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Section 1 - Background
Thor Medical ASA (the group) consists of Thor Medical ASA and its subsidiaries. Thor Medical ASA (\u201cthe
company\u201d) is a public limited liability company incorporated and based in Oslo, Norway. The address of the
registered office is Drammensveien 167, 0277 Oslo.
These financial statements were approved for issue by the board of directors on 27 March 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-1": { "value": "Thor Medical ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "a public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-240": { "value": "Oslo, Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "The address of the registered office is Drammensveien 167, 0277 Oslo", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-256": { "value": "These financial statements were approved for issue by the board of directors on 27 March 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-226": { "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 throughout 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 company 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 ending 31 December 2024 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 and requires
management to exercise its judgments in applying the group\u2019s accounting policies.
Areas involving significant judgment or complexity, and areas where assumptions and estimates are signi\ufb01-
cant 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 otherwise
similar circumstances.
Going concern
The company works continuously to ensure short and long-term \ufb01nancial \ufb02exibility to achieve its strategic 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 2026.
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 include the parent company and its subsidiaries as of
31 December 2024. The group controls an entity if, and only if, the group has power over the entity, is exposed
to, or has rights to, variable returns from its involvement with the entity and can 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
Functional currency
The functional currency is determined in each entity in the group based on the currency within the entity\u2019s
primary economic environment. Foreign currency transactions 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 recognized continuously in the accounting period.
Presentation currency
The group\u2019s presentation currency is NOK, which is also the parent company\u2019s functional currency.
The statement 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 recognized in other comprehensive
income (OCI).
2.4 Significant accounting judgements, estimates and assumptions
The management makes judgements, estimates and assumptions that affect the reported amounts of assets,
liabilities, incomes, expenses and information on potential liabilities. Future events may lead to these estimates
being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on
best estimates and historical experience. Changes in accounting estimates are recognized during the period
when the changes take place. If the changes also apply to future periods, the effect is divided among the
present and future periods.
Deferred tax
The company considers that a deferred tax asset related to accumulated tax losses cannot be recognized
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 recognized in the future. This assumption requires signi\ufb01cant management
judgment. See note 7.1.
Development costs
Research and development costs are recognized in the income statement as incurred. Internal development
costs related to the group\u2019s development of products are recognized 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 authorization is obtained with the regulatory authorities. This assessment requires signi\ufb01-
cant management judgement.
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 created by
deferred tax arising from fair value adjustments in the 2023 business combination with Nordic Nanovector ASA
and offset by deferred tax recognized on intangible assets identified in the purchase price allocation. Goodwill
has been tested for impairment using the fair value less costs of disposal approach based on observable
prices in the latest capital increases. No need for impairment has been identified. The net goodwill balance
subject to impairment testing is immaterial as of year-end 2024. Furthermore, the research and development
asset is available for intended use and a definite useful life with corresponding amortization has been estab-
lished. Therefore, an annual impairment test is not required for this asset.
As part of the review, the business case has been assessed for any impairment indications related to market
dynamics, the technology development progress, changes in regulations, changes in market interest rates,
development in Thor Medical\u2019s share price, and the market value of Thor Medical relative to net assets (Price/
Book). Management did not identify any adverse changes to these factors that could be indicative of an impair-
ment of Thor Medical\u2019s assets.
Share-based payments
Equity-settled share-based payments are measured at the fair value of the equity instruments on 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 recognizes the impact of
the revision to original estimates, if any, in pro\ufb01t or loss, with a corresponding adjustment to equity. Changes in
these estimates may signi\ufb01cantly in\ufb02uence the expense recognized during a period.
2.5 Other accounting policies Leases At the inception of a contract, the group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the lease commencement date, the group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except short-term leases (defined as 12 months or less) and low value assets. For these leases, the group recognizes the lease payments as other operating expenses in the statement of profit or loss when they incur. The lease liability is recognized at the commencement date of the lease. The group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the group is reason- ably certain to exercise this option. The lease liability is measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjust- ment in an index or rate. The group does not include variable lease payments in the lease liability. Instead, the group recognizes these variable lease expenses in profit or loss. Lease liabilities is presented as separate line items in the statement of financial position. The right-of use asset is measures at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The depreciation requirements in IAS 16 Property, Plant and Equipment is applied in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset. 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 present information for continuing opera- tions, while figures for discontinued operations refer to the comparative periods. Cash flow The cash flow statement is presented using the indirect method. Cash and cash equivalents includes cash bank deposits and other short term, highly liquid investments with maturities of three months or less
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 amortization and accumulated impairment losses. 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 technology was aquired through business comination in 2023 and was ready for its intended use in December 2024, and is consequently amortized as of this period. Costs related to the pilot facilitates at Her\u00f8ya have been expensed as incurred as these do not meet the requirements mentioned above.
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.
Accounting Policy
The fair value of the granted option is measured using the volume-weighted share price over the last ten trad-
ingdays prior to grant date.
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 parent company\u2019s statement of
financial 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 subsid-
iary 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 parent\u2019s statement of compre-
hensive 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-255": { "value": "2.1 Basis for preparation of the annual accounts The consolidated \ufb01nancial statements for the group and the parent company 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 ending 31 December 2024 have been applied. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-239": { "value": "2.1 Basis for preparation of the annual accounts The consolidated \ufb01nancial statements for the group and the parent company 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 ending 31 December 2024 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 and requires management to exercise its judgments in applying the group\u2019s accounting policies. Areas involving significant judgment or complexity, and areas where assumptions and estimates are signi\ufb01- cant 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 otherwise similar circumstances. Going concern The company works continuously to ensure short and long-term \ufb01nancial \ufb02exibility to achieve its strategic 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 2026. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "Going concern The company works continuously to ensure short and long-term \ufb01nancial \ufb02exibility to achieve its strategic 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 2026. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-241": { "value": "2.2 Consolidation principles The group\u2019s consolidated \ufb01nancial statements include the parent company and its subsidiaries as of 31 December 2024. The group controls an entity if, and only if, the group has power over the entity, is exposed to, or has rights to, variable returns from its involvement with the entity and can 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-242": { "value": "2.3 Functional currency and presentation currency Functional currency The functional currency is determined in each entity in the group based on the currency within the entity\u2019s primary economic environment. Foreign currency transactions 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 recognized continuously in the accounting period. Presentation currency The group\u2019s presentation currency is NOK, which is also the parent company\u2019s functional currency. The statement 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 recognized in other comprehensive income (OCI). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "2.3 Functional currency and presentation currency Functional currency The functional currency is determined in each entity in the group based on the currency within the entity\u2019s primary economic environment. Foreign currency transactions 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 recognized continuously in the accounting period. Presentation currency The group\u2019s presentation currency is NOK, which is also the parent company\u2019s functional currency. The statement 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 recognized in other comprehensive income (OCI). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-243": { "value": "2.4 Significant accounting judgements, estimates and assumptions The management makes judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, incomes, expenses and information on potential liabilities. Future events may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on best estimates and historical experience. Changes in accounting estimates are recognized during the period when the changes take place. If the changes also apply to future periods, the effect is divided among the present and future periods. Deferred tax The company considers that a deferred tax asset related to accumulated tax losses cannot be recognized 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 recognized in the future. This assumption requires signi\ufb01cant management judgment. See note 7.1. Development costs Research and development costs are recognized in the income statement as incurred. Internal development costs related to the group\u2019s development of products are recognized 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 authorization is obtained with the regulatory authorities. This assessment requires signi\ufb01- cant management judgement. 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 created by deferred tax arising from fair value adjustments in the 2023 business combination with Nordic Nanovector ASA and offset by deferred tax recognized on intangible assets identified in the purchase price allocation. Goodwill has been tested for impairment using the fair value less costs of disposal approach based on observable prices in the latest capital increases. No need for impairment has been identified. The net goodwill balance subject to impairment testing is immaterial as of year-end 2024. Furthermore, the research and development asset is available for intended use and a definite useful life with corresponding amortization has been estab- lished. Therefore, an annual impairment test is not required for this asset. As part of the review, the business case has been assessed for any impairment indications related to market dynamics, the technology development progress, changes in regulations, changes in market interest rates, development in Thor Medical\u2019s share price, and the market value of Thor Medical relative to net assets (Price/ Book). Management did not identify any adverse changes to these factors that could be indicative of an impair- ment of Thor Medical\u2019s assets. Share-based payments Equity-settled share-based payments are measured at the fair value of the equity instruments on 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 recognizes the impact of the revision to original estimates, if any, in pro\ufb01t or loss, with a corresponding adjustment to equity. Changes in these estimates may signi\ufb01cantly in\ufb02uence the expense recognized during a period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-257": { "value": "
Leases
At the inception of a contract, the group assesses whether the contract is, or contains, a lease. A contract is, or
contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in
exchange for consideration.
