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Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2019
Document and entity information [abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	Ascendis Pharma A/S
Entity Central Index Key	0001612042
Current Fiscal Year End Date	--12-31

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

3 Months Ended

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Profit or loss [abstract]

Revenue

€ 3,211

€ 18

€ 8,625

€ 46

Research and development costs

(43,826)

(40,235)

(95,085)

(70,775)

General and administrative expenses

(10,960)

(5,226)

(21,396)

(9,888)

Operating profit / (loss)

(51,575)

(45,443)

(107,856)

(80,617)

Share of profit / (loss) of associate

(2,262)

(4,114)

Finance income

3,362

22,573

4,917

16,270

Finance expenses

(8,494)

(6)

(5,623)

(11)

Profit / (loss) before tax

(58,969)

(22,876)

(112,676)

(64,358)

Tax on profit / (loss) for the period

135

206

Net profit / (loss) for the period

(58,904)

(22,777)

(112,541)

(64,152)

Items that may be reclassified subsequently to profit or loss:

Exchange differences on translating foreign operations

(594)

(35)

(7)

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

(594)

(35)

(7)

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

(59,498)

(22,775)

(112,576)

(64,159)

Profit / (loss) for the period attributable to owners of the Company

(58,904)

(22,777)

(112,541)

(64,152)

Total comprehensive income / (loss) for the period attributable to owners of the Company

€ (58,498)

€ (22,775)

€ (112,576)

€ (64,159)

Basic and diluted earnings / (loss) per share

€ (1.25)

€ (0.55)

€ (2.48)

€ (1.60)

Number of shares used for calculation (basic and diluted)

^[1]

47,190,717

41,650,907

45,291,688

40,182,701

[1]

A total of 5,199,177 warrants outstanding as of June 30, 2019 can potentially dilute earnings per share in the future, but have not been included in the calculation of diluted earnings per share because they are antidilutive for the periods presented. Similarly, a total of 4,479,691 warrants outstanding as of June 30, 2018 are also considered antidilutive for the periods presented and have not been included in the calculation.

Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income / (Loss) (Parenthetical) - shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Warrants [member]
Statement [LineItems]
Warrants outstanding	5,199,177	4,479,691

Condensed Consolidated Interim Statements of Financial Position - EUR (€) € in Thousands	Jun. 30, 2019	Dec. 31, 2018
Non-current assets
Intangible assets	€ 3,495	€ 3,495
Property, plant and equipment	42,537	4,325
Investment in associate	16,885	17,083
Deposits	1,410	1,158
Total non-current assets	64,327	26,061
Current assets
Trade receivables		6
Other receivables	1,451	1,775
Prepayments	9,891	12,415
Income taxes receivable	1,133	849
Cash and cash equivalents	690,355	277,862
Total current assets	702,830	292,907
Total assets	767,157	318,968
Equity
Share capital	6,384	5,659
Distributable equity	668,691	274,391
Total equity	675,075	280,050
Non-current liabilities
Lease liabilities	31,461
Total non-current liabilities	31,461
Current liabilities
Lease liabilities	4,841
Contract liabilities	2,156	6,902
Trade payables	21,235	19,740
Other payables	32,337	12,267
Income taxes payable	52	9
Total current liabilities	60,621	38,918
Total liabilities	92,082	38,918
Total equity and liabilities	€ 767,157	€ 318,968

