0000950170-23-046393 | 6-K | XBRL Viewer

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Disclosure of voluntary change in accounting policy [abstract]
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, 2022, 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, 2022. 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.” 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, 2024, 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, 2023, to be presented as current liabilities. On June 30, 2023, the carrying amount of convertible notes and derivative liabilities were €402.7 million and €86.4 million, respectively. The consolidated financial statements are not expected to be affected by other new or amended standards.

Share Capital	6 Months Ended
Jun. 30, 2023
Disclosure of classes of share capital [abstract]
Share Capital	Note 8—Share Capital The share capital of Ascendis Pharma A/S consists of 57,335,496 fully paid shares at a nominal value of DKK 1, all in the same share class.

Share Capital

6 Months Ended

Jun. 30, 2023

Disclosure of classes of share capital [abstract]

Share Capital

Note 8—Share Capital

The share capital of Ascendis Pharma A/S consists of 57,335,496 fully paid shares at a nominal value of DKK 1, all in the same share class.

Share-based Payment

6 Months Ended

Jun. 30, 2023

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Share-based Payment

Note 7—Share-based Payment

As an incentive to the senior management and the Executive Board, other employees, members of the Board and select consultants, Ascendis Pharma A/S has established warrant programs, a Restricted Stock Unit (“RSU”) program adopted in December 2021, and a Performance Stock Unit (“PSU”) program adopted in February 2023, which are all classified as equity-settled share-based payment transactions.

Share-based Compensation Costs

Share-based compensation costs are determined using the grant date fair value 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, 2023 and 2022, share-based compensation costs recognized in the unaudited condensed consolidated interim statement of profit or loss were €19.9 million and €33.6 million, respectively, and €16.8 million and €36.8 million, respectively.

Restricted Stock Unit Program

RSUs are granted by the Board to certain members of senior management and the Executive Board, certain other employees and certain members of the Board (“RSU-holders”). 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. RSUs granted vest over three years with 1/3 of the RSUs vesting on each anniversary date from the date of grant, and require RSU-holders to be employed, or provide a specified period of service (“service conditions”).

Performance Stock Unit Program

PSUs are granted by the Board to certain members of senior management and the Executive Board (“PSU-holders”). In addition, PSUs may be granted to other employees, select consultants and members of the Board. PSUs were granted for the first time in March 2023.

One PSU represents a right for the PSU-holder to receive one ADS of Ascendis Pharma A/S upon vesting. PSUs vest in a manner similar to the service conditions of the RSUs; however, vesting is also contingent upon achievement of performance targets as determined by the Board, provided that no more than 10% of each tranche may be directly attributable to accomplishment of financial results achieved in the financial year prior to the vesting date. Exceeding performance targets will not result in granting of additional ADSs.

RSUs and PSUs generally cease to vest from the date of termination of employment or board membership, as applicable, whereas unvested RSUs or PSUs will forfeit. The Board may at its discretion and on an individual basis decide to deviate from the vesting conditions, including deciding to accelerate vesting in the event of termination of employment or board membership, as applicable.

All RSUs and PSUs are settled at the time of vesting by treasury shares that are ADSs repurchased in the market. The Company may at its sole discretion choose to make a cash settlement instead of delivering ADSs.

RSU and PSU Activity

The following table specifies the number of RSUs and PSUs granted and outstanding at June 30, 2023:


	Restricted Stock Units			Performance Stock Units		Total
Outstanding	(Number)
January 1, 2023		82,492			—		82,492
Granted during the period		609,860			112,268		722,128
Forfeited during the period		(29,483	)		—		(29,483	)
June 30, 2023		662,869			112,268		775,137
Specified by vesting year
2023		40,794			—		40,794
2024		234,469			37,422		271,891
2025		193,779			37,423		231,202
2026		193,827			37,423		231,250
June 30, 2023		662,869			112,268		775,137

Warrant Program

Warrants are granted by the Board in accordance with authorizations given to it by the shareholders of Ascendis Pharma A/S to all employees, members of the Board and select consultants. 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. Vested warrants may be exercised in two or four annual exercise periods.

Warrant Activity

The following table specifies the warrant activity for the six months ended June 30, 2023:


	Total Warrants			Weighted Average Exercise Price
	(Number)			(EUR)
Outstanding
January 1, 2023		6,864,011			81.30
Granted during the period		274,045			91.25
Exercised during the period		(183,201	)		11.09
Forfeited during the period		(88,614	)		113.91
June 30, 2023		6,866,241			83.16
Vested at June 30, 2023		5,227,588			72.56

The exercise prices of outstanding warrants under the Company’s warrant programs range from €6.48 to €145.50 depending on the grant dates.

