1. Corporate information  

The annual accounts for 2022 for PCI Biotech Holding ASA (the Company) and the consolidated  

financial statement (the Group or PCI Biotech) was approved for publication by the Board of Directors  

on 27^th April 2023.  

PCI Biotech Holding ASA is a public listed company domiciled in Norway. The business of the Group

is associated with research and development of pharmaceutical products and related technical  

equipment. The Company is listed on the Oslo Børs and the registered office address is  

Ullernchausséen 64, N-0379 Oslo.

2. Significant accounting policies  

2.1 Basis of preparation  

The Group and the Company’s annual accounts are prepared in accordance with International  

Financial Reporting Standards (IFRS) as specified by the International Accounting Standards Board  

and implemented by the EU as per 31 December 2022.  

The annual accounts for the Group and the Company have been prepared on the basis of historical  

cost. The financial income statement is presented by function of expense.  

NOK (Norwegian kroner) is the functional currency for all companies within the Group. In the absence  

of any statement to the contrary, all financial information is reported in whole thousands. As a result of  

rounding adjustments, the figures in the financial statements may not add up to the totals. The Group’s  

consolidated financial statements are presented in NOK, which is also the parent company’s functional  

currency.  

2.2 Basis of consolidation  

The consolidated financial statements comprise the financial statements of PCI Biotech Holding ASA  

and its wholly owned subsidiary PCI Biotech AS. The subsidiary is fully consolidated. The consolidated  

financial statements are prepared using uniform accounting policies for similar transactions and events  

under similar circumstances. Intercompany transactions and balances, including internal profits and  

unrealised gains and losses, are eliminated. All intra-group assets and liabilities, equity, income,  

expenses and cash flows relating to transactions between members of the Group are eliminated in full  

on consolidation.  

2.3 Summary of significant accounting policies  

a) Current

versus non-current classification  

The Group presents assets and liabilities in the statement of financial position based on current/non-  

current classification. An asset is current when it is:  

•

Expected to be realised or intended to be sold or consumed in the normal operating cycle  

•

Held primarily for the purpose of trading  

•

Expected to be realised within twelve months after the reporting period  

Or  

•

Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at  

least twelve months after the reporting period  

All other assets are classified as non-current.  

A liability is current when:  

•

It is expected to be settled in normal operating cycle  

•

It is held primarily for the purpose of trading  

•

It is due to be settled within twelve months after the reporting period  

Or  

•

There is no unconditional right to defer the settlement of the liability for at least twelve months  

after the reporting period  

The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified  

as non-current assets and liabilities.  

b) Government

grants  

Government grants are presented as other income, see Note 5 for further information. Government  

grants are recognised where there is reasonable assurance that the grant will be received, and all  

attached conditions will be complied with. When the grant relates to an expense item, it is recognised  

as income on a systematic basis over the periods that the related costs, for which it is intended to  

compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal  

amounts over the expected useful life of the related asset.  

c) Taxes  

Current income tax  

Current income tax assets and liabilities are measured at the amount expected to be recovered from  

or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those  

that are enacted or substantively enacted, at the reporting date in the countries where the Group  

operates and generates taxable income.  

Current income tax relating to items recognised directly in equity is recognised in equity and not in the  

statement of profit or loss. Management periodically evaluates positions taken in the tax returns with  

respect to situations in which applicable tax regulations are subject to interpretation and establishes  

provisions where appropriate.  

Deferred tax  

Deferred tax is provided using the liability method on temporary differences between the tax bases of  

assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.  

Deferred tax liabilities are recognised for all taxable temporary differences.  

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of  

unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it  

is probable that taxable profit will be available against which the deductible temporary differences, and  

the carry forward of unused tax credits and unused tax losses can be utilised.  

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the  

extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of  

the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each  

reporting date and are recognised to the extent that it has become probable that future taxable profits  

will allow the deferred tax asset to be recovered.  

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year  

when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been  

enacted or substantively enacted at the reporting date.  

Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss.  

Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly  

in equity. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists  

to set off current tax assets against current tax liabilities and the deferred taxes relate to the same  

taxable entity and the same taxation authority.  

d) Foreign

currencies  

Transactions in foreign currencies are initially recorded by the Group’s entities at their respective  

functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets  

and liabilities denominated in foreign currencies are translated at the functional currency spot rates of  

exchange at the reporting date. Differences arising on settlement or translation of monetary items are  

recognised in profit or loss.  

e) Cash

dividend distribution to equity holders of the parent  

The Company recognises a liability to make cash distributions to equity holders of the parent when the  

distribution is authorised and the distribution is no longer at the discretion of the Company. As per the  

corporate laws in Norway, a distribution is authorised when it is approved by the shareholders. A  

corresponding amount is recognised directly in equity.  

f) Property,

plant and equipment  

Tangible fixed assets are recognised at cost less deductions for accumulated depreciation and write-  

downs (carrying amount). It is assessed at each reporting date whether there is an indication that an  

asset may be impaired. If any indication exists, the asset’s recoverable amount is estimated. An  

asset’s recoverable amount is the higher of an asset’s fair value, less costs of disposal, and its value  

in use. For assets where the carrying amount exceeds its recoverable amount, the asset is considered  

impaired and is written down to its recoverable amount. Tangible fixed assets are depreciated over the  

expected useful life of the assets taking any residual value into consideration. Costs accrued for major  

replacements and upgrades of tangible fixed assets are added to cost if it is probable that the costs  

will generate future economic benefits for the Group and if the costs can be reliably measured.  

Ordinary maintenance is expensed as incurred.  

Tangible fixed assets are depreciated on a straight-line basis over the estimated useful life of the asset  

as follows:  

- Production and test equipment 3-5 years  

- Furniture and equipment 3–5 years  

g) Leases  

The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the  

contract conveys the right to control the use of an identified asset for a period of time in exchange for  

consideration. The Group applies a single recognition and measurement approach for all leases,  

except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to  

make lease payments and right-of-use assets representing the right to use the underlying assets.  

The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the  

underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated  

depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost  

of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred,  

and lease payments made at or before the commencement date less any lease incentives received.  

Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the  

estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end  

of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using  

the estimated useful life of the asset. The right-of-use assets are also subject to impairment.  

At the commencement date of the lease, the Group recognises lease liabilities measured at the  

present value of lease payments to be made over the lease term. The lease payments include fixed  

payments (including in-substance fixed payments) less any lease incentives receivable, variable lease  

payments that depend on an index or a rate, and amounts expected to be paid under residual value  

guarantees. The lease payments also include the exercise price of a purchase option reasonably  

certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease  

term reflects the Group exercising the option to terminate. Variable lease payments that do not depend  

on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in  

the period in which the event or condition that triggers the payment occurs.  

The lease liability is initially measured at the present value of the lease payments that are not paid at  

the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot  

be readily determined, PCI Biotech’ incremental borrowing rate. The incremental borrowing rate is  

used as the discount rate. After the commencement date, the amount of lease liabilities is increased to  

reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying  

amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a  

change in the lease payments (e.g., changes to future payments resulting from a change in an index  

or rate used to determine such lease payments) or a change in the assessment of an option to  

purchase the underlying asset.  

The Group applies the short-term lease recognition exemption to its short-term leases of machinery  

and equipment (i.e., those leases that have a lease term of 12 months or less from the  

commencement date and do not contain a purchase option). It also applies the lease of low-value  

assets recognition exemption to leases of office equipment that are considered to be of low value.  

Lease payments on short-term leases and leases of low-value assets are recognised as expense on a  

straight-line basis over the lease term.  

h) Intangible

assets - Research and development costs  

Research costs are expensed as incurred. Development costs will be capitalized once the asset being  

developed has met requirements of technical and commercial feasibility to signal that the intangible  

investment is likely to either be brought to market or sold.  

The Group has currently no development expenditure that qualifies for recognition as an asset under  

IAS 38. Following initial recognition of the development expenditure as an asset, the asset is carried at  

cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset  

begins when development is complete, and the asset is available for use. It is amortised over the  

period of expected future benefit. Amortisation is recorded in cost of sales. During the period of  

development, the asset is tested for impairment annually.  

i) Impairment

of non-financial assets  

The Group assesses at each reporting date, whether there is an indication that an asset may be  

impaired. If any indication exists, or when annual impairment testing for an asset is required, the  

Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an  

asset’s fair value less costs of disposal and its value in use. When the carrying amount of an asset  

exceeds its recoverable amount, the asset is considered impaired and is written down to its  

recoverable amount. Right-of-use assets are also subject to impairment.  

j) Financial

instruments  

Financial assets  

The Group´s financial assets are governmental grant receivables and cash and cash equivalents. The  

classification of financial assets at initial recognition depends on the financial asset’s contractual cash  

flow characteristics and the Group’s business model for managing them. The Group initially measures  

a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or  

loss, transaction costs.  

The Group measures financial assets at amortised cost if both of the following conditions are  

met  

• The financial asset is held within a business model with the objective to hold financial assets in order  

to collect contractual cash flows and,  

• The contractual terms of the financial asset give rise on specified dates to cash flows that are solely  

payments of principal and interest on the principal amount outstanding.  

Financial assets at amortised cost are the most relevant category for the Group. Financial assets at  

amortised cost are subsequently measured using the effective interest (EIR) method and are subject  

to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised,  

modified or impaired. A receivable represents the Group’s right to an amount of consideration that is  

unconditional.  

The Groups financial assets at amortised cost includes governmental grant receivables and cash and  

cash equivalents (short-term deposits). The Group does not have financial assets at fair value through  

profit and loss.  

Derecognition  

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial  

assets) is primarily derecognised (i.e., removed from the Group’s consolidated statement of financial  

position) when:  

• The rights to receive cash flows from the asset have expired  

or  

• The Group has transferred its rights to receive cash flows from the asset or has assumed an  

obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-  

through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards  

of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and  

rewards of the asset, but has transferred control of the asset.  

Impairment of financial assets  

Further disclosures relating to impairment of financial assets are also provided in the following notes:  

• Note 16 Financial risk  

• Note 18 Receivables by year-end  

• Note 19 Cash and cash equivalents  

A financial asset is written off when there is no reasonable expectation of recovering the contractual  

cash flows.  

Financial liabilities  

Initial recognition and measurement  

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit  

or loss and other comprehensive income, loans and borrowings, or payables. All financial liabilities are  

recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly  

attributable transaction costs. The Group’s financial liabilities include trade and other payables. The  

Group does not have financial liabilities at fair value through profit and loss.  

Subsequent measurement  

The measurement of financial liabilities depends on their classification. After initial recognition,  

payables are measured at their nominal amount when the effect of discounting when using the  

amortised cost measurement is not material. Amortized cost is calculated by taking into account any  

discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR  

amortization is included as finance costs in the statement of profit or loss.  

Derecognition  

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or  

expires.  

k) Cash

and short-term deposits  

Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for  

investment of other purposes. Cash and short-term deposits in the statement of financial position  

comprise cash at banks and short-term deposits with a maturity of three months or less, which are  

subject to an insignificant risk of changes in value.  

l) Provisions  

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result  

of a past event, it is probable that an outflow of resources embodying economic benefits will be  

required to settle the obligation and a reliable estimate can be made of the amount of the obligation.  

m) Pensions

and other post-employment benefits  

PCI Biotech AS has an agreement with a life assurance company concerning contribution-based  

pensions for employees. Contributions, ranging from 7% to 21% of the employee’s ordinary salary up  

to 12 times the basic amount (G) of the Norwegian National Insurance scheme, are paid into the  

employee’s contribution account with the life assurance company. The Company’s payment of  

contributions is expensed in the period it is accrued. Any prepayments made to the contribution fund  

are recognised in the balance sheet.  

n) Share-based

payments  

Employees (including executive management) of the Group receive remuneration in the form of share-  

based payments, whereby employees render services as consideration for equity instruments (equity-  

settled transactions).  

