Form 6-K
false2022-06-30Q20001612042--12-31(1) For the three months ended June 30, 2022 and 2021, and for the six month ended June 30, 2022 and 2021, “Total revenue” includes recognition of previously deferred revenue/internal profit from associate of €0.6 million and €0.6 million, and of €1.3 million and €1.2 million respectively.As of June 30, 2022, a total of 7,033,103 warrants outstanding, each carrying the right to subscribe for one ordinary share, and 575,000 convertible senior notes which can potentially be converted into 3,456,785 ordinary shares, can potentially dilute earnings per share in the future but have not been included in the calculation of diluted earnings per share because they are antidilutive for the periods presented. Similarly, a total of 6,065,823 warrants outstanding as of June 30, 2021, are also considered antidilutive for the periods presented and have not been included in the calculation. The weighted average number of shares takes into account the weighted average effect of changes in treasury shares during the period. 0001612042 2022-04-01 2022-06-30 0001612042 2021-04-01 2021-06-30 0001612042 2022-01-01 2022-06-30 0001612042 2021-01-01 2021-06-30 0001612042 2022-06-30 0001612042 2021-12-31 0001612042 2021-08-01 2021-08-31 0001612042 2020-12-31 0001612042 2021-06-30 0001612042 asnd:Warrant1Member 2022-01-01 2022-06-30 0001612042 asnd:ConvertibleSeniorNotesMember 2022-01-01 2022-06-30 0001612042 ifrs-full:OrdinarySharesMember 2022-01-01 2022-06-30 0001612042 asnd:Warrant1Member 2022-01-01 2022-06-30 0001612042 ifrs-full:RetainedEarningsMember 2022-01-01 2022-06-30 0001612042 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2022-01-01 2022-06-30 0001612042 ifrs-full:ReserveOfSharebasedPaymentsMember 2022-01-01 2022-06-30 0001612042 ifrs-full:TreasurySharesMember 2022-01-01 2022-06-30 0001612042 ifrs-full:IssuedCapitalMember 2022-01-01 2022-06-30 0001612042 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asnd:Agreement
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO SECTION
13a-16
OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August,
2022
Commission File Number:
001-36815
 
 
Ascendis Pharma A/S
(Exact Name of Registrant as Specified in Its Charter)
 
 
Tuborg Boulevard 12
DK-2900
Hellerup
Denmark
(Address of principal executive offices)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of
Form 20-F
or
Form 40-F.
Form 20-F  ☒                Form
40-F  ☐
Indicate by check mark if the registrant is submitting the
Form 6-K
in paper as permitted by
Regulation S-T
Rule 101(b)(1):  ☐
Indicate by check mark if the registrant is submitting the
Form 6-K
in paper as permitted by
Regulation S-T
Rule 101(b)(7):  ☐
 
 
 

Table of Contents
INCORPORATION BY REFERENCE
This report on
Form 6-K
shall be deemed to be incorporated by reference into the registration statements on
Form S-8
(Registration
Numbers 333-228576,
333-203040,
333-210810,
333-211512,
333-213412,
333-214843,
333-216883,
333-254101,
and
333-261550)
and
Form F-3
(Registration
Numbers 333-209336,
333-211511,
333-216882,
333-223134,
333-225284,
and
333-256571)
of Ascendis Pharma A/S (the “Company”) (including any prospectuses forming a part of such registration statements) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
 
 
Information Contained in this Form
6-K
Report
Financial Statements
This report contains the Company’s Unaudited Condensed Consolidated Interim Financial Statements as of June 30, 2022, including Management’s Discussion and Analysis of Financial Condition and Results of Operations for the period presented therein.

Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
Ascendis Pharma A/S
Date: August 10, 2022
 
 
By:
 
/s/ Michael Wolff Jensen
 
 
 
Michael Wolff Jensen
 
 
 
Senior Vice President, Chief Legal Officer


Table of Contents

Table of Contents

Table of Contents
Unaudited Condensed Consolidated Interim Statements of Profit or Loss
and Comprehensive Income / (Loss) for Three and Six Months Ended June 30
 
           
Three Months Ended
June 30
   
Six Months Ended
June 30
 
    
Notes
    
        2022        
   
        2021        
   
        2022        
   
        2021        
 
       
           
(EUR’000)
   
(EUR’000)
 
Statement of Profit or Loss
                                         
Revenue
  
 
5
 
     6,160       1,022       12,988       1,767  
Cost of sales
              1,086                5,332           
             
 
 
   
 
 
   
 
 
   
 
 
 
Gross profit / (loss)
           
 
5,074
 
 
 
1,022
 
 
 
7,656
 
 
 