Cover Page	6 Months Ended
Cover Page	Jun. 30, 2023
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
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 Liabilities - Movements in Level 3 Fair Value Measurements (Details) - Level 3 [member] - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance	€ 157,950	€ 0
Additions	0	142,467
Remeasurement recognized in financial income or expense	(71,565)	(40,436)
Ending balance	€ 86,385	€ 102,031

Financial Assets and Liabilities - Summary of Fair Value Hierarchy (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Disclosure of fair value measurement of assets [line items]
Convertible senior notes	€ 402,700
Level 3 [member]
Disclosure of fair value measurement of assets [line items]
Derivative liabilities	86,385	€ 157,950	€ 102,031	€ 0
Carrying amount [member]
Disclosure of fair value measurement of assets [line items]
Financial assets measured at amortized cost	36,880	298,180
Total financial assets	36,880	298,180
Financial liabilities measured at amortized cost	402,686	399,186
Financial liabilities measured at fair value through profit or loss	86,385	157,950
Total financial liabilities	489,071	557,136
Carrying amount [member] \| Level 1 [member]
Disclosure of fair value measurement of assets [line items]
Marketable Securities	36,880	298,180
Carrying amount [member] \| Level 3 [member]
Disclosure of fair value measurement of assets [line items]
Convertible senior notes	402,686	399,186
Derivative liabilities	86,385	157,950
Fair value [member]
Disclosure of fair value measurement of assets [line items]
Financial assets measured at amortized cost	36,461	295,843
Total financial assets	36,461	295,843
Financial liabilities measured at amortized cost	381,161	382,459
Financial liabilities measured at fair value through profit or loss	86,385	157,950
Total financial liabilities	467,546	540,409
Fair value [member] \| Level 1 [member]
Disclosure of fair value measurement of assets [line items]
Marketable Securities	36,461	295,843
Fair value [member] \| Level 3 [member]
Disclosure of fair value measurement of assets [line items]
Convertible senior notes	381,161	382,459
Derivative liabilities	€ 86,385	€ 157,950

Consolidated Statements of Profit or Loss and Other Comprehensive Income (Parenthetical) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Warrants outstanding	6,866,241	7,033,103
Convertible Senior Notes [Member]
Convertible notes	575,000
Ordinary shares [member]
Warrants outstanding	3,456,785

Share-Based Payment - Summary Of Share Based Payment (Detail)	6 Months Ended
	Jun. 30, 2023
Restricted Stock Units [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Beginning balance	82,492
Granted	609,860
Forfeited during the period	(29,483)
Ending balance	662,869
Restricted Stock Units [Member] \| 2023
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	193,827
Restricted Stock Units [Member] \| 2024
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	40,794
Restricted Stock Units [Member] \| 2025
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	193,779
Restricted Stock Units [Member] \| 2026
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	234,469
Performance Stock Units [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Beginning balance	0
Granted	112,268
Forfeited during the period	0
Ending balance	112,268
Performance Stock Units [Member] \| 2023
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	37,423
Performance Stock Units [Member] \| 2024
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	0
Performance Stock Units [Member] \| 2025
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	37,423
Performance Stock Units [Member] \| 2026
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	37,422
Restricted Stock Units and Performance Stock Unit [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Beginning balance	82,492
Granted	722,128
Forfeited during the period	(29,483)
Ending balance	775,137
Restricted Stock Units and Performance Stock Unit [Member] \| 2023
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	231,250
Restricted Stock Units and Performance Stock Unit [Member] \| 2024
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	40,794
Restricted Stock Units and Performance Stock Unit [Member] \| 2025
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	231,202
Restricted Stock Units and Performance Stock Unit [Member] \| 2026
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	271,891

Consolidated Cash Flow Statements - EUR (€) € in Thousands	6 Months Ended
Consolidated Cash Flow Statements - EUR (€) € in Thousands	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net profit / (loss) for the period	€ (232,346)	€ (206,818)
Reversal of finance income	(80,374)	(84,171)
Reversal of finance expenses	18,652	14,833
Reversal of gain and loss on disposal of property, plant and equipment	21	14
Reversal of income taxes (expenses)	868	195
Increase / (decrease) in provisions	3,625	3,529
Adjustments for non-cash items:
Non-cash consideration relating to revenue	(1,203)	(1,275)
Share of profit / (loss) of associate	8,677	6,039
Share-based payment	33,568	36,770
Depreciation	8,969	8,584
Amortization	222	222
Changes in working capital:
Inventories	(37,246)	(25,917)
Receivables	(10,715)	(5,698)
Prepayments	(12,779)	(9,637)
Contract liabilities (deferred income)	(9,118)	(1,865)
Trade payables, accrued expenses and other payables	9,316	7,960
Cash flows generated from / (used in) operations	(299,863)	(257,235)
Finance income received	8,403	3,828
Finance expenses paid	(7,746)	(1,242)
Income taxes received / (paid)	(966)	(532)
Cash flows from / (used in) operating activities	(300,172)	(255,181)
Investing activities
Acquisition of property, plant and equipment	(1,529)	(7,544)
Reimbursement from acquisition of property, plant and equipment	0	9,535
Purchase of marketable securities	0	(89,700)
Settlement of marketable securities	259,132	136,139
Cash flows from / (used in) investing activities	257,603	48,430
Financing activities
Payment of principal portion of lease liabilities	(5,085)	(3,163)
Net proceeds from convertible senior notes	0	503,281
Proceeds from exercise of warrants	2,074	686
Acquisition of treasury shares, net of transaction costs	0	(105,304)
Cash flows from / (used in) financing activities	(3,011)	395,500
Increase / (decrease) in cash and cash equivalents	(45,580)	188,749
Cash and cash equivalents at January 1	444,767	446,267
Effect of exchange rate changes on balances held in foreign currencies	(4,965)	37,371
Bank deposits	394,222	670,244
Short-term marketable securities	0	2,143
Cash and cash equivalents at June 30	€ 394,222	€ 672,387

