0000950170-23-060212 | 6-K | XBRL Viewer

Significant Events in the Reporting Period	9 Months Ended
Sep. 30, 2023
Significant Events in the Reporting Period [Abstract]
Significant Events In the Reporting Period	Note 4—Significant Events in the Reporting Period Global Banking Situation In March 2023, the Federal Deposit Insurance Corporation (the “FDIC”) announced that Silicon Valley Bank (“SVB”) had been closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver. The Company did not hold deposits or securities or maintain any accounts at SVB. Following the closure of SVB and subsequent developments in the global banking sector, the Company considered the risk of expected credit loss on bank deposits and marketable securities, including the hypothetical impact arising from the probability of default, which is considered in conjunction with the expected loss caused by default by banks or securities with similar credit-ratings and attributes. In line with previous periods, this assessment did not reveal a material impairment loss, and accordingly no provision for expected credit loss has been recognized. Conflict in the Region Surrounding Ukraine and Russia The ongoing conflict in the region surrounding Ukraine and Russia has impacted the Company's ability to continue clinical trial activities in those countries. The conflict did not have a direct material impact on the unaudited condensed consolidated interim financial statements. Royalty Funding Liabilities In September 2023, the Company entered into a $150.0 million capped synthetic royalty funding agreement (the “Royalty Pharma Agreement”) with Royalty Pharma (the “Purchaser”). Under the terms of the Royalty Pharma Agreement, the Company received an upfront payment of $150.0 million (the “Purchase Price”) in exchange for a 9.15% royalty on net U.S. SKYTROFA revenue, beginning on January 1, 2025 (the “Revenue Interest Payments”). The Revenue Interest Payments to the Purchaser will cease upon reaching a multiple of the Purchase Price of 1.925x, or 1.65x if the Purchaser receives royalties in that amount by December 31, 2031. The Royalty Pharma Agreement includes a buy-out option under various terms and conditions. Further details are provided in Note 10, “Financial Assets and Liabilities”. Equity Development As of September 30, 2023, the unaudited condensed consolidated interim statements of financial position presented a negative balance of equity of €73.4 million. Under Danish corporate law, as Ascendis Pharma A/S, the parent company of the Company holds a positive balance of equity, the Company is currently not subject to legal or regulatory requirements to re-establish the balance of equity. There is no direct impact from the negative balance of equity to the liquidity and capital resources. Based on its current operating plan, the Company believes that the existing capital resources as of September 30, 2023, will be sufficient to meet projected cash requirements for at least twelve months from the date of this report. However, the Company's operating plan may change as a result of many factors that are currently unknown, and the Company may need to seek additional funds sooner than planned. Further details regarding lease liabilities and borrowings including maturity analysis are provided in Note 10, “Financial Assets and Liabilities”.

Financial Assets and Liabilities - Liquidity Risk Management (Detail) € in Thousands	Sep. 30, 2023 EUR (€)
Borrowings [abstract]
Convertible senior notes	€ 421,700
Borrowings	837,443
Lease liabilities	122,022
Trade payables	121,552
Total financial liabilities	1,081,017
Financial liabilities at amortised cost, class [member]
Borrowings [abstract]
Borrowings	561,307
Lease liabilities	104,536
Trade payables	121,552
Total financial liabilities	787,395
Within 1 year [member]
Borrowings [abstract]
Borrowings	12,212
Lease liabilities	14,646
Trade payables	121,552
Total financial liabilities	148,410
Within 1 to 5 years [member]
Borrowings [abstract]
Borrowings	766,671
Lease liabilities	53,562
Trade payables	0
Total financial liabilities	820,233
After 5 years [member]
Borrowings [abstract]
Borrowings	58,560
Lease liabilities	53,814
Trade payables	0
Total financial liabilities	€ 112,374

Segment Information	9 Months Ended
Sep. 30, 2023
Disclosure of operating segments [abstract]
Segment Information	Note 6—Segment Information The Company is managed and operated as one business unit. Accordingly, no additional information on business segments or geographical areas is disclosed.

Significant Accounting Judgements and Estimates	9 Months Ended
Sep. 30, 2023
Disclosure of voluntary change in accounting policy [abstract]
Significant Accounting Judgements and Estimates	Note 3—Significant Accounting Judgements and Estimates In the application of the Company’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Judgements, estimates and assumptions applied are based on historical experience and other factors that are relevant, and which are available at the reporting date. Uncertainty concerning estimates and assumptions could result in outcomes that require a material adjustment to assets and liabilities in future periods. The unaudited condensed consolidated interim financial statements do not include all disclosures for significant accounting judgements, estimates and assumptions, that are required in the annual consolidated financial statements, and therefore should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2022. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively. While the application of critical accounting estimates is subject to material estimation uncertainties, management’s ongoing revisions of critical accounting estimates and underlying assumptions have not revealed any material impact in any of the periods presented in the unaudited condensed consolidated interim financial statements. Other than as set out below, there have been no other changes to the application of significant accounting judgements, or estimation uncertainties regarding accounting estimates compared to December 31, 2022. Measurement of Royalty Funding Liabilities The carrying amount of royalty funding liabilities is measured according to anticipated future cash flows, which further depends on the amount and timing of future commercial revenue. Assumptions that impact amount and timing of future commercial revenue are subject to estimation uncertainties, and subject to a number of factors which are not within the Company's control. The Company will periodically revisit anticipated amount and timing of future commercial revenue and to the extent such amount or timing is materially different from the current estimates, a remeasurement gain or loss is recognized through the profit or loss as finance income or expenses, respectively, which would further increase or decrease future interest expenses. Further details are provided in Note 10, “Financial Assets and Liabilities”.

Consolidated Cash Flow Statements - EUR (€) € in Thousands	9 Months Ended
Consolidated Cash Flow Statements - EUR (€) € in Thousands	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net profit / (loss) for the period	€ (394,569)	€ (375,776)
Reversal of finance income	(76,985)	(73,797)
Reversal of finance expenses	35,640	25,381
Reversal of gain and loss on disposal of property, plant and equipment	0	22
Reversal of income taxes (expenses)	1,513	28
Increase / (decrease) in provisions	13,094	4,954
Adjustments for non-cash items:
Non-cash consideration relating to revenue	(1,774)	(1,913)
Share of profit / (loss) of associate	15,471	9,736
Share-based payment	50,752	50,307
Depreciation	13,601	12,988
Amortization	333	333
Changes in working capital:
Inventories	(58,459)	(28,571)
Receivables	(24,250)	(6,074)
Prepayments	(6,238)	(8,869)
Contract liabilities (deferred income)	(9,233)	10,727
Trade payables, accrued expenses and other payables	13,604	22,528
Cash flows generated from / (used in) operations	(427,500)	(357,996)
Finance income received	12,577	6,808
Finance expenses paid	(8,632)	(2,026)
Income taxes received / (paid)	(1,336)	(800)
Cash flows from / (used in) operating activities	(424,891)	(354,014)
Investing activities
Acquisition of property, plant and equipment	(2,505)	(10,707)
Proceeds from disposal of property, plant and equipment	46	0
Reimbursement from acquisition of property, plant and equipment	0	9,535
Purchase of marketable securities	0	(160,839)
Settlement of marketable securities	282,282	224,540
Cash flows from / (used in) investing activities	279,823	62,529
Financing activities
Payment of principal portion of lease liabilities	(7,703)	(4,577)
Net proceeds from borrowings	139,782	503,281
Proceeds from exercise of warrants	8,268	2,023
Acquisition of treasury shares, net of transaction costs		(105,303)
Cash flows from / (used in) financing activities	140,347	395,424
Increase / (decrease) in cash and cash equivalents	(4,721)	103,939
Cash and cash equivalents at January 1	444,767	446,267
Effect of exchange rate changes on balances held in foreign currencies	1,222	58,124
Bank deposits	441,268	604,018
Short-term marketable securities	0	4,312
Cash and cash equivalents at September 30	€ 441,268	€ 608,330

Revenue

9 Months Ended

Sep. 30, 2023

Revenue [abstract]

Revenue

Note 5—Revenue

Revenue from commercial sale of products relates to sale of SKYTROFA® (lonapegsomatropin-tcgd), primarily in the U.S. market, which is sold to specialty pharmacies and specialty distributors. In addition, the Company began shipping products to wholesalers in Germany in the third quarter of 2023. Customer payment terms are typically 30 days from the transaction date.

Other revenue is generated primarily from three license agreements, which were entered into in 2018.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(EUR’000)				(EUR’000)
Revenue from external customers
Commercial sale of products		46,968		12,252		114,414		18,575
Rendering of services		401		2,401		12,480		3,385
Sale of clinical supply		94		—		348		4,405
Licenses		571		637		1,774		1,913
Total revenue from external customers		48,034		15,290		129,016		28,278
Attributable to
Commercial customers		46,968		12,252		114,414		18,575
Collaboration partners and license agreements		1,066		3,038		14,602		9,703
Total revenue from external customers		48,034		15,290		129,016		28,278
Specified by timing of recognition
Recognized over time		401		2,401		12,480		3,385
Recognized at a point in time		47,633		12,889		116,536		24,893
Total revenue from external customers		48,034		15,290		129,016		28,278
Revenue by geographical location
Europe		381		151		381		426
North America		47,234		12,889		127,059		24,424
Asia		419		2,250		1,576		3,428
Total revenue from external customers		48,034		15,290		129,016		28,278

Share-based Payment

9 Months Ended

Sep. 30, 2023

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Share-based Payment

Note 7—Share-based Payment

As an incentive to the senior management and the Executive Board, other employees, members of the Board and select consultants, Ascendis Pharma A/S has established warrant programs, a Restricted Stock Unit (“RSU”) program adopted in December 2021, and a Performance Stock Unit (“PSU”) program adopted in February 2023, which are all classified as equity-settled share-based payment transactions.

Share-based Compensation Costs

Share-based compensation costs are determined using the grant date fair value and are recognized over the vesting period as research and development costs, selling, general and administrative expenses, or cost of sales. For the three and nine months ended September 30, 2023 and 2022, share-based compensation costs recognized in the unaudited condensed consolidated interim statement of profit or loss were €17.2 million and €50.8 million, respectively, and €13.5 million and €50.3 million, respectively.

Restricted Stock Unit Program

RSUs are granted by the Board to certain members of senior management and the Executive Board, certain other employees and certain members of the Board (the “RSU-holders”). In addition, RSUs may be granted to select consultants.

One RSU represents a right for the RSU-holder to receive one ADS of Ascendis Pharma A/S upon vesting, if the vesting conditions are met. RSUs granted vest over three years with 1/3 of the RSUs vesting on each anniversary date from the date of grant, and require RSU-holders to be employed, or provide a specified period of service (the “service conditions”).

Performance Stock Unit Program

PSUs are granted by the Board to certain members of senior management and the Executive Board (the “PSU-holders”). In addition, PSUs may be granted to other employees, select consultants and members of the Board. PSUs were granted for the first time in March 2023.

One PSU represents a right for the PSU-holder to receive one ADS of Ascendis Pharma A/S upon vesting. PSUs vest in a manner similar to the service conditions of the RSUs; however, vesting is also contingent upon achievement of performance targets as determined by the Board, provided that no more than 10% of each tranche may be directly attributable to accomplishment of financial results achieved in the financial year prior to the vesting date. Exceeding performance targets will not result in granting of additional ADSs.

RSUs and PSUs generally cease to vest from the date of termination of employment or board membership, as applicable, whereas unvested RSUs or PSUs will forfeit. The Board may at its discretion and on an individual basis decide to deviate from the vesting conditions, including deciding to accelerate vesting in the event of termination of employment or board membership, as applicable.

All RSUs and PSUs are settled at the time of vesting by treasury shares that are ADSs repurchased in the market. The Company may at its sole discretion choose to make a cash settlement instead of delivering ADSs.

RSU and PSU Activity

The following table specifies the number of RSUs and PSUs granted and outstanding at September 30, 2023:


	Restricted Stock Units			Performance Stock Units			Total
Outstanding	(Number)
January 1, 2023		82,492			—			82,492
Granted during the period		609,860			112,268			722,128
Forfeited during the period		(59,491	)		(7,245	)		(66,736	)
September 30, 2023		632,861			105,023			737,884
Specified by vesting year
2023		38,676			—			38,676
2024		223,761			35,007			258,768
2025		185,189			35,008			220,197
2026		185,235			35,008			220,243
September 30, 2023		632,861			105,023			737,884

Warrant Program

Warrants are granted by the Board in accordance with authorizations given to it by the shareholders of Ascendis Pharma A/S to all employees, members of the Board and select consultants. Each warrant carries the right to subscribe for one ordinary share of a nominal value of DKK 1. The exercise price is fixed at the fair market value of the Company’s ordinary shares at the time of grant as determined by the Board. Vested warrants may be exercised in two or four annual exercise periods.

Warrant Activity

The following table specifies the warrant activity for the nine months ended September 30, 2023:


	Total Warrants			Weighted Average Exercise Price
	(Number)			(EUR)
Outstanding
January 1, 2023		6,864,011			81.30
Granted during the period		333,105			90.54
Exercised during the period		(504,273	)		15.79
Forfeited during the period		(137,656	)		116.05
September 30, 2023		6,555,187			86.09
Vested at September 30, 2023		5,117,555			77.82

The exercise prices of outstanding warrants under the Company’s warrant programs range from €6.48 to €145.50 depending on the grant dates.

Share-Based Payment - Summary Of Share Based Payment (Detail)	9 Months Ended
	Sep. 30, 2023
Restricted Stock Units [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Beginning balance	82,492
Granted	609,860
Forfeited during the period	(59,491)
Ending balance	632,861
Restricted Stock Units [Member] \| 2023
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	38,676
Restricted Stock Units [Member] \| 2024
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	223,761
Restricted Stock Units [Member] \| 2025
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	185,189
Restricted Stock Units [Member] \| 2026
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	185,235
Performance Stock Units [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Beginning balance
Granted	112,268
Forfeited during the period	(7,245)
Ending balance	105,023
Performance Stock Units [Member] \| 2023
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	0
Performance Stock Units [Member] \| 2024
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	35,007
Performance Stock Units [Member] \| 2025
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	35,008
Performance Stock Units [Member] \| 2026
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	35,008
Restricted Stock Units and Performance Stock Unit [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Beginning balance	82,492
Granted	722,128
Forfeited during the period	(66,736)
Ending balance	737,884
Restricted Stock Units and Performance Stock Unit [Member] \| 2023
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	38,676
Restricted Stock Units and Performance Stock Unit [Member] \| 2024
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	258,768
Restricted Stock Units and Performance Stock Unit [Member] \| 2025
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	220,197
Restricted Stock Units and Performance Stock Unit [Member] \| 2026
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	220,243

Financial Assets and Liabilities - Additional Information (Detail) € / shares in Units, $ / shares in Units, € in Millions			1 Months Ended	9 Months Ended		12 Months Ended
	Mar. 29, 2022 EUR (€)	Mar. 29, 2022 USD ($)	Sep. 30, 2023 USD ($) Multiple XBB	Sep. 30, 2023 EUR (€) Agreement Days € / shares	Sep. 30, 2023 USD ($) Agreement Days	Dec. 31, 2022	Sep. 30, 2023 USD ($) $ / shares
Disclosure of detailed information about financial instruments [line items]
Convertible Senior Notes				€ 421.7
Fair Value of Convertible Notes				€ 389.5
Share price \| € / shares				€ (51)
Amount multiplied to purchase price minus revenue interest payments paid to purchaser on effective date of buy-out notice as buyout amount \| XBB			1.925
Amount multiplied to purchase price minus revenue interest payments paid to purchaser on effective date of buy-out notice provided on or prior to period as buyout amount \| XBB			1.65
Carrying amount of royalty funding liabilities				€ 139.6
Fair value of royalty funding liabilities				140.2
Royalty Pharma [member]
Disclosure of detailed information about financial instruments [line items]
Funding received in exchange \| $			$ 150,000,000
Funding received in exchange of royalty payments \| $			$ 150,000,000
Net proceeds after deduting offering expenses				€ 136.3	$ 146,300,000
Royalty payment ending period			Dec. 31, 2031
Royalty Pharma [member] \| Bottom of range [member]
Disclosure of detailed information about financial instruments [line items]
Multiple of the purchase price were royalty payment will cease \| Multiple			1.65
Royalty Pharma [member] \| Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Multiple of the purchase price were royalty payment will cease \| Multiple			1.925
U.S. SKYTROFA [member]
Disclosure of detailed information about financial instruments [line items]
Funding received in exchange \| $			$ 150,000,000
Revenue interest payment in percentage in exchange for funding			9.15%
Royalty payment beginning period			Jan. 01, 2025
Historical volatility for shares, measurement input [member] \| Derivatives [member]
Disclosure of detailed information about financial instruments [line items]
Percentage of reasonably possible increase in unobservable input, liabilities				10.00%			10.00%
Percentage of reasonably possible decrease in unobservable input, liabilities				10.00%			10.00%
Share Price Measurement Input [Member] \| Derivatives [member]
Disclosure of detailed information about financial instruments [line items]
Increase decrease in derivative financial liabilities fair value				€ 18.2
Percentage of reasonably possible increase in unobservable input, liabilities				10.00%			10.00%
Percentage of reasonably possible decrease in unobservable input, liabilities				10.00%			10.00%
Foreign Currency Conversion Option [Member]
Disclosure of detailed information about financial instruments [line items]
Increase decrease in derivative financial liabilities fair value				€ 12.8
American depository shares [member]
Disclosure of detailed information about financial instruments [line items]
Conversion price per share \| $ / shares							$ 166.34
Convertible Senior Notes [Member]
Disclosure of detailed information about financial instruments [line items]
Conversion rate per note \| $ / shares							$ 6.0118
Principal amount \| $		$ 575,000,000
Borrowings redemption period				April 7, 2025	April 7, 2025
Borrowings condition for redemption				but only if the last reported sale price per ADS exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice.	but only if the last reported sale price per ADS exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice.
Borrowings threshold percentage of sale price per share for redemption				130.00%	130.00%
Borrowings threshold trading days for redemption \| Days				20	20
Borrowings threshold consecutive trading days for redemption \| Agreement				30	30
Proceeds from issue of bonds, notes and debentures	€ 503.3	$ 557,900,000
Borrowings, maturity	April 1, 2028	April 1, 2028
Convertible Senior Notes [Member] \| American depository shares [member]
Disclosure of detailed information about financial instruments [line items]
Principal amount \| $							$ 1,000
Fixed interest rate [member] \| Convertible Senior Notes [Member]
Disclosure of detailed information about financial instruments [line items]
Borrowings Interest Rate		2.25%		2.25%			2.25%
Liquidity risk [member]
Disclosure of detailed information about financial instruments [line items]
Weighted Average Duration Of Marketable Securities				2 months 9 days	2 months 9 days	3 months 6 days

Financial Assets and Liabilities

9 Months Ended

Sep. 30, 2023

Disclosure of detailed information about financial instruments [abstract]

Financial Assets and Liabilities

Note 10—Financial Assets and Liabilities

Financial assets comprise marketable securities, cash and cash equivalents, and receivables. Financial liabilities comprise convertible notes and royalty funding liabilities, presented as borrowings in the statement of financial position, lease liabilities, derivative liabilities, and trade payables and accrued expenses.

Derivative liabilities are measured at fair value. All other financial assets and liabilities are measured at amortized cost.

Marketable Securities

The following table specifies the marketable securities portfolio:


	September 30, 2023		December 31, 2022
	(EUR’000)
Marketable securities
U.S. Treasury bills		—		79,086
U.S. Government bonds		9,428		99,337
Corporate bonds		4,737		104,236
Agency bonds		—		15,521
Total marketable securities		14,165		298,180
Classified based on maturity profiles
Non-current assets		—		7,492
Current assets		14,165		290,688
Total marketable securities		14,165		298,180
Specified by rate structure
Fixed rate		14,165		205,825
Floating rate		—		11,787
Zero-coupon		—		80,568
Total marketable securities		14,165		298,180
Specified by investment grade credit rating
High grade		9,428		203,530
Upper medium grade		4,737		94,650
Total marketable securities		14,165		298,180

The portfolio of marketable securities is all denominated in U.S. Dollars. At September 30, 2023 and December 31, 2022, the portfolio had a weighted average duration of 2.3 months and 3.2 months, respectively. All marketable securities have investment grade ratings and accordingly, the risk from probability of default is low. The risk of expected credit loss over marketable securities has been considered, including the hypothetical impact arising from the probability of default which is considered in conjunction with the expected loss given default from securities with similar credit ratings and attributes. This assessment did not reveal a material expected credit loss and accordingly, no provision for expected credit loss has been recognized.

Royalty Funding Liabilities

In September 2023, the Company entered into a $150.0 million capped synthetic royalty funding agreement (the “Royalty Pharma Agreement”) with Royalty Pharma (the “Purchaser”). The net proceeds were $146.3 million (€136.3 million) after deducting offering expenses.

Under the terms of the Royalty Pharma Agreement, the Company received an upfront payment of $150.0 million (the “Purchase Price”) in exchange for a 9.15% royalty on net U.S. SKYTROFA revenue, beginning on January 1, 2025 (the “Revenue Interest Payments”). The Revenue Interest Payments to the Purchaser will cease upon reaching a multiple of the Purchase Price of 1.925x, or 1.65x if the Purchaser receives Revenue Interest Payments in that amount by December 31, 2031.

The Royalty Pharma Agreement includes a buy-out option, which provides the Company with the right to settle all outstanding liabilities at any time by paying a buy-out amount equal to 1.925 times the Purchase Price minus the Revenue Interest Payments paid to the Purchaser as of the effective date of the buy-out notice. However, if the buy-out notice is provided on or prior to December 31, 2028, and the Company has paid the Purchaser Revenue Interest Payments equal to the Purchase Price as of the date of the buy-out notice, then the buy-out amount equal to 1.65 times the Purchase Price minus the Revenue Interest Payments paid to the Purchaser as of the effective date of the buy-out notice.

On September 30, 2023, the carrying amount of the royalty funding liabilities was €139.6 million, and the fair value was approximately €140.2 million. Fair value cannot be measured based on quoted prices in active markets or other observable input, and accordingly the fair value was measured by using an estimated market rate for an equivalent instrument.

Convertible Senior Notes

In March 2022, the Company issued an aggregate principal amount of $575.0 million of fixed rate 2.25% convertible notes. The net proceeds from the offering of the convertible notes were $557.9 million (€503.3 million) after deducting the initial purchasers’ discounts and commissions and offering expenses. The convertible notes rank equally in right of payment with all future senior unsecured indebtedness. Unless earlier converted or redeemed, the convertible notes will mature on April 1, 2028.

The convertible notes accrue interest at a rate of 2.25% per annum, payable semi-annually in arrears on April 1 and October 1 of each year. At any time before the close of business on the second scheduled trading day immediately before the maturity date, noteholders may convert their convertible notes at their option into the Company’s ordinary shares represented by ADSs, together, if applicable, with cash in lieu of any fractional ADS, at the then-applicable conversion rate. The initial conversion rate is 6.0118 ADSs per $1,000 principal amount of convertible notes, which represents an initial conversion price of $166.34 per ADS. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events.

The convertible notes will be optionally redeemable, in whole or in part (subject to certain limitations), at the Company’s option at any time, and from time to time, on or after April 7, 2025, but only if the last reported sale price per ADS exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice.

On September 30, 2023, the carrying amount of the convertible notes was €421.7 million, and the fair value was approximately €389.5 million. Fair value cannot be measured based on quoted prices in active markets or other observable input, and accordingly the fair value was measured by using an estimated market rate for an equivalent non-convertible instrument.

Derivative Liabilities

Derivative liabilities relate to the foreign currency conversion option embedded in the convertible notes.

Fair value cannot be measured based on quoted prices in active markets or other observable inputs, and accordingly, derivative liabilities are measured by using the Black-Scholes option pricing model. Fair value of the option is calculated, applying the following assumptions: (1) conversion price; (2) the Company’s share price; (3) maturity of the option; (4) a risk-free interest rate equaling the effective interest rate on a U.S. government bond with the same lifetime as the maturity of the option; (5) no payment of dividends; and (6) an expected volatility using the Company’s share price (51% as of September 30, 2023).

For additional description of fair values, refer to the following section “Fair Value Measurement”.

Sensitivity Analysis

On September 30, 2023, all other inputs and assumptions held constant, a 10% relative increase in volatility, will increase the fair value of derivative liabilities by approximately €12.8 million and indicates a decrease in profit or loss and equity before tax. Similarly, a 10% relative decrease in volatility indicates the opposite impact.

Similarly, on September 30, 2023, all other inputs and assumptions held constant, a 10% increase in the share price, will increase the fair value of derivative liabilities by approximately €18.2 million and indicates a decrease in profit or loss and equity before tax. Similarly, a 10% decrease in the share price indicates the opposite impact.

Fair Value Measurement

Because of the short-term maturity for cash and cash equivalents, receivables and trade payables, their fair value approximate carrying amount. Fair value of lease liabilities are not disclosed. Fair value compared to carrying amount of marketable securities, convertible notes, royalty funding liabilities and derivative liabilities, and their level in the fair value hierarchy is summarized in the following table, where:

Level 1 is quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

Level 2 is based on valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable;

Level 3 is based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.


	September 30, 2023		December 31, 2022
	Carrying amount	Fair value	Carrying amount	Fair value	Fair value level
	(EUR’000)				(1-3)
Financial assets
Marketable securities	14,165	14,049	298,180	295,843	1
Financial assets measured at amortized cost	14,165	14,049	298,180	295,843
Financial liabilities
Borrowings
Convertible senior notes	421,708	389,451	399,185	382,459	3
Royalty funding liabilities	139,599	140,248	—	—	3
Financial liabilities measured at amortized cost	561,307	529,699	399,185	382,459
Derivative liabilities	93,353	93,353	157,950	157,950	3
Financial liabilities measured at fair value through profit or loss	93,353	93,353	157,950	157,950

The following table specifies movements in level 3 fair value measurements:


	2023			2022
	(EUR’000)
Derivative liabilities
January 1		157,950			—
Additions		—			142,467
Remeasurement recognized in financial (income) or expense		(64,597	)		(9,736	)
September 30		93,353			132,731

Maturity Analysis

The following table summarizes maturity analysis (on an undiscounted basis) for non-derivative financial liabilities recognized in the unaudited condensed consolidated statements of financial position at September 30, 2023:


	< 1 year		1-5 years		>5 years		Total contractual cash-flows		Carrying amount
	(EUR’000)
Financial liabilities
September 30, 2023
Borrowings		12,212		766,671		58,560		837,443		561,307
Lease liabilities		14,646		53,562		53,814		122,022		104,536
Trade payables and accrued expenses		121,552		—		—		121,552		121,552
Total financial liabilities		148,410		820,233		112,374		1,081,017		787,395

Financial Assets and Liabilities - Summary of Marketable securities (Detail) - EUR (€) € in Thousands	Sep. 30, 2023	Dec. 31, 2022
Disclosure Detailed Information About Marketable Securities [Line Items]
Non-current financial marketable securities	€ 0	€ 7,492
Current financial marketable securities	14,165	290,688
Financial assets at amortised cost, class [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	14,165	298,180
Non-current financial marketable securities	0	7,492
Current financial marketable securities	14,165	290,688
Financial assets	14,165	298,180
Financial assets at amortised cost, class [member] \| High Grade [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	9,428	203,530
Financial assets at amortised cost, class [member] \| Upper Medium Grade [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	4,737	94,650
Financial assets at amortised cost, class [member] \| Fixed interest rate [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	14,165	205,825
Financial assets at amortised cost, class [member] \| Floating interest rate [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	0	11,787
Financial assets at amortised cost, class [member] \| Zero Coupon [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial assets	0	80,568
Financial assets at amortised cost, class [member] \| US Treasury bills [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	0	79,086
Financial assets at amortised cost, class [member] \| US Government Bonds [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	9,428	99,337
Financial assets at amortised cost, class [member] \| Corporate bonds [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	4,737	104,236
Financial assets at amortised cost, class [member] \| Agency bonds [Member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	€ 0	€ 15,521

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue [abstract]

Schedule of Revenue Recognized in Consolidated Statement of Profit or Loss


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(EUR’000)				(EUR’000)
Revenue from external customers
Commercial sale of products		46,968		12,252		114,414		18,575
Rendering of services		401		2,401		12,480		3,385
Sale of clinical supply		94		—		348		4,405
Licenses		571		637		1,774		1,913
Total revenue from external customers		48,034		15,290		129,016		28,278
Attributable to
Commercial customers		46,968		12,252		114,414		18,575
Collaboration partners and license agreements		1,066		3,038		14,602		9,703
Total revenue from external customers		48,034		15,290		129,016		28,278
Specified by timing of recognition
Recognized over time		401		2,401		12,480		3,385
Recognized at a point in time		47,633		12,889		116,536		24,893
Total revenue from external customers		48,034		15,290		129,016		28,278
Revenue by geographical location
Europe		381		151		381		426
North America		47,234		12,889		127,059		24,424
Asia		419		2,250		1,576		3,428
Total revenue from external customers		48,034		15,290		129,016		28,278

Revenue - Schedule of Revenue Recognized in Consolidated Statements of Profit or Loss (Detail) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue from external customers
Commercial sale of products	€ 46,968	€ 12,252	€ 114,414	€ 18,575
Rendering of services	401	2,401	12,480	3,385
Sale of clinical supply	94	0	348	4,405
"Right-to-use" licenses	571	637	1,774	1,913
Total revenue	48,034	15,290	129,016	28,278
Revenue from external customers (geographical)
Total revenue	48,034	15,290	129,016	28,278
Goods or services transferred over time [member]
Revenue from external customers
Total revenue	401	2,401	12,480	3,385
Revenue from external customers (geographical)
Total revenue	401	2,401	12,480	3,385
Goods or services transferred at point in time [member]
Revenue from external customers
Total revenue	47,633	12,889	116,536	24,893
Revenue from external customers (geographical)
Total revenue	47,633	12,889	116,536	24,893
Commercial customers [Member]
Revenue from external customers
Total revenue	46,968	12,252	114,414	18,575
Revenue from external customers (geographical)
Total revenue	46,968	12,252	114,414	18,575
Collaboration partners and license agreements [Member]
Revenue from external customers
Total revenue	1,066	3,038	14,602	9,703
Revenue from external customers (geographical)
Total revenue	1,066	3,038	14,602	9,703
Europe [Member]
Revenue from external customers
Total revenue	381	151	381	426
Revenue from external customers (geographical)
Total revenue	381	151	381	426
North America [member]
Revenue from external customers
Total revenue	47,234	12,889	127,059	24,424
Revenue from external customers (geographical)
Total revenue	47,234	12,889	127,059	24,424
Asia [Member]
Revenue from external customers
Total revenue	419	2,250	1,576	3,428
Revenue from external customers (geographical)
Total revenue	€ 419	€ 2,250	€ 1,576	€ 3,428

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Disclosure of voluntary change in accounting policy [abstract]
Summary of Significant Accounting Policies	Note 2—Summary of Significant Accounting Policies Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting”. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended December 31, 2022, and accompanying notes, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (the “IASB”) and as adopted by the European Union (the “EU”). The accounting policies applied are consistent with those of the previous financial year. A description of the accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2022. In addition, the accounting policy for royalty funding liabilities, applied for the first time in this reporting period, is described below. The preparation of financial statements in conformity with IFRS requires the use of certain significant accounting estimates and requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 3, “Significant Accounting Judgements and Estimates”. Royalty Funding Liabilities Royalty funding liabilities relate to the Company’s contractual obligations to pay a predetermined percentage of future commercial revenue until reaching a predetermined multiple of proceeds received, according to the detailed provisions of the synthetic royalty funding agreement (the “Agreement”). Where relevant, royalty funding liabilities are separated into a financial liability and embedded derivative components based on the terms and conditions of the Agreement. Embedded derivative components are accounted for separately, unless these are deemed closely related to the financial liability. The Agreement includes a buy-out option where the value is dependent on non-financial variables that are specific to the Company. Accordingly, the buy-out option is not accounted for separately as a derivative. The financial liability is recognized when the Company becomes party to the contractual provisions of the Agreement and measured at amortized cost until it is extinguished upon exercising a buy-out option or upon achieving the predetermined multiple of proceeds received. The effective interest rate is estimated at initial recognition and takes into account incremental transaction costs and anticipated amount and timing of future cash flows, which further depends on future commercial revenue forecasts and the probability of exercising the buy-out option. The amortized cost is remeasured prospectively when there is a material change in expectations to amount and timing of future cash flows, which will increase or decrease future interest expenses. Remeasurement gain or losses are recognized through the profit or loss as finance income or expenses, respectively. The financial liability is presented as part of borrowings in the statement of financial position. Change to Presentation of Borrowings At December 31, 2022, lease liabilities were presented as part of borrowings in the consolidated statements of financial position. At December 31, 2022, carrying amount of lease liabilities was €95.4 million and €13.8 million, for non-current liabilities and current liabilities, respectively. In connection with entering additional borrowing activities in September 2023, lease liabilities are from September 30, 2023, presented separately in the consolidated statements of financial position. Comparative amounts have been reclassified to reflect the change in presentation. Accordingly, at September 30, 2023 and December 31, 2022, borrowings comprise convertible senior notes and royalty funding liabilities, and convertible senior notes. The change to presentation had no other impact on the unaudited condensed consolidated financial statements. New International Financial Reporting Standards Not Yet Effective The IASB has issued a number of new or amended standards, which have not yet become effective or have not yet been adopted by the EU. Therefore, these new standards have not been incorporated in these unaudited condensed consolidated interim financial statements. Amendments to IAS 1, “Classification of Liabilities as Current or Non-current” In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1, “Presentation of Financial Statements”, to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: • What is meant by a right to defer settlement; • That a right to defer must exist at the end of the reporting period; • That classification is unaffected by the likelihood that an entity will exercise its deferral right; and • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. If approved by the EU, the amendments are effective for annual reporting periods beginning on or after January 1, 2024, and must be applied retrospectively. The amendments are expected to require the convertible senior notes (“convertible notes”) (presented as part of borrowings in the statement of financial position) and derivative liabilities, both presented as non-current liabilities at September 30, 2023, to be presented as current liabilities. On September 30, 2023, the carrying amount of convertible notes and derivative liabilities were €421.7 million and €93.4 million, respectively. The consolidated financial statements are not expected to be affected by other new or amended standards.

Consolidated Statements of Profit or Loss and Other Comprehensive Income - EUR (€)
€ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Profit or loss [abstract]

Revenue

€ 48,034

€ 15,290

€ 129,016

€ 28,278

Cost of sales

7,388

1,693

24,938

7,025

Gross profit

40,646

13,597

104,078

21,253

Research and development costs

111,439

97,431

322,573

271,006

Selling, general and administrative expenses

63,614

60,671

200,435

164,675

Operating profit / (loss)

(134,407)

(144,505)

(418,930)

(414,428)

Share of profit / (loss) of associate

(6,794)

(3,696)

(15,471)

(9,736)

Finance income

4,142

20,326

76,985

73,797

Finance expenses

24,519

41,247

35,640

25,381

Profit / (loss) before tax

(161,578)

(169,122)

(393,056)

(375,748)

Income taxes (expenses)

(645)

167

(1,513)

(28)

Net profit / (loss) for the period

(162,223)

(168,955)

(394,569)

(375,776)

Attributable to owners of the Company

€ (162,223)

€ (168,955)

€ (394,569)

€ (375,776)

Basic earnings/ (loss) per share

€ (2.88)

€ (3.03)

€ (7.02)

€ (6.7)

Diluted earnings/ (loss) per share

€ (2.88)

€ (3.03)

€ (7.02)

€ (6.7)

Number of shares used for calculation (basic and diluted)

^[1]

56,272,698

55,831,561

56,194,956

56,115,782

Statement of comprehensive income [abstract]

Net profit / (loss) for the period

€ (162,223)

€ (168,955)

€ (394,569)

€ (375,776)

Items that may be reclassified subsequently to profit or loss:

Exchange differences on translating foreign operations

571

(2,207)

(1,232)

(2,538)

Other comprehensive income / (loss) for the period, net of tax

571

(2,207)

(1,232)

(2,538)

Total comprehensive income / (loss)

(161,652)

(171,162)

(395,801)

(378,314)

Attributable to owners of the Company

€ (161,652)

€ (171,162)

€ (395,801)

€ (378,314)

[1]

As of September 30, 2023 and September 30, 2022, a total of 6,555,187 and 6,937,495 warrants outstanding, respectively, each carrying the right to subscribe for one ordinary share, and 575,000 convertible senior notes which can potentially be converted into 3,456,785 ordinary shares, can potentially dilute earnings per share in the future but have not been included in the calculation of diluted earnings per share because they are antidilutive for the periods presented.

Consolidated Statements of Changes in Equity - EUR (€) € in Thousands	Total	Share Capital [member]	Share Premium [member]	Treasury Shares [member]	Foreign Currency Translation Reserve [member]	Accumulated Deficit [member]
Equity at Dec. 31, 2021	€ 883,635	€ 7,646	€ 2,107,739	€ (21)	€ 3,779	€ (1,235,508)
Net profit / (loss) for the period	(375,776)					(375,776)
Other comprehensive income / (loss), net of tax	(2,538)				(2,538)
Total comprehensive income / (loss)	(378,314)				(2,538)	(375,776)
Share-based payment (Note 7)	50,307					50,307
Acquisition of treasury shares (Note 9)	(106,099)			(134)		(105,965)
Capital increase	2,023	12	2,011
Equity at Sep. 30, 2022	451,552	7,658	2,109,750	(155)	1,241	(1,666,942)
Equity at Dec. 31, 2022	263,348	7,675	2,112,863	(149)	3,452	(1,860,493)
Net profit / (loss) for the period	(394,569)					(394,569)
Other comprehensive income / (loss), net of tax	(1,232)				(1,232)
Total comprehensive income / (loss)	(395,801)				(1,232)	(394,569)
Share-based payment (Note 7)	50,752					50,752
Capital increase	8,268	67	8,201
Equity at Sep. 30, 2023	€ (73,433)	€ 7,742	€ 2,121,064	€ (149)	€ 2,220	€ (2,204,310)

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2023-01-01
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 17
-IssueDate 2023-01-01
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2023-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2023-03-23

+ Details

Share-based Payment (Tables)

9 Months Ended

Sep. 30, 2023

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Summary of Share Based Payment

The following table specifies the number of RSUs and PSUs granted and outstanding at September 30, 2023:


	Restricted Stock Units			Performance Stock Units			Total
Outstanding	(Number)
January 1, 2023		82,492			—			82,492
Granted during the period		609,860			112,268			722,128
Forfeited during the period		(59,491	)		(7,245	)		(66,736	)
September 30, 2023		632,861			105,023			737,884
Specified by vesting year
2023		38,676			—			38,676
2024		223,761			35,007			258,768
2025		185,189			35,008			220,197
2026		185,235			35,008			220,243
September 30, 2023		632,861			105,023			737,884

Summary of Warrant Activity

The following table specifies the warrant activity for the nine months ended September 30, 2023:


	Total Warrants			Weighted Average Exercise Price
	(Number)			(EUR)
Outstanding
January 1, 2023		6,864,011			81.30
Granted during the period		333,105			90.54
Exercised during the period		(504,273	)		15.79
Forfeited during the period		(137,656	)		116.05
September 30, 2023		6,555,187			86.09
Vested at September 30, 2023		5,117,555			77.82

Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Disclosure of detailed information about financial instruments [abstract]

Summary of Marketable securities

The following table specifies the marketable securities portfolio:


	September 30, 2023		December 31, 2022
	(EUR’000)
Marketable securities
U.S. Treasury bills		—		79,086
U.S. Government bonds		9,428		99,337
Corporate bonds		4,737		104,236
Agency bonds		—		15,521
Total marketable securities		14,165		298,180
Classified based on maturity profiles
Non-current assets		—		7,492
Current assets		14,165		290,688
Total marketable securities		14,165		298,180
Specified by rate structure
Fixed rate		14,165		205,825
Floating rate		—		11,787
Zero-coupon		—		80,568
Total marketable securities		14,165		298,180
Specified by investment grade credit rating
High grade		9,428		203,530
Upper medium grade		4,737		94,650
Total marketable securities		14,165		298,180

Summary of Fair Value Hierarchy


	September 30, 2023		December 31, 2022
	Carrying amount	Fair value	Carrying amount	Fair value	Fair value level
	(EUR’000)				(1-3)
Financial assets
Marketable securities	14,165	14,049	298,180	295,843	1
Financial assets measured at amortized cost	14,165	14,049	298,180	295,843
Financial liabilities
Borrowings
Convertible senior notes	421,708	389,451	399,185	382,459	3
Royalty funding liabilities	139,599	140,248	—	—	3
Financial liabilities measured at amortized cost	561,307	529,699	399,185	382,459
Derivative liabilities	93,353	93,353	157,950	157,950	3
Financial liabilities measured at fair value through profit or loss	93,353	93,353	157,950	157,950

The following table specifies m

Movements in Level 3 Fair Value Measurements

The following table specifies movements in level 3 fair value measurements:


	2023			2022
	(EUR’000)
Derivative liabilities
January 1		157,950			—
Additions		—			142,467
Remeasurement recognized in financial (income) or expense		(64,597	)		(9,736	)
September 30		93,353			132,731

Summary of Maturity Analysis For Financial Liabilities


	< 1 year		1-5 years		>5 years		Total contractual cash-flows		Carrying amount
	(EUR’000)
Financial liabilities
September 30, 2023
Borrowings		12,212		766,671		58,560		837,443		561,307
Lease liabilities		14,646		53,562		53,814		122,022		104,536
Trade payables and accrued expenses		121,552		—		—		121,552		121,552
Total financial liabilities		148,410		820,233		112,374		1,081,017		787,395

Share-based Payment - Schedule of Warrant Activity (Detail) - Warrants [member]	9 Months Ended
	Sep. 30, 2023 € / shares
Disclosure Of Warrant Activity [line items]
Beginning balance	6,864,011
Granted during the period	333,105
Exercised during the period	(504,273)
Forfeited during the period	(137,656)
Ending balance	6,555,187
Vested at the balance sheet date	5,117,555
Beginning balance	€ 81.3
Granted during the period	90.54
Exercised during the period	15.79
Forfeited during the period	116.05
Ending balance	86.09
Vested at the balance sheet date	€ 77.82

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Disclosure of voluntary change in accounting policy [abstract]
Basis of Preparation	Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting”. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended December 31, 2022, and accompanying notes, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (the “IASB”) and as adopted by the European Union (the “EU”). The accounting policies applied are consistent with those of the previous financial year. A description of the accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2022. In addition, the accounting policy for royalty funding liabilities, applied for the first time in this reporting period, is described below. The preparation of financial statements in conformity with IFRS requires the use of certain significant accounting estimates and requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 3, “Significant Accounting Judgements and Estimates”.
Royalty Funding Liabilities	Royalty Funding Liabilities Royalty funding liabilities relate to the Company’s contractual obligations to pay a predetermined percentage of future commercial revenue until reaching a predetermined multiple of proceeds received, according to the detailed provisions of the synthetic royalty funding agreement (the “Agreement”). Where relevant, royalty funding liabilities are separated into a financial liability and embedded derivative components based on the terms and conditions of the Agreement. Embedded derivative components are accounted for separately, unless these are deemed closely related to the financial liability. The Agreement includes a buy-out option where the value is dependent on non-financial variables that are specific to the Company. Accordingly, the buy-out option is not accounted for separately as a derivative. The financial liability is recognized when the Company becomes party to the contractual provisions of the Agreement and measured at amortized cost until it is extinguished upon exercising a buy-out option or upon achieving the predetermined multiple of proceeds received. The effective interest rate is estimated at initial recognition and takes into account incremental transaction costs and anticipated amount and timing of future cash flows, which further depends on future commercial revenue forecasts and the probability of exercising the buy-out option. The amortized cost is remeasured prospectively when there is a material change in expectations to amount and timing of future cash flows, which will increase or decrease future interest expenses. Remeasurement gain or losses are recognized through the profit or loss as finance income or expenses, respectively. The financial liability is presented as part of borrowings in the statement of financial position.
Change to Presentation of Borrowings	Change to Presentation of Borrowings At December 31, 2022, lease liabilities were presented as part of borrowings in the consolidated statements of financial position. At December 31, 2022, carrying amount of lease liabilities was €95.4 million and €13.8 million, for non-current liabilities and current liabilities, respectively. In connection with entering additional borrowing activities in September 2023, lease liabilities are from September 30, 2023, presented separately in the consolidated statements of financial position. Comparative amounts have been reclassified to reflect the change in presentation. Accordingly, at September 30, 2023 and December 31, 2022, borrowings comprise convertible senior notes and royalty funding liabilities, and convertible senior notes. The change to presentation had no other impact on the unaudited condensed consolidated financial statements.
New International Financial Reporting Standards Not Yet Effective	New International Financial Reporting Standards Not Yet Effective The IASB has issued a number of new or amended standards, which have not yet become effective or have not yet been adopted by the EU. Therefore, these new standards have not been incorporated in these unaudited condensed consolidated interim financial statements. Amendments to IAS 1, “Classification of Liabilities as Current or Non-current” In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1, “Presentation of Financial Statements”, to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: • What is meant by a right to defer settlement; • That a right to defer must exist at the end of the reporting period; • That classification is unaffected by the likelihood that an entity will exercise its deferral right; and • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. If approved by the EU, the amendments are effective for annual reporting periods beginning on or after January 1, 2024, and must be applied retrospectively. The amendments are expected to require the convertible senior notes (“convertible notes”) (presented as part of borrowings in the statement of financial position) and derivative liabilities, both presented as non-current liabilities at September 30, 2023, to be presented as current liabilities. On September 30, 2023, the carrying amount of convertible notes and derivative liabilities were €421.7 million and €93.4 million, respectively. The consolidated financial statements are not expected to be affected by other new or amended standards.

Consolidated Statements of Financial Position - EUR (€) € in Thousands	Sep. 30, 2023	Dec. 31, 2022
Non-current assets [abstract]
Intangible assets	€ 4,495	€ 4,828
Property, plant and equipment	125,535	129,095
Investment in associate	8,116	22,932
Other receivables	2,142	1,920
Marketable securities	0	7,492
Total non-current assets	140,288	166,267
Current assets
Inventories	189,132	130,673
Trade receivables	26,794	11,910
Income tax receivables	1,644	883
Other receivables	21,595	12,833
Prepayments	38,327	31,717
Marketable securities	14,165	290,688
Cash and cash equivalents	441,268	444,767
Total current assets	732,925	923,471
Total assets	873,213	1,089,738
Equity
Share capital	7,742	7,675
Distributable equity	(81,175)	255,673
Total equity	(73,433)	263,348
Non-current liabilities
Borrowings	549,483	387,555
Lease liabilities	90,103	95,401
Derivative liabilities	93,353	157,950
Contract liabilities	949	14,213
Total non-current liabilities	733,888	655,119
Current liabilities
Borrowings	11,824	11,630
Lease liabilities	14,433	13,791
Contract liabilities	4,030	0
Trade payables and accrued expenses	121,552	101,032
Other liabilities	33,660	31,989
Income tax payables	6,478	5,490
Provisions	20,781	7,339
Total current liabilities	212,758	171,271
Total liabilities	946,646	826,390
Total equity and liabilities	€ 873,213	€ 1,089,738

Financial Assets and Liabilities - Summary of Fair Value Hierarchy (Details) - EUR (€) € in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Disclosure of fair value measurement of assets [line items]
Convertible senior notes	€ 421,700
Level 3 [member]
Disclosure of fair value measurement of assets [line items]
Derivative liabilities	93,353	€ 157,950	€ 132,731	€ 0
Carrying amount [member]
Disclosure of fair value measurement of assets [line items]
Financial assets measured at amortized cost	14,165	298,180
Financial liabilities measured at amortized cost	561,307	399,185
Financial liabilities measured at fair value through profit or loss	93,353	157,950
Carrying amount [member] \| Level 1 [member]
Disclosure of fair value measurement of assets [line items]
Marketable Securities	14,165	298,180
Carrying amount [member] \| Level 3 [member]
Disclosure of fair value measurement of assets [line items]
Convertible senior notes	421,708	399,185
Royalty funding liabilities	139,599	0
Derivative liabilities	93,353	157,950
Fair value [member]
Disclosure of fair value measurement of assets [line items]
Financial assets measured at amortized cost	14,049	295,843
Financial liabilities measured at amortized cost	529,699	382,459
Financial liabilities measured at fair value through profit or loss	93,353	157,950
Fair value [member] \| Level 1 [member]
Disclosure of fair value measurement of assets [line items]
Marketable Securities	14,049	295,843
Fair value [member] \| Level 3 [member]
Disclosure of fair value measurement of assets [line items]
Convertible senior notes	389,451	382,459
Royalty funding liabilities	140,248	0
Derivative liabilities	€ 93,353	€ 157,950

Share Capital - Additional Information (Detail)	Sep. 30, 2023 kr / shares shares
Disclosure of classes of share capital [abstract]
Number of shares issued \| shares	57,656,568
Share nominal value \| kr / shares	kr 1

Cover Page	9 Months Ended
Cover Page	Sep. 30, 2023
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Registrant Name	Ascendis Pharma A/S
Entity Central Index Key	0001612042
Current Fiscal Year End Date	--12-31

Treasury Shares - Summary of Holding of Treasury Shares (Detail) € in Thousands	Sep. 30, 2023 EUR (€) shares
Disclosure Of Holding Of Treasury Shares [Line Items]
January 1, 2023 (Nominal values) \| €	€ 149
June 30, 2023 (Nominal values) \| €	€ 149
January 1, 2023 (Holding) \| shares	1,113,152
June 30, 2023 (Holding) \| shares	1,113,152
January 1, 2023 (Holding in % of total outstanding shares)	2.00%
June 30, 2023(Holding in % of total outstanding shares)	1.90%

Revenue - Additional Information (Detail)	9 Months Ended
Revenue - Additional Information (Detail)	Sep. 30, 2023
Disclosure of associates [line items]
Payment Term Of Customers	30 days

Segment Information - Additional Information (Detail)	9 Months Ended
Segment Information - Additional Information (Detail)	Sep. 30, 2023 Segment
Disclosure of operating segments [line items]
Number of reportable segment	1

Consolidated Statements of Profit or Loss and Other Comprehensive Income (Parenthetical) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Warrants outstanding	6,555,187	6,937,495
Convertible Senior Notes [Member]
Convertible notes	575,000
Ordinary shares [member]
Warrants outstanding	3,456,785

Summary of Significant Accounting Policies - Additional Information (Detail) - EUR (€) € in Thousands	Sep. 30, 2023	Dec. 31, 2022
Disclosure of summary of significant accounting policies [line items]
Non-current lease liabilities	€ 90,103	€ 95,401
Current lease liabilities	14,433	13,791
Convertible Senior Notes	421,700
Derivative Liabilities	€ 93,353	€ 157,950

Share-Based Payment - Additional Information (Details) € / shares in Units, € in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 EUR (€)	Sep. 30, 2022 EUR (€)	Sep. 30, 2023 EUR (€)	Sep. 30, 2022 EUR (€)	Sep. 30, 2023 kr / shares	Sep. 30, 2023 € / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share nominal value \| kr / shares					kr 1
Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options						€ 6.48
Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options						€ 145.5
Profit Loss [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based compensation costs \| €	€ 17.2	€ 13.5	€ 50.8	€ 50.3

Financial Assets and Liabilities - Movements in Level 3 Fair Value Measurements (Details) - Level 3 [member] - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance	€ 157,950	€ 0
Additions	0	142,467
Remeasurement recognized in financial income or expense	(64,597)	(9,736)
Ending balance	€ 93,353	€ 132,731

Significant Events in the Reporting Period - Additional Information (Detail) € in Thousands, $ in Millions	1 Months Ended
	Sep. 30, 2023 USD ($) Multiple	Sep. 30, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Sep. 30, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Significant Events In The Reporting Period LineItems
Balance of equity \| €		€ 73,433	€ (263,348)	€ (451,552)	€ (883,635)
Royalty Pharma [member]
Significant Events In The Reporting Period LineItems
Funding received in exchange \| $	$ 150.0
Royalty payment ending period	Dec. 31, 2031
Royalty Pharma [member] \| Bottom of range [member]
Significant Events In The Reporting Period LineItems
Multiple of the purchase price were royalty payment will cease \| Multiple	1.65
Royalty Pharma [member] \| Top of range [member]
Significant Events In The Reporting Period LineItems
Multiple of the purchase price were royalty payment will cease \| Multiple	1.925
U.S. SKYTROFA [member]
Significant Events In The Reporting Period LineItems
Funding received in exchange \| $	$ 150.0
Revenue interest payment in percentage in exchange for funding	9.15%
Royalty payment beginning period	Jan. 01, 2025