At the lease commencement date, the group recognizes a lease liability and corresponding right-of-use asset
for all lease agreements in which it is the lessee, except short-term leases (defined as 12 months or less) and
low value assets. For these leases, the group recognizes the lease payments as other operating expenses in
the statement of profit or loss when they incur.
The lease liability is recognized at the commencement date of the lease. The group measures the lease liability
at the present value of the lease payments for the right to use the underlying asset during the lease term that
are not paid at the commencement date. The lease term represents the non-cancellable period of the lease,
together with periods covered by an option either to extend or to terminate the lease when the group is reason-
ably certain to exercise this option.
The lease liability is measured by increasing the carrying amount to reflect interest on the lease liability,
reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to
reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjust-
ment in an index or rate.
The group does not include variable lease payments in the lease liability. Instead, the group recognizes these
variable lease expenses in profit or loss. Lease liabilities is presented as separate line items in the statement of
financial position.
The right-of use asset is measures at cost, less any accumulated depreciation and impairment losses, adjusted
for any remeasurement of lease liabilities. The depreciation requirements in IAS 16 Property, Plant and
Equipment is applied in depreciating the right-of-use asset, except that the right-of-use asset is depreciated
from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use
asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "Leases At the inception of a contract, the group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the lease commencement date, the group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except short-term leases (defined as 12 months or less) and low value assets. For these leases, the group recognizes the lease payments as other operating expenses in the statement of profit or loss when they incur. The lease liability is recognized at the commencement date of the lease. The group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the group is reason- ably certain to exercise this option. The lease liability is measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjust- ment in an index or rate. The group does not include variable lease payments in the lease liability. Instead, the group recognizes these variable lease expenses in profit or loss. Lease liabilities is presented as separate line items in the statement of financial position. The right-of use asset is measures at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The depreciation requirements in IAS 16 Property, Plant and Equipment is applied in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-258": { "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 present information for continuing opera-
tions, while figures for discontinued operations refer to the comparative periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "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 present information for continuing opera- tions, while figures for discontinued operations refer to the comparative periods", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-259": { "value": "Cash flow The cash flow statement is presented using the indirect method. Cash and cash equivalents includes cash bank deposits and other short term, highly liquid investments with maturities of three months or less ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-9": { "value": "Cash flow The cash flow statement is presented using the indirect method. Cash and cash equivalents includes cash bank deposits and other short term, highly liquid investments with maturities of three months or less .", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-254": { "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. Overview Costs related to the pilot facilitates at Her\u00f8ya have been expensed as incurred because they will not generate revenue in the future, and therefore do not meet the requirements for capitalization as an intangible asset. .
(Amounts in NOK 1\u202f000)
Note
2024
2023
Reasearch and development costs
3\u202f309
945
Government grants
3.3
(7\u202f156)
(41)
Transactions with related parties
1\u202f411
1\u202f013
Other administrative costs
29\u202f071
1\u202f571
Total other operating expenses
26\u202f634
3\u202f487
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\u202f000)
Note
2024
2023
Salaries and bonus
6.2
9\u202f862
1\u202f527
Social Security tax
1\u202f630
207
Pension expense
6.1
591
116
Share-based payment employees
6.2
2\u202f807
1\u202f212
Accrued employer's social security on share based payment
910
121
Other
736
299
Government grants
3.3
(1\u202f620)
(138)
Total payroll and related expenses
14\u202f916
3\u202f342
Average number of full-time equivalent employees
8.5
1.5
3.6 Auditors fee
Fees to auditors for the year ended 31 December:
(Amounts in NOK 1\u202f000)
2024
2023
Audit fee
545
660
Attestation services
185
116
Non-audit services
-
-
Auditors fee 31.12
730
776
Audit fee 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. Attestations
services is reported according to invoices received during the year.
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 . The financial statements for 2024, we have adjusted the comparative figures from 2023 to align with the note for group. This has been done to ensure consistency and comparability between the years. The changes have been done to reflect accurate information in accordance with the presented financial statements.
(Amounts in NOK 1\u202f000)
Note
2024
2023
Finance income
Interest income on tax repaid
54
-
Interest incom on bank deposit
5.2
1\u202f395
2\u202f019
Other finans income
9
-
Currency gains
242
104
Total finance income
1\u202f700
2\u202f123
Finance expenses
Interest expense leasing
98
-
Other fees, charges
3
169
Currency loss
306
354
Total finance expense
407
523
Net finance income (expenses)
1\u202f293
1\u202f600
Section 6 - Remuneration 6.1 Remuneration to management Compensation of key management
(Amounts in NOK 1\u202f000)
2024
2023
Short term employment benefits
6\u202f716
3\u202f227
Post-employment pension
412
116
Termination benefits
-
-
Total compensation of key management personnel of the group in cash
7\u202f127
3\u202f343
Imputed share based payment expense
2\u202f407
-
Total compensation of key management personnel of the group expense
9\u202f535
3\u202f343
In 2023 the company\u2019s CFO Brede Ellings\u00e6ter was contracted from related parties Scatec Innovation AS. In June 2024, he assumed the position permanently. Shares in the company are held by the members of the management group 31 December 2024
Employed with
Current position the Company Number of Number of
Name within the Company since shares 2024 shares 2023
Current management
Jasper Kurth
Chief Executive Officer
01.08.2024
400\u202f000
-
Brede Ellings\u00e6ter
Chief Financial and Operating Ofifcer
01.06.2024
400\u202f000
-
Executive Vice President Business
Alf Bj\u00f8rseth
Development
01.07.2023
447\u202f855
47\u202f855
Sindre Hassfjell
Cheif Technology Officer
01.07.2023
80\u202f000
-
Astrid Liland
Executive Vice President HSEQ
01.01.2024
-
-
Total compensation of key management personnel of the group expense
1\u202f327 855
47\u202f855
Share options held by members of the management on 31 December 2024 Management have been allocated 11\u202f500 000 share options of which 3\u202f800 000 options had vested as per 31 December 2024. 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
2024
2023
Weighted average Weighted average Weighted average Weighted average
Numbers exercise price fair value Numbers exercise price fair value
RSUs outstanding of RSUs in NOK in NOK of RSUs in NOK in NOK
Balance at 01.01
1\u202f320\u202f469
0.20
0.72
72\u202f315
0.20
21.59
Granted during the year
1\u202f090\u202f974
0.20
0.87
2\u202f054\u202f673
0.20
0.79
Exercised or settled during the year
(1\u202f320\u202f469)
0.20
0.72
(797\u202f252)
0.20
2.76
Forfeited
-
(9\u202f267)
0.20
14.28
Balance at 31.12.
1\u202f090\u202f974
0.20
0.87
1\u202f320\u202f469
0.20
0.72
Hereof vested RSUs
-
0.20
0.87
-
0.20
0.72
2024
Weighted average
Numbers of exercise price
RSUs outstanding options in NOK
Balance at 01.01.
-
-
Granted during the year
11\u202f500\u202f000
1.07
Forfeited
-
Balance at 31.12.
11\u202f500\u202f000
1.07
6.3 Remuneration to the board
The AGM held on 11 April 2024 resolved remuneration to the board and the nomination committee for the
periode from the 2024 AGM until the AGM in 2025 as shown in the table below. The Board of Directors consti-
tute collectively the Audti Committee.
