding tax receivable from the Boehringer Ingelheim (BI) milestone payment of DKK 35.7 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__127": { "value": "3.6 Trade and other receivables Accounting policiesReceivables are designated as financial assets measured at amortized cost and are initially measured at fair value less transaction costs and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit loss provision. Zealand utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due. Expected credit losses as of December 31, 2023, and December 31, 2022, are immaterial. Deposits relate to up-front payments on rental of office buildings measured at nominal value. Other receivables include accrued interest on marketable securities and VAT receivables measured at nominal value. Prepaid expenses include expenditures related to a future financial period. Prepaid expenses are measured at historical cost.DKK thousand 2023 2022Deposits 8,908 9,409Trade receivables 1,004 1,361Receivables related to license and collaboration agreements 68,793 56,431Other receivables 24,556 3,438Prepaid expenses 34,892 63,088Total trade and other receivables 138,153 133,727Non-current 15,794 18,105Current 122,359 115,622Non-current other receivables comprise deposits on office buildings and accrued insurance costs. Current other receivables mainly comprise accrued interest from marketable securities and VAT receivables. Receivables related to license and collaboration agreements include withholding tax receivable from the Boehringer Ingelheim (BI) milestone payment of DKK 35.7 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__128": { "value": "Accounting policiesReceivables are designated as financial assets measured at amortized cost and are initially measured at fair value less transaction costs and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit loss provision. Zealand utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due. Expected credit losses as of December 31, 2023, and December 31, 2022, are immaterial. Deposits relate to up-front payments on rental of office buildings measured at nominal value. Other receivables include accrued interest on marketable securities and VAT receivables measured at nominal value. Prepaid expenses include expenditures related to a future financial period. Prepaid expenses are measured at historical cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__129": { "value": "3.7 Other financial assets Accounting policiesPlease refer to accounting policies in note 4.3 Financial assets and liabilities.DKK thousand 2023 2022Other financial assets at January 1 6,901 -Additions during the year - 6,573Fair value adjustments 474 319Currency adjustments - 9Other financial assets at December 31 7,375 6,901Other financial assets comprise the sales-related milestones from the divestment of V-GO. A maximum of four milestones of USD 2.5 million each can be achieved under the contract based on annual sales. The fair value has been determined using the risk-adjusted net present value method using a discount rate of 4% (2022: 10%) and an estimated probability of 50% to reach the first sales-related milestone (2022: 50% and 25% respectively to reach the first two sales-related milestones).Reference is made to note 4.3 Financial assets and liabilities for fair value disclosures.", "dimensions": { "concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__130-1": { "value": "Accounting policiesPlease refer to accounting policies in note 4.3 Financial assets and liabilities.Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes. Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instruments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022 Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__136": { "value": "3.8 Trade and other payables Accounting policiesPlease refer to accounting policies in note 4.3 Financial assets and liabilities.DKK thousand 2023 2022Trade payables 91,607 53,156Payable for treasury shares (note 4.8) 81,045 41,600Employee benefits 51,730 58,348Other payables 10,077 10,452Discount and rebate liabilities - 2,201Accruals development projects 33,465 34,063Total trade and other payables 267,924 199,820Non-current - 19,058Current 267,924 180,762Non-current trade and other payables as of December 31, 2022, of DKK 19.1 million related to frozen holiday funds under the Danish Holiday Act (Ferieloven) effective as of September 1, 2020. In August 2023, the amount has been paid in full to L\u00f8nmodtagernes Feriemidler through a voluntary payment.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__135": { "value": "3.8 Trade and other payables Accounting policiesPlease refer to accounting policies in note 4.3 Financial assets and liabilities.DKK thousand 2023 2022Trade payables 91,607 53,156Payable for treasury shares (note 4.8) 81,045 41,600Employee benefits 51,730 58,348Other payables 10,077 10,452Discount and rebate liabilities - 2,201Accruals development projects 33,465 34,063Total trade and other payables 267,924 199,820Non-current - 19,058Current 267,924 180,762Non-current trade and other payables as of December 31, 2022, of DKK 19.1 million related to frozen holiday funds under the Danish Holiday Act (Ferieloven) effective as of September 1, 2020. In August 2023, the amount has been paid in full to L\u00f8nmodtagernes Feriemidler through a voluntary payment.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__134": { "value": "3.8 Trade and other payables Accounting policiesPlease refer to accounting policies in note 4.3 Financial assets and liabilities.DKK thousand 2023 2022Trade payables 91,607 53,156Payable for treasury shares (note 4.8) 81,045 41,600Employee benefits 51,730 58,348Other payables 10,077 10,452Discount and rebate liabilities - 2,201Accruals development projects 33,465 34,063Total trade and other payables 267,924 199,820Non-current - 19,058Current 267,924 180,762Non-current trade and other payables as of December 31, 2022, of DKK 19.1 million related to frozen holiday funds under the Danish Holiday Act (Ferieloven) effective as of September 1, 2020. In August 2023, the amount has been paid in full to L\u00f8nmodtagernes Feriemidler through a voluntary payment.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__133": { "value": "3.8 Trade and other payables Accounting policiesPlease refer to accounting policies in note 4.3 Financial assets and liabilities.DKK thousand 2023 2022Trade payables 91,607 53,156Payable for treasury shares (note 4.8) 81,045 41,600Employee benefits 51,730 58,348Other payables 10,077 10,452Discount and rebate liabilities - 2,201Accruals development projects 33,465 34,063Total trade and other payables 267,924 199,820Non-current - 19,058Current 267,924 180,762Non-current trade and other payables as of December 31, 2022, of DKK 19.1 million related to frozen holiday funds under the Danish Holiday Act (Ferieloven) effective as of September 1, 2020. In August 2023, the amount has been paid in full to L\u00f8nmodtagernes Feriemidler through a voluntary payment.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__132": { "value": "3.8 Trade and other payables Accounting policiesPlease refer to accounting policies in note 4.3 Financial assets and liabilities.DKK thousand 2023 2022Trade payables 91,607 53,156Payable for treasury shares (note 4.8) 81,045 41,600Employee benefits 51,730 58,348Other payables 10,077 10,452Discount and rebate liabilities - 2,201Accruals development projects 33,465 34,063Total trade and other payables 267,924 199,820Non-current - 19,058Current 267,924 180,762Non-current trade and other payables as of December 31, 2022, of DKK 19.1 million related to frozen holiday funds under the Danish Holiday Act (Ferieloven) effective as of September 1, 2020. In August 2023, the amount has been paid in full to L\u00f8nmodtagernes Feriemidler through a voluntary payment.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__131": { "value": "3.8 Trade and other payables Accounting policiesPlease refer to accounting policies in note 4.3 Financial assets and liabilities.DKK thousand 2023 2022Trade payables 91,607 53,156Payable for treasury shares (note 4.8) 81,045 41,600Employee benefits 51,730 58,348Other payables 10,077 10,452Discount and rebate liabilities - 2,201Accruals development projects 33,465 34,063Total trade and other payables 267,924 199,820Non-current - 19,058Current 267,924 180,762Non-current trade and other payables as of December 31, 2022, of DKK 19.1 million related to frozen holiday funds under the Danish Holiday Act (Ferieloven) effective as of September 1, 2020. In August 2023, the amount has been paid in full to L\u00f8nmodtagernes Feriemidler through a voluntary payment.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__138-1": { "value": "Accounting policiesPlease refer to accounting policies in note 4.3 Financial assets and liabilities.Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes. Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instruments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022 Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__137-1": { "value": "Accounting policiesPlease refer to accounting policies in note 4.3 Financial assets and liabilities.Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes. Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instruments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022 Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__140": { "value": "4.1 Capital managementCapital managementZealand\u2019s goal is to maintain a strong capital base to maintain investor, creditor and market confidence, and a continuous advancement of Zealand\u2019s product pipeline and business in general. Zealand is primarily financed through capital increases, long-term borrowings, and partnership collaboration income.The adequacy of our available funds will depend on various factors, including progress in our research and development programs, our commitments to existing and new clinical collaborators, our ability to establish commercial and licensing arrangements, our capital expenditures, market developments, and any future partnerships and acquisitions. Accordingly, we plan to potentially raise additional funds through equity or debt financings, collaborative agreements with partners, or from other sources.At the annual general meeting on March 31, 2023, Zealand was authorized to increase the share capital by nominally DKK 10,340,419 during the period until March 29, 2028. On December 31, 2023, nominally DKK 3,761,471 of the authorization remains.At the Zealand Annual Meeting held on April 6, 2022, the shareholders authorized the Company to issue convertible debt instruments with access to conversion to shares in the Company of up to a total of nominally DKK 10,850,136 without pre-emption rights for existing shareholders in accordance with the Company\u2019s Articles of Association. This authorization covers the period until 15 April 2026, but has not been utilized as of December 31, 2023. On March 12 and 13, 2023 the Company provided statements on the closure of Silicon Valley Bank (SVB). At that time Zealand had DKK 162.6 million in cash deposits which were fully recovered. On March 30, 2023, Zealand announced an issue of 6,578,948 new ordinary shares at a subscription price of DKK 228 per new share resulting in gross proceeds of DKK 1.5 billion. The capital increase was completed in April 2023.On June 30, 2023, Zealand entered a new DKK 350 million Revolving Credit Facility provided by Danske Bank. The facility matures in 2 years from June 2023 where any outstanding amount must be repaid in full and carries an interest of CIBOR + fixed margin. As of December 31, 2023, Zealand has not made any draw downs on this credit facility.In the light of the SVB closure in March 2023, mentioned above and settlement of the Oberland Capital loans in May 2023, Zealand has adopted a new treasury policy in order to achieve an even higher diver-sification in the management of funds. In 2023, Zealand has invested a significant amount in marketable securities, primarily as a result of excess liquidity from the capital raise in April 2023, but also to minimize credit risk. As of December 31, 2023, Zealand has DKK 1,183.7 million invested in marketable securities, corresponding to 72% of total cash, cash equivalents and marketable securities (2022: DKK 108.6 million, 9%). For additional information refer to note 4.5 Marketable securities.In December 2023, Zealand signed a new loan agreement with the European Investment Bank (EIB) providing a credit of up to EUR 90 million, refer to note 4.6 Borrowings for an overview of the loan terms. Tranche A of EUR 50 million is expected to be disbursed in the beginning of 2024. The Company and the Board of Directors monitor the share and capital structure to ensure that Zealand\u2019s capital resources support the strategic goals. There was no change in the group\u2019s approach to capital management procedures in 2023. Neither Zealand Pharma A/S nor any of its subsidiaries are subject to externally imposed capital requirements other than the conditions related to the new revolving credit facility in Danske Bank and the new loan from the European Investment Bank (EIB), refer to note 4.6 Borrowings.Under the revolving credit facility (RCF) in Danske Bank, Zealand is required to have a minimum collateral value of 120% of the loan commitment (DKK 420 million) held in the designated custody accounts under management by Danske Asset Management and Zealand\u2019s designated cash accounts attached to the custody accounts. Zealand must also comply with a covenant on fulfilling certain information requirements. The EIB loan contains a negative pledge clause preventing Zealand Pharma A/S or any of its subsidiaries from creating or permitting to subsist any new security over any of its assets. The pledges are described further in note 4.4 Cash and cash equivalents and a description of Zealand\u2019s total commitments can be found in note 6.4 Commitments.On January 8, 2024, Zealand announced an issue of 3,761,470 new ordinary shares, which represent the remaining authorization, at a subscription price of DKK 386.45 per new share resulting in gross proceeds of DKK 1.45 billion. The capital increase was completed in January 2024. Please refer to note 6.8 Subsequent events for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__139-1": { "value": "4.1 Capital managementCapital managementZealand\u2019s goal is to maintain a strong capital base to maintain investor, creditor and market confidence, and a continuous advancement of Zealand\u2019s product pipeline and business in general. Zealand is primarily financed through capital increases, long-term borrowings, and partnership collaboration income.The adequacy of our available funds will depend on various factors, including progress in our research and development programs, our commitments to existing and new clinical collaborators, our ability to establish commercial and licensing arrangements, our capital expenditures, market developments, and any future partnerships and acquisitions. Accordingly, we plan to potentially raise additional funds through equity or debt financings, collaborative agreements with partners, or from other sources.At the annual general meeting on March 31, 2023, Zealand was authorized to increase the share capital by nominally DKK 10,340,419 during the period until March 29, 2028. On December 31, 2023, nominally DKK 3,761,471 of the authorization remains.At the Zealand Annual Meeting held on April 6, 2022, the shareholders authorized the Company to issue convertible debt instruments with access to conversion to shares in the Company of up to a total of nominally DKK 10,850,136 without pre-emption rights for existing shareholders in accordance with the Company\u2019s Articles of Association. This authorization covers the period until 15 April 2026, but has not been utilized as of December 31, 2023. On March 12 and 13, 2023 the Company provided statements on the closure of Silicon Valley Bank (SVB). At that time Zealand had DKK 162.6 million in cash deposits which were fully recovered. On March 30, 2023, Zealand announced an issue of 6,578,948 new ordinary shares at a subscription price of DKK 228 per new share resulting in gross proceeds of DKK 1.5 billion. The capital increase was completed in April 2023.On June 30, 2023, Zealand entered a new DKK 350 million Revolving Credit Facility provided by Danske Bank. The facility matures in 2 years from June 2023 where any outstanding amount must be repaid in full and carries an interest of CIBOR + fixed margin. As of December 31, 2023, Zealand has not made any draw downs on this credit facility.In the light of the SVB closure in March 2023, mentioned above and settlement of the Oberland Capital loans in May 2023, Zealand has adopted a new treasury policy in order to achieve an even higher diver-sification in the management of funds. In 2023, Zealand has invested a significant amount in marketable securities, primarily as a result of excess liquidity from the capital raise in April 2023, but also to minimize credit risk. As of December 31, 2023, Zealand has DKK 1,183.7 million invested in marketable securities, corresponding to 72% of total cash, cash equivalents and marketable securities (2022: DKK 108.6 million, 9%). For additional information refer to note 4.5 Marketable securities.In December 2023, Zealand signed a new loan agreement with the European Investment Bank (EIB) providing a credit of up to EUR 90 million, refer to note 4.6 Borrowings for an overview of the loan terms. Tranche A of EUR 50 million is expected to be disbursed in the beginning of 2024. The Company and the Board of Directors monitor the share and capital structure to ensure that Zealand\u2019s capital resources support the strategic goals. There was no change in the group\u2019s approach to capital management procedures in 2023. Neither Zealand Pharma A/S nor any of its subsidiaries are subject to externally imposed capital requirements other than the conditions related to the new revolving credit facility in Danske Bank and the new loan from the European Investment Bank (EIB), refer to note 4.6 Borrowings.Under the revolving credit facility (RCF) in Danske Bank, Zealand is required to have a minimum collateral value of 120% of the loan commitment (DKK 420 million) held in the designated custody accounts under management by Danske Asset Management and Zealand\u2019s designated cash accounts attached to the custody accounts. Zealand must also comply with a covenant on fulfilling certain information requirements. The EIB loan contains a negative pledge clause preventing Zealand Pharma A/S or any of its subsidiaries from creating or permitting to subsist any new security over any of its assets. The pledges are described further in note 4.4 Cash and cash equivalents and a description of Zealand\u2019s total commitments can be found in note 6.4 Commitments.On January 8, 2024, Zealand announced an issue of 3,761,470 new ordinary shares, which represent the remaining authorization, at a subscription price of DKK 386.45 per new share resulting in gross proceeds of DKK 1.45 billion. The capital increase was completed in January 2024. Please refer to note 6.8 Subsequent events for further information.4.2 Financial risksZealand is exposed to various financial risks, including foreign exchange rate risk, interest rate risk, credit risk and liquidity risk.The objective of Zealand\u2019s treasury policy is to reduce the Group\u2019s sensitivity to fluctuations in exchange rates, interest rates, credit rating and liquidity. Zealand\u2019s financial management policy has been endorsed by Zealand\u2019s Audit Committee and ultimately approved by Zealand\u2019s Board of Directors.Exchange rate riskMost of Zealand\u2019s financial transactions are in DKK, USD, and EUR.Due to Denmark\u2019s long-standing fixed exchange rate policy vis-\u00e0-vis the EUR, Zealand has evaluated that there is no material transaction exposure or exchange rate risk regarding transactions in EUR.Research and development, and regulatory milestone payments in license and collaboration agree-ments are denominated in foreign currencies, namely USD and EUR. However, as milestone payments are unpredictable in terms of timing and materialization, the payments are not included in the basic exchange rate risk evaluation.As Zealand conducts clinical trials and toxicology studies around the world and has activities in US, Zealand is exposed to exchange rate risks associated with the denominated currency, which is primarily USD based on volume and fluctuations against DKK. To date, Zealand\u2019s policy has been to manage the transaction and translation risk associated with the USD passively, by having a portion of the Group's cash and cash equivalents in a USD account to cover future payment of Zealand\u2019s expenses denomi-nated in USD.As of December 31, 2023, Zealand holds DKK 313.9 million (2022: DKK 460.4 million) of its cash, cash equivalents and marketable securities in USD.Interest rate riskZealand has a policy of avoiding financial instruments that expose the Group to any unintended finan-cial risks. During 2023, all cash has been held in current bank accounts in DKK, USD, and EUR.Following the closure of Silicon Valley Bank in March 2023, Zealand has made a shift towards more investments of surplus cash balances into low-risk marketable securities being fixed income instruments with an investment graded rating of AAA to BBB-. The excess liquidity from the capital increase completed in April 2023, has been placed into a new DKK portfolio and EUR portfolio held at Danske Bank. The Group\u2019s marketable securities portfolio comprises various types of bonds and securities as described in note 4.5 Marketable securities. All bonds held as of December 31, 2023 mature within 13 months. The bonds are reinvested on the maturity date to mini-mize lost interest.As of December 31, 2023, Zealand has borrowings amounting to DKK 0 million (2022: DKK 336.8 million), embedded derivatives amounting to DKK 0 million (2022: DKK 80.6) and lease liabilities amounting to DKK 119.2 million (2022: DKK 122.7 million). Lease liabilities as of December 31, 2023, includes a provision for onerous contract of DKK 6.1 million as part of the impairment of the right-of-use asset related to the US Boston office as described in detail in note 3.3 Right-of-use assets and lease liabilities. The change in borrowings and embedded derivatives is a result of the settlement of the Oberland Capital loan as described in note 4.6 Borrowings. An increase in interest rates would be reflected in an increase in interest income from the group's cash balances.Credit riskZealand is exposed to credit risk in respect of receivables, bank balances and bonds. The maximum credit risk corresponds to the carrying amount. Management believes that credit risk is limited, as the counterparties to the trade receivables are large global pharmaceutical companies. Cash and bonds are associated with an inherent credit risk, though not considered to be very high, as the counterparties are banks with investment-grade ratings (i.e. BBB- or higher from Standard & Poor\u2019s).On the date of Silicon Valley Bank\u2019s closure on March 10, 2023, Zealand had DKK 162.6 million in cash deposits which were fully recovered. Following the SVB closure a new treasury policy was adopted as described in note 4.1 Capital management.Liquidity riskThe purpose of Zealand\u2019s cash management is to ensure that the Group always has sufficient and flex-ible financial resources at its disposal.Zealand\u2019s short-term liquidity is managed and monitored by means of the Company\u2019s annual budget process and quarterly budget revisions to balance the demand for liquidity and maximize the Company\u2019s interest income by matching its free cash in fixed-rate, fixed-term bank deposits and bonds with its expected future cash burn.In 2023, Zealand has lifted the covenants on cash and cash equivalents from the Oberland Capital loan following the settlement in May 2023. Zealand\u2019s total liquidity reserve has increased significantly in 2023, with the DKK 1.5 billion capital raise in March (surplus funds invested in marketable securities), the new Danske Bank credit facility, and in December 2023, the loan with the European Investment Bank.DKK thousand 2023 2022Cash and cash equivalents 449,311 720,626Cash and cash equivalents (subject to certain conditions) - 348,608Marketable securities 1,183,746 108,611Danske Bank revolving credit facility (RCF) 350,000 -EIB loan (Tranche A) 372,645 -Total liquidity reserve as of December 31 2,355,702 1,177,845Zealand Pharma entered in December 2023 into a loan agreement with the EIB, whereby the Tranche A of this loan for DKK 373 million is expected to be received in Q1, 2024. The conditions for disbursement of the first tranche (Tranche A) have been met late 2023, i.e. Boehringer Ingelheim\u2019s initialization of the Phase 3 program with survodutide in patients living with obesity or overweight (SYNCHRONIZE\u2122).In January 2024, Zealand completed a capital increase thereby receiving another DKK 1.45 billion in gross proceeds as described in note 6.8 Subsequent events.Reference is made to going concern considerations in note 1.1 Basis of preparation, going concern assumption, nature of the business and accounting policies for further description of the going concern assessment.Sensitivity analysisThe table shows the impact on profit/loss and equity of changes in valuation of the Company\u2019s oper-ations in USD, i.e. cash, cash equivalents, marketable securities and lease liabilities as of December 31, 2023, and December 31, 2022, assuming a 10% fluctuation increase in the USD conversion rate.2023 2022DKK thousand Fluctuation Effect Fluctuation EffectUSD +/-10% +/-29,187 +/-10% +/-21,209Contractual maturity (liquidity risk)Details on the Group\u2019s aggregate liquidity risk on financial assets and liabilities is provided below.The following table details the Group\u2019s remaining contractual maturity for its financial liabilities with agreed repayment periods. The table has been prepared using the undiscounted cash flows for financial liabilities, based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. To the extent that the specific timing of interest or principal flows is dependent on future events, the table has been prepared based on Management\u2019s best estimate of such timing at the end of the reporting period.Except for leasing and borrowings, there are no interest cash flows to be included in the table below for the existing financial liabilities as they are not interest-bearing financial liabilities.Carrying DKK thousand < 12 months 1-5 Years > 5 Years TotalamountLease liabilities 15,377 61,094 47,763 124,234 119,231Trade and other payables 267,924 - - 267,924 267,923Total financial liabilities as of December 31, 2023 283,301 61,094 47,763 392,158 387,154Borrowings including embedded derivatives 260,970 191,515 37,996 490,481 401,346Lease liabilities 14,995 59,553 62,237 136,785 122,729Trade and other payables 180,762 - 19,058 199,820 199,820Total financial liabilities as of December 31, 2022 456,727 251,068 119,291 827,086 723,895All cash flows are non-discounted, including interest. Contractual obligations related to payments under agreements for development projects, including CROs, are disclosed in note 6.4 Commitments, as their maturity dates are uncertain.Cash flows denominated in USD are translated into DKK at the USD/DKK rates applicable as of December 31, 2023.On May 10, 2023, Zealand settled the Oberland Capital loan, including embedded derivatives as described in note 4.6 Borrowings. Long-term trade and other payables in 2022 of DKK 19.1 million related to frozen holiday funds paid in full in August, 2023, refer to note 3.8 Trade and other payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__142": { "value": "Most of Zealand\u2019s financial transactions are in DKK, USD, and EUR.Due to Denmark\u2019s long-standing fixed exchange rate policy vis-\u00e0-vis the EUR, Zealand has evaluated that there is no material transaction exposure or exchange rate risk regarding transactions in EUR.Research and development, and regulatory milestone payments in license and collaboration agree-ments are denominated in foreign currencies, namely USD and EUR. However, as milestone payments are unpredictable in terms of timing and materialization, the payments are not included in the basic exchange rate risk evaluation.As Zealand conducts clinical trials and toxicology studies around the world and has activities in US, Zealand is exposed to exchange rate risks associated with the denominated currency, which is primarily USD based on volume and fluctuations against DKK. To date, Zealand\u2019s policy has been to manage the transaction and translation risk associated with the USD passively, by having a portion of the Group's cash and cash equivalents in a USD account to cover future payment of Zealand\u2019s expenses denomi-nated in USD.As of December 31, 2023, Zealand holds DKK 313.9 million (2022: DKK 460.4 million) of its cash, cash equivalents and marketable securities in USD.