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"ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-226": { "value": "41767000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-227": { "value": "98716000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-236": { "value": "Section 1 - Background Thor Medical ASA (the group) consists of Thor Medical ASA and its subsidiaries. Thor Medical ASA (\u201cthe company\u201d), formerly known as Nordic Nanovector ASA, is a public limited liability company incorporated and based in Oslo, Norway. The company changed its name to Thor Medical ASA following the acquisition of Thor Medical AS that was approved on the AGM in June 2023. The address of the registered office is Karenslyst Alle 9C, 0278 Oslo. These financial statements were approved for issue by the board of directors on 20 March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "Thor Medical ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-228": { "value": "Thor Medical ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-232": { "value": "Thor Medical ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-234": { "value": "Thor Medical ASA (\u201cthe company\u201d), formerly known as Nordic Nanovector ASA, is a public limited liability company incorporated and based in Oslo, Norway. The company changed its name to Thor Medical ASA following the acquisition of Thor Medical AS that was approved on the AGM in June 2023.", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-233": { "value": "Oslo, Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-229": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "Karenslyst Alle 9C, 0278 Oslo", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "These financial statements were approved for issue by the board of directors on 20 March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-235": { "value": "
Section 2 - General accounting policies
The principal accounting policies applied in the preparation of these \ufb01nancial statements are set out below.
These policies have been consistently applied in all periods presented. Amounts are in Norwegian kroner (NOK)
unless stated otherwise. The functional currency of Thor Medical ASA is NOK.
2.1 Basis for preparation of the annual accounts
The consolidated \ufb01nancial statements for the group and the parent have been prepared in accordance
with EU-adopted International IFRS\u00ae Accounting Standards and Interpretations issued by the International
Accounting Standards Board (IASB) and disclosure requirements in accordance with the Norwegian
Accounting Act. Only standards that are effective for the \ufb01scal year ended 31 December 2023 have been
applied.
The \ufb01nancial statements have been prepared on the historical cost basis. The preparation of \ufb01nancial
statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires
management to exercise its judgments in applying the group\u2019s accounting policies.
Areas involving a high degree of judgment or complexity, and areas in which assumptions and estimates are
signi\ufb01cant to the \ufb01nancial statements are disclosed in note 2.4. The consolidated \ufb01nancial statements have
been prepared on the basis of uniform accounting principles for similar transactions and events under other-
wise similar circumstances.
Going concern
The company works continuously to ensure \ufb01nancial \ufb02exibility in the short and long-term to achieve its stra-
tegic and operational objectives. To date, the company has \ufb01nanced its operations through private placements,
grants, repair offerings and the initial public offering in connection with the listing of the company\u2019s shares on
Oslo B\u00f8rs in 2015.
Several measures have been implemented to reduce the burn rate and the company\u2019s current net cash is,
under the current operating model, expected to \ufb01nance its ongoing operations into 2025.
The board of directors has con\ufb01rmed that the conditions for assuming that the group is a going concern are
present, and that the \ufb01nancial statements have been prepared based on this assumption.
2.2 Consolidation principles
The group\u2019s consolidated \ufb01nancial statements comprise the parent company and its subsidiaries as of
31 December 2023. The group controls an entity when the group is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on which the group obtains control and are deconsolidated
from the date that control ceases.
2.3 Functional currency and presentation currency
The functional currency is determined in each entity in the group based on the currency within the entity\u2019s
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 mone-
tary items are translated using the closing rate. Currency gains or losses are classi\ufb01ed as \ufb01nancial items.
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 recognised continuously in the accounting period.
The group\u2019s presentation currency is NOK. This is also the parent company\u2019s functional currency. The state-
ment of \ufb01nancial position \ufb01gures 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, and the exchange rate at the date of
the transaction for pro\ufb01t and loss items. The monthly average exchange rates are used as an approximation of
the transaction exchange rate. Exchange differences are recognised in other comprehensive income (OCI).
2.4 Significant accounting judgements, estimates and assumptions
Management makes estimates and assumptions that affect the reported amounts of assets and liabilities within
the next \ufb01nancial year. Estimates and judgements are evaluated on an on-going basis and are based on histor-
ical experience and other factors, including expectations of future events that are considered to be relevant.
Deferred tax
The company considers that a deferred tax asset related to accumulated tax losses cannot be recognised
in the statement of \ufb01nancial position until the product under development has been approved for marketing
by the relevant authorities. However, this assumption is continually assessed, and changes could lead to
signi\ufb01cant deferred tax asset being recognised in the future. This assumption requires signi\ufb01cant management
judgment. See note 7.1.
Development costs
Research and development costs are recognised in the income statement as incurred. Internal development
costs related to the group\u2019s development of products are recognised in the income statement in the year in
which it is incurred, unless it meets the recognition criteria of IAS 38 intangible assets. Uncertainties related to
the regulatory approval process and other factors generally means that the criteria are not met until the time
when the marketing authorisation is obtained with the regulatory authorities. This assessment requires signi\ufb01-
cant management judgement.
Business combinations and goodwill
Business combinations are accounted for using the acquisition method. The cost of an acquisition is meas-
ured 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.
In relation the acquisition of Thor Medical AS management has made estimates and judgement as to whether
the company a acquired an asset or a business, and determined that Thor Medical AS has sufficient inputs and
processes to be defined as a business in accordance with IFRS 3. Management has also concluded that Thor
Medical ASA being the acquiring entity as defined in IFRS 3.6 based on an IFRS 10 assessment and performed
a Purchase Price Allocation (PPA) as set out in 8.3 of these consolidated financial statements.
Impairment assessment
In accordance with the principles set out in IAS 36, management has conducted a review of the carrying values
of Thor Medical\u2019s assets for the reporting period. The goodwill on the balance sheet is entirely related to tech-
nical goodwill recognized in business combinations and fully offset by deferred tax recognized on intangible
assets identified in the purchase price allocation, and hence does not require an annual impairment test as of
year-end 2023. Management has identified intangible assets not ready for intended use and has reperformed
the fair value calculation that formed the basis of the Purchase Price Allocation (PPA) as of year-end to identify
any need for impairment. The business case has been assessed for any impairment indications related to
changes in market dynamics, the technology development progress, changes in regulations, changes in market
interest rates, and the market value of Thor Medical\u2019s shares relative to net assets (Price/Book). Management
did not identify any adverse changes to these factors that could be indicative of an impairment of Thor
Medical\u2019s assets. Finally, Thor Medical\u2019s assets were purchased in an orderly transaction between market
participants no more than six months prior to the end of the reporting period, providing a recent fair value
estimate.
Share-based payments
Equity-settled share-based payments are measured at the fair value of the equity instruments at the grant
date. Calculation of fair value involves estimates and assumptions. 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. At the end of each reporting period, the group
revises its estimates of the number of equity instruments that are expected to vest. It recognises the impact of
the revision to original estimates, if any, in pro\ufb01t or loss, with a corresponding adjustment to equity. Changes to
the estimates may signi\ufb01cantly in\ufb02uence the expense recognised during a period.
2.5 Other accounting policies
Short-term leases and leases of low-value assets
The group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that
have a lease term of 12 months or less from the commencement date and do not contain a purchase option).
The group also applies the lease of low-value assets recognition exemption to leases that are considered of
low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on
a straight-line basis over the lease term.
Discontinued operations
In the consolidated statements of income and comprehensive income, information is presented for continuing
operations on each line item, while figures for discontinued operations are presented on a separate line.
Consequently, the notes to the consolidated financial statements are presenting information for continuing
operations. Since all operations carried out by the group in 2022 have been discontinued, figures in the notes
to the consolidated financial statements related to consolidated statements of income and comprehensive
income (comparative figures) have been set to zero for 2022.
Accounting Policy
Other operating expenses are recognised in the statement of profit and loss in the period which the related
costs are incurred or services are provided.
Accounting Policy
Payroll and related expenses are recognised in the statement of profit and loss in the period which the related
costs are incurred or services are provided. For additional information on calculation of costs related to share
based payments see note 6.2.
Accounting Policy
Government grants are recognised where there is reasonable assurance that the grant will be received and all
attached conditions will be complied with. The grant is recognised in the income statement in the same period
as the related costs, which are presented net.
Government grants are normally related to either reimbursements of employee costs and classified as a reduc-
tion of payroll and related expenses or related to other operating activities and thus classified as a reduction of
other operating expenses.
Accounting Policy
In determining the recoverability of other receivable, the company performs a risk analysis considering the type
and the age of the outstanding receivable and the creditworthiness of the counterparties.
Accounting Policy
Other liabilities 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. Accounts payable
and other financial liabilities are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method.
Accounting Policy
Auditors fee is expensed and recognised in the statement of profit and loss in the period which the related
costs are incurred or services are provided. Amounts are presented exclusive of VAT.
Accounting Policy
Property, plant and equipment 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. Property, plant and equipment are depreciated
on a straight-line basis over the expected useful life of the asset.
Depreciation commences when the assets are ready for their
intended use.
The estimated useful life of fixed assets related to the laboratory
equipment, is based on the company\u2019s assessment of operational risk.
Due to scientific and regulatory reasons there is a risk of termination of
the projects. This has been taken into account when determining the
estimated useful life of the individual assets.
Accounting policy Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually on an indi- vidual basis. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 How the asset will generate future economic benefits \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development The development activities in the company in 2023 are not recoqnized as intangible assets as a result of considerations related to availability of resources to complete the asset. Acquisition during the year Research and development and goodwill are intangible assets acquired through business combinations in 2023. Development is still ongoing, hence no amortization, and management has reperformed the fair value calculation that formed the basis of the Purchase Price Allocation (PPA) as of year-end to identify any need for impairment. Reference is made to note 8.3 for further information related to impairment and fair value assessment .
Accounting policy
The group\u2019s financial liabilities consist of accounts payable and other
current liabilities and are classified as \u201ccurrent liabilities\u201d. Accounts
payable are obligations to pay for goods or services that have been
acquired in the ordinary course of business from suppliers . Accounts
payable 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. Accounts payable
and other financial liabilities are recognised initially at fair value and
subsequently measured at amortised cost using the effective interest
method.
Accounting policy
The group and parent company\u2019s finance income largely relates to interest received on bank deposits. Net
currency gain or loss related to operating items includes gain or losses on accounts payable and accounts
receivable.
Accounting policy Earnings per share are calculated by dividing the attributable to ordinary shareholders of the company by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share are calcu- lated as profit or loss attributable to ordinary shareholders of the company, adjusted for the effects of all dilutive potential options. Issued share options, performance share units and restricted stock units have a potential dilutive effect on earnings per share (see note 6.3 for details on share based payments). No dilutive effect has been recognised as potential ordinary shares only shall be treated as dilutive if their conversion to ordinary shares would decrease earnings per share, or increase loss per share from continuing operations. As the company is currently loss-making an increase in the average number of shares would have anti-dilutive effect.
Accounting Policy
The fair value of the granted RSU without market condition is meas-
ured using the share price at grant date less the agreed strike price.
Accounting policy
Income tax expense represents the sum of taxes currently payable and deferred tax. Deferred taxes are recog-
nised 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 liabilities
are recognised for taxable temporary differences, and deferred tax assets arising from deductible temporary
differences are recognised to the extent that it is probable that taxable profits will be available against which
deductible temporary differences can be utilised. 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 realised, based on tax
rates that have been enacted or substantively enacted by the end of the reporting period.
The company is in the research phase of its product development and has incurred significant tax losses
related to its operations. The deferred tax asset has not been recognised in the statement of financial position,
as the company does not consider that taxable income in the short-term will sufficiently support the use of a
deferred tax asset.
Accounting policy
Shares and investments intended for long-term ownership are reported in the company\u2019s statement of finan-
cial position as long-term investments and valued at cost. The company determines at each reporting date
whether there is any objective indication that the investment in the subsidiary is impaired. If this is the case, the
amount of impairment is calculated as the difference between the recoverable amount of the subsidiary and
its carrying value and recognises the amount in the income statement. Any realised and unrealised losses and
any write-downs relating to these investments will be included in the company\u2019s statement of comprehensive
income as financial items.