Condensed Consolidated Interim Statements of Changes in Equity - EUR (€) € in Thousands	Total	Issued Capital [member]	Share Premium [member]	Foreign Currency Translation Reserve [member]	Share-based Payment Reserve [member]	Accumulated Deficit [member]
Equity at Dec. 31, 2017	€ 187,211	€ 4,967	€ 422,675	€ (14)	€ 22,793	€ (263,210)
Statement [LineItems]
Loss for the period	(64,152)					(64,152)
Other comprehensive income / (loss), net of tax	(7)			(7)
Total comprehensive income / (loss)	(64,159)			(7)		(64,152)
Share-based payment (Note 6)	8,901				8,901
Capital increase	213,390	652	212,738
Cost of capital increase	(13,118)		(13,118)
Equity at Jun. 30, 2018	332,225	5,619	622,295	(21)	31,694	(327,362)
Equity at Dec. 31, 2018	280,050	5,659	625,250	3	42,445	(393,307)
Statement [LineItems]
Loss for the period	(112,541)					(112,541)
Other comprehensive income / (loss), net of tax	(35)			(35)
Total comprehensive income / (loss)	(112,576)			(35)		(112,541)
Share-based payment (Note 6)	18,130				18,130
Capital increase	521,172	725	520,447
Cost of capital increase	(31,701)		(31,701)
Equity at Jun. 30, 2019	€ 675,075	€ 6,384	€ 1,113,996	€ (32)	€ 60,575	€ (505,848)

- 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
-Name IAS
-Number 7
-IssueDate 2018-01-01
-Paragraph 18
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=7&date=2018-03-01&anchor=para_18_b&doctype=Standard
-URIDate 2018-03-16

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2018-01-01
-Paragraph 24
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=1&date=2018-03-01&anchor=para_24_b&doctype=Standard
-URIDate 2018-03-16

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2018-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=1&date=2018-03-01&anchor=para_32_a_ii&doctype=Standard
-URIDate 2018-03-16

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2018-01-01
-Paragraph 28
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=8&date=2018-03-01&anchor=para_28_b&doctype=Standard
-URIDate 2018-03-16

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
-Number 4
-IssueDate 2018-01-01
-Paragraph 39L
-Subparagraph e
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=4&date=2018-03-02&anchor=para_39L_e&doctype=Standard&book=b
-URIDate 2018-03-16

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2018-01-01
-Paragraph 23
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=8&date=2018-03-01&anchor=para_23&doctype=Standard
-URIDate 2018-03-16

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2018-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=12&date=2018-03-01&anchor=para_B10_b&doctype=Appendix&seq=2
-URIDate 2018-03-16

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2018-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2018-03-01&anchor=para_106_d_i&doctype=Standard
-URIDate 2018-03-16

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2021-01-01
-Name IFRS
-Number 17
-IssueDate 2018-01-01
-Paragraph 113
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=17&date=2018-03-01&anchor=para_113_b&doctype=Standard
-URIDate 2018-03-16

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2018-01-01
-Paragraph 81A
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2018-03-01&anchor=para_81A_a&doctype=Standard
-URIDate 2018-03-16

+ Details

Condensed Consolidated Interim Cash Flow Statements - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating activities
Net profit / (loss) for the period	€ (58,904)	€ (22,777)	€ (112,541)	€ (64,152)
Reversal of non-cash consideration relating to revenue			(3,876)
Reversal of share of profit/(loss) of associate	2,262		4,114
Reversal of finance income	(3,362)	(22,573)	(4,917)	(16,270)
Reversal of finance expenses	8,494	6	5,623	11
Reversal of tax charge	(65)	(99)	(135)	(206)
Adjustments for:
Share-based payment			18,130	8,901
Depreciation and amortization			2,800	397
Changes in working capital:
Deposits			(252)	(822)
Trade receivables			6	171
Other receivables			324	(416)
Prepayments			2,523	973
Contract liabilities (deferred income)			(4,746)
Trade payables and other payables			21,490	12,839
Cash flows generated from / (used in) operations			(71,457)	(58,574)
Finance income received			4,917	2,004
Finance expenses paid			(109)	(11)
Income taxes received / (paid)			(106)	(270)
Cash flows from / (used in) operating activities			(66,755)	(56,851)
Investing activities
Acquisition of property, plant and equipment			(2,780)	(437)
Cash flows from / (used in) investing activities			(2,780)	(437)
Financing activities
Payment of finance lease liabilities			(2,264)
Capital increase			521,172	213,390
Cost of capital increase			(31,701)	(13,118)
Cash flows from / (used in) financing activities			487,207	200,272
Increase / (decrease) in cash and cash equivalents			417,672	142,984
Cash and cash equivalents at January 1			277,862	195,351
Effect of exchange rate changes on balances held in foreign currencies			(5,179)	14,266
Cash and cash equivalents at June 30	690,355	352,601	690,355	352,601
Restricted cash included in cash and cash equivalents	€ 7,063	€ 5,468	€ 7,063	€ 5,468

