Annual
Report
2021
2 ULTIMOVACS2021
Ultimovacs at a glance
About Ultimovacs
Statement of the CEO
4
5
6
Corporate Social Responsibility
Corporate Governance Report
The Board of Directors
Financial Statements
Notes
Financial Statements
Notes
Auditor’s Report
35
36
43
47
51
79
83
108
Board of Director’s overview of 2021
Highlights
Clinical trial overview
Operational overview
Financial overview
Environment and Governance
Risks and uncertainties
Going concern
Subsequent events
Outlook
Responsibility statement
9
11
12
22
26
28
29
31
31
32
33
CONTENTS
02
05
01 03
04
Overview
Governance
Financial Statements
- Ultimovacs Group
Directors’ report
Financial Statements
- Ultimovacs ASA
3 ULTIMOVACS2021
Overview
01
Ultimovacs at a glance
About Ultimovacs
Statement of the CEO
Chapters
1
2
3
4
5
4 ULTIMOVACS2021
Ultimovacs at a Glance
A clinical stage immune-oncology biotech
company on a mission to extend and
improve the lives of patients.
UN Sustainable
development goals
• Target expressed in
85-90% of cancers at all
stages at tumor life
• Synergistic with immune
checkpoint inhibitors (CPI)
• Off the shelf, easy to use
• Combines adjuvant and vaccine
antigen in same molecule
• Can be applied to many types
of cancers and multiple product
candidates
TECHNOLOGY PIPELINE
• Four studies, total of 82 patients (in follow-up)
• Strong signals of clinical efficacy
• Dual Fast Track and Orphan Drug designations
from FDA
• Prostate cancer, non-small cell lung cancer,
malignant melanoma (two studies)
• Five studies, combination with four CPIs,
650 patients to be enrolled,
100 hospitals, 15 countries
• Malignant melanoma, mesothelioma, ovarian
cancer, head and neck cancer, non-small cell
lung cancer
• Readouts expected from H1 2023
Discovery/Pre-clinical
• TENDU - prostate cancer
25 employees from 7 nationalities
Offices in Norway & Sweden
Listed on the Oslo Stock Exchange
(OSE: ULTI)
Total cash year-end 2021: MNOK 547
Financial runway to first part of 2024
Debt free
Market cap year-end 2021: BNOK 3.9
OTHER HIGHLIGHTS
UV1 - Universal cancer vaccine
TET - Technology platform
Phase I:
Phase II:
Phase I:
Chapters
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3
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1
5 ULTIMOVACS2021
About Ultimovacs
Ultimovacs is a pharmaceutical company developing novel immunotherapies against
cancer. The Company was established in 2011 and is listed on the Oslo Stock Exchange.
Ultimovacs’ (“the Company”) proprietary technology is based on preclinical and clinical research on
immunotherapies conducted at the Oslo University Hospital. Ultimovacs is advancing a broad clinical
development program with clinical trials in Europe, Australia and the U.S.
The Company’s lead product candidate is UV1, a next generation peptide-based

telomerase (hTERT), expressed at a high level in 85-90% of human tumors.
The vaccine’s mode of action is to make the immune system produce CD4 T
cells (i.e., T helper cells) that recognize cancer cells expressing telomerase. UV1


easy to use and does not require sophisticated infrastructure in hospitals. UV1

developed as a therapeutic cancer vaccine and a platform for other immuno-
oncology drugs which require an ongoing T cell response for their mode of
action. Longer-term, it would be attractive to investigate the use of a vaccine
like UV1 in early-stage, adjuvant and neo-adjuvant tumors.
Treatment with UV1 has been assessed in three Phase I studies (metastatic prostate cancer, metastatic
non-small cell lung cancer and metastatic malignant melanoma) in 52 patients at the Oslo University
Hospital. The observed clinical outcomes from the three completed trials served as a strong basis for the
further clinical development of UV1, both with respect to safety, immune response and signals of clinical

the U.S. evaluating the safety and tolerability of treatment with UV1 and pembrolizumab (PD-1 checkpoint
inhibitor) in 30 patients with metastatic malignant melanoma.

indications including more than 650 patients:
• INITIUM (154 patients): Ultimovacs sponsored trial in malignant melanoma in which UV1 is
combined with nivolumab and ipilimumab.
• NIPU (118 patients): trial in mesothelioma, UV1 in combination with nivolumab and ipilimumab. Oslo
University Hospital is the sponsor of the NIPU study. Bristol-Myers Squibb and Ultimovacs have
entered into agreements with OUS to support the execution of the trial.
• DOVACC (184 patients): trial in collaboration with the Nordic Society of Gynaecological Oncology
• – Clinical Trial Unit, the European Network of Gynaecological Oncological Trial Groups. AstraZeneca
is also a collaborative partner of the investigator in this trial. UV1 is tested in combination with
AstraZeneca’s durvalumab and olaparib (PARP inhibitor) in patients with relapsed ovarian cancer.
• FOCUS (75 patients): trial in collaboration with the Immunological Tumor Group at University
Medicine Halle, Germany, where UV1 will be given in combination with pembrolizumab in head and
neck cancer patients.
• LUNGVAC (138 patients): trial in non-small cell lung cancer where UV1 will be investigated in
combination with pembrolizumab. Drammen Hospital is the sponsor of the study.
In addition, the Company is expanding its pipeline using its novel TET technology platform that can generate
multiple vaccine candidates designed to achieve increased T cell responses to a broad range of target
antigens.
Chapters
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6 ULTIMOVACS2021
CEO Statement: 2021 - a year to remember
In May 2021, we shared with clinical and research colleagues at the annual meeting of the prestigious
American Society of Clinical Oncology (ASCO) that the combination of UV1 with pembrolizumab provided
a 57% objective response rate, 18.9 months median progression-free survival, and 30% complete



are limited. Most recently, another patient’s tumors have now disappeared - having previously shrunk

improvement moves the complete response rate in the trial to 33%.
In response to our submission of that data and other information to drug regulators in the USA,
Ultimovacs received dual FDA Fast Track designations for UV1 as add-on therapy to pembrolizumab or
ipilimumab for the treatment of malignant melanoma. These designations enable us to work more closely
with the FDA and they send an encouraging signal to physicians and patients involved in the ongoing
INITIUM trial. Ultimovacs also received an FDA orphan drug designation for UV1 in metastatic melanoma,
underlining the need for new treatments in this disease.

neck cancer, respectively, the company had four active Phase II trials of UV1. Recruitment into our
established Phase II trials, INITIUM and NIPU, is progressing well despite the challenges of the pandemic.



of the most prevalent cancers around the globe responsible for over 130,000 deaths per year in the US
alone.

technology platform Tetanus-Epitope-Targeting (TET). TET is an integral part of Ultimovacs’ cancer
vaccine strategy in immuno-oncology, providing Ultimovacs with an innovative vaccine adjuvant
technology tailored for use across a range of diseases.