Equity-settled transactions  

The cost of equity-settled transactions is determined by the fair value at the date when the grant is  

made using the Black-Scholes valuation model. That cost is recognised, together with a corresponding  

increase in other capital reserves in equity, over the period in which the service conditions are fulfilled  

in employee benefits expense. The cumulative expense recognised for equity-settled transactions at  

each reporting date until the vesting date reflects the extent to which the vesting period has expired  

and the Group’s best estimate of the number of equity instruments that will ultimately vest. The  

statement of profit or loss expense or credit for a period represents the movement in cumulative  

expense recognised as at the beginning and end of that period and is recognised in employee benefits  

expense. See Note 8 Salary expenses and other remuneration for further information.  

No expense is recognised for awards that do not ultimately vest, except for equity-settled transactions  

for which vesting are conditional upon a market or non-vesting condition. These are treated as vesting  

irrespective of whether or not the market or non-vesting condition is satisfied, provided that all other  

performance and/or service conditions are satisfied. When the terms of an equity-settled award are  

modified, the minimum expense recognised is the expense had the terms not been modified, if the  

original terms of the award are met. An additional expense is recognised for any modification that  

increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the  

employee as measured at the date of modification. The dilutive effect of outstanding options is  

reflected as additional share dilution in the computation of diluted earnings per share, further details  

are given in Note 13 Earnings per share.  

o) License

costs  

Agreements with external parties concerning access to technology in the form of license agreements  

and agreements that allow the use of patented technology are expensed when they occur according to  

the agreement and are disclosed as “Research and development expenses” in the income statement.  

p) Segment

reporting  

Segments are reported similarly as the internal reporting to the Group’s Chief Operating Decision  

Maker. Chief Operating Decision Makers are defined as the Group’s management group. The Group  

has only one segment and see Note 6 for further information.  

q) Cash-flow

statement  

The statement of cash flows distinguishes between cash flows from operating, investing, and financing  

activities and the statement has been prepared in accordance with the indirect method. For the  

purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash at  

banks and short-term deposits with a maturity of three months or less. Cash and cash equivalents  

denominated in foreign currencies are translated at the functional currency spot rates of exchange at  

the reporting date. Differences arising from the translation of these monetary items are not considered  

to be related to operations and are presented as part of net changes in cash and cash equivalents.  

Interest paid and interest received are included under cash flow from operating activities. Cash flows  

from share issues are recognised as cash flows from financing activities.  

r) Events

after the balance sheet date  

New information regarding the Group’s financial position on the balance sheet date has been  

considered in the annual accounts. Events after the balance sheet date that do not affect the Group’s  

financial position on the balance sheet date, but which will affect the Group’s financial position in the  

future, are reported if they are significant.  

s) Contingent

liabilities and assets  

Contingent liabilities are defined as:  

•

Possible liabilities as a result of earlier events where their existence depends on future events;  

•

Liabilities that are not included because it is not probable that they will lead to an outflow of  

resources from the Group;  

•

Liabilities that cannot be measured with sufficient reliability.  

Contingent liabilities are not included in the annual accounts. Notes on significant contingent liabilities  

are provided, with the exception of contingent liabilities with little probability of occurring. Contingent  

assets are not included in the annual accounts, but are reported in cases in which there is a certain  

likelihood of their resulting in a benefit to the Group.  

Accounting policies only relevant for the Parent:  

t) Investment

in subsidiaries  

Shares and investments intended for long-term ownership are reported in the Company’s statement of  

financial position as non-current assets and valued at cost. The Company determines at each  

reporting date whether there is any objective indication that the investment in the subsidiary is  

impaired. If this is the case, the amount of impairment is calculated as the difference between the  

recoverable amount of the subsidiary and its carrying value and recognizes the amount in the  

statement of profit and loss. Any realised and unrealised losses and any write-downs relating to these  

investments will be included in the Company’s statement of comprehensive income as financial items.  

2.4 Changes in accounting policies and disclosures  

New and amended standards and interpretations  

The Group has not early adopted any new standards, interpretations or amendments that have been  

issued but are not yet effective in these financial statements. Other amendments and interpretations  

apply for the first time in 2022, but do not have an impact on the Group’s consolidated financial  

statements.  

3. Significant accounting estimates and assumptions  

The preparation of the Group’s consolidated financial statements requires management to make  

judgments, estimates and assumptions that affect the reported amounts of revenues, expenses,  

assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities.  

Uncertainty about these assumptions and estimates could result in outcomes that require a material  

adjustment to the carrying amount of assets or liabilities affected in future periods.  

Other disclosures relating to the Group’s exposure to risks and uncertainties include:  

•

Financial risk management and policies, Note 16 Financial risk.  

In the process of applying the Group’s accounting policies, management has made the following  

estimates and assumption, which have the most significant effect on the amounts recognised in the  

consolidated financial statements:  

•

The fair value of employee options is calculated according to the Black-Scholes method. This  

method involves the use of estimates and discretionary assessments, as described in more detail  

in Note 8. The allocation of options to employees of subsidiary is made directly from the parent  

company and the financial presentation is correspondingly reported in the subsidiary.  

•

The Group has not recognised a deferred tax asset related to carry forward losses, as described  

in more detail in Note 12 Tax.  

Significant accounting estimates and assumptions only relevant for the Parent  

In the process of applying the Group’s accounting policies, management has made the following  

judgments, which have the most significant effect on the amounts recognised in the separate financial  

statements for the Parent:  

•

PCI Biotech Holding ASA has in its separate financial statement performed an assessment of the  

carrying amount of the subsidiary PCI Biotech AS, see Note 11 Financial income and Note 15  

Shares in subsidiaries for further information.  

4. Standards issued, but not yet effective  

Certain new accounting standards and interpretations have been published that are not mandatory for  

31 December 2022 reporting periods and have not been early adopted by the Group. These standards  

are not expected to have a material impact on the entity in the current or future reporting periods and  

on foreseeable future transactions.  