General Information	6 Months Ended
General Information	Jun. 30, 2019
Text block [abstract]
General Information	Note 1—General Information Ascendis Pharma A/S, together with its subsidiaries, is a biopharmaceutical company applying its innovative TransCon technologies to build a leading, fully integrated biopharmaceutical company. Ascendis Pharma A/S was incorporated in 2006 and is headquartered in Hellerup, Denmark. Unless the context otherwise requires, references to the “Company,” “we,” “us” and “our” refer to Ascendis Pharma A/S and its subsidiaries. The address of the Company’s registered office is Tuborg Boulevard 12, DK-2900, Hellerup, Denmark. On February 2, 2015, the Company completed an initial public offering, or IPO, which resulted in the listing of American Depositary Shares, or ADSs, representing the Company’s ordinary shares, under the symbol “ASND” in the United States on The Nasdaq Global Select Market. The Company’s Board of Directors approved these unaudited condensed consolidated interim financial statements on August 28, 2019.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2019

Text block [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 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 annual consolidated financial statements for the year ended December 31, 2018 and accompanying notes, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board, and as adopted by the European Union.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 3.

Changes in Accounting Policies

As of January 1, 2019, the Company has adopted IFRS 16, “Leases” (“IFRS 16”). IFRS 16 requires, with a few exceptions, lessees to recognize assets (“right-of-use assets”) and liabilities for most leases. Accordingly, lease payments under contracts previously classified as operating leases, will be recognized over the non-cancellable lease period as depreciation included in research and development costs and general and administrative expenses, and as interest expenses included in finance expenses. Previously, lease payments under operating leases were recognized as research and development costs and general and administrative expenses.

Impact from IFRS 16 “Leases”

The Company primarily leases office- and laboratory facilities, and equipment. Lease arrangements are typically entered into for fixed periods but may have extension options, and options to terminate the lease within the enforceable lease term. Lease terms are negotiated on an individual basis and contain a range of different terms and conditions.

We have implemented IFRS 16 by applying the modified retrospective approach. Accordingly, no comparative information is restated. The lease liability and corresponding right-of-use assets is measured at the present value of the remaining lease payments, discounted using an estimated incremental borrowing rate at January 1, 2019.

In connection with the transition to IFRS 16, we have reviewed our operating lease agreements’ contractual terms including lease payment structure. Fixed payments, and variable lease payments that depend on an index or a rate, are included in lease payments, whereas variable lease payments are excluded. Additionally, payments related to non-lease components are excluded, and thus treated as either research and development costs, or general and administrative expenses.

For lease arrangements other than those relating to short-term leases and leases of low value assets, lease liabilities have been determined according to the fixed lease payments and variable lease payments that depend on an index or a rate in the non-cancellable periods, discounted by the incremental borrowing rate. Accordingly, at January 1, 2019, we have recognized a lease liability of €17.7 million.

Operating lease commitments under IAS 17 “Leases”, and as disclosed for the annual reporting period ended December 31, 2018 was €19.6 million. The transition to the lease liabilities recognized in the unaudited condensed consolidated interim financial position at January 1, 2019, in accordance with IFRS 16, is summarized below:


	(EUR ‘000)
Operating lease commitments as per December 31, 2018		19,627
Short-term contracts, and low value assets		(169	)

Undiscounted, operating lease commitments as per January 1, 2019		19,458

Lease liabilities discounted by incremental borrowing rates as per January 1, 2019		17,700

At January 1, 2019, right-of-use assets of €18.4 million, which include prepaid leases, were recognized as property, plant and equipment.

The transition to IFRS 16 had no impact on retained earnings.

Separate note disclosures on right-of-use assets, and lease liabilities and payments for the six months ended June 30, 2019, are included in Note 7.

Several other amendments to and interpretations of IFRS apply for the first time in 2019, but do not have an impact on the accounting policies applied by the Company. Thus, except for the adoption of IFRS 16, the accounting policies applied when preparing these unaudited condensed consolidated interim financial statements have been applied consistently to all the periods presented, unless otherwise stated, and are consistent with those of the Company’s most recent audited annual consolidated financial statements.

A description of our accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2018.

Critical Accounting Judgments and Key Sources of Estimation Uncertainty	6 Months Ended
	Jun. 30, 2019
Text block [abstract]
Critical Accounting Judgments and Key Sources of Estimation Uncertainty	Note 3—Critical Accounting Judgments and Key Sources of Estimation Uncertainty In the application of our accounting policies, we are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgments made in the process of applying our accounting policies and that have the most significant effect on the amounts recognized in our unaudited condensed consolidated interim financial statements relate to revenue recognition, share-based payment, internally generated intangible assets, joint arrangements / collaboration agreements, and to our investment in associate. The key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year relate to recognition of accruals for manufacturing and clinical trial activities. No significant adjustments to accruals have been recognized during the first six months of 2019 or 2018, due to conditions that existed at December 31, 2018, or 2017. Additionally, there have been no changes to the application of significant accounting estimates, and no impairment losses have been recognized during the first six months of 2019 or 2018. In connection with adopting IFRS 16, the following are assessed as key assumptions concerning estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amount of right-to-use assets and lease liabilities within the next financial year. *Determining Lease Term* Certain lease arrangements provide us with a contractual right (not obligation) to either extend the lease after the initial term, or to terminate the lease within the enforceable lease term, i.e. periods where lessor cannot terminate the lease. Those options cover periods in the range from 1-6 years in addition to the non-cancellable periods. Based on our assessment at June 30, 2019, the lease terms reflect only the non-cancellable periods. *Incremental Borrowing Rate* Lease payments are discounted over the non-cancellable periods, applying each contract’s incremental borrowing rate. In determining incremental borrowing rates, we have considered the contracts’ specific repayment profiles and relevant currencies, and thus applied a corresponding risk-free interest rate, credit spread and eventual asset specific adjustment. The incremental borrowing rates applied are 2.5% and 4.25-5.0% for lease contracts denominated in EUR or Danish Kroner, and US Dollars, respectively. The unaudited condensed consolidated interim financial statements do not include all disclosures for critical accounting estimates and judgments that are required in the annual consolidated financial statements and should be read in conjunction with the Company’s annual consolidated financial statements for the year ended December 31, 2018.

Revenue

6 Months Ended

Jun. 30, 2019

Text block [abstract]

Revenue

Note 4—Revenue


	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(EUR’000)				(EUR’000)
Revenue from the rendering of services		1,873		18		7,287		46
License income		1,338		—		1,338		—

Total revenue ⁽¹⁾		3,211		18		8,625		46

Revenue from external customers (geographical)
North America		3,211		18		8,625		46

Total revenue ⁽¹⁾		3,211		18		8,625		46

(1)	For the three and six months ended June 30, 2019, “Total revenue” includes deferred revenue from associate of €2,295 thousand, and €3,876 thousand, respectively.

Segment Information	6 Months Ended
Segment Information	Jun. 30, 2019
Text block [abstract]
Segment Information	Note 5—Segment Information We are 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, we do not disclose information on business segments or geographical markets, except for the geographical information on revenue included in Note 4.

Warrants and Share-based Payment

6 Months Ended

Jun. 30, 2019

Text block [abstract]

Warrants and Share-based Payment

Note 6—Warrants and Share-based Payment

Share-based payment

Ascendis Pharma A/S has established warrant programs, equity-settled share-based payment transactions, as an incentive for all of our employees, members of our Board of Directors and select external consultants.