Boards of Audit Nomination
(Amounts in NOK 1\u202f000, exclusive of social security) directors committee committee
Chair
350
30
Member
300
25
Board of directors and their roles after the 2024 AGM
Boards of Audit Nomination
(Amounts in NOK 1\u202f000, exclusive of social security) directors committee committee
Ludvik Sandnes
Chair
Chair
John Andersen
Member
Member
Mimi Berdal
Member
Member
Didrik Leikvang
Chair
J\u00f8rn Aage Johansen
Member
Jon Magne Asmyr
Member
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
(Amounts in NOK 1\u202f000, Served since/ committee work \u2006of 31.12 \u2006
except number of shares) period on the board
2023
2024
2024
2023
Current board
Ludvik Sandnes
June 2023
350
350
486\u202f489
100\u202f000
John Andersen
1
June 2023
300
300
62\u202f318 296
61\u202f908\u202f494
Mimi Berdal
June 2023
300
300
416\u202f990
-
Former members of the board
Jon Magne Asmyr
January 2023\u2013June 2023
500
4\u202f300\u202f000
4\u202f300\u202f000
Tina B\u00f8nsdorff
January 2023\u2013June 2023
165
234\u202f781
-
Total
1\u202f615
950
67\u202f756 556
66\u202f308\u202f494
1 Close associates of John Andersen, Scatec Innovation AS and Scatec Invest IV AS, controls in total 62\u202f318 296 shares as per 31.12.2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-260": { "value": "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. Overview Costs related to the pilot facilitates at Her\u00f8ya have been expensed as incurred because they will not generate revenue in the future, and therefore do not meet the requirements for capitalization as an intangible asset. .
(Amounts in NOK 1\u202f000)
Note
2024
2023
Reasearch and development costs
3\u202f309
945
Government grants
3.3
(7\u202f156)
(41)
Transactions with related parties
1\u202f411
1\u202f013
Other administrative costs
29\u202f071
1\u202f571
Total other operating expenses
26\u202f634
3\u202f487
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-10": { "value": "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. Overview Costs related to the pilot facilitates at Her\u00f8ya have been expensed as incurred because they will not generate revenue in the future, and therefore do not meet the requirements for capitalization as an intangible asset. .
(Amounts in NOK 1\u202f000)
Note
2024
2023
Reasearch and development costs
3\u202f309
945
Government grants
3.3
(7\u202f156)
(41)
Transactions with related parties
1\u202f411
1\u202f013
Other administrative costs
29\u202f071
1\u202f571
Total other operating expenses
26\u202f634
3\u202f487
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-244": { "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 . 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 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 . The financial statements for 2024, we have adjusted the comparative figures from 2023 to align with the note for group. This has been done to ensure consistency and comparability between the years. The changes have been done to reflect accurate information in accordance with the presented financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-261": { "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\u202f000)
Note
2024
2023
Salaries and bonus
6.2
9\u202f862
1\u202f527
Social Security tax
1\u202f630
207
Pension expense
6.1
591
116
Share-based payment employees
6.2
2\u202f807
1\u202f212
Accrued employer's social security on share based payment
910
121
Other
736
299
Government grants
3.3
(1\u202f620)
(138)
Total payroll and related expenses
14\u202f916
3\u202f342
Average number of full-time equivalent employees
8.5
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-11": { "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\u202f000)
Note
2024
2023
Salaries and bonus
6.2
9\u202f862
1\u202f527
Social Security tax
1\u202f630
207
Pension expense
6.1
591
116
Share-based payment employees
6.2
2\u202f807
1\u202f212
Accrued employer's social security on share based payment
910
121
Other
736
299
Government grants
3.3
(1\u202f620)
(138)
Total payroll and related expenses
14\u202f916
3\u202f342
Average number of full-time equivalent employees
8.5
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-269": { "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:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-13": { "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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-245": { "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\u202f000)
Note
2024
2023
Government grants have been recognised in the income
statement as a reduction for the related expenses with the
following amounts:
Payroll and related expenses
1\u202f620
138
Other operating expenses
3.1
7\u202f156
41
Total
8\u202f777
179
Grants receivable are detailed as follows:
Grants from SkatteFUNN
3.4
3\u202f631
179
Grants from The Research Council of Norway
345
-
Grants from Innovation Norway
4\u202f800
-
Total 31.12.
8\u202f777
179
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-227": { "value": "
3.4 Other current receivables and prepayments
(Amounts in NOK 1\u202f000)
Note
2024
2023
Government grants
3.3
3\u202f656
179
Refundable VAT
1\u202f686
488
Prepaid expenses
577
426
Rental deposits
70
70
Other receivables
533
2\u202f417
Other current receivables and prepayments 31.12
6\u202f523
3\u202f579
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-275": { "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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-270": { "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\u202f000)
Note
2024
2023
Government grants
3.3
3\u202f656
179
Refundable VAT
1\u202f686
488
Prepaid expenses
577
426
Rental deposits
70
70
Other receivables
533
2\u202f417
Other current receivables and prepayments 31.12
6\u202f523
3\u202f579
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-262": { "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\u202f000)
Note
2024
2023
Government grants
3.3
3\u202f656
179
Refundable VAT
1\u202f686
488
Prepaid expenses
577
426
Rental deposits
70
70
Other receivables
533
2\u202f417
Other current receivables and prepayments 31.12
6\u202f523
3\u202f579
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-12": { "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\u202f000)
Note
2024
2023
Government grants
3.3
3\u202f656
179
Refundable VAT
1\u202f686
488
Prepaid expenses
577
426
Rental deposits
70
70
Other receivables
533
2\u202f417
Other current receivables and prepayments 31.12
6\u202f523
3\u202f579
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-271": { "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\u202f000)
2024
2023
Unpaid duties and charges
-
1\u202f131
Unpaid vacation pay
967
358
Accrued social security related to outstanding non exercised
options, PSUs and RSUs
173
121
Other accrued costs
4\u202f980
734
Other current liabilities 31.12
6\u202f120
2\u202f343
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 2024 of NOK 2.63 per share (2023: 1.29 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 2024 are mainly related to professional services incurred ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-246": { "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\u202f000)
2024
2023
Unpaid duties and charges
-
1\u202f131
Unpaid vacation pay
967
358
Accrued social security related to outstanding non exercised
options, PSUs and RSUs
173
121
Other accrued costs
4\u202f980
734
Other current liabilities 31.12
6\u202f120
2\u202f343
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 2024 of NOK 2.63 per share (2023: 1.29 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 2024 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 2024
Less than 3 3 to 12
(Amounts in NOK 1\u202f000)
On demand
months
months
Total
Accounts payable
15\u202f230
15\u202f230
Unpaid duties and charges
949
165
1\u202f114
Unpaid vacation pay
967
967
Accrued social security related to outstanding non exercised options, PSUs and RSUs
1
1\u202f031
1\u202f031
Lease liabilities
113
323
437
Other accrued costs
139
2\u202f348
1\u202f635
4\u202f122
Current liabilities 31.12
139
18\u202f640
4\u202f121
22\u202f900
As per 31 December 2023
Less than 3 3 to 12
(Amounts in NOK 1\u202f000)
On demand
months
months
Total
Accounts payable
2\u202f146
(43)
2\u202f103
Unpaid duties and charges
768
768
Unpaid vacation pay
358
358
Accrued social security related to outstanding non exercised options, PSUs and RSUs
1
121
121
Lease liabilities
-
Other accrued costs
1\u202f097
1\u202f097
Current liabilities 31.12
-
4\u202f131
315
4\u202f446
1 Social security is payable when the equity instruments are exercised .", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-14": { "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\u202f000)
2024
2023
Unpaid duties and charges
-
1\u202f131
Unpaid vacation pay
967
358
Accrued social security related to outstanding non exercised
options, PSUs and RSUs
173
121
Other accrued costs
4\u202f980
734
Other current liabilities 31.12
6\u202f120
2\u202f343
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 2024 of NOK 2.63 per share (2023: 1.29 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 2024 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 2024
Less than 3 3 to 12
(Amounts in NOK 1\u202f000)
On demand
months
months
Total
Accounts payable
15\u202f230
15\u202f230
Unpaid duties and charges
949
165
1\u202f114
Unpaid vacation pay
967
967
Accrued social security related to outstanding non exercised options, PSUs and RSUs
1
1\u202f031
1\u202f031
Lease liabilities
113
323
437
Other accrued costs
139
2\u202f348
1\u202f635
4\u202f122
Current liabilities 31.12
139
18\u202f640
4\u202f121
22\u202f900
As per 31 December 2023
Less than 3 3 to 12
(Amounts in NOK 1\u202f000)
On demand
months
months
Total
Accounts payable
2\u202f146
(43)
2\u202f103
Unpaid duties and charges
768
768
Unpaid vacation pay
358
358
Accrued social security related to outstanding non exercised options, PSUs and RSUs
1
121
121
Lease liabilities
-
Other accrued costs
1\u202f097
1\u202f097
Current liabilities 31.12
-
4\u202f131
315
4\u202f446
1 Social security is payable when the equity instruments are exercised .", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-15": { "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\u202f000)
2024
2023
Audit fee
545
660
Attestation services
185
116
Non-audit services
-
-
Auditors fee 31.12
730
776
Audit fee 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. Attestations services is reported according to invoices received during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-228": { "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. In 2024, all cash
flows and result are generated from continued operations.
