6-K
March 31, 2024--12-31false0001612042Q10001612042asnd:ProfitLossMember2023-01-012023-03-310001612042ifrs-full:Level3OfFairValueHierarchyMember2024-03-310001612042ifrs-full:FinancialAssetsAtAmortisedCostMember2023-12-310001612042asnd:SharePriceMeasurementInputMemberifrs-full:DerivativesMember2024-01-012024-03-310001612042ifrs-full:FinancialLiabilitiesAtAmortisedCostMember2023-12-310001612042ifrs-full:SharePremiumMember2023-01-012023-03-310001612042ifrs-full:TreasurySharesMember2024-03-310001612042ifrs-full:TopOfRangeMemberasnd:RoyaltyPharmaMember2023-09-012023-09-300001612042asnd:ConvertibleSeniorNotesMember2024-01-012024-03-310001612042asnd:RestrictedStockUnitsMember2024-03-3100016120422024-01-012024-03-310001612042ifrs-full:TreasurySharesMember2023-12-3100016120422023-09-012023-09-300001612042ifrs-full:TopOfRangeMember2024-03-310001612042ifrs-full:FinancialLiabilitiesAtAmortisedCostMember2024-03-310001612042asnd:Warrant1Member2023-12-310001612042ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2024-01-012024-03-310001612042asnd:TeijinLimitedMember2024-01-012024-03-310001612042srt:NorthAmericaMember2024-01-012024-03-310001612042asnd:FairValueHierarchyCarryingAmountMember2023-12-310001612042ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2023-12-310001612042asnd:PerformanceStockUnitsMemberasnd:TwoThousandAndTwentyFourMember2024-01-012024-03-310001612042ifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:DerivativesMember2024-03-310001612042asnd:CollaborationPartnersAndLicenseAgreementsMember2023-01-012023-03-310001612042ifrs-full:Level3OfFairValueHierarchyMember2022-12-310001612042ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember2023-12-310001612042ifrs-full:TopOfRangeMemberasnd:PerformanceStockUnitProgramMember2024-03-310001612042asnd:RestrictedStockUnitsAndPerformanceStockUnitMember2023-12-310001612042ifrs-full:RetainedEarningsMember2022-12-310001612042ifrs-full:GoodsOrServicesTransferredOverTimeMember2023-01-012023-03-3100016120422023-01-012023-03-310001612042ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2024-03-310001612042ifrs-full:Level3OfFairValueHierarchyMemberasnd:FairValueHierarchyCarryingAmountMember2023-12-310001612042asnd:RoyaltyPharmaMember2023-09-012023-09-300001612042srt:AsiaMember2023-01-012023-03-310001612042asnd:TwoThousandAndTwentyFiveMemberasnd:PerformanceStockUnitsMember2024-01-012024-03-310001612042asnd:Warrant1Member2024-03-310001612042ifrs-full:RetainedEarningsMember2023-12-310001612042ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2023-01-012023-03-310001612042ifrs-full:SharePremiumMember2024-03-310001612042ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:AtFairValueMember2024-03-3100016120422023-03-310001612042asnd:ForeignCurrencyConversionOptionMember2024-01-012024-03-310001612042asnd:RestrictedStockUnitsMember2023-12-310001612042asnd:AmericanDepositorySharesMember2024-03-310001612042asnd:ThirdPartyInvestorsMemberasnd:CollaborationPartnersAndLicenseAgreementsMember2024-01-012024-03-310001612042ifrs-full:IssuedCapitalMember2023-12-310001612042asnd:PerformanceStockUnitsMemberasnd:TwoThousandAndTwentySixMember2024-01-012024-03-310001612042asnd:RestrictedStockUnitsMemberasnd:TwoThousandAndTwentySevenMember2024-01-012024-03-310001612042asnd:FairValueHierarchyCarryingAmountMemberifrs-full:Level1OfFairValueHierarchyMember2023-12-310001612042asnd:ConvertibleSeniorNotesMember2022-03-290001612042srt:EuropeMember2024-01-012024-03-310001612042ifrs-full:Level3OfFairValueHierarchyMember2023-03-310001612042asnd:RestrictedStockUnitsMemberasnd:TwoThousandAndTwentyFourMember2024-01-012024-03-310001612042ifrs-full:IssuedCapitalMember2022-12-310001612042ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2023-03-310001612042asnd:Warrant1Member2024-01-012024-03-310001612042asnd:PerformanceStockUnitProgramMember2024-01-012024-03-3100016120422023-12-310001612042asnd:TwoThousandAndTwentySixMemberasnd:RestrictedStockUnitsAndPerformanceStockUnitMember2024-01-012024-03-310001612042ifrs-full:SharePremiumMember2022-12-310001612042ifrs-full:TreasurySharesMember2024-01-012024-03-310001612042ifrs-full:RetainedEarningsMember2024-03-310001612042ifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-03-310001612042srt:NorthAmericaMember2023-01-012023-03-310001612042ifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-03-310001612042ifrs-full:AtFairValueMember2024-03-310001612042ifrs-full:OrdinarySharesMember2024-01-012024-03-310001612042ifrs-full:IssuedCapitalMember2023-03-3100016120422022-12-310001612042asnd:TwoThousandAndTwentyFiveMemberasnd:RestrictedStockUnitsAndPerformanceStockUnitMember2024-01-012024-03-310001612042ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2022-12-310001612042asnd:ConvertibleSeniorNotesMember2022-03-292022-03-290001612042ifrs-full:RetainedEarningsMember2023-01-012023-03-310001612042ifrs-full:AtFairValueMember2023-12-310001612042ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:AtFairValueMemb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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO SECTION 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2024

