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As of June 30, 2023
|
| |||||||||
(in thousands except share and per share data)
|
| |
Actual
|
| |
As Adjusted
|
| ||||||
Cash and cash equivalents
|
| | | $ | 7,118 | | | | | $ | 10,800 | | |
Total liabilities
|
| | | | 14,219 | | | | | | 14,219 | | |
Equity | | | | | | | | | | | | | |
Share capital
|
| | | | 4,390 | | | | | | 5,006 | | |
Other reserves
|
| | | | 82,402 | | | | | | 85,468 | | |
Accumulated deficit
|
| | | | (84,257) | | | | | | (84,257) | | |
Total equity
|
| | | | 2,535 | | | | | | 6,217 | | |
Total capitalization
|
| | | $ | 16,754 | | | | | $ | 20,436 | | |
Assumed Average
Purchase Price |
| |
Number of Ordinary
Shares Represented by ADS to be Sold by Lincoln Park in this Offering at the Assumed Average Purchase Price(1) |
| |
Percentage of Outstanding
Ordinary Shares Represented by ADSs After Giving Effect to the Additional Purchased Ordinary Shares Represented by ADSs Issued and Sold to Lincoln Park(2) |
| |
Proceeds from the Sale
of Ordinary Share Represented by ADSs Under the Purchase Agreement Registered in this Offering(1) |
| |||||||||
$1.01(3) | | | | | 4,649,250 | | | | | | 16.8% | | | | | $ | 4,695,742 | | |
$2.00 | | | | | 4,649,250 | | | | | | 16.8% | | | | | $ | 9,298,500 | | |
$3.00 | | | | | 4,649,250 | | | | | | 16.8% | | | | | $ | 13,947,750 | | |
$4.00 | | | | | 4,649,250 | | | | | | 16.8% | | | | | $ | 18,597,000 | | |
$5.00 | | | | | 4,649,250 | | | | | | 16.8% | | | | | $ | 23,246,250 | | |
$6.00 | | | | | 4,649,250 | | | | | | 16.8% | | | | | $ | 27,895,500 | | |
$7.00 | | | | | 4,649,250 | | | | | | 16.8% | | | | | $ | 32,544,750 | | |
$8.00 | | | | | 4,649,250 | | | | | | 16.8% | | | | | $ | 37,194,000 | | |
| | |
Ordinary Shares
Represented by ADSs Beneficially Owned Prior to Offering |
| |
Maximum
Number of Ordinary Shares Represented by ADSs to be Sold Pursuant to this Prospectus |
| |
Ordinary Shares
Represented by ADSs Beneficially Owned(1) After Offering |
| |||||||||||||||||||||
Name of Selling Stockholder
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| ||||||||||||||||||
Lincoln Park Capital Fund, LLC(2)
|
| | | | 428,572 | | | | | | 1.55%(3) | | | | | | 4,649,250 | | | | | | 0 | | | | | | 0(4) | | |
Date
|
| |
Transaction
|
| |
Share
Capital After Transaction |
| |
Price Per
Share (DKK) |
| ||||||
August 2008
|
| | Formation (Nominal DKK 1) | | | | | 250,000 | | | | | | 1.00 | | |
March 2014
|
| | Cash contribution (Nominal DKK 1) | | | | | 268,148 | | | | | | 120.00 | | |
December 2014
|
| | Cash contribution (Nominal DKK 1) | | | | | 316,751 | | | | | | 178.22 | | |
December 2015
|
| | Cash contribution (Nominal DKK 1) | | | | | 336,549 | | | | | | 435.76 | | |
March 2016
|
| | Cash contribution (Nominal DKK 1) | | | | | 342,880 | | | | | | 432.12 | | |
September 2017
|
| | Cash contribution (Nominal DKK 1) | | | | | 358,806 | | | | | | 1,034.75 | | |
March 2019
|
| | Transfer of reserves (Nominal DKK 1) | | | | | 717,612 | | | | | | 1.00 | | |
July 2019
|
| |
Cash contribution and debt conversion
(Nominal DKK 2) |
| | | | 836,994 | | | | | | 914.71(avg) | | |
December 2019
|
| | Cash contribution (Nominal DKK 1) | | | | | 843,564 | | | | | | 1,037.50 | | |
Date
|
| |
Transaction
|
| |
Share
Capital After Transaction |
| |
Price Per
Share (DKK) |
| ||||||
September 2020
|
| | Cash contribution (Nominal DKK 1) | | | | | 884,974 | | | | | | 1,002.90 | | |
October 2020
|
| | Cash contribution (Nominal DKK 1) | | | | | 899,926 | | | | | | 1,008.45 | | |
January 2021
|
| | Share split 2-for-1 (Nominal DKK 1) | | | | | 899,926 | | | | | | — | | |
January 2021
|
| | Bonus share issuance 17-for-1 (Nominal DKK 1) | | | | | 16,198,668 | | | | | | — | | |
February 2021
|
| | Initial public offering (3,000,000 ADSs / 3,000,000 new share issue) | | | | | 19,198,668 | | | | | | 61.99 | | |
November 2021
|
| | Follow-on public offering (3,942,856 ADSs / 3,942,856 new share issue) | | | | | 23,141,524 | | | | | | 45.00 | | |
November 2021
|
| | Cash contribution (Nominal DKK 1) | | | | | 23,184,656 | | | | | | 1.00 | | |
November 2021
|
| | Cash contribution (Nominal DKK 1) | | | | | 23,203,808 | | | | | | 1.00 | | |
April 2022
|
| | Cash contribution (Nominal DKK 1) | | | | | 23,257,880 | | | | | | 1.00 | | |
June 2022
|
| | Cash contribution (Nominal DKK 1) | | | | | 23,350,193 | | | | | | 1.00 | | |
June 2022
|
| | Cash Contribution (Nominal DKK 1) | | | | | 23,387,858 | | | | | | 1.00 | | |
June 2022 .
|
| | Conversion of Debt (Nominal DKK 1) | | | | | 23,816,430 | | | | | | 19.5372 | | |
June 2022
|
| | Cash Contribution (Nominal DKK 1) | | | | | 23,833,694 | | | | | | 1.00 | | |
August 2022
|
| | Cash Contribution (Nominal DKK 1) | | | | | 23,926,007 | | | | | | 1.00 | | |
August 2022
|
| | Cash Contribution (Nominal DKK 1) | | | | | 23,967,092 | | | | | | 1.00 | | |
September 2022
|
| | Cash Contribution (Nominal DKK 1) | | | | | 23,977,928 | | | | | | 1.00 | | |
October 2022
|
| | JonesTrading Sales Agreement (23,405 ADSs / 23,405 new share issue) | | | | | 24,001,333 | | | | | | 21.67 | | |
October 2022
|
| | JonesTrading Sales Agreement (26,396 ADSs / 26,396 new share issue) | | | | | 24,027,729 | | | | | | 21.83 | | |
October 2022
|
| | JonesTrading Sales Agreement (64,601 ADSs / 64,601 new share issue) | | | | | 24,092,330 | | | | | | 22.60 | | |
December 2022
|
| | Cash contribution (Nominal DKK 1) | | | | | 24,134,963 | | | | | | 1.00 | | |
December 2022
|
| | JonesTrading Sales Agreement (4,450 ADSs / 4,450 new share issue) | | | | | 24,139,413 | | | | | | 15.62 | | |
January 2023
|
| | JonesTrading Sales Agreement (186,584 ADSs / 186,584 new share issue) | | | | | 24,325,997, | | | | | | 13.82 | | |
January 2023
|
| | JonesTrading Sales Agreement (447,829 ADSs / 447,829 new share issue) | | | | | 24,773,826, | | | | | | 13.40 | | |
January 2023
|
| | JonesTrading Sales Agreement (94,278 ADSs / 94,278 new share issue) | | | | | 24,868,104 | | | | | | 12.59 | | |
January 2023
|
| | JonesTrading Sales Agreement (259,407 ADSs / 259,407 new share issue) | | | | | 25,127,511 | | | | | | 12.24 | | |
January 2023
|
| | JonesTrading Sales Agreement (79,657 ADSs / 79,657 new share issue) | | | | | 25,207,168 | | | | | | 11.47 | | |
January 2023
|
| | JonesTrading Sales Agreement (71,678 ADSs / 61,678 new share issue) | | | | | 25,278,846 | | | | | | 11.19 | | |
February 2023
|
| | JonesTrading Sales Agreement (96,271 ADSs / 96,271 new share issue) | | | | | 25,375,117 | | | | | | 12.42 | | |
February 2023
|
| | JonesTrading Sales Agreement (1,003,802 ADSs / 1,003,802 new share issue) | | | | | 26,378,919 | | | | | | 13.86 | | |
Date
|
| |
Transaction
|
| |
Share
Capital After Transaction |
| |
Price Per
Share (DKK) |
| ||||||
February 2023
|
| | JonesTrading Sales Agreement (42,808 ADSs / 42,808 new share issue) | | | | | 26,421,727 | | | | | | 11.79 | | |
March 2023
|
| | JonesTrading Sales Agreement (16,280 ADSs 16,280 new share issue) | | | | | 26,438,007 | | | | | | 8.94 | | |
May 2023
|
| | Cash Contribution (Nominal DKK 1) | | | | | 26,572,737 | | | | | | 1.00 | | |
May 2023
|
| | Cash Contribution (Nominal DKK 1) | | | | | 26,623,862 | | | | | | 1.00 | | |
June 2023
|
| | Cash Contribution (Nominal DKK 1) | | | | | 26,773,862 | | | | | | 1.00 | | |
June 2023
|
| | JonesTrading Sales Agreement (861,614 ADSs / 861,614 new share issue | | | | | 27,635,476 | | | | | | 12.03 | | |
June 2023
|
| | Cash Contribution (Nominal DKK 1) | | | | | 27,640,300 | | | | | | 1.00 | | |
Grant Date
|
| |
Vesting Period
|
| |
Expiration Date
|
| |
Exercise
Price |
| |
Number of
Warrants |
| |||
December 19, 2016
|
| | Upon IPO Event | | |
December 31, 2036
|
| |
DKK 1.0
|
| | | | 758,448 | | |
December 10, 2017
|
| | Upon IPO Event | | |
December 31, 2036
|
| |
DKK 1.0
|
| | | | 632,700 | | |
December 19, 2017
|
| | Upon IPO Event | | |
December 31, 2036
|
| |
DKK 1.0
|
| | | | 141,804 | | |
December 17, 2020
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| |
DKK 1.0
|
| | | | 757,620 | | |
June 2021
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| |
DKK 1.0
|
| | | | 62,147 | | |
December 7, 2021
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| |
USD 5.38
|
| | | | 523,599 | | |
March 11 2022
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| |
USD 2.96
|
| | | | 35,000 | | |
June 14, 2022
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| |
USD 1.83
|
| | | | 65,000 | | |
September 2022
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| |
USD 2.42
|
| | | | 11.000 | | |
December 2022
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| |
USD 2.23
|
| | | | 380,612 | | |
March 2023
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| |
USD 1.90
|
| | | | 10,000 | | |
Exercised
|
| | | | | | | | | | | | | (791,144) | | |
Lapsed or annulled without exercise
|
| | | | | | | | | | | | | (199,854) | | |
Total issued and outstanding
as of June 30, 2023 |
| | | | | | | | | | | | | 2,386,932 | | |
Persons depositing or withdrawing
shares or ADS holders must pay: |
| |
For:
|
|
$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | | |
Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property
Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates
Any cash distribution to ADS holders
|
|
$0.05 (or less) per ADS | | | | |
Persons depositing or withdrawing
shares or ADS holders must pay: |
| |
For:
|
|
A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs | | | Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders | |
$0.05 (or less) per ADS per calendar year | | | Depositary services | |
Registration or transfer fees | | | Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares | |
Expenses of the depositary | | |
Cable and facsimile transmissions (when expressly provided in the deposit agreement)
Converting foreign currency to United States dollars
|
|
Taxes and other governmental charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes | | | As necessary | |
Any charges incurred by the depositary or its agents for servicing the deposited securities | | | As necessary | |
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