Three Months Ended
June 30
|
Six Months Ended June 30 | |||||||||||||||||||
Notes
|
2021
|
2020
|
2021
|
2020
| ||||||||||||||||
(EUR'000)
|
(EUR'000)
| |||||||||||||||||||
Consolidated Interim Statement of Profit or Loss
| ||||||||||||||||||||
Revenue
|
5
| 1,022 | 1,436 | 1,767 | 3,661 | |||||||||||||||
Research and development costs
|
7
| (83,306 | ) | (63,578 | ) | (171,455 | ) | (121,093 | ) | |||||||||||
Selling, general and administrative expenses
|
7
| (35,345 | ) | (20,805 | ) | (72,591 | ) | (38,720 | ) | |||||||||||
Operating profit / (loss)
|
(117,629
|
)
|
(82,947
|
)
|
(242,279
|
)
|
(156,152
|
)
| ||||||||||||
Share of profit / (loss) of associate
| (4,817 | ) | (1,885 | ) | 23,289 | (3,400 | ) | |||||||||||||
Finance income
| 145 | 86 | 23,268 | 1,996 | ||||||||||||||||
Finance expenses
| (12,141 | ) | (10,292 | ) | (1,703 | ) | (876 | ) | ||||||||||||
Profit / (loss) before tax
|
(134,442
|
)
|
(95,038
|
)
|
(197,425
|
)
|
(158,432
|
)
| ||||||||||||
Tax on profit / (loss) for the period
| 68 | 106 | 259 | 183 | ||||||||||||||||
Net profit / (loss) for the period
|
(134,374
|
)
|
(94,932
|
)
|
(197,166
|
)
|
(158,249
|
)
| ||||||||||||
Attributable to owners of the Company
| (134,374 | ) | (94,932 | ) | (197,166 | ) | (158,249 | ) | ||||||||||||
Basic and diluted earnings / (loss) per share
| €(2.50 | ) | €(1.97 | ) | €(3.66 | ) | €(3.29 | ) | ||||||||||||
Number of shares used for calculation (basic and diluted)
(1)
| 53,848,166 | 48,207,661 | 53,804,300 | 48,096,749 | ||||||||||||||||
(EUR'000)
|
(EUR'000)
| |||||||||||||||||||
Consolidated Interim Statement of Comprehensive Income
| ||||||||||||||||||||
Net profit / (loss) for the period
|
(134,374
|
)
|
(94,932
|
)
|
(197,166
|
)
|
(158,249
|
)
| ||||||||||||
Other comprehensive income / (loss)
| ||||||||||||||||||||
Items that may be reclassified subsequently to profit or loss:
| ||||||||||||||||||||
Exchange differences on translating foreign operations
| 77 | (147 | ) | 1,765 | (61 | ) | ||||||||||||||
Other comprehensive income / (loss) for the period, net of tax
|
77
|
(147
|
)
|
1,765
|
(61
|
)
| ||||||||||||||
Total comprehensive income / (loss) for the period, net of tax
|
(134,297
|
)
|
(95,079
|
)
|
(195,401
|
)
|
(158,310
|
)
| ||||||||||||
Attributable to owners of the Company
| (134,297 | ) | (95,079 | ) | (195,401 | ) | (158,310 | ) | ||||||||||||
(1) |
A total of 6,065,823 warrants outstanding as of June 30, 2021 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 5,788,390 warrants outstanding as of June 30, 2020 are also considered antidilutive for the periods presented and have not been included in the calculation.
|
Notes
|
June 30, 2021 |
December 31, 2020 | ||||||||||
(EUR'000)
| ||||||||||||
Assets
| ||||||||||||
Non-current
assets
| ||||||||||||
Intangible assets
| 5,495 | 5,717 | ||||||||||
Property, plant and equipment
| 123,924 | 108,112 | ||||||||||
Investment in associate
| 45,783 | 9,176 | ||||||||||
Deposits
| 1,702 | 1,375 | ||||||||||
Marketable securities
|
8
| 90,693 | 115,280 | |||||||||
267,597
|
239,660
| |||||||||||
Current assets
| ||||||||||||
Trade receivables
| 394 | 387 | ||||||||||
Other receivables
| 11,398 | 6,957 | ||||||||||
Prepayments
| 21,826 | 13,994 | ||||||||||
Marketable securities
|
8
| 166,094 | 134,278 | |||||||||
Cash and cash equivalents
| 384,539 | 584,517 | ||||||||||
584,251
|
740,133
| |||||||||||
Total assets
|
851,848
|
979,793
| ||||||||||
Equity and liabilities
| ||||||||||||
Equity
| ||||||||||||
Share capital
|
9
| 7,237 | 7,217 | |||||||||
Distributable equity
| 680,250 | 831,494 | ||||||||||
687,487
|
838,711
| |||||||||||
Non-current
liabilities
| ||||||||||||
Lease liabilities
|
10
| 94,059 | 85,116 | |||||||||
Other payables
| - | 3,162 | ||||||||||
94,059
|
88,278
| |||||||||||
Current liabilities
| ||||||||||||
Lease liabilities
|
10
| 6,950 | 6,859 | |||||||||
Contract liabilities
| 145 | 363 | ||||||||||
Trade payables and accrued expenses
| 44,207 | 21,897 | ||||||||||
Other payables
| 18,623 | 23,384 | ||||||||||
Income taxes payable
| 377 | 301 | ||||||||||
70,302
|
52,804
| |||||||||||
Total liabilities
|
164,361
|
141,082
| ||||||||||
Total equity and liabilities
|
851,848
|
979,793
| ||||||||||
Distributable Equity
| ||||||||||||||||||||||||
Share Capital |
Share Premium |
Foreign
Currency Translation Reserve |
Share-based Payment Reserve |
Accumulated Deficit |
Total
| |||||||||||||||||||
(EUR'000)
| ||||||||||||||||||||||||
Equity at January 1, 2021
|
7,217
|
1,728,747
|
(76
|
)
|
133,101
|
(1,030,278
|
)
|
838,711
| ||||||||||||||||
Loss for the period
| - | - | - | - | (197,166 | ) |
(197,166
|
)
| ||||||||||||||||
Other comprehensive income / (loss), net of tax
| - | - | 1,765 | - | - |
1,765
| ||||||||||||||||||
Total comprehensive income / (loss)
|
-
|
-
|
1,765
|
-
|
(197,166
|
)
|
(195,401
|
)
| ||||||||||||||||
Transactions with Owners
| ||||||||||||||||||||||||
Share-based payment (Note 7)
|
-
|
-
|
-
| 39,396 | - |
39,396
| ||||||||||||||||||
Capital increase
| 20 | 4,761 | - | - | - |
4,781
| ||||||||||||||||||
Equity at June 30, 2021
|
7,237
|
1,733,508
|
1,689
|
172,497
|
(1,227,444
|
)
|
687,487
| |||||||||||||||||
Distributable Equity
| ||||||||||||||||||||||||
Share Capital |
Share Premium |
Foreign
Currency Translation Reserve |
Share-based Payment Reserve |
Accumulated Deficit |
Total
| |||||||||||||||||||
(EUR'000)
| ||||||||||||||||||||||||
Equity at January 1, 2020
|
6,443
|
1,122,097
|
(34
|
)
|
79,931
|
(611,323
|
)
|
597,114
| ||||||||||||||||
Loss for the period
| - | - | - | - | (158,249 | ) |
(158,249
|
)
| ||||||||||||||||
Other comprehensive income / (loss), net of tax
| - | - | (61 | ) | - | - |
(61
|
)
| ||||||||||||||||
Total comprehensive income / (loss)
| - | - |
(61
|
)
| - |
(158,249
|
)
|
(158,310
|
)
| |||||||||||||||
Transactions with Owners
| ||||||||||||||||||||||||
Share-based payment (Note 7)
| - | - | - | 28,364 | - |
28,364
| ||||||||||||||||||
Capital increase
| 48 | 9,928 | - | - | - |
9,976
| ||||||||||||||||||
Equity at June 30, 2020
|
6,491
|
1,132,025
|
(95
|
)
|
108,295
|
(769,572
|
)
|
477,144
| ||||||||||||||||
Six Months Ended June 30, | ||||||||
2021
|
2020
| |||||||
(EUR'000)
| ||||||||
Operating activities
| ||||||||
