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"value": "I. General informationThe annual accounts for 2024 for Photocure Group (Photocure) include Photocure ASA and its four wholly owned subsidiaries: Photocure Inc. registered in the U.S., Photocure GmbH registered in Germany, Photocure SAS registered in France, and Photocure Canada Inc. registered in Canada. The Board of Directors approved the annual accounts for Photocure for publication on April 11, 2025.Photocure ASA is a public limited company based in Norway. The business activities of the Group involve research, development, production, distribution, marketing, and sales of pharmaceutical products. The Company\u2019s shares are listed on the Oslo Stock Exchange. The Parent Company\u2019s registered office is located at Hoffsveien 4, NO-0275 Oslo, Norway.",
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"value": "I. General informationThe annual accounts for 2024 for Photocure Group (Photocure) include Photocure ASA and its four wholly owned subsidiaries: Photocure Inc. registered in the U.S., Photocure GmbH registered in Germany, Photocure SAS registered in France, and Photocure Canada Inc. registered in Canada. The Board of Directors approved the annual accounts for Photocure for publication on April 11, 2025.Photocure ASA is a public limited company based in Norway. The business activities of the Group involve research, development, production, distribution, marketing, and sales of pharmaceutical products. The Company\u2019s shares are listed on the Oslo Stock Exchange. The Parent Company\u2019s registered office is located at Hoffsveien 4, NO-0275 Oslo, Norway.",
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"value": "I. General informationThe annual accounts for 2024 for Photocure Group (Photocure) include Photocure ASA and its four wholly owned subsidiaries: Photocure Inc. registered in the U.S., Photocure GmbH registered in Germany, Photocure SAS registered in France, and Photocure Canada Inc. registered in Canada. The Board of Directors approved the annual accounts for Photocure for publication on April 11, 2025.Photocure ASA is a public limited company based in Norway. The business activities of the Group involve research, development, production, distribution, marketing, and sales of pharmaceutical products. The Company\u2019s shares are listed on the Oslo Stock Exchange. The Parent Company\u2019s registered office is located at Hoffsveien 4, NO-0275 Oslo, Norway.II. Basis for preparation of the annual accountsThe annual accounts for the Group and the Parent Company are prepared based on historical cost, except for money market funds and earnout liability, which are valued at fair value.The Group and the Parent Company\u2019s annual accounts comply with IFRS Accounting Standards as specified by the International Accounting Standards Board and adopted by the European Union as of 31 December 2024.Photocure ASA uses NOK (Norwegian kroner) as its functional and presentation currency. Unless stated otherwise, all financial information is reported in whole thousands. As a result of rounding adjustments, figures in the financial statements may not sumto the totals.Photocure performs sales and distribution of Hexvix in the European markets through wholly owned subsidiaries in Germany (Photocure GmbH) and France (Photocure SAS), which provide marketing and promotion services. These entities use the Euro (EUR) as their functional currency. In North America, sales, marketing, and distribution are managed under the trade name Cysview by wholly owned subsidiary Photocure Inc. in the U.S. and Photocure Canada Inc. in Canada. Photocure Inc. uses U.S. dollars (USD) as its functional currency, while Photocure Canada Inc. operates in Canadian dollars (CAD).III. Changes in significant accounting policiesThere are no significant new IFRS standards taking effect in 2024 that impact the group accounts of Photocure.IV. Disclosures regarding new standards not yet effective There are no IFRS or IFRIC inter-pretations that are not yet effective, which would be expected to materially impact the Group. The new and amended standards and interpretations from IFRS adopted by the EU with effect from 2024 did not significantly impact the reporting for 2024.V. Use of judgements and estimatesDuring the preparation of these consolidated financial statements, management has made judgments, estimates, and assumptions that impact the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may vary from these estimates. Estimates and underlying assumptions are continually reviewed. Any revisions to estimates are recognized prospectively. This includes information about judgments made in applying accounting policies that significantly affect the amounts recognized, as well as information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustments to the financial statements.The following notes are relevant as of 31 December 2024: Note 13 and 22: Goodwill and customer relations - assumptions for IAS 36 goodwill impairment analysis and IFRS 9 fair value remeasurement of earnout liability. Note 11: Recognition of deferred tax asset - future taxable profit for utilizing carried forward tax losses. Note 9 and 10: Long term loan subsidiaries - impairment and key balance sheet assumptions in Parent company.Judgments in Relation to Accounting PrinciplesPhotocure adheres to the International Financial Reporting Standards (IFRS) and ensures transparency in its accounting principles. In accordance with IAS 1.122, Photocure discloses judgments made in relation to accounting principles, especially those that are not straightforward and require such judgments. This includes: Foreign Exchange Gains/Losses: According to IAS 21.15 and IAS 21.32, foreign exchange gains and losses arising on a monetary item that is part of a reporting entity\u2019s net investment in a foreign operation should be recognized initially in other comprehensive income and reclassified from equity to profit or loss upon disposal of the net investment Other Judgments: Photocure has made judgments in relation to other accounting principles that may have a significant effect on the amounts recognized in the financial statements. These judgments are documented and disclosed in the accounting principles to ensure transparency and understanding of the accounting decisionsVI. Summary of important guidelines for accounting for the GroupA. CurrencyForeign currency transactions are recorded at the exchange rate on the transaction date. Assets and liabilities in foreign currencies are translated into NOK at the balance sheet date\u2019s exchange rate. Unless stated otherwise, realized and unrealized exchange rate gains and losses are included in financial income or expenses.B. Property, plant, equipment and intangible assetsProperty, plant, and equipment (PPE) are recognized at their cost, net of accumulated depreciation and accumulated impairment losses. PPE are depreciated over their estimated useful lives, considering any residual value. Expenditures incurred for significant replacements and upgrades of PPE are capitalized if it is probable that these costs will yield future economic benefits to the Group and if they can be reliably measured. Routine maintenance expenses are recognized as incurred.PPE are depreciated on a straight-line basis over the estimated useful life of the asset as follows:Production and test equipment 5 yearsFurniture and office equipment 3\u20135 yearsIntangible development expenditures are amortized on a straight-line basis as follows: Product development 4 - 10 yearsCustomer relations 10 yearsC. ImpairmentNon-current and intangible assets recognized in the balance sheet are subject to impairment testing if there are indications of a decline in value. If the carrying amount of an asset exceeds its recoverable amount, the impairment loss is recorded in the profit and loss statement. The recoverable amount is the higher of the net sale value and the value in use of the asset. Assets are grouped and measured at the lowest level for which identifiable cash flows are largely independent when determining impairment.Goodwill undergoes annual impairment testing. For this purpose, assets gene-rating cash inflows from continuing use that are largely independent from other assets or cash-generating units (CGU) are grouped together. The recoverable amount of the asset is the greater of its value in use and its fair value less costs of disposal. Value in use is determined based on estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.An impairment loss is initially allocated to reduce the book value of the goodwill related to the CGU, followed by a pro-rata reduction of the carrying amounts of the other assets within the CGU. Impairment losses concerning goodwill are not reversed.D. Research and development costsResearch costs are expensed as they are incurred. Development costs are recognized on the balance sheet as intangible assets only if there is an identifiable asset expected to generate future financial benefits, and if the costs of such an asset can be reliably measured. Development costs that have been expensed in previous accounting periods cannot be later recognized on the balance sheet. Cost-sharing of research and development expenses with license partners is recorded as a reduction in costs.The tasks of the regulatory function and services provided are related to both market expansion and product development. For this reason, Photocure classifies the regulatory function into the following two categories: Regulatory work and services related to new products or product development based on new clinical trials up to and including phase 3 are classified as R&D costs. Regulatory work and services for new markets based on existing clinical data are classified as marketing costs.E. Investment in subsidiary companiesLong-term investments are recorded in the balance sheet at the lower of cost or fair value. Permanent declines in value lead to write-downs based on individual assessments. Any profits, losses, or write-downs for these investments are recorded in the income statement as financial items. F. InventoriesRaw materials are valued at the lower of cost and net sales value following the first-in, first-out (FIFO) method. Semi-finished and finished goods are valued at production cost, which includes a portion of the indirect production costs, also based on the FIFO method.G. Financial assets and liabilitiesAll financial assets not measured at amortized cost or fair value through comprehensive income are measured at fair value through profit and loss. Photocure\u2019s money market fund investments follow this rule.The earnout liability is measured at fair value on the acquisition date and remeasured at each reporting date, with changes recognized in profit or loss.Interest-bearing liabilities are initially recognized at fair value and subsequently booked at amortized cost using the effective interest rate method.Financial income includes interest from bank balances and money market funds, and exchange rate gains. Financial expense comprises interest on borrowings and exchange rate losses.Impairment The Group recognizes loss allowances for expected credit losses (ECLs) on financial assets measured at amortized cost.The Group measures most loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: Debt securities with low credit risk at the reporting date. Other debt securities and bank balances without significant credit risk increase since initial recognition.The Group considers a financial asset\u2019s credit risk increased if it is over 60 dayspast due.Trade receivables and contract assets always have loss allowances measured at lifetime ECLs. The Group uses an allowance matrix based on historical losses adjusted for forward-looking information.H. Revenue recognitionThe company\u2019s primary revenue comes from pharmaceutical product sales, recognized on delivery when control and risk transfer to the customer. License feesand milestones are recorded as revenue when contractual conditions are met. Royalty revenue aligns with the licensee\u2019s sales. IFRS 15 mandates revenue recognition based on transferring promised goods or services to customers for an agreed amount. The five-step approach includes identifying customer contracts, performance obligations, transaction prices, allocating prices, and recognizing revenue upon satisfaction of obligations.Photocure\u2019s up-front fees not tied to separate obligations are recognized over the contract term upon delivery. If granting a license is distinct, it becomes a separate obligation. The total transaction price, including up-front fees, milestone payments, and royalties, is allocated based on standalone selling prices. Variable milestone payments are recognized when achieved, and sales-based royalties are recognized when sales occur.I. Share remuneration and other benefits related to share based remunerationEmployees are granted share options as part of the Group\u2019s employee incentive policy. If the Group holds its own shares, it may allocate these instead of issuing new shares upon the exercise of share options. All share options are offered at strike prices set at 10% above the market price at the time the rights are allotted.The fair value of the share options is expensed over the vesting period, resulting in a corresponding increase in the Company\u2019s equity. The fair value is determined using the Black-Scholes model, with each program being calculated separately based on the specific strike price and duration. Share options become invalid when an employee leaves the Company. Employer\u2019s social security contributions on outstanding share options are accrued as personnel costs based on theintrinsic value of the rights.J. TaxThe tax expense in the income statement encompasses both the income tax payable for the period and the changes in deferred tax. Deferred tax is calculated at a rate of 22% in Norway and 21% in the USA, based on the temporary differences existing between the tax value of assets and liabilities and their book value.Liabilities for deferred tax are recognized for all temporary differences that increase tax, except when the asset associated with deferred tax arises from the initial recognition of an asset or liability in a transaction that is not part of a business combination and does not affect either accounting profit or taxable profit or loss at the time of the transaction.Assets related to deferred tax are recognized for all tax-reducing temporary differences, carryforwards of tax deductions, and tax losses to the extent that there is objective evidence indicating that sufficient taxable profits will be available to offset these tax-reducing temporary differences, unused tax deductions, and tax losses.The book value of deferred tax assets is reviewed on each balance sheet date and is reduced to the extent that there is no longer objective evidence that sufficient taxable profits will be available to utilize all or part of the deferred tax assets. Non-recognized deferred tax assets are re-evaluated on each balance sheet date and are recognized to the extent that it is probable that future taxable profits will facilitate the recovery of these deferred tax assets. Each taxable entity within the Group is treated separately.K. Contingent liabilities and assetsContingent liabilities are defined as: Potential liabilities arising from past events, with their existence dependent on future occurrences; Liabilities excluded from the accounts due to the improbability of resulting in an outflow of resources from the Group; Liabilities that cannot be measured with adequate reliability.Contingent liabilities are not included in the annual accounts. However, notes are provided for significant contingent liabilities, except for those with a low probability of occurrence.Contingent assets are not included in the annual accounts but are reported when there is a certain likelihood of benefiting the Group.L. Cash flow statementThe cash flow statement has been prepared in accordance with the indirect method. Cash and cash equivalents consist of cash, bank deposits and other current investments like money market funds.M. Lease agreementsThe primary rule is that leased assets are recognized in the balance sheet as a fixed asset or in a disclosure note for fixed assets. Leased assets are shown separately from other fixed assets owned by the company as \u201cRight of use assets\u201d in the related disclosure note. Although a lease represents a right to use an asset rather than a purchase, the classification in the balance sheet aligns with the leased asset.The net present value of the lease liability is calculated by discounting the rental payments using the implicit interest rate of the lease, or the business\u2019s marginal borrowing rate if the implicit interest rate is unknown.Under IFRS 16, depreciation is calculated for the right of use assets. Depreciation is presented together with other depreciation, while interest cost is included in financial expenses in the income statement.Leased assets are depreciated over their useful lives, which is the shorter of the rental period and the assets\u2019 economic life.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__8": {
"value": "Photocure",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__10": {
"value": "Photocure ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__9": {
"value": "Photocure ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__11": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__15": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__14": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__12": {
"value": "The business activities of the Group involve research, development, production, distribution, marketing, and sales of pharmaceutical products.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__13": {
"value": "Hoffsveien 4, NO-0275 Oslo, Norway",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__18": {
"value": "II. Basis for preparation of the annual accountsThe annual accounts for the Group and the Parent Company are prepared based on historical cost, except for money market funds and earnout liability, which are valued at fair value.The Group and the Parent Company\u2019s annual accounts comply with IFRS Accounting Standards as specified by the International Accounting Standards Board and adopted by the European Union as of 31 December 2024.Photocure ASA uses NOK (Norwegian kroner) as its functional and presentation currency. Unless stated otherwise, all financial information is reported in whole thousands. As a result of rounding adjustments, figures in the financial statements may not sumto the totals.Photocure performs sales and distribution of Hexvix in the European markets through wholly owned subsidiaries in Germany (Photocure GmbH) and France (Photocure SAS), which provide marketing and promotion services. These entities use the Euro (EUR) as their functional currency. In North America, sales, marketing, and distribution are managed under the trade name Cysview by wholly owned subsidiary Photocure Inc. in the U.S. and Photocure Canada Inc. in Canada. Photocure Inc. uses U.S. dollars (USD) as its functional currency, while Photocure Canada Inc. operates in Canadian dollars (CAD).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__17": {
"value": "II. Basis for preparation of the annual accountsThe annual accounts for the Group and the Parent Company are prepared based on historical cost, except for money market funds and earnout liability, which are valued at fair value.The Group and the Parent Company\u2019s annual accounts comply with IFRS Accounting Standards as specified by the International Accounting Standards Board and adopted by the European Union as of 31 December 2024.Photocure ASA uses NOK (Norwegian kroner) as its functional and presentation currency. Unless stated otherwise, all financial information is reported in whole thousands. As a result of rounding adjustments, figures in the financial statements may not sumto the totals.Photocure performs sales and distribution of Hexvix in the European markets through wholly owned subsidiaries in Germany (Photocure GmbH) and France (Photocure SAS), which provide marketing and promotion services. These entities use the Euro (EUR) as their functional currency. In North America, sales, marketing, and distribution are managed under the trade name Cysview by wholly owned subsidiary Photocure Inc. in the U.S. and Photocure Canada Inc. in Canada. Photocure Inc. uses U.S. dollars (USD) as its functional currency, while Photocure Canada Inc. operates in Canadian dollars (CAD).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__19": {
"value": "The Group and the Parent Company\u2019s annual accounts comply with IFRS Accounting Standards as specified by the International Accounting Standards Board and adopted by the European Union as of 31 December 2024.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__20": {
"value": "Photocure performs sales and distribution of Hexvix in the European markets through wholly owned subsidiaries in Germany (Photocure GmbH) and France (Photocure SAS), which provide marketing and promotion services. These entities use the Euro (EUR) as their functional currency. In North America, sales, marketing, and distribution are managed under the trade name Cysview by wholly owned subsidiary Photocure Inc. in the U.S. and Photocure Canada Inc.",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__22-1": {
"value": "III. Changes in significant accounting policiesThere are no significant new IFRS standards taking effect in 2024 that impact the group accounts of Photocure.IV. Disclosures regarding new standards not yet effective There are no IFRS or IFRIC inter-pretations that are not yet effective, which would be expected to materially impact the Group. The new and amended standards and interpretations from IFRS adopted by the EU with effect from 2024 did not significantly impact the reporting for 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__27": {
"value": "V. Use of judgements and estimatesDuring the preparation of these consolidated financial statements, management has made judgments, estimates, and assumptions that impact the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may vary from these estimates. Estimates and underlying assumptions are continually reviewed. Any revisions to estimates are recognized prospectively. This includes information about judgments made in applying accounting policies that significantly affect the amounts recognized, as well as information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustments to the financial statements.The following notes are relevant as of 31 December 2024: Note 13 and 22: Goodwill and customer relations - assumptions for IAS 36 goodwill impairment analysis and IFRS 9 fair value remeasurement of earnout liability. Note 11: Recognition of deferred tax asset - future taxable profit for utilizing carried forward tax losses. Note 9 and 10: Long term loan subsidiaries - impairment and key balance sheet assumptions in Parent company.Judgments in Relation to Accounting PrinciplesPhotocure adheres to the International Financial Reporting Standards (IFRS) and ensures transparency in its accounting principles. In accordance with IAS 1.122, Photocure discloses judgments made in relation to accounting principles, especially those that are not straightforward and require such judgments. This includes: Foreign Exchange Gains/Losses: According to IAS 21.15 and IAS 21.32, foreign exchange gains and losses arising on a monetary item that is part of a reporting entity\u2019s net investment in a foreign operation should be recognized initially in other comprehensive income and reclassified from equity to profit or loss upon disposal of the net investment Other Judgments: Photocure has made judgments in relation to other accounting principles that may have a significant effect on the amounts recognized in the financial statements. These judgments are documented and disclosed in the accounting principles to ensure transparency and understanding of the accounting decisions",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__25": {