Commission File Number: 001-36815

Ascendis Pharma A/S

(Exact Name of Registrant as Specified in Its Charter)

Tuborg Boulevard 12

DK-2900 Hellerup

Denmark

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 


 

INCORPORATION BY REFERENCE

This report on Form 6-K shall be deemed to be incorporated by reference into the registration statements on Form S-8 (Registration Numbers 333-228576, 333-203040, 333-210810, 333-211512, 333-213412, 333-214843, 333-216883, 333-254101, 333-261550, 333-270088 and 333-277519) and Form F-3 (Registration Numbers 333-209336, 333-211511, 333-216882, 333-223134, 333-225284, and 333-256571) of Ascendis Pharma A/S (the “Company”) (including any prospectuses forming a part of such registration statements) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

Information Contained in this Form 6-K Report

Financial Statements

This report contains the Company’s Unaudited Condensed Consolidated Interim Financial Statements as of and for the period ended March 31, 2024, including Management’s Discussion and Analysis of Financial Condition and Results of Operations for the period presented therein.

 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Ascendis Pharma A/S

Date: May 2, 2024

By:

/s/ Michael Wolff Jensen

 

Michael Wolff Jensen

 

Executive Vice President, Chief Legal Officer

 

 


 

TABLE OF CONTENTS

1.

Unaudited Condensed Consolidated Interim Financial Statements – March 31, 2024

F-1

2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

1

 

 


 

ASCENDIS PHARMA A/S

INDEX TO UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

 

Page

Unaudited Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income / (Loss) for the Three Months Ended March 31, 2024 and 2023

 F-2

Unaudited Condensed Consolidated Interim Statements of Financial Position as of March 31, 2024 and December 31, 2023

 F-3

Unaudited Condensed Consolidated Interim Statements of Changes in Equity at March 31, 2024 and 2023

 F-4

Unaudited Condensed Consolidated Interim Cash Flow Statements for the Three Months Ended March 31, 2024 and 2023

 F-5

Notes to the Unaudited Condensed Consolidated Interim Financial Statements

 F-6

 

F-1


 

Unaudited Condensed Consolidated Interim Statements of Profit or (Loss)

and Other Comprehensive Income or (Loss) for the Three Months Ended March 31, 2024 and 2023

 

 

 

 

Three Months Ended
March 31,

 

 

Notes

 

2024

 

 

2023

 

 

 

 

(EUR’000)

 

Consolidated Statement of Profit or Loss

 

 

 

 

 

 

 

 

Revenue

 

5

 

 

95,894

 

 

 

33,589

 

Cost of sales

 

 

 

 

7,569

 

 

 

4,621

 

Gross profit

 

 

 

 

88,325

 

 

 

28,968

 

Research and development costs

 

 

 

 

70,687

 

 

 

106,114

 

Selling, general and administrative expenses

 

 

 

 

66,783

 

 

 

66,539

 

Operating profit/(loss)

 

 

 

 

(49,145

)

 

 

(143,685

)

Share of profit/(loss) of associates

 

 

 

 

(5,796

)

 

 

(1,227

)

Finance income

 

 

 

 

3,575

 

 

 

45,135

 

Finance expenses

 

 

 

 

77,161

 

 

 

9,840

 

Profit/(loss) before tax

 

 

 

 

(128,527

)

 

 

(109,617

)

Income taxes/(expenses)

 

 

 

 

(2,508

)

 

 

(1,297

)

Net profit/(loss) for the period

 

 

 

 

(131,035

)

 

 

(110,914

)

Attributable to owners of the Company

 

 

 

 

(131,035

)

 

 

(110,914

)

Basic and diluted earnings/(loss) per share

 

 

 

(2.30

)

 

(1.98

)

Number of shares used for calculation (basic and diluted) (1)

 

 

 

 

56,883,257

 

 

 

56,091,927

 

 

 

 

 

 

 

 

 

 

 

 

 

(EUR’000)

 

Consolidated Statement of Comprehensive Income or (Loss)

 

 

 

 

 

 

 

 

Net profit/(loss) for the period

 

 

 

 

(131,035

)

 

 

(110,914

)

Other comprehensive income/(loss)

 

 

 

 

 

 

 

 

Items that may be reclassified subsequently to profit or loss:

 

 

 

 

 

 

 

 

Exchange differences on translating foreign operations

 

 

 

 

63

 

 

 

(787

)

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

 

 

 

 

63

 

 

 

(787

)

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

 

 

 

 

(130,972

)

 

 

(111,701

)

Attributable to owners of the Company

 

 

 

 

(130,972

)

 

 

(111,701

)

 

(1)
As of March 31, 2024 and March 31, 2023, a total of 6,031,498 and 6,761,296 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.