Accounting policy
The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm\u2019s
length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement
occurs in cash. There have been no guarantees provided or received for any related party receivables or paya-
bles. Transactions and balances between companies, which are a member of the group, have been eliminated
in the consolidated accounts for the group. Note 8.1 provides information about the group\u2019s structure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-237": { "value": "2.1 Basis for preparation of the annual accounts The consolidated \ufb01nancial statements for the group and the parent have been prepared in accordance with EU-adopted International IFRS\u00ae Accounting Standards and Interpretations issued by the International Accounting Standards Board (IASB) and disclosure requirements in accordance with the Norwegian Accounting Act. Only standards that are effective for the \ufb01scal year ended 31 December 2023 have been applied. The \ufb01nancial statements have been prepared on the historical cost basis. The preparation of \ufb01nancial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgments in applying the group\u2019s accounting policies. Areas involving a high degree of judgment or complexity, and areas in which assumptions and estimates are signi\ufb01cant to the \ufb01nancial statements are disclosed in note 2.4. The consolidated \ufb01nancial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under other- wise similar circumstances. Going concern The company works continuously to ensure \ufb01nancial \ufb02exibility in the short and long-term to achieve its stra- tegic and operational objectives. To date, the company has \ufb01nanced its operations through private placements, grants, repair offerings and the initial public offering in connection with the listing of the company\u2019s shares on Oslo B\u00f8rs in 2015. Several measures have been implemented to reduce the burn rate and the company\u2019s current net cash is, under the current operating model, expected to \ufb01nance its ongoing operations into 2025. The board of directors has con\ufb01rmed that the conditions for assuming that the group is a going concern are present, and that the \ufb01nancial statements have been prepared based on this assumption. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-259": { "value": "The consolidated \ufb01nancial statements for the group and the parent have been prepared in accordance with EU-adopted International IFRS\u00ae Accounting Standards and Interpretations issued by the International Accounting Standards Board (IASB) and disclosure requirements in accordance with the Norwegian Accounting Act. Only standards that are effective for the \ufb01scal year ended 31 December 2023 have been applied. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-260": { "value": "Going concern The company works continuously to ensure \ufb01nancial \ufb02exibility in the short and long-term to achieve its stra- tegic and operational objectives. To date, the company has \ufb01nanced its operations through private placements, grants, repair offerings and the initial public offering in connection with the listing of the company\u2019s shares on Oslo B\u00f8rs in 2015. Several measures have been implemented to reduce the burn rate and the company\u2019s current net cash is, under the current operating model, expected to \ufb01nance its ongoing operations into 2025. The board of directors has con\ufb01rmed that the conditions for assuming that the group is a going concern are present, and that the \ufb01nancial statements have been prepared based on this assumption. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-238": { "value": "2.2 Consolidation principles The group\u2019s consolidated \ufb01nancial statements comprise the parent company and its subsidiaries as of 31 December 2023. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which the group obtains control and are deconsolidated from the date that control ceases. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-261": { "value": "2.3 Functional currency and presentation currency The functional currency is determined in each entity in the group based on the currency within the entity\u2019s 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 mone- tary items are translated using the closing rate. Currency gains or losses are classi\ufb01ed as \ufb01nancial items. 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 recognised continuously in the accounting period. The group\u2019s presentation currency is NOK. This is also the parent company\u2019s functional currency. The state- ment of \ufb01nancial position \ufb01gures 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, and the exchange rate at the date of the transaction for pro\ufb01t and loss items. The monthly average exchange rates are used as an approximation of the transaction exchange rate. Exchange differences are recognised in other comprehensive income (OCI). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-239": { "value": "2.3 Functional currency and presentation currency The functional currency is determined in each entity in the group based on the currency within the entity\u2019s 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 mone- tary items are translated using the closing rate. Currency gains or losses are classi\ufb01ed as \ufb01nancial items. 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 recognised continuously in the accounting period. The group\u2019s presentation currency is NOK. This is also the parent company\u2019s functional currency. The state- ment of \ufb01nancial position \ufb01gures 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, and the exchange rate at the date of the transaction for pro\ufb01t and loss items. The monthly average exchange rates are used as an approximation of the transaction exchange rate. Exchange differences are recognised in other comprehensive income (OCI). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-240": { "value": "2.4 Significant accounting judgements, estimates and assumptions Management makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next \ufb01nancial year. Estimates and judgements are evaluated on an on-going basis and are based on histor- ical experience and other factors, including expectations of future events that are considered to be relevant. Deferred tax The company considers that a deferred tax asset related to accumulated tax losses cannot be recognised in the statement of \ufb01nancial position until the product under development has been approved for marketing by the relevant authorities. However, this assumption is continually assessed, and changes could lead to signi\ufb01cant deferred tax asset being recognised in the future. This assumption requires signi\ufb01cant management judgment. See note 7.1. Development costs Research and development costs are recognised in the income statement as incurred. Internal development costs related to the group\u2019s development of products are recognised in the income statement in the year in which it is incurred, unless it meets the recognition criteria of IAS 38 intangible assets. Uncertainties related to the regulatory approval process and other factors generally means that the criteria are not met until the time when the marketing authorisation is obtained with the regulatory authorities. This assessment requires signi\ufb01- cant management judgement. Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is meas- ured 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. In relation the acquisition of Thor Medical AS management has made estimates and judgement as to whether the company a acquired an asset or a business, and determined that Thor Medical AS has sufficient inputs and processes to be defined as a business in accordance with IFRS 3. Management has also concluded that Thor Medical ASA being the acquiring entity as defined in IFRS 3.6 based on an IFRS 10 assessment and performed a Purchase Price Allocation (PPA) as set out in 8.3 of these consolidated financial statements. Impairment assessment In accordance with the principles set out in IAS 36, management has conducted a review of the carrying values of Thor Medical\u2019s assets for the reporting period. The goodwill on the balance sheet is entirely related to tech- nical goodwill recognized in business combinations and fully offset by deferred tax recognized on intangible assets identified in the purchase price allocation, and hence does not require an annual impairment test as of year-end 2023. Management has identified intangible assets not ready for intended use and has reperformed the fair value calculation that formed the basis of the Purchase Price Allocation (PPA) as of year-end to identify any need for impairment. The business case has been assessed for any impairment indications related to changes in market dynamics, the technology development progress, changes in regulations, changes in market interest rates, and the market value of Thor Medical\u2019s shares relative to net assets (Price/Book). Management did not identify any adverse changes to these factors that could be indicative of an impairment of Thor Medical\u2019s assets. Finally, Thor Medical\u2019s assets were purchased in an orderly transaction between market participants no more than six months prior to the end of the reporting period, providing a recent fair value estimate. Share-based payments Equity-settled share-based payments are measured at the fair value of the equity instruments at the grant date. Calculation of fair value involves estimates and assumptions. 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. At the end of each reporting period, the group revises its estimates of the number of equity instruments that are expected to vest. It recognises the impact of the revision to original estimates, if any, in pro\ufb01t or loss, with a corresponding adjustment to equity. Changes to the estimates may signi\ufb01cantly in\ufb02uence the expense recognised during a period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-262": { "value": "Impairment assessment In accordance with the principles set out in IAS 36, management has conducted a review of the carrying values of Thor Medical\u2019s assets for the reporting period. The goodwill on the balance sheet is entirely related to tech- nical goodwill recognized in business combinations and fully offset by deferred tax recognized on intangible assets identified in the purchase price allocation, and hence does not require an annual impairment test as of year-end 2023. Management has identified intangible assets not ready for intended use and has reperformed the fair value calculation that formed the basis of the Purchase Price Allocation (PPA) as of year-end to identify any need for impairment. The business case has been assessed for any impairment indications related to changes in market dynamics, the technology development progress, changes in regulations, changes in market interest rates, and the market value of Thor Medical\u2019s shares relative to net assets (Price/Book). Management did not identify any adverse changes to these factors that could be indicative of an impairment of Thor Medical\u2019s assets. Finally, Thor Medical\u2019s assets were purchased in an orderly transaction between market participants no more than six months prior to the end of the reporting period, providing a recent fair value estimate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-292": { "value": "Short-term leases and leases of low-value assets The group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). The group also applies the lease of low-value assets recognition exemption to leases that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-306": { "value": "Discontinued operations In the consolidated statements of income and comprehensive income, information is presented for continuing operations on each line item, while figures for discontinued operations are presented on a separate line. Consequently, the notes to the consolidated financial statements are presenting information for continuing operations. Since all operations carried out by the group in 2022 have been discontinued, figures in the notes to the consolidated financial statements related to consolidated statements of income and comprehensive income (comparative figures) have been set to zero for 2022. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-293": { "value": "Discontinued operations In the consolidated statements of income and comprehensive income, information is presented for continuing operations on each line item, while figures for discontinued operations are presented on a separate line. Consequently, the notes to the consolidated financial statements are presenting information for continuing operations. Since all operations carried out by the group in 2022 have been discontinued, figures in the notes to the consolidated financial statements related to consolidated statements of income and comprehensive income (comparative figures) have been set to zero for 2022. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-264": { "value": "Section 3 - Operating activities 3.1 Other operating expenses Accounting Policy Other operating expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided.
(Amounts in NOK 1 000)
Note
2023
2022
Research and development costs
945
-
Government grants
3.3
(41)
-
Transactions with related parties
8.2
1 013
-
Other administrative costs
1 571
-
Total other operating expenses
3 487
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-287": { "value": "Section 3 - Operating activities 3.1 Other operating expenses Accounting Policy Other operating expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided.
(Amounts in NOK 1 000)
Note
2023
2022
Research and development costs
945
-
Government grants
3.3
(41)
-
Transactions with related parties
8.2
1 013
-
Other administrative costs
1 571
-
Total other operating expenses
3 487
-
3.2 Payroll and related expenses Accounting Policy Payroll and related expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. For additional information on calculation of costs related to share based payments see note 6.2.
(Amounts in NOK 1 000)
Note
2023
2022
Salaries and bonus
6.2
1 527
-
Social Security tax
207
-
Pension expense
6.1
116
-
Share-based payment employees
6.2
1 212
-
Accrued employer's social security on share based payment
6.2
121
-
Other
299
-
Government grants
3.3
(138)
-
Total payroll and related expenses
3 342
-
Average number of full-time equivalent employees
1.5
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-290": { "value": "Section 3 - Operating activities 3.1 Other operating expenses Accounting Policy Other operating expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided.
(Amounts in NOK 1 000)
Note
2023
2022
Research and development costs
945
-
Government grants
3.3
(41)
-
Transactions with related parties
8.2
1 013
-
Other administrative costs
1 571
-
Total other operating expenses
3 487
-
3.2 Payroll and related expenses Accounting Policy Payroll and related expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. For additional information on calculation of costs related to share based payments see note 6.2.
(Amounts in NOK 1 000)
Note
2023
2022
Salaries and bonus
6.2
1 527
-
Social Security tax
207
-
Pension expense
6.1
116
-
Share-based payment employees
6.2
1 212
-
Accrued employer's social security on share based payment
6.2
121
-
Other
299
-
Government grants
3.3
(138)
-
Total payroll and related expenses
3 342
-
Average number of full-time equivalent employees
1.5
-
3.6 Auditors fee Accounting Policy Auditors fee is expensed and recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. Amounts are presented exclusive of VAT. Fees to auditors for the year ended 31 December:
(Amounts in NOK 1 000)
2023
2022
Audit fee
226
-
Audit related work
-
-
Tax services
-
-
Total
226
-
Audit fee in the table above is the agreed audit fee for the accounting year and does not necessarily correspond to actual expensed audit fee for the period as some of the services performed incurred after year-end. Section 4 - Asset base 4.1 Property, plant and equipment Accounting Policy Property, plant and equipment 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. Property, plant and equipment are depreciated on a straight-line basis over the expected useful life of the asset. Depreciation commences when the assets are ready for their intended use. The estimated useful life of fixed assets related to the laboratory equipment, is based on the company\u2019s assessment of operational risk. Due to scientific and regulatory reasons there is a risk of termination of the projects. This has been taken into account when determining the estimated useful life of the individual assets.
Laboratory Office Permanent Furniture and
(Amounts in NOK 1 000) equipment equipment building fixtures
fittings
Total
Cost at 1 January 2022
3 975
3 296
4 027
1 408
12 707
Additions in the year
5 503
125
5 628
Disposals in the year
(5 503)
(1 976)
(7 479)
Cost at 31 December 2022
3 975
1 445
4 027
1 408
10 855
Additions in the year
1 118
69
1 187
Disposals in the year
(334)
(1 340)
(4 027)
(1 408)
(7 109)
Cost at 31 December 2023
4 759
174
-
-
4 933
Accumulated depreciations 1 January 2022
3 427
3 124
3 988
1 408
11 941
Depreciations in the year
310
150
39
6
505
Impairment in the year
5 503
5 503
Disposals in the year
(5 503)
(1 971)
(7 474)
Accumulated depreciation at 31 December 2022
3 737
1 303
4 027
1 408
10 475
Depreciations in the year
186
145
-
-
331
Impairment in the year
-
Disposals in the year
(139)
(1 306)
(4 027)
(1 408)
(6 881)
Accumulated depreciation at 31 December 2023
3 784
142
-
-
3 925
Net carrying amount at 31 December 2022
238
142
-
-
380
Net carrying amount at 31 December 2023
975
32
-
-
1 008
Estimated useful life
3\u20135 years
2\u20133 years
2\u20135 years
3\u20135 years
Depreciation method
straight-line
straight-line
straight-line
straight-line
5.5 Finance income and finance expenses Accounting policy The group and parent company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable.
(Amounts in NOK 1 000)
Note
2023
2022
Finance income
Interest income on tax repaid
-
-
Interest income om bank deposits
5.2
2 019
-
Dividends from subsidiaries
-
-
Other finance income
-
-
Total finance income
2 019
-
Finance expense
Interest expense leasing
-
-
Other fees, charges
169
-
Total finance expense
169
-
Net currency gains (loss)
Net currency gains related to operating items
104
-
Net currency gains (loss) related to foreign exchange differ-
ences of currency bank accounts
(354)
-
Net currency gains (loss)
(250)
-
Net finance income (expenses)
1 600
-
Section 6 - Remuneration 6.1 Remuneration to management Compensation of key management
(Amounts in NOK 1 000)
2023
2022
Short term employment benefits
1
3 227
-
Post-employment pension
2
116
-
Termination benefits
3
-
-
Total compensation of key management personnel of the group in cash
3 342
-
Imputed share based payment expense
4
-
-
Total compensation of key management personnel of the group expense
3 342
-
1 Short term employment benefits: Includes base salary and benefits, vacation pay if relevant. 2 Post-employment pension: Represents company\u2019s share of payment to pension contribution or benefit plan during the period. In 2023 the company\u2019s CFO Brede Ellings\u00e6ter has been contracted from related parties Scatec Innovation AS. Shares in the company are held by the members of the management group 31 December 2023
Employed with Number of Number of
Current position within the the Company shares shares
Name Company since
2023
1
2022
1
Current management
Alf Bj\u00f8rseth
Chief Excecutive Officer
3 July 2023
47 855
-
Brede Ellings\u00e6ter
Chief Financial Officer
3 July 2023
-
-
Sindre Hassfjell
Chief Technology Officer
3 July 2023
-
-
Total shares owned by management
47 855
-
1 Overview includes only management still employed at 31 December 2023. Shareholding including shares held by related parties. 6.2 Share-based payments and incentive program Accounting Policy The fair value of the granted RSU without market condition is meas- ured using the share price at grant date less the agreed strike price. Overview At the AGM in 2023, the company resolved to issue restricted stock units (RSUs) to board directors who elected to receive all or parts of their remuneration, in the form of RSUs. Each board member must make such election immediately following the AGM resolution i.e.at the beginning of the board period. The RSUs are non-transferable and each RSU gives the right and obligation to acquire one share in the company at a price of NOK 0.20 per share (corresponding to the nominal value of the shares) subject to satisfaction of the applicable vesting conditions stated in the RSU agreement. RSUs vest on the first anniversary of the AGM that they were granted. The board directors who elect to receive RSUs, must elect to either (i) receive 100 per cent 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 board is calculated as the NOK amount of the RSU opted portion of total compensation to the board director, divided by the market price for the Thor Medical share. The market price is calcu- lated as volume weighted average share price the 10 trading days prior to the grant date. Following the AGM in June 2023, 1 408 341 RSUs were allocated. At 31 December 2023 there are 1 320 471 RSUs remaining. Share based payment expenses related to RSUs are recognised in the income statement and disclosed in note 3.2.