"value": "V. Use of judgements and estimatesDuring the preparation of these consolidated financial statements, management has made judgments, estimates, and assumptions that impact the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may vary from these estimates. Estimates and underlying assumptions are continually reviewed. Any revisions to estimates are recognized prospectively. This includes information about judgments made in applying accounting policies that significantly affect the amounts recognized, as well as information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustments to the financial statements.The following notes are relevant as of 31 December 2024: Note 13 and 22: Goodwill and customer relations - assumptions for IAS 36 goodwill impairment analysis and IFRS 9 fair value remeasurement of earnout liability. Note 11: Recognition of deferred tax asset - future taxable profit for utilizing carried forward tax losses. Note 9 and 10: Long term loan subsidiaries - impairment and key balance sheet assumptions in Parent company.Judgments in Relation to Accounting PrinciplesPhotocure adheres to the International Financial Reporting Standards (IFRS) and ensures transparency in its accounting principles. In accordance with IAS 1.122, Photocure discloses judgments made in relation to accounting principles, especially those that are not straightforward and require such judgments. This includes: Foreign Exchange Gains/Losses: According to IAS 21.15 and IAS 21.32, foreign exchange gains and losses arising on a monetary item that is part of a reporting entity\u2019s net investment in a foreign operation should be recognized initially in other comprehensive income and reclassified from equity to profit or loss upon disposal of the net investment Other Judgments: Photocure has made judgments in relation to other accounting principles that may have a significant effect on the amounts recognized in the financial statements. These judgments are documented and disclosed in the accounting principles to ensure transparency and understanding of the accounting decisions",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__29": {
"value": "A. CurrencyForeign currency transactions are recorded at the exchange rate on the transaction date. Assets and liabilities in foreign currencies are translated into NOK at the balance sheet date\u2019s exchange rate. Unless stated otherwise, realized and unrealized exchange rate gains and losses are included in financial income or expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__31": {
"value": "B. Property, plant, equipment and intangible assetsProperty, plant, and equipment (PPE) are recognized at their cost, net of accumulated depreciation and accumulated impairment losses. PPE are depreciated over their estimated useful lives, considering any residual value. Expenditures incurred for significant replacements and upgrades of PPE are capitalized if it is probable that these costs will yield future economic benefits to the Group and if they can be reliably measured. Routine maintenance expenses are recognized as incurred.PPE are depreciated on a straight-line basis over the estimated useful life of the asset as follows:Production and test equipment 5 yearsFurniture and office equipment 3\u20135 yearsIntangible development expenditures are amortized on a straight-line basis as follows: Product development 4 - 10 yearsCustomer relations 10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__30": {
"value": "B. Property, plant, equipment and intangible assetsProperty, plant, and equipment (PPE) are recognized at their cost, net of accumulated depreciation and accumulated impairment losses. PPE are depreciated over their estimated useful lives, considering any residual value. Expenditures incurred for significant replacements and upgrades of PPE are capitalized if it is probable that these costs will yield future economic benefits to the Group and if they can be reliably measured. Routine maintenance expenses are recognized as incurred.PPE are depreciated on a straight-line basis over the estimated useful life of the asset as follows:Production and test equipment 5 yearsFurniture and office equipment 3\u20135 yearsIntangible development expenditures are amortized on a straight-line basis as follows: Product development 4 - 10 yearsCustomer relations 10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__36": {
"value": "C. ImpairmentNon-current and intangible assets recognized in the balance sheet are subject to impairment testing if there are indications of a decline in value. If the carrying amount of an asset exceeds its recoverable amount, the impairment loss is recorded in the profit and loss statement. The recoverable amount is the higher of the net sale value and the value in use of the asset. Assets are grouped and measured at the lowest level for which identifiable cash flows are largely independent when determining impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__35": {
"value": "C. ImpairmentNon-current and intangible assets recognized in the balance sheet are subject to impairment testing if there are indications of a decline in value. If the carrying amount of an asset exceeds its recoverable amount, the impairment loss is recorded in the profit and loss statement. The recoverable amount is the higher of the net sale value and the value in use of the asset. Assets are grouped and measured at the lowest level for which identifiable cash flows are largely independent when determining impairment.Goodwill undergoes annual impairment testing. For this purpose, assets gene-rating cash inflows from continuing use that are largely independent from other assets or cash-generating units (CGU) are grouped together. The recoverable amount of the asset is the greater of its value in use and its fair value less costs of disposal. Value in use is determined based on estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.An impairment loss is initially allocated to reduce the book value of the goodwill related to the CGU, followed by a pro-rata reduction of the carrying amounts of the other assets within the CGU. Impairment losses concerning goodwill are not reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__34": {
"value": "C. ImpairmentNon-current and intangible assets recognized in the balance sheet are subject to impairment testing if there are indications of a decline in value. If the carrying amount of an asset exceeds its recoverable amount, the impairment loss is recorded in the profit and loss statement. The recoverable amount is the higher of the net sale value and the value in use of the asset. Assets are grouped and measured at the lowest level for which identifiable cash flows are largely independent when determining impairment.Goodwill undergoes annual impairment testing. For this purpose, assets gene-rating cash inflows from continuing use that are largely independent from other assets or cash-generating units (CGU) are grouped together. The recoverable amount of the asset is the greater of its value in use and its fair value less costs of disposal. Value in use is determined based on estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.An impairment loss is initially allocated to reduce the book value of the goodwill related to the CGU, followed by a pro-rata reduction of the carrying amounts of the other assets within the CGU. Impairment losses concerning goodwill are not reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__33": {
"value": "C. ImpairmentNon-current and intangible assets recognized in the balance sheet are subject to impairment testing if there are indications of a decline in value. If the carrying amount of an asset exceeds its recoverable amount, the impairment loss is recorded in the profit and loss statement. The recoverable amount is the higher of the net sale value and the value in use of the asset. Assets are grouped and measured at the lowest level for which identifiable cash flows are largely independent when determining impairment.Goodwill undergoes annual impairment testing. For this purpose, assets gene-rating cash inflows from continuing use that are largely independent from other assets or cash-generating units (CGU) are grouped together. The recoverable amount of the asset is the greater of its value in use and its fair value less costs of disposal. Value in use is determined based on estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.An impairment loss is initially allocated to reduce the book value of the goodwill related to the CGU, followed by a pro-rata reduction of the carrying amounts of the other assets within the CGU. Impairment losses concerning goodwill are not reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__32": {
"value": "C. ImpairmentNon-current and intangible assets recognized in the balance sheet are subject to impairment testing if there are indications of a decline in value. If the carrying amount of an asset exceeds its recoverable amount, the impairment loss is recorded in the profit and loss statement. The recoverable amount is the higher of the net sale value and the value in use of the asset. Assets are grouped and measured at the lowest level for which identifiable cash flows are largely independent when determining impairment.Goodwill undergoes annual impairment testing. For this purpose, assets gene-rating cash inflows from continuing use that are largely independent from other assets or cash-generating units (CGU) are grouped together. The recoverable amount of the asset is the greater of its value in use and its fair value less costs of disposal. Value in use is determined based on estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.An impairment loss is initially allocated to reduce the book value of the goodwill related to the CGU, followed by a pro-rata reduction of the carrying amounts of the other assets within the CGU. Impairment losses concerning goodwill are not reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__37": {
"value": "D. Research and development costsResearch costs are expensed as they are incurred. Development costs are recognized on the balance sheet as intangible assets only if there is an identifiable asset expected to generate future financial benefits, and if the costs of such an asset can be reliably measured. Development costs that have been expensed in previous accounting periods cannot be later recognized on the balance sheet. Cost-sharing of research and development expenses with license partners is recorded as a reduction in costs.The tasks of the regulatory function and services provided are related to both market expansion and product development. For this reason, Photocure classifies the regulatory function into the following two categories: Regulatory work and services related to new products or product development based on new clinical trials up to and including phase 3 are classified as R&D costs. Regulatory work and services for new markets based on existing clinical data are classified as marketing costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__38": {
"value": "E. Investment in subsidiary companiesLong-term investments are recorded in the balance sheet at the lower of cost or fair value. Permanent declines in value lead to write-downs based on individual assessments. Any profits, losses, or write-downs for these investments are recorded in the income statement as financial items.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__39": {
"value": "F. InventoriesRaw materials are valued at the lower of cost and net sales value following the first-in, first-out (FIFO) method. Semi-finished and finished goods are valued at production cost, which includes a portion of the indirect production costs, also based on the FIFO method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__45": {
"value": "G. Financial assets and liabilitiesAll financial assets not measured at amortized cost or fair value through comprehensive income are measured at fair value through profit and loss. Photocure\u2019s money market fund investments follow this rule.The earnout liability is measured at fair value on the acquisition date and remeasured at each reporting date, with changes recognized in profit or loss.Interest-bearing liabilities are initially recognized at fair value and subsequently booked at amortized cost using the effective interest rate method.Financial income includes interest from bank balances and money market funds, and exchange rate gains. Financial expense comprises interest on borrowings and exchange rate losses.Impairment The Group recognizes loss allowances for expected credit losses (ECLs) on financial assets measured at amortized cost.The Group measures most loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: Debt securities with low credit risk at the reporting date. Other debt securities and bank balances without significant credit risk increase since initial recognition.The Group considers a financial asset\u2019s credit risk increased if it is over 60 dayspast due.Trade receivables and contract assets always have loss allowances measured at lifetime ECLs. The Group uses an allowance matrix based on historical losses adjusted for forward-looking information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__44": {
"value": "G. Financial assets and liabilitiesAll financial assets not measured at amortized cost or fair value through comprehensive income are measured at fair value through profit and loss. Photocure\u2019s money market fund investments follow this rule.The earnout liability is measured at fair value on the acquisition date and remeasured at each reporting date, with changes recognized in profit or loss.Interest-bearing liabilities are initially recognized at fair value and subsequently booked at amortized cost using the effective interest rate method.Financial income includes interest from bank balances and money market funds, and exchange rate gains. Financial expense comprises interest on borrowings and exchange rate losses.Impairment The Group recognizes loss allowances for expected credit losses (ECLs) on financial assets measured at amortized cost.The Group measures most loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: Debt securities with low credit risk at the reporting date. Other debt securities and bank balances without significant credit risk increase since initial recognition.The Group considers a financial asset\u2019s credit risk increased if it is over 60 dayspast due.Trade receivables and contract assets always have loss allowances measured at lifetime ECLs. The Group uses an allowance matrix based on historical losses adjusted for forward-looking information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__43": {
"value": "G. Financial assets and liabilitiesAll financial assets not measured at amortized cost or fair value through comprehensive income are measured at fair value through profit and loss. Photocure\u2019s money market fund investments follow this rule.The earnout liability is measured at fair value on the acquisition date and remeasured at each reporting date, with changes recognized in profit or loss.Interest-bearing liabilities are initially recognized at fair value and subsequently booked at amortized cost using the effective interest rate method.Financial income includes interest from bank balances and money market funds, and exchange rate gains. Financial expense comprises interest on borrowings and exchange rate losses.Impairment The Group recognizes loss allowances for expected credit losses (ECLs) on financial assets measured at amortized cost.The Group measures most loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: Debt securities with low credit risk at the reporting date. Other debt securities and bank balances without significant credit risk increase since initial recognition.The Group considers a financial asset\u2019s credit risk increased if it is over 60 dayspast due.Trade receivables and contract assets always have loss allowances measured at lifetime ECLs. The Group uses an allowance matrix based on historical losses adjusted for forward-looking information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__42": {
"value": "G. Financial assets and liabilitiesAll financial assets not measured at amortized cost or fair value through comprehensive income are measured at fair value through profit and loss. Photocure\u2019s money market fund investments follow this rule.The earnout liability is measured at fair value on the acquisition date and remeasured at each reporting date, with changes recognized in profit or loss.Interest-bearing liabilities are initially recognized at fair value and subsequently booked at amortized cost using the effective interest rate method.Financial income includes interest from bank balances and money market funds, and exchange rate gains. Financial expense comprises interest on borrowings and exchange rate losses.Impairment The Group recognizes loss allowances for expected credit losses (ECLs) on financial assets measured at amortized cost.The Group measures most loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: Debt securities with low credit risk at the reporting date. Other debt securities and bank balances without significant credit risk increase since initial recognition.The Group considers a financial asset\u2019s credit risk increased if it is over 60 dayspast due.Trade receivables and contract assets always have loss allowances measured at lifetime ECLs. The Group uses an allowance matrix based on historical losses adjusted for forward-looking information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__41": {
"value": "G. Financial assets and liabilitiesAll financial assets not measured at amortized cost or fair value through comprehensive income are measured at fair value through profit and loss. Photocure\u2019s money market fund investments follow this rule.The earnout liability is measured at fair value on the acquisition date and remeasured at each reporting date, with changes recognized in profit or loss.Interest-bearing liabilities are initially recognized at fair value and subsequently booked at amortized cost using the effective interest rate method.Financial income includes interest from bank balances and money market funds, and exchange rate gains. Financial expense comprises interest on borrowings and exchange rate losses.Impairment The Group recognizes loss allowances for expected credit losses (ECLs) on financial assets measured at amortized cost.The Group measures most loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: Debt securities with low credit risk at the reporting date. Other debt securities and bank balances without significant credit risk increase since initial recognition.The Group considers a financial asset\u2019s credit risk increased if it is over 60 dayspast due.Trade receivables and contract assets always have loss allowances measured at lifetime ECLs. The Group uses an allowance matrix based on historical losses adjusted for forward-looking information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__40": {
"value": "G. Financial assets and liabilitiesAll financial assets not measured at amortized cost or fair value through comprehensive income are measured at fair value through profit and loss. Photocure\u2019s money market fund investments follow this rule.The earnout liability is measured at fair value on the acquisition date and remeasured at each reporting date, with changes recognized in profit or loss.Interest-bearing liabilities are initially recognized at fair value and subsequently booked at amortized cost using the effective interest rate method.Financial income includes interest from bank balances and money market funds, and exchange rate gains. Financial expense comprises interest on borrowings and exchange rate losses.Impairment The Group recognizes loss allowances for expected credit losses (ECLs) on financial assets measured at amortized cost.The Group measures most loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: Debt securities with low credit risk at the reporting date. Other debt securities and bank balances without significant credit risk increase since initial recognition.The Group considers a financial asset\u2019s credit risk increased if it is over 60 dayspast due.Trade receivables and contract assets always have loss allowances measured at lifetime ECLs. The Group uses an allowance matrix based on historical losses adjusted for forward-looking information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__46": {
"value": "All financial assets not measured at amortized cost or fair value through comprehensive income are measured at fair value through profit and loss. Photocure\u2019s money market fund investments follow this rule.The earnout liability is measured at fair value on the acquisition date and remeasured at each reporting date, with changes recognized in profit or loss.Interest-bearing liabilities are initially recognized at fair value and subsequently booked at amortized cost using the effective interest rate method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__47": {
"value": "Interest-bearing liabilities are initially recognized at fair value and subsequently booked at amortized cost using the effective interest rate method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__48": {
"value": "Financial income includes interest from bank balances and money market funds, and exchange rate gains. Financial expense comprises interest on borrowings and exchange rate losses.Impairment The Group recognizes loss allowances for expected credit losses (ECLs) on financial assets measured at amortized cost.The Group measures most loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: Debt securities with low credit risk at the reporting date. Other debt securities and bank balances without significant credit risk increase since initial recognition.The Group considers a financial asset\u2019s credit risk increased if it is over 60 dayspast due.Trade receivables and contract assets always have loss allowances measured at lifetime ECLs. The Group uses an allowance matrix based on historical losses adjusted for forward-looking information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__49": {
