0001193125-20-290930 | 6-K | XBRL Viewer

Cover Page	9 Months Ended
Cover Page	Sep. 30, 2020
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
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 Comprehensive Income / (Loss) - EUR (€)
€ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Profit or loss [abstract]

Revenue

€ 2,757

€ 2,243

€ 6,418

€ 10,868

Research and development costs

(64,059)

(46,258)

(185,152)

(141,343)

Selling, general, and administrative expenses

(17,523)

(10,000)

(56,243)

(31,396)

Operating profit / (loss)

(78,825)

(54,015)

(234,977)

(161,871)

Share of profit / (loss) of associate

(3,101)

(1,338)

(6,501)

(5,452)

Finance income

136

30,547

1,677

30,285

Finance expenses

(39,970)

(368)

(40,391)

(812)

Profit / (loss) before tax

(121,760)

(25,174)

(280,192)

(137,850)

Tax on profit / (loss) for the period

202

196

Net profit / (loss) for the period

(121,741)

(25,113)

(279,990)

(137,654)

Attributable to owners of the Company

€ (121,741)

€ (25,113)

€ (279,990)

€ (137,654)

Basic and diluted earnings / (loss) per share

€ (2.31)

€ (0.53)

€ (5.64)

€ (2.99)

Number of shares used for calculation (basic and diluted)

^[1]

52,715,204

47,590,837

49,647,471

46,066,493

Statement of comprehensive income [abstract]

Net profit / (loss) for the period

€ (121,741)

€ (25,113)

€ (279,990)

€ (137,654)

Items that may be reclassified subsequently to profit or loss:

Exchange differences on translating foreign operations

(75)

(136)

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

(75)

(136)

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

(121,816)

(25,076)

(280,126)

(137,652)

Attributable to owners of the Company

€ (121,816)

€ (25,076)

€ (280,126)

€ (137,652)

[1]

A total of 5,527,218 warrants outstanding as of September 30, 2020 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 5,138,389 warrants outstanding as of September 30, 2019 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 Comprehensive Income / (Loss) (Parenthetical) - shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Warrants [member]
Statement [LineItems]
Warrants outstanding	5,527,218	5,138,389

Condensed Consolidated Interim Statements of Financial Position - EUR (€) € in Thousands	Sep. 30, 2020	Dec. 31, 2019
Non-current assets
Intangible assets	€ 4,653	€ 3,495
Property, plant and equipment	47,325	45,069
Investment in associate	11,574	15,538
Deposits	1,243	1,463
Marketable securities	27,728
Total non-current assets	92,523	65,565
Current assets
Trade receivables	2,722	804
Other receivables	4,511	3,136
Prepayments	15,266	7,648
Income taxes receivable	1,305	1,473
Marketable securities	166,343
Cash and cash equivalents	763,454	598,106
Total current assets	953,601	611,167
Total assets	1,046,124	676,732
Equity
Share capital	7,172	6,443
Distributable equity	944,413	590,671
Total equity	951,585	597,114
Non-current liabilities
Lease liabilities	26,952	30,720
Other payables	3,160	908
Total non-current liabilities	30,112	31,628
Current liabilities
Lease liabilities	6,328	5,899
Contract liabilities	223	858
Trade payables and accrued expenses	38,108	27,765
Other payables	19,549	13,349
Income taxes payable	219	119
Total current liabilities	64,427	47,990
Total liabilities	94,539	79,618
Total equity and liabilities	€ 1,046,124	€ 676,732

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, 2018	€ 280,050	€ 5,659	€ 625,250	€ 3	€ 42,445	€ (393,307)
Statement [LineItems]
Loss for the period	(137,654)					(137,654)
Other comprehensive income / (loss), net of tax	2			2
Total comprehensive income / (loss) for the period, net of tax	(137,652)			2		(137,654)
Transactions with Owners
Share-based payment (Note 7)	26,205				26,205
Capital increase	524,023	751	523,272
Cost of capital increase	(31,701)		(31,701)
Equity at Sep. 30, 2019	660,925	6,410	1,116,821	5	68,650	(530,961)
Equity at Dec. 31, 2019	597,114	6,443	1,122,097	(34)	79,931	(611,323)
Statement [LineItems]
Loss for the period	(279,990)					(279,990)
Other comprehensive income / (loss), net of tax	(136)			(136)
Total comprehensive income / (loss) for the period, net of tax	(280,126)			(136)		(279,990)
Transactions with Owners
Share-based payment (Note 7)	38,781				38,781
Capital increase	627,189	729	626,460
Cost of capital increase	(31,373)		(31,373)
Equity at Sep. 30, 2020	€ 951,585	€ 7,172	€ 1,717,184	€ (170)	€ 118,712	€ (891,313)

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Interim Cash Flow Statements - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net profit / (loss) for the period	€ (279,990)	€ (137,654)
Reversal of non-cash consideration relating to revenue	(2,850)	(5,334)
Reversal of share of profit / (loss) of associate	6,501	5,452
Reversal of finance income	(1,677)	(30,285)
Reversal of finance expenses	40,391	812
Reversal of tax charge	(202)	(196)
Adjustments for:
Share-based payment	38,781	26,205
Depreciation	6,462	4,716
Changes in working capital:
Receivables	(2,082)	(285)
Prepayments	(7,618)	4,478
Contract liabilities (deferred income)	(635)	(5,529)
Trade payables, accrued expenses, and other payables	20,732	3,596
Cash flows generated from / (used in) operations	(182,187)	(134,024)
Finance income received	1,653	8,087
Finance expenses paid	(1,152)	(526)
Income taxes received / (paid)	470	(237)
Cash flows from / (used in) operating activities	(181,216)	(126,700)
Investing activities
Acquisition of property, plant and equipment	(15,596)	(4,030)
Reimbursement from acquisition of property, plant and equipment	4,004
Development expenditures (software)	(734)
Purchase of marketable securities	(340,391)
Settlement of marketable securities	132,650
Cash flows from / (used in) investing activities	(220,067)	(4,030)
Financing activities
Payment of lease liabilities	(3,480)	(2,992)
Capital increase	627,189	524,023
Cost of capital increase	(31,373)	(31,701)
Cash flows from / (used in) financing activities	592,336	489,330
Increase / (decrease) in cash and cash equivalents	191,053	358,600
Cash and cash equivalents at January 1	598,106	277,862
Effect of exchange rate changes on balances held in foreign currencies	(25,705)	22,198
Cash and cash equivalents at September 30	763,454	658,660
Bank deposits	719,698	658,660
Short-term marketable securities	43,756
Cash and cash equivalents at September 30	€ 763,454	€ 658,660

General Information

9 Months Ended

Sep. 30, 2020

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 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 November 11, 2020.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

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 annual consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended December 31, 2019 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 accounting policies applied are consistent with those of the previous financial year. 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, 2019. In addition, our accounting policies for marketable securities, and internally generated intangible assets regarding software, applied for the first time in this reporting period, are described below.

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.

Marketable Securities

Marketable securities may comprise government bonds, treasury bills, commercial papers, and other securities traded on established markets. In addition, our investment policy only allows investments in marketable securities having investment grade credit-ratings, assigned by international credit-rating agencies.

Marketable securities are primarily held to mitigate concentration of credit risks on cash deposits and preserve capital. In addition, we manage our liquidity risk by maintaining adequate cash reserves and banking facilities, and by matching the maturity profiles of financial assets including marketable securities, with cash-forecasts including payment profiles on liabilities.

At initial recognition (trade-date), contractual terms of individual securities are analyzed to determine whether these give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding. This assessment is referred to as the SPPI-test. All marketable securities held at the reporting date, have passed the SPPI-test.

Marketable securities are initially recognized at fair value at trade date, and subsequently measured at amortized cost and are subject to impairment to accommodate expected credit loss. Gains and losses are recognized in the consolidated statement of profit or loss when the specific security or portfolio of securities is derecognized, modified or impaired.

Marketable securities, having maturity profiles of three months or less on the date of acquisition are presented as cash equivalents in the consolidated statements of financial position, where securities, having maturities of more than three months on the date of acquisition are presented separately as marketable securities as current

(i.e., those maturing

within 12 months at the reporting date) or

non-current

assets, as appropriate.

Internally Generated Intangible Assets regarding Software

Software assets, that is internally developed, comprise administrative applications and serve general purposes to support operations.

Development costs that are directly attributable to the design, customization, implementation, and testing of identifiable and unique software assets controlled by the Company are recognized as intangible assets from the time that; (1) the software asset is clearly defined and identifiable; (2) technological feasibility, adequate resources to complete, and an internal use of the software asset can be demonstrated; (3) the expenditure attributable to the software asset can be measured reliably; and (4) the Company has the intention to use the software asset internally.

Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when the development is complete, and the asset is available for use. Software assets are amortized over the period of expected future benefits. Amortization is recognized in research and development costs, and selling, general and administrative expenses, as appropriate. During the period of development, the asset is tested for impairment, at least annually, or if there are indications that a software asset is impaired.

Expenditures, that do not meet the criteria above are recognized as an expense as incurred. The Company does not capitalize software with no alternative use, or where economic benefit depends on marketing approvals of product candidates and where such approvals have not been obtained.

New and Amended IFRS Standards Adopted by the Company

Several new amendments and interpretations became applicable for the current reporting period, but do not have an impact on the accounting policies applied by the Company.

Critical Accounting Judgments and Key Sources of Estimation Uncertainty

9 Months Ended

Sep. 30, 2020

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, the Company is 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.

The unaudited condensed consolidated interim financial statements do not include all disclosures for critical accounting judgments and estimation uncertainties 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, 2019.

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 related to drug development, and to our collaboration agreements.

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, primarily relate to recognition and measurement of accruals and prepayments for manufacturing and clinical trial activities. In addition, during the first nine months of 2020, the Company has for the first time, made accounting judgments and estimates related to pre-launch inventories, as described below.

There have been no other changes to the application of critical accounting judgments, or estimation uncertainties regarding accounting estimates.

Pre-launch

Inventories

In order to accommodate market demands, the Company initiate manufacturing of inventories for late-stage development product candidates prior to obtaining marketing approvals (“pre-launch inventories”).

In determining the accounting for

pre-launch

inventories, we consider the probability of future benefits, and accordingly, whether

pre-launch

inventories qualify as assets. Manufacturing of

pre-launch

inventories are initiated for late-stage

product

candidates and are recognized as inventories. However, since

pre-launch

inventories are not realizable prior to obtaining marketing approvals,

pre-launch

inventories are immediately written down to 0, through research and development costs.

the marketing approval is obtained, write-downs of

pre-launch

inventories are reversed through research and development costs.

Significant Events In The Reporting Period

9 Months Ended

Sep. 30, 2020

Text block [abstract]

Significant Events In The Reporting Period [Text Block]

Note 4—Significant Events in the Reporting Period

Impact from

COVID-19

pandemic

As reported in the audited consolidated financial statements as of and for the year ended December 31, 2019, a novel strain of coronavirus,

(“COVID-19”),

was reported to have surfaced in Wuhan, China, in December 2019. Since then,

COVID-19

has spread around the world into a pandemic, including into countries where we are operating from, where we have planned or have ongoing clinical trials, and where we rely on third parties to manufacture preclinical and clinical supplies, as well as commercial supply.

The

COVID-19

pandemic may negatively impact our business in many ways. There is a potential evolving impact on the conduct of clinical trials of our product candidates, and any challenges which may arise, may lead to difficulties in meeting protocol-specified procedures. In addition, while we rely on third parties to manufacture preclinical and clinical supplies and materials, we can potentially experience delays in providing sufficient supplies according to our planned and ongoing clinical trials. Further, if our product candidates are approved, we will need to secure sufficient manufacturing capacity with our third-party manufacturers to produce the quantities necessary to meet anticipated market demand, which may be delayed by the pandemic.

In order to deliver on business objectives and to ensure the safety of the patients when conducting clinical trials, we have implemented several measures. Those measures include implementing remote-visits and ensure safe delivery and dosage of clinical drugs and are continuously monitored and reassessed to ensure efficient and safe conduction of the trials. In addition, we monitor and have a close dialogue with third

party manufacturing suppliers, in order to mitigate the risk from

COVID-19

supplier disruptions.

As of the reporting

date,

we have not identified significant

COVID-19

related disruptions to our business, including clinical trial operations, or identified any of our third-party manufacturers not being able to meet their obligations. In addition, no significant transactions, as a result of

COVID-19,

have been recognized during the first nine months of 2020.

To minimize the risk of spread of

COVID-19,

we have taken precautionary measures within our organization, including encouraging our employees to work remotely, reducing travel activity, and minimizing

face-to-face

meetings. To accommodate efficient procedures for financial reporting, including internal controls, we have, also before the pandemic, structured our work environment, enabling employees to perform their tasks remotely. Accordingly, it has not been necessary to make material changes to internal control over financial reporting due to the pandemic.

However, while the global outbreak of

COVID-19

continues to impact global societies, the extent to which

COVID-19

impacts our business will depend on the future development, which is highly uncertain and cannot be reliably predicted.

hile

COVID-19

continue to impact the world in several aspects, the development is monitored closely by

our

management, including any impact this may have on the financial performance and financial position.

Submission of Biologic License Application (“BLA”)

On June 25, 2020, the Company submitted a BLA to the U.S. Food and Drug Administration, or the FDA, for TransCon hGH to treat pediatric growth hormone deficiency. In order to accommodate market demands, the Company has initiated manufacturing of inventories prior to obtaining marketing approval. Please refer to Note 3 regarding description of critical accounting judgments and estimation uncertainties on pre-launch inventories.

In addition, the Company has continued building up the commercial organization, including ensuring proper IT systems are in place to support the commercial launch of TransCon hGH.

Completion of

Follow-on-public

Offering

On July 7, 2020, the Company entered into an underwriting agreement with J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Evercore Group L.L.C., and SVB Leerink LLC, as representatives of the several underwriters named therein (collectively, the “Underwriters”), pursuant to which the Company agreed to issue and sell 4,225,352 American Depositary Shares (the “ADSs”), each of which represents one ordinary share of the Company, DKK 1 nominal value per share, to the Underwriters (the “Offering”). The ADSs were sold at a public offering price of $142.00 per ADS, and were purchased by the Underwriters from the Company at a price of $134.90 per ADS. Under the terms of the Underwriting Agreement, the Company granted the Underwriters the right, for 30 days, to purchase from the Company up to 633,802 additional ADSs at the public offering price, less the underwriting commissions. On July 8, 2020, the Underwriters exercised their option to purchase the additional 633,802 ADSs in full.

On July 10, 2020, the Offering closed, and the Company completed the sale and issuance of an aggregate of 4,859,154 ADSs. The Company received net proceeds from the Offering of $654.6 million, or €580.5 million at the date of closing, after deducting the Underwriters’ commissions and offering expenses payable by the Company.

Revenue

9 Months Ended

Sep. 30, 2020

Text block [abstract]

Revenue

Note 5—Revenue

The Company’s revenue is primarily generated from three license agreements, which were entered into in 2018. The licenses grant our associate VISEN Pharmaceuticals (“

VISEN

”) exclusive rights to develop and commercialize TransCon hGH, TransCon PTH and TransCon CNP in Greater China. As consideration for the granting of such rights, the Company has received

up-front,

non-refundable,

non-cash

consideration of $40.0 million in form of 50% ownership in

VISEN

. Consideration received is recognized partly as license revenue, and partly as rendering of services over time. In addition to granting exclusive rights, the Company will provide clinical trial supply and development services to

VISEN


	Three Months Ended September 30,				Nine Months ended September 30,
	2020		2019		2020		2019
	(EUR’000)				(EUR’000)
Revenue from external customers
Revenue from the rendering of services (recognized over time)		164		1,586		2,255		8,874
Sale of clinical supply (recognized at a point in time)		1,959		—		2,206		—
“Right-to-use” licenses (recognized at a point in time)		634		657		1,957		1,994

Total revenue (1)		2,757		2,243		6,418		10,868

Attributable to
VISEN Pharmaceuticals		2,757		2,243		6,418		10,864
Other collaboration partners		—		—		—		4

Total revenue		2,757		2,243		6,418		10,868

Revenue by geographical location
North America		634		2,243		1,957		10,868
China		2,123		—		4,461		—

Total revenue		2,757		2,243		6,418		10,868

(1)

For the three months ended September 30, 2020 and 2019, and for the nine months ended September 30, 2020 and 2019, “Total revenue” includes recognition of previously deferred revenue/internal profit from associate of €634 thousand and €1,461 thousand, and of €2,849 thousand and €5,337 thousand, respectively.

Segment Information

9 Months Ended

Sep. 30, 2020

Text block [abstract]

Segment Information

Note 6—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 additional information on business segments or geographical markets.

Warrants and Share-based Payment

9 Months Ended

Sep. 30, 2020

Text block [abstract]

Warrants and Share-based Payment

Note 7—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 its employees, members of its Board of Directors and select external consultants.

Warrants are granted by the Company’s Board of Directors in accordance with authorizations given to it by the shareholders of the Company. As of September 30, 2020, 9,864,587 warrants have been granted, of which 19,580 warrants have been cancelled, 3,842,350 warrants have been exercised, 2,168 warrants have expired without being exercised, and 473,271 warrants have been forfeited. As of September 30, 2020, the Company’s Board of Directors was authorized to grant up to 1,762,700 additional warrants to employees, board members and select consultants without

pre-emptive

subscription rights for the shareholders of the Company. 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 Company’s Board of Directors. The exercise prices of outstanding warrants under the Company’s warrant programs range from €6.48 to €130.96 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 nine months ended September 30, 2020:


	Total Warrants			Weighted Average Exercise Price EUR
Outstanding at January 1, 2020		5,820,211			46.36

Granted during the period		485,800			123.23
Exercised during the period		(571,100	)		26.50
Forfeited during the period		(207,693	)		58.89
Expired during the period		—			—

Outstanding at September 30, 2020		5,527,218			54.70

Vested at September 30, 2020		3,072,194			34.73

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 September 30,				Nine Months ended September 30,
	2020		2019		2020		2019
	(EUR’000)				(EUR’000)
Research and development costs		7,034		5,060		24,093		15,239
Selling, general, and administrative expenses		3,382		3,015		14,688		10,966

Total warrant compensation costs		10,416		8,075		38,781		26,205

Marketable Securities

9 Months Ended

Sep. 30, 2020

Categories of current financial assets [abstract]

Marketable Securities

Note 8—Marketable Securities

Marketable securities are measured at amortized cost, and fair values are determined based on quoted market prices (Level 1 in the fair value hierarchy).

The composition of the portfolio and its fair values are specified in following table:


	Carrying amount		Fair value
	(EUR’000)
September 30, 2020
Marketable securities
U.S. Treasury bills		118,294		118,304
Commercial papers		24,240		24,239
Corporate bonds		44,285		44,424
Agency bonds		7,252		7,259

Total marketable securities		194,071		194,226

Classified based on maturity profiles
Non-current assets		27,728		27,811
Current assets		166,343		166,415

Total marketable securities		194,071		194,226

The Company’s marketable securities are all denominated in U.S. Dollars and have a weighted average duration o

3.0 and 20.2 months, for current and non-current positions, respectively. The entire portfolio of marketable securities has a weighted average duration on 5.5 months.

All marketable securities have investment grade ratings, and accordingly, the risk from probability of default is low. The risk of expected credit loss over marketable securities has been considered, including the hypothetical impact arising from the probability of default considering in conjunction with the expected loss given default from securities with similar credit rating and attributes. This assessment did not reveal a material expected credit loss, and accordingly

no provision for expected credit loss has been recognized.

Share Capital

9 Months Ended

Sep. 30, 2020

Text block [abstract]

Share Capital

Note 9—Share Capital

The share capital of Ascendis Pharma A/S consists of 53,416,091 outstanding shares at a nominal value of DKK 1, all in the same share class.

Subsequent Events

9 Months Ended

Sep. 30, 2020

Text block [abstract]

Subsequent Events

Note 10—Subsequent Events

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

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2020

Text block [abstract]

Basis of Preparation

Marketable Securities

(i.e., those maturing

within 12 months at the reporting date) or

non-current

assets, as appropriate.

Internally Generated Intangible Assets regarding Software

Software assets, that is internally developed, comprise administrative applications and serve general purposes to support operations.

New and Amended IFRS Standards Adopted by the Company

Several new amendments and interpretations became applicable for the current reporting period, but do not have an impact on the accounting policies applied by the Company.

Revenue (Tables)

9 Months Ended

Sep. 30, 2020

Text block [abstract]

Schedule of Revenue Recognized in the Statement of Profit or Loss


	Three Months Ended September 30,				Nine Months ended September 30,
	2020		2019		2020		2019
	(EUR’000)				(EUR’000)
Revenue from external customers
Revenue from the rendering of services (recognized over time)		164		1,586		2,255		8,874
Sale of clinical supply (recognized at a point in time)		1,959		—		2,206		—
“Right-to-use” licenses (recognized at a point in time)		634		657		1,957		1,994

Total revenue (1)		2,757		2,243		6,418		10,868

Attributable to
VISEN Pharmaceuticals		2,757		2,243		6,418		10,864
Other collaboration partners		—		—		—		4

Total revenue		2,757		2,243		6,418		10,868

Revenue by geographical location
North America		634		2,243		1,957		10,868
China		2,123		—		4,461		—

Total revenue		2,757		2,243		6,418		10,868

(1)

Warrants and Share-based Payment (Tables)

9 Months Ended

Sep. 30, 2020

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 September 30,				Nine Months ended September 30,
	2020		2019		2020		2019
	(EUR’000)				(EUR’000)
Research and development costs		7,034		5,060		24,093		15,239
Selling, general, and administrative expenses		3,382		3,015		14,688		10,966

Total warrant compensation costs		10,416		8,075		38,781		26,205

Warrants [member]

Statement [LineItems]

Summary of Warrant Activity

The following table specifies the warrant activity during the nine months ended September 30, 2020:


	Total Warrants			Weighted Average Exercise Price EUR
Outstanding at January 1, 2020		5,820,211			46.36

Granted during the period		485,800			123.23
Exercised during the period		(571,100	)		26.50
Forfeited during the period		(207,693	)		58.89
Expired during the period		—			—

Outstanding at September 30, 2020		5,527,218			54.70

Vested at September 30, 2020		3,072,194			34.73

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2020

Categories of current financial assets [abstract]

Summary of Marketable Securities

The composition of the portfolio and its fair values are specified in following table:


	Carrying amount		Fair value
	(EUR’000)
September 30, 2020
Marketable securities
U.S. Treasury bills		118,294		118,304
Commercial papers		24,240		24,239
Corporate bonds		44,285		44,424
Agency bonds		7,252		7,259

Total marketable securities		194,071		194,226

Classified based on maturity profiles
Non-current assets		27,728		27,811
Current assets		166,343		166,415

