Initiator Pharma Balance Sheet

Financials in millions DKK. Fiscal year is January - December.

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2016
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	2020 - 2016
Cash & Equivalents	26.25	13.37	24.34	39.11	34.35	Upgrade
Cash & Short-Term Investments	26.25	13.37	24.34	39.11	34.35	Upgrade
Cash Growth	96.28%	-45.06%	-37.78%	13.88%	154.34%	Upgrade
Other Receivables	3.33	2.45	5.43	7.21	4.13	Upgrade
Receivables	3.33	2.45	5.43	7.21	4.13	Upgrade
Prepaid Expenses	3.38	-	-	2.01	15.23	Upgrade
Total Current Assets	32.96	15.82	29.77	48.33	53.7	Upgrade
Other Long-Term Assets	0.02	0.02	0.02	0.02	-	Upgrade
Total Assets	32.97	15.84	29.79	48.35	53.7	Upgrade
Accounts Payable	0.86	0.37	0.41	0.8	4.8	Upgrade
Accrued Expenses	1.01	0.49	2.53	-	-	Upgrade
Other Current Liabilities	-0.59	0.2	0.25	0.94	0.62	Upgrade
Total Current Liabilities	1.28	1.05	3.19	1.75	5.42	Upgrade
Long-Term Debt	2.15	-	15.44	12.58	13.29	Upgrade
Total Liabilities	3.43	1.05	18.62	14.32	18.71	Upgrade
Common Stock	7.19	5.9	5.51	5.5	4.6	Upgrade
Retained Earnings	22.36	8.89	5.65	28.53	30.4	Upgrade
Shareholders' Equity	29.55	14.78	11.16	34.02	34.99	Upgrade
Total Liabilities & Equity	32.97	15.84	29.79	48.35	53.7	Upgrade
Total Debt	2.15	-	15.44	12.58	13.29	Upgrade
Net Cash (Debt)	24.1	13.37	8.9	26.54	21.06	Upgrade
Net Cash Growth	80.21%	50.25%	-66.46%	26.02%	55.92%	Upgrade
Net Cash Per Share	0.39	0.23	0.17	0.55	0.60	Upgrade
Filing Date Shares Outstanding	68.45	56.16	52.47	52.36	43.77	Upgrade
Total Common Shares Outstanding	68.45	56.16	52.47	52.36	43.77	Upgrade
Working Capital	31.68	14.77	26.58	46.58	48.28	Upgrade
Book Value Per Share	0.43	0.26	0.21	0.65	0.80	Upgrade
Tangible Book Value	29.55	14.78	11.16	34.02	34.99	Upgrade
Tangible Book Value Per Share	0.43	0.26	0.21	0.65	0.80	Upgrade

Source: S&P Capital IQ. Standard template. Financial Sources.