"value": "H. Revenue recognitionThe company\u2019s primary revenue comes from pharmaceutical product sales, recognized on delivery when control and risk transfer to the customer. License feesand milestones are recorded as revenue when contractual conditions are met. Royalty revenue aligns with the licensee\u2019s sales. IFRS 15 mandates revenue recognition based on transferring promised goods or services to customers for an agreed amount. The five-step approach includes identifying customer contracts, performance obligations, transaction prices, allocating prices, and recognizing revenue upon satisfaction of obligations.Photocure\u2019s up-front fees not tied to separate obligations are recognized over the contract term upon delivery. If granting a license is distinct, it becomes a separate obligation. The total transaction price, including up-front fees, milestone payments, and royalties, is allocated based on standalone selling prices. Variable milestone payments are recognized when achieved, and sales-based royalties are recognized when sales occur.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__51": {
"value": "I. Share remuneration and other benefits related to share based remunerationEmployees are granted share options as part of the Group\u2019s employee incentive policy. If the Group holds its own shares, it may allocate these instead of issuing new shares upon the exercise of share options. All share options are offered at strike prices set at 10% above the market price at the time the rights are allotted.The fair value of the share options is expensed over the vesting period, resulting in a corresponding increase in the Company\u2019s equity. The fair value is determined using the Black-Scholes model, with each program being calculated separately based on the specific strike price and duration. Share options become invalid when an employee leaves the Company. Employer\u2019s social security contributions on outstanding share options are accrued as personnel costs based on theintrinsic value of the rights.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__50": {
"value": "I. Share remuneration and other benefits related to share based remunerationEmployees are granted share options as part of the Group\u2019s employee incentive policy. If the Group holds its own shares, it may allocate these instead of issuing new shares upon the exercise of share options. All share options are offered at strike prices set at 10% above the market price at the time the rights are allotted.The fair value of the share options is expensed over the vesting period, resulting in a corresponding increase in the Company\u2019s equity. The fair value is determined using the Black-Scholes model, with each program being calculated separately based on the specific strike price and duration. Share options become invalid when an employee leaves the Company. Employer\u2019s social security contributions on outstanding share options are accrued as personnel costs based on theintrinsic value of the rights.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__53": {
"value": "J. TaxThe tax expense in the income statement encompasses both the income tax payable for the period and the changes in deferred tax. Deferred tax is calculated at a rate of 22% in Norway and 21% in the USA, based on the temporary differences existing between the tax value of assets and liabilities and their book value.Liabilities for deferred tax are recognized for all temporary differences that increase tax, except when the asset associated with deferred tax arises from the initial recognition of an asset or liability in a transaction that is not part of a business combination and does not affect either accounting profit or taxable profit or loss at the time of the transaction.Assets related to deferred tax are recognized for all tax-reducing temporary differences, carryforwards of tax deductions, and tax losses to the extent that there is objective evidence indicating that sufficient taxable profits will be available to offset these tax-reducing temporary differences, unused tax deductions, and tax losses.The book value of deferred tax assets is reviewed on each balance sheet date and is reduced to the extent that there is no longer objective evidence that sufficient taxable profits will be available to utilize all or part of the deferred tax assets. Non-recognized deferred tax assets are re-evaluated on each balance sheet date and are recognized to the extent that it is probable that future taxable profits will facilitate the recovery of these deferred tax assets. Each taxable entity within the Group is treated separately.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__52": {
"value": "J. TaxThe tax expense in the income statement encompasses both the income tax payable for the period and the changes in deferred tax. Deferred tax is calculated at a rate of 22% in Norway and 21% in the USA, based on the temporary differences existing between the tax value of assets and liabilities and their book value.Liabilities for deferred tax are recognized for all temporary differences that increase tax, except when the asset associated with deferred tax arises from the initial recognition of an asset or liability in a transaction that is not part of a business combination and does not affect either accounting profit or taxable profit or loss at the time of the transaction.Assets related to deferred tax are recognized for all tax-reducing temporary differences, carryforwards of tax deductions, and tax losses to the extent that there is objective evidence indicating that sufficient taxable profits will be available to offset these tax-reducing temporary differences, unused tax deductions, and tax losses.The book value of deferred tax assets is reviewed on each balance sheet date and is reduced to the extent that there is no longer objective evidence that sufficient taxable profits will be available to utilize all or part of the deferred tax assets. Non-recognized deferred tax assets are re-evaluated on each balance sheet date and are recognized to the extent that it is probable that future taxable profits will facilitate the recovery of these deferred tax assets. Each taxable entity within the Group is treated separately.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__54": {
"value": "K. Contingent liabilities and assetsContingent liabilities are defined as: Potential liabilities arising from past events, with their existence dependent on future occurrences; Liabilities excluded from the accounts due to the improbability of resulting in an outflow of resources from the Group; Liabilities that cannot be measured with adequate reliability.Contingent liabilities are not included in the annual accounts. However, notes are provided for significant contingent liabilities, except for those with a low probability of occurrence.Contingent assets are not included in the annual accounts but are reported when there is a certain likelihood of benefiting the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__56": {
"value": "L. Cash flow statementThe cash flow statement has been prepared in accordance with the indirect method. Cash and cash equivalents consist of cash, bank deposits and other current investments like money market funds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__55": {
"value": "L. Cash flow statementThe cash flow statement has been prepared in accordance with the indirect method. Cash and cash equivalents consist of cash, bank deposits and other current investments like money market funds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__57": {
"value": "M. Lease agreementsThe primary rule is that leased assets are recognized in the balance sheet as a fixed asset or in a disclosure note for fixed assets. Leased assets are shown separately from other fixed assets owned by the company as \u201cRight of use assets\u201d in the related disclosure note. Although a lease represents a right to use an asset rather than a purchase, the classification in the balance sheet aligns with the leased asset.The net present value of the lease liability is calculated by discounting the rental payments using the implicit interest rate of the lease, or the business\u2019s marginal borrowing rate if the implicit interest rate is unknown.Under IFRS 16, depreciation is calculated for the right of use assets. Depreciation is presented together with other depreciation, while interest cost is included in financial expenses in the income statement.Leased assets are depreciated over their useful lives, which is the shorter of the rental period and the assets\u2019 economic life.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__58-1": {
"value": "0. CURRENCY RATES CHANGESPhotocure\u2019s revenues and costs are predominantly in EUR and USD, while the functional currency is NOK. In 2024, the strengthening of the USD and EUR impacted both revenues and costs. The following table illustrates the average currency rates between NOK and USD/EUR in 2024 compared to 2023. Currency rates development 2024 vs 2023:2024 2023 % 24 vs 23Average currency rate NOK/USD 10.74 10.57 2%Average currency rate NOK/EUR 11.63 11.43 2%1. PARTNERSHIPSIn July 2019, Photocure entered into a license agreement with Asieris MediTech Co, granting them a worldwide license to develop \u00aeand commercialize Cevira for the treatment of HPV-induced cervical precancerous lesions. Under this agreement, Photocure will receive signing fees, development and approval milestones, as well as sales royalties.In January 2021, Photocure entered into another license agreement with Asieris MediTech Co, granting them a license to commercialize Hexvix in mainland China and Taiwan. Under this agreement, Photocure will receive signing fees and approval milestones, in addition to sales royalties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__60": {
"value": "2. OPERATING SEGMENTSPhotocure operates through two segments: the Commercial Franchise and the Development Portfolio. The Commercial Franchise includes Hexvix/Cysview by geography (North America and Europe) and other sales (partners and other products). The Development Portfolio focuses on the development of pipeline products.The Development segment is divided into the development of Cevira and other pipeline products.Operating costs are directly charged to the respective segment if they are directly related. Indirect manufacturing costs are allocated based on sales within the Commercial segment, while other indirect costs are allocated based on the time and resources utilized within the different subsegments.Segments are reported in a manner consistent with internal reporting to the Group\u2019s Chief Operating Decision Makers (CODM), defined as the Group\u2019s senior management. Segment assets and liabilities are not reported to the CODM and are therefore not allocated to reportable segments. 1 Jan - 31 December 2024 Commercial Franchise Development PortfolioNorth Am. Europe OtherTotalPDT &TotalGrand(Amounts in NOK 1 000)MarketsSales CeviraExplorativR&DTotalRevenues from contract 202 322 285 561 1 865 489 749 1 926 - 1 926 491 675 with customers Signing fees and milestone - - - - 33 713 - 33 713 33 713 revenuesCost of goods sold -5 889 -23 236 -225 -29 349 -1 367 - -1 367 -30 716 Gross profit 196 434 262 326 1 641 460 400 34 271 - 34 271 494 671 Gross profit of sales % 97% 92% 88% 94% 29% 29% 94%R&D -753 -2 724 -108 -3 585 -729 682 -47 -3 632 Sales & marketing -178 339 -144 679 -4 155 -327 173 -1 497 -5 141 -6 638 -333 811 Other & allocations -38 458 -50 864 -6 066 -95 388 -1 881 -10 767 -12 648 -108 036 Operating expenses -217 550 -198 267 -10 329 -426 146 -4 107 -15 226 -19 333 -445 479 EBITDA -21 116 64 059 -8 688 34 254 30 164 -15 226 14 938 49 192 Depreciation and Amortization -28 695 -98 -28 793 EBIT 5 559 14 840 20 399 1 Jan - 31 December 2023 Commercial Franchise Development PortfolioNorth Am. Europe OtherTotalPDT &TotalGrand(Amounts in NOK 1 000)MarketsSales CeviraExplorativR&DTotalRevenues from contract 178 630 263 547 4 037 446 214 - - - 446 214with customers Signing fees and milestone - - - - 54 443 - 54 443 54 443revenuesCost of goods sold -5 866 -19 286 -986 -26 137 - - - -26 137Gross profit 172 764 244 262 3 051 420 077 54 443 - 54 443 474 520Gross profit of sales % 97 % 93 % 76 % 94 % 94 %\u00a2R&D -254 -867 - -1 113 -818 -139 -957 -2 070Sales & marketing -164 622 -147 079 -3 621 -315 322 -941 - -941 -316 262Other & allocations -37 369 -43 947 -5 009 -86 325 -1 693 -12 677 -14 370 -100 695Operating expenses -202 242 -191 893 -8 630 -402 760 -3 452 -2 816 -16 268 -419 028EBITDA -56 292 52 369 -5 579 17 317 50 991 -12 816 38 175 55 492Depreciation and Amortization -27 541 -146 -27 687EBIT -10 224 38 029 27 807The definition of EBITDA is \u201cEarnings Before Interest, Tax, Depreciation and Amortization.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__62": {
"value": "3. REVENUES FROM CONTRACT WITH CUSTOMERSPerformance obligation product deliveries For the general supply of products, Photocure satisfies the contractual performance obligation upon delivery according to the agreed terms. Invoices are issued at that point, with payment terms typically within 30 days. No discounts were provided to customers, and no product returns were accepted within the product expiry period.Performance Obligation: LicenseCevira In July 2019, Photocure entered into a license agreement with Asieris for the pipeline product Cevira. The agreement was based on a \u201cready for Phase 3 study\u201d concept, with the study conducted by Asieris in China from 2020 until September 2023. Under the agreement, Photocure transferred the rights for Cevira (license agreement) and entered into a supply agreement for the active substance for the Phase 3 clinical study and potential commercialization. Asieris is responsible for the remaining development of Cevira and will cover all associated costs. The license grants Asieris the right to use Photocure\u2019s intellectual property as it existed at the contract date. The active substance will not be further developed or modified by Photocure for Asieris\u2019s use. The transfer of the license and the delivery of the active substance are regarded by Photocure as two separate performance obligations. In 2024, Asieris paid a milestone of USD 2 million after Cevira was accepted for regulatory review in China in May 2024. In 2023 Photocure received two times USD 2.5 million in milestone payments from Asieris. To date, Asieris has paid USD 17 million in milestones for Cevira. The agreement includes additional regulatory and sales milestones, as well as sales royalties if a commercial product is approved. The transaction price allocated to the license consists of a signing fee, various milestone payments, and sales-based royalty payments. The portion of the transaction price related to milestone payments is estimated as the most likely amount but is constrained, meaning these revenues will be recognized if and when the relevant milestones are achieved. Revenue for the sale of the active substance is recognized when the customer takes control of the goods, which occurs at the time of shipment.Hexvix In January 2021, Photocure entered into a partnership agreement with Asieris, granting them exclusive rights to register and \u00ae in Mainland China and Taiwan. Asieris received marketing authorization for Hexvixcommercialize Hexvix in China in November 2024, for which Photocure received a USD 1.1 million milestone payment. To date, Asieris has paid USD 1.85 million in milestones for Hexvix. The license of the Group\u2019s intellectual property under all current licensing agreements is considered distinct from the delivery of goods and thus a separate performance obligation. Furthermore, the licenses are considered to be a right to use the company\u2019s intellectual property as is, and therefore revenue allocated to the license is recognized at a point in time, taking into consideration the variable constraint for milestone payments that have not yet occurred and sales-based royalties. Milestone payments related to future events and sales-based royalties are recognized when the events and sales actually occur.Geographical information(Amounts in NOK 1 000)Group revenues from contract with customers 2024 2023Nordic countries 22 214 22 390Germany 199 937 182 199France 33 414 31 404Austria 12 723 12 070UK 2 456 2 411BeNeLux 5 694 5 804Italy 5 510 5 057Other European countries 4 129 3 025United States 201 616 175 845Canada 2 055 2 785Own sales 489 748 442 990Partner countries rest of world 1 927 3 224491 675 446 214The geographical revenue in all countries except North America are in the parent company. The geographical revenue information is based on the location of the end customers. The signing fees and milestone revenue are not included in the table above. Revenue recognition by segments1 Jan - 31 December 2024 Commercial Franchise Development PortfolioHexvix/CysviewGrandTotal(Amounts in NOK 1 000) Own sales Partner OtherTotalTotalSalesSales PipelineR&DContract revenue at point in time - 3 276 3 276 - 3 276Signing fees and milestone - 33 713 33 713 33 713revenues at point in timeSales order revenue at point 487 883 516 488 399 - 488 399in time487 883 - 3 792 491 675 33 713 33 713 525 387Revenue recognition by segments1 Jan - 31 December 2023 Commercial Franchise Development PortfolioHexvix/CysviewGrandTotal(Amounts in NOK 1 000) Own sales Partner OtherTotalPipeline TotalSalesSalesR&DContract revenue at point in time 1 700 1 524 3 224 - 3 224Signing fees and milestone - 54 443 54 443 54 443revenues at point in timeSales order revenue 442 177 813 442 990 - 442 990at point in time442 177 1 700 2 337 446 214 54 443 54 443 500 656",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__61": {
"value": "3. REVENUES FROM CONTRACT WITH CUSTOMERSPerformance obligation product deliveries For the general supply of products, Photocure satisfies the contractual performance obligation upon delivery according to the agreed terms. Invoices are issued at that point, with payment terms typically within 30 days. No discounts were provided to customers, and no product returns were accepted within the product expiry period.Performance Obligation: LicenseCevira In July 2019, Photocure entered into a license agreement with Asieris for the pipeline product Cevira. The agreement was based on a \u201cready for Phase 3 study\u201d concept, with the study conducted by Asieris in China from 2020 until September 2023. Under the agreement, Photocure transferred the rights for Cevira (license agreement) and entered into a supply agreement for the active substance for the Phase 3 clinical study and potential commercialization. Asieris is responsible for the remaining development of Cevira and will cover all associated costs. The license grants Asieris the right to use Photocure\u2019s intellectual property as it existed at the contract date. The active substance will not be further developed or modified by Photocure for Asieris\u2019s use. The transfer of the license and the delivery of the active substance are regarded by Photocure as two separate performance obligations. In 2024, Asieris paid a milestone of USD 2 million after Cevira was accepted for regulatory review in China in May 2024. In 2023 Photocure received two times USD 2.5 million in milestone payments from Asieris. To date, Asieris has paid USD 17 million in milestones for Cevira. The agreement includes additional regulatory and sales milestones, as well as sales royalties if a commercial product is approved. The transaction price allocated to the license consists of a signing fee, various milestone payments, and sales-based royalty payments. The portion of the transaction price related to milestone payments is estimated as the most likely amount but is constrained, meaning these revenues will be recognized if and when the relevant milestones are achieved. Revenue for the sale of the active substance is recognized when the customer takes control of the goods, which occurs at the time of shipment.Hexvix In January 2021, Photocure entered into a partnership agreement with Asieris, granting them exclusive rights to register and \u00ae in Mainland China and Taiwan. Asieris received marketing authorization for Hexvixcommercialize Hexvix in China in November 2024, for which Photocure received a USD 1.1 million milestone payment. To date, Asieris has paid USD 1.85 million in milestones for Hexvix. The license of the Group\u2019s intellectual property under all current licensing agreements is considered distinct from the delivery of goods and thus a separate performance obligation. Furthermore, the licenses are considered to be a right to use the company\u2019s intellectual property as is, and therefore revenue allocated to the license is recognized at a point in time, taking into consideration the variable constraint for milestone payments that have not yet occurred and sales-based royalties. Milestone payments related to future events and sales-based royalties are recognized when the events and sales actually occur.Geographical information(Amounts in NOK 1 000)Group revenues from contract with customers 2024 2023Nordic countries 22 214 22 390Germany 199 937 182 199France 33 414 31 404Austria 12 723 12 070UK 2 456 2 411BeNeLux 5 694 5 804Italy 5 510 5 057Other European countries 4 129 3 025United States 201 616 175 845Canada 2 055 2 785Own sales 489 748 442 990Partner countries rest of world 1 927 3 224491 675 446 214The geographical revenue in all countries except North America are in the parent company. The geographical revenue information is based on the location of the end customers. The signing fees and milestone revenue are not included in the table above. Revenue recognition by segments1 Jan - 31 December 2024 Commercial Franchise Development PortfolioHexvix/CysviewGrandTotal(Amounts in NOK 1 000) Own sales Partner OtherTotalTotalSalesSales PipelineR&DContract revenue at point in time - 3 276 3 276 - 3 276Signing fees and milestone - 33 713 33 713 33 713revenues at point in timeSales order revenue at point 487 883 516 488 399 - 488 399in time487 883 - 3 792 491 675 33 713 33 713 525 387Revenue recognition by segments1 Jan - 31 December 2023 Commercial Franchise Development PortfolioHexvix/CysviewGrandTotal(Amounts in NOK 1 000) Own sales Partner OtherTotalPipeline TotalSalesSalesR&DContract revenue at point in time 1 700 1 524 3 224 - 3 224Signing fees and milestone - 54 443 54 443 54 443revenues at point in timeSales order revenue 442 177 813 442 990 - 442 990at point in time442 177 1 700 2 337 446 214 54 443 54 443 500 656",
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"value": "4. COST OF GOODS SOLDTotal cost of goods sold includes direct materials, services provided by contract manufacturers and packaging suppliers, products freights and distribution costs.",
"dimensions": {
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"language": "en",
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"value": "5. INCOME STATEMENT CLASSIFIED BY NATURE(Amounts in NOK 1 000) Group ParentNote 2024 2023 2024 2023Revenues from contract with customers 2 491 675 446 214 300 033 280 281Signing fees and milestone revenues 2 33 713 54 443 33 713 54 443Cost of goods sold -30 716 -26 137 -29 297 -25 389Gross profit 494 671 474 521 304 449 309 335Other income - - 531 504Payroll expenses 6, 7 -285 700 -276 192 -124 027 -117 117R&D costs excluding payroll expenses/other operating expenses -47 -964 -47 -964Ordinary depreciation and amortisation 13, 14 -28 793 -27 687 -20 931 -20 803Other operating expenses -159 732 -141 871 -152 995 -156 165Total operating expenses -474 272 -446 714 -297 469 -294 545Operating profit / loss (-) 20 399 27 807 6 980 14 790",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "5. INCOME STATEMENT CLASSIFIED BY NATURE(Amounts in NOK 1 000) Group ParentNote 2024 2023 2024 2023Revenues from contract with customers 2 491 675 446 214 300 033 280 281Signing fees and milestone revenues 2 33 713 54 443 33 713 54 443Cost of goods sold -30 716 -26 137 -29 297 -25 389Gross profit 494 671 474 521 304 449 309 335Other income - - 531 504Payroll expenses 6, 7 -285 700 -276 192 -124 027 -117 117R&D costs excluding payroll expenses/other operating expenses -47 -964 -47 -964Ordinary depreciation and amortisation 13, 14 -28 793 -27 687 -20 931 -20 803Other operating expenses -159 732 -141 871 -152 995 -156 165Total operating expenses -474 272 -446 714 -297 469 -294 545Operating profit / loss (-) 20 399 27 807 6 980 14 790Specification of Other operating expenses: 2024 2023 2024 2023Marketing expenses 38 742 37 493 16 460 15 691Profit split coverage US and Canada - - - 158Sales and marketing costs Europe - - 67 331 79 484Travel expenses 22 769 21 152 7 457 5 028Patent costs, legal and other fees 54 941 47 464 38 683 32 840Other expenses 43 281 35 763 23 063 22 965Total other operating expenses 159 732 141 871 152 995 156 165",
