Financial Information

Financial Highlights

USD '000	2018	2017	2016	2015	2014
Income Statement
Revenue	39,494	30,167*	9,194	2,103	20,847*
Production costs	(7,918)	(5,202)	(3,019)	(2,250)	(549)
Gross profit	31,576	24,965	6,175	(147)	20,299
Selling, general and administrative costs	(35,611)	(32,458)	(34,407)	(17,808)	(14,976)
Research and development costs	(1,801)	(866)	(636)	(11,345)	(15,224)
Other operating income	-	-	100	-	-
Operating result	(5,836)	(8,359)	(28,768)	(29,300)	(9,901)
Net financial income / (expenses)	(6,016)	(2,090)	(45)	2,168	3,531
Result before tax	(11,852)	(10,449)	(28,813)	(27,132)	(6,369)
Tax for the period	6,567	907	18,678	953	234
Net result for the period	(5,285)	(9,542)	(10,135)	(26,179)	(6,136)
Statement of Financial Position
Cash and cash equivalents	30,520	7,766	3,359	15,763	44,178
Total assets	77,117	41,921	29,884	21,809	47,983
Total equity	4,614	5,316	10,195	13,127	41,371
Investment in property, plant and equipment	251	564	176	48	295
Cash Flow Statement
Cash flow from operating activities	(11,265)	(7,710)	(28,057)	(26,392)	(13,050)
Cash flow from investing activities	(251)	(564)	(176)	(48)	(430)
Cash flow from financing activities	34,371	12,435	15,981	48	167
Cash and cash equivalents at period end	30,520	7,766	3,359	15,763	44,178
Financial Ratios
Basic and diluted EPS (DKK)	(0.00)	(0.01)	(0.01)	(0.02)	(0.02)
Weighted average number of shares	1,713,188,778	1,708,325,635	1,688,679,397	1,663,334,241	1,662,266,639
Average number of employees (FTEs)	55	51	54	38	26
Assets/equity	16.71	7.89	2.93	1.66	1.16
Share price DKK	2.19	0.86	1.08	1.75	1.15
Average exchange rates DKK/USD	6.3521	6.5301	6.6940	6.7269	5.6190
Period End exchange rate DKK/USD	6.5204	6.2019	7.0460	6.8300	6.1214

^{* These revenue amounts include upfront payments of USD 8,250 for 2017 and milestone payments of USD 20,304 for 2014.}