Initiator Pharma Income 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
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
Cost of Revenue	14.83	11.07	23.41	38.43	21.63
Gross Profit	-14.83	-11.07	-23.41	-38.43	-21.63
Selling, General & Admin	2.95	3.43	3.62	3.32	1.44
Operating Expenses	2.95	3.43	3.62	3.32	1.45
Operating Income	-17.78	-14.5	-27.03	-41.74	-23.07
Interest Expense	-	-0	-0.09	-2.39	-1.17
Interest & Investment Income	1.09	0.29	0.21	-	-
Currency Exchange Gain (Loss)	-	-0.62	-0.8	-	-
Other Non Operating Income (Expenses)	-	-0	-	-	-
Pretax Income	-16.7	-14.84	-27.71	-44.13	-24.24
Income Tax Expense	-3.01	-1.9	-4.83	-5.68	-3.18
Net Income	-13.69	-12.93	-22.87	-38.46	-21.06
Net Income to Common	-13.69	-12.93	-22.87	-38.46	-21.06
Shares Outstanding (Basic)	62	56	52	48	35
Shares Outstanding (Diluted)	62	57	52	48	35
Shares Change (YoY)	8.78%	9.25%	8.47%	37.72%	28.18%
EPS (Basic)	-0.22	-0.23	-0.44	-0.80	-0.60
EPS (Diluted)	-0.22	-0.23	-0.44	-0.80	-0.60
Free Cash Flow	-17.77	-12.08	-17.65	-32.7	-34.1
Free Cash Flow Per Share	-0.28	-0.21	-0.34	-0.68	-0.97
EBITDA	-	-	-	-41.73	-23.06
D&A For EBITDA	-	-	-	0.01	0.01
EBIT	-17.78	-14.5	-27.03	-41.74	-23.07

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.