1,767
 
Research and development costs
              90,383       83,306       173,576       171,455  
Selling, general and administrative expenses

              56,584       35,345       104,002       72,591  
             
 
 
   
 
 
   
 
 
   
 
 
 
Operating profit / (loss)
           
 
(141,893
 
 
(117,629
 
 
(269,922
 
 
(242,279
Share of profit / (loss) of associate
              (1,166     (4,817     (6,039     23,289  
Finance income
              71,127       145       84,171       23,268  
Finance expenses
              9,434       12,141       14,833       1,703  
             
 
 
   
 
 
   
 
 
   
 
 
 
Profit / (loss) before tax
           
 
(81,366
 
 
(134,442
 
 
(206,623
 
 
(197,425
Tax on profit / (loss) for the period
              47       68       (195     259  
             
 
 
   
 
 
   
 
 
   
 
 
 
Net profit / (loss) for the period
           
 
(81,319
 
 
(134,374
 
 
(206,818
 
 
(197,166
             
 
 
   
 
 
   
 
 
   
 
 
 
Attributable to owners of the Company
              (81,319     (134,374     (206,818     (197,166
             
 
 
   
 
 
   
 
 
   
 
 
 
Basic and diluted earnings / (loss) per share
              €(1.46     €(2.50     €(3.68     €(3.66
Number of shares used for calculation (basic and diluted)
 
(1)
              55,805,486       53,848,166       56,260,248       53,804,300  
             
 
 
   
 
 
   
 
 
   
 
 
 
       
           
(EUR’000)
   
(EUR’000)
 
Statement of Comprehensive Income
                                         
Net profit / (loss) for the period
           
 
(81,319
 
 
(134,374
 
 
(206,818
 
 
(197,166
Other comprehensive income / (loss)
                                         
Items that may be reclassified subsequently to profit or loss:
                                         
Exchange differences on translating foreign operations
              (757     77       (332     1,765  
             
 
 
   
 
 
   
 
 
   
 
 
 
Other comprehensive income / (loss) for the period, net of tax
           
 
(757
 
 
77
 
 
 
(332
 
 
1,765
 
             
 
 
   
 
 
   
 
 
   
 
 
 
Total comprehensive income / (loss) for the period, net of tax
           
 
(82,076
 
 
(134,297
 
 
(207,150
 
 
(195,401
             
 
 
   
 
 
   
 
 
   
 
 
 
Attributable to owners of the Company
              (82,076     (134,297     (207,150     (195,401
             
 
 
   
 
 
   
 
 
   
 
 
 
 
(1)
 
As of June 30, 2022, a total of 7,033,103
warrants outstanding, each carrying the right to subscribe for one ordinary share, and 575,000
convertible senior notes which can potentially be converted into 3,456,785
 ordinary shares, can potentially dilute earnings per share in the future but have not been included in the calculation of diluted earnings per share because they are antidilutive for the periods presented. Similarly, a total of 6,065,823
 warrants outstanding as of June 30, 2021, are also considered antidilutive for the periods presented and have not been included in the calculation. The weighted average number of shares takes into account the weighted average effect of changes in treasury shares during the period.
 
F-2

Table of Contents
Unaudited Condensed Consolidated Interim Statements of Financial Position
 
 
  
Notes
 
  
June 30,

        2022        
 
 
December 31,

        2021        
 
 
  
 
 
  
(EUR’000)
 
Assets
  
  
 
Non-current
assets
  
  
 
Intangible assets
             5,050        5,272   
Property, plant and equipment
             133,224       126,049  
Investment in associate
             34,905       38,345  
Other receivables
  
 
10
 
    1,836       1,808  
Marketable securities
  
 
10
 
    39,721       107,561  
            
 
 
   
 
 
 
            
 
214,736
 
 
 
279,035
 
            
 
 
   
 
 
 
Current assets
                        
Inventories
             101,322       75,405  
Trade receivables
  
 
10
 
    4,369       2,200  
Income tax receivables
             1,128       893  
Other receivables
  
 
10
 
    15,055       20,093  
Prepayments
             35,067       25,231  
Marketable securities
  
 
10
 
    282,767       235,797  
Cash and cash equivalents
  
 
10
 
    672,387       446,267  
            
 
 
   
 
 
 
            
 
1,112,095
 
 
 
805,886
 
            
 
 
   
 
 
 
Total assets
          
 
1,326,831
 
 
 
1,084,921
 
            
 
 
   
 
 
 
Equity and liabilities
                        
Equity
                        
Share capital
  
 
8
 
    7,649       7,646  
Distributable equity
             600,193       875,989  
            
 
 
   
 
 
 
            
 