5

OTHER INCOME  

OTHER INCOME  

(figures in NOK 1,000)  

Group  

2022  

2021  

SkatteFUNN  

4 750  

4 750  

Grants from the Research Council of Norway  

0

1 422  

Other  

0

101  

Total other income  

4 750  

6 273  

Government grants are recognised where there is reasonable assurance that the grant will be  

received, and all attached conditions will be complied with. When the grant relates to an expense item,  

it is recognised as income on a systematic basis over the periods that the related costs, for which it is  

intended to compensate, are expensed. Grants are disclosed as other income. R&D projects have  

been approved for SkatteFUNN for the period 2020 through 2022. The Group was awarded a grant  

from The Research Council of Norway (user-driven research-based innovation programme (BIA)) of  

up to NOK 13.8 million in total for the period June 2017 through June 2021 and per end of 2021 a total  

of NOK 13.4 million were received and recognised. Grant receivables as of year-end are disclosed in  

Note 18 Receivables.  

6

OPERATING SEGMENTS  

The Group has only one operating segment, which is research and development, and had no  

revenues for the reporting periods. All non-current assets are geographically located to Norway.  

7

STATEMENT OF COMPREHENSIVE INCOME ACCORDING TO CLASSIFICATION AND  

R&D EXPENSES BY CATEGORY  

Operating costs according to classification.  

(figures in NOK 1,000)  

Group  

Parent  

Note  

2022  

2021  

2022 2021  

Salary expenses  

8

21 968  

26 428

1 382

1 482  

Share option scheme, accounting effect  

8

-1 153  

12 549  

0

0

R&D exclusive salary and other operating expenses  

27 620  

43 595  

0

0

Depreciation and amortisation  

14,24  

6 406  

1 923  

0

0

Legal, audit, accounting, patents, and other fees*  

4 152  

4 722

2 517

2 380  

Other operating expenses  

2 205  

3 084

1 324

1 107  

Total operating expenses  

61 197  

92 302

5 222

4 969  

*Other fees relate to the Parent company which pays for management services performed by employees formally employed by  

the wholly-owned subsidiary, PCI Biotech AS.  

Of the total salary expenses NOK 11 526 relates to R&D activities (2021: NOK 17 369).  

R&D expenses by category:  

2022  

2021  

Clinical studies  

32 442  

57 204  

Pre-clinical studies  

7 257  

6 966  

CMC and equipment  

2 100  

3 332  

Patents  

2 958  

4 205  

Other expenses  

0

0

Total R&D expenses  

44 756  

71 707  

The Group has no development expenditure that qualifies for recognition of an asset under IAS 38 and  

intangible assets and all research expenditures are charged through the income statement, in line with  

previous years. A new batch of the product under development (fimaporfin) was produced in 2019 and  

an estimated cost value of fimaporfin in stock per year-end is NOK 2.5 million (2021: NOK 2.7 million).  

8

SALARY EXPENSES AND OTHER REMUNERATION  

(figures in NOK 1,000)  

Note  

Group  

Parent  

2022  

2021  

2022  

2021  

Wages and Board of Directors remuneration  

16 927  

21 255  

1 235  

1 340  

Social security contributions  

2 408  

2 805  

147  

142  

Share-based payments, incl social security  

-1 153  

12 549  

0

0

Pension costs  

9

2 276  

1 702  

0

0

Other expenses  

357  

666  

0

0

Total salary expenses  

20 814  

38 977  

1 382  

1 482  

No. of full-time equivalent positions  

10.4  

14.3  

0.0  

0.0  

Share option programme for employees  

Employees (including executive management) of the Group receive remuneration partly in the form of  

share-based payments, whereby employees render services as consideration for equity instruments  

(equity-settled transactions). The employees are employed in the subsidiary, PCI Biotech AS, and the  

share-based payment is thus accounted for as a P&L effect in the Group accounts and an investment  

in subsidiary in the parent company accounts. The general vesting term in the employee share option  

scheme is three years, with one third vested each year. The share options expire five years from grant  

date. All share options will lapse immediately upon the event that the employee's employment with the  

company is terminated. Each share option gives the right to subscribe for or acquire one share upon  

PCI Biotech Holding ASA's choice. The strike price is set at market terms and no premium for the  

share options are paid. The Black-Scholes method is used for fair value assessment of the share  

options at grant date. Further details about the share option program can be found in the Group  

remuneration policy.  

Valuation method for fair value assessment of share options granted  

The Black-Scholes method is used for fair value assessment of the share options at grant date.  

Volatility is calculated based on PCI Biotech’s own stock market valuation. The exercise price is set at  

market terms, equal to the average volume weighted share price last five days of trade prior to grant  

date (5 days VWAP), and no premium for the share options are paid. The risk-free interest rate is  

based on Norwegian 3-5 years government bond yield. Each option program is calculated separately  

with actual exercise price and lifetime for the program. The table below shows the input values used in  

the fair value assessment model at grant date.  

Fair value for all share options granted in 2022 were NOK 1.1 million (2021: NOK 7.5 million). The fair  

value estimated at grant date is amortised over the vesting period of three years.  

Share options granted in 2021 and 2022  

September 2021

November 2022  

Number of share options  

485 000  

570 000  

Dividend  

0

0

Historical volatility (%)  

132 %  

161 %  

Risk free interest rate (%)  

1.11%  

3.22 %  

Expected lifetime (years)  

5

4.8  

Expected level of vesting  

100%  

87%  

Authorisation from the annual general meeting  

The general meeting held 28 May 2022 authorised the Board of Directors to grant the employees with  

a total of 2,790,000 share options and the authorisation applies for one year. 1,000,000 share options  

of the current authorisation have been granted by the Board of Directors at year-end 2022. The Board  

of Directors has not been granted any share options. See note 23 Related party transactions for  

further information.  

Share option transactions during the year  

In accordance with the authorisation granted by the Annual General Meeting 28 May 2022, the Board  

of Directors of PCI Biotech Holding ASA awarded a total of 570,000 share options to key employees  

on 25 November 2022. Each share option gives the right to subscribe for or acquire one share per  

option (after PCI Biotech Holding ASA’s choice), at a strike price of NOK 1.90, equal to the volume  

weighted average share price (VWAP) for the last 5 days of trade prior to the grant date. The share  

options are subject to other customary terms and conditions for employee incentive programs and the  

share options are lapsing in Q3 2027.  

