Initiator Pharma Income Statement

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

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cost of Revenue	10.63	11.07	23.41	38.43	21.63	9.3
Gross Profit	-10.63	-11.07	-23.41	-38.43	-21.63	-9.3
Selling, General & Admin	2.89	3.43	3.62	3.32	1.44	1.21
Operating Expenses	2.89	3.43	3.62	3.32	1.45	1.23
Operating Income	-13.51	-14.5	-27.03	-41.74	-23.07	-10.53
Interest Expense	-	-0	-0.09	-2.39	-1.17	-
Interest & Investment Income	0.61	0.29	0.21	-	-	-
Currency Exchange Gain (Loss)	-0.62	-0.62	-0.8	-	-	-
Other Non Operating Income (Expenses)	-0	-0	-	-	-	0.29
Pretax Income	-13.52	-14.84	-27.71	-44.13	-24.24	-10.24
Income Tax Expense	-1.9	-1.9	-4.83	-5.68	-3.18	-1.54
Net Income	-11.62	-12.93	-22.87	-38.46	-21.06	-8.7
Net Income to Common	-11.62	-12.93	-22.87	-38.46	-21.06	-8.7
Shares Outstanding (Basic)	59	56	52	48	35	27
Shares Outstanding (Diluted)	59	57	52	48	35	27
Shares Change (YoY)	8.17%	9.25%	8.47%	37.72%	28.18%	12.92%
EPS (Basic)	-0.20	-0.23	-0.44	-0.80	-0.60	-0.32
EPS (Diluted)	-0.20	-0.23	-0.44	-0.80	-0.60	-0.32
Free Cash Flow	-13.83	-12.08	-17.65	-32.7	-34.1	-8.06
Free Cash Flow Per Share	-0.23	-0.21	-0.34	-0.68	-0.97	-0.29
EBITDA	-	-	-	-41.73	-23.06	-10.51
D&A For EBITDA	-	-	-	0.01	0.01	0.03
EBIT	-13.51	-14.5	-27.03	-41.74	-23.07	-10.53

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.