As per 31 December 2023
Remuneration Remuneration Number of Total number of
for the period Allocation for the period RSUs granted Market price Number of RSUs RSUs outstanding
2023\u20132024 between cash and 2023\u20132024 in for the period
on grant date
6
exercised or 31 December
Name in NOK RSUs cash 2023\u20132024 in NOK
settled in 2023
7
2023
Ludvik Sandnes
1
350 000
100% RSU
-
486 489
0.72
-
486 489
John Andersen
2
300 000
100% RSU
-
416 990
0.72
-
416 990
Mimi Berdal
3
300 000
100% RSU
-
416 990
0.72
-
416 990
Former members of the board
Jan Magne Asmyr
4
500 000
100% RSU
-
504 860
0.99
504 860
-
Tina B\u00f8nsdorff
5
165 000
100% RSU
-
229 344
0.72
229 344
-
-
Total
1 615 000
-
2 054 673
734 204
1 320 469
1 NOK 350 000 as chairman of the board. 2 NOK 300 000 as board member. 3 NOK 330 000 as board member. 4 NOK 300 000 as chairman of the board for the period January to June 2023, NOK 200 000 in compensation for additional work beyond board work as approved on the AGM in June 2023. 5 NOK 165 000 as board member for the period January to June 2023. 6 The market price is calculated as volume weighted average share price the 10 trading days prior to the date of the Transaction Agreement on 6 June 2023, i.e. NOK 0.72944. 7 The company also settled in cash previous board members Jan Egberts, Joanna Horobin, and Karin Meyer\u2019s in total 63 048 vested RSUs following their depature from the Board after the EGM in January 2023. See table below for details about the settlement and fair value of the RSUs
2023
2022
Weighted Weighted
average Weighted average Weighted
Number of exercise average fair Number of exercise average fair
RSUs outstanding RSUs price in NOK value in NOK RSUs price in NOK value in NOK
Balance at 01.01
72 315
0.20
21.59
73 892
0.20
29.21
Granted during the year
2 054 673
0.20
0.79
75 393
0.20
13.50
Exercised or settled during the year
1
(797 252)
0.20
2.76
(52 776)
0.20
24.41
Forfeited
(9 267)
0.20
14.28
(24 194)
0.20
13.50
Balance at 31.12
1 320 469
0.20
0.72
72 315
0.20
21.59
Hereof vested RSUs
-
0.20
0.72
39 637
0.20
28.26
1 In 2023 the company exercised it\u2019s right in accordance with the RSU agreements, to settle 63 048 RSUs in cash to board members leaving the board during 2023. RSUs settled was calculated pro-rata based on actual service period on the board. The cash amount paid per RSU settled was equal to the current market price of the shares in the company (10 days VWAP prior to settlement date) less the nominal value of the shares. The RSUs were settled at NOK 1.1788 per share less nominal value of NOK 0.2 per share. Total cost to settle 63 048 RSUs was NOK 61 711. 6.3 Remuneration to the board The AGM held on 28 June 2023 resolved remuneration to the board and the nomination committee for the period from the 2023 AGM until the AGM in 2024 as shown in the table below. The Board of Directors consti- tute collectively the Audit Committee. On 3 January 2023, the EGM appointed Jon Magne Asmyr (Chair), Tina B\u00f8nsdorff, and Eddie Berglund to the Board for for the period January to June 2023, after former Board members Jan H. Egberts (Chair), Joanna Horobin, and Karin Meyer decided to step down. Eddie Berglund resigned shortly after.
Board of Nomination Technical
(Amounts in NOK 1 000, exclusive of social security)
directors
Audit committee
committee Advisory Board
Chair
350
30
100 000
Member
300
25
75 000
Board of directors and their roles after the 2023 AGM
Board of Nomination Technical
(Amounts in NOK 1 000, exclusive of social security)
directors
Audit committee
committee Advisory Board
Ludvik Sandnes
Chair
Chair
John Andersen
Member
Member
Mimi Berdal
Member
Member
Didrik Leikvang
Chair
J\u00f8rn Aage Johansen
Member
Jon Magne Asmyr
1
Member
Roy Larsen
Chair
Brit Farstad
Member
1 Board member until June 2023 At the 2023 AGM, the shareholders approved the issuance of restricted stock units (RSUs) to board members, who elected to receive all or parts of their remuneration in the form of RSUs. The board members\u2018 election of RSUs as part of their remuneration is disclosed in note 6.2.
Remuneration to the board of directors for the 12 month period Shares held by the board
from AGM to AGM the following year of directors at year end
Board fee and fees for Number of shares as of
(Amounts in NOK 1 000, Served since/
committee work
2
31.12
4
except number of shares) period on the board
2022
2023
2023
2022
Current board
Ludvik Sandnes
1
June 2023
350
100 000
-
John Andersen
2
June 2023
300
61 908 494
-
Mimi Berdal
June 2023
300
-
-
Former members of the board
Jon Magne Asmyr
3
January 2023\u2013June 2023
-
500
4 300 000
3 000 000
Tina B\u00f8nsdorff
January 2023\u2013June 2023
-
165
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
-
1 615
66 208 494
3 000 000
1 Related parties of Ludvik Sandnes controlling shares of 100 000 in the Company 2 Related parties of John Andersen controlling shares of 61 908 494 in the Company 3 AGM in June 2023 approved NOK 200 000 for additional work related to Jon Magne Asmyr in additional to the ordinary board renumeration of NOK 300 000 4 Shareholdings are not included for representatives who are no longer members as of 31 December 2022 7.1 Income tax Accounting policy Income tax expense represents the sum of taxes currently payable and deferred tax. Deferred taxes are recog- nised 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 liabilities are recognised for taxable temporary differences, and deferred tax assets arising from deductible temporary differences are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. 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 realised, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. The company is in the research phase of its product development and has incurred significant tax losses related to its operations. The deferred tax asset has not been recognised in the statement of financial position, as the company does not consider that taxable income in the short-term will sufficiently support the use of a deferred tax asset. Basis for tax calculation
(Amounts in NOK 1 000)
2023
2022
Net profit before income tax from continuing operations
(5 560)
-
Net profit before income tax from discontinued operations
(21 000)
(310 372)
Net profit before income tax
(26 561)
(310 372)
Non-deductible expenses
234
(187)
Non-taxable income
(2 354)
(9 694)
Correction in taxable income from previous year
-
10 346
Share issue costs
(319)
(17 094)
Change in temporary differences
(18 641)
18 001
Basis for tax calculation
(47 641)
(309 000)
Income tax
-
869
Reconciliation of tax expense and the accounting profit (loss)
(Amounts in NOK 1 000)
2023
2022
Expected tax expense
(5 843)
(67 493)
Non-deductible expenses
52
(41)
Non-taxable income
(518)
(580)
Share issue costs
(70)
(3 761)
Change in deferred tax assets not recognised
6 380
72 744
Effect from changes in tax rate
-
-
Income tax expense
-
869
The corporate tax rate in Norway was 22 per cent in 2023 and 2022.
(Amounts in NOK 1 000)
2023
2022
Tax losses carried forward
2 978 847
2 912 552
Property , plant and equipment
1 018
991
Leasing agreements
-
1
Liabilities
294
19 073
Tax payable
-
112
Temporary differences and tax loss carry forward
2 980 159
2 932 729
Deferred tax assets - not recognised in statement of financial position
655 635
645 200
Deferred tax assets as of 31 December 2023 and 2022 have been calculated using a tax rate of 22 per cent. The group is in the research phase of its product development and has incurred significant tax losses related to its operations. The tax losses can be carried forward indefinitely. The group has not recognised a deferred tax asset in the statement of financial position, as it does not consider that taxable income in the near term will sufficiently support the utilization of a deferred tax asset. No current or deferred tax charge or liability has been recognised for 2023 (NOK 869 in 2022)", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-294": { "value": "Accounting Policy Other operating expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. Accounting Policy Payroll and related expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. For additional information on calculation of costs related to share based payments see note 6.2. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-263": { "value": "3.2 Payroll and related expenses Accounting Policy Payroll and related expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. For additional information on calculation of costs related to share based payments see note 6.2.
(Amounts in NOK 1 000)
Note
2023
2022
Salaries and bonus
6.2
1 527
-
Social Security tax
207
-
Pension expense
6.1
116
-
Share-based payment employees
6.2
1 212
-
Accrued employer's social security on share based payment
6.2
121
-
Other
299
-
Government grants
3.3
(138)
-
Total payroll and related expenses
3 342
-
Average number of full-time equivalent employees
1.5
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-307": { "value": "Accounting Policy Payroll and related expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. For additional information on calculation of costs related to share based payments see note 6.2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-241": { "value": "3.3 Government grants Accounting Policy Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. The grant is recognised in the income statement in the same period as the related costs, which are presented net. Government grants are normally related to either reimbursements of employee costs and classified as a reduc- tion of payroll and related expenses or related to other operating activities and thus classified as a reduction of other operating expenses.
(Amounts in NOK 1 000)
Note
2023
2022
Government grants have been recognised in the income
statement as a reduction for the related expenses with the
following amounts:
Payroll and related expenses
3.2
138
-
Other operating expenses
3.1
41
-
Total
179
-
Grants receivable are detailed as follows:
Grants from SkatteFUNN
179
-
Total 31.12
3.4
179
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-295": { "value": "Accounting Policy Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. The grant is recognised in the income statement in the same period as the related costs, which are presented net. Government grants are normally related to either reimbursements of employee costs and classified as a reduc- tion of payroll and related expenses or related to other operating activities and thus classified as a reduction of other operating expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-285": { "value": "3.4 Other current receivables and prepayments Accounting Policy In determining the recoverability of other receivable, the company performs a risk analysis considering the type and the age of the outstanding receivable and the creditworthiness of the counterparties.
(Amounts in NOK 1 000)
Note
2023
2022
Government grants
3.3
179
4 750
Refundable VAT
488
2 906
Prepaid expenses
426
877
Rental deposits
70
1 588
Other receivables
2 417
271
Other current receivables and prepayments 31.12
3 579
10 392
(Amounts in NOK 1 000)
2023
2022
Tax losses carried forward
2 978 847
2 912 552
Property , plant and equipment
1 018
991
Leasing agreements
-
1
Liabilities
294
19 073
Tax payable
-
112
Temporary differences and tax loss carry forward
2 980 159
2 932 729
Deferred tax assets - not recognised in statement of financial position
655 635
645 200
Deferred tax assets as of 31 December 2023 and 2022 have been calculated using a tax rate of 22 per cent. The group is in the research phase of its product development and has incurred significant tax losses related to its operations. The tax losses can be carried forward indefinitely. The group has not recognised a deferred tax asset in the statement of financial position, as it does not consider that taxable income in the near term will sufficiently support the utilization of a deferred tax asset. No current or deferred tax charge or liability has been recognised for 2023 (NOK 869 in 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-265": { "value": "3.4 Other current receivables and prepayments Accounting Policy In determining the recoverability of other receivable, the company performs a risk analysis considering the type and the age of the outstanding receivable and the creditworthiness of the counterparties.
(Amounts in NOK 1 000)
Note
2023
2022
Government grants
3.3
179
4 750
Refundable VAT
488
2 906
Prepaid expenses
426
877
Rental deposits
70
1 588
Other receivables
2 417
271
Other current receivables and prepayments 31.12
3 579
10 392
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-242": { "value": "3.4 Other current receivables and prepayments Accounting Policy In determining the recoverability of other receivable, the company performs a risk analysis considering the type and the age of the outstanding receivable and the creditworthiness of the counterparties.
