Targovax ASA: Annual Report 2022

On 13 April 2023, the Board of Directors of Targovax ASA approved the Company’s Annual Report, including the financial statements for 2022, which will be processed at the Company’s annual general meeting on 22 May 2023. Targovax ASA also publishes today its annual financial statements in the European Single Electronic Format (ESEF), which is available as an attachment to this release.

The documents are also available at the Company’s website, www.targovax.com.

Changes from Q4 2022 Interim Financial Report to Annual Accounts

After publishing the Q4 2022 report, Targovax has made some changes to the YTD 2022 figures initially reported in the Q4 interim report.

The adjustments mainly relate to impairment done for accounting purposes as the company has made the decision to only proceed with the phase 2 program of ONCOS-102 once an additional partner or additional source of financing has been secured.

Subsequent to this decision, the recognized intangible asset of NOK 391 million, related to the acquisition of Oncos Therapeutics OY in 2015, was therefore fully impaired as of 31 December 2022. Hence, the remaining fair value adjustments of the Business Finland loans of NOK 1 million and the recognized deferred tax liability as per 31 December 2022 of NOK 60 million, also related to the acquisition of Oncos Therapeutics OY in 2015, was derecognized.

This has resulted in decreased assets of NOK 391 million, decreased equity of 330 million, decreased liabilities of NOK 61 million and increased loss after taxes of NOK 330 million for the period being reported in the annual financial statements compared to what was reported in the Q4 2022 Interim financial report.

For further information, please contact:
Erik Digman Wiklund, CEO
Phone: +47 413 33 536
Email: erik.wiklund@targovax.com

Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@targovax.com

Media enquires:
Andreas Tinglum – Corporate Communications (Norway)
Phone: +47 9300 1773
Email: andreas.tinglum@corpcom.no