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ViroGates A/S Interim / Quarterly Report 2021
8620_rns_2021-08-19_f7bb7260-0836-4e6b-bbb9-52ce80d1cbcb.pdf
Interim / Quarterly Report
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Half-Year Report, H1 2021
August 2021
ViroGates
ViroGates
Forward-looking statements
Certain information set forth and given in this presentation contains "forward-looking information", including "future-oriented financial information" and "financial outlook", under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of ViroGates A/S (ViroGates); (ii) the expected development of ViroGates' business, projects and joint ventures; (iii) execution of ViroGates' vision and growth strategy, including with respect to future M&A activity and global growth; (iv) sources and availability of third-party financing for ViroGates' projects; (v) completion of ViroGates' projects that are currently underway, in development or otherwise under consideration; (vi) renewal of ViroGates' current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements.
Forward-looking statements are provided to allow potential investors the opportunity to understand management's beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.
These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.
Although forward-looking statements contained in this presentation are based upon what management of ViroGates believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. ViroGates undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
ViroGates
Contents
Summary 4
Management review 8
Financial statements 13
Statement by the Board and Executive Management 23
On 19 August 2021, the Board of Directors has accepted the Half-Year Report for the first half year of 2021 (the period 1 January – 30 June 2021) for ViroGates A/S.
The Half-Year Report is unaudited.
ViroGates
Contents
- Summary 4
- Management review 8
- Financial statements 13
- Statement by the Board and Executive Management 23
5
ViroGates
Revenue increased by 223% in H1, 2021, compared to H1, 2020, driven by more customers and higher sales from clinically relevant products
Financial results in H1, 2021
(H1, 2020 results in brackets)
- Revenue increased by 223% to TDKK 3,891 (TDKK 1,205)
- Operating expenses increased by 13% to TDKK -13,787 (TDKK -12,200)
- Operating loss decreased by -10% to TDKK -9,896 (TDKK -10,995)
- Net loss decreased by -12% to TDKK -9,321 (TDKK -10,545)
- Cash and cash equivalents at the end of the period amounted to TDKK 21,323 (TDKK 39,431)
> "In the first half year of 2021, we have tripled our revenue compared to 2020 with the growth coming primarily from our clinically relevant products, TurbiLatex and Quick Triage, demonstrating that the strategic focus on European emergency departments is working. Although emergency department sales activities have been hindered by the COVID-19 pandemic, we still expect to become cash flow positive with the existing cash at hand."
Mark Christian Hvidberg da Silva, CFO
4
ViroGates
In H1, ViroGates welcomed new customers, reported positive COVID-19 results and expanded the number of validated platforms
Business highlights in H1, 2021
- Welcomed six new clinical routine customers – four hospitals in Greece, one hospital in Spain and one hospital in Italy
- Reported positive results from the SAVE-MORE trial showing the use of suPAR-guided anakinra treatment improved overall clinical outcome by 64% in hospitalized patients with COVID-19 pneumonia
- CE-IVD validated suPARnostic® TurbiLatex on the Siemens Healthineers Atellica® and Abbott Alinity platforms
- Announced a delay in the development and launch of the suPARnostic® POC+ product
> “We are excited to report strong revenue growth although initiation of new customer projects is challenging due to COVID-19. At the same time, we have documented suPARnostic®’s ability to help in the triage of COVID-19 patients in the SAVE-MORE trial conducted in H1 with positive topline result. In addition, we have succeeded developing our products for commercially important platforms from Siemens Healthineers and Abbott, enabling even more hospitals to gain benefits from suPARnostic® in the future.”
>
> Jakob Knudsen, CEO
6
new clinical routine customers in H1
7
ViroGates
Continued confidence in the future due to positive sales trends and potential within COVID-19
Full year outlook, 2021
- The revenue has been increasing consistently since last year – ViroGates expects more clinical routine customers in 2021 that will drive revenue up in the long term. However, a certain ramp-up time is needed, and new customers will not necessarily have a large impact on full-year 2021 revenue
- The sales mix has shifted towards the more clinically relevant products since 2020 – ViroGates expects this trend to continue as more clinical routine customers are onboarded
- The randomized clinical trial, SAVE-MORE, has reported positive topline results and EMA is currently evaluating an extension of indication with an expected outcome in October – ViroGates is prepared to exploit the potential commercial opportunity, but it the financial effect in 2021 is expected to be limited
- ViroGates has onboarded several clinical routine customers using suPARnostic® exclusively for COVID-19 patient triaging – ViroGates' 2021 full year financials are increasingly exposed to an uncertain seasonal effect from COVID-19 waves
- The COVID-19 outbreak has caused a delay in most sales activities at emergency departments but has also generated an increased interest in using suPARnostic® to help triage patients during the pandemic – the full-year net impact of COVID-19 remains uncertain and a critical risk
> "From a sales perspective, H1 was a good half year for ViroGates operating in a difficult environment due to the ongoing pandemic, where COVID-19 remains a challenge and opportunity for Sales with an uncertain net effect. Nonetheless, we expect to welcome new clinical routine customers in the second half of 2021 across Europe. I know our Sales and Marketing Teams will spare no effort to ensure we succeed with this."
>
> Thomas Krarup, VP Sales & Marketing
ViroGates
Contents
Summary 4
Management review 8
Financial statements 13
Statement by the Board and Executive Management 23
9
ViroGates
Financial highlights
Key figures and ratios
| DKK ('000) unless otherwise stated | H1, 2021 | H1, 2020 | % change | 2020 | |
|---|---|---|---|---|---|
| INCOME STATEMENT | Net revenue | 3,891 | 1,205 | 223% | 5,353 |
| Gross profit/loss | 3,031 | 876 | 246% | 4,187 | |
| Operating profit/loss | -9,896 | -10,995 | -10% | -19,729 | |
| Financial income and expenses, net | -84 | -124 | -32% | -253 | |
| Profit/loss for the period before tax | -9,981 | -11,119 | -10% | -19,982 | |
| Profit/loss for the period | -9,321 | -10,545 | -12% | -18,736 | |
| BALANCE SHEET | Assets | 27,958 | 43,697 | -36% | 38,246 |
| Equity | 24,768 | 39,505 | -37% | 31,313 | |
| Liabilities | 3,190 | 4,192 | -24% | 6,932 | |
| CASH FLOW STATEMENT | Cash flows from operating activities | -14,977 | -9,812 | 53% | -15,600 |
| Cash flows from investment activities | 0 | 0 | - | -4 | |
| Cash flows from financing activities | 2,775 | 7,835 | -65% | 7,835 | |
| Investment in tangible fixed assets | 0 | 0 | - | -114 | |
| Total cash flows | -12,201 | -1,977 | 517% | -7,883 | |
| DKK unless otherwise stated | H1, 2021 | H1, 2020 | % change | 2020 | |
| --- | --- | --- | --- | --- | |
| Rate of return (%) | -336.9 | -381.5 | -12% | -1,028.1 | |
| Market share price, end of period | 161.0 | 66.0 | 144% | 81.5 | |
| Earnings per share before dilution | -2.97 | -3.47 | -14% | -6.08 | |
| Earnings per share after dilution | -2.79 | -3.04 | -8% | -5.51 | |
| Equity ratio (%) | 89% | 90% | -2% | 82% | |
| Employees, end of period (#) | 14 | 14 | 0% | 14 |
ViroGates
Financial highlights (continued)
Revenue by product
DKKm, % of total
Turbilatex ELISA
Quick Triage Other
Revenue by geographic area
DKKm, % of total
Europe
Other regions
North America
H1, 2020
H1, 2021
ViroGates
In H1, ViroGates welcomed six new clinical customers and supported a suPARnostic®-guided clinical drug trial across 42 sites
Positive COVID-19 results from the SAVE-MORE trial
ViroGates is proud to be part of the RISCinCOVID program that has ultimately led to the SAVE-MORE trial across 42 trial sites in Greece and Italy. The results show a clear statistical effect of 64% in the active group based on suPAR-guided triage. The results are very satisfactory, and we look forward to making this available to customers – hopefully during H2 2021.
New clinical routine customers
ViroGates' sales representatives are still struggling to conduct face-to-face meetings, which is an essential precursor for moving sales forward fast. As the second pandemic wave wore off, hospitals were still on emergency alert and awaiting the effect of vaccinations and new variants. This caused the uptake of new clinical customers to remain slow. However, we still managed to welcome customers in Greece and Spain, and the first customer in Italy – the Gemelli Hospital in Rome. The company is confident that the pace of acquiring new customers will pick up again.
Clinical sales generally increasing with some dependency on COVID-19 waves
ViroGates achieved total revenue growth of 223% during the first half-year of 2021 compared to 2020, primarily driven by a shift from research to clinical sales. This demonstrates that customers increasingly are seeing the effect of using suPARnostic® in daily clinical practice. However, the total revenue fell slightly from Q1 to Q2 primarily due to a decrease in COVID-19-related revenue. This shows a growing dependency on revenue from customers using suPARnostic® for COVID-19 patient triaging and a potential seasonal effect from COVID-19 waves.
Progressing research & development
ViroGates has validated new turbidimetric platforms from both Abbott and Siemens Healthineers. This work requires strong collaboration with external partners who have access to the equipment. More validations open ViroGates continued the work with GenSpeed regarding the pipeline project suPARnostic® POC+. The project is progressing; however, as reported, the external partner experienced some COVID-19-related setbacks and had to push the expected launch date to H2 2021.
12
ViroGates maintains its strategic objective although COVID-19 uncertainty remains
Continuous COVID-19 uncertainty
The critical risks for ViroGates concerning COVID-19 remains an issue of concern despite the increasing interest in using suPARnostic® for COVID-19 patients.
Face-to-face meetings at hospitals are still somewhat limited, but conference activity used to generate leads is slowly starting again.
The net effect of the COVID-19 outbreak remains uncertain and a critical risk for 2021.
Increasing COVID-19 dependency
Several customers are using suPARnostic® for COVID-19 patient triaging making ViroGates exposed to the development in the pandemic. A seasonal effect on ViroGates’ revenue was visible in the declining revenue from Q1 to Q2, 2021 reflecting less COVID-19-related testing by customers due to a decrease in infections.
The effect on ViroGates’ COVID-19-related revenue in H2 will depend on e.g. potential new waves, vaccinations, variants, publication of SAVE-MORE results and the EMA evaluation.
Migrating customers using suPARnostic® for COVID-19 triage to ED triage is an opportunity that will be pursued during 2021, but also a financial risk if the efforts are unsuccessful.
Setting up production in Europe
As part of the EU grant received in 2020, ViroGates is currently setting up alternative production in Europe to ensure a stable supply of suPARnostic® TurbiLatex from multiple manufacturers and lower risks related to production.
Increasing shift to clinical products
The positive trend with an increasing shift in sales mix towards more clinically relevant products is expected to continue as more clinical routine customers are onboarded.
Maintaining the strategic objective
ViroGates still expects to become cash flow positive with the existing cash at hand based on the existing activities.
ViroGates
Contents
Summary 4
Management review 8
Financial statements 13
Statement by the Board and Executive Management 23
14
ViroGates
Income Statement
| PROFIT & LOSS
Amounts in DKK (‘000) | Note | Q2, 2021 | Q2, 2020 | % change | H1, 2021 | H1, 2020 | % change | 2020 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Net revenue | | 1,815 | 760 | 139% | 3,891 | 1,205 | 223% | 5,353 |
| Cost of goods/services sold | | -407 | -182 | 124% | -860 | -329 | 161% | -1,166 |
| Gross profit | | 1,408 | 578 | 144% | 3,031 | 876 | 246% | 4,187 |
| Sales and distribution costs | 1 | -3,825 | -2,948 | 30% | -7,500 | -7,349 | 2% | -14,149 |
| Research and development costs | | -1,313 | -1,164 | 13% | -3,007 | -2,646 | 14% | -5,798 |
| Administrative costs | | -1,566 | -1,028 | 52% | -2,420 | -1,876 | 29% | -3,969 |
| Operating loss | | -5,296 | -4,562 | 16% | -9,896 | -10,995 | -10% | -19,729 |
| Financial income | | 5 | 6 | -17% | 11 | 17 | -33% | 34 |
| Financial expenses | | -42 | -54 | -23% | -96 | -141 | -32% | -287 |
| Loss before tax | | -5,333 | -4,610 | 16% | -9,981 | -11,119 | -10% | -19,982 |
| Tax on profit/loss for the period | 2 | 286 | 253 | 13% | 660 | 574 | 15% | 1,246 |
| Loss for the period | | -5,046 | -4,358 | 16% | -9,321 | -10,545 | -12% | -18,736 |
| Proposed distribution of loss | | | | | | | | |
| Retained profit | | -5,046 | -4,358 | 16% | -9,321 | -10,545 | -12% | -18,736 |
| Total | | -5,046 | -4,358 | 16% | -9,321 | -10,545 | -12% | -18,736 |
15
ViroGates
Balance Sheet
| ASSETS
Amounts in DKK ('000) | Note | Q2, 2021 | Q2, 2020 | % change | 2020 |
| --- | --- | --- | --- | --- | --- |
| Other plant, machinery, tools & equipment | | 321 | 440 | -27% | 432 |
| Tangible fixed assets | 3 | 321 | 440 | -27% | 432 |
| Rent deposit and other receivables | | 172 | 167 | 3% | 171 |
| Fixed asset investments | 4 | 172 | 167 | 3% | 171 |
| Fixed assets | | 492 | 608 | -19% | 604 |
| Finished goods and goods for resale | | 2,099 | 488 | 330% | 907 |
| Inventories | | 2,099 | 488 | 330% | 907 |
| Trade receivables | | 1,816 | 564 | 222% | 1,601 |
| Other receivables | | 24 | 24 | 0% | 32 |
| Corporation tax receivable | | 1,906 | 1,787 | 7% | 1,246 |
| Prepayments and accrued income | | 297 | 795 | -63% | 331 |
| Receivables | | 4,043 | 3,170 | 28% | 3,210 |
| Cash and cash equivalents | | 21,323 | 39,431 | -46% | 33,525 |
| Current assets | | 27,465 | 43,089 | -36% | 37,642 |
| Assets | | 27,958 | 43,697 | -36% | 38,246 |
| EQUITY AND LIABILITIES
Amounts in DKK ('000) | Note | Q2, 2021 | Q2, 2020 | % change | 2020 |
| --- | --- | --- | --- | --- | --- |
| Share capital | | 3,170 | 3,125 | 1% | 3,125 |
| Retained profit | | 21,598 | 36,379 | -41% | 28,188 |
| Equity | 5 | 24,768 | 39,505 | -37% | 31,313 |
| Trade payables | | 1,484 | 1,276 | 16% | 3,655 |
| Other liabilities | | 1,706 | 2,916 | -41% | 3,278 |
| Current liabilities | | 3,190 | 4,192 | -24% | 6,933 |
| Liabilities | | 3,190 | 4,192 | -24% | 6,933 |
| Equity and liabilities | | 27,958 | 43,697 | -36% | 38,246 |
| Contingencies | 6 | | | | |
16
ViroGates
Cash Flow Statement
| CASH FLOW
Amounts in DKK ('000) | Note | Q2, 2021 | Q2, 2020 | % change | H1, 2021 | H1, 2020 | % change | 2020 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Profit/loss for the period | | -5,046 | -4,358 | 16% | -9,321 | -10,545 | -12% | -18,736 |
| Reversed depreciation of the period | | 53 | 54 | -2% | 112 | 108 | 4% | 229 |
| Reversed tax on profit/loss for the period | | -286 | -253 | 13% | -660 | -574 | 15% | -1,246 |
| Corporation tax received | | 0 | 0 | - | 0 | 0 | - | 1,212 |
| Change in inventory | | -606 | -239 | 153% | -1,192 | -98 | 1,117% | -517 |
| Change in receivables | | 320 | -305 | -205% | -173 | 49 | -451% | -532 |
| Change in current liabilities (ex bank and tax) | | 551 | 973 | -43% | -3,743 | 1,248 | -400% | 3,989 |
| Cash flows from operating activity | | -5,014 | -4,128 | 21% | -14,977 | -9,812 | 53% | -15,600 |
| Purchase of tangible fixed assets | | 0 | 0 | - | 0 | 0 | - | -114 |
| Purchase of financial assets | | 0 | 0 | - | 0 | 0 | - | -4 |
| Cash flows from investing activity | | 0 | 0 | - | 0 | 0 | - | -118 |
| Subscription of share capital | | 2,776 | 7,835 | -65% | 2,776 | 7,835 | -65% | 7,835 |
| Cash flows from financing activity | | 2,776 | 7,835 | -65% | 2,776 | 7,835 | -65% | 7,835 |
| Change in cash and cash equivalents | | -2,239 | 3,707 | -160% | -12,201 | -1,977 | 517% | -7,883 |
| Cash and cash equivalents at beginning of period | | 23,562 | 35,724 | -34% | 33,525 | 41,408 | -19% | 41,408 |
| Cash and cash equivalents at end of period | | 21,323 | 39,431 | -46% | 21,323 | 39,431 | -46% | 33,525 |
| Specification of cash and cash equivalents at end of period: | | | | | | | | |
| Cash and cash equivalents | | 21,323 | 39,431 | -46% | 21,323 | 39,431 | -46% | 33,525 |
| Cash and cash equivalents, net debt | | 21,323 | 39,431 | -46% | 21,323 | 39,431 | -46% | 33,525 |
17
ViroGates
Notes to the financial statements
Staff costs
| Amounts in DKK ('000) unless otherwise stated | Q2, 2021 | Q2, 2020 | % change | 2020 |
|---|---|---|---|---|
| Average number of employees (#) | 14 | 14 | - | 14 |
| Sales & Marketing | 2,970 | 2,298 | 29% | 9,184 |
| Research & Development | 44 | 47 | -6% | 199 |
| Administration | 600 | 474 | 27% | 2,013 |
| Total staff costs | 3,614 | 2,819 | 28% | 11,396 |
The remuneration for the Board of Directors and Executive Management are published annually in the Company's Remuneration Report in connection with the Annual Report
Tax on profit/loss for the period
| Amounts in DKK ('000) | Q2, 2021 | Q2, 2020 | % change | 2020 |
|---|---|---|---|---|
| Calculated tax on taxable income | 286 | 253 | 13% | 1,246 |
| Total | 286 | 253 | 13% | 1,246 |
5
ViroGates
Notes to the financial statements (continued)
3 Tangible fixed assets
| Amounts in DKK ('000) | Q2, 2021 | Q2, 2020 | % change | 2020 |
|---|---|---|---|---|
| Other plants, machinery & equipment | ||||
| Cost at 1 April 2021 / 2020 | 432 | 548 | -21% | 548 |
| Additions | 0 | 0 | - | 114 |
| Disposals | 0 | 0 | - | 0 |
| Cost at Q2, 2021, Q2 2020, 2020 | 432 | 548 | -21% | 662 |
| Depreciation and impairment losses at 1 April 2021 / 2020 | 0 | 0 | - | 0 |
| Reversal of depreciation of assets disposed of | 0 | 0 | - | 0 |
| Depreciation for the quarter | 112 | 108 | 4% | 230 |
| Depreciation and impairment losses at Q2, 2021, Q2, 2020, 2020 | 112 | 108 | 4% | 230 |
| Carrying amount of Q2, 2021, Q2, 2020, 2020 | 321 | 440 | -27% | 432 |
4 Fixed asset investments
| Amounts in DKK ('000) | Q2, 2021 | Q2, 2020 | % change | 2020 |
|---|---|---|---|---|
| Rent deposit and other receivables | ||||
| Cost at 1 April 2021 / 2020 | 171 | 167 | 2% | 167 |
| Additions | 0 | 0 | - | 4 |
| Cost at Q2 2021, Q2 2020, 2020 | 171 | 167 | 2% | 171 |
| Carrying amount of Q2, 2021, Q2, 2020, 2020 | 171 | 167 | 2% | 171 |
19
ViroGates
Notes to the financial statements (continued)
Equity
| Amounts in DKK | Q2, 2021 | Q2, 2020 | % change | 2020 |
|---|---|---|---|---|
| Share capital | 3,125,426 | 3,034,347 | 3% | 3,034,347 |
| Retained profit | 28,187,816 | 39,179,864 | -28% | 39,179,864 |
| Equity at beginning of period | 31,313,242 | 42,214,211 | -26% | 42,214,211 |
| Capital increase (share capital) | 44,657 | 91,079 | -51% | 91,079 |
| Capital increase (retained profit) | 2,730,868 | 7,743,990 | -65% | 7,743,990 |
| Proposed distribution of loss to retained profit | -9,320,788 | -10,544,651 | -12% | -18,736,038 |
| Equity end of period | 24,767,979 | 39,504,629 | -37% | 31,313,242 |
The Company's share capital consists of 3.125.426 shares of nominal 1 DKK.