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"language": "en",
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"value": "5. INCOME STATEMENT CLASSIFIED BY NATURE(Amounts in NOK 1 000) Group ParentNote 2024 2023 2024 2023Revenues from contract with customers 2 491 675 446 214 300 033 280 281Signing fees and milestone revenues 2 33 713 54 443 33 713 54 443Cost of goods sold -30 716 -26 137 -29 297 -25 389Gross profit 494 671 474 521 304 449 309 335Other income - - 531 504Payroll expenses 6, 7 -285 700 -276 192 -124 027 -117 117R&D costs excluding payroll expenses/other operating expenses -47 -964 -47 -964Ordinary depreciation and amortisation 13, 14 -28 793 -27 687 -20 931 -20 803Other operating expenses -159 732 -141 871 -152 995 -156 165Total operating expenses -474 272 -446 714 -297 469 -294 545Operating profit / loss (-) 20 399 27 807 6 980 14 790Specification of Other operating expenses: 2024 2023 2024 2023Marketing expenses 38 742 37 493 16 460 15 691Profit split coverage US and Canada - - - 158Sales and marketing costs Europe - - 67 331 79 484Travel expenses 22 769 21 152 7 457 5 028Patent costs, legal and other fees 54 941 47 464 38 683 32 840Other expenses 43 281 35 763 23 063 22 965Total other operating expenses 159 732 141 871 152 995 156 165",
"dimensions": {
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"language": "en",
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"value": "5. INCOME STATEMENT CLASSIFIED BY NATURE(Amounts in NOK 1 000) Group ParentNote 2024 2023 2024 2023Revenues from contract with customers 2 491 675 446 214 300 033 280 281Signing fees and milestone revenues 2 33 713 54 443 33 713 54 443Cost of goods sold -30 716 -26 137 -29 297 -25 389Gross profit 494 671 474 521 304 449 309 335Other income - - 531 504Payroll expenses 6, 7 -285 700 -276 192 -124 027 -117 117R&D costs excluding payroll expenses/other operating expenses -47 -964 -47 -964Ordinary depreciation and amortisation 13, 14 -28 793 -27 687 -20 931 -20 803Other operating expenses -159 732 -141 871 -152 995 -156 165Total operating expenses -474 272 -446 714 -297 469 -294 545Operating profit / loss (-) 20 399 27 807 6 980 14 790Specification of Other operating expenses: 2024 2023 2024 2023Marketing expenses 38 742 37 493 16 460 15 691Profit split coverage US and Canada - - - 158Sales and marketing costs Europe - - 67 331 79 484Travel expenses 22 769 21 152 7 457 5 028Patent costs, legal and other fees 54 941 47 464 38 683 32 840Other expenses 43 281 35 763 23 063 22 965Total other operating expenses 159 732 141 871 152 995 156 165",
"dimensions": {
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__69": {
"value": "6. PERSONNEL EXPENSES(Amounts in NOK 1 000) Group ParentNote 2024 2023 2024 2023Salaries 217 236 208 298 85 993 83 636Employer\u2019s social security contributions on salaries, etc. 23 488 23 885 10 195 9 662Option costs incl employer's social security contributions 16 878 19 368 12 948 13 843Pension costs 8 13 061 13 976 5 374 5 988Other benefits 15 038 10 665 9 517 3 989Total payroll expenses 285 700 276 192 124 027 117 117No. of full-time equivalent positions 101 102 33 36Share-based remuneration As part of the company\u2019s incentive policy, employees have been offered share options to the company\u2019s shares (referred to as \u2018options\u2019). Allocated share options vest over three years: 25% after the first year, 25% after the second year, and 50% after the third year. The rights expire after seven years or upon termination of the employee. Share option programs in 2023 and earlier had an expiration date of five years.The number of employee share options and average exercise prices for Photocure, and developments during the year:2024 2023Average Average exercise price exercise price Number(NOK) Number(NOK)Outstanding at start of year 2 076 178 80.55 1 922 778 116.04Granted during the year 1 073 482 60.40 1 180 900 61.03Cancelled during the year 509 900 127.39 798 000 128.69Become invalid during the year 260 312 67.82 229 500 110.11Exercised during the year - 0.00 - 0.00Expired during the year 69 000 54.70 - 0.00Outstanding at end of year 2 310 448 63.05 2 076 178 80.55Exercisable options as per 31 December 585 569 71.02 586 653 95.41The average weighted life of outstanding share options was 4.3 years at 31 December 2024 and 3.6 years at 31 December 2023The exercise prices and the average life of outstanding share options as per 31 December 2024 were as follows:Exercise Average remaining life No. of optionsprice NOK1 year 238 750 78.65-81.412 years 30 500 87.39-139.413 years 804 115.704 years 1 236 667 57.14 -61.035 years 150 000 61.927 years 653 727 59.57-69.36Total 2 310 448Calculation method for market value of employee share options: The market value of share options is calculated using the Black-Scholes method. Volatility is determined based on the historical share price development over the lifetime of the options, assuming that historical volatility indicates future volatility, which may not always be the case. Strike prices are set at the listed price plus 10% at the time of allocation. The risk-free interest rate is based on Norwegian government bond rates. Each option program is calculated separately, considering the actual exercise price and duration of the program. The exercise date for the options is estimated based on historical company experience and varies between senior management and other employees. The interest advantage is considered insignificant and has not been included in the accounts. The table below shows the values used in the model. *20232024Dividends (NOK) 0.00 0.00Expected volatility (%) 47.16 47.85Historical volatility (%) 47.16 47.85Risk-free interest (%) 3.65 3.33Expected life of options (years) 3.21 3.25*Weighted average parameters at grant of instrument",
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"f1__s7__6__68-1": {
"value": "6. PERSONNEL EXPENSES(Amounts in NOK 1 000) Group ParentNote 2024 2023 2024 2023Salaries 217 236 208 298 85 993 83 636Employer\u2019s social security contributions on salaries, etc. 23 488 23 885 10 195 9 662Option costs incl employer's social security contributions 16 878 19 368 12 948 13 843Pension costs 8 13 061 13 976 5 374 5 988Other benefits 15 038 10 665 9 517 3 989Total payroll expenses 285 700 276 192 124 027 117 117No. of full-time equivalent positions 101 102 33 36Share-based remuneration As part of the company\u2019s incentive policy, employees have been offered share options to the company\u2019s shares (referred to as \u2018options\u2019). Allocated share options vest over three years: 25% after the first year, 25% after the second year, and 50% after the third year. The rights expire after seven years or upon termination of the employee. Share option programs in 2023 and earlier had an expiration date of five years.The number of employee share options and average exercise prices for Photocure, and developments during the year:2024 2023Average Average exercise price exercise price Number(NOK) Number(NOK)Outstanding at start of year 2 076 178 80.55 1 922 778 116.04Granted during the year 1 073 482 60.40 1 180 900 61.03Cancelled during the year 509 900 127.39 798 000 128.69Become invalid during the year 260 312 67.82 229 500 110.11Exercised during the year - 0.00 - 0.00Expired during the year 69 000 54.70 - 0.00Outstanding at end of year 2 310 448 63.05 2 076 178 80.55Exercisable options as per 31 December 585 569 71.02 586 653 95.41The average weighted life of outstanding share options was 4.3 years at 31 December 2024 and 3.6 years at 31 December 2023The exercise prices and the average life of outstanding share options as per 31 December 2024 were as follows:Exercise Average remaining life No. of optionsprice NOK1 year 238 750 78.65-81.412 years 30 500 87.39-139.413 years 804 115.704 years 1 236 667 57.14 -61.035 years 150 000 61.927 years 653 727 59.57-69.36Total 2 310 448Calculation method for market value of employee share options: The market value of share options is calculated using the Black-Scholes method. Volatility is determined based on the historical share price development over the lifetime of the options, assuming that historical volatility indicates future volatility, which may not always be the case. Strike prices are set at the listed price plus 10% at the time of allocation. The risk-free interest rate is based on Norwegian government bond rates. Each option program is calculated separately, considering the actual exercise price and duration of the program. The exercise date for the options is estimated based on historical company experience and varies between senior management and other employees. The interest advantage is considered insignificant and has not been included in the accounts. The table below shows the values used in the model. *20232024Dividends (NOK) 0.00 0.00Expected volatility (%) 47.16 47.85Historical volatility (%) 47.16 47.85Risk-free interest (%) 3.65 3.33Expected life of options (years) 3.21 3.25*Weighted average parameters at grant of instrument8. PENSION COSTSPhotocure ASA has an agreement with a life assurance company for contribution-based pensions for its employees in Norway. The contribution plan complies with revised national pension regulations. Contributions are 6% of the employee\u2019s ordinary salary up to 7.1 times the basic amount (G) of the Norwegian National Insurance scheme, and 16% for salaries between 7.1 and 12 times G. The national insurance covers pensions for salaries up to 7.1 G. Pension contributions are paid into the employee\u2019s contribution account with the life assurance company. As of December 31, 2024, and December 31, 2023, the company had no deposits in the premium and contribution fund.Photocure ASA employees in other European countries have individual defined contribution pension plans according to local regulations and their employment agreements.Photocure Inc matches its employees\u2019 contributions to the 401(k) plan dollar for dollar up to 4% of salary for employees who elect to join the plan. There is a salary maximum set by the IRS, which was $345,000 in 2024.Employees in Photocure GmbH in Germany who came from Ipsen have defined benefit pension plans through the TUPE regulations in Germany. Photocure GmbH has a re-assurance agreement with an assurance company in Germany to balance the pension liability. New employees in Photocure GmbH are offered a defined contribution plan.Salaries for senior management employees in Photocure ASA above 12 times G are subject to agreements concerning operational coverage of pensions for salaries above this level in the form of contribution-based pensions. The calculated contribution is 16% of the employee\u2019s salary above 12 times G. Photocure Inc has established additional unfunded pension coverage for senior managers, accruing annually an amount equal to 4% of salary and earned bonus. The pension cost for the year is calculated as follows:(Amounts in NOK 1 000) Group Parent2024 2023 2024 2023Total pension costs, contribution scheme in life assurance 11 922 12 940 5 081 5 660Total pension costs, company scheme 1 139 1 036 293 328Total 13 061 13 976 5 374 5 988",
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"f1__s7__6__70": {
"value": "Share-based remuneration As part of the company\u2019s incentive policy, employees have been offered share options to the company\u2019s shares (referred to as \u2018options\u2019). Allocated share options vest over three years: 25% after the first year, 25% after the second year, and 50% after the third year. The rights expire after seven years or upon termination of the employee. Share option programs in 2023 and earlier had an expiration date of five years.The number of employee share options and average exercise prices for Photocure, and developments during the year:2024 2023Average Average exercise price exercise price Number(NOK) Number(NOK)Outstanding at start of year 2 076 178 80.55 1 922 778 116.04Granted during the year 1 073 482 60.40 1 180 900 61.03Cancelled during the year 509 900 127.39 798 000 128.69Become invalid during the year 260 312 67.82 229 500 110.11Exercised during the year - 0.00 - 0.00Expired during the year 69 000 54.70 - 0.00Outstanding at end of year 2 310 448 63.05 2 076 178 80.55Exercisable options as per 31 December 585 569 71.02 586 653 95.41The average weighted life of outstanding share options was 4.3 years at 31 December 2024 and 3.6 years at 31 December 2023The exercise prices and the average life of outstanding share options as per 31 December 2024 were as follows:Exercise Average remaining life No. of optionsprice NOK1 year 238 750 78.65-81.412 years 30 500 87.39-139.413 years 804 115.704 years 1 236 667 57.14 -61.035 years 150 000 61.927 years 653 727 59.57-69.36Total 2 310 448Calculation method for market value of employee share options: The market value of share options is calculated using the Black-Scholes method. Volatility is determined based on the historical share price development over the lifetime of the options, assuming that historical volatility indicates future volatility, which may not always be the case. Strike prices are set at the listed price plus 10% at the time of allocation. The risk-free interest rate is based on Norwegian government bond rates. Each option program is calculated separately, considering the actual exercise price and duration of the program. The exercise date for the options is estimated based on historical company experience and varies between senior management and other employees. The interest advantage is considered insignificant and has not been included in the accounts. The table below shows the values used in the model. *20232024Dividends (NOK) 0.00 0.00Expected volatility (%) 47.16 47.85Historical volatility (%) 47.16 47.85Risk-free interest (%) 3.65 3.33Expected life of options (years) 3.21 3.25*Weighted average parameters at grant of instrument",
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"value": "*20232024Dividends (NOK) 0.00 0.00Expected volatility (%) 47.16 47.85Historical volatility (%) 47.16 47.85Risk-free interest (%) 3.65 3.33Expected life of options (years) 3.21 3.25*Weighted average parameters at grant of instrument",
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"value": "7. REMUNERATION OF MANAGEMENT AND BOARD OF DIRECTORSPay Directors\u2019 Salaries Bonuses Benefits Pension (Amounts in NOK 1 000)currencyfees paidpaidaccruedin kindcost TotalSenior management 2024President and CEO USD 7 359 3 232 285 631 11 507Chief Financial Officer NOK 2 841 820 16 409 4 086VP and General Manager North America USD 4 612 2 271 285 433 7 601VP and General Manager Europe EUR 3 615 1 351 - - 4 966Chief Medical Officer SEK 2 977 983 - 293 4 253VP Global Human Resources EUR 2 140 708 - 146 2 994Total senior management 23 544 9 364 586 1 912 35 406Consultant Board of Directors 2024feeChairperson of the Board NOK 751 751 Members of the Board NOK 1 080 269 1 349 Total remuneration 1 831 23 813 9 364 586 1 912 37 506In 2024, the Group utilized the professional services of one of its Directors for consulting work beyond regular board duties. The consultancy fees were based on a contract approved by the board. Pay Directors\u2019 Salaries Bonuses Benefits Pension (Amounts in NOK 1 000)currencyfees paidpaidaccruedin kindcost TotalSenior management 2023President and CEO USD 6 953 2 792 1 004 602 11 351 Chief Financial Officer NOK 2 776 924 16 383 4 099 VP and General Manager North America USD 4 387 1 375 601 382 6 745 VP and General Manager Europe EUR 3 431 1 008 488 - 4 928 VP Global Strategic Marketing & BD to June NOK 1 035 - 1 052 117 2 203 Chief Medical Officer SEK 2 555 867 96 379 3 898 VP Global Human Resources to April USD 1 572 - 100 35 1 707 VP Global Human Resources from April EUR 1 474 323 - 101 1 898 Total senior management 24 183 7 288 3 358 1 998 36 827 Consultant Board of Directors 2023feeChairperson of the Board NOK 620 620 Members of the Board NOK 1 440 529 1 969 Total remuneration 2 060 24 711 7 288 3 358 1 998 39 415 In 2023, the Group utilized the professional services of one of its Directors for consulting work beyond regular board duties. The consultancy fees were based on a contract approved by the board. Currency rates development 2024 20232024 vs 2023:Average currency rate NOK/USD 10.74 10.57 Average currency rate NOK/EUR 11.63 11.43 Average currency rate NOK/SEK 1.02 1.00 Share options senior management Senior managers\u2019 holdings of shares in Photocure ASA are detailed in the note concerning share capital. The allocation and exercise of share options, as well as the holdings of share options for senior managers, are presented in the following overview: Holding of Weighted Share Expired Share share options Average options share options at 31 December Strike Share options for senior management 2024awardedoptionscancelled2024PricePresident & CEO 125 000 - - 457 500 62.96Chief Financial Officer 65 000 - - 278 750 62.85VP and General Manager North America 50 000 45 000 - 221 250 63.57VP and General Manager Europe - - 203 750 - 0.00VP Global Human Resources 40 000 - - 66 750 61.98Chief Medical Officer 50 000 - - 164 000 60.11Total 330 000 45 000 203 750 1 188 250 Holding of Weighted Share Expired Share share options Average options share options at 31 December Strike Share options for senior management 2023awardedoptionscancelled2023PricePresident & CEO 272 500 - 265 000 332 500 64.24Chief Financial Officer 178 750 - 157 500 213 750 63.84VP and General Manager North America 136 250 - 132 500 216 250 63.09VP and General Manager Europe 136 250 - 132 500 203 750 67.40VP Global Human Resources from April 28 750 - 22 500 26 750 65.58Chief Medical Officer 114 000 - 88 000 114 000 60.34Total 866 500 - 798 000 1 107 00010. RELATED PARTIES - COMPANIESPhotocure has established a wholly owned subsidiary in the US, Photocure Inc, to manage the sales, marketing, and distribution activities for the Cysview product. Photocure ASA retains ownership of the patent rights and trademark and is responsible for the development and manufacturing of the product within the Group. Photocure Inc purchases the finished product from the parent company and distributes it in the United States. Photocure Inc has its own marketing organization, funded by a loan from the parent company in addition to its own revenues. Transactions between Photocure ASA and Photocure Inc are conducted on arm\u2019s length terms, and the loan is interest-free until further notice.Photocure established wholly owned subsidiaries in Germany and France. Photocure ASA handles the sales and distribution of Hexvix in Europe, while the marketing and promotion activities for Hexvix in Continental Europe are managed by Photocure GmbH and Photocure SAS. A markup is applied to fully loaded local costs for the services rendered to the parent company.In January 2022, Photocure established a sales subsidiary in Canada to manage the sales, marketing, and distribution of Cysview in Canada. Photocure ASA holds the pharmaceutical market authorization for the sale of Cysview in the US and Canada. Transactions and intercompany balances: (Amounts in NOK 1 000) 2024 2023Sales of products 12 562 12 710Sales of services - 504Intercompany sales 12 562 13 214Purchase of marketing and promotion services -67 331 -67 70131-Dec-24 31-Dec-23Accounts receivables and other storm-term receivables 19 696 6 473Long term loan given 393 841 380 368Accounts payables and other short-term liabilities -56 865 -17 039Total subsidiaries 356 671 369 802Guarantees to bank in favor of subsidiary for requested security 2 804 2 804These bank guarantuees are provided for licenses pertaining to the sale of Cysview in the states of Maryland, Mississippi, Nevada, and California, as well as the office lease deposit.",
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},
"f1__s7__6__72": {
"value": "7. REMUNERATION OF MANAGEMENT AND BOARD OF DIRECTORSPay Directors\u2019 Salaries Bonuses Benefits Pension (Amounts in NOK 1 000)currencyfees paidpaidaccruedin kindcost TotalSenior management 2024President and CEO USD 7 359 3 232 285 631 11 507Chief Financial Officer NOK 2 841 820 16 409 4 086VP and General Manager North America USD 4 612 2 271 285 433 7 601VP and General Manager Europe EUR 3 615 1 351 - - 4 966Chief Medical Officer SEK 2 977 983 - 293 4 253VP Global Human Resources EUR 2 140 708 - 146 2 994Total senior management 23 544 9 364 586 1 912 35 406Consultant Board of Directors 2024feeChairperson of the Board NOK 751 751 Members of the Board NOK 1 080 269 1 349 Total remuneration 1 831 23 813 9 364 586 1 912 37 506In 2024, the Group utilized the professional services of one of its Directors for consulting work beyond regular board duties. The consultancy fees were based on a contract approved by the board. Pay Directors\u2019 Salaries Bonuses Benefits Pension (Amounts in NOK 1 000)currencyfees paidpaidaccruedin kindcost TotalSenior management 2023President and CEO USD 6 953 2 792 1 004 602 11 351 Chief Financial Officer NOK 2 776 924 16 383 4 099 VP and General Manager North America USD 4 387 1 375 601 382 6 745 VP and General Manager Europe EUR 3 431 1 008 488 - 4 928 VP Global Strategic Marketing & BD to June NOK 1 035 - 1 052 117 2 203 Chief Medical Officer SEK 2 555 867 96 379 3 898 VP Global Human Resources to April USD 1 572 - 100 35 1 707 VP Global Human Resources from April EUR 1 474 323 - 101 1 898 Total senior management 24 183 7 288 3 358 1 998 36 827 Consultant Board of Directors 2023feeChairperson of the Board NOK 620 620 Members of the Board NOK 1 440 529 1 969 Total remuneration 2 060 24 711 7 288 3 358 1 998 39 415 In 2023, the Group utilized the professional services of one of its Directors for consulting work beyond regular board duties. The consultancy fees were based on a contract approved by the board. Currency rates development 2024 20232024 vs 2023:Average currency rate NOK/USD 10.74 10.57 Average currency rate NOK/EUR 11.63 11.43 Average currency rate NOK/SEK 1.02 1.00 Share options senior management Senior managers\u2019 holdings of shares in Photocure ASA are detailed in the note concerning share capital. The allocation and exercise of share options, as well as the holdings of share options for senior managers, are presented in the following overview: Holding of Weighted Share Expired Share share options Average options share options at 31 December Strike Share options for senior management 2024awardedoptionscancelled2024PricePresident & CEO 125 000 - - 457 500 62.96Chief Financial Officer 65 000 - - 278 750 62.85VP and General Manager North America 50 000 45 000 - 221 250 63.57VP and General Manager Europe - - 203 750 - 0.00VP Global Human Resources 40 000 - - 66 750 61.98Chief Medical Officer 50 000 - - 164 000 60.11Total 330 000 45 000 203 750 1 188 250 Holding of Weighted Share Expired Share share options Average options share options at 31 December Strike Share options for senior management 2023awardedoptionscancelled2023PricePresident & CEO 272 500 - 265 000 332 500 64.24Chief Financial Officer 178 750 - 157 500 213 750 63.84VP and General Manager North America 136 250 - 132 500 216 250 63.09VP and General Manager Europe 136 250 - 132 500 203 750 67.40VP Global Human Resources from April 28 750 - 22 500 26 750 65.58Chief Medical Officer 114 000 - 88 000 114 000 60.34Total 866 500 - 798 000 1 107 000",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__74": {