Financial Assets and Liabilities

6 Months Ended

Jun. 30, 2023

Disclosure of detailed information about financial instruments [abstract]

Financial Assets and Liabilities

Note 10—Financial Assets and Liabilities

Financial assets comprise marketable securities, cash and cash equivalents, and receivables. Financial liabilities comprise convertible notes and lease liabilities, presented as borrowings on the statement of financial position, derivative liabilities, and trade payables and accrued expenses.

Marketable Securities

The following table specifies the marketable securities portfolio:


	June 30, 2023		December 31, 2022
	(EUR’000)
Marketable securities
U.S. Treasury bills		—		79,086
U.S. Government bonds		21,576		99,337
Corporate bonds		15,304		104,236
Agency bonds		—		15,521
Total marketable securities		36,880		298,180
Classified based on maturity profiles
Non-current assets		—		7,492
Current assets		36,880		290,688
Total marketable securities		36,880		298,180
Specified by rate structure
Fixed rate		35,760		205,825
Floating rate		1,120		11,787
Zero-coupon		—		80,568
Total marketable securities		36,880		298,180
Specified by investment grade credit rating
High grade		21,576		203,530
Upper medium grade		15,304		94,650
Total marketable securities		36,880		298,180

The portfolio of marketable securities is all denominated in U.S. Dollars. At June 30, 2023 and December 31, 2022, the portfolio had a weighted average duration of 3.1 months and 3.2 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. 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, 2023, the carrying amount of the convertible notes was €402.7 million, and the fair value was approximately €381.2 million. Fair value cannot be measured based on quoted prices in active markets or other observable input, and accordingly the fair value was measured by using an estimated market rate for an equivalent non-convertible instrument.

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. 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 (51% as of June 30, 2023).

For additional description of fair values, refer to the following section “Fair Value Measurement.”

Sensitivity Analysis

On June 30, 2023, all other inputs and assumptions held constant, a 10% relative increase in volatility, will increase the fair value of derivative liabilities by approximately €12.3 million and indicates a decrease in profit or loss and equity before tax. Similarly, a 10% relative decrease in volatility indicates the opposite impact.

Similarly, on June 30, 2023, all other inputs and assumptions held constant, a 10% increase in the share price, will increase the fair value of derivative liabilities by approximately €16.7 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.

Fair Value Measurement

Derivative liabilities are measured at fair value. All other financial assets and liabilities are measured at amortized cost.

Because of the short-term maturity for cash and cash equivalents, receivables and trade payables, their fair value approximate carrying amount. Fair value compared to carrying amount of marketable securities, convertible notes and derivatives and their level in the fair value hierarchy is summarized in the following table, where:

Level 1 is quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

Level 2 is based on valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable;

Level 3 is based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.


	June 30, 2023				December 31, 2022
	Carrying amount		Fair value		Carrying amount		Fair value		Fair value level
	(EUR’000)								(1-3)
Financial assets
Marketable securities		36,880		36,461		298,180		295,843	1
Financial assets measured at amortized cost		36,880		36,461		298,180		295,843
Total financial assets		36,880		36,461		298,180		295,843
Financial liabilities
Convertible senior notes		402,686		381,161		399,186		382,459	3
Financial liabilities measured at amortized cost		402,686		381,161		399,186		382,459
Derivative liabilities		86,385		86,385		157,950		157,950	3
Financial liabilities measured at fair value through profit or loss		86,385		86,385		157,950		157,950
Total financial liabilities		489,071		467,546		557,136		540,409

The following table specifies movements in level 3 fair value measurements:


	2023			2022
	(EUR’000)
Derivative liabilities
January 1		157,950			—
Additions		—			142,467
Remeasurement recognized in financial (income) or expense		(71,565	)		(40,436	)
June 30		86,385			102,031