Cash flows generated from discontinued operations are as follows:
(Amounts in NOK 1\u202f000)
2024
2023
Net cash flows from operating activities
-
(24\u202f131)
Net cash flows from investing activities
-
-
Net cash flows from financing activities
-
(159)
Cash flows from discontinued operations
-
(24\u202f290)
The result of the discontinued operation for the year are presented below:
For the year ended 31 December
(Amounts in NOK 1\u202f000)
2024
2023
Revenues
-
4\u202f108
Cash flows from discontinued operations
-
4\u202f108
Payroll and related expenses
-
10\u202f490
Depreciation and impairment
-
386
Other operating expenses
-
19\u202f752
Total operating expenses
-
30\u202f628
Operating profit (loss)
-
(26\u202f520)
Finance income and finance expenses
Finance income
-
3\u202f969
Finance expenses
-
-
Net currency gains (loss)
-
1\u202f550
Net finance income (expenses)
-
5\u202f520
Loss before income tax
-
(21\u202f000)
Income tax
-
-
Loss for the year from dicontinued operations
-
(21\u202f000)
Earnings (loss) per share (discontinued operations)
Basic and diluted earnings (loss) per share
-
(0.12)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-16": { "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. In 2024, all cash flows and result are generated from continued operations.
Cash flows generated from discontinued operations are as follows:
(Amounts in NOK 1\u202f000)
2024
2023
Net cash flows from operating activities
-
(24\u202f131)
Net cash flows from investing activities
-
-
Net cash flows from financing activities
-
(159)
Cash flows from discontinued operations
-
(24\u202f290)
The result of the discontinued operation for the year are presented below:
For the year ended 31 December
(Amounts in NOK 1\u202f000)
2024
2023
Revenues
-
4\u202f108
Cash flows from discontinued operations
-
4\u202f108
Payroll and related expenses
-
10\u202f490
Depreciation and impairment
-
386
Other operating expenses
-
19\u202f752
Total operating expenses
-
30\u202f628
Operating profit (loss)
-
(26\u202f520)
Finance income and finance expenses
Finance income
-
3\u202f969
Finance expenses
-
-
Net currency gains (loss)
-
1\u202f550
Net finance income (expenses)
-
5\u202f520
Loss before income tax
-
(21\u202f000)
Income tax
-
-
Loss for the year from dicontinued operations
-
(21\u202f000)
Earnings (loss) per share (discontinued operations)
Basic and diluted earnings (loss) per share
-
(0.12)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-17": { "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\u202f000) equipment equipment building fixtures
fittings
Total
Cost of 01.01.2023
3\u202f975
1\u202f445
4\u202f027
1\u202f408
10\u202f855
Additions in the year
1\u202f118
69
1\u202f187
Disposals in the year
(334)
(1\u202f340)
(4\u202f027)
(1\u202f408)
(7\u202f109)
Cost at 31.12.2023
4\u202f759
174
-
-
4\u202f933
Additions in the year
Disposals in the year
Cost at 31.12.2024
4\u202f759
174
-
-
4\u202f933
Accumulated depreciations 01.01.2023
3\u202f737
1\u202f303
4\u202f027
1\u202f408
10\u202f475
Depreciations in the year
186
145
331
Impairment in the year
-
Disposals in the year
(139)
(1\u202f306)
(4\u202f027)
(1\u202f408)
(6\u202f881)
Accumulated depreciation at 31.12.2023
3\u202f784
142
-
-
3\u202f925
Depreciations in the year
373
21
393
Disposals in the year
-
Accumulated depreciation at 31.12.2024
373
21
-
-
393
Net carrying amount at 31.12.2023
975
32
-
-
1\u202f008
Net carrying amount at 31.12.2024
603
11
-
-
614
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-247": { "value": "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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-229": { "value": "
Laboratory Office Permanent Furniture and
(Amounts in NOK 1\u202f000) equipment equipment building fixtures
fittings
Total
Cost of 01.01.2023
3\u202f975
1\u202f445
4\u202f027
1\u202f408
10\u202f855
Additions in the year
1\u202f118
69
1\u202f187
Disposals in the year
(334)
(1\u202f340)
(4\u202f027)
(1\u202f408)
(7\u202f109)
Cost at 31.12.2023
4\u202f759
174
-
-
4\u202f933
Additions in the year
Disposals in the year
Cost at 31.12.2024
4\u202f759
174
-
-
4\u202f933
Accumulated depreciations 01.01.2023
3\u202f737
1\u202f303
4\u202f027
1\u202f408
10\u202f475
Depreciations in the year
186
145
331
Impairment in the year
-
Disposals in the year
(139)
(1\u202f306)
(4\u202f027)
(1\u202f408)
(6\u202f881)
Accumulated depreciation at 31.12.2023
3\u202f784
142
-
-
3\u202f925
Depreciations in the year
373
21
393
Disposals in the year
-
Accumulated depreciation at 31.12.2024
373
21
-
-
393
Net carrying amount at 31.12.2023
975
32
-
-
1\u202f008
Net carrying amount at 31.12.2024
603
11
-
-
614
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
Patents,
licenses,
(Amounts in NOK 1\u202f000)
Technology
domains, etc.
Goodwill
Total
Cost of 01.01.2023
-
-
-
-
Acquired through business combinations
247\u202f265
-
37\u202f216
284\u202f481
Disposals in the year
-
-
-
-
Cost at 31.12.2023
247\u202f265
-
37\u202f216
284\u202f481
Additions in the year
-
140
-
-
Disposals in the year
-
-
-
-
Cost at 31.12.2024
247\u202f265
140
37\u202f216
284\u202f481
Accumulated depreciations 01.01.2023
-
-
-
-
Depreciations in the year
-
-
-
-
Impairment in the year
-
-
-
-
Disposals in the year
-
-
-
-
Accumulated depreciation at 31.12.2023
-
-
-
-
Depreciations in the year
1\u202f580
1
-
1\u202f581
Impairment in the year
-
-
-
-
Disposals in the year
-
-
-
-
Accumulated depreciation at 31.12.2024
1\u202f580
1
-
1\u202f581
Net carrying amount at 31.12.2023
247\u202f265
-
37\u202f216
284\u202f481
Net carrying amount at 31.12.2024
245\u202f685
138
37\u202f216
283\u202f039
Estimated useful life 15 years 15 years
Depreciation method straight-line straight-line
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-276": { "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 amortization and accumulated impairment losses. 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 technology was aquired through business comination in 2023 and was ready for its intended use in December 2024, and is consequently amortized as of this period. Costs related to the pilot facilitates at Her\u00f8ya have been expensed as incurred as these do not meet the requirements mentioned above.
Patents,
licenses,
(Amounts in NOK 1\u202f000)
Technology
domains, etc.