(gross) through an oversubscribed private placement to new and existing shareholders. This new

development programs forward, including the initiation of our UV1 Phase II trial in lung cancer, the
continuation of our other UV1 trials and further development of the TET adjuvant technology platform.
2021 has been described as ‘a year to forget’ for the biotechnology

market was challenging. For the Ultimovacs team, despite working from

Ultimovacs’ mission is to extend and improve the life of patients by
directing the immune system against the core of cancer. 2021 was the year
we celebrated the 10-year anniversary for our company. Our lead product,


Gustav Gaudernack.
Our Phase I study (internally referred to as “UV1 - 103”) of UV1 in
combination with pembrolizumab, continued to report encouraging data.
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7 ULTIMOVACS2021
Ultimovacs continues to extend the boundaries of medicine in immuno-oncology, to provide treatments
to an increasing number of patients who currently have limited therapeutic options. Our talented team
based in Norway and Sweden now numbers 25 individuals from 7 nationalities. We will continue to
perform novel research, explore new opportunities for the TET technology platform, prepare for Phase
III and commercialization of UV1, and work continuously with the regulatory authorities. Our extensive

650 patients at 100 clinics in 15 countries.
I am impressed by and proud of the ambitions, commitment, and professionalism in the Ultimovacs
team, establishing a reputation as a leading and active player in immuno-oncology. 10 years of innovation
and dedication have brought us here. We plan to continue to deliver and I look forward to another year of
progress in our multiple projects.

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8 ULTIMOVACS2021
Directors’
report
02
Risks and uncertainties
Going concern
Subsequent events
Outlook
Responsibility
statement
Board of Director’s
overview of 2021
Highlights
Clinical trial overview
Operational overview
Financial overview
Environment and
Governance
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9 ULTIMOVACS2021
DIRECTORS’ REPORT
Board of Director’s overview of 2021
For Ultimovacs, 2021 was a year in which the company has been able to rise above the challenges facing
the biotechnology industry. The company has worked closely with its clinical collaborators to minimize
the continuing impact of the COVID-19 pandemic and ensure the smooth conduct of clinical trials. We
raised additional capital to help fund an expanded development program, including the addition of a
new cancer indication and the development of the TET technology platform. Our continued clinical
progression paved the way for a share issue in Q4 2021, when Ultimovacs raised a further NOK 270 million
(gross) to fund new and existing clinical development programs.
As the Covid-19 pandemic begins to resolve, Ultimovacs continues to work closely with clinical centers to
help identify and enroll patients. We are highly grateful to our employees and to our clinical collaborators

vaccine and the initiation of the clinical program of the TET platform.

oncology in treating patients with cancer. The clinical success of the class of immuno-oncology drugs
known as checkpoint inhibitors has led to an increased recognition that the human immune response,
if appropriately stimulated and modulated, can provide a potent means of combatting many forms of
cancer. Several checkpoint inhibitors have been approved as cancer treatments by drug regulators and
others are waiting in the wings. In 2021, the leading checkpoint inhibitor, pembrolizumab, became the
world’s second biggest selling drug.
Ultimovacs’ lead product, the universal cancer vaccine, UV1, complements the action of checkpoint


elevated levels in multiple cancer types at all stages of tumor life.
All of Ultimovacs’ Phase II studies are designed to provide a treatment that complements the new
standard of care in oncology. Each trial is designed to demonstrate how the addition of UV1 might

2020 and 2021 means that UV1 is now being tested in clinical trials in combinations with four out of the

support from the clinical community and their collaborating industry partners, and the expectation is
that UV1, as an add on-therapy, can improve and extend the lives of cancer patients with unmet needs.
Our two most advanced clinical studies, INITIUM for patients with malignant melanoma and NIPU for

ipilimumab. The Europe-wide DOVACC trial for ovarian cancer patients puts UV1 in combination with
a fourth checkpoint inhibitor, durvalumab, as well as the PARP-inhibitor olaparib. The FOCUS trial,

The company’s newly announced LUNGVAC trial for patients with non-small cell lung cancer, which is


management team with two additional appointments in 2021: we welcomed Orla Mc Callion as Head of

The immuno-oncology treatment landscape continues to evolve, and Ultimovacs carefully considers its

cancer using combinations with distinct checkpoint inhibitors helps defray the company’s clinical and
business development risks. Clinical success or failure in one trial does not read through directly to other

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10 ULTIMOVACS2021

UV1 and the unmet need in non-small cell lung cancer is very large – the disease is the cause of 130,000
deaths per year in the US.
The company expects initial topline readouts from its Phase II program in H1 2023, when we anticipate

we are seeing from long-term follow-up studies in our Phase I trial in metastatic melanoma continue to
provide great encouragement.
Equally encouraging is the progress of the TENDU Phase I dose-escalation trial of Ultimovacs’ TET

cancer. The trial has progressed to the highest antigen dose without any safety concerns and we look
forward to the read-outs starting in 2022.
The extensive clinical development program is designed to demonstrate the clinical utility of UV1 to both
drug regulators and to potential partners. Looking ahead, Ultimovacs will systematically prepare for the
initiation of Phase III trials following the read-outs of the UV1 Phase II trials. In parallel we continue to
consider a possible global commercial partnership which may increase UV1’s potential and value, and
bring it out to patients globally in a wide range of indications.
Board of Directors
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11 ULTIMOVACS2021
Highlights
Key highlights of the year 2021
• Ultimovacs provided details about the DOVACC trial in January 2021. Ultimovacs will participate in
this randomized Phase II collaboration study, together with the Nordic Society of Gynaecological
Oncology – Clinical Trial Unit (NSGO-CTU), the European Network of Gynaecological Oncological
Trial Groups (ENGOT) and AstraZeneca, to evaluate Ultimovacs’ proprietary universal cancer
vaccine, UV1, in combination with AstraZeneca’s durvalumab and olaparib in patients with
relapsed ovarian cancer. The trial will include 184 patients in approximately 10 European countries
at more than 40 sites.
• In February 2021, Ultimovacs started clinical evaluation of the novel TET-Platform, with the
TENDU