Maturity Analysis

The following table summarizes maturity analysis (on an undiscounted basis) for non-derivative financial liabilities recognized in the unaudited condensed consolidated statements of financial position at June 30, 2023:


	< 1 year		1-5 years		>5 years		Total contractual cash-flows		Carrying amount
	(EUR’000)
Financial liabilities
June 30, 2023
Borrowings
Convertible senior notes		11,906		576,799		—		588,705		402,686
Lease liabilities		14,054		52,174		54,625		120,853		103,252
Trade payables and accrued expenses		122,120		—		—		122,120		122,120
Total financial liabilities		148,080		628,973		54,625		831,678		628,058

Segment Information - Additional Information (Detail)	6 Months Ended
Segment Information - Additional Information (Detail)	Jun. 30, 2023 Segment
Disclosure of operating segments [line items]
Number of reportable segment	1

Treasury Shares - Summary of Holding of Treasury Shares (Detail) € in Thousands	Jun. 30, 2023 EUR (€) shares
Disclosure Of Holding Of Treasury Shares [Line Items]
January 1, 2023 (Nominal values) \| €	€ 149
June 30, 2023 (Nominal values) \| €	€ 149
January 1, 2023 (Holding) \| shares	1,113,152
June 30, 2023 (Holding) \| shares	1,113,152
January 1, 2023 (Holding in % of total outstanding shares)	2.00%
June 30, 2023(Holding in % of total outstanding shares)	1.90%

Share-based Payment (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Summary of Share Based Payment

The following table specifies the number of RSUs and PSUs granted and outstanding at June 30, 2023:


	Restricted Stock Units			Performance Stock Units		Total
Outstanding	(Number)
January 1, 2023		82,492			—		82,492
Granted during the period		609,860			112,268		722,128
Forfeited during the period		(29,483	)		—		(29,483	)
June 30, 2023		662,869			112,268		775,137
Specified by vesting year
2023		40,794			—		40,794
2024		234,469			37,422		271,891
2025		193,779			37,423		231,202
2026		193,827			37,423		231,250
June 30, 2023		662,869			112,268		775,137

Summary of Warrant Activity

The following table specifies the warrant activity for the six months ended June 30, 2023:


	Total Warrants			Weighted Average Exercise Price
	(Number)			(EUR)
Outstanding
January 1, 2023		6,864,011			81.30
Granted during the period		274,045			91.25
Exercised during the period		(183,201	)		11.09
Forfeited during the period		(88,614	)		113.91
June 30, 2023		6,866,241			83.16
Vested at June 30, 2023		5,227,588			72.56

Subsequent Events

6 Months Ended

Jun. 30, 2023

Disclosure of non-adjusting events after reporting period [abstract]

Subsequent Events

Note 11—Subsequent Events

On September 5, 2023, the Company entered into a $150 million capped synthetic royalty funding agreement (the “Royalty Pharma Agreement”) with Royalty Pharma (the “Purchaser”). Under the terms of the Royalty Pharma Agreement, the Company receives an upfront payment of $150 million (the “Purchase Price”) in exchange for a 9.15% royalty on net U.S. SKYTROFA revenue, beginning on January 1, 2025. The royalty payments to the Purchaser will cease upon reaching a multiple of the Purchase Price of 1.925x, or 1.65x if the Purchaser receives royalties in that amount by December 31, 2031. The Royalty Pharma Agreement includes certain buy-out options under various terms and conditions.

No other events have occurred after the balance sheet date that would influence the evaluation of these unaudited condensed consolidated interim financial statements.

Subsequent Events - Additional Information (Details) - Events After Reporting Period [member] $ in Millions	Sep. 05, 2023 USD ($)
Royalty Pharma [member]
Disclosure of non-adjusting events after reporting period [line items]
Royalty payment ending period	Dec. 31, 2031
Funding received in exchange	$ 150
Royalty Pharma [member] \| Bottom of range [member]
Disclosure of non-adjusting events after reporting period [line items]
Exchange rate for percentage of revenue to royalty payment	1.65%
Royalty Pharma [member] \| Top of range [member]
Disclosure of non-adjusting events after reporting period [line items]
Exchange rate for percentage of revenue to royalty payment	1.925%
U.S. SKYTROFA [member]
Disclosure of non-adjusting events after reporting period [line items]
Exchange rate for percentage of revenue to royalty payment	9.15%
Royalty payment beginning period	Jan. 01, 2025
Funding received in exchange	$ 150

Summary of Significant Accounting Policies - Additional Information (Detail) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disclosure of summary of significant accounting policies [line items]
Convertible Senior Notes	€ 402,700
Derivative Liabilities	€ 86,385	€ 157,950

Revenue - Additional Information (Detail)	6 Months Ended
Revenue - Additional Information (Detail)	Jun. 30, 2023
Disclosure of associates [line items]
Payment Term Of Customers	30 days

Significant Events in the Reporting Period

6 Months Ended

Jun. 30, 2023

Significant Events in the Reporting Period [Abstract]

Significant Events In the Reporting Period

Note 4—Significant Events in the Reporting Period

Global Banking Situation

In March 2023, the Federal Deposit Insurance Corporation (the “FDIC”) announced that Silicon Valley Bank (“SVB”) had been closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver. The Company did not hold deposits or securities or maintain any accounts at SVB. Following the closure of SVB and subsequent developments in the global banking sector, the Company considered the risk of expected credit loss on bank deposits and marketable securities, including the hypothetical impact arising from the probability of default, which is considered in conjunction with the expected loss caused by default by banks or securities with similar credit-ratings and attributes.

In line with previous periods, this assessment did not reveal a material impairment loss, and accordingly no provision for expected credit loss has been recognized.

Conflict in the Region Surrounding Ukraine and Russia

The ongoing conflict in the region surrounding Ukraine and Russia has impacted the Company's 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.

Financial Assets and Liabilities - Summary of Marketable securities (Detail) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disclosure Detailed Information About Marketable Securities [Line Items]
Non-current financial marketable securities	€ 0	€ 7,492
Current financial marketable securities	36,880	290,688
Financial assets at amortised cost, class [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	36,880	298,180
Non-current financial marketable securities	0	7,492
Current financial marketable securities	36,880	290,688
Financial assets	36,880	298,180
Financial assets at amortised cost, class [member] \| High Grade [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	21,576	203,530
Financial assets at amortised cost, class [member] \| Upper Medium Grade [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	15,304	94,650
Financial assets at amortised cost, class [member] \| Fixed interest rate [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	35,760	205,825
Financial assets at amortised cost, class [member] \| Floating interest rate [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	1,120	11,787
Financial assets at amortised cost, class [member] \| Zero Coupon [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	0	80,568
Financial assets at amortised cost, class [member] \| US Treasury bills [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	0	79,086
Financial assets at amortised cost, class [member] \| US Government Bonds [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	21,576	99,337
Financial assets at amortised cost, class [member] \| Corporate bonds [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	15,304	104,236
Financial assets at amortised cost, class [member] \| Agency bonds [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	€ 0	€ 15,521

Revenue - Schedule of Revenue Recognized in Consolidated Statements of Profit or Loss (Detail) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from external customers
Commercial sale of products	€ 35,895	€ 4,435	€ 67,446	€ 6,323
Rendering of services	10,909	612	12,079	983
Sale of clinical supply	0	470	254	4,407
"Right-to-use" licenses	589	643	1,203	1,275
Total revenue	47,393	6,160	80,982	12,988
Revenue from external customers (geographical)
Total revenue	47,393	6,160	80,982	12,988
Goods or services transferred over time [member]
Revenue from external customers
Total revenue	10,909	612	12,079	983
Revenue from external customers (geographical)
Total revenue	10,909	612	12,079	983
Goods or services transferred at point in time [member]
Revenue from external customers
Total revenue	36,484	5,548	68,903	12,005
Revenue from external customers (geographical)
Total revenue	36,484	5,548	68,903	12,005
Commercial customers [Member]
Revenue from external customers
Total revenue	35,895	4,435	67,446	6,323
Revenue from external customers (geographical)
Total revenue	35,895	4,435	67,446	6,323
Collaboration partners and license agreements [Member]
Revenue from external customers
Total revenue	11,498	1,725	13,536	6,665
Revenue from external customers (geographical)
Total revenue	11,498	1,725	13,536	6,665
Europe [Member]
Revenue from external customers
Total revenue	0	140	0	275
Revenue from external customers (geographical)
Total revenue	0	140	0	275
North America [member]
Revenue from external customers
Total revenue	(46,758)	5,078	79,828	11,535
Revenue from external customers (geographical)
Total revenue	(46,758)	5,078	79,828	11,535
China [member]
Revenue from external customers
Total revenue	635	942	1,154	1,178
Revenue from external customers (geographical)
Total revenue	€ 635	€ 942	€ 1,154	€ 1,178

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Profit or loss [abstract]

Revenue

€ 47,393

€ 6,160

€ 80,982

€ 12,988

Cost of sales

12,929

1,086

17,551

5,332

Gross profit

34,464

5,074

63,431

7,656

Research and development costs

105,021

90,383

211,134

173,576

Selling, general and administrative expenses

70,281

56,584

136,820

104,002

Operating profit / (loss)

(140,838)

(141,893)

(284,523)

(269,922)

Share of profit / (loss) of associate

(7,451)

(1,166)

(8,677)

(6,039)

Finance income

35,761

71,127

80,374

84,171

Finance expenses

9,334

9,434

18,652

14,833

Profit / (loss) before tax

(121,862)

(81,366)

(231,478)

(206,623)

Income taxes (expenses)

429

(868)

(195)

Net profit / (loss) for the period

(121,433)