607,842
 
 
 
883,635
 
            
 
 
   
 
 
 
Non-current
liabilities
                        
Borrowings
  
 
10
 
    498,130       97,966  
Derivative liabilities
  
 
10
 
    102,031           
Contract liabilities
             3,700       2,964  
            
 
 
   
 
 
 
            
 
603,861
 
 
 
100,930
 
            
 
 
   
 
 
 
Current liabilities
                        
Borrowings
  
 
10
 
    14,079       6,995  
Contract liabilities
                      2,601  
Trade payables and accrued expenses
  
 
10
 
    74,984       59,417  
Other liabilities
             20,957       29,952  
Income taxes payable
             90       198  
Provisions
             5,018       1,193  
            
 
 
   
 
 
 
            
 
115,128
 
 
 
100,356
 
            
 
 
   
 
 
 
Total liabilities
          
 
718,989
 
 
 
201,286
 
            
 
 
   
 
 
 
Total equity and liabilities
          
 
1,326,831
 
 
 
1,084,921
 
            
 
 
   
 
 
 
 
F-3

Table of Contents
Unaudited Condensed Consolidated Interim Statements of Changes in Equity
 
                                                                                                                                                                                
          
Distributable Equity
       
               
                                            
    
Share

Capital
   
Share

Premium
   
Treasury

Shares
   
Foreign

Currency

Translation

Reserve
   
Share-based

Payment

Reserve
   
Accumulated

Deficit
   
Total
 
   
    
(EUR’000)
 
Equity at January 1, 2022
  
 
7,646
  
 
 
2,107,739
  
 
 
(21,605
 
 
3,779
  
 
 
199,931
  
 
 
(1,413,855
 
 
883,635
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net profit / (loss) for the period
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(206,818
 
 
(206,818
Other comprehensive income / (loss), net of tax

  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(332
 
 
—  
 
 
 
—  
 
 
 
(332
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total comprehensive income / (loss)

  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(332
 
 
—  
 
 
 
(206,818
 
 
(207,150
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Transactions with Owners
                                                        
Share-based payment (Note 7)
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
36,770
 
 
 
—  
 
 
 
36,770
 
Acquisition of treasury shares
 (Note 9)
  
 
—  
 
 
 
—  
 
 
 
(106,099
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(106,099
Capital increase
  
 
3
 
 
 
683
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
686
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Equity at June 30, 2022
  
 
       7,649
 
 
 
2,108,422
 
 
 
(127,704
 
 
3,447
 
 
 
236,701
 
 
 
(1,620,673
 
 
607,842
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
                                                                                                                                                                                
          
Distributable Equity
       
               
                                            
    
Share

Capital
   
Share

Premium
   
Treasury

Shares
   
Foreign

Currency

Translation

Reserve
   
Share-based

Payment

Reserve
   
Accumulated

Deficit
   
Total
 
   
    
(EUR’000)
 
Equity at January 1, 2021
  
 
7,217
  
 
 
1,728,747
  
 
 
  
  
 
 
(76
 
 
133,101
  
 
 
(1,030,278
 
 
838,711
  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net profit / (loss) for the period
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(197,166
 
 
(197,166
Other comprehensive income / (loss), net of tax
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
1,765
 
 
 
—  
 
 
 
—  
 
 
 
1,765
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total comprehensive income / (loss)
  
 
—  
 
 
 
—  
 
 
 
  
 
 
 
1,765
 
 
 
—  
 
 
 
(197,166
 
 
(195,401
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Transactions with Owners
                          
 
—  
 
                       
Share-based payment (Note 7)
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
39,396
 
 
 
—  
 
 
 
39,396
 
Capital increase
  
 
20
 
 
 
4,761
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
4,781
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Equity at June 30, 2021
  
 
       7,237
 
 
 
1,733,508
 
 
 
  
 
 
 
1,689
 
 
 
172,497
 
 
 
(1,227,444
 
 
687,487
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
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Table of Contents
Unaudited Condensed Consolidated Interim Cash Flow Statements for the
Six Months Ended June 30

                                                   
    
Six Months Ended

June 30,
 
    
2022
   
2021
 
   
    
(EUR’000)
 
Operating activities
                
Net profit / (loss) for the period
  
 
(206,818
 
 
(197,166
Reversal of finance income
  
 
(84,171
 
 
(23,268
Reversal of finance expenses
  
 
14,833
 
 
 
1,703
 
Reversal of gain and loss on disposal of property, plant and equipment
  
 
14
 
 
 
  
 
Reversal of tax charge
  
 
195
 
 
 
(259
Increase / (decrease) in provisions

  
 
3,529
 
 
 
  
 