2021 reporting date.
• In the fully enrolled US-based Phase I trial (UV1 103) in malignant melanoma, positive topline


response, 30% complete response (further improved to 33% in March 2022), 87% overall survival
and median progression-free survival (mPFS) not reached. In October 2021, overall survival rate

these patients was 18.9 months.
• In October 2021, Ultimovacs announced a new Phase II clinical trial, LUNGVAC, investigating UV1
in combination with pembrolizumab in non-small cell lung cancer (NSCLC). The LUNGVAC trial
will be a multi-center, randomized, open-label trial sponsored by Drammen Hospital, a leading
oncology research center in Norway. The trial will enroll approximately 138 patients and will be
conducted at 8-10 clinical centers in Norway.
• A private placement of new shares to fund the LUNGVAC trial and other R&D activities was
successfully completed in October 2021, raising gross proceeds of MNOK 270.
• In October 2021, Ultimovacs received Fast Track designation from the U.S. FDA for UV1 in
combination with checkpoint inhibitors in the treatment of unresectable or metastatic melanoma,
either as add-on therapy to pembrolizumab or as add-on therapy to ipilimumab.
• In December 2021, Ultimovacs received Orphan Drug designation from the U.S. FDA in the
treatment of malignant melanoma.
Clinical trial enrollment update
• INITIUM trial: 102 patients have been enrolled as per 31 December 2021, up from 18 as of the 2020
annual report. 120 patients have been enrolled as of the Q4 2021 reporting date.
• NIPU trial: 58 patients have been enrolled as per 31 December 2021, up from 9 as of the 2020
annual report. 66 patients have been enrolled as of the Q4 2021 reporting date.
• FOCUS trial: 9 patients have been enrolled as per 31 December 2021, and 10 patients as of the Q4

• DOVACC trial: 1 patient has been enrolled as per 31 December 2021, and 2 patients as of the Q4

• TENDU trial: 6 patients have been enrolled as per 31 December 2021, and also as of the Q4 2021


0%
50%
100%
INITIUM NIPU FOCUS DOVACC
% of patients enrolled
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Clinical trial overview
Phase II trials overview

cancers. The mechanism of action of the CPIs are also not cancer type dependent. The data from clinical

and indications.

including more than 650 patients. Two phase II studies, INITIUM in malignant melanoma and NIPU in
mesothelioma, commenced in 2020. The FOCUS trial in head and neck cancer and DOVACC in ovarian
cancer started patient recruitment in the last quarter 2021, and LUNGVAC is expected to commence its
patient enrollment in H1-22.
Martin-Luther
University Halle
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INITIUM
The trial
The INITIUM trial is a Ultimovacs-sponsored randomized phase II trial in
metastatic malignant melanoma where UV1 is given in combination with
the CTLA-4 checkpoint inhibitor ipilimumab and the PD-1 checkpoint
inhibitor nivolumab. A total of 39 hospitals are participating in this trial
being run in the US and Europe, including Norway. In total, 154 patients
will be enrolled, half receiving nivolumab and ipilimumab and the other
half receiving nivolumab, ipilimumab and UV1. The readout of the primary

INITIUM patient was treated at the Oslo University Hospital in June 2020
and 102 patients have been enrolled as per 31 December 2021reporting
date, up from 18 as of the 2020 annual report. 120 patients have been
enrolled as of the Q4 2021 reporting date.
Labcorp Drug Development is the CRO (Contract Research Organization) for the trial. The Independent
Data Monitoring Committee for the INITIUM trial is established to monitor patient safety in the study.

(Royal Marsden, London, England), Caroline Robert (Gustave Roussy Cancer Campus, Grand Paris, France)
and Anna Torrång (SDS Life science, Danderyd, Sweden). Dr. Karl Lewis, University of Colorado Hospital
(U.S.), is the International Coordinating Investigator of the INITIUM trial.
The combination drugs
Ipilimumab is a monoclonal antibody medication that works to activate the immune system by targeting
CTLA-4, a protein receptor that downregulates the immune system. Ipilimumab works by making it

Nivolumab is a human IgG4 monoclonal antibody that blocks PD-1. It works as a checkpoint inhibitor,
blocking a signal that prevents activation of T cells from attacking the cancer.
Both nivolumab and ipilimumab are checkpoint inhibitors from Bristol-Myers Squibb (BMS).
Malignant melanoma
Melanoma is a type of skin cancer that develops when melanocytes (the cells that give the skin its tan
or brown color) start to grow out of control. Melanoma is much less common than some other types of
skin cancers. But melanoma is more dangerous because it’s much more likely to spread to other parts of
the body if not recognized and treated early. Melanomas can develop anywhere on the skin, but they are
more likely to start on the trunk (chest and back) in men and on the legs in women. The neck and face
are other common sites.
World-wide, more than 130,000 new cases of melanoma are diagnosed every year and it is estimated
that close to 50,000 persons die from metastatic melanoma every year. There is a large unmet medical
need for improved treatment of melanoma. There is a good theoretical rationale for combining a universal
cancer vaccine with PD-1 and CTLA-4 blockade that will work to open the tumor and strengthening the
immune response.
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NIPU
The trial
NIPU is a randomized, multi-center Phase II trial in which the universal
cancer vaccine, UV1, will be evaluated in combination with the
checkpoint inhibitors (“CPI”) ipilimumab and nivolumab as second-line
treatment in mesothelioma. Oslo University Hospital (OUS) is the sponsor
of the NIPU study. Bristol-Myers Squibb and Ultimovacs have entered
into agreements with OUS to support the execution of the trial. The

in June 2020 and a total of 58 patients have been enrolled as per 31
December 2021, up from 9 as of the 2020 annual report. 66 patients have
been enrolled as of the Q4 2021 reporting date.
A total of 118 patients will be included in the NIPU study. Half of the patients will be treated with the
combination of UV1, ipilimumab (CTLA-4 checkpoint inhibitor) and nivolumab (PD-1 checkpoint inhibitor),
whereas the other half will receive nivolumab and ipilimumab only. The study is being conducted at



doublet chemotherapy. The readout of the primary endpoint of progression-free survival is expected in
H1-2023.
Malignant pleural mesothelioma
MPM is a rare malignant tumor originating from the cells lining the mesothelial surface in the lungs and is
the most common type of mesothelioma. It is a disease with a high unmet medical need with a median
overall survival of approximately 1 year. It is a fatal form of thoracic cancer that is diagnosed in more than
30,000 people and kills over 25,000 people per year.
Most patients are treated with palliative chemotherapy. Recently, ipilimumab and nivolumab has been

therapy have few therapeutic options. Asbestos exposure is heavily linked to the development of the
disease. It may take 10 - 50 years for symptoms of mesothelioma to manifest after initial asbestos
exposure. Even though the use of asbestos to a large extent is banned today, new incidences of
mesothelioma will continue to be a medical challenge for decades. 0ver 500,000 people were exposed

incidence is expected in decades to come.
Compared to many other cancer types the incidence numbers are low, however the medical need is very

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DOVACC
The Trial
On 11 January 2021, Ultimovacs announced that the Company will be
participating in the randomized Phase II DOVACC (Durvalumab Olaparib
VACCine) collaboration trial with the Nordic Society of Gynaecological
Oncology – Clinical Trial Unit (NSGO-CTU), the European Network of
Gynaecological Oncological Trial Groups (ENGOT) and AstraZeneca,
to evaluate Ultimovacs’ proprietary universal cancer vaccine, UV1, in
combination with AstraZeneca’s durvalumab and olaparib in patients

2021 and 2 patients have been enrolled as of the Q4 2021 reporting date.
DOVACC is a multi-center, multinational, randomized Phase II clinical trial sponsored by the NSGO, the
leading gynaecological oncology research society in the Nordic and Baltic regions. The trial is designed to
evaluate UV1 cancer vaccine in combination with AstraZeneca’s durvalumab, a PD-L1 checkpoint inhibitor,
and its PARP inhibitor, olaparib, as maintenance therapy for advanced ovarian cancer patients. The trial
will be conducted at more than 40 hospitals in approximately 10 European countries. Top line data on
the primary endpoint has been expected in 2023. It is too early to discern a clear trend in the timeline of
patient recruitment. Ultimovacs will review the guidance and expects to give an update with the Q4 2022
report.
This second-line maintenance study will enroll patients with high-grade BRCA-negative ovarian cancer
after partial or complete response following the second round of chemotherapy. The study includes

inhibitor olaparib. The 46 patients enrolled in the second arm will receive olaparib and the checkpoint
inhibitor durvalumab. The third arm will include 92 patients that will receive Ultimovacs’ UV1 vaccine in
combination with both AstraZeneca drugs. The primary endpoint is progression-free survival (PFS) in the
treatment arm with PARP inhibitor olaparib monotherapy, versus PFS in the triple combination treatment
arm. Under the terms of the collaboration, Ultimovacs will provide its UV1 vaccine and AstraZeneca will
provide the PD-L1 and PARP inhibitors for the study.
The Partners

organization aiming to improve the practice of prevention, diagnosis, and treatment for gynaecological
cancers by supporting research and conducting clinical trials across countries.
ENGOT is an umbrella organization for trial groups such as NSGO and acts as a platform to guarantee

Ovarian cancer
Ovarian cancer is the eighth most common cause of death from cancer in women worldwide. In 2018,
there were nearly 300,000 new cases diagnosed and around 185,000 deaths. Most women are diagnosed

For newly diagnosed advanced ovarian cancer, the primary aim of treatment is to delay the disease
progression for as long as possible and maintain the patient’s quality of life with the intent of achieving
complete remission or cure.
The combination drugs


and/or BRCA2. Inhibition of PARP with olaparib leads to the trapping of PARP bound to DNA single-strand
breaks, stalling of replication forks, their collapse and the generation of DNA double-strand breaks and
cancer cell death.
Durvalumab is a human monoclonal antibody that binds to PD-L1 and blocks the interaction of PD-L1
with PD-1 and CD80, countering the tumor’s immune-evading tactics and releasing the inhibition of
immune responses. Durvalumab is approved for unresectable, stage III NSCLC in 53 countries including
the US, Japan, and across the EU, based on the Phase III PACIFIC trial.
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FOCUS
The trial
The FOCUS trial (First-line metastatic Or recurrent HNSCC/Checkpoint
inhibitor UV1 Study) is an investigator-sponsored, randomized Phase
II clinical trial that will recruit patients with recurrent or metastatic
PD-L1 positive head and neck squamous cell carcinoma. The trial
will be conducted at 10 sites across Germany and led by principal
investigator Prof. Mascha Binder, M.D., Medical Director and Head of
the Immunological Tumor Group at University Medicine Halle, Germany,
who is a renowned oncology clinician and researcher specializing in
the analysis of immuno-oncology treatments and their interaction with
tumor tissues.
The trial will evaluate the addition of UV1 to a standard of care treatment with the PD-1 checkpoint
inhibitor pembrolizumab as compared to pembrolizumab monotherapy. A total of 75 patients indicated
for treatment with pembrolizumab will be enrolled in the FOCUS study, randomized 2-to-1 so that 50
patients will receive UV1 and pembrolizumab and 25 patients will receive pembrolizumab alone. Top

treated in August 2021. Nine patients have been enrolled as per 31 December 2021, and ten patients as of
the Q4 2021 reporting date. It is too early to discern a clear trend in the timeline of patient recruitment.
Ultimovacs will review the guidance and expects to give an update with the Q4 2022 report.
The combination drug
Pembrolizumab is a PD-1 checkpoint inhibitor, that targets the programmed cell death 1 (PD-1) receptor.
Pembrolizumab is standard of care in multiple indications and currently the most widely used checkpoint
inhibitor.
Head and neck cancer

develop in or around the throat, larynx, nose, sinuses, and mouth. Globally, head and neck cancer
accounts for 650,000 new cases of cancer and 330,000 deaths annually on average. In 2018, it was the
seventh most common cancer worldwide with 890,000 new cases documented and 450,000 dying from
the disease. The usual age at diagnosis is between 55 and 65 years old, and the average 5-year survival
following diagnosis in the developed world is 42-64%.
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LUNGVAC
The trial
On October 26, 2021, Ultimovacs announced a new Phase II clinical trial,
LUNGVAC, investigating the company’s universal cancer vaccine, UV1, in
combination with pembrolizumab in the treatment of non-small cell lung

topline readout expected by the end of 2024. Ultimovacs will review the
guidance and expects to give an update with the Q4 2022 report.
The LUNGVAC trial will be a multi-center, randomized, open-label trial

pembrolizumab versus pembrolizumab alone in NSCLC patients with advanced or metastatic disease. The