F-2


 

Unaudited Condensed Consolidated Interim Statements of Financial Position

 

 

Notes

 

March 31,
2024

 

 

December 31,
2023

 

 

 

 

(EUR’000)

 

Assets

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

Intangible assets

 

 

 

 

4,301

 

 

 

4,419

 

Property, plant and equipment

 

 

 

 

107,164

 

 

 

110,634

 

Investment in associates

 

4

 

 

24,797

 

 

 

5,686

 

Other receivables

 

10

 

 

2,129

 

 

 

2,127

 

 

 

 

 

138,391

 

 

 

122,866

 

Current assets

 

 

 

 

 

 

 

 

Inventories

 

 

 

 

232,681

 

 

 

208,931

 

Trade receivables

 

10

 

 

41,092

 

 

 

35,874

 

Income tax receivables

 

 

 

 

742

 

 

 

802

 

Other receivables

 

10

 

 

26,857

 

 

 

19,097

 

Prepayments

 

 

 

 

42,502

 

 

 

38,578

 

Marketable securities

 

10

 

 

 

 

 

7,275

 

Cash and cash equivalents

 

10

 

 

320,239

 

 

 

392,164

 

 

 

 

 

664,113

 

 

 

702,721

 

Total assets

 

 

 

 

802,504

 

 

 

825,587

 

 

 

 

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Share capital

 

8

 

 

7,818

 

 

 

7,749

 

Distributable equity

 

 

 

 

(245,997

)

 

 

(153,446

)

Total equity

 

4

 

 

(238,179

)

 

 

(145,697

)

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

Borrowings

 

2, 10

 

 

229,627

 

 

 

222,996

 

Contract liabilities

 

 

 

 

5,000

 

 

 

5,949

 

Deferred tax liabilities

 

 

 

 

7,085

 

 

 

5,830

 

 

 

 

 

 

241,712

 

 

 

234,775

 

Current liabilities

 

 

 

 

 

 

 

 

Convertible notes, matures in April 2028

 

 

 

 

 

 

 

 

Borrowings

 

2, 10

 

 

424,984

 

 

 

407,095

 

Derivative liabilities

 

2, 10

 

 

197,291

 

 

 

143,296

 

 

 

 

 

622,275

 

 

 

550,391

 

Other current liabilities

 

 

 

 

 

 

 

 

Borrowings

 

2, 10

 

 

14,403

 

 

 

14,174

 

Contract liabilities

 

 

 

 

1,183

 

 

 

1,184

 

Trade payables and accrued expenses

 

10

 

 

94,526

 

 

 

94,566

 

Other liabilities

 

10

 

 

22,698

 

 

 

41,176

 

Income tax payables

 

 

 

 

3,336

 

 

 

2,299

 

Provisions

 

 

 

 

40,550

 

 

 

32,719

 

 

 

 

 

 

176,696

 

 

 

186,118

 

 

 

 

 

798,971

 

 

 

736,509

 

Total liabilities

 

 

 

 

1,040,683

 

 

 

971,284

 

Total equity and liabilities

 

 

 

 

802,504

 

 

 

825,587

 

 

F-3


 

Unaudited Condensed Consolidated Interim Statements of Changes in Equity

 

 

 

 

Distributable Equity

 

 

 

 

 

Share
Capital

 

 

Share
Premium

 

 

Treasury
Shares

 

 

Foreign
Currency
Translation
Reserve

 

 

Accumulated
Deficit

 

 

Total

 

 

(EUR’000)

 

Equity at January 1, 2024

 

 

7,749

 

 

 

2,123,074

 

 

 

(146

)

 

 

721

 

 

 

(2,277,095

)

 

 

(145,697

)

Net profit/(loss) for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(131,035

)

 

 

(131,035

)

Other comprehensive income/(loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

63

 

 

 

 

 

 

63

 

Total comprehensive income/(loss)

 

 

 

 

 

 

 

 

 

 

 

63

 

 

 

(131,035

)

 

 

(130,972

)

Transactions with Owners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based payment (Note 7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,281

 

 

 

17,281

 

Transfer under stock incentive programs

 

 

 

 

 

 

 

 

28

 

 

 

 

 

 

(28

)

 

 

 

Capital increase

 

 

69

 

 

 

21,140

 

 

 

 

 

 

 

 

 

 

 

 

21,209

 

Equity at March 31, 2024

 

 

7,818

 

 

 

2,144,214

 

 

 

(118

)

 

 

784

 

 