Goodwill
Total
Cost of 01.01.2023
-
-
-
-
Acquired through business combinations
247\u202f265
-
37\u202f216
284\u202f481
Disposals in the year
-
-
-
-
Cost at 31.12.2023
247\u202f265
-
37\u202f216
284\u202f481
Additions in the year
-
140
-
-
Disposals in the year
-
-
-
-
Cost at 31.12.2024
247\u202f265
140
37\u202f216
284\u202f481
Accumulated depreciations 01.01.2023
-
-
-
-
Depreciations in the year
-
-
-
-
Impairment in the year
-
-
-
-
Disposals in the year
-
-
-
-
Accumulated depreciation at 31.12.2023
-
-
-
-
Depreciations in the year
1\u202f580
1
-
1\u202f581
Impairment in the year
-
-
-
-
Disposals in the year
-
-
-
-
Accumulated depreciation at 31.12.2024
1\u202f580
1
-
1\u202f581
Net carrying amount at 31.12.2023
247\u202f265
-
37\u202f216
284\u202f481
Net carrying amount at 31.12.2024
245\u202f685
138
37\u202f216
283\u202f039
Estimated useful life 15 years 15 years Depreciation method straight-line straight-line", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-263": { "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 amortization and accumulated impairment losses. 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 technology was aquired through business comination in 2023 and was ready for its intended use in December 2024, and is consequently amortized as of this period. Costs related to the pilot facilitates at Her\u00f8ya have been expensed as incurred as these do not meet the requirements mentioned above.
Patents,
licenses,
(Amounts in NOK 1\u202f000)
Technology
domains, etc.
Goodwill
Total
Cost of 01.01.2023
-
-
-
-
Acquired through business combinations
247\u202f265
-
37\u202f216
284\u202f481
Disposals in the year
-
-
-
-
Cost at 31.12.2023
247\u202f265
-
37\u202f216
284\u202f481
Additions in the year
-
140
-
-
Disposals in the year
-
-
-
-
Cost at 31.12.2024
247\u202f265
140
37\u202f216
284\u202f481
Accumulated depreciations 01.01.2023
-
-
-
-
Depreciations in the year
-
-
-
-
Impairment in the year
-
-
-
-
Disposals in the year
-
-
-
-
Accumulated depreciation at 31.12.2023
-
-
-
-
Depreciations in the year
1\u202f580
1
-
1\u202f581
Impairment in the year
-
-
-
-
Disposals in the year
-
-
-
-
Accumulated depreciation at 31.12.2024
1\u202f580
1
-
1\u202f581
Net carrying amount at 31.12.2023
247\u202f265
-
37\u202f216
284\u202f481
Net carrying amount at 31.12.2024
245\u202f685
138
37\u202f216
283\u202f039
Estimated useful life 15 years 15 years Depreciation method straight-line straight-line", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-248": { "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 amortization and accumulated impairment losses. 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 technology was aquired through business comination in 2023 and was ready for its intended use in December 2024, and is consequently amortized as of this period. Costs related to the pilot facilitates at Her\u00f8ya have been expensed as incurred as these do not meet the requirements mentioned above.
Patents,
licenses,
(Amounts in NOK 1\u202f000)
Technology
domains, etc.
Goodwill
Total
Cost of 01.01.2023
-
-
-
-
Acquired through business combinations
247\u202f265
-
37\u202f216
284\u202f481
Disposals in the year
-
-
-
-
Cost at 31.12.2023
247\u202f265
-
37\u202f216
284\u202f481
Additions in the year
-
140
-
-
Disposals in the year
-
-
-
-
Cost at 31.12.2024
247\u202f265
140
37\u202f216
284\u202f481
Accumulated depreciations 01.01.2023
-
-
-
-
Depreciations in the year
-
-
-
-
Impairment in the year
-
-
-
-
Disposals in the year
-
-
-
-
Accumulated depreciation at 31.12.2023
-
-
-
-
Depreciations in the year
1\u202f580
1
-
1\u202f581
Impairment in the year
-
-
-
-
Disposals in the year
-
-
-
-
Accumulated depreciation at 31.12.2024
1\u202f580
1
-
1\u202f581
Net carrying amount at 31.12.2023
247\u202f265
-
37\u202f216
284\u202f481
Net carrying amount at 31.12.2024
245\u202f685
138
37\u202f216
283\u202f039
Estimated useful life 15 years 15 years Depreciation method straight-line straight-line", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-18": { "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 amortization and accumulated impairment losses. 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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-272": { "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 amortization and accumulated impairment losses. 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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-279": { "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
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-19": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-230": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-231": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-232": { "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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-233": { "value": "5.2 Cash and cash equivalents
(Amounts in NOK 1\u202f000)
2024
2023
Employee withholding tax, restricted
569
482
Variable interest rate bank accounts
122\u202f819
41\u202f284
Cash and cash equivalents 31.12
123\u202f389
41\u202f767
Of the total balance of cash and cash equivalents, NOK 0.6 million (2023: NOK 0.5 million) relates to restricted funds for employee withholding taxes. The remainder of the cash is deposited in various banks on variable interests rate terms", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-20": { "value": "5.2 Cash and cash equivalents
(Amounts in NOK 1\u202f000)
2024
2023
Employee withholding tax, restricted
569
482
Variable interest rate bank accounts
122\u202f819
41\u202f284
Cash and cash equivalents 31.12
123\u202f389
41\u202f767
Of the total balance of cash and cash equivalents, NOK 0.6 million (2023: NOK 0.5 million) relates to restricted funds for employee withholding taxes. The remainder of the cash is deposited in various banks on variable interests rate terms", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-273": { "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 2024
Less than 3 3 to 12
(Amounts in NOK 1\u202f000)
On demand
months
months
Total
Accounts payable
15\u202f230
15\u202f230
Unpaid duties and charges
949
165
1\u202f114
Unpaid vacation pay
967
967
Accrued social security related to outstanding non exercised options, PSUs and RSUs
1
1\u202f031
1\u202f031
Lease liabilities
113
323
437
Other accrued costs
139
2\u202f348
1\u202f635
4\u202f122
Current liabilities 31.12
139
18\u202f640
4\u202f121
22\u202f900
As per 31 December 2023
Less than 3 3 to 12
(Amounts in NOK 1\u202f000)
On demand
months
months
Total
Accounts payable
2\u202f146
(43)
2\u202f103
Unpaid duties and charges
768
768
Unpaid vacation pay
358
358
Accrued social security related to outstanding non exercised options, PSUs and RSUs
1
121
121
Lease liabilities
-
Other accrued costs
1\u202f097
1\u202f097
Current liabilities 31.12
-
4\u202f131
315
4\u202f446
1 Social security is payable when the equity instruments are exercised ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-264": { "value": "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-234": { "value": "
5.4 Share capital and shareholder information
As at 31 December 2024 the company\u2019s share capital is NOK 56\u202f098 479 (31 December 2023:
NOK 46\u202f707 801), being divided into 280\u202f492 395 ordinary shares, each with a nominal value of NOK 0.20. All
shares carry equal voting rights. Following the completion of the share issues subsequent to this report, the
total number of issued shares in the company is 314\u202f408 521.
Note
2024
2023
Ordinary shares at beginning of the period
233\u202f539\u202f006
116\u202f035\u202f298
Issue of ordinary shares
1
45\u202f632\u202f920
116\u202f769\u202f503
Issue of ordinary shares under RSUs
6.2
1\u202f320\u202f469
734\u202f205
Ordinary shares at the end of the period
280\u202f492\u202f395
233\u202f539\u202f006
1
On 11 December 2024 Thor Medical successfully completed a private placement allocating 63\u202f000 000 shares along with a retail offer through
PrimaryBid of 6\u202f029 300 shares. A total of 45\u202f632 920 was issued under existing board of directors\u2019 authorization to increase the share capital up to
20% granted on the AGM 11 April 2024. The remainder 23\u202f396 380 allocated shares and a subsequent offering of 10\u202f519 746 were issued subse-
quent to this report after approval at the company\u2019s EGM on 6 January 2025, increasing the total outstanding shares in the company to 314\u202f408 .