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__143": { "value": "Interest rate riskZealand has a policy of avoiding financial instruments that expose the Group to any unintended finan-cial risks. During 2023, all cash has been held in current bank accounts in DKK, USD, and EUR.Following the closure of Silicon Valley Bank in March 2023, Zealand has made a shift towards more investments of surplus cash balances into low-risk marketable securities being fixed income instruments with an investment graded rating of AAA to BBB-. The excess liquidity from the capital increase completed in April 2023, has been placed into a new DKK portfolio and EUR portfolio held at Danske Bank. The Group\u2019s marketable securities portfolio comprises various types of bonds and securities as described in note 4.5 Marketable securities. All bonds held as of December 31, 2023 mature within 13 months. The bonds are reinvested on the maturity date to mini-mize lost interest.As of December 31, 2023, Zealand has borrowings amounting to DKK 0 million (2022: DKK 336.8 million), embedded derivatives amounting to DKK 0 million (2022: DKK 80.6) and lease liabilities amounting to DKK 119.2 million (2022: DKK 122.7 million). Lease liabilities as of December 31, 2023, includes a provision for onerous contract of DKK 6.1 million as part of the impairment of the right-of-use asset related to the US Boston office as described in detail in note 3.3 Right-of-use assets and lease liabilities. The change in borrowings and embedded derivatives is a result of the settlement of the Oberland Capital loan as described in note 4.6 Borrowings. An increase in interest rates would be reflected in an increase in interest income from the group's cash balances.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__144": { "value": "Credit riskZealand is exposed to credit risk in respect of receivables, bank balances and bonds. The maximum credit risk corresponds to the carrying amount. Management believes that credit risk is limited, as the counterparties to the trade receivables are large global pharmaceutical companies. Cash and bonds are associated with an inherent credit risk, though not considered to be very high, as the counterparties are banks with investment-grade ratings (i.e. BBB- or higher from Standard & Poor\u2019s).On the date of Silicon Valley Bank\u2019s closure on March 10, 2023, Zealand had DKK 162.6 million in cash deposits which were fully recovered. Following the SVB closure a new treasury policy was adopted as described in note 4.1 Capital management.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__145": { "value": "Liquidity riskThe purpose of Zealand\u2019s cash management is to ensure that the Group always has sufficient and flex-ible financial resources at its disposal.Zealand\u2019s short-term liquidity is managed and monitored by means of the Company\u2019s annual budget process and quarterly budget revisions to balance the demand for liquidity and maximize the Company\u2019s interest income by matching its free cash in fixed-rate, fixed-term bank deposits and bonds with its expected future cash burn.In 2023, Zealand has lifted the covenants on cash and cash equivalents from the Oberland Capital loan following the settlement in May 2023. Zealand\u2019s total liquidity reserve has increased significantly in 2023, with the DKK 1.5 billion capital raise in March (surplus funds invested in marketable securities), the new Danske Bank credit facility, and in December 2023, the loan with the European Investment Bank.DKK thousand 2023 2022Cash and cash equivalents 449,311 720,626Cash and cash equivalents (subject to certain conditions) - 348,608Marketable securities 1,183,746 108,611Danske Bank revolving credit facility (RCF) 350,000 -EIB loan (Tranche A) 372,645 -Total liquidity reserve as of December 31 2,355,702 1,177,845Zealand Pharma entered in December 2023 into a loan agreement with the EIB, whereby the Tranche A of this loan for DKK 373 million is expected to be received in Q1, 2024. The conditions for disbursement of the first tranche (Tranche A) have been met late 2023, i.e. Boehringer Ingelheim\u2019s initialization of the Phase 3 program with survodutide in patients living with obesity or overweight (SYNCHRONIZE\u2122).In January 2024, Zealand completed a capital increase thereby receiving another DKK 1.45 billion in gross proceeds as described in note 6.8 Subsequent events.Reference is made to going concern considerations in note 1.1 Basis of preparation, going concern assumption, nature of the business and accounting policies for further description of the going concern assessment.Sensitivity analysisThe table shows the impact on profit/loss and equity of changes in valuation of the Company\u2019s oper-ations in USD, i.e. cash, cash equivalents, marketable securities and lease liabilities as of December 31, 2023, and December 31, 2022, assuming a 10% fluctuation increase in the USD conversion rate.2023 2022DKK thousand Fluctuation Effect Fluctuation EffectUSD +/-10% +/-29,187 +/-10% +/-21,209Contractual maturity (liquidity risk)Details on the Group\u2019s aggregate liquidity risk on financial assets and liabilities is provided below.The following table details the Group\u2019s remaining contractual maturity for its financial liabilities with agreed repayment periods. The table has been prepared using the undiscounted cash flows for financial liabilities, based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. To the extent that the specific timing of interest or principal flows is dependent on future events, the table has been prepared based on Management\u2019s best estimate of such timing at the end of the reporting period.Except for leasing and borrowings, there are no interest cash flows to be included in the table below for the existing financial liabilities as they are not interest-bearing financial liabilities.Carrying DKK thousand < 12 months 1-5 Years > 5 Years TotalamountLease liabilities 15,377 61,094 47,763 124,234 119,231Trade and other payables 267,924 - - 267,924 267,923Total financial liabilities as of December 31, 2023 283,301 61,094 47,763 392,158 387,154Borrowings including embedded derivatives 260,970 191,515 37,996 490,481 401,346Lease liabilities 14,995 59,553 62,237 136,785 122,729Trade and other payables 180,762 - 19,058 199,820 199,820Total financial liabilities as of December 31, 2022 456,727 251,068 119,291 827,086 723,895All cash flows are non-discounted, including interest. Contractual obligations related to payments under agreements for development projects, including CROs, are disclosed in note 6.4 Commitments, as their maturity dates are uncertain.Cash flows denominated in USD are translated into DKK at the USD/DKK rates applicable as of December 31, 2023.On May 10, 2023, Zealand settled the Oberland Capital loan, including embedded derivatives as described in note 4.6 Borrowings. Long-term trade and other payables in 2022 of DKK 19.1 million related to frozen holiday funds paid in full in August, 2023, refer to note 3.8 Trade and other payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__149": { "value": "4.3 Financial assets and liabilities Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes. Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instruments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022 Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.DKK thousand Note 2023 2022Categories of financial instrumentsTrade and other receivables excluding prepaid expenses 103,261 70,640Financial assets at amortized costs 103,261 70,640Marketable securities (Level 1) 4.5 1,183,746 -Marketable securities (Level 2) 4.5 - 108,611Other investments (Level 3) 3.4 14,004 30,943Other financial assets (Level 3) 3.7 7,375 6,901Financial assets measured at fair value through profit and loss 1,205,125 146,455Borrowings - 320,743Lease liabilities 167,986 122,729Trade and other payables 267,923 199,820Financial liabilities measured at amortized cost 435,909 643,292Embedded derivatives, lender's call option (Level 3) 4.6 - 80,603Financial liabilities measured at fair value through profit and loss - 80,603Financial Financial assets liabilities DKK thousand(Level 3)(Level 3)Carrying amount at January 1, 2023 37,844 80,603Fair value adjustments through profit and loss -16,465 -1,161Exchange rate effect through other comprehensive income - -1,916Derecognition of call option on settlement of Oberland Capital loan - -77,526Carrying amount at December 31, 2023 21,379 -Financial Financial assets liabilities DKK thousand(Level 3)(Level 3)Carrying amount at January 1, 2022 325,949 -Fair value adjustments through profit and loss 4,355 62,613Exchange rate effect through other comprehensive income 9 -27Equity investment in bond portfolio -299,042 -V-GO milestones 6,573 -Bifurcation of embedded derivatives - 18,017Carrying amount at December 31, 2022 37,844 80,603No transfer between fair value levels have occurred during 2023 and 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__148": { "value": "4.3 Financial assets and liabilities Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes. Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instruments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022 Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.DKK thousand Note 2023 2022Categories of financial instrumentsTrade and other receivables excluding prepaid expenses 103,261 70,640Financial assets at amortized costs 103,261 70,640Marketable securities (Level 1) 4.5 1,183,746 -Marketable securities (Level 2) 4.5 - 108,611Other investments (Level 3) 3.4 14,004 30,943Other financial assets (Level 3) 3.7 7,375 6,901Financial assets measured at fair value through profit and loss 1,205,125 146,455Borrowings - 320,743Lease liabilities 167,986 122,729Trade and other payables 267,923 199,820Financial liabilities measured at amortized cost 435,909 643,292Embedded derivatives, lender's call option (Level 3) 4.6 - 80,603Financial liabilities measured at fair value through profit and loss - 80,603Financial Financial assets liabilities DKK thousand(Level 3)(Level 3)Carrying amount at January 1, 2023 37,844 80,603Fair value adjustments through profit and loss -16,465 -1,161Exchange rate effect through other comprehensive income - -1,916Derecognition of call option on settlement of Oberland Capital loan - -77,526Carrying amount at December 31, 2023 21,379 -Financial Financial assets liabilities DKK thousand(Level 3)(Level 3)Carrying amount at January 1, 2022 325,949 -Fair value adjustments through profit and loss 4,355 62,613Exchange rate effect through other comprehensive income 9 -27Equity investment in bond portfolio -299,042 -V-GO milestones 6,573 -Bifurcation of embedded derivatives - 18,017Carrying amount at December 31, 2022 37,844 80,603No transfer between fair value levels have occurred during 2023 and 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__147": { "value": "4.3 Financial assets and liabilities Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes. Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instruments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022 Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.DKK thousand Note 2023 2022Categories of financial instrumentsTrade and other receivables excluding prepaid expenses 103,261 70,640Financial assets at amortized costs 103,261 70,640Marketable securities (Level 1) 4.5 1,183,746 -Marketable securities (Level 2) 4.5 - 108,611Other investments (Level 3) 3.4 14,004 30,943Other financial assets (Level 3) 3.7 7,375 6,901Financial assets measured at fair value through profit and loss 1,205,125 146,455Borrowings - 320,743Lease liabilities 167,986 122,729Trade and other payables 267,923 199,820Financial liabilities measured at amortized cost 435,909 643,292Embedded derivatives, lender's call option (Level 3) 4.6 - 80,603Financial liabilities measured at fair value through profit and loss - 80,603Financial Financial assets liabilities DKK thousand(Level 3)(Level 3)Carrying amount at January 1, 2023 37,844 80,603Fair value adjustments through profit and loss -16,465 -1,161Exchange rate effect through other comprehensive income - -1,916Derecognition of call option on settlement of Oberland Capital loan - -77,526Carrying amount at December 31, 2023 21,379 -Financial Financial assets liabilities DKK thousand(Level 3)(Level 3)Carrying amount at January 1, 2022 325,949 -Fair value adjustments through profit and loss 4,355 62,613Exchange rate effect through other comprehensive income 9 -27Equity investment in bond portfolio -299,042 -V-GO milestones 6,573 -Bifurcation of embedded derivatives - 18,017Carrying amount at December 31, 2022 37,844 80,603No transfer between fair value levels have occurred during 2023 and 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__146": { "value": "4.3 Financial assets and liabilities Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes. Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instruments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022 Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.DKK thousand Note 2023 2022Categories of financial instrumentsTrade and other receivables excluding prepaid expenses 103,261 70,640Financial assets at amortized costs 103,261 70,640Marketable securities (Level 1) 4.5 1,183,746 -Marketable securities (Level 2) 4.5 - 108,611Other investments (Level 3) 3.4 14,004 30,943Other financial assets (Level 3) 3.7 7,375 6,901Financial assets measured at fair value through profit and loss 1,205,125 146,455Borrowings - 320,743Lease liabilities 167,986 122,729Trade and other payables 267,923 199,820Financial liabilities measured at amortized cost 435,909 643,292Embedded derivatives, lender's call option (Level 3) 4.6 - 80,603Financial liabilities measured at fair value through profit and loss - 80,603Financial Financial assets liabilities DKK thousand(Level 3)(Level 3)Carrying amount at January 1, 2023 37,844 80,603Fair value adjustments through profit and loss -16,465 -1,161Exchange rate effect through other comprehensive income - -1,916Derecognition of call option on settlement of Oberland Capital loan - -77,526Carrying amount at December 31, 2023 21,379 -Financial Financial assets liabilities DKK thousand(Level 3)(Level 3)Carrying amount at January 1, 2022 325,949 -Fair value adjustments through profit and loss 4,355 62,613Exchange rate effect through other comprehensive income 9 -27Equity investment in bond portfolio -299,042 -V-GO milestones 6,573 -Bifurcation of embedded derivatives - 18,017Carrying amount at December 31, 2022 37,844 80,603No transfer between fair value levels have occurred during 2023 and 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__156": { "value": "Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes. Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instruments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022 Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__155": { "value": "Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes. Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instruments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022 Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__154": { "value": "Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes. Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instruments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022 Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__153": { "value": "Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes. Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instruments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022 Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__150": { "value": "Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes. Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instruments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022 Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__159": { "value": "4.4 Cash and cash equivalents Accounting policiesCash is measured on intitial recognition at cost.DKK thousand 2023 2022Cash and cash equivalents 449,311 720,626Cash and cash equivalents (subject to certain conditions) - 348,608Total borrowings including embedded derivatives 449,311 1,069,234Restricted cash and cash equivalentsUnder the second amendment to the Oberland loan agreement signed on September 20, 2022, the outstanding principal of USD 50 million was on December 31, 2022, held in a designated deposit account subject to certain conditions. The cash and securities could be released in increments of minimum USD 10.0 million upon request from the group subject to certain conditions as described in note 4.6 Borrowings. On May 10, 2023, Zealand settled the Oberland Capital loans in a one-time payment. With the final repayment of the Oberland loan agreement on May 10, 2023, all previous restrictions have been released.Pledges provided in relation to revolving credit facility in Danske BankAs security for the undrawn revolving credit facility of DKK 350 million, as disclosed in note 4.6 Borrowings, the Group has provided pledge over Zealand\u2019s designated custody accounts under management by Danske Asset Management and pledge over Zealand\u2019s designated cash accounts attached to the custody accounts. As of December 31, 2023, marketable securities and cash and cash equivalents held in these pledged accounts amount to DKK 454.5 million and DKK 0.1 million, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__158": { "value": "4.4 Cash and cash equivalents Accounting policiesCash is measured on intitial recognition at cost.DKK thousand 2023 2022Cash and cash equivalents 449,311 720,626Cash and cash equivalents (subject to certain conditions) - 348,608Total borrowings including embedded derivatives 449,311 1,069,234Restricted cash and cash equivalentsUnder the second amendment to the Oberland loan agreement signed on September 20, 2022, the outstanding principal of USD 50 million was on December 31, 2022, held in a designated deposit account subject to certain conditions. The cash and securities could be released in increments of minimum USD 10.0 million upon request from the group subject to certain conditions as described in note 4.6 Borrowings. On May 10, 2023, Zealand settled the Oberland Capital loans in a one-time payment. With the final repayment of the Oberland loan agreement on May 10, 2023, all previous restrictions have been released.Pledges provided in relation to revolving credit facility in Danske BankAs security for the undrawn revolving credit facility of DKK 350 million, as disclosed in note 4.6 Borrowings, the Group has provided pledge over Zealand\u2019s designated custody accounts under management by Danske Asset Management and pledge over Zealand\u2019s designated cash accounts attached to the custody accounts. As of December 31, 2023, marketable securities and cash and cash equivalents held in these pledged accounts amount to DKK 454.5 million and DKK 0.1 million, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__160": { "value": "Accounting policiesCash is measured on intitial recognition at cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__163": { "value": "Accounting policiesMarketable securities consist of investments in securities with a maturity of ninety days or greater at the time of acquisition. Measurement of marketable securities depends on the business model for managing the asset and the cash flow characteristics of the asset. There are three measurement cate-gories which Zealand considers when classifying its marketable securities:\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together with foreign exchange rate gains/(losses). Impairment losses are presented as a separate line item in the statement of profit or loss. \u2022 Fair value through other comprehensive income (FVOCI): Assets that are held with an objective that results in collecting contractual cash flows and selling financial assets are measured at FVOCI. A gain or loss on assets that is subsequently measured at FVOCI is recognized in other comprehensive profit or loss. Impairment losses and foreign exchange rate gains/(losses) are presented as a separate line item in the statement of profit or loss. \u2022 Fair value through profit and loss (FVTPL): Assets that do not meet the criteria for amortized cost or fair value through other comprehensive income (FVOCI) are measured at FVTPL. A gain or loss on a debt investment that is subsequently measured at FVTPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.Zealand's portfolio is managed and evaluated on a fair value basis in accordance with its stated invest-ment guidelines and the information provided internally to Management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securities are measured at fair value through profit and loss. This classification is consistent with prior year's classification.Transactions are recognized at trade date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__162": { "value": "Accounting policiesMarketable securities consist of investments in securities with a maturity of ninety days or greater at the time of acquisition. Measurement of marketable securities depends on the business model for managing the asset and the cash flow characteristics of the asset. There are three measurement cate-gories which Zealand considers when classifying its marketable securities:\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together with foreign exchange rate gains/(losses). Impairment losses are presented as a separate line item in the statement of profit or loss. \u2022 Fair value through other comprehensive income (FVOCI): Assets that are held with an objective that results in collecting contractual cash flows and selling financial assets are measured at FVOCI. A gain or loss on assets that is subsequently measured at FVOCI is recognized in other comprehensive profit or loss. Impairment losses and foreign exchange rate gains/(losses) are presented as a separate line item in the statement of profit or loss. \u2022 Fair value through profit and loss (FVTPL): Assets that do not meet the criteria for amortized cost or fair value through other comprehensive income (FVOCI) are measured at FVTPL. A gain or loss on a debt investment that is subsequently measured at FVTPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.Zealand's portfolio is managed and evaluated on a fair value basis in accordance with its stated invest-ment guidelines and the information provided internally to Management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securities are measured at fair value through profit and loss. This classification is consistent with prior year's classification.Transactions are recognized at trade date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__161": { "value": "4.5 Marketable securities Accounting policiesMarketable securities consist of investments in securities with a maturity of ninety days or greater at the time of acquisition. Measurement of marketable securities depends on the business model for managing the asset and the cash flow characteristics of the asset. There are three measurement cate-gories which Zealand considers when classifying its marketable securities:\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together with foreign exchange rate gains/(losses). Impairment losses are presented as a separate line item in the statement of profit or loss. \u2022 Fair value through other comprehensive income (FVOCI): Assets that are held with an objective that results in collecting contractual cash flows and selling financial assets are measured at FVOCI. A gain or loss on assets that is subsequently measured at FVOCI is recognized in other comprehensive profit or loss. Impairment losses and foreign exchange rate gains/(losses) are presented as a separate line item in the statement of profit or loss. \u2022 Fair value through profit and loss (FVTPL): Assets that do not meet the criteria for amortized cost or fair value through other comprehensive income (FVOCI) are measured at FVTPL. A gain or loss on a debt investment that is subsequently measured at FVTPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.Zealand's portfolio is managed and evaluated on a fair value basis in accordance with its stated invest-ment guidelines and the information provided internally to Management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securities are measured at fair value through profit and loss. This classification is consistent with prior year's classification.Transactions are recognized at trade date.DKK thousand 2023 2022DKK portfolio:DK bonds 509,948 -Total DKK portfolio 509,948 -EUR portfolio:IG Corporate bonds (investment-grade) 454,467 -Total EUR portfolio 454,467 -USD portfolio:Asset-backed securities 2,738 24,392Certificates of deposit 125,178 -Commercial paper 69,823 -Corporate bonds - 84,219U.S. Treasury Debt 2,664 -U.S. Treasury Repurchase Agreement 18,928 -Total USD portfolio 219,331 108,611Total portfolio 1,183,746 108,611In October 2023, the USD portfolio previously held at Silicon Valley Bank has been transferred to JP Morgan. The DKK and EUR portfolios are held at Danske Bank.All marketable securities have a fixed interest rate but different maturities. As of December 31, 2023, all outstanding securities were expected to mature within 13 months (2022: within 3 months).