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ViroGates A/S Interim / Quarterly Report 2022
8620_rns_2022-08-18_82ab8ace-211d-49e4-918b-09ccb5afff70.pdf
Interim / Quarterly Report
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Half-Year Report, H1 2022
August 2022
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 18 august 2022, the Board of Directors has accepted the Half-Year Report for the first half year of 2022 (the period 1 January – 30 June 2022) 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
6
ViroGates
Revenue increased by 62% in H1, 2022, compared to H1, 2021, driven by new customers and continued recurring use by existing customers
Financial results in H1, 2022
(H1, 2021 results in brackets)
- Revenue increased by 62% to TDKK 6,295 (TDKK 3,891)
- Operating expenses decreased by 14% to TDKK -11,902 (TDKK -13,787)
- Operating loss decreased by -43% to TDKK -5,608 (TDKK -9,896)
- Net loss decreased by -47% to TDKK -4,894 (TDKK -9,321)
- Cash and cash equivalents at the end of the period amounted to TDKK 4,636 (TDKK 21,323)
> "In the first half year of 2022, we continued growing revenue by 62% compared to last year while maintaining healthy gross profit margins. The growth is a result of the increasing adoption of suPARnastic® on hospitals across Europe – both in emergency departments and COVID-19 departments. We maintain a financial guidance of 10 to 13 DKKm in full-year revenue with an expected full-year EBIT of -11 to -14 DKKm. We still expect to become cash flow positive during 2024."
Mark Christian Hvidberg da Silva, CFO
Note: Cash and cash equivalents excluding capital injection from July 2022 rights issue.
4
ViroGates
In H1, ViroGates welcomed new customers, achieved CE-IVD accreditation of its finger-prick blood-testing product and announced a rights issue
Business highlights in H1, 2022
- Grew the total number of clinical routine customers from 33 to 39 including first new routine customers in Portugal
- Announced new members of its non-executive board
- Revamped its disclosure policy to focus on only disclosing major new customers and providing aggregated numbers of routine customers in its quarterly reports
- Provided new financial guidance for 2022 and 2023
- Achieved CE-IVD accreditation of the finger-prick blood-testing product, suPARnostic® POC+
- Announced and executed a rights issue
- Announced a debt financing proposal from Vækstfonden
Events after the reporting period
- ViroGates announced the outcome of the rights issue in the company announcement 18 on 8 July 2022, raising approximately DKK 9.5 million before deduction of costs related to the issue. All subsequent rights issue processes have been finalized.
39
total clinical routine customers in H1
"We are delighted to experience the increased interest in suPARnostic® for decision making in clinical routine and from researchers all over the world. The first half of 2022 has shown satisfactory revenue growth compared to last year, but we remain aware of the COVID-19 pandemic's uncertain impact on our business in the second half of the year."
Jakob Knudsen, CEO
7
ViroGates
The full year financial guidance for 2022 is maintained at 10 to 13 DKKm in revenue – EBIT is expected to be between -11 and -14 DKKm
Full year outlook, 2022
- The revenue has been increasing consistently since last year – ViroGates expects more clinical routine customers in 2022 that will drive revenue up in the long term. However, a certain ramp-up time is needed, and new customers may not have a large impact on full-year 2022 revenue.
- ViroGates has onboarded several clinical routine customers using suPARnostic® exclusively for COVID-19 patient triaging. ViroGates' 2022 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, but is reflected in the full-year financial guidance.
Full year financial guidance, 2022
10 to 13 DKKm
revenue in 2022
-11 to -14 DKKm
EBIT in 2022
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, 2022 | H1, 2021 | % change | 2021 | |
|---|---|---|---|---|---|
| INCOME STATEMENT | Net revenue | 6,295 | 3,891 | 62% | 7,656 |
| Gross profit/loss | 4,819 | 3,031 | 59% | 5,787 | |
| Operating profit/loss | -5,608 | -9,896 | -43% | -18,790 | |
| Financial income and expenses, net | -16 | -84 | -81% | -175 | |
| Profit/loss for the period before tax | -5,624 | -9,981 | -44% | -18,965 | |
| Profit/loss for the period | -4,894 | -9,321 | -47% | -17,663 | |
| BALANCE SHEET | Assets | 13,167 | 27,958 | -53% | 20,229 |
| Equity | 11,533 | 24,768 | -53% | 16,426 | |
| Liabilities | 1,634 | 3,190 | -46% | 3,803 | |
| CASH FLOW STATEMENT | Cash flows from operating activities | -10,223 | -14,977 | -32% | -21,437 |
| Cash flows from investment activities | 0 | 0 | - | -4 | |
| Cash flows from financing activities | 0 | 2,776 | - | 2,776 | |
| Investment in tangible fixed assets | 0 | 0 | - | 0 | |
| Total cash flows | -10,223 | -12,201 | -16% | -18,666 | |
| DKK unless otherwise stated | H1, 2022 | H1, 2021 | % change | 2021 | |
| --- | --- | --- | --- | --- | |
| Rate of return (%) | -87,22 | -336.9 | -74% | -658.2 | |
| Market share price, end of period | 49.0 | 161.0 | -70% | 144.0 | |
| Equity ratio (%) | 88% | 89% | -1% | 81% | |
| Employees, end of period (#) | 12 | 14 | -14% | 14 |
10
ViroGates
Financial highlights (continued)
Revenue by product
DKKm, % of total
- TurbiLatex
- Quick Triage
- ELISA
- Other
Revenue by geographic area
DKKm, % of total
- Europe
- North America
- Other regions
Note: The revenue from the agreement with DIESSE makes up ~10% of the total and is included under the ELISA product in H1, 2022, but can be considered clinical routine revenue.
5
ViroGates
In H1, ViroGates welcomed new customers, achieved CE-IVD accreditation of suPARnostic® POC+ and announced a rights issue
New customers
ViroGates continued to onboard new customers in Q2, 2022, with a total of 39 routine clinical hospital customers in Europe.
The recurring revenue from existing customers continued on a positive trend.
In addition, an increasing interest in suPAR from research groups at a global level had a positive effect on the H1 financials.
CE-IVD accreditation of suPARnostic® POC+
ViroGates achieved CE-IVD accreditation of its suPARnostic® POC+ product during Q2. The product satisfactorily measures the suPAR level in humans in approximately 20 minutes. The product will be made available for existing customer segments in the beginning of 2023.
The product development has been part of the Innobooster grant from Innovation Fund Denmark, and further handling studies will be done as part of the program before a full commercial rollout.
Satisfactory rights issue outcome
ViroGates announced and executed a rights issue during June and July 2022. ViroGates raised approximately DKK 9.5 million before deduction of costs related to the issue, which corresponded to the minimum offering. The result is considered to be acceptable given the current financial market conditions.
The minimum offering will allow ViroGates to prolong the runway while initiating reimbursement activities in a few European markets and initiating required analytical laboratory work required for subsequent clinical work to enable submission of application(s) to the FDA in the United States.
Approaching the end of EU Horizon
Since 2020, ViroGates has participated in the EU Horizon program focused on the COVID-19 pandemic. The EU program will end in July 2022. During the program, ViroGates has conducted critical research within COVID-19 in the ESCAPE trial. The learnings from the trial subsequently led to the SAVE-MORE study and the EMA approval of suPAR-guided anakinra treatment.
As part of the program, ViroGates has reached satisfactory results in producing its turbidimetric product, suPARnostic® TurbiLatex, in Poland, which will likely allow the company to have two suppliers in the future. The product is currently produced in Japan.
ViroGates
ViroGates maintains financial guidance for 2022 and 2023
Ongoing COVID-19 uncertainty
The risk concerning COVID-19 remains an issue of concern despite the increasing interest in using suPARnostic® for COVID-19 patients.
The net effect of the COVID-19 outbreak remains uncertain for 2022, but is reflected in the full-year financial guidance.
Continued 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, 2022 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 2022, but also a financial risk if the efforts are unsuccessful.
New financial guidance
In June, 2022, ViroGates announced financial guidance for 2022 and 2023 with full-year revenue expected between DKK 10 and 13 million in 2022, and between DKK 17 and 21 million in 2023. In addition, ViroGates expects to become cash flow positive during 2024. ViroGates maintains the financial guidance.
In addition, ViroGates issues financial guidance on full-year EBIT expected at DKK -11 to -14 million in 2022.
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, 2022 | Q2, 2021 | % change | H1, 2022 | H1, 2021 | % change | 2021 |
| Net revenue | 3,098 | 1,815 | 71% | 6,295 | 3,891 | 62% | 7,656 | |
| Cost of goods/services sold | -664 | -407 | 63% | -1,476 | -860 | 72% | -1,868 | |
| Gross profit | 2,434 | 1,408 | 73% | 4,819 | 3,031 | 59% | 5,787 | |
| Sales and distribution costs | 1 | -2,388 | -3,825 | -38% | -4,810 | -7,500 | -36% | -13,394 |
| Research and development costs | -1,092 | -1,313 | -17% | -3,291 | -3,007 | 9% | -5,835 | |
| Administrative costs | -1,127 | -1,566 | -28% | -2,325 | -2,420 | -4% | -5,347 | |
| Operating loss | -2,173 | -5,296 | -59% | -5,608 | -9,896 | -43% | -18,790 | |
| Financial income | 30 | 5 | 509% | 41 | 11 | 270% | 19 | |
| Financial expenses | -22 | -42 | -48% | -57 | -96 | -41% | -194 | |
| Loss before tax | -2,164 | -5,333 | -59% | -5,624 | -9,981 | -44% | -18,965 | |
| Tax on profit/loss for the period | 2 | 236 | 286 | -17% | 730 | 660 | 11% | 1,302 |
| Loss for the period | -1,928 | -5,046 | -62% | -4,894 | -9,321 | -47% | -17,663 | |
| Proposed distribution of loss | ||||||||
| Retained profit | -1,928 | -5,046 | -62% | -4,894 | -9,321 | -47% | -17,663 | |
| Total | -1,928 | -5,046 | 62% | -4,894 | -9,321 | -47% | -17,663 |
15
ViroGates
Balance Sheet
| ASSETS
Amounts in DKK ('000) | Note | Q2, 2022 | Q2, 2021 | % change | 2021 |
| --- | --- | --- | --- | --- | --- |
| Other plant, machinery, tools & equipment | | 110 | 321 | -66% | 215 |
| Tangible fixed assets | 3 | 110 | 321 | -66% | 215 |
| Rent deposit and other receivables | | 176 | 172 | 2% | 176 |
| Fixed asset investments | 4 | 176 | 172 | 2% | 176 |
| Fixed assets | | 286 | 492 | -42% | 391 |
| Finished goods and goods for resale | | 2,491 | 2,099 | 19% | 1,695 |
| Inventories | | 2,491 | 2,099 | 19% | 1,695 |
| Trade receivables | | 2,907 | 1,816 | 60% | 1,473 |
| Other receivables | | 259 | 24 | 980% | 32 |
| Corporation tax receivable | | 2,032 | 1,906 | 7% | 1,302 |
| Prepayments and accrued income | | 556 | 297 | 87% | 476 |
| Receivables | | 5,754 | 4,043 | 42% | 3,284 |
| Cash and cash equivalents | | 4,636 | 21,323 | -78% | 14,859 |
| Current assets | | 12,881 | 27,465 | -53% | 19,838 |
| Assets | | 13,167 | 27,958 | -53% | 20,229 |
Note: Cash and cash equivalents excluding capital injection from July 2022 rights issue.
| EQUITY AND LIABILITIES
Amounts in DKK ('000) | Note | Q2, 2022 | Q2, 2021 | % change | 2021 |
| --- | --- | --- | --- | --- | --- |
| Share capital | | 3,170 | 3,170 | 0% | 3,170 |
| Retained profit | | 8,363 | 21,598 | -61% | 13,256 |
| Equity | 5 | 11,533 | 24,768 | -53% | 16,426 |
| Trade payables | | 310 | 1,484 | -79% | 380 |
| Other liabilities | | 1,324 | 1,706 | -22% | 3,423 |
| Current liabilities | | 1,634 | 3,190 | -46% | 3,803 |
| Liabilities | | 1,634 | 3,190 | -46% | 3,803 |
| Equity and liabilities | | 13,167 | 27,958 | -53% | 20,229 |
| Contingencies | 6 | | | | |
16
ViroGates
Cash Flow Statement
| CASH FLOW
Amounts in DKK ('000) | Note | Q2, 2022 | Q2, 2021 | % change | H1, 2022 | H1, 2021 | % change | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Profit/loss for the period | | -1,928 | -5,046 | -62% | -4,894 | -9,321 | -47% | -17,663 |
| Reversed depreciation of the period | | 53 | 52 | 1% | 105 | 112 | -6% | 217 |
| Reversed tax on profit/loss for the period | | -236 | -286 | -17% | -730 | -660 | 11% | -56 |
| Corporation tax received | | 0 | 0 | - | 0 | 0 | - | 1,246 |
| Change in inventory | | -568 | -606 | -6% | -796 | -1,192 | -33% | -788 |
| Change in receivables | | -1,163 | 320 | -463% | -1,740 | -173 | 906% | -1,264 |
| Change in current liabilities (ex bank and tax) | | -2,391 | 551 | -534% | -2,168 | -3,743 | -42% | -3,130 |
| Cash flows from operating activity | | -6,234 | -5,014 | 24% | -10,223 | -14,977 | -32% | -21,437 |
| Purchase of tangible fixed assets | | 0 | 0 | - | 0 | 0 | - | 0 |
| Purchase of financial assets | | 0 | 0 | - | 0 | 0 | - | -4 |
| Cash flows from investing activity | | 0 | 0 | - | 0 | 0 | - | -4 |
| Subscription of share capital | | 0 | 2,776 | - | 0 | 2,776 | - | 2,776 |
| Cash flows from financing activity | | 0 | 2,776 | - | 0 | 2,776 | - | 2,776 |
| Change in cash and cash equivalents | | -6,234 | -2,239 | 179% | -10,223 | -12,201 | -16% | -18,666 |
| Cash and cash equivalents at beginning of period | | 10,870 | 23,562 | -54% | 14,859 | 33,525 | -56% | 33,526 |
| Cash and cash equivalents at end of period | | 4,636 | 21,323 | -78% | 4,636 | 21,323 | -78% | 14,859 |
| Specification of cash and cash equivalents at end of period: | | | | | | | | |
| Cash and cash equivalents | | 4,636 | 21,323 | -78% | 4,636 | 21,323 | -78% | 14,859 |
| Cash and cash equivalents, net debt | | 4,636 | 21,323 | -78% | 4,636 | 21,323 | -78% | 14,859 |
17
ViroGates
Notes to the financial statements
Staff costs
| Amounts in DKK ('000) unless otherwise stated | Q2, 2022 | Q2, 2021 | % change | 2021 |
|---|---|---|---|---|
| Average number of employees (#) | 12 | 14 | -14% | 13 |
| Sales & Marketing | 1,663 | 2,970 | -44% | 9,573 |
| Research & Development | 831 | 44 | 1789% | 268 |
| Administration | 373 | 600 | -38% | 2,114 |
| Total staff costs | 2,867 | 3,614 | -21% | 11,955 |
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, 2022 | Q2, 2021 | % change | 2021 |
|---|---|---|---|---|
| Calculated tax on taxable income | 236 | 286 | -17% | 1,302 |
| Total | 236 | 286 | -17% | 1,302 |
3
ViroGates
Notes to the financial statements (continued)
3 Tangible fixed assets
| Amounts in DKK ('000) | Q2, 2022 | Q2, 2021 | % change | 2021 |
|---|---|---|---|---|
| Other plants, machinery & equipment | ||||
| Cost at 1 April 2022 / 2021 | 163 | 373 | -56% | 432 |
| Additions | 0 | 0 | - | 0 |
| Disposals | 0 | 0 | - | 0 |
| Cost at Q2, 2022, Q2 2021, 2021 | 163 | 373 | -56% | 432 |
| Depreciation and impairment losses at 1 April 2022 / 2021 | 0 | 0 | - | 0 |
| Reversal of depreciation of assets disposed of | 0 | 0 | - | 0 |
| Depreciation for the quarter | 53 | 52 | 1% | 217 |
| Depreciation and impairment losses at Q2, 2022, Q2, 2021, 2021 | 53 | 52 | 1% | 217 |
| Carrying amount of Q2, 2022, Q2, 2021, 2021 | 110 | 321 | -66% | 215 |
4 Fixed asset investments
| Amounts in DKK ('000) | Q2, 2022 | Q2, 2021 | % change | 2021 |
|---|---|---|---|---|
| Rent deposit and other receivables | ||||
| Cost at 1 April 2022 / 2021 | 176 | 171 | 3% | 171 |
| Additions | 0 | 0 | - | 4 |
| Cost at Q2 2022, Q2 2021, 2021 | 176 | 171 | 3% | 176 |
| Carrying amount of Q2, 2022, Q2, 2021, 2021 | 176 | 171 | 3% | 176 |
19
ViroGates
Notes to the financial statements (continued)
Equity
| Amounts in DKK | Q2, 2022 | Q2, 2021 | % change | 2021 |
|---|---|---|---|---|
| Share capital | 3,170,083 | 3,125,426 | 1% | 3,125,426 |
| Retained profit | 10,290,013 | 23,913,353 | -57% | 28,187,816 |
| Equity at beginning of period | 13,460,096 | 27,038,779 | -50% | 31,313,242 |
| Capital increase (share capital) | 0 | 44,657 | -% | 44,657 |
| Capital increase (retained profit) | 0 | 2,730,868 | -% | 2,730,868 |
| Proposed distribution of loss to retained profit | -1,927,510 | -5,046,322 | -62% | -17,662,617 |
| Equity end of period | 11,532,586 | 24,767,982 | -53% | 16,426,150 |
The Company's share capital consists of 3,170,083 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 9 months. There is a liability of DKK ('000) 462.
Other external expenses
| Amounts in % of total expenses | Q2, 2022 | Q2, 2021 | % change | 2021 |
|---|---|---|---|---|
| R&D expenses (incl. staff) in % of total expenses | 23.70% | 19.71% | 20% | 23.74% |
| Sales expenses (incl. staff) in % of total expenses | 51.84% | 56.68% | -9% | 54.50% |
Note: Share capital excluding issue of new shares in the July 2022 rights issue.
20
ViroGates
Active management & board warrant programs (as of 30 June 2022, including July 2022 warrant exercise/grant announced on 15 June 2022)
2015 warrant program
| Management & board warrants (#, % of total) | Warrants allocated | Warrants exercised | Warrants expired | Warrants outstanding (vested) | Warrants outstanding (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%) | 9,813 (18%) | 17,482 (32%) | 28,990 (50%) | 28,990 (50%) |
| May Britt Dyvelkov (VP Accounting) | 10,985 (100%) | 3,451 (31%) | 1,737 (16%) | 5,797 (53%) | 5,797 (53%) |
| Lars Kongsbak (BM) | 43,940 (100%) | 3,500 (8%) | 17,248 (39%) | 23,192 (53%) | 23,192 (53%) |
2019 warrant program
| Management warrants (#, % of total) | Warrants allocated | Warrants exercised | Warrants expired | Warrants outstanding (vested) | Warrants outstanding (total) |
|---|---|---|---|---|---|
| Jakob Knudsen (CEO) | 56,439 (100%) | 13,253 (23%) | 0 (0%) | 22,021 (39%) | 43,186 (77%) |
| Mark da Silva (CFO) | 34,592 (100%) | 5,189 (15%) | 0 (0%) | 16,430 (47%) | 29,403 (85%) |
| Thomas Krarup (VP S&M) | 20,209 (100%) | 10,102 (50%) | 0 (0%) | 2,528 (13%) | 10,107 (50%) |
| Jesper Eugen-Olsen (CSO) | 8,084 (100%) | 5,051 (62%) | 0 (0%) | 0 (0%) | 3,033 (38%) |
2022 warrant program
| Warrants (#, % of total) | Warrants allocated | Warrants exercised | Warrants expired | Warrants outstanding (vested) | Warrants outstanding (total) |
|---|---|---|---|---|---|
| Other employees | 42,500 (100%) | 0 (0%) | 0 (0%) | 0 (0%) | 42,500 (100%) |
| Patrik Dahlen (Chairman) | 31,700 (100%) | 0 (0%) | 0 (0%) | 0 (0%) | 31,700 (100%) |
| Válerie Soulier (BM) | 9,510 (100%) | 0 (0%) | 0 (0%) | 0 (0%) | 9,510 (100%) |
2015 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 & 2022 program details
- Strike price at 35 DKK (2019 program), 129 DKK (2022 program for ‘other employees’), and 57.8 DKK (2022 program for the board)
- 12% annual price increase from vesting date
- Expiry five years from vesting date
Note: Numbers may not add up due to rounding. Jørgen Thorball (resigned BM) and Bernd Uder (resigned BM) still has 8,751 and 11,596 outstanding warrants in the 2015 warrant program.
21
Shareholdings of the board and management (as of 30 June 2022, incl. July 2022 warrant exercise and June/July 2022 rights issue subscriptions)
| Management (role) | Executive Management (registered with the Danish Business Authority) | Management | PDMR* | Shares (#, end of Q2, 2022)** | Shares (#, end of Q1, 2022) | Shares (#, end of last year) |
|---|---|---|---|---|---|---|
| Jakob Knudsen (CEO) | Yes | Yes | Yes | 44,781 | 27,505 | 27,505 |
| Mark da Silva (CFO) | No | Yes | Yes | 4,329 | 1,334 | 1,334 |
| Thomas Krarup (VP Sales & Marketing) | No | Yes | Yes | 8,058 | 4,017 | 4,017 |
| Jesper Eugen-Olsen (CSO) | No | Yes | No | 149,703 | 144,284 | 146,379 |
| Board (role) | PDMR* | Shares (#, end of Q2, 2022)** | Shares (#, end of Q1, 2022) | Shares (#, end of last year) | ||
| --- | --- | --- | --- | --- | ||
| Patrik Dahlen (Chairman) | Yes | 0 | 0 | 0 | ||
| Lars Kongsbak (Board member) | Yes | 6,968 | 6,968 | 6,968 | ||
| Lars Krogsgaard (Board member) | Yes | 325,965 | 325,965 | 325,965 | ||
| Válerie Soulier (Board member) | Yes | 0 | 0 | 0 |
- Person Discharging Managerial Responsibilities (permanent insider with access to all information)
** As of 30 June 2022, incl. 7 July 2022 warrant exercise and June/July 2022 rights issue subscriptions
22
ViroGates
Trading windows for persons discharging managerial responsibilities
2022
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Annual report | |||||||||||
| 2022 | |||||||||||
| 23 Mar | |||||||||||
| ★ | Q1 report | ||||||||||
| 4 May | |||||||||||
| ★ | H1 (Q2) report | ||||||||||
| 18 Aug | |||||||||||
| ★ | Q1-Q3 report | ||||||||||
| 10 Nov | |||||||||||
| ★ | |||||||||||
| Open trading window | |||||||||||
| 23 Mar-3 Apr | Open trading window | ||||||||||
| 4 May - 14 Jun | Open trading window | ||||||||||
| 18 Aug - 28 Sep | Open trading window | ||||||||||
| 10 Nov - 21 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
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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)
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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)
Note: The Board approved an extraordinary trading window in connection with the rights issue and warrant exercise in June/July 2022.
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 2022 (1 January – 30 June 2022).
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 2022 and of the results of the company’s operations and cash flows for the financial period 1 January – 30 June 2022.
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, 18 august 2022
Executive Management
Jakob Ole Knudsen
CEO
Board of Directors
Patrik Dahlen
(Chairman)
Lars Kongsbak
Valérie Soulier
Lars Krogsgaard