"value": "Auditing fees(Amounts in NOK 1 000 ex VAT) Group and parent2024 2023Statutory auditing 1 816 1 086Other attestation services 250 172Other services excluding auditing 15 27Tax advice 47 36Total 2 128 1 320",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__81": {
"value": "9. FINANCIAL INCOME AND EXPENSE(Amounts in NOK 1 000) Group Parent2024 2023 2024 2023Interest income 12 868 11 714 11 739 11 124Foreign exchange gains 12 059 12 841 55 420 22 806Total financial income 24 927 24 554 67 159 33 930Interest costs long term liabilities and lease 742 903 307 540Interest costs earnout 27 292 25 424 27 292 25 424Foreign exchange losses 8 864 14 850 11 230 14 849Other financial expense 39 - 16 -9Total financial expense 36 937 41 177 38 846 40 804Remeasure financial balances - 1 444 - 5 828Net financial income and expenses -12 010 -18 067 28 313 -12 703The foreign exchange gain in the parent company for 2024 includes an unrealized exchange gain on the long-term loan to the subsidiary, which is denominated in USD. The exchange rate for NOK/USD increased to 11.3 as of December 31, 2024, compared to 10.4 at the end of the previous year. This resulted in an unrealized gain of NOK 43.3 million in 2024, compared to a gain of NOK 9.9 million in 2023. In the consolidated accounts, the unrealized gain/loss is eliminated against the change in equity as part of other comprehensive income.Remeasure financial balances Information regarding the remeasured value of the earnout liability is provided in Note 22. A loss allowance on the parent company\u2019s loan to the US subsidiary was recognized in 2023 according to IFRS as a probability-weighted estimate of future loan repayments. In 2024, there was no increase. The total allowance as of December 31, 2024, is NOK 39.4 million, based on a probability-weighted scenario that the loan will not be repaid in full. Nonetheless, the parent company is committed to securing operations in the US.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__80": {
"value": "9. FINANCIAL INCOME AND EXPENSE(Amounts in NOK 1 000) Group Parent2024 2023 2024 2023Interest income 12 868 11 714 11 739 11 124Foreign exchange gains 12 059 12 841 55 420 22 806Total financial income 24 927 24 554 67 159 33 930Interest costs long term liabilities and lease 742 903 307 540Interest costs earnout 27 292 25 424 27 292 25 424Foreign exchange losses 8 864 14 850 11 230 14 849Other financial expense 39 - 16 -9Total financial expense 36 937 41 177 38 846 40 804Remeasure financial balances - 1 444 - 5 828Net financial income and expenses -12 010 -18 067 28 313 -12 703The foreign exchange gain in the parent company for 2024 includes an unrealized exchange gain on the long-term loan to the subsidiary, which is denominated in USD. The exchange rate for NOK/USD increased to 11.3 as of December 31, 2024, compared to 10.4 at the end of the previous year. This resulted in an unrealized gain of NOK 43.3 million in 2024, compared to a gain of NOK 9.9 million in 2023. In the consolidated accounts, the unrealized gain/loss is eliminated against the change in equity as part of other comprehensive income.Remeasure financial balances Information regarding the remeasured value of the earnout liability is provided in Note 22. A loss allowance on the parent company\u2019s loan to the US subsidiary was recognized in 2023 according to IFRS as a probability-weighted estimate of future loan repayments. In 2024, there was no increase. The total allowance as of December 31, 2024, is NOK 39.4 million, based on a probability-weighted scenario that the loan will not be repaid in full. Nonetheless, the parent company is committed to securing operations in the US.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__79": {
"value": "9. FINANCIAL INCOME AND EXPENSE(Amounts in NOK 1 000) Group Parent2024 2023 2024 2023Interest income 12 868 11 714 11 739 11 124Foreign exchange gains 12 059 12 841 55 420 22 806Total financial income 24 927 24 554 67 159 33 930Interest costs long term liabilities and lease 742 903 307 540Interest costs earnout 27 292 25 424 27 292 25 424Foreign exchange losses 8 864 14 850 11 230 14 849Other financial expense 39 - 16 -9Total financial expense 36 937 41 177 38 846 40 804Remeasure financial balances - 1 444 - 5 828Net financial income and expenses -12 010 -18 067 28 313 -12 703The foreign exchange gain in the parent company for 2024 includes an unrealized exchange gain on the long-term loan to the subsidiary, which is denominated in USD. The exchange rate for NOK/USD increased to 11.3 as of December 31, 2024, compared to 10.4 at the end of the previous year. This resulted in an unrealized gain of NOK 43.3 million in 2024, compared to a gain of NOK 9.9 million in 2023. In the consolidated accounts, the unrealized gain/loss is eliminated against the change in equity as part of other comprehensive income.Remeasure financial balances Information regarding the remeasured value of the earnout liability is provided in Note 22. A loss allowance on the parent company\u2019s loan to the US subsidiary was recognized in 2023 according to IFRS as a probability-weighted estimate of future loan repayments. In 2024, there was no increase. The total allowance as of December 31, 2024, is NOK 39.4 million, based on a probability-weighted scenario that the loan will not be repaid in full. Nonetheless, the parent company is committed to securing operations in the US.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__78": {
"value": "9. FINANCIAL INCOME AND EXPENSE(Amounts in NOK 1 000) Group Parent2024 2023 2024 2023Interest income 12 868 11 714 11 739 11 124Foreign exchange gains 12 059 12 841 55 420 22 806Total financial income 24 927 24 554 67 159 33 930Interest costs long term liabilities and lease 742 903 307 540Interest costs earnout 27 292 25 424 27 292 25 424Foreign exchange losses 8 864 14 850 11 230 14 849Other financial expense 39 - 16 -9Total financial expense 36 937 41 177 38 846 40 804Remeasure financial balances - 1 444 - 5 828Net financial income and expenses -12 010 -18 067 28 313 -12 703The foreign exchange gain in the parent company for 2024 includes an unrealized exchange gain on the long-term loan to the subsidiary, which is denominated in USD. The exchange rate for NOK/USD increased to 11.3 as of December 31, 2024, compared to 10.4 at the end of the previous year. This resulted in an unrealized gain of NOK 43.3 million in 2024, compared to a gain of NOK 9.9 million in 2023. In the consolidated accounts, the unrealized gain/loss is eliminated against the change in equity as part of other comprehensive income.Remeasure financial balances Information regarding the remeasured value of the earnout liability is provided in Note 22. A loss allowance on the parent company\u2019s loan to the US subsidiary was recognized in 2023 according to IFRS as a probability-weighted estimate of future loan repayments. In 2024, there was no increase. The total allowance as of December 31, 2024, is NOK 39.4 million, based on a probability-weighted scenario that the loan will not be repaid in full. Nonetheless, the parent company is committed to securing operations in the US.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__77": {
"value": "9. FINANCIAL INCOME AND EXPENSE(Amounts in NOK 1 000) Group Parent2024 2023 2024 2023Interest income 12 868 11 714 11 739 11 124Foreign exchange gains 12 059 12 841 55 420 22 806Total financial income 24 927 24 554 67 159 33 930Interest costs long term liabilities and lease 742 903 307 540Interest costs earnout 27 292 25 424 27 292 25 424Foreign exchange losses 8 864 14 850 11 230 14 849Other financial expense 39 - 16 -9Total financial expense 36 937 41 177 38 846 40 804Remeasure financial balances - 1 444 - 5 828Net financial income and expenses -12 010 -18 067 28 313 -12 703The foreign exchange gain in the parent company for 2024 includes an unrealized exchange gain on the long-term loan to the subsidiary, which is denominated in USD. The exchange rate for NOK/USD increased to 11.3 as of December 31, 2024, compared to 10.4 at the end of the previous year. This resulted in an unrealized gain of NOK 43.3 million in 2024, compared to a gain of NOK 9.9 million in 2023. In the consolidated accounts, the unrealized gain/loss is eliminated against the change in equity as part of other comprehensive income.Remeasure financial balances Information regarding the remeasured value of the earnout liability is provided in Note 22. A loss allowance on the parent company\u2019s loan to the US subsidiary was recognized in 2023 according to IFRS as a probability-weighted estimate of future loan repayments. In 2024, there was no increase. The total allowance as of December 31, 2024, is NOK 39.4 million, based on a probability-weighted scenario that the loan will not be repaid in full. Nonetheless, the parent company is committed to securing operations in the US.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__76": {
"value": "9. FINANCIAL INCOME AND EXPENSE(Amounts in NOK 1 000) Group Parent2024 2023 2024 2023Interest income 12 868 11 714 11 739 11 124Foreign exchange gains 12 059 12 841 55 420 22 806Total financial income 24 927 24 554 67 159 33 930Interest costs long term liabilities and lease 742 903 307 540Interest costs earnout 27 292 25 424 27 292 25 424Foreign exchange losses 8 864 14 850 11 230 14 849Other financial expense 39 - 16 -9Total financial expense 36 937 41 177 38 846 40 804Remeasure financial balances - 1 444 - 5 828Net financial income and expenses -12 010 -18 067 28 313 -12 703The foreign exchange gain in the parent company for 2024 includes an unrealized exchange gain on the long-term loan to the subsidiary, which is denominated in USD. The exchange rate for NOK/USD increased to 11.3 as of December 31, 2024, compared to 10.4 at the end of the previous year. This resulted in an unrealized gain of NOK 43.3 million in 2024, compared to a gain of NOK 9.9 million in 2023. In the consolidated accounts, the unrealized gain/loss is eliminated against the change in equity as part of other comprehensive income.Remeasure financial balances Information regarding the remeasured value of the earnout liability is provided in Note 22. A loss allowance on the parent company\u2019s loan to the US subsidiary was recognized in 2023 according to IFRS as a probability-weighted estimate of future loan repayments. In 2024, there was no increase. The total allowance as of December 31, 2024, is NOK 39.4 million, based on a probability-weighted scenario that the loan will not be repaid in full. Nonetheless, the parent company is committed to securing operations in the US.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__82": {
"value": "A loss allowance on the parent company\u2019s loan to the US subsidiary was recognized in 2023 according to IFRS as a probability-weighted estimate of future loan repayments. In 2024, there was no increase. The total allowance as of December 31, 2024, is NOK 39.4 million, based on a probability-weighted scenario that the loan will not be repaid in full. Nonetheless, the parent company is committed to securing operations in the US.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__86": {
"value": "11. TAX(Amounts in NOK 1 000) Parent & Group2024 2023Income tax expenseTax payable 1 323 3 117 Changes in deferred tax 10 406 5 644 Total income tax expense 11 729 8 761 Tax base calculation parentProfit(-loss) before income tax 35 294 2 088 *Permanent differences ) 12 008 22 947 Change in temporary differences -56 312 -17 691 (Utilized)/Increased tax loss carried forward 9 010 -7 344 Tax base - - Temporary differencesReceivables -565 -565 Inventories 4 207 5 522 Non current assets 30 097 29 893 Long term currency loans 175 824 126 176 Earnout liability -19 422 -19 422 Change in earnout true up -692 -11 243 Provisions -143 -236 Pensions -1 994 -1 701 Gains and loss account 10 310 12 887 Total 197 622 141 311 Tax loss carried forward -375 211 -366 202 Net temporary differences -177 589 -224 891 Deferred tax liability (asset) -39 070 -49 476 Parent & GroupReconciliation of effective tax rate 2024 2023Profit(-loss) before income tax Group 8 390 9 740 Expected income taxes at statutory tax rate 1 846 2 143 Effect tax rates foreign entities 3 981 1 144 Permanent differences 3 737 6 241 Prior year adjustment 2 165 -767 Income tax expense 11 729 8 761 **)Effective tax rate in % 139.8 % 89.9 %Temporary differences are recognized for the Parent company only and the note disclosure for the Group is of this reason identic to the disclosure for the Parent company. The tax payable is however due to the subsidiaries in Europe that received a residual share of profit in Germany and France in 2023 and a minimum mark up of the costs incurred in 2024.* ) Permanent differences consist of non-deductible costs and non-taxable income and deduction. **) Tax expense related to profit before tax.The parent company reported a taxable loss of NOK 9 million in 2024, compared to a profit of NOK 7.3 million in 2023. The deferred tax asset, along with changes in temporary differences, decreased to NOK 39.1 million as of December 31, 2024, from NOK 49.5 million as of December 31, 2023. The recognition of a tax asset in Norway is based on predicted future profits according to the business plan for all major markets and the reversal of temporary differences in the coming years. Therefore, the remaining deferred tax asset is maintained as of December 31, 2024.The European business contributed to Photocure\u2019s profitability in 2024 and is expected to continue doing so. The parent company is the selling entity for the Hexvix product in all European countries, while the marketing and promotion activities in Germany and France are carried out by the subsidiaries in those countries.Photocure anticipates that its US operations will become more profitable, contributing to the pre-tax result of the parent company. This expectation is based on a cash flow model that considers a balanced view of the market share for Cysview in the US compared to Hexvix sales in Europe. The US sales and marketing force continues to expand its coverage of the US market and gain further market shares.Photocure continues to see growth opportunities in European countries, particularly in several large untapped markets. With Photocure\u2019s dedicated sales force in place in Europe, we believe this will further strengthen sales. Several studies have been published highlighting and verifying key clinical benefits, including the positive impact of Hexvix/Cysview on reduced disease progression, bladder cancer detection, and the safety of repeated use of Hexvix/Cysview. The basis for recognizing the tax asset is the assessment that there is convincing evidence that the deferred tax benefit will be utilized.There is no expiry on losses to be carried forward in Norway, while in the US, losses expire after 20 years according to tax legislation valid until the end of 2017. The new US tax legislation, valid for taxable years from 2018, has no expiry for loss carryforwards but imposes an 80% limit on utilization.Deferred tax assets have not been recognized for the following items in the US subsidiary due to the lack of a history of pre-tax profit at this time:(Amounts in NOK 1 000) 2024 2023Unrecognised deferred tax assets Amount Tax effect Amount Tax effectNet deductible temporary differences -10 695 -2 315 -8 690 -2 444 Tax losses 177 523 53 013 185 681 52 194 Net unrecognised deferred tax asset US 166 828 50 699 176 990 49 751 Tax losses for which no deferred tax asset was recognized, expire as follows:(Amounts in NOK 1 000) 2024 2023Amount Expiry date Amount Expiry dateExpire Federal 23 169 2030 - 2037 22 718 2030 - 2037 Expire State 16 219 2030 - 2043 15 929 2030 - 2043 Never expire 11 270 11 103 Total 50 658 49 751",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__85": {
"value": "11. TAX(Amounts in NOK 1 000) Parent & Group2024 2023Income tax expenseTax payable 1 323 3 117 Changes in deferred tax 10 406 5 644 Total income tax expense 11 729 8 761 Tax base calculation parentProfit(-loss) before income tax 35 294 2 088 *Permanent differences ) 12 008 22 947 Change in temporary differences -56 312 -17 691 (Utilized)/Increased tax loss carried forward 9 010 -7 344 Tax base - - Temporary differencesReceivables -565 -565 Inventories 4 207 5 522 Non current assets 30 097 29 893 Long term currency loans 175 824 126 176 Earnout liability -19 422 -19 422 Change in earnout true up -692 -11 243 Provisions -143 -236 Pensions -1 994 -1 701 Gains and loss account 10 310 12 887 Total 197 622 141 311 Tax loss carried forward -375 211 -366 202 Net temporary differences -177 589 -224 891 Deferred tax liability (asset) -39 070 -49 476 Parent & GroupReconciliation of effective tax rate 2024 2023Profit(-loss) before income tax Group 8 390 9 740 Expected income taxes at statutory tax rate 1 846 2 143 Effect tax rates foreign entities 3 981 1 144 Permanent differences 3 737 6 241 Prior year adjustment 2 165 -767 Income tax expense 11 729 8 761 **)Effective tax rate in % 139.8 % 89.9 %Temporary differences are recognized for the Parent company only and the note disclosure for the Group is of this reason identic to the disclosure for the Parent company. The tax payable is however due to the subsidiaries in Europe that received a residual share of profit in Germany and France in 2023 and a minimum mark up of the costs incurred in 2024.* ) Permanent differences consist of non-deductible costs and non-taxable income and deduction. **) Tax expense related to profit before tax.The parent company reported a taxable loss of NOK 9 million in 2024, compared to a profit of NOK 7.3 million in 2023. The deferred tax asset, along with changes in temporary differences, decreased to NOK 39.1 million as of December 31, 2024, from NOK 49.5 million as of December 31, 2023. The recognition of a tax asset in Norway is based on predicted future profits according to the business plan for all major markets and the reversal of temporary differences in the coming years. Therefore, the remaining deferred tax asset is maintained as of December 31, 2024.The European business contributed to Photocure\u2019s profitability in 2024 and is expected to continue doing so. The parent company is the selling entity for the Hexvix product in all European countries, while the marketing and promotion activities in Germany and France are carried out by the subsidiaries in those countries.Photocure anticipates that its US operations will become more profitable, contributing to the pre-tax result of the parent company. This expectation is based on a cash flow model that considers a balanced view of the market share for Cysview in the US compared to Hexvix sales in Europe. The US sales and marketing force continues to expand its coverage of the US market and gain further market shares.Photocure continues to see growth opportunities in European countries, particularly in several large untapped markets. With Photocure\u2019s dedicated sales force in place in Europe, we believe this will further strengthen sales. Several studies have been published highlighting and verifying key clinical benefits, including the positive impact of Hexvix/Cysview on reduced disease progression, bladder cancer detection, and the safety of repeated use of Hexvix/Cysview. The basis for recognizing the tax asset is the assessment that there is convincing evidence that the deferred tax benefit will be utilized.There is no expiry on losses to be carried forward in Norway, while in the US, losses expire after 20 years according to tax legislation valid until the end of 2017. The new US tax legislation, valid for taxable years from 2018, has no expiry for loss carryforwards but imposes an 80% limit on utilization.Deferred tax assets have not been recognized for the following items in the US subsidiary due to the lack of a history of pre-tax profit at this time:(Amounts in NOK 1 000) 2024 2023Unrecognised deferred tax assets Amount Tax effect Amount Tax effectNet deductible temporary differences -10 695 -2 315 -8 690 -2 444 Tax losses 177 523 53 013 185 681 52 194 Net unrecognised deferred tax asset US 166 828 50 699 176 990 49 751 Tax losses for which no deferred tax asset was recognized, expire as follows:(Amounts in NOK 1 000) 2024 2023Amount Expiry date Amount Expiry dateExpire Federal 23 169 2030 - 2037 22 718 2030 - 2037 Expire State 16 219 2030 - 2043 15 929 2030 - 2043 Never expire 11 270 11 103 Total 50 658 49 751",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__84": {
"value": "11. TAX(Amounts in NOK 1 000) Parent & Group2024 2023Income tax expenseTax payable 1 323 3 117 Changes in deferred tax 10 406 5 644 Total income tax expense 11 729 8 761 Tax base calculation parentProfit(-loss) before income tax 35 294 2 088 *Permanent differences ) 12 008 22 947 Change in temporary differences -56 312 -17 691 (Utilized)/Increased tax loss carried forward 9 010 -7 344 Tax base - - Temporary differencesReceivables -565 -565 Inventories 4 207 5 522 Non current assets 30 097 29 893 Long term currency loans 175 824 126 176 Earnout liability -19 422 -19 422 Change in earnout true up -692 -11 243 Provisions -143 -236 Pensions -1 994 -1 701 Gains and loss account 10 310 12 887 Total 197 622 141 311 Tax loss carried forward -375 211 -366 202 Net temporary differences -177 589 -224 891 Deferred tax liability (asset) -39 070 -49 476 Parent & GroupReconciliation of effective tax rate 2024 2023Profit(-loss) before income tax Group 8 390 9 740 Expected income taxes at statutory tax rate 1 846 2 143 Effect tax rates foreign entities 3 981 1 144 Permanent differences 3 737 6 241 Prior year adjustment 2 165 -767 Income tax expense 11 729 8 761 **)Effective tax rate in % 139.8 % 89.9 %Temporary differences are recognized for the Parent company only and the note disclosure for the Group is of this reason identic to the disclosure for the Parent company. The tax payable is however due to the subsidiaries in Europe that received a residual share of profit in Germany and France in 2023 and a minimum mark up of the costs incurred in 2024.* ) Permanent differences consist of non-deductible costs and non-taxable income and deduction. **) Tax expense related to profit before tax.The parent company reported a taxable loss of NOK 9 million in 2024, compared to a profit of NOK 7.3 million in 2023. The deferred tax asset, along with changes in temporary differences, decreased to NOK 39.1 million as of December 31, 2024, from NOK 49.5 million as of December 31, 2023. The recognition of a tax asset in Norway is based on predicted future profits according to the business plan for all major markets and the reversal of temporary differences in the coming years. Therefore, the remaining deferred tax asset is maintained as of December 31, 2024.The European business contributed to Photocure\u2019s profitability in 2024 and is expected to continue doing so. The parent company is the selling entity for the Hexvix product in all European countries, while the marketing and promotion activities in Germany and France are carried out by the subsidiaries in those countries.Photocure anticipates that its US operations will become more profitable, contributing to the pre-tax result of the parent company. This expectation is based on a cash flow model that considers a balanced view of the market share for Cysview in the US compared to Hexvix sales in Europe. The US sales and marketing force continues to expand its coverage of the US market and gain further market shares.Photocure continues to see growth opportunities in European countries, particularly in several large untapped markets. With Photocure\u2019s dedicated sales force in place in Europe, we believe this will further strengthen sales. Several studies have been published highlighting and verifying key clinical benefits, including the positive impact of Hexvix/Cysview on reduced disease progression, bladder cancer detection, and the safety of repeated use of Hexvix/Cysview. The basis for recognizing the tax asset is the assessment that there is convincing evidence that the deferred tax benefit will be utilized.There is no expiry on losses to be carried forward in Norway, while in the US, losses expire after 20 years according to tax legislation valid until the end of 2017. The new US tax legislation, valid for taxable years from 2018, has no expiry for loss carryforwards but imposes an 80% limit on utilization.Deferred tax assets have not been recognized for the following items in the US subsidiary due to the lack of a history of pre-tax profit at this time:(Amounts in NOK 1 000) 2024 2023Unrecognised deferred tax assets Amount Tax effect Amount Tax effectNet deductible temporary differences -10 695 -2 315 -8 690 -2 444 Tax losses 177 523 53 013 185 681 52 194 Net unrecognised deferred tax asset US 166 828 50 699 176 990 49 751 Tax losses for which no deferred tax asset was recognized, expire as follows:(Amounts in NOK 1 000) 2024 2023Amount Expiry date Amount Expiry dateExpire Federal 23 169 2030 - 2037 22 718 2030 - 2037 Expire State 16 219 2030 - 2043 15 929 2030 - 2043 Never expire 11 270 11 103 Total 50 658 49 751",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__87": {
"value": "12. EARNINGS PER SHAREEarnings per share are calculated based on the profit/loss for the year after tax, excluding other comprehensive items. The result is divided by the weighted average number of outstanding shares over the year, adjusted for the acquisition of treasury shares. Diluted earnings per share are calculated by adjusting the average number of outstanding shares by the number of employee share options that can be exercised. Antidilution effects are not considered.2024 2023Figures indicate the number of sharesOrdinary shares 1 January 27 120 820 27 120 820Effect of treasury shares -15 122 -15 122Effect of share options exercisedWeighted average number of shares, 31 December 27 105 698 27 105 698Effect of outstanding share options 169 27 797Weighted average number of diluted shares, 31 December 27 105 867 27 133 495Net profit/loss(-) -3 339 979(Amounts in NOK 1 000)Earnings per share 2024 2023Earnings per share in NOK basic -0.12 0.04Earnings per share in NOK diluted -0.12 0.04",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__88": {
"value": "Earnings per share are calculated based on the profit/loss for the year after tax, excluding other comprehensive items. The result is divided by the weighted average number of outstanding shares over the year, adjusted for the acquisition of treasury shares. Diluted earnings per share are calculated by adjusting the average number of outstanding shares by the number of employee share options that can be exercised. Antidilution effects are not considered.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__93": {
"value": "13. GOODWILL AND CUSTOMER RELATIONS(Amounts in NOK 1 000) Hexvix sales, marketing, and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS (Ipsen) were acquired by Photocure on October 1, 2020. Under the final agreement, Photocure paid Ipsen EUR 15 million upon transfer on October 1, 2020. Additionally, Ipsen receives a deferred consideration of 15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the former major Ipsen markets. One intangible asset has been identified: customer relationships. These relationships pertain to existing customers in Europe who were previously served by Ipsen. Customer relationships have been valued using a multiperiod excess earnings method, with a value of NOK 166.7 million at the transaction date. Photocure has estimated this asset to have a useful life of 10 years from the transaction date, and the intangible asset is depreciated on a straight-line basis over this period. The net book value of the customer relationships as of December 31, 2024, is NOK 95.9 million. Goodwill amounts to NOK 144 million and is not depreciated but is tested for impairment as of the end of December 2024. The impairment analysis confirms the goodwill value, given the performance in 2024 and future growth opportunities that are expected to align with forecasts prepared in connection with the transaction.Group and parent Customer relations Goodwill(Amounts in NOK 1 000)Accumulated cost at 31 December 2021 166 720 144 000Additions - -Accumulated cost at 31 December 2022 166 720 144 000Additions - -Accumulated cost at 31 December 2023 166 720 144 000Additions - -Accumulated cost at 31 December 2024 166 720 144 000Accumulated depreciation at 31 December 2021 20 840 -Amortization and impairment 16 672 -Accumulated depreciation at 31 December 2022 37 512 -Amortization and impairment 16 672 -Accumulated depreciation at 31 December 2023 54 184 -Amortization and impairment 16 672 -Accumulated depreciation at 31 December 2024 70 856 -Book value at 31 December 2021 145 880 144 000Book value at 31 December 2022 129 209 144 000Book value at 31 December 2023 112 536 144 000Book value at 31 December 2024 95 865 144 000The carrying amount of goodwill is allocated to the acquired business in Europe at NOK 144 million. The recoverable amount has been determined based on its value in use.The impairment test is based on cash flow projections for the business related to the investment, using the most recent financial forecast. The main assumptions are:\u2022 Sales growth and related expenses are based on current penetration and future growth potential as assessed by management. This assessment considers experiences from high-growth markets as well as more mature markets within the company portfolio.\u2022 With minor exceptions, sales are in Euro. The assumed exchange rate in the forecast projection for NOK/EUR is 11.7, compared to an exchange rate of 11.6 used for the 2024 testing.\u2022 The impairment test is based on a 10-year cash flow projection, excluding the terminal year. A 10-year period is applied as it reflects changes in hospital practices driven by the product and the low churn experienced in other markets.\u2022 The applied discount rate for the testing is 22.0% post-tax, equal to the discount rate in the 2024 testing. \u2022 The applied tax rate is 22%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__92": {
"value": "13. GOODWILL AND CUSTOMER RELATIONS(Amounts in NOK 1 000) Hexvix sales, marketing, and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS (Ipsen) were acquired by Photocure on October 1, 2020. Under the final agreement, Photocure paid Ipsen EUR 15 million upon transfer on October 1, 2020. Additionally, Ipsen receives a deferred consideration of 15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the former major Ipsen markets. One intangible asset has been identified: customer relationships. These relationships pertain to existing customers in Europe who were previously served by Ipsen. Customer relationships have been valued using a multiperiod excess earnings method, with a value of NOK 166.7 million at the transaction date. Photocure has estimated this asset to have a useful life of 10 years from the transaction date, and the intangible asset is depreciated on a straight-line basis over this period. The net book value of the customer relationships as of December 31, 2024, is NOK 95.9 million. Goodwill amounts to NOK 144 million and is not depreciated but is tested for impairment as of the end of December 2024. The impairment analysis confirms the goodwill value, given the performance in 2024 and future growth opportunities that are expected to align with forecasts prepared in connection with the transaction.Group and parent Customer relations Goodwill(Amounts in NOK 1 000)Accumulated cost at 31 December 2021 166 720 144 000Additions - -Accumulated cost at 31 December 2022 166 720 144 000Additions - -Accumulated cost at 31 December 2023 166 720 144 000Additions - -Accumulated cost at 31 December 2024 166 720 144 000Accumulated depreciation at 31 December 2021 20 840 -Amortization and impairment 16 672 -Accumulated depreciation at 31 December 2022 37 512 -Amortization and impairment 16 672 -Accumulated depreciation at 31 December 2023 54 184 -Amortization and impairment 16 672 -Accumulated depreciation at 31 December 2024 70 856 -Book value at 31 December 2021 145 880 144 000Book value at 31 December 2022 129 209 144 000Book value at 31 December 2023 112 536 144 000Book value at 31 December 2024 95 865 144 000The carrying amount of goodwill is allocated to the acquired business in Europe at NOK 144 million. The recoverable amount has been determined based on its value in use.The impairment test is based on cash flow projections for the business related to the investment, using the most recent financial forecast. The main assumptions are:\u2022 Sales growth and related expenses are based on current penetration and future growth potential as assessed by management. This assessment considers experiences from high-growth markets as well as more mature markets within the company portfolio.\u2022 With minor exceptions, sales are in Euro. The assumed exchange rate in the forecast projection for NOK/EUR is 11.7, compared to an exchange rate of 11.6 used for the 2024 testing.\u2022 The impairment test is based on a 10-year cash flow projection, excluding the terminal year. A 10-year period is applied as it reflects changes in hospital practices driven by the product and the low churn experienced in other markets.\u2022 The applied discount rate for the testing is 22.0% post-tax, equal to the discount rate in the 2024 testing. \u2022 The applied tax rate is 22%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__91-1": {
"value": "13. GOODWILL AND CUSTOMER RELATIONS(Amounts in NOK 1 000) Hexvix sales, marketing, and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS (Ipsen) were acquired by Photocure on October 1, 2020. Under the final agreement, Photocure paid Ipsen EUR 15 million upon transfer on October 1, 2020. Additionally, Ipsen receives a deferred consideration of 15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the former major Ipsen markets. One intangible asset has been identified: customer relationships. These relationships pertain to existing customers in Europe who were previously served by Ipsen. Customer relationships have been valued using a multiperiod excess earnings method, with a value of NOK 166.7 million at the transaction date. Photocure has estimated this asset to have a useful life of 10 years from the transaction date, and the intangible asset is depreciated on a straight-line basis over this period. The net book value of the customer relationships as of December 31, 2024, is NOK 95.9 million. Goodwill amounts to NOK 144 million and is not depreciated but is tested for impairment as of the end of December 2024. The impairment analysis confirms the goodwill value, given the performance in 2024 and future growth opportunities that are expected to align with forecasts prepared in connection with the transaction.Group and parent Customer relations Goodwill(Amounts in NOK 1 000)Accumulated cost at 31 December 2021 166 720 144 000Additions - -Accumulated cost at 31 December 2022 166 720 144 000Additions - -Accumulated cost at 31 December 2023 166 720 144 000Additions - -Accumulated cost at 31 December 2024 166 720 144 000Accumulated depreciation at 31 December 2021 20 840 -Amortization and impairment 16 672 -Accumulated depreciation at 31 December 2022 37 512 -Amortization and impairment 16 672 -Accumulated depreciation at 31 December 2023 54 184 -Amortization and impairment 16 672 -Accumulated depreciation at 31 December 2024 70 856 -Book value at 31 December 2021 145 880 144 000Book value at 31 December 2022 129 209 144 000Book value at 31 December 2023 112 536 144 000Book value at 31 December 2024 95 865 144 000The carrying amount of goodwill is allocated to the acquired business in Europe at NOK 144 million. The recoverable amount has been determined based on its value in use.The impairment test is based on cash flow projections for the business related to the investment, using the most recent financial forecast. The main assumptions are:\u2022 Sales growth and related expenses are based on current penetration and future growth potential as assessed by management. This assessment considers experiences from high-growth markets as well as more mature markets within the company portfolio.\u2022 With minor exceptions, sales are in Euro. The assumed exchange rate in the forecast projection for NOK/EUR is 11.7, compared to an exchange rate of 11.6 used for the 2024 testing.\u2022 The impairment test is based on a 10-year cash flow projection, excluding the terminal year. A 10-year period is applied as it reflects changes in hospital practices driven by the product and the low churn experienced in other markets.\u2022 The applied discount rate for the testing is 22.0% post-tax, equal to the discount rate in the 2024 testing. \u2022 The applied tax rate is 22%.14. PROPERTY, PLANT, EQUIPMENT AND LEASE ASSETS(Amounts in NOK 1 000)Intangible Right- Machinery and Groupassetsof-useEquipmentMedical Registry Software Office & manu-intangibleSystemsLeasefacture Office TotalAccumulated cost at 31 December 2021 - 4 933 31 062 776 9 348 46 119Additions 1 133 3 498 78 3 532 8 241Disposals and lease expiry - -83 -1 797 -1 880Accumulated cost at 31 December 2022 - 6 066 34 477 854 11 083 52 480Additions 8 250 1 505 2 582 260 2 371 14 968Disposals and lease expiry -8 324 -8 324Accumulated cost at 31 December 2023 8 250 7 571 28 735 1 114 13 454 59 124Additions 9 240 1 286 5 083 3 034 18 643Disposals and lease expiry -354 -354Accumulated cost at 31 December 2024 17 490 8 857 33 818 1 114 16 134 77 413Accumulated depreciation at 31 December 2021 - 3 778 2 371 442 5 954 12 545Amortization and depreciation 615 5 779 161 1 151 7 706Disposals and lease expiry - 236 -486 -250Accumulated depreciation at 31 December 2022 - 4 393 8 386 603 6 619 20 001Amortization and depreciation 849 1 178 6 729 145 2 113 11 014Disposals and lease expiry -5 420 -5 420Accumulated depreciation at 31 December 2023 849 5 571 9 695 748 8 732 25 595Amortization and depreciation 3 091 1 204 5932 104 1 794 12 125Disposals and lease expiry 252 11 1918 1 340 3 521Accumulated depreciation at 31 December 2024 4 192 6 786 17 545 852 11 866 41 241Book value at 31 December 2022 - 1 673 26 091 251 4 464 32 479Book value at 31 December 2023 7 401 2 000 19 040 366 4 722 33 529Book value at 31 December 2024 13 298 2 071 16 273 262 4 268 36 173PPE are depreciated on a straight-line basis over the estimated useful life of the asset as followsContract 4 years 3 - 5 years3 - 5 years 3 - 5 yearsperiod",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__90": {
"value": "13. GOODWILL AND CUSTOMER RELATIONS(Amounts in NOK 1 000) Hexvix sales, marketing, and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS (Ipsen) were acquired by Photocure on October 1, 2020. Under the final agreement, Photocure paid Ipsen EUR 15 million upon transfer on October 1, 2020. Additionally, Ipsen receives a deferred consideration of 15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the former major Ipsen markets. One intangible asset has been identified: customer relationships. These relationships pertain to existing customers in Europe who were previously served by Ipsen. Customer relationships have been valued using a multiperiod excess earnings method, with a value of NOK 166.7 million at the transaction date. Photocure has estimated this asset to have a useful life of 10 years from the transaction date, and the intangible asset is depreciated on a straight-line basis over this period. The net book value of the customer relationships as of December 31, 2024, is NOK 95.9 million. Goodwill amounts to NOK 144 million and is not depreciated but is tested for impairment as of the end of December 2024. The impairment analysis confirms the goodwill value, given the performance in 2024 and future growth opportunities that are expected to align with forecasts prepared in connection with the transaction.Group and parent Customer relations Goodwill(Amounts in NOK 1 000)Accumulated cost at 31 December 2021 166 720 144 000Additions - -Accumulated cost at 31 December 2022 166 720 144 000Additions - -Accumulated cost at 31 December 2023 166 720 144 000Additions - -Accumulated cost at 31 December 2024 166 720 144 000Accumulated depreciation at 31 December 2021 20 840 -Amortization and impairment 16 672 -Accumulated depreciation at 31 December 2022 37 512 -Amortization and impairment 16 672 -Accumulated depreciation at 31 December 2023 54 184 -Amortization and impairment 16 672 -Accumulated depreciation at 31 December 2024 70 856 -Book value at 31 December 2021 145 880 144 000Book value at 31 December 2022 129 209 144 000Book value at 31 December 2023 112 536 144 000Book value at 31 December 2024 95 865 144 000The carrying amount of goodwill is allocated to the acquired business in Europe at NOK 144 million. The recoverable amount has been determined based on its value in use.The impairment test is based on cash flow projections for the business related to the investment, using the most recent financial forecast. The main assumptions are:\u2022 Sales growth and related expenses are based on current penetration and future growth potential as assessed by management. This assessment considers experiences from high-growth markets as well as more mature markets within the company portfolio.\u2022 With minor exceptions, sales are in Euro. The assumed exchange rate in the forecast projection for NOK/EUR is 11.7, compared to an exchange rate of 11.6 used for the 2024 testing.\u2022 The impairment test is based on a 10-year cash flow projection, excluding the terminal year. A 10-year period is applied as it reflects changes in hospital practices driven by the product and the low churn experienced in other markets.\u2022 The applied discount rate for the testing is 22.0% post-tax, equal to the discount rate in the 2024 testing. \u2022 The applied tax rate is 22%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__89": {
"value": "13. GOODWILL AND CUSTOMER RELATIONS(Amounts in NOK 1 000) Hexvix sales, marketing, and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS (Ipsen) were acquired by Photocure on October 1, 2020. Under the final agreement, Photocure paid Ipsen EUR 15 million upon transfer on October 1, 2020. Additionally, Ipsen receives a deferred consideration of 15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the former major Ipsen markets. One intangible asset has been identified: customer relationships. These relationships pertain to existing customers in Europe who were previously served by Ipsen. Customer relationships have been valued using a multiperiod excess earnings method, with a value of NOK 166.7 million at the transaction date. Photocure has estimated this asset to have a useful life of 10 years from the transaction date, and the intangible asset is depreciated on a straight-line basis over this period. The net book value of the customer relationships as of December 31, 2024, is NOK 95.9 million. Goodwill amounts to NOK 144 million and is not depreciated but is tested for impairment as of the end of December 2024. The impairment analysis confirms the goodwill value, given the performance in 2024 and future growth opportunities that are expected to align with forecasts prepared in connection with the transaction.Group and parent Customer relations Goodwill(Amounts in NOK 1 000)Accumulated cost at 31 December 2021 166 720 144 000Additions - -Accumulated cost at 31 December 2022 166 720 144 000Additions - -Accumulated cost at 31 December 2023 166 720 144 000Additions - -Accumulated cost at 31 December 2024 166 720 144 000Accumulated depreciation at 31 December 2021 20 840 -Amortization and impairment 16 672 -Accumulated depreciation at 31 December 2022 37 512 -Amortization and impairment 16 672 -Accumulated depreciation at 31 December 2023 54 184 -Amortization and impairment 16 672 -Accumulated depreciation at 31 December 2024 70 856 -Book value at 31 December 2021 145 880 144 000Book value at 31 December 2022 129 209 144 000Book value at 31 December 2023 112 536 144 000Book value at 31 December 2024 95 865 144 000The carrying amount of goodwill is allocated to the acquired business in Europe at NOK 144 million. The recoverable amount has been determined based on its value in use.The impairment test is based on cash flow projections for the business related to the investment, using the most recent financial forecast. The main assumptions are:\u2022 Sales growth and related expenses are based on current penetration and future growth potential as assessed by management. This assessment considers experiences from high-growth markets as well as more mature markets within the company portfolio.\u2022 With minor exceptions, sales are in Euro. The assumed exchange rate in the forecast projection for NOK/EUR is 11.7, compared to an exchange rate of 11.6 used for the 2024 testing.\u2022 The impairment test is based on a 10-year cash flow projection, excluding the terminal year. A 10-year period is applied as it reflects changes in hospital practices driven by the product and the low churn experienced in other markets.\u2022 The applied discount rate for the testing is 22.0% post-tax, equal to the discount rate in the 2024 testing. \u2022 The applied tax rate is 22%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__95": {