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__168": { "value": "4.6 Borrowings Accounting policiesOn initial recognition, borrowings are measured at fair value which is generally equal to the proceeds received. Fair value is allocated between the debt host contract and, if applicable, an embedded derivative. Transaction costs attributable to the debt host contract are deducted from the initial fair value and amortized over the term of the loan as part of the effective interest rate on the loan. Transaction costs attributable to non-closely related embedded derivatives are expensed on initial recognition. Subsequently, borrowings are measured at amortized cost. On initial recognition, borrowings are evaluated for the existence of non-closely related embedded derivatives, i.e. cash flows or potential cash flows whose economic characteristics and risks are not closely related to the economic characteristics and risks in the debt host contract such as prepayment options at amounts which are not substantially equal to the loan\u2019s amortized cost. The cash flows attributable to such non-closely related embedded derivatives are separated and accounted for as derivative financial instruments.Loan commitments are not recognized. Lender fees and transaction costs attributable to unconditional loan commitments are treated as prepaid transaction costs if the Group expects to draw down on the facility. If the Group has no specific plans for draw down on the loan commitment, the transaction costs are amortized over the commitment period. If a loan commitment is subject to meeting certain conditions, it is considered an unconditional loan commitment if the Group considers it probable that the conditions will be met. Amendment of the terms of a loan is accounted for as an extinguishment of the original loan and recognition of a new liability reflecting the amended terms if the amended terms are substantially different from the orig-inal terms. Both quantitative and qualitive factors are considered. If the present value of the amended cash flows discounted at the original effective interest rate differs by 10% or more, the amendment is treated as an extinguishment. If the presented value of the amended cash flows differs by less than 10%, Management evaluates qualitative factors such as:\u2022 Change in collateral and restrictions of the use of proceeds\u2022 Significant change in the term of the loan\u2022 Change in loan currency and interest baseAll fees incurred in connection with a modification of the terms accounted for as an extinguishment are recognized as an expense.Derecognition of financial liabilities: A financial liability is derecognized when the obligation under the liability is settled, discharged, cancelled, or expires. The difference between the carrying amount of a financial liability extinguished and the consideration paid is recognized through profit and loss.DKK thousand 2023 2022Borrowings at amortized cost - 320,743Embedded derivatives at fair value - 80,603Total borrowings including embedded derivatives - 401,346On December 31, 2021, Zealand entered into a USD 100 million loan agreement with Oberland. The following describes subsequent amendments to the loan agreement and the final settlement in May 2023.Following a change in the strategy announced on March 30, 2022, the conditions for release of the included liquidity covenant being trailing 6 months cumulative revenue of at least USD 50 million was considered unlikely to be met. Therefore, Zealand was as of this point in time effectively restricted from obtaining access to the funds, and Zealand's prepayment option, whose fair value was assessed to be immaterial upon issue of the loan, was considered to have a significant positive value as Zealand effectively would not gain access to the cash. The positive fair value was determined as the present value of future cash flows under the contract, compared with the cost of prepaying the loan. The basis for measuring fair value was determined to be an entity (market participant) which was expected not to meet the liquidity covenant, and which needed the funds. Fair value as of December 31, 2021, was determined to amount to DKK 142.1 million based on the following assumptions:Assumption Value assigned to assumptionUS LIBOR rate (annual forward rates) + 6% + \u201ccatch up\u201d Cash flow loanpayment to arrive at an IRR of 9.75%Deposit income US LIBOR rate (annual forward rates)Discount rate 11%Fair value was determined mainly based on unobservable data (level 3). Please refer to the movement table presented on the following pages.Following the first amendment 50% of Zealand's prepayment option was utilized (DKK 71.0 million was recognized under loss on settlement of borrowings). As a part of the amendment, all revenue-related liquidity covenants were lifted, and Zealand gained access to the cash. The premium on repayment of the loan within the first four years of the agreement was also increased. As a result, it was Management's assessment that the value of Zealand's prepayment option as of December 31, 2022, is immaterial.During 2022 the loan agreement with Oberland Capital was amended twice.Oberland amendment no. I On May 10, 2022, Zealand entered into an agreement to amend certain terms of the Oberland loan. The amendments were as follows:\u2022 Prepayment of 50% of the USD 100 million principal which included a prepayment premium of 20% amounts to USD 60 million\u2022 Removal of the liquidity covenant meaning that Zealand has no limitations in respect of utilizing the cash held by the Group\u2022 Lender option renegotiated to include additional assets\u2022 Increase in premium which Zealand is required to pay in case of repayment within the first four years of the agreement (refer to repayment amount section below)\u2022 Potential for a further $75 million incremental capital following specific eventsManagement considers the amendments to comprise terms which are substantially different from the term applicable prior to the amendment. Consequently, the modification has been accounted for as an extinguishment of the loan subject to the original terms and recognition of a new liability. Under the amended terms, Management estimates that fair value of the Zealand prepayment option for the remaining outstanding amount is insignificant, as release from the liquidity covenant as a market partic-ipant would not benefit from prepaying the loan due to the fact that the funds are available for use for a market participant. For the prepaid notional amount of USD 50 million, DKK 131.4 million was recog-nized as loss on settlement of borrowings under financial expenses. The amount comprises utilization of the prepayment option (DKK 71.0 million) and premium on settlement of debts (DKK 60.4 million). The cash outflow from debts of DKK 436.1 million comprises the premium on settlement of debts (DKK 56.7 million), repayment of USD 51.7 million (DKK 365.4 million) and a prepayment of USD 2.0 million (DKK 14.0 million), which will be offset against future repayments.Fair value of the amended loan (USD 50 million) was measured at DKK 367.1 million of which the fair value of the lender call option accounted for DKK 18.0 million. A loss of DKK 14.6 was recognized as a consequence of the derecognition. As discussed below under the section \u201cFair value measurement\u201d, the lender call option is assessed to have a significant fair value as of the modification date and has been separated from the debt host contract.Oberland amendment no. II On September 20, 2022, the Company entered into the Second Amendment to the Note Purchase Agreement to address certain non-financial events of default by Zealand, which Oberland Capital waived pursuant to the amendment. The Second Amendment introduced two conditions for the release of the USD 50 million held in a Zealand Pharma A/S account that is controlled by Oberland Capital, one of which was satisfied. Upon satisfaction of the second condition, which relates to the fulfillment of certain post-closing obligations, Zealand may transfer funds from such account in increments of USD 10 million for purposes of operating Zealand\u2019s business in the ordinary course upon prior notice to Oberland Capital. There are currently no other outstanding events of default under the Note Purchase Agreement.Fair value of the amended loan (USD 50 million) was assessed to be DKK 398.8 million of which the fair value of the lender call option accounted for DKK 45.0 million. A gain of DKK 23.5 was recognized as a consequence of the derecognition. Please refer to the section \u201cFair value measurement\u201d for further information about the measurement of the option.Loan terms following amendment 2Loan amount, tranche 1: USD 50 millionMaturity date: December 30, 2028Repayment profile: Repayment at maturity:Base Interest: 3 months US Libor with a floor of 0.25%Credit spread: 6% p.a., fixed over the term of the contractRevenue participation payments: Draw down on tranche 1: 1.33% of consolidated revenue per financial year, not exceeding 75 MUSD.Lender call option to require repayment Change of control event of the debt: Sale of assets or licenses \u2013 proceeds from sale to be used to repay the loan, however, no more than up to 75% of the net proceeds.Zealand option to prepay the debt: Throughout the term of the loan Repayment amount:Until January 1, 2027: An amount equal to the greater of 150.0% of the principal amount of the Notes issued and the amount (greater than zero) that would generate an internal rate of return to the lender equal to 12.0% on the aggregate purchase price paid for such Notes, calculated from the First Purchase Date to the fifth anniversary of the First Purchase Date.In any case less any interests and revenue participation amounts already paid.From January 1, 2027 until maturity: An amount equal to the greater of 150.0% of the principal amount of the Notes issued and the amount (greater than zero) that would generate an internal rate of return to the lender equal to 11.0% on the aggregate purchase price paid for such Notes, calculated from the First Purchase Date to the date of repayment.In any case less any interests and revenue participation amounts already paid.At maturity: At the principal amount or if investor IRR is lower than 9.75% p.a. including interest payments, revenue participation payments and lender-required repayments, an additional amount Settlement of Oberland Capital loanOn April 20, 2023, Oberland Capital exercised an option in the loan agreement to provide an additional loan of USD 12.5 million on similar terms as the existing loan, bringing the total principal amount to USD 62.5 million. The additional loan of USD 12.5 million was not provided in cash.On May 10, 2023, Zealand settled the Oberland Capital loans, including embedded derivatives, in a one-time payment of USD 77.3 million (DKK 525.7 million). With this final repayment, the Group\u2019s loan agreement with Oberland Capital was fully settled. As a result of the settlement Zealand in 2023 recog-nized a net loss of USD 19.9 million (DKK 135.6 million) under financial items, including derecognition of Oberland Capital\u2019s call option with a carrying value as of May 10, 2023, of USD 11.4 million (DKK 77.5 million).For an overview of the events under the loan agreement from December 31, 2022, and until repayment on May 10, 2023, please refer to the movement table presented below.With the final repayment, Oberland has released all rights to collateral provided for under the loan agreement. Management's judgements and estimates Fair value measurement of lender's call optionFair value of the lender call option is determined as the difference between the present value of the probability weighted contractual cash flow upon the occurrence of a call option trigger event and the present value of the contractual cash flows without a call option trigger event occurring, discounted at the expected internal rate of return of 14.3%. It is assumed that any call option trigger event will result in full repayment of the loan. As of December 31, 2022, the likelihood of a lender call option trigger event within the next two years was assessed as realistic and fair value of the option was assessed to DKK 80.6 million. At the time of settlement on May 10, 2023, the fair value of the option amounted to DKK 77.5 million. The fair value change, DKK 1.2 million (2022: DKK -62.6 million), is included in financial items, while the effect of changes to the exchange rate, DKK 1.9 million (2022: DKK 0.0 million), is included in other comprehensive income. Valuation is based on unobservable data (level 3).Changes arising from Oberland loan agreement - including changes for level 3 embedded derivativesNon-cash Non-cash changes over changes other com-recognized in prehensive Cash profit and lossincomechangesCarrying Repayment Carrying value as of Loss on debt Bifurcation Gain on debt of debt, value as at December Loss on recognition - of embedded recognition - Fair value Interests Currency Including Currency December 31, 2022settlementamendment Iderivativesamendment IIadjustments Amortizationaccruedadjustmentspremiumadjustments31, 2023Borrowings as amortized costs 320,743 211,938 - - - - 943 - -7,960 -525,664 - -Embedded derivatives at fair value - Lender call option 80,603 -77,526 - - - -1,161 - - -1,916 - - -Other receivables -8,184 1,176 - - - - - 15,688 263 - -8,943 -Total impact from Oberland loan agreement 393,162 135,588 - - - -1,161 943 15,688 -9,613 -525,664 -8,943 -Non-cash Non-cash changes over changes other com-recognized in prehensive Cash profit and lossincomechangesCarrying Repayment Carrying value as of Loss on debt Bifurcation Gain on debt of debt, value as at December Loss on recognition - of embedded recognition - Fair value Interests Currency Including Currency December 31, 2021settlementamendment Iderivativesamendment IIadjustments Amortizationaccruedadjustmentspremiumadjustments31, 2022Borrowings as amortized costs 647,906 60,387 22,381 -18,017 -18,581 - 1,337 - 47,829 -422,085 - 320,743Embedded derivatives at fair value - Zealand prepayment option - 71,050 - - - -71,050 - - - - - -Embedded derivatives at fair value - Lender call option - - - 18,017 - 62,613 - - -27 - - 80,603Other receivables - - -7,764 - -4,890 - - 54,052 -2,928 -14,003 -32,651 -8,184Total impact from Oberland loan agreement 647,906 131,437 14,617 - -23,471 -8,437 1,337 54,052 44,460 -436,088 -32,651 393,162Refinancing with new credit facility The repayment of the Oberland Capital loan has been refinanced through a new DKK 350 million Revolving Credit Facility provided by Danske Bank and milestones from existing partners. The facility matures in 2 years from June 2023 where any outstanding amount must be repaid in full and carries an interest of CIBOR + fixed margin. The main terms of the facility are listed below.In 2023, there have been no significant transaction costs related to the facility, thus no transaction costs have been capitalized from entering the agreement. As of December 31, 2023, total amount of undrawn borrowing facilities amounts to DKK 350 million.Credit facility terms:Amount: DKK 350 millionMaturity date: June, 2025Repayment: Each loan under the Revolving Credit Facility must be repaid on the last day of its Interest Period. All outstanding amounts under the Revolving Credit Facility must be repaid in full on the Final Maturity Date.Maximum number of loans and minimum The loan can be called with a minimum of DKK amount of each loan:25,000,000, or if greater, in integral multiples of DKK 5,000,000. A maximum of 5 loans can be outstanding at any given time.Upfront fee: 0.4% of the Amount.Interest on withdrawals: CIBOR + fixed margin.Commitment fee 45% of fixed margin.For a description of the pledges provided in relation to the credit facility refer to note 4.4 Cash and cash equivalents.New loan facility from the European Investment Bank (EIB)In December 2023, Zealand has entered into a new EUR 90 million finance agreement with the European Investment Bank (EIB). The loan, which has been offered at competitive terms, is structured with part of the interest paid at recurring intervals during the term and part being deferred (non- compounding) for payment at maturity of each tranche. In addition, the EIB will enter into a warrant agreement with Zealand that will entitle the EIB to receive warrants in Zealand when each tranche is drawn down. The warrants will, subject to the warrant terms, entitle the warrant holder to subscribe for ordinary shares in Zealand at market price.The conditions for disbursement of the first tranche (Tranche A) have been met and the EUR 50 million is expected to be available to Zealand in the beginning of 2024. In 2023, DKK 0.7 million was capitalized through transaction costs related to the loan facility from entering the agreement, which will be amor-tized over the loan term.Loan terms:Amount: The loan facility may be utilized in up to three tranches of EUR 50 million (Tranche A), EUR 20 million (Tranche B) and EUR 20 million (Tranche C), respectively, with disbursement of each tranche subject to pre-specified milestones being met. A floating rate and a deferred interest rate shall be paid on each tranche.Maturity date: 6 years from the disbursement date of the relevant tranche.Repayment: Each tranche under the EIB loan must be repaid on the maturity date.Prepayment fee: 1-5% of principal amount if prepaid before maturity.Floating rate: EURIBOR + fixed margin (cash pay margin).Deferred interest rate: Low single digit for all tranches.Commitment fee: Low single digit on the daily undrawn and uncancelled balance of the relevant tranche. The commitment fee becomes effective from the date falling 6 months from the date of the agreement (Tranche A) or from the date falling 6 months from conditions being fulfilled (Tranches B and C). Warrants: With the disbursement of each tranche, warrants are granted to EIB in accordance with the warrant agreement. The warrants granted will vest as the loan(s) are repaid. If not utilized, any warrants will expire twenty years from the signing date of the contract. Once the warrants have vested, EIB has a put option enabling them to sell the warrants back to Zealand at fair market value at any time.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__167": { "value": "4.6 Borrowings Accounting policiesOn initial recognition, borrowings are measured at fair value which is generally equal to the proceeds received. Fair value is allocated between the debt host contract and, if applicable, an embedded derivative. Transaction costs attributable to the debt host contract are deducted from the initial fair value and amortized over the term of the loan as part of the effective interest rate on the loan. Transaction costs attributable to non-closely related embedded derivatives are expensed on initial recognition. Subsequently, borrowings are measured at amortized cost. On initial recognition, borrowings are evaluated for the existence of non-closely related embedded derivatives, i.e. cash flows or potential cash flows whose economic characteristics and risks are not closely related to the economic characteristics and risks in the debt host contract such as prepayment options at amounts which are not substantially equal to the loan\u2019s amortized cost. The cash flows attributable to such non-closely related embedded derivatives are separated and accounted for as derivative financial instruments.Loan commitments are not recognized. Lender fees and transaction costs attributable to unconditional loan commitments are treated as prepaid transaction costs if the Group expects to draw down on the facility. If the Group has no specific plans for draw down on the loan commitment, the transaction costs are amortized over the commitment period. If a loan commitment is subject to meeting certain conditions, it is considered an unconditional loan commitment if the Group considers it probable that the conditions will be met. Amendment of the terms of a loan is accounted for as an extinguishment of the original loan and recognition of a new liability reflecting the amended terms if the amended terms are substantially different from the orig-inal terms. Both quantitative and qualitive factors are considered. If the present value of the amended cash flows discounted at the original effective interest rate differs by 10% or more, the amendment is treated as an extinguishment. If the presented value of the amended cash flows differs by less than 10%, Management evaluates qualitative factors such as:\u2022 Change in collateral and restrictions of the use of proceeds\u2022 Significant change in the term of the loan\u2022 Change in loan currency and interest baseAll fees incurred in connection with a modification of the terms accounted for as an extinguishment are recognized as an expense.Derecognition of financial liabilities: A financial liability is derecognized when the obligation under the liability is settled, discharged, cancelled, or expires. The difference between the carrying amount of a financial liability extinguished and the consideration paid is recognized through profit and loss.DKK thousand 2023 2022Borrowings at amortized cost - 320,743Embedded derivatives at fair value - 80,603Total borrowings including embedded derivatives - 401,346On December 31, 2021, Zealand entered into a USD 100 million loan agreement with Oberland. The following describes subsequent amendments to the loan agreement and the final settlement in May 2023.Following a change in the strategy announced on March 30, 2022, the conditions for release of the included liquidity covenant being trailing 6 months cumulative revenue of at least USD 50 million was considered unlikely to be met. Therefore, Zealand was as of this point in time effectively restricted from obtaining access to the funds, and Zealand's prepayment option, whose fair value was assessed to be immaterial upon issue of the loan, was considered to have a significant positive value as Zealand effectively would not gain access to the cash. The positive fair value was determined as the present value of future cash flows under the contract, compared with the cost of prepaying the loan. The basis for measuring fair value was determined to be an entity (market participant) which was expected not to meet the liquidity covenant, and which needed the funds. Fair value as of December 31, 2021, was determined to amount to DKK 142.1 million based on the following assumptions:Assumption Value assigned to assumptionUS LIBOR rate (annual forward rates) + 6% + \u201ccatch up\u201d Cash flow loanpayment to arrive at an IRR of 9.75%Deposit income US LIBOR rate (annual forward rates)Discount rate 11%Fair value was determined mainly based on unobservable data (level 3). Please refer to the movement table presented on the following pages.Following the first amendment 50% of Zealand's prepayment option was utilized (DKK 71.0 million was recognized under loss on settlement of borrowings). As a part of the amendment, all revenue-related liquidity covenants were lifted, and Zealand gained access to the cash. The premium on repayment of the loan within the first four years of the agreement was also increased. As a result, it was Management's assessment that the value of Zealand's prepayment option as of December 31, 2022, is immaterial.During 2022 the loan agreement with Oberland Capital was amended twice.Oberland amendment no. I On May 10, 2022, Zealand entered into an agreement to amend certain terms of the Oberland loan. The amendments were as follows:\u2022 Prepayment of 50% of the USD 100 million principal which included a prepayment premium of 20% amounts to USD 60 million\u2022 Removal of the liquidity covenant meaning that Zealand has no limitations in respect of utilizing the cash held by the Group\u2022 Lender option renegotiated to include additional assets\u2022 Increase in premium which Zealand is required to pay in case of repayment within the first four years of the agreement (refer to repayment amount section below)\u2022 Potential for a further $75 million incremental capital following specific eventsManagement considers the amendments to comprise terms which are substantially different from the term applicable prior to the amendment. Consequently, the modification has been accounted for as an extinguishment of the loan subject to the original terms and recognition of a new liability. Under the amended terms, Management estimates that fair value of the Zealand prepayment option for the remaining outstanding amount is insignificant, as release from the liquidity covenant as a market partic-ipant would not benefit from prepaying the loan due to the fact that the funds are available for use for a market participant. For the prepaid notional amount of USD 50 million, DKK 131.4 million was recog-nized as loss on settlement of borrowings under financial expenses. The amount comprises utilization of the prepayment option (DKK 71.0 million) and premium on settlement of debts (DKK 60.4 million). The cash outflow from debts of DKK 436.1 million comprises the premium on settlement of debts (DKK 56.7 million), repayment of USD 51.7 million (DKK 365.4 million) and a prepayment of USD 2.0 million (DKK 14.0 million), which will be offset against future repayments.Fair value of the amended loan (USD 50 million) was measured at DKK 367.1 million of which the fair value of the lender call option accounted for DKK 18.0 million. A loss of DKK 14.6 was recognized as a consequence of the derecognition. As discussed below under the section \u201cFair value measurement\u201d, the lender call option is assessed to have a significant fair value as of the modification date and has been separated from the debt host contract.Oberland amendment no. II On September 20, 2022, the Company entered into the Second Amendment to the Note Purchase Agreement to address certain non-financial events of default by Zealand, which Oberland Capital waived pursuant to the amendment. The Second Amendment introduced two conditions for the release of the USD 50 million held in a Zealand Pharma A/S account that is controlled by Oberland Capital, one of which was satisfied. Upon satisfaction of the second condition, which relates to the fulfillment of certain post-closing obligations, Zealand may transfer funds from such account in increments of USD 10 million for purposes of operating Zealand\u2019s business in the ordinary course upon prior notice to Oberland Capital. There are currently no other outstanding events of default under the Note Purchase Agreement.Fair value of the amended loan (USD 50 million) was assessed to be DKK 398.8 million of which the fair value of the lender call option accounted for DKK 45.0 million. A gain of DKK 23.5 was recognized as a consequence of the derecognition. Please refer to the section \u201cFair value measurement\u201d for further information about the measurement of the option.Loan terms following amendment 2Loan amount, tranche 1: USD 50 millionMaturity date: December 30, 2028Repayment profile: Repayment at maturity:Base Interest: 3 months US Libor with a floor of 0.25%Credit spread: 6% p.a., fixed over the term of the contractRevenue participation payments: Draw down on tranche 1: 1.33% of consolidated revenue per financial year, not exceeding 75 MUSD.Lender call option to require repayment Change of control event of the debt: Sale of assets or licenses \u2013 proceeds from sale to be used to repay the loan, however, no more than up to 75% of the net proceeds.Zealand option to prepay the debt: Throughout the term of the loan Repayment amount:Until January 1, 2027: An amount equal to the greater of 150.0% of the principal amount of the Notes issued and the amount (greater than zero) that would generate an internal rate of return to the lender equal to 12.0% on the aggregate purchase price paid for such Notes, calculated from the First Purchase Date to the fifth anniversary of the First Purchase Date.In any case less any interests and revenue participation amounts already paid.From January 1, 2027 until maturity: An amount equal to the greater of 150.0% of the principal amount of the Notes issued and the amount (greater than zero) that would generate an internal rate of return to the lender equal to 11.0% on the aggregate purchase price paid for such Notes, calculated from the First Purchase Date to the date of repayment.In any case less any interests and revenue participation amounts already paid.At maturity: At the principal amount or if investor IRR is lower than 9.75% p.a. including interest payments, revenue participation payments and lender-required repayments, an additional amount Settlement of Oberland Capital loanOn April 20, 2023, Oberland Capital exercised an option in the loan agreement to provide an additional loan of USD 12.5 million on similar terms as the existing loan, bringing the total principal amount to USD 62.5 million. The additional loan of USD 12.5 million was not provided in cash.On May 10, 2023, Zealand settled the Oberland Capital loans, including embedded derivatives, in a one-time payment of USD 77.3 million (DKK 525.7 million). With this final repayment, the Group\u2019s loan agreement with Oberland Capital was fully settled. As a result of the settlement Zealand in 2023 recog-nized a net loss of USD 19.9 million (DKK 135.6 million) under financial items, including derecognition of Oberland Capital\u2019s call option with a carrying value as of May 10, 2023, of USD 11.4 million (DKK 77.5 million).For an overview of the events under the loan agreement from December 31, 2022, and until repayment on May 10, 2023, please refer to the movement table presented below.With the final repayment, Oberland has released all rights to collateral provided for under the loan agreement. Management's judgements and estimates Fair value measurement of lender's call optionFair value of the lender call option is determined as the difference between the present value of the probability weighted contractual cash flow upon the occurrence of a call option trigger event and the present value of the contractual cash flows without a call option trigger event occurring, discounted at the expected internal rate of return of 14.3%. It is assumed that any call option trigger event will result in full repayment of the loan. As of December 31, 2022, the likelihood of a lender call option trigger event within the next two years was assessed as realistic and fair value of the option was assessed to DKK 80.6 million. At the time of settlement on May 10, 2023, the fair value of the