 

(2,390,877

)

 

 

(238,179

)

 

 

 

 

 

Distributable Equity

 

 

 

 

 

Share
Capital

 

 

Share
Premium

 

 

Treasury
Shares

 

 

Foreign
Currency
Translation
Reserve

 

 

Accumulated
Deficit

 

 

Total

 

 

(EUR’000)

 

Equity at January 1, 2023

 

 

7,675

 

 

 

2,112,863

 

 

 

(149

)

 

 

3,452

 

 

 

(1,860,493

)

 

 

263,348

 

Net profit/(loss) for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(110,914

)

 

 

(110,914

)

Other comprehensive income/(loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

(787

)

 

 

 

 

 

(787

)

Total comprehensive income/(loss)

 

 

 

 

 

 

 

 

 

 

 

(787

)

 

 

(110,914

)

 

 

(111,701

)

Transactions with Owners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based payment (Note 7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,688

 

 

 

13,688

 

Capital increase

 

 

23

 

 

 

1,843

 

 

 

 

 

 

 

 

 

 

 

 

1,866

 

Equity at March 31, 2023

 

 

7,698

 

 

 

2,114,706

 

 

 

(149

)

 

 

2,665

 

 

 

(1,957,719

)

 

 

167,201

 

F-4


 

Unaudited Condensed Consolidated Interim Cash Flow Statements for the

Three Months Ended March 31, 2024 and 2023

 

Three Months Ended
March 31,

 

 

2024

 

 

2023

 

 

(EUR’000)

 

Operating activities

 

 

 

 

 

 

Net profit/(loss) for the period

 

 

(131,035

)

 

 

(110,914

)

Reversal of finance income

 

 

(3,575

)

 

 

(45,135

)

Reversal of finance expenses

 

 

77,161

 

 

 

9,840

 

Reversal of (gain)/loss on disposal of property, plant and equipment

 

 

(91

)

 

 

21

 

Reversal of income taxes (expenses)

 

 

2,508

 

 

 

1,297

 

Adjustments for non-cash items:

 

 

 

 

 

 

Non-cash consideration relating to revenue

 

 

(24,770

)

 

 

(614

)

Share of profit/(loss) of associates

 

 

5,796

 

 

 

1,227

 

Share-based payment

 

 

17,281

 

 

 

13,688

 

Depreciation

 

 

4,359

 

 

 

4,435

 

Amortization

 

 

118

 

 

 

111

 

Changes in working capital:

 

 

 

 

 

 

Inventories

 

 

(23,750

)

 

 

(20,178

)

Receivables

 

 

(11,286

)

 

 

(9,608

)

Prepayments

 

 

(3,904

)

 

 

(10,176

)

Contract liabilities (deferred income)

 

 

(950

)

 

 

(256

)

Trade payables, accrued expenses and other payables

 

 

(19,025

)

 

 

14,236

 

Increase/(decrease) in provisions

 

 

7,076

 

 

 

1,983

 

Cash flows generated from/(used in) operations

 

 

(104,087

)

 

 

(150,043

)

Finance income received

 

 

3,588

 

 

 

3,879

 

Finance expenses paid

 

 

(877

)

 

 

(906

)

Income taxes received/(paid)

 

 

(206

)

 

 

26

 

Cash flows from/(used in) operating activities

 

 

(101,582

)

 

 

(147,044

)

Investing activities

 

 

 

 

 

 

Acquisition of property, plant and equipment

 

 

(199

)

 

 

(1,085

)

Settlement of marketable securities

 

 

7,354

 

 

 

211,731

 

Cash flows from/(used in) investing activities

 

 

7,155

 

 

 

210,646

 

Financing activities

 

 

 

 

 

 

Repayment of borrowings

 

 

(2,786

)

 

 

(2,568

)

Proceeds from exercise of warrants

 

 

21,209

 

 

 

1,866

 

Cash flows from/(used in) financing activities

 

 

18,423

 

 

 

(702

)

Increase/(decrease) in cash and cash equivalents

 

 

(76,004

)

 

 

62,900

 

Cash and cash equivalents at January 1

 

 

392,164

 

 

 

444,767

 

Effect of exchange rate changes on balances held in foreign currencies

 

 

4,079

 

 

 

(6,386

)

Cash and cash equivalents at March 31

 

 

320,239

 

 

 

501,281

 

Cash and cash equivalents include:

 

 

 

 

 

 

Bank deposits

 

 

320,239

 

 

 

501,281

 

Cash and cash equivalents at March 31

 

 

320,239

 

 

 

501,281

 

 

F-5


 

Notes to the Unaudited Condensed Consolidated Interim Financial Statements

Note 1—General Information

Ascendis Pharma A/S, together with its subsidiaries, is applying its innovative TransCon technology platform to build a leading, fully integrated, global biopharma company focused on making a meaningful difference in patients’ lives. 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 May 2, 2024.

Note 2—Summary of Material 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 IFRS Accounting 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, 2023, 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, 2023.