The Company has 2.585 treasury shares of nominal 1 DKK, which equals 0,1% of the total share capital.
Under a resolution passed by the General Meeting, the Company may acquire treasury shares up to 10% of the share capital. Treasury shares are acquired for purposes of incentive programs for consultants and employees of the company
Contingencies
The Company has entered into an agreement for office rent with a notice of termination period of 20 months. There is a liability of DKK ('000) 1,070.
Other external expenses
| Amounts in % of total expenses | Q2, 2021 | Q2, 2020 | % change | 2020 |
|---|---|---|---|---|
| R&D expenses (incl. staff) in % of total expenses | 19.59% | 22.65% | -14% | 24.24% |
| Sales expenses (incl. staff) in % of total expenses | 57.05% | 57.35% | -1% | 59.16% |
20
ViroGates
Active management & board warrant programs (as of 30 June 2021)
2015 warrant program
| Management warrants (#, % of total) | Warrants allocated | Warrants exercised | Warrants expired | Warrants out-standing (vested) | Warrants out-standing (total) |
|---|---|---|---|---|---|
| Jakob Knudsen (CEO) | 54,925 (100%) | 20,852 (38%) | 5,084 (9%) | 28,989 (53%) | 28,989 (53%) |
| Jesper-Eugen-Olsen (CSO) | 54,925 (100%) | 8,453 (15%) | 6,276 (11%) | 40,196 (73%) | 40,196 (73%) |
| May Britt Dyvelkov (VP Accounting) | 10,985 (100%) | 3,451 (31%) | 1,016 (9%) | 6,518 (59%) | 6,518 (59%) |
| Board warrants (#, % of total) | Warrants allocated | Warrants exercised | Warrants expired | Warrants out-standing (vested) | Warrants out-standing (total) |
| Lars Kongsbak (Chairman) | 43,940 (100%) | 3,500 (8%) | 4,068 (9%) | 36,372 (83%) | 36,372 (83%) |
| Jørgen Thorball (Board member) | 21,970 (100%) | 5,286 (24%) | 3,051 (18%) | 13,633 (62%) | 13,633 (62%) |
| Bernd Uder (Resigned BM) | 21,970 (100%) | 0 (0%) | 3,051 (14%) | 18,919 (86%) | 18,919 (86%) |
Program details
- Strike price at 32.71, 49.16 and 68.27 DKK (one third of warrants each)
- 10% annual price increase from award date
- Expiry five calendar years (excl. vesting year) from vesting date
2019 warrant program
| Management warrants (#, % of total) | Warrants allocated | Warrants exercised | Warrants expired | Warrants out-standing (vested) | Warrants out-standing (total) |
|---|---|---|---|---|---|
| Jakob Knudsen (CEO) | 56,439 (100%) | 2,822 (5%) | 0 (0%) | 16,931 (30%) | 53,617 (95%) |
| Mark da Silva (CFO) | 34,592 (100%) | 1,730 (5%) | 0 (0%) | 10,377 (30%) | 32,862 (95%) |
| Thomas Krarup (VP S&M) | 20,209 (100%) | 6,061 (30%) | 0 (0%) | 1,012 (5%) | 14,148 (70%) |
| Jesper Eugen-Olsen (CSO) | 8,084 (100%) | 2,425 (30%) | 0 (0%) | 404 (5%) | 5,659 (70%) |
Program details
- Strike price at 35 DKK
- 12% annual price increase from vesting date
- Expiry five years from vesting date
Note: Numbers may not add up due to rounding
21
ViroGates
Shareholdings of the board and management
| Management (role) | Executive Management (registered with the Danish Business Authority) | Management | PDMR* | Shares (#, end of Q2, 2021) | Shares (#, end of Q1, 2021) | Shares (#, end of last year) |
|---|---|---|---|---|---|---|
| Jakob Knudsen (CEO) | Yes | Yes | Yes | 27,505 | 9,775 | 9,775 |
| Mark da Silva (CFO) | No | Yes | Yes | 1,334 | - | - |
| Thomas Krarup (VP Sales & Marketing) | No | Yes | Yes | 9,017 | 4,977 | 4,977 |
| Jesper Eugen-Olsen (CSO) | No | Yes | No | 151,593 | 147,685 | 147,685 |
| Board (role) | PDMR* | Shares (#, end of Q2, 2021) | Shares (#, end of Q1, 2021) | Shares (#, end of last year) | ||
| --- | --- | --- | --- | --- | ||
| Lars Kongsbak (Chairman) | Yes | 6,968 | 6,968 | 6,968 | ||
| Lars Krogsgaard (Board member) | Yes | 325,965 | 325,965 | 325,965 | ||
| Jørgen Thorball (Board member) | Yes | 5,286 | 10,204 | 10,204 | ||
| Henrik Stender (Board member) | Yes | - | - | - |
- Person Discharging Managerial Responsibilities (permanent insider with access to all information)
22
ViroGates
Trading windows for persons discharging managerial responsibilities
2021
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Annual report | |||||||||||
| 2020 | Q1 report | 29 Apr | H1 (Q2) report | 19 Aug | Q3 report | 11 Nov | |||||
| 24 Mar | 29 Apr | ★ | ★ | ||||||||
| Open trading window | Open trading window | Open trading window | Open trading window | Open trading window | |||||||
| 24 Mar-29 Mar | 29 Apr - 9 Jun | 19 Aug - 29 Sep | 11 Nov - 22 Dec |
Trading windows for PDMRs*
- Closed periods: In accordance with MAR, ViroGates has a closed period of 30 days before the announcement of an interim financial report or a year-end report
-
Open periods: ViroGates has an open period of six weeks after the announcement of an interim financial report or a year-end report (if an open period of a previous report overlaps a closed period of an upcoming report, the closed period applies)
-
Person Discharging Managerial Responsibilities (permanent insider with access to all information – PDMRs can only trade shares during open trading windows given no insider information at the time of trading)
ViroGates
Contents
Summary 4
Management review 8
Financial statements 13
Statement by the Board and Executive Management 23
ViroGates
Statement by the Board of Directors and Executive Management
Statement
Today, the Board of Directors and the Executive Management have discussed and approved the Annual Report of ViroGates A/S for the first half year of 2021 (1 January – 30 June 2021).
The Half-Year Report has been created in accordance with IAS 34, Interim Financial Reporting as approved by the EU and additional disclosure requirements for companies listed on NASDAQ First North Denmark.
In our opinion, the financial statements give a true and fair view of the company’s financial position at 30 June 2021 and of the results of the company’s operations and cash flows for the financial period 1 January – 30 June 2021.
The management’s review includes in our opinion a fair presentation of the matters dealt with in the report.
The Half-Year Report is unaudited.
Birkerød, 19 August 2021
Executive Management
Jakob Ole Knudsen
CEO
Board of Directors
Lars Kongsbak
Chairman
Henrik Stender
Jørgen Axel Thorball
Lars Krogsgaard