Initiator Pharma Income Statement

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
Gross Profit	-23.91	-14.83	-11.07	-23.41	-38.43	-21.63
Selling, General & Admin	2.65	2.95	3.43	3.62	3.32	1.44
Depreciation & Amortization Expenses	-	-	-	-	-	0.01
Total Operating Expenses	2.65	2.95	3.43	3.62	3.32	1.45
Operating Income	-26.56	-17.78	-14.5	-27.03	-41.74	-23.07
Interest Income	-	1.31	0.5	1.74	-	-
Interest Expense	-	-0.23	-0.83	-2.41	-2.39	-1.17
Other Non-Operating Income (Expense)	1.09	-	-	-	-	-
Total Non-Operating Income (Expense)	1.09	1.09	-0.33	-0.68	-2.39	-1.17
Pretax Income	-25.59	-16.7	-14.84	-27.71	-44.13	-24.24
Provision for Income Taxes	-3.01	-3.01	-1.9	-4.83	-5.68	-3.18
Net Income	-22.59	-13.69	-12.93	-22.87	-38.46	-21.06
Net Income to Common	-22.59	-13.69	-12.93	-22.87	-38.46	-21.06
Shares Outstanding (Basic)	65	62	56	52	48	35
Shares Outstanding (Diluted)	66	68	57	57	53	40
Shares Change (YoY)	15.23%	20.48%	-0.79%	7.60%	34.12%	59.71%
EPS (Basic)	-0.34	-0.20	-0.23	-0.44	-0.80	-0.60
EPS (Diluted)	-0.34	-0.20	-0.23	-0.44	-0.80	-0.60
Free Cash Flow	-26.95	-17.73	-12.08	-17.65	-32.7	-34.1
Free Cash Flow Per Share	-0.41	-0.26	-0.21	-0.31	-0.61	-0.86
EBITDA	-26.56	-17.78	-14.5	-27.03	-41.74	-23.06
EBIT	-26.56	-17.78	-14.5	-27.03	-41.74	-23.07
Effective Tax Rate	11.76%	18.02%	12.83%	17.45%	12.86%	13.12%