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The company's headquarters are in Bj\u00f8rn\u00e5sveien 5, 1596 Moss, Norway. The company is a research and development- based company that develops and manufactures biochemical reagents for use in medical diagnostics and research. The customers are medical laboratories and universities worldwide. The group consists of the parent company Gentian Diagnostics ASA and the subsidiary Gentian AS, also located in Norway. In addition, Gentian AS has a wholly owned subsidiary, registered in Florida, USA, named Gentian USA Inc, and a wholly owned subsidiary in Sweden, Gentian Diagnostics AB. Gentian Diagnostics AB also has a wholly owned subsidiary in Sweden, Getica AB, 100 % of the shares in Getica AB was sold from Gentian Diagnostics ASA to Gentian Diagnostics AB on November 25, 2024. The consolidated financial statements were approved by the board on 19 March 2025. The consolidated financial statements are based on the historical cost principle. The financial statements are presented in Norwegian kroner (NOK). All amounts are in NOK thousands unless otherwise specified. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-193": { "value": "Gentian Diagnostics ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-192": { "value": "Gentian Diagnostics ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-194": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-197": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-196": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-195": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-198": { "value": "Bj\u00f8rn\u00e5sveien 5, 1596 Moss, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-199": { "value": "The company is a research and development- based company that develops and manufactures biochemical reagents for use in medical diagnostics and research.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-200": { "value": "Gentian Diagnostics ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-201": { "value": "The consolidated financial statements were approved by the board on 19 March 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-202": { "value": "Note 2 - Summary of the most important accounting principles 2.1 Basis for the preparation of the annual accounts The company issues the consolidated financial statements in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and additional disclosure requirement in the Norwegian Accounting Act. The consolidated financial statements are based on the historical cost principle. The financial statements are presented in Norwegian kroner (NOK). All amounts are in NOK thousands unless otherwise specified. The preparation of accounts in accordance with IFRS requires the use of estimates. Furthermore, the use of the company's accounting principles requires that management must exercise judgment. Areas with a high degree of discretionary judgment, high complexity, or areas where assumptions and estimates are essential for the accounts are described in note 3. The consolidated accounts have been prepared on the basis of going concern. 2.2 Changes in accounting policies and disclosures No changes in IFRS effective for the 2024 financial statements are relevant this financial year. Change in the Consolidated Statement of Profit or Loss and other comprehensive income presentation In accordance with the requirements of IAS 1 Presentation of Financial Statements, the company has changed its method of presenting the consolidated statement of profit or loss from a presentation by nature to a presentation by function during the financial year 2024. This change provides more relevant information to users by aligning the presentation with the group\u2019s operational structure and enhancing comparability with industry peers. The change affects only the classifications within the consolidated statement of profit or loss and has no impact on reported total revenues, result, or equity. The table below illustrates how the results for the year 2023 would have been presented under the new method. Reclassification Table: Consolidated Statement of Profit or Loss and other comprehensive income Presentation for the year 2023: (NOK 1000) Actual 2023 (by nature) Reclassification Actual 2023 (by function) Sales revenues 135 153 - 135 153 Cost of goods sold -66 750 -4 155 -70 905 Other income 7 193 - 7 193 Employee benefit expenses -47 352 47 352 - Depreciation and amortisation -9 566 9 566 - Impairment -6 469 6 469 - R&D expenses - 36 083 -36 083 Sales and marketing expenses - 23 067 -23 067 Administrative expenses -24 972 -82 -25 054 Operating profit -12 762 - -12 762 The change in cogs consists of depreciations related to production. 2.3 Principles for consolidation The group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of 31 December 2024. A subsidiary is an entity controlled by the group. An entity has been assessed as being controlled by the group when the group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the group\u2019s returns. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the group are eliminated in full on consolidation. 2.4 Currency The accounts of the individual entities in the group are measured in the currency used in which the entity mainly operates (functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK) which is both the functional currency of the parent company and the presentation currency of the group. Transactions in foreign currency are recorded on initial recognition in the functional currency at the spot exchange rate at the transaction date. Monetary items in foreign currency are translated at the exchange rate on the balance sheet date. Exchange differences arising on the settlement of monetary items or on translating monetary items are recognised in profit or loss, with exception of exchange differences arising on a monetary item that is part of the net investment in a foreign operation. Assets and liabilities in foreign entities / units are translated into the presentation currency using the current exchange rate at the balance sheet date. 2.5 Segments For management purposes, the group is organized as one business unit, and the internal reporting is structured in accordance with this. The group is currently organized in one operating segment. 2.6 Revenue from contracts with customers Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the group expects to be entitled in exchange for those goods or services. Sale of goods The group recognises revenue from the sale of goods at the point in time when control of the goods is transferred to the customer. Control of an asset refers to the ability to direct the use of and obtain substantially all the remaining benefits from the asset, and the ability to prevent others from directing the use of and receiving the benefits from the asset. Revenue is generally recognised on delivery of the goods. The normal credit term is 30 to 60 days upon delivery, there are no other standard financial terms in the contract with customers. 2.7 Employee benefit expenses The group has a defined contribution plan for all employees in Norway. The scheme is based on a percentage of the members' salary. The group has no further payment obligations after the deposits have been paid. Prepaid deposits are recorded as an asset to the extent that the deposit can be refunded or reduce future payments. For employees in other countries the group has put in place defined contribution plans. The company provides annual bonuses to the employees in the bonus program based on individual and company performance. These bonuses are recognized as an expense in the period in which the company has a present legal or constructive obligation to make such payments as a result of past events and a reliable estimate of the obligation can be made. The group has a share-based program for key personnel. Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. The long-term incentives of Gentian (\u00abLTI\u00bb) consist of a share price-related option program for key personnel. Under the share option program, options may be allocated to the key personnel. The options entitle the option holder to purchase a defined number of shares to a pre-defined value after a specific period. The company may decide settlement in cash. Settlement in cash is conditional upon an authorisation from the general meeting for a share issue. 2.8 Intangible assets Intangible assets are recognised in the balance sheet if it is probable that the future economic benefits will flow to the group, and the cost of the asset can be measured reliable. Intangible assets with finite economic life are measured at cost less accumulated amortization and write-downs. Development costs Capitalised development costs include materials, salary and social expenses, and other expenses that can be allocated to the development of the asset. A significant part of capitalised development cost consists of hours booked by each R&D project. In addition, capitalised development cost also includes external costs like consultancy, clinical studies, reagents, and consumables. Capitalisation of development costs will normally start when the development project enters the optimisation phase and a full plan for development has been approved by management. Capitalised development costs are amortized over 10 years. Amortizations starts when the asset is available for use. 2.9 Property, plant, and equipment The group's long-term assets consist mainly of production equipment and fixtures. The property, plant and equipment are recognised at acquisition cost less depreciation. Acquisition costs include costs directly related to the acquisition of the asset. Subsequent expenses are added to the carrying amount of the assets or are capitalised separately when it is probable that future economic benefits associated with the expense will flow to the group and the expense can be measured reliably. Other repair and maintenance costs are charged to the profit and loss account during the period incurred. The property, plant and equipment are depreciated using the straight-line method, so that the acquisition cost of the assets is depreciated at residual value over the expected useful life that is: \u2212 Machinery/ equipment 10-15 years \u2212 Fixtures 3-8 years 2.10 Leases All leases are accounted for by recognising a right-of-use asset and a lease liability except for: \u2022 Leases of low value assets; and \u2022 Leases with a duration of 12 months or less. The group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the group is reasonably certain to exercise this option. The lease payments included in the measurement comprise of: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date The main part of the lease liability consists of a rental agreement with yearly index adjustments. When the index adjustment of a lease contract is revised significantly from the original measurement, the lease liability and corresponding right- of-use asset are adjusted to reflect the revised index rate. The lease payments are generally discounted using the company\u2019s incremental borrowing rate. The group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The group applies the depreciation requirements in IAS 16 Property, Plant, and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset. The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified. 2.11 Inventory Inventory is valued at the lower of cost and net realisable value. Cost of inventory is assigned using first- in, first-out method (FIFO). For finished goods and goods under construction, cost of production consists of product design, material consumption, direct labour costs, other direct costs, and indirect production costs (based on normal capacity). Net realisable value is estimated sales price less variable costs for completion and sale. 2.12 Taxes The tax expense in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated based on temporary differences between tax values of assets and carrying amount of assets. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The group recognise previously unrecognised deferred tax assets to the extent it has become probable that the group can utilise the deferred tax asset. Similarly, the group will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax and deferred tax assets are measured using the expected future tax rate for the companies within the group that have temporarily differences between tax values and carrying values of assets or losses carry forward. Deferred tax and tax assets are recorded at nominal value and is classified as long-term financial asset in the balance sheet. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction. 2.13 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial Assets The group\u00b4s financial assets are trade receivables, and cash and cash equivalents. These financial assets are measured at amortised cost. Financial liabilities The group\u2019s financial liabilities are accounts payables and lease liabilities. These financial liabilities are measured at amortised cost. \u2212 Research and development cost related to internally developed technology \u2212 Deferred tax assets Development cost related to technology has been recognised as an intangible asset because Gentian can demonstrate technological feasibility for the assets to be available for sale for both existing products and new products. The group assesses at each reporting date whether there is an indication that an intangible asset may be impaired. The revenue potential for the projects exceeds the investment. The estimates that form the basis for the intangible assets are performed by the management of the company, and there will always be a level of uncertainty in relation to the assessments that are performed on future revenues for future products. The balance sheet value as of 31.12.2024 was NOK 28.5 million. As of 31.12.2024, the group has recognized a deferred tax asset of NOK 25.2 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. This assessment involves significant judgment and is based on key assumptions, including: - The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-203": { "value": "Note 2 - Summary of the most important accounting principles 2.1 Basis for the preparation of the annual accounts The company issues the consolidated financial statements in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and additional disclosure requirement in the Norwegian Accounting Act. The consolidated financial statements are based on the historical cost principle. The financial statements are presented in Norwegian kroner (NOK). All amounts are in NOK thousands unless otherwise specified. The preparation of accounts in accordance with IFRS requires the use of estimates. Furthermore, the use of the company's accounting principles requires that management must exercise judgment. Areas with a high degree of discretionary judgment, high complexity, or areas where assumptions and estimates are essential for the accounts are described in note 3. The consolidated accounts have been prepared on the basis of going concern. 2.2 Changes in accounting policies and disclosures No changes in IFRS effective for the 2024 financial statements are relevant this financial year. Change in the Consolidated Statement of Profit or Loss and other comprehensive income presentation In accordance with the requirements of IAS 1 Presentation of Financial Statements, the company has changed its method of presenting the consolidated statement of profit or loss from a presentation by nature to a presentation by function during the financial year 2024. This change provides more relevant information to users by aligning the presentation with the group\u2019s operational structure and enhancing comparability with industry peers. The change affects only the classifications within the consolidated statement of profit or loss and has no impact on reported total revenues, result, or equity. The table below illustrates how the results for the year 2023 would have been presented under the new method. Reclassification Table: Consolidated Statement of Profit or Loss and other comprehensive income Presentation for the year 2023: (NOK 1000) Actual 2023 (by nature) Reclassification Actual 2023 (by function) Sales revenues 135 153 - 135 153 Cost of goods sold -66 750 -4 155 -70 905 Other income 7 193 - 7 193 Employee benefit expenses -47 352 47 352 - Depreciation and amortisation -9 566 9 566 - Impairment -6 469 6 469 - R&D expenses - 36 083 -36 083 Sales and marketing expenses - 23 067 -23 067 Administrative expenses -24 972 -82 -25 054 Operating profit -12 762 - -12 762 The change in cogs consists of depreciations related to production. 