(81,319)

(232,346)

(206,818)

Attributable to owners of the Company

€ (121,433)

€ (81,319)

€ (232,346)

€ (206,818)

Basic earnings/ (loss) per share

€ (2.16)

€ (1.46)

€ (4.14)

€ (3.68)

Diluted earnings/ (loss) per share

€ (2.16)

€ (1.46)

€ (4.14)

€ (3.68)

Number of shares used for calculation (basic and diluted)

^[1]

56,218,257

55,805,486

56,155,441

56,260,248

Statement of comprehensive income [abstract]

Net profit / (loss) for the period

€ (121,433)

€ (81,319)

€ (232,346)

€ (206,818)

Items that may be reclassified subsequently to profit or loss:

Exchange differences on translating foreign operations

(1,016)

(757)

(1,803)

(332)

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

(1,016)

(757)

(1,803)

(332)

Total comprehensive income / (loss)

(122,449)

(82,076)

(234,149)

(207,150)

Attributable to owners of the Company

€ (122,449)

€ (82,076)

€ (234,149)

€ (207,150)

[1]

As of June 30, 2023 and June 30, 2022, a total of 6,866,241 and 7,033,103 warrants outstanding, respectively, 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.

Segment Information

6 Months Ended

Jun. 30, 2023

Disclosure of operating segments [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.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Disclosure of voluntary change in accounting policy [abstract]
Basis of Preparation	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, 2022, 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, 2022. 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.”
New International Financial Reporting Standards Not Yet Effective	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, 2024, 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, 2023, to be presented as current liabilities. On June 30, 2023, the carrying amount of convertible notes and derivative liabilities were €402.7 million and €86.4 million, respectively. The consolidated financial statements are not expected to be affected by other new or amended standards.

Treasury Shares

6 Months Ended

Jun. 30, 2023

Disclosure of treasury shares [abstract]

Treasury Shares

Note 9—Treasury Shares

The holding of treasury shares is as follows:


	Nominal values		Holding		Holding in % of total outstanding shares
	(EUR’000)		(Number)
Treasury shares
January 1, 2023		149		1,113,152		2.0	%
June 30, 2023		149		1,113,152		1.9	%

Revenue (Tables)

6 Months Ended

Jun. 30, 2023

Revenue [abstract]

Schedule of Revenue Recognized in Consolidated Statement of Profit or Loss


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(EUR’000)				(EUR’000)
Revenue from external customers
Commercial sale of products		35,895		4,435		67,446		6,323
Rendering of services		10,909		612		12,079		983
Sale of clinical supply		—		470		254		4,407
Licenses		589		643		1,203		1,275
Total revenue from external customers		47,393		6,160		80,982		12,988
Attributable to
Commercial customers		35,895		4,435		67,446		6,323
Collaboration partners and license agreements		11,498		1,725		13,536		6,665
Total revenue from external customers		47,393		6,160		80,982		12,988
Specified by timing of recognition
Recognized over time		10,909		612		12,079		983
Recognized at a point in time		36,484		5,548		68,903		12,005
Total revenue from external customers		47,393		6,160		80,982		12,988
Revenue by geographical location
Europe		—		140		—		275
North America		46,758		5,078		79,828		11,535
China		635		942		1,154		1,178
Total revenue from external customers		47,393		6,160		80,982		12,988

Consolidated Statements of Changes in Equity - EUR (€) € in Thousands	Total	Share Capital [member]	Share Premium [member]	Treasury Shares [member]	Foreign Currency Translation Reserve [member]	Accumulated Deficit [member]
Equity at Dec. 31, 2021	€ 883,635	€ 7,646	€ 2,107,739	€ (21)	€ 3,779	€ (1,235,508)
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)			(134)		(105,965)
Capital increase	686	3	683
Equity at Jun. 30, 2022	607,842	7,649	2,108,422	(155)	3,447	(1,511,521)
Equity at Dec. 31, 2022	263,348	7,675	2,112,863	(149)	3,452	(1,860,493)
Net profit / (loss) for the period	(232,346)					(232,346)
Other comprehensive income / (loss), net of tax	(1,803)				(1,803)
Total comprehensive income / (loss)	(234,149)				(1,803)	(232,346)
Share-based payment (Note 7)	33,568					33,568
Capital increase	2,074	24	2,050
Equity at Jun. 30, 2023	€ 64,841	€ 7,699	€ 2,114,913	€ (149)	€ 1,649	€ (2,059,271)