Adjustments for
non-cash
items:
                
Non-cash
consideration relating to revenue
  
 
(1,275
 
 
(1,155
Share of profit / (loss) of associate
  
 
6,039
 
 
 
(23,289
Share-based payment
  
 
36,770
 
 
 
39,396
 
Depreciation
  
 
8,584
 
 
 
7,112
 
Amortization
  
 
222
 
 
 
222
 
Changes in working capital:
                
Inventories
  
 
(25,917
 
 
  
 
Receivables
  
 
(5,698
 
 
(4,035
Prepayments
  
 
(9,637
 
 
(7,832
Contract liabilities (deferred income)
  
 
(1,865
 
 
(218
Trade payables, accrued expenses and other payables
  
 
7,960
 
 
 
10,902
 
    
 
 
   
 
 
 
Cash flows generated from / (used in) operations
  
 
(257,235
 
 
(197,887
Finance income received
  
 
3,828
 
 
 
1,915
 
Finance expenses paid
  
 
(1,242
 
 
(699
Income taxes received / (paid)
  
 
(532
 
 
(149
    
 
 
   
 
 
 
Cash flows from / (used in) operating activities
  
 
(255,181
 
 
(196,820
    
 
 
   
 
 
 
Investing activities
                
Investment in associate
  
 
  
 
 
 
(10,187
Acquisition of property, plant and equipment
  
 
(7,544
 
 
(7,607
Reimbursement from acquisition of property, plant and equipment
  
 
9,535
 
 
 
  
 
Development expenditures (software)
  
 
  
 
 
 
(530
Purchase of marketable securities
  
 
(89,700
 
 
(76,358
Settlement of marketable securities
  
 
136,139
 
 
 
75,600
 
    
 
 
   
 
 
 
Cash flows from / (used in) investing activities
  
 
48,430
 
 
 
(19,082
    
 
 
   
 
 
 
Financing activities
                
Payment of principal portion of lease liabilities
  
 
(3,163
 
 
(3,371
Net proceeds from convertible senior notes
  
 
503,281
 
 
 
  
 
Proceeds from exercise of warrants
  
 
686
 
 
 
4,782
 
Acquisition of treasury shares, net of transaction costs
  
 
(105,304
 
 
  
 
    
 
 
   
 
 
 
Cash flows from / (used in) financing activities
  
 
395,500
 
 
 
1,411
 
    
 
 
   
 
 
 
Increase / (decrease) in cash and cash equivalents
  
 
188,749
 
 
 
(214,491
    
 
 
   
 
 
 
Cash and cash equivalents at January 1
  
 
446,267
 
 
 
584,517
 
Effect of exchange rate changes on balances held in foreign currencies
  
 
37,371
 
 
 
14,513
 
    
 
 
   
 
 
 
Cash and cash equivalents at June 30
  
 
672,387
 
 
 
384,539
 
    
 
 
   
 
 
 
Cash and cash equivalents include:
                
Bank deposits
  
 
670,244
 
 
 
383,073
 
Short-term marketable securities
  
 
2,143
 
 
 
1,466
 
    
 
 
   
 
 
 
Cash and cash equivalents at June 30
  
 
672,387
 
 
 
384,539
 
    
 
 
   
 
 
 
 