2.3 Principles for consolidation The group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of 31 December 2024. A subsidiary is an entity controlled by the group. An entity has been assessed as being controlled by the group when the group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the group\u2019s returns. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the group are eliminated in full on consolidation. 2.4 Currency The accounts of the individual entities in the group are measured in the currency used in which the entity mainly operates (functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK) which is both the functional currency of the parent company and the presentation currency of the group. Transactions in foreign currency are recorded on initial recognition in the functional currency at the spot exchange rate at the transaction date. Monetary items in foreign currency are translated at the exchange rate on the balance sheet date. Exchange differences arising on the settlement of monetary items or on translating monetary items are recognised in profit or loss, with exception of exchange differences arising on a monetary item that is part of the net investment in a foreign operation. Assets and liabilities in foreign entities / units are translated into the presentation currency using the current exchange rate at the balance sheet date. 2.5 Segments For management purposes, the group is organized as one business unit, and the internal reporting is structured in accordance with this. The group is currently organized in one operating segment. 2.6 Revenue from contracts with customers Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the group expects to be entitled in exchange for those goods or services. Sale of goods The group recognises revenue from the sale of goods at the point in time when control of the goods is transferred to the customer. Control of an asset refers to the ability to direct the use of and obtain substantially all the remaining benefits from the asset, and the ability to prevent others from directing the use of and receiving the benefits from the asset. Revenue is generally recognised on delivery of the goods. The normal credit term is 30 to 60 days upon delivery, there are no other standard financial terms in the contract with customers. 2.7 Employee benefit expenses The group has a defined contribution plan for all employees in Norway. The scheme is based on a percentage of the members' salary. The group has no further payment obligations after the deposits have been paid. Prepaid deposits are recorded as an asset to the extent that the deposit can be refunded or reduce future payments. For employees in other countries the group has put in place defined contribution plans. The company provides annual bonuses to the employees in the bonus program based on individual and company performance. These bonuses are recognized as an expense in the period in which the company has a present legal or constructive obligation to make such payments as a result of past events and a reliable estimate of the obligation can be made. The group has a share-based program for key personnel. Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. The long-term incentives of Gentian (\u00abLTI\u00bb) consist of a share price-related option program for key personnel. Under the share option program, options may be allocated to the key personnel. The options entitle the option holder to purchase a defined number of shares to a pre-defined value after a specific period. The company may decide settlement in cash. Settlement in cash is conditional upon an authorisation from the general meeting for a share issue. 2.8 Intangible assets Intangible assets are recognised in the balance sheet if it is probable that the future economic benefits will flow to the group, and the cost of the asset can be measured reliable. Intangible assets with finite economic life are measured at cost less accumulated amortization and write-downs. Development costs Capitalised development costs include materials, salary and social expenses, and other expenses that can be allocated to the development of the asset. A significant part of capitalised development cost consists of hours booked by each R&D project. In addition, capitalised development cost also includes external costs like consultancy, clinical studies, reagents, and consumables. Capitalisation of development costs will normally start when the development project enters the optimisation phase and a full plan for development has been approved by management. Capitalised development costs are amortized over 10 years. Amortizations starts when the asset is available for use. 2.9 Property, plant, and equipment The group's long-term assets consist mainly of production equipment and fixtures. The property, plant and equipment are recognised at acquisition cost less depreciation. Acquisition costs include costs directly related to the acquisition of the asset. Subsequent expenses are added to the carrying amount of the assets or are capitalised separately when it is probable that future economic benefits associated with the expense will flow to the group and the expense can be measured reliably. Other repair and maintenance costs are charged to the profit and loss account during the period incurred. The property, plant and equipment are depreciated using the straight-line method, so that the acquisition cost of the assets is depreciated at residual value over the expected useful life that is: \u2212 Machinery/ equipment 10-15 years \u2212 Fixtures 3-8 years 2.10 Leases All leases are accounted for by recognising a right-of-use asset and a lease liability except for: \u2022 Leases of low value assets; and \u2022 Leases with a duration of 12 months or less. The group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the group is reasonably certain to exercise this option. The lease payments included in the measurement comprise of: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date The main part of the lease liability consists of a rental agreement with yearly index adjustments. When the index adjustment of a lease contract is revised significantly from the original measurement, the lease liability and corresponding right- of-use asset are adjusted to reflect the revised index rate. The lease payments are generally discounted using the company\u2019s incremental borrowing rate. The group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The group applies the depreciation requirements in IAS 16 Property, Plant, and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset. The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified. 2.11 Inventory Inventory is valued at the lower of cost and net realisable value. Cost of inventory is assigned using first- in, first-out method (FIFO). For finished goods and goods under construction, cost of production consists of product design, material consumption, direct labour costs, other direct costs, and indirect production costs (based on normal capacity). Net realisable value is estimated sales price less variable costs for completion and sale. 2.12 Taxes The tax expense in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated based on temporary differences between tax values of assets and carrying amount of assets. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The group recognise previously unrecognised deferred tax assets to the extent it has become probable that the group can utilise the deferred tax asset. Similarly, the group will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax and deferred tax assets are measured using the expected future tax rate for the companies within the group that have temporarily differences between tax values and carrying values of assets or losses carry forward. Deferred tax and tax assets are recorded at nominal value and is classified as long-term financial asset in the balance sheet. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction. 2.13 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial Assets The group\u00b4s financial assets are trade receivables, and cash and cash equivalents. These financial assets are measured at amortised cost. Financial liabilities The group\u2019s financial liabilities are accounts payables and lease liabilities. These financial liabilities are measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-204": { "value": "2.1 Basis for the preparation of the annual accounts The company issues the consolidated financial statements in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and additional disclosure requirement in the Norwegian Accounting Act. The consolidated financial statements are based on the historical cost principle. The financial statements are presented in Norwegian kroner (NOK). All amounts are in NOK thousands unless otherwise specified. The preparation of accounts in accordance with IFRS requires the use of estimates. Furthermore, the use of the company's accounting principles requires that management must exercise judgment. Areas with a high degree of discretionary judgment, high complexity, or areas where assumptions and estimates are essential for the accounts are described in note 3. The consolidated accounts have been prepared on the basis of going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-205": { "value": "The company issues the consolidated financial statements in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and additional disclosure requirement in the Norwegian Accounting Act. The consolidated financial statements are based on the historical cost principle. The financial statements are presented in Norwegian kroner (NOK). All amounts are in NOK thousands unless otherwise specified. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-206": { "value": "The preparation of accounts in accordance with IFRS requires the use of estimates. Furthermore, the use of the company's accounting principles requires that management must exercise judgment. Areas with a high degree of discretionary judgment, high complexity, or areas where assumptions and estimates are essential for the accounts are described in note 3. Note 3 - Significant estimates and uncertainties The preparation of the consolidated financial statements requires management to make judgments, estimates and assumptions that effect the recognition and measurement of certain assets, liabilities, revenue, and expense. The following area involves the most critical estimates and judgments for the group: \u2212 Research and development cost related to internally developed technology \u2212 Deferred tax assets Development cost related to technology has been recognised as an intangible asset because Gentian can demonstrate technological feasibility for the assets to be available for sale for both existing products and new products. The group assesses at each reporting date whether there is an indication that an intangible asset may be impaired. The revenue potential for the projects exceeds the investment. The estimates that form the basis for the intangible assets are performed by the management of the company, and there will always be a level of uncertainty in relation to the assessments that are performed on future revenues for future products. The balance sheet value as of 31.12.2024 was NOK 28.5 million. As of 31.12.2024, the group has recognized a deferred tax asset of NOK 25.2 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. This assessment involves significant judgment and is based on key assumptions, including: - The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates. Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on December 31 st each year, by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin, and discount rate (WACC) currently 9.4 %, as well as remaining development costs and likelihood of approval from regulatory authorities. If the discounted value is lower than the carrying amount the asset is written down.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-207": { "value": "The consolidated accounts have been prepared on the basis of going concern", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn1": { "value": "2.2 Changes in accounting policies and disclosures No changes in IFRS effective for the 2024 financial statements are relevant this financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-208": { "value": "2.2 Changes in accounting policies and disclosures No changes in IFRS effective for the 2024 financial statements are relevant this financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-209": { "value": "Change in the Consolidated Statement of Profit or Loss and other comprehensive income presentation In accordance with the requirements of IAS 1 Presentation of Financial Statements, the company has changed its method of presenting the consolidated statement of profit or loss from a presentation by nature to a presentation by function during the financial year 2024. This change provides more relevant information to users by aligning the presentation with the group\u2019s operational structure and enhancing comparability with industry peers. The change affects only the classifications within the consolidated statement of profit or loss and has no impact on reported total revenues, result, or equity. The table below illustrates how the results for the year 2023 would have been presented under the new method. Reclassification Table: Consolidated Statement of Profit or Loss and other comprehensive income Presentation for the year 2023: (NOK 1000) Actual 2023 (by nature) Reclassification Actual 2023 (by function) Sales revenues 135 153 - 135 153 Cost of goods sold -66 750 -4 155 -70 905 Other income 7 193 - 7 193 Employee benefit expenses -47 352 47 352 - Depreciation and amortisation -9 566 9 566 - Impairment -6 469 6 469 - R&D expenses - 36 083 -36 083 Sales and marketing expenses - 23 067 -23 067 Administrative expenses -24 972 -82 -25 054 Operating profit -12 762 - -12 762 The change in cogs consists of depreciations related to production. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-210": { "value": "2.3 Principles for consolidation The group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of 31 December 2024. A subsidiary is an entity controlled by the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn26": { "value": "A subsidiary is an entity controlled by the group. An entity has been assessed as being controlled by the group when the group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the group\u2019s returns. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the group are eliminated in full on consolidationNote 5 - Group companies Company Office Ownership Gentian Diagnostics ASA Moss Parent company Gentian AS Moss 100 % Subsidiary Gentian USA Inc Orlando, FL USA 100 % Subsidiary of Gentian AS Gentian Diagnostics AB Stockholm, Sweden 100 % Subsidiary of Gentian AS Getica AB Gothenburg, Sweden 100 % Subsidiary of Gentian Diagnostics AB ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-239": { "value": "A subsidiary is an entity controlled by the group. An entity has been assessed as being controlled by the group when the group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the group\u2019s returns. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the group are eliminated in full on consolidationNote 5 - Group companies Company Office Ownership Gentian Diagnostics ASA Moss Parent company Gentian AS Moss 100 % Subsidiary Gentian USA Inc Orlando, FL USA 100 % Subsidiary of Gentian AS Gentian Diagnostics AB Stockholm, Sweden 100 % Subsidiary of Gentian AS Getica AB Gothenburg, Sweden 100 % Subsidiary of Gentian Diagnostics AB ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-211": { "value": "A subsidiary is an entity controlled by the group. An entity has been assessed as being controlled by the group when the group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the group\u2019s returns. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the group are eliminated in full on consolidation", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn4": { "value": "2.4 Currency The accounts of the individual entities in the group are measured in the currency used in which the entity mainly operates (functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK) which is both the functional currency of the parent company and the presentation currency of the group. Transactions in foreign currency are recorded on initial recognition in the functional currency at the spot exchange rate at the transaction date. Monetary items in foreign currency are translated at the exchange rate on the balance sheet date. Exchange differences arising on the settlement of monetary items or on translating monetary items are recognised in profit or loss, with exception of exchange differences arising on a monetary item that is part of the net investment in a foreign operation. Assets and liabilities in foreign entities / units are translated into the presentation currency using the current exchange rate at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-212": { "value": "2.4 Currency The accounts of the individual entities in the group are measured in the currency used in which the entity mainly operates (functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK) which is both the functional currency of the parent company and the presentation currency of the group. Transactions in foreign currency are recorded on initial recognition in the functional currency at the spot exchange rate at the transaction date. Monetary items in foreign currency are translated at the exchange rate on the balance sheet date. Exchange differences arising on the settlement of monetary items or on translating monetary items are recognised in profit or loss, with exception of exchange differences arising on a monetary item that is part of the net investment in a foreign operation. Assets and liabilities in foreign entities / units are translated into the presentation currency using the current exchange rate at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-213": { "value": "The consolidated financial statements are presented in Norwegian kroner (NOK) which is both the functional currency of the parent company and the presentation currency of the group. Transactions in foreign currency are recorded on initial recognition in the functional currency at the spot exchange rate at the transaction date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-214": { "value": "2.5 Segments For management purposes, the group is organized as one business unit, and the internal reporting is structured in accordance with this. The group is currently organized in one operating segment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-215": { "value": "2.5 Segments For management purposes, the group is organized as one business unit, and the internal reporting is structured in accordance with this. The group is currently organized in one operating segment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-241": { "value": "2.6 Revenue from contracts with customers Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the group expects to be entitled in exchange for those goods or services. Sale of goods The group recognises revenue from the sale of goods at the point in time when control of the goods is transferred to the customer. Control of an asset refers to the ability to direct the use of and obtain substantially all the remaining benefits from the asset, and the ability to prevent others from directing the use of and receiving the benefits from the asset. Revenue is generally recognised on delivery of the goods. The normal credit term is 30 to 60 days upon delivery, there are no other standard financial terms in the contract with customers. Note 6 \u2013 Sales revenue Geographical split of sales revenue 2024 2023 Europe 116 169 92 757 Asia 23 715 33 673 USA 12 186 8 722 Total 152 069 135 153 Sales revenue by product category 2024 2023 Renal diagnostic products 50 600 56 321 Inflammation diagnostic products 71 991 51 770 Other diagnostic products 29 479 27 062 Total 152 069 135 153 The company has a significant concentration of revenue from a limited number of global commercial partners. For the year ended December 31, 2024, revenues from these partners accounted for approximately 56% of total revenue. The loss of any of these partners could have a material adverse effect on the company\u2019s financial condition and results of operations. Organic revenue growth Organic revenue growth is defined as revenue adjusted for currency effects and effects from M&A. Organic revenue growth measurement provides useful information to investors and other stakeholders on underlying growth of the business without the effect of certain factors unrelated to its operating performance. Reconciliation 2024 2023 (NOK 1000) Sales revenues 152 069 135 153 Revenue growth 16 900 33 517 Impact using exchange rates from last period 246 -11 887 Impact M&A - - Organic revenue growth 17 146 21 630 Organic revenue growth % 13 % 21 % ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-216": { "value": "2.6 Revenue from contracts with customers Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the group expects to be entitled in exchange for those goods or services. Sale of goods The group recognises revenue from the sale of goods at the point in time when control of the goods is transferred to the customer. Control of an asset refers to the ability to direct the use of and obtain substantially all the remaining benefits from the asset, and the ability to prevent others from directing the use of and receiving the benefits from the asset. Revenue is generally recognised on delivery of the goods. The normal credit term is 30 to 60 days upon delivery, there are no other standard financial terms in the contract with customers. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-246": { "value": "2.7 Employee benefit expenses The group has a defined contribution plan for all employees in Norway. The scheme is based on a percentage of the members' salary. The group has no further payment obligations after the deposits have been paid. Prepaid deposits are recorded as an asset to the extent that the deposit can be refunded or reduce future payments. For employees in other countries the group has put in place defined contribution plans. The company provides annual bonuses to the employees in the bonus program based on individual and company performance. These bonuses are recognized as an expense in the period in which the company has a present legal or constructive obligation to make such payments as a result of past events and a reliable estimate of the obligation can be made. The group has a share-based program for key personnel. Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. The long-term incentives of Gentian (\u00abLTI\u00bb) consist of a share price-related option program for key personnel. Under the share option program, options may be allocated to the key personnel. The options entitle the option holder to purchase a defined number of shares to a pre-defined value after a specific period. The company may decide settlement in cash. Settlement in cash is conditional upon an authorisation from the general meeting for a share issue. Note 11 - Employee benefit expenses 2024 2023 Wages and salaries 55 287 54 203 Payroll tax 9 206 8 660 Pension costs (mandatory occupational pension) 3 521 3 075 Share based payments 2 576 3 038 Other expenses 2 175 1 819 Total 72 765 70 795 The group had 63 employees per 31 December 2024. The corresponding number per 31 December 2023 was 58 employees. The company has a share option program covering certain key personnel. Per 31 December 2024, the program has sixteen members. The share option program for key personnel is settled in shares. The fair value of the issued options is expensed over the vesting period: For options issued from 2020 and up to 2021,1/3 of the options will vest 24 months after the day of grant, 1/3 will vest 36 months after the day of grant and 1/3 will vest 48 months. For options issued from 2022, 2023 and 2024, 1/2 of the options will vest after 36 months and 1/2 of the options will vest after 48 months. Unvested options may be cancelled if the holder terminates its employment with the group. All outstanding options will immediately vest if a single shareholder acquires more than 50% of the company\u2019s shares. In addition, any acquisition, sale, or disposition of shares or assets of the Company, or any merger or other form of consolidation resulting in a change of ownership of all or substantially all of the Company\u2019s assets, will also lead to immediate vesting of all outstanding options. The cost of the employee share-based transaction is expensed over the average vesting period. The value of the issued options of the transactions that are settled with equity instruments (settled with the company\u2019s own shares) is recognised as salary and personnel cost in profit and loss and in other paid- in capital. The value of the issued options of the programs that are settled in cash (cash-based programs) is recognised as salary and personnel cost in profit and loss and as a liability in the balance sheet. The liability is measured at fair value at each balance sheet date until settlement, and changes in the fair value are recognised in profit and loss. Social security tax on options is recorded as a liability and is recognised over the estimated vesting period. 2024 2023 Outstanding options 01.01 1 115 594 960 586 Options granted 295 000 339 962 Options forfeited - - Options terminated -120 000 -10 000 Options expired -209 962 -174 954 Outstanding options 31.12 1 080 632 1 115 594 The outstanding options are subject to the following conditions: Expiry date Average strike price Number of share options 2025-11 62.88 100 000 2026-11 72.60 135 674 2027-12 46.67 209 996 2028-11 40.17 339 962 2029-11 52.39 295 000 1 080 632 The fair value of the options has been calculated using Black - Scholes - Merton Option Pricing Model. The most important parameters are share price at grant date, exercise prices shown above, volatility (41.54%), expected dividend yield (0 %), an expected term of 5 years, and annual risk-free interest rate (3.665%). The volatility is based on other comparable companies\u2019 stock price volatility. Options granted in 2024 had a weighted average strike price of NOK 52.39 pr share. Management salary 2024 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Matti Heinonen * Chief Executive Officer 1 196 - - 12 162 1 370 Hilja Ibert ** Chief Executive Officer 1 370 633 - 979 57 3 039 Njaal Kind *** Group Chief Financial Officer 2 470 339 77 457 9 3 353 Aleksandra Havelka Chief Scientific Officer 1 509 231 410 235 43 2 428 Markus Jaquemar Chief Commercial Officer 2 440 418 - 341 - 3 199 Frank Frantzen **** Chief Technology Officer 712 - 39 8 19 779 Total management salary 9 698 1 621 526 2 032 290 14 168 2023 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Hilja Ibert Chief Executive Officer 3 141 449 - 624 158 4 371 Njaal Kind Group Chief Financial Officer 2 161 220 67 584 9 3 041 Aleksandra Havelka Chief Scientific Officer 1 270 93 344 191 3 1 901 Markus Jaquemar Chief Commercial Officer 2 360 247 - 226 - 2 833 Total management salary 8 932 1 008 411 1 625 170 12 145 * CEO from 1 October 2024 ** CEO until 29 April 2024 *** Acting CEO from 30 April to 30 September 2024 **** CTO from 5 August 2024 The CEO is entitled to compensation equivalent to 6 months\u2019 basic salary (exclusive of any additional benefits) if the employment is terminated. Reference is made to the corporate governance report for guidelines regarding remuneration to management. The remuneration report is available on the company\u2019s homepage: www.gentian.com. Management share options 2024 2023 Matti Heinonen * Chief Executive Officer 100 000 - Hilja Ibert ** Chief Executive Officer 219 962 359 924 Njaal Kind *** Group Chief Financial Officer 180 670 180 670 Aleksandra Havelka Chief Scientific Officer from 1.1.23 80 000 70 000 Markus Jaquemar Chief Commercial Officer 127 500 87 500 Frank Frantzen **** Chief Technology Officer 50 000 - Share options 758 132 698 094 Board remuneration 2024 2023 Remuneration to the board 1 050 1 250 For further details see the Remuneration report. Pension costs The company is obliged to have an occupational pension scheme for the Norwegian employees in accordance with the Act on Compulsory Occupational Pensions. Currently all eligible employees in Norway receive 5 % of their fixed salary up to 12G as a contribution to the pension plan, which is in accordance with the Act on Compulsory Occupational Pensions. For employees in the foreign subsidiaries, local regulations are followed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-217": { "value": "2.7 Employee benefit expenses The group has a defined contribution plan for all employees in Norway. The scheme is based on a percentage of the members' salary. The group has no further payment obligations after the deposits have been paid. Prepaid deposits are recorded as an asset to the extent that the deposit can be refunded or reduce future payments. For employees in other countries the group has put in place defined contribution plans. The company provides annual bonuses to the employees in the bonus program based on individual and company performance. These bonuses are recognized as an expense in the period in which the company has a present legal or constructive obligation to make such payments as a result of past events and a reliable estimate of the obligation can be made. The group has a share-based program for key personnel. Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. The long-term incentives of Gentian (\u00abLTI\u00bb) consist of a share price-related option program for key personnel. Under the share option program, options may be allocated to the key personnel. The options entitle the option holder to purchase a defined number of shares to a pre-defined value after a specific period. The company may decide settlement in cash. Settlement in cash is conditional upon an authorisation from the general meeting for a share issue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-249": { "value": "The group has a share-based program for key personnel.Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. The long-term incentives of Gentian (\u00abLTI\u00bb) consist of a share price-related option program for key personnel. Under the share option program, options may be allocated to the key personnel. The options entitle the option holder to purchase a defined number of shares to a pre-defined value after a specific period. The company may decide settlement in cash. Settlement in cash is conditional upon an authorisation from the general meeting for a share issue. The company has a share option program covering certain key personnel. Per 31 December 2024, the program has sixteen members. The share option program for key personnel is settled in shares. The fair value of the issued options is expensed over the vesting period: For options issued from 2020 and up to 2021,1/3 of the options will vest 24 months after the day of grant, 1/3 will vest 36 months after the day of grant and 1/3 will vest 48 months. For options issued from 2022, 2023 and 2024, 1/2 of the options will vest after 36 months and 1/2 of the options will vest after 48 months. Unvested options may be cancelled if the holder terminates its employment with the group. All outstanding options will immediately vest if a single shareholder acquires more than 50% of the company\u2019s shares. In addition, any acquisition, sale, or disposition of shares or assets of the Company, or any merger or other form of consolidation resulting in a change of ownership of all or substantially all of the Company\u2019s assets, will also lead to immediate vesting of all outstanding options. The cost of the employee share-based transaction is expensed over the average vesting period. The value of the issued options of the transactions that are settled with equity instruments (settled with the company\u2019s own shares) is recognised as salary and personnel cost in profit and loss and in other paid- in capital. The value of the issued options of the programs that are settled in cash (cash-based programs) is recognised as salary and personnel cost in profit and loss and as a liability in the balance sheet. The liability is measured at fair value at each balance sheet date until settlement, and changes in the fair value are recognised in profit and loss. Social security tax on options is recorded as a liability and is recognised over the estimated vesting period. 