(Amounts in NOK 1 000)
Note
2023
2022
Government grants
3.3
179
4 750
Refundable VAT
488
2 906
Prepaid expenses
426
877
Rental deposits
70
1 588
Other receivables
2 417
271
Other current receivables and prepayments 31.12
3 579
10 392
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-296": { "value": "Accounting Policy In determining the recoverability of other receivable, the company performs a risk analysis considering the type and the age of the outstanding receivable and the creditworthiness of the counterparties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-266": { "value": "3.5 Other current liabilities Accounting Policy Other liabilities 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. Accounts payable and other financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
(Amounts in NOK 1 000)
2023
2022
Unpaid duties and charges
1 131
3 483
Unpaid vacation pay
358
1 425
Accrued social security related to outstanding non exercised
options, PSUs and RSUs
121
9
Other accrued costs
734
4 333
Other current liabilities 31.12
2 343
34 272
Social security contributions on share options The provision for social security contributions on RSUs are calculated based on the number of RSUs outstanding at the reporting date that are expected to be exercised. The provision is based on market price of the shares at the reporting date 31 December 2023 of NOK 1.29 per share (2022: 1.17 per share), which is the best estimate of the market price at the date of exercise. Other accrued costs Other accrued costs for period ended 31 December 2023 are mainly related to professional services incurred. 5.3 Current liabilities Accounting policy The group\u2019s financial liabilities consist of accounts payable and other current liabilities and are classified as \u201ccurrent liabilities\u201d. Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers . Accounts payable 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. Accounts payable and other financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. The table below summarises the maturity profile of the group\u2019s financial liabilities based on contractual undiscounted payments: As per 31 December 2023
Less than 3 3 to 12
(Amounts in NOK 1 000)
On demand
months
months
Total
Accounts payable
2 146
(43)
2 103
Unpaid duties and charges
768
768
Unpaid vacation pay
358
358
Tax payable
-
Accrued social security related to outstanding non exercised options, PSUs and RSUs
1
121
121
Lease liabilities
-
Other accrued costs
1 097
1 097
Total current liabilities 31 December 2023
-
4 131
315
4 446
As per 31 December 2022
Less than 3 3 to 12
(Amounts in NOK 1 000)
On demand
months
months
Total
Accounts payable
9 093
9 093
Unpaid duties and charges
3 483
3 483
Unpaid vacation pay
1 425
1 425
Tax payable
759
759
Accrued social security related to outstanding non exercised options, PSUs and RSUs
1
9
9
Lease liabilities
27
132
159
Other accrued costs
18 117
11 238
29 355
Total current liabilities 31 December 2022
9
30 720
13 554
44 283
1 Social security is payable when the equity instruments are exercised.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-243": { "value": "3.5 Other current liabilities Accounting Policy Other liabilities 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. Accounts payable and other financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
(Amounts in NOK 1 000)
2023
2022
Unpaid duties and charges
1 131
3 483
Unpaid vacation pay
358
1 425
Accrued social security related to outstanding non exercised
options, PSUs and RSUs
121
9
Other accrued costs
734
4 333
Other current liabilities 31.12
2 343
34 272
Social security contributions on share options The provision for social security contributions on RSUs are calculated based on the number of RSUs outstanding at the reporting date that are expected to be exercised. The provision is based on market price of the shares at the reporting date 31 December 2023 of NOK 1.29 per share (2022: 1.17 per share), which is the best estimate of the market price at the date of exercise. Other accrued costs Other accrued costs for period ended 31 December 2023 are mainly related to professional services incurred. 5.3 Current liabilities Accounting policy The group\u2019s financial liabilities consist of accounts payable and other current liabilities and are classified as \u201ccurrent liabilities\u201d. Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers . Accounts payable 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. Accounts payable and other financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. The table below summarises the maturity profile of the group\u2019s financial liabilities based on contractual undiscounted payments: As per 31 December 2023
Less than 3 3 to 12
(Amounts in NOK 1 000)
On demand
months
months
Total
Accounts payable
2 146
(43)
2 103
Unpaid duties and charges
768
768
Unpaid vacation pay
358
358
Tax payable
-
Accrued social security related to outstanding non exercised options, PSUs and RSUs
1
121
121
Lease liabilities
-
Other accrued costs
1 097
1 097
Total current liabilities 31 December 2023
-
4 131
315
4 446
As per 31 December 2022
Less than 3 3 to 12
(Amounts in NOK 1 000)
On demand
months
months
Total
Accounts payable
9 093
9 093
Unpaid duties and charges
3 483
3 483
Unpaid vacation pay
1 425
1 425
Tax payable
759
759
Accrued social security related to outstanding non exercised options, PSUs and RSUs
1
9
9
Lease liabilities
27
132
159
Other accrued costs
18 117
11 238
29 355
Total current liabilities 31 December 2022
9
30 720
13 554
44 283
1 Social security is payable when the equity instruments are exercised.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-288": { "value": "3.5 Other current liabilities Accounting Policy Other liabilities 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. Accounts payable and other financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
(Amounts in NOK 1 000)
2023
2022
Unpaid duties and charges
1 131
3 483
Unpaid vacation pay
358
1 425
Accrued social security related to outstanding non exercised
options, PSUs and RSUs
121
9
Other accrued costs
734
4 333
Other current liabilities 31.12
2 343
34 272
Social security contributions on share options The provision for social security contributions on RSUs are calculated based on the number of RSUs outstanding at the reporting date that are expected to be exercised. The provision is based on market price of the shares at the reporting date 31 December 2023 of NOK 1.29 per share (2022: 1.17 per share), which is the best estimate of the market price at the date of exercise. Other accrued costs Other accrued costs for period ended 31 December 2023 are mainly related to professional services incurred. 5.3 Current liabilities Accounting policy The group\u2019s financial liabilities consist of accounts payable and other current liabilities and are classified as \u201ccurrent liabilities\u201d. Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers . Accounts payable 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. Accounts payable and other financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
The table below summarises the maturity profile of the group\u2019s financial liabilities based on contractual undiscounted payments:
As per 31 December 2023
Less than 3 3 to 12
(Amounts in NOK 1 000)
On demand
months
months
Total
Accounts payable
2 146
(43)
2 103
Unpaid duties and charges
768
768
Unpaid vacation pay
358
358
Tax payable
-
Accrued social security related to outstanding non exercised options, PSUs and RSUs
1
121
121
Lease liabilities
-
Other accrued costs
1 097
1 097
Total current liabilities 31 December 2023
-
4 131
315
4 446
As per 31 December 2022
Less than 3 3 to 12
(Amounts in NOK 1 000)
On demand
months
months
Total
Accounts payable
9 093
9 093
Unpaid duties and charges
3 483
3 483
Unpaid vacation pay
1 425
1 425
Tax payable
759
759
Accrued social security related to outstanding non exercised options, PSUs and RSUs
1
9
9
Lease liabilities
27
132
159
Other accrued costs
18 117
11 238
29 355
Total current liabilities 31 December 2022
9
30 720
13 554
44 283
1
Social security is payable when the equity instruments are exercised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-297": { "value": "Accounting Policy Other liabilities 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. Accounts payable and other financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Accounting policy The group\u2019s financial liabilities consist of accounts payable and other current liabilities and are classified as \u201ccurrent liabilities\u201d. Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers . Accounts payable 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. Accounts payable and other financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-267": { "value": "3.6 Auditors fee Accounting Policy Auditors fee is expensed and recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. Amounts are presented exclusive of VAT. Fees to auditors for the year ended 31 December:
(Amounts in NOK 1 000)
2023
2022
Audit fee
226
-
Audit related work
-
-
Tax services
-
-
Total
226
-
Audit fee in the table above is the agreed audit fee for the accounting year and does not necessarily correspond to actual expensed audit fee for the period as some of the services performed incurred after year-end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-244": { "value": "
3.7 Discontinued operations
On 30 November 2023, the Board of Directors entered into an agreement to transfer the former Nordic
Nanovector\u2019s pipeline of patented development stage candidates known as the \u201cNanovector Patents\u201d to
company NucliThera AS. Subject to the terms of the agreement, NucliThera AS assumed full ownership, title,
interest and liabilities to the Nanovector Patents as of 1 December 2023, after which all business related to the
Nanovector Patents are considered discontinued operations in Thor Medical. All other activities related to the
former Nordic Nanovector\u2019s operations have been discontinued in the second half of 2023.
Cash flows generated from discontinued operations are as follows:
(Amounts in NOK 1 000)
2023
2022
Net cash flows from operating activities
(24 131)
(404 651)
Net cash flows from investing activities
-
(2 464)
Net cash flows from financing activities
(159)
228 125
Cash flows from discontinued operations
(24 290)
(178 990)
The result of the discontinued operation for the year are presented below:
For the year ended 31 December
(Amounts in NOK 1 000)
2023
2022
Revenues
4 108
-
Total operating revenue
4 108
-
Payroll and related expenses
10 490
78 527
Depreciation and impairment
386
11 202
Other operating expenses
19 752
227 632
Total operating expenses
30 628
317 361
Operating profit (loss)
(26 520)
(317 361)
Finance income and finance expenses
Finance income
3 969
3 289
Finance expenses
-
259
Net currency gains (loss)
1 550
3 959
Net finance income (expenses)
5 520
6 989
Loss before income tax
(21 000)
(310 372)
Income tax
-
(869)
Loss for the year from dicontinued operations
(21 000)
(311 241)
Earnings (loss) per share (discontinued operations)
Basic and diluted earnings (loss) per share
(0.12)
(2.70)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-268": { "value": "3.7 Discontinued operations On 30 November 2023, the Board of Directors entered into an agreement to transfer the former Nordic Nanovector\u2019s pipeline of patented development stage candidates known as the \u201cNanovector Patents\u201d to company NucliThera AS. Subject to the terms of the agreement, NucliThera AS assumed full ownership, title, interest and liabilities to the Nanovector Patents as of 1 December 2023, after which all business related to the Nanovector Patents are considered discontinued operations in Thor Medical. All other activities related to the former Nordic Nanovector\u2019s operations have been discontinued in the second half of 2023. Cash flows generated from discontinued operations are as follows:
(Amounts in NOK 1 000)
2023
2022
Net cash flows from operating activities
(24 131)
(404 651)
Net cash flows from investing activities
-
(2 464)
Net cash flows from financing activities
(159)
228 125
Cash flows from discontinued operations
(24 290)
(178 990)
The result of the discontinued operation for the year are presented below: For the year ended 31 December
(Amounts in NOK 1 000)
2023
2022
Revenues
4 108
-
Total operating revenue
4 108
-
Payroll and related expenses
10 490
78 527
Depreciation and impairment
386
11 202
Other operating expenses
19 752
227 632
Total operating expenses
30 628
317 361
Operating profit (loss)
(26 520)
(317 361)
Finance income and finance expenses
Finance income
3 969
3 289
Finance expenses
-
259
Net currency gains (loss)
1 550
3 959
Net finance income (expenses)
5 520
6 989
Loss before income tax
(21 000)
(310 372)
Income tax
-
(869)
Loss for the year from dicontinued operations
(21 000)
(311 241)
Earnings (loss) per share (discontinued operations)
Basic and diluted earnings (loss) per share
(0.12)
(2.70)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-282": { "value": "Section 4 - Asset base 4.1 Property, plant and equipment Accounting Policy Property, plant and equipment 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. Property, plant and equipment are depreciated on a straight-line basis over the expected useful life of the asset. Depreciation commences when the assets are ready for their intended use. The estimated useful life of fixed assets related to the laboratory equipment, is based on the company\u2019s assessment of operational risk. Due to scientific and regulatory reasons there is a risk of termination of the projects. This has been taken into account when determining the estimated useful life of the individual assets.
Laboratory Office Permanent Furniture and
(Amounts in NOK 1 000) equipment equipment building fixtures
fittings
Total
Cost at 1 January 2022
3 975
3 296
4 027
1 408
12 707
Additions in the year
5 503
125
5 628
Disposals in the year
(5 503)
(1 976)
(7 479)
Cost at 31 December 2022
3 975
1 445
4 027
1 408
10 855
Additions in the year
1 118
69
1 187
Disposals in the year
(334)
(1 340)
(4 027)
(1 408)
(7 109)
Cost at 31 December 2023
4 759
174
-
-
4 933
Accumulated depreciations 1 January 2022
3 427
3 124
3 988
1 408
11 941
Depreciations in the year
310
150
39
6
505
Impairment in the year
5 503
5 503
Disposals in the year
(5 503)
(1 971)
(7 474)
Accumulated depreciation at 31 December 2022
3 737
1 303
4 027
1 408
10 475
Depreciations in the year
186
145
-
-
331
Impairment in the year
-
Disposals in the year
(139)
(1 306)
(4 027)
(1 408)
(6 881)
Accumulated depreciation at 31 December 2023
3 784
142
-
-
3 925
Net carrying amount at 31 December 2022
238
142
-
-
380
Net carrying amount at 31 December 2023
975
32
-
-
1 008
Estimated useful life
3\u20135 years
2\u20133 years
2\u20135 years
3\u20135 years
Depreciation method
straight-line
straight-line
straight-line
straight-line
4.2 Intangible assets Accounting policy Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually on an indi- vidual basis. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 How the asset will generate future economic benefits \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development The development activities in the company in 2023 are not recoqnized as intangible assets as a result of considerations related to availability of resources to complete the asset. Acquisition during the year Research and development and goodwill are intangible assets acquired through business combinations in 2023. Development is still ongoing, hence no amortization, and management has reperformed the fair value calculation that formed the basis of the Purchase Price Allocation (PPA) as of year-end to identify any need for impairment. Reference is made to note 8.3 for further information related to impairment and fair value assessment .
Research and
(Amounts in NOK 1 000)
Development
Goodwill
Total
Cost at 31 December 2022
-
-
-
Acquired through business combinations
247 265
37 216
284 481
Disposals in the year
-
-
-
Cost at 31 December 2023
247 265
37 216
284 481
Accumulated depreciation at 31 December 2022
-
-
-
Depreciations in the year
-
-
-
Impairment in the year
-
-
-
Disposals in the year
-
-
-
Accumulated depreciation at 31 December 2023
-
-
-
Net carrying amount at 31 December 2022
-
-
-
Net carrying amount at 31 December 2023
247 265
37 216
284 481
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-245": { "value": "Section 4 - Asset base 4.1 Property, plant and equipment Accounting Policy Property, plant and equipment 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. Property, plant and equipment are depreciated on a straight-line basis over the expected useful life of the asset. Depreciation commences when the assets are ready for their intended use. The estimated useful life of fixed assets related to the laboratory equipment, is based on the company\u2019s assessment of operational risk. Due to scientific and regulatory reasons there is a risk of termination of the projects. This has been taken into account when determining the estimated useful life of the individual assets.
Laboratory Office Permanent Furniture and
(Amounts in NOK 1 000) equipment equipment building fixtures
fittings
Total
Cost at 1 January 2022
3 975
3 296
4 027
1 408
12 707
Additions in the year
5 503
125
5 628
Disposals in the year
(5 503)
(1 976)
(7 479)
Cost at 31 December 2022
3 975
1 445
4 027
1 408
10 855
Additions in the year
1 118
69
1 187
Disposals in the year
(334)
(1 340)
(4 027)
(1 408)
(7 109)
Cost at 31 December 2023
4 759
174
-
-
4 933
Accumulated depreciations 1 January 2022
3 427
3 124
3 988
1 408
11 941
Depreciations in the year
310
150
39
6
505
Impairment in the year
5 503
5 503
Disposals in the year
(5 503)
(1 971)
(7 474)
Accumulated depreciation at 31 December 2022
3 737
1 303
4 027
1 408
10 475
Depreciations in the year
186
145
-
-
331
Impairment in the year
-
Disposals in the year
(139)
(1 306)
(4 027)
(1 408)
(6 881)
Accumulated depreciation at 31 December 2023
3 784
142
-
-
3 925
Net carrying amount at 31 December 2022
238
142
-
-
380
Net carrying amount at 31 December 2023
975
32
-
-
1 008
Estimated useful life
3\u20135 years
2\u20133 years
2\u20135 years
3\u20135 years
Depreciation method
straight-line
straight-line
straight-line
straight-line
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-308": { "value": "Accounting Policy Property, plant and equipment 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. Property, plant and equipment are depreciated on a straight-line basis over the expected useful life of the asset. Depreciation commences when the assets are ready for their intended use. The estimated useful life of fixed assets related to the laboratory equipment, is based on the company\u2019s assessment of operational risk. Due to scientific and regulatory reasons there is a risk of termination of the projects. This has been taken into account when determining the estimated useful life of the individual assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-298": { "value": "Accounting Policy Property, plant and equipment 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. Property, plant and equipment are depreciated on a straight-line basis over the expected useful life of the asset. Depreciation commences when the assets are ready for their intended use. The estimated useful life of fixed assets related to the laboratory equipment, is based on the company\u2019s assessment of operational risk. Due to scientific and regulatory reasons there is a risk of termination of the projects. This has been taken into account when determining the estimated useful life of the individual assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-246": { "value": "
4.2 Intangible assets
Accounting policy
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets
acquired in a business combination is their fair value at the date of acquisition. Following initial recognition,
intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually on an indi-
vidual basis. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues
to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.
Research and development costs
Research costs are expensed as incurred. Development expenditures on an individual project are recognized
as an intangible asset when the group can demonstrate:
\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale
\u2022 Its intention to complete and its ability and intention to use or sell the asset
\u2022 How the asset will generate future economic benefits
\u2022 The availability of resources to complete the asset
\u2022 The ability to measure reliably the expenditure during development
The development activities in the company in 2023 are not recoqnized as intangible assets as a result of
considerations related to availability of resources to complete the asset.