subgroups of NSCLC, where at least half of their tumor cells express the PD-L1 antigen and who have
not previously received pembrolizumab treatment. These subgroups represent approximately 30% of
all advanced and metastatic NSCLC patients. The primary endpoint of the trial will be progression-free
survival. Secondary endpoints will include response rate and overall survival.
Professor Odd Terje Brustugun will be the principal investigator for the trial, which will be sponsored by
Drammen Hospital, a leading oncology research center in Norway. The trial will enroll 138 patients and be
conducted at 8-10 clinical centers in Norway.
The combination drug
Pembrolizumab is a PD-1 checkpoint inhibitor that targets the programmed cell death 1 (PD-1) receptor.
Pembrolizumab is standard of care in multiple indications and currently the most widely used checkpoint
inhibitor.
Non-small cell lung cancer
Lung cancer is currently one of the most common cancers globally, and by far the biggest cause of
cancer deaths in both men and women. NSCLC accounts for approximately 85% of all lung cancers. An
estimated 850,000 new patients (in the US, EU5, Japan, China) are diagnosed with NSCLC each year. Most
of these patients are metastatic, for which the 5-year survival rate is around 7%.
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Phase I trials overview
Treatment in three Phase I studies have been completed and patients are currently followed up for
survival, immune response and new anti-cancer treatment. The completed trials show clinical outcomes
that Ultimovacs sees as a strong basis for the further clinical development of UV1, both with respect to

One phase I study based in the USA in malignant melanoma is fully recruited and currently ongoing.
Additionally, the Company is expanding its pipeline using its novel TET-platform, which is a vaccine
technology that can generate multiple vaccine candidates designed to achieve increased T cell responses
to a broad range of target antigens. Patient inclusion started in the phase I TENDU trial in January of

Indication
Status Phase I
Patient
recruitment
period Follow up period
UV1
First line metastatic
malignant melanoma
pembrolizumab
In follow -
up
USA 2018-2020
5 years (2025)
Metastatic malignant
melanoma
ipilimumab
In follow -
up
Norway 2015 10 year (2025)
Non
- small cell lung
cancer
In follow -
up
Norway 2013-2015
10 year (2025)
Prostate cancer
In follow -
up
Norway 2013-2014
10 year (2024)
TET
TENDU
- Prostate
cancer
- Dose finding trial,
- 12 patients
Recruiting
patients
Norway
Ongoing
(Start in 2021)
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UV1 103 - Phase I trial in Malignant Melanoma
This US-based Phase I clinical trial is evaluating the Company’s
lead candidate, UV1, in combination with PD-1 checkpoint inhibitor,

malignant melanoma in 30 patients. UV1 - 103 is evaluating the safety,
tolerability and initial signs of clinical response in patients treated with
UV1 in combination with pembrolizumab. Pembrolizumab improves the
ability of immune cells to kill tumor cells and is a current standard-of-
care therapy for malignant melanoma.

dose per UV1 vaccination, combined to strengthen the ability of UV1 to stimulate the immune system. A
group of ten additional patients was included to investigate an increased dosage of the adjuvant GM-CSF,

All of the initially 20 planned patients were successfully enrolled by September 2019, and enrollment
the second cohort of the ten additional patients with the increased dosage GM-CSF was completed in
August 2020.
The combined response rates for the 30 patients in cohort 1 and cohort 2 are:
• Objective response rate (ORR): 57%
• Complete response rate (CR): 33%*
Median Progression Free Survival (mPFS):
• Cohort 1: 18.9 months
• Cohort 2: not reached at 12 months
• Cohort 1+2 combined: not reached at 12 months
Overall Survival (OS):
• Cohort 1 after 12 months: 85%
• Cohort 2 after 12 months: 90%
• Cohort 1+2 combined after 12 months: 87%
• Cohort 1 after 24 months: 80%

observed in this trial. Two key data readouts from the UV1 - 103 trial are expected in 2022: During Q3-22,
24-month survival data on the second cohort will be announced, and during Q4-22, 36-month survival

*In March 2022, one patient with partial response in cohort 2 was converted to a complete response.
While the objective response rate remains the same (57%), the complete response rate is now 33%
(previously reported to be 30%) for cohort 1 + 2 combined.
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Completed trials in follow-up phase
Treatment in three Phase I studies with a total of 52 patients enrolled in the period 2013 – 2015 have
been completed at the Oslo University Hospital. The patients have been followed up for survival, immune
response and new anti-cancer treatment.
• Metastatic prostate cancer (22 patients): Patients with advanced prostate cancer without lung
and/ or liver metastases were enrolled. These patients had started CAB treatment (GnRH-agonist
combined with anti-androgen therapy) prior to UV1 treatment.
• Non-small cell lung cancer (NSCLC, 18 patients): In this lung cancer study, stage 3b/4 NSCLC
patients were enrolled, who had previously been treated with palliative radiotherapy and/or at

CT, at least 4 weeks prior to UV1 treatment.
• Metastatic Malignant Melanoma – UV1 in combination with the CTLA-4 checkpoint inhibitor
ipilimumab (12 patients): The malignant melanoma trial included patients with unresectable
or metastatic disease when enrolled and were eligible for ipilimumab. Ipilimumab is an agent
stimulating immune cell generation and is an approved drug for treatment of malignant
melanoma.
Safety and tolerability were primary endpoints in all three studies, while immune response towards any



CSF as an adjuvant treatment.
Data from the three studies showed that UV1 is generally well tolerated. There were no dose limiting

across the three studies (range 67-91%).
When combining UV1 with ipilimumab, a CTLA-4 checkpoint inhibitor, 91% of malignant melanoma
patients developed an immune response. The responses appeared earlier, required fewer vaccinations,
and were stronger and more long lasting compared to vaccination with UV1 alone. These data are
compatible with a mechanism of action where blocking CTLA-4 checkpoints induce additional expansion

The three completed phase I trials have been reviewed by FDA (U.S. Food and Drug Administration) and
founded the basis for starting clinical research in the US in malignant melanoma. The outcome of these
trials established a strong fundament for the further development of UV1.
CLINICAL TRIAL
YEAR 1 YEAR 2
OVERALL
YEAR 3
SURVIVAL
YEAR 4

1
YEAR 5
MEDIAN OS

mPFS
2

Prostate (n = 22)
95% 86% 73% 55% 50%
61.8 n.a.
3
NSCLC (n = 18)
72% 50% 44% 39% 33%
28.2 10.7
Malignant Melanoma (n = 12)
75% 75% 67% 50% 50%
Will be more
than 60 months
6.7
1. 
2. Median Progression-Free Survival
3. PFS (Progression-Free Survival) not possible to measure in the prostate cancer trial. Instead, patients are followed on PSA measure
-

4. Prostate: (EudraCT No. 2012-002411-26) NSCLC: (EudraCT No. 2012-001852-20) MM: (EudraCT No. 2013 005582 39)
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21 ULTIMOVACS2021
The TET-platform and the TENDU phase I trial
The TET-Platform
In addition to its universal vaccine, UV1, Ultimovacs is developing novel vaccine products based on the




harness the pre-existing antibody response against tetanus resulting from standard tetanus vaccination.
These vaccine candidates can be tailored to many types of cancer as well as infectious diseases.

development of the TET platform, the ambition is to identify new cancer vaccine candidates to move into
clinical development. Ultimovacs is currently performing preclinical studies for further development of
the TET technology.
Furthermore, Ultimovacs is in the process of developing an improved manufacturing process based on
the new core molecule which will enable new vaccine candidates to move into clinical development. The
TENDU project provides an opportunity to do early testing of the safety and immune activation of the TET
technology while Ultimovacs continues to optimize the core TET molecule and production process. The
outcome of all these activities is expected to support the decision of which drug candidates to move
into clinical development in the future.
The TENDU trial

with the main objective to assess the safety of the TET technology. In TENDU, the TET technology


in 2021, and of the second cohort (three patients dosed at 400 mcg) was completed in February 2022.
The Drug Safety Monitoring Board (DSMB), a group of experts set up to monitor patient safety during a

DSMB enables the dose escalation study to proceed with enrollment of patients in the third and last
dose cohort (960 mcg).
The TENDU trial is being conducted at Oslo University Hospital and will enroll 9-12 patients in total.
This Phase I trial will provide valuable safety and immune activation data that will support the further
development of new vaccine solutions based on the TET technology.
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Operational overview
Manufacturing
Ultimovacs is progressing further development of chemical manufacturing and control (CMC) of the
UV1 product in preparation for phase III clinical trials. The PolyPeptide Group has been established as
manufacturing partner for the UV1 active pharmaceutical ingredients (API) for the current phase II clinical
trials, for late-stage clinical trials and commercial production. The Corden Pharma group continues as

Regulatory designations
Fast Track Designation
On October 21, 2021, Ultimovacs announced that its universal cancer vaccine, UV1, in combination with
checkpoint inhibitors received Fast Track designation from the U.S. FDA in the treatment of unresectable
or metastatic melanoma – either as add-on therapy to pembrolizumab or as add-on therapy to
ipilimumab. Ultimovacs is currently evaluating UV1 as add-on therapy to ipilimumab and nivolumab as

The FDA Fast Track process is designed to facilitate the development and expedite the review of drugs
that meet urgent needs in serious medical conditions. Fast Track designation enables early and frequent
communication with the FDA to support the drug’s development, as well as entitlement to a Rolling
Review of the Biologic License Application. Drugs with Fast Track designation may also be considered for
Accelerated Approval and Priority Review provided certain criteria are met.
Orphan Drug Designation
On December 2, 2021, Ultimovacs announced that UV1 has received Orphan Drug designation from the
U.S. FDA in the treatment of malignant melanoma. UV1, as add-on therapy to checkpoint inhibitors

INITIUM.




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Organization and board
On 15 April 2021, Ultimovacs ASA held its annual general meeting. All the matters on the agenda
were approved. After the annual general meeting, the composition of the Board of Directors and the
Nomination Committee remained unchanged.
Ultimovacs has appointed two additional members to the management team: Orla Mc Callion as Head of

October 1, 2021:
As , Orla Mc Callion will manage the strategic planning and
implementation of regulatory procedures across all Ultimovacs’ development products. Orla has more
than 20 years of experience in the pharmaceutical industry. Orla has regularly interacted with EMA,

conditions, orphan designations and pediatric-related activities and to secure clinical trial approvals.

Queen’s University in Belfast.
As 
between Ultimovacs’ management, investors and the broader public. With 20 years of experience
within the investment industry, she has extensive knowledge in strategy and business development,


four years in the USA as Director of Innovation Norway in San Francisco. Anne has served on the Boards
of several early-stage companies, venture capital funds, private and public limited companies, and
served as an expert jury member at the European Commission’s EIC Accelerator program. Anne holds a
Master of Business and Economics from Norwegian Business School.
Chapters
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24 ULTIMOVACS2021
Publications and presentations
• On 28 January 2021, the lead investigator of the Company’s NIPU Phase II clinical trial, Åslaug Helland
from Oslo University Hospital, presented a poster with an overview of the NIPU trial at the 2020
World Conference on Lung Cancer in Singapore.
• On 10 April 2021, Ultimovacs presented the INITIUM Study Design as a Trial-in-Progress Poster at the
AACR Annual Meeting 2021, held virtually from April 9 to April 14, 2021. The poster, titled “Nivolumab
and ipilimumab +/- UV1 vaccine as 1st line treatment in patients with malignant melanoma (INITIUM-



• On 11 May 2021, a paper was published in Frontiers in Immunology outlining the positive long-term
Overall Survival data from the Phase I trial evaluating UV1 in combination with ipilimumab in patients
with metastatic malignant melanoma. As published in the journal, in addition to the achievement of
the primary endpoints of safety and tolerability, 50% of the patients were still alive at the data cut-

checkpoint inhibitor and standard-of-care treatment, in this late-stage patient population.
• On 19 May 2021, Ultimovacs announced clinical data on the Company’s Phase I trial evaluating UV1
in combination with the checkpoint inhibitor pembrolizumab in patients with metastatic malignant
melanoma, which was presented as a poster presentation at the American Society of Clinical
Oncology (ASCO) 2021 Annual Meeting, June 4-8, 2021. The abstract, titled “A Phase I Clinical Trial
Investigating the Telomerase Vaccine UV1 in Combination with Pembrolizumab in Patients with
Advanced Melanoma”, provided an overview of the open-label, single-arm study investigating the
safety and tolerability for the UV1/pembrolizumab combination.
• On 1 June 2021, the peer-reviewed article on the ongoing NIPU Phase II trial: “NIPU: a randomized,
open-label, phase II study evaluating nivolumab and ipilimumab combined with UV1 vaccination as
second line treatment in patients with malignant mesothelioma” was published. The article in The
Journal of Translational Medicine outlines the mechanistic rationale for the use of the combination
of UV1 with two checkpoint inhibitors, ipilimumab and nivolumab.
• On 5 July 2021, Ultimovacs announced the publication of a review of telomerase-based therapeutic
cancer vaccines including the Company’s universal cancer vaccine, UV1. The article in Frontiers in
Immunology examines the broad relevance of telomerase as an attractive cancer target and examines
opportunities for optimizing anti-telomerase vaccine performance both by selecting appropriate
cancer types and by analyzing the underlying limitations of current standard treatments. The article
focusses on the synergy between telomerase-based cancer vaccines and checkpoint inhibitors. In


• On 12 November 2021, Ultimovacs’ presented the poster “The Synthetic Long Peptide Cancer Vaccine
UV1 in Combination with Ipilimumab Induces a CD4+ Th1 Anti-hTERT Immune Response and an
Society For Immunotherapy
of Cancer’s 36th Annual Meeting (SITC 2021) in Washington DC, USA. The data presented are from an
early Ultimovacs Phase I/IIa study of UV1 with the checkpoint inhibitor ipilimumab in twelve patients
with melanoma (NCT02275416). They show that the drug combination induces a T cell immune
response in 91% of patients, and that the response can persist as long as 5 years (the end of the
study period). The UV1-ipilimumab combination induces T cells that are polyfunctional and produce




Chapters
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25 ULTIMOVACS2021
Intellectual Property rights
Below is an overview of Ultimovacs published patents and patent applications.
PATENT /
PATENT
APPLICATION
PRIORITY
DATE
STATUS AREA COVERED
GEOGRAPHIC
AREA
EXPIRY DATE

EXPIRY DATE

ASSIGNEE
1 EP10250265.5
16 Feb
2010
Granted/
pending
UV1 composition of matter,
the nucleic acid sequenc-
es coding for the vaccine
peptides, as well as use of
the vaccine for treatment
of cancer.
Patent granted in
EPO, USA, Japan,
Russia, South-Ko-
rea, India, China
and Hong Kong.
Divisional applica-

2031 Up until 15 February
2036 via a Supple-
mentary Protection

Europe or via Pat-
ent Term Extension
(PTE) in the USA.

Ultimovacs
2 EP16172760.7
2 June
2016
Pending UV1 in combination with
an immune checkpoint
-
nition, including combined
treatment with UV1 and
ipilimumab.
Filing in US,
Europe, Japan,
Australia, and
Canada.
2037 - Ultimovacs
3 EP10156505
15 March
2010
Granted Composition of matter
and method of use for an
immunogen comprising a
peptide derived from teta-
nus toxin.
Patent granted
in USA, EPO and
Canada.
2031
-
Leiden Uni-
versity Medi-
cal Centre
(Ultimovacs
license)
4 GB1917699.9
4 Decem-
ber 2019
Pending Composition of matter of
TENDU conjugates and
vaccine compositions
and use thereof for the
prevention or treatment
of cancer, T-cell epitopes
of the conjugates and
the encoding nucleic acid
molecules.
 2040
-
Ultimovacs

2 USA: PTE can generally only be obtained for one patent based on a single marketing authorization
The ownerships of the abovementioned patents and patent applications 1 and 2 related to the UV1
platform are held by Ultimovacs. Patents and patent applications in group 3 and 4 are related to the TET
platform. Patents in group 3 are licensed from Leiden University Medical Centre. Patent applications
in group 4 are held by Ultimovacs. Ultimovacs is continuously working to obtain and maintain patent
protection for the company’s technologies and platforms. This will in due time include seeking to obtain

Extension (PTE) in the USA. SPCs and PTE can be applied for after the granting of market authorization
in the respective territories. In Europe, patent term extensions via an SPC are up to 5 additional years
provided that this does not result in a total remaining patent plus SPC term of more than 15 years from
the grant of marketing approval (+ 0.5 years via pediatric extension (PED)) and in the US, extensions via
PTE are up to 5 years, provided that the extension does not result in a total remaining patent term of
more than 14 years from FDA approval (+ 0.5 years via PED).
There are also other mechanisms for protection of pharmaceutical products in addition to patents.
Regulatory data exclusivity blocks subsequent drug developers from referencing (comparing to) an
innovative drug’s data in order to take a shortcut to get marketing authorization. European regulations

date. Data exclusivity is followed by a two-year market exclusivity period, which can be extended by a

will not be able to launch generic or biosimilar product until the expiry of the data and marketing
exclusivity periods. In the USA the market exclusivity term for innovative biologics is 12 years from

pediatric populations. For qualifying indications with small patient populations Orphan Drug status may
be granted to a pharmaceutical product giving market exclusivity for 10 years (+ 2 years for PED plan) in
Europe and 7 years (+ 0.5 years via PED) in the US. In Europe, products granted Orphan Drug status are
not anymore entitled to the + 0.5 years via PED to SPC protection.
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26 ULTIMOVACS2021
Financial overview
Ultimovacs does not yet generate revenues, as the Company is in a research and development phase. In


The cash payments from the grants are partly received in the calendar year following the accounting year.
The increase in public grants is due to the start-up and progression of the phase II DOVACC and FOCUS
trials, where grants are received from Innovation Norway and the Norwegian Research Council to support
these trials.
Total personnel expenses
higher expenses of MNOK 9.3 related to the share-based compensation option program. There were



share-based compensation, being approximately at the same level these two years.
Other operating expenses primarily comprise research and development related expenses. These


phase II trials INITIUM and DOVACC, CMC development (i.e. Chemistry, Manufacturing, and Controls) and






amounting to MNOK 10.3 and MNOK 13.9 respectively. Interest rates on funds in bank deposits amounted

Total loss
Financial results
KEY FINANCIALS0) 2021 2020
Total revenues - -
Total operating expenses 163 832 124 146
 (163 832) (124 146)
 (164 722) (120 552)
Basic and diluted earnings (loss) per share (NOK per share) (5.1) (4.0)
Net change in cash and cash equivalents 137 106 42 058
Cash and cash equivalents, end of period 574 168 440 925
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27 ULTIMOVACS2021
Financial position
Total assets per 31 December 2021 were MNOK 655.5, an increase of MNOK 125.8 from 31 December 2020
primarily as a result of an increase in bank deposits from the share issue in October 2021 and a reduction