New and Amended Standards and Interpretations

The Company has applied amendments to paragraphs 69 to 76 of IAS 1, “Presentation of Financial Statements,” which was effective for annual reporting periods beginning on or after January 1, 2024 and must be applied retrospectively. The amendments to IAS 1 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.

The convertible senior notes (“convertible notes”) include an embedded equity conversion option which is not deemed closely related to the financial liability and was initially recognized and measured separately at fair value as derivative liabilities based on the stated terms upon issuance of the convertible notes. The conversion option is classified as a foreign currency conversion option and thus not convertible into a fixed number of shares for a fixed amount of cash. Accordingly, the conversion option is subsequently 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 finance income or expenses.

F-6


 

Since the embedded derivative is not an equity instrument under IFRS, the amendments require the convertible notes (presented as part of borrowings in the statement of financial position) and derivative liabilities, presented as non-current liabilities at December 31, 2023, to be presented as current liabilities. The amendments require presentation of the convertible notes as current liabilities even though: the initial conversion price of $166.34 per ADS is not met; the conversion would not require cash settlement; and, the convertible notes do not mature until April 1, 2028. Further details, including (cash) maturity analysis are provided in Note 10, “Financial Assets and Liabilities.” On December 31, 2023, the carrying amount of convertible notes and derivative liabilities were €407.1 million and €143.3 million, respectively. Comparative amounts have been reclassified to reflect the change to presentation.

On December 31, 2023, lease liabilities were presented separately in the consolidated statements of financial position. At December 31, 2023, carrying amount of lease liabilities was €84.6 million and €14.2 million, for non-current liabilities and current liabilities, respectively. Lease liabilities are from March 31, 2024, presented as part of borrowings in the consolidated statements of financial position. Comparative amounts have been reclassified to reflect the change in presentation.

Accordingly, as of March 31, 2024 and December 31, 2023, borrowings comprise convertible notes, royalty funding liabilities, and lease liabilities. The change to presentation had no other impact on the unaudited condensed consolidated financial statements.

The applied amendments had no other impact on the unaudited condensed consolidated interim financial statements.

Other amendments apply for the first time in 2024, but do not have an impact on the unaudited condensed consolidated interim financial statements.

New International Financial Reporting Standards Not Yet Effective

The IASB has issued a number of new or amended standards, which have not yet become effective or have not yet been adopted by the EU. Therefore, these new standards have not been incorporated in these unaudited condensed consolidated interim financial statements.

F-7


 

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, 2023.

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.

There have been no changes to the application of significant accounting judgements, or estimation uncertainties regarding accounting estimates compared to December 31, 2023.

 

Note 4—Significant Events in the Reporting Period

Eyconis, Inc.

On January 29, 2024, the Company announced the formation and launch with Frazier Life Sciences of Eyconis, Inc. (“Eyconis”), a separate company created to develop, manufacture, and commercialize TransCon ophthalmology assets globally, together with a $150 million commitment from an investor syndicate that includes Frazier, RA Capital Management, venBio, and HealthQuest Capital.

The Company has granted Eyconis exclusive rights to develop and commercialize TransCon ophthalmology products globally and received an equity position in the newly formed company. As consideration for the granting of such rights, the Company has received, as consideration, approximately 42% ownership of Eyconis’ on a non-diluted basis. In addition, various development and administrative services were provided to Eyconis and invoiced during the three months ended March 31, 2024. Further details regarding Eyconis are provided in Note 5, “Revenue.”

Equity Development

As of March 31, 2024, the unaudited condensed consolidated interim statements of financial position presented a negative balance of equity of €238.2 million. Under Danish corporate law, as Ascendis Pharma A/S, the parent company of the Company holds a positive balance of equity, the Company is currently not subject to legal or regulatory requirements to re-establish the balance of equity. There is no direct impact from the negative balance of equity to the liquidity and capital resources.

Based on its current operating plan, the Company believes that the existing capital resources as of March 31, 2024, will be sufficient to meet projected cash requirements for at least twelve months from the date of this report. However, the Company's operating plan may change as a result of many factors that are currently unknown, and the Company may need to seek additional funds sooner than planned. Further details regarding borrowings including maturity analysis are provided in Note 10, “Financial Assets and Liabilities.”

F-8


 

Note 5—Revenue

Revenue has been recognized in the unaudited condensed consolidated interim statements of profit or loss in the following amounts:

 

Three Months Ended
March 31,

 

 

2024

 

 

2023

 

 

(EUR’000)

 

Revenue

 

 

 

 

 

 

Sale of commercial products

 

 

66,499

 

 

 

31,551

 

Rendering of services

 

 

4,624

 

 

 

1,170

 

Sale of clinical supply

 

 

1

 

 

 

254

 

Licenses

 

 

24,770

 

 

 

614

 

Total revenue

 

 

95,894

 

 

 

33,589

 

Attributable to

 

 

 

 

 

 

Commercial customers

 

 

66,499

 

 

 

31,551

 

Collaboration partners and license agreements

 

 

29,395

 

 

 

2,038

 

Total revenue

 

 

95,894

 

 

 

33,589

 

Specified by timing of recognition

 

 

 

 

 

 

Recognized over time

 

 

4,624

 

 

 

1,170

 

Recognized at a point in time

 

 

91,270

 

 

 

32,419

 

Total revenue

 

 

95,894

 

 

 

33,589

 

Specified per geographical location

 

 

 

 

 

 

Europe

 

 

1,567

 

 

 

 

North America

 

 

92,681

 

 

 

33,070

 

Asia

 

 

1,646

 

 

 

519

 

Total revenue

 

 

95,894

 

 

 

33,589

 

Commercial Customers

Revenue to commercial customers relates to sale of SKYTROFA® (lonapegsomatropin-tcgd), primarily in the U.S. market, which is sold to specialty pharmacies and specialty distributors. In addition, the Company began shipping SKYTROFA to customers in Germany in September 2023. In November 2023, TransCon PTH received regulatory approval in the EU and European Economic Area countries and will be marketed in the EU as YORVIPATH®. The Company began shipping YORVIPATH to customers in Germany and Austria in February 2024.

For the three months ended March 31, 2024 and 2023, four and three commercial customers, respectively, each represented more than 10% of sales to commercial customers.

Collaboration Partners and License Agreements

Revenue attributable to collaboration partners and license agreements relates to Eyconis, Teijin Limited and VISEN Pharmaceuticals. Under the collaboration agreements, we provide various research and development services which are invoiced to collaboration partners. Revenue for these activities is presented as part of “Rendering of services.” Employment costs related to these activities are presented as Research and Development Costs in the consolidated statement of profit or loss.

Eyconis, Inc

On January 29, 2024, the Company announced the formation and launch with Frazier Life Sciences of Eyconis, Inc., a separate company created to develop, manufacture, and commercialize TransCon ophthalmology assets globally, together with a $150 million commitment from an investor syndicate that includes Frazier, RA Capital Management, venBio, and HealthQuest Capital.

The Company has granted Eyconis exclusive rights to develop and commercialize TransCon ophthalmology products globally and received, as consideration, an equity position in the newly formed company. In addition, the Company will be eligible to receive development, regulatory, and sales milestone payments, plus single digit royalties on global net sales of commercialized products, if any.

The Company is expected to provide various research and development services, which are subject to separate remuneration, and which will be recognized as revenue over time as rendering of services or reimbursement revenue, as applicable.

F-9


 

For the three months ended March 31, 2024, revenue from “Licenses” of €24.8 million relates to non-cash upfront payment through an equity position in Eyconis, which is allocated to transfer of the Company’s intellectual property (“IP”) adjusted for internal profit. Internal profit relates to the Company’s share of the non-cash upfront payment which is recognized as part of “Investment in associates” and recognized as revenue from “Licenses” as the IP is amortized in the associate.

For the three months ended March 31, 2024, no revenue from royalties or milestones has been recognized under the Eyconis agreement.

Teijin Limited

On November 29, 2023, the Company entered into an exclusive license agreement with Teijin Limited (the “Teijin Agreement”) for the further development and commercialization of TransCon hGH, TransCon PTH, and TransCon CNP for endocrinology rare disease (the “Licensed Products”) in Japan. Under the terms of the Teijin Agreement, the Company received an upfront payment of $70 million, with additional development and regulatory milestones of up to $175 million and commercial milestones. In addition, the Company is eligible to receive royalties on net sales of the Licensed Products in Japan, of up to mid-20’s percent.

Further, the Company will provide clinical and commercial supply, and development services for joint activities, which are subject to separate remuneration, and which will be recognized as revenue over time as rendering of services or reimbursement revenue, as applicable.

At March 31, 2024, none of the Licensed Products have received marketing authorization in Japan. The Licensed Products are patent protected, where future activities do not affect their existing stand-alone functionalities. Accordingly, all three licenses have been classified as “right-to-use” licenses, with revenue recognized at a point in time, where the licensee is granted access to the IP.

Development and regulatory milestones of up to $175 million are recognized as revenue when the milestone criteria specific to the licensed product are met. Royalty and commercial milestone income is recognized as revenue when the subsequent product sales occur.

For the three months ended March 31, 2024, no revenue from royalties or milestones has been recognized under the Teijin Agreement.

VISEN Pharmaceuticals

Revenue from collaboration partners and license agreements also includes license income, rendering of services and sale of clinical supply under three licenses agreements with VISEN Pharmaceuticals, which were entered into in 2018.

Note 6—Segment Information

The Company is managed and operated as one business unit. Accordingly, no additional information on business segments or geographical areas is disclosed apart from revenue on geographical areas as disclosed above.

Note 7—Share-based Payment

As an incentive to the senior management and the Executive Board, other employees, members of the Board of Directors (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 months ended March 31, 2024 and 2023, share-based compensation costs recognized in the unaudited condensed consolidated interim statement of profit or loss were €17.3 million and €13.7 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 (the “RSU-holders”). In addition, RSUs may be granted to select consultants.

F-10


 

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, appointed as member of the board, or retained as a consultant (the “service conditions”).

Performance Stock Unit Program

PSUs are granted by the Board to members of senior management and the Executive Board (the “PSU-holders”). In addition, PSUs may be granted to other employees, select consultants and members of the Board.

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. For the March 2023 grant, in addition to service conditions, 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. For the March 2024 PSU grants, in addition to service conditions, vesting is also contingent upon achievement of long-term strategic goals as evaluated by the Board no later than two weeks prior to each vesting date. Exceeding performance targets will not result in vesting of more PSUs than 100%, nor will it result in additional grants.

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 expected to be 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 March 31, 2024:

 

Restricted Stock Units

 

 

Performance Stock Units

 

 

Total

 

Outstanding

 

(Number)

 

January 1, 2024

 

 

576,625

 

 

 

105,023

 

 

 

681,648

 

Granted during the period

 

 

694,908

 

 

 

92,655

 

 

 

787,563

 

Transferred during the period

 

 

(176,317

)

 

 

(35,007

)

 

 

(211,324

)

Forfeited during the period

 

 

(30,929

)

 

 

 

 

 

(30,929

)

March 31, 2024

 

 

1,064,287

 

 

 

162,671

 

 

 

1,226,958

 

Specified by vesting year

 

 

 

 

 

 

 

 

 

2024

 

 

37,349

 

 

 

 

 

 

37,349

 

2025

 

 

398,411

 

 

 

65,893

 

 

 

464,304

 

2026

 

 

398,779

 

 

 

65,893

 

 

 

464,672

 

2027

 

 

229,748

 

 

 

30,885

 

 

 

260,633

 

March 31, 2024

 

 

1,064,287

 

 

 

162,671

 

 

 

1,226,958

 

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.

F-11


 

Warrant Activity

The following table specifies the warrant activity for the three months ended March 31, 2024:

 

Total
Warrants

 

 

Weighted
Average
Exercise Price

 

 

 

(Number)

 

 

(EUR)

 

Outstanding

 

 

 

 

 

 

January 1, 2024

 

 

6,523,784

 

 

 

86.38

 

Granted during the period

 

 

89,380

 

 

 

133.09

 

Exercised during the period

 

 

(516,980

)

 

 

39.72

 

Forfeited during the period

 

 

(64,686

)

 

 

107.73

 

March 31, 2024

 

 

6,031,498

 

 

 

90.52

 

Vested at March 31, 2024

 

 

4,921,235

 

 

 

85.39

 

The exercise prices of outstanding warrants under the Company’s warrant programs range from €11.98 to €145.50 depending on the grant dates.

 

Note 8—Share Capital

The share capital of Ascendis Pharma A/S consists of 58,224,419 fully paid shares at a nominal value of DKK 1, all in the same share class.

Note 9—Treasury Shares

The development in the holding of treasury shares is as follows:

 

Nominal
values

 

 

Holding

 

 

Holding in
% of total
outstanding
shares

 

 

(EUR’000)

 

 

(Number)

 

 

 

 

Treasury shares

 

 

 

 

 

 

 

 

 

January 1, 2024

 

 

146

 

 

 

1,093,054

 

 

 

1.9

%

Transferred under stock incentive programs

 

 

(28

)

 

 

(211,324

)

 

 

 

March 31, 2024

 

 

118

 

 

 

881,730

 

 

 

1.5

%

 

F-12


 

Note 10—Financial Assets and Liabilities

The following table specifies financial assets and liabilities:

 

March 31,
2024

 

 

December 31,
2023

 

 

(EUR’000)

 

Financial assets by category

 

 

 

 

 

 

Trade receivables

 

 

41,092

 

 

 

35,874

 

Other receivables (excluding income tax and indirect tax receivables)

 

 

4,845

 

 

 

3,909

 

Marketable securities

 

 

 

 

 

7,275

 

Cash and cash equivalents

 

 

320,239

 

 

 

392,164

 

Financial assets measured at amortized cost

 

 

366,176

 

 

 

439,222

 

Total financial assets

 

 

366,176

 

 

 

439,222

 

Classified in the statement of financial position

 

 

 

 

 

 

Non-current assets

 

 

2,129

 

 

 

2,127

 

Current assets

 

 

364,047

 

 

 

437,095

 

Total financial assets

 

 

366,176

 

 

 

439,222

 

 

 

 

 

 

 

Financial liabilities by category

 

 

 

 

 

 

Borrowings

 

 

 

 

 

 

Convertible senior notes

 

 

424,984

 

 

 

407,095

 

Royalty funding liabilities

 

 

146,233

 

 

 

138,377

 

Lease liabilities

 

 

97,797

 

 