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-URIDate 2022-03-24

+ Details

Financial Assets and Liabilities - Additional Information (Detail) € / shares in Units, $ / shares in Units, € in Millions			6 Months Ended	12 Months Ended
	Mar. 29, 2022 EUR (€)	Mar. 29, 2022 USD ($)	Jun. 30, 2023 EUR (€) Agreement Days € / shares	Dec. 31, 2022	Jun. 30, 2023 USD ($) $ / shares
Disclosure of detailed information about financial instruments [line items]
Convertible Senior Notes			€ 402.7
Fair Value of Convertible Notes			€ 381.2
Share price \| € / shares			€ (51)
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%		10.00%
Percentage of reasonably possible decrease in unobservable input, liabilities			10.00%		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			€ 16.7
Percentage of reasonably possible increase in unobservable input, liabilities			10.00%		10.00%
Percentage of reasonably possible decrease in unobservable input, liabilities			10.00%		10.00%
Foreign Currency Conversion Option [Member]
Disclosure of detailed information about financial instruments [line items]
Increase decrease in derivative financial liabilities fair value			€ 12.3
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]
Conversion rate per note \| $ / shares					$ 6.0118
Principal amount \| $		$ 575,000,000.0
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 \| Days			20
Borrowings threshold consecutive trading days for redemption \| Agreement			30
Proceeds from issue of bonds, notes and debentures	€ 503.3	$ 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%
Liquidity risk [member]
Disclosure of detailed information about financial instruments [line items]
Weighted Average Duration Of Marketable Securities			3 months 3 days	3 months 6 days

Share-based Payment - Schedule of Warrant Activity (Detail) - Warrants [member]	6 Months Ended
	Jun. 30, 2023 € / shares
Disclosure Of Warrant Activity [line items]
Beginning balance	6,864,011
Granted during the period	274,045
Exercised during the period	(183,201)
Forfeited during the period	(88,614)
Ending balance	6,866,241
Vested at the balance sheet date	5,227,588
Beginning balance	€ 81.30
Granted during the period	91.25
Exercised during the period	11.09
Forfeited during the period	113.91
Ending balance	83.16
Vested at the balance sheet date	€ 72.56

Treasury Shares (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure of treasury shares [abstract]

Summary of Holding of Treasury Shares

The holding of treasury shares is as follows:


	Nominal values		Holding		Holding in % of total outstanding shares
	(EUR’000)		(Number)
Treasury shares
January 1, 2023		149		1,113,152		2.0	%
June 30, 2023		149		1,113,152		1.9	%

Share-Based Payment - Additional Information (Details) € / shares in Units, € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 EUR (€)	Jun. 30, 2022 EUR (€)	Jun. 30, 2023 EUR (€)	Jun. 30, 2022 EUR (€)	Jun. 30, 2023 kr / shares	Jun. 30, 2023 € / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share Based Compensation Expense \| €			€ 33,568	€ 36,770
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
Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options \| € / shares						€ 145.50
Profit Loss [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share Based Compensation Expense \| €	€ 19,900	€ 16,800	€ 33,600	€ 36,800

General Information

6 Months Ended

Jun. 30, 2023

Disclosure of General Information [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, biopharma 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 (the “Board”) approved these unaudited condensed consolidated interim financial statements on September 5, 2023.

Financial Assets and Liabilities - Liquidity Risk Management (Detail) € in Thousands	Jun. 30, 2023 EUR (€)
Borrowings [abstract]
Convertible senior notes	€ 402,700
Convertible senior notes	588,705
Lease liabilities	120,853
Trade payables	122,120
Total financial liabilities	831,678
Financial liabilities at amortised cost, class [member]
Borrowings [abstract]
Convertible senior notes	402,686
Lease liabilities	103,252
Trade payables	122,120
Total financial liabilities	628,058
Within 1 year [member]
Borrowings [abstract]
Convertible senior notes	11,906
Lease liabilities	14,054
Trade payables	122,120
Total financial liabilities	148,080
Within 1 to 5 years [member]
Borrowings [abstract]
Convertible senior notes	576,799
Lease liabilities	52,174
Trade payables	0
Total financial liabilities	628,973
After 5 years [member]
Borrowings [abstract]
Convertible senior notes	0
Lease liabilities	54,625
Trade payables	0
Total financial liabilities	€ 54,625

Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure of detailed information about financial instruments [abstract]

Summary of Marketable securities

The following table specifies the marketable securities portfolio:


	June 30, 2023		December 31, 2022
	(EUR’000)
Marketable securities
U.S. Treasury bills		—		79,086
U.S. Government bonds		21,576		99,337
Corporate bonds		15,304		104,236
Agency bonds		—		15,521
Total marketable securities		36,880		298,180
Classified based on maturity profiles
Non-current assets		—		7,492
Current assets		36,880		290,688
Total marketable securities		36,880		298,180
Specified by rate structure
Fixed rate		35,760		205,825
Floating rate		1,120		11,787
Zero-coupon		—		80,568
Total marketable securities		36,880		298,180
Specified by investment grade credit rating
High grade		21,576		203,530
Upper medium grade		15,304		94,650
Total marketable securities		36,880		298,180