Number Percentage of
Shareholder of shares total shares
1
SCATEC INNOVATION AS
59\u202f152\u202f376
21.09%
2
ROHT INVEST AS
11\u202f794\u202f640
4.20%
3
BRENNEBU AS
10\u202f532\u202f567
3.76%
4
NORTH ENERGY ASA
8\u202f000\u202f000
2.85%
5
THORIUM FOUNDATION
6\u202f849\u202f880
2.44%
6
BERGFALD HOLDING AS
6\u202f200\u202f000
2.21%
7
Nordnet Bank AB
4\u202f781\u202f223
1.70%
8
ASMYR
4\u202f300\u202f000
1.53%
9
DNB Markets Aksjehandel/-analyse
4\u202f257\u202f792
1.52%
10
NORDNET LIVSFORSIKRING AS
3\u202f753\u202f278
1.34%
11
SCATEC INVEST IV AS
3\u202f165\u202f920
1.13%
12
OLILI AS
2\u202f900\u202f000
1.03%
13
Danske Bank A/S
2\u202f119\u202f544
0.76%
14
SCIENCONS AS
2\u202f000\u202f000
0.71%
15
SKY HIGH RISK AS
1\u202f815\u202f781
0.65%
16
B\u00c6KKELAGET HOLDING AS
1\u202f538\u202f543
0.55%
17
OPEDAL
1\u202f485\u202f880
0.53%
18
ARNE HELLEST\u00d8 AS
1\u202f416\u202f021
0.50%
19
MIDDELBOE AS
1\u202f405\u202f758
0.50%
20
Saxo Bank A/S
1\u202f179\u202f523
0.42%
Total shares for top 20 shareholders
138\u202f648\u202f726
49.43%
Total shares for other 14\u202f040 shareholders
141\u202f843\u202f669
50.57%
Total shares for 14\u202f060 shareholders
280\u202f492\u202f395
100.00%
The shares of Thor Medical ASA have been traded on the Oslo Stock Exchange since 23 March 2015. The
shareholder base has increased from 10\u202f950 shareholders as of 31 December 2023 to 14\u202f060 shareholders as
of 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-21": { "value": "5.4 Share capital and shareholder information As at 31 December 2024 the company\u2019s share capital is NOK 56\u202f098 479 (31 December 2023: NOK 46\u202f707 801), being divided into 280\u202f492 395 ordinary shares, each with a nominal value of NOK 0.20. All shares carry equal voting rights. Following the completion of the share issues subsequent to this report, the total number of issued shares in the company is 314\u202f408 521.
Note
2024
2023
Ordinary shares at beginning of the period
233\u202f539\u202f006
116\u202f035\u202f298
Issue of ordinary shares
1
45\u202f632\u202f920
116\u202f769\u202f503
Issue of ordinary shares under RSUs
6.2
1\u202f320\u202f469
734\u202f205
Ordinary shares at the end of the period
280\u202f492\u202f395
233\u202f539\u202f006
1 On 11 December 2024 Thor Medical successfully completed a private placement allocating 63\u202f000 000 shares along with a retail offer through PrimaryBid of 6\u202f029 300 shares. A total of 45\u202f632 920 was issued under existing board of directors\u2019 authorization to increase the share capital up to 20% granted on the AGM 11 April 2024. The remainder 23\u202f396 380 allocated shares and a subsequent offering of 10\u202f519 746 were issued subse- quent to this report after approval at the company\u2019s EGM on 6 January 2025, increasing the total outstanding shares in the company to 314\u202f408 .
Number Percentage of
Shareholder of shares total shares
1
SCATEC INNOVATION AS
59\u202f152\u202f376
21.09%
2
ROHT INVEST AS
11\u202f794\u202f640
4.20%
3
BRENNEBU AS
10\u202f532\u202f567
3.76%
4
NORTH ENERGY ASA
8\u202f000\u202f000
2.85%
5
THORIUM FOUNDATION
6\u202f849\u202f880
2.44%
6
BERGFALD HOLDING AS
6\u202f200\u202f000
2.21%
7
Nordnet Bank AB
4\u202f781\u202f223
1.70%
8
ASMYR
4\u202f300\u202f000
1.53%
9
DNB Markets Aksjehandel/-analyse
4\u202f257\u202f792
1.52%
10
NORDNET LIVSFORSIKRING AS
3\u202f753\u202f278
1.34%
11
SCATEC INVEST IV AS
3\u202f165\u202f920
1.13%
12
OLILI AS
2\u202f900\u202f000
1.03%
13
Danske Bank A/S
2\u202f119\u202f544
0.76%
14
SCIENCONS AS
2\u202f000\u202f000
0.71%
15
SKY HIGH RISK AS
1\u202f815\u202f781
0.65%
16
B\u00c6KKELAGET HOLDING AS
1\u202f538\u202f543
0.55%
17
OPEDAL
1\u202f485\u202f880
0.53%
18
ARNE HELLEST\u00d8 AS
1\u202f416\u202f021
0.50%
19
MIDDELBOE AS
1\u202f405\u202f758
0.50%
20
Saxo Bank A/S
1\u202f179\u202f523
0.42%
Total shares for top 20 shareholders
138\u202f648\u202f726
49.43%
Total shares for other 14\u202f040 shareholders
141\u202f843\u202f669
50.57%
Total shares for 14\u202f060 shareholders
280\u202f492\u202f395
100.00%
The shares of Thor Medical ASA have been traded on the Oslo Stock Exchange since 23 March 2015. The shareholder base has increased from 10\u202f950 shareholders as of 31 December 2023 to 14\u202f060 shareholders as of 31 December 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-281": { "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 . The financial statements for 2024, we have adjusted the comparative figures from 2023 to align with the note for group. This has been done to ensure consistency and comparability between the years. The changes have been done to reflect accurate information in accordance with the presented financial statements.
(Amounts in NOK 1\u202f000)
Note
2024
2023
Finance income
Interest income on tax repaid
54
-
Interest incom on bank deposit
5.2
1\u202f395
2\u202f019
Other finans income
9
-
Currency gains
242
104
Total finance income
1\u202f700
2\u202f123
Finance expenses
Interest expense leasing
98
-
Other fees, charges
3
169
Currency loss
306
354
Total finance expense
407
523
Net finance income (expenses)
1\u202f293
1\u202f600
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-280": { "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 . The financial statements for 2024, we have adjusted the comparative figures from 2023 to align with the note for group. This has been done to ensure consistency and comparability between the years. The changes have been done to reflect accurate information in accordance with the presented financial statements.
(Amounts in NOK 1\u202f000)
Note
2024
2023
Finance income
Interest income on tax repaid
54
-
Interest incom on bank deposit
5.2
1\u202f395
2\u202f019
Other finans income
9
-
Currency gains
242
104
Total finance income
1\u202f700
2\u202f123
Finance expenses
Interest expense leasing
98
-
Other fees, charges
3
169
Currency loss
306
354
Total finance expense
407
523
Net finance income (expenses)
1\u202f293
1\u202f600
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-277": { "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 . The financial statements for 2024, we have adjusted the comparative figures from 2023 to align with the note for group. This has been done to ensure consistency and comparability between the years. The changes have been done to reflect accurate information in accordance with the presented financial statements.
(Amounts in NOK 1\u202f000)
Note
2024
2023
Finance income
Interest income on tax repaid
54
-
Interest incom on bank deposit
5.2
1\u202f395
2\u202f019
Other finans income
9
-
Currency gains
242
104
Total finance income
1\u202f700
2\u202f123
Finance expenses
Interest expense leasing
98
-
Other fees, charges
3
169
Currency loss
306
354
Total finance expense
407
523
Net finance income (expenses)
1\u202f293
1\u202f600
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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 . The financial statements for 2024, we have adjusted the comparative figures from 2023 to align with the note for group. This has been done to ensure consistency and comparability between the years. The changes have been done to reflect accurate information in accordance with the presented financial statements.
(Amounts in NOK 1\u202f000)
Note
2024
2023
Finance income
Interest income on tax repaid
54
-
Interest incom on bank deposit
5.2
1\u202f395
2\u202f019
Other finans income
9
-
Currency gains
242
104
Total finance income
1\u202f700
2\u202f123
Finance expenses
Interest expense leasing
98
-
Other fees, charges
3
169
Currency loss
306
354
Total finance expense
407
523
Net finance income (expenses)
1\u202f293
1\u202f600
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-265": { "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 . The financial statements for 2024, we have adjusted the comparative figures from 2023 to align with the note for group. This has been done to ensure consistency and comparability between the years. The changes have been done to reflect accurate information in accordance with the presented financial statements.