"value": "14. PROPERTY, PLANT, EQUIPMENT AND LEASE ASSETS(Amounts in NOK 1 000)Intangible Right- Machinery and Groupassetsof-useEquipmentMedical Registry Software Office & manu-intangibleSystemsLeasefacture Office TotalAccumulated cost at 31 December 2021 - 4 933 31 062 776 9 348 46 119Additions 1 133 3 498 78 3 532 8 241Disposals and lease expiry - -83 -1 797 -1 880Accumulated cost at 31 December 2022 - 6 066 34 477 854 11 083 52 480Additions 8 250 1 505 2 582 260 2 371 14 968Disposals and lease expiry -8 324 -8 324Accumulated cost at 31 December 2023 8 250 7 571 28 735 1 114 13 454 59 124Additions 9 240 1 286 5 083 3 034 18 643Disposals and lease expiry -354 -354Accumulated cost at 31 December 2024 17 490 8 857 33 818 1 114 16 134 77 413Accumulated depreciation at 31 December 2021 - 3 778 2 371 442 5 954 12 545Amortization and depreciation 615 5 779 161 1 151 7 706Disposals and lease expiry - 236 -486 -250Accumulated depreciation at 31 December 2022 - 4 393 8 386 603 6 619 20 001Amortization and depreciation 849 1 178 6 729 145 2 113 11 014Disposals and lease expiry -5 420 -5 420Accumulated depreciation at 31 December 2023 849 5 571 9 695 748 8 732 25 595Amortization and depreciation 3 091 1 204 5932 104 1 794 12 125Disposals and lease expiry 252 11 1918 1 340 3 521Accumulated depreciation at 31 December 2024 4 192 6 786 17 545 852 11 866 41 241Book value at 31 December 2022 - 1 673 26 091 251 4 464 32 479Book value at 31 December 2023 7 401 2 000 19 040 366 4 722 33 529Book value at 31 December 2024 13 298 2 071 16 273 262 4 268 36 173PPE are depreciated on a straight-line basis over the estimated useful life of the asset as followsContract 4 years 3 - 5 years3 - 5 years 3 - 5 yearsperiodThe registry intangible, with a net book value of NOK 13.3 million, is recorded in the Photocure Inc accounts. The right-of-use assets include a net book value of NOK 7.3 million in Photocure Inc and NOK 2.3 million in Photocure GmbH. Machinery and equipment have a net book value of NOK 2.5 million in Photocure Inc and NOK 0.5 million in Photocure GmbH. The remaining assets belong to the parent company.Right-of-use assets (Lease) 31-Dec-23 31-Dec-24(Amounts in NOK 1 000)New/Discount Contract increase Contract ratevalue Expirycontracts RemeasurevalueRight-of-use office contract Norway 3.15% 14 340 - 14 340 Right-of-use office contract US 3.70% 11 524 1 298 12 822 Right-of-use office contract Germany 1.40% (0) 1 936 1 936 Right-of-use office company car fleet Germany 1.40% 2 872 348 1 500 4 720 Total lease assets 28 735 33 818 The right-of-use assets comprise office lease contracts covered by IFRS 16, including lease contracts for the company car fleet in Germany. The calculation of the lease asset excludes utility services shared by the tenants.The parent company has a 6-year rental agreement for office premises at Hoffsveien 4 in Oslo, starting September 1, 2021, and ending August 31, 2027. The agreement gives Photocure an option to extend the rental period by 4 years. The rent amounts to NOK 2.9 million for the period from January 1, 2025, to December 31, 2025. The rent for the remaining period until the expiry of the agreement amounts to NOK 7.6 million.Photocure Inc rented office premises at Carnegie Center, Princeton, New Jersey, from April 1, 2011, through December 10, 2022. On December 13, 2021, Photocure Inc signed a lease amendment to move to a new office of 5,212 square feet in Carnegie Center and to extend the lease term by six years, with an expiration date of December 31, 2028. The lease commitment is NOK 11.2 million (USD 1.1 million) at a 3.7% discount rate. The rent commitment for the period from January 1, 2025, to December 31, 2025, is NOK 2.2 million, while the rent for the remaining period until the expiry of the agreement amounts to NOK 8.9 million.Photocure GmbH entered into a new office lease agreement in D\u00fcsseldorf from January 1, 2024, ending December 31, 2026. The lease commitment is NOK 1.9 million, and the rent commitment for the period from January 1, 2025, to December 31, 2025, is NOK 0.8 million. The standard lease period for the car fleet in Germany is 36 months. As of December 31, 2024, Photocure GmbH had 10 lease agreements with an average remaining lease term of 22.3 months.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__94": {
"value": "14. PROPERTY, PLANT, EQUIPMENT AND LEASE ASSETS(Amounts in NOK 1 000)Intangible Right- Machinery and Groupassetsof-useEquipmentMedical Registry Software Office & manu-intangibleSystemsLeasefacture Office TotalAccumulated cost at 31 December 2021 - 4 933 31 062 776 9 348 46 119Additions 1 133 3 498 78 3 532 8 241Disposals and lease expiry - -83 -1 797 -1 880Accumulated cost at 31 December 2022 - 6 066 34 477 854 11 083 52 480Additions 8 250 1 505 2 582 260 2 371 14 968Disposals and lease expiry -8 324 -8 324Accumulated cost at 31 December 2023 8 250 7 571 28 735 1 114 13 454 59 124Additions 9 240 1 286 5 083 3 034 18 643Disposals and lease expiry -354 -354Accumulated cost at 31 December 2024 17 490 8 857 33 818 1 114 16 134 77 413Accumulated depreciation at 31 December 2021 - 3 778 2 371 442 5 954 12 545Amortization and depreciation 615 5 779 161 1 151 7 706Disposals and lease expiry - 236 -486 -250Accumulated depreciation at 31 December 2022 - 4 393 8 386 603 6 619 20 001Amortization and depreciation 849 1 178 6 729 145 2 113 11 014Disposals and lease expiry -5 420 -5 420Accumulated depreciation at 31 December 2023 849 5 571 9 695 748 8 732 25 595Amortization and depreciation 3 091 1 204 5932 104 1 794 12 125Disposals and lease expiry 252 11 1918 1 340 3 521Accumulated depreciation at 31 December 2024 4 192 6 786 17 545 852 11 866 41 241Book value at 31 December 2022 - 1 673 26 091 251 4 464 32 479Book value at 31 December 2023 7 401 2 000 19 040 366 4 722 33 529Book value at 31 December 2024 13 298 2 071 16 273 262 4 268 36 173PPE are depreciated on a straight-line basis over the estimated useful life of the asset as followsContract 4 years 3 - 5 years3 - 5 years 3 - 5 yearsperiodThe registry intangible, with a net book value of NOK 13.3 million, is recorded in the Photocure Inc accounts. The right-of-use assets include a net book value of NOK 7.3 million in Photocure Inc and NOK 2.3 million in Photocure GmbH. Machinery and equipment have a net book value of NOK 2.5 million in Photocure Inc and NOK 0.5 million in Photocure GmbH. The remaining assets belong to the parent company.Right-of-use assets (Lease) 31-Dec-23 31-Dec-24(Amounts in NOK 1 000)New/Discount Contract increase Contract ratevalue Expirycontracts RemeasurevalueRight-of-use office contract Norway 3.15% 14 340 - 14 340 Right-of-use office contract US 3.70% 11 524 1 298 12 822 Right-of-use office contract Germany 1.40% (0) 1 936 1 936 Right-of-use office company car fleet Germany 1.40% 2 872 348 1 500 4 720 Total lease assets 28 735 33 818 The right-of-use assets comprise office lease contracts covered by IFRS 16, including lease contracts for the company car fleet in Germany. The calculation of the lease asset excludes utility services shared by the tenants.The parent company has a 6-year rental agreement for office premises at Hoffsveien 4 in Oslo, starting September 1, 2021, and ending August 31, 2027. The agreement gives Photocure an option to extend the rental period by 4 years. The rent amounts to NOK 2.9 million for the period from January 1, 2025, to December 31, 2025. The rent for the remaining period until the expiry of the agreement amounts to NOK 7.6 million.Photocure Inc rented office premises at Carnegie Center, Princeton, New Jersey, from April 1, 2011, through December 10, 2022. On December 13, 2021, Photocure Inc signed a lease amendment to move to a new office of 5,212 square feet in Carnegie Center and to extend the lease term by six years, with an expiration date of December 31, 2028. The lease commitment is NOK 11.2 million (USD 1.1 million) at a 3.7% discount rate. The rent commitment for the period from January 1, 2025, to December 31, 2025, is NOK 2.2 million, while the rent for the remaining period until the expiry of the agreement amounts to NOK 8.9 million.Photocure GmbH entered into a new office lease agreement in D\u00fcsseldorf from January 1, 2024, ending December 31, 2026. The lease commitment is NOK 1.9 million, and the rent commitment for the period from January 1, 2025, to December 31, 2025, is NOK 0.8 million. The standard lease period for the car fleet in Germany is 36 months. As of December 31, 2024, Photocure GmbH had 10 lease agreements with an average remaining lease term of 22.3 months.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__98": {
"value": "15. SUBSIDIARIES(Amounts in NOK 1,000)Company Country Ownership Book value31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23Photocure Inc. USA 100% 100% 22 596 19 567 Photocure GmbH Germany 100% 100% 3 388 2 647 Photocure SAS France 100% 100% 641 482 Photocure Canada Inc. Canada 100% 100% - Total subsidiaries 26 626 22 696",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__97": {
"value": "15. SUBSIDIARIES(Amounts in NOK 1,000)Company Country Ownership Book value31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23Photocure Inc. USA 100% 100% 22 596 19 567 Photocure GmbH Germany 100% 100% 3 388 2 647 Photocure SAS France 100% 100% 641 482 Photocure Canada Inc. Canada 100% 100% - Total subsidiaries 26 626 22 696",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__99": {
"value": "16. INVENTORIES(Amounts in NOK 1 000) Group Parent31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23Raw materials 2 022 2 254 2 022 2 254Resale products 6 81 6 81Semi-finished and finished goods 37 508 34 855 34 466 32 077Total inventories 39 536 37 190 36 494 34 411The raw materials inventory consists of active substances for pharmaceutical products. Raw materials are valued at cost. Finished and semi-finished goods are valued at full manufacturing cost. Consumption is accounted for in accordance with the FIFO principle. Obsolete goods are written down to net realizable value. Provisions and write-downs of inventories are included in the cost of goods sold in the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__100": {
"value": "17. FINANCIAL RISKThe note describes the Company\u2019s various financial risks and their management. Additionally, it includes numerical presentations of risks associated with financial risks.(I) Organization of financial risk management Photocure operates internationally and is exposed to various financial risks, including currency risk, interest rate risk, commodity price risk, liquidity risk, and credit risk. Responsibility for managing these financial risks lies with the company\u2019s management, encompassing financing, interest rate and currency management, as well as risks within business areas and those associated with the company\u2019s business processes. Financial risk is also monitored by the Board of Directors.Centralized risk management Photocure has a centralized finance department that ensures the company\u2019s financial flexibility for both long-term and short-term actions. This department monitors and manages financial risk in collaboration with the individual business units within the company. The finance department maintains communication with the company\u2019s banking partners and executes hedging transactions related to interest and currency when necessary. Required authorizations for borrowing and entering into derivative agreements are granted by the Board of Directors. Any transactions involving financial instruments are supported by an underlying commercial hedging requirement.Commercial operations \u2013 production, sales and marketing Photocure manufactures, markets, and sells its products through its own sales organization in Europe and North America, as well as through license partners in other countries. Revenues from license partners consist of two elements: sales of products to license partners and milestone revenues. Photocure manufactures its products through renowned contract manufacturers in Italy, Spain, the Netherlands, and Austria. The prices of raw materials are a risk factor. Photocure\u2019s commercial operations in North America expose the company to currency risk against USD/CAD, as both revenues and expenses are in USD/CAD. The same applies to commercial operations in Europe, which are mostly in Euros. Currency risks are partly naturally hedged by purchasing goods and services in EUR and USD.(II) Classes of financial risk Interest rate risk Photocure has an interest-bearing earnout liability from 2020, with an original interest rate equal to the internal rate of return for the investment project, which has since been adjusted according to changes in interest rate levels. Additionally, Photocure has interest-bearing leasing and pension liabilities. The long-term bank loan, which was settled in 2023, had a floating interest rate, and 90% of the loan was state-guaranteed.The company\u2019s risk related to interest income is mainly associated with its holdings of cash and cash equivalents. The main strategy is to diversify the risk by investing in money market funds and bond funds with low risk, high liquidity, and short duration. More than 90% of the investments are denominated in NOK and are not hedged.Liquidity and funding risk The Company monitors its cash flows from both long-term and short-term perspectives through planning and reporting. Photocure does not have any loan agreements that involve covenants or other restrictions. Photocure uses a multi-currency consolidated bank account system that provides flexibility in drawing on multiple currencies. The company may require new capital in the future, and adequate sources of capital funding may not be available when needed or may not be available on favorable terms.A main objective of Photocure\u2019s financial policy is to ensure that the company has the financial freedom to act both short-term and long-term to achieve strategic and operational goals. Photocure\u2019s policy is to have sufficient funds to cover known capital requirements for the forthcoming 12 months, in addition to maintaining a strategic reserve. Photocure follows a low-risk investment strategy for its liquid funds. The return on these liquid funds depends on the interest rates in the money markets and will therefore vary over time.The following table presents an overview of the maturity structure of the Group\u2019s financial obligations, based on non-discounted contractual payments:Remaining period(Amounts in NOK 1 000) Less than 1 month 1\u20133 months 3\u201312 months 1\u20135 years Total31-Dec-24Accounts payable 18 767 676 19 443Withholding tax and social securities 2 594 2 594Other current liabilities 30 272 18 920 26 487 75 678Loan and lease liabilities 11 173 33 519 104 599 149 29131-Dec-23Accounts payable 16 710 2 950 19 660Withholding tax and social securities 1 230 1 230Other current liabilities 22 640 14 150 19 857 56 647Loan and lease liabilities 3 250 9 500 134 510 147 260Credit risk Management of credit risk associated with accounts receivable and other operational receivables is handled as part of the commercial risk and is continuously monitored as part of normal operations. Photocure is primarily exposed to credit risk associated with accounts receivable and other short-term receivables. Photocure\u2019s sales consist of a mix of direct sales to hospitals, pharmacies, and wholesalers in Europe and North America. The credit risk is limited as the customers are hospitals that are either publicly owned or financed by public funds or insurance companies. The same applies to wholesaler customers. Photocure\u2019s credit risk is considered moderate, and the company does not use credit insurance.Currency risk As NOK is the Company\u2019s presentation currency, Photocure is exposed to translation risk associated with its foreign net exposure. Photocure\u2019s revenues and costs are incurred in different currencies, primarily EUR and USD, exposing the company to exchange rate fluctuations. The company regularly monitors the need for hedging large transactions. Bank accounts in foreign currencies are actively used to reduce exposure to all main currencies, and currency risk is somewhat naturally hedged in EUR and USD, by having both revenues and costs in the same currency. However, in both 2024 and 2023, Photocure had a cash surplus in EUR and a cash deficit in USD. The Company did not enter into any currency hedging contracts during 2024.The following table shows the Company\u2019s sensitivity to potential changes in the NOK exchange rate, assuming all other factors remain constant. The calculation is based on the same change relative to all relevant currencies. The effect on the income statement arises from changes in the value of monetary items.(Amounts in NOK 1 000) Change in the NOK exchange rate Effect on operating profit/loss2024 +/- 10 % +/-12.4512023 +/- 10 % +/-15.3742022 +/- 10 % +/-2.270",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__101": {
"value": "Interest rate risk Photocure has an interest-bearing earnout liability from 2020, with an original interest rate equal to the internal rate of return for the investment project, which has since been adjusted according to changes in interest rate levels. Additionally, Photocure has interest-bearing leasing and pension liabilities. The long-term bank loan, which was settled in 2023, had a floating interest rate, and 90% of the loan was state-guaranteed.The company\u2019s risk related to interest income is mainly associated with its holdings of cash and cash equivalents. The main strategy is to diversify the risk by investing in money market funds and bond funds with low risk, high liquidity, and short duration. More than 90% of the investments are denominated in NOK and are not hedged.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__102": {
"value": "Liquidity and funding risk The Company monitors its cash flows from both long-term and short-term perspectives through planning and reporting. Photocure does not have any loan agreements that involve covenants or other restrictions. Photocure uses a multi-currency consolidated bank account system that provides flexibility in drawing on multiple currencies. The company may require new capital in the future, and adequate sources of capital funding may not be available when needed or may not be available on favorable terms.A main objective of Photocure\u2019s financial policy is to ensure that the company has the financial freedom to act both short-term and long-term to achieve strategic and operational goals. Photocure\u2019s policy is to have sufficient funds to cover known capital requirements for the forthcoming 12 months, in addition to maintaining a strategic reserve. Photocure follows a low-risk investment strategy for its liquid funds. The return on these liquid funds depends on the interest rates in the money markets and will therefore vary over time.The following table presents an overview of the maturity structure of the Group\u2019s financial obligations, based on non-discounted contractual payments:Remaining period(Amounts in NOK 1 000) Less than 1 month 1\u20133 months 3\u201312 months 1\u20135 years Total31-Dec-24Accounts payable 18 767 676 19 443Withholding tax and social securities 2 594 2 594Other current liabilities 30 272 18 920 26 487 75 678Loan and lease liabilities 11 173 33 519 104 599 149 29131-Dec-23Accounts payable 16 710 2 950 19 660Withholding tax and social securities 1 230 1 230Other current liabilities 22 640 14 150 19 857 56 647Loan and lease liabilities 3 250 9 500 134 510 147 260",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__103": {
"value": "Credit risk Management of credit risk associated with accounts receivable and other operational receivables is handled as part of the commercial risk and is continuously monitored as part of normal operations. Photocure is primarily exposed to credit risk associated with accounts receivable and other short-term receivables. Photocure\u2019s sales consist of a mix of direct sales to hospitals, pharmacies, and wholesalers in Europe and North America. The credit risk is limited as the customers are hospitals that are either publicly owned or financed by public funds or insurance companies. The same applies to wholesaler customers. Photocure\u2019s credit risk is considered moderate, and the company does not use credit insurance.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__104": {
"value": "Currency risk As NOK is the Company\u2019s presentation currency, Photocure is exposed to translation risk associated with its foreign net exposure. Photocure\u2019s revenues and costs are incurred in different currencies, primarily EUR and USD, exposing the company to exchange rate fluctuations. The company regularly monitors the need for hedging large transactions. Bank accounts in foreign currencies are actively used to reduce exposure to all main currencies, and currency risk is somewhat naturally hedged in EUR and USD, by having both revenues and costs in the same currency. However, in both 2024 and 2023, Photocure had a cash surplus in EUR and a cash deficit in USD. The Company did not enter into any currency hedging contracts during 2024.The following table shows the Company\u2019s sensitivity to potential changes in the NOK exchange rate, assuming all other factors remain constant. The calculation is based on the same change relative to all relevant currencies. The effect on the income statement arises from changes in the value of monetary items.(Amounts in NOK 1 000) Change in the NOK exchange rate Effect on operating profit/loss2024 +/- 10 % +/-12.4512023 +/- 10 % +/-15.3742022 +/- 10 % +/-2.270",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__108": {
"value": "18. FAIR VALUEThe table below provides an overview of financial assets recognized in the balance sheet at fair value according to the valuation method. The different levels are defined as follows:Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Valuation techniques using observable inputs other than quoted prices included in Level 1, either directly (i.e., as prices) or indirectly (i.e., derived from prices of equivalent items). Level 3: Valuation techniques using inputs that are not based on observable market data. (Amounts in NOK 1 000)Market value hierarchy Level 1 Level 2 Level 3 TotalMoney market funds 200 511 200 511 Earnout liability, ref note 22 (117 126) (117 126)Total 200 511 - (117 126) 83 386",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__107": {
"value": "18. FAIR VALUEThe table below provides an overview of financial assets recognized in the balance sheet at fair value according to the valuation method. The different levels are defined as follows:Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Valuation techniques using observable inputs other than quoted prices included in Level 1, either directly (i.e., as prices) or indirectly (i.e., derived from prices of equivalent items). Level 3: Valuation techniques using inputs that are not based on observable market data. (Amounts in NOK 1 000)Market value hierarchy Level 1 Level 2 Level 3 TotalMoney market funds 200 511 200 511 Earnout liability, ref note 22 (117 126) (117 126)Total 200 511 - (117 126) 83 386",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__106": {
"value": "18. FAIR VALUEThe table below provides an overview of financial assets recognized in the balance sheet at fair value according to the valuation method. The different levels are defined as follows:Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Valuation techniques using observable inputs other than quoted prices included in Level 1, either directly (i.e., as prices) or indirectly (i.e., derived from prices of equivalent items). Level 3: Valuation techniques using inputs that are not based on observable market data. (Amounts in NOK 1 000)Market value hierarchy Level 1 Level 2 Level 3 TotalMoney market funds 200 511 200 511 Earnout liability, ref note 22 (117 126) (117 126)Total 200 511 - (117 126) 83 386",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__105": {