2024 2023 Outstanding options 01.01 1 115 594 960 586 Options granted 295 000 339 962 Options forfeited - - Options terminated -120 000 -10 000 Options expired -209 962 -174 954 Outstanding options 31.12 1 080 632 1 115 594 The outstanding options are subject to the following conditions: Expiry date Average strike price Number of share options 2025-11 62.88 100 000 2026-11 72.60 135 674 2027-12 46.67 209 996 2028-11 40.17 339 962 2029-11 52.39 295 000 1 080 632 The fair value of the options has been calculated using Black - Scholes - Merton Option Pricing Model. The most important parameters are share price at grant date, exercise prices shown above, volatility (41.54%), expected dividend yield (0 %), an expected term of 5 years, and annual risk-free interest rate (3.665%). The volatility is based on other comparable companies\u2019 stock price volatility. Options granted in 2024 had a weighted average strike price of NOK 52.39 pr share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-218": { "value": "The group has a share-based program for key personnel.Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. The long-term incentives of Gentian (\u00abLTI\u00bb) consist of a share price-related option program for key personnel. Under the share option program, options may be allocated to the key personnel. The options entitle the option holder to purchase a defined number of shares to a pre-defined value after a specific period. The company may decide settlement in cash. Settlement in cash is conditional upon an authorisation from the general meeting for a share issue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-268": { "value": "2.8 Intangible assets Intangible assets are recognised in the balance sheet if it is probable that the future economic benefits will flow to the group, and the cost of the asset can be measured reliable. Intangible assets with finite economic life are measured at cost less accumulated amortization and write-downs. Development costs Capitalised development costs include materials, salary and social expenses, and other expenses that can be allocated to the development of the asset. A significant part of capitalised development cost consists of hours booked by each R&D project. In addition, capitalised development cost also includes external costs like consultancy, clinical studies, reagents, and consumables. Capitalisation of development costs will normally start when the development project enters the optimisation phase and a full plan for development has been approved by management. Capitalised development costs are amortized over 10 years. Amortizations starts when the asset is available for use. Note 19 - Intangible assets 2024 Completed product Projects under Development development Total Acquisition costs Carrying amount at 01.01 18 017 18 965 36 982 Additions during the year - 9 573 9 573 Adjustments 7 847 -7 847 - Grants received - - - Accumulated cost as at 31.12 25 864 20 690 46 554 Amortisation and impairment Carrying amount at 01.01 15 824 - 15 824 Amortisation during the year 2 274 - 2 274 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12 18 098 - 18 098 Carrying amount in balance sheet as at 31.12 7 766 20 690 28 457 Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on December 31 st each year, by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin, and discount rate (WACC) currently 9.4 %, as well as remaining development costs and likelihood of approval from regulatory authorities. If the discounted value is lower than the carrying amount the asset is written down. The impairment test indicated that the recoverable amount of the intangible assets significantly exceeded their carrying amount, resulting in a substantial headroom. 2023 Completed product Projects under development development Total Acquisition costs Carrying amount at 01.01 18 017 15 080 33 097 Additions during the year - 3 532 3 532 Adjustments - 353 353 Grants received - - - Accumulated cost as at 31.12 18 017 18 965 36 982 Amortisation and impairment Carrying amount at 01.01 6 277 - 6 277 Amortisation during the year 3 078 - 3 078 Impairment during the year 6 469 - 6 469 Accumulated amortisation and impairment as at 31.12 15 824 - 15 824 Carrying amount in balance sheet as at 31.12 2 193 18 965 21 158 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-219": { "value": "2.8 Intangible assets Intangible assets are recognised in the balance sheet if it is probable that the future economic benefits will flow to the group, and the cost of the asset can be measured reliable. Intangible assets with finite economic life are measured at cost less accumulated amortization and write-downs. Development costs Capitalised development costs include materials, salary and social expenses, and other expenses that can be allocated to the development of the asset. A significant part of capitalised development cost consists of hours booked by each R&D project. In addition, capitalised development cost also includes external costs like consultancy, clinical studies, reagents, and consumables. Capitalisation of development costs will normally start when the development project enters the optimisation phase and a full plan for development has been approved by management. Capitalised development costs are amortized over 10 years. Amortizations starts when the asset is available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-267": { "value": "2.8 Intangible assets Intangible assets are recognised in the balance sheet if it is probable that the future economic benefits will flow to the group, and the cost of the asset can be measured reliable. Intangible assets with finite economic life are measured at cost less accumulated amortization and write-downs. Development costs Capitalised development costs include materials, salary and social expenses, and other expenses that can be allocated to the development of the asset. A significant part of capitalised development cost consists of hours booked by each R&D project. In addition, capitalised development cost also includes external costs like consultancy, clinical studies, reagents, and consumables. Capitalisation of development costs will normally start when the development project enters the optimisation phase and a full plan for development has been approved by management. Capitalised development costs are amortized over 10 years. Amortizations starts when the asset is available for use. Note 19 - Intangible assets 2024 Completed product Projects under Development development Total Acquisition costs Carrying amount at 01.01 18 017 18 965 36 982 Additions during the year - 9 573 9 573 Adjustments 7 847 -7 847 - Grants received - - - Accumulated cost as at 31.12 25 864 20 690 46 554 Amortisation and impairment Carrying amount at 01.01 15 824 - 15 824 Amortisation during the year 2 274 - 2 274 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12 18 098 - 18 098 Carrying amount in balance sheet as at 31.12 7 766 20 690 28 457 Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on December 31 st each year, by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin, and discount rate (WACC) currently 9.4 %, as well as remaining development costs and likelihood of approval from regulatory authorities. If the discounted value is lower than the carrying amount the asset is written down. The impairment test indicated that the recoverable amount of the intangible assets significantly exceeded their carrying amount, resulting in a substantial headroom. 2023 Completed product Projects under development development Total Acquisition costs Carrying amount at 01.01 18 017 15 080 33 097 Additions during the year - 3 532 3 532 Adjustments - 353 353 Grants received - - - Accumulated cost as at 31.12 18 017 18 965 36 982 Amortisation and impairment Carrying amount at 01.01 6 277 - 6 277 Amortisation during the year 3 078 - 3 078 Impairment during the year 6 469 - 6 469 Accumulated amortisation and impairment as at 31.12 15 824 - 15 824 Carrying amount in balance sheet as at 31.12 2 193 18 965 21 158 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-220": { "value": "2.8 Intangible assets Intangible assets are recognised in the balance sheet if it is probable that the future economic benefits will flow to the group, and the cost of the asset can be measured reliable. Intangible assets with finite economic life are measured at cost less accumulated amortization and write-downs. Development costs Capitalised development costs include materials, salary and social expenses, and other expenses that can be allocated to the development of the asset. A significant part of capitalised development cost consists of hours booked by each R&D project. In addition, capitalised development cost also includes external costs like consultancy, clinical studies, reagents, and consumables. Capitalisation of development costs will normally start when the development project enters the optimisation phase and a full plan for development has been approved by management. Capitalised development costs are amortized over 10 years. Amortizations starts when the asset is available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-254": { "value": "Development costs Capitalised development costs include materials, salary and social expenses, and other expenses that can be allocated to the development of the asset. A significant part of capitalised development cost consists of hours booked by each R&D project. In addition, capitalised development cost also includes external costs like consultancy, clinical studies, reagents, and consumables. Capitalisation of development costs will normally start when the development project enters the optimisation phase and a full plan for development has been approved by management. Capitalised development costs are amortized over 10 years. Amortizations starts when the asset is available for use. Note 13 - Research and development expenses The Gentian Group has per 31 December 2024 three ongoing R&D projects. Costs related to the projects consist of salary, external procurement of services, and other operating expenses. Recognised research and development expenses 2024 2023 Purchase of external services 2 329 5 700 Salary and other operating expenses 25 223 22 843 Depreciation and amortisation 3 936 4 603 Impairment - 6 469 Capitalised research and development expenses -9 573 -3 532 Total 21 916 36 083 ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-221": { "value": "Development costs Capitalised development costs include materials, salary and social expenses, and other expenses that can be allocated to the development of the asset. A significant part of capitalised development cost consists of hours booked by each R&D project. In addition, capitalised development cost also includes external costs like consultancy, clinical studies, reagents, and consumables. Capitalisation of development costs will normally start when the development project enters the optimisation phase and a full plan for development has been approved by management. Capitalised development costs are amortized over 10 years. Amortizations starts when the asset is available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-264": { "value": "Capitalised development costs are amortized over 10 years. Amortizations starts when the asset is available for use. The property, plant and equipment are depreciated using the straight-line method, so that the acquisition cost of the assets is depreciated at residual value over the expected useful life that is: \u2212 Machinery/ equipment 10-15 years \u2212 Fixtures 3-8 years The group applies the depreciation requirements in IAS 16 Property, Plant, and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset. Note 16 - Property, plant, and equipment 2024 Property & Right-of-use equipment assets Total Acquisition costs Carrying amount at 01.01 22 537 26 110 48 647 Additions during the year 1 377 948 2 325 Additions from acquisition of companies - - - Adjustments - 335 335 Exchange differences 7 - 7 Accumulated cost as at 31.12 23 921 27 393 51 314 Depreciation and impairment Carrying amount at 01.01 14 785 15 816 30 602 Depreciation during the year 2 877 3 812 6 690 Impairment during the year - - - Accumulated depreciation and impairment as at 31.12 17 662 19 629 37 291 Carrying amount in balance sheet as at 31.12 6 259 7 764 14 023 2023 Property & Right-of-use equipment assets Total Acquisition costs Carrying amount at 01.01 21 172 24 579 45 752 Additions during the year 955 841 1 796 Additions from acquisition of companies 399 - 399 Adjustments - 690 690 Exchange differences 10 - 10 Accumulated cost as at 31.12 22 537 26 110 48 647 Depreciation and impairment Carrying amount at 01.01 11 921 12 193 24 114 Depreciation during the year 2 864 3 623 6 488 Impairment during the year - - - Accumulated depreciation and impairment as at 31.12 14 785 15 816 30 602 Carrying amount in balance sheet as at 31.12 7 751 10 294 18 045 Note 19 - Intangible assets 2024 Completed product Projects under Development development Total Acquisition costs Carrying amount at 01.01 18 017 18 965 36 982 Additions during the year - 9 573 9 573 Adjustments 7 847 -7 847 - Grants received - - - Accumulated cost as at 31.12 25 864 20 690 46 554 Amortisation and impairment Carrying amount at 01.01 15 824 - 15 824 Amortisation during the year 2 274 - 2 274 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12 18 098 - 18 098 Carrying amount in balance sheet as at 31.12 7 766 20 690 28 457 Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on December 31 st each year, by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin, and discount rate (WACC) currently 9.4 %, as well as remaining development costs and likelihood of approval from regulatory authorities. If the discounted value is lower than the carrying amount the asset is written down. The impairment test indicated that the recoverable amount of the intangible assets significantly exceeded their carrying amount, resulting in a substantial headroom. 2023 Completed product Projects under development development Total Acquisition costs Carrying amount at 01.01 18 017 15 080 33 097 Additions during the year - 3 532 3 532 Adjustments - 353 353 Grants received - - - Accumulated cost as at 31.12 18 017 18 965 36 982 Amortisation and impairment Carrying amount at 01.01 6 277 - 6 277 Amortisation during the year 3 078 - 3 078 Impairment during the year 6 469 - 6 469 Accumulated amortisation and impairment as at 31.12 15 824 - 15 824 Carrying amount in balance sheet as at 31.12 2 193 18 965 21 158 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-222": { "value": "Capitalised development costs are amortized over 10 years. Amortizations starts when the asset is available for use. The property, plant and equipment are depreciated using the straight-line method, so that the acquisition cost of the assets is depreciated at residual value over the expected useful life that is: \u2212 Machinery/ equipment 10-15 years \u2212 Fixtures 3-8 years The group applies the depreciation requirements in IAS 16 Property, Plant, and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-265": { "value": "2.9 Property, plant, and equipment The group's long-term assets consist mainly of production equipment and fixtures. The property, plant and equipment are recognised at acquisition cost less depreciation. Acquisition costs include costs directly related to the acquisition of the asset. Subsequent expenses are added to the carrying amount of the assets or are capitalised separately when it is probable that future economic benefits associated with the expense will flow to the group and the expense can be measured reliably. Other repair and maintenance costs are charged to the profit and loss account during the period incurred. The property, plant and equipment are depreciated using the straight-line method, so that the acquisition cost of the assets is depreciated at residual value over the expected useful life that is: \u2212 Machinery/ equipment 10-15 years \u2212 Fixtures 3-8 years Note 16 - Property, plant, and equipment 2024 Property & Right-of-use equipment assets Total Acquisition costs Carrying amount at 01.01 22 537 26 110 48 647 Additions during the year 1 377 948 2 325 Additions from acquisition of companies - - - Adjustments - 335 335 Exchange differences 7 - 7 Accumulated cost as at 31.12 23 921 27 393 51 314 Depreciation and impairment Carrying amount at 01.01 14 785 15 816 30 602 Depreciation during the year 2 877 3 812 6 690 Impairment during the year - - - Accumulated depreciation and impairment as at 31.12 17 662 19 629 37 291 Carrying amount in balance sheet as at 31.12 6 259 7 764 14 023 2023 Property & Right-of-use equipment assets Total Acquisition costs Carrying amount at 01.01 21 172 24 579 45 752 Additions during the year 955 841 1 796 Additions from acquisition of companies 399 - 399 