Warrants are granted by the Board of Directors in accordance with authorizations given to it by the shareholders of Ascendis Pharma A/S. As of June 30, 2019, 8,304,687 warrants had been granted, of which 19,580 warrants have been cancelled, 2,830,617 warrants have been exercised, 2,168 warrants have expired without being exercised, and 253,145 warrants have been forfeited. As of June 30, 2019, our Board of Directors was authorized to grant up to 2,311,625 additional warrants to our employees, board members and select consultants without pre-emptive subscription rights for the shareholders of Ascendis Pharma A/S. 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 our ordinary shares at the time of grant as determined by our Board of Directors. The exercise prices of outstanding warrants under our warrant programs range from €6.48 to €107.14 depending on the grant dates. Vested warrants may be exercised in two or four annual exercise periods. Apart from exercise prices and exercise periods, the programs are similar.

Warrant Activity

The following table specifies the warrant activity during the six months ended June 30, 2019:


	Total Warrants			Weighted Average Exercise Price EUR
Outstanding at January 1, 2019		5,611,629			29.03

Granted during the period		226,500			95.34
Exercised during the period		(618,089	)		15.08
Forfeited during the period		(20,863	)		44.38
Expired during the period		—			—

Outstanding at June 30, 2019		5,199,177			33.52

Vested at the balance sheet date		2,482,458			20.46

Warrant Compensation Costs

Warrant compensation costs are determined with basis in the grant date fair value of the warrants granted and recognized over the vesting period.

Three Months Ended
June 30,

Six Months Ended
June 30,

2019

2018

2019

2018

(EUR’000)

Research and development costs

5,244

1,964

10,179

4,349

General and administrative expenses

3,451

2,258

7,951

4,552

Total warrant compensation costs

8,695

4,222

18,130

8,901

Leases

6 Months Ended

Jun. 30, 2019

Text block [abstract]

Leases

Note 7—Leases

The following sections summarize the disclosures of the Company’s lease arrangements for the six months ended June 30, 2019. Additional information on the exposure from the Company’s lease arrangements is included in Note 2 and 3.

Right-of-use Assets

As of June 30, 2019, the total balance of property, plant and equipment of €42.5 million includes right-of-use-assets of €36.0 million. For the six months ended June 30, 2019, additions to right-of-use assets was €19.8 million and relates to office- and laboratory facilities.

As of June 30, 2019, depreciation on right-of-use assets amounts to €2.2 million, recognized as research and development costs, and general and administrative expenses, by €1.7 million and €0.5 million, respectively.

Lease Liabilities and Payments

In the unaudited condensed consolidated interim statement of financial position as of June 30, 2019, the carrying amount of lease liabilities of €36.3 million is presented as non-current and current liabilities by €31.5 million and €4.8 million, respectively.

The table below summarizes the maturity profile of the Company’s lease liabilities based on contractual undiscounted payments:

Carrying
amount

< 1 year

1-5 years

>5 years

Total
contractual
cashflows

(EUR’000)

June 30, 2019

Lease liabilities

36,302

4,931

19,603

18,440

42,974

For the six months ended June 30, 2019, interest on lease liabilities amounts to €0.3 million, which is recognized as finance expenses.

Payments relating to short-term leases and leases of low value assets are recognized either as research and development costs or general and administrative expenses, respectively, on a straight-line basis according to their lease term. Additionally, lease payments classified as variable, that do not depend on an index or a rate, are expensed as incurred.

As of June 30, 2019, the Company’s commitments for short-term leases, and leases of low-value assets, are deemed immaterial for the unaudited condensed consolidated interim financial statements.

Share Capital	6 Months Ended
Share Capital	Jun. 30, 2019
Text block [abstract]
Share Capital	Note 8—Share Capital The share capital of Ascendis Pharma A/S consists of 47,545,204 shares at a nominal value of DKK 1, all in the same share class. On March 14, 2019, the Company completed the sale and issuance of 4,791,667 ADSs in a public offering, increasing the Company’s share capital from 42,135,448 shares to 46,927,115 shares. In April and June 2019, an aggregate of 618,089 warrants were exercised, increasing the Company’s share capital from 46,927,115 shares to 47,545,204 shares.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2019
Text block [abstract]
Subsequent Events	Note 9—Subsequent Events No events have occurred after the balance sheet date that would have a significant impact on the results or financial position of the Company.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2019

Text block [abstract]

Basis of Preparation

Basis of Preparation

Changes in Accounting Policies

Changes in Accounting Policies

Impact from IFRS 16 “Leases”


	(EUR ‘000)
Operating lease commitments as per December 31, 2018		19,627
Short-term contracts, and low value assets		(169	)

Undiscounted, operating lease commitments as per January 1, 2019		19,458

Lease liabilities discounted by incremental borrowing rates as per January 1, 2019		17,700

At January 1, 2019, right-of-use assets of €18.4 million, which include prepaid leases, were recognized as property, plant and equipment.

The transition to IFRS 16 had no impact on retained earnings.

Separate note disclosures on right-of-use assets, and lease liabilities and payments for the six months ended June 30, 2019, are included in Note 7.

A description of our accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2018.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2019

Text block [abstract]

Summary of Lease Liabilities Recognized in Unaudited Condensed Consolidated Interim Financial Position

The transition to the lease liabilities recognized in the unaudited condensed consolidated interim financial position at January 1, 2019, in accordance with IFRS 16, is summarized below:


	(EUR ‘000)
Operating lease commitments as per December 31, 2018		19,627
Short-term contracts, and low value assets		(169	)

Undiscounted, operating lease commitments as per January 1, 2019		19,458

Lease liabilities discounted by incremental borrowing rates as per January 1, 2019		17,700

Revenue (Tables)

6 Months Ended

Jun. 30, 2019

Text block [abstract]

Schedule of Revenue Recognized in Statement of Profit or Loss


	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(EUR’000)				(EUR’000)
Revenue from the rendering of services		1,873		18		7,287		46
License income		1,338		—		1,338		—

Total revenue ⁽¹⁾		3,211		18		8,625		46

Revenue from external customers (geographical)
North America		3,211		18		8,625		46

Total revenue ⁽¹⁾		3,211		18		8,625		46

(1)	For the three and six months ended June 30, 2019, “Total revenue” includes deferred revenue from associate of €2,295 thousand, and €3,876 thousand, respectively.

Warrants and Share-based Payment (Tables)

6 Months Ended

Jun. 30, 2019

Statement [LineItems]

Summary of Warrant Compensation Cost

Warrant compensation costs are determined with basis in the grant date fair value of the warrants granted and recognized over the vesting period.

Three Months Ended
June 30,

Six Months Ended
June 30,

2019

2018

2019

2018

(EUR’000)

Research and development costs

5,244

1,964

10,179

4,349

General and administrative expenses

3,451

2,258

7,951

4,552

Total warrant compensation costs

8,695

4,222

18,130

8,901

Warrants [member]

Statement [LineItems]

Summary of Warrant Activity

The following table specifies the warrant activity during the six months ended June 30, 2019:


	Total Warrants			Weighted Average Exercise Price EUR
Outstanding at January 1, 2019		5,611,629			29.03

Granted during the period		226,500			95.34
Exercised during the period		(618,089	)		15.08
Forfeited during the period		(20,863	)		44.38
Expired during the period		—			—

Outstanding at June 30, 2019		5,199,177			33.52

Vested at the balance sheet date		2,482,458			20.46

Leases (Tables)

6 Months Ended

Jun. 30, 2019

Text block [abstract]

Summary of Maturity Profile of Lease Liabilities

The table below summarizes the maturity profile of the Company’s lease liabilities based on contractual undiscounted payments:

Carrying
amount

< 1 year

1-5 years

>5 years

Total
contractual
cashflows

(EUR’000)

June 30, 2019

Lease liabilities

36,302

4,931

19,603

18,440

42,974

Summary of Significant Accounting Policies - Additional Information (Detail) - EUR (€) € in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Disclosure of summary of significant accounting policies [abstract]
Lease liabilities	€ 36,302	€ 17,700
Operating lease commitments			€ 19,627
Right-of-use assets	€ 36,000	€ 18,400

Summary of Significant Accounting Policies - Summary of Lease Liabilities Recognized in Unaudited Condensed Consolidated Interim Financial Position (Detail) - EUR (€) € in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Presentation of leases for lessee [abstract]
Operating lease commitments as per December 31, 2018			€ 19,627
Short-term contracts, and low value assets			€ (169)
Undiscounted, operating lease commitments as per January 1, 2019		€ 19,458
Lease liabilities discounted by incremental borrowing rates as per January 1, 2019	€ 36,302	€ 17,700

Critical Accounting Judgments and Key Sources of Estimation Uncertainty - Additional Information (Detail) - EUR (€)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Disclosure of changes in accounting estimates [line items]
Impairment loss	€ 0	€ 0
Bottom of range [member]
Disclosure of changes in accounting estimates [line items]
Optional Lease Extension Period	1 year
Top of range [member]
Disclosure of changes in accounting estimates [line items]
Optional Lease Extension Period	6 years
EUR or Danish Kroner [member]
Disclosure of changes in accounting estimates [line items]
Percentage borrowings denominated in rate	2.50%
US Dollars [member] \| Bottom of range [member]
Disclosure of changes in accounting estimates [line items]
Percentage borrowings denominated in rate	4.25%
US Dollars [member] \| Top of range [member]
Disclosure of changes in accounting estimates [line items]
Percentage borrowings denominated in rate	5.00%

Revenue - Schedule of Revenue Recognized in Statements of Profit or Loss (Detail) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disclosure of operating segments [line items]
Revenue from the rendering of services	€ 1,873	€ 18	€ 7,287	€ 46
License income	1,338		1,338
Total revenue	3,211	18	8,625	46
Revenue from external customers (geographical)
Total revenue	3,211	18	8,625	46
Total revenue	3,211	18	8,625	46
North America [member]
Disclosure of operating segments [line items]
Total revenue	3,211	18	8,625	46
Revenue from external customers (geographical)
Total revenue	3,211	18	8,625	46
Total revenue	€ 3,211	€ 18	€ 8,625	€ 46

- Definition

The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2018-01-01
-Paragraph 28
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=8&date=2018-03-01&anchor=para_28_a&doctype=Standard
-URIDate 2018-03-16

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2018-01-01
-Paragraph 23
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=8&date=2018-03-01&anchor=para_23_a&doctype=Standard
-URIDate 2018-03-16

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2018-01-01
-Paragraph 32
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=8&date=2018-03-01&anchor=para_32&doctype=Standard
-URIDate 2018-03-16

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2018-01-01
-Paragraph 33
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=8&date=2018-03-01&anchor=para_33_a&doctype=Standard
-URIDate 2018-03-16

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2018-01-01
-Paragraph 34
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=8&date=2018-03-01&anchor=para_34&doctype=Standard
-URIDate 2018-03-16

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2018-01-01
-Paragraph 82
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2018-03-01&anchor=para_82_a&doctype=Standard
-URIDate 2018-03-16

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2018-01-01
-Paragraph 103
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2018-03-01&anchor=para_103&doctype=Standard
-URIDate 2018-03-16

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2018-01-01
-Paragraph 102
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2018-03-01&anchor=para_102&doctype=Standard
-URIDate 2018-03-16

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2018-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=5&date=2018-03-01&anchor=para_33_b_i&doctype=Standard
-URIDate 2018-03-16

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2018-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=12&date=2018-03-01&anchor=para_B12_b_v&doctype=Appendix&seq=2
-URIDate 2018-03-16

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2018-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=12&date=2018-03-01&anchor=para_B10_b&doctype=Appendix&seq=2
-URIDate 2018-03-16

+ Details

Revenue - Schedule of Revenue Recognized in Statements of Profit or Loss (Parenthetical) (Detail) - EUR (€) € in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Disclosure of operating segments [abstract]
Deferred revenue from associate	€ 2,295	€ 3,876

Segment Information - Additional Information (Detail)	6 Months Ended
Segment Information - Additional Information (Detail)	Jun. 30, 2019 Segment
Disclosure of operating segments [abstract]
Number of reportable segment	1

Warrants and Share-based Payment - Warrant Activity - Additional Information (Detail)	3 Months Ended	6 Months Ended
	Jun. 30, 2019 EUR (€) shares	Jun. 30, 2019 EUR (€) shares	Jun. 30, 2019 kr / shares	Dec. 31, 2018 kr / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share nominal value \| kr / shares				kr 1
Warrants [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Aggregate number of other equity instruments granted		8,304,687
Aggregate number of other equity instruments cancelled \| shares	19,580	19,580
Aggregate number of other equity instruments exercised	618,089	2,830,617
Aggregate number of other equity instruments expired		2,168
Aggregate number of other equity instruments forfeited		253,145
Number of other equity instruments authorized	2,311,625	2,311,625
Share nominal value \| kr / shares			kr 1
Warrants [member] \| Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price \| €	€ 6.48	€ 6.48
Warrants [member] \| Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price \| €	€ 107.14	€ 107.14

Warrants and Share-based Payment - Schedule of Warrant Activity (Detail) - Warrants [member]	6 Months Ended
	Jun. 30, 2019 EUR (€)
Disclosure Of Warrant Activity [line items]
Beginning balance	5,611,629
Granted during the period	226,500
Exercised during the period	(618,089)
Forfeited during the period	(20,863)
Expired during the period	0
Ending balance	5,199,177
Vested at the balance sheet date	2,482,458
Beginning balance	€ 29.03
Granted during the period	95.34
Exercised during the period	15.08
Forfeited during the period	44.38
Expired during the period	0.00
Ending balance	33.52
Vested at the balance sheet date	€ 20.46

Warrants and Share-based Payment - Summary of Warrant Compensation Cost (Detail) - Warrants [member] - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total warrant compensation costs	€ 8,695	€ 4,222	€ 18,130	€ 8,901
Research and development cost [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total warrant compensation costs	5,244	1,964	10,179	4,349
General and administrative expense [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total warrant compensation costs	€ 3,451	€ 2,258	€ 7,951	€ 4,552

Leases - Additional Information (Detail) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Disclosure of quantitative information about right-of-use assets [line items]
Property , plant and equipment	€ 42,537		€ 4,325
Right-of-use-assets	36,000	€ 18,400
Additions in right-of-use-assets	19,800
Depreciation on right-of-use-assets	2,200
Carrying amount of lease liabilities	36,302	€ 17,700
Non-current lease liabilities	31,461
Current lease liabilities	4,841
Interest on lease liabilities	300
Research and Development Costs [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation on right-of-use-assets	1,700
General and Administrative Expenses [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation on right-of-use-assets	€ 500

Leases - Summary of Maturity Profile of Lease Liabilities (Detail) - EUR (€) € in Thousands	Jun. 30, 2019	Jan. 01, 2019
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	€ 36,302	€ 17,700
Lease liabilities undiscounted cash flows	42,974
Within 1 year [member]
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	4,931
Within 1 to 5 years [member]
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	19,603
After 5 years [member]
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	€ 18,440

Share Capital - Additional Information (Detail)		3 Months Ended	6 Months Ended
Share Capital - Additional Information (Detail)	Mar. 14, 2019 shares	Jun. 30, 2019 kr / shares shares	Jun. 30, 2019 kr / shares shares	Mar. 13, 2019 shares	Dec. 31, 2018 kr / shares shares
Disclosure of classes of share capital [line items]
Number of shares issued					47,545,204
Share nominal value \| kr / shares					kr 1
Number of shares issued public offering	4,791,667
Number of shares outstanding	46,927,115	47,545,204	47,545,204	42,135,448
Warrants [member]
Disclosure of classes of share capital [line items]
Share nominal value \| kr / shares		kr 1	kr 1
Aggregate number of warrants exercised		618,089	2,830,617