option amounted to DKK 77.5 million. The fair value change, DKK 1.2 million (2022: DKK -62.6 million), is included in financial items, while the effect of changes to the exchange rate, DKK 1.9 million (2022: DKK 0.0 million), is included in other comprehensive income. Valuation is based on unobservable data (level 3).Changes arising from Oberland loan agreement - including changes for level 3 embedded derivativesNon-cash Non-cash changes over changes other com-recognized in prehensive Cash profit and lossincomechangesCarrying Repayment Carrying value as of Loss on debt Bifurcation Gain on debt of debt, value as at December Loss on recognition - of embedded recognition - Fair value Interests Currency Including Currency December 31, 2022settlementamendment Iderivativesamendment IIadjustments Amortizationaccruedadjustmentspremiumadjustments31, 2023Borrowings as amortized costs 320,743 211,938 - - - - 943 - -7,960 -525,664 - -Embedded derivatives at fair value - Lender call option 80,603 -77,526 - - - -1,161 - - -1,916 - - -Other receivables -8,184 1,176 - - - - - 15,688 263 - -8,943 -Total impact from Oberland loan agreement 393,162 135,588 - - - -1,161 943 15,688 -9,613 -525,664 -8,943 -Non-cash Non-cash changes over changes other com-recognized in prehensive Cash profit and lossincomechangesCarrying Repayment Carrying value as of Loss on debt Bifurcation Gain on debt of debt, value as at December Loss on recognition - of embedded recognition - Fair value Interests Currency Including Currency December 31, 2021settlementamendment Iderivativesamendment IIadjustments Amortizationaccruedadjustmentspremiumadjustments31, 2022Borrowings as amortized costs 647,906 60,387 22,381 -18,017 -18,581 - 1,337 - 47,829 -422,085 - 320,743Embedded derivatives at fair value - Zealand prepayment option - 71,050 - - - -71,050 - - - - - -Embedded derivatives at fair value - Lender call option - - - 18,017 - 62,613 - - -27 - - 80,603Other receivables - - -7,764 - -4,890 - - 54,052 -2,928 -14,003 -32,651 -8,184Total impact from Oberland loan agreement 647,906 131,437 14,617 - -23,471 -8,437 1,337 54,052 44,460 -436,088 -32,651 393,162Refinancing with new credit facility The repayment of the Oberland Capital loan has been refinanced through a new DKK 350 million Revolving Credit Facility provided by Danske Bank and milestones from existing partners. The facility matures in 2 years from June 2023 where any outstanding amount must be repaid in full and carries an interest of CIBOR + fixed margin. The main terms of the facility are listed below.In 2023, there have been no significant transaction costs related to the facility, thus no transaction costs have been capitalized from entering the agreement. As of December 31, 2023, total amount of undrawn borrowing facilities amounts to DKK 350 million.Credit facility terms:Amount: DKK 350 millionMaturity date: June, 2025Repayment: Each loan under the Revolving Credit Facility must be repaid on the last day of its Interest Period. All outstanding amounts under the Revolving Credit Facility must be repaid in full on the Final Maturity Date.Maximum number of loans and minimum The loan can be called with a minimum of DKK amount of each loan:25,000,000, or if greater, in integral multiples of DKK 5,000,000. A maximum of 5 loans can be outstanding at any given time.Upfront fee: 0.4% of the Amount.Interest on withdrawals: CIBOR + fixed margin.Commitment fee 45% of fixed margin.For a description of the pledges provided in relation to the credit facility refer to note 4.4 Cash and cash equivalents.New loan facility from the European Investment Bank (EIB)In December 2023, Zealand has entered into a new EUR 90 million finance agreement with the European Investment Bank (EIB). The loan, which has been offered at competitive terms, is structured with part of the interest paid at recurring intervals during the term and part being deferred (non- compounding) for payment at maturity of each tranche. In addition, the EIB will enter into a warrant agreement with Zealand that will entitle the EIB to receive warrants in Zealand when each tranche is drawn down. The warrants will, subject to the warrant terms, entitle the warrant holder to subscribe for ordinary shares in Zealand at market price.The conditions for disbursement of the first tranche (Tranche A) have been met and the EUR 50 million is expected to be available to Zealand in the beginning of 2024. In 2023, DKK 0.7 million was capitalized through transaction costs related to the loan facility from entering the agreement, which will be amor-tized over the loan term.Loan terms:Amount: The loan facility may be utilized in up to three tranches of EUR 50 million (Tranche A), EUR 20 million (Tranche B) and EUR 20 million (Tranche C), respectively, with disbursement of each tranche subject to pre-specified milestones being met. A floating rate and a deferred interest rate shall be paid on each tranche.Maturity date: 6 years from the disbursement date of the relevant tranche.Repayment: Each tranche under the EIB loan must be repaid on the maturity date.Prepayment fee: 1-5% of principal amount if prepaid before maturity.Floating rate: EURIBOR + fixed margin (cash pay margin).Deferred interest rate: Low single digit for all tranches.Commitment fee: Low single digit on the daily undrawn and uncancelled balance of the relevant tranche. The commitment fee becomes effective from the date falling 6 months from the date of the agreement (Tranche A) or from the date falling 6 months from conditions being fulfilled (Tranches B and C). Warrants: With the disbursement of each tranche, warrants are granted to EIB in accordance with the warrant agreement. The warrants granted will vest as the loan(s) are repaid. If not utilized, any warrants will expire twenty years from the signing date of the contract. Once the warrants have vested, EIB has a put option enabling them to sell the warrants back to Zealand at fair market value at any time.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__165": { "value": "4.6 Borrowings Accounting policiesOn initial recognition, borrowings are measured at fair value which is generally equal to the proceeds received. Fair value is allocated between the debt host contract and, if applicable, an embedded derivative. Transaction costs attributable to the debt host contract are deducted from the initial fair value and amortized over the term of the loan as part of the effective interest rate on the loan. Transaction costs attributable to non-closely related embedded derivatives are expensed on initial recognition. Subsequently, borrowings are measured at amortized cost. On initial recognition, borrowings are evaluated for the existence of non-closely related embedded derivatives, i.e. cash flows or potential cash flows whose economic characteristics and risks are not closely related to the economic characteristics and risks in the debt host contract such as prepayment options at amounts which are not substantially equal to the loan\u2019s amortized cost. The cash flows attributable to such non-closely related embedded derivatives are separated and accounted for as derivative financial instruments.Loan commitments are not recognized. Lender fees and transaction costs attributable to unconditional loan commitments are treated as prepaid transaction costs if the Group expects to draw down on the facility. If the Group has no specific plans for draw down on the loan commitment, the transaction costs are amortized over the commitment period. If a loan commitment is subject to meeting certain conditions, it is considered an unconditional loan commitment if the Group considers it probable that the conditions will be met. Amendment of the terms of a loan is accounted for as an extinguishment of the original loan and recognition of a new liability reflecting the amended terms if the amended terms are substantially different from the orig-inal terms. Both quantitative and qualitive factors are considered. If the present value of the amended cash flows discounted at the original effective interest rate differs by 10% or more, the amendment is treated as an extinguishment. If the presented value of the amended cash flows differs by less than 10%, Management evaluates qualitative factors such as:\u2022 Change in collateral and restrictions of the use of proceeds\u2022 Significant change in the term of the loan\u2022 Change in loan currency and interest baseAll fees incurred in connection with a modification of the terms accounted for as an extinguishment are recognized as an expense.Derecognition of financial liabilities: A financial liability is derecognized when the obligation under the liability is settled, discharged, cancelled, or expires. The difference between the carrying amount of a financial liability extinguished and the consideration paid is recognized through profit and loss.DKK thousand 2023 2022Borrowings at amortized cost - 320,743Embedded derivatives at fair value - 80,603Total borrowings including embedded derivatives - 401,346On December 31, 2021, Zealand entered into a USD 100 million loan agreement with Oberland. The following describes subsequent amendments to the loan agreement and the final settlement in May 2023.Following a change in the strategy announced on March 30, 2022, the conditions for release of the included liquidity covenant being trailing 6 months cumulative revenue of at least USD 50 million was considered unlikely to be met. Therefore, Zealand was as of this point in time effectively restricted from obtaining access to the funds, and Zealand's prepayment option, whose fair value was assessed to be immaterial upon issue of the loan, was considered to have a significant positive value as Zealand effectively would not gain access to the cash. The positive fair value was determined as the present value of future cash flows under the contract, compared with the cost of prepaying the loan. The basis for measuring fair value was determined to be an entity (market participant) which was expected not to meet the liquidity covenant, and which needed the funds. Fair value as of December 31, 2021, was determined to amount to DKK 142.1 million based on the following assumptions:Assumption Value assigned to assumptionUS LIBOR rate (annual forward rates) + 6% + \u201ccatch up\u201d Cash flow loanpayment to arrive at an IRR of 9.75%Deposit income US LIBOR rate (annual forward rates)Discount rate 11%Fair value was determined mainly based on unobservable data (level 3). Please refer to the movement table presented on the following pages.Following the first amendment 50% of Zealand's prepayment option was utilized (DKK 71.0 million was recognized under loss on settlement of borrowings). As a part of the amendment, all revenue-related liquidity covenants were lifted, and Zealand gained access to the cash. The premium on repayment of the loan within the first four years of the agreement was also increased. As a result, it was Management's assessment that the value of Zealand's prepayment option as of December 31, 2022, is immaterial.During 2022 the loan agreement with Oberland Capital was amended twice.Oberland amendment no. I On May 10, 2022, Zealand entered into an agreement to amend certain terms of the Oberland loan. The amendments were as follows:\u2022 Prepayment of 50% of the USD 100 million principal which included a prepayment premium of 20% amounts to USD 60 million\u2022 Removal of the liquidity covenant meaning that Zealand has no limitations in respect of utilizing the cash held by the Group\u2022 Lender option renegotiated to include additional assets\u2022 Increase in premium which Zealand is required to pay in case of repayment within the first four years of the agreement (refer to repayment amount section below)\u2022 Potential for a further $75 million incremental capital following specific eventsManagement considers the amendments to comprise terms which are substantially different from the term applicable prior to the amendment. Consequently, the modification has been accounted for as an extinguishment of the loan subject to the original terms and recognition of a new liability. Under the amended terms, Management estimates that fair value of the Zealand prepayment option for the remaining outstanding amount is insignificant, as release from the liquidity covenant as a market partic-ipant would not benefit from prepaying the loan due to the fact that the funds are available for use for a market participant. For the prepaid notional amount of USD 50 million, DKK 131.4 million was recog-nized as loss on settlement of borrowings under financial expenses. The amount comprises utilization of the prepayment option (DKK 71.0 million) and premium on settlement of debts (DKK 60.4 million). The cash outflow from debts of DKK 436.1 million comprises the premium on settlement of debts (DKK 56.7 million), repayment of USD 51.7 million (DKK 365.4 million) and a prepayment of USD 2.0 million (DKK 14.0 million), which will be offset against future repayments.Fair value of the amended loan (USD 50 million) was measured at DKK 367.1 million of which the fair value of the lender call option accounted for DKK 18.0 million. A loss of DKK 14.6 was recognized as a consequence of the derecognition. As discussed below under the section \u201cFair value measurement\u201d, the lender call option is assessed to have a significant fair value as of the modification date and has been separated from the debt host contract.Oberland amendment no. II On September 20, 2022, the Company entered into the Second Amendment to the Note Purchase Agreement to address certain non-financial events of default by Zealand, which Oberland Capital waived pursuant to the amendment. The Second Amendment introduced two conditions for the release of the USD 50 million held in a Zealand Pharma A/S account that is controlled by Oberland Capital, one of which was satisfied. Upon satisfaction of the second condition, which relates to the fulfillment of certain post-closing obligations, Zealand may transfer funds from such account in increments of USD 10 million for purposes of operating Zealand\u2019s business in the ordinary course upon prior notice to Oberland Capital. There are currently no other outstanding events of default under the Note Purchase Agreement.Fair value of the amended loan (USD 50 million) was assessed to be DKK 398.8 million of which the fair value of the lender call option accounted for DKK 45.0 million. A gain of DKK 23.5 was recognized as a consequence of the derecognition. Please refer to the section \u201cFair value measurement\u201d for further information about the measurement of the option.Loan terms following amendment 2Loan amount, tranche 1: USD 50 millionMaturity date: December 30, 2028Repayment profile: Repayment at maturity:Base Interest: 3 months US Libor with a floor of 0.25%Credit spread: 6% p.a., fixed over the term of the contractRevenue participation payments: Draw down on tranche 1: 1.33% of consolidated revenue per financial year, not exceeding 75 MUSD.Lender call option to require repayment Change of control event of the debt: Sale of assets or licenses \u2013 proceeds from sale to be used to repay the loan, however, no more than up to 75% of the net proceeds.Zealand option to prepay the debt: Throughout the term of the loan Repayment amount:Until January 1, 2027: An amount equal to the greater of 150.0% of the principal amount of the Notes issued and the amount (greater than zero) that would generate an internal rate of return to the lender equal to 12.0% on the aggregate purchase price paid for such Notes, calculated from the First Purchase Date to the fifth anniversary of the First Purchase Date.In any case less any interests and revenue participation amounts already paid.From January 1, 2027 until maturity: An amount equal to the greater of 150.0% of the principal amount of the Notes issued and the amount (greater than zero) that would generate an internal rate of return to the lender equal to 11.0% on the aggregate purchase price paid for such Notes, calculated from the First Purchase Date to the date of repayment.In any case less any interests and revenue participation amounts already paid.At maturity: At the principal amount or if investor IRR is lower than 9.75% p.a. including interest payments, revenue participation payments and lender-required repayments, an additional amount Settlement of Oberland Capital loanOn April 20, 2023, Oberland Capital exercised an option in the loan agreement to provide an additional loan of USD 12.5 million on similar terms as the existing loan, bringing the total principal amount to USD 62.5 million. The additional loan of USD 12.5 million was not provided in cash.On May 10, 2023, Zealand settled the Oberland Capital loans, including embedded derivatives, in a one-time payment of USD 77.3 million (DKK 525.7 million). With this final repayment, the Group\u2019s loan agreement with Oberland Capital was fully settled. As a result of the settlement Zealand in 2023 recog-nized a net loss of USD 19.9 million (DKK 135.6 million) under financial items, including derecognition of Oberland Capital\u2019s call option with a carrying value as of May 10, 2023, of USD 11.4 million (DKK 77.5 million).For an overview of the events under the loan agreement from December 31, 2022, and until repayment on May 10, 2023, please refer to the movement table presented below.With the final repayment, Oberland has released all rights to collateral provided for under the loan agreement. Management's judgements and estimates Fair value measurement of lender's call optionFair value of the lender call option is determined as the difference between the present value of the probability weighted contractual cash flow upon the occurrence of a call option trigger event and the present value of the contractual cash flows without a call option trigger event occurring, discounted at the expected internal rate of return of 14.3%. It is assumed that any call option trigger event will result in full repayment of the loan. As of December 31, 2022, the likelihood of a lender call option trigger event within the next two years was assessed as realistic and fair value of the option was assessed to DKK 80.6 million. At the time of settlement on May 10, 2023, the fair value of the option amounted to DKK 77.5 million. The fair value change, DKK 1.2 million (2022: DKK -62.6 million), is included in financial items, while the effect of changes to the exchange rate, DKK 1.9 million (2022: DKK 0.0 million), is included in other comprehensive income. Valuation is based on unobservable data (level 3).Changes arising from Oberland loan agreement - including changes for level 3 embedded derivativesNon-cash Non-cash changes over changes other com-recognized in prehensive Cash profit and lossincomechangesCarrying Repayment Carrying value as of Loss on debt Bifurcation Gain on debt of debt, value as at December Loss on recognition - of embedded recognition - Fair value Interests Currency Including Currency December 31, 2022settlementamendment Iderivativesamendment IIadjustments Amortizationaccruedadjustmentspremiumadjustments31, 2023Borrowings as amortized costs 320,743 211,938 - - - - 943 - -7,960 -525,664 - -Embedded derivatives at fair value - Lender call option 80,603 -77,526 - - - -1,161 - - -1,916 - - -Other receivables -8,184 1,176 - - - - - 15,688 263 - -8,943 -Total impact from Oberland loan agreement 393,162 135,588 - - - -1,161 943 15,688 -9,613 -525,664 -8,943 -Non-cash Non-cash changes over changes other com-recognized in prehensive Cash profit and lossincomechangesCarrying Repayment Carrying value as of Loss on debt Bifurcation Gain on debt of debt, value as at December Loss on recognition - of embedded recognition - Fair value Interests Currency Including Currency December 31, 2021settlementamendment Iderivativesamendment IIadjustments Amortizationaccruedadjustmentspremiumadjustments31, 2022Borrowings as amortized costs 647,906 60,387 22,381 -18,017 -18,581 - 1,337 - 47,829 -422,085 - 320,743Embedded derivatives at fair value - Zealand prepayment option - 71,050 - - - -71,050 - - - - - -Embedded derivatives at fair value - Lender call option - - - 18,017 - 62,613 - - -27 - - 80,603Other receivables - - -7,764 - -4,890 - - 54,052 -2,928 -14,003 -32,651 -8,184Total impact from Oberland loan agreement 647,906 131,437 14,617 - -23,471 -8,437 1,337 54,052 44,460 -436,088 -32,651 393,162Refinancing with new credit facility The repayment of the Oberland Capital loan has been refinanced through a new DKK 350 million Revolving Credit Facility provided by Danske Bank and milestones from existing partners. The facility matures in 2 years from June 2023 where any outstanding amount must be repaid in full and carries an interest of CIBOR + fixed margin. The main terms of the facility are listed below.In 2023, there have been no significant transaction costs related to the facility, thus no transaction costs have been capitalized from entering the agreement. As of December 31, 2023, total amount of undrawn borrowing facilities amounts to DKK 350 million.Credit facility terms:Amount: DKK 350 millionMaturity date: June, 2025Repayment: Each loan under the Revolving Credit Facility must be repaid on the last day of its Interest Period. All outstanding amounts under the Revolving Credit Facility must be repaid in full on the Final Maturity Date.Maximum number of loans and minimum The loan can be called with a minimum of DKK amount of each loan:25,000,000, or if greater, in integral multiples of DKK 5,000,000. A maximum of 5 loans can be outstanding at any given time.Upfront fee: 0.4% of the Amount.Interest on withdrawals: CIBOR + fixed margin.Commitment fee 45% of fixed margin.For a description of the pledges provided in relation to the credit facility refer to note 4.4 Cash and cash equivalents.New loan facility from the European Investment Bank (EIB)In December 2023, Zealand has entered into a new EUR 90 million finance agreement with the European Investment Bank (EIB). The loan, which has been offered at competitive terms, is structured with part of the interest paid at recurring intervals during the term and part being deferred (non- compounding) for payment at maturity of each tranche. In addition, the EIB will enter into a warrant agreement with Zealand that will entitle the EIB to receive warrants in Zealand when each tranche is drawn down. The warrants will, subject to the warrant terms, entitle the warrant holder to subscribe for ordinary shares in Zealand at market price.The conditions for disbursement of the first tranche (Tranche A) have been met and the EUR 50 million is expected to be available to Zealand in the beginning of 2024. In 2023, DKK 0.7 million was capitalized through transaction costs related to the loan facility from entering the agreement, which will be amor-tized over the loan term.Loan terms:Amount: The loan facility may be utilized in up to three tranches of EUR 50 million (Tranche A), EUR 20 million (Tranche B) and EUR 20 million (Tranche C), respectively, with disbursement of each tranche subject to pre-specified milestones being met. A floating rate and a deferred interest rate shall be paid on each tranche.Maturity date: 6 years from the disbursement date of the relevant tranche.Repayment: Each tranche under the EIB loan must be repaid on the maturity date.Prepayment fee: 1-5% of principal amount if prepaid before maturity.Floating rate: EURIBOR + fixed margin (cash pay margin).Deferred interest rate: Low single digit for all tranches.Commitment fee: Low single digit on the daily undrawn and uncancelled balance of the relevant tranche. The commitment fee becomes effective from the date falling 6 months from the date of the agreement (Tranche A) or from the date falling 6 months from conditions being fulfilled (Tranches B and C). Warrants: With the disbursement of each tranche, warrants are granted to EIB in accordance with the warrant agreement. The warrants granted will vest as the loan(s) are repaid. If not utilized, any warrants will expire twenty years from the signing date of the contract. Once the warrants have vested, EIB has a put option enabling them to sell the warrants back to Zealand at fair market value at any time.