Initiator Pharma Cash Flow Statement

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
Net Income	-13.69	-12.93	-22.87	-38.46	-21.06	Upgrade
Depreciation & Amortization	-	-	-	-	0.01	Upgrade
Other Operating Activities	-1.15	2.93	0.67	-3.03	-1.64	Upgrade
Change in Accounts Receivable	-	0.06	2.26	13.03	-15.63	Upgrade
Change in Accounts Payable	-	-2.13	2.3	-4.24	4.22	Upgrade
Change in Other Net Operating Assets	-2.94	-	-	-	-	Upgrade
Operating Cash Flow	-17.77	-12.08	-17.65	-32.7	-34.1	Upgrade
Other Investing Activities	-	-	-	-0.02	-	Upgrade
Investing Cash Flow	-	-	-	-0.02	-	Upgrade
Long-Term Debt Issued	2.19	-	2.86	-	13.29	Upgrade
Net Debt Issued (Repaid)	2.19	-	2.86	-	13.29	Upgrade
Issuance of Common Stock	28.45	1.81	0.01	37.48	41.65	Upgrade
Repurchase of Common Stock	-	-0.69	-	-	-	Upgrade
Financing Cash Flow	30.64	1.12	2.87	37.48	54.94	Upgrade
Miscellaneous Cash Flow Adjustments	0	-0	-	-	-	Upgrade
Net Cash Flow	12.87	-10.97	-14.78	4.77	20.84	Upgrade
Free Cash Flow	-17.77	-12.08	-17.65	-32.7	-34.1	Upgrade
Free Cash Flow Per Share	-0.28	-0.21	-0.34	-0.68	-0.97	Upgrade
Cash Interest Paid	-	0.83	2.41	-	-	Upgrade
Cash Income Tax Paid	-	-4.83	-5.5	-3.18	-1.54	Upgrade
Levered Free Cash Flow	-15.15	-8.21	-11.72	-21.12	-28.19	Upgrade
Unlevered Free Cash Flow	-15.15	-8.21	-11.67	-19.62	-27.45	Upgrade
Change in Working Capital	-2.94	-2.08	4.56	8.79	-11.41	Upgrade

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