The Black-Scholes method is used for fair value assessment of the share options at the grant date and  

the fair value was assessed to NOK 1.1 million, which will be charged to the profit and loss statement  

over the three-year vesting period if all share options are vested.  

Of the 570,000 share options, a total of 360,000 share options were allotted to the following primary  

insiders: 220,000 share options were allotted to Ronny Skuggedal, CEO/CFO. 120,000 share options  

were allotted to Anders Høgset, CSO. 20,000 share options were allotted to Kristin Eivindvik, CDO.  

Share option transactions during 2021  

In accordance with the authorisation granted by the Annual General Meeting 28 May 2021, the Board  

of Directors of PCI Biotech Holding ASA awarded a total of 485,000 share options to key employees  

on 6th September 2021. Each share option gives the right to subscribe for or acquire one share per  

option (after PCI Biotech Holding ASA’s choice), at a strike price of NOK 19.41, equal to the volume  

weighted average share price (VWAP) for the last 5 days of trade prior to the grant date. The share  

options are subject to other customary terms and conditions for employee incentive programs and the  

share options are lapsing in Q3 2026.  

The Black-Scholes method is used for fair value assessment of the share options at the grant date and  

the fair value was assessed to NOK 7.5 million, which will be charged to the profit and loss statement  

over the three-year vesting period if all share options are vested.  

Of the 485,000 share options, a total of 340,000 share options were allotted to the following primary  

insiders at that time: 70,000 share options were allotted to Per Walday, former CEO. 60,000 share  

options were allotted to Amir Snapir, former CMO. 50,000 share options were allotted to Ronny  

Skuggedal, CFO. 40,000 share options were allotted to Ludovic Robin, former CBO. 40,000 share  

options were allotted to Anders Høgset, CSO. 40,000 share options were allotted to Lucy Wabakken,  

former CDO (acting). 40,000 share options were allotted to Kristin Eivindvik, CDO. The share options  

awarded to former executives Walday, Snapir, Robin and Wabakken all lapsed during 2022.  

P&L and balance sheet accounting effects of the share option programme  

The net P&L accounting effect for share-based payments and corresponding social security liability  

following potential future share option exercises were a net reversal of costs of NOK 1.3 million (2021:  

net cost NOK 12.6 million). The net reversal of costs in 2022 is mainly due to downsizing, resulting  

from reduced expected number of vested share options. The potential social security liability for future  

exercises is calculated based upon share options that are in-the-money per reporting date and  

recognised as a short- or long-term liability in the balance sheet depending on vesting date of the  

underlying share options. No share options were in-the-money per year-end 2022 or 2021.  

For the parent company, PCI Biotech Holding ASA, a net amount of NOK -1.3 million for share based  

payments (2021: NOK +12.9 million) is recognised as adjustment of investment in subsidiary.  

Share options outstanding at the end of the period have the following expiry date and exercise prices:  

Expiry date  

Exercise price in NOK per share  

Number of share options  

2021  

2022  

2022 - Q3  

21.48  

310 000  

-

2024 - Q3  

25.78  

300 000  

150 000  

2025 - Q3  

50.36  

520 000  

130 000  

2026 - Q3  

19.41  

485 000  

150 000  

2027 - Q3  

1.90  

-

570 000  

Total  

1 615 000  

1 000 000  

Options granted to employees, average exercise price and transactions during the year is listed below:  

2021  

2022  

Number  

Average  

Number Average  

exercise  

exercise  

price in  

price in  

NOK per  

NOK per  

share  

share  

Outstanding at the beginning of the year

1 185 000  

35.80 1

615 000  

30.96  

Granted during the year  

485 000  

19.41 570

000  

1.90  

Lapsed during the year  

55 000  

33.55 1

025 000  

32.42  

Exercised during the year  

0

-

0

-

Expired during the year  

0

-

160 000  

21.48  

Outstanding at year-end  

1 615 000  

30.96 1

000 000  

14.41  

Exercisable options at year-end  

683 333  

30.06 286

667  

32.10  

Exercise price and average remaining lifetime for outstanding options per year-end:  

Number of options 2021 / 2022  

Exercise price in  

Average remaining lifetime  

NOK per share  

(years)  

2021  

2022  

310 000 / 0  

21.48  

0.7  

-

300 000 / 150 000  

25.78  

2.7  

1.7  

520 000 / 130 000  

50.36  

3.7  

2.7  

485 000 / 150 000  

19.41  

4.7  

3.7  

0 / 570 000  

1.90  

-

4.7  

9

PENSION EXPENSES  

(figures in NOK 1,000)  

Group  

2022  

2021  

Total pension cost from contribution schemes  

2 276  

1 702  

The contribution pension scheme is in compliance with Norwegian public requirements and a total of 9  

employees are included in the scheme at year-end 2022 (2021: 13 employees, in addition to one  

employee in a Finnish pension scheme, two employees in a Swedish pension scheme and one  

employee in a French pension scheme).  

10  

AUDITORS FEE  

AUDITOR FEES  

Group  

Parent  

(figures in NOK 1,000)  

2022  

2021  

2022  

2021  

Statutory audit  

374  

210  

296  

131  

Other assurance services  

81  

52  

0

8

Total  

455  

262  

296  

139  

11  

FINANCIAL INCOME AND EXPENSES  

(figures in NOK 1,000)  

Group  

Parent  

2022  

2021  

2022  

2021  

Interest income  

1 237  

640  

9

2

Interest income group company  

-

-

1 786  

1 591  

Other financial income  

474  

149  

1

0

Total financial income  

1 711  

789  

1 797  

1 593  

Interest expense  

49  

51  

33  

187  

Interest expense leasing  

78  

38  

0

0

Other financial expense  

232  

3 062  

463 783  

151 351  

Total financial expense  

359  

3 151  

463 816  

151 539  

For 2022 NOK 0.1 million in other financial expense (2021: NOK 2.5 million) in Parent and NOK 0.2  

million in other financial income (2021: NOK 2.5 million other financial expense) in Group were related  

to accounting effects of cash deposits in Euro per year-end, resulting from converting these Euro cash  

positions into NOK as functional currency for the annual accounts. The effects are reduced over time,  

due to general lower cash positions held in Euro.  