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__164": { "value": "4.6 Borrowings Accounting policiesOn initial recognition, borrowings are measured at fair value which is generally equal to the proceeds received. Fair value is allocated between the debt host contract and, if applicable, an embedded derivative. Transaction costs attributable to the debt host contract are deducted from the initial fair value and amortized over the term of the loan as part of the effective interest rate on the loan. Transaction costs attributable to non-closely related embedded derivatives are expensed on initial recognition. Subsequently, borrowings are measured at amortized cost. On initial recognition, borrowings are evaluated for the existence of non-closely related embedded derivatives, i.e. cash flows or potential cash flows whose economic characteristics and risks are not closely related to the economic characteristics and risks in the debt host contract such as prepayment options at amounts which are not substantially equal to the loan\u2019s amortized cost. The cash flows attributable to such non-closely related embedded derivatives are separated and accounted for as derivative financial instruments.Loan commitments are not recognized. Lender fees and transaction costs attributable to unconditional loan commitments are treated as prepaid transaction costs if the Group expects to draw down on the facility. If the Group has no specific plans for draw down on the loan commitment, the transaction costs are amortized over the commitment period. If a loan commitment is subject to meeting certain conditions, it is considered an unconditional loan commitment if the Group considers it probable that the conditions will be met. Amendment of the terms of a loan is accounted for as an extinguishment of the original loan and recognition of a new liability reflecting the amended terms if the amended terms are substantially different from the orig-inal terms. Both quantitative and qualitive factors are considered. If the present value of the amended cash flows discounted at the original effective interest rate differs by 10% or more, the amendment is treated as an extinguishment. If the presented value of the amended cash flows differs by less than 10%, Management evaluates qualitative factors such as:\u2022 Change in collateral and restrictions of the use of proceeds\u2022 Significant change in the term of the loan\u2022 Change in loan currency and interest baseAll fees incurred in connection with a modification of the terms accounted for as an extinguishment are recognized as an expense.Derecognition of financial liabilities: A financial liability is derecognized when the obligation under the liability is settled, discharged, cancelled, or expires. The difference between the carrying amount of a financial liability extinguished and the consideration paid is recognized through profit and loss.DKK thousand 2023 2022Borrowings at amortized cost - 320,743Embedded derivatives at fair value - 80,603Total borrowings including embedded derivatives - 401,346On December 31, 2021, Zealand entered into a USD 100 million loan agreement with Oberland. The following describes subsequent amendments to the loan agreement and the final settlement in May 2023.Following a change in the strategy announced on March 30, 2022, the conditions for release of the included liquidity covenant being trailing 6 months cumulative revenue of at least USD 50 million was considered unlikely to be met. Therefore, Zealand was as of this point in time effectively restricted from obtaining access to the funds, and Zealand's prepayment option, whose fair value was assessed to be immaterial upon issue of the loan, was considered to have a significant positive value as Zealand effectively would not gain access to the cash. The positive fair value was determined as the present value of future cash flows under the contract, compared with the cost of prepaying the loan. The basis for measuring fair value was determined to be an entity (market participant) which was expected not to meet the liquidity covenant, and which needed the funds. Fair value as of December 31, 2021, was determined to amount to DKK 142.1 million based on the following assumptions:Assumption Value assigned to assumptionUS LIBOR rate (annual forward rates) + 6% + \u201ccatch up\u201d Cash flow loanpayment to arrive at an IRR of 9.75%Deposit income US LIBOR rate (annual forward rates)Discount rate 11%Fair value was determined mainly based on unobservable data (level 3). Please refer to the movement table presented on the following pages.Following the first amendment 50% of Zealand's prepayment option was utilized (DKK 71.0 million was recognized under loss on settlement of borrowings). As a part of the amendment, all revenue-related liquidity covenants were lifted, and Zealand gained access to the cash. The premium on repayment of the loan within the first four years of the agreement was also increased. As a result, it was Management's assessment that the value of Zealand's prepayment option as of December 31, 2022, is immaterial.During 2022 the loan agreement with Oberland Capital was amended twice.Oberland amendment no. I On May 10, 2022, Zealand entered into an agreement to amend certain terms of the Oberland loan. The amendments were as follows:\u2022 Prepayment of 50% of the USD 100 million principal which included a prepayment premium of 20% amounts to USD 60 million\u2022 Removal of the liquidity covenant meaning that Zealand has no limitations in respect of utilizing the cash held by the Group\u2022 Lender option renegotiated to include additional assets\u2022 Increase in premium which Zealand is required to pay in case of repayment within the first four years of the agreement (refer to repayment amount section below)\u2022 Potential for a further $75 million incremental capital following specific eventsManagement considers the amendments to comprise terms which are substantially different from the term applicable prior to the amendment. Consequently, the modification has been accounted for as an extinguishment of the loan subject to the original terms and recognition of a new liability. Under the amended terms, Management estimates that fair value of the Zealand prepayment option for the remaining outstanding amount is insignificant, as release from the liquidity covenant as a market partic-ipant would not benefit from prepaying the loan due to the fact that the funds are available for use for a market participant. For the prepaid notional amount of USD 50 million, DKK 131.4 million was recog-nized as loss on settlement of borrowings under financial expenses. The amount comprises utilization of the prepayment option (DKK 71.0 million) and premium on settlement of debts (DKK 60.4 million). The cash outflow from debts of DKK 436.1 million comprises the premium on settlement of debts (DKK 56.7 million), repayment of USD 51.7 million (DKK 365.4 million) and a prepayment of USD 2.0 million (DKK 14.0 million), which will be offset against future repayments.Fair value of the amended loan (USD 50 million) was measured at DKK 367.1 million of which the fair value of the lender call option accounted for DKK 18.0 million. A loss of DKK 14.6 was recognized as a consequence of the derecognition. As discussed below under the section \u201cFair value measurement\u201d, the lender call option is assessed to have a significant fair value as of the modification date and has been separated from the debt host contract.Oberland amendment no. II On September 20, 2022, the Company entered into the Second Amendment to the Note Purchase Agreement to address certain non-financial events of default by Zealand, which Oberland Capital waived pursuant to the amendment. The Second Amendment introduced two conditions for the release of the USD 50 million held in a Zealand Pharma A/S account that is controlled by Oberland Capital, one of which was satisfied. Upon satisfaction of the second condition, which relates to the fulfillment of certain post-closing obligations, Zealand may transfer funds from such account in increments of USD 10 million for purposes of operating Zealand\u2019s business in the ordinary course upon prior notice to Oberland Capital. There are currently no other outstanding events of default under the Note Purchase Agreement.Fair value of the amended loan (USD 50 million) was assessed to be DKK 398.8 million of which the fair value of the lender call option accounted for DKK 45.0 million. A gain of DKK 23.5 was recognized as a consequence of the derecognition. Please refer to the section \u201cFair value measurement\u201d for further information about the measurement of the option.Loan terms following amendment 2Loan amount, tranche 1: USD 50 millionMaturity date: December 30, 2028Repayment profile: Repayment at maturity:Base Interest: 3 months US Libor with a floor of 0.25%Credit spread: 6% p.a., fixed over the term of the contractRevenue participation payments: Draw down on tranche 1: 1.33% of consolidated revenue per financial year, not exceeding 75 MUSD.Lender call option to require repayment Change of control event of the debt: Sale of assets or licenses \u2013 proceeds from sale to be used to repay the loan, however, no more than up to 75% of the net proceeds.Zealand option to prepay the debt: Throughout the term of the loan Repayment amount:Until January 1, 2027: An amount equal to the greater of 150.0% of the principal amount of the Notes issued and the amount (greater than zero) that would generate an internal rate of return to the lender equal to 12.0% on the aggregate purchase price paid for such Notes, calculated from the First Purchase Date to the fifth anniversary of the First Purchase Date.In any case less any interests and revenue participation amounts already paid.From January 1, 2027 until maturity: An amount equal to the greater of 150.0% of the principal amount of the Notes issued and the amount (greater than zero) that would generate an internal rate of return to the lender equal to 11.0% on the aggregate purchase price paid for such Notes, calculated from the First Purchase Date to the date of repayment.In any case less any interests and revenue participation amounts already paid.At maturity: At the principal amount or if investor IRR is lower than 9.75% p.a. including interest payments, revenue participation payments and lender-required repayments, an additional amount Settlement of Oberland Capital loanOn April 20, 2023, Oberland Capital exercised an option in the loan agreement to provide an additional loan of USD 12.5 million on similar terms as the existing loan, bringing the total principal amount to USD 62.5 million. The additional loan of USD 12.5 million was not provided in cash.On May 10, 2023, Zealand settled the Oberland Capital loans, including embedded derivatives, in a one-time payment of USD 77.3 million (DKK 525.7 million). With this final repayment, the Group\u2019s loan agreement with Oberland Capital was fully settled. As a result of the settlement Zealand in 2023 recog-nized a net loss of USD 19.9 million (DKK 135.6 million) under financial items, including derecognition of Oberland Capital\u2019s call option with a carrying value as of May 10, 2023, of USD 11.4 million (DKK 77.5 million).For an overview of the events under the loan agreement from December 31, 2022, and until repayment on May 10, 2023, please refer to the movement table presented below.With the final repayment, Oberland has released all rights to collateral provided for under the loan agreement. Management's judgements and estimates Fair value measurement of lender's call optionFair value of the lender call option is determined as the difference between the present value of the probability weighted contractual cash flow upon the occurrence of a call option trigger event and the present value of the contractual cash flows without a call option trigger event occurring, discounted at the expected internal rate of return of 14.3%. It is assumed that any call option trigger event will result in full repayment of the loan. As of December 31, 2022, the likelihood of a lender call option trigger event within the next two years was assessed as realistic and fair value of the option was assessed to DKK 80.6 million. At the time of settlement on May 10, 2023, the fair value of the option amounted to DKK 77.5 million. The fair value change, DKK 1.2 million (2022: DKK -62.6 million), is included in financial items, while the effect of changes to the exchange rate, DKK 1.9 million (2022: DKK 0.0 million), is included in other comprehensive income. Valuation is based on unobservable data (level 3).Changes arising from Oberland loan agreement - including changes for level 3 embedded derivativesNon-cash Non-cash changes over changes other com-recognized in prehensive Cash profit and lossincomechangesCarrying Repayment Carrying value as of Loss on debt Bifurcation Gain on debt of debt, value as at December Loss on recognition - of embedded recognition - Fair value Interests Currency Including Currency December 31, 2022settlementamendment Iderivativesamendment IIadjustments Amortizationaccruedadjustmentspremiumadjustments31, 2023Borrowings as amortized costs 320,743 211,938 - - - - 943 - -7,960 -525,664 - -Embedded derivatives at fair value - Lender call option 80,603 -77,526 - - - -1,161 - - -1,916 - - -Other receivables -8,184 1,176 - - - - - 15,688 263 - -8,943 -Total impact from Oberland loan agreement 393,162 135,588 - - - -1,161 943 15,688 -9,613 -525,664 -8,943 -Non-cash Non-cash changes over changes other com-recognized in prehensive Cash profit and lossincomechangesCarrying Repayment Carrying value as of Loss on debt Bifurcation Gain on debt of debt, value as at December Loss on recognition - of embedded recognition - Fair value Interests Currency Including Currency December 31, 2021settlementamendment Iderivativesamendment IIadjustments Amortizationaccruedadjustmentspremiumadjustments31, 2022Borrowings as amortized costs 647,906 60,387 22,381 -18,017 -18,581 - 1,337 - 47,829 -422,085 - 320,743Embedded derivatives at fair value - Zealand prepayment option - 71,050 - - - -71,050 - - - - - -Embedded derivatives at fair value - Lender call option - - - 18,017 - 62,613 - - -27 - - 80,603Other receivables - - -7,764 - -4,890 - - 54,052 -2,928 -14,003 -32,651 -8,184Total impact from Oberland loan agreement 647,906 131,437 14,617 - -23,471 -8,437 1,337 54,052 44,460 -436,088 -32,651 393,162Refinancing with new credit facility The repayment of the Oberland Capital loan has been refinanced through a new DKK 350 million Revolving Credit Facility provided by Danske Bank and milestones from existing partners. The facility matures in 2 years from June 2023 where any outstanding amount must be repaid in full and carries an interest of CIBOR + fixed margin. The main terms of the facility are listed below.In 2023, there have been no significant transaction costs related to the facility, thus no transaction costs have been capitalized from entering the agreement. As of December 31, 2023, total amount of undrawn borrowing facilities amounts to DKK 350 million.Credit facility terms:Amount: DKK 350 millionMaturity date: June, 2025Repayment: Each loan under the Revolving Credit Facility must be repaid on the last day of its Interest Period. All outstanding amounts under the Revolving Credit Facility must be repaid in full on the Final Maturity Date.Maximum number of loans and minimum The loan can be called with a minimum of DKK amount of each loan:25,000,000, or if greater, in integral multiples of DKK 5,000,000. A maximum of 5 loans can be outstanding at any given time.Upfront fee: 0.4% of the Amount.Interest on withdrawals: CIBOR + fixed margin.Commitment fee 45% of fixed margin.For a description of the pledges provided in relation to the credit facility refer to note 4.4 Cash and cash equivalents.New loan facility from the European Investment Bank (EIB)In December 2023, Zealand has entered into a new EUR 90 million finance agreement with the European Investment Bank (EIB). The loan, which has been offered at competitive terms, is structured with part of the interest paid at recurring intervals during the term and part being deferred (non- compounding) for payment at maturity of each tranche. In addition, the EIB will enter into a warrant agreement with Zealand that will entitle the EIB to receive warrants in Zealand when each tranche is drawn down. The warrants will, subject to the warrant terms, entitle the warrant holder to subscribe for ordinary shares in Zealand at market price.The conditions for disbursement of the first tranche (Tranche A) have been met and the EUR 50 million is expected to be available to Zealand in the beginning of 2024. In 2023, DKK 0.7 million was capitalized through transaction costs related to the loan facility from entering the agreement, which will be amor-tized over the loan term.Loan terms:Amount: The loan facility may be utilized in up to three tranches of EUR 50 million (Tranche A), EUR 20 million (Tranche B) and EUR 20 million (Tranche C), respectively, with disbursement of each tranche subject to pre-specified milestones being met. A floating rate and a deferred interest rate shall be paid on each tranche.Maturity date: 6 years from the disbursement date of the relevant tranche.Repayment: Each tranche under the EIB loan must be repaid on the maturity date.Prepayment fee: 1-5% of principal amount if prepaid before maturity.Floating rate: EURIBOR + fixed margin (cash pay margin).Deferred interest rate: Low single digit for all tranches.Commitment fee: Low single digit on the daily undrawn and uncancelled balance of the relevant tranche. The commitment fee becomes effective from the date falling 6 months from the date of the agreement (Tranche A) or from the date falling 6 months from conditions being fulfilled (Tranches B and C). Warrants: With the disbursement of each tranche, warrants are granted to EIB in accordance with the warrant agreement. The warrants granted will vest as the loan(s) are repaid. If not utilized, any warrants will expire twenty years from the signing date of the contract. Once the warrants have vested, EIB has a put option enabling them to sell the warrants back to Zealand at fair market value at any time.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__170": { "value": "Accounting policiesOn initial recognition, borrowings are measured at fair value which is generally equal to the proceeds received. Fair value is allocated between the debt host contract and, if applicable, an embedded derivative. Transaction costs attributable to the debt host contract are deducted from the initial fair value and amortized over the term of the loan as part of the effective interest rate on the loan. Transaction costs attributable to non-closely related embedded derivatives are expensed on initial recognition. Subsequently, borrowings are measured at amortized cost. On initial recognition, borrowings are evaluated for the existence of non-closely related embedded derivatives, i.e. cash flows or potential cash flows whose economic characteristics and risks are not closely related to the economic characteristics and risks in the debt host contract such as prepayment options at amounts which are not substantially equal to the loan\u2019s amortized cost. The cash flows attributable to such non-closely related embedded derivatives are separated and accounted for as derivative financial instruments.Loan commitments are not recognized. Lender fees and transaction costs attributable to unconditional loan commitments are treated as prepaid transaction costs if the Group expects to draw down on the facility. If the Group has no specific plans for draw down on the loan commitment, the transaction costs are amortized over the commitment period. If a loan commitment is subject to meeting certain conditions, it is considered an unconditional loan commitment if the Group considers it probable that the conditions will be met. Amendment of the terms of a loan is accounted for as an extinguishment of the original loan and recognition of a new liability reflecting the amended terms if the amended terms are substantially different from the orig-inal terms. Both quantitative and qualitive factors are considered. If the present value of the amended cash flows discounted at the original effective interest rate differs by 10% or more, the amendment is treated as an extinguishment. If the presented value of the amended cash flows differs by less than 10%, Management evaluates qualitative factors such as:\u2022 Change in collateral and restrictions of the use of proceeds\u2022 Significant change in the term of the loan\u2022 Change in loan currency and interest baseAll fees incurred in connection with a modification of the terms accounted for as an extinguishment are recognized as an expense.Derecognition of financial liabilities: A financial liability is derecognized when the obligation under the liability is settled, discharged, cancelled, or expires. The difference between the carrying amount of a financial liability extinguished and the consideration paid is recognized through profit and loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__169": { "value": "Accounting policiesOn initial recognition, borrowings are measured at fair value which is generally equal to the proceeds received. Fair value is allocated between the debt host contract and, if applicable, an embedded derivative. Transaction costs attributable to the debt host contract are deducted from the initial fair value and amortized over the term of the loan as part of the effective interest rate on the loan. Transaction costs attributable to non-closely related embedded derivatives are expensed on initial recognition. Subsequently, borrowings are measured at amortized cost. On initial recognition, borrowings are evaluated for the existence of non-closely related embedded derivatives, i.e. cash flows or potential cash flows whose economic characteristics and risks are not closely related to the economic characteristics and risks in the debt host contract such as prepayment options at amounts which are not substantially equal to the loan\u2019s amortized cost. The cash flows attributable to such non-closely related embedded derivatives are separated and accounted for as derivative financial instruments.Loan commitments are not recognized. Lender fees and transaction costs attributable to unconditional loan commitments are treated as prepaid transaction costs if the Group expects to draw down on the facility. If the Group has no specific plans for draw down on the loan commitment, the transaction costs are amortized over the commitment period. If a loan commitment is subject to meeting certain conditions, it is considered an unconditional loan commitment if the Group considers it probable that the conditions will be met. Amendment of the terms of a loan is accounted for as an extinguishment of the original loan and recognition of a new liability reflecting the amended terms if the amended terms are substantially different from the orig-inal terms. Both quantitative and qualitive factors are considered. If the present value of the amended cash flows discounted at the original effective interest rate differs by 10% or more, the amendment is treated as an extinguishment. If the presented value of the amended cash flows differs by less than 10%, Management evaluates qualitative factors such as:\u2022 Change in collateral and restrictions of the use of proceeds\u2022 Significant change in the term of the loan\u2022 Change in loan currency and interest baseAll fees incurred in connection with a modification of the terms accounted for as an extinguishment are recognized as an expense.Derecognition of financial liabilities: A financial liability is derecognized when the obligation under the liability is settled, discharged, cancelled, or expires. The difference between the carrying amount of a financial liability extinguished and the consideration paid is recognized through profit and loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__166-1": { "value": "Accounting policiesOn initial recognition, borrowings are measured at fair value which is generally equal to the proceeds received. Fair value is allocated between the debt host contract and, if applicable, an embedded derivative. Transaction costs attributable to the debt host contract are deducted from the initial fair value and amortized over the term of the loan as part of the effective interest rate on the loan. Transaction costs attributable to non-closely related embedded derivatives are expensed on initial recognition. Subsequently, borrowings are measured at amortized cost. On initial recognition, borrowings are evaluated for the existence of non-closely related embedded derivatives, i.e. cash flows or potential cash flows whose economic characteristics and risks are not closely related to the economic characteristics and risks in the debt host contract such as prepayment options at amounts which are not substantially equal to the loan\u2019s amortized cost. The cash flows attributable to such non-closely related embedded derivatives are separated and accounted for as derivative financial instruments.Loan commitments are not recognized. Lender fees and transaction costs attributable to unconditional loan commitments are treated as prepaid transaction costs if the Group expects to draw down on the facility. If the Group has no specific plans for draw down on the loan commitment, the transaction costs are amortized over the commitment period. If a loan commitment is subject to meeting certain conditions, it is considered an unconditional loan commitment if the Group considers it probable that the conditions will be met. Amendment of the terms of a loan is accounted for as an extinguishment of the original loan and recognition of a new liability reflecting the amended terms if the amended terms are substantially different from the orig-inal terms. Both quantitative and qualitive factors are considered. If the present value of the amended cash flows discounted at the original effective interest rate differs by 10% or more, the amendment is treated as an extinguishment. If the presented value of the amended cash flows differs by less than 10%, Management evaluates qualitative factors such as:\u2022 Change in collateral and restrictions of the use of proceeds\u2022 Significant change in the term of the loan\u2022 Change in loan currency and interest baseAll fees incurred in connection with a modification of the terms accounted for as an extinguishment are recognized as an expense.Derecognition of financial liabilities: A financial liability is derecognized when the obligation under the liability is settled, discharged, cancelled, or expires. The difference between the carrying amount of a financial liability extinguished and the consideration paid is recognized through profit and loss.Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities, banking fees from managing finan-cial transactions, gains and losses from sale of marketable securities and dividends from marketable securities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__180": { "value": "4.7 Financial items Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities, banking fees from managing finan-cial transactions, gains and losses from sale of marketable securities and dividends from marketable securities.DKK thousand 2023 2022Interest income 45,324 6,542Interest expenses from financial liabilities measured at amortized costs -21,998 -53,169Interest expenses from lease liabilities -2,890 -3,286Fair value adjustments of embedded derivatives \u2013 Zealand prepayment option - -62,613Loss on settlement of borrowings, including embedded derivatives under Oberland loan -135,588 -131,437Loss on debt recognition \u2013 amendment I - -14,617Gain on debt recognition \u2013 amendment II - 23,471Gain from sale of marketable securities 1,519 -Fair value adjustment of lender's call option 1,161 71,050Fair value adjustment of marketable securities 6,111 -1,699Fair value adjustment of other investments -16,465 4,036Amortization of loan costs -943 -1,337Exchange rate adjustments (primarily on USD deposits) -9,708 25,602Other financial expenses -3,150 2,569Financial items in total -136,627 -134,888Presentation in income statement:Financial income 54,115 133,270Financial expenses -190,742 -268,158Interest income comprises interest on marketable securities, including interest from the new marketable securities in Danske Bank from June 2023, which is the main reason for the increase in interest income compared to 2022.Interest expenses and banking fees have decreased significantly compared to 2022 following the settle-ment of the Oberland Capital loans in May 2023 as described in note 4.6 Borrowings. Going forward interest expenses mainly comprise interest on the newly established credit facility in Danske Bank, the finance agreement with the European Investment Bank (EIB), and banking fees.Fair value adjustments of Zealand's prepayment option in 2022, are related to the prepayment option included in the loan agreement with Oberland. Please refer to note 4.6 Borrowings for further information. In 2023, loss on settlement of borrowings relates to the settlement of the Oberland loan on May 10, 2023. In 2022, loss on settlement of borrowings relates to the utilization of the prepayment option from the loan agreement with Oberland comprised of the partial utilization of the prepayment option, the premium paid and the capitalized loan costs, which were fully expensed. Reference is made to note 4.6 Borrowings for further information.Gain on debt modifications in 2022 comprises the accounting impact of the two amendments to the Oberland agreement as described in note 4.6 Borrowings.Fair value adjustment of lender call option in 2022 relates to the value adjustments of Oberland's option to call for repayment of the loan under certain conditions. For further information please refer to note 4.6 Borrowings.Fair value adjustment on other investments comprises the accounting impact of the investment in Beta Bionics as described in note 3.4 Other investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__178": { "value": "4.7 Financial items Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities, banking fees from managing finan-cial transactions, gains and losses from sale of marketable securities and dividends from marketable securities.DKK thousand 2023 2022Interest income 45,324 6,542Interest expenses from financial liabilities measured at amortized costs -21,998 -53,169Interest expenses from lease liabilities -2,890 -3,286Fair value adjustments of embedded derivatives \u2013 Zealand prepayment option - -62,613Loss on settlement of borrowings, including embedded derivatives under Oberland loan -135,588 -131,437Loss on debt recognition \u2013 amendment I - -14,617Gain on debt recognition \u2013 amendment II - 23,471Gain from sale of marketable securities 1,519 -Fair value adjustment of lender's call option 1,161 71,050Fair value adjustment of marketable securities 6,111 -1,699Fair value adjustment of other investments -16,465 4,036Amortization of loan costs -943 -1,337Exchange rate adjustments (primarily on USD deposits) -9,708 25,602Other financial expenses -3,150 2,569Financial items in total -136,627 -134,888Presentation in income statement:Financial income 54,115 133,270Financial expenses -190,742 -268,158Interest income comprises interest on marketable securities, including interest from the new marketable securities in Danske Bank from June 2023, which is the main reason for the increase in interest income compared to 2022.Interest expenses and banking fees have decreased significantly compared to 2022 following the settle-ment of the Oberland Capital loans in May 2023 as described in note 4.6 Borrowings. Going forward interest expenses mainly comprise interest on the newly established credit facility in Danske Bank, the finance agreement with the European Investment Bank (EIB), and banking fees.Fair value adjustments of Zealand's prepayment option in 2022, are related to the prepayment option included in the loan agreement with Oberland. Please refer to note 4.6 Borrowings for further information. In 2023, loss on settlement of borrowings relates to the settlement of the Oberland loan on May 10, 2023. In 2022, loss on settlement of borrowings relates to the utilization of the prepayment option from the loan agreement with Oberland comprised of the partial utilization of the prepayment option, the premium paid and the