Adjustments - 690 690 Exchange differences 10 - 10 Accumulated cost as at 31.12 22 537 26 110 48 647 Depreciation and impairment Carrying amount at 01.01 11 921 12 193 24 114 Depreciation during the year 2 864 3 623 6 488 Impairment during the year - - - Accumulated depreciation and impairment as at 31.12 14 785 15 816 30 602 Carrying amount in balance sheet as at 31.12 7 751 10 294 18 045 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-223": { "value": "2.9 Property, plant, and equipment The group's long-term assets consist mainly of production equipment and fixtures. The property, plant and equipment are recognised at acquisition cost less depreciation. Acquisition costs include costs directly related to the acquisition of the asset. Subsequent expenses are added to the carrying amount of the assets or are capitalised separately when it is probable that future economic benefits associated with the expense will flow to the group and the expense can be measured reliably. Other repair and maintenance costs are charged to the profit and loss account during the period incurred. The property, plant and equipment are depreciated using the straight-line method, so that the acquisition cost of the assets is depreciated at residual value over the expected useful life that is: \u2212 Machinery/ equipment 10-15 years \u2212 Fixtures 3-8 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-263": { "value": "2.10 Leases All leases are accounted for by recognising a right-of-use asset and a lease liability except for: \u2022 Leases of low value assets; and \u2022 Leases with a duration of 12 months or less. The group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the group is reasonably certain to exercise this option. The lease payments included in the measurement comprise of: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date The main part of the lease liability consists of a rental agreement with yearly index adjustments. When the index adjustment of a lease contract is revised significantly from the original measurement, the lease liability and corresponding right- of-use asset are adjusted to reflect the revised index rate. The lease payments are generally discounted using the company\u2019s incremental borrowing rate. The group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The group applies the depreciation requirements in IAS 16 Property, Plant, and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset. The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified. Note 16 - Property, plant, and equipment 2024 Property & Right-of-use equipment assets Total Acquisition costs Carrying amount at 01.01 22 537 26 110 48 647 Additions during the year 1 377 948 2 325 Additions from acquisition of companies - - - Adjustments - 335 335 Exchange differences 7 - 7 Accumulated cost as at 31.12 23 921 27 393 51 314 Depreciation and impairment Carrying amount at 01.01 14 785 15 816 30 602 Depreciation during the year 2 877 3 812 6 690 Impairment during the year - - - Accumulated depreciation and impairment as at 31.12 17 662 19 629 37 291 Carrying amount in balance sheet as at 31.12 6 259 7 764 14 023 2023 Property & Right-of-use equipment assets Total Acquisition costs Carrying amount at 01.01 21 172 24 579 45 752 Additions during the year 955 841 1 796 Additions from acquisition of companies 399 - 399 Adjustments - 690 690 Exchange differences 10 - 10 Accumulated cost as at 31.12 22 537 26 110 48 647 Depreciation and impairment Carrying amount at 01.01 11 921 12 193 24 114 Depreciation during the year 2 864 3 623 6 488 Impairment during the year - - - Accumulated depreciation and impairment as at 31.12 14 785 15 816 30 602 Carrying amount in balance sheet as at 31.12 7 751 10 294 18 045 Note 17 - Leases/right-of-use assets Right-of-use assets Right-of-use assets mainly consists of leased offices. Lease liabilities Undiscounted lease liabilities and maturity of cash outflows 2024 2023 Less than 1 year 4 762 4 682 1-2 years 4 713 4 593 3-5 years 5 070 4 802 Total undiscounted lease liabilities at 31.12. 14 545 14 077 Summary of lease liabilities 2024 2023 Lease liabilities at 01.01. 13 050 15 323 New lease liabilities recognised in the year 948 841 Lease payments -4 950 -4 598 Adjustments 335 690 Interest expense on lease liabilities 657 795 Total lease liabilities at 31.12. 10 040 13 050 Current lease liabilities 4 532 4 043 Non-current lease liabilities 5 507 9 006 The Company have rental agreements with CPI-adjustments which are included in the measurement of lease liabilities. The estimated lease liabilities related to these agreements is NOK 8.3 million at 31 December 2024 and NOK 11.7 million on 31 December 2023. Information regarding right-of-use assets is included in note 16. Note 18 \u2013 Changes in Liabilities Reconciliation of changes in liabilities arising from financing activities is shown in the tables below: Non-cash changes 01.01.2024 Cash flows New leases Reclassi- fication 31.12.2024 Lease liabilities non-current 9 006 - 948 -4 448 5 507 Lease liabilities current 4 043 -4 950 - 5 439 4 532 Total liabilities from financing activities 13 050 -4 950 948 992 10 040 Non-cash changes 01.01.2023 Cash flows New leases Reclassi- fication 31.12.2023 Lease liabilities non-current 11 624 - 841 -3 459 9 006 Lease liabilities current 3 699 -4 598 - 4 943 4 043 Total liabilities from financing activities 15 323 -4 598 841 1 485 13 050 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-224": { "value": "2.10 Leases All leases are accounted for by recognising a right-of-use asset and a lease liability except for: \u2022 Leases of low value assets; and \u2022 Leases with a duration of 12 months or less. The group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the group is reasonably certain to exercise this option. The lease payments included in the measurement comprise of: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date The main part of the lease liability consists of a rental agreement with yearly index adjustments. When the index adjustment of a lease contract is revised significantly from the original measurement, the lease liability and corresponding right- of-use asset are adjusted to reflect the revised index rate. The lease payments are generally discounted using the company\u2019s incremental borrowing rate. The group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The group applies the depreciation requirements in IAS 16 Property, Plant, and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset. The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-225": { "value": "The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified. \u2212 Research and development cost related to internally developed technology \u2212 Deferred tax assets Development cost related to technology has been recognised as an intangible asset because Gentian can demonstrate technological feasibility for the assets to be available for sale for both existing products and new products. The group assesses at each reporting date whether there is an indication that an intangible asset may be impaired. The revenue potential for the projects exceeds the investment. The estimates that form the basis for the intangible assets are performed by the management of the company, and there will always be a level of uncertainty in relation to the assessments that are performed on future revenues for future products. The balance sheet value as of 31.12.2024 was NOK 28.5 million. As of 31.12.2024, the group has recognized a deferred tax asset of NOK 25.2 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. This assessment involves significant judgment and is based on key assumptions, including: - The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-269": { "value": "The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified. Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on December 31 st each year, by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin, and discount rate (WACC) currently 9.4 %, as well as remaining development costs and likelihood of approval from regulatory authorities. If the discounted value is lower than the carrying amount the asset is written down. The impairment test indicated that the recoverable amount of the intangible assets significantly exceeded their carrying amount, resulting in a substantial headroom. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-226": { "value": "The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-270": { "value": "Inventory Inventory is valued at the lower of cost and net realisable value. Cost of inventory is assigned using first- in, first-out method (FIFO). For finished goods and goods under construction, cost of production consists of product design, material consumption, direct labour costs, other direct costs, and indirect production costs (based on normal capacity). Net realisable value is estimated sales price less variable costs for completion and sale. Note 20 \u2013 Inventory The inventory on 31 December consists of the following: 2024 2023 Raw materials 22 507 17 635 Goods in process 17 630 11 173 Finished goods 6 811 8 309 Provision for obsolescence -1 005 - Total 45 943 37 116 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-227": { "value": "Inventory Inventory is valued at the lower of cost and net realisable value. Cost of inventory is assigned using first- in, first-out method (FIFO). For finished goods and goods under construction, cost of production consists of product design, material consumption, direct labour costs, other direct costs, and indirect production costs (based on normal capacity). Net realisable value is estimated sales price less variable costs for completion and sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-260": { "value": "2.12 Taxes The tax expense in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated based on temporary differences between tax values of assets and carrying amount of assets. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The group recognise previously unrecognised deferred tax assets to the extent it has become probable that the group can utilise the deferred tax asset. Similarly, the group will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax and deferred tax assets are measured using the expected future tax rate for the companies within the group that have temporarily differences between tax values and carrying values of assets or losses carry forward. Deferred tax and tax assets are recorded at nominal value and is classified as long-term financial asset in the balance sheet. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction. Note 15 \u2013 Taxes Income tax expense: 2024 2023 Current tax: Tax payable - -209 Deferred tax: Changes in deferred tax 25 229 -73 Tax expense 25 229 -282 Reconciliation of effective tax rate 2024 2023 Profit before tax 20 064 -10 366 Calculated tax expense/(income) 6 386 -2 374 Permanent differences -3 876 -2 050 Tax depreciation on intangible assets - - Change in temporary differences 23 631 -3 318 Temporary differences not recognised -912 7 459 Calculated tax expense 25 229 -282 Calculation of deferred tax/deferred tax asset 2024 2023 Property, plant, and equipment 761 -1 717 Right-of-use assets -2 276 -2 756 Inventories -1 005 - Other differences - 355 Tax losses carried forward -192 649 -214 466 Basis for deferred tax/deferred tax asset (gross) -195 169 -218 585 Unrecognised temporary differences 80 491 218 939 Basis for deferred tax/deferred tax asset (net) -114 678 355 Deferred tax liability/asset (-) -25 229 73 In 2024, the group recognized a deferred tax asset related to previously unutilized tax losses. This recognition is based on the profitability of the subsidiary Gentian AS and the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize this tax loss. Gentian AS had a profit before tax for 2024 at NOK 35.1 million, while remaining tax losses carried forward is NOK 112.2 million. This assessment is supported by the company\u2019s expected growth, and the foundation of long-term customer contracts. The deferred tax asset recognized amounts to NOK 25.2 million, reflecting the anticipated benefit of the carried forward tax losses specifically related to Gentian AS. NOK 17.5 million of the total deferred tax assets for the group of NOK 42.8 million, has not been recognized per 31 December 2024.The recognition of deferred tax assets related to the remaining carried forward tax losses will be reassessed, together with the capitalized deferred tax asset, at each reporting date to ensure ongoing recoverability. The tax losses can be carried forward indefinitely in Norway and Sweden. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-229": { "value": "2.12 Taxes The tax expense in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated based on temporary differences between tax values of assets and carrying amount of assets. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The group recognise previously unrecognised deferred tax assets to the extent it has become probable that the group can utilise the deferred tax asset. Similarly, the group will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax and deferred tax assets are measured using the expected future tax rate for the companies within the group that have temporarily differences between tax values and carrying values of assets or losses carry forward. Deferred tax and tax assets are recorded at nominal value and is classified as long-term financial asset in the balance sheet. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-262": { "value": "2.12 Taxes The tax expense in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated based on temporary differences between tax values of assets and carrying amount of assets. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The group recognise previously unrecognised deferred tax assets to the extent it has become probable that the group can utilise the deferred tax asset. Similarly, the group will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax and deferred tax assets are measured using the expected future tax rate for the companies within the group that have temporarily differences between tax values and carrying values of assets or losses carry forward. Deferred tax and tax assets are recorded at nominal value and is classified as long-term financial asset in the balance sheet. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction. Calculation of deferred tax/deferred tax asset 2024 2023 Property, plant, and equipment 761 -1 717 Right-of-use assets -2 276 -2 756 Inventories -1 005 - Other differences - 355 Tax losses carried forward -192 649 -214 466 Basis for deferred tax/deferred tax asset (gross) -195 169 -218 585 Unrecognised temporary differences 80 491 218 939 Basis for deferred tax/deferred tax asset (net) -114 678 355 Deferred tax liability/asset (-) -25 229 73 In 2024, the group recognized a deferred tax asset related to previously unutilized tax losses. This recognition is based on the profitability of the subsidiary Gentian AS and the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize this tax loss. Gentian AS had a profit before tax for 2024 at NOK 35.1 million, while remaining tax losses carried forward is NOK 112.2 million. This assessment is supported by the company\u2019s expected growth, and the foundation of long-term customer contracts. The deferred tax asset recognized amounts to NOK 25.2 million, reflecting the anticipated benefit of the carried forward tax losses specifically related to Gentian AS. NOK 17.5 million of the total deferred tax assets for the group of NOK 42.8 million, has not been recognized per 31 December 2024.The recognition of deferred tax assets related to the remaining carried forward tax losses will be reassessed, together with the capitalized deferred tax asset, at each reporting date to ensure ongoing recoverability. The tax losses can be carried forward indefinitely in Norway and Sweden. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-228": { "value": "2.12 Taxes The tax expense in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated based on temporary differences between tax values of assets and carrying amount of assets. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The group recognise previously unrecognised deferred tax assets to the extent it has become probable that the group can utilise the deferred tax asset. Similarly, the group will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax and deferred tax assets are measured using the expected future tax rate for the companies within the group that have temporarily differences between tax values and carrying values of assets or losses carry forward. Deferred tax and tax assets are recorded at nominal value and is classified as long-term financial asset in the balance sheet. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-234": { "value": "2.13 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial Assets The group\u00b4s financial assets are trade receivables, and cash and cash equivalents. These financial assets are measured at amortised cost. Financial liabilities The group\u2019s financial liabilities are accounts payables and lease liabilities. These financial liabilities are measured at amortised cost. \u2212 Research and development cost related to internally developed technology \u2212 Deferred tax assets Development cost related to technology has been recognised as an intangible asset because Gentian can demonstrate technological feasibility for the assets to be available for sale for both existing products and new products. The group assesses at each reporting date whether there is an indication that an intangible asset may be impaired. The revenue potential for the projects exceeds the investment. The estimates that form the basis for the intangible assets are performed by the management of the company, and there will always be a level of uncertainty in relation to the assessments that are performed on future revenues for future products. The balance sheet value as of 31.12.2024 was NOK 28.5 million. As of 31.12.2024, the group has recognized a deferred tax asset of NOK 25.2 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. This assessment involves significant judgment and is based on key assumptions, including: - The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates. Note 4 - Financial risk management The group\u2019s financial assets and liabilities comprise cash at bank and cash equivalents, receivables, and trade creditors that originate from its operations. Alle financial assets and liabilities are carried at amortised cost. All financial assets and liabilities, other than long-term leasing liabilities, are short-term and their carrying value approximates fair value. The group's goal of asset management is to ensure continued operations for the group to ensure returns for the owners and other stakeholders and to maintain an optimal capital structure to reduce capital costs. The group does currently not use financial derivatives to manage financial risk such as interest rate risk and currency risk. Credit risk Credit risk is the risk that the counterparty will incur a loss on the group by failing to settle the group's receivables. Credit exposure is primarily related to accounts receivable and other receivables. There are also credit risks related to cash and cash equivalents. The maximum credit exposure as of 31 December 2024 amounts to: Accounts receivables and other receivables 31 275 Cash and cash equivalents 84 738 Total 116 013 For further information on accounts receivable and credit risk, see Note 21. Currency risk The group undertakes various transactions in foreign currencies and is consequently exposed to fluctuations in exchange rates. The exposure to currency risk is mainly related to sale of diagnostic products in foreign currency (USD, EUR, and RMB). Operating expenses are mainly in Norwegian kroner, as well as the funding. As at 31 December 2024; the group has limited exposure to currency risks on assets and liabilities. Translation risk in the group arises when amounts denominated in foreign currencies are converted to NOK, the group\u2019s reporting, and functional currency. Interest rate risk The main part of the group\u2019s outstanding interest-bearing debt is related to liabilities associated with leases (right-of-use). The interest rate risk for the group is limited. In order to improve the capital structure, the group can issue new shares or sell assets. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The company\u2019s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these requirements. Additional information regarding the company's debt The following table sets out the group's contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities. Period left 31.12.2024 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities (non-derivatives) Trade and other payables 25 575 - - - 25 575 Lease liabilities 4 762 4 713 5 070 - 14 545 Interest lease liabilities 1 088 664 227 - 1 979 Total 31 425 5 377 5 297 - 42 099 Period left 31.12.2023 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities (non-derivatives) Trade and other payables 21 279 - - - 21 279 Lease liabilities 4 682 4 593 4 802 - 14 077 Interest lease liabilities 905 547 185 - 1 637 Total 26 866 5 140 4 987 - 36 994 The group has not incurred losses on its receivables and considers that its counterparties are able to settle all outstanding debt to the group. On this basis no provision for loss on receivables has been considered", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-230": { "value": "2.13 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial Assets The group\u00b4s financial assets are trade receivables, and cash and cash equivalents. These financial assets are measured at amortised cost. Financial liabilities The group\u2019s financial liabilities are accounts payables and lease liabilities. These financial liabilities are measured at amortised cost. \u2212 Research and development cost related to internally developed technology \u2212 Deferred tax assets Development cost related to technology has been recognised as an intangible asset because Gentian can demonstrate technological feasibility for the assets to be available for sale for both existing products and new products. The group assesses at each reporting date whether there is an indication that an intangible asset may be impaired. The revenue potential for the projects exceeds the investment. The estimates that form the basis for the intangible assets are performed by the management of the company, and there will always be a level of uncertainty in relation to the assessments that are performed on future revenues for future products. The balance sheet value as of 31.12.2024 was NOK 28.5 million. As of 31.12.2024, the group has recognized a deferred tax asset of NOK 25.2 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. This assessment involves significant judgment and is based on key assumptions, including: - The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-231": { "value": "Financial Assets The group\u00b4s financial assets are trade receivables, and cash and cash equivalents. These financial assets are measured at amortised cost. \u2212 Research and development cost related to internally developed technology \u2212 Deferred tax assets Development cost related to technology has been recognised as an intangible asset because Gentian can demonstrate technological feasibility for the assets to be available for sale for both existing products and new products. The group assesses at each reporting date whether there is an indication that an intangible asset may be impaired. The revenue potential for the projects exceeds the investment. The estimates that form the basis for the intangible assets are performed by the management of the company, and there will always be a level of uncertainty in relation to the assessments that are performed on future revenues for future products. The balance sheet value as of 31.12.2024 was NOK 28.5 million. As of 31.12.2024, the group has recognized a deferred tax asset of NOK 25.2 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. This assessment involves significant judgment and is based on key assumptions, including: - The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-232": { "value": "Financial liabilities The group\u2019s financial liabilities are accounts payables and lease liabilities. These financial liabilities are measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-236": { "value": "\u2212 Research and development cost related to internally developed technology \u2212 Deferred tax assets Development cost related to technology has been recognised as an intangible asset because Gentian can demonstrate technological feasibility for the assets to be available for sale for both existing products and new products. The group assesses at each reporting date whether there is an indication that an intangible asset may be impaired. The revenue potential for the projects exceeds the investment. The estimates that form the basis for the intangible assets are performed by the management of the company, and there will always be a level of uncertainty in relation to the assessments that are performed on future revenues for future products. The balance sheet value as of 31.12.2024 was NOK 28.5 million. As of 31.12.2024, the group has recognized a deferred tax asset of NOK 25.2 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. This assessment involves significant judgment and is based on key assumptions, including: - The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates. Credit risk Credit risk is the risk that the counterparty will incur a loss on the group by failing to settle the group's receivables. Credit exposure is primarily related to accounts receivable and other receivables. There are also credit risks related to cash and cash equivalents. The maximum credit exposure as of 31 December 2024 amounts to: Accounts receivables and other receivables 31 275 Cash and cash equivalents 84 738 Total 116 013 For further information on accounts receivable and credit risk, see Note 21. Currency risk The group undertakes various transactions in foreign currencies and is consequently exposed to fluctuations in exchange rates. The exposure to currency risk is mainly related to sale of diagnostic products in foreign currency (USD, EUR, and RMB). Operating expenses are mainly in Norwegian kroner, as well as the funding. As at 31 December 2024; the group has limited exposure to currency risks on assets and liabilities. Translation risk in the group arises when amounts denominated in foreign currencies are converted to NOK, the group\u2019s reporting, and functional currency. Interest rate risk The main part of the group\u2019s outstanding interest-bearing debt is related to liabilities associated with leases (right-of-use). The interest rate risk for the group is limited. In order to improve the capital structure, the group can issue new shares or sell assets. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The company\u2019s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these requirements. The group has not incurred losses on its receivables and considers that its counterparties are able to settle all outstanding debt to the group. On this basis no provision for loss on receivables has been considered", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-272": { "value": "\u2212 Research and development cost related to internally developed technology \u2212 Deferred tax assets Development cost related to technology has been recognised as an intangible asset because Gentian can demonstrate technological feasibility for the assets to be available for sale for both existing products and new products. The group assesses at each reporting date whether there is an indication that an intangible asset may be impaired. The revenue potential for the projects exceeds the investment. The estimates that form the basis for the intangible assets are performed by the management of the company, and there will always be a level of uncertainty in relation to the assessments that are performed on future revenues for future products. The balance sheet value as of 31.12.2024 was NOK 28.5 million. As of 31.12.2024, the group has recognized a deferred tax asset of NOK 25.2 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. This assessment involves significant judgment and is based on key assumptions, including: - The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates. The group has not incurred losses on its receivables and considers that its counterparties are able to settle all outstanding debt to the group. On this basis no provision for loss on receivables has been considered", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-233": { "value": "\u2212 Research and development cost related to internally developed technology \u2212 Deferred tax assets Development cost related to technology has been recognised as an intangible asset because Gentian can demonstrate technological feasibility for the assets to be available for sale for both existing products and new products. The group assesses at each reporting date whether there is an indication that an intangible asset may be impaired. The revenue potential for the projects exceeds the investment. The estimates that form the basis for the intangible assets are performed by the management of the company, and there will always be a level of uncertainty in relation to the assessments that are performed on future revenues for future products. The balance sheet value as of 31.12.2024 was NOK 28.5 million. As of 31.12.2024, the group has recognized a deferred tax asset of NOK 25.2 million related to previously unutilized tax losses. The recognition of this asset relies on the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize these losses. This assessment involves significant judgment and is based on key assumptions, including: - The projected future profitability, supported by growth and strategic plans - The existence of long-term customer contracts providing a stable revenue base Any changes to these assumptions, such as deviations in expected growth, or unforeseen conditions, may impact the recoverability of the deferred tax asset. In accordance with IAS 12, the recoverability of the recognized deferred tax asset is reassessed at each reporting date. While management believes the assumptions and estimates used are reasonable and well supported, there is inherent uncertainty in predicting future taxable income, and actual outcomes may differ from the estimates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-235": { "value": "Note 4 - Financial risk management The group\u2019s financial assets and liabilities comprise cash at bank and cash equivalents, receivables, and trade creditors that originate from its operations. Alle financial assets and liabilities are carried at amortised cost. All financial assets and liabilities, other than long-term leasing liabilities, are short-term and their carrying value approximates fair value. The group's goal of asset management is to ensure continued operations for the group to ensure returns for the owners and other stakeholders and to maintain an optimal capital structure to reduce capital costs. The group does currently not use financial derivatives to manage financial risk such as interest rate risk and currency risk. Credit risk Credit risk is the risk that the counterparty will incur a loss on the group by failing to settle the group's receivables. Credit exposure is primarily related to accounts receivable and other receivables. There are also credit risks related to cash and cash equivalents. The maximum credit exposure as of 31 December 2024 amounts to: Accounts receivables and other receivables 31 275 Cash and cash equivalents 84 738 Total 116 013 For further information on accounts receivable and credit risk, see Note 21. Currency risk The group undertakes various transactions in foreign currencies and is consequently exposed to fluctuations in exchange rates. The exposure to currency risk is mainly related to sale of diagnostic products in foreign currency (USD, EUR, and RMB). Operating expenses are mainly in Norwegian kroner, as well as the funding. As at 31 December 2024; the group has limited exposure to currency risks on assets and liabilities. Translation risk in the group arises when amounts denominated in foreign currencies are converted to NOK, the group\u2019s reporting, and functional currency. Interest rate risk The main part of the group\u2019s outstanding interest-bearing debt is related to liabilities associated with leases (right-of-use). The interest rate risk for the group is limited. In order to improve the capital structure, the group can issue new shares or sell assets. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The company\u2019s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these requirements. Additional information regarding the company's debt The following table sets out the group's contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities. Period left 31.12.2024 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities (non-derivatives) Trade and other payables 25 575 - - - 25 575 Lease liabilities 4 762 4 713 5 070 - 14 545 Interest lease liabilities 1 088 664 227 - 1 979 Total 31 425 5 377 5 297 - 42 099 Period left 31.12.2023 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities (non-derivatives) Trade and other payables 21 279 - - - 21 279 Lease liabilities 4 682 4 593 4 802 - 14 077 Interest lease liabilities 905 547 185 - 1 637 Total 26 866 5 140 4 987 - 36 994 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-237": { "value": "Currency risk The group undertakes various transactions in foreign currencies and is consequently exposed to fluctuations in exchange rates. The exposure to currency risk is mainly related to sale of diagnostic products in foreign currency (USD, EUR, and RMB). Operating expenses are mainly in Norwegian kroner, as well as the funding. As at 31 December 2024; the group has limited exposure to currency risks on assets and liabilities. Translation risk in the group arises when amounts denominated in foreign currencies are converted to NOK, the group\u2019s reporting, and functional currency. Interest rate risk The main part of the group\u2019s outstanding interest-bearing debt is related to liabilities associated with leases (right-of-use). The interest rate risk for the group is limited. In order to improve the capital structure, the group can issue new shares or sell assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-238": { "value": "Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The company\u2019s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these requirements. Additional information regarding the company's debt The following table sets out the group's contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities. Period left 31.12.2024 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities (non-derivatives) Trade and other payables 25 575 - - - 25 575 Lease liabilities 4 762 4 713 5 070 - 14 545 Interest lease liabilities 1 088 664 227 - 1 979 Total 31 425 5 377 5 297 - 42 099 Period left 31.12.2023 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities (non-derivatives) Trade and other payables 21 279 - - - 21 279 Lease liabilities 4 682 4 593 4 802 - 14 077 Interest lease liabilities 905 547 185 - 1 637 Total 26 866 5 140 4 987 - 36 994 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-240": { "value": "Note 6 \u2013 Sales revenue Geographical split of sales revenue 2024 2023 Europe 116 169 92 757 Asia 23 715 33 673 USA 12 186 8 722 Total 152 069 135 153 Sales revenue by product category 2024 2023 Renal diagnostic products 50 600 56 321 Inflammation diagnostic products 71 991 51 770 Other diagnostic products 29 479 27 062 Total 152 069 135 153 The company has a significant concentration of revenue from a limited number of global commercial partners. For the year ended December 31, 2024, revenues from these partners accounted for approximately 56% of total revenue. The loss of any of these partners could have a material adverse effect on the company\u2019s financial condition and results of operations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-242": { "value": "Note 7 - Costs of goods sold 2024 2023 Change in inventory of goods under manufacture and finished goods 4 959 -2 410 Purchase of goods 24 791 39 971 Other manufacturing expenses 39 503 33 344 Total 69 254 70 905 ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-243": { "value": "Note 8 \u2013 Other income 2024 2023 Public grants 4 601 6 154 Other income - 1 040 Total 4 601 7 193 Note 12 - Other operating expenses 2024 2023 Marketing expenses 2 908 2 102 Purchase of external services 7 981 11 775 Patent, certification and license costs 1 082 1 057 Costs premises and office costs 2 990 2 429 Laboratory costs 4 783 3 576 Other expenses 4 545 5 380 Capitalised other expenses -3 668 -1 348 Total 20 621 24 972 Auditor The remuneration to the auditor is distributed as follows: 2024 2023 Audit fee 1 121 1 110 Other attestation services - 3 Other services non-audit related 163 48 Total (ex. VAT) 1 284 1 161 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-244": { "value": "Note 9 - Public grants In some cases, Gentian is eligible for tax deductions (SkatteFUNN) for some of the ongoing projects. The company also from time to time is rewarded with other grants from national and international programs. 2024 2023 SkatteFUNN* 4 423 2 202 Other research programs 178 3 952 Total 4 601 6 154 *The SkatteFUNN R&D tax incentive scheme is a government program where the incentive is a tax credit and comes in the form of a possible deduction from a company's payable corporate tax. If the tax credit for the R&D expenses is greater than the amount the company is liable to pay in tax, the remainder will be paid out in cash to the company. The company complies with the different requirements and conditions related to the grants. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-245": { "value": "Note 10 \u2013 Expenses by nature 2024 2023 Cost of materials 29 751 37 561 Employee benefit expenses 72 765 70 795 Depreciation 8 963 9 566 Impairment - 6 469 Operating expenses in production 8 847 5 746 Other operating expenses 20 621 24 972 Total 140 947 155 109 ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-247": { "value": "Note 11 - Employee benefit expenses 2024 2023 Wages and salaries 55 287 54 203 Payroll tax 9 206 8 660 Pension costs (mandatory occupational pension) 3 521 3 075 Share based payments 2 576 3 038 Other expenses 2 175 1 819 Total 72 765 70 795 The group had 63 employees per 31 December 2024. The corresponding number per 31 December 2023 was 58 employees. The company has a share option program covering certain key personnel. Per 31 December 2024, the program has sixteen members. The share option program for key personnel is settled in shares. The fair value of the issued options is expensed over the vesting period: For options issued from 2020 and up to 2021,1/3 of the options will vest 24 months after the day of grant, 1/3 will vest 36 months after the day of grant and 1/3 will vest 48 months. For options issued from 2022, 2023 and 2024, 1/2 of the options will vest after 36 months and 1/2 of the options will vest after 48 months. Unvested options may be cancelled if the holder terminates its employment with the group. All outstanding options will immediately vest if a single shareholder acquires more than 50% of the company\u2019s shares. In addition, any acquisition, sale, or disposition of shares or assets of the Company, or any merger or other form of consolidation resulting in a change of ownership of all or substantially all of the Company\u2019s assets, will also lead to immediate vesting of all outstanding options. The cost of the employee share-based transaction is expensed over the average vesting period. The value of the issued options of the transactions that are settled with equity instruments (settled with the company\u2019s own shares) is recognised as salary and personnel cost in profit and loss and in other paid- in capital. The value of the issued options of the programs that are settled in cash (cash-based programs) is recognised as salary and personnel cost in profit and loss and as a liability in the balance sheet. The liability is measured at fair value at each balance sheet date until settlement, and changes in the fair value are recognised in profit and loss. Social security tax on options is recorded as a liability and is recognised over the estimated vesting period. 2024 2023 Outstanding options 01.01 1 115 594 960 586 Options granted 295 000 339 962 Options forfeited - - Options terminated -120 000 -10 000 Options expired -209 962 -174 954 Outstanding options 31.12 1 080 632 1 115 594 The outstanding options are subject to the following conditions: Expiry date Average strike price Number of share options 2025-11 62.88 100 000 2026-11 72.60 135 674 2027-12 46.67 209 996 2028-11 40.17 339 962 2029-11 52.39 295 000 1 080 632 The fair value of the options has been calculated using Black - Scholes - Merton Option Pricing Model. The most important parameters are share price at grant date, exercise prices shown above, volatility (41.54%), expected dividend yield (0 %), an expected term of 5 years, and annual risk-free interest rate (3.665%). The volatility is based on other comparable companies\u2019 stock price volatility. Options granted in 2024 had a weighted average strike price of NOK 52.39 pr share. Management salary 2024 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Matti Heinonen * Chief Executive Officer 1 196 - - 12 162 1 370 Hilja Ibert ** Chief Executive Officer 1 370 633 - 979 57 3 039 Njaal Kind *** Group Chief Financial Officer 2 470 339 77 457 9 3 353 Aleksandra Havelka Chief Scientific Officer 1 509 231 410 235 43 2 428 Markus Jaquemar Chief Commercial Officer 2 440 418 - 341 - 3 199 Frank Frantzen **** Chief Technology Officer 712 - 39 8 19 779 Total management salary 9 698 1 621 526 2 032 290 14 168 2023 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Hilja Ibert Chief Executive Officer 3 141 449 - 624 158 4 371 Njaal Kind Group Chief Financial Officer 2 161 220 67 584 9 3 041 Aleksandra Havelka Chief Scientific Officer 1 270 93 344 191 3 1 901 Markus Jaquemar Chief Commercial Officer 2 360 247 - 226 - 2 833 Total management salary 8 932 1 008 411 1 625 170 12 145 * CEO from 1 October 2024 ** CEO until 29 April 2024 *** Acting CEO from 30 April to 30 September 2024 **** CTO from 5 August 2024 The CEO is entitled to compensation equivalent to 6 months\u2019 basic salary (exclusive of any additional benefits) if the employment is terminated. Reference is made to the corporate governance report for guidelines regarding remuneration to management. The remuneration report is available on the company\u2019s homepage: www.gentian.com. Management share options 2024 2023 Matti Heinonen * Chief Executive Officer 100 000 - Hilja Ibert ** Chief Executive Officer 219 962 359 924 Njaal Kind *** Group Chief Financial Officer 180 670 180 670 Aleksandra Havelka Chief Scientific Officer from 1.1.23 80 000 70 000 Markus Jaquemar Chief Commercial Officer 127 500 87 500 Frank Frantzen **** Chief Technology Officer 50 000 - Share options 758 132 698 094 Board remuneration 2024 2023 Remuneration to the board 1 050 1 250 For further details see the Remuneration report. Pension costs The company is obliged to have an occupational pension scheme for the Norwegian employees in accordance with the Act on Compulsory Occupational Pensions. Currently all eligible employees in Norway receive 5 % of their fixed salary up to 12G as a contribution to the pension plan, which is in accordance with the Act on Compulsory Occupational Pensions. For employees in the foreign subsidiaries, local regulations are followed. Note 24 \u2013 Business combinations On 3 July 2023 Gentian Diagnostics ASA acquired 100 % of the shares in Getica AB for a cash consideration of NOK 2.78 million. Getica AB, located in Gothenburg Sweden, has been providing Gentian with antibody purification services through many years in addition to providing diagnostics research and development services. Through this acquisition, Gentian secures critical production competence in an essential step in the manufacturing process. Gentian will also gain access to unique R&D capabilities. The acquisition was financed in cash. The fair values of the identifiable assets and liabilities of the business as at the acquisition date are as follows. Getica AB (Figures in NOK thousands) Assets Non-Current Assets Property, plants, and equipment 399 Financial assets 146 Total Non-Current Assets 545 Current Assets Inventory 1 264 Accounts receivables and other receivables 508 Cash and cash equivalents 2 388 Total Current Assets 4 160 Total Assets 4 705 Current liabilities Accounts payable and other current liabilities 1 035 Total current liabilities 1 035 Net identifiable assets and liabilities at fair value 3 670 Badwill -892 Total consideration for the shares 2 778 Paid in cash -2 778 Cash received 2 388 Net decrease in cash -390 The main costumer of Getica AB has been Gentian AS. For the period between the date of acquisition and 31 December 2023, Getica AB has contributed with net savings of NOK 0.8 million. If the business combination had taken place at the beginning of the year, the group\u2019s revenues would have been unchanged, and the profit before tax would have been improved with NOK 1.6 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-248": { "value": "The group had 63 employees per 31 December 2024. The corresponding number per 31 December 2023 was 58 employees.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-251": { "value": "Management salary 2024 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Matti Heinonen * Chief Executive Officer 1 196 - - 12 162 1 370 Hilja Ibert ** Chief Executive Officer 1 370 633 - 979 57 3 039 Njaal Kind *** Group Chief Financial Officer 2 470 339 77 457 9 3 353 Aleksandra Havelka Chief Scientific Officer 1 509 231 410 235 43 2 428 Markus Jaquemar Chief Commercial Officer 2 440 418 - 341 - 3 199 Frank Frantzen **** Chief Technology Officer 712 - 39 8 19 779 Total management salary 9 698 1 621 526 2 032 290 14 168 2023 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Hilja Ibert Chief Executive Officer 3 141 449 - 624 158 4 371 Njaal Kind Group Chief Financial Officer 2 161 220 67 584 9 3 041 Aleksandra Havelka Chief Scientific Officer 1 270 93 344 191 3 1 901 Markus Jaquemar Chief Commercial Officer 2 360 247 - 226 - 2 833 Total management salary 8 932 1 008 411 1 625 170 12 145 * CEO from 1 October 2024 ** CEO until 29 April 2024 *** Acting CEO from 30 April to 30 September 2024 **** CTO from 5 August 2024 The CEO is entitled to compensation equivalent to 6 months\u2019 basic salary (exclusive of any additional benefits) if the employment is terminated. Reference is made to the corporate governance report for guidelines regarding remuneration to management. The remuneration report is available on the company\u2019s homepage: www.gentian.com. Management share options 2024 2023 Matti Heinonen * Chief Executive Officer 100 000 - Hilja Ibert ** Chief Executive Officer 219 962 359 924 Njaal Kind *** Group Chief Financial Officer 180 670 180 670 Aleksandra Havelka Chief Scientific Officer from 1.1.23 80 000 70 000 Markus Jaquemar Chief Commercial Officer 127 500 87 500 Frank Frantzen **** Chief Technology Officer 50 000 - Share options 758 132 698 094 Board remuneration 2024 2023 Remuneration to the board 1 050 1 250 For further details see the Remuneration report. Shares controlled by board members and the Management Fredrik Thoresen (RWD AS) 28 160 0.18 % Njaal Kind 26 125 0.17 % Frank Frantzen 20 000 0.13 % Espen Tidemann J\u00f8rgensen 17 000 0.11 % Hilja Ibert 6 525 0.04 % Kari E. Krogstad 2 325 0.02 % Aleksandra Havelka 2 000 0.01 % ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-250": { "value": "Management salary 2024 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Matti Heinonen * Chief Executive Officer 1 196 - - 12 162 1 370 Hilja Ibert ** Chief Executive Officer 1 370 633 - 979 57 3 039 Njaal Kind *** Group Chief Financial Officer 2 470 339 77 457 9 3 353 Aleksandra Havelka Chief Scientific Officer 1 509 231 410 235 43 2 428 Markus Jaquemar Chief Commercial Officer 2 440 418 - 341 - 3 199 Frank Frantzen **** Chief Technology Officer 712 - 39 8 19 779 Total management salary 9 698 1 621 526 2 032 290 14 168 2023 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Hilja Ibert Chief Executive Officer 3 141 449 - 624 158 4 371 Njaal Kind Group Chief Financial Officer 2 161 220 67 584 9 3 041 Aleksandra Havelka Chief Scientific Officer 1 270 93 344 191 3 1 901 Markus Jaquemar Chief Commercial Officer 2 360 247 - 226 - 2 833 Total management salary 8 932 1 008 411 1 625 170 12 145 * CEO from 1 October 2024 ** CEO until 29 April 2024 *** Acting CEO from 30 April to 30 September 2024 **** CTO from 5 August 2024 The CEO is entitled to compensation equivalent to 6 months\u2019 basic salary (exclusive of any additional benefits) if the employment is terminated. Reference is made to the corporate governance report for guidelines regarding remuneration to management. The remuneration report is available on the company\u2019s homepage: www.gentian.com. Management share options 2024 2023 Matti Heinonen * Chief Executive Officer 100 000 - Hilja Ibert ** Chief Executive Officer 219 962 359 924 Njaal Kind *** Group Chief Financial Officer 180 670 180 670 Aleksandra Havelka Chief Scientific Officer from 1.1.23 80 000 70 000 Markus Jaquemar Chief Commercial Officer 127 500 87 500 Frank Frantzen **** Chief Technology Officer 50 000 - Share options 758 132 698 094 Board remuneration 2024 2023 Remuneration to the board 1 050 1 250 For further details see the Remuneration report. Shares controlled by board members and the Management Fredrik Thoresen (RWD AS) 28 160 0.18 % Njaal Kind 26 125 0.17 % Frank Frantzen 20 000 0.13 % Espen Tidemann J\u00f8rgensen 17 000 0.11 % Hilja Ibert 6 525 0.04 % Kari E. Krogstad 2 325 0.02 % Aleksandra Havelka 2 000 0.01 % ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-252": { "value": "Note 12 - Other operating expenses 2024 2023 Marketing expenses 2 908 2 102 Purchase of external services 7 981 11 775 Patent, certification and license costs 1 082 1 057 Costs premises and office costs 2 990 2 429 Laboratory costs 4 783 3 576 Other expenses 4 545 5 380 Capitalised other expenses -3 668 -1 348 Total 20 621 24 972 Auditor The remuneration to the auditor is distributed as follows: 2024 2023 Audit fee 1 121 1 110 Other attestation services - 3 Other services non-audit related 163 48 Total (ex. VAT) 1 284 1 161 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-253": { "value": "Auditor The remuneration to the auditor is distributed as follows: 2024 2023 Audit fee 1 121 1 110 Other attestation services - 3 Other services non-audit related 163 48 Total (ex. VAT) 1 284 1 161 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-257": { "value": "Note 14 - Finance income and finance cost Finance income 2024 2023 Interest income 3 585 2 666 Foreign exchange gains 3 251 3 141 Other finance income 20 1 Total finance income 6 857 5 807 Finance cost 2024 2023 Foreign exchange loss -1 755 -2 540 Interest leasing liabilities -657 -795 Other financial costs -105 -76 Total finance cost -2 516 -3 411 Net financial items 4 340 2 396 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-255": { "value": "Note 14 - Finance income and finance cost Finance income 2024 2023 Interest income 3 585 2 666 Foreign exchange gains 3 251 3 141 Other finance income 20 1 Total finance income 6 857 5 807 Finance cost 2024 2023 Foreign exchange loss -1 755 -2 540 Interest leasing liabilities -657 -795 Other financial costs -105 -76 Total finance cost -2 516 -3 411 Net financial items 4 340 2 396 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-258": { "value": "Note 14 - Finance income and finance cost Finance income 2024 2023 Interest income 3 585 2 666 Foreign exchange gains 3 251 3 141 Other finance income 20 1 Total finance income 6 857 5 807 Finance cost 2024 2023 Foreign exchange loss -1 755 -2 540 Interest leasing liabilities -657 -795 Other financial costs -105 -76 Total finance cost -2 516 -3 411 Net financial items 4 340 2 396 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-256": { "value": "Note 14 - Finance income and finance cost Finance income 2024 2023 Interest income 3 585 2 666 Foreign exchange gains 3 251 3 141 Other finance income 20 1 Total finance income 6 857 5 807 Finance cost 2024 2023 Foreign exchange loss -1 755 -2 540 Interest leasing liabilities -657 -795 Other financial costs -105 -76 Total finance cost -2 516 -3 411 Net financial items 4 340 2 396 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-259": { "value": "Finance cost 2024 2023 Foreign exchange loss -1 755 -2 540 Interest leasing liabilities -657 -795 Other financial costs -105 -76 Total finance cost -2 516 -3 411 Net financial items 4 340 2 396 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-261": { "value": "Note 15 \u2013 Taxes Income tax expense: 2024 2023 Current tax: Tax payable - -209 Deferred tax: Changes in deferred tax 25 229 -73 Tax expense 25 229 -282 Reconciliation of effective tax rate 2024 2023 Profit before tax 20 064 -10 366 Calculated tax expense/(income) 6 386 -2 374 Permanent differences -3 876 -2 050 Tax depreciation on intangible assets - - Change in temporary differences 23 631 -3 318 Temporary differences not recognised -912 7 459 Calculated tax expense 25 229 -282 Calculation of deferred tax/deferred tax asset 2024 2023 Property, plant, and equipment 761 -1 717 Right-of-use assets -2 276 -2 756 Inventories -1 005 - Other differences - 355 Tax losses carried forward -192 649 -214 466 Basis for deferred tax/deferred tax asset (gross) -195 169 -218 585 Unrecognised temporary differences 80 491 218 939 Basis for deferred tax/deferred tax asset (net) -114 678 355 Deferred tax liability/asset (-) -25 229 73 In 2024, the group recognized a deferred tax asset related to previously unutilized tax losses. This recognition is based on the profitability of the subsidiary Gentian AS and the management\u2019s assessment that sufficient taxable income will be generated within the next five years to utilize this tax loss. Gentian AS had a profit before tax for 2024 at NOK 35.1 million, while remaining tax losses carried forward is NOK 112.2 million. This assessment is supported by the company\u2019s expected growth, and the foundation of long-term customer contracts. The deferred tax asset recognized amounts to NOK 25.2 million, reflecting the anticipated benefit of the carried forward tax losses specifically related to Gentian AS. NOK 17.5 million of the total deferred tax assets for the group of NOK 42.8 million, has not been recognized per 31 December 2024.The recognition of deferred tax assets related to the remaining carried forward tax losses will be reassessed, together with the capitalized deferred tax asset, at each reporting date to ensure ongoing recoverability. The tax losses can be carried forward indefinitely in Norway and Sweden. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-266": { "value": "Note 18 \u2013 Changes in Liabilities Reconciliation of changes in liabilities arising from financing activities is shown in the tables below: Non-cash changes 01.01.2024 Cash flows New leases Reclassi- fication 31.12.2024 Lease liabilities non-current 9 006 - 948 -4 448 5 507 Lease liabilities current 4 043 -4 950 - 5 439 4 532 Total liabilities from financing activities 13 050 -4 950 948 992 10 040 Non-cash changes 01.01.2023 Cash flows New leases Reclassi- fication 31.12.2023 Lease liabilities non-current 11 624 - 841 -3 459 9 006 Lease liabilities current 3 699 -4 598 - 4 943 4 043 Total liabilities from financing activities 15 323 -4 598 841 1 485 13 050 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-271": { "value": "Note 21 - Accounts receivables and other receivables 2024 2023 Accounts receivables 23 293 11 569 Claims on government grants 3 815 2 487 Public receivables (VAT, etc.) 1 822 1 172 Other receivables / Prepayments 2 344 1 748 Total 31 275 16 976 Due accounts receivables 2024 2023 Not due and within <30 days 22 899 8 137 30-60d -16 3 319 60-90d 27 -58 >90d 384 171 Total 23 293 11 569 The group has not incurred losses on its receivables and considers that its counterparties are able to settle all outstanding debt to the group. On this basis no provision for loss on receivables has been considered. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-273": { "value": "Note 22 - Cash and cash equivalents 2024 2023 Cash and bank deposits 82 384 85 366 Withhold tax account 2 354 2 012 Deposit account - 265 Total 84 738 87 642 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-274": { "value": "Note 23 - Share capital, shareholders, and equity Number of shares Nominal value Share capital Ordinary shares 15 422 350 0.10 1 542 Changes in share capital and share premium: Change in share capital 2024 2023 Share capital at period start 1 542 1 542 Share capital increase - - Share capital at period end 1 542 1 542 Change in share premium 2024 2023 Share premium at period start 293 810 293 810 Share premium increase - - Cost of share issue - - Share premium at period end 293 810 293 810 All shares in the company have equal voting rights and equal rights to dividends. Overview of the parent company\u2019s shareholders as at 31.12.2024 Number of shares Ownership share Vatne Equity AS 2 110 224 13.68 % Kvantia AS 1 803 368 11.69 % Holta Invest AS 1 228 502 7.97 % Verdipapirfondet Delphi Nordic 697 006 4.52 % Safrino AS 649 700 4.21 % Carpe Diem Afseth AS 578 189 3.75 % J.P. Morgan SE 523 631 3.40 % Verdipapirfondet Delphi Norge 384 572 2.49 % Verdipapirfondet DNB SMB 356 065 2.31 % Portia AS 300 000 1.95 % Krefting, Johan Henrik 298 000 1.93 % Viola AS 258 421 1.68 % Intertrade Shipping AS 257 716 1.67 % Cressida AS 235 000 1.52 % Lioness AS 220 000 1.43 % Marstal AS 212 407 1.38 % Verdipapirfondet Storebrand Vekst 211 665 1.37 % Mutus AS 210 465 1.36 % Silvercoin Industries AS 181 277 1.18 % Caaby AS 173 500 1.12 % Top 20 shareholders 10 889 708 70.61 % Total other shareholders 4 532 642 29.39 % Total number of shares 15 422 350 100.00 % Shares controlled by board members and the Management Fredrik Thoresen (RWD AS) 28 160 0.18 % Njaal Kind 26 125 0.17 % Frank Frantzen 20 000 0.13 % Espen Tidemann J\u00f8rgensen 17 000 0.11 % Hilja Ibert 6 525 0.04 % Kari E. Krogstad 2 325 0.02 % Aleksandra Havelka 2 000 0.01 % Earnings per share Earnings per share are calculated by dividing net income by the weighted average of shares during the year. 2024 2023 Profit for the year 45 293 -10 648 Number of shares: Weighted average number of outstanding ordinary shares 15 422 15 422 Effect of dilutive potential shares: Share options 340 - Weighted average number of shares issued with diluted effect 15 762 15 422 Basic earnings/loss (-) per share 2.94 -0.69 Diluted earnings/loss (-) per share 2.87 -0.69 ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-275": { "value": "Change in share capital 2024 2023 Share capital at period start 1 542 1 542 Share capital increase - - Share capital at period end 1 542 1 542 Change in share premium 2024 2023 Share premium at period start 293 810 293 810 Share premium increase - - Cost of share issue - - Share premium at period end 293 810 293 810 All shares in the company have equal voting rights and equal rights to dividends. Overview of the parent company\u2019s shareholders as at 31.12.2024 Number of shares Ownership share Vatne Equity AS 2 110 224 13.68 % Kvantia AS 1 803 368 11.69 % Holta Invest AS 1 228 502 7.97 % Verdipapirfondet Delphi Nordic 697 006 4.52 % Safrino AS 649 700 4.21 % Carpe Diem Afseth AS 578 189 3.75 % J.P. Morgan SE 523 631 3.40 % Verdipapirfondet Delphi Norge 384 572 2.49 % Verdipapirfondet DNB SMB 356 065 2.31 % Portia AS 300 000 1.95 % Krefting, Johan Henrik 298 000 1.93 % Viola AS 258 421 1.68 % Intertrade Shipping AS 257 716 1.67 % Cressida AS 235 000 1.52 % Lioness AS 220 000 1.43 % Marstal AS 212 407 1.38 % Verdipapirfondet Storebrand Vekst 211 665 1.37 % Mutus AS 210 465 1.36 % Silvercoin Industries AS 181 277 1.18 % Caaby AS 173 500 1.12 % Top 20 shareholders 10 889 708 70.61 % Total other shareholders 4 532 642 29.39 % Total number of shares 15 422 350 100.00 % Shares controlled by board members and the Management Fredrik Thoresen (RWD AS) 28 160 0.18 % Njaal Kind 26 125 0.17 % Frank Frantzen 20 000 0.13 % Espen Tidemann J\u00f8rgensen 17 000 0.11 % Hilja Ibert 6 525 0.04 % Kari E. Krogstad 2 325 0.02 % Aleksandra Havelka 2 000 0.01 % ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-276": { "value": "Earnings per share Earnings per share are calculated by dividing net income by the weighted average of shares during the year. 2024 2023 Profit for the year 45 293 -10 648 Number of shares: Weighted average number of outstanding ordinary shares 15 422 15 422 Effect of dilutive potential shares: Share options 340 - Weighted average number of shares issued with diluted effect 15 762 15 422 Basic earnings/loss (-) per share 2.94 -0.69 Diluted earnings/loss (-) per share 2.87 -0.69 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-277": { "value": "Note 24 \u2013 Business combinations On 3 July 2023 Gentian Diagnostics ASA acquired 100 % of the shares in Getica AB for a cash consideration of NOK 2.78 million. Getica AB, located in Gothenburg Sweden, has been providing Gentian with antibody purification services through many years in addition to providing diagnostics research and development services. Through this acquisition, Gentian secures critical production competence in an essential step in the manufacturing process. Gentian will also gain access to unique R&D capabilities. The acquisition was financed in cash. The fair values of the identifiable assets and liabilities of the business as at the acquisition date are as follows. Getica AB (Figures in NOK thousands) Assets Non-Current Assets Property, plants, and equipment 399 Financial assets 146 Total Non-Current Assets 545 Current Assets Inventory 1 264 Accounts receivables and other receivables 508 Cash and cash equivalents 2 388 Total Current Assets 4 160 Total Assets 4 705 Current liabilities Accounts payable and other current liabilities 1 035 Total current liabilities 1 035 Net identifiable assets and liabilities at fair value 3 670 Badwill -892 Total consideration for the shares 2 778 Paid in cash -2 778 Cash received 2 388 Net decrease in cash -390 The main costumer of Getica AB has been Gentian AS. For the period between the date of acquisition and 31 December 2023, Getica AB has contributed with net savings of NOK 0.8 million. If the business combination had taken place at the beginning of the year, the group\u2019s revenues would have been unchanged, and the profit before tax would have been improved with NOK 1.6 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-278": { "value": "Note 25 \u2013 Events after the balance sheet date There have not been any significant events since the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-279": { "value": "Alternative performance measures Non\u2010IFRS financial measures / alternative performance measures In this annual report, the group presents certain alternative performance measures (\u201cAPMs\u201d). An APM is defined as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specific in the applicable financial reporting framework (IFRS). The APMs presented herein are not measurements of financial performance or liquidity under IFRS or other generally accepted accounting principles, are not audited and investors should not consider any such measures to be an alternative to (a) operating revenues or operating profit (as determined in accordance with generally accepted accounting principles), (b) as a measure of the group\u2019s operating performance; or (c) any other measures of performance under generally accepted accounting principles. The APMs presented herein may not be indicative of the group\u2019s historical operating results, nor are such measures meant to be predictive of the group\u2019s future results. The company uses APMs to measure operating performance and is of the view that the APMs provide investors with relevant and specific operating figures which may enhance their understanding of the group\u2019s performance. Because companies calculate APMs differently, the APMs presented herein may not be comparable to similarly titled measures used by other companies. Below is an overview of APMs presented, including an overview of reconciliation and calculation of the relevant APMs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-280": { "value": "EBITDA EBITDA is a measurement of operating earnings before depreciation and amortisation of tangible and intangible assets and impairment charges. EBITDA are used for providing information of operating performance which is relative to other companies and frequently used by other stakeholders. Reconciliation 2024 2023 (NOK 1000) Operating profit 15 723 -12 762 Depreciation and Amortisation 8 963 9 566 Impairment - 6 469 EBITDA 24 687 3 273 ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-281": { "value": "Gross Margin Gross margin refers to gross profit in % of sales revenues. Gross Margin % is used for providing consistent information of performance related to the production of goods which is relative to other companies and frequently used by other stakeholders. The change in cogs consists of depreciations related to production. 2024 2023 (NOK 1000) Sales revenues 152 069 135 153 Cost of goods sold -69 254 -70 905 Gross profit 82 816 64 248 Gross Margin 54 % 48 % Reclassification Table: Gross Margin presentation for the year 2023: Actual 2023 (by nature) Reclassification Actual 2023 (by function) Sales revenues 135 153 - 135 153 Cost of goods sold -66 750 -4 155 -70 905 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }