0001193125-22-217358 | 6-K | XBRL Viewer

Summary of Significant Accounting Policies

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.

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

, 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.

Revenue - Additional Information (Detail)	1 Months Ended
Revenue - Additional Information (Detail)	Aug. 31, 2021
Disclosure of associates [line items]
Payment Term Of Customers	30 days

Share-Based Payment - Summary Of Share Based Payment (Detail) - Restricted Stock Units [Member]	6 Months Ended
	Jun. 30, 2022
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Beginning balance	148,148
Granted	0
Settled during the period	0
Transferred during the period	0
Forfeited during the period	(15,386)
Ending balance	132,762
December 2022 [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	44,254
December 2023 [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	44,254
December 2024 [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	44,254

Financial Assets and Financial Liabilities - Schedule of Financial assets and Liabilities (Detail) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Financial assets by category
Cash and cash equivalents	€ 672,387	€ 446,267	€ 384,539	€ 584,517
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
Borrowings
Convertible senior notes	399,000
Derivative liabilities	102,031	0
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
Financial liabilities at amortised cost, class [member]
Borrowings
Convertible senior notes	399,037	0
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
Total financial liabilities	587,193
Classified in the statement of financial position
Total financial liabilities	587,193
Financial liabilities at amortised cost, class [member] \| Financial liabilities at fair value, class [member]
Borrowings
Financial liabilities measured at fair value through profit or loss	102,031	0
Financial assets at amortised cost, class [member]
Financial assets by category
Trade receivables	4,369	2,200
Other 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

Financial Assets and Financial Liabilities - Liquidity Risk Management (Detail) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021
Borrowings [abstract]
Convertible senior notes	€ 399,000
Total financial liabilities	689,224	€ 164,378
Convertible senior notes	628,309
Lease liabilities	135,118
Trade payables	74,984
Total financial liabilities	838,411
Financial liabilities at amortised cost, class [member]
Borrowings [abstract]
Convertible senior notes	399,037	0
Lease liabilities	113,172	€ 104,961
Trade payables	74,984
Total financial liabilities	587,193
Within 1 year [member]
Borrowings [abstract]
Convertible senior notes	12,455
Lease liabilities	11,156
Trade payables	74,984
Total financial liabilities	98,595
Within 1 to 5 years [member]
Borrowings [abstract]
Convertible senior notes	49,822
Lease liabilities	55,691
Trade payables	0
Total financial liabilities	105,513
After 5 years [member]
Borrowings [abstract]
Convertible senior notes	566,032
Lease liabilities	68,272
Trade payables	0
Total financial liabilities	€ 634,304

Revenue - Schedule of Revenue Recognized in Consolidated Statements of Profit or Loss (Detail) - EUR (€)
€ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Commercial sale of products

€ 4,435

€ 0

€ 6,323

€ 0

Rendering of services

612

226

983

395

Sale of clinical supply

470

217

4,407

217

"Right-to-use" licenses

643

579

1,275

1,155

6,160

1,022

12,988

1,767

Goods or services transferred over time [member]

6,160

1,022

12,988

1,767

612

226

983

395

Goods or services transferred at point in time [member]

612

226

983

395

5,548

796

12,005

1,372

Commercial customers [Member]

5,548

796

12,005

1,372

4,435

913

6,323

1,550

Collaboration partners and license agreements [Member]

4,435

913

6,323

1,550

^[1]

1,725

109

6,665

217

^[1]

1,725

109

6,665

217

Europe [Member]

140

275

140

275

North America [member]

5,078

688

11,535

1,373

5,078

688

11,535

1,373

China [member]

942

334

1,178

394

€ 942

€ 334

€ 1,178

€ 394

[1]	(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.

Summary of Significant Accounting Policies - Additional Information (Detail) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021
Disclosure of summary of significant accounting policies [line items]
Convertible Senior Notes	€ 399,000
Derivative Liabilities	€ 102,031	€ 0

Treasury Shares - Summary of Holding of Treasury Shares (Detail) € in Thousands	6 Months Ended
	Jun. 30, 2022 EUR (€) shares
Disclosure Of Holding Of Treasury Shares [Line Items]
At January 1, 2022 (Nominal values) \| €	€ 21
Acquired from third-parties (Nominal values) \| €	134
At June 30, 2022 (Nominal values) \| €	€ 155
At January 1, 2022 (Holding) \| shares	154,837
Acquired from third-parties (Holding) \| shares	1,000,000
At June 30, 2022 (Holding) \| shares	1,154,837
At January 1, 2022 (Holding in % of total outstanding shares)	0.27%
Acquired from third-parties (Holding in % of total outstanding shares)	0.00%
At June 30, 2022 (Holding in % of total outstanding shares)	2.03%

Consolidated Cash Flow Statements - EUR (€) € in Thousands	6 Months Ended
Consolidated Cash Flow Statements - EUR (€) € in Thousands	Jun. 30, 2022	Jun. 30, 2021
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	0
Reversal of tax charge	195	(259)
Increase / (decrease) in provisions	3,529	0
Adjustments for non-cash items:
Non-cash consideration regarding 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)	0
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	0	(10,187)
Acquisition of property, plant and equipment	(7,544)	(7,607)
Reimbursement from acquisition of property, plant and equipment	9,535	0
Development expenditures (software)	0	(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	0
Proceeds from exercise of warrants	686	4,782
Acquisition of treasury shares, net of transaction costs	(105,304)	0
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
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

Treasury Shares (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Holding of 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	%

Revenue (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Revenue Recognized in Consolidated Statement of Profit or Loss


	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.

General Information	6 Months Ended
General Information	Jun. 30, 2022
Text block [abstract]
General Information	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.

Segment Information	6 Months Ended
Segment Information	Jun. 30, 2022
Text block [abstract]
Segment Information	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.

Significant Events in the Reporting Period	6 Months Ended
Significant Events in the Reporting Period	Jun. 30, 2022
Text block [abstract]
Significant Events In the Reporting Period	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”.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

Convertible Senior Notes and Derivative Liabilities

Basis of Preparation

The accounting policies applied are consistent with those of the previous financial year. A description of

the

New International Financial Reporting Standards Not Yet Effective

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

both

presented as

non-current

The consolidated financial statements are not expected to be affected by other new or amended standards.

Share Capital - Additional Information (Detail)	Jun. 30, 2022 kr / shares shares
Disclosure of classes of share capital [abstract]
Number of shares issued \| shares	56,965,058
Share nominal value \| kr / shares	kr 1

Share-Based Payment - Additional Information (Details)	3 Months Ended		6 Months Ended
Share-Based Payment - Additional Information (Details)	Jun. 30, 2022 EUR (€) € / shares	Jun. 30, 2021 EUR (€)	Jun. 30, 2022 EUR (€) € / shares	Jun. 30, 2021 EUR (€)	Jun. 30, 2022 kr / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share Based Compensation Expense			€ 36,770,000	€ 39,396,000
Share nominal value \| kr / shares					kr 1
Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options \| € / shares	€ 6.48		€ 6.48
Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options \| € / shares	€ 145.5		€ 145.5
Restricted Stock Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair Value of Other Equity Instruments Granted	€ 123.46		€ 123.46
Profit Loss [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share Based Compensation Expense	€ 16,800,000	€ 16,300,000	€ 36,800,000	€ 39,400,000

Consolidated Statements of Financial Position - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021
Non-current assets [abstract]
Intangible assets	€ 5,050	€ 5,272
Property, plant and equipment	133,224	126,049
Investment in associate	34,905	38,345
Other receivables	1,836	1,808
Marketable securities	39,721	107,561
Total non-current assets	214,736	279,035
Current assets
Inventories	101,322	75,405
Trade receivables	4,369	2,200
Income tax receivables	1,128	893
Other receivables	15,055	20,093
Prepayments	35,067	25,231
Marketable securities	282,767	235,797
Cash and cash equivalents	672,387	446,267
Total current assets	1,112,095	805,886
Total assets	1,326,831	1,084,921
Equity
Share capital	7,649	7,646
Distributable equity	600,193	875,989
Total equity	607,842	883,635
Non-current liabilities
Borrowings	498,130	97,966
Derivative liabilities	102,031	0
Contract liabilities	3,700	2,964
Total non-current liabilities	603,861	100,930
Current liabilities
Borrowings	14,079	6,995
Contract liabilities	0	2,601
Trade payables and accrued expenses	74,984	59,417
Other liabilities	20,957	29,952
Income taxes payable	90	198
Provisions	5,018	1,193
Total current liabilities	115,128	100,356
Total liabilities	718,989	201,286
Total equity and liabilities	€ 1,326,831	€ 1,084,921

Segment Information - Additional Information (Detail)	6 Months Ended
Segment Information - Additional Information (Detail)	Jun. 30, 2022 Segment
Disclosure of operating segments [line items]
Number of reportable segment	1

Revenue - Schedule of Revenue Recognized in Consolidated Statements of Profit or Loss (Parenthetical) (Detail) - EUR (€) € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Collaboration partners and license agreements [Member]
Disclosure of operating segments [line items]
Deferred revenue from associate	€ 0.6	€ 0.6	€ 1.3	€ 1.2

Financial Assets and Financial Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Financial Assets and 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

Summary of Marketable securities

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		318,774		343,358		342,731

Summary of Maturity Analysis For Financial Liabilities

Maturity analysis (on an undiscounted basis) for

non-derivative

financial liabilities recognized in the unaudited condensed consolidated statements of financial position at June 30, 2022, is specified below.


	< 1 year		1-5 years		>5 years		Total contractual cash-flows		Carrying amount

	(EUR’000)
June 30, 2022
Borrowings
Convertible senior notes		12,455		49,822		566,032		628,309		399,037
Lease liabilities		11,156		55,691		68,272		135,118		113,172
Trade payables and accrued expenses		74,984		—		—		74,984		74,984

Total financial liabilities		98,595		105,513		634,304		838,411		587,193

Consolidated Statements of Profit or Loss and Other Comprehensive Income (Parenthetical) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Convertible Senior Notes [Member]
Statement [LineItems]
Convertible notes	575,000
Ordinary shares [member]
Statement [LineItems]
Convertible notes	3,456,785
Warrants [member]
Statement [LineItems]
Convertible notes	7,033,103	6,065,823

Financial Assets and Financial Liabilities

6 Months Ended

Jun. 30, 2022

Financial Assets and Financial Liabilities

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

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		318,774		343,358		342,731

The Company’s marketable securities are all denominated in U.S. Dollars. At June 30, 2022 and December 31, 2021, the portfolio had a weighted average duration of 6.1 and 6.6 months for current positions, and 15.2 and 17.5 months for

non-current

positions, respectively. At June 30, 2022 and December 31, 2021, the entire portfolio had a weighted average duration of 7.2 months and 10.4 months, respectively.

All marketable securities have investment grade ratings and accordingly, the risk from probability of default is low. The risk of expected credit loss over marketable securities has been considered, including the hypothetical impact arising from the probability of default which is considered in conjunction with the expected loss given default from securities with similar credit ratings and attributes. This assessment did not reveal a material expected credit loss and accordingly, no provision for expected credit loss has been recognized.

Convertible Senior Notes

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 of the convertible notes were $557.9 million (€503.3 million), after deducting the initial purchasers’ discounts and commissions, and offering expenses. The convertible notes rank equally in right of payment with all future senior unsecured indebtedness. Unless earlier converted or redeemed, the convertible notes will mature on April 1, 2028.

The convertible notes accrue interest at a rate of 2.25% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2022. At any time before the close of business on the second scheduled trading day immediately before the maturity date, noteholders may convert their convertible notes at their option into the Company’s ordinary shares represented by ADSs, together, if applicable, with cash in lieu of any fractional ADS, at the then-applicable conversion rate. The initial conversion rate is 6.0118 ADSs per $1,000 principal amount of convertible notes, which represents an initial conversion price of $166.34 per ADS. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events.

The convertible notes will be optionally redeemable, in whole or in part (subject to certain limitations), at the Company’s option at any time, and from time to time, on or after April 7, 2025, but only if the last reported sale price per ADS exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice.

On June 30, 2022, the carrying amount of the convertible notes was €399.0 million, and the fair value was approximately €400.8 million. Fair value cannot be measured based on quoted prices in active markets, or other observable input, and accordingly the fair value was estimated by using an estimated market rate for an equivalent

non-convertible

instrument, and by excluding transaction costs (Level 3 in the fair value hierarchy).

Derivative Liabilities

Derivative liabilities relate to the foreign currency conversion option embedded in the convertible notes.

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 (Level 3 in the fair value hierarchy). Fair value of the option is calculated, applying the following assumptions: (1) conversion price; (2) the Company’s share price; (3) maturity of the

option

; (4) a risk-free interest rate equaling the effective interest rate on a U.S. government bond with the same lifetime as the maturity of the

option

; (5) no payment of dividends; and (6) an expected volatility using the Company’s share price

(49% as of June 30, 2022).

Derivative liabilities were recognized in March, 2022, at the initial fair value of €142.5 million. For the three and six months ended June 30, 2022, remeasurement gains recognized in the unaudited condensed consolidated interim statement of profit or loss were €39.3 million and €40.4 million

respectively.

Sensitivity Analysis

On June 30, 2022, all other inputs and assumptions held constant, a 10% increase in volatility, will increase the fair value of derivative liabilities by approximately €13.8 million and indicates a decrease in profit or loss and equity before tax. Similarly, a 10% decrease in volatility indicates the opposite impact.

Similarly, on June 30, 2022, all other inputs and assumptions held constant, a 10% increase in the share price, will increase the fair value of derivative liabilities by approximately €18.8 million and indicates a decrease in profit or loss and equity before tax. Similarly, a 10% decrease in the share price indicates the opposite impact.

Maturity Analysis

Maturity analysis (on an undiscounted basis) for

non-derivative

financial liabilities recognized in the unaudited condensed consolidated statements of financial position at June 30, 2022, is specified below.


	< 1 year		1-5 years		>5 years		Total contractual cash-flows		Carrying amount

	(EUR’000)
June 30, 2022
Borrowings
Convertible senior notes		12,455		49,822		566,032		628,309		399,037
Lease liabilities		11,156		55,691		68,272		135,118		113,172
Trade payables and accrued expenses		74,984		—		—		74,984		74,984

Total financial liabilities		98,595		105,513		634,304		838,411		587,193

Share-based Payment

6 Months Ended

Jun. 30, 2022

Share-based Payment

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.

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.

Cover Page	6 Months Ended
Cover Page	Jun. 30, 2022
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	Ascendis Pharma A/S
Entity Central Index Key	0001612042
Current Fiscal Year End Date	--12-31

Financial Assets and Financial Liabilities - Additional Information (Detail) $ / shares in Units, € in Thousands			1 Months Ended		3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 29, 2022 EUR (€)	Mar. 29, 2022 USD ($)	Mar. 31, 2022 EUR (€)	Mar. 31, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Mar. 31, 2022 EUR (€)	Jun. 30, 2022 EUR (€) Day Agreement	Dec. 31, 2021 EUR (€)	Jun. 30, 2022 USD ($) $ / shares	Mar. 25, 2022 EUR (€)
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities					€ 102,031		€ 102,031	€ 0
Gains (losses) on change in fair value of derivatives					39,300		40,400
Convertible Senior Notes					399,000		399,000
Fair Value of Convertible Notes					€ 400,800		400,800
Share price \| $ / shares									$ (49)
Historical volatility for shares, measurement input [member] \| Derivatives [member]
Disclosure of detailed information about financial instruments [line items]
Percentage of reasonably possible increase in unobservable input, liabilities				10.00%
Percentage of reasonably possible decrease in unobservable input, liabilities				10.00%
Share Price Measurement Input [Member] \| Derivatives [member]
Disclosure of detailed information about financial instruments [line items]
Increase decrease in derivative financial liabilities fair value							€ 18,800
Percentage of reasonably possible increase in unobservable input, liabilities					10.00%		10.00%		10.00%
Percentage of reasonably possible decrease in unobservable input, liabilities					10.00%		10.00%		10.00%
Foreign Currency Conversion Option [Member]
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities										€ 142,500
Increase decrease in derivative financial liabilities fair value						€ 13,800
American depository shares [member]
Disclosure of detailed information about financial instruments [line items]
Conversion price per share \| $ / shares									$ 166.34
Convertible Senior Notes [Member]
Disclosure of detailed information about financial instruments [line items]
Borrowings in arrears default payment start date							Oct. 01, 2022
Conversion rate per note \| $ / shares									$ 6.0118
Principal amount \| $		$ 575,000,000		$ 575,000,000
Borrowings redemption period							April 7, 2025
Borrowings condition for redemption							but only if the last reported sale price per ADS exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice.
Borrowings threshold percentage of sale price per share for redemption							130.00%
Borrowings threshold trading days for redemption \| Day							20
Borrowings threshold consecutive trading days for redemption \| Agreement							30
Proceeds from issue of bonds, notes and debentures	€ 503,300	$ 557,900,000	€ 503,300	$ 557,900,000
Borrowings, maturity	April 1, 2028	April 1, 2028
Convertible Senior Notes [Member] \| American depository shares [member]
Disclosure of detailed information about financial instruments [line items]
Principal amount \| $									$ 1,000
Fixed interest rate [member] \| Convertible Senior Notes [Member]
Disclosure of detailed information about financial instruments [line items]
Borrowings Interest Rate		2.25%		2.25%	2.25%		2.25%		2.25%
Liquidity risk [member]
Disclosure of detailed information about financial instruments [line items]
Weighted Average Duration Of Marketable Securities Current							6 months 3 days	6 months 18 days
Weighted Average Duration Of Marketable Securities Noncurrent							15 months 6 days	17 months 15 days
Weighted Average Duration Of Marketable Securities							7 months 6 days	10 months 12 days

Consolidated Statements of Changes in Equity - EUR (€) € in Thousands	Total	Share Capital [member]	Share Premium [member]	Treasury shares [member]	Foreign Currency Translation Reserve [member]	Share-based Payment Reserve [member]	Accumulated Deficit [member]
Equity at Dec. 31, 2020	€ 838,711	€ 7,217	€ 1,728,747	€ 0	€ (76)	€ 133,101	€ (1,030,278)
Statement [LineItems]
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)	(195,401)			0	1,765		(197,166)
Share-based payment (Note 7)	39,396					39,396
Capital increase	4,781	20	4,761
Equity at Jun. 30, 2021	687,487	7,237	1,733,508	0	1,689	172,497	(1,227,444)
Equity at Dec. 31, 2021	883,635	7,646	2,107,739	(21,605)	3,779	199,931	(1,413,855)
Statement [LineItems]
Net profit / (loss) for the period	(206,818)						(206,818)
Other comprehensive income / (loss), net of tax	(332)				(332)
Total comprehensive income / (loss)	(207,150)				(332)		(206,818)
Share-based payment (Note 7)	36,770					36,770
Acquisition of treasury shares (Note 9)	(106,099)			(106,099)
Capital increase	686	3	683
Equity at Jun. 30, 2022	€ 607,842	€ 7,649	€ 2,108,422	€ (127,704)	€ 3,447	€ 236,701	€ (1,620,673)

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

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+ Details

Revenue

6 Months Ended

Jun. 30, 2022

Revenue

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.

Share Capital	6 Months Ended
Share Capital	Jun. 30, 2022
Text block [abstract]
Share Capital	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.

Treasury Shares

6 Months Ended

Jun. 30, 2022

Research and development costs

Treasury Shares

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	%

Consolidated Statements of Profit or Loss and Other Comprehensive Income - EUR (€)
€ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Profit or loss [abstract]

Revenue

€ 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

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

(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)

€ (2.5)

€ (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

Statement of comprehensive income [abstract]

Net profit / (loss) for the period

€ (81,319)

€ (134,374)

€ (206,818)

€ (197,166)

Items that may be reclassified subsequently to profit or loss:

Exchange differences on translating foreign operations

(757)

(332)

1,765

Other comprehensive income / (loss) for the period, net of tax

(757)

(332)

1,765

Total comprehensive income / (loss)

(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.

Share-based Payment (Tables)

6 Months Ended

Jun. 30, 2022