capitalized loan costs, which were fully expensed. Reference is made to note 4.6 Borrowings for further information.Gain on debt modifications in 2022 comprises the accounting impact of the two amendments to the Oberland agreement as described in note 4.6 Borrowings.Fair value adjustment of lender call option in 2022 relates to the value adjustments of Oberland's option to call for repayment of the loan under certain conditions. For further information please refer to note 4.6 Borrowings.Fair value adjustment on other investments comprises the accounting impact of the investment in Beta Bionics as described in note 3.4 Other investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__177": { "value": "4.7 Financial items Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities, banking fees from managing finan-cial transactions, gains and losses from sale of marketable securities and dividends from marketable securities.DKK thousand 2023 2022Interest income 45,324 6,542Interest expenses from financial liabilities measured at amortized costs -21,998 -53,169Interest expenses from lease liabilities -2,890 -3,286Fair value adjustments of embedded derivatives \u2013 Zealand prepayment option - -62,613Loss on settlement of borrowings, including embedded derivatives under Oberland loan -135,588 -131,437Loss on debt recognition \u2013 amendment I - -14,617Gain on debt recognition \u2013 amendment II - 23,471Gain from sale of marketable securities 1,519 -Fair value adjustment of lender's call option 1,161 71,050Fair value adjustment of marketable securities 6,111 -1,699Fair value adjustment of other investments -16,465 4,036Amortization of loan costs -943 -1,337Exchange rate adjustments (primarily on USD deposits) -9,708 25,602Other financial expenses -3,150 2,569Financial items in total -136,627 -134,888Presentation in income statement:Financial income 54,115 133,270Financial expenses -190,742 -268,158Interest income comprises interest on marketable securities, including interest from the new marketable securities in Danske Bank from June 2023, which is the main reason for the increase in interest income compared to 2022.Interest expenses and banking fees have decreased significantly compared to 2022 following the settle-ment of the Oberland Capital loans in May 2023 as described in note 4.6 Borrowings. Going forward interest expenses mainly comprise interest on the newly established credit facility in Danske Bank, the finance agreement with the European Investment Bank (EIB), and banking fees.Fair value adjustments of Zealand's prepayment option in 2022, are related to the prepayment option included in the loan agreement with Oberland. Please refer to note 4.6 Borrowings for further information. In 2023, loss on settlement of borrowings relates to the settlement of the Oberland loan on May 10, 2023. In 2022, loss on settlement of borrowings relates to the utilization of the prepayment option from the loan agreement with Oberland comprised of the partial utilization of the prepayment option, the premium paid and the capitalized loan costs, which were fully expensed. Reference is made to note 4.6 Borrowings for further information.Gain on debt modifications in 2022 comprises the accounting impact of the two amendments to the Oberland agreement as described in note 4.6 Borrowings.Fair value adjustment of lender call option in 2022 relates to the value adjustments of Oberland's option to call for repayment of the loan under certain conditions. For further information please refer to note 4.6 Borrowings.Fair value adjustment on other investments comprises the accounting impact of the investment in Beta Bionics as described in note 3.4 Other investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__176": { "value": "4.7 Financial items Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities, banking fees from managing finan-cial transactions, gains and losses from sale of marketable securities and dividends from marketable securities.DKK thousand 2023 2022Interest income 45,324 6,542Interest expenses from financial liabilities measured at amortized costs -21,998 -53,169Interest expenses from lease liabilities -2,890 -3,286Fair value adjustments of embedded derivatives \u2013 Zealand prepayment option - -62,613Loss on settlement of borrowings, including embedded derivatives under Oberland loan -135,588 -131,437Loss on debt recognition \u2013 amendment I - -14,617Gain on debt recognition \u2013 amendment II - 23,471Gain from sale of marketable securities 1,519 -Fair value adjustment of lender's call option 1,161 71,050Fair value adjustment of marketable securities 6,111 -1,699Fair value adjustment of other investments -16,465 4,036Amortization of loan costs -943 -1,337Exchange rate adjustments (primarily on USD deposits) -9,708 25,602Other financial expenses -3,150 2,569Financial items in total -136,627 -134,888Presentation in income statement:Financial income 54,115 133,270Financial expenses -190,742 -268,158Interest income comprises interest on marketable securities, including interest from the new marketable securities in Danske Bank from June 2023, which is the main reason for the increase in interest income compared to 2022.Interest expenses and banking fees have decreased significantly compared to 2022 following the settle-ment of the Oberland Capital loans in May 2023 as described in note 4.6 Borrowings. Going forward interest expenses mainly comprise interest on the newly established credit facility in Danske Bank, the finance agreement with the European Investment Bank (EIB), and banking fees.Fair value adjustments of Zealand's prepayment option in 2022, are related to the prepayment option included in the loan agreement with Oberland. Please refer to note 4.6 Borrowings for further information. In 2023, loss on settlement of borrowings relates to the settlement of the Oberland loan on May 10, 2023. In 2022, loss on settlement of borrowings relates to the utilization of the prepayment option from the loan agreement with Oberland comprised of the partial utilization of the prepayment option, the premium paid and the capitalized loan costs, which were fully expensed. Reference is made to note 4.6 Borrowings for further information.Gain on debt modifications in 2022 comprises the accounting impact of the two amendments to the Oberland agreement as described in note 4.6 Borrowings.Fair value adjustment of lender call option in 2022 relates to the value adjustments of Oberland's option to call for repayment of the loan under certain conditions. For further information please refer to note 4.6 Borrowings.Fair value adjustment on other investments comprises the accounting impact of the investment in Beta Bionics as described in note 3.4 Other investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__173": { "value": "4.7 Financial items Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities, banking fees from managing finan-cial transactions, gains and losses from sale of marketable securities and dividends from marketable securities.DKK thousand 2023 2022Interest income 45,324 6,542Interest expenses from financial liabilities measured at amortized costs -21,998 -53,169Interest expenses from lease liabilities -2,890 -3,286Fair value adjustments of embedded derivatives \u2013 Zealand prepayment option - -62,613Loss on settlement of borrowings, including embedded derivatives under Oberland loan -135,588 -131,437Loss on debt recognition \u2013 amendment I - -14,617Gain on debt recognition \u2013 amendment II - 23,471Gain from sale of marketable securities 1,519 -Fair value adjustment of lender's call option 1,161 71,050Fair value adjustment of marketable securities 6,111 -1,699Fair value adjustment of other investments -16,465 4,036Amortization of loan costs -943 -1,337Exchange rate adjustments (primarily on USD deposits) -9,708 25,602Other financial expenses -3,150 2,569Financial items in total -136,627 -134,888Presentation in income statement:Financial income 54,115 133,270Financial expenses -190,742 -268,158Interest income comprises interest on marketable securities, including interest from the new marketable securities in Danske Bank from June 2023, which is the main reason for the increase in interest income compared to 2022.Interest expenses and banking fees have decreased significantly compared to 2022 following the settle-ment of the Oberland Capital loans in May 2023 as described in note 4.6 Borrowings. Going forward interest expenses mainly comprise interest on the newly established credit facility in Danske Bank, the finance agreement with the European Investment Bank (EIB), and banking fees.Fair value adjustments of Zealand's prepayment option in 2022, are related to the prepayment option included in the loan agreement with Oberland. Please refer to note 4.6 Borrowings for further information. In 2023, loss on settlement of borrowings relates to the settlement of the Oberland loan on May 10, 2023. In 2022, loss on settlement of borrowings relates to the utilization of the prepayment option from the loan agreement with Oberland comprised of the partial utilization of the prepayment option, the premium paid and the capitalized loan costs, which were fully expensed. Reference is made to note 4.6 Borrowings for further information.Gain on debt modifications in 2022 comprises the accounting impact of the two amendments to the Oberland agreement as described in note 4.6 Borrowings.Fair value adjustment of lender call option in 2022 relates to the value adjustments of Oberland's option to call for repayment of the loan under certain conditions. For further information please refer to note 4.6 Borrowings.Fair value adjustment on other investments comprises the accounting impact of the investment in Beta Bionics as described in note 3.4 Other investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__172": { "value": "4.7 Financial items Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities, banking fees from managing finan-cial transactions, gains and losses from sale of marketable securities and dividends from marketable securities.DKK thousand 2023 2022Interest income 45,324 6,542Interest expenses from financial liabilities measured at amortized costs -21,998 -53,169Interest expenses from lease liabilities -2,890 -3,286Fair value adjustments of embedded derivatives \u2013 Zealand prepayment option - -62,613Loss on settlement of borrowings, including embedded derivatives under Oberland loan -135,588 -131,437Loss on debt recognition \u2013 amendment I - -14,617Gain on debt recognition \u2013 amendment II - 23,471Gain from sale of marketable securities 1,519 -Fair value adjustment of lender's call option 1,161 71,050Fair value adjustment of marketable securities 6,111 -1,699Fair value adjustment of other investments -16,465 4,036Amortization of loan costs -943 -1,337Exchange rate adjustments (primarily on USD deposits) -9,708 25,602Other financial expenses -3,150 2,569Financial items in total -136,627 -134,888Presentation in income statement:Financial income 54,115 133,270Financial expenses -190,742 -268,158Interest income comprises interest on marketable securities, including interest from the new marketable securities in Danske Bank from June 2023, which is the main reason for the increase in interest income compared to 2022.Interest expenses and banking fees have decreased significantly compared to 2022 following the settle-ment of the Oberland Capital loans in May 2023 as described in note 4.6 Borrowings. Going forward interest expenses mainly comprise interest on the newly established credit facility in Danske Bank, the finance agreement with the European Investment Bank (EIB), and banking fees.Fair value adjustments of Zealand's prepayment option in 2022, are related to the prepayment option included in the loan agreement with Oberland. Please refer to note 4.6 Borrowings for further information. In 2023, loss on settlement of borrowings relates to the settlement of the Oberland loan on May 10, 2023. In 2022, loss on settlement of borrowings relates to the utilization of the prepayment option from the loan agreement with Oberland comprised of the partial utilization of the prepayment option, the premium paid and the capitalized loan costs, which were fully expensed. Reference is made to note 4.6 Borrowings for further information.Gain on debt modifications in 2022 comprises the accounting impact of the two amendments to the Oberland agreement as described in note 4.6 Borrowings.Fair value adjustment of lender call option in 2022 relates to the value adjustments of Oberland's option to call for repayment of the loan under certain conditions. For further information please refer to note 4.6 Borrowings.Fair value adjustment on other investments comprises the accounting impact of the investment in Beta Bionics as described in note 3.4 Other investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__171": { "value": "4.7 Financial items Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities, banking fees from managing finan-cial transactions, gains and losses from sale of marketable securities and dividends from marketable securities.DKK thousand 2023 2022Interest income 45,324 6,542Interest expenses from financial liabilities measured at amortized costs -21,998 -53,169Interest expenses from lease liabilities -2,890 -3,286Fair value adjustments of embedded derivatives \u2013 Zealand prepayment option - -62,613Loss on settlement of borrowings, including embedded derivatives under Oberland loan -135,588 -131,437Loss on debt recognition \u2013 amendment I - -14,617Gain on debt recognition \u2013 amendment II - 23,471Gain from sale of marketable securities 1,519 -Fair value adjustment of lender's call option 1,161 71,050Fair value adjustment of marketable securities 6,111 -1,699Fair value adjustment of other investments -16,465 4,036Amortization of loan costs -943 -1,337Exchange rate adjustments (primarily on USD deposits) -9,708 25,602Other financial expenses -3,150 2,569Financial items in total -136,627 -134,888Presentation in income statement:Financial income 54,115 133,270Financial expenses -190,742 -268,158Interest income comprises interest on marketable securities, including interest from the new marketable securities in Danske Bank from June 2023, which is the main reason for the increase in interest income compared to 2022.Interest expenses and banking fees have decreased significantly compared to 2022 following the settle-ment of the Oberland Capital loans in May 2023 as described in note 4.6 Borrowings. Going forward interest expenses mainly comprise interest on the newly established credit facility in Danske Bank, the finance agreement with the European Investment Bank (EIB), and banking fees.Fair value adjustments of Zealand's prepayment option in 2022, are related to the prepayment option included in the loan agreement with Oberland. Please refer to note 4.6 Borrowings for further information. In 2023, loss on settlement of borrowings relates to the settlement of the Oberland loan on May 10, 2023. In 2022, loss on settlement of borrowings relates to the utilization of the prepayment option from the loan agreement with Oberland comprised of the partial utilization of the prepayment option, the premium paid and the capitalized loan costs, which were fully expensed. Reference is made to note 4.6 Borrowings for further information.Gain on debt modifications in 2022 comprises the accounting impact of the two amendments to the Oberland agreement as described in note 4.6 Borrowings.Fair value adjustment of lender call option in 2022 relates to the value adjustments of Oberland's option to call for repayment of the loan under certain conditions. For further information please refer to note 4.6 Borrowings.Fair value adjustment on other investments comprises the accounting impact of the investment in Beta Bionics as described in note 3.4 Other investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__179": { "value": "Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities, banking fees from managing finan-cial transactions, gains and losses from sale of marketable securities and dividends from marketable securities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__175": { "value": "Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities, banking fees from managing finan-cial transactions, gains and losses from sale of marketable securities and dividends from marketable securities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__174": { "value": "Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities, banking fees from managing finan-cial transactions, gains and losses from sale of marketable securities and dividends from marketable securities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__184": { "value": "4.8 Share capital Accounting policiesThe share capital comprises the nominal amount of Zealand Pharma A/S\u2019s ordinary shares, each at a nominal value of DKK 1. All shares are fully paid. The share premium reserve is comprised of the amount received, attributable to shareholders\u2019 equity, in excess of the nominal amount of the shares issued at the parent company\u2019s capital increases or exercise of warrants, reduced by any external expenses directly attributable to the offerings. The total nominal amount from purchase of treasury shares is recognized in retained losses, including any amount excess of the nominal amount.Share option schemesThe Group has share option schemes for warrants, performance share units (PSUs) and restricted share units (RSUs) under which options to subscribe for the Group\u2019s shares have been granted to employees, Management and Board of Directors. Refer to note 4.9 Share-based instruments for further details.PSUs and RSUs exercised in each respective year have been settled using the treasury shares of the Group. Any excess of the cash received from exercise of warrants over the nominal amount of the shares issued is recorded in share premium.DKK thousand 2023 2022Share capital at January 1 51,702 43,634Shares issued for cash 6,579 7,867Exercise of warrants 470 201Share capital at December 31 58,751 51,702The share capital solely consists of one class of ordinary shares all issued at DKK 1 each and all shares rank equally. The shares are negotiable instruments with no restrictions on their transferability. All shares have been fully paid. At the annual general meeting on March 31, 2023, Zealand was author-ized to increase the share capital by nominally DKK 10,340,419 during the period until March 29, 2028. On December 31, 2023, nominally DKK 3,761,471 of the authorization remains. The Company has an unused authorization to issue convertible debt instruments with access to conversion to shares in the Company of up to a total of nominally DKK 10,850,136. This authorization covers the period until April 15, 2026. On March 30, 2023, Zealand announced an issue of 6,578,948 new ordinary shares at a subscription price of DKK 228 per new share resulting in gross proceeds of DKK 1.5 billion. The capital increase was completed in April 2023.During 2023, a total of 470,106 new shares (2022: 200,588) have been issued due to exercise of warrant programs with net proceeds of DKK 63.9 million (2022: DKK 23.8 million) corresponding to an average exercise price of DKK 136.0 (2022: DKK 118.8).As announced on January 8, 2024, the Board of Directors exercised the remaining authorization granted by Zealand's annual general meeting held on March 29, 2023, to increase the Group's share capital by issue of 3,761,470 new ordinary shares at a subscription price of DKK 386.45 per new share. The aggre-gate gross proceeds from the private placement in public equity will amount to DKK 1.45 billion and Zealand intends to use the net proceeds to further strengthen Zealand\u2019s investment in its differentiated assets targeting obesity. The new shares were issued on January 12, 2024, and Zealand received the net proceeds of DKK 1.43 billion on January 16, 2024. The costs related to the capital increase were DKK 22.9 million.For additional information on the potential dilutive effects refer to note 2.11 Earnings per share.Treasury shares As of December 31, 2023, there were 373,134 treasury shares, equivalent to 0.6% of the share capital (2022: 230,063, 0.4%). The treasury shares are allocated to performance share units (PSUs) and restricted share units (RSUs). As of December 31, 2023, DKK 81.0 million included in trade and other payables, comprise Zealand's commitment to a bank credit relating to the acquisition of 300,000 new treasury shares in 2023. The payable amount for treasury shares as of December 31, 2022, of DKK 41.6 million as disclosed in note 3.8 Trade and other payables has been settled and paid in full during 2023, and is reflected in the cash flow statement for 2023. The DKK 41.6 million was recognized under equity in 2021 when Zealand committed to the purchase of 200,000 new treasury shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__183": { "value": "4.8 Share capital Accounting policiesThe share capital comprises the nominal amount of Zealand Pharma A/S\u2019s ordinary shares, each at a nominal value of DKK 1. All shares are fully paid. The share premium reserve is comprised of the amount received, attributable to shareholders\u2019 equity, in excess of the nominal amount of the shares issued at the parent company\u2019s capital increases or exercise of warrants, reduced by any external expenses directly attributable to the offerings. The total nominal amount from purchase of treasury shares is recognized in retained losses, including any amount excess of the nominal amount.Share option schemesThe Group has share option schemes for warrants, performance share units (PSUs) and restricted share units (RSUs) under which options to subscribe for the Group\u2019s shares have been granted to employees, Management and Board of Directors. Refer to note 4.9 Share-based instruments for further details.PSUs and RSUs exercised in each respective year have been settled using the treasury shares of the Group. Any excess of the cash received from exercise of warrants over the nominal amount of the shares issued is recorded in share premium.DKK thousand 2023 2022Share capital at January 1 51,702 43,634Shares issued for cash 6,579 7,867Exercise of warrants 470 201Share capital at December 31 58,751 51,702The share capital solely consists of one class of ordinary shares all issued at DKK 1 each and all shares rank equally. The shares are negotiable instruments with no restrictions on their transferability. All shares have been fully paid. At the annual general meeting on March 31, 2023, Zealand was author-ized to increase the share capital by nominally DKK 10,340,419 during the period until March 29, 2028. On December 31, 2023, nominally DKK 3,761,471 of the authorization remains. The Company has an unused authorization to issue convertible debt instruments with access to conversion to shares in the Company of up to a total of nominally DKK 10,850,136. This authorization covers the period until April 15, 2026. On March 30, 2023, Zealand announced an issue of 6,578,948 new ordinary shares at a subscription price of DKK 228 per new share resulting in gross proceeds of DKK 1.5 billion. The capital increase was completed in April 2023.During 2023, a total of 470,106 new shares (2022: 200,588) have been issued due to exercise of warrant programs with net proceeds of DKK 63.9 million (2022: DKK 23.8 million) corresponding to an average exercise price of DKK 136.0 (2022: DKK 118.8).As announced on January 8, 2024, the Board of Directors exercised the remaining authorization granted by Zealand's annual general meeting held on March 29, 2023, to increase the Group's share capital by issue of 3,761,470 new ordinary shares at a subscription price of DKK 386.45 per new share. The aggre-gate gross proceeds from the private placement in public equity will amount to DKK 1.45 billion and Zealand intends to use the net proceeds to further strengthen Zealand\u2019s investment in its differentiated assets targeting obesity. The new shares were issued on January 12, 2024, and Zealand received the net proceeds of DKK 1.43 billion on January 16, 2024. The costs related to the capital increase were DKK 22.9 million.For additional information on the potential dilutive effects refer to note 2.11 Earnings per share.Treasury shares As of December 31, 2023, there were 373,134 treasury shares, equivalent to 0.6% of the share capital (2022: 230,063, 0.4%). The treasury shares are allocated to performance share units (PSUs) and restricted share units (RSUs). As of December 31, 2023, DKK 81.0 million included in trade and other payables, comprise Zealand's commitment to a bank credit relating to the acquisition of 300,000 new treasury shares in 2023. The payable amount for treasury shares as of December 31, 2022, of DKK 41.6 million as disclosed in note 3.8 Trade and other payables has been settled and paid in full during 2023, and is reflected in the cash flow statement for 2023. The DKK 41.6 million was recognized under equity in 2021 when Zealand committed to the purchase of 200,000 new treasury shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__182": { "value": "4.8 Share capital Accounting policiesThe share capital comprises the nominal amount of Zealand Pharma A/S\u2019s ordinary shares, each at a nominal value of DKK 1. All shares are fully paid. The share premium reserve is comprised of the amount received, attributable to shareholders\u2019 equity, in excess of the nominal amount of the shares issued at the parent company\u2019s capital increases or exercise of warrants, reduced by any external expenses directly attributable to the offerings. The total nominal amount from purchase of treasury shares is recognized in retained losses, including any amount excess of the nominal amount.Share option schemesThe Group has share option schemes for warrants, performance share units (PSUs) and restricted share units (RSUs) under which options to subscribe for the Group\u2019s shares have been granted to employees, Management and Board of Directors. Refer to note 4.9 Share-based instruments for further details.PSUs and RSUs exercised in each respective year have been settled using the treasury shares of the Group. Any excess of the cash received from exercise of warrants over the nominal amount of the shares issued is recorded in share premium.DKK thousand 2023 2022Share capital at January 1 51,702 43,634Shares issued for cash 6,579 7,867Exercise of warrants 470 201Share capital at December 31 58,751 51,702The share capital solely consists of one class of ordinary shares all issued at DKK 1 each and all shares rank equally. The shares are negotiable instruments with no restrictions on their transferability. All shares have been fully paid. At the annual general meeting on March 31, 2023, Zealand was author-ized to increase the share capital by nominally DKK 10,340,419 during the period until March 29, 2028. On December 31, 2023, nominally DKK 3,761,471 of the authorization remains. The Company has an unused authorization to issue convertible debt instruments with access to conversion to shares in the Company of up to a total of nominally DKK 10,850,136. This authorization covers the period until April 15, 2026. On March 30, 2023, Zealand announced an issue of 6,578,948 new ordinary shares at a subscription price of DKK 228 per new share resulting in gross proceeds of DKK 1.5 billion. The capital increase was completed in April 2023.During 2023, a total of 470,106 new shares (2022: 200,588) have been issued due to exercise of warrant programs with net proceeds of DKK 63.9 million (2022: DKK 23.8 million) corresponding to an average exercise price of DKK 136.0 (2022: DKK 118.8).As announced on January 8, 2024, the Board of Directors exercised the remaining authorization granted by Zealand's annual general meeting held on March 29, 2023, to increase the Group's share capital by issue of 3,761,470 new ordinary shares at a subscription price of DKK 386.45 per new share. The aggre-gate gross proceeds from the private placement in public equity will amount to DKK 1.45 billion and Zealand intends to use the net proceeds to further strengthen Zealand\u2019s investment in its differentiated assets targeting obesity. The new shares were issued on January 12, 2024, and Zealand received the net proceeds of DKK 1.43 billion on January 16, 2024. The costs related to the capital increase were DKK 22.9 million.For additional information on the potential dilutive effects refer to note 2.11 Earnings per share.Treasury shares As of December 31, 2023, there were 373,134 treasury shares, equivalent to 0.6% of the share capital (2022: 230,063, 0.4%). The treasury shares are allocated to performance share units (PSUs) and restricted share units (RSUs). As of December 31, 2023, DKK 81.0 million included in trade and other payables, comprise Zealand's commitment to a bank credit relating to the acquisition of 300,000 new treasury shares in 2023. The payable amount for treasury shares as of December 31, 2022, of DKK 41.6 million as disclosed in note 3.8 Trade and other payables has been settled and paid in full during 2023, and is reflected in the cash flow statement for 2023. The DKK 41.6 million was recognized under equity in 2021 when Zealand committed to the purchase of 200,000 new treasury shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__187-1": { "value": "Accounting policiesThe share capital comprises the nominal amount of Zealand Pharma A/S\u2019s ordinary shares, each at a nominal value of DKK 1. All shares are fully paid. The share premium reserve is comprised of the amount received, attributable to shareholders\u2019 equity, in excess of the nominal amount of the shares issued at the parent company\u2019s capital increases or exercise of warrants, reduced by any external expenses directly attributable to the offerings. The total nominal amount from purchase of treasury shares is recognized in retained losses, including any amount excess of the nominal amount.Share option schemesThe Group has share option schemes for warrants, performance share units (PSUs) and restricted share units (RSUs) under which options to subscribe for the Group\u2019s shares have been granted to employees, Management and Board of Directors. Refer to note 4.9 Share-based instruments for further details.PSUs and RSUs exercised in each respective year have been settled using the treasury shares of the Group. Any excess of the cash received from exercise of warrants over the nominal amount of the shares issued is recorded in share premium.Accounting policiesShare-based compensation expensesThe value of services received as consideration for share-based compensation is measured at the fair value of the granted instrument. The fair value of equity-settled share-based compensation is determined at the grant date and is recognized in the income statement as employee benefit expense over the period in which the instruments vest. The offsetting entry is recognized under equity. At each reporting date, an estimate is made of the number of instruments expected to vest, so the total expense recognized over the vesting period is equal to fair value of the actual number of instruments which vest. The fair value of warrants granted is estimated using the Black\u2013Scholes pricing model, whereas for RSUs and PSUs the closing share price on the day of the grant is used.In respect of performance obligations, market conditions, such as when the exercisability of an instrument depends on the achievement of a specified target that is based on the market price or value of the entity\u2019s equity instruments, relative to an index, are taken into account when estimating the fair value of the award at the grant date, while non-market vesting conditions, such as forfeiture rates, are taken into account by adjusting the number of equity instruments included in the measurement of the transaction amount so as to reflect the number of awards that are expected to vest.