Acquisition during the year
Research and development and goodwill are intangible assets acquired through business combinations in
2023. Development is still ongoing, hence no amortization, and management has reperformed the fair value
calculation that formed the basis of the Purchase Price Allocation (PPA) as of year-end to identify any need for
impairment.
Reference is made to note 8.3 for further information related to impairment and fair value assessment .
Research and
(Amounts in NOK 1 000)
Development
Goodwill
Total
Cost at 31 December 2022
-
-
-
Acquired through business combinations
247 265
37 216
284 481
Disposals in the year
-
-
-
Cost at 31 December 2023
247 265
37 216
284 481
Accumulated depreciation at 31 December 2022
-
-
-
Depreciations in the year
-
-
-
Impairment in the year
-
-
-
Disposals in the year
-
-
-
Accumulated depreciation at 31 December 2023
-
-
-
Net carrying amount at 31 December 2022
-
-
-
Net carrying amount at 31 December 2023
247 265
37 216
284 481
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-278": { "value": "4.2 Intangible assets Accounting policy Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually on an indi- vidual basis. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 How the asset will generate future economic benefits \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development The development activities in the company in 2023 are not recoqnized as intangible assets as a result of considerations related to availability of resources to complete the asset. Acquisition during the year Research and development and goodwill are intangible assets acquired through business combinations in 2023. Development is still ongoing, hence no amortization, and management has reperformed the fair value calculation that formed the basis of the Purchase Price Allocation (PPA) as of year-end to identify any need for impairment. Reference is made to note 8.3 for further information related to impairment and fair value assessment .
Research and
(Amounts in NOK 1 000)
Development
Goodwill
Total
Cost at 31 December 2022
-
-
-
Acquired through business combinations
247 265
37 216
284 481
Disposals in the year
-
-
-
Cost at 31 December 2023
247 265
37 216
284 481
Accumulated depreciation at 31 December 2022
-
-
-
Depreciations in the year
-
-
-
Impairment in the year
-
-
-
Disposals in the year
-
-
-
Accumulated depreciation at 31 December 2023
-
-
-
Net carrying amount at 31 December 2022
-
-
-
Net carrying amount at 31 December 2023
247 265
37 216
284 481
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-269": { "value": "4.2 Intangible assets Accounting policy Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually on an indi- vidual basis. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 How the asset will generate future economic benefits \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development The development activities in the company in 2023 are not recoqnized as intangible assets as a result of considerations related to availability of resources to complete the asset. Acquisition during the year Research and development and goodwill are intangible assets acquired through business combinations in 2023. Development is still ongoing, hence no amortization, and management has reperformed the fair value calculation that formed the basis of the Purchase Price Allocation (PPA) as of year-end to identify any need for impairment. Reference is made to note 8.3 for further information related to impairment and fair value assessment .
Research and
(Amounts in NOK 1 000)
Development
Goodwill
Total
Cost at 31 December 2022
-
-
-
Acquired through business combinations
247 265
37 216
284 481
Disposals in the year
-
-
-
Cost at 31 December 2023
247 265
37 216
284 481
Accumulated depreciation at 31 December 2022
-
-
-
Depreciations in the year
-
-
-
Impairment in the year
-
-
-
Disposals in the year
-
-
-
Accumulated depreciation at 31 December 2023
-
-
-
Net carrying amount at 31 December 2022
-
-
-
Net carrying amount at 31 December 2023
247 265
37 216
284 481
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-309": { "value": "Accounting policy Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually on an indi- vidual basis. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 How the asset will generate future economic benefits \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development The development activities in the company in 2023 are not recoqnized as intangible assets as a result of considerations related to availability of resources to complete the asset. Acquisition during the year Research and development and goodwill are intangible assets acquired through business combinations in 2023. Development is still ongoing, hence no amortization, and management has reperformed the fair value calculation that formed the basis of the Purchase Price Allocation (PPA) as of year-end to identify any need for impairment. Reference is made to note 8.3 for further information related to impairment and fair value assessment ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-299": { "value": "Accounting policy Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually on an indi- vidual basis. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 How the asset will generate future economic benefits \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development The development activities in the company in 2023 are not recoqnized as intangible assets as a result of considerations related to availability of resources to complete the asset. Acquisition during the year Research and development and goodwill are intangible assets acquired through business combinations in 2023. Development is still ongoing, hence no amortization, and management has reperformed the fair value calculation that formed the basis of the Purchase Price Allocation (PPA) as of year-end to identify any need for impairment. Reference is made to note 8.3 for further information related to impairment and fair value assessment . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-313": { "value": "Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2022 Its intention to complete and its ability and intention to use or sell the asset \u2022 How the asset will generate future economic benefits \u2022 The availability of resources to complete the asset \u2022 The ability to measure reliably the expenditure during development The development activities in the company in 2023 are not recoqnized as intangible assets as a result of considerations related to availability of resources to complete the asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-247": { "value": "
Section 5 - Risk management, financial instruments, capital structure and equity
5.1 Risk factors and risk management
Risk management is an integrated part of Thor Medical\u2019s operating system. The Company is continuously
developing and systemising its approach to risk management to prepare for its commercial phase through
policies and procedures, which are followed up by the management team and relevant functions. The main risk
management policies are reviewed and approved by the Board of Directors regularly.
Regulatory risk
Policies, regulatory framework conditions and sanctions have become increasingly important over the past
years. Thor Medical intends to develop a commercial business involving several countries, from raw material
sourcing, through production and delivery to customers. Trade tensions, sanctions and other changes in regu-
latory framework conditions could negatively influence the Company\u2019s access to raw materials sourcing, as
well as access to attractive end-markets.
Business risk
The main business risks that impact the Company\u2019s future commercial operations relate to sales prices and
sales volumes for alpha emitters and the cost of natural thorium as a key raw material. As the Company and
the industry are in an early phase, there are risks associated with expected sales prices that can be achieved in
the short and long term. In addition, the supply chain linked to industrial volumes of natural thorium is imma-
ture, which could create challenges in terms of procurement, reliability and price.
Organizational risk
Thor Medical employs highly educated and competent specialists within their fields, which will be crucial for
succeeding with the Company\u2019s ambitions. Key employees leaving or challenges in attracting and retaining
critical expertise could negatively impact Thor Medical\u2019s development.
Project development risk
Thor Medica\u2019s growth relies on successful project development which is impacted by a number of factors
including availability grid capacity and securing interconnection, component prices, interest rate level, govern-
ment approval process, permits and access to competitive financing. Thor Medical employs a methodical
approach to industrialization, with the forthcoming launch of its pilot facility serving as the groundwork for the
establishment of a full-scale industrial plant. Additionally, the Company will evaluate expansion for a potential
second plant to scale alongside market demands post-2030. To support these ambitions, Thor Medical is
committed to continuously enhancing its project development expertise through a well-organized development
strategy.
Health, safety and security risk
Tens of workers will be involved in the eventual construction, maintenance services and operation of a future
large-scale industrial plant, exposing Thor Medical employees, suppliers and partners to potential health, safety
and security risk. Thor Medical work systematically to identify, assess and respond appropriately to all occupa-
tional health, safety and security risks.
Interest rate risk
Thor Medical currently has little exposure to changes in interest rates, given the scope and scale of operations.
However, Thor Medical operates in a capital-intensive industry. As part of the preparations for the final invest-
ment decision for a large-scale plant in 2025, the Company will investigate relevant financing sources and raise
the capital needed to support its industrialisation roadmap. Uptake of corporate debt or other liabilities will be
subject to interest rate fluctuations. Thor Medical plans to further develop financial management best prac-
tices to adequately protect the Company through economic ups and downturns.
Currency risk
Currency fluctuations pose an acute and inherent risk in global operations and financing strategy. Thor
Medical intends to develop strategies and procedures to mitigate currency risk as the Company progresses
toward industrial-scale production to ensure financial stability amidst foreign exchange volatility. In 2023, Thor
Medical\u2019s exposure to foreign currency was limited.
Credit risk
Assessing counterparty credit risk is standard procedure when developing new partnerships or customer
relationships. Thor Medical also deliberately selects robust financial institutions as partners to ensure financial
stability and minimize credit risk. The company currently has negligible credit risk.
Liquidity risk
Liquidity risk relates to the Company\u2019s ability to meet financial obligations. Thor Medical made efforts to
reduce its cash burn and preserve cash in 2023, and the cash position of NOK 41.8 million at the end of 2023 is
considered satisfactory for the liquidity requirements going forward. Reference is made to note 5.3 for a matu-
rity analysis of the group\u2019s financial liabilities, including both the remaining contractual maturities of financial
liabilities and the undiscounted cash flows associated with those maturities, in acordance with IFRS 7.39.
Cyber risk
Thor Medical recognises the critical nature of cybersecurity in safeguarding its proprietary technology and
sensitive data. In response to the evolving landscape of cyber threats, the Company has implemented and
will continue to implement robust security measures, site and office access control and employee training
programs to mitigate the risk of data breaches and cyber attacks
Climate risk
The most serious climate-related risks involve the physical impact of extreme weather events, including
droughts and floods. Extreme weather can cause physical damage to Thor Medical\u2019s pilot or future industri-
al-scale plants and directly affect both safe and healthy, and operations including deliveries to customers. The
risk is mitigated through engineering in the design phase, regular inspections and emergency plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-270": { "value": "Interest rate risk Thor Medical currently has little exposure to changes in interest rates, given the scope and scale of operations. However, Thor Medical operates in a capital-intensive industry. As part of the preparations for the final invest- ment decision for a large-scale plant in 2025, the Company will investigate relevant financing sources and raise the capital needed to support its industrialisation roadmap. Uptake of corporate debt or other liabilities will be subject to interest rate fluctuations. Thor Medical plans to further develop financial management best prac- tices to adequately protect the Company through economic ups and downturns. Currency risk Currency fluctuations pose an acute and inherent risk in global operations and financing strategy. Thor Medical intends to develop strategies and procedures to mitigate currency risk as the Company progresses toward industrial-scale production to ensure financial stability amidst foreign exchange volatility. In 2023, Thor Medical\u2019s exposure to foreign currency was limited. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-271": { "value": "Credit risk Assessing counterparty credit risk is standard procedure when developing new partnerships or customer relationships. Thor Medical also deliberately selects robust financial institutions as partners to ensure financial stability and minimize credit risk. The company currently has negligible credit risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-291": { "value": "Liquidity risk Liquidity risk relates to the Company\u2019s ability to meet financial obligations. Thor Medical made efforts to reduce its cash burn and preserve cash in 2023, and the cash position of NOK 41.8 million at the end of 2023 is considered satisfactory for the liquidity requirements going forward. Reference is made to note 5.3 for a matu- rity analysis of the group\u2019s financial liabilities, including both the remaining contractual maturities of financial liabilities and the undiscounted cash flows associated with those maturities, in acordance with IFRS 7.39. The table below summarises the maturity profile of the group\u2019s financial liabilities based on contractual undiscounted payments: As per 31 December 2023
Less than 3 3 to 12
(Amounts in NOK 1 000)
On demand
months
months
Total
Accounts payable
2 146
(43)
2 103
Unpaid duties and charges
768
768
Unpaid vacation pay
358
358
Tax payable
-
Accrued social security related to outstanding non exercised options, PSUs and RSUs
1
121
121
Lease liabilities
-
Other accrued costs
1 097
1 097
Total current liabilities 31 December 2023
-
4 131
315
4 446
As per 31 December 2022
Less than 3 3 to 12
(Amounts in NOK 1 000)
On demand
months
months
Total
Accounts payable
9 093
9 093
Unpaid duties and charges
3 483
3 483
Unpaid vacation pay
1 425
1 425
Tax payable
759
759
Accrued social security related to outstanding non exercised options, PSUs and RSUs
1
9
9
Lease liabilities
27
132
159
Other accrued costs
18 117
11 238
29 355
Total current liabilities 31 December 2022
9
30 720
13 554
44 283
1 Social security is payable when the equity instruments are exercised.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-248": { "value": "
5.2 Cash and cash equivalents
(Amounts in NOK 1 000)
2023
2022
Employee withholding tax, restricted
482
2 164
Variable interest rate bank accounts
41 284
96 552
Total cash and cash equivalents 31.12
41 767
98 716
Of the total balance of cash and cash equivalents, NOK 0.5 million (2022: NOK 2.2 million) relates to restricted
funds for employee withholding taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-272": { "value": "5.2 Cash and cash equivalents
(Amounts in NOK 1 000)
2023
2022
Employee withholding tax, restricted
482
2 164
Variable interest rate bank accounts
41 284
96 552
Total cash and cash equivalents 31.12
41 767
98 716
Of the total balance of cash and cash equivalents, NOK 0.5 million (2022: NOK 2.2 million) relates to restricted funds for employee withholding taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-283": { "value": "5.3 Current liabilities Accounting policy The group\u2019s financial liabilities consist of accounts payable and other current liabilities and are classified as \u201ccurrent liabilities\u201d. Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers . Accounts payable 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. Accounts payable and other financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. The table below summarises the maturity profile of the group\u2019s financial liabilities based on contractual undiscounted payments: As per 31 December 2023
Less than 3 3 to 12
(Amounts in NOK 1 000)
On demand
months
months
Total
Accounts payable
2 146
(43)
2 103
Unpaid duties and charges
768
768
Unpaid vacation pay
358
358
Tax payable
-
Accrued social security related to outstanding non exercised options, PSUs and RSUs
1
121
121
Lease liabilities
-
Other accrued costs
1 097
1 097
Total current liabilities 31 December 2023
-
4 131
315
4 446
As per 31 December 2022
Less than 3 3 to 12
(Amounts in NOK 1 000)
On demand
months
months
Total
Accounts payable
9 093
9 093
Unpaid duties and charges
3 483
3 483
Unpaid vacation pay
1 425
1 425
Tax payable
759
759
Accrued social security related to outstanding non exercised options, PSUs and RSUs
1
9
9
Lease liabilities
27
132
159
Other accrued costs
18 117
11 238
29 355
Total current liabilities 31 December 2022
9
30 720
13 554
44 283
1 Social security is payable when the equity instruments are exercised.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-249": { "value": "
5.4 Share capital and shareholder information
As at 31 December 2023 the company\u2019s share capital is NOK 46 707 801 (31 December 2022: NOK 23 207
060), being divided into 233 539 006 ordinary shares, each with a nominal value of NOK 0.20. All shares carry
equal voting rights.
Note
2023
2022
Ordinary shares at 01.01
116 035 298
98 078 380
Issue of ordinary shares
1
116 769 503
17 914 243
Issue of ordinary shares under PSUs and share options
3
6.2
-
42 675
Issue of ordinary shares under RSUs
2
6.2
734 205
-
Ordinary shares at 31.12
233 539 006
116 035 298
1
On 28 June 2023 the AGM approved an agreement to acquire Thor Medical AS by settlement of issue of shares in the company. The transaction was
closed on 3 July 2023, on which 116 769 503 shares was issue to the shareholders of Thor Medical AS, representing 50 per cent of the outstanding
fully diluted shares in the company. The share capital increase was registered in the Norwegian Register of Business Enterprises on 5 July 2023. 2
The 2023 AGM approved the issue of RSUs as remuneration for the members of the Board. The share capital increase pertaining to settled RUSs
was registered in the Norwegian Register of Business Enterprises on 5 July 2023.
2
The 2023 AGM granted an authorisation to the board to increase the share capital by 20 per cent of the company\u2019s share capital at the time the
authorisation is used. The authorisation has not been utilised.
3
The general meetings have since December 2017 resolved to issue free-standing warrants to employees awarded performance share units (PSUs),
and employees awarded options under the discontinued option programme. Each free-standing warrant shall, subject to specific terms, give the right
to subscribe for one new share in the company with nominal value NOK 0.20. The sole purpose of these free-standing warrants is to ensure delivery
of shares in the company upon exercise of PSUs or options. As per 31 December 2023, all warrants related to options have forfeited. See note 6.3 for
further information about the share based incentive programme.
The 2023 AGM granted an authorisation to the board to increase the share capital by 20 per cent of the compa-
ny\u2019s share capital at the time the authorisation is used. The authorisation has not been utilised.
Percentage of
Shareholders
Number of shares
total shares
1
SCATEC INNOVATION AS
57 158 250
24.47%
2
ROHT INVEST AS
15 994 640
6.85%
3
NORTH ENERGY ASA
14 663 147
6.28%
4
BERGFALD HOLDING AS
11 981 696
5.13%
5
BRENNEBU AS
10 532 567
4.51%
6
THORIUM FOUNDATION
6 842 692
2.93%
7
JON MAGNE ASMYR
4 300 000
1.84%
8
SCATEC INVEST IV AS
3 165 920
1.36%
9
B\u00c6KKELAGET HOLDING AS
2 150 041
0.92%
10
SCIENCONS AS
2 000 000
0.86%
11
Danske Bank A/S
1 835 027
0.79%
12
SKY HIGH RISK AS
1 792 445
0.77%
13
SCATEC INVEST II AS
1 584 324
0.68%
14
NORDNET LIVSFORSIKRING AS
1 553 856
0.67%
15
HELLEST\u00d8
1 505 000
0.64%
16
OPTIPOS AS
1 466 415
0.63%
17
Nordnet Bank AB
1 432 607
0.61%
18
OPEDAL
1 380 000
0.59%
19
ARNE HELLEST\u00d8 AS
1 195 657
0.51%
20
PEDERSEN
999 909
0.43%
Total shares for top 20 shareholders
143 534 193
61.46%
Total shares for other 10 929 shareholders
90 004 813
38.54%
Total shares (10 950 shareholders)
233 539 006
100.00%
The shares of Thor Medical ASA have been traded on the Oslo Stock Exchange since 23 March 2015. The
shareholder base has decreased from 11 168 shareholders as of 31 December 2022 to 10 950 shareholders as
of 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-273": { "value": "5.4 Share capital and shareholder information As at 31 December 2023 the company\u2019s share capital is NOK 46 707 801 (31 December 2022: NOK 23 207 060), being divided into 233 539 006 ordinary shares, each with a nominal value of NOK 0.20. All shares carry equal voting rights.
Note
2023
2022
Ordinary shares at 01.01
116 035 298
98 078 380
Issue of ordinary shares
1
116 769 503
17 914 243
Issue of ordinary shares under PSUs and share options
3
6.2
-
42 675
Issue of ordinary shares under RSUs
2
6.2
734 205
-
Ordinary shares at 31.12
233 539 006
116 035 298
1 On 28 June 2023 the AGM approved an agreement to acquire Thor Medical AS by settlement of issue of shares in the company. The transaction was closed on 3 July 2023, on which 116 769 503 shares was issue to the shareholders of Thor Medical AS, representing 50 per cent of the outstanding fully diluted shares in the company. The share capital increase was registered in the Norwegian Register of Business Enterprises on 5 July 2023. 2 The 2023 AGM approved the issue of RSUs as remuneration for the members of the Board. The share capital increase pertaining to settled RUSs was registered in the Norwegian Register of Business Enterprises on 5 July 2023. 2 The 2023 AGM granted an authorisation to the board to increase the share capital by 20 per cent of the company\u2019s share capital at the time the authorisation is used. The authorisation has not been utilised. 3 The general meetings have since December 2017 resolved to issue free-standing warrants to employees awarded performance share units (PSUs), and employees awarded options under the discontinued option programme. Each free-standing warrant shall, subject to specific terms, give the right to subscribe for one new share in the company with nominal value NOK 0.20. The sole purpose of these free-standing warrants is to ensure delivery of shares in the company upon exercise of PSUs or options. As per 31 December 2023, all warrants related to options have forfeited. See note 6.3 for further information about the share based incentive programme. The 2023 AGM granted an authorisation to the board to increase the share capital by 20 per cent of the compa- ny\u2019s share capital at the time the authorisation is used. The authorisation has not been utilised.
Percentage of
Shareholders
Number of shares
total shares
1
SCATEC INNOVATION AS
57 158 250
24.47%
2
ROHT INVEST AS
15 994 640
6.85%
3
NORTH ENERGY ASA
14 663 147
6.28%
4
BERGFALD HOLDING AS
11 981 696
5.13%
5
BRENNEBU AS
10 532 567
4.51%
6
THORIUM FOUNDATION
6 842 692
2.93%
7
JON MAGNE ASMYR
4 300 000
1.84%
8
SCATEC INVEST IV AS
3 165 920
1.36%
9
B\u00c6KKELAGET HOLDING AS
2 150 041
0.92%
10
SCIENCONS AS
2 000 000
0.86%
11
Danske Bank A/S
1 835 027
0.79%
12
SKY HIGH RISK AS
1 792 445
0.77%
13
SCATEC INVEST II AS
1 584 324
0.68%
14
NORDNET LIVSFORSIKRING AS
1 553 856
0.67%
15
HELLEST\u00d8
1 505 000
0.64%
16
OPTIPOS AS
1 466 415
0.63%
17
Nordnet Bank AB
1 432 607
0.61%
18
OPEDAL
1 380 000
0.59%
19
ARNE HELLEST\u00d8 AS
1 195 657
0.51%
20
PEDERSEN
999 909
0.43%
Total shares for top 20 shareholders
143 534 193
61.46%
Total shares for other 10 929 shareholders
90 004 813
38.54%
Total shares (10 950 shareholders)
233 539 006
100.00%
The shares of Thor Medical ASA have been traded on the Oslo Stock Exchange since 23 March 2015. The shareholder base has decreased from 11 168 shareholders as of 31 December 2022 to 10 950 shareholders as of 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-289": { "value": "5.5 Finance income and finance expenses Accounting policy The group and parent company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable.
(Amounts in NOK 1 000)
Note
2023
2022
Finance income
Interest income on tax repaid
-
-
Interest income om bank deposits
5.2
2 019
-
Dividends from subsidiaries
-
-
Other finance income
-
-
Total finance income
2 019
-
Finance expense
Interest expense leasing
-
-
Other fees, charges
169
-
Total finance expense
169
-
Net currency gains (loss)
Net currency gains related to operating items
104
-
Net currency gains (loss) related to foreign exchange differ-
ences of currency bank accounts
(354)
-
Net currency gains (loss)
(250)
-
Net finance income (expenses)
1 600
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-286": { "value": "5.5 Finance income and finance expenses Accounting policy The group and parent company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable.
(Amounts in NOK 1 000)
Note
2023
2022
Finance income
Interest income on tax repaid
-
-
Interest income om bank deposits
5.2
2 019
-
Dividends from subsidiaries
-
-
Other finance income
-
-
Total finance income
2 019
-
Finance expense
Interest expense leasing
-
-
Other fees, charges
169
-
Total finance expense
169
-
Net currency gains (loss)
Net currency gains related to operating items
104
-
Net currency gains (loss) related to foreign exchange differ-
ences of currency bank accounts
(354)
-
Net currency gains (loss)
(250)
-
Net finance income (expenses)
1 600
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-284": { "value": "5.5 Finance income and finance expenses Accounting policy The group and parent company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable.
(Amounts in NOK 1 000)
Note
2023
2022
Finance income
Interest income on tax repaid
-
-
Interest income om bank deposits
5.2
2 019
-
Dividends from subsidiaries
-
-
Other finance income
-
-
Total finance income
2 019
-
Finance expense
Interest expense leasing
-
-
Other fees, charges
169
-
Total finance expense
169
-
Net currency gains (loss)
Net currency gains related to operating items
104
-
Net currency gains (loss) related to foreign exchange differ-
ences of currency bank accounts
(354)
-
Net currency gains (loss)
(250)
-
Net finance income (expenses)
1 600
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-279": { "value": "5.5 Finance income and finance expenses Accounting policy The group and parent company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable.
(Amounts in NOK 1 000)
Note
2023
2022
Finance income
Interest income on tax repaid
-
-
Interest income om bank deposits
5.2
2 019
-
Dividends from subsidiaries
-
-
Other finance income
-
-
Total finance income
2 019
-
Finance expense
Interest expense leasing
-
-
Other fees, charges
169
-
Total finance expense
169
-
Net currency gains (loss)
Net currency gains related to operating items
104
-
Net currency gains (loss) related to foreign exchange differ-
ences of currency bank accounts
(354)
-
Net currency gains (loss)
(250)
-
Net finance income (expenses)
1 600
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-250": { "value": "5.5 Finance income and finance expenses Accounting policy The group and parent company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable.
(Amounts in NOK 1 000)
Note
2023
2022
Finance income
Interest income on tax repaid
-
-
Interest income om bank deposits
5.2
2 019
-
Dividends from subsidiaries
-
-
Other finance income
-
-
Total finance income
2 019
-
Finance expense
Interest expense leasing
-
-
Other fees, charges
169
-
Total finance expense
169
-
Net currency gains (loss)
Net currency gains related to operating items
104
-
Net currency gains (loss) related to foreign exchange differ-
ences of currency bank accounts
(354)
-
Net currency gains (loss)
(250)
-
Net finance income (expenses)
1 600
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-274": { "value": "5.5 Finance income and finance expenses Accounting policy The group and parent company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable.
(Amounts in NOK 1 000)
Note
2023
2022
Finance income
Interest income on tax repaid
-
-
Interest income om bank deposits
5.2
2 019
-
Dividends from subsidiaries
-
-
Other finance income
-
-
Total finance income
2 019
-
Finance expense
Interest expense leasing
-
-
Other fees, charges
169
-
Total finance expense
169
-
Net currency gains (loss)
Net currency gains related to operating items
104
-
Net currency gains (loss) related to foreign exchange differ-
ences of currency bank accounts
(354)
-
Net currency gains (loss)
(250)
-
Net finance income (expenses)
1 600
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-314": { "value": "Accounting policy The group and parent company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-310": { "value": "Accounting policy The group and parent company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-300": { "value": "Accounting policy The group and parent company\u2019s finance income largely relates to interest received on bank deposits. Net currency gain or loss related to operating items includes gain or losses on accounts payable and accounts receivable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-251": { "value": "
5.6 Earnings per share (EPS)
Accounting policy
Earnings per share are calculated by dividing the attributable to ordinary shareholders of the company by the
weighted average number of ordinary shares outstanding during the period. Diluted earnings per share are calcu-
lated as profit or loss attributable to ordinary shareholders of the company, adjusted for the effects of all dilutive
potential options. Issued share options, performance share units and restricted stock units have a potential
dilutive effect on earnings per share (see note 6.3 for details on share based payments). No dilutive effect has
been recognised as potential ordinary shares only shall be treated as dilutive if their conversion to ordinary shares
would decrease earnings per share, or increase loss per share from continuing operations. As the company is
currently loss-making an increase in the average number of shares would have anti-dilutive effect.
The calculation of basic and diluted earnings per share attributable to the ordinary shareholders of the parent is
based on the data presented in the table below
(Amounts in NOK 1 000, except number of shares)
Note
2023
2022
Loss for the year
(26 561)
(311 241)
Average number of outstanding shares during the year
1
5.4
174 787 152
115 129 972
Earnings (loss) per share - basic and diluted (in NOK per share)
(0.15)
(2.70)
\u20062
1
The weighted number of shares takes into account the weighted average effect of changes in shares during the year.
2
Discontinued operations
Exercise of all outstanding RSUs a as per 31 December 2023 would increase the total number of shares in the
company by 1 320 471. See note 6.3 for more details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-275": { "value": "Accounting policy Earnings per share are calculated by dividing the attributable to ordinary shareholders of the company by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share are calcu- lated as profit or loss attributable to ordinary shareholders of the company, adjusted for the effects of all dilutive potential options. Issued share options, performance share units and restricted stock units have a potential dilutive effect on earnings per share (see note 6.3 for details on share based payments). No dilutive effect has been recognised as potential ordinary shares only shall be treated as dilutive if their conversion to ordinary shares would decrease earnings per share, or increase loss per share from continuing operations. As the company is currently loss-making an increase in the average number of shares would have anti-dilutive effect. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-252": { "value": "
Section 6 - Remuneration
6.1 Remuneration to management
Compensation of key management
(Amounts in NOK 1 000)
2023
2022
Short term employment benefits
1
3 227
-
Post-employment pension
2
116
-
Termination benefits
3
-
-
Total compensation of key management personnel of the group in cash
3 342
-
Imputed share based payment expense
4
-
-
Total compensation of key management personnel of the group expense
3 342
-
1
Short term employment benefits: Includes base salary and benefits, vacation pay if relevant.
2
Post-employment pension: Represents company\u2019s share of payment to pension contribution or benefit plan during the period.
In 2023 the company\u2019s CFO Brede Ellings\u00e6ter has been contracted from related parties Scatec Innovation AS.
Shares in the company are held by the members of the management group 31 December 2023
Employed with Number of Number of
Current position within the the Company shares shares
Name Company since
2023
1
2022
1
Current management
Alf Bj\u00f8rseth
Chief Excecutive Officer
3 July 2023
47 855
-
Brede Ellings\u00e6ter
Chief Financial Officer
3 July 2023
-
-
Sindre Hassfjell
Chief Technology Officer
3 July 2023
-
-
Total shares owned by management
47 855
-
1
Overview includes only management still employed at 31 December 2023. Shareholding including shares held by related parties.
Performance Share Units (PSUs) and options held by members
of the management on 31 December 2023
Management has no outstanding PSUs or options as per 31 December 2023. All PSUs and options held by
management have forefeited or been settled. See note 6.2 for more information on the share based payment
programs.
For additional information, reference is made to a separate report on management remuneration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-253": { "value": "6.2 Share-based payments and incentive program Accounting Policy The fair value of the granted RSU without market condition is meas- ured using the share price at grant date less the agreed strike price. Overview At the AGM in 2023, the company resolved to issue restricted stock units (RSUs) to board directors who elected to receive all or parts of their remuneration, in the form of RSUs. Each board member must make such election immediately following the AGM resolution i.e.at the beginning of the board period. The RSUs are non-transferable and each RSU gives the right and obligation to acquire one share in the company at a price of NOK 0.20 per share (corresponding to the nominal value of the shares) subject to satisfaction of the applicable vesting conditions stated in the RSU agreement. RSUs vest on the first anniversary of the AGM that they were granted. The board directors who elect to receive RSUs, must elect to either (i) receive 100 per cent 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 board is calculated as the NOK amount of the RSU opted portion of total compensation to the board director, divided by the market price for the Thor Medical share. The market price is calcu- lated as volume weighted average share price the 10 trading days prior to the grant date. Following the AGM in June 2023, 1 408 341 RSUs were allocated. At 31 December 2023 there are 1 320 471 RSUs remaining. Share based payment expenses related to RSUs are recognised in the income statement and disclosed in note 3.2.
As per 31 December 2023
Remuneration Remuneration Number of Total number of
for the period Allocation for the period RSUs granted Market price Number of RSUs RSUs outstanding
2023\u20132024 between cash and 2023\u20132024 in for the period
on grant date
6
exercised or 31 December
Name in NOK RSUs cash 2023\u20132024 in NOK
settled in 2023
7
2023
Ludvik Sandnes
1
350 000
100% RSU
-
486 489
0.72
-
486 489
John Andersen
2
300 000
100% RSU
-
416 990
0.72
-
416 990
Mimi Berdal
3
300 000
100% RSU
-
416 990
0.72
-
416 990
Former members of the board
Jan Magne Asmyr
4
500 000
100% RSU
-
504 860
0.99
504 860
-
Tina B\u00f8nsdorff
5
165 000
100% RSU
-
229 344
0.72
229 344
-
-
Total
1 615 000
-
2 054 673
734 204
1 320 469
1
NOK 350 000 as chairman of the board.
2
NOK 300 000 as board member.
3
NOK 330 000 as board member.
4
NOK 300 000 as chairman of the board for the period January to June 2023, NOK 200 000 in compensation for additional work beyond board work as approved on the AGM in June 2023.
5
NOK 165 000 as board member for the period January to June 2023.
6
The market price is calculated as volume weighted average share price the 10 trading days prior to the date of the Transaction Agreement on 6 June 2023, i.e. NOK 0.72944.
7
The company also settled in cash previous board members Jan Egberts, Joanna Horobin, and Karin Meyer\u2019s in total 63 048 vested RSUs following their depature from the Board after the EGM in January
2023. See table below for details about the settlement and fair value of the RSUs.
2023
2022
Weighted Weighted
average Weighted average Weighted
Number of exercise average fair Number of exercise average fair
RSUs outstanding RSUs price in NOK value in NOK RSUs price in NOK value in NOK
Balance at 01.01
72 315
0.20
21.59
73 892
0.20
29.21
Granted during the year
2 054 673
0.20
0.79
75 393
0.20
13.50
Exercised or settled during the year
1
(797 252)
0.20
2.76
(52 776)
0.20
24.41
Forfeited
(9 267)
0.20
14.28
(24 194)
0.20
13.50
Balance at 31.12
1 320 469
0.20
0.72
72 315
0.20
21.59
Hereof vested RSUs
-
0.20
0.72
39 637
0.20
28.26
1
In 2023 the company exercised it\u2019s right in accordance with the RSU agreements, to settle 63 048 RSUs in cash to board members leaving the board
during 2023. RSUs settled was calculated pro-rata based on actual service period on the board. The cash amount paid per RSU settled was equal to
the current market price of the shares in the company (10 days VWAP prior to settlement date) less the nominal value of the shares. The RSUs were
settled at NOK 1.1788 per share less nominal value of NOK 0.2 per share. Total cost to settle 63 048 RSUs was NOK 61 711.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-301": { "value": "Accounting Policy The fair value of the granted RSU without market condition is meas- ured using the share price at grant date less the agreed strike price. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-254": { "value": "
6.3 Remuneration to the board
The AGM held on 28 June 2023 resolved remuneration to the board and the nomination committee for the
period from the 2023 AGM until the AGM in 2024 as shown in the table below. The Board of Directors consti-
tute collectively the Audit Committee. On 3 January 2023, the EGM appointed Jon Magne Asmyr (Chair),
Tina B\u00f8nsdorff, and Eddie Berglund to the Board for for the period January to June 2023, after former Board
members Jan H. Egberts (Chair), Joanna Horobin, and Karin Meyer decided to step down. Eddie Berglund
resigned shortly after.
Board of Nomination Technical
(Amounts in NOK 1 000, exclusive of social security)
directors
Audit committee
committee Advisory Board
Chair
350
30
100 000
Member
300
25
75 000
Board of directors and their roles after the 2023 AGM
Board of Nomination Technical
(Amounts in NOK 1 000, exclusive of social security)
directors
Audit committee
committee Advisory Board
Ludvik Sandnes
Chair
Chair
John Andersen
Member
Member
Mimi Berdal
Member
Member
Didrik Leikvang
Chair
J\u00f8rn Aage Johansen
Member
Jon Magne Asmyr
1
Member
Roy Larsen
Chair
Brit Farstad
Member
1
Board member until June 2023
At the 2023 AGM, the shareholders approved the issuance of restricted stock units (RSUs) to board members,
who elected to receive all or parts of their remuneration in the form of RSUs. The board members\u2018 election of
RSUs as part of their remuneration is disclosed in note 6.2.
Remuneration to the board of directors for the 12 month period Shares held by the board
from AGM to AGM the following year of directors at year end
Board fee and fees for Number of shares as of
(Amounts in NOK 1 000, Served since/
committee work
2
31.12
4
except number of shares) period on the board
2022
2023
2023
2022
Current board
Ludvik Sandnes
1
June 2023
350
100 000
-
John Andersen
2
June 2023
300
61 908 494
-
Mimi Berdal
June 2023
300
-
-
Former members of the board
Jon Magne Asmyr
3
January 2023\u2013June 2023
-
500
4 300 000
3 000 000
Tina B\u00f8nsdorff
January 2023\u2013June 2023
-
165
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
-
1 615
66 208 494
3 000 000
1 Related parties of Ludvik Sandnes controlling shares of 100 000 in the Company 2 Related parties of John Andersen controlling shares of 61 908 494 in the Company 3 AGM in June 2023 approved NOK 200 000 for additional work related to Jon Magne Asmyr in additional to the ordinary board renumeration of NOK 300 000 4 Shareholdings are not included for representatives who are no longer members as of 31 December 2022 .", "dimensions": { "concept": "thormedicalasa:DisclosureOfRemunerationToTheBoard", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-255": { "value": "Section 7 - Tax 7.1 Income tax Accounting policy Income tax expense represents the sum of taxes currently payable and deferred tax. Deferred taxes are recog- nised 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 liabilities are recognised for taxable temporary differences, and deferred tax assets arising from deductible temporary differences are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. 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 realised, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. The company is in the research phase of its product development and has incurred significant tax losses related to its operations. The deferred tax asset has not been recognised in the statement of financial position, as the company does not consider that taxable income in the short-term will sufficiently support the use of a deferred tax asset.
Basis for tax calculation
(Amounts in NOK 1 000)
2023
2022
Net profit before income tax from continuing operations
(5 560)
-
Net profit before income tax from discontinued operations
(21 000)
(310 372)
Net profit before income tax
(26 561)
(310 372)
Non-deductible expenses
234
(187)
Non-taxable income
(2 354)
(9 694)
Correction in taxable income from previous year
-
10 346
Share issue costs
(319)
(17 094)
Change in temporary differences
(18 641)
18 001
Basis for tax calculation
(47 641)
(309 000)
Income tax
-
869
Reconciliation of tax expense and the accounting profit (loss)
(Amounts in NOK 1 000)
2023
2022
Expected tax expense
(5 843)
(67 493)
Non-deductible expenses
52
(41)
Non-taxable income
(518)
(580)
Share issue costs
(70)
(3 761)
Change in deferred tax assets not recognised
6 380
72 744
Effect from changes in tax rate
-
-
Income tax expense
-
869
The corporate tax rate in Norway was 22 per cent in 2023 and 2022.
(Amounts in NOK 1 000)
2023
2022
Tax losses carried forward
2 978 847
2 912 552
Property , plant and equipment
1 018
991
Leasing agreements
-
1
Liabilities
294
19 073
Tax payable
-
112
Temporary differences and tax loss carry forward
2 980 159
2 932 729
Deferred tax assets - not recognised in statement of financial position
655 635
645 200
Deferred tax assets as of 31 December 2023 and 2022 have been calculated using a tax rate of 22 per cent.
The group is in the research phase of its product development and has incurred significant tax losses related
to its operations. The tax losses can be carried forward indefinitely.
The group has not recognised a deferred tax asset in the statement of financial position, as it does not
consider that taxable income in the near term will sufficiently support the utilization of a deferred tax asset.
No current or deferred tax charge or liability has been recognised for 2023 (NOK 869 in 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "value": "Accounting policy Income tax expense represents the sum of taxes currently payable and deferred tax. Deferred taxes are recog- nised 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 liabilities are recognised for taxable temporary differences, and deferred tax assets arising from deductible temporary differences are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. 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 realised, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. The company is in the research phase of its product development and has incurred significant tax losses related to its operations. The deferred tax asset has not been recognised in the statement of financial position, as the company does not consider that taxable income in the short-term will sufficiently support the use of a deferred tax asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-302": { "value": "Accounting policy Income tax expense represents the sum of taxes currently payable and deferred tax. Deferred taxes are recog- nised 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 liabilities are recognised for taxable temporary differences, and deferred tax assets arising from deductible temporary differences are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. 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 realised, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. The company is in the research phase of its product development and has incurred significant tax losses related to its operations. The deferred tax asset has not been recognised in the statement of financial position, as the company does not consider that taxable income in the short-term will sufficiently support the use of a deferred tax asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-276": { "value": "Reconciliation of tax expense and the accounting profit (loss)
(Amounts in NOK 1 000)
2023
2022
Expected tax expense
(5 843)
(67 493)
Non-deductible expenses
52
(41)
Non-taxable income
(518)
(580)
Share issue costs
(70)
(3 761)
Change in deferred tax assets not recognised
6 380
72 744
Effect from changes in tax rate
-
-
Income tax expense
-
869
The corporate tax rate in Norway was 22 per cent in 2023 and 2022.
(Amounts in NOK 1 000)
2023
2022
Tax losses carried forward
2 978 847
2 912 552
Property , plant and equipment
1 018
991
Leasing agreements
-
1
Liabilities
294
19 073
Tax payable
-
112
Temporary differences and tax loss carry forward
2 980 159
2 932 729
Deferred tax assets - not recognised in statement of financial position
655 635
645 200
Deferred tax assets as of 31 December 2023 and 2022 have been calculated using a tax rate of 22 per cent. The group is in the research phase of its product development and has incurred significant tax losses related to its operations. The tax losses can be carried forward indefinitely. The group has not recognised a deferred tax asset in the statement of financial position, as it does not consider that taxable income in the near term will sufficiently support the utilization of a deferred tax asset. No current or deferred tax charge or liability has been recognised for 2023 (NOK 869 in 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-280": { "value": "
(Amounts in NOK 1 000)
2023
2022
Tax losses carried forward
2 978 847
2 912 552
Property , plant and equipment
1 018
991
Leasing agreements
-
1
Liabilities
294
19 073
Tax payable
-
112
Temporary differences and tax loss carry forward
2 980 159
2 932 729
Deferred tax assets - not recognised in statement of financial position
655 635
645 200
Deferred tax assets as of 31 December 2023 and 2022 have been calculated using a tax rate of 22 per cent. The group is in the research phase of its product development and has incurred significant tax losses related to its operations. The tax losses can be carried forward indefinitely. The group has not recognised a deferred tax asset in the statement of financial position, as it does not consider that taxable income in the near term will sufficiently support the utilization of a deferred tax asset. No current or deferred tax charge or liability has been recognised for 2023 (NOK 869 in 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-281": { "value": "Section 8 - Group structure 8.1 Information about subsidiaries Accounting policy Shares and investments intended for long-term ownership are reported in the company\u2019s statement of finan- cial position as long-term investments and valued at cost. The company determines at each reporting date whether there is any objective indication that the investment in the subsidiary is impaired. If this is the case, the amount of impairment is calculated as the difference between the recoverable amount of the subsidiary and its carrying value and recognises the amount in the income statement. Any realised and unrealised losses and any write-downs relating to these investments will be included in the company\u2019s statement of comprehensive income as financial items. The consolidated financial statements of the group include
Book value % Equity interest
Name
Country of incorporation
(in NOK 1000)
2023
2022
Nordic Nanovector GmbH
Switzerland
-
100%
100%
Nordic Nanovector Ltd
United Kingdom
-
100%
100%
TM Technologies AS
Norway
234 707
100%
Thor Medical ASA is a public limited liability company incorporated and domiciled in Norway and is the parent company of the group. In 2023 the parent company acquired 100 per cent of the shares in TM Technologies AS, while Nordic Nanovector GmbH and Nordic Nanovector Ltd was decided liquidated. Per 31 December 2023, Nordic Nanovector GmbH is closed and removed from local companies register, while Nordic Nanovector Ltd is in the notice period to be removed from local companies register.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-303": { "value": "Accounting policy Shares and investments intended for long-term ownership are reported in the company\u2019s statement of finan- cial position as long-term investments and valued at cost. The company determines at each reporting date whether there is any objective indication that the investment in the subsidiary is impaired. If this is the case, the amount of impairment is calculated as the difference between the recoverable amount of the subsidiary and its carrying value and recognises the amount in the income statement. Any realised and unrealised losses and any write-downs relating to these investments will be included in the company\u2019s statement of comprehensive income as financial items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-256": { "value": "8.2 Transactions with related parties Accounting policy The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm\u2019s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or paya- bles. Transactions and balances between companies, which are a member of the group, have been eliminated in the consolidated accounts for the group. Note 8.1 provides information about the group\u2019s structure. The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year:
Purchases
(included in other operating expenses)
(Amounts in NOK 1 000)
Note
2023
2022
Subsidiary - TM Technologies AS
-
Purchase of professional services from Scatec Innovation AS
3.1
1 013
-
In 2023 the group has used the professional services from majority shareholder Scatec Innovation related to finance, accounting, IT, and legal. In addition, CFO of Thor Medical ASA Brede Ellings\u00e6ter was contracted from Scatec Innovation AS. The following table provides overview of amounts owed to and by related parties at year-end for the relevant financial year:
Amounts owed to related parties
(current liabilities to group companies)
(Amounts in NOK 1 000)
Note
31 Dec 2023
31 Dec 2022
Subsidiary - Nordic Nanovector GmbH
5.3
-
4 716
Subsidiary - Nordic Nanovector Ltd
5.3
-
3 987
Subsidiary - TM Technologies AS
-
-
During 2023 both Nordic Nanovector GmbH and Nordic Nanovector Ltd was closed. A liquidation dividend of NOK 9.5 million and NOK 3.4 million respectively was paid to Thor Medical ASA On 30 November 2023 Thor Medical announced that the Board had entered into an agreement to transfer the \u201cNanovector Patents\u201d to company NucliThera AS, a related party of primary insider and Chairman of the Board Ludvik Sandnes. Mr. Sandnes declared conflict of interest and was not present when the Board resolved to enter into the agreement with NucliThera AS. Subject to the terms and conditions of the agreement, NucliThera AS will assume full ownership, title, and interest to the Nanovector Patents and lab facilities as Kjels\u00e5sveien in Oslo, with Thor Medical retaining interest through an undisclosed profit-sharing agreement in the event of successful commercialization of the patents. For information on remuneration and shareholding to the board of directors and management see note 6.3 and note 6.1 repectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-277": { "value": "8.2 Transactions with related parties Accounting policy The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm\u2019s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or paya- bles. Transactions and balances between companies, which are a member of the group, have been eliminated in the consolidated accounts for the group. Note 8.1 provides information about the group\u2019s structure. The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year:
Purchases
(included in other operating expenses)
(Amounts in NOK 1 000)
Note
2023
2022
Subsidiary - TM Technologies AS
-
Purchase of professional services from Scatec Innovation AS
3.1
1 013
-
In 2023 the group has used the professional services from majority shareholder Scatec Innovation related to finance, accounting, IT, and legal. In addition, CFO of Thor Medical ASA Brede Ellings\u00e6ter was contracted from Scatec Innovation AS.
The following table provides overview of amounts owed to and by related
parties at year-end for the relevant financial year:
Amounts owed to related parties
(current liabilities to group companies)
(Amounts in NOK 1 000)
Note
31 Dec 2023
31 Dec 2022
Subsidiary - Nordic Nanovector GmbH
5.3
-
4 716
Subsidiary - Nordic Nanovector Ltd
5.3
-
3 987
Subsidiary - TM Technologies AS
-
-
During 2023 both Nordic Nanovector GmbH and Nordic Nanovector Ltd was closed. A liquidation dividend of
NOK 9.5 million and NOK 3.4 million respectively was paid to Thor Medical ASA
On 30 November 2023 Thor Medical announced that the Board had entered into an agreement to transfer the
\u201cNanovector Patents\u201d to company NucliThera AS, a related party of primary insider and Chairman of the Board
Ludvik Sandnes. Mr. Sandnes declared conflict of interest and was not present when the Board resolved to
enter into the agreement with NucliThera AS. Subject to the terms and conditions of the agreement, NucliThera
AS will assume full ownership, title, and interest to the Nanovector Patents and lab facilities as Kjels\u00e5sveien
in Oslo, with Thor Medical retaining interest through an undisclosed profit-sharing agreement in the event of
successful commercialization of the patents.
For information on remuneration and shareholding to the board of directors and management see note 6.3 and
note 6.1 repectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-304": { "value": "Accounting policy The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm\u2019s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or paya- bles. Transactions and balances between companies, which are a member of the group, have been eliminated in the consolidated accounts for the group. Note 8.1 provides information about the group\u2019s structure. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-257": { "value": "
8.3 Business combinations
Acquisition of Thor Medical AS
On 6 June 2023, the company entered into an agreement to acquire 100 per cent of the shares in Thor Medical
AS. Settlement was done in the form of issuance of shares in the company, and the transaction was closed
on 3 July 2023. Following the transaction, the company changed its name to Thor Medical ASA (from Nordic
Nanovector ASA). The balance sheet of the acquired company as of 30 June 2023 was selected and adjusted
for any material changes in the period up until 3 July 2023. No material changes in the period up until 3 July
2023 were identified.
In relation the acquisition of Thor Medical AS, management has made estimates and judgement as to whether
the company a acquired an asset or a business, and determined that Thor Medical AS has sufficient inputs and
processes to be defined as a business in accordance with IFRS 3. Management has also concluded that Thor
Medical ASA (previously Nordic Nanovector ASA) was the acquiring entity as defined in IFRS 3.6 based on an
IFRS 10 assessment and performed a Purchase Price Allocation (PPA).
Post transaction, the Group will develop the proprietary technology of the acquired company for the manu-
facturing of radionuclides, primarily alpha emitters, for sale to radiopharmaceutical companies developing
oncological therapies. The environmentally friendly, cost-efficient non-reactor-based production technology
offers the Group a compelling way of creating value in the rapidly growing radiotherapeutic market.
As part of the purchase price allocation, intangible assets (technology) and property, plant and equipment have
been revalued to their fair values. After an overall assessment of the transaction, the Group concludes that the
entire purchase premium relates to the separation technology and PP&E.
Costs associated with the acquisition were NOK 8.3 million.
Assets acquired and liabilities assumed
The fair values of the identifiable assets and liabilities of Thor Mecical AS as at the date of acquisition were:
Book value at Post acquisition
30 June 2023
Adjustments
balance
Assets
Property, plant and equipment
30
1 118
1 148
Research and development
821
246 444
247 265
Goodwill
-
37 216
37 216
Other current assets
680
-
680
Cash and cash equivalents
4 257
-
4 257
Total assets
5 788
284 778
290 566
Equity and liabilities
Share capital
152
-
152
Share premium reserve
6 457
-
6 457
Other equity
(2 216)
230 314
228 098
Deferred tax liabilities
-
54 464
54 464
Trade payables
160
-
160
Other current liabilities
1 235
-
1 235
Total aquity and liabilities
5 788
284 778
290 566
According to the Share Exchange Agreement (dated June 6, 2023) between NANOV and TM, the purchase
price of the acquired company\u2019s shares is NOK 130.10 per share. The sellers would receive consideration in the
form of newly issued shares (Consideration Shares) with a nominal value of NOK 0.20 per share and a price of
NOK 0.72. The total amount of Consideration Shares issued to the sellers was 116 769 503. At the acquisition
date, NANOV\u2019s share price was NOK 2.01 per share. Consequently, the fair value of the consideration paid for
the shares in TM is NOK 234 706 701 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-315": { "value": "8.3 Business combinations Acquisition of Thor Medical AS On 6 June 2023, the company entered into an agreement to acquire 100 per cent of the shares in Thor Medical AS. Settlement was done in the form of issuance of shares in the company, and the transaction was closed on 3 July 2023. Following the transaction, the company changed its name to Thor Medical ASA (from Nordic Nanovector ASA). The balance sheet of the acquired company as of 30 June 2023 was selected and adjusted for any material changes in the period up until 3 July 2023. No material changes in the period up until 3 July 2023 were identified. In relation the acquisition of Thor Medical AS, management has made estimates and judgement as to whether the company a acquired an asset or a business, and determined that Thor Medical AS has sufficient inputs and processes to be defined as a business in accordance with IFRS 3. Management has also concluded that Thor Medical ASA (previously Nordic Nanovector ASA) was the acquiring entity as defined in IFRS 3.6 based on an IFRS 10 assessment and performed a Purchase Price Allocation (PPA). Post transaction, the Group will develop the proprietary technology of the acquired company for the manu- facturing of radionuclides, primarily alpha emitters, for sale to radiopharmaceutical companies developing oncological therapies. The environmentally friendly, cost-efficient non-reactor-based production technology offers the Group a compelling way of creating value in the rapidly growing radiotherapeutic market. As part of the purchase price allocation, intangible assets (technology) and property, plant and equipment have been revalued to their fair values. After an overall assessment of the transaction, the Group concludes that the entire purchase premium relates to the separation technology and PP&E. Costs associated with the acquisition were NOK 8.3 million. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "value": "8.3 Business combinations Acquisition of Thor Medical AS On 6 June 2023, the company entered into an agreement to acquire 100 per cent of the shares in Thor Medical AS. Settlement was done in the form of issuance of shares in the company, and the transaction was closed on 3 July 2023. Following the transaction, the company changed its name to Thor Medical ASA (from Nordic Nanovector ASA). The balance sheet of the acquired company as of 30 June 2023 was selected and adjusted for any material changes in the period up until 3 July 2023. No material changes in the period up until 3 July 2023 were identified. In relation the acquisition of Thor Medical AS, management has made estimates and judgement as to whether the company a acquired an asset or a business, and determined that Thor Medical AS has sufficient inputs and processes to be defined as a business in accordance with IFRS 3. Management has also concluded that Thor Medical ASA (previously Nordic Nanovector ASA) was the acquiring entity as defined in IFRS 3.6 based on an IFRS 10 assessment and performed a Purchase Price Allocation (PPA). Post transaction, the Group will develop the proprietary technology of the acquired company for the manu- facturing of radionuclides, primarily alpha emitters, for sale to radiopharmaceutical companies developing oncological therapies. The environmentally friendly, cost-efficient non-reactor-based production technology offers the Group a compelling way of creating value in the rapidly growing radiotherapeutic market. As part of the purchase price allocation, intangible assets (technology) and property, plant and equipment have been revalued to their fair values. After an overall assessment of the transaction, the Group concludes that the entire purchase premium relates to the separation technology and PP&E. Costs associated with the acquisition were NOK 8.3 million", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-305": { "value": "8.3 Business combinations Acquisition of Thor Medical AS On 6 June 2023, the company entered into an agreement to acquire 100 per cent of the shares in Thor Medical AS. Settlement was done in the form of issuance of shares in the company, and the transaction was closed on 3 July 2023. Following the transaction, the company changed its name to Thor Medical ASA (from Nordic Nanovector ASA). The balance sheet of the acquired company as of 30 June 2023 was selected and adjusted for any material changes in the period up until 3 July 2023. No material changes in the period up until 3 July 2023 were identified. In relation the acquisition of Thor Medical AS, management has made estimates and judgement as to whether the company a acquired an asset or a business, and determined that Thor Medical AS has sufficient inputs and processes to be defined as a business in accordance with IFRS 3. Management has also concluded that Thor Medical ASA (previously Nordic Nanovector ASA) was the acquiring entity as defined in IFRS 3.6 based on an IFRS 10 assessment and performed a Purchase Price Allocation (PPA). Post transaction, the Group will develop the proprietary technology of the acquired company for the manu- facturing of radionuclides, primarily alpha emitters, for sale to radiopharmaceutical companies developing oncological therapies. The environmentally friendly, cost-efficient non-reactor-based production technology offers the Group a compelling way of creating value in the rapidly growing radiotherapeutic market. As part of the purchase price allocation, intangible assets (technology) and property, plant and equipment have been revalued to their fair values. After an overall assessment of the transaction, the Group concludes that the entire purchase premium relates to the separation technology and PP&E. Costs associated with the acquisition were NOK 8.3 million. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-258": { "value": "
Section 9 - Other disclosures
9.1 Events after the reporting date
New CEO and granted share optionsOn 14 February 2023 the company announced that Mr. Jasper Kurth has
been appointed Chief Executive Officer (CEO) of the company as from no later than 1 September 2024. At the
same time Mr. Alf Bj\u00f8rseth, former CEO, transitions into a the position as Senior Vice President responsible
for client acquistion. The Board has granted Mr. Kurth 3 600 000 share options. Each share option entitles Mr.
Kurth to buy one share at NOK 1.118, equal to the volume-weighted share price over the last ten trading days.
1/3 of the share options will vest 12 months after Mr. Kurth\u2019s first day of employment, while the remaining
share options will vest with 100 000 on the last day of each month following the initial vesting. The share
options need to be exercised no later than five years after the initial award. The total gross benefit for exercised
share options under this award shall be limited to Mr. Kurth\u2019s total base salary of the three-year period. The
award of share options is made subject to the approval of the company\u2019s General Meeting in April 2024.
On 8 March 2023 the company announced that Mr. Brede Ellings\u00e6ter, serving as the company\u2019s CFO serving
under a service agreement with the largest shareholder Scatec Innovation AS, was appointed CFO of Thor
Medical ASA. With this appointment, Mr. Ellings\u00e6ter will resign from Scatec Innovation and join Thor Medical
full time no later than June 1. The Board of Directors of Thor Medical has resolved to award Mr. Ellings\u00e6ter 3
100 000 share options. Each share option entitles Mr. Ellings\u00e6ter to buy one share at NOK 1.002, equal to the
volume-weighted share price over the last ten trading days. 1 000 000 of the share options will vest on June
1, 2025, while the remaining share options will vest with 87 500 share options on the last day of each month
following the initial vesting. The share options need to be exercised no later than five years after the initial
award. The total gross benefit for exercised share options under this award shall be limited to Mr. Ellings\u00e6ter\u2019s
total base salary of the three-year period. The award of share options is made subject to the approval of the
company\u2019s General Meeting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }