Initiator Pharma Balance Sheet

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

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Cash & Equivalents	19.8	26.25	13.37	24.34	39.11	34.35
Cash & Short-Term Investments	19.8	26.25	13.37	24.34	39.11	34.35
Cash Growth	83.67%	96.28%	-45.06%	-37.78%	13.88%	154.34%
Other Receivables	3.61	4.12	2.45	5.43	7.21	4.13
Receivables	3.61	4.12	2.45	5.43	7.21	4.13
Prepaid Expenses	3.21	3.38	-	-	2.01	15.23
Total Current Assets	26.63	33.74	15.82	29.77	48.33	53.7
Property, Plant & Equipment	0.02	0.02	0.02	-	-	-
Other Long-Term Assets	-	-	-	0.02	0.02	-
Total Assets	26.65	33.76	15.84	29.79	48.35	53.7
Accounts Payable	0.51	0.86	0.37	0.41	0.8	4.8
Accrued Expenses	0.46	1.01	0.49	2.53	-	-
Other Current Liabilities	0.16	0.19	0.2	0.25	0.94	0.62
Total Current Liabilities	1.13	2.06	1.05	3.19	1.75	5.42
Long-Term Debt	7.52	2.15	-	15.44	12.58	13.29
Total Liabilities	8.65	4.21	1.05	18.62	14.32	18.71
Common Stock	7.19	7.19	5.9	5.51	5.5	4.6
Retained Earnings	10.81	22.36	8.89	5.65	28.53	30.4
Shareholders' Equity	17.99	29.55	14.78	11.16	34.02	34.99
Total Liabilities & Equity	26.65	33.76	15.84	29.79	48.35	53.7
Total Debt	7.52	2.15	-	15.44	12.58	13.29
Net Cash (Debt)	12.28	24.1	13.37	8.9	26.54	21.06
Net Cash Growth	13.91%	80.21%	50.25%	-66.46%	26.02%	55.92%
Net Cash Per Share	0.19	0.39	0.24	0.17	0.55	0.60
Filing Date Shares Outstanding	68.45	68.45	56.16	52.47	52.36	43.77
Total Common Shares Outstanding	68.45	68.45	56.16	52.47	52.36	43.77
Working Capital	25.5	31.68	14.77	26.58	46.58	48.28
Book Value Per Share	0.26	0.43	0.26	0.21	0.65	0.80
Tangible Book Value	17.99	29.55	14.78	11.16	34.02	34.99
Tangible Book Value Per Share	0.26	0.43	0.26	0.21	0.65	0.80