Total marketable securities		194,071		194,226

Critical Accounting Judgments and Key Sources of Estimation Uncertainty - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2020 EUR (€)
Research and development cost [member]
Disclosure of changes in accounting estimates [line items]
Pre-Launch inventories written down	€ 0

Significant Events in the Reporting Period - Additional Information (Detail) $ / shares in Units, € in Thousands, $ in Millions					9 Months Ended
	Jul. 10, 2020 EUR (€) shares	Jul. 10, 2020 USD ($) shares	Jul. 08, 2020 shares	Jul. 07, 2020 $ / shares shares	Sep. 30, 2020 EUR (€)	Sep. 30, 2019 EUR (€)
Disclosure of summary of significant accounting policies [line items]
Proceeds from issuance of common stock \| €					€ 627,189	€ 524,023
Major ordinary share transactions [member]
Disclosure of summary of significant accounting policies [line items]
Shares Issued price per ADS \| $ / shares				$ 142.00
Major ordinary share transactions [member] \| American Depository Shares [member]
Disclosure of summary of significant accounting policies [line items]
Common stock shares issued during the period	4,859,154	4,859,154
Proceeds from issuance of common stock	€ 580,500	$ 654.6
Major ordinary share transactions [member] \| Underwiters [member]
Disclosure of summary of significant accounting policies [line items]
Shares Issued price per ADS \| $ / shares				$ 134.90
Major ordinary share transactions [member] \| Underwiters [member] \| American Depository Shares [member]
Disclosure of summary of significant accounting policies [line items]
Common stock shares issued during the period				4,225,352
Major ordinary share transactions [member] \| Additional option to underwriters [member] \| American Depository Shares [member]
Disclosure of summary of significant accounting policies [line items]
Common stock shares issued during the period			633,802

Revenue - Additional Information (Detail) - Visen Pharmaceuticals [Member] $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Disclosure of operating segments [line items]
Upfront payment received non cash consideration towards license revenue	$ 40.0
Percentage of ownership in the customer company	50.00%

Revenue - Schedule of Revenue Recognized in Statements of Profit or Loss (Detail) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disclosure of operating segments [line items]
Revenue from the rendering of services (recognized over time)	€ 164	€ 1,586	€ 2,255	€ 8,874
Sale of clinical supply (recognized at a point in time)	1,959		2,206
"Right-to-use" licenses (recognized at a point in time)	634	657	1,957	1,994
Total revenue	2,757	2,243	6,418	10,868
Revenue by geographical location
Total revenue	2,757	2,243	6,418	10,868
VISEN Pharmaceuticals [Member]
Disclosure of operating segments [line items]
Total revenue	2,757	2,243	6,418	10,864
Revenue by geographical location
Total revenue	2,757	2,243	6,418	10,864
Other collaboration partners [Member]
Disclosure of operating segments [line items]
Total revenue				4
Revenue by geographical location
Total revenue				4
North America [member]
Disclosure of operating segments [line items]
Total revenue	634	2,243	1,957	10,868
Revenue by geographical location
Total revenue	634	€ 2,243	1,957	€ 10,868
China [member]
Disclosure of operating segments [line items]
Total revenue	2,123		4,461
Revenue by geographical location
Total revenue	€ 2,123		€ 4,461

Revenue - Schedule of Revenue Recognized in Statements of Profit or Loss (Parenthetical) (Detail) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue [abstract]
Deferred revenue from associate	€ 634	€ 1,461	€ 2,849	€ 5,337

Segment Information - Additional Information (Detail)	9 Months Ended
Segment Information - Additional Information (Detail)	Sep. 30, 2020 Segment
Disclosure of operating segments [abstract]
Number of reportable segment	1

Warrants and Share-based Payment - Warrant Activity - Additional Information (Detail) - 9 months ended Sep. 30, 2020	kr / shares shares	€ / shares 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	9,864,587
Aggregate number of other equity instruments cancelled \| shares	19,580	19,580
Aggregate number of other equity instruments exercised	3,842,350
Aggregate number of other equity instruments expired	2,168
Aggregate number of other equity instruments forfeited	473,271
Number of other equity instruments authorized	1,762,700	1,762,700
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 of outstanding share options \| € / shares		€ 6.48
Warrants [member] \| Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options \| € / shares		€ 130.96

Warrants and Share-based Payment - Schedule of Warrant Activity (Detail) - Warrants [member]	9 Months Ended
	Sep. 30, 2020 € / shares
Disclosure Of Warrant Activity [line items]
Beginning balance	5,820,211
Granted during the period	485,800
Exercised during the period	(571,100)
Forfeited during the period	(207,693)
Expired during the period	0
Ending balance	5,527,218
Vested at the balance sheet date	3,072,194
Beginning balance	€ 46.36
Granted during the period	123.23
Exercised during the period	26.50
Forfeited during the period	58.89
Expired during the period	0
Ending balance	54.70
Vested at the balance sheet date	€ 34.73

Warrants and Share-based Payment - Summary of Warrant Compensation Cost (Detail) - Warrants [member] - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total warrant compensation costs	€ 10,416	€ 8,075	€ 38,781	€ 26,205
Research and development cost [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total warrant compensation costs	7,034	5,060	24,093	15,239
Selling, general, and administrative expenses [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total warrant compensation costs	€ 3,382	€ 3,015	€ 14,688	€ 10,966

Marketable Securities - Additional information (Detail)	Sep. 30, 2020
Marketable Securities [Abstract]
Weighted average duration of marketable securities current	3 months
Weighted average duration of marketable securities non-current	20 months 6 days
Weighted average duration of marketable securities	5 months 15 days

Marketable Securities - Summary of Marketable Securities (Detail) € in Thousands	Sep. 30, 2020 EUR (€)
Disclosure detailed information about marketable securities [Line Items]
Non-current financial assets available-for-sale	€ 27,728
Current financial assets available-for-sale	166,343
Carrying amount [member]
Disclosure detailed information about marketable securities [Line Items]
Financial assets available-for-sale	194,071
Non-current financial assets available-for-sale	27,728
Current financial assets available-for-sale	166,343
Fair value [member]
Disclosure detailed information about marketable securities [Line Items]
Financial assets available-for-sale	194,226
Non-current financial assets available-for-sale	27,811
Current financial assets available-for-sale	166,415
U.S. Treasury Bills [member] \| Carrying amount [member]
Disclosure detailed information about marketable securities [Line Items]
Financial assets available-for-sale	118,294
U.S. Treasury Bills [member] \| Fair value [member]
Disclosure detailed information about marketable securities [Line Items]
Financial assets available-for-sale	118,304
Commercial Papers [member] \| Carrying amount [member]
Disclosure detailed information about marketable securities [Line Items]
Financial assets available-for-sale	24,240
Commercial Papers [member] \| Fair value [member]
Disclosure detailed information about marketable securities [Line Items]
Financial assets available-for-sale	24,239
Corporate Bonds [member] \| Carrying amount [member]
Disclosure detailed information about marketable securities [Line Items]
Financial assets available-for-sale	44,285
Corporate Bonds [member] \| Fair value [member]
Disclosure detailed information about marketable securities [Line Items]
Financial assets available-for-sale	44,424
Agency Bonds [member] \| Carrying amount [member]
Disclosure detailed information about marketable securities [Line Items]
Financial assets available-for-sale	7,252
Agency Bonds [member] \| Fair value [member]
Disclosure detailed information about marketable securities [Line Items]
Financial assets available-for-sale	€ 7,259

Share Capital - Additional Information (Detail)	Sep. 30, 2020 kr / shares shares
Disclosure of classes of share capital [line items]
Share nominal value \| kr / shares	kr 1
Number of shares outstanding \| shares	53,416,091