 

98,793

 

Trade payables and accrued expenses

 

 

94,526

 

 

 

94,566

 

Other liabilities (excluding income tax, indirect tax, and employee related payables)

 

 

299

 

 

 

 

Financial liabilities measured at amortized cost

 

 

763,839

 

 

 

738,831

 

Derivative liabilities

 

 

197,291

 

 

 

143,296

 

Financial liabilities measured at fair value through profit or loss

 

 

197,291

 

 

 

143,296

 

Total financial liabilities

 

 

961,130

 

 

 

882,127

 

Classified in the statement of financial position

 

 

 

 

 

 

Non-current liabilities

 

 

229,627

 

 

 

222,996

 

Current liabilities

 

 

731,503

 

 

 

659,131

 

Total financial liabilities

 

 

961,130

 

 

 

882,127

 

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 March 31, 2024, the carrying amount of the convertible notes was €425.0 million, and the fair value was approximately €387.3 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.

F-13


 

Royalty Funding Liabilities

In September 2023, the Company entered into a $150.0 million capped synthetic royalty funding agreement (the “Royalty Pharma Agreement”) with Royalty Pharma (the “Purchaser”). The net proceeds were $146.3 million (€136.3 million) after deducting offering expenses.

Under the terms of the Royalty Pharma Agreement, the Company received an upfront payment of $150.0 million (the “Purchase Price”) in exchange for a 9.15% royalty on net U.S. SKYTROFA revenue, beginning on January 1, 2025 (the “Revenue Interest Payments”). The Revenue Interest Payments to the Purchaser will cease upon reaching a multiple of the Purchase Price of 1.925x, or 1.65x if the Purchaser receives Revenue Interest Payments in that amount by December 31, 2031.

The Royalty Pharma Agreement includes a buy-out option, which provides the Company with the right to settle all outstanding liabilities at any time by paying a buy-out amount equal to 1.925 times the Purchase Price minus the Revenue Interest Payments paid to the Purchaser as of the effective date of the buy-out notice. However, if the buy-out notice is provided on or prior to December 31, 2028, and the Company has paid the Purchaser Revenue Interest Payments equal to the Purchase Price as of the date of the buy-out notice, then the buy-out amount equal to 1.65 times the Purchase Price minus the Revenue Interest Payments paid to the Purchaser as of the effective date of the buy-out notice.

On March 31, 2024, the carrying amount of the royalty funding liabilities was €146.2 million, and the fair value was approximately €150.2 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 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 (50.20% and 50.47% as of March 31, 2024 and December 31, 2023, respectively).

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

Sensitivity Analysis

On March 31, 2024, all other inputs and assumptions held constant, a 10% relative increase in volatility, will increase the fair value of derivative liabilities by approximately €16.2 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 March 31, 2024, all other inputs and assumptions held constant, a 10% increase in the share price, will increase the fair value of derivative liabilities by approximately €35.5 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

Because of the short-term maturity for cash and cash equivalents, receivables and trade payables, their fair value approximate carrying amount. Fair value of lease liabilities are not disclosed. Fair value compared to carrying amount of marketable securities, convertible notes, royalty funding liabilities and derivative liabilities, 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.

F-14


 

 

March 31, 2024

 

December 31, 2023

 

 

 

Carrying
amount

 

Fair value

 

Carrying
amount

 

Fair value

 

Fair value level

 

(EUR’000)

 

(1-3)

Financial assets

 

 

 

 

 

 

 

 

 

 

Marketable securities

 

 

 

7,275

 

7,266

 

1

Financial assets measured at amortized cost

 

 

 

7,275

 

7,266

 

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

Convertible senior notes

 

424,984

 

387,321

 

407,095

 

385,410

 

3

Royalty funding liabilities

 

146,233

 

150,151

 

138,377

 

143,975

 

3

Financial liabilities measured at amortized cost

 

571,217

 

537,472

 

545,472

 

529,385

 

 

Derivative liabilities

 

197,291

 

197,291

 

143,296

 

143,296

 

3

Financial liabilities measured at fair value through profit or loss

 

197,291

 

197,291

 

143,296

 

143,296

 

 

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

 

 

2024

 

 

2023

 

 

(EUR’000)

 

Derivative liabilities

 

 

 

 

 

 

January 1

 

 

143,296

 

 

 

157,950

 

Remeasurement recognized in finance (income) or expense

 

 

53,995

 

 

 

(41,182

)

March 31

 

 

197,291

 

 

 

116,768

 

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 March 31, 2024. Further details regarding classification of convertible notes as current liabilities in the consolidated statement of financial position, are provided in Note 2, “Summary of Material Accounting Policies,” section “New and Amended Standards and Interpretations:”

 

< 1 year

 

 

1-5 years

 

 

>5 years

 

 

Total
contractual
cash-flows

 

 

Carrying
amount

 

 

(EUR’000)

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings (excluding lease liabilities)

 

 

11,967

 

 

 

773,386