Summary of Fair Value Hierarchy


	June 30, 2023				December 31, 2022
	Carrying amount		Fair value		Carrying amount		Fair value		Fair value level
	(EUR’000)								(1-3)
Financial assets
Marketable securities		36,880		36,461		298,180		295,843	1
Financial assets measured at amortized cost		36,880		36,461		298,180		295,843
Total financial assets		36,880		36,461		298,180		295,843
Financial liabilities
Convertible senior notes		402,686		381,161		399,186		382,459	3
Financial liabilities measured at amortized cost		402,686		381,161		399,186		382,459
Derivative liabilities		86,385		86,385		157,950		157,950	3
Financial liabilities measured at fair value through profit or loss		86,385		86,385		157,950		157,950
Total financial liabilities		489,071		467,546		557,136		540,409

The following table specifies m

Movements in Level 3 Fair Value Measurements

The following table specifies movements in level 3 fair value measurements:


	2023			2022
	(EUR’000)
Derivative liabilities
January 1		157,950			—
Additions		—			142,467
Remeasurement recognized in financial (income) or expense		(71,565	)		(40,436	)
June 30		86,385			102,031

Summary of Maturity Analysis For Financial Liabilities


	< 1 year		1-5 years		>5 years		Total contractual cash-flows		Carrying amount
	(EUR’000)
Financial liabilities
June 30, 2023
Borrowings
Convertible senior notes		11,906		576,799		—		588,705		402,686
Lease liabilities		14,054		52,174		54,625		120,853		103,252
Trade payables and accrued expenses		122,120		—		—		122,120		122,120
Total financial liabilities		148,080		628,973		54,625		831,678		628,058

Consolidated Statements of Financial Position - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Non-current assets [abstract]
Intangible assets	€ 4,606	€ 4,828
Property, plant and equipment	125,362	129,095
Investment in associate	14,111	22,932
Other receivables	2,066	1,920
Marketable securities	0	7,492
Total non-current assets	146,145	166,267
Current assets
Inventories	167,919	130,673
Trade receivables	20,212	11,910
Income tax receivables	1,360	883
Other receivables	14,127	12,833
Prepayments	42,958	31,717
Marketable securities	36,880	290,688
Cash and cash equivalents	394,222	444,767
Total current assets	677,678	923,471
Total assets	823,823	1,089,738
Equity
Share capital	7,699	7,675
Distributable equity	57,142	255,673
Total equity	64,841	263,348
Non-current liabilities
Borrowings	479,374	482,956
Derivative liabilities	86,385	157,950
Contract liabilities	949	14,213
Total non-current liabilities	566,708	655,119
Current liabilities
Borrowings	26,564	25,421
Contract liabilities	4,146	0
Trade payables and accrued expenses	122,120	101,032
Other liabilities	22,860	31,989
Income tax payables	5,773	5,490
Provisions	10,811	7,339
Total current liabilities	192,274	171,271
Total liabilities	758,982	826,390
Total equity and liabilities	€ 823,823	€ 1,089,738

Revenue

6 Months Ended

Jun. 30, 2023

Revenue [abstract]

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 a specialty distributor (“commercial customers”). Customer payment terms are typically 30 days from the transaction date. SKYTROFA was approved by the U.S. Food and Drug Administration in August 2021.

Other revenue is generated primarily from three license agreements, which 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,
	2023		2022		2023		2022
	(EUR’000)				(EUR’000)
Revenue from external customers
Commercial sale of products		35,895		4,435		67,446		6,323
Rendering of services		10,909		612		12,079		983
Sale of clinical supply		—		470		254		4,407
Licenses		589		643		1,203		1,275
Total revenue from external customers		47,393		6,160		80,982		12,988
Attributable to
Commercial customers		35,895		4,435		67,446		6,323
Collaboration partners and license agreements		11,498		1,725		13,536		6,665
Total revenue from external customers		47,393		6,160		80,982		12,988
Specified by timing of recognition
Recognized over time		10,909		612		12,079		983
Recognized at a point in time		36,484		5,548		68,903		12,005
Total revenue from external customers		47,393		6,160		80,982		12,988
Revenue by geographical location
Europe		—		140		—		275
North America		46,758		5,078		79,828		11,535
China		635		942		1,154		1,178
Total revenue from external customers		47,393		6,160		80,982		12,988

Significant Accounting Judgements and Estimates

6 Months Ended

Jun. 30, 2023

Disclosure of voluntary change in accounting policy [abstract]

Significant Accounting Judgements and Estimates

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, 2022.

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. Additionally, there have been no changes to the application of significant accounting judgements, or estimation uncertainties regarding accounting estimates compared to December 31, 2022.

Share Capital - Additional Information (Detail)	Jun. 30, 2023 kr / shares shares
Disclosure of classes of share capital [abstract]
Number of shares issued \| shares	57,335,496
Share nominal value \| kr / shares	kr 1