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__186": { "value": "Accounting policiesThe share capital comprises the nominal amount of Zealand Pharma A/S\u2019s ordinary shares, each at a nominal value of DKK 1. All shares are fully paid. The share premium reserve is comprised of the amount received, attributable to shareholders\u2019 equity, in excess of the nominal amount of the shares issued at the parent company\u2019s capital increases or exercise of warrants, reduced by any external expenses directly attributable to the offerings. The total nominal amount from purchase of treasury shares is recognized in retained losses, including any amount excess of the nominal amount.Share option schemesThe Group has share option schemes for warrants, performance share units (PSUs) and restricted share units (RSUs) under which options to subscribe for the Group\u2019s shares have been granted to employees, Management and Board of Directors. Refer to note 4.9 Share-based instruments for further details.PSUs and RSUs exercised in each respective year have been settled using the treasury shares of the Group. Any excess of the cash received from exercise of warrants over the nominal amount of the shares issued is recorded in share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__185": { "value": "Accounting policiesThe share capital comprises the nominal amount of Zealand Pharma A/S\u2019s ordinary shares, each at a nominal value of DKK 1. All shares are fully paid. The share premium reserve is comprised of the amount received, attributable to shareholders\u2019 equity, in excess of the nominal amount of the shares issued at the parent company\u2019s capital increases or exercise of warrants, reduced by any external expenses directly attributable to the offerings. The total nominal amount from purchase of treasury shares is recognized in retained losses, including any amount excess of the nominal amount.Share option schemesThe Group has share option schemes for warrants, performance share units (PSUs) and restricted share units (RSUs) under which options to subscribe for the Group\u2019s shares have been granted to employees, Management and Board of Directors. Refer to note 4.9 Share-based instruments for further details.PSUs and RSUs exercised in each respective year have been settled using the treasury shares of the Group. Any excess of the cash received from exercise of warrants over the nominal amount of the shares issued is recorded in share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__188": { "value": "4.9 Share-based instrumentsTo motivate and retain key employees, Management and Board of Directors and to encourage the achievement of common goals for employees, Management and shareholders, the Group has estab-lished equity-settled incentive plans based on Restricted share units (RSUs), Performance share units (PSUs) and warrants. Warrants, PSUs and RSUs are granted by the Board of Directors in accordance with authorizations given to it by Zealand Pharma A/S\u2019s shareholders. Grants to members of the Board of Directors and members of the Executive Management are subject to the Remuneration Policy adopted at the Annual General Meeting.Share-based compensation expenseThe total expense recognized for the year under staff costs arising from share-based instruments was as follows:DKK thousand 2023 2022Recognized as staff costs:Share-based compensation expenses 61,426 52,286Total 61,426 52,286Total share-based compensation expenses split on type of awardDKK thousand 2023 2022PSUs 18,209 11,510RSUs 22,481 16,789Warrants 20,736 23,987Total 61,426 52,286Total share-based compensation expenses split on expense typeDKK thousand 2023 2022The amount is presented as:Research and development expenses 29,758 33,837Selling and marketing expenses 1,732 649General and administrative expenses 29,936 31,696Other operating items - -11,241Discontinued operations - -2,655Total 61,426 52,286In 2022, restructuring costs from discontinued operations included a reversal of costs related to forfeited share-based incentive programs of DKK 2.7 million. Restructuring costs from continuing operations also included a reversal of costs related to forfeited share-based incentive programs as part of restructuring costs following the March 20, 2022, company announcement. This is included in other operating items with DKK 11.2 million. For further information see note 2.9 Other operating items. Accounting policiesShare-based compensation expensesThe value of services received as consideration for share-based compensation is measured at the fair value of the granted instrument. The fair value of equity-settled share-based compensation is determined at the grant date and is recognized in the income statement as employee benefit expense over the period in which the instruments vest. The offsetting entry is recognized under equity. At each reporting date, an estimate is made of the number of instruments expected to vest, so the total expense recognized over the vesting period is equal to fair value of the actual number of instruments which vest. The fair value of warrants granted is estimated using the Black\u2013Scholes pricing model, whereas for RSUs and PSUs the closing share price on the day of the grant is used.In respect of performance obligations, market conditions, such as when the exercisability of an instrument depends on the achievement of a specified target that is based on the market price or value of the entity\u2019s equity instruments, relative to an index, are taken into account when estimating the fair value of the award at the grant date, while non-market vesting conditions, such as forfeiture rates, are taken into account by adjusting the number of equity instruments included in the measurement of the transaction amount so as to reflect the number of awards that are expected to vest. Management's judgements and estimates Estimate of fair value of share-based compensation programsIn accordance with IFRS 2, the fair value of the warrants at grant date is recognized as an expense in the income statement over the vesting period.The fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model. This pricing model requires the input of subjective assumptions such as:\u2022 The expected share price volatility, which is based upon the historical volatility of Zealand's share price.\u2022 The risk-free interest rate, which is determined based on the interest rate on Danish government bonds (bullet issues) with a maturity similar to the expected life of the option.\u2022 The expected life of warrants, which is based on vesting terms, expected rate of exercise, and contractual life terms in the current warrant program.These assumptions can vary over time and can change the fair value of future warrants granted.Estimate of forfeiture rate for share-based compensation programsThe estimated number of shares expected to vest is based on a series of factors such as:\u2022 The historic rate of employee turnover adjusted for significant events.\u2022 Remaining time until vesting.\u2022 Expected achievement of performance goals for PSUs.Determination of fair value of the instruments grantedFor warrants granted after April 19, 2018, the exercise price is determined by the closing price of Zealand\u2019s shares on Nasdaq Copenhagen on the day prior to the grant date.Warrants granted prior to April 15, 2020, expire automatically after five years. Warrants vest either after 3 years of service, with 1/36 each month from the grant date, or with 1/3 after one year, 1/3 after two years and 1/3 after three years. The service cost is recognized over the respective vesting periods. Warrants granted from April 15, 2020, and going forward expire automatically after 5 or 10 years for warrants granted to Corporate Management and employees, respectively.Warrants may be exercised four times a year during a four-week period starting from the date of the publication of Zealand\u2019s Annual Report or interim reports. Dividends are not expected.For warrants granted after January 1, 2019, the volatility rate used is based on a historical volatility of the Zealand share price calculated as the vesting period of 3 years plus 50% of the exercise period of 7 years i.e., 6.5 years (2022: 6.5 years)The fair value of the warrants granted in 2023 and 2022 was determined using the Black-Scholes model using the following inputs:Grant year2023 2022Inputs in determining fair value of warrants:Life of warrant 10 years 5 and 10 yearsWeighted average exercise price/share price (DKK) 219.4 93.6Volatility (%) 43.0 to 50.3 48.6 to 61.2Risk-free interest rate (%) 2.68 to 2.89 0.86 to 2.14Exercise period to-from Apr '26 to May '23 to Oct '33Sep '32The weighted average fair value of warrants granted in 2023 is DKK 114.7 (2022: DKK 43.4).Warrant programsA Warrant grants the beneficiary the option to purchase a new share at a fixed price upon vesting. The only vesting condition is time (service condition).Incentive programs with outstanding warrants at the end of 2023 and 2022, respectively, have been offered under different warrant programs. The number of warrants granted in 2023 consists of 290,894 granted on April 19, 2023, and 4,943 granted on October 31, 2023, totaling 295,837 warrants (2022: 896,990).The warrants granted in 2023 are valued at DKK 33.9 million (2022: DKK 38.9 million) using the Black-Scholes model. The warrants vest linearly or gradually over 3 years.Movement table of warrants granted:Weighted average exercise No. of warrants 2023price (DKK)Warrants outstanding at January 1 1,549,430 124.7Granted during the period 295,837 219.4Forfeited during the period -33,884 124.7Exercised during the period -470,106 136.0Expired during the period -6,619 155.8No. of warrants outstanding at December 31 1,334,658 141.6Exercisable at the end of the period 333,302 176.8Exercisable within 1 year 81,277 97.2Exercisable within 1-2 years 631,110 93.1Exercisable within 2-3 years 288,969 219.4Warrants outstanding at the end of the period:Range of exercise prices (DKK) 90.7-300.4Weighted-average remaining contractual life 7.00Number held by Executive Management 203,101Weighted average exercise No. of warrants 2022price (DKK)Warrants outstanding at January 1 1,477,194 159.6Granted during the period 896,990 93.6Forfeited during the period -230,302 175.2Exercised during the period -200,588 118.8Expired during the period -393,864 158.1No. of warrants outstanding at December 31 1,549,430 124.7Exercisable at the end of the period 465,158 122.7Exercisable within 1 year 344,717 194.3Exercisable within 1-2 years 81,277 97.2Exercisable within 2-3 years 658,277 93.0Warrants outstanding at the end of the period:Range of exercise prices (DKK) 90-224.4Weighted-average remaining contractual life 5.8Number held by Executive Management 268,101The weighted average share price for warrants exercised in 2023 is DKK 252.2 (2022: DKK 189.0).The Board of Directors has not been granted warrants. Refer to note 6.1 Remuneration of the Board of Directors and Executive Management for additional information.PSU programsPSUs grant the beneficiary the right to receive one already existing share upon vesting. Vesting condi-tions for PSUs consist of both a service condition (time) and a performance condition. The performance condition can be either market based (cliff vesting) or operational based (graded vesting). The PSUs have either cliff vesting after 3 years or graded vesting over 3 years.Operational based PSUs are dependent on pre-determined performance criteria (non-market perfor-mance conditions) set out to pursue the overall strategic objectives for the Company.The number of performance share units granted in 2023 consists of 67,576 granted on April 19, 2023 (2022: 286,813). The value per share unit granted is determined based on the Company's closing share price on Nasdaq Copenhagen A/S on the day of the grant.The PSUs granted in 2023 are valued at DKK 14.7 million at grant (2022: DKK 28.3 million) based on a share price of DKK 218.0 (2022: DKK 90.7 to 203.0). The weighted average fair value of PSUs granted in 2023 is DKK 218.0 (2022: DKK 98.7). Dividends are not expected and thus not incorporated into the measurement of fair value.Movement table of PSU granted shares:No. of PSUsDKK thousand 2023 2022No. of share units:At January 1 357,801 271,761Adjustments due to performance targets - 35,948Granted during the year 67,576 286,813Vested during the year -65,550 -71,780Forfeited during the year - -164,941At December 31 359,827 357,801The adjustment made in 2022 of 35,948 units was due to reaching a performance target set out in the 2021 operational based PSU grant.RSU programsRSUs grants the beneficiary the right to receive one of the Company\u2019s already issued shares upon vesting. There are no vesting conditions except time (service condition). The RSUs have either cliff vesting after 3 years or graded vesting over 3 years.The number of restricted share units granted in 2023 consists of 126,747 granted on April 19, 2023 (2022: 148,431). The value per share unit granted is determined based on the Company's closing share price on Nasdaq Copenhagen A/S on the day of the grant.The RSUs granted in 2023 are valued at DKK 27.6 million (2022: DKK 13.6 million) and are granted at a share price of DKK 218.0 (2022: DKK 90.7 to 100.2). The weighted average fair value of RSUs granted in 2023 is DKK 218.0 (2022: DKK 91.6). Dividends are not expected and thus not incorporated into the measurement of fair value.Movement table of RSU granted shares:No. of RSUsDKK thousand 2023 2022No. of share units:At January 1 283,272 460,089Granted during the year 126,747 148,431Vested during the year -91,307 -116,563Forfeited during the year -42,765 -208,685At December 31 275,947 283,272Sale Instruction SchemeIn 2024, Zealand has decided to establish a Sale Instruction Scheme for its Corporate Management. The Scheme allows the individual member of the management to give a sales instruction for future sales at a time where the individual is not in possession of inside information. The Scheme is only to be used by the Zealand management to sell shares to pay their taxes or the cost of exercising the incen-tive schemes. Zealand has assisted the management in establishing the Scheme, however, it is at the individual management member's own risk and liability to use the Scheme and Zealand cannot be held accountable for any liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__189": { "value": "Accounting policiesShare-based compensation expensesThe value of services received as consideration for share-based compensation is measured at the fair value of the granted instrument. The fair value of equity-settled share-based compensation is determined at the grant date and is recognized in the income statement as employee benefit expense over the period in which the instruments vest. The offsetting entry is recognized under equity. At each reporting date, an estimate is made of the number of instruments expected to vest, so the total expense recognized over the vesting period is equal to fair value of the actual number of instruments which vest. The fair value of warrants granted is estimated using the Black\u2013Scholes pricing model, whereas for RSUs and PSUs the closing share price on the day of the grant is used.In respect of performance obligations, market conditions, such as when the exercisability of an instrument depends on the achievement of a specified target that is based on the market price or value of the entity\u2019s equity instruments, relative to an index, are taken into account when estimating the fair value of the award at the grant date, while non-market vesting conditions, such as forfeiture rates, are taken into account by adjusting the number of equity instruments included in the measurement of the transaction amount so as to reflect the number of awards that are expected to vest.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__193": { "value": "5.1 Corporate tax Accounting policiesIncome tax on results for the year, which comprises current tax and changes in deferred tax, is recog-nized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders' equity or other comprehensive income.Current tax liabilities and current tax receivables are measure at the amounts expected to be paid to or recovered from the tax authorities.Deferred tax is accounted for under the liability method which requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of tax losses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax from changes in tax rates is recognized in the income statement.Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which the differences can be utilized. Management's judgements and estimates Zealand recognizes deferred tax assets, including the tax base of tax losses carried forward, if Management assesses that these tax assets can be offset against positive taxable income within a foreseeable future. This judgement is made on an ongoing basis and is based on numerous factors, including actual results, budgets, and business plans for the coming years.The creation and development of therapeutic products within the biotechnology and pharmaceutical industry are subject to considerable risks and uncertainties. Zealand's future taxable income will be driven by future events that are highly susceptible to factors outside of the groups control including outcomes of clinical trials, regulatory approvals, and other matters.Due to the uncertainties described, Management has concluded that no deferred tax assets should be recognized on December 31, 2023 (none recognized in 2022), except for the US entity, which is expected to have profitable taxable income due to the Group\u2019s transfer pricing setup.DKK thousand 2023 2022Net result for the year before tax -708,865 -1,195,491Corporate tax rate in Denmark 22.0% 22.0%Expected tax benefit -155,950 -263,008Adjustment for foreign tax rates -2,618 -806Adjustment for non-deductible expenses -6,512 1,052Adjustment for non-taxable income - -468Adjustment for warrants -1,690 5,935Adjustment for R&D extra deduction -21,768 -20,960Adjustment to prior year -28,409 800Change in tax assets (not recognized) 211,821 283,493Total income tax expense/(benefit) -5,126 6,644- hereof related to discontinued operations - -13,075Total income tax expense/(benefit) from continuing operations -5,126 -6,431Zealand Pharma pays corporate income tax in jurisdictions where the operations are profitable. Corporate income tax is currently only paid in the United States. We are currently in a loss-making posi-tion in Denmark with an accumulated tax loss carryforward shown in the table below, which can be offset in future taxable income.Zealand Pharma accepts government sponsored tax credits and incentives with strict adherence to the rules and in line with the economic substance of the Company\u2019s business activities. We only accept credits and incentives which are commonly available. Under Danish tax law, Zealand Pharma is eligible to receive a DKK 5.5 million cash refund in 2023 (2022: DKK 5.5 million) on qualifying research and development expenses, which at the same time equally reduces the tax loss carried forward. Zealand is also eligible for the super deduction in Denmark on certain research and development expenditures. Unrecognized deferred tax assets relate to tax jurisdictions in Denmark and US. DKK thousand 2023 2022Specification of deferred tax assets:Tax losses carried forward (available indefinitely) 3,898,988 3,312,022Research and development expenses 1,031,011 956,816Intangible assets 76,129 107,231Non-current assets 100,444 105,323Liabilities 21,981 77,168Other 412,116 103,278Total temporary differences 5,540,669 4,661,838Calculated potential deferred tax asset at local tax rate 1,219,805 1,026,257Deferred tax asset not expected to be utilized -1,218,880 -1,024,240Recognized deferred tax asset 925 2,017Adjustment for foreign tax ratesAdjustment relates to difference in the corporate tax rates between Denmark and United States.Adjustment for non-deductible expensesAdjustment mainly relates to interest deduction limitation and value adjustment of tax-exempt port-folio shares in Beta Bionics Inc. In addition, from January 1, 2023, new legislation limiting deduction for high salaries has come into effect. This is more than offset by non-deductible expenses related to the Oberland Capital loan in 2023.Adjustment for warrantsAdjustment relates to timing difference between deduction of warrants in the accounts and the deduc-tion for tax purposes, along with differences in accounting and tax values. In accordance with IFRS 2, the fair value of warrants at grant date is recognized as an expense in the income statement over the vesting period for accounting purposes. For tax purposes, a deduction is claimed at the time the warrants, which fulfill certain conditions, are exercised. The deductible amount is equal to the difference in fair value of the warrants and the exercise price for taxable warrants. The adjustment relates to Zealand Pharma's warrant incentive schemes and represents the deduct-ible amount along with an adjustment of the expected future tax deduction on incentive schemes. Deductions are calculated based on the circumstances for the individual scheme and the recipient. Zealand Pharma also provides, included in this adjustment, incentive schemes which are non-deduct-ible for tax purposes.Adjustment for R&D extra deductionAdjustment relates to an 8% extra deduction taken on qualifying research and development expenses in accordance with the government sponsored tax incentive. Adjustment to prior yearIn 2023, the adjustment mainly relates to an interest limitation that was not fully included until the finali-zation of the tax return for 2022.Tax assets not recognizedIn accordance with the Group\u2019s accounting policies, the value of tax assets originating from Denmark is not recognized, due to uncertainty regarding when and if they will be realized as a future tax advantage within a foreseeable future. Tax assets originating from Zealand Pharma U.S., Inc. have been recognized with an amount of DKK 0.9 million, which is expected to be realized as a future tax advantage within a foreseeable future.Total tax losses carried forward for the Group amount to DKK 3,899 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__191": { "value": "5.1 Corporate tax Accounting policiesIncome tax on results for the year, which comprises current tax and changes in deferred tax, is recog-nized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders' equity or other comprehensive income.Current tax liabilities and current tax receivables are measure at the amounts expected to be paid to or recovered from the tax authorities.Deferred tax is accounted for under the liability method which requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of tax losses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax from changes in tax rates is recognized in the income statement.Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which the differences can be utilized. Management's judgements and estimates Zealand recognizes deferred tax assets, including the tax base of tax losses carried forward, if Management assesses that these tax assets can be offset against positive taxable income within a foreseeable future. This judgement is made on an ongoing basis and is based on numerous factors, including actual results, budgets, and business plans for the coming years.The creation and development of therapeutic products within the biotechnology and pharmaceutical industry are subject to considerable risks and uncertainties. Zealand's future taxable income will be driven by future events that are highly susceptible to factors outside of the groups control including outcomes of clinical trials, regulatory approvals, and other matters.Due to the uncertainties described, Management has concluded that no deferred tax assets should be recognized on December 31, 2023 (none recognized in 2022), except for the US entity, which is expected to have profitable taxable income due to the Group\u2019s transfer pricing setup.DKK thousand 2023 2022Net result for the year before tax -708,865 -1,195,491Corporate tax rate in Denmark 22.0% 22.0%Expected tax benefit -155,950 -263,008Adjustment for foreign tax rates -2,618 -806Adjustment for non-deductible expenses -6,512 1,052Adjustment for non-taxable income - -468Adjustment for warrants -1,690 5,935Adjustment for R&D extra deduction -21,768 -20,960Adjustment to prior year -28,409 800Change in tax assets (not recognized) 211,821 283,493Total income tax expense/(benefit) -5,126 6,644- hereof related to discontinued operations - -13,075Total income tax expense/(benefit) from continuing operations -5,126 -6,431Zealand Pharma pays corporate income tax in jurisdictions where the operations are profitable. Corporate income tax is currently only paid in the United States. We are currently in a loss-making posi-tion in Denmark with an accumulated tax loss carryforward shown in the table below, which can be offset in future taxable income.Zealand Pharma accepts government sponsored tax credits and incentives with strict adherence to the rules and in line with the economic substance of the Company\u2019s business activities. We only accept credits and incentives which are commonly available. Under Danish tax law, Zealand Pharma is eligible to receive a DKK 5.5 million cash refund in 2023 (2022: DKK 5.5 million) on qualifying research and development expenses, which at the same time equally reduces the tax loss carried forward. Zealand is also eligible for the super deduction in Denmark on certain research and development expenditures. Unrecognized deferred tax assets relate to tax jurisdictions in Denmark and US. DKK thousand 2023 2022Specification of deferred tax assets:Tax losses carried forward (available indefinitely) 3,898,988 3,312,022Research and development expenses 1,031,011 956,816Intangible assets 76,129 107,231Non-current assets 100,444 105,323Liabilities 21,981 77,168Other 412,116 103,278Total temporary differences 5,540,669 4,661,838Calculated potential deferred tax asset at local tax rate 1,219,805 1,026,257Deferred tax asset not expected to be utilized -1,218,880 -1,024,240Recognized deferred tax asset 925 2,017Adjustment for foreign tax ratesAdjustment relates to difference in the corporate tax rates between Denmark and United States.Adjustment for non-deductible expensesAdjustment mainly relates to interest deduction limitation and value adjustment of tax-exempt port-folio shares in Beta Bionics Inc. In addition, from January 1, 2023, new legislation limiting deduction for high salaries has come into effect. This is more than offset by non-deductible expenses related to the Oberland Capital loan in 2023.Adjustment for warrantsAdjustment relates to timing difference between deduction of warrants in the accounts and the deduc-tion for tax purposes, along with differences in accounting and tax values. In accordance with IFRS 2, the fair value of warrants at grant date is recognized as an expense in the income statement over the vesting period for accounting purposes. For tax purposes, a deduction is claimed at the time the warrants, which fulfill certain conditions, are exercised. The deductible amount is equal to the difference in fair value of the warrants and the exercise price for taxable warrants. The adjustment relates to Zealand Pharma's warrant incentive schemes and represents the deduct-ible amount along with an adjustment of the expected future tax deduction on incentive schemes. Deductions are calculated based on the circumstances for the individual scheme and the recipient. Zealand Pharma also provides, included in this adjustment, incentive schemes which are non-deduct-ible for tax purposes.Adjustment for R&D extra deductionAdjustment relates to an 8% extra deduction taken on qualifying research and development expenses in accordance with the government sponsored tax incentive. Adjustment to prior yearIn 2023, the adjustment mainly relates to an interest limitation that was not fully included until the finali-zation of the tax return for 2022.Tax assets not recognizedIn accordance with the Group\u2019s accounting policies, the value of tax assets originating from Denmark is not recognized, due to uncertainty regarding when and if they will be realized as a future tax advantage within a foreseeable future. Tax assets originating from Zealand Pharma U.S., Inc. have been recognized with an amount of DKK 0.9 million, which is expected to be realized as a future tax advantage within a foreseeable future.Total tax losses carried forward for the Group amount to DKK 3,899 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__195": { "value": "Accounting policiesIncome tax on results for the year, which comprises current tax and changes in deferred tax, is recog-nized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders' equity or other comprehensive income.Current tax liabilities and current tax receivables are measure at the amounts expected to be paid to or recovered from the tax authorities.Deferred tax is accounted for under the liability method which requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of tax losses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax from changes in tax rates is recognized in the income statement.Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which the differences can be utilized.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__194": { "value": "Accounting policiesIncome tax on results for the year, which comprises current tax and changes in deferred tax, is recog-nized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders' equity or other comprehensive income.Current tax liabilities and current tax receivables are measure at the amounts expected to be paid to or recovered from the tax authorities.Deferred tax is accounted for under the liability method which requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of tax losses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax from changes in tax rates is recognized in the income statement.Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which the differences can be utilized.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__192": { "value": "Accounting policiesIncome tax on results for the year, which comprises current tax and changes in deferred tax, is recog-nized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders' equity or other comprehensive income.Current tax liabilities and current tax receivables are measure at the amounts expected to be paid to or recovered from the tax authorities.Deferred tax is accounted for under the liability method which requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of tax losses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax from changes in tax rates is recognized in the income statement.Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which the differences can be utilized.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__196": { "value": "6.1 Remuneration of the Board of Directors and Executive Management2023 2022Base Share-based Total Base Share-based Total DKK thousandboard feescompensationfeesboard feescompensationfeesRemuneration to the Board of DirectorsMartin Nicklasson 100 966 1,066 100 968 1,068Kirsten Drejer 100 483 583 100 484 584Alain Munoz 100 544 644 100 545 645Michael Owen 100 544 644 100 545 645Bernadette Mary Connaughton 100 483 583 100 484 584Jeffrey Berkowitz 100 483 583 100 484 584Leonard Kruimer 100 664 764 100 666 7661Jens Peter Stenvang100 181 281 100 182 2821Frederik Barfoed Beck100 181 281 100 182 282Louise Gjelstrup\u00b9 100 181 281 100 182 2821,2Anneline Nansen100 181 281 100 96 196Total 1,100 4,891 5,991 1,100 4,818 5,9181 Employee-elected board members; the table only includes remuneration for board work.2 Anneline Nansen joined the Board in 2021.The disclosed remuneration for board members excludes minor mandatory social security costs paid by the company.It also excludes reimbursed expenses incurred in connection with board meetings, such as travel and accommodation.Other Base Pension short term Share-based Severance DKK thousandsalary Bonuscontributionbenefitscompensationpayments Total2023Remuneration to the Executive Management1Adam Sinding Steensberg5,750 4,744 1,150 243 12,950 - 24,8372Henriette Wennicke2,621 1,441 524 267 4,387 - 9,240Total 8,371 6,185 1,674 510 17,337 - 34,077Total Other Corporate Management\u2075 9,696 5,300 1,016 820 15,467 - 32,299Total 18,067 11,485 2,690 1,330 32,804 - 66,3762022Remuneration to the Executive Management1Adam Sinding Steensberg4,162 2,366 832 725 11,061 - 19,1462Henriette Wennicke420 168 84 41 225 - 9383Emmanuel Dulac2,626 1,575 525 122 -3,265 6,564 8,1474Matthew Donald Dallas2,248 860 46 234 -581 3,194 6,001Total 9,456 4,969 1,487 1,122 7,440 9,758 34,232Total Other Corporate Management\u2075 9,826 4,204 1,009 879 10,986 3,033 29,938Total 19,282 9,173 2,496 2,001 18,426 12,791 64,1701 Former EVP, R&D and CMO Adam Sinding Steensberg was appointed CEO at March 30, 2022.2 Henriette Wennicke was appointed as CFO at November 1, 2022.3 Former CEO Emmanuel Dulac resigned from Zealand at March 30, 2022.4 Former CFO Matthew Donald Dallas resigned from Zealand at August 31, 2022.5 Other Corporate Management in 2023 comprised four members (2022: four)", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__197": { "value": "6.2 Fees to auditors appointed at the annual general meetingDKK thousand 2023 2022Audit 2,590 7,862Audit-related services and other assurance engagements 940 1,760Other - 389Total fees 3,530 10,011The fee for audit-related services and other assurance engagements, and other services provided to the Group by EY Godkendt Revisionspartnerselskab in 2023 and 2022 consisted of an audit of the annual report, quarterly reviews, other audit-related services on various statements for public authorities, and other accounting advisory services.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__200": { "value": "6.3 Contingent assets and liabilitiesContingent assets and liabilitiesZealand is entitled to potential milestone payments and royalties on successful commercialization of products developed under license and collaboration agreements with partners. Since the size and timing of such payments are uncertain until the milestones are reached or sales are generated, future payments under these agreements qualify as contingent assets. However, it is impossible to measure the value of contingent assets, and as such, no assets have been recognized.As part of the license and collaboration agreements that Zealand has entered, once a product is devel-oped and commercialized, Zealand may be required to make milestone and royalty payments. It is not possible to measure the value of such future payments, but Zealand expects to generate future income from such products which will exceed any milestone and royalty payments due, and as such, no liabili-ties have been recognized.Reference is made to note 6.7 Collaborations and technology licenses for descriptions of Zealand\u2019s collaboration and license agreements.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__199": { "value": "6.3 Contingent assets and liabilitiesContingent assets and liabilitiesZealand is entitled to potential milestone payments and royalties on successful commercialization of products developed under license and collaboration agreements with partners. Since the size and timing of such payments are uncertain until the milestones are reached or sales are generated, future payments under these agreements qualify as contingent assets. However, it is impossible to measure the value of contingent assets, and as such, no assets have been recognized.As part of the license and collaboration agreements that Zealand has entered, once a product is devel-oped and commercialized, Zealand may be required to make milestone and royalty payments. It is not possible to measure the value of such future payments, but Zealand expects to generate future income from such products which will exceed any milestone and royalty payments due, and as such, no liabili-ties have been recognized.Reference is made to note 6.7 Collaborations and technology licenses for descriptions of Zealand\u2019s collaboration and license agreements.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__198": { "value": "6.3 Contingent assets and liabilitiesContingent assets and liabilitiesZealand is entitled to potential milestone payments and royalties on successful commercialization of products developed under license and collaboration agreements with partners. Since the size and timing of such payments are uncertain until the milestones are reached or sales are generated, future payments under these agreements qualify as contingent assets. However, it is impossible to measure the value of contingent assets, and as such, no assets have been recognized.As part of the license and collaboration agreements that Zealand has entered, once a product is devel-oped and commercialized, Zealand may be required to make milestone and royalty payments. It is not possible to measure the value of such future payments, but Zealand expects to generate future income from such products which will exceed any milestone and royalty payments due, and as such, no liabili-ties have been recognized.Reference is made to note 6.7 Collaborations and technology licenses for descriptions of Zealand\u2019s collaboration and license agreements.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__202": { "value": "6.4 CommitmentsGuarantees and collateralsThe Group provided floating charge collateral covering all assets in the Company which could be collat-eralized, including shares in subsidiaries, as collateral for the debt to Oberland. On May 10, 2023, the Group settled the Oberland Capital loans in a one-time payment. With the final repayment, Oberland has released all rights to collateral provided for under the loan agreement.Under the revolving credit facility (RCF) in Danske Bank, Zealand is required to have a minimum collat-eral value of 120% of the loan commitment (DKK 420 million) held in the designated custody accounts under management by Danske Asset Management and Zealand\u2019s designated cash accounts attached to the custody accounts. Zealand must also comply with a covenant on fulfilling certain information requirements. The pledges are described further in note 4.4 Cash and cash equivalents.The EIB loan contains a negative pledge clause preventing Zealand Pharma A/S or any of its subsidiaries from creating or permitting to subsist any new security over any of its assets.Other purchase obligationsAs of December 31, 2023, total contractual obligations related to agreements for development projects, including CROs, amounted to DKK 304.4 million of which DKK 219.3 million relates to 2024 and DKK 85.1 million to the years 2025 up to and including 2028 (2022: DKK 220.5 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__201": { "value": "6.4 CommitmentsGuarantees and collateralsThe Group provided floating charge collateral covering all assets in the Company which could be collat-eralized, including shares in subsidiaries, as collateral for the debt to Oberland. On May 10, 2023, the Group settled the Oberland Capital loans in a one-time payment. With the final repayment, Oberland has released all rights to collateral provided for under the loan agreement.Under the revolving credit facility (RCF) in Danske Bank, Zealand is required to have a minimum collat-eral value of 120% of the loan commitment (DKK 420 million) held in the designated custody accounts under management by Danske Asset Management and Zealand\u2019s designated cash accounts attached to the custody accounts. Zealand must also comply with a covenant on fulfilling certain information requirements. The pledges are described further in note 4.4 Cash and cash equivalents.The EIB loan contains a negative pledge clause preventing Zealand Pharma A/S or any of its subsidiaries from creating or permitting to subsist any new security over any of its assets.Other purchase obligationsAs of December 31, 2023, total contractual obligations related to agreements for development projects, including CROs, amounted to DKK 304.4 million of which DKK 219.3 million relates to 2024 and DKK 85.1 million to the years 2025 up to and including 2028 (2022: DKK 220.5 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__203": { "value": "6.5 Related partiesZealand has no related parties with controlling interest.Zealand\u2019s other related parties comprise the Company\u2019s Board of Directors and Executive Management. Aside from the remuneration and other transactions described in note 6.1 Remuneration of the Board of Directors and Executive Management, there were no other material related party transactions during 2023 and 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__204": { "value": "6.6 Cash flow adjustmentsDKK thousand 2023 2022Depreciation, amortization and impairment losses 25,086 117,961Deferred revenue - - 67,58 4Reversal of inventory write-down -15,980 -Share-based compensation expenses 61,426 52,286Financial income -54,115 -37,780Financial expenses 190,741 174,927Corporate tax -5,125 9,893Fair value adjustments - -3,590Exchange rate adjustments - 23,219Adjustments for non-cash items in total 202,033 269,332DKK thousand 2023 2022Changes in accounts receivable -6,756 26,636Changes in prepaid expenses 28,534 17,581Changes in other receivables -11,849 6,474Changes in inventory 9,339 18,221Changes in accounts payable 39,837 21,550Changes in other liabilities 14,218 -26,452Changes in rebate and discount liabilities -2,162 -22,515Changes in other liabilities and provisions -19,058 -31,334Changes in working capital in total 52,103 10,161", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__205": { "value": "6.7 Collaborations and technology licensesCollaboration and license agreementsZealand enters into collaborations with biotechnology and pharmaceutical companies to advance the development and commercialization of our product candidates and to supplement our internal pipeline. Zealand seeks collaborations that will allow Zealand to retain significant future participation in product sales through either profit-sharing or royalties paid on net sales. Below is an overview of Zealand's collaboration and license agreements that have had a significant impact or are expected in the near term to have a significant impact on financial results. With reference to note 6.3 Contingent assets and liabilities, each agreement is marked with CA (contingent asset) and CL (contingent liability) if applicable.Complement C3 (collaboration with Alexion, AstraZeneca Rare Disease) (CA)Zealand and Alexion are collaborating on the discovery and development of novel peptide therapies for complement-mediated diseases. Under the terms of the agreement entered in March 2019, Alexion and Zealand entered into an exclusive collaboration for the discovery and development of subcutaneously delivered peptide therapies directed to up to four complement pathway targets. The lead program, ZP10068, is an investigational long-acting inhibitor of Complement C3 which has the potential to treat a broad range of complement mediated diseases. Zealand will lead the joint discovery and research efforts through the pre-clinical stage, and Alexion will lead development efforts beginning with Investigational New Drug (IND) filing and Phase 1 trials. Zealand has completed activities to support advancing ZP10068 into clinical studies. Subsequent regulatory, clinical, and development efforts will be led and conducted by Alexion.For the lead target, Zealand is eligible to receive up to USD 115 million in development milestone payments and up to USD 495 million in sales milestone payments, plus royalties on global sales in the high single to low double digits. In addition, Alexion has the option to select up to three additional targets with Zealand being eligible for USD 15 million upfront per target plus potential development/regulatory milestones for each target selected similar to the lead target with slightly reduced commer-cial milestones and royalties.Zealand receives compensation on a time and material basis for certain research and development services delivered under the contract.Beta Bionics (Dasiglucagon for bi-hormonal artificial pancreas systems) (CA)Dasiglucagon is in clinical development for use in investigational bi-hormonal artificial pancreas (BHAP) systems containing both insulin and dasiglucagon.In 2016, Zealand entered into collaboration with Beta Bionics, Inc., a medical technology company leveraging lifelong, machine-learning, artificial intelligence to develop and commercialize the world\u2019s first autonomous bionic pancreas. The partnership aims to combine product rights from each party to advance a new dual-hormonal artificial pancreas system. Such a system has the potential to offer people with diabetes on insulin therapy more efficacious, safer, and easier blood sugar control for better long-term disease management and outcomes.As a part of the collaboration Zealand has made an investment in Beta Bionics. Reference is made to note 3.4 Other investments for further information.Boehringer Ingelheim (Obesity/survodutide) (CA)In June 2011, Zealand entered into a license, research, and development collaboration agreement with Boehringer Ingelheim International GmbH (BI) to advance novel dual acting glucagon/GLP-1 peptide receptor agonists for the treatment of patients with type 2 diabetes and obesity. As part of the agree-ment, Boehringer obtained global development and commercialization rights to the lead drug candidate, survodutide. Boehringer funds all research, development, and commercialization activities under the agreement.As of December 31, 2023, Zealand is eligible to receive license and milestone payments of up to EUR 315.0 million, related to the achievement of pre-specified development, regulatory and commercial milestones for the lead product. Zealand is also eligible to receive tiered royalties ranging from high single digit to low double digit percentages on global sales by Boehringer of all products stemming from this collaboration. In addition, Zealand retains co-promotion rights in Scandinavia.In November 2023, Boehringer initiated the Phase 3 program with survodutide in patients living with obesity or overweight (SYNCHRONIZE\u2122) that consists of three global clinical trials, which triggered a EUR 30 million milestone payment (2022: 0).DEKA Research & Development Corp. (CHI/dasiglucacon) (CL)In November 2021, Zealand announced a collaboration agreement with DEKA to develop a continuous infusion pump, for which Zealand receives a worldwide, exclusive license, to be used in combination with dasiglucagon for treatment of CHI. DEKA is responsible for pump development and pump manufacturing activities. Zealand is responsible for clinical development around the drug-device combination and commercialization in all territories.As consideration for a global license to use the infusion pump for treatment of CHI, DEKA is eligible to receive a low to high single digit royalty rate of the global net sales of the combination product.Encycle Therapeutics (CL)In October 2019, Zealand announced the acquisition of Encycle Therapeutics to obtain a pre-clin-ical asset that complements Zealand\u2019s focus on developing next-generation peptide therapeutics for gastrointestinal diseases. The asset is being developed as an orally delivered peptide drug to target inte-grin alpha-4-beta-7, which is involved in the pathogenesis of inflammatory bowel disease (IBD).As compensation for the acquisition, the former owners of Encycle are eligible for up to USD 80.0 million in development and sales-based milestones as well as a potential mid-single digit royalty on global net sales.MannKind Corporation (V-GO) (CA)In May 2022, Zealand announced an Asset Purchase Agreement with MannKind Corporation to sell the V-GO Insulin Delivery Device. V-GO is a once-daily, wearable, insulin delivery device that helps provide blood sugar control for everyday lifestyles. Designed to be patient-friendly, V-GO is worn like a patch and eliminates the need for taking multiple daily shots. As of December 31, 2023, Zealand is eligible to receive up to USD 10.0 million in sales-based milestones. The fair value of milestones is recognized as other financial assets, refer to note 3.7 Other financial assets.\u00aeNovo Nordisk (Zegalogue/dasiglucagon (CA)In September 2022, Zealand announced a global license and development agreement with Novo Nordisk \u00ae (dasiglucagon) for injection. Zegalogue\u00aeto commercialize Zegalogue is approved by the U.S. Food and Drug Administration (FDA) for the treatment of severe hypoglycemia in pediatric and adult patients with diabetes aged 6 and above. Under the agreement Novo Nordisk A/S is responsible for the global commer-\u00aecialization of Zegalogue while Zealand is responsible for certain planned regulatory, development and manufacturing activities to support further development and approval outside of the U.S. for which Zealand is eligible to receive a mix of development milestones, and time and material compensation.Zealand retained all non-licensed intellectual property rights to the Company\u2019s other dasiglucagon devel-opment programs.As of December 31, 2023, Zealand is eligible to receive up to DKK 22.5 million in development milestones and DKK 220.0 million in sales-based milestones as well as tiered royalties ranging from high single digit to low double digit percentages on worldwide net sales by Novo Nordisk A/S.Zealand is also eligible for compensation on a time and material basis for certain product supply, research and development services delivered under the contract.Protagonist Therapeutics (Rusfertide) (CA)In June 2012, Zealand and Protagonist entered into a collaboration to develop disulfide-rich peptides. Protagonist has since taken over the full responsibility of the development.As of December 31, 2023, Zealand is eligible to receive up to USD 60.0 million in regulatory and commer-cial milestones, as well as a low single digit royalty rate on global net sales.Sanofi/Royalty Pharma (Soliqua/Suliqua/Lyxumia/Adlyxin) (CA)In September 2018, Zealand announced that all future royalties and all but up to USD 15.0 million of future milestone payments relating to the Sanofi License Agreement were sold to Royalty Pharma.In 2023, USD 10 million in milestone payments associated with lixisenatide were received from Sanofi. Out of the USD 10 million from Sanofi, Zealand will pay USD 1.3 million in royalty expenses to Alkermes in line with a termination agreement following the dissolution of a former joint venture with Elan Corporation (now Alkermes), stipulating that Alkermes is entitled to 13% of payments received by Zealand in respect to lixisenatide under the Sanofi License Agreement. As of December 31, 2023, there are no outstanding mile-stone payments associated with the license agreement with Sanofi (2022: USD 10 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__206": { "value": "6.8 Subsequent eventsCapital increaseAs announced on January 8, 2024, the Board of Directors exercised the remaining authorization granted by Zealand's annual general meeting held on March 29, 2023, to increase the Group's share capital by issue of 3,761,470 new ordinary shares at a subscription price of DKK 386.45 per new share.The aggregate gross proceeds from the private placement amount to DKK 1.45 billion and Zealand intends to use the net proceeds to further strengthen Zealand\u2019s investment in its differentiated assets targeting obesity.The new shares were issued on January 12, 2024, and Zealand received the proceeds on January 16, 2024.Besides the above mentioned, no events have occurred subsequent to the balance sheet date that could significantly affect the financial statements as of December 31, 2023.Disbursement of EIB loan (Tranche A)As announced on December 22, 2023, Zealand entered into a new EUR 90 million (DKK 671 million) finance agreement with the European Investment Bank (EIB). The conditions for disbursement of the first tranche (Tranche A) have been met. In February 2024, Zealand Pharma has accepted disbursement offer for Tranche A and the related EUR 50 million (DKK 373 million) is expected to be received in March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__259": { "value": "Zealand Pharma A/S", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__258": { "value": "Zealand Pharma A/S", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__257": { "value": "Zealand Pharma A/S", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__261": { "value": "A/S", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__263": { "value": "Sydmarken 112860 S\u00f8borg", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__264": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__262": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s10_notes__7__260": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300ITBB1ULBL4CZ12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }