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"s9_notes__6__7": {
"value": "1. General informationTargovax ASA (\"the Company\") and its subsidiaries (together the Group) is a clinical stage cancer immunotherapy and RNA therapeutics company. Targovax\u00b4 clinical programs aim to activate the patient\u00b4s own immune system to fight cancer, and to bring benefit to cancer patients with few available treatment alternatives. Lead clinical candidate, ONCOS-102, is a genetically modified oncolytic adenovirus, which has been engineered to selectively infect cancer cells and activate the immune system against the tumor. ONCOS-102 has demonstrated excellent safety, strong immune responses and clinical efficacy in several cancer types, both as monotherapy and in combinations. Targovax is aiming to progress ONCOS-102 into a randomized phase 2 trial in melanoma patients resistant to PD-1 checkpoint inhibitor treatment through one or more partnerships. Targovax\u00b4 second clinical stage program is a KRAS immunotherapy, with lead candidate TG01 currently being tested in studies in RAS-mutated pancreatic cancer and multiple myeloma. Building on broad industry and academic networks, these collaborative trials are highly cost-efficient for Targovax, and are supported by prestigious research grants from Innovation Norway and the Norwegian Research Council. Building on deep experience from immunotherapy and viral engineering, Targovax is establishing a cutting-edge circular RNA (circRNA) platform. It\u00b4s unique and proprietary circVec vector-system for circRNA expression and delivery has broad potential applications and is being explored in multiple settings. The aim is to develop novel clinical candidates for in-house development, as well as to forge early partnerships to broaden and accelerate the circRNA pipeline development. The Company is a Norwegian public limited liability company listed on the Oslo Stock Exchange in Norway. The address of the registered office is Vollsveien 19, 1366 Lysaker, Norway. These financial statements have been approved for issue by the Board of Directors on 13 April 2023 and are subject to approval by the Annual General Meeting in May 2023. ",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__5": {
"value": "1. General informationTargovax ASA (\"the Company\") and its subsidiaries (together the Group) is a clinical stage cancer immunotherapy and RNA therapeutics company. Targovax\u00b4 clinical programs aim to activate the patient\u00b4s own immune system to fight cancer, and to bring benefit to cancer patients with few available treatment alternatives. Lead clinical candidate, ONCOS-102, is a genetically modified oncolytic adenovirus, which has been engineered to selectively infect cancer cells and activate the immune system against the tumor. ONCOS-102 has demonstrated excellent safety, strong immune responses and clinical efficacy in several cancer types, both as monotherapy and in combinations. Targovax is aiming to progress ONCOS-102 into a randomized phase 2 trial in melanoma patients resistant to PD-1 checkpoint inhibitor treatment through one or more partnerships. Targovax\u00b4 second clinical stage program is a KRAS immunotherapy, with lead candidate TG01 currently being tested in studies in RAS-mutated pancreatic cancer and multiple myeloma. Building on broad industry and academic networks, these collaborative trials are highly cost-efficient for Targovax, and are supported by prestigious research grants from Innovation Norway and the Norwegian Research Council. Building on deep experience from immunotherapy and viral engineering, Targovax is establishing a cutting-edge circular RNA (circRNA) platform. It\u00b4s unique and proprietary circVec vector-system for circRNA expression and delivery has broad potential applications and is being explored in multiple settings. The aim is to develop novel clinical candidates for in-house development, as well as to forge early partnerships to broaden and accelerate the circRNA pipeline development. The Company is a Norwegian public limited liability company listed on the Oslo Stock Exchange in Norway. The address of the registered office is Vollsveien 19, 1366 Lysaker, Norway. These financial statements have been approved for issue by the Board of Directors on 13 April 2023 and are subject to approval by the Annual General Meeting in May 2023. 2. Summary of significant accounting principlesThe principal accounting policies applied in the preparation of these consolidated financial statements are described in the respective note, or if not, set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Amounts are in thousand Norwegian kroner unless stated otherwise. Functional currency The functional currency is determined in each entity in the Group based on the currency within the entity's primary economic environment. Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Changes in the exchange rate are recognized continuously in the accounting period. Presentation currency The Group\u2019s presentation currency is NOK. This is also the parent company\u2019s functional currency. The statement of financial position figures of entities with a different functional currency are translated at the exchange rate prevailing at the end of the reporting period for balance sheet items, including goodwill, and the exchange rate at the date of the transaction for profit or loss items. The monthly average exchange rates are used as an approximation of the transaction exchange rate where the rate at the date of transaction is not available. Exchange differences are recognized in other comprehensive income (\u201cOCI\u201d). When investments in foreign subsidiaries are sold, the accumulated translation differences relating to the subsidiary attributable to the equity holders of the parent are recognized in the statement of comprehensive income. When a loss of control, significant influence or joint control is present the accumulated exchange differences related to investments allocated to controlled interests is recognized in profit or loss. When a partial disposal of a subsidiary (not loss of control) is present the proportionate share of the accumulated exchange differences is allocated to non-controlling interests. 2.1 Basis for preparation of the annual accounts The consolidated financial statements of Targovax ASA have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, as well as Norwegian disclose requirements listed in the Norwegian Accounting Act. The consolidated financial statements are based on historical cost. The consolidated financial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances. 2.2 Accounting principles Foreign exchange The Group record transactions at initial recognition based on the exchange rate at the date of the transaction. If the exchange rate at the date of transaction is not available, average monthly exchange rate in the month of transaction is used. The date of a transaction is the date on which the transaction first qualifies for recognition in accordance with International Financial Reporting Standards. However, if exchange rates fluctuate significantly, the use of the average rate for a period may be inappropriate and an exchange rate closer to transaction date is used. Any exchange differences are recognized in statement of profit or loss under financial items in the period in which they arise. 2.3 Adoption of new and revised IFRS standards Standards and interpretations affecting amounts reported in the current period All relevant new and revised IFRSs and IFRIC interpretations that are mandatory for periods commencing 1 January 2021 and earlier have been adopted for all periods presented in these financial statements. The Group has applied the following amendments for the first time for their annual reporting period commencing 1 January 2022: o Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 o Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37 o Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. The amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. None of the other new standards, revised standards, amended standards or interpretations have a material impact on the Group\u2019s overall results and financial position. Standards and interpretations in issue but not yet adopted 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. 2.4 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. As at 31 December 2022, Targovax Solutions AS located in Lysaker Norway, Targovax OY, located in Espoo, Finland, and Circio AB located in Stockholm, Sweden is 100% owned and controlled subsidiaries by Targovax ASA. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: o Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee). o Exposure, or rights, to variable returns from its involvement with the investee o The ability to use its power over the investee to affect its returns In general, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: o The contractual arrangement(s) with the other vote holders of the investee o Rights arising from other contractual arrangements o The Group\u2019s voting rights and potential voting rights The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of OCI are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. 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. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it ceases to recognize the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in statement of profit or loss. Any investment retained is recognized at fair value. 2.5 Business combinations and intangible assets Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss. Intangible assets comprising the patented technology were recognized at fair value at the date of acquisition of Targovax OY (previous Oncos Therapeutics OY) July 2015. Until the development of the patented technology is finalized no amortization is recorded and the carrying amount will be tested for impairment at least once a year, or more often if there are indicators of impairment. When finalized, the patented technology will be amortized by the straight-line method over the estimated useful life. 2.6 Going concern The Group works continuously to ensure financial flexibility in the short and long-term to achieve its strategic and operational objectives. To date, the Group has financed its operations through private placements, grants, borrowings, repair offerings and the initial public offering in connection with the listing of the company\u2019s shares on Oslo Stock Exchange in 2016. In February 2023, Targovax announced that it has agreed the terms and conditions for a convertible bond facility with Atlas Special Opportunities (\u201cAtlas\u201d) which will secure financing of up to gross NOK 300 million over three years. The agreement was approved by an extraordinary general meeting (EGM) of Targovax held 9 March 2023, please see Note 23. In March 2023, the Group announced prioritization of resources toward its circRNA platform and, it is the view of the Board that the phase 2 study should only be pursued once a partner or additional source of financing can be secured. The Board of Directors has confirmed that the conditions for assuming that the Company is a going concern are present, and that the financial statements have been prepared based on this assumption. 3. Important accounting estimates and discretionary assessments Management makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Impairment of intangible assets Where a finite useful life of the acquired intangible asset cannot be determined, the asset is not subject to amortization, but is tested when indication, or at least annually for impairment. Acquired intangible assets will not be subject to amortization until market authorization is obtained with the regulatory authorities and the intangible assets are available for use. After market authorization, the intangible assets will be amortized using the straight-line method to allocate their cost to their residual values over their estimated useful lives. Due to the Group\u2019s prioritization of resources toward its circRNA platform announced in March 2023, the acquired intangible assets related to development of the ONCOS-102 platform recognized in the consolidated statement of financial position, were impaired from 391 MNOK to zero as per 31 December 2022. This is further described in Note 15. Estimated value of share-based payments At each balance sheet date, the Group revises its estimates of the number of options that are expected to vest. It recognizes the impact of the revision to original estimates, if any, in the statement of profit or loss, with a corresponding adjustment to equity. The estimated turnover rate for unvested share options is 0 percent for all share option plans. See Note 11 Share-based compensation. Deferred tax asset A deferred tax asset shall be recognized for the carryforward of unused tax losses and unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilized. The Group cannot prove probable future taxable income large enough to justify recognizing a deferred tax asset in the balance sheet. However, this assumption must be continually assessed, and changes could lead to a significant asset being recognized in the future. This assumption requires significant management judgment. See Note 14 Taxes. 4. Segments The Group's activities during 2022 have been to continue the development and implementation of a strategy with the aim of developing highly targeted immunotherapy treatments for cancer patients. In addition to the R&D activities in Norway and Finland, the Group established a Swedish company Circio AB in 2022. Circio AB\u2019s focus on establishing a cutting-edge circular RNA (circRNA) platform with the aim to develop novel clinical candidates for in-house development, as well as to forge early partnerships to broaden and accelerate the circRNA pipeline development. For management purposes, the Group is organized as one business unit and the internal reporting is structured in accordance with this. The Group is thus currently organized in one operating segment. 5. Financial instruments and risk management objectives and policies The Group's financial assets and liabilities comprise cash at bank and cash equivalents, receivables and trade creditors that originate from its operations. All financial assets and liabilities are carried at amortized cost. All financial assets and liabilities, other than the long-term leasing liabilities and debt to Business Finland, are short-term and their carrying value approximates fair value. The Group does currently not use financial derivatives to manage financial risk such as interest rate risk and currency risk. The Group is subject to market risk, credit risk and liquidity risk. Market risk Interest rate fluctuations could in the future materially and adversely affect the Group\u2019s business, financial condition, results of operations, cash flows, time to market and prospects. Currently, the Group has no long-term debt other than leasing liabilities and its debt to Business Finland. The debt to Business Finland carries an annual interest equal to the European Central Bank\u2019s steering rate less 3 percentage points, but in no event less than 1%. The current interest is 1% per annum. For further information see Note 21 Interest-bearing debt. The Group may in the future be exposed to interest rate risk primarily in relation to any future interest-bearing debt issued at floating interest rates and to variations in interest rates of bank deposits. Consequently, movements in interest rates could have a material and adverse effect on the Group\u2019s business, financial condition, results of operations, cash flows, time to market and prospects. The Group is not sensitive to a change in interest rates on interest-bearing borrowings, the debt to Business Finland, unless the European Central Bank\u2019s steering rate increases above 4 %. Hence the Group\u2019s profit or loss statement, statement of financial position and the Group\u2019s cash flow is not sensitive to 1% change in interest rates on interest-bearing borrowings. The following table demonstrates the Group\u2019s sensitivity to a 1 percent point change in interest rates on cash and cash equivalents at 31 December 2022 and 2021: 2022 2021 Amounts in NOK thousands 1% point 1% point 1% point 1% point increase decrease increase decrease Loss before income tax effect 660 -660 1 817 -1 817 Foreign currency risk Fluctuations in exchange rates could affect the Group\u2019s cash flow and financial condition. The Group has currency exposure to both transaction risk and translation risk related to its operating expenses. Transaction risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is different from the Group\u2019s presentation currency. The Group undertakes various transactions in foreign currencies and is consequently exposed to fluctuations in exchange rates. The exposure arises largely from research expenses. The Group is mainly exposed to fluctuations in EUR, USD, GBP, CHF and SEK. Targovax hedges foreign currency by aligning the cash positions with future expected currency outflows. The Group does not have derivatives for hedge accounting at year-end. The following tables demonstrate the Group\u2019s currency rate sensitivity on monetary assets and liabilities in the loss before income tax and other comprehensive income at 31 December 2022 and 2021: Group\u2019s sensitivity to a 10% increase/decrease in EUR against NOK: 2022 2021 Amounts in NOK thousands 10% point 10% point 10% point 10% point increase decrease increase decrease Loss before income tax effect 515 -515 534 -534 Other comprehensive income -4 540 4 540 -5 096 5 096 Group\u2019s sensitivity to a 10% increase/decrease in USD against NOK: 2022 2021 Amounts in NOK thousands 10% point 10% point 10% point 10% point increase decrease increase decrease Loss before income tax effect 91 -91 194 -194 Other comprehensive income - - - - Group\u2019s sensitivity to a 10% increase/decrease in GBP against NOK: 2022 2021 Amounts in NOK thousands 10% point 10% point 10% point 10% point increase decrease increase decrease Loss before income tax effect -70 70 75 -75 Other comprehensive income - - - - Group\u2019s sensitivity to a 10% increase/decrease in CHF against NOK: 2022 2020 Amounts in NOK thousands 10% point 10% point 10% point 10% point increase decrease increase decrease Loss before income tax effect -60 60 147 -147 Other comprehensive income - - - - Group\u2019s sensitivity to a 10% increase/decrease in SEK against NOK: 2022 2021 Amounts in NOK thousands 10% point 10% point 10% point 10% point increase decrease increase decrease Loss before income tax effect -30 30 - - Other comprehensive income 42 -42 - - Credit risk Credit risk is the risk of a counterparty defaulting. The Group has limited credit risk. Outstanding receivables are limited and primarily government grants receivable from various government agencies. No impairment has been recognized. The carrying value of the assets represents the Group's maximum exposure to credit risk. Cash and cash equivalents: 2022 2021 Rating Amounts in NOK thousands Amount In % Amount In % S&P Cash at bank: 35 374 54% 181 366 100% Nordea Bank abp 21 915 33% 169 680 93% AA- Danske Bank A/S 5 0% 0 0% A- DNB Bank ASA 13 453 20% 11 686 6% AA- Money market funds: 30 641 46% 316 0% Nordea Likviditet III 30 641 46% 316 0% Total 66 015 100% 181 682 100% Fair value of financial instruments The carrying value of receivables, cash and cash equivalents, borrowings and other trade payables are assessed to approximate fair value. 2022 2021 Amounts in NOK thousands Carrying Fair value Carrying Fair value amounts amounts Receivables 28 097 28 097 9 207 9 207 Cash and cash equivalents 66 015 66 015 181 682 181 682 Total financial assets 94 112 94 112 190 889 190 889 Interest-bearing borrowings 61 964 61 964 57 066 57 066 Lease liabilities 1 455 1 455 2 725 2 725 Trade payables 11 383 11 383 8 103 8 103 Total financial liabilities 74 803 74 803 67 894 67 894 The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: o Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities o Level 2: Inputs other than quoted prices including Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) o Level 3: Inputs in asset or liability that are not based on observable market data (that is, unobservable inputs) As at 31 December 2022: Amounts in NOK thousands Level 1 Level 2 Level 3 Total Interest-bearing borrowings - - 61 964 61 964 Total financial instruments at fair value - - 61 964 61 964 As at 31 December 2021: Amounts in NOK thousands Level 1 Level 2 Level 3 Total Interest-bearing borrowings - - 57 066 57 066 Total financial instruments at fair value - - 57 066 57 066 Liquidity risk The Group manages liquidity risk by estimating and monitoring cash and liquidity needs on an on-going basis and maintaining adequate reserves and banking facilities. The Group has entered into an investment agreement with Atlas Special Opportunities, to secure financing by the issuance of convertible bonds with a nominal value of up to NOK 300 million over three years. This facility, approved by the EGM 9 March 2022, will provide the Group sufficient cash to meet its obligations as at 31 December 2022 and related to planned activities in the next 12 months. Hence, the Group is funded into 2024. The Group will need new funding for the next phases of the development program. All liabilities at year-end, other than the debt to Business Finland and long-term lease liabilities, are short-term and fall due within one year of the reporting date. The following tables analyses the Group\u2019s current and non-current financial liabilities, at 31 December 2022 and 2021 respectively, into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the tables are the financial undiscounted cash flows. At 31 December 2022 (Amounts in NOK thousands ) On demand Less than 3 months 3 to 12 months 1 to 5 years >5 years Total 1Interest-bearing borrowings - 2 906 2 305 39 459 26 463 71 133 Lease liabilities - 401 1 107 - - 1 508 Trade payables - 11 383 - - - 11 383 Accrued public charges - 3 074 - - - 3 074 Other current liabilities - 19 971 - - - 19 909 Total - 37 736 3 412 39 459 26 463 107 070 1 Interest-bearing borrowings comprise loans from Business Finland and includes future interest payments. At 31 December 2021 (Amounts in NOK thousands ) On demand Less than 3 months 3 to 12 months 1 to 5 years >5 years Total 1Interest-bearing borrowings - 228 7 981 47 051 13 910 69 170 Lease liabilities - 378 1 133 1 511 - 3 022 Trade payables - 8 103 - - - 8 103 Accrued public charges - 3 203 - - - 3 203 Other current liabilities - 17 134 - - - 17 134 Total - 29 046 9 114 48 562 13 910 100 633 1 Interest-bearing borrowings comprise loans from Business Finland and includes future interest payments. 6. Revenue recognition Revenue from providing services is recognized in the accounting period in which the services are rendered. Revenue is presented net of value added tax. Amounts in NOK thousands 2022 2021 Other revenue 10 002 - Total operating revenue 10 002 - The Group's products are still in the research and development phase, and it has no revenue from sales of products yet. In November 2022, Hubro Therapeutics AS acquired Targovax\u2019s GM-CSF process development and production project. Under the agreement, Hubro will pay Targovax NOK 10 million for the acquisition of the GM-CSF project, 50% has been paid in the fourth quarter 2022 and 50% is due in the second quarter 2023. Targovax retains conditional buy-back and supply options, and a share in gross proceeds in the event of a re-sale of the asset within a time-limited period. 7. Research and development expenses Expenditure on research and development activities is recognized as an expense in the period in which it is incurred. Internal and external research and development costs related to the Group's development of new products are recognized in the statement of profit or loss in the year incurred unless it meets the asset recognition criteria of IAS 38 \"lntangible Assets\". Uncertainties related to the regulatory approval process and results from ongoing clinical trials generally indicate that the criteria for asset recognition is not met until the time when the marketing authorization is obtained from regulatory authorities. This assessment requires significant management discretion and estimations. The following table gives an overview of the Group\u2019s research and development expenditures compared to the total operating expenses: 2022 2021 Amounts in NOK thousands Total Of which R&D Total Of which R&D R&D expenses 47 228 47 228 37 440 37 440 Payroll and related expenses 52 238 26 399 48 386 22 898 Other operating expenses 11 454 246 8 466 40 Depreciation, amortizations and 392 673 - 1 309 - write downs Total 503 593 73 873 95 601 60 377 The following research and development expenditures have been expensed: Amounts in NOK thousands 2022 2021 R&D related consultancy and other expenses 27 202 18 185 Cost of manufacturing for R&D 20 307 17 484 Patent expenses 3 479 4 659 Government grants -3 759 -2 888 Total research and development expenses 47 228 37 440 8. Government grants Government grants are recognized at the value of the contributions at the transaction date. Grants are not recognized until it is probable that the conditions attached to the contribution will be achieved. The grant is recognized in the statement of profit or loss in the same period as the related costs and are presented net. Government grants are normally related to either reimbursements of employee costs and classified as a reduction of Payroll and related expenses or related to other operating activities and thus classified as a reduction of Research and development expenses or Other operating expenses. Government grants have been recognized in statement of profit or loss as a reduction of the related expense with the following amounts: Amounts in NOK thousands 2022 2021 Research and development expenses 3 759 2 888 Payroll and related expenses 1 021 374 Other operating expenses 35 1 Total grants 4 815 3 263 R&D projects have been approved for SkatteFUNN through 2022. Further, the Group is awarded research grants of NOK 9.8 million from the Research Council of Norway and NOK 8.2 million from Innovation Norway, towards product and clinical development for the TG mutant KRAS cancer vaccine program. These grants are for the period 2022-2025. For the full year 2022 the Group has recognized NOK 3.0 million (NOK 3.3 million 2021) related to SkatteFUNN and and NOK 1.8 million related to the grant from the Research Council of Norway. Specification of grants receivables: Amounts in NOK thousands 2022 2021 Grants from SkatteFUNN 2 970 3 263 Grants from Research Council of Norway 934 - Total grants receivable 3 904 3 263 9. Payroll and related expenses Payroll and related expenses are recognized in the statement of profit or loss in the period in which the related costs are incurred or services are provided. Defined contribution plans Targovax Solutions AS has a defined contribution pension plan as required by the Norwegian Law and as well an applicable contribution pension plan as required by Finnish Law and Swedish law for all employees employed in Targovax OY and Circio AB. These pension plans apply to all employees of the Group respectively. Currently, members of the Management Team with residence outside Norway, Finland and Sweden are not part of the company\u2019s respective national pension plans. The company pays these executives an annual amount in addition to base salary in lieu of their participation in a company scheme. For defined contribution pension plans, contributions are paid to pension insurance plans and charged to the statement of profit or loss in the period to which the contributions relate. Bonus scheme In 2018 Targovax implemented a bonus system covering all employees. The Group recognizes a liability and an expense for bonuses based on a short-term incentive plan for employees linked to achievement of corporate objectives as well as individual objectives determined by the Board. See note 10 Related parties and Management. Total payroll and related expenses for the Group are: Amounts in NOK thousands 2022 2021 Salaries and bonus 40 911 33 885 Employer\u2019s national insurance contributions 4 984 3 788 1)Share-based compensation 4 160 6 935 Pension expenses \u2013 defined contribution plan 2 518 2 200 Other 686 1 952 Governmental grants -1 021 -374 Total payroll and related expenses 52 238 48 386 1) Share-based compensation has no cash effect. Number of employees calculated on a full-time basis as at end of 20,9 21,8 period Number of employees as at end of period 21 22 10. Related parties and Management Targovax Compensation Report This report describes the compensation programs for Targovax. It is intended to describe programs for senior executives and to explain how they were compensated in 2022 and will be in 2023. See Note 9 Payroll and related expenses and 11 Share-based compensation for accounting principles for payroll and related expenses and equity-settled share-based payments. Section 1: Introduction by the Compensation Committee It is our pleasure to present the Targovax Remuneration Report for the year 2022. We encourage our shareholders to read the entire Remuneration Report before attending the Annual General meeting in April 2023. During 2022 the company executed on all major development goals and is expected to build on this momentum in 2023 and deliver several important milestones on both the clinical and pre-clinical programs. In particular, circRNA is emerging as an area of rapidly growing interest, and new ways to fully unlock the potential of the unique circAde vector delivery approach are actively being explored. Targovax s a clinical stage cancer immunotherapy and RNA therapeutics company. In order to implement our strategy and build shareholder value Targovax needs to be able to attract and retain experienced and qualified key individuals. The Company\u2019s total compensation philosophy reflects this in that equity incentives play an important role in compensating, motivating, and retaining the employees. Moreover, the Remuneration Committee believes that it is essential that a substantial part of management\u2019s compensation is aligned with the interests of Targovax\u2019s shareholders. The equity incentive is an important motivator of Targovax\u2019s organization, in particular key employees, to deliver the milestones that will advance Targovax and underpin long-term value creation. In order to make this journey successful, it is of crucial importance for Targovax to be able to attract and retain senior and talented individuals that are willing to build lasting careers with the Company. During the year the Remuneration Committee engaged closely with management in order to ensure essential means and tactics necessary to fulfil the needs of the Company. Long-term incentives have been the most important topic to ensure a successful compensation policy. The Remuneration Committee believes that the suggested compensation policy will support and fulfil the essential needs of sustainable engagement and long-term value creation of the Company. The Remuneration Committee will continue to measure and monitor the effectiveness of the compensation policies and return with further amendments when neededThomas Falck, Robert Burns, and Damian Marron Targovax Compensation Committee, 13 April 2023 Section 2 \u2013 Compensation Committee activity The Compensation Committee The Board of Directors, with the assistance of the Compensation Committee, presented to the Annual General Meeting 2022 the compensation principles for Targovax. The Compensation Committee is of the view that compensation practices must support the strategic aims of the business and enable the recruitment, motivation, and retention of senior executives as well as other key employees. Targovax\u2019s practices must take into account the views of regulatory and governance bodies and the expectations of shareholders and the wider employee population. The Board of Directors approves the total compensation of the CEO, which is communicated to the shareholders through the Annual General Meeting. The Board of Directors has final approval of the compensation of the Management Team, upon recommendation of the CEO and the Compensation Committee. Compensation Committee activity The CEO attended selected meetings of the Compensation Committee, providing input and assisting with specific queries. The CEO did not participate in conversations regarding his own level of compensation. The committee covered the following matters during the year: o Review of the overall compensation strategy and policies o Review of the compensation levels and structure for each member of the management team o Review of the market competitive positioning of the compensation for each member of the management team o Recommendation on the base salary increase of the CEO and a review of recommendations made by the CEO for the organization o Assessment of fulfilment of objectives for 2022 and on resulting cash bonuses o Recommendation on the grant of employee share options o Recommendation on corporate objectives for 2023 Section 3 \u2013 Overview of the compensation policy The compensation policy The compensation policy applied in 2022 and 2021 is as follows: Principle Summary Market Targovax offers market competitive reward opportunities on a level adequate competitive to enable the company to attract, retain, and motivate the talent needed to compensation achieve our vision and business objectives. We balance the need to provide market competitive levels of reward against a desire to be cost-effective when determining reasonable and responsible reward outcomes. Pay for An appropriate proportion of the reward package is performance-based for performance and top executives to ensure reward is linked to the achievement of key financial commitment and non-financial objectives with a balance of short and long-term performance components - with priority being given to securing the long-term commitment of key employees. Transparency Compensation programs are designed and communicated in a manner that reinforces the linkage between business objectives, our vision, and culture.Business Compensation decisions are made within an international framework to alignment and ensure local practices are aligned and consistent with our principles and consistency policies. Compensation practices will remain \ufb02exible enough to evolve as the business priorities of Targovax change.Shareholder Compensation programs will align the interests of all employees in driving alignment long-term value creation for our shareholders. Targovax will share the success of the company wherever possible with its employees.Element Applied in 2022 Proposed for 2023 Base salary \u2714 \u2714 Short term incentive for top \u2714 \u2714 executives: Annual cash bonus Short term incentive for all \u2714\u2714employees: Annual cash bonus Long term incentive for all \u2714 \u2714 employees: Share options Benefits \u2714 \u2714 Pension \u2714\u2714Equity as part of Board fee \u2714 \u2714 Section 4 \u2013 Compensation policy for each element The policy for each element of the compensation offered to our employees is described below and is laid down in the Targovax\u2019s Remuneration principles as approved by the Annual General Meeting in 2022. Base salary Base salaries for individual members of the management team are reviewed annually by the committee. The salaries are set by taking into consideration the scope of the role, the level of experience of the individual, the geographical location of the role, internal relativity, and external economic environment. The overall performance rating, employee potential, and current compensation market competitiveness will be combined to assess any proposed salary revision. Short term incentives: annual bonus The corporate objectives are set by the Board and determined for and agreed with the CEO. The bonus of the CEO is determined by achievements of corporate objectives. Other management/employee bonuses are based on the achievement of the corporate objectives as well as individual objectives. The level of performance achieved and the amount of bonus to be awarded individual members of the Management Team is reviewed by the committee, in discussion with the CEO, and approved by the Board. The Corporate Objectives for 2022 and 2023 focus on short term execution of clinical plans and longer-term business development. 2022 2023 Target bonus percentages (% of base salary) (% of base salary) Erik Digman Wiklund (Chief Executive Officer) 50% 50% Lubor Gaal (Chief Financial Officer) 30% 30% Lone Ottesen (Chief Development Officer) 30% 30% Victor Levitsky (Chief Scientific Officer) 30% 30% Ingunn Munch Lindvig (VP Regulatory Affairs) 20% 20% Ola Melin (Head of Manufacturing) 20% 20% The Committee may, at its discretion, review the operation of the annual bonus plan and make recommendations to the Board for approval. Any review will take into account the overall impact of the compensation package, the mix between fixed and variable pay, and the balance between short and long-term performance measurement. In 2018 Targovax implemented a bonus system covering all employees who are not part of the management team. The criteria are the same as for the management team; based on the achievement of the corporate objectives as well as individual objectives. Long-term incentives The Committee\u2019s proposal for 2023 long-term incentives and the policy applied in 2022 are described below. Long term incentives proposal for 2023 Eligibility New employees and consultants are eligible for option grants upon joining the company. Employees and consultants will be eligible for an annual option award on a discretionary basis, taking into account overall performance, work responsibility, importance of retention, organization level, and position. The Board of Directors will exercise discretion as to who will receive an equity award in any given year, based on recommendations made by the Compensation Committee. The Board of Directors intends to grant awards under the plan, alongside the existing option plan, on an annual basis. Board members are not eligible to participate. Grant size and exercise price The Compensation Committee shall recommend to the Board the size of the overall option grant. The grant schedule will be determined, and reviewed, on the basis of market competitiveness of the equity component of the compensation package and the overall size of the available share pool approved by shareholders. Share option grants will not be subject to any performance-based vesting conditions. The exercise price is determined at grant and reflects the share price on the day of the grant. Long-term incentives in 2022 In 2022, Targovax granted share options under the current share option plan in which all employees are eligible to participate. The share option grants are not subject to any performance-based vesting conditions. Under the current plan, share options have been granted to employees upon joining the company. Additional grants have been awarded to employees on a discretionary basis taking into account the number of options held, overall performance, competitiveness of terms, work responsibility, importance of retention, organization level, and position. Employee vesting schedule Granted share options vest over a four-year period as follows: 25 percent of the options vest on the first anniversary of the grant date; and the remaining 75 percent of the options vest in equal monthly tranches over the next 36 months. Most options expire seven years after the grant date. In the case of termination of employment, the employee will not vest further share options beyond notice of termination, unless the employee continues as a consultant to the company. Unless special circumstances dictate otherwise, the terminated employee can, as a general rule, exercise vested share options for a maximum period of six to twelve months after termination. In the event of a Take-over or a Statutory Merger all unvested options shall vest if, within 24 months following the completion of such trade sale or merger, the option holder\u2019s employment is terminated by the Group. Limits The Board of Targovax seeks authorization from shareholders at the Annual General Meeting to issue a maximum number of share options in total for all grants. This authorization is sought every year and at the Annual General Meeting in April 2022, the Board was authorized to increase the Group\u2019s share capital in connection with share incentive arrangements to employees and consultants by up to NOK 2 600 000 of the Company\u2019s outstanding shares, options and RSUs. The authorization to increase the share capital covers: o Already granted options, vested as well as unvested; and o Planned future grants of options At the end of 2022, 10 781 275 share options were outstanding, of which 4 051 671 were vested and exercisable at year-end 2022. Current Management Team members held 5 552 000 share options, 3 524 000 options were held by other employees and the remaining 1 705 275 by previous employees. Targovax has never and does not plan to grant options to Board members. Pension Targovax Solutions AS has a defined contribution pension plan as required by the Norwegian Law and as well an applicable contribution pension plan as required by Finnish Law for all employees employed in Targovax OY, and as required by Swedish Law for all employees employed in Circio AB. These pension plans apply to all employees of Targovax Solutions AS, Targovax OY and Circio AB respectively. Currently, members of the Management Team with residence outside Norway, Sweden and Finland are not part of the company\u2019s respective national pension plans. The company pays these executives an annual amount in addition to base salary in lieu of their participation in a company scheme. Other benefits Benefits to the Management Team may comprise certain other items such as healthcare, accident insurance, etc. on customary terms. Severance payment Erik Digman Wiklund (CEO is entitled to severance pay equal to 12 months' salary in the event of termination of employment. Apart from this, no employee, including any member of Management, has entered into employment agreements which provide for any special benefits upon termination. Statement for 2022 The Board of Directors complies with the decision made at Targovax ASA\u2019s Ordinary General Meeting on 20 April 2022 to approve of the Board of Directors\u2019 statement concerning principles for Management compensation pursuant to Norwegian Public Limited Companies Act section 6\u201316a. The principles for 2022 were identical to the principles listed above. Section 5 \u2013 Compensation tables for 2022 and 2021 Remunerations and other benefits in 2022: Amounts in NOK thousands Fixed annual fee as Earned fees in cash in Earned fees in RSU\u2019s in Earned committee meetings Exercise of share Total remuneration earned at 31 Dec 2022 2022 2022 fee per 31.12.2022 options/RSUs in 2022 Board of Directors of Targovax ASA: Damian Marron, Chairperson of the Board 522 348 174 40 562 Bente-Lill Bjerkelund Rom\u00f8ren, Board 307 277 30 40 347 Robert Burns, Board member 307 217 90 20 129 456 Eva-Lotta Allan, Board member 307 205 102 20 52 368 Diane Mellett, Board member 307 175 132 40 8 353 Sonia Quaratino, Board member 307 102 205 307 Thomas Falck, Board member 217 72 144 40 257 Raphael Clynes, Board member 217 72 144 217 Johan Christenson, former Board member 90 90 90 Per Samuelsson, former Board member 90 90 8 98 1,2Total Board of Directors 2 671 1 648 1 023 208 188 2 926 1) Johan Christenson and Per Samuelsson was replaced by Thomas Falck and Raphael Clynes at the AGM 2022. 2) The Board members may choose to receive their Board fee either in RSUs or in cash. Please see the table for holding of RSUs for further details on the Board related remuneration. Amounts in NOK thousands Fixed annual salary Earned salaries in Bonus earned in Pension expenses in Benefits in kind in Exercise of share Total remuneration in as at 31 Dec 2022 2022 2022 2022 2022 options/RSUs 2022 Management team: Erik Digman Wiklund, Chief Executive Officer 2 500 2 550 1 125 103 13 - 3 792 1Lubor Gaal, Chief Financial Officer2 523 2 028 599 0 142 - 2 769 2Lone Ottesen, Chief Medical Officer2 809 2 826 801 388 134 - 4 149 3Victor Levitsky, Chief Scientific Officer514 510 198 0 141 - 849 Ingunn Munch Lindvig, VP & Head of Regulatory 1 515 1 561 288 103 14 - 1 966 Ola Melin, VP & Head of Manufacturing 1 469 1 392 278 460 36 - 2 165 4 Total Management Team 11 330 10 867 3 289 1 054 481 - 15 691 1) Lubor Gaal joined Targovax 7 March 2022. Fixed annual salary is the annual salary in EUR multiplied by the average exchange rate throughout the year. 2) Fixed annual salary is the annual salary in GBP multiplied by the average exchange rate throughout the year. 3) Victor Levitsky is working 20% for Targovax as per 31.12.2022. 4) \u00d8ystein Soug resigned from his position as Special Advisor and Interim CFO on 30 April 2022. During 2022 his remuneration consisted of TNOK 3 426 in salary, TNOK 246 in earned bonus, TNOK 33 in pension and TNOK 18 in benefits in kind. All amounts in the tables exclude National Insurance Contribution. In 2022, the annual general meeting of the Company resolved that all current board members shall receive NOK 310 000 and the Chairperson of the Board NOK 525 000 for the period from the annual general meeting in 2022 and until the annual general meeting in 2023. If the current board members have served for a shorter period than since the annual general meeting in 2022, the remuneration shall be pro rata adjusted down (based on the number of days served compared to the full period). The members of the board of directors may choose to receive their remuneration, or parts thereof, in the form of restricted stock units (RSUs). The remuneration in cash shall be payable immediately after the annual general meeting in 2023. Members of board committees shall receive an additional remuneration of NOK 4 000 per committee meeting, however not less than NOK 20 000 for the period and the chairpersons of such committees shall receive remuneration of NOK 8 000 per meeting, however not less than NOK 40 000 for the period. In 2022 NOK 0.9 million was recognized as expense for Board remunerations in RSUs. The Group has recognized as expense NOK 3.5 million, excluding National Insurance Contribution, in provision for bonuses to the Management Team as per 31 December 2022. The Group has recognized as expense NOK 3.3 million in share-based compensation for the year 2022 to the Management Team as per 31 December 2022. There are no outstanding loans or guarantees made to the Board of Directors or the Management Team at 31 December 2022. Remunerations and other benefits in 2021: Fixed annual fee as at Earned fees in Earned fees in RSUEarned committee Exercise of share Total remuneration Amounts in NOK thousands 31 Dec 2021 cash in 2021 \u2019s in 2021 meetings fee per options/RSUs earned in 2021 31.12 Board of Directors of Targovax ASA: 1Damian Marron, Chairperson of the Board511 341 170 40 551 Bente-Lill Bjerkelund Rom\u00f8ren, Board member 298 223 75 40 338 Johan Christenson, Board member 298 298 20 318 Catherine Wheeler, Board member 45 45 Per Samuelsson, Board member 298 298 56 354 Robert Burns, Board member 298 298 20 318 Eva-Lotta Allan, Board member 298 198 99 20 318 Diane Mellett, Board member 298 123 174 52 350 Sonia Quaratino, Board member 225 75 150 2Total Board of Directors 2 521 1 555 966 248 45 2 589 1) Catherine Wheeler was replaced by Sonia Quaratino at the AGM 2021. 2) The Board members may choose to receive their Board fee either in RSUs or in cash. Please see the table for holding of RSUs for further details on the Board related remuneration. Fixed annual salary as Earned salaries in Bonus earned in Pension expenses Benefits in kind in Exercise of share Total remuneration Amounts in NOK thousands at 31 Dec 2021 2021 2021 in 2021 2021 options/RSUs in 2021 Management team: 1Erik Digman Wiklund, Chief Executive Officer2 500 2 137 561 90 10 - 2 799 2\u00d8ystein Soug, Special Advisor and Interim CFO2 814 2 927 739 90 8 - 3 763 3Magnus J\u00e4derberg, Chief Medical Officer2 928 2 929 755 - 704 - 4 389 3,4Lone Ottesen, Chief Development Officer2 720 1 369 354 196 66 1 985 5Victor Levitsky, Chief Scientific Officer475 2 053 472 - 569 - 3 094 Ingunn Munch Lindvig, VP Regulatory Affairs 1 469 1 494 268 90 7 - 1 830 6Ola Melin, Head of Manufacturing 1 549 352 65 97 42 - 556 7, 8Total Management Team14 455 13 261 3 184 563 1 407 - 18 415 1) Erik Digman Wiklund became CEO 20th October 2021. Prior to that he was the CBO of Targovax. 2) \u00d8ystein Soug became Special Advisor and interim CFO 20th October 2021. Prior to that he was the CEO of Targovax. 3) Fixed annual salary is the annual salary in GBP multiplied by the average exchange rate throughout the year. 4) Lone Ottesen joined Targovax 1 July 2021. 5) Victor Levitsky is working 20% for Targovax as per 31.12.2021. 6) Ola Melin joined Targovax 1 October 2021. Fixed annual salary is the annual salary in SEK multiplied by the average exchange rate throughout the year. 7) Torbj\u00f8rn Furuseth resigned from his position as CFO on 31 October 2021. During 2021 his remuneration consisted of TNOK 2 150 in salary, TNOK 364 in bonus, TNOK 74 in pension and TNOK 10 in benefits in kind. 8) Kirsi Hellstr\u00f6m resigned from the Management Team during 2021, her remuneration in 2021 consisted of TNOK 826 in salary, TNOK 131 in bonus, TNOK 146 in pension and TNOK 2 in benefits in kind and TNOK 7 in exercise of share options. All amounts in the tables exclude National Insurance Contribution. In 2021, the annual general meeting of the Company resolved that all current board members shall receive NOK 300 000 and the Chairperson of the Board NOK 515 000 for the period from the annual general meeting in 2021 and until the annual general meeting in 2022. If the current board members have served for a shorter period than since the annual general meeting in 2021, the remuneration shall be pro rata adjusted down (based on the number of days served compared to the full period). The members of the board of directors may choose to receive their remuneration, or parts thereof, in the form of restricted stock units (RSUs). The remuneration in cash shall be payable immediately after the annual general meeting in 2022. Members of board committees shall receive an additional remuneration of NOK 4 000 per committee meeting, however not less than NOK 20 000 for the period and the chairpersons of such committees shall receive remuneration of NOK 8 000 per meeting, however not less than NOK 40 000 for the period. In 2021 NOK 1.1 million was recognized as expense for Board remunerations in RSUs. The Group has recognized as expense NOK 3.5 million, excluding National Insurance Contribution, in provision for bonuses to the Management Team as per 31 December 2021. The Group has recognized as expense NOK 5.2 million in share-based compensation for the year 2021 to the Management Team as per 31 December 2021. There are no outstanding loans or guarantees made to the Board of Directors or the Management Team at 31 December 2021. Holding of shares, options for shares and RSUs, including those of close associates, as at 31 December 2022: Holding % ownership Expired Exercised Granted Holding of options Exercised Granted Holding of RSUshares as at 31 Dec options options options as at 31 Dec 2022 RSU\u2019s RSU\u2019s \u2019s as at 31 131 Dec 2022 2022 2022 2022 2022 2022 2022Dec 2022 Board of Directors of Targovax ASA: Damian Marron, Chairperson of the Board - 109 365 153 353 Bente-Lill Bjerkelund Rom\u00f8ren, Board member 35 577 0.02 % 2 996 14 357 Raphael Clynes, Board member - 115 456 115 456 Sonia Quaratino, Board member - 121 448 144 170 Thomas Falck, Board member - 115 456 115 456 Robert Burns, Board member 275 454 0.15% -88 351 32 295 66 378 Eva-Lotta Allan, Board member 94 859 0.05% -40 811 68 493 68 493 Diane Mellett, Board member 102 078 0.05% -6 049 73 086 125 258 2Total Board of Directors507 968 -135 211 638 595 802 921 Management team: 3Erik Digman Wiklund, Chief Executive Officer100 000 0.05% 600 000 1 800 000 Lubor Gaal, Chief Financial Officer- 700 000 700 000 Lone Ottesen, Chief Medical Officer 47 000 0.02% 400 000 890 000 Victor Levitsky, Chief Scientific Officer 10 000 0.01% 100 000 645 000 Ola Melin, Head of Manufacturing 50 000 0.03% 400 000 725 000 Ingunn Munch Lindvig, VP Regulatory Affairs 10 000 0.01% 400 000 792 000 4,5 Total Management 217 000 0.12% 2 600 000 5 552 000 Total 724 968 0.38% 2 600 000 5 552 000 -135 211 638 595 802 921 1) Granted RSUs to the Board of Directors are a part of the yearly Board remuneration fee which the Board members can select either to receive in cash or in RSUs. 2) Per Samuelsson and Johan Christenson left the Board of Targovax April 2022. Neither held any options nor RSUs in the Company. They are partners at HealthCap, which owns 12 458 375 shares at 31.12.2022. 3) The shares are held through Digman AS 4) Magnus J\u00e5derberg, resigned from his position as CMO on 15 February 2022. Per 31.12.22 he holds 775 900 options and 20 000 shares. 5) \u00d8ystein Soug, resigned from his position as Interim CFO on 30 April 2022. Per 31.12.22 he holds 929 375 options and 320 000 shares. The shares are held through Abakus Invest AS Holding of shares, options for shares and RSUs, including those of close associates, as at 31 December 2021: Holding % ownership Expired Exercised Granted Holding of options Exercised Granted Holding of shares as at 31 Dec options options options as at 31 Dec 2021 RSU\u2019s RSU\u2019s RSU\u2019s as 431 Dec 2021 2021 2021 2021 2021 2021 2021at 31 Dec Board of Directors of Targovax ASA: Damian Marron, Chairperson of the Board - 19 503 43 988 Bente-Lill Bjerkelund Rom\u00f8ren, Board member 35 577 0.02% - -15 250 11 361 11 361 1Johan Christenson, Board member - - Sonia Quaratino, Board member 22 722 22 722 1Per Samuelsson, Board member - - Robert Burns, Board member 187 103 0.10 % 21 235 34 083 122 434 Eva-Lotta Allan, Board member 71 368 0.04 % - 11 361 40 811 Diane Mellett, Board member 96 029 0.05 % - 22 722 58 221 Total Board of Directors 390 077 0.21 % - - 21 235 -15 250 121 752 299 537 Management team: 2Erik Digman Wiklund, Chief Executive Officer 100 000 0.05 % 450 000 1 200 000 Magnus J\u00e4derberg, Chief Medical Officer20 000 0.01 % - 133 265 946 735 Lone Ottesen, Chief Development Officer 47 000 0.02 % 490 000 490 000 3\u00d8ystein Soug, Interim Chief Financial Officer 320 000 0.17 % 1 310 000 Victor Levitsky, Chief Scientific Officer 10 000 0.01 % 45 000 545 000 Ola Melin, Head of Manufacturing 50 000 0.03 % 325 000 325 000 Ingunn Munch Lindvig, VP Regulatory Affairs 10 000 0.01 % 125 000 392 000 5Total Management557 000 0.30 % -133 265 - 1 435 000 5 208 735 - - - Total 947 077 0.50 % -133 265 - 1 435 000 5 229 970 -15 250 121 4752 299 537 1) Johan Christenson and Per Samuelsson, both Member of the Board, are partners at HealthCap, HealthCap owns 12 458 375 shares at 31.12.2021 2) The shares are held through Digman AS 3) The shares are held through Abakus Invest AS 4) Granted RSUs to the Board of Directors are a part of the yearly Board remuneration fee which the Board members can select either to receive in cash or in RSUs. Catherine Wheeler left the Board of Targovax March 2021. She exercised 6 049 RSUs during 2021 and holds no RSUs as per 31.12.21. 5) Torbj\u00f8rn Furuseth resigned from his position as CFO on 31 October 2021. Per 31.12.21 he holds 248 738 options, but no shares. Kirsi Hellstr\u00f6m left the management team 1.12.21. Per 31.12.21 she holds 4 350 shares and 264 000 options. Total outstanding options for shares by range of exercise price at 31 December 2022: Exercise price in NOK 1.15 1.53 2.18 5.19-5.59 6.00-6.06 7.16-8.72 9.61 16.59 20.58 Total Management team: Erik Digman Wiklund, CEO 600 000 200 000 380 000 130 000 190 000 150 000 150 000 1 800 000 Lubor Gaal, CFO 400 000 300 000 700 000 Victor Levitsky 100 000 45 000 250 000 250 000 645 000 Lone Ottesen, CMO 400 000 140 000 350 000 890 000 Ingunn Munch Lindvig, VP & Head of RA 400 000 125 000 27 000 90 000 150 000 792 000 Ola Melin, VP & Head of Manufacturing 400 000 75 000 250 000 725 000 1,2Total Management 2 300 000 300 000 585 000 27 000 720 000 730 000 590 000 150 000 150 000 5 552 000 1) Magnus J\u00e4derberg resigned from his position as Chief Medical Officer on 15 February 2022. As of 31.12.2022 he holds 46 875 options for shares of exercise price 6,00, 222 290 between 7.16-11.81, 250 000 between 16.59-21.38 and 256 735 at 24.42 2) \u00d8ystein Soug resigned from his position as interim CFO on 30 April 2022. As of 31.12.2022 he holds 87 500 options for shares of exercise price 6,00, 371 875 between 7.16-9.61and 470 000 between 16.59-21.38. Total outstanding options for shares by range of exercise price at 31 December 2021: Exercise price in NOK 2.18 5.19-5.59 6.00-6.06 7.16-8.72 9.61 11.81 16.59 20.58 21.38 24.42 37.60 Total Board of Directors of Targovax ASA: Robert Burns, Board member 21 235 21 235 Total Board of Directors 21 235 21 235 Management team: Erik Digman Wiklund, CEO 200 000 380 000 130 000 190 000 150 000 150 000 1 200 000 \u00d8ystein Soug, Interim CFO 150 000 300 000 300 000 220 000 250 000 90 000 1 310 000 Magnus J\u00e4derberg, CMO 90 000 80 000 150 000 120 000 100 000 150 000 256 735 946 735 Victor Levitsky 45 000 250 000 250 000 545 000 Lone Ottesen, CDO 140 000 350 000 490 000 Ingunn Munch Lindvig, VP Regulatory Affairs 125 000 27 000 90 000 150 000 392 000 Ola Melin, Head of Manufacturing 75 000 250 000 325 000 1,2Total Management 585 000 27 000 960 000 1 110 000 1 040 000 120 000 470 000 150 000 400 000 346 735 - 5 208 735 Total 585 000 27 000 960 000 1 110 000 1 040 000 120 000 470 000 150 000 400 000 346 735 21 235 5 229 970 3) Torbj\u00f8rn Furuseth resigned from his position as Chief Financial Officer on 31 October 2021. As of 31.12.2021 he holds 48 748 options for shares of exercise price 6,00, 62 494 at 7,16 and 137 496 at 9,68. 4) Kirsi Hellstr\u00f6m left the management team 1.12.21. As of 31.12.2021 she holds 45 000 options for shares of exercise price 2.18, 10 000 of 5,19, 25 000 of 6,00, 25 000 of 6,52, 20 000 of 7,16, 120 000 of 9,61, 9 000 of 16,59 and 10 000 of 25,65. Related party transactions The Company entered into a consulting agreement with Levitski V-Biopharm Consulting, a Zurich based company, in April 2020. Levitski V-Biopharm Consulting is a related party of Victor Levitsky, who is a member of Targovax Management Team, Chief Scientific Officer as from April 2020. Levitski V-Biopharm Consulting is entitled to a consultancy fee of CHF 27,085 per month for a 100% position. Viktor Levitsky reduced his position from 100% to 20% as of 1 November 2021. The Company entered into a consulting agreement with BioPharma Drug Licensing Group SL, a Barcelona based company, in February 2022. BioPharma Drug Licensing Group SL is a related party of Lubor Gaal, who is a member of Targovax Management Team, Chief Financial Officer as from March 2022. BioPharma Drug Licensing Group SL is entitled to a consultancy fee of EUR 21,400 per month for a 100% position. Related party transactions: 2022 2021 Revenue Receivable Revenue Receivable (expense) (Payable) at (expense) (Payable) at Amounts in NOK thousands 31 December 31 December Levitski V-Biopharm Consulting -1 124 -59 -2 969 - BioPharma Drug Licensing Group SL -2 169 -257 - - Remuneration to the statutory or (excl. VAT) Amounts in NOK thousands 2022 2021 Statutory audit 847 489 Other attestation services - - Tax services - - Other services - 48 Total 847 537 11. Share-based compensation Equity-settled share-based payments are measured at the fair value of the equity instruments at the grant date. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense, based on the Company's estimate of equity instruments that will eventually vest. The total amount to be expensed is determined by reference to the fair value of the options granted excluding the impact of any non-market service and performance vesting conditions. The grant date fair value of the options granted is recognized as an employee expense with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the options (vesting period). The fair value of the options granted is measured using the Black-Scholes model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility, weighted average expected life of the instruments, expected dividends, and the risk-free interest rate. Service and non-market performance conditions attached to the transactions are not taken into account in determining fair value. When the options are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are recognized as share capital (nominal value) and share premium reserve. At the end of each reporting period, the group revises its estimates of the number of options that are expected to vest. It recognizes the impact of the revision to original estimates, if any, in statement of profit or loss, with a corresponding adjustment to equity. Changes to the estimates may significantly influence the expense recognized during a period. Share options The Group operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) in Targovax ASA. At the Annual General Meeting (AGM) in Aoril 2022 the Board of Directors was authorized to increase the Group\u2019s share capital in connection with share incentive arrangements by up to NOK 2 600 000. This authorization replaces the previous authorizations to increase the share capital by up to the lower of NOK 1 250 000 and b) 10% of the Company\u2019s outstanding shares, options and RSUs given to the Board of Directors at the AGM held in March 2021. The Company has granted share options under its long-term incentive program (the \u201cLTI Option Program\u201d). The Option Program applies to the Management Team as well to employees in general. Certain former employees and former board members have also been granted options under the LTI Option Program. Additionally, the Company has in the past granted options as payment for inventions (the \u201cIPR Option Program\u201d). Each share option converts into one ordinary share of the Company on exercise. Options may be exercised at any time from the date of vesting until expiry. The options generally vest over a period of four years: 25 percent of the options vest on the first anniversary of the grant date and the remaining 75 percent of the options vest in equal monthly tranches over the next 36 months. Options expire seven years after the grant date. In general, the exercise price of the options is set at the fair value of the shares at grant date. Certain former employees and former board members have also been granted options under the LTI Option Program as replacement for historical option holdings. There were granted 4 555 000 share options during 2022 and 2 225 000 share options during 2021. As of 31 December 2022, there are in total 10 781 275 (7 743 106 at 31 December 2021) outstanding options for all option programs, 10 781 275 (7 652 698 at 31 December 2021)) options under the LTI Option Program and none (90 408 at 31 December 2021) options under the IPR Option Program. Fair value of the options has been calculated at grant date. The fair value of the options was calculated using the Black-Scholes model. The expected volatility for options issued in 2022 and 2021 is estimated at average of 81,06% and 75,82 %%, based on the volatility of comparable listed companies. The volume weighted average interest rate applied to the share options grants in 2022 and 2021 is 2,87% and 1,33%. The following table shows the changes in outstanding options in 2022 and 2021: 2022 2021 Weighted avg. Weighted avg. No. of exercise price No. of exercise price options (in NOK) options (in NOK) Outstanding at 1 7 743 106 10.13 7 310 067 12.94 January Granted during the 4 555 000 1.20 2 225 000 4.59 period Exercised during the -11 981 0.51 -29 788 6.64 period Forfeited -586 050 7.87 -1 124 017 8.70 Expired -918 800 14.61 -638 156 19.83 Outstanding no. of 10 781 275 6.11 7 743 106 10.13 options at end of period 1) See Note 10 Related parties and Management for further information on granted share options to Management Team. The average fair value of options granted in 2022 was 0.68 per share and 2.49 per share in 2021. The weighted- average assumptions used to determine the Black Scholes fair value of options granted in 2022 and 2021 were: Amounts in NOK thousands 2022 2021 Volatility (%) 81.06 75.82 Expected life (in years) 3.66 3.66 Risk-free interest rate (%) 2.87 1.33 Share price (NOK) 1.19 4.62 Exercise price (NOK) 1.20 4.59 The expensed share options, NOK 3.3 million in 2022 (Targovax Solutions AS: NOK 2.8 million, Targovax OY: NOK 0.5 million and Circio AB: NOK 13 thousand) and NOK 5.8 million in 2021 (Targovax ASA: NOK 5.2 million and Targovax OY: NOK 0.6 million), includes management estimate for employee turnover. The estimated turnover rate used for the year 2022 and 2021 was 10%. At 31 December 2022, the range of exercise prices and weighted average remaining contractual life of the options were as follows: Outstanding options Vested outstanding Exercise priceOutstanding options per Weighted average remaining Weighted average remaining Weighted average Vested outstanding per Weighted average Weighted average 12/31/2022 contractual life years until vesting exercise price 12/31/2022 exercise price remaining life vested 0.00-1.15 4 110 000 6.97 2.13 1.15 - - - 1.16-1.53 315 000 6.21 1.36 1.52 - - - 1.54-2.18 1 155 000 5.99 1.14 2.17 285 000 2.18 5.98 2.19-6.06 1 201 375 4.46 0.55 5.64 638 510 5.91 3.58 6.07-7.00 95 000 5.27 0.69 6.70 39 888 6.67 5.13 7.01-9.70 2 331 165 3.78 0.36 8.70 1 514 538 8.54 3.09 9.71-21.00 822 000 1.11 0.00 15.56 822 000 16.56 1.11 21.01-25.65 751 735 0.75 0.00 22.48 751 735 22.48 0.75 Total 10 781 275 4.98 1.12 6.11 4 051 671 11.87 2.56 At 31 December 2021, the range of exercise prices and weighted average remaining contractual life of the options were as follows: Outstanding options Vested outstanding Exercise priceOutstanding options per Weighted average remaining Weighted average remaining Weighted average Vested outstanding per Weighted average Weighted average 12/31/2021 contractual life years until vesting exercise price 12/31/2021 exercise price remaining life vested 0.00-0.51 64 872 0.50 0.38 0.51 14 833 0.51 0.50 0.51-7.50 3 287 982 5.47 1.23 4.83 1 023 671 6.48 3.38 7.50-9.30 785 000 5.23 1.03 8.30 253 330 8.66 3.27 9.30-12.39 1 827 496 4.94 0.90 9.90 739 996 10.34 3.41 12.39-21.50 1 285 309 2.48 0.00 19.11 1 262 715 19.16 2.47 21.50-21.96 - 0.00 0.00 0.00 - 0.00 0.00 21.96-25.00 381 433 0.50 0.00 24.42 381 433 24.42 0.50 25.00-37.60 111 014 0.67 0.00 36.52 111 014 36.52 0.67 Total 7 743 106 4.47 0.84 10.13 3 786 992 14.27 2.69 From 1 January 2023 to 13 April 2023, no share options were granted to members of management, and no share options were granted to other employees of the Group. Restricted Stock Units The Board of directors may choose to receive their remuneration, or parts thereof, in the form of restricted stock units (RSUs). If the Board members choose to receive the Board remuneration in RSUs they must choose to either (i) receive 100% of the compensation in RSUs, (ii) receive 1/3 of the compensation in cash and 2/3 in RSUs, or (iii) receive 2/3 of the compensation in cash and 1/3 in RSUs. The number of RSUs to be granted to the members of the Board of Directors is calculated as the NOK amount of the RSU opted portion of total compensation to the Board member, divided by the market price of the Targovax ASA share. The market price is calculated as the volume weighted average share price the 10 trading days prior to the grant date. The RSUs will be non-transferrable and each RSU will give the right and obligation to acquire shares in Targovax ASA (at nominal value) subject to satisfaction of the applicable vesting conditions. When the RSUs have vested, the participant must during the following three-year period select when to take delivery of the shares. The total compensation to each member of the Board of Directors for the period between the AGM 2022-2023 have been set out in the minutes from the Annual General Meeting 20 April 2022. The Annual General Meeting 20 April 2022 decided to remunerate the Board of Directors for the period between the AGM 2022 to the AGM 2023 with a combination of cash and Restricted Stock Units (RSUs), hence at the 20 April 2022, additional 559 589 RSUs were granted to the Board of Directors. Further, the RSU-holders have in total received 79,006 additional RSUs as an adjustment for the increased share float following the right and repair issues previously completed by the Company pursuant to the terms and conditions of the RSU agreements. The average fair value of RSUs granted in 2022 was 1.75 per share and 8.67 per share in 2021. The weighted- average assumptions used to determine the Black Scholes fair value of RSUs granted in 2022 and 2021 were: Amounts in NOK thousands 2022 2021 Volatility (%) 84.30 65.00 Expected life (in years) 1 1 Risk-free interest rate (%) 1.56 0.23 Share price (NOK) 1.75 8.77 Exercise price (NOK) 0.10 0.10 The expensed RSUs in 2022 and 2021 was NOK 0.9 million and NOK 1.1 million. A total of 802 921 RSUs was outstanding at 31 December 2022. The following table shows the changes in outstanding RSUs in 2022 and 2021: 2022 2021 Weighted avg. Weighted avg. No. of exercise price No. of exercise price RSU\u2019s (in NOK) RSU\u2019s (in NOK) Outstanding at 1 January 299 537 0.10 199 084 0.10 Granted during the period 638 595 0.10 121 752 0.10 Exercised during the period -135 211 0.10 -21 299 0.10 Forfeited - - - - Expired - - - - Outstanding no. of Restricted 802 921 0.10 299 537 0.10 Stock Units at end of period From 1 January 2023 to 13 April 2023 no RSUs have been granted to Board of Directors. 12. Other operating expenses Expenditure on Other operating expenses is recognized in the statement of profit or loss as an expense in the period in which it is incurred. Amounts in NOK thousands 2022 2021 Consultancy, advisors' expenses and IR 5 020 4 144 Travel expenses 1 605 379 Facilities expenses 565 540 IT services and IT-related accessories 1 706 1 695 Conferences and training 382 312 Other 2 211 1 397 Government Grants -35 -1 Total operating expenses 11 454 8 466 13. Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group\u00b4s financial assets are: trade receivables, governmental grant receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, 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: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and, \u2022 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 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. The Groups financial assets at amortised cost includes trade receivables, governmental grant receivables and other short-term deposit. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group\u2019s 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 \u2018pass-through\u2019 arrangement; and either o the Group has transferred substantially all the risks and rewards of the asset, or o the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset Financial assets at amortized cost Currently, all the Group's financial assets are categorized as receivables. As at 31 December 2022 and 2021 the Group have TNOK 6250 and TNOK 0 in trade receivables, TNOK 3 904 and TNOK 3 263 in government grant receivables and the Group have TNOK 1 216 and TNOK 1 199 in short-term deposits. The Group has currently not recognized any non-current financial assets. Financial liabilities Financial liabilities are classified, at initial recognition, as loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. Derivatives are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. Loans, borrowings and payables After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. 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. Payables are measured at their nominal amount when the effect of discounting is not material. Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss. Liabilities at amortized cost (Loans and borrowings) This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. See note 21 Interest-bearing debt and 22 Current liabilities for information about Business Finland loans. Finance income and expense All finance income and finance expense, except for foreign exchange income/expense, are related to financial assets and financial liabilities carried at amortized cost. Finance income consists of interest income and foreign exchange gain. Finance expense mainly consist of interest expense and exchange loss. Finance income is: Amounts in NOK thousands 2022 2021 Interest income on bank deposit 211 -26 Interest income on Money Market fund, Nordea Likviditet III 325 269 Interest income on tax repaid - 1 Net currency gain - bank and other operating items 2823 - Other finance income - - Total finance income 3 360 245 Finance expense is: Amounts in NOK thousands 2022 2021 Interest expense \u2013 Business Finland Loan 4 613 1 539 Interest expense on lease liabilities 229 310 Other interest expense 152 161 Net currency gain - bank and other operating items - 658 Other finance expense 103 - Total finance expense 5 097 2 667 14. Tax Income tax expense comprise current income tax (tax payable) and deferred tax. Deferred taxes are recognized based on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets arising from deductible temporary differences are recognized to the extent that it is probable that taxable profits will be available so temporary differences can be utilized. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. The tax losses can be carried forward indefinitely in Norway and Sweden and in Finland it can be carried forward and offset against taxable income in ten years for tax purposes. The Group considers that a deferred tax asset related to accumulated tax losses cannot be recognized in the statement of financial position until the product under development has been approved for marketing by the relevant authorities. This assumption is continually assessed, and changes could lead to significant deferred tax asset being recognized in the future. This assumption requires significant management judgment. The Group is in the research phase of its product development and has incurred significant tax losses related to its operations. Targovax ASA has a total tax loss carried forward of NOK 529 million at 31 December 2022 (31 December 2021: NOK 526 million). Circio AB has a total tax loss carried forward of NOK 6 million at 31 December 2022 (31 December 2021: NOK 0 million). The research and development expenses in Targovax Oy is fiscally capitalized for tax purposes resulting in a temporary difference of NOK 390 million at 31 December 2022 and NOK 328 million at 31 December 2021. Accumulated tax losses from Targovax OY\u2019s operations amounts to EUR 22.1 million as of 31 December 2022 and EUR 23.2 million as of 31 December 2021. With a current tax rate in Finland of 20%, the corresponding deferred tax asset is EUR 4.4 million as at 31 December 2022 and EUR 4.6 million as at 31 December 2021. Targovax OY has not recognized any deferred taxes under FGAAP. Tax losses in Finland can be carried forward and offset against taxable income in ten years for tax purposes. Targovax OY has not generated taxable income in prior years and is not expected to generate taxable income in the nearest future. Due to the uncertainty for future taxable profit within the ten years limitation of use, the company has assessed that it cannot be considered as probable that future taxable profit can be used against the tax losses carried forward. However, the Group has recognized a deferred tax liability on temporary differences on the acquired intangible assets, per 31 December 2021 this amount of NOK 59.3 million. As the intangible asset were impaired in full per 31 December 2022, the recognized deferred tax liability as per 31 December 2022 of NOK 60.4 million was derecognized. The tax effects of temporary differences and tax losses carried forward at 31 December are as follows: Amounts in NOK thousands 2022 2021 Intangible and fixed assets -1 108 294 044 Capitalized R&D for tax purposes -390 329 -328 104 Leasing -180 -173 Borrowings 5 991 9 522 Share options and RSUs -89 -82 Financial instruments 25 30 Tax loss carried forward -810 664 -757 881 Temporary differences and tax losses carried forward -1 196 354 -782 645 at 31.12 Temporary differences and tax losses carried forward 1 196 354 1 079 215 at 31.12 not recognized Deferred tax asset (22%/20%) not recognized 263 198 237 437 Deferred tax asset 31.12 - - Recognized temporary differences at 31.12 - 296 570 Deferred tax liability 31.12 - 59 314 The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the domestic tax rate applicable to profits of the consolidated entities as follows: Amounts in NOK thousands 2022 2021 Loss before income tax -495 328 -98 023 Tax calculated at domestic rate (22%) / (22%) -108 972 -21 565 Tax effect permanent differences -844 -5 342 Tax effect of change in tax rates - - Change in deferred tax asset not recognized 163 258 25 899 Effect on different tax rates in countries in which the 8 987 957 Group operates Other - - Tax income / expense (-) 62 430 52 15. Intangible assets and impairment test Intangible assets Intangible assets that relate to intellectual property rights acquired through licensing or assigning patents and know-how are carried at historical cost less accumulated amortization, where the useful life is finite, and the asset is likely to generate economic benefits exceeding costs. Where a finite useful life of the acquired intangible asset cannot be determined, the asset is not subject to amortization, but is when indication, or at least tested annually for impairment. Acquired intangible assets will not be subject to amortization until market authorization is obtained with the regulatory authorities and the intangible assets are available for use. Amortization on items of Intangible assets will be amortized using the straight-line method to allocate their cost to their residual values over their estimated useful lives. Research costs are recognized in the statement of profit or loss as incurred. Internal development costs related to the Group\u2019s development of products are recognized in the statement of profit or loss in the year in which they are incurred unless they meet the recognition criteria of IAS 38, \u201cIntangible assets.\u201d Uncertainties related to the regulatory approval process and other factors generally means that the criteria are not met until the time when the marketing authorization is obtained with the regulatory authorities. Impairment of non-financial assets Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. Intangible assets consist of: o Patents and license fees with estimated useful live of 10 years o Capitalized value related to the acquisition of Oncos Therapeutics OY, not subject to amortization before market authorization is obtained, fully impaired for accounting purposes in 2022. Patents and Oncos Therapeutics Total Amounts in NOK thousands licence fees OY acqusition Cost: 2021 Opening balance 283 389 646 389 929 Additions - - - Exchange differences - -17 919 -17 919 At 31 December 2021 283 371 727 372 010 2022 Opening balance - 371 727 371 727 Additions 24 - 24 Exchange differences - 19 538 19 538 At 31 December 2022 24 391 265 391 572 Accumulated depreciation and impairment: 2021 Opening balance 283 - 283 Depreciation and impairment - - - At 31 December 2021 283 - 283 2022 Opening balance - - - Depreciation and impairment 3 391 265 391 268 At 31 December 2022 3 391 265 391 268 Carrying amount: At 31 December 2021 - 371 727 371 727 At 31 December 2022 22 - 22 The main part of the intangible assets is derived from the acquisition of Oncos Therapeutics OY which was completed in July 2015 and related to the development of ONCOS-102, which is a virus-based immunotherapy platform. Intangible assets are tested for impairment at least annually, or when there are indications of impairment. The value of the intangible assets is estimated using a model of discounted cash flows. As the valuation is sensitive to the outcome of a set of assumptions, the result from the valuation is limited to only ensure sufficient certainty for the recognized amount in the financial statement and is not considered as a complete valuation of the full potential of ONCOS-102. A discounted cash flow model is in its nature uncertain, especially for an early-stage compound like ONCOS-102. Key model assumptions are based on parameters observed in the market today, as well as management\u2019s own predictions and financial forecasts. ONCOS-102 has been tested for impairment in those cancer indications with the most mature path-to-market outlook and strategy, of which checkpoint inhibitor refractory melanoma is considered the indication with the shortest path-to-market. ONCOS-102 has shown strong data in phase 1 and a scientifically solid and differentiated phase 2 development plan has been established, endorsed by international cancer experts, partners, and regulators. However, in order to conserve capital, the company has made the decision to only proceed with the phase 2 program once a partnership and / or additional financing has been secured. The recognized intangible asset related to the acquisition of Oncos Therapeutics OY of NOK 391 million was therefore fully impaired as at 31 December 2022. 16. Property, plant and equipment Property, Plant and equipment (non-current assets) are carried at cost less accumulated depreciation and accumulated impairment losses. Acquisition cost includes expenditures that are directly attributable to the acquisition of the individual item. Other non-current assets are depreciated on a straight-line basis over the expected useful life of the asset. lf significant individual parts of the assets have different useful lives, they are recognized and depreciated separately. Depreciation commences when the assets are ready for their intended use. At the end of each reporting period, the Group reviews the carrying amounts of its assets to determine whether there is any indication that those assets have suffered an impairment loss. Property, plant and equipment consist of: o Office equipment with estimated useful life of 5 years. No impairment losses have been recognized. o Bioreactor with estimated useful life of 10 years. No impairment losses have been recognized. Machinery and Furniture, Amounts in NOK thousands equipment fittings Total Cost 2021 Opening balance 2 084 2 084 Additions - - Exchange differences -7 -7 At 31 December 2021 2 077 2 077 2022 Opening balance - 2 077 2 077 Additions 4 935 - 4 935 Exchange differences 77 4 81 At 31 December 2022 5 012 2 080 7092 Accumulated depreciation and impairment 2021 Opening balance 1 905 1 905 Depreciation and impairment charge 61 61 At 31 December 2021 1 966 1 966 2022 Opening balance - 1 966 1 966 Depreciation and impairment charge 42 50 92 At 31 December 2022 42 2 016 2 058 Carrying amount: At 31 December 2021 - 111 111 At 31 December 2022 4 970 65 5 035 17. Leases Accounting policies Identifying a lease At the inception of a contract, The Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To determine whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: \u2022 The agreement creates enforceable rights of payment and obligations \u2022 The identified asset is physically distinct \u2022 It has the right to obtain substantially all of the economic benefits from use of the asset \u2022 It has the right to direct he use of the asset \u2022 The supplier does not have a substantive right to substitute the asset throughout the period of use Separating components in the lease contract For contracts that constitutes, or contains a lease, the Group separates lease components if it benefits from the use of each underlying asset either on its own or together with other resources that are readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The Group then accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. If an observable stand-alone price is not readily available, the Group estimates this price by maximising the use of observable information. Recognition of leases and exemptions At the lease commencement date, the Group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: \u2022 Short-term leases (defined as 12 months or less) \u2022 Low value assets For these leases, the Group recognizes the lease payments as Other operating expenses in the statement of profit or loss when they incur. Measuring the lease liability The lease liability is initially measured at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option to extend the lease when the Group is reasonably certain to exercise this option, and periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option. The lease payments included in the measurement comprise of: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u2022 Amount expected to be payable by the Group under residual value guarantees \u2022 The exercise price of a purchase option, if the Group is reasonably certain to exercise that option \u2022 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate the lease. The Group do not include variable lease payments in the lease liability arising from contracted index regulations subject to future events, such as inflation. Instead, the Group recognizes these costs in profit or loss in the period in which the event or condition that triggers those payments occurs. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. Group presents its lease liabilities as separate line items in the statement of financial position. Measuring the right-of-use asset The right-of-use asset is initially measured at cost. The cost of the right-of-use asset comprise: \u2022 The amount of the initial measurement of the lease liability \u2022 Any lease payments made at or before the commencement date, less any lease incentives received \u2022 Any initial direct costs incurred by the Group \u2022 An estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. The right-of-use asset is subsequently measured at cost less accumulated depreciation and impairment losses. The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset. The Group has elected to not apply the revaluation model for its right of use asset for leased buildings. The Group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified. Group presents it's right-of-use assets as separate line items in the consolidated statement of financial position. Right-of-use assets The Group leases offices and other facilities, machinery and equipment. The Group's right-of-use assets are categorized and presented in the table below: Right-of use assetsBuildings Total Amounts in NOK thousands Acquisition cost 1 January 2021 4 588 4 588 Addition of right-of use assets 90 90 Disposals Acquisition cost 31 December 2021 4 678 4 678 Accumulated depreciation and impairment 1 January 2021 854 854 Depreciation 1 248 1 248 Disposals - - Currency exchange differences 32 32 Accumulated depreciation and impairment 31 December 2021 2 134 2 134 Carrying amount of right-of-use assets 31 December 2021 2 544 2 544 Acquisition cost 1 January 2022 4 678 4 678 Addition of right-of use assets 0 0 Disposals Acquisition cost 31 December 2022 4 678 4 678 Accumulated depreciation and impairment 1 January 2022 2 134 2 134 Depreciation 1 313 1 313 Disposals - - Currency exchange differences -15 -15 Accumulated depreciation and impairment 31 December 2022 3 432 3 432 Carrying amount of right-of-use assets 31 December 2022 1 246 1 246 Remaining lease term 1 year Lease liabilities Summary of the lease liabilities Total Amounts in NOK thousands Total lease liabilities at 01.01.2021 3 826 New lease liabilities recognized in the year 90 Disposal of lease liabilities - Cash payments for the principal portion of the lease liability -1 468 Cash payments for the interest portion of the lease liability - Interest expense on lease liabilities 310 Currency exchange differences -37 Total lease liabilities at 31 December 2021 2 725 Total lease liabilities at 01.01.2022 2 725 New lease liabilities recognized in the year - Disposal of lease liabilities - Cash payments for the principal portion of the lease liability -1 515 Cash payments for the interest portion of the lease liability - Interest expense on lease liabilities 229 Currency exchange differences 17 Total lease liabilities at 31 December 2022 1 455 Summary of other lease expenses recognized in profit or loss Amounts in NOK thousands 2022 2021 Variable lease payments expensed in the period - - Operating expenses in the period related to short-term leases 50 60 Operating expenses in the period related to low value assets - - Total lease expenses included in other operating expenses 50 60 Please see note 22. Current liabilities for current lease liabilities and Statement of cash flow for cash outflow for leases. The leases do not contain any restrictions on the Group\u2019s dividend policy or financing. The Group does not have significant residual value guarantees related to its leases to disclose. The Group has not been granted any rent concessions due to the COVID-19 pandemic in 2022 or 2021.18. Receivables A receivable represents the Group\u2019s right to an amount of consideration that is unconditional. Loans and receivables carried at amortized cost are recognized at the transaction price plus direct transaction expenses. The Group\u2019s Financial asset receivables mainly comprise short-term deposits for office leases and receivable from government grants in the Statement of financial position, see Note 8 Government grants for further information of the recognition of grants in the statement of profit or loss. Other receivables comprise VAT receivables and prepaid expenses. Amounts in NOK thousands 2022 2021 Trade receivables 6 250 - Receivable government grants 3 904 3 263 Short-term deposits 1 216 1 199 Financial asset receivables 11 370 4 462 Other receivables 16 728 4 746 Total receivables 28 097 9 207 19. Cash and cash equivalents Cash and short-term deposits in the Statement of financial position comprise cash at bank and other short-term highly liquid investments with original maturities of three months or less. Amounts in NOK thousands 2022 2021 Bank deposits 35 374 181 366 Money Market fund, Nordea Likviditet III 30 641 316 Total cash and cash equivalents 66 015 181 682 Restricted cash specification: Amounts in NOK thousands 2022 2021 Income tax withholding from employee 1 832 2 299 1Rent deposits 952 944 1Other264 255 Total restricted cash 3 048 3 498 1 Classified as Receivables. 20. Share capital and shareholder information Targovax raised gross proceeds of NOK 175 million in a rights issue in fourth quarter 2021 through the allocation of 101,744,186 new shares at a subscription price of NOK 1.72 per share. The rights issue was resolved by the Company\u2019s Board of Directors based on the authorization granted at the Company\u2019s Annual General Meeting held 25 November 2021. Share capital as at 31 December 2022 is 18 847 378.30 (31 December 2021: 18 832 659.10 ) comprising 188 473 783 ordinary shares at nominal value NOK 0.10 (31 December 2021: 188 326 591at NOK 0.10). All shares carry equal voting rights. The movement in the number of shares during the period was as follows: 2022 2021 Ordinary shares at beginning of period 188 326 591 86 531 318 Share issuance \u2013 Rights Issue, private placement - 101 744 186 and repair offering Share issuance, employee share options and RSUs 147 192 51 087 Ordinary shares at end of period 188 473 783 188 326 591 The 20 largest shareholders are as follows at 31 December 2022: Shareholder # shares % HealthCap 12 405 584 6.6 % Avanza Bank Ab 6 780 335 3.6 % Goldman Sachs International 5 186 163 2.8 % B\u00e6kkelaget Holding As 5 053 867 2.7 % Radforsk Investeringsstiftelse 4 427 255 2.3 % Sivilingen\u00f8r Jon-Arild Andreassen AS 4 343 611 2.3 % Nordnet Bank AB 4 272 388 2.3 % H\u00f8se As 3 069 012 1.6 % Nordnet Livsforsikring AS 2 721 999 1.4 % Thorendahl Invest AS 2 000 000 1.1 % Danske Bank AS 1 979 138 1.1 % Vaktmestergruppen AS 1 911 241 1.0 % Pettersen Gruppen AS 1 708 408 0.9 % Egil Pettersen 1 548 889 0.8 % Tor Westerheim 1 437 500 0.8 % Arild Staxwold Skipperud 1 401 405 0.7 % The Bank Of New York Mellon SA/NV 1 292 313 0.7 % Ove Steinar Farstad 1 264 449 0.7 % Espen Olsen 1 200 000 0.6 % UBS Switzerland AG 1 086 050 0.6 % 20 largest shareholders 65 089 607 34.5 % Other shareholders (6 549) 123 384 176 65.5 % Total shareholders 188 473 783 100.0 % The 20 largest shareholders are as follows at 31 December 2021: Shareholder # shares % Avanza Bank AB 19 814 638 10.5 % HealthCap 12 405 584 6.6 % Fj\u00e4rde AP-fonden 8 700 456 4.6 % Nordnet Bank AB 6 297 113 3.3 % ABN AMRO Global Custody Services N 5 323 904 2.8 % Goldman Sachs & Co. LLC 5 186 162 2.8 % Radiumhospitalets Forskningsstiftelse 4 427 255 2.4 % Nordnet Livsforsikring AS 4 244 392 2.3 % Danske Bank AS 2 819 768 1.5 % MP Pensjon PK 2 517 055 1.3 % Nordnet Livsforsikring AS 2 382 495 1.3 % Thorendahl Invest AS 2 000 000 1.1 % VPF Nordea Kapital 1 748 448 0.9 % Sivilingen\u00f8r Jon-Arild Andreassen AS 1 700 000 0.9 % VPF Nordea Avkastning 1 649 274 0.9 % Tor Westerheim 1 300 057 0.7 % J.P. Morgan Bank Luxembourg S.A. 1 252 575 0.7 % Egil Pettersen 1 243 057 0.7 % Arild Staxwold Skipperud 1 186 375 0.6 % Verdipapirfondet Nordea Norge Plus 1 076 603 0.6 % 20 largest shareholders 87 275 211 46.3 % Other shareholders (6 346) 101 051 380 53.7 % Total shareholders 188 326 591 100.0 % Earnings per share Earnings per share are calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated as profit or loss attributable to ordinary shareholders of the Company, adjusted for the effects of all dilutive potential options. Amounts in NOK thousands 2022 2021 Loss for the period -432 898 -97 971 Average number of outstanding shares during the period 188 432 89 076 Earnings/ loss per share - basic and diluted -2.30 -1.10 Share options and RSUs issued have a potential dilutive effect on earnings per share. Share options and RSUs shall be treated as dilutive only if their conversion to ordinary shares would decrease earnings per share or increase loss per share from continuing operations. As the Group is currently loss-making, an increase in the average number of shares would have anti-dilutive effects. Hence, no dilutive effect has yet been recognized. 21. Interest-bearing debt Interest-bearing liabilities have been granted by governmental institution with special terms such as a low interest rate (1% currently), hence the loans shall be divided to financial liability and government grant components. The financial liability shall initially be recognized at fair value and subsequently at amortized cost using effective interest method. The grant component shall be recognized as income on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. The interest rate used to discount the cash flows of the loans should reflect the market rate of interest for the Company at the time when the tranches have been withdrawn. However, Targovax could only raise funds from the owners or/and from venture capitalists at 8% rate or from the Government at 1% rate. Targovax has access only to these two \u2018loan markets. These funding limits also set restrictions to the estimation of the fair market rate that shall be used to discount the cash flows. Further, there is no proper peer group for life science companies, hence there is no comparable yield curve available in Europe. Any other interest rate than in the bridge loan interest will be highly judgmental due to the very tight credit status of the company (cannot provide any collateral). Therefore, the 8% bridge loan interest represents managements best and only estimate of a market rate interest and is used in separating the government grant component from the Business Finland loans. The additional interest expense resulting from recognizing the loan by using the effective interest method, is booked as addition to interest expenses in the statement of profit or loss. The separated government grant is booked as a reduction of operating expenses in the statement of profit or loss in the period when it has been received. Business Finland is a publicly financed funding agency that finances research and development activities for young innovative companies in Finland. The Finnish trade promotion organization and the Finnish Funding Agency for Technology and Innovation (TEKES) united as Business Finland in 2018. The Group has received three R&D loans from Business Finland, for the commercialization of ONCOS-102, under loan agreements dated September 2010, February 2012 and December 2013, respectively, in the total outstanding amount of EUR 6.5 million as of 31 December 2022 (EUR 6.7 million as of 31 December 2021). An additional loan approval of EUR 0.5 million was granted to one of the existing Business Finland loans during 1st quarter 2020. No additions to the Business Finland loans were granted during 2021 or 2022. EUR 0.4 million of the total debt EUR 6.5 million was short-term as per 31 December 2022 and EUR 0.8 million of the total debt EUR 6.7 million was short-term as per 31 December 2021. The Group was granted an extension of the repayment-free period on the loan agreement dated December 2013. Pursuant to IFRS, these loans have a grant element due to the low interest rate they carry. The loan periods of the R&D loans are usually 10 years, of which the first five years are free of repayment. One of the loans are repaid in equal annual installments during the latter nine years, (2021-2029), one loan during the latter five years (2022-2026) and one during the latter six years (2023-2028). Annual interest is paid yearly throughout the entire loan period. The applicable interest rate under the R&D loans is the European Central Bank\u2019s steering rate less 3 percentage points per annum, although not less than 1%. Due to the extension of the repayment-free period of the loans in 2021, NOK 1.9 million was recognized as finance income in 2021. For the IFRS adjustment of the Business Finland loans described above the Company applied the transitional exemptions for first time adopters under IFRS 1. Consequently, Business Finland loans granted prior to 1 January 2013 were not adjusted to fair value. In the purchase price allocation from the 2015 acquisition of Oncos, these loans have been adjusted to fair value by discounting future cash flows using the 8 % interest rate, resulting in a fair value adjustment of NOK 9.3 million and a carrying amount of NOK 33.6 million in the statement of financial position at the acquisition date. Based on the effective interest rate method, an increase in interest expense of NOK 4.0 million has been recorded in the statement of profit or loss and other comprehensive income as at 31 December 2022, and NOK 2.8 million as at 31 December 2021. Should the project fail, it is possible to get a remission on part of the debt in accordance with the EU competition legislation. The final amount of the non-recovered part of the principal depends on factors such as the time and the materialized interest rate trend. The final sum will be determined when an eventual decision on non-recovery is made. Targovax Group has issued an on-demand guarantee in favor of Business Finland for the repayment obligation of Targovax OY under the R&D loans. The loan agreements include no financial covenants. The table below shows a reconciliation of the opening balances for the liabilities arising from financing activities: Changes in liabilities arising from financing activitiesInterest-bearing liabilities (Amounts in NOK thousands )Business Finland loans Interest-bearing liabilities 31 December 2020 61 066 Cash flow from financing activities -2 057 Exchange differences -2 801 Additions financial liabilities - Change to loan repayment schedules -1 903 Other transactions without cash settlement 2 760 Interest-bearing liabilities 31 December 2021 57 066 Cash flow from financing activities -2 086Exchange differences -3 016 Additions financial liabilities - Change to loan repayment schedules - Other transactions without cash settlement 3 968 Interest-bearing liabilities 31 December 2022 61 964 22. Current liabilities The Group\u2019s current liabilities consists of financial liabilities as the short-term part of the EUR 6 463 444 loan from Business Finland (see note 21 Interest-bearing debt), short-term lease liabilities and trade payables, and other current liabilities as withholding taxes and accrued expenses, and are classified as \"current liabilities\". Trade payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables and other financial liabilities are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Current liabilities consist of: Amounts in NOK thousands 2022 2021 Interest-bearing liabilities 4 531 7 543 Short-term lease liabilities 1 455 1 349 Trade payables 11 383 8 103 Financial liabilities 17 370 16 996 Other current liabilities 23 045 20 337 Total current liabilities 40 415 37 333 23. Events after the reporting date Post-period highlights \u2022 In February 2023, agreed the terms and conditions for a convertible bond facility with Atlas Special Opportunities (\u201cAtlas\u201d) which will subject to conditions secure financing of up to gross NOK 300 million over three years. \u2022 In March 2023, the extraordinary general meeting (EGM) of Targovax approved the Atlas agreement. \u2022 In March 2023, announced prioritization of resources toward its circRNA platform. The recognized intangible asset related to the acquisition of Oncos Therapeutics OY of NOK 391 million was therefore fully impaired as at 31 December 2022, and hence the recognized deferred tax liability as per 31 December 2022 of NOK 60.4 million was derecognized. \u2022 In March 2023, requested Atlas to subscribe and pay for the first tranche of convertible bonds, consisting of 15 convertible bonds with an aggregate principal amount equal to NOK 37,500,000. Atlas requested conversion of convertible bonds with a nominal value of NOK 2,500,000 which, pursuant to the bond terms, are convertible into 4,026,629 new shares in the Company at a conversion price of NOK 0.620867 o In March 2023, dosed the first patient with cancer vaccine TG01 in the combination study with PD-1 checkpoint inhibitor (CPI) balstilimab in mutant RAS pancreatic cancer in the USA. o In March, a circRNA poster \u201ccircAde: a circRNA-based system for prolonged and more effective treatment of cancer\u201d was accepted to be presented at the AACR Annual Meeting in April 2023, in Orlando, USA Please see Key figures in the consolidated accounts in the Director\u2019s report for further details. ",
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"value": "2. Summary of significant accounting principlesThe principal accounting policies applied in the preparation of these consolidated financial statements are described in the respective note, or if not, set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Amounts are in thousand Norwegian kroner unless stated otherwise. Functional currency The functional currency is determined in each entity in the Group based on the currency within the entity's primary economic environment. Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Changes in the exchange rate are recognized continuously in the accounting period. Presentation currency The Group\u2019s presentation currency is NOK. This is also the parent company\u2019s functional currency. The statement of financial position figures of entities with a different functional currency are translated at the exchange rate prevailing at the end of the reporting period for balance sheet items, including goodwill, and the exchange rate at the date of the transaction for profit or loss items. The monthly average exchange rates are used as an approximation of the transaction exchange rate where the rate at the date of transaction is not available. Exchange differences are recognized in other comprehensive income (\u201cOCI\u201d). When investments in foreign subsidiaries are sold, the accumulated translation differences relating to the subsidiary attributable to the equity holders of the parent are recognized in the statement of comprehensive income. When a loss of control, significant influence or joint control is present the accumulated exchange differences related to investments allocated to controlled interests is recognized in profit or loss. When a partial disposal of a subsidiary (not loss of control) is present the proportionate share of the accumulated exchange differences is allocated to non-controlling interests. 2.1 Basis for preparation of the annual accounts The consolidated financial statements of Targovax ASA have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, as well as Norwegian disclose requirements listed in the Norwegian Accounting Act. The consolidated financial statements are based on historical cost. The consolidated financial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances. 2.2 Accounting principles Foreign exchange The Group record transactions at initial recognition based on the exchange rate at the date of the transaction. If the exchange rate at the date of transaction is not available, average monthly exchange rate in the month of transaction is used. The date of a transaction is the date on which the transaction first qualifies for recognition in accordance with International Financial Reporting Standards. However, if exchange rates fluctuate significantly, the use of the average rate for a period may be inappropriate and an exchange rate closer to transaction date is used. Any exchange differences are recognized in statement of profit or loss under financial items in the period in which they arise. 2.3 Adoption of new and revised IFRS standards Standards and interpretations affecting amounts reported in the current period All relevant new and revised IFRSs and IFRIC interpretations that are mandatory for periods commencing 1 January 2021 and earlier have been adopted for all periods presented in these financial statements. The Group has applied the following amendments for the first time for their annual reporting period commencing 1 January 2022: o Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 o Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37 o Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. The amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. None of the other new standards, revised standards, amended standards or interpretations have a material impact on the Group\u2019s overall results and financial position. Standards and interpretations in issue but not yet adopted 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. 2.4 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. As at 31 December 2022, Targovax Solutions AS located in Lysaker Norway, Targovax OY, located in Espoo, Finland, and Circio AB located in Stockholm, Sweden is 100% owned and controlled subsidiaries by Targovax ASA. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: o Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee). o Exposure, or rights, to variable returns from its involvement with the investee o The ability to use its power over the investee to affect its returns In general, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: o The contractual arrangement(s) with the other vote holders of the investee o Rights arising from other contractual arrangements o The Group\u2019s voting rights and potential voting rights The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of OCI are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. 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. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it ceases to recognize the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in statement of profit or loss. Any investment retained is recognized at fair value. 2.5 Business combinations and intangible assets Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss. Intangible assets comprising the patented technology were recognized at fair value at the date of acquisition of Targovax OY (previous Oncos Therapeutics OY) July 2015. Until the development of the patented technology is finalized no amortization is recorded and the carrying amount will be tested for impairment at least once a year, or more often if there are indicators of impairment. When finalized, the patented technology will be amortized by the straight-line method over the estimated useful life. 2.6 Going concern The Group works continuously to ensure financial flexibility in the short and long-term to achieve its strategic and operational objectives. To date, the Group has financed its operations through private placements, grants, borrowings, repair offerings and the initial public offering in connection with the listing of the company\u2019s shares on Oslo Stock Exchange in 2016. In February 2023, Targovax announced that it has agreed the terms and conditions for a convertible bond facility with Atlas Special Opportunities (\u201cAtlas\u201d) which will secure financing of up to gross NOK 300 million over three years. The agreement was approved by an extraordinary general meeting (EGM) of Targovax held 9 March 2023, please see Note 23. In March 2023, the Group announced prioritization of resources toward its circRNA platform and, it is the view of the Board that the phase 2 study should only be pursued once a partner or additional source of financing can be secured. The Board of Directors has confirmed that the conditions for assuming that the Company is a going concern are present, and that the financial statements have been prepared based on this assumption.Revenue from providing services is recognized in the accounting period in which the services are rendered. Revenue is presented net of value added tax.Expenditure on research and development activities is recognized as an expense in the period in which it is incurred. Internal and external research and development costs related to the Group's development of new products are recognized in the statement of profit or loss in the year incurred unless it meets the asset recognition criteria of IAS 38 \"lntangible Assets\". Uncertainties related to the regulatory approval process and results from ongoing clinical trials generally indicate that the criteria for asset recognition is not met until the time when the marketing authorization is obtained from regulatory authorities. This assessment requires significant management discretion and estimations.Government grants are recognized at the value of the contributions at the transaction date. Grants are not recognized until it is probable that the conditions attached to the contribution will be achieved. The grant is recognized in the statement of profit or loss in the same period as the related costs and are presented net. Government grants are normally related to either reimbursements of employee costs and classified as a reduction of Payroll and related expenses or related to other operating activities and thus classified as a reduction of Research and development expenses or Other operating expenses.Payroll and related expenses are recognized in the statement of profit or loss in the period in which the related costs are incurred or services are provided. Defined contribution plans Targovax Solutions AS has a defined contribution pension plan as required by the Norwegian Law and as well an applicable contribution pension plan as required by Finnish Law and Swedish law for all employees employed in Targovax OY and Circio AB. These pension plans apply to all employees of the Group respectively. Currently, members of the Management Team with residence outside Norway, Finland and Sweden are not part of the company\u2019s respective national pension plans. The company pays these executives an annual amount in addition to base salary in lieu of their participation in a company scheme. For defined contribution pension plans, contributions are paid to pension insurance plans and charged to the statement of profit or loss in the period to which the contributions relate.for any special benefits upon termination.Equity-settled share-based payments are measured at the fair value of the equity instruments at the grant date. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense, based on the Company's estimate of equity instruments that will eventually vest. The total amount to be expensed is determined by reference to the fair value of the options granted excluding the impact of any non-market service and performance vesting conditions. The grant date fair value of the options granted is recognized as an employee expense with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the options (vesting period). The fair value of the options granted is measured using the Black-Scholes model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility, weighted average expected life of the instruments, expected dividends, and the risk-free interest rate. Service and non-market performance conditions attached to the transactions are not taken into account in determining fair value. When the options are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are recognized as share capital (nominal value) and share premium reserve. At the end of each reporting period, the group revises its estimates of the number of options that are expected to vest. It recognizes the impact of the revision to original estimates, if any, in statement of profit or loss, with a corresponding adjustment to equity. Changes to the estimates may significantly influence the expense recognized during a period. Share options The Group operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) in Targovax ASA. At the Annual General Meeting (AGM) in Aoril 2022 the Board of Directors was authorized to increase the Group\u2019s share capital in connection with share incentive arrangements by up to NOK 2 600 000. This authorization replaces the previous authorizations to increase the share capital by up to the lower of NOK 1 250 000 and b) 10% of the Company\u2019s outstanding shares, options and RSUs given to the Board of Directors at the AGM held in March 2021. The Company has granted share options under its long-term incentive program (the \u201cLTI Option Program\u201d). The Option Program applies to the Management Team as well to employees in general. Certain former employees and former board members have also been granted options under the LTI Option Program. Additionally, the Company has in the past granted options as payment for inventions (the \u201cIPR Option Program\u201d). Each share option converts into one ordinary share of the Company on exercise. Options may be exercised at any time from the date of vesting until expiry. The options generally vest over a period of four years: 25 percent of the options vest on the first anniversary of the grant date and the remaining 75 percent of the options vest in equal monthly tranches over the next 36 months. Options expire seven years after the grant date. In general, the exercise price of the options is set at the fair value of the shares at grant date. Certain former employees and former board members have also been granted options under the LTI Option Program as replacement for historical option holdings. There were granted 4 555 000 share options during 2022 and 2 225 000 share options during 2021. As of 31 December 2022, there are in total 10 781 275 (7 743 106 at 31 December 2021) outstanding options for all option programs, 10 781 275 (7 652 698 at 31 December 2021)) options under the LTI Option Program and none (90 408 at 31 December 2021) options under the IPR Option Program. Fair value of the options has been calculated at grant date. The fair value of the options was calculated using the Black-Scholes model. The expected volatility for options issued in 2022 and 2021 is estimated at average of 81,06% and 75,82 %%, based on the volatility of comparable listed companies. The volume weighted average interest rate applied to the share options grants in 2022 and 2021 is 2,87% and 1,33%.The Board of directors may choose to receive their remuneration, or parts thereof, in the form of restricted stock units (RSUs). If the Board members choose to receive the Board remuneration in RSUs they must choose to either (i) receive 100% of the compensation in RSUs, (ii) receive 1/3 of the compensation in cash and 2/3 in RSUs, or (iii) receive 2/3 of the compensation in cash and 1/3 in RSUs. The number of RSUs to be granted to the members of the Board of Directors is calculated as the NOK amount of the RSU opted portion of total compensation to the Board member, divided by the market price of the Targovax ASA share. The market price is calculated as the volume weighted average share price the 10 trading days prior to the grant date. The RSUs will be non-transferrable and each RSU will give the right and obligation to acquire shares in Targovax ASA (at nominal value) subject to satisfaction of the applicable vesting conditions. When the RSUs have vested, the participant must during the following three-year period select when to take delivery of the shares. The total compensation to each member of the Board of Directors for the period between the AGM 2022-2023 have been set out in the minutes from the Annual General Meeting 20 April 2022. The Annual General Meeting 20 April 2022 decided to remunerate the Board of Directors for the period between the AGM 2022 to the AGM 2023 with a combination of cash and Restricted Stock Units (RSUs), hence at the 20 April 2022, additional 559 589 RSUs were granted to the Board of Directors. Further, the RSU-holders have in total received 79,006 additional RSUs as an adjustment for the increased share float following the right and repair issues previously completed by the Company pursuant to the terms and conditions of the RSU agreements.Expenditure on Other operating expenses is recognized in the statement of profit or loss as an expense in the period in which it is incurred.Financial assets The Group\u00b4s financial assets are: trade receivables, governmental grant receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, 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: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and, \u2022 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 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. The Groups financial assets at amortised cost includes trade receivables, governmental grant receivables and other short-term deposit. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group\u2019s 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 \u2018pass-through\u2019 arrangement; and either o the Group has transferred substantially all the risks and rewards of the asset, or o the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset Financial assets at amortized cost Currently, all the Group's financial assets are categorized as receivables. As at 31 December 2022 and 2021 the Group have TNOK 6250 and TNOK 0 in trade receivables, TNOK 3 904 and TNOK 3 263 in government grant receivables and the Group have TNOK 1 216 and TNOK 1 199 in short-term deposits. The Group has currently not recognized any non-current financial assets.Financial liabilities Financial liabilities are classified, at initial recognition, as loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. Derivatives are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. Loans, borrowings and payables After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. 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. Payables are measured at their nominal amount when the effect of discounting is not material. Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss. Liabilities at amortized cost (Loans and borrowings) This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. See note 21 Interest-bearing debt and 22 Current liabilities for information about Business Finland loans.Income tax expense comprise current income tax (tax payable) and deferred tax. Deferred taxes are recognized based on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets arising from deductible temporary differences are recognized to the extent that it is probable that taxable profits will be available so temporary differences can be utilized. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. The tax losses can be carried forward indefinitely in Norway and Sweden and in Finland it can be carried forward and offset against taxable income in ten years for tax purposes. The Group considers that a deferred tax asset related to accumulated tax losses cannot be recognized in the statement of financial position until the product under development has been approved for marketing by the relevant authorities. This assumption is continually assessed, and changes could lead to significant deferred tax asset being recognized in the future. This assumption requires significant management judgment. The Group is in the research phase of its product development and has incurred significant tax losses related to its operations. Targovax ASA has a total tax loss carried forward of NOK 529 million at 31 December 2022 (31 December 2021: NOK 526 million). Circio AB has a total tax loss carried forward of NOK 6 million at 31 December 2022 (31 December 2021: NOK 0 million). The research and development expenses in Targovax Oy is fiscally capitalized for tax purposes resulting in a temporary difference of NOK 390 million at 31 December 2022 and NOK 328 million at 31 December 2021. Accumulated tax losses from Targovax OY\u2019s operations amounts to EUR 22.1 million as of 31 December 2022 and EUR 23.2 million as of 31 December 2021. With a current tax rate in Finland of 20%, the corresponding deferred tax asset is EUR 4.4 million as at 31 December 2022 and EUR 4.6 million as at 31 December 2021. Targovax OY has not recognized any deferred taxes under FGAAP. Tax losses in Finland can be carried forward and offset against taxable income in ten years for tax purposes. Targovax OY has not generated taxable income in prior years and is not expected to generate taxable income in the nearest future. Due to the uncertainty for future taxable profit within the ten years limitation of use, the company has assessed that it cannot be considered as probable that future taxable profit can be used against the tax losses carried forward. However, the Group has recognized a deferred tax liability on temporary differences on the acquired intangible assets, per 31 December 2021 this amount of NOK 59.3 million. As the intangible asset were impaired in full per 31 December 2022, the recognized deferred tax liability as per 31 December 2022 of NOK 60.4 million was derecognized. Intangible assets and impairment test Intangible assets Intangible assets that relate to intellectual property rights acquired through licensing or assigning patents and know-how are carried at historical cost less accumulated amortization, where the useful life is finite, and the asset is likely to generate economic benefits exceeding costs. Where a finite useful life of the acquired intangible asset cannot be determined, the asset is not subject to amortization, but is when indication, or at least tested annually for impairment. Acquired intangible assets will not be subject to amortization until market authorization is obtained with the regulatory authorities and the intangible assets are available for use. Amortization on items of Intangible assets will be amortized using the straight-line method to allocate their cost to their residual values over their estimated useful lives. Research costs are recognized in the statement of profit or loss as incurred. Internal development costs related to the Group\u2019s development of products are recognized in the statement of profit or loss in the year in which they are incurred unless they meet the recognition criteria of IAS 38, \u201cIntangible assets.\u201d Uncertainties related to the regulatory approval process and other factors generally means that the criteria are not met until the time when the marketing authorization is obtained with the regulatory authorities.Impairment of non-financial assets Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. Intangible assets consist of: o Patents and license fees with estimated useful live of 10 years o Capitalized value related to the acquisition of Oncos Therapeutics OY, not subject to amortization before market authorization is obtained, fully impaired for accounting purposes in 2022. Patents and Oncos Therapeutics Total Amounts in NOK thousands licence fees OY acqusition Cost: 2021 Opening balance 283 389 646 389 929 Additions - - - Exchange differences - -17 919 -17 919 At 31 December 2021 283 371 727 372 010 2022 Opening balance - 371 727 371 727 Additions 24 - 24 Exchange differences - 19 538 19 538 At 31 December 2022 24 391 265 391 572 Accumulated depreciation and impairment: 2021 Opening balance 283 - 283 Depreciation and impairment - - - At 31 December 2021 283 - 283 2022 Opening balance - - - Depreciation and impairment 3 391 265 391 268 At 31 December 2022 3 391 265 391 268 Carrying amount: At 31 December 2021 - 371 727 371 727 At 31 December 2022 22 - 22 The main part of the intangible assets is derived from the acquisition of Oncos Therapeutics OY which was completed in July 2015 and related to the development of ONCOS-102, which is a virus-based immunotherapy platform. Intangible assets are tested for impairment at least annually, or when there are indications of impairment. The value of the intangible assets is estimated using a model of discounted cash flows. As the valuation is sensitive to the outcome of a set of assumptions, the result from the valuation is limited to only ensure sufficient certainty for the recognized amount in the financial statement and is not considered as a complete valuation of the full potential of ONCOS-102. A discounted cash flow model is in its nature uncertain, especially for an early-stage compound like ONCOS-102. Key model assumptions are based on parameters observed in the market today, as well as management\u2019s own predictions and financial forecasts. ONCOS-102 has been tested for impairment in those cancer indications with the most mature path-to-market outlook and strategy, of which checkpoint inhibitor refractory melanoma is considered the indication with the shortest path-to-market. ONCOS-102 has shown strong data in phase 1 and a scientifically solid and differentiated phase 2 development plan has been established, endorsed by international cancer experts, partners, and regulators. However, in order to conserve capital, the company has made the decision to only proceed with the phase 2 program once a partnership and / or additional financing has been secured. The recognized intangible asset related to the acquisition of Oncos Therapeutics OY of NOK 391 million was therefore fully impaired as at 31 December 2022. Property, Plant and equipment (non-current assets) are carried at cost less accumulated depreciation and accumulated impairment losses. Acquisition cost includes expenditures that are directly attributable to the acquisition of the individual item. Other non-current assets are depreciated on a straight-line basis over the expected useful life of the asset. lf significant individual parts of the assets have different useful lives, they are recognized and depreciated separately. Depreciation commences when the assets are ready for their intended use. At the end of each reporting period, the Group reviews the carrying amounts of its assets to determine whether there is any indication that those assets have suffered an impairment loss.Accounting policies Identifying a lease At the inception of a contract, The Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To determine whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: \u2022 The agreement creates enforceable rights of payment and obligations \u2022 The identified asset is physically distinct \u2022 It has the right to obtain substantially all of the economic benefits from use of the asset \u2022 It has the right to direct he use of the asset \u2022 The supplier does not have a substantive right to substitute the asset throughout the period of use Separating components in the lease contract For contracts that constitutes, or contains a lease, the Group separates lease components if it benefits from the use of each underlying asset either on its own or together with other resources that are readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The Group then accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. If an observable stand-alone price is not readily available, the Group estimates this price by maximising the use of observable information. Recognition of leases and exemptions At the lease commencement date, the Group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: \u2022 Short-term leases (defined as 12 months or less) \u2022 Low value assets For these leases, the Group recognizes the lease payments as Other operating expenses in the statement of profit or loss when they incur. Measuring the lease liability The lease liability is initially measured at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option to extend the lease when the Group is reasonably certain to exercise this option, and periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option. The lease payments included in the measurement comprise of: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u2022 Amount expected to be payable by the Group under residual value guarantees \u2022 The exercise price of a purchase option, if the Group is reasonably certain to exercise that option \u2022 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate the lease. The Group do not include variable lease payments in the lease liability arising from contracted index regulations subject to future events, such as inflation. Instead, the Group recognizes these costs in profit or loss in the period in which the event or condition that triggers those payments occurs. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. Group presents its lease liabilities as separate line items in the statement of financial position. Measuring the right-of-use asset The right-of-use asset is initially measured at cost. The cost of the right-of-use asset comprise: \u2022 The amount of the initial measurement of the lease liability \u2022 Any lease payments made at or before the commencement date, less any lease incentives received \u2022 Any initial direct costs incurred by the Group \u2022 An estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. The right-of-use asset is subsequently measured at cost less accumulated depreciation and impairment losses. The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset. The Group has elected to not apply the revaluation model for its right of use asset for leased buildings. The Group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified. Group presents it's right-of-use assets as separate line items in the consolidated statement of financial position.A receivable represents the Group\u2019s right to an amount of consideration that is unconditional. Loans and receivables carried at amortized cost are recognized at the transaction price plus direct transaction expenses. The Group\u2019s Financial asset receivables mainly comprise short-term deposits for office leases and receivable from government grants in the Statement of financial position, see Note 8 Government grants for further information of the recognition of grants in the statement of profit or loss. Other receivables comprise VAT receivables and prepaid expenses.Cash and short-term deposits in the Statement of financial position comprise cash at bank and other short-term highly liquid investments with original maturities of three months or less.Interest-bearing liabilities have been granted by governmental institution with special terms such as a low interest rate (1% currently), hence the loans shall be divided to financial liability and government grant components. The financial liability shall initially be recognized at fair value and subsequently at amortized cost using effective interest method. The grant component shall be recognized as income on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. The interest rate used to discount the cash flows of the loans should reflect the market rate of interest for the Company at the time when the tranches have been withdrawn. However, Targovax could only raise funds from the owners or/and from venture capitalists at 8% rate or from the Government at 1% rate. Targovax has access only to these two \u2018loan markets. These funding limits also set restrictions to the estimation of the fair market rate that shall be used to discount the cash flows. Further, there is no proper peer group for life science companies, hence there is no comparable yield curve available in Europe. Any other interest rate than in the bridge loan interest will be highly judgmental due to the very tight credit status of the company (cannot provide any collateral). Therefore, the 8% bridge loan interest represents managements best and only estimate of a market rate interest and is used in separating the government grant component from the Business Finland loans. The additional interest expense resulting from recognizing the loan by using the effective interest method, is booked as addition to interest expenses in the statement of profit or loss. The separated government grant is booked as a reduction of operating expenses in the statement of profit or loss in the period when it has been received. Business Finland is a publicly financed funding agency that finances research and development activities for young innovative companies in Finland. The Finnish trade promotion organization and the Finnish Funding Agency for Technology and Innovation (TEKES) united as Business Finland in 2018. The Group has received three R&D loans from Business Finland, for the commercialization of ONCOS-102, under loan agreements dated September 2010, February 2012 and December 2013, respectively, in the total outstanding amount of EUR 6.5 million as of 31 December 2022 (EUR 6.7 million as of 31 December 2021). An additional loan approval of EUR 0.5 million was granted to one of the existing Business Finland loans during 1st quarter 2020. No additions to the Business Finland loans were granted during 2021 or 2022. EUR 0.4 million of the total debt EUR 6.5 million was short-term as per 31 December 2022 and EUR 0.8 million of the total debt EUR 6.7 million was short-term as per 31 December 2021. The Group was granted an extension of the repayment-free period on the loan agreement dated December 2013. Pursuant to IFRS, these loans have a grant element due to the low interest rate they carry. The loan periods of the R&D loans are usually 10 years, of which the first five years are free of repayment. One of the loans are repaid in equal annual installments during the latter nine years, (2021-2029), one loan during the latter five years (2022-2026) and one during the latter six years (2023-2028). Annual interest is paid yearly throughout the entire loan period. The applicable interest rate under the R&D loans is the European Central Bank\u2019s steering rate less 3 percentage points per annum, although not less than 1%. Due to the extension of the repayment-free period of the loans in 2021, NOK 1.9 million was recognized as finance income in 2021. For the IFRS adjustment of the Business Finland loans described above the Company applied the transitional exemptions for first time adopters under IFRS 1. Consequently, Business Finland loans granted prior to 1 January 2013 were not adjusted to fair value. In the purchase price allocation from the 2015 acquisition of Oncos, these loans have been adjusted to fair value by discounting future cash flows using the 8 % interest rate, resulting in a fair value adjustment of NOK 9.3 million and a carrying amount of NOK 33.6 million in the statement of financial position at the acquisition date. Based on the effective interest rate method, an increase in interest expense of NOK 4.0 million has been recorded in the statement of profit or loss and other comprehensive income as at 31 December 2022, and NOK 2.8 million as at 31 December 2021. Should the project fail, it is possible to get a remission on part of the debt in accordance with the EU competition legislation. The final amount of the non-recovered part of the principal depends on factors such as the time and the materialized interest rate trend. The final sum will be determined when an eventual decision on non-recovery is made. Targovax Group has issued an on-demand guarantee in favor of Business Finland for the repayment obligation of Targovax OY under the R&D loans. The loan agreements include no financial covenants.",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__6__18-1": {
"value": "Functional currency The functional currency is determined in each entity in the Group based on the currency within the entity's primary economic environment. Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Changes in the exchange rate are recognized continuously in the accounting period.2.2 Accounting principles Foreign exchange The Group record transactions at initial recognition based on the exchange rate at the date of the transaction. If the exchange rate at the date of transaction is not available, average monthly exchange rate in the month of transaction is used. The date of a transaction is the date on which the transaction first qualifies for recognition in accordance with International Financial Reporting Standards. However, if exchange rates fluctuate significantly, the use of the average rate for a period may be inappropriate and an exchange rate closer to transaction date is used. Any exchange differences are recognized in statement of profit or loss under financial items in the period in which they arise.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__6__19": {
"value": "Presentation currency The Group\u2019s presentation currency is NOK. This is also the parent company\u2019s functional currency. The statement of financial position figures of entities with a different functional currency are translated at the exchange rate prevailing at the end of the reporting period for balance sheet items, including goodwill, and the exchange rate at the date of the transaction for profit or loss items. The monthly average exchange rates are used as an approximation of the transaction exchange rate where the rate at the date of transaction is not available. Exchange differences are recognized in other comprehensive income (\u201cOCI\u201d). When investments in foreign subsidiaries are sold, the accumulated translation differences relating to the subsidiary attributable to the equity holders of the parent are recognized in the statement of comprehensive income. When a loss of control, significant influence or joint control is present the accumulated exchange differences related to investments allocated to controlled interests is recognized in profit or loss. When a partial disposal of a subsidiary (not loss of control) is present the proportionate share of the accumulated exchange differences is allocated to non-controlling interests. ",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__6__20": {
"value": "2.1 Basis for preparation of the annual accounts The consolidated financial statements of Targovax ASA have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, as well as Norwegian disclose requirements listed in the Norwegian Accounting Act. The consolidated financial statements are based on historical cost. The consolidated financial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__6__22": {
"value": "2.3 Adoption of new and revised IFRS standards Standards and interpretations affecting amounts reported in the current period All relevant new and revised IFRSs and IFRIC interpretations that are mandatory for periods commencing 1 January 2021 and earlier have been adopted for all periods presented in these financial statements. The Group has applied the following amendments for the first time for their annual reporting period commencing 1 January 2022: o Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 o Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37 o Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. The amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. None of the other new standards, revised standards, amended standards or interpretations have a material impact on the Group\u2019s overall results and financial position. Standards and interpretations in issue but not yet adopted 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.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__6__23": {
"value": "2.4 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. As at 31 December 2022, Targovax Solutions AS located in Lysaker Norway, Targovax OY, located in Espoo, Finland, and Circio AB located in Stockholm, Sweden is 100% owned and controlled subsidiaries by Targovax ASA. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: o Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee). o Exposure, or rights, to variable returns from its involvement with the investee o The ability to use its power over the investee to affect its returns In general, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: o The contractual arrangement(s) with the other vote holders of the investee o Rights arising from other contractual arrangements o The Group\u2019s voting rights and potential voting rights The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of OCI are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. 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. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it ceases to recognize the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in statement of profit or loss. Any investment retained is recognized at fair value.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__6__24": {
"value": "2.5 Business combinations and intangible assets Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss. Intangible assets comprising the patented technology were recognized at fair value at the date of acquisition of Targovax OY (previous Oncos Therapeutics OY) July 2015. Until the development of the patented technology is finalized no amortization is recorded and the carrying amount will be tested for impairment at least once a year, or more often if there are indicators of impairment. When finalized, the patented technology will be amortized by the straight-line method over the estimated useful life.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__6__25": {
"value": "2.6 Going concern The Group works continuously to ensure financial flexibility in the short and long-term to achieve its strategic and operational objectives. To date, the Group has financed its operations through private placements, grants, borrowings, repair offerings and the initial public offering in connection with the listing of the company\u2019s shares on Oslo Stock Exchange in 2016. In February 2023, Targovax announced that it has agreed the terms and conditions for a convertible bond facility with Atlas Special Opportunities (\u201cAtlas\u201d) which will secure financing of up to gross NOK 300 million over three years. The agreement was approved by an extraordinary general meeting (EGM) of Targovax held 9 March 2023, please see Note 23. In March 2023, the Group announced prioritization of resources toward its circRNA platform and, it is the view of the Board that the phase 2 study should only be pursued once a partner or additional source of financing can be secured. The Board of Directors has confirmed that the conditions for assuming that the Company is a going concern are present, and that the financial statements have been prepared based on this assumption.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__26": {
"value": "3. Important accounting estimates and discretionary assessments Management makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Impairment of intangible assets Where a finite useful life of the acquired intangible asset cannot be determined, the asset is not subject to amortization, but is tested when indication, or at least annually for impairment. Acquired intangible assets will not be subject to amortization until market authorization is obtained with the regulatory authorities and the intangible assets are available for use. After market authorization, the intangible assets will be amortized using the straight-line method to allocate their cost to their residual values over their estimated useful lives. Due to the Group\u2019s prioritization of resources toward its circRNA platform announced in March 2023, the acquired intangible assets related to development of the ONCOS-102 platform recognized in the consolidated statement of financial position, were impaired from 391 MNOK to zero as per 31 December 2022. This is further described in Note 15. Estimated value of share-based payments At each balance sheet date, the Group revises its estimates of the number of options that are expected to vest. It recognizes the impact of the revision to original estimates, if any, in the statement of profit or loss, with a corresponding adjustment to equity. The estimated turnover rate for unvested share options is 0 percent for all share option plans. See Note 11 Share-based compensation. Deferred tax asset A deferred tax asset shall be recognized for the carryforward of unused tax losses and unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilized. The Group cannot prove probable future taxable income large enough to justify recognizing a deferred tax asset in the balance sheet. However, this assumption must be continually assessed, and changes could lead to a significant asset being recognized in the future. This assumption requires significant management judgment. See Note 14 Taxes. ",
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"s9_notes__6__27-1": {
"value": "Impairment of intangible assets Where a finite useful life of the acquired intangible asset cannot be determined, the asset is not subject to amortization, but is tested when indication, or at least annually for impairment. Acquired intangible assets will not be subject to amortization until market authorization is obtained with the regulatory authorities and the intangible assets are available for use. After market authorization, the intangible assets will be amortized using the straight-line method to allocate their cost to their residual values over their estimated useful lives. Due to the Group\u2019s prioritization of resources toward its circRNA platform announced in March 2023, the acquired intangible assets related to development of the ONCOS-102 platform recognized in the consolidated statement of financial position, were impaired from 391 MNOK to zero as per 31 December 2022. This is further described in Note 15. 15. Intangible assets and impairment test Intangible assets Intangible assets that relate to intellectual property rights acquired through licensing or assigning patents and know-how are carried at historical cost less accumulated amortization, where the useful life is finite, and the asset is likely to generate economic benefits exceeding costs. Where a finite useful life of the acquired intangible asset cannot be determined, the asset is not subject to amortization, but is when indication, or at least tested annually for impairment. Acquired intangible assets will not be subject to amortization until market authorization is obtained with the regulatory authorities and the intangible assets are available for use. Amortization on items of Intangible assets will be amortized using the straight-line method to allocate their cost to their residual values over their estimated useful lives. Research costs are recognized in the statement of profit or loss as incurred. Internal development costs related to the Group\u2019s development of products are recognized in the statement of profit or loss in the year in which they are incurred unless they meet the recognition criteria of IAS 38, \u201cIntangible assets.\u201d Uncertainties related to the regulatory approval process and other factors generally means that the criteria are not met until the time when the marketing authorization is obtained with the regulatory authorities. Impairment of non-financial assets Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. Intangible assets consist of: o Patents and license fees with estimated useful live of 10 years o Capitalized value related to the acquisition of Oncos Therapeutics OY, not subject to amortization before market authorization is obtained, fully impaired for accounting purposes in 2022. Patents and Oncos Therapeutics Total Amounts in NOK thousands licence fees OY acqusition Cost: 2021 Opening balance 283 389 646 389 929 Additions - - - Exchange differences - -17 919 -17 919 At 31 December 2021 283 371 727 372 010 2022 Opening balance - 371 727 371 727 Additions 24 - 24 Exchange differences - 19 538 19 538 At 31 December 2022 24 391 265 391 572 Accumulated depreciation and impairment: 2021 Opening balance 283 - 283 Depreciation and impairment - - - At 31 December 2021 283 - 283 2022 Opening balance - - - Depreciation and impairment 3 391 265 391 268 At 31 December 2022 3 391 265 391 268 Carrying amount: At 31 December 2021 - 371 727 371 727 At 31 December 2022 22 - 22 The main part of the intangible assets is derived from the acquisition of Oncos Therapeutics OY which was completed in July 2015 and related to the development of ONCOS-102, which is a virus-based immunotherapy platform. Intangible assets are tested for impairment at least annually, or when there are indications of impairment. The value of the intangible assets is estimated using a model of discounted cash flows. As the valuation is sensitive to the outcome of a set of assumptions, the result from the valuation is limited to only ensure sufficient certainty for the recognized amount in the financial statement and is not considered as a complete valuation of the full potential of ONCOS-102. A discounted cash flow model is in its nature uncertain, especially for an early-stage compound like ONCOS-102. Key model assumptions are based on parameters observed in the market today, as well as management\u2019s own predictions and financial forecasts. ONCOS-102 has been tested for impairment in those cancer indications with the most mature path-to-market outlook and strategy, of which checkpoint inhibitor refractory melanoma is considered the indication with the shortest path-to-market. ONCOS-102 has shown strong data in phase 1 and a scientifically solid and differentiated phase 2 development plan has been established, endorsed by international cancer experts, partners, and regulators. However, in order to conserve capital, the company has made the decision to only proceed with the phase 2 program once a partnership and / or additional financing has been secured. The recognized intangible asset related to the acquisition of Oncos Therapeutics OY of NOK 391 million was therefore fully impaired as at 31 December 2022. ",
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"s9_notes__6__28-1": {
"value": "Estimated value of share-based payments At each balance sheet date, the Group revises its estimates of the number of options that are expected to vest. It recognizes the impact of the revision to original estimates, if any, in the statement of profit or loss, with a corresponding adjustment to equity. The estimated turnover rate for unvested share options is 0 percent for all share option plans. See Note 11 Share-based compensation. 11. Share-based compensation Equity-settled share-based payments are measured at the fair value of the equity instruments at the grant date. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense, based on the Company's estimate of equity instruments that will eventually vest. The total amount to be expensed is determined by reference to the fair value of the options granted excluding the impact of any non-market service and performance vesting conditions. The grant date fair value of the options granted is recognized as an employee expense with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the options (vesting period). The fair value of the options granted is measured using the Black-Scholes model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility, weighted average expected life of the instruments, expected dividends, and the risk-free interest rate. Service and non-market performance conditions attached to the transactions are not taken into account in determining fair value. When the options are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are recognized as share capital (nominal value) and share premium reserve. At the end of each reporting period, the group revises its estimates of the number of options that are expected to vest. It recognizes the impact of the revision to original estimates, if any, in statement of profit or loss, with a corresponding adjustment to equity. Changes to the estimates may significantly influence the expense recognized during a period. Share options The Group operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) in Targovax ASA. At the Annual General Meeting (AGM) in Aoril 2022 the Board of Directors was authorized to increase the Group\u2019s share capital in connection with share incentive arrangements by up to NOK 2 600 000. This authorization replaces the previous authorizations to increase the share capital by up to the lower of NOK 1 250 000 and b) 10% of the Company\u2019s outstanding shares, options and RSUs given to the Board of Directors at the AGM held in March 2021. The Company has granted share options under its long-term incentive program (the \u201cLTI Option Program\u201d). The Option Program applies to the Management Team as well to employees in general. Certain former employees and former board members have also been granted options under the LTI Option Program. Additionally, the Company has in the past granted options as payment for inventions (the \u201cIPR Option Program\u201d). Each share option converts into one ordinary share of the Company on exercise. Options may be exercised at any time from the date of vesting until expiry. The options generally vest over a period of four years: 25 percent of the options vest on the first anniversary of the grant date and the remaining 75 percent of the options vest in equal monthly tranches over the next 36 months. Options expire seven years after the grant date. In general, the exercise price of the options is set at the fair value of the shares at grant date. Certain former employees and former board members have also been granted options under the LTI Option Program as replacement for historical option holdings. There were granted 4 555 000 share options during 2022 and 2 225 000 share options during 2021. As of 31 December 2022, there are in total 10 781 275 (7 743 106 at 31 December 2021) outstanding options for all option programs, 10 781 275 (7 652 698 at 31 December 2021)) options under the LTI Option Program and none (90 408 at 31 December 2021) options under the IPR Option Program. Fair value of the options has been calculated at grant date. The fair value of the options was calculated using the Black-Scholes model. The expected volatility for options issued in 2022 and 2021 is estimated at average of 81,06% and 75,82 %%, based on the volatility of comparable listed companies. The volume weighted average interest rate applied to the share options grants in 2022 and 2021 is 2,87% and 1,33%. The following table shows the changes in outstanding options in 2022 and 2021: 2022 2021 Weighted avg. Weighted avg. No. of exercise price No. of exercise price options (in NOK) options (in NOK) Outstanding at 1 7 743 106 10.13 7 310 067 12.94 January Granted during the 4 555 000 1.20 2 225 000 4.59 period Exercised during the -11 981 0.51 -29 788 6.64 period Forfeited -586 050 7.87 -1 124 017 8.70 Expired -918 800 14.61 -638 156 19.83 Outstanding no. of 10 781 275 6.11 7 743 106 10.13 options at end of period 1) See Note 10 Related parties and Management for further information on granted share options to Management Team. The average fair value of options granted in 2022 was 0.68 per share and 2.49 per share in 2021. The weighted- average assumptions used to determine the Black Scholes fair value of options granted in 2022 and 2021 were: Amounts in NOK thousands 2022 2021 Volatility (%) 81.06 75.82 Expected life (in years) 3.66 3.66 Risk-free interest rate (%) 2.87 1.33 Share price (NOK) 1.19 4.62 Exercise price (NOK) 1.20 4.59 The expensed share options, NOK 3.3 million in 2022 (Targovax Solutions AS: NOK 2.8 million, Targovax OY: NOK 0.5 million and Circio AB: NOK 13 thousand) and NOK 5.8 million in 2021 (Targovax ASA: NOK 5.2 million and Targovax OY: NOK 0.6 million), includes management estimate for employee turnover. The estimated turnover rate used for the year 2022 and 2021 was 10%. At 31 December 2022, the range of exercise prices and weighted average remaining contractual life of the options were as follows: Outstanding options Vested outstanding Exercise priceOutstanding options per Weighted average remaining Weighted average remaining Weighted average Vested outstanding per Weighted average Weighted average 12/31/2022 contractual life years until vesting exercise price 12/31/2022 exercise price remaining life vested 0.00-1.15 4 110 000 6.97 2.13 1.15 - - - 1.16-1.53 315 000 6.21 1.36 1.52 - - - 1.54-2.18 1 155 000 5.99 1.14 2.17 285 000 2.18 5.98 2.19-6.06 1 201 375 4.46 0.55 5.64 638 510 5.91 3.58 6.07-7.00 95 000 5.27 0.69 6.70 39 888 6.67 5.13 7.01-9.70 2 331 165 3.78 0.36 8.70 1 514 538 8.54 3.09 9.71-21.00 822 000 1.11 0.00 15.56 822 000 16.56 1.11 21.01-25.65 751 735 0.75 0.00 22.48 751 735 22.48 0.75 Total 10 781 275 4.98 1.12 6.11 4 051 671 11.87 2.56 At 31 December 2021, the range of exercise prices and weighted average remaining contractual life of the options were as follows: Outstanding options Vested outstanding Exercise priceOutstanding options per Weighted average remaining Weighted average remaining Weighted average Vested outstanding per Weighted average Weighted average 12/31/2021 contractual life years until vesting exercise price 12/31/2021 exercise price remaining life vested 0.00-0.51 64 872 0.50 0.38 0.51 14 833 0.51 0.50 0.51-7.50 3 287 982 5.47 1.23 4.83 1 023 671 6.48 3.38 7.50-9.30 785 000 5.23 1.03 8.30 253 330 8.66 3.27 9.30-12.39 1 827 496 4.94 0.90 9.90 739 996 10.34 3.41 12.39-21.50 1 285 309 2.48 0.00 19.11 1 262 715 19.16 2.47 21.50-21.96 - 0.00 0.00 0.00 - 0.00 0.00 21.96-25.00 381 433 0.50 0.00 24.42 381 433 24.42 0.50 25.00-37.60 111 014 0.67 0.00 36.52 111 014 36.52 0.67 Total 7 743 106 4.47 0.84 10.13 3 786 992 14.27 2.69 From 1 January 2023 to 13 April 2023, no share options were granted to members of management, and no share options were granted to other employees of the Group. Restricted Stock Units The Board of directors may choose to receive their remuneration, or parts thereof, in the form of restricted stock units (RSUs). If the Board members choose to receive the Board remuneration in RSUs they must choose to either (i) receive 100% of the compensation in RSUs, (ii) receive 1/3 of the compensation in cash and 2/3 in RSUs, or (iii) receive 2/3 of the compensation in cash and 1/3 in RSUs. The number of RSUs to be granted to the members of the Board of Directors is calculated as the NOK amount of the RSU opted portion of total compensation to the Board member, divided by the market price of the Targovax ASA share. The market price is calculated as the volume weighted average share price the 10 trading days prior to the grant date. The RSUs will be non-transferrable and each RSU will give the right and obligation to acquire shares in Targovax ASA (at nominal value) subject to satisfaction of the applicable vesting conditions. When the RSUs have vested, the participant must during the following three-year period select when to take delivery of the shares. The total compensation to each member of the Board of Directors for the period between the AGM 2022-2023 have been set out in the minutes from the Annual General Meeting 20 April 2022. The Annual General Meeting 20 April 2022 decided to remunerate the Board of Directors for the period between the AGM 2022 to the AGM 2023 with a combination of cash and Restricted Stock Units (RSUs), hence at the 20 April 2022, additional 559 589 RSUs were granted to the Board of Directors. Further, the RSU-holders have in total received 79,006 additional RSUs as an adjustment for the increased share float following the right and repair issues previously completed by the Company pursuant to the terms and conditions of the RSU agreements. The average fair value of RSUs granted in 2022 was 1.75 per share and 8.67 per share in 2021. The weighted- average assumptions used to determine the Black Scholes fair value of RSUs granted in 2022 and 2021 were: Amounts in NOK thousands 2022 2021 Volatility (%) 84.30 65.00 Expected life (in years) 1 1 Risk-free interest rate (%) 1.56 0.23 Share price (NOK) 1.75 8.77 Exercise price (NOK) 0.10 0.10 The expensed RSUs in 2022 and 2021 was NOK 0.9 million and NOK 1.1 million. A total of 802 921 RSUs was outstanding at 31 December 2022. The following table shows the changes in outstanding RSUs in 2022 and 2021: 2022 2021 Weighted avg. Weighted avg. No. of exercise price No. of exercise price RSU\u2019s (in NOK) RSU\u2019s (in NOK) Outstanding at 1 January 299 537 0.10 199 084 0.10 Granted during the period 638 595 0.10 121 752 0.10 Exercised during the period -135 211 0.10 -21 299 0.10 Forfeited - - - - Expired - - - - Outstanding no. of Restricted 802 921 0.10 299 537 0.10 Stock Units at end of period From 1 January 2023 to 13 April 2023 no RSUs have been granted to Board of Directors. ",
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"s9_notes__6__29-1": {
"value": "Deferred tax asset A deferred tax asset shall be recognized for the carryforward of unused tax losses and unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilized. The Group cannot prove probable future taxable income large enough to justify recognizing a deferred tax asset in the balance sheet. However, this assumption must be continually assessed, and changes could lead to a significant asset being recognized in the future. This assumption requires significant management judgment. See Note 14 Taxes. 14. Tax Income tax expense comprise current income tax (tax payable) and deferred tax. Deferred taxes are recognized based on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets arising from deductible temporary differences are recognized to the extent that it is probable that taxable profits will be available so temporary differences can be utilized. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. The tax losses can be carried forward indefinitely in Norway and Sweden and in Finland it can be carried forward and offset against taxable income in ten years for tax purposes. The Group considers that a deferred tax asset related to accumulated tax losses cannot be recognized in the statement of financial position until the product under development has been approved for marketing by the relevant authorities. This assumption is continually assessed, and changes could lead to significant deferred tax asset being recognized in the future. This assumption requires significant management judgment. The Group is in the research phase of its product development and has incurred significant tax losses related to its operations. Targovax ASA has a total tax loss carried forward of NOK 529 million at 31 December 2022 (31 December 2021: NOK 526 million). Circio AB has a total tax loss carried forward of NOK 6 million at 31 December 2022 (31 December 2021: NOK 0 million). The research and development expenses in Targovax Oy is fiscally capitalized for tax purposes resulting in a temporary difference of NOK 390 million at 31 December 2022 and NOK 328 million at 31 December 2021. Accumulated tax losses from Targovax OY\u2019s operations amounts to EUR 22.1 million as of 31 December 2022 and EUR 23.2 million as of 31 December 2021. With a current tax rate in Finland of 20%, the corresponding deferred tax asset is EUR 4.4 million as at 31 December 2022 and EUR 4.6 million as at 31 December 2021. Targovax OY has not recognized any deferred taxes under FGAAP. Tax losses in Finland can be carried forward and offset against taxable income in ten years for tax purposes. Targovax OY has not generated taxable income in prior years and is not expected to generate taxable income in the nearest future. Due to the uncertainty for future taxable profit within the ten years limitation of use, the company has assessed that it cannot be considered as probable that future taxable profit can be used against the tax losses carried forward. However, the Group has recognized a deferred tax liability on temporary differences on the acquired intangible assets, per 31 December 2021 this amount of NOK 59.3 million. As the intangible asset were impaired in full per 31 December 2022, the recognized deferred tax liability as per 31 December 2022 of NOK 60.4 million was derecognized. The tax effects of temporary differences and tax losses carried forward at 31 December are as follows: Amounts in NOK thousands 2022 2021 Intangible and fixed assets -1 108 294 044 Capitalized R&D for tax purposes -390 329 -328 104 Leasing -180 -173 Borrowings 5 991 9 522 Share options and RSUs -89 -82 Financial instruments 25 30 Tax loss carried forward -810 664 -757 881 Temporary differences and tax losses carried forward -1 196 354 -782 645 at 31.12 Temporary differences and tax losses carried forward 1 196 354 1 079 215 at 31.12 not recognized Deferred tax asset (22%/20%) not recognized 263 198 237 437 Deferred tax asset 31.12 - - Recognized temporary differences at 31.12 - 296 570 Deferred tax liability 31.12 - 59 314 The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the domestic tax rate applicable to profits of the consolidated entities as follows: Amounts in NOK thousands 2022 2021 Loss before income tax -495 328 -98 023 Tax calculated at domestic rate (22%) / (22%) -108 972 -21 565 Tax effect permanent differences -844 -5 342 Tax effect of change in tax rates - - Change in deferred tax asset not recognized 163 258 25 899 Effect on different tax rates in countries in which the 8 987 957 Group operates Other - - Tax income / expense (-) 62 430 52",
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"s9_notes__6__30": {
"value": "4. Segments The Group's activities during 2022 have been to continue the development and implementation of a strategy with the aim of developing highly targeted immunotherapy treatments for cancer patients. In addition to the R&D activities in Norway and Finland, the Group established a Swedish company Circio AB in 2022. Circio AB\u2019s focus on establishing a cutting-edge circular RNA (circRNA) platform with the aim to develop novel clinical candidates for in-house development, as well as to forge early partnerships to broaden and accelerate the circRNA pipeline development. For management purposes, the Group is organized as one business unit and the internal reporting is structured in accordance with this. The Group is thus currently organized in one operating segment.",
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"s9_notes__6__32-1": {
"value": "5. Financial instruments and risk management objectives and policies The Group's financial assets and liabilities comprise cash at bank and cash equivalents, receivables and trade creditors that originate from its operations. All financial assets and liabilities are carried at amortized cost. All financial assets and liabilities, other than the long-term leasing liabilities and debt to Business Finland, are short-term and their carrying value approximates fair value. The Group does currently not use financial derivatives to manage financial risk such as interest rate risk and currency risk. The Group is subject to market risk, credit risk and liquidity risk. Market risk Interest rate fluctuations could in the future materially and adversely affect the Group\u2019s business, financial condition, results of operations, cash flows, time to market and prospects. Currently, the Group has no long-term debt other than leasing liabilities and its debt to Business Finland. The debt to Business Finland carries an annual interest equal to the European Central Bank\u2019s steering rate less 3 percentage points, but in no event less than 1%. The current interest is 1% per annum. For further information see Note 21 Interest-bearing debt. The Group may in the future be exposed to interest rate risk primarily in relation to any future interest-bearing debt issued at floating interest rates and to variations in interest rates of bank deposits. Consequently, movements in interest rates could have a material and adverse effect on the Group\u2019s business, financial condition, results of operations, cash flows, time to market and prospects. The Group is not sensitive to a change in interest rates on interest-bearing borrowings, the debt to Business Finland, unless the European Central Bank\u2019s steering rate increases above 4 %. Hence the Group\u2019s profit or loss statement, statement of financial position and the Group\u2019s cash flow is not sensitive to 1% change in interest rates on interest-bearing borrowings. The following table demonstrates the Group\u2019s sensitivity to a 1 percent point change in interest rates on cash and cash equivalents at 31 December 2022 and 2021: 2022 2021 Amounts in NOK thousands 1% point 1% point 1% point 1% point increase decrease increase decrease Loss before income tax effect 660 -660 1 817 -1 817 Foreign currency risk Fluctuations in exchange rates could affect the Group\u2019s cash flow and financial condition. The Group has currency exposure to both transaction risk and translation risk related to its operating expenses. Transaction risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is different from the Group\u2019s presentation currency. The Group undertakes various transactions in foreign currencies and is consequently exposed to fluctuations in exchange rates. The exposure arises largely from research expenses. The Group is mainly exposed to fluctuations in EUR, USD, GBP, CHF and SEK. Targovax hedges foreign currency by aligning the cash positions with future expected currency outflows. The Group does not have derivatives for hedge accounting at year-end. The following tables demonstrate the Group\u2019s currency rate sensitivity on monetary assets and liabilities in the loss before income tax and other comprehensive income at 31 December 2022 and 2021: Group\u2019s sensitivity to a 10% increase/decrease in EUR against NOK: 2022 2021 Amounts in NOK thousands 10% point 10% point 10% point 10% point increase decrease increase decrease Loss before income tax effect 515 -515 534 -534 Other comprehensive income -4 540 4 540 -5 096 5 096 Group\u2019s sensitivity to a 10% increase/decrease in USD against NOK: 2022 2021 Amounts in NOK thousands 10% point 10% point 10% point 10% point increase decrease increase decrease Loss before income tax effect 91 -91 194 -194 Other comprehensive income - - - - Group\u2019s sensitivity to a 10% increase/decrease in GBP against NOK: 2022 2021 Amounts in NOK thousands 10% point 10% point 10% point 10% point increase decrease increase decrease Loss before income tax effect -70 70 75 -75 Other comprehensive income - - - - Group\u2019s sensitivity to a 10% increase/decrease in CHF against NOK: 2022 2020 Amounts in NOK thousands 10% point 10% point 10% point 10% point increase decrease increase decrease Loss before income tax effect -60 60 147 -147 Other comprehensive income - - - - Group\u2019s sensitivity to a 10% increase/decrease in SEK against NOK: 2022 2021 Amounts in NOK thousands 10% point 10% point 10% point 10% point increase decrease increase decrease Loss before income tax effect -30 30 - - Other comprehensive income 42 -42 - - Credit risk Credit risk is the risk of a counterparty defaulting. The Group has limited credit risk. Outstanding receivables are limited and primarily government grants receivable from various government agencies. No impairment has been recognized. The carrying value of the assets represents the Group's maximum exposure to credit risk. Cash and cash equivalents: 2022 2021 Rating Amounts in NOK thousands Amount In % Amount In % S&P Cash at bank: 35 374 54% 181 366 100% Nordea Bank abp 21 915 33% 169 680 93% AA- Danske Bank A/S 5 0% 0 0% A- DNB Bank ASA 13 453 20% 11 686 6% AA- Money market funds: 30 641 46% 316 0% Nordea Likviditet III 30 641 46% 316 0% Total 66 015 100% 181 682 100% Fair value of financial instruments The carrying value of receivables, cash and cash equivalents, borrowings and other trade payables are assessed to approximate fair value. 2022 2021 Amounts in NOK thousands Carrying Fair value Carrying Fair value amounts amounts Receivables 28 097 28 097 9 207 9 207 Cash and cash equivalents 66 015 66 015 181 682 181 682 Total financial assets 94 112 94 112 190 889 190 889 Interest-bearing borrowings 61 964 61 964 57 066 57 066 Lease liabilities 1 455 1 455 2 725 2 725 Trade payables 11 383 11 383 8 103 8 103 Total financial liabilities 74 803 74 803 67 894 67 894 The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: o Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities o Level 2: Inputs other than quoted prices including Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) o Level 3: Inputs in asset or liability that are not based on observable market data (that is, unobservable inputs) As at 31 December 2022: Amounts in NOK thousands Level 1 Level 2 Level 3 Total Interest-bearing borrowings - - 61 964 61 964 Total financial instruments at fair value - - 61 964 61 964 As at 31 December 2021: Amounts in NOK thousands Level 1 Level 2 Level 3 Total Interest-bearing borrowings - - 57 066 57 066 Total financial instruments at fair value - - 57 066 57 066 Liquidity risk The Group manages liquidity risk by estimating and monitoring cash and liquidity needs on an on-going basis and maintaining adequate reserves and banking facilities. The Group has entered into an investment agreement with Atlas Special Opportunities, to secure financing by the issuance of convertible bonds with a nominal value of up to NOK 300 million over three years. This facility, approved by the EGM 9 March 2022, will provide the Group sufficient cash to meet its obligations as at 31 December 2022 and related to planned activities in the next 12 months. Hence, the Group is funded into 2024. The Group will need new funding for the next phases of the development program. All liabilities at year-end, other than the debt to Business Finland and long-term lease liabilities, are short-term and fall due within one year of the reporting date. The following tables analyses the Group\u2019s current and non-current financial liabilities, at 31 December 2022 and 2021 respectively, into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the tables are the financial undiscounted cash flows. At 31 December 2022 (Amounts in NOK thousands ) On demand Less than 3 months 3 to 12 months 1 to 5 years >5 years Total 1Interest-bearing borrowings - 2 906 2 305 39 459 26 463 71 133 Lease liabilities - 401 1 107 - - 1 508 Trade payables - 11 383 - - - 11 383 Accrued public charges - 3 074 - - - 3 074 Other current liabilities - 19 971 - - - 19 909 Total - 37 736 3 412 39 459 26 463 107 070 1 Interest-bearing borrowings comprise loans from Business Finland and includes future interest payments. At 31 December 2021 (Amounts in NOK thousands ) On demand Less than 3 months 3 to 12 months 1 to 5 years >5 years Total 1Interest-bearing borrowings - 228 7 981 47 051 13 910 69 170 Lease liabilities - 378 1 133 1 511 - 3 022 Trade payables - 8 103 - - - 8 103 Accrued public charges - 3 203 - - - 3 203 Other current liabilities - 17 134 - - - 17 134 Total - 29 046 9 114 48 562 13 910 100 633 1 Interest-bearing borrowings comprise loans from Business Finland and includes future interest payments.13. Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group\u00b4s financial assets are: trade receivables, governmental grant receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, 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: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and, \u2022 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 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. The Groups financial assets at amortised cost includes trade receivables, governmental grant receivables and other short-term deposit. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group\u2019s 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 \u2018pass-through\u2019 arrangement; and either o the Group has transferred substantially all the risks and rewards of the asset, or o the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset Financial assets at amortized cost Currently, all the Group's financial assets are categorized as receivables. As at 31 December 2022 and 2021 the Group have TNOK 6250 and TNOK 0 in trade receivables, TNOK 3 904 and TNOK 3 263 in government grant receivables and the Group have TNOK 1 216 and TNOK 1 199 in short-term deposits. The Group has currently not recognized any non-current financial assets. Financial liabilities Financial liabilities are classified, at initial recognition, as loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. Derivatives are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. Loans, borrowings and payables After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. 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. Payables are measured at their nominal amount when the effect of discounting is not material. Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss. Liabilities at amortized cost (Loans and borrowings) This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. See note 21 Interest-bearing debt and 22 Current liabilities for information about Business Finland loans. Finance income and expense All finance income and finance expense, except for foreign exchange income/expense, are related to financial assets and financial liabilities carried at amortized cost. Finance income consists of interest income and foreign exchange gain. Finance expense mainly consist of interest expense and exchange loss. Finance income is: Amounts in NOK thousands 2022 2021 Interest income on bank deposit 211 -26 Interest income on Money Market fund, Nordea Likviditet III 325 269 Interest income on tax repaid - 1 Net currency gain - bank and other operating items 2823 - Other finance income - - Total finance income 3 360 245 Finance expense is: Amounts in NOK thousands 2022 2021 Interest expense \u2013 Business Finland Loan 4 613 1 539 Interest expense on lease liabilities 229 310 Other interest expense 152 161 Net currency gain - bank and other operating items - 658 Other finance expense 103 - Total finance expense 5 097 2 667",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__6__31": {
"value": "5. Financial instruments and risk management objectives and policies The Group's financial assets and liabilities comprise cash at bank and cash equivalents, receivables and trade creditors that originate from its operations. All financial assets and liabilities are carried at amortized cost. All financial assets and liabilities, other than the long-term leasing liabilities and debt to Business Finland, are short-term and their carrying value approximates fair value. The Group does currently not use financial derivatives to manage financial risk such as interest rate risk and currency risk. The Group is subject to market risk, credit risk and liquidity risk. Market risk Interest rate fluctuations could in the future materially and adversely affect the Group\u2019s business, financial condition, results of operations, cash flows, time to market and prospects. Currently, the Group has no long-term debt other than leasing liabilities and its debt to Business Finland. The debt to Business Finland carries an annual interest equal to the European Central Bank\u2019s steering rate less 3 percentage points, but in no event less than 1%. The current interest is 1% per annum. For further information see Note 21 Interest-bearing debt. The Group may in the future be exposed to interest rate risk primarily in relation to any future interest-bearing debt issued at floating interest rates and to variations in interest rates of bank deposits. Consequently, movements in interest rates could have a material and adverse effect on the Group\u2019s business, financial condition, results of operations, cash flows, time to market and prospects. The Group is not sensitive to a change in interest rates on interest-bearing borrowings, the debt to Business Finland, unless the European Central Bank\u2019s steering rate increases above 4 %. Hence the Group\u2019s profit or loss statement, statement of financial position and the Group\u2019s cash flow is not sensitive to 1% change in interest rates on interest-bearing borrowings. The following table demonstrates the Group\u2019s sensitivity to a 1 percent point change in interest rates on cash and cash equivalents at 31 December 2022 and 2021: 2022 2021 Amounts in NOK thousands 1% point 1% point 1% point 1% point increase decrease increase decrease Loss before income tax effect 660 -660 1 817 -1 817 Foreign currency risk Fluctuations in exchange rates could affect the Group\u2019s cash flow and financial condition. The Group has currency exposure to both transaction risk and translation risk related to its operating expenses. Transaction risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is different from the Group\u2019s presentation currency. The Group undertakes various transactions in foreign currencies and is consequently exposed to fluctuations in exchange rates. The exposure arises largely from research expenses. The Group is mainly exposed to fluctuations in EUR, USD, GBP, CHF and SEK. Targovax hedges foreign currency by aligning the cash positions with future expected currency outflows. The Group does not have derivatives for hedge accounting at year-end. The following tables demonstrate the Group\u2019s currency rate sensitivity on monetary assets and liabilities in the loss before income tax and other comprehensive income at 31 December 2022 and 2021: Group\u2019s sensitivity to a 10% increase/decrease in EUR against NOK: 2022 2021 Amounts in NOK thousands 10% point 10% point 10% point 10% point increase decrease increase decrease Loss before income tax effect 515 -515 534 -534 Other comprehensive income -4 540 4 540 -5 096 5 096 Group\u2019s sensitivity to a 10% increase/decrease in USD against NOK: 2022 2021 Amounts in NOK thousands 10% point 10% point 10% point 10% point increase decrease increase decrease Loss before income tax effect 91 -91 194 -194 Other comprehensive income - - - - Group\u2019s sensitivity to a 10% increase/decrease in GBP against NOK: 2022 2021 Amounts in NOK thousands 10% point 10% point 10% point 10% point increase decrease increase decrease Loss before income tax effect -70 70 75 -75 Other comprehensive income - - - - Group\u2019s sensitivity to a 10% increase/decrease in CHF against NOK: 2022 2020 Amounts in NOK thousands 10% point 10% point 10% point 10% point increase decrease increase decrease Loss before income tax effect -60 60 147 -147 Other comprehensive income - - - - Group\u2019s sensitivity to a 10% increase/decrease in SEK against NOK: 2022 2021 Amounts in NOK thousands 10% point 10% point 10% point 10% point increase decrease increase decrease Loss before income tax effect -30 30 - - Other comprehensive income 42 -42 - - Credit risk Credit risk is the risk of a counterparty defaulting. The Group has limited credit risk. Outstanding receivables are limited and primarily government grants receivable from various government agencies. No impairment has been recognized. The carrying value of the assets represents the Group's maximum exposure to credit risk. Cash and cash equivalents: 2022 2021 Rating Amounts in NOK thousands Amount In % Amount In % S&P Cash at bank: 35 374 54% 181 366 100% Nordea Bank abp 21 915 33% 169 680 93% AA- Danske Bank A/S 5 0% 0 0% A- DNB Bank ASA 13 453 20% 11 686 6% AA- Money market funds: 30 641 46% 316 0% Nordea Likviditet III 30 641 46% 316 0% Total 66 015 100% 181 682 100% Fair value of financial instruments The carrying value of receivables, cash and cash equivalents, borrowings and other trade payables are assessed to approximate fair value. 2022 2021 Amounts in NOK thousands Carrying Fair value Carrying Fair value amounts amounts Receivables 28 097 28 097 9 207 9 207 Cash and cash equivalents 66 015 66 015 181 682 181 682 Total financial assets 94 112 94 112 190 889 190 889 Interest-bearing borrowings 61 964 61 964 57 066 57 066 Lease liabilities 1 455 1 455 2 725 2 725 Trade payables 11 383 11 383 8 103 8 103 Total financial liabilities 74 803 74 803 67 894 67 894 The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: o Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities o Level 2: Inputs other than quoted prices including Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) o Level 3: Inputs in asset or liability that are not based on observable market data (that is, unobservable inputs) As at 31 December 2022: Amounts in NOK thousands Level 1 Level 2 Level 3 Total Interest-bearing borrowings - - 61 964 61 964 Total financial instruments at fair value - - 61 964 61 964 As at 31 December 2021: Amounts in NOK thousands Level 1 Level 2 Level 3 Total Interest-bearing borrowings - - 57 066 57 066 Total financial instruments at fair value - - 57 066 57 066 Liquidity risk The Group manages liquidity risk by estimating and monitoring cash and liquidity needs on an on-going basis and maintaining adequate reserves and banking facilities. The Group has entered into an investment agreement with Atlas Special Opportunities, to secure financing by the issuance of convertible bonds with a nominal value of up to NOK 300 million over three years. This facility, approved by the EGM 9 March 2022, will provide the Group sufficient cash to meet its obligations as at 31 December 2022 and related to planned activities in the next 12 months. Hence, the Group is funded into 2024. The Group will need new funding for the next phases of the development program. All liabilities at year-end, other than the debt to Business Finland and long-term lease liabilities, are short-term and fall due within one year of the reporting date. The following tables analyses the Group\u2019s current and non-current financial liabilities, at 31 December 2022 and 2021 respectively, into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the tables are the financial undiscounted cash flows. At 31 December 2022 (Amounts in NOK thousands ) On demand Less than 3 months 3 to 12 months 1 to 5 years >5 years Total 1Interest-bearing borrowings - 2 906 2 305 39 459 26 463 71 133 Lease liabilities - 401 1 107 - - 1 508 Trade payables - 11 383 - - - 11 383 Accrued public charges - 3 074 - - - 3 074 Other current liabilities - 19 971 - - - 19 909 Total - 37 736 3 412 39 459 26 463 107 070 1 Interest-bearing borrowings comprise loans from Business Finland and includes future interest payments. At 31 December 2021 (Amounts in NOK thousands ) On demand Less than 3 months 3 to 12 months 1 to 5 years >5 years Total 1Interest-bearing borrowings - 228 7 981 47 051 13 910 69 170 Lease liabilities - 378 1 133 1 511 - 3 022 Trade payables - 8 103 - - - 8 103 Accrued public charges - 3 203 - - - 3 203 Other current liabilities - 17 134 - - - 17 134 Total - 29 046 9 114 48 562 13 910 100 633 1 Interest-bearing borrowings comprise loans from Business Finland and includes future interest payments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__33": {
"value": "Interest rate fluctuations could in the future materially and adversely affect the Group\u2019s business, financial condition, results of operations, cash flows, time to market and prospects. Currently, the Group has no long-term debt other than leasing liabilities and its debt to Business Finland. The debt to Business Finland carries an annual interest equal to the European Central Bank\u2019s steering rate less 3 percentage points, but in no event less than 1%. The current interest is 1% per annum. For further information see Note 21 Interest-bearing debt. The Group may in the future be exposed to interest rate risk primarily in relation to any future interest-bearing debt issued at floating interest rates and to variations in interest rates of bank deposits. Consequently, movements in interest rates could have a material and adverse effect on the Group\u2019s business, financial condition, results of operations, cash flows, time to market and prospects. The Group is not sensitive to a change in interest rates on interest-bearing borrowings, the debt to Business Finland, unless the European Central Bank\u2019s steering rate increases above 4 %. Hence the Group\u2019s profit or loss statement, statement of financial position and the Group\u2019s cash flow is not sensitive to 1% change in interest rates on interest-bearing borrowings. The following table demonstrates the Group\u2019s sensitivity to a 1 percent point change in interest rates on cash and cash equivalents at 31 December 2022 and 2021: 2022 2021 Amounts in NOK thousands 1% point 1% point 1% point 1% point increase decrease increase decrease Loss before income tax effect 660 -660 1 817 -1 817",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__34": {
"value": "Credit risk is the risk of a counterparty defaulting. The Group has limited credit risk. Outstanding receivables are limited and primarily government grants receivable from various government agencies. No impairment has been recognized. The carrying value of the assets represents the Group's maximum exposure to credit risk. Cash and cash equivalents: 2022 2021 Rating Amounts in NOK thousands Amount In % Amount In % S&P Cash at bank: 35 374 54% 181 366 100% Nordea Bank abp 21 915 33% 169 680 93% AA- Danske Bank A/S 5 0% 0 0% A- DNB Bank ASA 13 453 20% 11 686 6% AA- Money market funds: 30 641 46% 316 0% Nordea Likviditet III 30 641 46% 316 0% Total 66 015 100% 181 682 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__35": {
"value": "Fair value of financial instruments The carrying value of receivables, cash and cash equivalents, borrowings and other trade payables are assessed to approximate fair value. 2022 2021 Amounts in NOK thousands Carrying Fair value Carrying Fair value amounts amounts Receivables 28 097 28 097 9 207 9 207 Cash and cash equivalents 66 015 66 015 181 682 181 682 Total financial assets 94 112 94 112 190 889 190 889 Interest-bearing borrowings 61 964 61 964 57 066 57 066 Lease liabilities 1 455 1 455 2 725 2 725 Trade payables 11 383 11 383 8 103 8 103 Total financial liabilities 74 803 74 803 67 894 67 894 The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: o Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities o Level 2: Inputs other than quoted prices including Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) o Level 3: Inputs in asset or liability that are not based on observable market data (that is, unobservable inputs) As at 31 December 2022: Amounts in NOK thousands Level 1 Level 2 Level 3 Total Interest-bearing borrowings - - 61 964 61 964 Total financial instruments at fair value - - 61 964 61 964 As at 31 December 2021: Amounts in NOK thousands Level 1 Level 2 Level 3 Total Interest-bearing borrowings - - 57 066 57 066 Total financial instruments at fair value - - 57 066 57 066",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__36": {
"value": "The Group manages liquidity risk by estimating and monitoring cash and liquidity needs on an on-going basis and maintaining adequate reserves and banking facilities. The Group has entered into an investment agreement with Atlas Special Opportunities, to secure financing by the issuance of convertible bonds with a nominal value of up to NOK 300 million over three years. This facility, approved by the EGM 9 March 2022, will provide the Group sufficient cash to meet its obligations as at 31 December 2022 and related to planned activities in the next 12 months. Hence, the Group is funded into 2024. The Group will need new funding for the next phases of the development program. All liabilities at year-end, other than the debt to Business Finland and long-term lease liabilities, are short-term and fall due within one year of the reporting date. The following tables analyses the Group\u2019s current and non-current financial liabilities, at 31 December 2022 and 2021 respectively, into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the tables are the financial undiscounted cash flows. At 31 December 2022 (Amounts in NOK thousands ) On demand Less than 3 months 3 to 12 months 1 to 5 years >5 years Total 1Interest-bearing borrowings - 2 906 2 305 39 459 26 463 71 133 Lease liabilities - 401 1 107 - - 1 508 Trade payables - 11 383 - - - 11 383 Accrued public charges - 3 074 - - - 3 074 Other current liabilities - 19 971 - - - 19 909 Total - 37 736 3 412 39 459 26 463 107 070 1 Interest-bearing borrowings comprise loans from Business Finland and includes future interest payments. At 31 December 2021 (Amounts in NOK thousands ) On demand Less than 3 months 3 to 12 months 1 to 5 years >5 years Total 1Interest-bearing borrowings - 228 7 981 47 051 13 910 69 170 Lease liabilities - 378 1 133 1 511 - 3 022 Trade payables - 8 103 - - - 8 103 Accrued public charges - 3 203 - - - 3 203 Other current liabilities - 17 134 - - - 17 134 Total - 29 046 9 114 48 562 13 910 100 633 1 Interest-bearing borrowings comprise loans from Business Finland and includes future interest payments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__37": {
"value": "6. Revenue recognition Revenue from providing services is recognized in the accounting period in which the services are rendered. Revenue is presented net of value added tax. Amounts in NOK thousands 2022 2021 Other revenue 10 002 - Total operating revenue 10 002 - The Group's products are still in the research and development phase, and it has no revenue from sales of products yet. In November 2022, Hubro Therapeutics AS acquired Targovax\u2019s GM-CSF process development and production project. Under the agreement, Hubro will pay Targovax NOK 10 million for the acquisition of the GM-CSF project, 50% has been paid in the fourth quarter 2022 and 50% is due in the second quarter 2023. Targovax retains conditional buy-back and supply options, and a share in gross proceeds in the event of a re-sale of the asset within a time-limited period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__38": {
"value": "Revenue from providing services is recognized in the accounting period in which the services are rendered. Revenue is presented net of value added tax.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__40": {
"value": "7. Research and development expenses Expenditure on research and development activities is recognized as an expense in the period in which it is incurred. Internal and external research and development costs related to the Group's development of new products are recognized in the statement of profit or loss in the year incurred unless it meets the asset recognition criteria of IAS 38 \"lntangible Assets\". Uncertainties related to the regulatory approval process and results from ongoing clinical trials generally indicate that the criteria for asset recognition is not met until the time when the marketing authorization is obtained from regulatory authorities. This assessment requires significant management discretion and estimations. The following table gives an overview of the Group\u2019s research and development expenditures compared to the total operating expenses: 2022 2021 Amounts in NOK thousands Total Of which R&D Total Of which R&D R&D expenses 47 228 47 228 37 440 37 440 Payroll and related expenses 52 238 26 399 48 386 22 898 Other operating expenses 11 454 246 8 466 40 Depreciation, amortizations and 392 673 - 1 309 - write downs Total 503 593 73 873 95 601 60 377 The following research and development expenditures have been expensed: Amounts in NOK thousands 2022 2021 R&D related consultancy and other expenses 27 202 18 185 Cost of manufacturing for R&D 20 307 17 484 Patent expenses 3 479 4 659 Government grants -3 759 -2 888 Total research and development expenses 47 228 37 440",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__41": {
"value": "Expenditure on research and development activities is recognized as an expense in the period in which it is incurred. Internal and external research and development costs related to the Group's development of new products are recognized in the statement of profit or loss in the year incurred unless it meets the asset recognition criteria of IAS 38 \"lntangible Assets\". Uncertainties related to the regulatory approval process and results from ongoing clinical trials generally indicate that the criteria for asset recognition is not met until the time when the marketing authorization is obtained from regulatory authorities. This assessment requires significant management discretion and estimations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"s9_notes__6__43": {
"value": "8. Government grants Government grants are recognized at the value of the contributions at the transaction date. Grants are not recognized until it is probable that the conditions attached to the contribution will be achieved. The grant is recognized in the statement of profit or loss in the same period as the related costs and are presented net. Government grants are normally related to either reimbursements of employee costs and classified as a reduction of Payroll and related expenses or related to other operating activities and thus classified as a reduction of Research and development expenses or Other operating expenses. Government grants have been recognized in statement of profit or loss as a reduction of the related expense with the following amounts: Amounts in NOK thousands 2022 2021 Research and development expenses 3 759 2 888 Payroll and related expenses 1 021 374 Other operating expenses 35 1 Total grants 4 815 3 263 R&D projects have been approved for SkatteFUNN through 2022. Further, the Group is awarded research grants of NOK 9.8 million from the Research Council of Norway and NOK 8.2 million from Innovation Norway, towards product and clinical development for the TG mutant KRAS cancer vaccine program. These grants are for the period 2022-2025. For the full year 2022 the Group has recognized NOK 3.0 million (NOK 3.3 million 2021) related to SkatteFUNN and and NOK 1.8 million related to the grant from the Research Council of Norway. Specification of grants receivables: Amounts in NOK thousands 2022 2021 Grants from SkatteFUNN 2 970 3 263 Grants from Research Council of Norway 934 - Total grants receivable 3 904 3 263",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__45": {
"value": "Government grants are recognized at the value of the contributions at the transaction date. Grants are not recognized until it is probable that the conditions attached to the contribution will be achieved. The grant is recognized in the statement of profit or loss in the same period as the related costs and are presented net. Government grants are normally related to either reimbursements of employee costs and classified as a reduction of Payroll and related expenses or related to other operating activities and thus classified as a reduction of Research and development expenses or Other operating expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__46": {
"value": "9. Payroll and related expenses Payroll and related expenses are recognized in the statement of profit or loss in the period in which the related costs are incurred or services are provided. Defined contribution plans Targovax Solutions AS has a defined contribution pension plan as required by the Norwegian Law and as well an applicable contribution pension plan as required by Finnish Law and Swedish law for all employees employed in Targovax OY and Circio AB. These pension plans apply to all employees of the Group respectively. Currently, members of the Management Team with residence outside Norway, Finland and Sweden are not part of the company\u2019s respective national pension plans. The company pays these executives an annual amount in addition to base salary in lieu of their participation in a company scheme. For defined contribution pension plans, contributions are paid to pension insurance plans and charged to the statement of profit or loss in the period to which the contributions relate. Bonus scheme In 2018 Targovax implemented a bonus system covering all employees. The Group recognizes a liability and an expense for bonuses based on a short-term incentive plan for employees linked to achievement of corporate objectives as well as individual objectives determined by the Board. See note 10 Related parties and Management. Total payroll and related expenses for the Group are: Amounts in NOK thousands 2022 2021 Salaries and bonus 40 911 33 885 Employer\u2019s national insurance contributions 4 984 3 788 1)Share-based compensation 4 160 6 935 Pension expenses \u2013 defined contribution plan 2 518 2 200 Other 686 1 952 Governmental grants -1 021 -374 Total payroll and related expenses 52 238 48 386 1) Share-based compensation has no cash effect. Number of employees calculated on a full-time basis as at end of 20,9 21,8 period Number of employees as at end of period 21 22",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__47": {
"value": "Payroll and related expenses are recognized in the statement of profit or loss in the period in which the related costs are incurred or services are provided. Defined contribution plans Targovax Solutions AS has a defined contribution pension plan as required by the Norwegian Law and as well an applicable contribution pension plan as required by Finnish Law and Swedish law for all employees employed in Targovax OY and Circio AB. These pension plans apply to all employees of the Group respectively. Currently, members of the Management Team with residence outside Norway, Finland and Sweden are not part of the company\u2019s respective national pension plans. The company pays these executives an annual amount in addition to base salary in lieu of their participation in a company scheme. For defined contribution pension plans, contributions are paid to pension insurance plans and charged to the statement of profit or loss in the period to which the contributions relate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__49": {
"value": "10. Related parties and Management Targovax Compensation Report This report describes the compensation programs for Targovax. It is intended to describe programs for senior executives and to explain how they were compensated in 2022 and will be in 2023. See Note 9 Payroll and related expenses and 11 Share-based compensation for accounting principles for payroll and related expenses and equity-settled share-based payments. Section 1: Introduction by the Compensation Committee It is our pleasure to present the Targovax Remuneration Report for the year 2022. We encourage our shareholders to read the entire Remuneration Report before attending the Annual General meeting in April 2023. During 2022 the company executed on all major development goals and is expected to build on this momentum in 2023 and deliver several important milestones on both the clinical and pre-clinical programs. In particular, circRNA is emerging as an area of rapidly growing interest, and new ways to fully unlock the potential of the unique circAde vector delivery approach are actively being explored. Targovax s a clinical stage cancer immunotherapy and RNA therapeutics company. In order to implement our strategy and build shareholder value Targovax needs to be able to attract and retain experienced and qualified key individuals. The Company\u2019s total compensation philosophy reflects this in that equity incentives play an important role in compensating, motivating, and retaining the employees. Moreover, the Remuneration Committee believes that it is essential that a substantial part of management\u2019s compensation is aligned with the interests of Targovax\u2019s shareholders. The equity incentive is an important motivator of Targovax\u2019s organization, in particular key employees, to deliver the milestones that will advance Targovax and underpin long-term value creation. In order to make this journey successful, it is of crucial importance for Targovax to be able to attract and retain senior and talented individuals that are willing to build lasting careers with the Company. During the year the Remuneration Committee engaged closely with management in order to ensure essential means and tactics necessary to fulfil the needs of the Company. Long-term incentives have been the most important topic to ensure a successful compensation policy. The Remuneration Committee believes that the suggested compensation policy will support and fulfil the essential needs of sustainable engagement and long-term value creation of the Company. The Remuneration Committee will continue to measure and monitor the effectiveness of the compensation policies and return with further amendments when neededThomas Falck, Robert Burns, and Damian Marron Targovax Compensation Committee, 13 April 2023 Section 2 \u2013 Compensation Committee activity The Compensation Committee The Board of Directors, with the assistance of the Compensation Committee, presented to the Annual General Meeting 2022 the compensation principles for Targovax. The Compensation Committee is of the view that compensation practices must support the strategic aims of the business and enable the recruitment, motivation, and retention of senior executives as well as other key employees. Targovax\u2019s practices must take into account the views of regulatory and governance bodies and the expectations of shareholders and the wider employee population. The Board of Directors approves the total compensation of the CEO, which is communicated to the shareholders through the Annual General Meeting. The Board of Directors has final approval of the compensation of the Management Team, upon recommendation of the CEO and the Compensation Committee. Compensation Committee activity The CEO attended selected meetings of the Compensation Committee, providing input and assisting with specific queries. The CEO did not participate in conversations regarding his own level of compensation. The committee covered the following matters during the year: o Review of the overall compensation strategy and policies o Review of the compensation levels and structure for each member of the management team o Review of the market competitive positioning of the compensation for each member of the management team o Recommendation on the base salary increase of the CEO and a review of recommendations made by the CEO for the organization o Assessment of fulfilment of objectives for 2022 and on resulting cash bonuses o Recommendation on the grant of employee share options o Recommendation on corporate objectives for 2023 Section 3 \u2013 Overview of the compensation policy The compensation policy The compensation policy applied in 2022 and 2021 is as follows: Principle Summary Market Targovax offers market competitive reward opportunities on a level adequate competitive to enable the company to attract, retain, and motivate the talent needed to compensation achieve our vision and business objectives. We balance the need to provide market competitive levels of reward against a desire to be cost-effective when determining reasonable and responsible reward outcomes. Pay for An appropriate proportion of the reward package is performance-based for performance and top executives to ensure reward is linked to the achievement of key financial commitment and non-financial objectives with a balance of short and long-term performance components - with priority being given to securing the long-term commitment of key employees. Transparency Compensation programs are designed and communicated in a manner that reinforces the linkage between business objectives, our vision, and culture.Business Compensation decisions are made within an international framework to alignment and ensure local practices are aligned and consistent with our principles and consistency policies. Compensation practices will remain \ufb02exible enough to evolve as the business priorities of Targovax change.Shareholder Compensation programs will align the interests of all employees in driving alignment long-term value creation for our shareholders. Targovax will share the success of the company wherever possible with its employees.Element Applied in 2022 Proposed for 2023 Base salary \u2714 \u2714 Short term incentive for top \u2714 \u2714 executives: Annual cash bonus Short term incentive for all \u2714\u2714employees: Annual cash bonus Long term incentive for all \u2714 \u2714 employees: Share options Benefits \u2714 \u2714 Pension \u2714\u2714Equity as part of Board fee \u2714 \u2714 Section 4 \u2013 Compensation policy for each element The policy for each element of the compensation offered to our employees is described below and is laid down in the Targovax\u2019s Remuneration principles as approved by the Annual General Meeting in 2022. Base salary Base salaries for individual members of the management team are reviewed annually by the committee. The salaries are set by taking into consideration the scope of the role, the level of experience of the individual, the geographical location of the role, internal relativity, and external economic environment. The overall performance rating, employee potential, and current compensation market competitiveness will be combined to assess any proposed salary revision. Short term incentives: annual bonus The corporate objectives are set by the Board and determined for and agreed with the CEO. The bonus of the CEO is determined by achievements of corporate objectives. Other management/employee bonuses are based on the achievement of the corporate objectives as well as individual objectives. The level of performance achieved and the amount of bonus to be awarded individual members of the Management Team is reviewed by the committee, in discussion with the CEO, and approved by the Board. The Corporate Objectives for 2022 and 2023 focus on short term execution of clinical plans and longer-term business development. 2022 2023 Target bonus percentages (% of base salary) (% of base salary) Erik Digman Wiklund (Chief Executive Officer) 50% 50% Lubor Gaal (Chief Financial Officer) 30% 30% Lone Ottesen (Chief Development Officer) 30% 30% Victor Levitsky (Chief Scientific Officer) 30% 30% Ingunn Munch Lindvig (VP Regulatory Affairs) 20% 20% Ola Melin (Head of Manufacturing) 20% 20% The Committee may, at its discretion, review the operation of the annual bonus plan and make recommendations to the Board for approval. Any review will take into account the overall impact of the compensation package, the mix between fixed and variable pay, and the balance between short and long-term performance measurement. In 2018 Targovax implemented a bonus system covering all employees who are not part of the management team. The criteria are the same as for the management team; based on the achievement of the corporate objectives as well as individual objectives. Long-term incentives The Committee\u2019s proposal for 2023 long-term incentives and the policy applied in 2022 are described below. Long term incentives proposal for 2023 Eligibility New employees and consultants are eligible for option grants upon joining the company. Employees and consultants will be eligible for an annual option award on a discretionary basis, taking into account overall performance, work responsibility, importance of retention, organization level, and position. The Board of Directors will exercise discretion as to who will receive an equity award in any given year, based on recommendations made by the Compensation Committee. The Board of Directors intends to grant awards under the plan, alongside the existing option plan, on an annual basis. Board members are not eligible to participate. Grant size and exercise price The Compensation Committee shall recommend to the Board the size of the overall option grant. The grant schedule will be determined, and reviewed, on the basis of market competitiveness of the equity component of the compensation package and the overall size of the available share pool approved by shareholders. Share option grants will not be subject to any performance-based vesting conditions. The exercise price is determined at grant and reflects the share price on the day of the grant. Long-term incentives in 2022 In 2022, Targovax granted share options under the current share option plan in which all employees are eligible to participate. The share option grants are not subject to any performance-based vesting conditions. Under the current plan, share options have been granted to employees upon joining the company. Additional grants have been awarded to employees on a discretionary basis taking into account the number of options held, overall performance, competitiveness of terms, work responsibility, importance of retention, organization level, and position. Employee vesting schedule Granted share options vest over a four-year period as follows: 25 percent of the options vest on the first anniversary of the grant date; and the remaining 75 percent of the options vest in equal monthly tranches over the next 36 months. Most options expire seven years after the grant date. In the case of termination of employment, the employee will not vest further share options beyond notice of termination, unless the employee continues as a consultant to the company. Unless special circumstances dictate otherwise, the terminated employee can, as a general rule, exercise vested share options for a maximum period of six to twelve months after termination. In the event of a Take-over or a Statutory Merger all unvested options shall vest if, within 24 months following the completion of such trade sale or merger, the option holder\u2019s employment is terminated by the Group. Limits The Board of Targovax seeks authorization from shareholders at the Annual General Meeting to issue a maximum number of share options in total for all grants. This authorization is sought every year and at the Annual General Meeting in April 2022, the Board was authorized to increase the Group\u2019s share capital in connection with share incentive arrangements to employees and consultants by up to NOK 2 600 000 of the Company\u2019s outstanding shares, options and RSUs. The authorization to increase the share capital covers: o Already granted options, vested as well as unvested; and o Planned future grants of options At the end of 2022, 10 781 275 share options were outstanding, of which 4 051 671 were vested and exercisable at year-end 2022. Current Management Team members held 5 552 000 share options, 3 524 000 options were held by other employees and the remaining 1 705 275 by previous employees. Targovax has never and does not plan to grant options to Board members. Pension Targovax Solutions AS has a defined contribution pension plan as required by the Norwegian Law and as well an applicable contribution pension plan as required by Finnish Law for all employees employed in Targovax OY, and as required by Swedish Law for all employees employed in Circio AB. These pension plans apply to all employees of Targovax Solutions AS, Targovax OY and Circio AB respectively. Currently, members of the Management Team with residence outside Norway, Sweden and Finland are not part of the company\u2019s respective national pension plans. The company pays these executives an annual amount in addition to base salary in lieu of their participation in a company scheme. Other benefits Benefits to the Management Team may comprise certain other items such as healthcare, accident insurance, etc. on customary terms. Severance payment Erik Digman Wiklund (CEO is entitled to severance pay equal to 12 months' salary in the event of termination of employment. Apart from this, no employee, including any member of Management, has entered into employment agreements which provide for any special benefits upon termination. Statement for 2022 The Board of Directors complies with the decision made at Targovax ASA\u2019s Ordinary General Meeting on 20 April 2022 to approve of the Board of Directors\u2019 statement concerning principles for Management compensation pursuant to Norwegian Public Limited Companies Act section 6\u201316a. The principles for 2022 were identical to the principles listed above. Section 5 \u2013 Compensation tables for 2022 and 2021 Remunerations and other benefits in 2022: Amounts in NOK thousands Fixed annual fee as Earned fees in cash in Earned fees in RSU\u2019s in Earned committee meetings Exercise of share Total remuneration earned at 31 Dec 2022 2022 2022 fee per 31.12.2022 options/RSUs in 2022 Board of Directors of Targovax ASA: Damian Marron, Chairperson of the Board 522 348 174 40 562 Bente-Lill Bjerkelund Rom\u00f8ren, Board 307 277 30 40 347 Robert Burns, Board member 307 217 90 20 129 456 Eva-Lotta Allan, Board member 307 205 102 20 52 368 Diane Mellett, Board member 307 175 132 40 8 353 Sonia Quaratino, Board member 307 102 205 307 Thomas Falck, Board member 217 72 144 40 257 Raphael Clynes, Board member 217 72 144 217 Johan Christenson, former Board member 90 90 90 Per Samuelsson, former Board member 90 90 8 98 1,2Total Board of Directors 2 671 1 648 1 023 208 188 2 926 1) Johan Christenson and Per Samuelsson was replaced by Thomas Falck and Raphael Clynes at the AGM 2022. 2) The Board members may choose to receive their Board fee either in RSUs or in cash. Please see the table for holding of RSUs for further details on the Board related remuneration. Amounts in NOK thousands Fixed annual salary Earned salaries in Bonus earned in Pension expenses in Benefits in kind in Exercise of share Total remuneration in as at 31 Dec 2022 2022 2022 2022 2022 options/RSUs 2022 Management team: Erik Digman Wiklund, Chief Executive Officer 2 500 2 550 1 125 103 13 - 3 792 1Lubor Gaal, Chief Financial Officer2 523 2 028 599 0 142 - 2 769 2Lone Ottesen, Chief Medical Officer2 809 2 826 801 388 134 - 4 149 3Victor Levitsky, Chief Scientific Officer514 510 198 0 141 - 849 Ingunn Munch Lindvig, VP & Head of Regulatory 1 515 1 561 288 103 14 - 1 966 Ola Melin, VP & Head of Manufacturing 1 469 1 392 278 460 36 - 2 165 4 Total Management Team 11 330 10 867 3 289 1 054 481 - 15 691 1) Lubor Gaal joined Targovax 7 March 2022. Fixed annual salary is the annual salary in EUR multiplied by the average exchange rate throughout the year. 2) Fixed annual salary is the annual salary in GBP multiplied by the average exchange rate throughout the year. 3) Victor Levitsky is working 20% for Targovax as per 31.12.2022. 4) \u00d8ystein Soug resigned from his position as Special Advisor and Interim CFO on 30 April 2022. During 2022 his remuneration consisted of TNOK 3 426 in salary, TNOK 246 in earned bonus, TNOK 33 in pension and TNOK 18 in benefits in kind. All amounts in the tables exclude National Insurance Contribution. In 2022, the annual general meeting of the Company resolved that all current board members shall receive NOK 310 000 and the Chairperson of the Board NOK 525 000 for the period from the annual general meeting in 2022 and until the annual general meeting in 2023. If the current board members have served for a shorter period than since the annual general meeting in 2022, the remuneration shall be pro rata adjusted down (based on the number of days served compared to the full period). The members of the board of directors may choose to receive their remuneration, or parts thereof, in the form of restricted stock units (RSUs). The remuneration in cash shall be payable immediately after the annual general meeting in 2023. Members of board committees shall receive an additional remuneration of NOK 4 000 per committee meeting, however not less than NOK 20 000 for the period and the chairpersons of such committees shall receive remuneration of NOK 8 000 per meeting, however not less than NOK 40 000 for the period. In 2022 NOK 0.9 million was recognized as expense for Board remunerations in RSUs. The Group has recognized as expense NOK 3.5 million, excluding National Insurance Contribution, in provision for bonuses to the Management Team as per 31 December 2022. The Group has recognized as expense NOK 3.3 million in share-based compensation for the year 2022 to the Management Team as per 31 December 2022. There are no outstanding loans or guarantees made to the Board of Directors or the Management Team at 31 December 2022. Remunerations and other benefits in 2021: Fixed annual fee as at Earned fees in Earned fees in RSUEarned committee Exercise of share Total remuneration Amounts in NOK thousands 31 Dec 2021 cash in 2021 \u2019s in 2021 meetings fee per options/RSUs earned in 2021 31.12 Board of Directors of Targovax ASA: 1Damian Marron, Chairperson of the Board511 341 170 40 551 Bente-Lill Bjerkelund Rom\u00f8ren, Board member 298 223 75 40 338 Johan Christenson, Board member 298 298 20 318 Catherine Wheeler, Board member 45 45 Per Samuelsson, Board member 298 298 56 354 Robert Burns, Board member 298 298 20 318 Eva-Lotta Allan, Board member 298 198 99 20 318 Diane Mellett, Board member 298 123 174 52 350 Sonia Quaratino, Board member 225 75 150 2Total Board of Directors 2 521 1 555 966 248 45 2 589 1) Catherine Wheeler was replaced by Sonia Quaratino at the AGM 2021. 2) The Board members may choose to receive their Board fee either in RSUs or in cash. Please see the table for holding of RSUs for further details on the Board related remuneration. Fixed annual salary as Earned salaries in Bonus earned in Pension expenses Benefits in kind in Exercise of share Total remuneration Amounts in NOK thousands at 31 Dec 2021 2021 2021 in 2021 2021 options/RSUs in 2021 Management team: 1Erik Digman Wiklund, Chief Executive Officer2 500 2 137 561 90 10 - 2 799 2\u00d8ystein Soug, Special Advisor and Interim CFO2 814 2 927 739 90 8 - 3 763 3Magnus J\u00e4derberg, Chief Medical Officer2 928 2 929 755 - 704 - 4 389 3,4Lone Ottesen, Chief Development Officer2 720 1 369 354 196 66 1 985 5Victor Levitsky, Chief Scientific Officer475 2 053 472 - 569 - 3 094 Ingunn Munch Lindvig, VP Regulatory Affairs 1 469 1 494 268 90 7 - 1 830 6Ola Melin, Head of Manufacturing 1 549 352 65 97 42 - 556 7, 8Total Management Team14 455 13 261 3 184 563 1 407 - 18 415 1) Erik Digman Wiklund became CEO 20th October 2021. Prior to that he was the CBO of Targovax. 2) \u00d8ystein Soug became Special Advisor and interim CFO 20th October 2021. Prior to that he was the CEO of Targovax. 3) Fixed annual salary is the annual salary in GBP multiplied by the average exchange rate throughout the year. 4) Lone Ottesen joined Targovax 1 July 2021. 5) Victor Levitsky is working 20% for Targovax as per 31.12.2021. 6) Ola Melin joined Targovax 1 October 2021. Fixed annual salary is the annual salary in SEK multiplied by the average exchange rate throughout the year. 7) Torbj\u00f8rn Furuseth resigned from his position as CFO on 31 October 2021. During 2021 his remuneration consisted of TNOK 2 150 in salary, TNOK 364 in bonus, TNOK 74 in pension and TNOK 10 in benefits in kind. 8) Kirsi Hellstr\u00f6m resigned from the Management Team during 2021, her remuneration in 2021 consisted of TNOK 826 in salary, TNOK 131 in bonus, TNOK 146 in pension and TNOK 2 in benefits in kind and TNOK 7 in exercise of share options. All amounts in the tables exclude National Insurance Contribution. In 2021, the annual general meeting of the Company resolved that all current board members shall receive NOK 300 000 and the Chairperson of the Board NOK 515 000 for the period from the annual general meeting in 2021 and until the annual general meeting in 2022. If the current board members have served for a shorter period than since the annual general meeting in 2021, the remuneration shall be pro rata adjusted down (based on the number of days served compared to the full period). The members of the board of directors may choose to receive their remuneration, or parts thereof, in the form of restricted stock units (RSUs). The remuneration in cash shall be payable immediately after the annual general meeting in 2022. Members of board committees shall receive an additional remuneration of NOK 4 000 per committee meeting, however not less than NOK 20 000 for the period and the chairpersons of such committees shall receive remuneration of NOK 8 000 per meeting, however not less than NOK 40 000 for the period. In 2021 NOK 1.1 million was recognized as expense for Board remunerations in RSUs. The Group has recognized as expense NOK 3.5 million, excluding National Insurance Contribution, in provision for bonuses to the Management Team as per 31 December 2021. The Group has recognized as expense NOK 5.2 million in share-based compensation for the year 2021 to the Management Team as per 31 December 2021. There are no outstanding loans or guarantees made to the Board of Directors or the Management Team at 31 December 2021. Holding of shares, options for shares and RSUs, including those of close associates, as at 31 December 2022: Holding % ownership Expired Exercised Granted Holding of options Exercised Granted Holding of RSUshares as at 31 Dec options options options as at 31 Dec 2022 RSU\u2019s RSU\u2019s \u2019s as at 31 131 Dec 2022 2022 2022 2022 2022 2022 2022Dec 2022 Board of Directors of Targovax ASA: Damian Marron, Chairperson of the Board - 109 365 153 353 Bente-Lill Bjerkelund Rom\u00f8ren, Board member 35 577 0.02 % 2 996 14 357 Raphael Clynes, Board member - 115 456 115 456 Sonia Quaratino, Board member - 121 448 144 170 Thomas Falck, Board member - 115 456 115 456 Robert Burns, Board member 275 454 0.15% -88 351 32 295 66 378 Eva-Lotta Allan, Board member 94 859 0.05% -40 811 68 493 68 493 Diane Mellett, Board member 102 078 0.05% -6 049 73 086 125 258 2Total Board of Directors507 968 -135 211 638 595 802 921 Management team: 3Erik Digman Wiklund, Chief Executive Officer100 000 0.05% 600 000 1 800 000 Lubor Gaal, Chief Financial Officer- 700 000 700 000 Lone Ottesen, Chief Medical Officer 47 000 0.02% 400 000 890 000 Victor Levitsky, Chief Scientific Officer 10 000 0.01% 100 000 645 000 Ola Melin, Head of Manufacturing 50 000 0.03% 400 000 725 000 Ingunn Munch Lindvig, VP Regulatory Affairs 10 000 0.01% 400 000 792 000 4,5 Total Management 217 000 0.12% 2 600 000 5 552 000 Total 724 968 0.38% 2 600 000 5 552 000 -135 211 638 595 802 921 1) Granted RSUs to the Board of Directors are a part of the yearly Board remuneration fee which the Board members can select either to receive in cash or in RSUs. 2) Per Samuelsson and Johan Christenson left the Board of Targovax April 2022. Neither held any options nor RSUs in the Company. They are partners at HealthCap, which owns 12 458 375 shares at 31.12.2022. 3) The shares are held through Digman AS 4) Magnus J\u00e5derberg, resigned from his position as CMO on 15 February 2022. Per 31.12.22 he holds 775 900 options and 20 000 shares. 5) \u00d8ystein Soug, resigned from his position as Interim CFO on 30 April 2022. Per 31.12.22 he holds 929 375 options and 320 000 shares. The shares are held through Abakus Invest AS Holding of shares, options for shares and RSUs, including those of close associates, as at 31 December 2021: Holding % ownership Expired Exercised Granted Holding of options Exercised Granted Holding of shares as at 31 Dec options options options as at 31 Dec 2021 RSU\u2019s RSU\u2019s RSU\u2019s as 431 Dec 2021 2021 2021 2021 2021 2021 2021at 31 Dec Board of Directors of Targovax ASA: Damian Marron, Chairperson of the Board - 19 503 43 988 Bente-Lill Bjerkelund Rom\u00f8ren, Board member 35 577 0.02% - -15 250 11 361 11 361 1Johan Christenson, Board member - - Sonia Quaratino, Board member 22 722 22 722 1Per Samuelsson, Board member - - Robert Burns, Board member 187 103 0.10 % 21 235 34 083 122 434 Eva-Lotta Allan, Board member 71 368 0.04 % - 11 361 40 811 Diane Mellett, Board member 96 029 0.05 % - 22 722 58 221 Total Board of Directors 390 077 0.21 % - - 21 235 -15 250 121 752 299 537 Management team: 2Erik Digman Wiklund, Chief Executive Officer 100 000 0.05 % 450 000 1 200 000 Magnus J\u00e4derberg, Chief Medical Officer20 000 0.01 % - 133 265 946 735 Lone Ottesen, Chief Development Officer 47 000 0.02 % 490 000 490 000 3\u00d8ystein Soug, Interim Chief Financial Officer 320 000 0.17 % 1 310 000 Victor Levitsky, Chief Scientific Officer 10 000 0.01 % 45 000 545 000 Ola Melin, Head of Manufacturing 50 000 0.03 % 325 000 325 000 Ingunn Munch Lindvig, VP Regulatory Affairs 10 000 0.01 % 125 000 392 000 5Total Management557 000 0.30 % -133 265 - 1 435 000 5 208 735 - - - Total 947 077 0.50 % -133 265 - 1 435 000 5 229 970 -15 250 121 4752 299 537 1) Johan Christenson and Per Samuelsson, both Member of the Board, are partners at HealthCap, HealthCap owns 12 458 375 shares at 31.12.2021 2) The shares are held through Digman AS 3) The shares are held through Abakus Invest AS 4) Granted RSUs to the Board of Directors are a part of the yearly Board remuneration fee which the Board members can select either to receive in cash or in RSUs. Catherine Wheeler left the Board of Targovax March 2021. She exercised 6 049 RSUs during 2021 and holds no RSUs as per 31.12.21. 5) Torbj\u00f8rn Furuseth resigned from his position as CFO on 31 October 2021. Per 31.12.21 he holds 248 738 options, but no shares. Kirsi Hellstr\u00f6m left the management team 1.12.21. Per 31.12.21 she holds 4 350 shares and 264 000 options. Total outstanding options for shares by range of exercise price at 31 December 2022: Exercise price in NOK 1.15 1.53 2.18 5.19-5.59 6.00-6.06 7.16-8.72 9.61 16.59 20.58 Total Management team: Erik Digman Wiklund, CEO 600 000 200 000 380 000 130 000 190 000 150 000 150 000 1 800 000 Lubor Gaal, CFO 400 000 300 000 700 000 Victor Levitsky 100 000 45 000 250 000 250 000 645 000 Lone Ottesen, CMO 400 000 140 000 350 000 890 000 Ingunn Munch Lindvig, VP & Head of RA 400 000 125 000 27 000 90 000 150 000 792 000 Ola Melin, VP & Head of Manufacturing 400 000 75 000 250 000 725 000 1,2Total Management 2 300 000 300 000 585 000 27 000 720 000 730 000 590 000 150 000 150 000 5 552 000 1) Magnus J\u00e4derberg resigned from his position as Chief Medical Officer on 15 February 2022. As of 31.12.2022 he holds 46 875 options for shares of exercise price 6,00, 222 290 between 7.16-11.81, 250 000 between 16.59-21.38 and 256 735 at 24.42 2) \u00d8ystein Soug resigned from his position as interim CFO on 30 April 2022. As of 31.12.2022 he holds 87 500 options for shares of exercise price 6,00, 371 875 between 7.16-9.61and 470 000 between 16.59-21.38. Total outstanding options for shares by range of exercise price at 31 December 2021: Exercise price in NOK 2.18 5.19-5.59 6.00-6.06 7.16-8.72 9.61 11.81 16.59 20.58 21.38 24.42 37.60 Total Board of Directors of Targovax ASA: Robert Burns, Board member 21 235 21 235 Total Board of Directors 21 235 21 235 Management team: Erik Digman Wiklund, CEO 200 000 380 000 130 000 190 000 150 000 150 000 1 200 000 \u00d8ystein Soug, Interim CFO 150 000 300 000 300 000 220 000 250 000 90 000 1 310 000 Magnus J\u00e4derberg, CMO 90 000 80 000 150 000 120 000 100 000 150 000 256 735 946 735 Victor Levitsky 45 000 250 000 250 000 545 000 Lone Ottesen, CDO 140 000 350 000 490 000 Ingunn Munch Lindvig, VP Regulatory Affairs 125 000 27 000 90 000 150 000 392 000 Ola Melin, Head of Manufacturing 75 000 250 000 325 000 1,2Total Management 585 000 27 000 960 000 1 110 000 1 040 000 120 000 470 000 150 000 400 000 346 735 - 5 208 735 Total 585 000 27 000 960 000 1 110 000 1 040 000 120 000 470 000 150 000 400 000 346 735 21 235 5 229 970 3) Torbj\u00f8rn Furuseth resigned from his position as Chief Financial Officer on 31 October 2021. As of 31.12.2021 he holds 48 748 options for shares of exercise price 6,00, 62 494 at 7,16 and 137 496 at 9,68. 4) Kirsi Hellstr\u00f6m left the management team 1.12.21. As of 31.12.2021 she holds 45 000 options for shares of exercise price 2.18, 10 000 of 5,19, 25 000 of 6,00, 25 000 of 6,52, 20 000 of 7,16, 120 000 of 9,61, 9 000 of 16,59 and 10 000 of 25,65. Related party transactions The Company entered into a consulting agreement with Levitski V-Biopharm Consulting, a Zurich based company, in April 2020. Levitski V-Biopharm Consulting is a related party of Victor Levitsky, who is a member of Targovax Management Team, Chief Scientific Officer as from April 2020. Levitski V-Biopharm Consulting is entitled to a consultancy fee of CHF 27,085 per month for a 100% position. Viktor Levitsky reduced his position from 100% to 20% as of 1 November 2021. The Company entered into a consulting agreement with BioPharma Drug Licensing Group SL, a Barcelona based company, in February 2022. BioPharma Drug Licensing Group SL is a related party of Lubor Gaal, who is a member of Targovax Management Team, Chief Financial Officer as from March 2022. BioPharma Drug Licensing Group SL is entitled to a consultancy fee of EUR 21,400 per month for a 100% position. Related party transactions: 2022 2021 Revenue Receivable Revenue Receivable (expense) (Payable) at (expense) (Payable) at Amounts in NOK thousands 31 December 31 December Levitski V-Biopharm Consulting -1 124 -59 -2 969 - BioPharma Drug Licensing Group SL -2 169 -257 - - Remuneration to the statutory or (excl. VAT) Amounts in NOK thousands 2022 2021 Statutory audit 847 489 Other attestation services - - Tax services - - Other services - 48 Total 847 537",
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"value": "for any special benefits upon termination.",
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"s9_notes__6__53-1": {
"value": "Equity-settled share-based payments are measured at the fair value of the equity instruments at the grant date. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense, based on the Company's estimate of equity instruments that will eventually vest. The total amount to be expensed is determined by reference to the fair value of the options granted excluding the impact of any non-market service and performance vesting conditions. The grant date fair value of the options granted is recognized as an employee expense with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the options (vesting period). The fair value of the options granted is measured using the Black-Scholes model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility, weighted average expected life of the instruments, expected dividends, and the risk-free interest rate. Service and non-market performance conditions attached to the transactions are not taken into account in determining fair value. When the options are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are recognized as share capital (nominal value) and share premium reserve. At the end of each reporting period, the group revises its estimates of the number of options that are expected to vest. It recognizes the impact of the revision to original estimates, if any, in statement of profit or loss, with a corresponding adjustment to equity. Changes to the estimates may significantly influence the expense recognized during a period. Share options The Group operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) in Targovax ASA. At the Annual General Meeting (AGM) in Aoril 2022 the Board of Directors was authorized to increase the Group\u2019s share capital in connection with share incentive arrangements by up to NOK 2 600 000. This authorization replaces the previous authorizations to increase the share capital by up to the lower of NOK 1 250 000 and b) 10% of the Company\u2019s outstanding shares, options and RSUs given to the Board of Directors at the AGM held in March 2021. The Company has granted share options under its long-term incentive program (the \u201cLTI Option Program\u201d). The Option Program applies to the Management Team as well to employees in general. Certain former employees and former board members have also been granted options under the LTI Option Program. Additionally, the Company has in the past granted options as payment for inventions (the \u201cIPR Option Program\u201d). Each share option converts into one ordinary share of the Company on exercise. Options may be exercised at any time from the date of vesting until expiry. The options generally vest over a period of four years: 25 percent of the options vest on the first anniversary of the grant date and the remaining 75 percent of the options vest in equal monthly tranches over the next 36 months. Options expire seven years after the grant date. In general, the exercise price of the options is set at the fair value of the shares at grant date. Certain former employees and former board members have also been granted options under the LTI Option Program as replacement for historical option holdings. There were granted 4 555 000 share options during 2022 and 2 225 000 share options during 2021. As of 31 December 2022, there are in total 10 781 275 (7 743 106 at 31 December 2021) outstanding options for all option programs, 10 781 275 (7 652 698 at 31 December 2021)) options under the LTI Option Program and none (90 408 at 31 December 2021) options under the IPR Option Program. Fair value of the options has been calculated at grant date. The fair value of the options was calculated using the Black-Scholes model. The expected volatility for options issued in 2022 and 2021 is estimated at average of 81,06% and 75,82 %%, based on the volatility of comparable listed companies. The volume weighted average interest rate applied to the share options grants in 2022 and 2021 is 2,87% and 1,33%.The Board of directors may choose to receive their remuneration, or parts thereof, in the form of restricted stock units (RSUs). If the Board members choose to receive the Board remuneration in RSUs they must choose to either (i) receive 100% of the compensation in RSUs, (ii) receive 1/3 of the compensation in cash and 2/3 in RSUs, or (iii) receive 2/3 of the compensation in cash and 1/3 in RSUs. The number of RSUs to be granted to the members of the Board of Directors is calculated as the NOK amount of the RSU opted portion of total compensation to the Board member, divided by the market price of the Targovax ASA share. The market price is calculated as the volume weighted average share price the 10 trading days prior to the grant date. The RSUs will be non-transferrable and each RSU will give the right and obligation to acquire shares in Targovax ASA (at nominal value) subject to satisfaction of the applicable vesting conditions. When the RSUs have vested, the participant must during the following three-year period select when to take delivery of the shares. The total compensation to each member of the Board of Directors for the period between the AGM 2022-2023 have been set out in the minutes from the Annual General Meeting 20 April 2022. The Annual General Meeting 20 April 2022 decided to remunerate the Board of Directors for the period between the AGM 2022 to the AGM 2023 with a combination of cash and Restricted Stock Units (RSUs), hence at the 20 April 2022, additional 559 589 RSUs were granted to the Board of Directors. Further, the RSU-holders have in total received 79,006 additional RSUs as an adjustment for the increased share float following the right and repair issues previously completed by the Company pursuant to the terms and conditions of the RSU agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__57": {
"value": "12. Other operating expenses Expenditure on Other operating expenses is recognized in the statement of profit or loss as an expense in the period in which it is incurred. Amounts in NOK thousands 2022 2021 Consultancy, advisors' expenses and IR 5 020 4 144 Travel expenses 1 605 379 Facilities expenses 565 540 IT services and IT-related accessories 1 706 1 695 Conferences and training 382 312 Other 2 211 1 397 Government Grants -35 -1 Total operating expenses 11 454 8 466",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__58": {
"value": "Expenditure on Other operating expenses is recognized in the statement of profit or loss as an expense in the period in which it is incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__61": {
"value": "A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group\u00b4s financial assets are: trade receivables, governmental grant receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, 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: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and, \u2022 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 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. The Groups financial assets at amortised cost includes trade receivables, governmental grant receivables and other short-term deposit. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group\u2019s 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 \u2018pass-through\u2019 arrangement; and either o the Group has transferred substantially all the risks and rewards of the asset, or o the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset Financial assets at amortized cost Currently, all the Group's financial assets are categorized as receivables. As at 31 December 2022 and 2021 the Group have TNOK 6250 and TNOK 0 in trade receivables, TNOK 3 904 and TNOK 3 263 in government grant receivables and the Group have TNOK 1 216 and TNOK 1 199 in short-term deposits. The Group has currently not recognized any non-current financial assets. Financial liabilities Financial liabilities are classified, at initial recognition, as loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. Derivatives are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. Loans, borrowings and payables After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. 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. Payables are measured at their nominal amount when the effect of discounting is not material. Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss. Liabilities at amortized cost (Loans and borrowings) This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. See note 21 Interest-bearing debt and 22 Current liabilities for information about Business Finland loans.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__63": {
"value": "Financial assets The Group\u00b4s financial assets are: trade receivables, governmental grant receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, 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: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and, \u2022 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 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. The Groups financial assets at amortised cost includes trade receivables, governmental grant receivables and other short-term deposit. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group\u2019s 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 \u2018pass-through\u2019 arrangement; and either o the Group has transferred substantially all the risks and rewards of the asset, or o the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset Financial assets at amortized cost Currently, all the Group's financial assets are categorized as receivables. As at 31 December 2022 and 2021 the Group have TNOK 6250 and TNOK 0 in trade receivables, TNOK 3 904 and TNOK 3 263 in government grant receivables and the Group have TNOK 1 216 and TNOK 1 199 in short-term deposits. The Group has currently not recognized any non-current financial assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__65-1": {
"value": "Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group\u2019s 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 \u2018pass-through\u2019 arrangement; and either o the Group has transferred substantially all the risks and rewards of the asset, or o the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss. Liabilities at amortized cost (Loans and borrowings) This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. See note 21 Interest-bearing debt and 22 Current liabilities for information about Business Finland loans.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__66": {
"value": "Financial liabilities Financial liabilities are classified, at initial recognition, as loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. Derivatives are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. Loans, borrowings and payables After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. 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. Payables are measured at their nominal amount when the effect of discounting is not material. Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss. Liabilities at amortized cost (Loans and borrowings) This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. See note 21 Interest-bearing debt and 22 Current liabilities for information about Business Finland loans.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__68-1": {
"value": "Loans, borrowings and payables After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. 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. Payables are measured at their nominal amount when the effect of discounting is not material.Interest-bearing liabilities have been granted by governmental institution with special terms such as a low interest rate (1% currently), hence the loans shall be divided to financial liability and government grant components. The financial liability shall initially be recognized at fair value and subsequently at amortized cost using effective interest method. The grant component shall be recognized as income on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. The interest rate used to discount the cash flows of the loans should reflect the market rate of interest for the Company at the time when the tranches have been withdrawn. However, Targovax could only raise funds from the owners or/and from venture capitalists at 8% rate or from the Government at 1% rate. Targovax has access only to these two \u2018loan markets. These funding limits also set restrictions to the estimation of the fair market rate that shall be used to discount the cash flows. Further, there is no proper peer group for life science companies, hence there is no comparable yield curve available in Europe. Any other interest rate than in the bridge loan interest will be highly judgmental due to the very tight credit status of the company (cannot provide any collateral). Therefore, the 8% bridge loan interest represents managements best and only estimate of a market rate interest and is used in separating the government grant component from the Business Finland loans. The additional interest expense resulting from recognizing the loan by using the effective interest method, is booked as addition to interest expenses in the statement of profit or loss. The separated government grant is booked as a reduction of operating expenses in the statement of profit or loss in the period when it has been received. Business Finland is a publicly financed funding agency that finances research and development activities for young innovative companies in Finland. The Finnish trade promotion organization and the Finnish Funding Agency for Technology and Innovation (TEKES) united as Business Finland in 2018. The Group has received three R&D loans from Business Finland, for the commercialization of ONCOS-102, under loan agreements dated September 2010, February 2012 and December 2013, respectively, in the total outstanding amount of EUR 6.5 million as of 31 December 2022 (EUR 6.7 million as of 31 December 2021). An additional loan approval of EUR 0.5 million was granted to one of the existing Business Finland loans during 1st quarter 2020. No additions to the Business Finland loans were granted during 2021 or 2022. EUR 0.4 million of the total debt EUR 6.5 million was short-term as per 31 December 2022 and EUR 0.8 million of the total debt EUR 6.7 million was short-term as per 31 December 2021. The Group was granted an extension of the repayment-free period on the loan agreement dated December 2013. Pursuant to IFRS, these loans have a grant element due to the low interest rate they carry. The loan periods of the R&D loans are usually 10 years, of which the first five years are free of repayment. One of the loans are repaid in equal annual installments during the latter nine years, (2021-2029), one loan during the latter five years (2022-2026) and one during the latter six years (2023-2028). Annual interest is paid yearly throughout the entire loan period. The applicable interest rate under the R&D loans is the European Central Bank\u2019s steering rate less 3 percentage points per annum, although not less than 1%. Due to the extension of the repayment-free period of the loans in 2021, NOK 1.9 million was recognized as finance income in 2021. For the IFRS adjustment of the Business Finland loans described above the Company applied the transitional exemptions for first time adopters under IFRS 1. Consequently, Business Finland loans granted prior to 1 January 2013 were not adjusted to fair value. In the purchase price allocation from the 2015 acquisition of Oncos, these loans have been adjusted to fair value by discounting future cash flows using the 8 % interest rate, resulting in a fair value adjustment of NOK 9.3 million and a carrying amount of NOK 33.6 million in the statement of financial position at the acquisition date. Based on the effective interest rate method, an increase in interest expense of NOK 4.0 million has been recorded in the statement of profit or loss and other comprehensive income as at 31 December 2022, and NOK 2.8 million as at 31 December 2021. Should the project fail, it is possible to get a remission on part of the debt in accordance with the EU competition legislation. The final amount of the non-recovered part of the principal depends on factors such as the time and the materialized interest rate trend. The final sum will be determined when an eventual decision on non-recovery is made. Targovax Group has issued an on-demand guarantee in favor of Business Finland for the repayment obligation of Targovax OY under the R&D loans. The loan agreements include no financial covenants.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__70": {
"value": "Finance income and expense All finance income and finance expense, except for foreign exchange income/expense, are related to financial assets and financial liabilities carried at amortized cost. Finance income consists of interest income and foreign exchange gain. Finance expense mainly consist of interest expense and exchange loss. Finance income is: Amounts in NOK thousands 2022 2021 Interest income on bank deposit 211 -26 Interest income on Money Market fund, Nordea Likviditet III 325 269 Interest income on tax repaid - 1 Net currency gain - bank and other operating items 2823 - Other finance income - - Total finance income 3 360 245 Finance expense is: Amounts in NOK thousands 2022 2021 Interest expense \u2013 Business Finland Loan 4 613 1 539 Interest expense on lease liabilities 229 310 Other interest expense 152 161 Net currency gain - bank and other operating items - 658 Other finance expense 103 - Total finance expense 5 097 2 667",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__62": {
"value": "Finance income and expense All finance income and finance expense, except for foreign exchange income/expense, are related to financial assets and financial liabilities carried at amortized cost. Finance income consists of interest income and foreign exchange gain. Finance expense mainly consist of interest expense and exchange loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__71": {
"value": "Finance income is: Amounts in NOK thousands 2022 2021 Interest income on bank deposit 211 -26 Interest income on Money Market fund, Nordea Likviditet III 325 269 Interest income on tax repaid - 1 Net currency gain - bank and other operating items 2823 - Other finance income - - Total finance income 3 360 245",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__72": {
"value": "Finance expense is: Amounts in NOK thousands 2022 2021 Interest expense \u2013 Business Finland Loan 4 613 1 539 Interest expense on lease liabilities 229 310 Other interest expense 152 161 Net currency gain - bank and other operating items - 658 Other finance expense 103 - Total finance expense 5 097 2 667",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__73": {
"value": "14. Tax Income tax expense comprise current income tax (tax payable) and deferred tax. Deferred taxes are recognized based on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets arising from deductible temporary differences are recognized to the extent that it is probable that taxable profits will be available so temporary differences can be utilized. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. The tax losses can be carried forward indefinitely in Norway and Sweden and in Finland it can be carried forward and offset against taxable income in ten years for tax purposes. The Group considers that a deferred tax asset related to accumulated tax losses cannot be recognized in the statement of financial position until the product under development has been approved for marketing by the relevant authorities. This assumption is continually assessed, and changes could lead to significant deferred tax asset being recognized in the future. This assumption requires significant management judgment. The Group is in the research phase of its product development and has incurred significant tax losses related to its operations. Targovax ASA has a total tax loss carried forward of NOK 529 million at 31 December 2022 (31 December 2021: NOK 526 million). Circio AB has a total tax loss carried forward of NOK 6 million at 31 December 2022 (31 December 2021: NOK 0 million). The research and development expenses in Targovax Oy is fiscally capitalized for tax purposes resulting in a temporary difference of NOK 390 million at 31 December 2022 and NOK 328 million at 31 December 2021. Accumulated tax losses from Targovax OY\u2019s operations amounts to EUR 22.1 million as of 31 December 2022 and EUR 23.2 million as of 31 December 2021. With a current tax rate in Finland of 20%, the corresponding deferred tax asset is EUR 4.4 million as at 31 December 2022 and EUR 4.6 million as at 31 December 2021. Targovax OY has not recognized any deferred taxes under FGAAP. Tax losses in Finland can be carried forward and offset against taxable income in ten years for tax purposes. Targovax OY has not generated taxable income in prior years and is not expected to generate taxable income in the nearest future. Due to the uncertainty for future taxable profit within the ten years limitation of use, the company has assessed that it cannot be considered as probable that future taxable profit can be used against the tax losses carried forward. However, the Group has recognized a deferred tax liability on temporary differences on the acquired intangible assets, per 31 December 2021 this amount of NOK 59.3 million. As the intangible asset were impaired in full per 31 December 2022, the recognized deferred tax liability as per 31 December 2022 of NOK 60.4 million was derecognized. The tax effects of temporary differences and tax losses carried forward at 31 December are as follows: Amounts in NOK thousands 2022 2021 Intangible and fixed assets -1 108 294 044 Capitalized R&D for tax purposes -390 329 -328 104 Leasing -180 -173 Borrowings 5 991 9 522 Share options and RSUs -89 -82 Financial instruments 25 30 Tax loss carried forward -810 664 -757 881 Temporary differences and tax losses carried forward -1 196 354 -782 645 at 31.12 Temporary differences and tax losses carried forward 1 196 354 1 079 215 at 31.12 not recognized Deferred tax asset (22%/20%) not recognized 263 198 237 437 Deferred tax asset 31.12 - - Recognized temporary differences at 31.12 - 296 570 Deferred tax liability 31.12 - 59 314 The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the domestic tax rate applicable to profits of the consolidated entities as follows: Amounts in NOK thousands 2022 2021 Loss before income tax -495 328 -98 023 Tax calculated at domestic rate (22%) / (22%) -108 972 -21 565 Tax effect permanent differences -844 -5 342 Tax effect of change in tax rates - - Change in deferred tax asset not recognized 163 258 25 899 Effect on different tax rates in countries in which the 8 987 957 Group operates Other - - Tax income / expense (-) 62 430 52",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__76": {
"value": "Income tax expense comprise current income tax (tax payable) and deferred tax. Deferred taxes are recognized based on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets arising from deductible temporary differences are recognized to the extent that it is probable that taxable profits will be available so temporary differences can be utilized. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. The tax losses can be carried forward indefinitely in Norway and Sweden and in Finland it can be carried forward and offset against taxable income in ten years for tax purposes. The Group considers that a deferred tax asset related to accumulated tax losses cannot be recognized in the statement of financial position until the product under development has been approved for marketing by the relevant authorities. This assumption is continually assessed, and changes could lead to significant deferred tax asset being recognized in the future. This assumption requires significant management judgment. The Group is in the research phase of its product development and has incurred significant tax losses related to its operations. Targovax ASA has a total tax loss carried forward of NOK 529 million at 31 December 2022 (31 December 2021: NOK 526 million). Circio AB has a total tax loss carried forward of NOK 6 million at 31 December 2022 (31 December 2021: NOK 0 million). The research and development expenses in Targovax Oy is fiscally capitalized for tax purposes resulting in a temporary difference of NOK 390 million at 31 December 2022 and NOK 328 million at 31 December 2021. Accumulated tax losses from Targovax OY\u2019s operations amounts to EUR 22.1 million as of 31 December 2022 and EUR 23.2 million as of 31 December 2021. With a current tax rate in Finland of 20%, the corresponding deferred tax asset is EUR 4.4 million as at 31 December 2022 and EUR 4.6 million as at 31 December 2021. Targovax OY has not recognized any deferred taxes under FGAAP. Tax losses in Finland can be carried forward and offset against taxable income in ten years for tax purposes. Targovax OY has not generated taxable income in prior years and is not expected to generate taxable income in the nearest future. Due to the uncertainty for future taxable profit within the ten years limitation of use, the company has assessed that it cannot be considered as probable that future taxable profit can be used against the tax losses carried forward. However, the Group has recognized a deferred tax liability on temporary differences on the acquired intangible assets, per 31 December 2021 this amount of NOK 59.3 million. As the intangible asset were impaired in full per 31 December 2022, the recognized deferred tax liability as per 31 December 2022 of NOK 60.4 million was derecognized. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__75": {
"value": "Income tax expense comprise current income tax (tax payable) and deferred tax. Deferred taxes are recognized based on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets arising from deductible temporary differences are recognized to the extent that it is probable that taxable profits will be available so temporary differences can be utilized. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. The tax losses can be carried forward indefinitely in Norway and Sweden and in Finland it can be carried forward and offset against taxable income in ten years for tax purposes. The Group considers that a deferred tax asset related to accumulated tax losses cannot be recognized in the statement of financial position until the product under development has been approved for marketing by the relevant authorities. This assumption is continually assessed, and changes could lead to significant deferred tax asset being recognized in the future. This assumption requires significant management judgment. The Group is in the research phase of its product development and has incurred significant tax losses related to its operations. Targovax ASA has a total tax loss carried forward of NOK 529 million at 31 December 2022 (31 December 2021: NOK 526 million). Circio AB has a total tax loss carried forward of NOK 6 million at 31 December 2022 (31 December 2021: NOK 0 million). The research and development expenses in Targovax Oy is fiscally capitalized for tax purposes resulting in a temporary difference of NOK 390 million at 31 December 2022 and NOK 328 million at 31 December 2021. Accumulated tax losses from Targovax OY\u2019s operations amounts to EUR 22.1 million as of 31 December 2022 and EUR 23.2 million as of 31 December 2021. With a current tax rate in Finland of 20%, the corresponding deferred tax asset is EUR 4.4 million as at 31 December 2022 and EUR 4.6 million as at 31 December 2021. Targovax OY has not recognized any deferred taxes under FGAAP. Tax losses in Finland can be carried forward and offset against taxable income in ten years for tax purposes. Targovax OY has not generated taxable income in prior years and is not expected to generate taxable income in the nearest future. Due to the uncertainty for future taxable profit within the ten years limitation of use, the company has assessed that it cannot be considered as probable that future taxable profit can be used against the tax losses carried forward. However, the Group has recognized a deferred tax liability on temporary differences on the acquired intangible assets, per 31 December 2021 this amount of NOK 59.3 million. As the intangible asset were impaired in full per 31 December 2022, the recognized deferred tax liability as per 31 December 2022 of NOK 60.4 million was derecognized. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__78": {
"value": "15. Intangible assets and impairment test Intangible assets Intangible assets that relate to intellectual property rights acquired through licensing or assigning patents and know-how are carried at historical cost less accumulated amortization, where the useful life is finite, and the asset is likely to generate economic benefits exceeding costs. Where a finite useful life of the acquired intangible asset cannot be determined, the asset is not subject to amortization, but is when indication, or at least tested annually for impairment. Acquired intangible assets will not be subject to amortization until market authorization is obtained with the regulatory authorities and the intangible assets are available for use. Amortization on items of Intangible assets will be amortized using the straight-line method to allocate their cost to their residual values over their estimated useful lives. Research costs are recognized in the statement of profit or loss as incurred. Internal development costs related to the Group\u2019s development of products are recognized in the statement of profit or loss in the year in which they are incurred unless they meet the recognition criteria of IAS 38, \u201cIntangible assets.\u201d Uncertainties related to the regulatory approval process and other factors generally means that the criteria are not met until the time when the marketing authorization is obtained with the regulatory authorities. Impairment of non-financial assets Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. Intangible assets consist of: o Patents and license fees with estimated useful live of 10 years o Capitalized value related to the acquisition of Oncos Therapeutics OY, not subject to amortization before market authorization is obtained, fully impaired for accounting purposes in 2022. Patents and Oncos Therapeutics Total Amounts in NOK thousands licence fees OY acqusition Cost: 2021 Opening balance 283 389 646 389 929 Additions - - - Exchange differences - -17 919 -17 919 At 31 December 2021 283 371 727 372 010 2022 Opening balance - 371 727 371 727 Additions 24 - 24 Exchange differences - 19 538 19 538 At 31 December 2022 24 391 265 391 572 Accumulated depreciation and impairment: 2021 Opening balance 283 - 283 Depreciation and impairment - - - At 31 December 2021 283 - 283 2022 Opening balance - - - Depreciation and impairment 3 391 265 391 268 At 31 December 2022 3 391 265 391 268 Carrying amount: At 31 December 2021 - 371 727 371 727 At 31 December 2022 22 - 22 The main part of the intangible assets is derived from the acquisition of Oncos Therapeutics OY which was completed in July 2015 and related to the development of ONCOS-102, which is a virus-based immunotherapy platform. Intangible assets are tested for impairment at least annually, or when there are indications of impairment. The value of the intangible assets is estimated using a model of discounted cash flows. As the valuation is sensitive to the outcome of a set of assumptions, the result from the valuation is limited to only ensure sufficient certainty for the recognized amount in the financial statement and is not considered as a complete valuation of the full potential of ONCOS-102. A discounted cash flow model is in its nature uncertain, especially for an early-stage compound like ONCOS-102. Key model assumptions are based on parameters observed in the market today, as well as management\u2019s own predictions and financial forecasts. ONCOS-102 has been tested for impairment in those cancer indications with the most mature path-to-market outlook and strategy, of which checkpoint inhibitor refractory melanoma is considered the indication with the shortest path-to-market. ONCOS-102 has shown strong data in phase 1 and a scientifically solid and differentiated phase 2 development plan has been established, endorsed by international cancer experts, partners, and regulators. However, in order to conserve capital, the company has made the decision to only proceed with the phase 2 program once a partnership and / or additional financing has been secured. The recognized intangible asset related to the acquisition of Oncos Therapeutics OY of NOK 391 million was therefore fully impaired as at 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__80": {
"value": "Intangible assets and impairment test Intangible assets Intangible assets that relate to intellectual property rights acquired through licensing or assigning patents and know-how are carried at historical cost less accumulated amortization, where the useful life is finite, and the asset is likely to generate economic benefits exceeding costs. Where a finite useful life of the acquired intangible asset cannot be determined, the asset is not subject to amortization, but is when indication, or at least tested annually for impairment. Acquired intangible assets will not be subject to amortization until market authorization is obtained with the regulatory authorities and the intangible assets are available for use. Amortization on items of Intangible assets will be amortized using the straight-line method to allocate their cost to their residual values over their estimated useful lives. Research costs are recognized in the statement of profit or loss as incurred. Internal development costs related to the Group\u2019s development of products are recognized in the statement of profit or loss in the year in which they are incurred unless they meet the recognition criteria of IAS 38, \u201cIntangible assets.\u201d Uncertainties related to the regulatory approval process and other factors generally means that the criteria are not met until the time when the marketing authorization is obtained with the regulatory authorities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__82": {
"value": "Impairment of non-financial assets Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. Intangible assets consist of: o Patents and license fees with estimated useful live of 10 years o Capitalized value related to the acquisition of Oncos Therapeutics OY, not subject to amortization before market authorization is obtained, fully impaired for accounting purposes in 2022. Patents and Oncos Therapeutics Total Amounts in NOK thousands licence fees OY acqusition Cost: 2021 Opening balance 283 389 646 389 929 Additions - - - Exchange differences - -17 919 -17 919 At 31 December 2021 283 371 727 372 010 2022 Opening balance - 371 727 371 727 Additions 24 - 24 Exchange differences - 19 538 19 538 At 31 December 2022 24 391 265 391 572 Accumulated depreciation and impairment: 2021 Opening balance 283 - 283 Depreciation and impairment - - - At 31 December 2021 283 - 283 2022 Opening balance - - - Depreciation and impairment 3 391 265 391 268 At 31 December 2022 3 391 265 391 268 Carrying amount: At 31 December 2021 - 371 727 371 727 At 31 December 2022 22 - 22 The main part of the intangible assets is derived from the acquisition of Oncos Therapeutics OY which was completed in July 2015 and related to the development of ONCOS-102, which is a virus-based immunotherapy platform. Intangible assets are tested for impairment at least annually, or when there are indications of impairment. The value of the intangible assets is estimated using a model of discounted cash flows. As the valuation is sensitive to the outcome of a set of assumptions, the result from the valuation is limited to only ensure sufficient certainty for the recognized amount in the financial statement and is not considered as a complete valuation of the full potential of ONCOS-102. A discounted cash flow model is in its nature uncertain, especially for an early-stage compound like ONCOS-102. Key model assumptions are based on parameters observed in the market today, as well as management\u2019s own predictions and financial forecasts. ONCOS-102 has been tested for impairment in those cancer indications with the most mature path-to-market outlook and strategy, of which checkpoint inhibitor refractory melanoma is considered the indication with the shortest path-to-market. ONCOS-102 has shown strong data in phase 1 and a scientifically solid and differentiated phase 2 development plan has been established, endorsed by international cancer experts, partners, and regulators. However, in order to conserve capital, the company has made the decision to only proceed with the phase 2 program once a partnership and / or additional financing has been secured. The recognized intangible asset related to the acquisition of Oncos Therapeutics OY of NOK 391 million was therefore fully impaired as at 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__84": {
"value": "16. Property, plant and equipment Property, Plant and equipment (non-current assets) are carried at cost less accumulated depreciation and accumulated impairment losses. Acquisition cost includes expenditures that are directly attributable to the acquisition of the individual item. Other non-current assets are depreciated on a straight-line basis over the expected useful life of the asset. lf significant individual parts of the assets have different useful lives, they are recognized and depreciated separately. Depreciation commences when the assets are ready for their intended use. At the end of each reporting period, the Group reviews the carrying amounts of its assets to determine whether there is any indication that those assets have suffered an impairment loss. Property, plant and equipment consist of: o Office equipment with estimated useful life of 5 years. No impairment losses have been recognized. o Bioreactor with estimated useful life of 10 years. No impairment losses have been recognized. Machinery and Furniture, Amounts in NOK thousands equipment fittings Total Cost 2021 Opening balance 2 084 2 084 Additions - - Exchange differences -7 -7 At 31 December 2021 2 077 2 077 2022 Opening balance - 2 077 2 077 Additions 4 935 - 4 935 Exchange differences 77 4 81 At 31 December 2022 5 012 2 080 7092 Accumulated depreciation and impairment 2021 Opening balance 1 905 1 905 Depreciation and impairment charge 61 61 At 31 December 2021 1 966 1 966 2022 Opening balance - 1 966 1 966 Depreciation and impairment charge 42 50 92 At 31 December 2022 42 2 016 2 058 Carrying amount: At 31 December 2021 - 111 111 At 31 December 2022 4 970 65 5 035",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__85": {
"value": "Property, Plant and equipment (non-current assets) are carried at cost less accumulated depreciation and accumulated impairment losses. Acquisition cost includes expenditures that are directly attributable to the acquisition of the individual item. Other non-current assets are depreciated on a straight-line basis over the expected useful life of the asset. lf significant individual parts of the assets have different useful lives, they are recognized and depreciated separately. Depreciation commences when the assets are ready for their intended use. At the end of each reporting period, the Group reviews the carrying amounts of its assets to determine whether there is any indication that those assets have suffered an impairment loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__87": {
"value": "17. Leases Accounting policies Identifying a lease At the inception of a contract, The Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To determine whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: \u2022 The agreement creates enforceable rights of payment and obligations \u2022 The identified asset is physically distinct \u2022 It has the right to obtain substantially all of the economic benefits from use of the asset \u2022 It has the right to direct he use of the asset \u2022 The supplier does not have a substantive right to substitute the asset throughout the period of use Separating components in the lease contract For contracts that constitutes, or contains a lease, the Group separates lease components if it benefits from the use of each underlying asset either on its own or together with other resources that are readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The Group then accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. If an observable stand-alone price is not readily available, the Group estimates this price by maximising the use of observable information. Recognition of leases and exemptions At the lease commencement date, the Group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: \u2022 Short-term leases (defined as 12 months or less) \u2022 Low value assets For these leases, the Group recognizes the lease payments as Other operating expenses in the statement of profit or loss when they incur. Measuring the lease liability The lease liability is initially measured at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option to extend the lease when the Group is reasonably certain to exercise this option, and periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option. The lease payments included in the measurement comprise of: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u2022 Amount expected to be payable by the Group under residual value guarantees \u2022 The exercise price of a purchase option, if the Group is reasonably certain to exercise that option \u2022 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate the lease. The Group do not include variable lease payments in the lease liability arising from contracted index regulations subject to future events, such as inflation. Instead, the Group recognizes these costs in profit or loss in the period in which the event or condition that triggers those payments occurs. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. Group presents its lease liabilities as separate line items in the statement of financial position. Measuring the right-of-use asset The right-of-use asset is initially measured at cost. The cost of the right-of-use asset comprise: \u2022 The amount of the initial measurement of the lease liability \u2022 Any lease payments made at or before the commencement date, less any lease incentives received \u2022 Any initial direct costs incurred by the Group \u2022 An estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. The right-of-use asset is subsequently measured at cost less accumulated depreciation and impairment losses. The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset. The Group has elected to not apply the revaluation model for its right of use asset for leased buildings. The Group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified. Group presents it's right-of-use assets as separate line items in the consolidated statement of financial position. Right-of-use assets The Group leases offices and other facilities, machinery and equipment. The Group's right-of-use assets are categorized and presented in the table below: Right-of use assetsBuildings Total Amounts in NOK thousands Acquisition cost 1 January 2021 4 588 4 588 Addition of right-of use assets 90 90 Disposals Acquisition cost 31 December 2021 4 678 4 678 Accumulated depreciation and impairment 1 January 2021 854 854 Depreciation 1 248 1 248 Disposals - - Currency exchange differences 32 32 Accumulated depreciation and impairment 31 December 2021 2 134 2 134 Carrying amount of right-of-use assets 31 December 2021 2 544 2 544 Acquisition cost 1 January 2022 4 678 4 678 Addition of right-of use assets 0 0 Disposals Acquisition cost 31 December 2022 4 678 4 678 Accumulated depreciation and impairment 1 January 2022 2 134 2 134 Depreciation 1 313 1 313 Disposals - - Currency exchange differences -15 -15 Accumulated depreciation and impairment 31 December 2022 3 432 3 432 Carrying amount of right-of-use assets 31 December 2022 1 246 1 246 Remaining lease term 1 year Lease liabilities Summary of the lease liabilities Total Amounts in NOK thousands Total lease liabilities at 01.01.2021 3 826 New lease liabilities recognized in the year 90 Disposal of lease liabilities - Cash payments for the principal portion of the lease liability -1 468 Cash payments for the interest portion of the lease liability - Interest expense on lease liabilities 310 Currency exchange differences -37 Total lease liabilities at 31 December 2021 2 725 Total lease liabilities at 01.01.2022 2 725 New lease liabilities recognized in the year - Disposal of lease liabilities - Cash payments for the principal portion of the lease liability -1 515 Cash payments for the interest portion of the lease liability - Interest expense on lease liabilities 229 Currency exchange differences 17 Total lease liabilities at 31 December 2022 1 455 Summary of other lease expenses recognized in profit or loss Amounts in NOK thousands 2022 2021 Variable lease payments expensed in the period - - Operating expenses in the period related to short-term leases 50 60 Operating expenses in the period related to low value assets - - Total lease expenses included in other operating expenses 50 60 Please see note 22. Current liabilities for current lease liabilities and Statement of cash flow for cash outflow for leases. The leases do not contain any restrictions on the Group\u2019s dividend policy or financing. The Group does not have significant residual value guarantees related to its leases to disclose. The Group has not been granted any rent concessions due to the COVID-19 pandemic in 2022 or 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__88-1": {
"value": "Accounting policies Identifying a lease At the inception of a contract, The Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To determine whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: \u2022 The agreement creates enforceable rights of payment and obligations \u2022 The identified asset is physically distinct \u2022 It has the right to obtain substantially all of the economic benefits from use of the asset \u2022 It has the right to direct he use of the asset \u2022 The supplier does not have a substantive right to substitute the asset throughout the period of use Separating components in the lease contract For contracts that constitutes, or contains a lease, the Group separates lease components if it benefits from the use of each underlying asset either on its own or together with other resources that are readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The Group then accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. If an observable stand-alone price is not readily available, the Group estimates this price by maximising the use of observable information. Recognition of leases and exemptions At the lease commencement date, the Group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: \u2022 Short-term leases (defined as 12 months or less) \u2022 Low value assets For these leases, the Group recognizes the lease payments as Other operating expenses in the statement of profit or loss when they incur. Measuring the lease liability The lease liability is initially measured at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option to extend the lease when the Group is reasonably certain to exercise this option, and periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option. The lease payments included in the measurement comprise of: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u2022 Amount expected to be payable by the Group under residual value guarantees \u2022 The exercise price of a purchase option, if the Group is reasonably certain to exercise that option \u2022 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate the lease. The Group do not include variable lease payments in the lease liability arising from contracted index regulations subject to future events, such as inflation. Instead, the Group recognizes these costs in profit or loss in the period in which the event or condition that triggers those payments occurs. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. Group presents its lease liabilities as separate line items in the statement of financial position. Measuring the right-of-use asset The right-of-use asset is initially measured at cost. The cost of the right-of-use asset comprise: \u2022 The amount of the initial measurement of the lease liability \u2022 Any lease payments made at or before the commencement date, less any lease incentives received \u2022 Any initial direct costs incurred by the Group \u2022 An estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. The right-of-use asset is subsequently measured at cost less accumulated depreciation and impairment losses. The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset. The Group has elected to not apply the revaluation model for its right of use asset for leased buildings. The Group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified. Group presents it's right-of-use assets as separate line items in the consolidated statement of financial position.Earnings per share Earnings per share are calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated as profit or loss attributable to ordinary shareholders of the Company, adjusted for the effects of all dilutive potential options. Amounts in NOK thousands 2022 2021 Loss for the period -432 898 -97 971 Average number of outstanding shares during the period 188 432 89 076 Earnings/ loss per share - basic and diluted -2.30 -1.10 Share options and RSUs issued have a potential dilutive effect on earnings per share. Share options and RSUs shall be treated as dilutive only if their conversion to ordinary shares would decrease earnings per share or increase loss per share from continuing operations. As the Group is currently loss-making, an increase in the average number of shares would have anti-dilutive effects. Hence, no dilutive effect has yet been recognized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__90": {
"value": "18. Receivables A receivable represents the Group\u2019s right to an amount of consideration that is unconditional. Loans and receivables carried at amortized cost are recognized at the transaction price plus direct transaction expenses. The Group\u2019s Financial asset receivables mainly comprise short-term deposits for office leases and receivable from government grants in the Statement of financial position, see Note 8 Government grants for further information of the recognition of grants in the statement of profit or loss. Other receivables comprise VAT receivables and prepaid expenses. Amounts in NOK thousands 2022 2021 Trade receivables 6 250 - Receivable government grants 3 904 3 263 Short-term deposits 1 216 1 199 Financial asset receivables 11 370 4 462 Other receivables 16 728 4 746 Total receivables 28 097 9 207",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__91": {
"value": "A receivable represents the Group\u2019s right to an amount of consideration that is unconditional. Loans and receivables carried at amortized cost are recognized at the transaction price plus direct transaction expenses. The Group\u2019s Financial asset receivables mainly comprise short-term deposits for office leases and receivable from government grants in the Statement of financial position, see Note 8 Government grants for further information of the recognition of grants in the statement of profit or loss. Other receivables comprise VAT receivables and prepaid expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"s9_notes__6__94": {
"value": "19. Cash and cash equivalents Cash and short-term deposits in the Statement of financial position comprise cash at bank and other short-term highly liquid investments with original maturities of three months or less. Amounts in NOK thousands 2022 2021 Bank deposits 35 374 181 366 Money Market fund, Nordea Likviditet III 30 641 316 Total cash and cash equivalents 66 015 181 682 Restricted cash specification: Amounts in NOK thousands 2022 2021 Income tax withholding from employee 1 832 2 299 1Rent deposits 952 944 1Other264 255 Total restricted cash 3 048 3 498 1 Classified as Receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"s9_notes__6__93": {
"value": "19. Cash and cash equivalents Cash and short-term deposits in the Statement of financial position comprise cash at bank and other short-term highly liquid investments with original maturities of three months or less. Amounts in NOK thousands 2022 2021 Bank deposits 35 374 181 366 Money Market fund, Nordea Likviditet III 30 641 316 Total cash and cash equivalents 66 015 181 682 Restricted cash specification: Amounts in NOK thousands 2022 2021 Income tax withholding from employee 1 832 2 299 1Rent deposits 952 944 1Other264 255 Total restricted cash 3 048 3 498 1 Classified as Receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__95": {
"value": "Cash and short-term deposits in the Statement of financial position comprise cash at bank and other short-term highly liquid investments with original maturities of three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__97": {
"value": "20. Share capital and shareholder information Targovax raised gross proceeds of NOK 175 million in a rights issue in fourth quarter 2021 through the allocation of 101,744,186 new shares at a subscription price of NOK 1.72 per share. The rights issue was resolved by the Company\u2019s Board of Directors based on the authorization granted at the Company\u2019s Annual General Meeting held 25 November 2021. Share capital as at 31 December 2022 is 18 847 378.30 (31 December 2021: 18 832 659.10 ) comprising 188 473 783 ordinary shares at nominal value NOK 0.10 (31 December 2021: 188 326 591at NOK 0.10). All shares carry equal voting rights. The movement in the number of shares during the period was as follows: 2022 2021 Ordinary shares at beginning of period 188 326 591 86 531 318 Share issuance \u2013 Rights Issue, private placement - 101 744 186 and repair offering Share issuance, employee share options and RSUs 147 192 51 087 Ordinary shares at end of period 188 473 783 188 326 591 The 20 largest shareholders are as follows at 31 December 2022: Shareholder # shares % HealthCap 12 405 584 6.6 % Avanza Bank Ab 6 780 335 3.6 % Goldman Sachs International 5 186 163 2.8 % B\u00e6kkelaget Holding As 5 053 867 2.7 % Radforsk Investeringsstiftelse 4 427 255 2.3 % Sivilingen\u00f8r Jon-Arild Andreassen AS 4 343 611 2.3 % Nordnet Bank AB 4 272 388 2.3 % H\u00f8se As 3 069 012 1.6 % Nordnet Livsforsikring AS 2 721 999 1.4 % Thorendahl Invest AS 2 000 000 1.1 % Danske Bank AS 1 979 138 1.1 % Vaktmestergruppen AS 1 911 241 1.0 % Pettersen Gruppen AS 1 708 408 0.9 % Egil Pettersen 1 548 889 0.8 % Tor Westerheim 1 437 500 0.8 % Arild Staxwold Skipperud 1 401 405 0.7 % The Bank Of New York Mellon SA/NV 1 292 313 0.7 % Ove Steinar Farstad 1 264 449 0.7 % Espen Olsen 1 200 000 0.6 % UBS Switzerland AG 1 086 050 0.6 % 20 largest shareholders 65 089 607 34.5 % Other shareholders (6 549) 123 384 176 65.5 % Total shareholders 188 473 783 100.0 % The 20 largest shareholders are as follows at 31 December 2021: Shareholder # shares % Avanza Bank AB 19 814 638 10.5 % HealthCap 12 405 584 6.6 % Fj\u00e4rde AP-fonden 8 700 456 4.6 % Nordnet Bank AB 6 297 113 3.3 % ABN AMRO Global Custody Services N 5 323 904 2.8 % Goldman Sachs & Co. LLC 5 186 162 2.8 % Radiumhospitalets Forskningsstiftelse 4 427 255 2.4 % Nordnet Livsforsikring AS 4 244 392 2.3 % Danske Bank AS 2 819 768 1.5 % MP Pensjon PK 2 517 055 1.3 % Nordnet Livsforsikring AS 2 382 495 1.3 % Thorendahl Invest AS 2 000 000 1.1 % VPF Nordea Kapital 1 748 448 0.9 % Sivilingen\u00f8r Jon-Arild Andreassen AS 1 700 000 0.9 % VPF Nordea Avkastning 1 649 274 0.9 % Tor Westerheim 1 300 057 0.7 % J.P. Morgan Bank Luxembourg S.A. 1 252 575 0.7 % Egil Pettersen 1 243 057 0.7 % Arild Staxwold Skipperud 1 186 375 0.6 % Verdipapirfondet Nordea Norge Plus 1 076 603 0.6 % 20 largest shareholders 87 275 211 46.3 % Other shareholders (6 346) 101 051 380 53.7 % Total shareholders 188 326 591 100.0 % Earnings per share Earnings per share are calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated as profit or loss attributable to ordinary shareholders of the Company, adjusted for the effects of all dilutive potential options. Amounts in NOK thousands 2022 2021 Loss for the period -432 898 -97 971 Average number of outstanding shares during the period 188 432 89 076 Earnings/ loss per share - basic and diluted -2.30 -1.10 Share options and RSUs issued have a potential dilutive effect on earnings per share. Share options and RSUs shall be treated as dilutive only if their conversion to ordinary shares would decrease earnings per share or increase loss per share from continuing operations. As the Group is currently loss-making, an increase in the average number of shares would have anti-dilutive effects. Hence, no dilutive effect has yet been recognized.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__99": {
"value": "Earnings per share Earnings per share are calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated as profit or loss attributable to ordinary shareholders of the Company, adjusted for the effects of all dilutive potential options. Amounts in NOK thousands 2022 2021 Loss for the period -432 898 -97 971 Average number of outstanding shares during the period 188 432 89 076 Earnings/ loss per share - basic and diluted -2.30 -1.10 Share options and RSUs issued have a potential dilutive effect on earnings per share. Share options and RSUs shall be treated as dilutive only if their conversion to ordinary shares would decrease earnings per share or increase loss per share from continuing operations. As the Group is currently loss-making, an increase in the average number of shares would have anti-dilutive effects. Hence, no dilutive effect has yet been recognized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__98": {
"value": "Earnings per share Earnings per share are calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated as profit or loss attributable to ordinary shareholders of the Company, adjusted for the effects of all dilutive potential options. Amounts in NOK thousands 2022 2021 Loss for the period -432 898 -97 971 Average number of outstanding shares during the period 188 432 89 076 Earnings/ loss per share - basic and diluted -2.30 -1.10 Share options and RSUs issued have a potential dilutive effect on earnings per share. Share options and RSUs shall be treated as dilutive only if their conversion to ordinary shares would decrease earnings per share or increase loss per share from continuing operations. As the Group is currently loss-making, an increase in the average number of shares would have anti-dilutive effects. Hence, no dilutive effect has yet been recognized.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__101": {
"value": "21. Interest-bearing debt Interest-bearing liabilities have been granted by governmental institution with special terms such as a low interest rate (1% currently), hence the loans shall be divided to financial liability and government grant components. The financial liability shall initially be recognized at fair value and subsequently at amortized cost using effective interest method. The grant component shall be recognized as income on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. The interest rate used to discount the cash flows of the loans should reflect the market rate of interest for the Company at the time when the tranches have been withdrawn. However, Targovax could only raise funds from the owners or/and from venture capitalists at 8% rate or from the Government at 1% rate. Targovax has access only to these two \u2018loan markets. These funding limits also set restrictions to the estimation of the fair market rate that shall be used to discount the cash flows. Further, there is no proper peer group for life science companies, hence there is no comparable yield curve available in Europe. Any other interest rate than in the bridge loan interest will be highly judgmental due to the very tight credit status of the company (cannot provide any collateral). Therefore, the 8% bridge loan interest represents managements best and only estimate of a market rate interest and is used in separating the government grant component from the Business Finland loans. The additional interest expense resulting from recognizing the loan by using the effective interest method, is booked as addition to interest expenses in the statement of profit or loss. The separated government grant is booked as a reduction of operating expenses in the statement of profit or loss in the period when it has been received. Business Finland is a publicly financed funding agency that finances research and development activities for young innovative companies in Finland. The Finnish trade promotion organization and the Finnish Funding Agency for Technology and Innovation (TEKES) united as Business Finland in 2018. The Group has received three R&D loans from Business Finland, for the commercialization of ONCOS-102, under loan agreements dated September 2010, February 2012 and December 2013, respectively, in the total outstanding amount of EUR 6.5 million as of 31 December 2022 (EUR 6.7 million as of 31 December 2021). An additional loan approval of EUR 0.5 million was granted to one of the existing Business Finland loans during 1st quarter 2020. No additions to the Business Finland loans were granted during 2021 or 2022. EUR 0.4 million of the total debt EUR 6.5 million was short-term as per 31 December 2022 and EUR 0.8 million of the total debt EUR 6.7 million was short-term as per 31 December 2021. The Group was granted an extension of the repayment-free period on the loan agreement dated December 2013. Pursuant to IFRS, these loans have a grant element due to the low interest rate they carry. The loan periods of the R&D loans are usually 10 years, of which the first five years are free of repayment. One of the loans are repaid in equal annual installments during the latter nine years, (2021-2029), one loan during the latter five years (2022-2026) and one during the latter six years (2023-2028). Annual interest is paid yearly throughout the entire loan period. The applicable interest rate under the R&D loans is the European Central Bank\u2019s steering rate less 3 percentage points per annum, although not less than 1%. Due to the extension of the repayment-free period of the loans in 2021, NOK 1.9 million was recognized as finance income in 2021. For the IFRS adjustment of the Business Finland loans described above the Company applied the transitional exemptions for first time adopters under IFRS 1. Consequently, Business Finland loans granted prior to 1 January 2013 were not adjusted to fair value. In the purchase price allocation from the 2015 acquisition of Oncos, these loans have been adjusted to fair value by discounting future cash flows using the 8 % interest rate, resulting in a fair value adjustment of NOK 9.3 million and a carrying amount of NOK 33.6 million in the statement of financial position at the acquisition date. Based on the effective interest rate method, an increase in interest expense of NOK 4.0 million has been recorded in the statement of profit or loss and other comprehensive income as at 31 December 2022, and NOK 2.8 million as at 31 December 2021. Should the project fail, it is possible to get a remission on part of the debt in accordance with the EU competition legislation. The final amount of the non-recovered part of the principal depends on factors such as the time and the materialized interest rate trend. The final sum will be determined when an eventual decision on non-recovery is made. Targovax Group has issued an on-demand guarantee in favor of Business Finland for the repayment obligation of Targovax OY under the R&D loans. The loan agreements include no financial covenants. The table below shows a reconciliation of the opening balances for the liabilities arising from financing activities: Changes in liabilities arising from financing activitiesInterest-bearing liabilities (Amounts in NOK thousands )Business Finland loans Interest-bearing liabilities 31 December 2020 61 066 Cash flow from financing activities -2 057 Exchange differences -2 801 Additions financial liabilities - Change to loan repayment schedules -1 903 Other transactions without cash settlement 2 760 Interest-bearing liabilities 31 December 2021 57 066 Cash flow from financing activities -2 086Exchange differences -3 016 Additions financial liabilities - Change to loan repayment schedules - Other transactions without cash settlement 3 968 Interest-bearing liabilities 31 December 2022 61 964",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__6__104": {
"value": "22. Current liabilities The Group\u2019s current liabilities consists of financial liabilities as the short-term part of the EUR 6 463 444 loan from Business Finland (see note 21 Interest-bearing debt), short-term lease liabilities and trade payables, and other current liabilities as withholding taxes and accrued expenses, and are classified as \"current liabilities\". Trade payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables and other financial liabilities are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Current liabilities consist of: Amounts in NOK thousands 2022 2021 Interest-bearing liabilities 4 531 7 543 Short-term lease liabilities 1 455 1 349 Trade payables 11 383 8 103 Financial liabilities 17 370 16 996 Other current liabilities 23 045 20 337 Total current liabilities 40 415 37 333",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"s9_notes__6__105": {
"value": "23. Events after the reporting date Post-period highlights \u2022 In February 2023, agreed the terms and conditions for a convertible bond facility with Atlas Special Opportunities (\u201cAtlas\u201d) which will subject to conditions secure financing of up to gross NOK 300 million over three years. \u2022 In March 2023, the extraordinary general meeting (EGM) of Targovax approved the Atlas agreement. \u2022 In March 2023, announced prioritization of resources toward its circRNA platform. The recognized intangible asset related to the acquisition of Oncos Therapeutics OY of NOK 391 million was therefore fully impaired as at 31 December 2022, and hence the recognized deferred tax liability as per 31 December 2022 of NOK 60.4 million was derecognized. \u2022 In March 2023, requested Atlas to subscribe and pay for the first tranche of convertible bonds, consisting of 15 convertible bonds with an aggregate principal amount equal to NOK 37,500,000. Atlas requested conversion of convertible bonds with a nominal value of NOK 2,500,000 which, pursuant to the bond terms, are convertible into 4,026,629 new shares in the Company at a conversion price of NOK 0.620867 o In March 2023, dosed the first patient with cancer vaccine TG01 in the combination study with PD-1 checkpoint inhibitor (CPI) balstilimab in mutant RAS pancreatic cancer in the USA. o In March, a circRNA poster \u201ccircAde: a circRNA-based system for prolonged and more effective treatment of cancer\u201d was accepted to be presented at the AACR Annual Meeting in April 2023, in Orlando, USA Please see Key figures in the consolidated accounts in the Director\u2019s report for further details. ",
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"entity": "scheme:5967007LIEEXZXFYNS31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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}