"value": "18. FAIR VALUEThe table below provides an overview of financial assets recognized in the balance sheet at fair value according to the valuation method. The different levels are defined as follows:Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Valuation techniques using observable inputs other than quoted prices included in Level 1, either directly (i.e., as prices) or indirectly (i.e., derived from prices of equivalent items). Level 3: Valuation techniques using inputs that are not based on observable market data. (Amounts in NOK 1 000)Market value hierarchy Level 1 Level 2 Level 3 TotalMoney market funds 200 511 200 511 Earnout liability, ref note 22 (117 126) (117 126)Total 200 511 - (117 126) 83 386",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__111": {
"value": "19. RECEIVABLESThe company\u2019s maximum credit risk associated with financial instruments corresponds to gross receivables. In a hypothetical situation where no receivables are actually paid, this would correspond to: (Amounts in NOK 1 000) Group Parent31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23Accounts receivable 66 856 59 704 36 486 37 129Accounts receivable intercompany - - 19 696 6 473Total 66 856 59 704 56 182 43 602Prepaid expenses 18 367 11 352 11 297 7 720Other receivables and deposits 5 370 4 681 469 548Total other receivables 23 737 16 033 11 767 8 268Loan to the subsidiary is disclosed in Note 10. Not yet 0\u201330 30\u201360 60\u201390 Over 90 Age breakdown of group accounts receivableTotalduedaysdaysdaysdays31 December 2024 42 760 15 115 3 923 4 722 335 66 85631 December 2023 40 324 12 703 4 197 2 066 415 59 704Photocure\u2019s sales are primarily to hospitals, pharmacies, and wholesalers in Europe and North America. Photocure has implemented the expected loss model under IFRS 9 for trade receivables. The expected loss as of December 31, 2024, amounts to NOK 0.9 million. Realized bad debt losses in 2023 and 2024 have been immaterial. Credit risk and foreign exchange risk related to trade accounts receivable are discussed in more detail in Note 17.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__110": {
"value": "19. RECEIVABLESThe company\u2019s maximum credit risk associated with financial instruments corresponds to gross receivables. In a hypothetical situation where no receivables are actually paid, this would correspond to: (Amounts in NOK 1 000) Group Parent31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23Accounts receivable 66 856 59 704 36 486 37 129Accounts receivable intercompany - - 19 696 6 473Total 66 856 59 704 56 182 43 602Prepaid expenses 18 367 11 352 11 297 7 720Other receivables and deposits 5 370 4 681 469 548Total other receivables 23 737 16 033 11 767 8 268Loan to the subsidiary is disclosed in Note 10. Not yet 0\u201330 30\u201360 60\u201390 Over 90 Age breakdown of group accounts receivableTotalduedaysdaysdaysdays31 December 2024 42 760 15 115 3 923 4 722 335 66 85631 December 2023 40 324 12 703 4 197 2 066 415 59 704Photocure\u2019s sales are primarily to hospitals, pharmacies, and wholesalers in Europe and North America. Photocure has implemented the expected loss model under IFRS 9 for trade receivables. The expected loss as of December 31, 2024, amounts to NOK 0.9 million. Realized bad debt losses in 2023 and 2024 have been immaterial. Credit risk and foreign exchange risk related to trade accounts receivable are discussed in more detail in Note 17.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__109": {
"value": "19. RECEIVABLESThe company\u2019s maximum credit risk associated with financial instruments corresponds to gross receivables. In a hypothetical situation where no receivables are actually paid, this would correspond to: (Amounts in NOK 1 000) Group Parent31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23Accounts receivable 66 856 59 704 36 486 37 129Accounts receivable intercompany - - 19 696 6 473Total 66 856 59 704 56 182 43 602Prepaid expenses 18 367 11 352 11 297 7 720Other receivables and deposits 5 370 4 681 469 548Total other receivables 23 737 16 033 11 767 8 268Loan to the subsidiary is disclosed in Note 10. Not yet 0\u201330 30\u201360 60\u201390 Over 90 Age breakdown of group accounts receivableTotalduedaysdaysdaysdays31 December 2024 42 760 15 115 3 923 4 722 335 66 85631 December 2023 40 324 12 703 4 197 2 066 415 59 704Photocure\u2019s sales are primarily to hospitals, pharmacies, and wholesalers in Europe and North America. Photocure has implemented the expected loss model under IFRS 9 for trade receivables. The expected loss as of December 31, 2024, amounts to NOK 0.9 million. Realized bad debt losses in 2023 and 2024 have been immaterial. Credit risk and foreign exchange risk related to trade accounts receivable are discussed in more detail in Note 17.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__114": {
"value": "20. CASH AND SHORT TERM DEPOSITS (Amounts in NOK 1 000) Group Parent31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23Cash and cash equivalents, restricted 5 018 3 168 5 018 3 168Cash and cash equivalents, non-restricted 88 323 63 675 53 871 42 423Money market funds, non-restricted 200 511 192 661 200 511 192 661Total 293 852 259 504 259 400 238 252Money market funds are considered cash equivalents because they are readily convertible to known amounts of cash and are held for the purpose of meeting short-term cash commitments. Restricted cash and cash equivalents as of December 31, 2024, include NOK 1.4 million for employees\u2019 withholding tax security, with the remaining amount referring to a deposit for office rent.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__113": {
"value": "20. CASH AND SHORT TERM DEPOSITS (Amounts in NOK 1 000) Group Parent31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23Cash and cash equivalents, restricted 5 018 3 168 5 018 3 168Cash and cash equivalents, non-restricted 88 323 63 675 53 871 42 423Money market funds, non-restricted 200 511 192 661 200 511 192 661Total 293 852 259 504 259 400 238 252Money market funds are considered cash equivalents because they are readily convertible to known amounts of cash and are held for the purpose of meeting short-term cash commitments. Restricted cash and cash equivalents as of December 31, 2024, include NOK 1.4 million for employees\u2019 withholding tax security, with the remaining amount referring to a deposit for office rent.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__112": {
"value": "20. CASH AND SHORT TERM DEPOSITS (Amounts in NOK 1 000) Group Parent31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23Cash and cash equivalents, restricted 5 018 3 168 5 018 3 168Cash and cash equivalents, non-restricted 88 323 63 675 53 871 42 423Money market funds, non-restricted 200 511 192 661 200 511 192 661Total 293 852 259 504 259 400 238 252Money market funds are considered cash equivalents because they are readily convertible to known amounts of cash and are held for the purpose of meeting short-term cash commitments. Restricted cash and cash equivalents as of December 31, 2024, include NOK 1.4 million for employees\u2019 withholding tax security, with the remaining amount referring to a deposit for office rent.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s7__6__115": {
"value": "21. SHARE CAPITALAmounts that are distributed to or contributed by shareholders are included directly in the equity. The Group\u2019s equity is increased in direct relation to the cost of share-based remuneration for employees. 1. The nominal value of treasury shares is presented in the balance sheet as a negative equity element. The net purchase price is entered as a reduction of other paid-in equity. Profits or losses on transactions in treasury shares are not included in the income statement.2. Transaction charges in connection with equity transactions are included directly in equity after deduction for tax. Only transaction charges that are directly attributable to the equity transaction are included directly in equity. Registered share capital in Photocure ASA amounted to: Nominal value Share capital No. of sharesper share NOKin NOKShare capital at 31 December 2023 27 120 820 0.50 13 560 410Share capital at 31 December 2024 27 120 820 0.50 13 560 410Treasury shares: Holdings of treasury shares at 31 December 2022 15 122 7 561Holdings of treasury shares at 31 December 2023 15 122 7 561Buy-back of treasury shares - 0.50 -Share options exercised from treasury shares - 0.50 -Holdings of treasury shares at 31 December 2024 15 122 7 561All shares have equal rights. Ordinary shares are classified as equity. Expenses that are directly attributable to the issue of ordinary shares are included as a reduction of equity. At the General Meeting 23 May 2024, the Board of Directors of Photocure ASA was granted authorization to purchase treasury shares to 2.7 million shares. All authorizations are valid up until the Ordinary General Meeting in 2025. Previously issued authorizations have expired.The table below indicates the status of authorizations at 31 December 2024: Purchase, treasury shares(Figures indicate the number of shares)Authorization issued at the General Meeting on 23 May 2024 2 712 082Purchase of treasury shares after 23 May 2024 -Remaining under authorizations at 31 December 2024 2 712 0822 310 448 share options have been allocated to employees 31 December 2024 (see note 6).Ownership structure The major shareholders in Photocure as of 31 December 2024 were: Shares ShareholdingMorgan Stanley & Co. LLC 4 592 380 16.9 %Skandinaviska Enskilda Banken AB 2 000 000 7.4 %Skandinaviska Enskilda Banken AB 955 575 3.5 %Skandinaviska Enskilda Banken AB 851 100 3.1 %Skandinaviska Enskilda Banken AB 843 778 3.1 %J.P. Morgan SE 727 330 2.7 %MP Pensjon PK 688 418 2.5 %The Bank of New York Mellon SA/NV 684 051 2.5 %Nordnet Bank AB 660 431 2.4 %JPMorgan Chase Bank, N.A., London 450 189 1.7 %Nordnet Livsforsikring AS 401 112 1.5 %Danske Bank A/S 336 924 1.2 %Verdipapirfondet KLP Aksjenorge IN 277 839 1.0 %BNP Paribas 259 000 1.0 %Avanza Bank AB 232 083 0.9 %J.P. Morgan SE 230 000 0.8 %Svenska Handelsbanken' AB 213 226 0.8 %Verdipapirfondet Storebrand Indeks 207 155 0.8 %Billington, Erik 204 853 0.8 %Verdipapirfondet KLP Aksjenorge 195 630 0.7 %Total of 20 largest shareholders 15 011 074 55.3 %Treasury shares 15 122 0.1 %Total other shareholders 12 094 624 44.6 %Total number of shares 27 120 820 100.0 %Shares owned, directly or indirectly, by members of the Board of Directors, the President and CEO and senior management and their closely related associates as of 31 December 2024: No. of No. of share **Name PositionsharesoptionsDaniel Schneider President & CEO 99 689 457 500 Erik Dahl Chief Financial Officer 32 750 278 750 Anders Neijber Chief Medical Officer - 164 000 Anja Gossens-von der Heidt Head of Global Human Resources - 66 750 Geoffrey Coy VP and General Manager North America 15 207 221 250 Dylan Hallerberg Chairperson of the board 150 000 15 277 Ghizlane Tagmouti Board member 25 000 5 124 Neal Shore Board member - 9 097 ** See note 6 for additional information about the share options.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__116": {
"value": "Nominal value Share capital No. of sharesper share NOKin NOKShare capital at 31 December 2023 27 120 820 0.50 13 560 410Share capital at 31 December 2024 27 120 820 0.50 13 560 410Treasury shares: Holdings of treasury shares at 31 December 2022 15 122 7 561Holdings of treasury shares at 31 December 2023 15 122 7 561Buy-back of treasury shares - 0.50 -Share options exercised from treasury shares - 0.50 -Holdings of treasury shares at 31 December 2024 15 122 7 561All shares have equal rights. Ordinary shares are classified as equity. Expenses that are directly attributable to the issue of ordinary shares are included as a reduction of equity. At the General Meeting 23 May 2024, the Board of Directors of Photocure ASA was granted authorization to purchase treasury shares to 2.7 million shares. All authorizations are valid up until the Ordinary General Meeting in 2025. Previously issued authorizations have expired.The table below indicates the status of authorizations at 31 December 2024: Purchase, treasury shares(Figures indicate the number of shares)Authorization issued at the General Meeting on 23 May 2024 2 712 082Purchase of treasury shares after 23 May 2024 -Remaining under authorizations at 31 December 2024 2 712 0822 310 448 share options have been allocated to employees 31 December 2024 (see note 6).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__118": {
"value": "22. LOAN TERMS AND REPAYMENTNominalLoanInstal- 1st year interest Year ofamountmentsBook valueinstal- (Amounts in NOK 1 000) Currencyratematurity01.01paid31-Dec-24mentsDeferred consideration (Earnout) NOK/EUR 2030 136 084 -37 135 126 761 9 636 Right-of-use office contract Norway NOK 3.15% 2027 9 764 -2 556 7 208 2 631Right-of-use office contract US USD 3.70% 2028 8 231 -1 733 7 327 1 795Right-of-use office contract Germany EUR 1.40% 2026 - -588 933 645*Right-of-use company car fleet Germany EUR 1.40% 2025 1 592 -1 062 1 340 1 077Total non-current liabilities 155 671 143 569 15 784* There are seperate lease agreements for each lease subject Hexvix sales, marketing, and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS (Ipsen) were acquired by Photocure on October 1, 2020. Under the final agreement, Photocure paid Ipsen EUR 15 million upon transfer on October 1, 2020. Additionally, Ipsen receives a deferred consideration of 15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the former Ipsen major markets. The deferred consideration is paid as quarterly earnout payments in EUR after the close of each quarter.The fair value of the deferred consideration is driven by future expected sales and is remeasured on a yearly basis. There was no remeasurement as of December 31, 2024. The remeasurement for 2023 resulted in an increase in fair value of NOK 1.4 million. Photocure has discounted the estimated earnout payments by an IRR aligned with the investment project, adjusted for changes in borrowing interest levels. This IRR is deemed appropriate as a discount rate for the earnout payments since the level of the payments will be subject to the same risk factors as the cash flow prognosis for the acquisition as a whole. Future sales, given performance in 2024 and growth opportunities going forward, are expected to align with forecasts prepared in connection with the transaction.Photocure has remeasured the earnout liability in NOK and based the forecasted cash flow on a fixed exchange rate of EUR/NOK 11.7, compared to an exchange rate of 11.6 in the prior year\u2019s remeasurement.The agreement with Ipsen established a floor revenue for the earnout from 2022 to the end of the forecast period, with no upper cap on revenue. The total undiscounted amount of the earnout may range from NOK 150 million to NOK 250 million, depending on revenue and the development of the exchange rate between EUR and NOK. According to our sensitivity analysis, the corresponding net present value of the liability may decrease or increase by NOK 29 million.GroupOffice Office Lease Office and Earnout Financial Lease Princeton, car Lease liabilityloan bankOsloUSGermany TotalAccumulated 31 December 2022 142 709 12 500 11 433 9 592 6 013 174 871Proceeds from loans and borrowing 1 023 1 023Loan repayment and earnout instalments -8 940 -12 500 -21 440Payment of lease liabilities -2 427 -1 360 -2 794 -6 581Total changes from financing -8 940 -12 500 -2 427 -1 360 -1 771 -26 998Remeasurerd liability 2 472 758 -1 631 2 832Terminated lease liability -3 282 -3 282New lease liability -Interest expense 25 424 209 332 273 99 26 336Interest paid -25 581 -209 -332 -273 -99 -26 493Total liability related changes 2 315 - 758 -1 -2 651 -607Accumulated 31 December 2023 136 084 - 9 764 8 231 1 591 147 2661th year instalments -8 404 - -2 889 -1 745 -980 -14 017Accumulated 31 December 2023 136 084 - 9 764 8 231 1 591 147 266Proceeds from loans and borrowing 2 284 2 284Loan repayment and earnout instalments -10 554 -11 266Payment of lease liabilities -2 556 -1 733 -1 650 -5 939Total changes from financing -10 554 - -2 556 -1 733 634 -14 921Remeasurerd liability 537 829 48 877Terminated lease liability -Interest expense 27 292 - 308 278 157 28 035Interest paid -26 580 - -308 -278 -157 -27 323Total liability related changes 1 249 - - 829 48 1 589Accumulated 31 December 2024 126 779 - 7 208 7 327 2 273 133 9351th year instalments -9 636 - -2 631 -1 795 -1 722 -15 784",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__117": {
"value": "22. LOAN TERMS AND REPAYMENTNominalLoanInstal- 1st year interest Year ofamountmentsBook valueinstal- (Amounts in NOK 1 000) Currencyratematurity01.01paid31-Dec-24mentsDeferred consideration (Earnout) NOK/EUR 2030 136 084 -37 135 126 761 9 636 Right-of-use office contract Norway NOK 3.15% 2027 9 764 -2 556 7 208 2 631Right-of-use office contract US USD 3.70% 2028 8 231 -1 733 7 327 1 795Right-of-use office contract Germany EUR 1.40% 2026 - -588 933 645*Right-of-use company car fleet Germany EUR 1.40% 2025 1 592 -1 062 1 340 1 077Total non-current liabilities 155 671 143 569 15 784* There are seperate lease agreements for each lease subject Hexvix sales, marketing, and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS (Ipsen) were acquired by Photocure on October 1, 2020. Under the final agreement, Photocure paid Ipsen EUR 15 million upon transfer on October 1, 2020. Additionally, Ipsen receives a deferred consideration of 15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the former Ipsen major markets. The deferred consideration is paid as quarterly earnout payments in EUR after the close of each quarter.The fair value of the deferred consideration is driven by future expected sales and is remeasured on a yearly basis. There was no remeasurement as of December 31, 2024. The remeasurement for 2023 resulted in an increase in fair value of NOK 1.4 million. Photocure has discounted the estimated earnout payments by an IRR aligned with the investment project, adjusted for changes in borrowing interest levels. This IRR is deemed appropriate as a discount rate for the earnout payments since the level of the payments will be subject to the same risk factors as the cash flow prognosis for the acquisition as a whole. Future sales, given performance in 2024 and growth opportunities going forward, are expected to align with forecasts prepared in connection with the transaction.Photocure has remeasured the earnout liability in NOK and based the forecasted cash flow on a fixed exchange rate of EUR/NOK 11.7, compared to an exchange rate of 11.6 in the prior year\u2019s remeasurement.The agreement with Ipsen established a floor revenue for the earnout from 2022 to the end of the forecast period, with no upper cap on revenue. The total undiscounted amount of the earnout may range from NOK 150 million to NOK 250 million, depending on revenue and the development of the exchange rate between EUR and NOK. According to our sensitivity analysis, the corresponding net present value of the liability may decrease or increase by NOK 29 million.GroupOffice Office Lease Office and Earnout Financial Lease Princeton, car Lease liabilityloan bankOsloUSGermany TotalAccumulated 31 December 2022 142 709 12 500 11 433 9 592 6 013 174 871Proceeds from loans and borrowing 1 023 1 023Loan repayment and earnout instalments -8 940 -12 500 -21 440Payment of lease liabilities -2 427 -1 360 -2 794 -6 581Total changes from financing -8 940 -12 500 -2 427 -1 360 -1 771 -26 998Remeasurerd liability 2 472 758 -1 631 2 832Terminated lease liability -3 282 -3 282New lease liability -Interest expense 25 424 209 332 273 99 26 336Interest paid -25 581 -209 -332 -273 -99 -26 493Total liability related changes 2 315 - 758 -1 -2 651 -607Accumulated 31 December 2023 136 084 - 9 764 8 231 1 591 147 2661th year instalments -8 404 - -2 889 -1 745 -980 -14 017Accumulated 31 December 2023 136 084 - 9 764 8 231 1 591 147 266Proceeds from loans and borrowing 2 284 2 284Loan repayment and earnout instalments -10 554 -11 266Payment of lease liabilities -2 556 -1 733 -1 650 -5 939Total changes from financing -10 554 - -2 556 -1 733 634 -14 921Remeasurerd liability 537 829 48 877Terminated lease liability -Interest expense 27 292 - 308 278 157 28 035Interest paid -26 580 - -308 -278 -157 -27 323Total liability related changes 1 249 - - 829 48 1 589Accumulated 31 December 2024 126 779 - 7 208 7 327 2 273 133 9351th year instalments -9 636 - -2 631 -1 795 -1 722 -15 784",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__121": {
"value": "23. ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES(Amounts in NOK 1 000) Group Parent31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23Accounts payable 19 443 19 660 15 299 13 324Accounts payable intercompany - - 50 463 1 220Total 19 443 19 660 65 762 14 544Accrued bonus, holiday pay, salaries 44 184 35 378 21 665 18 817Short-term payable, intercompany - - 6 402 25 863Miscellaneous other accrued costs 21 861 12 863 8 035 6 481Total other current liabilities 66 045 48 241 36 102 51 161The incurred earnout liability is for net sales in the last quarter. Accrued bonus, holiday pay, and salaries include accruals for the estimated annual bonus as of December 31, 2024. The final annual bonus for the Group will be decided by the Board of Directors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__120": {
"value": "23. ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES(Amounts in NOK 1 000) Group Parent31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23Accounts payable 19 443 19 660 15 299 13 324Accounts payable intercompany - - 50 463 1 220Total 19 443 19 660 65 762 14 544Accrued bonus, holiday pay, salaries 44 184 35 378 21 665 18 817Short-term payable, intercompany - - 6 402 25 863Miscellaneous other accrued costs 21 861 12 863 8 035 6 481Total other current liabilities 66 045 48 241 36 102 51 161The incurred earnout liability is for net sales in the last quarter. Accrued bonus, holiday pay, and salaries include accruals for the estimated annual bonus as of December 31, 2024. The final annual bonus for the Group will be decided by the Board of Directors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__119": {
"value": "23. ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES(Amounts in NOK 1 000) Group Parent31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23Accounts payable 19 443 19 660 15 299 13 324Accounts payable intercompany - - 50 463 1 220Total 19 443 19 660 65 762 14 544Accrued bonus, holiday pay, salaries 44 184 35 378 21 665 18 817Short-term payable, intercompany - - 6 402 25 863Miscellaneous other accrued costs 21 861 12 863 8 035 6 481Total other current liabilities 66 045 48 241 36 102 51 161The incurred earnout liability is for net sales in the last quarter. Accrued bonus, holiday pay, and salaries include accruals for the estimated annual bonus as of December 31, 2024. The final annual bonus for the Group will be decided by the Board of Directors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__122": {
"value": "24. SUBSEQUENT EVENTSAfter the reporting period ended, the Company repurchased 300,000 shares at an average price of NOK 60.41 per share, totaling NOK 18.1 million. The purpose of the repurchase program is to fulfill obligations arising in accordance with Photocure\u2019s long term incentive programs and the Company\u2019s guidelines for remuneration as approved by Photocure\u2019s annual general meeting held on 23 May 2024, or otherwise as decided in accordance with the authorization. There are no other subsequent events after December 31, 2024, that had any material impact on the Financial Statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG8OW35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}