Net profit / (loss) for the period
|
(197,166
|
)
|
(158,249
|
)
| ||||
Reversal of finance income
| (23,268 | ) | (1,996 | ) | ||||
Reversal of finance expenses
| 1,703 | 876 | ||||||
Reversal of tax charge
| (259 | ) | (183 | ) | ||||
Adjustments for
non-cash
items:
| ||||||||
Reversal of
non-cash
consideration relating to revenue
| (1,155 | ) | (2,215 | ) | ||||
Reversal of share of profit / (loss) of associate
| (23,289 | ) | 3,400 | |||||
Share-based payment
| 39,396 | 28,364 | ||||||
Depreciation
| 7,112 | 4,192 | ||||||
Amortization
| 222 | - | ||||||
Changes in working capital:
| ||||||||
Receivables
| (4,035 | ) | (944 | ) | ||||
Prepayments
| (7,832 | ) | (5,385 | ) | ||||
Contract liabilities (deferred income)
| (218 | ) | (858 | ) | ||||
Trade payables and other payables
| 10,902 | 8,008 | ||||||
Cash flows generated from / (used in) operations
|
(197,887
|
)
|
(124,990
|
)
| ||||
Finance income received
| 1,915 | 1,776 | ||||||
Finance expenses paid
| (699 | ) | (798 | ) | ||||
Income taxes re
c
eived / (paid)
| (149 | ) | 615 | |||||
Cash flows from / (used in) operating activities
|
(196,820
|
)
|
(123,397
|
)
| ||||
Investing activities
| ||||||||
Investment in associate
| (10,187 | ) | - | |||||
Acquisition of property, plant and equipment
| (7,607 | ) | (10,725 | ) | ||||
Development expenditures (software)
| (530 | ) | (311 | ) | ||||
Purchase of marketable securities
| (76,358 | ) | (233,446 | ) | ||||
Settlement of marketable securities
| 75,600 | - | ||||||
Cash flows from / (used in) investing activities
|
(19,082
|
)
|
(244,482
|
)
| ||||
Financing activities
| ||||||||
Payment of principal portion of lease liabilities
| (3,371 | ) | (2,306 | ) | ||||
Proceeds from exercise of warrants
| 4,782 | 9,976 | ||||||
Cash flows from / (used in) financing activities
|
1,411
|
7,670
| ||||||
Increase / (decrease) in cash and cash equivalents
|
(214,491
|
)
|
(360,209
|
)
| ||||
Cash and cash equivalents at January 1
| 584,517 | 598,106 | ||||||
Effect of exchange rate changes on balances held in foreign currencies
| 14,513 | 2,708 | ||||||
Cash and cash equivalents at June 30
|
384,539
|
240,605
| ||||||
Cash and cash equivalents include:
| ||||||||
Bank deposits
| 383,073 | 183,153 | ||||||
Short-term marketable securities
| 1,466 | 57,452 | ||||||
Cash and cash equivalents at June 30
|
384,539
|
240,605
| ||||||
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
(EUR'000)
|
(EUR'000)
| |||||||||||||||
Revenue from external customers
| ||||||||||||||||
Revenue from the rendering of services (recognized over time)
| 226 | 779 | 395 | 2,091 | ||||||||||||
Sale of clinical supply (recognized at a point in time)
| 217 | - | 217 | 246 | ||||||||||||
'Right-to-use'
licenses (recognized at a point in time)
| 579 | 657 | 1,155 | 1,324 | ||||||||||||
Total revenue
(1)
|
1,022
|
1,436
|
1,767
|
3,661
| ||||||||||||
Attributable to
| ||||||||||||||||
VISEN Pharmaceuticals
| 913 | 1,436 | 1,550 | 3,661 | ||||||||||||
Other collaboration partners
| 109 | - | 217 | - | ||||||||||||
Total revenue
|
1,022
|
1,436
|
1,767
|
3,661
| ||||||||||||
Revenue by geographical location
| ||||||||||||||||
North America
| 688 | 657 | 1,373 | 1,324 | ||||||||||||
China
| 334 | 779 | 394 | 2,337 | ||||||||||||
Total revenue
|
1,022
|
1,436
|
1,767
|
3,661
| ||||||||||||
(1)
|
For the three months ended June 30, 2021 and 2020, and for the six months ended June 30, 2021 and 2020, 'Total revenue' includes recognition of previously deferred revenue/internal profit from associate of €579 thousand and €1,013 thousand, and of €1,155 thousand and €2,215 thousand, respectively.
|
Total
Warrants
|
Weighted Average Exercise Price EUR | |||||||
Outstanding at January 1, 2021
|
6,148,004
|
69.97
| ||||||
Granted during the period
| 158,590 | 120.15 | ||||||
Exercised during the period
| (150,604 | ) | 33.51 | |||||
Forfeited during the period
| (90,167 | ) | 121.80 | |||||
Outstanding at June 30, 2021
|
6,065,823
|
71.04
| ||||||
Vested at June 30, 2021
|
3,565,573
|
46.23
| ||||||
June 30, 2021
|
December 31, 2020
| |||||||||||||||
Carrying amount
|
Fair value
|
Carrying amount
|
Fair value
| |||||||||||||
(EUR'000)
| ||||||||||||||||
Marketable securities
| ||||||||||||||||
U.S. Treasury bills
| - | - | 46,243 | 46,245 | ||||||||||||
U.S. Government bonds
| 85,049 | 85,049 | 62,088 | 62,101 | ||||||||||||
Commercial papers
| 8,832 | 8,833 | 10,583 | 10,581 | ||||||||||||
Corporate bonds
| 144,830 | 144,734 | 121,282 | 121,234 | ||||||||||||
Agency bonds
| 18,076 | 18,077 | 9,362 | 9,369 | ||||||||||||
Total marketable securities
|
256,787
|
256,693
|
249,558
|
249,530
| ||||||||||||
Classified based on maturity profiles
| ||||||||||||||||
Non-current
assets
| 90,693 | 90,623 | 115,280 | 115,277 | ||||||||||||
Current assets
| 166,094 | 166,070 | 134,278 | 134,253 | ||||||||||||
Total marketable securities
|
256,787
|
256,693
|
249,558
|
249,530
| ||||||||||||
Specified by rate structure
| ||||||||||||||||
Fixed rate
| 231,342 | 231,249 | 175,757 | 175,732 | ||||||||||||
Floating rate
| 16,613 | 16,611 | 16,975 | 16,972 | ||||||||||||
Zero-coupon
| 8,832 | 8,833 | 56,826 | 56,826 | ||||||||||||
Total marketable securities
|
256,787
|
256,693
|
249,558
|
249,530
| ||||||||||||
Specified by investment grade credit rating
| ||||||||||||||||
Prime
| 6,398 | 6,398 | 7,716 | 7,714 | ||||||||||||
High grade
| 127,690 | 127,678 | 142,339 | 142,352 | ||||||||||||
Upper medium grade
| 119,785 | 119,706 | 99,503 | 99,464 | ||||||||||||
Lower medium grade
| 2,914 | 2,911 | - | - | ||||||||||||
Total marketable securities
|
256,787
|
256,693
|
249,558
|
249,530
| ||||||||||||
< 1 year
|
1-5 years
|
>5 years
|
Total contractual cash-flows |
Carrying amount | ||||||||||||||||
(EUR'000)
| ||||||||||||||||||||
June 30, 2021
| ||||||||||||||||||||
Lease liabilities
| 7,051 | 45,162 | 71,397 | 123,610 | 101,009 | |||||||||||||||
Total lease liabilities
|
7,051
|
45,162
|
71,397
|
123,610
|
101,009
| |||||||||||||||
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Disclaimer
Ascendis Pharma A/S published this content on 27 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 August 2021 19:31:28 UTC.