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Table of Contents
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
Note 1—General Information
Ascendis Pharma A/S, together with its subsidiaries, is applying its innovative TransCon technologies to build a leading, fully integrated, global biopharmaceutical company. Ascendis Pharma A/S was incorporated in 2006 and is headquartered in Hellerup, Denmark. Unless the context otherwise requires, references to the “Company,” “we,” “us,” and “our”, refer to Ascendis Pharma A/S and its subsidiaries.
The address of the Company’s registered office is Tuborg Boulevard 12,
DK-2900,
Hellerup, Denmark.
On February 2, 2015, the Company completed an initial public offering which resulted in the listing of American Depositary Shares (“ADSs”), representing the Company’s ordinary shares, under the symbol “ASND” in the United States on The Nasdaq Global Select Market.
The Company’s Board of Directors approved these unaudited condensed consolidated interim financial statements on August 10, 2022.
Note 2—Summary of Significant Accounting Policies
Basis of Preparation
The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting.” Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended December 31, 2021, and accompanying notes, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (the “IASB”) and as adopted by the European Union (the “EU”).
The accounting policies applied are consistent with those of the previous financial year. A description of
the
accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2021. In addition, the accounting policy for convertible senior notes and derivative liabilities, applied for the first time in this reporting period, is described below.
The preparation of financial statements in conformity with IFRS requires the use of certain significant accounting estimates and requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 3, “Significant Accounting Judgements and Estimates”.
Convertible Senior Notes and Derivative Liabilities
Convertible senior notes (“convertible notes”) are separated into a financial liability and an embedded derivative component based on the terms and conditions of the contract. The embedded derivative component is accounted for separately if this is not deemed closely related to the financial liability.
The convertible notes include an embedded equity conversion option which is not deemed closely related to the financial liability, and is therefore initially recognized and measured separately at fair value as a derivative liability based on the stated terms upon issuance of the convertible notes. The conversion option is classified as a foreign currency conversion option which is not convertible into a fixed number of shares for a fixed amount of cash. Accordingly, the conversion option is recognized and measured as a derivative liability at fair value through profit or loss, with any subsequent remeasurement gains or losses recognized as part of financial income or expenses.
In addition, the convertible notes include a redemption option, which entitle the Company to redeem the notes at a cash amount equal to the principal amount of the convertible notes, plus accrued and unpaid interest. The redemption option is closely related to the financial liability, and therefore is not separately accounted for. The initial carrying amount of the financial liability component including the redemption option is the residual amount of the proceeds, net of allocated transaction costs, after separating the derivative component.
Transaction costs are apportioned between the financial liability and derivative component based on the allocation of proceeds when the instrument is initially recognized. Transaction costs apportioned to the financial liability component form part of the effective interest and are amortized over the expected lifetime of the liability. Transaction costs allocated to the derivative component are expensed as incurred.
The financial liability is subsequently measured at amortized cost until it is extinguished on conversion, optional redemption or upon repayment at maturity. The financial liability is presented as part of borrowings on the statement of financial position.
 
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Table of Contents
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
 
New International Financial Reporting Standards Not Yet Effective
The IASB has issued a number of new or amended standards, which have not yet become effective or have not yet been adopted by the EU. Therefore, these new standards have not been incorporated in these unaudited condensed consolidated interim financial statements.
Amendments to IAS 1, “Classification of Liabilities as Current or
Non-current”
In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1, “Presentation of Financial Statements”, to specify the requirements for classifying liabilities as current or
non-current.
The amendments clarify:
 
   
What is meant by a right to defer settlement;
 
   
That a right to defer must exist at the end of the reporting period;
 
   
That classification is unaffected by the likelihood that an entity will exercise its deferral right; and
 
   
That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification.
If approved by the EU, the amendments are effective for annual reporting periods beginning on or after January 1, 202
3
, and must be applied retrospectively. The amendments are expected to require the convertible notes (presented as part of borrowings on the statement of financial position) and derivative liabilities,
both 
presented as
non-current
liabilities at June 30, 2022, to be presented as current liabilities. On June 30, 2022, the carrying amount of convertible notes and derivative liabilities were €399.0 million and €102.0 million, respectively.
The consolidated financial statements are not expected to be affected by other new or amended standards.
Note 3—Significant Accounting Judgements and Estimates
In the application of the Company’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Judgements, estimates and assumptions applied are based on historical experience and other factors that are relevant, and which are available at the reporting date. Uncertainty concerning estimates and assumptions could result in outcomes, that require a material adjustment to assets and liabilities in future periods.
The unaudited condensed consolidated interim financial statements do not include all disclosures for significant accounting judgements, estimates and assumptions, that are required in the annual consolidated financial statements, and therefore, should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2021.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively. While the application of critical accounting estimates is subject to material estimation uncertainties, management’s ongoing revisions of critical accounting estimates and underlying assumptions have not revealed any material impact in any of the periods presented in the unaudited condensed consolidated interim financial statements.
Other than as set out below, there have been no other changes to the application of significant accounting judgements, or estimation uncertainties regarding accounting estimates compared to December 31, 2021.
Valuation of Embedded Derivatives
The foreign currency conversion option, embedded in the convertible notes, is accounted for separately as a derivative liability at fair value through profit or loss.
Fair value cannot be measured based on quoted prices in active markets or other observable inputs, and accordingly, derivative liabilities are measured by using the Black-Scholes option pricing model. Subjective judgements and assumptions, which are subject to estimation uncertainties, need to be exercised in determining the appropriate unobservable input to the valuation model (Level 3 in the fair value hierarchy). These inputs include volatility of the Company’s share price for a historic period, reflecting the assumption that the historical volatility is indicative of a period similar to the expected lifetime of the option.
Changes in assumptions relating to these factors could affect the reported fair value of derivative liabilities.
 
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Table of Contents
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
 
Note 4—Significant Events in the Reporting Period
COVID-19
Pandemic
The
COVID-19
pandemic has affected countries where we are operating, where we have planned or have ongoing clinical trials, and where we rely on third-parties to manufacture preclinical, clinical and commercial supply.
COVID-19
did not have a direct material impact on the unaudited condensed consolidated interim financial statements.
Conflict in the Region Surrounding Ukraine and Russia
The ongoing conflict in the region surrounding Ukraine and Russia has impacted our ability to continue clinical trial activities in those countries. The conflict did not have a direct material impact on the unaudited condensed consolidated interim financial statements.
Leases
In February 2022, the Company entered into a facility lease in Germany with an enforceable lease term of 15 years, which is expected to commence in 2025. Subject to changes in terms and conditions and development in interest rates, an initial lease liability and corresponding
right-of-use
asset of €55.2 million is expected to be recognized at the commencement date.
Convertible Senior Notes Offering
In March 2022, the Company issued an aggregate principal amount of $575.0 million of fixed rate 2.25% convertible notes. The net proceeds from the offering were $557.9 million (€503.3 million), after deducting the initial purchasers’ discounts and commissions and offering expenses.
Further details are disclosed in Note 10, “Financial Assets and Financial Liabilities”.
Acquisition of Treasury Shares
The Company used $116.7 million (€105.3 million) of the net proceeds from the offering of the convertible notes to repurchase 1,000,000 ADSs representing the Company’s ordinary shares. Total holding of treasury shares is disclosed in Note 9, “Treasury Shares”.
 
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Table of Contents
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
 
Note 5—Revenue
Revenue from commercial sale of products relates to sale of SKYTROFA
®
(lonapegsomatropin-tcgd) on the U.S. market, which is sold to specialty pharmacies and specialty distributors (“commercial customers”). Customer payment terms are typically 30 days from the transaction date. SKYTROFA (lonapegsomatropin-tcgd) was approved by the U.S. Food and Drug Administration in August 2021, and the Company began shipping products to commercial customers in the fourth quarter of 2021.
Other revenue is generated primarily from three license agreements, which were entered into in 2018. The licenses grant VISEN Pharmaceuticals exclusive rights to develop and commercialize TransCon hGH, TransCon PTH and TransCon CNP in Greater China.
 
                                                                                                     
    
Three Months Ended

June 30,
    
Six Months Ended

June 30,
 
    
2022
    
2021
    
2022
    
2021
 
     
    
(EUR’000)
    
(EUR’000)
 
Revenue from external customers
                                   
Commercial sale of products
  
 
4,435
 
  
 
  
 
  
 
6,323
 
  
 
  
 
Rendering of services
  
 
612
 
  
 
226
 
  
 
983
 
  
 
395
 
Sale of clinical supply
  
 
470
 
  
 
217
 
  
 
4,407
 
  
 
217
 
Licenses
  
 
643
 
  
 
579
 
  
 
1,275
 
  
 
1,155
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total revenue from external customers
  
 
6,160
 
  
 
1,022
 
  
 
12,988
 
  
 
1,767
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Attributable to
                                   
Commercial customers
  
 
4,435
 
  
 
913
 
  
 
6,323
 
  
 
1,550
 
Collaboration partners and license agreements
(1)
  
 
1,725
 
  
 
109
    
 
6,665
 
  
 
217
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total revenue from external customers
  
 
6,160
 
  
 
1,022
 
  
 
12,988
 
  
 
1,767
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Specified by timing of recognition
                                   
Recognized over time
  
 
612
 
  
 
226
 
  
 
983
 
  
 
395
 
Recognized at a point in time
  
 
5,548
 
  
 
796
 
  
 
12,005
 
  
 
1,372
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total revenue from external customers
  
 
6,160
 
  
 
1,022
 
  
 
12,988
 
  
 
1,767
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Revenue by geographical location
                                   
Europe
  
 
140
 
  
 
  
 
  
 
275
 
  
 
  
 
North America
  
 
5,078
 
  
 
688
 
  
 
11,535
 
  
 
1,373
 
China
  
 
942
 
  
 
334
 
  
 
1,178
 
  
 
394
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total revenue from external customers
  
 
6,160
 
  
 
1,022
 
  
 
12,988
 
  
 
1,767
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(1)
 
For the three months ended June 30, 2022 and 2021, and for the six month ended June 30, 2022 and 2021, “Total revenue” includes recognition of previously deferred revenue/internal profit from associate of €0.6
 million and €0.6
 million, and of €1.3
 million and €1.2
 million respectively.
 
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Notes to the Unaudited Condensed Consolidated Interim Financial Statements
 
Note 6—Segment Information
The Company is managed and operated as
one
business unit. No separate business areas or separate business units have been identified in relation to product candidates or geographical markets. Accordingly, no additional information on business segments or geographical areas is disclosed.
Note 7—Share-based Payment
As an incentive to the Executive Board, employees, members of the Board of Directors and select consultants, Ascendis Pharma A/S has established warrant programs and, since December 2021, a Restricted Stock Unit program (“RSU program”), which are equity-settled share-based payment transactions.
Share-based Compensation Costs
Share-based compensation costs are determined using the grant date fair value of warrants and Restricted Stock Units (“RSUs”) granted and are recognized over the vesting period as research and development costs, selling, general and administrative expenses, or cost of sales. For the three and six months ended June 30, 2022 and 2021, share-based compensation costs recognized in the unaudited condensed consolidated interim statement of profit or loss were €16.8 million and €16.3 million, respectively, and €36.8 million and €39.4 million, respectively.
Restricted Stock Unit Program
RSUs are granted by the Board of Directors in accordance with authorizations given to it by the shareholders of Ascendis Pharma A/S to the Executive Board, select employees and members of the Board of Directors
(“RSU-holders”)
in accordance with the Company’s RSU program adopted in December 2021. In addition, RSUs may be granted to select consultants. One RSU represents a right for the
RSU-holder
to receive one ADS of Ascendis Pharma A/S upon vesting if the vesting conditions are met, or waived by the Board of Directors at its discretion.
All RSUs are hedged by treasury shares that have been repurchased in the market. Upon vesting, the Company may at its sole discretion choose to make a cash settlement instead of delivering ADSs.
RSU Activity
The following table specifies the number of RSUs granted, and outstanding RSUs at June 30, 2022:
 
                          
    
Total

RSUs
 
Outstanding at January 1, 2022
  
 
148,148
 
    
 
 
 
Granted during the period
  
 
  
 
Settled during the period
  
 
  
 
Transferred during the period
  
 
  
 
Forfeited during the period
  
 
(15,386
    
 
 
 
Outstanding at June 30, 2022
  
 
132,762
 
    
 
 
 
Specified by vesting date
        
December, 2022
  
 
44,254
 
December, 2023
  
 
44,254
 
December, 2024
  
 
44,254
 
    
 
 
 
Outstanding at June 30, 2022
  
 
132,762
 
    
 
 
 
The fair value of RSUs at the date of grant was €123.46 for the year ended December 31, 2021, which was the first date of granting RSUs.
Warrant program
Warrants are granted by the Board of Directors in accordance with authorizations given to it by the shareholders of Ascendis Pharma A/S to all employees, members of the Board of Directors and select consultants (“warrantholders”). Each warrant carries the right to subscribe for one ordinary share of a nominal value of DKK 1. The exercise price is fixed at the fair market value of the Company’s ordinary shares at the time of grant as determined by the Board of Directors. Vested warrants may be exercised in two or four annual exercise periods.
 
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Table of Contents
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
 
Warrant Activity
The following table specifies the warrant activity during the six months ended June 30, 2022:
 
                                                   
    
Total

Warrants
   
Weighted

Average

Exercise Price

EUR
 
Outstanding at January 1, 2022
  
 
7,085,073
 
 
 
80.30
 
    
 
 
   
 
 
 
Granted during the period
  
 
170,815
 
 
 
92.54
 
Exercised during the period
  
 
(27,376
 
 
23.68
 
Forfeited during the period
  
 
(195,409
 
 
123.84
 
    
 
 
   
 
 
 
Outstanding at June 30, 2022
  
 
7,033,103
 
 
 
79.60
 
    
 
 
   
 
 
 
Vested at June 30, 2022
  
 
4,484,859
 
 
 
58.17
 
    
 
 
   
 
 
 
The exercise prices of outstanding warrants under the Company’s warrant programs range from €6.48 to €145.5 depending on the grant dates.
Note 8—Share Capital
The share capital of Ascendis Pharma A/S consists of 56,965,058 fully paid shares at a nominal value of DKK 1, all in the same share class.
Note 9—Treasury Shares
The holding of treasury shares is specified below:
 
                                                                            
    
Nominal

values
    
Holding
    
Holding in

% of total

outstanding

shares
 
     
    
(EUR’000)
    
(Number)
 
Treasury shares
                 
At January 1, 2022
  
 
21
 
  
 
154,837
 
  
 
0.27
Acquired from third-parties
  
 
134
 
  
 
1,000,000
 
  
 
  
 
    
 
 
    
 
 
    
 
 
 
At June 30, 2022
  
 
155
 
  
 
1,154,837
 
  
 
2.03
    
 
 
    
 
 
    
 
 
 
 
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Table of Contents
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
 
Note 10—Financial Assets and Financial Liabilities
Financial assets and liabilities comprise the following:
 
                                                   
    
June 30,

2022
    
December 31,

2021
 
   
    
(EUR’000)
 
Financial assets by category
                 
Trade receivables
  
 
4,369
 
  
 
2,200
 
Other receivables (excluding VAT receivables)
  
 
3,309
 
  
 
12,276
 
Marketable securities
  
 
322,488
 
  
 
343,358
 
Cash and cash equivalents
  
 
672,387
 
  
 
446,267
 
    
 
 
    
 
 
 
Financial assets measured at amortized cost
  
 
1,002,553
 
  
 
804,101
 
    
 
 
    
 
 
 
Total financial assets
  
 
1,002,553
 
  
 
804,101
 
    
 
 
    
 
 
 
Classified in the statement of financial position
                 
Non-current
assets
  
 
41,557
 
  
 
109,369
 
Current assets
  
 
960,996
 
  
 
694,732
 
    
 
 
    
 
 
 
Total financial assets
  
 
1,002,553
 
  
 
804,101
 
    
 
 
    
 
 
 
 
                                                   
    
June 30,

2022
    
December 31,

2021
 
   
    
(EUR’000)
 
Financial liabilities by category
                 
Borrowings
                 
Convertible senior notes
  
 
399,037
 
  
 
  
 
Lease liabilities
  
 
113,172
 
  
 
104,961
 
Trade payables and accrued expenses
  
 
74,984
 
  
 
59,417
 
    
 
 
    
 
 
 
Financial liabilities measured at amortized cost
  
 
587,193
 
  
 
164,378
 
    
 
 
    
 
 
 
Derivative liabilities
  
 
102,031
 
  
 
  
 
    
 
 
    
 
 
 
Financial liabilities measured at fair value through profit or loss
  
 
102,031
 
  
 
  
 
    
 
 
    
 
 
 
Total financial liabilities
  
 
689,224
 
  
 
164,378
 
    
 
 
    
 
 
 
Classified in the statement of financial position
                 
Non-current
liabilities
  
 
600,161
 
  
 
97,966
 
Current liabilities
  
 
89,063
 
  
 
66,412
 
    
 
 
    
 
 
 
Total financial liabilities
  
 
689,224
 
  
 
164,378
 
    
 
 
    
 
 
 
 
F-12

Table of Contents
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
 
Marketable Securities
Marketable securities are measured at amortized cost, and fair values are determined based on quoted market prices. (Level 1 in the fair value hierarchy).
The composition of the portfolio is specified in the following table:
 
                                                                                                     
    
June 30, 2022
   
December 31, 2021
 
    
Carrying

amount
   
Fair value
   
Carrying

amount
   
Fair value
 
   
    
(EUR’000)
 
Marketable securities
                                
U.S. Government bonds
  
 
115,177
  
 
 
113,635
  
 
 
95,408
  
 
 
95,211
  
Commercial papers
  
 
  
 
 
 
  
 
 
 
2,207
 
 
 
2,207
 
Corporate bonds
  
 
186,617
 
 
 
184,648
 
 
 
226,771
 
 
 
226,379
 
Agency bonds
  
 
20,694
 
 
 
20,491
 
 
 
18,972
 
 
 
18,934
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Total marketable securities
  
 
322,488
 
 
 
318,774
 
 
 
343,358
 
 
 
342,731
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Classified based on maturity profiles
                                
Non-current
assets
  
 
39,721
 
 
 
38,576
 
 
 
107,561
 
 
 
107,175
 
Current assets
  
 
282,767
 
 
 
280,198
 
 
 
235,797
 
 
 
235,556
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Total marketable securities
  
 
322,488
 
 
 
318,774
 
 
 
343,358
 
 
 
342,731
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Specified by rate structure
                                
Fixed rate
  
 
309,174
 
 
 
305,481
 
 
 
323,176
 
 
 
322,556
 
Floating rate
  
 
13,314
 
 
 
13,293
 
 
 
17,975
 
 
 
17,968
 
Zero-coupon
  
 
  
 
 
 
  
 
 
 
2,207
 
 
 
2,207
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Total marketable securities
  
 
322,488
 
 
 
318,774
 
 
 
343,358
 
 
 
342,731
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Specified by investment grade credit rating
                                
High grade
  
 
156,203
 
 
 
154,268
 
 
 
144,307
 
 
 
144,030
 
Upper medium grade
  
 
163,974
 
 
 
162,214
 
 
 
196,909
 
 
 
196,566
 
Lower medium grade
  
 
2,311
 
 
 
2,292
 
 
 
2,142
 
 
 
2,135
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Total marketable securities
  
 
322,488