(Amounts in NOK 1\u202f000)
Note
2024
2023
Finance income
Interest income on tax repaid
54
-
Interest incom on bank deposit
5.2
1\u202f395
2\u202f019
Other finans income
9
-
Currency gains
242
104
Total finance income
1\u202f700
2\u202f123
Finance expenses
Interest expense leasing
98
-
Other fees, charges
3
169
Currency loss
306
354
Total finance expense
407
523
Net finance income (expenses)
1\u202f293
1\u202f600
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-22": { "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 . The financial statements for 2024, we have adjusted the comparative figures from 2023 to align with the note for group. This has been done to ensure consistency and comparability between the years. The changes have been done to reflect accurate information in accordance with the presented financial statements.
(Amounts in NOK 1\u202f000)
Note
2024
2023
Finance income
Interest income on tax repaid
54
-
Interest incom on bank deposit
5.2
1\u202f395
2\u202f019
Other finans income
9
-
Currency gains
242
104
Total finance income
1\u202f700
2\u202f123
Finance expenses
Interest expense leasing
98
-
Other fees, charges
3
169
Currency loss
306
354
Total finance expense
407
523
Net finance income (expenses)
1\u202f293
1\u202f600
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-284": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-283": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-282": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-235": { "value": "The financial statements for 2024, we have adjusted the comparative figures from 2023 to align with the note for group. This has been done to ensure consistency and comparability between the years. The changes have been done to reflect accurate information in accordance with the presented financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-23": { "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 following data:
(Amounts in NOK 1\u202f000, except number of shares)
Note
2024
2023
Loss for the period (NOKm)
(42.2)
(29.0)
Average number of outstanding shares during (in mill)
235\u202f793\u202f352
174\u202f787\u202f152
Earnings (loss) per share in NOK - basic and diluted
(0.18)
(0.15)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-249": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-24": { "value": "Section 6 - Remuneration 6.1 Remuneration to management Compensation of key management
(Amounts in NOK 1\u202f000)
2024
2023
Short term employment benefits
6\u202f716
3\u202f227
Post-employment pension
412
116
Termination benefits
-
-
Total compensation of key management personnel of the group in cash
7\u202f127
3\u202f343
Imputed share based payment expense
2\u202f407
-
Total compensation of key management personnel of the group expense
9\u202f535
3\u202f343
In 2023 the company\u2019s CFO Brede Ellings\u00e6ter was contracted from related parties Scatec Innovation AS. In June 2024, he assumed the position permanently. Shares in the company are held by the members of the management group 31 December 2024
Employed with
Current position the Company Number of Number of
Name within the Company since shares 2024 shares 2023
Current management
Jasper Kurth
Chief Executive Officer
01.08.2024
400\u202f000
-
Brede Ellings\u00e6ter
Chief Financial and Operating Ofifcer
01.06.2024
400\u202f000
-
Executive Vice President Business
Alf Bj\u00f8rseth
Development
01.07.2023
447\u202f855
47\u202f855
Sindre Hassfjell
Cheif Technology Officer
01.07.2023
80\u202f000
-
Astrid Liland
Executive Vice President HSEQ
01.01.2024
-
-
Total compensation of key management personnel of the group expense
1\u202f327 855
47\u202f855
Share options held by members of the management on 31 December 2024 Management have been allocated 11\u202f500 000 share options of which 3\u202f800 000 options had vested as per 31 December 2024. 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 6.3 Remuneration to the board The AGM held on 11 April 2024 resolved remuneration to the board and the nomination committee for the periode from the 2024 AGM until the AGM in 2025 as shown in the table below. The Board of Directors consti- tute collectively the Audti Committee.
Boards of Audit Nomination
(Amounts in NOK 1\u202f000, exclusive of social security) directors committee committee
Chair
350
30
Member
300
25
Board of directors and their roles after the 2024 AGM
Boards of Audit Nomination
(Amounts in NOK 1\u202f000, exclusive of social security) directors committee committee
Ludvik Sandnes
Chair
Chair
John Andersen
Member
Member
Mimi Berdal
Member
Member
Didrik Leikvang
Chair
J\u00f8rn Aage Johansen
Member
Jon Magne Asmyr
Member
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
(Amounts in NOK 1\u202f000, Served since/ committee work \u2006of 31.12 \u2006
except number of shares) period on the board
2023
2024
2024
2023
Current board
Ludvik Sandnes
June 2023
350
350
486\u202f489
100\u202f000
John Andersen
1
June 2023
300
300
62\u202f318 296
61\u202f908\u202f494
Mimi Berdal
June 2023
300
300
416\u202f990
-
Former members of the board
Jon Magne Asmyr
January 2023\u2013June 2023
500
4\u202f300\u202f000
4\u202f300\u202f000
Tina B\u00f8nsdorff
January 2023\u2013June 2023
165
234\u202f781
-
Total
1\u202f615
950
67\u202f756 556
66\u202f308\u202f494
1 Close associates of John Andersen, Scatec Innovation AS and Scatec Invest IV AS, controls in total 62\u202f318 296 shares as per 31.12.2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-25": { "value": "6.2 Share-based payments and incentive program Allocation of restricted stock units (RSUs) to the board of directors Accounting Policy The fair value of the granted RSU without market condition is meas- ured using the share price at grant date. Overview At the AGM in 2024 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 compen- sation 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 calculated as volume weighted average share price the 10 trading days prior to the grant date. Following the AGM in 2024, 1\u202f090 974 RSUs were allocated. At 31 December 2024 there are 1\u202f090 974 RSUs remaining. Share based payment expenses related to RSUs are recognised in the income statement and disclosed in note 3.1. As per 31 December 2024
Total number of Remuneration Number of Total number of
RSUs outstanding for the period Allocation Remuneration for RSUs granted Market price Number of RSUs RSUs outstanding
31 December 2024\u20132025 between the period 2024- for the period on grant date exercised or 31 December
Name 2023 in NOK cash and RSUs 2025 in cash 2024\u20132025 in NOK settled in 2024 2024
Ludvik Sandnes
1
486\u202f489
350\u202f000
100% RSU
-
401\u202f938
0.87
(486\u202f489)
401\u202f938
John Andersen
2
416\u202f990
300\u202f000
100% RSU
-
344\u202f518
0.87
(416\u202f990)
344\u202f518
Mimi Berdal
3
416\u202f990
300\u202f000
100% RSU
-
344\u202f518
0.87
(416\u202f990)
344\u202f518
Total
1\u202f320\u202f469
950\u202f000
-
1\u202f090\u202f974
(1\u202f320\u202f469)
1\u202f090\u202f974
1 NOK 350\u202f000 as chairman of the board. 2 NOK 300\u202f000 as board member. 3 NOK 300\u202f000 as board member.
2024
2023
Weighted average Weighted average Weighted average Weighted average
Numbers exercise price fair value Numbers exercise price fair value
RSUs outstanding of RSUs in NOK in NOK of RSUs in NOK in NOK
Balance at 01.01
1\u202f320\u202f469
0.20
0.72
72\u202f315
0.20
21.59
Granted during the year
1\u202f090\u202f974
0.20
0.87
2\u202f054\u202f673
0.20
0.79
Exercised or settled during the year
(1\u202f320\u202f469)
0.20
0.72
(797\u202f252)
0.20
2.76
Forfeited
-
(9\u202f267)
0.20
14.28
Balance at 31.12.
1\u202f090\u202f974
0.20
0.87
1\u202f320\u202f469
0.20
0.72
Hereof vested RSUs
-
0.20
0.87
-
0.20
0.72
Share options Accounting Policy The fair value of the granted option is measured using the volume-weighted share price over the last ten trad- ingdays prior to grant date. Overview The company has in 2024 granted a total of 11\u202f500 000 share options to senior management. Each option provides a right to acquire one share at the exercise price, equal to the volume-weighted share price over the last ten tradingdays prior to grant. 3\u202f800 000 of the share options will vest 12 months after the grant day, while the remaining share options will vest over the next 24 months with 1/36 of the granted 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 grant shall be limited to the grantee\u2019s total base salary of the three-year period. As per 31 December 2024
Total number
of options
Number of Weighted average Number of outstanding
options granted exercise price options exercised 31 December
Name in 2024 in NOK or settled in 2024 2024
Jasper Kurth
3\u202f600\u202f000
1.118
-
3\u202f600\u202f000
Brede Ellings\u00e6ter
3\u202f100\u202f000
1.002
-
3\u202f100\u202f000
Alf Bj\u00f8rseth
Sindre Hassfjell
2\u202f700\u202f000
1.082
-
2\u202f700\u202f000
Astrid Liland
2\u202f100\u202f000
1.082
-
2\u202f100\u202f000
Total
11\u202f500\u202f000
1.07
-
11\u202f500\u202f000
2024
Weighted average
Numbers of exercise price
RSUs outstanding options in NOK
Balance at 01.01.
-
-
Granted during the year
11\u202f500\u202f000
1.07
Forfeited
-
Balance at 31.12.
11\u202f500\u202f000
1.07
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-250": { "value": "Accounting Policy The fair value of the granted RSU without market condition is meas- ured using the share price at grant date. Accounting Policy The fair value of the granted option is measured using the volume-weighted share price over the last ten trad- ingdays prior to grant date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-278": { "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\u202f000)
2024
2023
Net profit before income tax from continuing operations
(42\u202f638)
(5\u202f560)
Net profit before income tax from discontinued operations
-
(21\u202f000)
Net profit before income tax
(42\u202f638)
(26\u202f561)
Non-deductible expenses
2\u202f873
234
Non-taxable income
(3\u202f710)
(2\u202f354)
Share issue costs
(9\u202f726)
(319)
Effect of tax loss carried forward not recognised
52\u202f942
47\u202f641
Change in temporary differences
2\u202f212
(18\u202f641)
Basis for tax calculation
1\u202f953
-
Income tax expense
(430)
-
Reconciliation of tax expense and the accounting profit (loss)
(Amounts in NOK 1\u202f000)
2024
2023
Expected tax expense
(9\u202f380)
(5\u202f843)
Non-deductible expenses
632
52
Non-taxable income
(816)
(518)
Share issue costs
(2\u202f140)
(70)
Change in deferred tax assets not recognised
11\u202f274
6\u202f380
Income tax expense
(430) -
The corporate tax rate in Norway was 22 per cent in 2024 and 2023. Tax effects of temporary differences
(Amounts in NOK 1\u202f000)
2024
2023
Tax losses carried forward
666\u202f500
655\u202f346
Property, plant and equipment
168
224
Liabilities
265
65
Intangible assets
(54\u202f051)
(54\u202f398)
Deferred tax assets, net
612\u202f882
601\u202f237
Reconsiliation to statement of financial position
Deferred tax assets, net
612\u202f882
601\u202f237
Deferred tax assets, not recognised in statement of financial position
(666\u202f916)
(655\u202f701)
Deferred tax assets (liability) - recognised in statement of financial position
(54\u202f034)
(54\u202f464)
Deferred tax assets as of 31 December 2024 and 2023 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 2024 or 2023", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-266": { "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\u202f000)
2024
2023
Net profit before income tax from continuing operations
(42\u202f638)
(5\u202f560)
Net profit before income tax from discontinued operations
-
(21\u202f000)
Net profit before income tax
(42\u202f638)
(26\u202f561)
Non-deductible expenses
2\u202f873
234
Non-taxable income
(3\u202f710)
(2\u202f354)
Share issue costs
(9\u202f726)
(319)
Effect of tax loss carried forward not recognised
52\u202f942
47\u202f641
Change in temporary differences
2\u202f212
(18\u202f641)
Basis for tax calculation
1\u202f953
-
Income tax expense
(430)
-
Reconciliation of tax expense and the accounting profit (loss)
(Amounts in NOK 1\u202f000)
2024
2023
Expected tax expense
(9\u202f380)
(5\u202f843)
Non-deductible expenses
632
52
Non-taxable income
(816)
(518)
Share issue costs
(2\u202f140)
(70)
Change in deferred tax assets not recognised
11\u202f274
6\u202f380
Income tax expense
(430) -
The corporate tax rate in Norway was 22 per cent in 2024 and 2023. Tax effects of temporary differences
(Amounts in NOK 1\u202f000)
2024
2023
Tax losses carried forward
666\u202f500
655\u202f346
Property, plant and equipment
168
224
Liabilities
265
65
Intangible assets
(54\u202f051)
(54\u202f398)
Deferred tax assets, net
612\u202f882
601\u202f237
Reconsiliation to statement of financial position
Deferred tax assets, net
612\u202f882
601\u202f237
Deferred tax assets, not recognised in statement of financial position
(666\u202f916)
(655\u202f701)
Deferred tax assets (liability) - recognised in statement of financial position
(54\u202f034)
(54\u202f464)
Deferred tax assets as of 31 December 2024 and 2023 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 2024 or 2023", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-251": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-26": { "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. Deferred tax assets as of 31 December 2024 and 2023 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 2024 or 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-27": { "value": "Section 8 - Group structure 8.1 Information about subsidiaries Accounting policy Shares and investments intended for long-term ownership are reported in the parent company\u2019s statement of financial 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 subsid- iary 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 parent\u2019s statement of compre- hensive income as financial items. The consolidated financial statements of the group include
Book value % Equity interest
Name
Country of incorporation
(in NOK 1000)
2024
2023
TM Technologies AS
Norway
234\u202f707
100%
100%
Thor Medical ASA is a public limited liability company incorporated and domiciled in Norway and is the parent company of the group. In 2024 the parent company acquired 100 per cent of the shares in TM Technologies AS.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-267": { "value": "8.1 Information about subsidiaries Accounting policy Shares and investments intended for long-term ownership are reported in the parent company\u2019s statement of financial 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 subsid- iary 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 parent\u2019s statement of compre- hensive income as financial items. The consolidated financial statements of the group include
Book value % Equity interest
Name
Country of incorporation
(in NOK 1000)
2024
2023
TM Technologies AS
Norway
234\u202f707
100%
100%
Thor Medical ASA is a public limited liability company incorporated and domiciled in Norway and is the parent company of the group. In 2024 the parent company acquired 100 per cent of the shares in TM Technologies AS", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-252": { "value": "Accounting policy Shares and investments intended for long-term ownership are reported in the parent company\u2019s statement of financial 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 subsid- iary 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 parent\u2019s statement of compre- hensive income as financial items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-28": { "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\u202f000)
Note
2024
2023
Subsidiary - TM Technologies AS
-
-
Purchase of professional services from Scatec Innovation AS
1\u202f411
1\u202f013
In 2024, the group has used the professional services from majority shareholder Scatec Innovation related tofinance, accounting, IT, and legal. In addition, CFO of Thor Medical ASA Brede Ellings\u00e6ter was contracted from Scatec Innovation AS until 31 May 2024. The following table provides overview of amounts owed to and by related parties at year-end for the relevant financial year:
Purchases
(included in other operating expenses)
(Amounts in NOK 1\u202f000)
Note
2024
2023
Subsidiary - TM Technologies AS
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-253": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-236": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-29": { "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\u202f118
1\u202f148
Research and development
821
246\u202f444
247\u202f265
Goodwill
-
37\u202f216
37\u202f216
Other current assets
680
-
680
Cash and cash equivalents
4\u202f257
-
4\u202f257
Total assets
5\u202f788
284\u202f778
290\u202f566
Equity and liabilities
Share capital
152
-
152
Share premium reserve
6\u202f457
-
6\u202f457
Other equity
(2\u202f216)
230\u202f314
228\u202f098
Deferred tax liabilities
-
54\u202f464
54\u202f464
Trade payables
160
-
160
Other current liabilities
1\u202f235
-
1\u202f235
Total aquity and liabilities
5\u202f788
284\u202f778
290\u202f566
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\u202f769 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\u202f706 701.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-30": { "value": "Section 9 - Other disclosures 9.1 Events after the reporting date On 6 January 2025, the Extraordinary General Meeting approved the issuance of 23\u202f396 380 shares as part of tranche 2 of the private placement completed on 11 December 2024, and up to 11\u202f000 000 shares in a subse- quent offering. Both transactions were completed in January 2025 with a total issuance of 33\u202f916 126 new shares at a subscription price of NOK 2.50 per share, raising a total amount of NOK 84.8m of equity. On 7 January 2025, Thor Medical announced it had secured a NOK 90m loan commitment from Innovation Norway for financing capex elements of the company\u2019s planned first commercial scale plant, AlphaOne. On March 25 2025, the Board of Directors approved the Final Investment Decision (FID) to proceed with the construction of the AlphaOne plant.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG6DK30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }