H1 2026  
Interim Report  
January 1 - June 30 2026  
"During the second quarter we continued to execute on our  
Forward Strategy and delivered strong underlying NGAL growth.  
We sharpened our strategic focus through the divestment of the  
antibody business and enabled an even clearer prioritization of  
our core NGAL platform. At the same time, we advanced our U.S.  
regulatory pathway for the adult segment following FDA feedback,  
supporting an expanded validation study and a stronger foundation  
for our planned 510(k) submission. These steps reinforce a more  
focused organization and strengthen our long-term commercial  
opportunity in the U.S. AKI market.”  
Carsten Buhl  
Chief Executive Officer  
H1 2026 Interim  
Report  
1
 
Solid NGAL growth adjusted for product recall driven by US  
Table of Contents  
Consolidated financial highlights  
3
5
•
For Q2 2026, total NGAL revenue decreased to DKK 6.4 million, a 15% decrease  
compared to Q2 in 2025. Excluding the impact of the voluntary product recall, the  
underlying NGAL revenue rose by 23%, and by 34% at constant exchange rates,  
compared to the second quarter of 2025, driven by a 78% increase in US NGAL  
RUO sales and ProNephro AKI ® sales with total NGAL sales of DKK 9.2 million.  
Management Review  
Financial Review  
8
Statement by the Board of Directors  
12  
and Management  
•
•
For Q2 2026, revenue amounted to DKK 6.9 million (DKK 7.5 million for the same  
period in 2025). The decrease in revenue was affected by the divestment of the  
Antibody business and the voluntary product recall. Without the impact from the  
voluntary product recall the revenue in Q2 would have been DKK 9.7 million.  
Interim Financial Statements  
Notes  
13  
17  
The adjusted EBITDA loss in Q2 2026 amounted to DKK 16.3 million, which is a  
decrease of 11% compared to the adj. EBITDA loss in Q2 2025 of DKK 18.4 million,  
and in line with expectations. Without the impact from the voluntary product  
recall, the adjusted EBITDA loss would have been DKK 13.3 million.  
•
•
As of June 30, 2026, the Company’s cash position was DKK 75.6 million compared  
to DKK 54.9 million as of December 31, 2025.  
Guidance for 2026 remains unchanged as announced June 9, 2026. The Company  
continues to expects total revenue of DKK 38-48 million, total NGAL revenue of  
DKK 33-42 million, and Adjusted EBITDA loss of DKK 58-68 million in 2026.  
H1 2026 Interim  
Report  
2
BioPorto A/S l Tuborg Havnevej 15, ground floor l DK-2900 Hellerup l CVR-no: 17500317  
 
Consolidated financial highlights  
Consolidated  
financial highlights  
2026  
2025  
2026  
2025  
2025  
2026  
2025  
2026  
2025  
2025  
Apr 1-Jun 30 Apr 1-Jun 30 Jan 1-Jun 30 Jan 1-Jun 30 Jan 1-Dec 31  
Apr 1-Jun 30 Apr 1-Jun 30 Jan 1-Jun 30 Jan 1-Jun 30 Jan 1-Dec 31  
Management  
Review  
(Unaudited) (Unaudited) (Unaudited) (Unaudited)  
(Unaudited) (Unaudited) (Unaudited) (Unaudited)  
DKK MILLION (except where noted)  
Income Statement  
Revenue1)  
DKK MILLION (except where noted)  
Cash Flow  
6.9  
10.6  
7.1  
16.3  
11.1  
18.3  
12.0  
40.3  
30.3  
Cash flows from operating activities  
Cash flows from investing activities  
(36.7)  
59.1  
(41.2)  
(1.4)  
(77.1)  
Gross profit  
4.3  
1.3  
Financial Review  
Of which investment in property, plant,  
and equipment  
Other operating income  
54.1  
7.4  
-
5.0  
54.1  
13.7  
16.4  
19.4  
-
13.1  
29.6  
18.3  
-
27.2  
50.5  
38.9  
0.0  
(1.9)  
20.5  
(1.4)  
30.9  
0.0  
71.9  
(3.9)  
Sales and marketing costs  
Research and development costs  
Administrative costs  
Cash flows from financing activities  
Net cash flows  
Statement by the  
Board of Directors  
and Management  
7.6  
8.6  
12.0  
8.4  
(11.7)  
Other  
Revenue growth  
Earnings/(Loss) before financial  
items (EBIT)  
34.8  
(18.3)  
15.6  
(49.1)  
(86.1)  
(35%)  
62%  
75%  
43  
15%  
67%  
65%  
44  
(11%)  
68%  
75%  
44  
(2%)  
66%  
65%  
48  
11%  
75%  
67%  
46  
Gross profit percentage  
Equity ratio (solvency)  
Average number of employees  
Number of shares at the end of the  
period (1,000)  
Financial items, net  
(0.3)  
34.4  
35.9  
(1.4)  
(19.7)  
(18.1)  
(0.4)  
15.2  
18.6  
(1.8)  
(50.9)  
(45.5)  
(1.5)  
(87.6)  
(82.1)  
Interim Financial  
Statements  
Earnings/(Loss) before tax  
Net earnings/(loss)  
495,109  
454,670  
495,109  
454,670  
495,109  
(0.18)  
Comprehensive earnings/(loss)  
Adjusted EBITDA1)  
35.6  
(16.1)  
(18.4)  
18.0  
(42.9)  
(46.5)  
(79.8)  
(76.5)  
Earnings/(Loss) per share2) (EPS), DKK  
0.07  
(0.04)  
0.04  
(0.10)  
(16.3)  
(34.2)  
Notes  
2) Earnings/(Loss) per share (EPS) is calculated in accordance with IAS 33 “Earning per share”. Other financial ratios have been calculat-  
ed in accordance with the guidelines from the Danish Society of Financial Analysts and 2025 BioPorto Annual Report  
Assets and Liabilities  
Non-current assets  
Cash and cash equivalents  
Current assets  
9.8  
75.6  
16.3  
47.8  
71.8  
88.0  
8.2  
54.9  
85.0  
93.2  
Adjusted EBITDA  
Profit/Loss before financial items (EBIT)  
Depreciation and amortization  
Share-based compensation expenses  
Severance costs  
34.8  
0.6  
(18.3)  
0.6  
15.6  
1.2  
(49.1)  
1.3  
(86.1)  
2.5  
99.4  
Total assets  
109.3  
0.7  
(0.9)  
0.1  
1.4  
(0.5)  
1.7  
(0.6)  
7.7  
Equity  
82.4  
2.5  
57.2  
5.8  
63.0  
4.1  
1.4  
1.4  
Non-current liabilities  
Current liabilities  
Total equity and liabilities  
Non-recurring gain from divestment of  
Antibody Business  
(53.8)  
-
(53.8)  
-
-
24.3  
109.3  
25.0  
88.0  
26.1  
93.2  
Adjusted EBITDA1)  
(16.3)  
(18.4)  
(34.2)  
(46.5)  
(76.5)  
1) Revenue amounted to DKK 16.3 million and Adjusted EBITDA was DKK (34.2) million. Excluding the impact of  
the voluntary recall announced in June 2026, revenue and Adjusted EBITDA would have been approximately  
DKK 19.3 million and DKK (31.2) million, respectively.  
H1 2026 Interim  
Report  
3
 
Consolidated financial highlights  
Consolidated  
financial highlights  
Management  
Review  
Non-IFRS Financial Measure  
In the Interim Report, BioPorto A/S ("Company") discloses a financial measure of the financial performance that reflects adjustments  
to the most directly comparable measures calculated and presented in accordance with IFRS. This non-IFRS financial measure may  
not be defined and calculated by other companies in the same manner and may thus not be comparable.  
Financial Review  
The non-IFRS financial measure presented in the Interim Report is Adjusted earnings before interest, taxes, depreciation, and amortization  
(Adjusted EBITDA).  
Statement by the  
Board of Directors  
and Management  
Adjusted EBITDA is an alternative measure of performance utilized by management, investors, and investment analysts to evaluate  
and analyze the Company’s results. Adjusted EBITDA excludes non-cash share-based compensation and non-recurring costs (e.g.,  
restructuring charges, merger and acquisition integration costs), if any. The Company believes that earnings exclusive of non-cash  
and non-recurring costs are a key indication of how a Company is progressing from period to period and that the non-IFRS financial  
measure Adjusted EBITDA is useful to investors, lenders, and other creditors because such information enables them to better  
understand earnings exclusive of non-cash and non-recurring costs from period to period. However, the Company also believes that  
Adjusted EBITDA data has limitations, particularly as non-cash and non-recurring costs could significantly impact our performance.  
The Company therefore limits the use of Adjusted EBITDA and does not evaluate its results and performance without considering  
both non-IFRS Adjusted EBITDA on the one hand and net income or loss on the other. The Company cautions readers of this report  
to follow a similar approach by considering data on Adjusted EBITDA only in addition to, and not as a substitute for or superior to, net  
income or loss in accordance with IFRS.  
Interim Financial  
Statements  
Notes  
H1 2026 Interim  
Report  
4
 
Management Review  
Consolidated  
financial highlights  
Revenue growth in the second quarter of  
2026 driven by strong US NGAL Research  
Divestment of the Antibody Business  
During Q2 2026, BioPorto completed the divestment of its Antibody  
business as part of its strategic focus on core diagnostic solutions. The  
transaction reflects Management’s continued prioritization of resources  
towards activities with the highest long-term value creation potential,  
including the NGAL platform and associated commercialization efforts.  
Management  
Review  
Use Only sales  
Total Revenue for the second quarter of 2026 totaled DKK 6.9 million, a  
35% decrease compared to Q2 2025. Adjusted for the divested Antibody  
business and the credits relating to the voluntary product recall, revenue  
would have been DKK 9.6 million, representing organic growth of 22%.  
Financial Review  
The divestment has resulted in a more streamlined organizational  
structure, reduced complexity, and a strengthened focus on scalable,  
high-margin segments.  
Total NGAL sales increased, excluding the impact of the voluntary product  
recall, by 22%, and by 34% at constant exchange rates, compared to the  
second quarter of 2025, driven by a 78% increase in the strategically  
important US NGAL RUO (Research Use Only) sales and ProNephro  
AKI® sales with total NGAL sales of DKK 9.2 million. Assuming constant  
exchange rates, US NGAL sales increased by 83%. NGAL sales for the  
rest of the world decreased by 87%, mainly driven by a single large order  
in Q2 2025.  
Statement by the  
Board of Directors  
and Management  
Financial impacts related to the transaction have been recognized in  
accordance with IFRS accounting standards and are disclosed separately  
where relevant.  
Interim Financial  
Statements  
Total Revenue for the first half of 2026 totaled DKK 16.3 million (DKK  
19.1 million if not including the credits related to the voluntary product  
recall). The revenue for the first half of 2026 includes Antibody revenue  
for 3 months, until the divestment thereof. Revenue excluding Antibody  
revenue for the first half of 2026 was DKK 13.1 million and DKK 15.9  
million if not including the credit related to the voluntary product recall,  
representing an organic growth of 22%.  
Notes  
DKK million  
Q2 2026 Q2 2025  
Var  
6M 2026 6M 2025  
Var  
US NGAL (RUO)  
7.9  
0.3  
4.4  
3.5  
13.3  
0.4  
8.9  
4.4  
ROW NGAL  
3.1  
-
(2.8)  
(1.8)  
(1.1)  
(2.7)  
0.1  
3.3  
-
(2.8)  
(1.3)  
0.3  
ProNephro AKI®  
(distributors)  
(1.8)  
6.4  
(1.3)  
12.4  
3.2  
NGAL Total  
7.5  
2.8  
0.3  
10.6  
12.1  
5.3  
0.9  
18.3  
Antibody  
0.1  
(2.1)  
(0.2)  
(2.0)  
ELISA & other  
Total Revenue  
0.4  
0.7  
6.9  
(3.7)  
16.3  
H1 2026 Interim  
Report  
5
 
Consolidated  
financial highlights  
Impact of Voluntary Product Recall  
FDA Pre-Submission and Validation Study  
During the second quarter of 2026, BioPorto identified process and  
product performance variations related to a specific commercially  
distributed lot of its NGAL product. The Company concluded that  
the identified variations did not impact patient safety; however, as a  
precautionary measure, BioPorto initiated a voluntary field action to  
remove and replace the affected products in the market.  
Progress  
Management  
Review  
During Q2 2026, BioPorto received formal feedback from the U.S. Food  
and Drug Administration (FDA) following its pre-submission request  
related to the NGAL platform. The feedback represents an important  
regulatory milestone, provides alignment with the FDA on key elements  
of the planned U.S. adult clinical validation strategy and supporting  
BioPorto’s pathway towards a future 510(k) submission.  
Financial Review  
As a consequence of inventory limitations for FDA-cleared replacement  
products at the time of shipment and prior to the voluntary recall and  
certain contractual obligations, the Company issued credit notes relating  
to deliveries made during 2025. This non-recurring event had a negative  
impact on Q2 2026 revenue of DKK 2.8 million, reducing total revenue  
from DKK 9.7 million to DKK 6.9 million and lowered adjusted EBITDA  
by DKK 3.0 million from loss of DKK 16.3 million to adjusted EBITDA  
loss of DKK 19.3 million.  
Statement by the  
Board of Directors  
and Management  
Based on the FDA’s feedback, BioPorto has initiated preparations for  
a U.S. Adult Urine NGAL Validation Study with an expanded scope,  
increasing the planned study size from approximately 500 to around 900  
patients to support robust performance claims in the adult population.  
This enhanced study design is expected to strengthen the statistical  
and clinical foundation of the submission, albeit with increased costs  
and an extended timeline as announced in Company Announcement  
No. 12 dated June 9, 2026.  
Interim Financial  
Statements  
During the quarter, BioPorto resumed shipments and delivered new orders  
to distributors. However, order volume to the Distributor is expected to  
be impacted during the remainder of 2026 due to ongoing instrument  
platform transition activities. BioPorto continues to work closely with  
the distributor to support the long-term commercialization of NGAL  
across the distributor's broader instrument portfolio.  
Notes  
Overall, Management views the outcome of the pre-submission process  
as a constructive step that reduces regulatory uncertainty, reinforces  
the Company’s regulatory strategy, and advances its opportunity to  
enter the U.S. adult acute kidney injury market.  
The above-mentioned matters does not affect the Company’s guidance  
for 2026 as previously communicated in Company Announcement No.  
12 dated June 9, 2026.  
H1 2026 Interim  
Report  
6
 
BioPorto’s ”Forward” Strategy  
Clinical and Scientific Developments  
The broader clinical environment around acute kidney injury (AKI)  
continues to evolve positively and is supportive of the Company’s  
aspirations. The recently published draft of the updated KDIGO guidelines  
highlights a continued shift toward biomarker driven diagnostics and  
improved clinical decision making for kidney diagnostics. The final KDIGO  
guidelines are expected to be published toward the end of 2026.  
In November 2025 BioPorto announced the “Forward”-strategy. The  
Company continues following this plan. The focus is to develop the  
market through achieving market penetration with focus on US Hospitals.  
The Company has a target to achieve 60+ active RUO US Hospitals, by  
the end of 2026. After the first half of 2026 the Company achieved 54  
active RUO Hospitals in the US and is on a positive track to achieve the  
60+ active Hospitals at the end of 2026.  
Consolidated  
financial highlights  
Management  
Review  
The Company views these developments as supportive of BioPorto’s  
NGAL platform and believes they can help increase awareness and  
support the long-term adoption of biomarker-based diagnostics - like  
the Company’s biomarker - and thereby support long-term value creation  
for our shareholders and enhance quality of life for patients.  
Financial Review  
The “Forward” strategy outlines the following aspirations including the  
Antibody spin-off and the updated adult FDA clearance, expected first  
half 2028, following the extended study:  
Statement by the  
Board of Directors  
and Management  
2026  
2027  
2028  
Capturing High Growth  
within the addressable  
Market of USD 700m  
Build Market Adoption for  
BioPorto’s NGAL test  
Expand Addressable Mar-  
ket & accelerate growth  
Interim Financial  
Statements  
•
•
•
Increase market  
adoption  
•
•
•
Increase market  
•
•
•
Expand the market  
adoption in the EU  
adoption in the EU  
Reach 60+ active  
Hospitals in the US  
Reach 100+ active  
Hospitals globally  
Reach 170+ active  
Hospitals globally  
Notes  
Initiate the clinical  
validation study for  
adults  
CE-mark under EU  
IVDR in 2027  
FDA clearance mid-  
2028 for adult use  
The Company remains committed to disciplined execution of its long-  
term strategic aspirations:  
•
•
•
Achieving strong revenue growth as NGAL adoption increases;  
deliver revenue in 2028 of DKK 135-185 million  
Capturing the benefit of scalability; deliver an EBITDA margin of at  
least 15% in 2028  
Creating sustainability; deliver cash flow break-even during second  
half 2028  
H1 2026 Interim  
Report  
7
 
Financial Review  
Consolidated  
financial highlights  
This financial review is based on the consolidated unaudited financial  
information for the second quarter and the first half of 2026 ended June  
30, 2026, with comparative results for the second quarter and the first  
half of 2025 ended June 30, 2025, in brackets.  
In the first half of 2026 revenue totaled DKK 16.3 million (DKK 18.3  
million), decreasing 12%. Excluding the impact of the voluntary recall, total  
revenue would have amounted to DKK 19.1 million. For the first half of  
2026 NGAL test sales totaled DKK 12.4 million (DKK 12.1 million), growing  
2%, which comprised 76% of total revenue. US NGAL RUO revenue  
totaled DKK 13.3 million (DKK 8.9 million), growing 50%, while NGAL  
revenue in ROW declined by 90% to DKK 0.4 million (DKK 3.3 million) and  
ProNephro AKI distribution revenue was affected by a credit note issued  
of DKK 2.8 million and therefore totaled DKK -1.3 million. Further, the  
Antibody sales declined by 38% to DKK 3.2 million (DKK 5.3 million) due  
to the divestment of the Antibody business in April 2026.  
Management  
Review  
Revenue  
Revenue totaled DKK 6.9 million (DKK 10.6 million) in the second quarter  
of 2026, decreasing 35% compared to the prior-year period, primarily  
due to the divestment of the Antibody business and the impact of the  
voluntary recall. NGAL test sales totaled DKK 6.4 million (DKK 7.5 million),  
a decrease of 15%, mainly driven by a DKK 2.8 million credit note issued to  
the ProNephro AKI distribution partner in connection with the voluntary  
recall and a 90% decline in NGAL ROW sales. Excluding the impact of the  
credit note, NGAL test sales would have increased 23% year-over-year  
(34% at constant exchange rates), reflecting continued underlying growth  
in the NGAL business. The underlying accumulated 12 mth rolling growth  
is further supported by NGAL sales at CER, which increased 19% year-  
over-year, while U.S. NGAL RUO sales increased 51% year-over-year.  
Antibody sales totaled DKK 0.2 million (DKK 2.8 million), decreasing 94%  
following the divestment of the Antibody business.  
Financial Review  
Statement by the  
Board of Directors  
and Management  
Gross Profit  
Gross profit for the second quarter of 2026 was DKK 4.3 million (DKK 7.1  
million). The decrease reflects the divestment of the Antibody business  
and the resulting reduction in revenue compared to the prior-year period.  
The mentioned credit of DKK 3 million has also impacted the Q2 Gross  
profit negatively. Underlying NGAL sales increased year-over-year, while  
lower production staff costs partly offset the decline.  
Interim Financial  
Statements  
Notes  
Gross profit for the first half of 2026 was DKK 11.1 million (DKK 12.0  
million). The year-over-year development for the first half of 2026  
was driven by the same factors as in Q2, namely the divestment of  
the Antibody business, credit notes and growth in NGAL sales. The  
impact was less pronounced on an H1 basis, as the Antibody business  
contributed to revenue and gross profit during Q1 2026.  
NGAL revenue acc. 12 mth rolling (DKK million)  
Other operating income  
Other operating income amounted to DKK 54.1 million in Q2 2026 (DKK  
0.0 million in Q2 2025) and primarily related to the gain recognized on  
the divestment of the Company's Antibody business.  
H1 2026 Interim  
Report  
8
 
Consolidated  
financial highlights  
Administrative costs in the first half of 2026 totaled DKK 19.4 million (DKK  
18.3 million). The increase was primarily driven by higher personnel costs,  
share-based compensation expenses, and increased consultancy costs.  
Sales and Marketing Costs  
Sales and marketing costs totaled DKK 7.4 million (DKK 5.0 million) in  
the second quarter of 2026. The increase was primarily driven by higher  
personnel costs, share-based compensation expenses, organizational  
restructuring and increased consultancy costs.  
Management  
Review  
Financial Items, net  
Financial income and expenses reflect interest income/expense and  
currency transaction gains/losses. Financial items, net for the second  
quarter of 2026 were an expense of DKK 0.3 million (DKK 1.4 million), and  
an expense of DKK 0.4 million (DKK 1.8 million) for the first half of 2026.  
Sales and marketing costs totaled DKK 13.7 million (DKK 13.1 million)  
in the first half of 2026. The increase was driven by the same factors  
described above for the second quarter of 2026. During the second  
quarter, the Company implemented an organizational restructuring,  
which contributed to the year-over-year increase in the second quarter  
compared to the increase reported for the first half of 2026.  
Financial Review  
Statement by the  
Board of Directors  
and Management  
Tax Benefit  
In the second quarter of 2026, a DKK 1.5 million tax benefit (DKK 1.7  
million) was recognized, and DKK 3.4 million (DKK 5.4 million) was  
recognized for the first half of 2026. The tax benefit is primarily related  
to tax credits held by its Danish entities associated with the Company’s  
activities in research and development.  
Research and Development Costs  
Research and development costs, consisting of research and develop-  
ment, regulatory affairs, quality assurance, clinical, and medical affairs,  
totaled in the second quarter of 2026 DKK 7.6 million (DKK 12.0 million),  
The decrease was primarily driven by lower clinical study activity  
compared to the second quarter of 2025. During 2025, the Company  
was conducting the cutoff study, whereas activities during the first half  
of 2026 were mainly related to FDA pre-submission work ahead of the  
validation study.  
Interim Financial  
Statements  
Notes  
EBIT/Adjusted EBITDA  
For the second quarter of 2026, Earnings before interest and taxes (EBIT)  
was a profit of DKK 34.8 million (loss of DKK 18.3 million), and adjusted  
EBITDA was a loss of DKK 16.3 million (loss of DKK 18.4 million). The  
significant difference between EBIT and adjusted EBITDA primarily  
reflects the gain recognized on the divestment of the Antibody business,  
which is excluded from adjusted EBITDA as a non-recurring item.  
For the first half of 2026, R&D costs amounted to DKK 16.4 million (DKK  
29.6 million), also primarily driven by the above mentioned factors.  
Administrative Costs  
For the first half of 2026, Earnings before interest and taxes (EBIT) was a  
profit of DKK 15.6 million (loss of DKK 49.1 million), and adjusted EBITDA  
was a loss of DKK 34.2 million (DKK 46.5 million).  
Administrative costs in the second quarter of 2026 totaled DKK 8.6  
million (DKK 8.4 million). Administrative expenses remained broadly in  
line with the comparable period and increased only slightly, primarily  
due to share-based compensation expenses related to new warrant  
grants, partially offset by reversals of expenses associated with forfeited  
warrants.  
H1 2026 Interim  
Report  
9
 
Consolidated  
financial highlights  
Cash and Cash equivalents  
As of June 30, 2026, BioPorto’s cash position was DKK 75.6 million (31  
December 2025 DKK 54.9 million).  
Subsequent event  
There were no subsequent events.  
Management  
Review  
Significant risks and uncertainties  
The Company regularly reviews its cash needs, funding plans and available  
resources based on operations and further goals. This review depends  
on key assumptions and judgments, which are used in the budgets and  
forecasts.  
BioPorto faces a number of risks and uncertainties, including those  
common for the biotech/medical device industry and could potentially  
impact the Company across the value chain including clinical and  
regulatory, research and development, manufacturing - and supply,  
commercial, and financial activities. Furthermore, the uncertainty in the  
US could impact the Company adversely by implementation of tariffs  
or delaying any submissions with the FDA.  
Financial Review  
The Company assessed its liquidity and capital resources based on the  
current cash position if no additional financing is to be added in the next  
four quarters and concluded that these are adequate to fund operations  
considering a twelve-month period from the balance sheet date. The  
Company has continuously exercised strong cost control to preserve  
cash in the first half of 2026.  
Statement by the  
Board of Directors  
and Management  
A variety of factors and events, including geopolitical uncertainty,  
have resulted in delays and other challenges in global supply chains. To  
manufacture its products, the Company is dependent on the supply  
of raw materials and key components from suppliers, some of which  
are single source suppliers. Delays in the manufacturing, delivery, or  
quality of these components, or delays in the Company’s execution  
of its commercialization strategy, including hiring personnel and  
continuing to prepare manufacturing and quality systems, could affect  
the Company’s ability to deliver products to its customers, which could  
cause the Company’s results, prospects, and financial performance to  
be negatively impacted.  
Interim Financial  
Statements  
Net working capital  
Net working capital (i.e., current assets minus current liabilities) June  
30, 2026, totaled DKK (0.5) million (DKK 3.9 million).  
Notes  
Cash Flow Statement  
Cash used in operating activities during the first half of 2026 totaled DKK  
36.7 million (DKK 41.2 million), driven mainly by the EBIT loss explained  
in the sections above.  
In addition, a full description of risks can be found in BioPorto’s 2025  
Annual Report in the section captioned “Risk Management”, describing  
which factors could materially affect the business, financial condition,  
and/or future results. The risks described in those sections and in  
this report are not the only risks BioPorto faces. Additional risks and  
uncertainties not currently known to management or the Company or  
that the Company currently deems to be immaterial may also have a  
material adverse effect on its business, future opportunities, financial  
condition, and/or operating results.  
Cash from investing activities was DKK 59.1 million (Use of DKK 1.4  
million). Cash used on financing activities was DKK (1.9) (inflow DKK  
30.9 million).  
The net cash flow during the first half of 2026 was a use of DKK 20.5  
million (use of DKK 11.7 million).  
H1 2026 Interim  
Report  
10  
 
Consolidated  
financial highlights  
These statements are not guarantees of future performance and are  
subject to known and unknown risks, uncertainties and other factors  
that could cause actual results to differ materially from those expressed  
or implied by such forward-looking statements. Given these risks and  
uncertainties, prospective investors are cautioned not to place undue  
reliance on forward-looking statements. Forward-looking statements  
speak only as of the date of such statements and, except as required  
by applicable law, the Company undertakes no obligation to update or  
revise publicly any forward-looking statements, whether as a result of  
new information, future events or otherwise. Factors that may impact  
BioPorto’s success are more fully disclosed in BioPorto’s periodic financial  
filings, including its Annual Report for 2025, particularly under the heading  
Guidance 2026  
Based on the results for the first half of 2026 and the outlook for the  
remaining part of 2026, the Company maintains the financial guidance  
as announced on June 9, 2026. Accordingly, the full-year guidance is  
unchanged and as follows:  
Management  
Review  
•
•
Total Revenue is expected to be in the range of DKK 38-48 million  
Total NGAL Revenue is expected to be in the range of DKK 33-42.  
Sales for the remaining part of 2026 are still expected to be back-  
end loaded.  
Financial Review  
Statement by the  
Board of Directors  
and Management  
•
Adjusted EBITDA loss is expected to be in the range of DKK 58-68  
million.  
“Risk Factors”.  
Forward-looking statement disclaimer  
Certain statements in this news release are not historical facts and may  
be forward-looking statements. Forward-looking statements include  
statements regarding the intent, belief or current expectations with  
respect to the Company’s expectations, intentions and projections  
regarding its future performance including the Company’s Guidance for  
2026; currency exchange rate fluctuations; anticipated events or trends  
and other matters that are not historical facts, including with respect to  
implementation of manufacturing and quality systems, commercialization  
of NGAL tests, and the development of future products and new  
indications; concerns that may arise from additional data, analysis or  
results obtained during clinical trials; and, the Company’s ability to  
successfully market both new and existing products. These forward-  
looking statements, which may use words such as “aim”, “anticipate”,  
“believe”, “intend”, “estimate”, “expect” and words of similar meaning,  
include all matters that are not historical facts. These forward-looking  
statements involve risks, and uncertainties that could cause the actual  
results of operations, financial condition, liquidity, dividend policy and the  
development of the industry in which the Company’s business operates  
to differ materially from the impression created by the forward-looking  
statements.  
Interim Financial  
Statements  
For Further Information  
Klaus Juhl Wulff, Chief Financial Officer, BioPorto A/S, C: +45 25 63 39 90  
[email protected]  
Notes  
www.bioporto.com  
H1 2026 Interim  
Report  
11  
 
Statement by the Board of Directors  
Consolidated  
financial highlights  
and Management  
Management  
Review  
The Board of Directors and Executive Management today reviewed and approved the Interim Report of BioPorto for the period January 1 to June 30,  
2026.  
Financial Review  
The Interim Report, which is unaudited and has not been reviewed by the Company’s auditors, is presented in accordance with IAS 34 “Interim Financial  
Reporting” as adopted by the EU and additional Danish disclosure requirements for interim reports of listed companies.  
Statement by the  
Board of Directors  
and Management  
In our opinion, the interim report gives a true and fair view of the financial position as of June 30, 2026, and the results of the operations and cash flows  
for the period January 1 to June 30, 2026.  
In our opinion the management’s review includes a fair review of the development and performance of the business, the results for the period and  
the financial position in general and describes changes in principal risks and uncertainties that have occurred relative to what was disclosed in the  
consolidated Annual Report for 2025.  
Interim Financial  
Statements  
Hellerup, August 20, 2026
Executive Management:  
Notes  
______________________  
Carsten Buhl
CEO
______________________  
Gry Louise Husby Larsen
CLO
______________________  
Klaus Juhl Wulff
CFO
Board of Directors:  
______________________  
Jens Due Olsen
Chair
______________________  
Henrik Juuel
Vice Chair
______________________  
Mats Thorén
H1 2026 Interim  
Report  
______________________  
Donna Haire  
12  
 
Interim Financial Statements (unaudited)  
Consolidated  
financial highlights  
Consolidated Statement of Profit/(Loss)  
2026  
2025  
2026  
2025  
2025  
Management  
Review  
DKK THOUSAND  
Notes  
Apr 1-Jun 30  
(Unaudited)  
Apr 1-Jun 30  
(Unaudited)  
Jan 1-Jun 30  
(Unaudited)  
Jan 1-Jun 30  
(Unaudited)  
Jan 1-Dec 31  
Revenue  
Production costs  
4
6,902
2,614
4,288
7,418
7,597
8,614
54,132
34,791
631
10,591
3,530
7,061
5,042
11,966
8,369
-
16,340
5,266
18,258
6,289
40,287
9,895
Financial Review  
Gross profit  
11,074
13,738
16,435
19,400
54,132
15,633
834
11,969
13,148
29,625
18,302
-
30,392
27,162
50,468
38,856
-
Sales and marketing costs  
Research and development costs  
Administrative costs  
Other operating income  
Profit/(Loss) before financial items (EBIT)  
Financial income  
Statement by the  
Board of Directors  
and Management  
5
(18,316)
141
(49,109)
349
(86,094)
511
Financial expenses  
975
1,542
(19,717)
1,653
(18,064)
1,268
2,187
2,054
Interim Financial  
Statements  
Profit/(Loss) before tax  
Income tax benefit, net  
Net profit/(loss)  
34,447
1,484
35,931
15,199
3,427
(50,944)
5,422
(87,637)
5,520
6
7
18,626
(45,522)
(82,117)
Notes  
DKK  
0.07
DKK  
DKK  
0.04
DKK  
DKK  
Earnings/(Loss) per share (EPS & DEPS)  
(0.04)
(0.10)
(0.18)
Consolidated Statement of Comprehensive Profit/(Loss)  
2026  
2025  
2026  
2025  
2025  
DKK THOUSAND  
Apr 1-Jun 30  
Apr 1-Jun 30  
Jan 1-Jun 30  
Jan 1-Jun 30  
Jan 1-Dec 31  
(Unaudited)  
(Unaudited)  
(Unaudited)  
(Unaudited)  
Net profit/(loss)  
35,931
(18,064)
18,626
(45,522)
(82,177)  
Other comprehensive profit/(loss):  
Amounts which will be reclassified to the income state-  
ment:  
-
-
-
-
-
Exchange rate adjustments of investment in subsidiaries:  
(304)
1,945
(579)
2,648
2,276
Other comprehensive profit/(loss)  
Comprehensive profit/(loss)  
(304)
1,945
(579)
2,648
2,276
35,627
(16,119)
18,047
(42,874)
(79,841)
H1 2026 Interim  
Report  
13  
 
Interim Financial Statements (unaudited)  
Consolidated  
financial highlights  
Management  
Review  
ASSETS  
2026  
2025  
EQUITY & LIABILITIES  
DKK THOUSAND  
2026  
2025  
DKK THOUSAND  
Notes  
Jun 30  
Dec 31  
Notes  
10  
Jun 30  
Dec 31  
(Unaudited)  
(Unaudited)  
Financial Review  
Non-current assets  
Property, plant and equipment and  
intangible assets  
Equity  
Share capital  
495,109
645
495,109
1,224
Exchange-rate adjustments  
Retained earnings  
Statement by the  
Board of Directors  
and Management  
Rights and software  
69
1,297
3,948
138
1,520
4,825
(413,326)
(433,324)
Property, plant and equipment  
Total equity  
82,428
63,009
Right-of-use assets  
Total property, plant and equipment  
and intangible assets  
Liabilities  
5,314
6,483
Non-current liabilities  
Lease liabilities  
Interim Financial  
Statements  
Financial assets  
2,526
2,526
4,049
4,049
Lease receivable - Non-current  
Deposits  
-
1,098
3,427
4,525
9,839
393
1,348
-
Total non-current liabilities  
Current liabilities  
Non-current tax receivable  
Total financial assets  
Total non-current assets  
6
Notes  
Current portion of lease liabilities  
Trade payables  
3,308
9,830
3,471
14,021
8,632
1,741
8,224
Other accrued liabilities  
Total current liabilities  
Total liabilities  
11,177
24,315
26,841
Current assets  
26,124
30,173
Inventories  
5,000
7,692
6,481
753
9,249
9,437
6,797
1,165
2,292
1,125
-
Trade receivables  
Current tax receivable  
Other receivables  
Prepayments  
8, 9  
6
Total equity & liabilities  
109,269
93,182
8
8
2,936
975
Lease receivable - Current  
Restricted cash  
1,150
74,443
99,430
Cash and cash equivalents  
Total current assets  
54,893
84,958
H1 2026 Interim  
Report  
Total assets  
109,269
93,182
14  
 
Interim Financial Statements (unaudited)  
Consolidated  
financial highlights  
Consolidated Statement of Changes in Equity  
Management  
Review  
Foreign currency translation  
DKK THOUSAND  
Share Capital  
Share Premium  
Accumulated Deficit  
Total  
reserve  
1,224
-
Balance at December 31, 2025  
Net loss  
495,109
-
-
-
(433,324)
18,626
-
63,009
18,626
(579)
-
-
Financial Review  
Other comprehensive income/(loss)  
(579)
Transactions with owners:  
Share-based compensation  
Statement by the  
Board of Directors  
and Management  
-
-
-
1,372
-
1,372
Balance at June 30, 2026  
495,109
(413,326)
645
82,428
Interim Financial  
Statements  
Foreign currency translation  
DKK THOUSAND  
Share Capital  
Share Premium  
Accumulated Deficit  
Total  
reserve  
Balance at December 31, 2024  
Net loss  
429,670
-
-
-
(360,868)
(45,522)
-
(1,052)
-
67,778
(45,522)
2,648
Notes  
-
-
Other comprehensive income/(loss)  
2,648
Transactions with owners:  
Issuance of Stock  
25,000
-
8,505
-
-
-
-
33,505
Issuance costs  
(735)
(735)
Transferred to Accumulated Deficit  
Share-based compensation  
Balance at June 30, 2025  
-
-
(7,770)
7,770
(454)
-
-
-
(454)
-
-
454,670
(399,046)
1,596
57,220
H1 2026 Interim  
Report  
15  
 
Interim Financial Statements (unaudited)  
Consolidated  
financial highlights  
Consolidated Statement of Cash Flows  
(1) Other non-cash items primarily consist of the  
2026  
2025  
2025  
recognition of provisions related to the tax receivable,  
financial items, the leasing receivable, the lease liabili-  
ties, gain on divestment of the Antibody Business and  
the development in the inventory impairment.  
DKK THOUSAND  
Notes  
Jan 1-Jun 30  
(Unaudited)  
Jan 1-Jun 30  
(Unaudited)  
Jan 1-Dec 31  
Management  
Review  
Profit/(Loss) before financial items  
15,633
(49,106)  
(86,094)
Adjustments:  
Depreciation and amortization  
1,169
1,372
1,296
(454)
1,231
2,508
(637)
2,216
Financial Review  
Share based compensation expenses  
Other non-cash items(1)  
11  
(59,790)
Statement by the  
Board of Directors  
and Management  
Changes in operating assets and liabilities:  
Inventories  
4,611
1,739
(202)
1,178
(4,883)
(1,233)
2,695
Trade receivables  
Trade payables  
(4,191)
2,567
(936)
Other operating assets and liabilities, net  
Cash flows from operations  
5,758
2,771
Interim Financial  
Statements  
(36,890)
(41,235)
(82,657)
Financial income, received  
Financial expenses, paid  
Tax refund, net  
-
(166)
143
(69)
347
(205)
316
-
5,449
Notes  
Cash flows from operating activities  
(36,740)
(41,161)
(77,066)
Purchase of property, plant and equipment  
Proceeds from (purchase of) financial assets  
Net cash proceeds from divestment of Antibody Business  
Proceeds from sublease  
-
-
(1,368)
(700)
-
-
-
58,494
644
-
674
1,275
1,275
Cash flows from investing activities  
59,138
(1,394)
Proceeds from share issue  
-
-
33,505
(735)
76,855
(1,118)
(3,798)
Cost related to Issue of new shares  
Repayments of lease obligation  
(1,895)
(1,919)
Cash flows from financing activities  
Net cash flows for the period  
(1,895)
20,503
54,893
30,851
71,939
(3,852)
(11,704)
Cash and cash equivalents at beginning of period  
Effect of exchange rate changes on cash  
Cash and cash equivalents at end of period  
59,664
(194)
59,664  
(919)
H1 2026 Interim  
Report  
197
75,593  
47,766  
54,893  
16  
 
Notes to the Interim Consolidated Financial  
Consolidated  
financial highlights  
Statements (Unaudited)  
1. Basis of reporting  
Management  
Review  
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with IAS 34 “Interim Financial  
Reporting” as issued by the International Accounting Standards Board (IASB) and adopted by the EU, and the additional Danish regulations for the  
presentation of quarterly interim reports by listed companies. The accounting policies applied are consistent with those applied in the Annual Report  
2025, except for the presentation of gains from divestment of business activities recognised in other operating income.  
Other operating income includes gains from divestment of business activities, measured as the difference between the consideration received and  
the carrying amount of the disposed assets and liabilities.  
Financial Review  
Statement by the  
Board of Directors  
and Management  
New standards and interpretations  
The IASB has issued new or amended accounting standards and interpretations that have not yet become effective and have consequently not  
been implemented in the Consolidated Interim financial statements. BioPorto intends to adopt these new and amended accounting standards and  
interpretations, if applicable, when they become mandatory.  
Interim Financial  
Statements  
2. Critical accounting estimates and judgements  
No material changes have occurred in the accounting policies compared to those described in the Annual Report for 2025. The interim consolidated  
financial statements have been prepared in accordance with IAS 34 as adopted by the EU and further Danish requirements.  
Notes  
3. Significant events in the interim period  
During the first half of 2026, BioPorto completed the divestment of its Antibody business as part of its strategy to focus on its core NGAL platform.  
The transaction comprised the sale of research-use-only antibodies and clones, inventory and related contracts, and resulted in a gain of DKK 53.8  
million recognised in the income statement under other operating income. Received cash from the sale at closing time amounted to DKK 58.5 million.  
The carrying amount of the disposed net assets amounted to DKK (4.7) million, resulting in a net gain of DKK 53.8 milion.  
The divestment does not qualify as a discontinued operation under IFRS 5.  
The transaction was completed on April 8, 2026.  
H1 2026 Interim  
Report  
17  
 
4. Business area reporting  
Consolidated  
financial highlights  
GEOGRAPHIC DISTRIBUTION  
2026  
2025  
2026  
2025  
2025  
DKK THOUSAND  
Apr 1-Jun 30  
Apr 1-Jun 30  
Jan 1-Jun 30  
Jan 1-Jun 30  
Jan 1-Dec 31  
(Unaudited)  
(Unaudited)  
(Unaudited)  
(Unaudited)  
North America  
Denmark, and rest of Europe  
8,163  
*(1,295)  
34  
5,888  
2,850  
15,313  
265  
11,693  
4,281  
24,178  
12,227  
3,882  
Management  
Review  
Asia  
1,853  
762  
2,281  
Total  
6,902  
10,591  
16.340  
18,258  
40,287  
*Refer to page 5 - Impact of Voluntary Product Recall  
Financial Review  
PRODUCT GROUPS  
2026  
2025  
2026  
2025  
2025  
Statement by the  
Board of Directors  
and Management  
DKK THOUSAND  
Apr 1-Jun 30  
Apr 1-Jun 30  
Jan 1-Jun 30  
Jan 1-Jun 30  
Jan 1-Dec 31  
(Unaudited)  
(Unaudited)  
(Unaudited)  
(Unaudited)  
NGAL tests  
Antibodies  
6,357  
157  
388  
-
7,523  
2,758  
289  
12,386  
3,246  
696  
12,127  
5,273  
815  
28,244  
10,535  
1,380  
148  
ELISA kits  
Interim Financial  
Statements  
Royalty and other revenue  
Total  
11  
12  
43  
6,902  
10,591  
16,340  
18,258  
40,287  
Notes  
5. Other operating income  
2026  
2025  
2026  
2025  
2025  
DKK THOUSAND  
Apr 1-Jun 30  
Apr 1-Jun 30  
Jan 1-Jun 30  
Jan 1-Jun 30  
Jan 1-Dec 31  
(Unaudited)  
(Unaudited)  
(Unaudited)  
(Unaudited)  
Income from divestment  
Costs related to divestment  
Other income  
58,495  
(4,711)  
349  
-
-
-
-
58,495  
(4,711)  
349  
-
-
-
-
-
-
-
-
Total  
54,132  
54,132  
H1 2026 Interim  
Report  
18  
 
6. Taxes  
Consolidated  
financial highlights  
BioPorto has a deferred tax asset. However, Management has found that it is not sufficiently probable that the tax asset can be utilized in the  
foreseeable future. Management has therefore decided not to recognize the deferred tax assets on the balance sheet, cf. Note 2. The deferred  
tax asset is of indefinite duration. As of the most recent year-end, December 31, 2025, the gross value of the deferred tax asset prior to the  
valuation allowance was DKK 121.1 million.  
Management  
Review  
Taxes receivable represent refunds of previous US federal tax liabilities and tax credits held by its Danish entities associated with the Company’s  
investment in research and development.  
Financial Review  
7. Loss per share  
Statement by the  
Board of Directors  
and Management  
2026  
2025  
2026  
2025  
2025  
DKK THOUSAND (EXCEPT WHERE NOTED)  
Apr 1-Jun 30  
Apr 1-Jun 30  
Jan 1-Jun 30  
Jan 1-Jun 30  
Jan 1-Dec 31  
(Unaudited)  
(Unaudited)  
(Unaudited)  
(Unaudited)  
Loss for the period  
BioPorto's share of loss  
35,931  
35,931  
495,109  
0.07  
(18,064)  
(18,064)  
448,077  
(0.04)  
18,626  
18,626  
495,109  
0.04  
(45,522)  
(45,522)  
438,925  
(0.10)  
(82,117)  
(82,117)  
452,865  
(0.18)  
Interim Financial  
Statements  
Weighted average number of shares (in thousand)  
Loss per share (EPS) basic and diluted, DKK  
Notes  
8. Receivables  
For receivables that mature within one year after the end of the financial year, the nominal value is considered to correspond to the fair value.  
A write-down for bad debts is recognized to reduce the carrying amount of trade receivables by the value which is impaired due to risk of loss.  
2026  
2025  
DKK THOUSAND  
Jun 30  
Dec 31  
(Unaudited)  
Trade receivables  
Other receivables  
Prepayments  
7,745  
753  
9,484  
1,165  
2,292  
(47)  
2,936  
(53)  
Write-down for bad debt  
Total receivables  
H1 2026 Interim  
Report  
11,381  
12,894  
19  
 
9. Financial risks and financial instruments  
There have been no material changes in the financial risks compared to those described in the Annual Report for 2025.  
Expected credit Trade receiv-  
Consolidated  
financial highlights  
Expected loss  
Total  
loss rate  
ables  
Not due  
0.1%  
6,556  
950  
161  
42  
9
1
0
7
6,547  
949  
161  
35  
1 - 30 days overdue  
31 - 60 days overdue  
61 - 90 days overdue  
More than 90 days overdue  
As of June 30, 2026  
0.1%  
0.2%  
0.0%  
100%  
Management  
Review  
36  
36  
53  
-
Financial Review  
7,745  
7,692  
Statement by the  
Board of Directors  
and Management  
Expected credit Trade receiv-  
loss rate ables  
Expected loss  
Total  
Not due  
0.1%  
6,437  
2,297  
118  
7
1
6,430  
2,296  
118  
1 - 30 days overdue  
31 - 60 days overdue  
61 - 90 days overdue  
More than 90 days overdue  
As of December 31, 2025  
0.0%  
0.3%  
0.0%  
6.1%  
-
Interim Financial  
Statements  
-
-
-
632  
38  
47  
594  
Notes  
9,484  
9,437  
10. Share capital  
As of June 30, 2026, the share capital consists of 495,108,887 shares of DKK 1.00 each. The share capital has been paid up in full. The shares have not  
been divided into classes and carry no special rights.  
11. Share-based payment  
For the purpose of motivating and retaining Management and key staff and aligning their interests with those of its shareholders, BioPorto A/S  
uses warrants as an incentive scheme. The arrangements, which are exercised by the issuance of new shares (equity-settled share-based payment  
transaction), entitle the recipient to subscribe for new shares in the parent company at a price defined on the date of grant.  
In the first half of 2026, share-based compensation totaled a cost of DKK 1.4 million compared to an income of DKK 0.6 million for the same period in  
2025. The warrant terms are included in the Company’s Articles of Association, which can be found at www.bioporto.com. Upon vesting, each warrant  
entitles the recipient to subscribe for one share in BioPorto A/S.  
H1 2026 Interim  
Report  
20  
 
BioPorto is an in vitro diagnostics company focused on saving patients’ lives and improving their quality of life with actionable kidney  
biomarkers – tools designed to help clinicians make changes in patient management. The Company leverages its expertise in assay  
development to create a pipeline of novel and compelling products that focus on conditions where there is significant unmet medical  
need, and where the Company’s tests can help improve clinical and economic outcomes for patients, providers, and the healthcare  
ecosystem.  
The Company’s flagship products are based on the NGAL biomarker and designed to aid in risk assessment and diagnosis of Acute  
Kidney Injury (AKI), a common clinical syndrome that can have severe consequences, including significant morbidity and mortality, if  
not identified and treated early. With the aid of NGAL levels, physicians can identify patients at risk of AKI more rapidly than is possible  
with current standard of care measurements, enabling earlier intervention and more tailored patient management strategies. The  
Company markets NGAL tests under applicable registrations including CE mark in several countries worldwide and FDA cleared  
ProNephro AKITM (NGAL) for pediatric use in the US.  
BioPorto has facilities in Copenhagen, Denmark and Boston, MA, USA. The shares of BioPorto A/S are listed on the Nasdaq
Copenhagen stock exchange. For more information visit www.bioporto.com.  
www.bioporto.com  
H1 2026 Interim  
Report  
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