In 2021 and 2022 the parent company made a partial write-down of its investment in the wholly-owned  

subsidiary PCI Biotech AS, based on the observable fair value of the Group at Oslo Børs per year-  

end. The NOK 463.7 million write-down (2021: NOK 148.8 million) is disclosed as financial expenses  

for the parent company.  

12  

TAX  

(figures in NOK 1,000)  

Group  

Parent  

2022  

2021  

2022 2021  

Comprehensive income before tax  

-55 095

-88 391

-467 242

-154 915  

Expected nominal rate of tax (2022: 22% / 2021: 22%)  

-12 121

-19 446

-102 793  

-34 081  

Permanent differences charged through P&L  

-1 332  

1 803

102 793  

32 741  

Deferred tax asset not recognised in the balance sheet  

13 453  

17 643  

770  

1 340  

Total tax expense for the year  

0

0

0

0

Specification of basis for deferred tax asset / liability  

Tax effect of temporary differences:  

Group  

Parent  

2022  

2021  

2022  

2021  

Fixed assets  

-966  

64  

0

0

Receivables  

-14  

-11  

0

0

Carry forward loss  

-155 376

-142 957

-11 986  

-11 215  

Total tax asset (22% for 2022 / 22% for 2021)  

-156 357

-142 904

-11 986  

-11 215  

Deferred tax asset not recognised  

156 357

142 904  

11 986  

11 215  

Deferred tax asset recognised in the balance sheet  

0

0

0

0

The Group and Parent have no history of taxable profits and due to uncertainty of future utilisation,  

deferred tax assets have not been recognised in the balance sheets. The carry forward loss has no  

time limit according to current tax legislations.  

13  

EARNINGS PER SHARE  

Earnings per share for the Group (diluted earnings per share) are calculated on the basis of the  

financial result after tax for the year (financial result after tax for the year adjusted for dilutive effects)  

divided by a weighted average number of shares outstanding for the year (weighted average number  

of outstanding shares for the year adjusted for dilutive effects). Dilution effect is weighted number of  

outstanding share options which are in-the-money during the year. Accretive effects are not taken into  

consideration. Earnings per share are not affected by the dilution effect if negative results in the  

period.  

Earnings per share  

2022  

2021  

Weighted average number of shares (in '000)  

37 326  

37 326  

Net loss for the year  

-55 095  

-88 391  

Earnings per share (NOK per share)  

-1.48  

-2.37  

Dilution effect of in-the-money outstanding share options are not relevant as the result for the year is  

negative for 2022 and 2021.  

14  

FIXED ASSETS  

(figures in NOK 1,000)  

Group  

Office  

Device equipment

Total  

Acquisition cost per 1 January 2021  

9 268  

392 9

661  

Additions in 2021  

341  

0

341  

Disposals and scrapping during 2021  

0

0

0

Acquisition cost per 31 December 2021  

9 609  

392 10

001  

Additions in 2022  

0

0

0

Disposals and scrapping during 2022  

0

0

0

Acquisition cost per 31 December 2022  

9 609  

392 10

001  

Accumulated depreciation per 1 January 2021  

1 928  

343 2

272  

Ordinary depreciation 2021  

1 908  

16 1

923  

Disposals in 2021  

0

0

0

Accumulated depreciation per 31 December 2021  

3 836  

359 4

195  

Ordinary depreciation 2022  

0

16  

16  

Write-down 2022  

5 773  

0

5 773  

Disposals in 2022  

0

0

0

Accumulated depreciation per 31 December 2022  

9 609  

375 9

984  

Book value per 31 December 2021  

5 773  

33 5

806  

Book value per 31 December 2022  

0

18  

18  

The decision made in Q1 2022 to stop the RELEASE trial made the device (lasers) of no or low value  

and the carrying amount of NOK 5.8 million was depreciated in full in 2022.  

15  

SHARES IN SUBSIDIARIES – only relevant for the Parent company  

Equity  

participation Carrying  

Financial  

and share of

amount  

Equity  

result  

Year of  

Share capital  

voting  

(NOK  

(NOK  

(NOK  

Company  

acquisition  

of company  

rights  

thousand) thousand) thousand)  

PCI Biotech AS, Oslo -  

2008  

Norway  

Figures for 2022  

6 141 940  

100 %  

69 157  

50 506

-51 594  

Figures for 2021  

5 818 680  

100 %

504 191  

73 393

-82 293  

In 2022 the share capital of PCI Biotech AS was increased by NOK 323 260, with a share premium of  

NOK 29 676 740, totalling to NOK 30 000 000. The share capital was increased by a contribution in  

kind of intercompany balances of NOK 30 million by PCI Biotech Holding ASA.  

In 2021 the share capital of PCI Biotech AS was increased by NOK 323 260, with a share premium of  

NOK 39 676 740, totalling to NOK 40 000 000. The share capital was increased by a contribution in  

kind of intercompany balances of NOK 40 million by PCI Biotech Holding ASA.  

The carrying amount is assessed at the lowest of historic cost value and the observable market value  

of PCI Biotech at Oslo Børs. Per year-end the carrying amount is at fair value based on the observable  

market value of PCI Biotech at Oslo Børs. In 2022 and 2021 the parent company made a partial write-  

down of its investment in the wholly-owned subsidiary PCI Biotech AS, based on the observable fair  

value of the Group at Oslo Børs per year-end. The NOK 463.7 million write-down (2021: NOK 148.8  

million) is disclosed as financial expenses for the parent company.  

16  

FINANCIAL RISK  

This note describes the Group's various financial risks and the management of these. In addition,  

numerical tables for risk associated with financial risks are also presented.  

(I) Organisation of financial risk management  

PCI Biotech has an international business operation and is exposed to currency risk, interest risk,  

liquidity risk and credit risk. The Group has not utilised any derivatives or other financial instruments to  

reduce these risks during the accounting period. The responsibility for managing financial risk is at  

group level. The risk associated with centralised activities such as financing, interest rate and currency  

management is managed at group level. In addition, the group manages the risks associated with the  

business processes. The financial risk management is monitored by the Board of Directors.  

Centralised risk management  

PCI Biotech has a centralised risk management policy. The most important tasks within risk  

management are to ensure the Group's financial freedom to act both in a short- and long term  

perspective, and to monitor and manage financial risk in cooperation with the individual units in the  

group.  

Financial risk  

This section describes the most important risk factors within each business area and the management  

of these. In this context, financial risk is understood as risk associated with financial instruments.  

These can either be hedging instruments for underlying risk or be considered themselves as a source  

of risk. Market risk is not hedged with financial instruments.  

Research and development activities  

PCI Biotech carries out research and development for new innovative medical products based on the  

company’s patented technology. The currency risk in research and development is limited to the  

purchase of services, primarily related to clinical and pre-clinical studies. Foreign currency risk  

associated with purchase of goods and services are foremost related to transactions in EUR and GBP.  

Foreign currency exposure associated with research and development is not normally hedged, but at  

year-end 2021 the Group had placed cash deposits in EURO to hedge the foreign currency risk for the  

RELEASE study. The study was terminated during 2022, and there are no material cash deposits in  

EURO at year-end 2022.  

(II) Classes of financial risk  

Interest rate risk  

Except for interest-bearing leasing liabilities, PCI Biotech does not have any interest-bearing debt, and  

the group’s interest rate risk is primarily associated with the Group’s cash positions and cash  

equivalents. This risk is managed at group level. The main strategy is to diversify the risk and invest in  

cash deposits with fixed or spot interest rates or money market funds with low risk, high liquidity and  

short duration. All funds are placed as cash deposits per year-end 2021 and 2022.  

Interest rate sensitivity  

Effect on financial result  

Group  

Parent  

Interest rate change  

2022  

2021  

2022  

2021  

+2%  

1 132  

2 322  

13  

530  

-2%  

-1 132  

-2 322  

-13  

-530  

Bank deposits  

+5%  

2 830  

5 806  

31  

1 324  

-5%  

-2 830  

-5 806  

-31  

-1 324  

Liquidity risk  

One of the most important objectives of PCI Biotech’s finance policy is to ensure that the Group has  

financial freedom to act in the short and long-term in order to attain strategic and operational goals.  

PCI Biotech shall have sufficient funds to cover expected capital requirements during the forthcoming  

12 month period in addition to a strategic reserve. Cash flow in research and development depends  

mainly on the activity level of the clinical programmes and the activity levels are adjustable without  

substantial long term commitments. The finance department monitors the cash flows in a short- and  

long term perspective. PCI Biotech’s most important source of finance are future royalty and milestone  

payments associated with licence agreements, government grants and the capital market. The biotech  

industry is a resource demanding industry, and drug development can be both labour and cash  

intensive. PCI Biotech being a pre-commercial stage biotech, means that the Company mainly relies  

on the ability to raise funds via the equity market and government grants for its development plans,  

and no assurance of the availability of resources for current and future drug development plans can be  

made. The capital market is used as a source of liquidity when this is appropriate and the conditions in  

these markets are competitive. The finance department continually evaluate other sources of  

financing. PCI Biotech does not have any debt agreements with key business ratio requirements  

(covenants).  

The cost base for the Company is reduced over time during 2022, mainly due to the closure of the  

RELEASE trial and implemented cost reduction matters during slimming down both the operational-  

and executive team. The cash position per year-end 2022 is on this basis estimated to enable a  

financial runway towards the end of 2024.  

Group (figures in NOK 1,000)  

Remaining period  

Less than

1-3 months

3-12 months

1-5 years

Total  

1 month  

31.12.2022  

Other long-term liabilities  

0

0

0

0

0

Long term-lease liabilities  

0

0

0

327  

327  

Trade accounts payables  

495  

0

0

0

495  

Current lease liabilities  

0

0

443  

0

443  

Public duties payables  

1 000  

81  

144  

0

1 225  

Other current liabilities  

67  

681  

2 842  

0

3 590  

Total liabilities  

1 562  

762  

3 429  

327 6

079  

31.12.2021  

Other long-term liabilities  

0

0

0

0

0

Long term lease liabilities  

0

0

0

1 277

1 277  

Trade accounts payables  

3 745  

0

0

0

3 745  

Current lease liabilities  

0

0

629  

0

629  

Public duties payables  

1 171  

542  

0

0

1 713  

Other current liabilities  

760  

3 398  

10 665  

0 14 823  

Total liabilities  

5 676  

3 940  

11 294  

1 277

22 186  

Other long-term liabilities relate to estimated social securities for potential future share option  

exercises in the Group’s remuneration incentive program.  

Credit risk  

PCI Biotech has no sales or receivable balances based on sales and faces therefore no credit risk.  

PCI Biotech has no need for monitoring of receivable balances based on sales and no bad debt  

provision has been recognised during 2022 or 2021. The majority of the Group’s financial assets are  

cash and cash equivalents and these funds are placed in cash deposits in different banks with  

satisfactory credit ratings. The credit risk for these funds is assessed to be low and no impairment test  

are performed for 2022 or 2021.  

Foreign currency risk  

As NOK is the Group’s functional currency, PCI Biotech is exposed to foreign currency risk associated  

with the Group’s foreign net exchange rate exposure. The Group’s expenses accrue in various  

currencies, primarily EUR and NOK. PCI Biotech is therefore exposed to fluctuations in foreign  

exchange rates. The Group evaluates whether measures should be taken to reduce the foreign  

currency risk through hedging for significant transactions and projects.  

The following table details the Group's and Parent company’s sensitivity to potential changes in the  

foreign currency exchange rate, with all other factors constant. The changes in exchange rates of  

+/10% is considered to be a reasonably possibly change. The calculation assumes an equal change in  

exchange rates against all relevant foreign currencies. The estimated effect on operating result is due  

to changes in value of monetary items in the balance sheet per year-end, with no effect on Other  

Comprehensive Income.  

Changes in exchange rates -

Effect on operating  

Euro  

result (NOK 1,000)  

Parent Group  

2022  

+/- 10 %  

+/- 0

+/- 29  

2021  

+/- 10 %  

+/- 2 647

+/- 1 811  

17  

CLASSIFICATIONS OF FINANCIAL ASSETS AND LIABILITIES  

The Group´s financial assets are governmental grant receivables, and the Group’s financial liabilities  

are accounts payables and other current liabilities. The Parent’s financial assets also include  

receivables from the wholly owned subsidiary, PCI Biotech AS. All these financial assets and liabilities  

are classified as financial instruments at amortised costs, and no financial assets or liabilities are  

classified at fair value through profit and loss.  

Financial assets and liabilities at amortised costs are measured at their nominal amount, as the  

nominal amount is assessed to be fair value due to the immaterial discounting effect for short-term  

maturities.  

18  

RECEIVABLES  

Receivables are measured by the amortised cost method, but due to the assets being short-term  

receivables the non-discounted contractual payments are disclosed. No credit losses allowance is  

recognised at year-end 2022 or 2021.  

Other current receivables - specification  

(Figures in NOK 1,000)  

Group  

Parent  

31.12.2022 31.12.2021

31.12.2022 31.12.2021  

Recognised not received government grants  

4 750  

4 750  

0

0

Prepaid payables  

0

7 096  

0

5

VAT receivables  

561  

354  

23  

28  

Recognised, not received interest from bank  

851  

0

0

0

Total other receivables  

6 162  

12 200  

23  

33  

The parent company has supported its wholly owned subsidiary, PCI Biotech AS, with loans and  

capital increases during the year. The capital increase during 2022 was NOK 30 million (2021: NOK  

40 million) and per year-end the loan balance is NOK 7.4 million (2021: NOK 15.0 million).  

19  

CASH AND CASH EQUIVALENTS  

(Figures in NOK 1,000)  

Group  

Parent  

31.12.2022 31.12.2021

31.12.2022 31.12.2021  

Cash and cash equivalents, restricted ⁽¹⁾  

629  

938  

0

0

Cash and cash equivalents, non-restricted  

55 967  

115 180  

628  

26 476  

Total  

56 596  

116 118  

628  

26 476  

(1) Restricted cash and cash equivalents are security for the employees' withholding tax and bank deposits.  

The carrying amount of cash and cash equivalents is approximately equal to fair value since these  

instruments have a short term to maturity. The cash and cash equivalents are placed in cash deposits  

in NOK and EUR in different banks with satisfactory credit ratings. The credit risk for these funds is  

assessed to be low and no impairment test are performed for 2022 or 2021.  

20  

SHARE CAPITAL  

Nominal value  

per share in  

Share capital in  

No. of shares  

NOK  

NOK  

Share capital as per 31.12.2020  

37 326 390  

3,00  

111 979 170  

Share issues in 2021  

-

-

-

Share capital as per 31.12.2021  

37 326 390  

3,00  

111 979 170  

Share issues in 2022  

-

-

-

Share capital as per 31.12.2022  

37 326 390  

3,00  

111 979 170  

All shares have equal voting rights and otherwise have equal rights in the company and one share  

represents one voting right.  

Ordinary shares are classified as equity and only one class of shares exists. Expenses that are directly  

attributable to the issue of ordinary shares are disclosed as reduction of equity.  

The annual general meeting in May 2022 authorised the board of directors to execute share capital  

increases by issuing up to 2,790,000 shares with a nominal value of NOK 3.00 in connection with the  

company’s employee share option program. The authorisation is valid for one year. In addition, the  

board of directors was authorised to execute share capital increases with up to NOK 12,034,000 in  

connection with private placements. The authorisation shall not be used to increase share capital by  

an amount in excess of 10% of the share capital, based on the share capital per date of the  

authorisation and potential share capital increases in relation to the employee share option program.  

The authorisation may be used for general corporate purposes and is valid for one year.  

Ownership structure per 31 December 2022:  

Name  

No. of shares  

Ownership  

FONDSAVANSE AS  

3 910 443  

10.48 %  

MP PENSJON PK  

2 185 801  

5.86 %  

Myrlid AS  

2 034 463  

5.45 %  

RADFORSK INVESTERINGSSTIFTELSE  

1 082 415  

2.90 %  

GRESSLIEN  

938 800  

2.52 %  

Nordnet Bank AB  

809 677  

2.17 %  

CLEARSTREAM BANKING S.A.  

502 381  

1.35 %  

RAVI INVESTERING AS  

500 000  

1.34 %  

Jandersen Kapital AS  

470 000  

1.26 %  

BNP Paribas  

428 283  

1.15 %  

Total 10 largest shareholders  

12 862 263  

34.46%  

Others  

24 464 127  

65.54%  

Total  

37 326 390  

100.00%  

Shares owned, directly or indirectly, by members of the board and executive management, and their  

personally related parties per 31.12.2022 and per 31.12.2021:  

Number of shares  

Name  

Position  

31.12.2022  

31.12.2021  

Hans Peter Bøhn  

Chairman  

123 662  

123 662  

Lars Viksmoen  

Board member  

12 966  

12 966  

Christina Herder  

Board member  

10 000  

10 000  

Hilde Furberg (Borkenholm AS)*  

Board member  

8 000  

4 000  

Andrew Hughes  

Board member  

-

-

Anders Høgset  

CSO  

64 800  

64 800  

Ronny Skuggedal  

CFO  

55 000  

55 000  

Kristin Eivindvik  

CDO  

25 200  

25 200  

Per Walday**  

former CEO  

NA  

72 700  

Ludovic Robin***  

former CBO  

NA  

-

Amir Snapir****  

former CMO  

NA  

-

Total  

299 628  

368 336  

* Hilde Furberg’s shares are owned via Borkenholm AS, which is a related party to Hilde Furberg.  

** former CEO, Per Walday, left the company in May 2022.  

*** former CBO, Ludovic Robin, left the company in May 2022.  

**** former CMO, Amir Snapir, left the company in September 2022.