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<div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note 1—General Information </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Ascendis Pharma A/S, together with its subsidiaries, is a biopharmaceutical company applying its innovative TransCon technologies to build a leading, fully integrated biopharmaceutical company. Ascendis Pharma A/S was incorporated in 2006 and is headquartered in Hellerup, Denmark. Unless the context otherwise requires, references to the “Company,” “we,” “us” and “our” refer to Ascendis Pharma A/S and its subsidiaries. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The address of the Company’s registered office is Tuborg Boulevard 12, <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">DK-2900,</div> Hellerup, Denmark.</div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On February 2, 2015, the Company completed an initial public offering which resulted in the listing of American Depositary Shares, or ADSs, representing the Company’s ordinary shares, under the symbol “ASND” in the United States on The Nasdaq Global Select Market. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company’s Board of Directors approved these unaudited condensed consolidated interim financial statements on August 27, 2020. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:times new roman"><div style="font-weight:bold;display:inline;">Note 2—Summary of Significant Accounting Policies </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Basis of Preparation </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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, 2019 and accompanying notes, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board, and as adopted by the European Union. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The accounting policies applied are consistent with those of the previous financial year. A description of our accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2019. In addition, our accounting policies for marketable securities, and internally generated intangible assets regarding software, applied for the first time in this reporting period, are described below. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 3. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Marketable Securities </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In order to mitigate concentration of credit risks on cash deposits, the Company’s business model comprises objectives to hold marketable securities (“marketable securities” or “securities”) in order to collect contractual cash-flows. </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Marketable securities may comprise government bonds, treasury bills, commercial papers, and other securities traded on established markets. </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Our investment policy only allows investment in marketable securities with high credit-ratings, assigned by international credit-rating agencies. </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Contractual terms of the individual securities give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. 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Amortization of the asset begins when the development is complete, and the asset is available for use. Software assets are amortized over the period of expected future benefits. Amortization is recognized in research and development costs, and selling, general and administrative expenses, as appropriate. During the period of development, the asset is tested for impairment, at least annually, or if there are indications that a software asset is impaired. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Expenditures, that do not meet the criteria above are recognized as an expense as incurred. The Company does not capitalize software with no alternative use, or where economic benefit depends on marketing approvals of drug candidates and where market approvals have not been obtained. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">New and Amended IFRS Standards Adopted by the Company </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Several new amendments and interpretations became applicable for the current reporting period, but do not have an impact on the accounting policies applied by the Company. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Basis of Preparation </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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, 2019 and accompanying notes, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board, and as adopted by the European Union. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The accounting policies applied are consistent with those of the previous financial year. A description of our accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2019. In addition, our accounting policies for marketable securities, and internally generated intangible assets regarding software, applied for the first time in this reporting period, are described below. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 3. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">New and Amended IFRS Standards Adopted by the Company </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Several new amendments and interpretations became applicable for the current reporting period, but do not have an impact on the accounting policies applied by the Company. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
1338000
1338000
1013000
2295000
2215000
3876000
<div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:times new roman"><div style="font-weight:bold;display:inline;">Note 6—Segment Information </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">We are managed and operated as one business unit. No separate business areas or separate business units have been identified in relation to product candidates or geographical markets. Accordingly, we do not disclose additional information on business segments or geographical markets. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
1
<div style="text-indent: 13%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Warrant compensation costs are determined with basis in the grant date fair value of the warrants granted and recognized over the vesting period. </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:92%;"><tr style="font-size: 0px;"><td style="font-family: 'times new roman';;width:73%;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:2%;"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:2%;"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:2%;"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:2%;"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="6" style="text-align:center;;vertical-align:bottom;"><div style="font-family: 'times new roman'; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;margin-left :auto;margin-right :auto;"><div style="font-family: 'times new roman'; font-size: 8pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Three Months Ended</div></div></div><div style="font-family: 'times new roman'; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;margin-left :auto;margin-right :auto;"><div style="font-family: 'times new roman'; font-size: 8pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">June 30,</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="6" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Six month ended<br/>June 30,</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="6" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">(EUR’000)</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="6" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">(EUR’000)</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Research and development costs</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,168</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">5,244</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">17,058</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">10,179</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Selling, general, and administrative expenses</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">5,247</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">3,451</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">11,306</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">7,951</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Total warrant compensation costs</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">13,415</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">8,695</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">28,364</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">18,130</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following table specifies the warrant activity during the six months ended June 30, 2020: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="font-family: "times new roman";;width:78%;"></td><td style="font-family: "times new roman";;vertical-align:bottom;;width:3%;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";;vertical-align:bottom;;width:2%;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Total<br/>Warrants</div></td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Weighted<br/>Average<br/>Exercise<br/>Price<br/>EUR</div></td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Outstanding at January 1, 2020</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">5,820,211</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">46.36</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Granted during the period</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">403,600</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">123.76</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Exercised during the period</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(359,945</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">26.69</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Forfeited during the period</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(75,476</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">45.70</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Expired during the period</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Outstanding at June 30, 2020</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">5,788,390</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">52.99</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Vested at June 30, 2020</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2,967,550</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">31.31</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:times new roman"><div style="font-weight:bold;display:inline;">Note 9—Share Capital </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The share capital of Ascendis Pharma A/S consists of 48,345,782 outstanding shares at a nominal value of DKK 1, all in the same share class. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:times new roman"><div style="font-weight:bold;display:inline;">Note 10—Subsequent Events </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On July 7, 2020, the Company entered into an underwriting agreement with J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Evercore Group L.L.C., and SVB Leerink LLC, as representatives of the several underwriters named therein (collectively, the “Underwriters”), pursuant to which the Company agreed to issue and sell 4,225,352 American Depositary Shares (the “ADSs”), each of which represents one ordinary share of the Company, DKK 1 nominal value per share, to the Underwriters (the “Offering”). The ADSs were sold at a public offering price of $142.00 per ADS, and were purchased by the Underwriters from the Company at a price of $134.90 per ADS. Under the terms of the Underwriting Agreement, the Company granted the Underwriters the right, for 30 days, to purchase from the Company up to 633,802 additional ADSs at the public offering price, less the underwriting commissions. On July 8, 2020, the Underwriters exercised their option to purchase the additional 633,802 ADSs in full. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On July 10, 2020, the Offering closed, and the Company completed the sale and issuance of an aggregate of 4,859,154 ADSs. The Company received net proceeds from the Offering of approximately $654.7 million, or €580.7 million at the date of closing, after deducting the Underwriters’ commissions and estimated offering expenses payable by the Company. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">No other events have occurred after the reporting date that would influence the evaluation of these unaudited condensed consolidated interim financial statements. </div></div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
230958000
-94932000
-58904000
-158249000
-112541000
4225352
142.00
134.90
633802
311000
233446000
4859154
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Marketable Securities </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In order to mitigate concentration of credit risks on cash deposits, the Company’s business model comprises objectives to hold marketable securities (“marketable securities” or “securities”) in order to collect contractual cash-flows. </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Marketable securities may comprise government bonds, treasury bills, commercial papers, and other securities traded on established markets. </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Our investment policy only allows investment in marketable securities with high credit-ratings, assigned by international credit-rating agencies. </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Contractual terms of the individual securities give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. This assessment is referred to as the SPPI-test and is performed individually per security acquired. </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Marketable securities are initially recognized at fair value at trade date, and subsequently measured at amortized cost and are subject to impairment to accommodate expected credit loss. Gains and losses are recognized in the consolidated statement of profit or loss when the specific security or portfolio of securities is derecognized, modified or impaired. </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Marketable securities with a maturity of three months or less on the date of acquisition are presented as cash equivalents in the consolidated statements of financial position, where other securities with a maturity date within 12 months after the reporting date are presented separately as marketable securities within current assets. The Company does not hold <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">non-current</div> securities. </div></div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Internally Generated Intangible Assets regarding Software </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Software assets, that is internally developed, comprise administrative applications and serve general purposes to support the operations. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Development costs that are directly attributable to the design, customization, implementation, and testing of identifiable and unique software assets controlled by the Company are recognized as intangible assets from the time that; (1) the software asset is clearly defined and identifiable; (2) technological feasibility, adequate resources to complete, and an internal use of the software asset can be demonstrated; (3) the expenditure attributable to the software asset can be measured reliably; and (4) the Company has the intention to use the software asset internally. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when the development is complete, and the asset is available for use. Software assets are amortized over the period of expected future benefits. Amortization is recognized in research and development costs, and selling, general and administrative expenses, as appropriate. During the period of development, the asset is tested for impairment, at least annually, or if there are indications that a software asset is impaired. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Expenditures, that do not meet the criteria above are recognized as an expense as incurred. The Company does not capitalize software with no alternative use, or where economic benefit depends on marketing approvals of drug candidates and where market approvals have not been obtained. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
654700000
580700000
0
1436000
3211000
3661000
8621000
4000
40000000
0.50
208334000
22624000
230958000
P3M9D
<div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note 3—Critical Accounting Judgments and Key Sources of Estimation Uncertainty </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In the application of our accounting policies, the Company is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Critical judgments made in the process of applying our accounting policies and that have the most significant effect on the amounts recognized in our unaudited condensed consolidated interim financial statements relate to revenue recognition, share-based payment, internally generated intangible assets related to drug development, and to our collaboration agreements. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year, primarily relate to recognition of accruals for manufacturing and clinical trial activities. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The unaudited condensed consolidated interim financial statements do not include all disclosures for critical accounting judgments and estimation uncertainties 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, 2019. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">During the first six months of 2020, the Company has, for the first time, applied critical accounting judgments related to <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">pre-launch</div> inventories, as described below. There have been no other changes to the application of critical accounting judgments, or estimation uncertainties regarding accounting estimates.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Pre-launch</div> Inventories </div></div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In determining the accounting for pre-launch inventories, we consider the probability of future benefits, and accordingly, whether pre-launch inventories qualify as assets. Manufacturing of pre-launch inventories are initiated for late-stage drug candidates and are recognized as inventories. However, since pre-launch inventories are not realizable prior to obtaining marketing approvals, pre-launch inventories are immediately written down<div style="display:inline;"> </div></div></div></div><div style="font-size: 10pt;;display:inline;">to </div>0<div style="font-size: 10pt;;display:inline;">, </div><div style="display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">through research and development costs. Once the marketing approval is obtained, write-downs of pre-launch inventories are reversed through research and development costs. </div></div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note 5—Revenue </div></div></div><div style="text-indent: 9%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company’s revenue is primarily generated from three license agreements, which were entered into in 2018. The licenses grant our associate VISEN Pharmaceuticals (“Visen”) exclusive rights to development and commercialize TransCon hGH, TransCon PTH and TransCon CNP in Greater China. As consideration for the granting of such rights, the Company has received <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">up-front,</div> <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">non-refundable,</div> <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">non-cash</div> consideration of </div></div>$40.0 million in form of 50% <div style="display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">ownership in Visen. Consideration received is recognized partly as license revenue, and partly as rendering of services over time. In addition to granting exclusive rights, the Company will provide clinical supply and development services, to Visen. </div></div></div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:92%;"><tr style="font-size: 0px;"><td style="width:76%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.5pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt;;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Three Months Ended<br/>June 30,</div></td><td style="padding-bottom: 0.5pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt;;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Six Months ended<br/>June 30,</div></td><td style="padding-bottom: 0.5pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">(EUR’000)</div></td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">(EUR’000)</div></td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Revenue from external customers</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Revenue from the rendering of services (recognized over time)</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">779</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,873</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">2,091</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">7,287</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Sale of clinical supply (recognized at a point in time)</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">246</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">“Right-to-use”</div></div> licenses (recognized at a point in time)</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">657</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,338</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,324</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,338</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Total revenue <div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;vertical-align: super;font-size: smaller;display:inline;">(1)</div></div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">1,436</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,211</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,661</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">8,625</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Attributable to</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">VISEN Pharmaceuticals</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,436</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,211</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,661</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,621</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Other collaboration partners</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">4</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Total revenue</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">1,436</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,211</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,661</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">8,625</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Revenue by geographical location</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">North America</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">657</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,211</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,324</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,625</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">China</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">779</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">2,337</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Total revenue</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">1,436</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,211</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,661</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">8,625</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;vertical-align: super;font-size: smaller;display:inline;">(1)</div> </td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-size: 10pt; font-family: 'times new roman', serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">For the three months ended June 30, 2020 and 2019, and for the six months ended June 30, 2020 and 2019, “Total revenue” includes recognition of previously deferred revenue/internal profit from associate </div><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">of €1,013 thousand and €2,295 thousand, and of €2,215 thousand and €3,876 thousand, respectively. </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:92%;"><tr style="font-size: 0px;"><td style="width:76%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.5pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt;;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Three Months Ended<br/>June 30,</div></td><td style="padding-bottom: 0.5pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt;;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Six Months ended<br/>June 30,</div></td><td style="padding-bottom: 0.5pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 0.5pt; font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">(EUR’000)</div></td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">(EUR’000)</div></td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Revenue from external customers</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Revenue from the rendering of services (recognized over time)</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">779</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,873</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">2,091</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">7,287</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Sale of clinical supply (recognized at a point in time)</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">246</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">“Right-to-use”</div></div> licenses (recognized at a point in time)</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">657</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,338</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,324</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,338</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Total revenue <div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;vertical-align: super;font-size: smaller;display:inline;">(1)</div></div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">1,436</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,211</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,661</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">8,625</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Attributable to</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">VISEN Pharmaceuticals</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,436</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,211</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,661</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,621</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Other collaboration partners</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">4</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Total revenue</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">1,436</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,211</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,661</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">8,625</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Revenue by geographical location</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;"></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">North America</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">657</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,211</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,324</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,625</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">China</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">779</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">2,337</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Total revenue</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">1,436</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,211</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,661</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">8,625</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;vertical-align: super;font-size: smaller;display:inline;">(1)</div> </td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-size: 10pt; font-family: 'times new roman', serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">For the three months ended June 30, 2020 and 2019, and for the six months ended June 30, 2020 and 2019, “Total revenue” includes recognition of previously deferred revenue/internal profit from associate </div><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">of €1,013 thousand and €2,295 thousand, and of €2,215 thousand and €3,876 thousand, respectively. </div></div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:times new roman"><div style="font-weight:bold;display:inline;">Note 7—Warrants and Share-based Payment </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Share-based Payment </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Ascendis Pharma A/S has established warrant programs, equity-settled share-based payment transactions, as an incentive for all its employees, members of its Board of Directors and select external consultants. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">Warrants are granted by the Company’s Board of Directors in accordance with authorizations given to it by the shareholders of the Company. As of June 30, 2020, 9,782,387 warrants <div style="display:inline;">have</div> been granted, of which 19,580 warrants have been cancelled, 3,631,195 warrants have been exercised, 2,168 warrants have expired without being exercised, and 341,054 warrants have been forfeited. As of June 30, 2020, the Company’s Board of Directors was authorized to grant up to 1,844,900 additional warrants to employees, board members and select consultants without <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">pre-emptive</div> subscription rights for the shareholders of the Company. 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 Company’s Board of Directors. The exercise prices of outstanding warrants under the Company’s warrant programs range from €6.48 to €130.96 depending on the grant dates. Vested warrants may be exercised in two or four annual exercise periods. Apart from exercise prices and exercise periods, the programs are similar.</div><div style="font-size: 1px; margin-top: 24px; margin-bottom: 0px;"><div style="font-size: 1px; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Warrant Activity </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following table specifies the warrant activity during the six months ended June 30, 2020: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="font-family: "times new roman";;width:78%;"></td><td style="font-family: "times new roman";;vertical-align:bottom;;width:3%;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";;vertical-align:bottom;;width:2%;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Total<br/>Warrants</div></td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Weighted<br/>Average<br/>Exercise<br/>Price<br/>EUR</div></td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Outstanding at January 1, 2020</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">5,820,211</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">46.36</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Granted during the period</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">403,600</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">123.76</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Exercised during the period</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(359,945</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">26.69</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Forfeited during the period</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(75,476</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">45.70</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Expired during the period</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Outstanding at June 30, 2020</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">5,788,390</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">52.99</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Vested at June 30, 2020</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2,967,550</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">31.31</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Warrant Compensation Costs </div></div></div></div><div style="text-indent: 13%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Warrant compensation costs are determined with basis in the grant date fair value of the warrants granted and recognized over the vesting period. </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:92%;"><tr style="font-size: 0px;"><td style="font-family: 'times new roman';;width:73%;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:2%;"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:2%;"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:2%;"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:2%;"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';"></td><td style="font-family: 'times new roman';"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="6" style="text-align:center;;vertical-align:bottom;"><div style="font-family: 'times new roman'; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;margin-left :auto;margin-right :auto;"><div style="font-family: 'times new roman'; font-size: 8pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Three Months Ended</div></div></div><div style="font-family: 'times new roman'; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;margin-left :auto;margin-right :auto;"><div style="font-family: 'times new roman'; font-size: 8pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">June 30,</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="6" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Six month ended<br/>June 30,</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 0.5pt; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="6" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">(EUR’000)</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="6" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">(EUR’000)</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Research and development costs</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,168</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">5,244</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">17,058</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">10,179</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Selling, general, and administrative expenses</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">5,247</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">3,451</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">11,306</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">7,951</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Total warrant compensation costs</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">13,415</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">8,695</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">28,364</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">18,130</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0);;display:inline;"> </div></div></td><td style="font-family: 'times new roman';"> </td></tr></table><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:times new roman"><div style="font-weight:bold;display:inline;">Note 8—Marketable Securities </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company’s marketable securities are all denominated in U.S. Dollars and have a weighted average duration of 3.3 months from the reporting date. Marketable securities are measured at amortized cost, and fair values are determined based on quoted market prices (Level 1 in the fair value hierarchy). </div><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The composition of the portfolio and its fair values are specified in following table: </div></div></div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width:80%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding: 0px 0px 0.375pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 0.375pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  </div></div></td><td colspan="2" style="border-bottom: 0.75pt solid black;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Carrying<br/>amount</div></div></div></td><td style="padding-bottom: 0.375pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-bottom: 0.375pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  </div></div></td><td colspan="2" style="border-bottom: 0.75pt solid black;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fair<br/>value</div></div></div></td><td style="padding-bottom: 0.375pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="line-height: 10pt; font-size: 10pt;;font-weight:bold;display:inline;width:100%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt; font-size: 10pt;;display:inline;">June 30, 2020</div><div style="letter-spacing: 0px; top: 0px; line-height: 10pt; font-size: 10pt;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;"> </div></div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  </div></div></td><td colspan="6" style="text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(EUR’000)</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Marketable securities</div></div></div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">  </div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">  </div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">U.S. Treasury bills</div></div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  </div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="text-align:right;;vertical-align:bottom;">208,334</td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  </div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">208,330</div></div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt; padding-bottom: 0.375pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Commercial papers</div></div></div></div></td><td style="background-color: rgb(204, 238, 255); padding-bottom: 0.375pt;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">  </div></div></td><td style="background-color: rgb(204, 238, 255); padding-bottom: 0.375pt; border-bottom: 0.75pt solid black;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); border-bottom: 0.75pt solid black;;text-align:right;;vertical-align:bottom;" >22,624</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255); padding-bottom: 0.375pt;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); padding-bottom: 0.375pt;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">  </div></div></td><td style="background-color: rgb(204, 238, 255); padding-bottom: 0.375pt; border-bottom: 0.75pt solid black;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); border-bottom: 0.75pt solid black;;text-align:right;;vertical-align:bottom;" ><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">22,614</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255); padding-bottom: 0.375pt;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"> </div></div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt; padding-bottom: 1.125pt;;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total marketable securities</div></div></div></div></div></td><td style="padding-bottom: 1.125pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  </div></div></td><td style="padding-bottom: 1.125pt; border-bottom: 2.25pt double black;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-bottom: 2.25pt double black;;text-align:right;;vertical-align:bottom;" ><div style="font-weight:bold;display:inline;">230,958</div></td><td style="white-space: nowrap; padding-bottom: 1.125pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding-bottom: 1.125pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  </div></div></td><td style="padding-bottom: 1.125pt; border-bottom: 2.25pt solid black;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-bottom: 2.25pt double black;;text-align:right;;vertical-align:bottom;" ><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">230,944</div></div></div></td><td style="white-space: nowrap; padding-bottom: 1.125pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
208330000
22614000
230944000
-1.97
-1.25
-3.29
-2.48
<div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The composition of the portfolio and its fair values are specified in following table: </div></div></div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width:80%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding: 0px 0px 0.375pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 0.375pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  </div></div></td><td colspan="2" style="border-bottom: 0.75pt solid black;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Carrying<br/>amount</div></div></div></td><td style="padding-bottom: 0.375pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-bottom: 0.375pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  </div></div></td><td colspan="2" style="border-bottom: 0.75pt solid black;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fair<br/>value</div></div></div></td><td style="padding-bottom: 0.375pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="line-height: 10pt; font-size: 10pt;;font-weight:bold;display:inline;width:100%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt; font-size: 10pt;;display:inline;">June 30, 2020</div><div style="letter-spacing: 0px; top: 0px; line-height: 10pt; font-size: 10pt;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;;display:inline;"> </div></div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  </div></div></td><td colspan="6" style="text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(EUR’000)</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Marketable securities</div></div></div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">  </div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">  </div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">U.S. Treasury bills</div></div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  </div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="text-align:right;;vertical-align:bottom;">208,334</td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  </div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">208,330</div></div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt; padding-bottom: 0.375pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Commercial papers</div></div></div></div></td><td style="background-color: rgb(204, 238, 255); padding-bottom: 0.375pt;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">  </div></div></td><td style="background-color: rgb(204, 238, 255); padding-bottom: 0.375pt; border-bottom: 0.75pt solid black;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); border-bottom: 0.75pt solid black;;text-align:right;;vertical-align:bottom;" >22,624</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255); padding-bottom: 0.375pt;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); padding-bottom: 0.375pt;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">  </div></div></td><td style="background-color: rgb(204, 238, 255); padding-bottom: 0.375pt; border-bottom: 0.75pt solid black;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); border-bottom: 0.75pt solid black;;text-align:right;;vertical-align:bottom;" ><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">22,614</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255); padding-bottom: 0.375pt;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"> </div></div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt; padding-bottom: 1.125pt;;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total marketable securities</div></div></div></div></div></td><td style="padding-bottom: 1.125pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  </div></div></td><td style="padding-bottom: 1.125pt; border-bottom: 2.25pt double black;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-bottom: 2.25pt double black;;text-align:right;;vertical-align:bottom;" ><div style="font-weight:bold;display:inline;">230,958</div></td><td style="white-space: nowrap; padding-bottom: 1.125pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding-bottom: 1.125pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  </div></div></td><td style="padding-bottom: 1.125pt; border-bottom: 2.25pt solid black;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-bottom: 2.25pt double black;;text-align:right;;vertical-align:bottom;" ><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">230,944</div></div></div></td><td style="white-space: nowrap; padding-bottom: 1.125pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
6-K
Ascendis Pharma A/S
false
2020-06-30
2020
Q2
0001612042
--12-31
<div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note 4—Significant Events in the Reporting Period </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Submission of Biologic License Application (“BLA”) </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">On June 25, 2020, the Company submitted a BLA to U.S. Food and Drug Administration, or the FDA, for TransCon hGH to treat pediatric <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">growth hormone deficiency</div></div></div>. In order to accommodate estimated market demands, and due to the lead time of manufacturing, the Company has initiated manufacturing of inventories prior to obtaining marketing approvals <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(“pre-launch</div> inventories”). Please refer to Note 3 regarding description of critical accounting judgments on <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">pre-launch</div> inventories.</div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In addition, the Company has continued building up the commercial organization, including ensuring proper IT systems are in place to support the commercial launch of TransCon hGH. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Impact from <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic </div></div></div><div style="text-indent: 9%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">As reported in the audited consolidated financial statements as of and for the year ended December 31, 2019, a novel strain of coronavirus, <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(“COVID-19”),</div> was reported to have surfaced in Wuhan, China, in December 2019. Since then, <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> has spread around the world into a pandemic, including into countries where we are operating from, where we have planned or have ongoing clinical trials, and where we rely on third parties to manufacture preclinical and clinical supplies, as well as commercial supply.</div><div style="text-indent: 9%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic may negatively impact our business in many ways. There is a potential evolving impact on the conduct of clinical trials of our product candidates, and any challenges which may arise, may lead to difficulties in meeting protocol-specified procedures. In addition, while we rely on third parties to manufacture preclinical and clinical supplies and materials, we can potentially experience delays in providing sufficient supplies according to our planned and ongoing clinical trials. Further, if our product candidates are approved, we will need to secure sufficient manufacturing capacity with our third-party manufacturers to produce the quantities necessary to meet anticipated market demand.</div><div style="text-indent: 9%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">To minimize the risk of spread of <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19,</div> we have taken precautionary measures within our organization, including encouraging our employees to work remotely, reducing travel activity, and minimizing <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">face-to-face</div></div> meetings. To accommodate efficient procedures for financial reporting, including internal controls, we have, also before the pandemic, structured our work environment, enabling employees to perform their tasks remotely. Accordingly, it has not been necessary to make material changes to internal control over financial reporting due to the pandemic.</div><div style="text-indent: 9%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">As of the reporting date we have not identified significant <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> related disruptions to our business, including clinical trial operations, or identified any of our third-party manufacturers not being able to meet their obligations. In addition, no significant transactions, as a result of <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19,</div> have been recognized during the first six months of 2020.</div><div style="text-indent: 9%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">However, while the global outbreak of <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> continues to evolve, the extent to which <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> impacts our business will depend on the future development, which is highly uncertain and cannot be reliably predicted. Obviously, while <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> continue to impact the world in several aspects, the development is monitored closely by management, including any impact this may have on the financial performance and financial position.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
iso4217:EUR
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iso4217:DKK
xbrli:shares
iso4217:EUR
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A total of 5,788,390 warrants outstanding as of June 30, 2020 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. Similarly, a total of 5,199,177 warrants outstanding as of June 30, 2019 are also considered antidilutive for the periods presented and have not been included in the calculation.