The book value of Goodwill and Licenses related to the value of the subsidiary Ultimovacs AB in Sweden,
has since 31 December 2020 decreased by MNOK 4.5 due to the strengthening of NOK against SEK.
Total liabilities as of 31 December 2021 amounted to MNOK 62.4, of which MNOK 11.5 non-current.
Total equity equaled MNOK 593.2 as of 31 December 2021. On 26 October 2021, Ultimovacs successfully
carried out a private placement of 2,160,000 new shares at a subscription price of NOK 125 per share,
raising gross proceeds of NOK 270 million. The net proceeds of the private placement, amounting to

cell lung cancer, (ii) bringing the UV1 platform into Phase III readiness, (iii) further development of the
Tetanus-Epitope-Targeting (“TET”) technology platform, and (iv) general corporate purposes. Following
registration of the new share capital pertaining to the Private Placement, the Company will have a share
capital of NOK 3,422,176.10 divided into 34,221,761 shares, each with a par value of NOK 0.10.
Further, total equity has since year-end 2020 decreased by the period’s operating loss and currency
translation amounting to MNOK 168.7. In addition, equity has increased also by the recognition of share-
based payments/stock options of MNOK 11.6 and due to the exercise of employee stock options, resulting
in share capital increase of 8,825 shares and equity increase of MNOK 2.9.
Cash ow



Total cash and cash equivalents per 31 December 2021 amount to MNOK 574.2.
Allocation of the Parent Company’s net result
The Board of Directors proposed that the loss of MNOK 151.1 in Ultimovacs ASA is transferred to
accumulated losses.
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Working environment
Ultimovacs aims to provide a safe, secure and positive work environment for all employees, free of
discrimination or harassment. Ultimovacs does not accept any kind of discrimination against employees,
shareholders, board members and suppliers on the basis of ethnicity, nationality, age, gender or religion.
Salary and terms of employment for comparable positions, as well as recruitment, promotion and
development of the employees are the same for women and men.
Absence due to sickness was 0.1% in 2021, down from 0.2% in 2020. No work-related accidents were
recorded in Ultimovacs in 2021.
As per 31 December 2021, the Group had 25 employees, 20 in Ultimovacs ASA in Oslo, and 5 in
Ultimovacs AB in Uppsala, Sweden. Of the 25 employees, three were part time employees with a 50%
position. 12 out of the 25 employees were male and 13 were female. The management team comprise six


External Environment
Corporate Governance
Ultimovacs’ operations do not directly pollute or harm the environment, and the company and its
employees are committed to behaving responsibly and to minimizing the impact on the environment.
The Board and management of Ultimovacs ASA are committed to maintaining high ethical standards
and promoting good corporate governance. Ultimovacs believes that strong corporate governance builds


for companies and investors. Ultimovacs corporate governance principles are based on maintaining a
transparent and clear communication, regulating the division of roles between shareholders, the board
and executive management and treating all shareholders equally. In addition, shares in the Company are
freely transferable and all shareholders are to be treated equally.
Ultimovacs’ Corporate Governance Policy (approved by the Board of Directors on 24 March 2021) and the
Report in this annual statement are based on the Norwegian Code of Practice for Corporate Governance
issued by the Norwegian Corporate Governance Board (NUES), last revised on 14 October 2021 and the
corporate governance reporting requirements under section 3-3b of the Norwegian Accounting Act.
Corporate Governance is further addressed in a separate statement in this annual report and constitutes
an integrated part of the Directors’ Report. The full Corporate Governance Policy is available on the
company’s website at www.ultimovacs.com/investors/governance
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Corporate Social Responsibility (CSR)
Ultimovacs recognizes that we must integrate our business values and operations in a way so that
we act responsibly in a broader social context and meet key expectations of our stakeholders. These
stakeholders include employees, patients, regulators, suppliers, shareholders, the community and the
environment. Ultimovacs will work to ensure a socially responsible business operation involving good
business ethics, as well as how employees are treated, the relationship with the environment and the
work to deliver safe products to patients, among others.

supply chain management, anti-corruption and transparent communication. In addition, separate ethical
guidelines apply to all employees in the group.
Corporate Social Responsibility is further addressed in a separate section in this annual report and
constitutes an integrated part of the Directors’ Report. The full Corporate Social Responsibility policy is
available on the company’s website at www.ultimovacs.com/investors/governance
Risks and uncertainties
Ultimovacs is a mid-stage research and development biotech/pharmaceutical company. Ultimovacs
is exposed to the same generic risks as other companies within this sector. The Company has not
generated any revenues historically and is not expected to do so in the short term. The Group’s
development, results of operations and operational progress have been, and will continue to be,

Operational risks
Research and development up to approved registration is subject to considerable risk and is a capital-
intensive process. The Company’s candidates for cancer vaccines and technology platforms are
dependent on research and development and may be delayed and/or incur higher costs than currently
expected.
Legislative and regulatory environment
The operations may be impacted negatively by changes or decisions regarding laws and regulations.


Group’s ability to commence and perform clinical studies, include patients in clinical trials, protect
intellectual property rights and obtain patents, obtain marketing authorization(s), market and sell
potential products, operate within certain geographical areas/markets, produce the relevant products, in-
license and out-license products and technology, etc.
Competitive environment
Competitive cancer treatments and new/alternative therapies, either within immune-oncology or within


marketing authorization is obtained. Competing pharmaceuticals can capture market shares or reach the




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Financial risks

Foreign exchange rate exposure
Ultimovacs will conduct a large share of its clinical studies and other R&D activities outside of Norway

mainly EUR and USD. Further, the production is conducted in Belgium and Italy, and production costs

currencies may therefore impact the overall costs for the clinical studies and production, as well as other
costs such as consultants invoicing in these currencies.
In addition, the Company has investment in foreign operations, whose net assets are exposed to currency
translation risk.
Operational currency exposure is constantly monitored and assessed. The Group has during 2021
converted cash to EUR and entered into EUR swaps to mitigate the foreign exchange risk and to get a
better predictability regarding future costs.
Financing
Adequate sources of funding may not be available when needed or may not be available on favorable

prevailing market conditions as well as conditions of its business and its operating results, and those



Interest rate risk



COVID-19 pandemic related risks
The coronavirus pandemic has a profound impact on the global economy and no industry is protected

to assess. For a biotech company like Ultimovacs, some of the possible implications of the COVID-19

• The initiation, patient inclusion and conduct of clinical trials
• Disruption of the supply chain (manufacturing and/or logistics) for the investigational products
• Fluctuations in currency exchange rates, (NOK/EUR and NOK/USD), which may increase R&D costs
Although Ultimovacs remain optimistic regarding progress in the Company’s broad clinical program, the

lasting impact depends on the speed and extent of a return to a more normal situation. Ultimovacs
will continue to provide enrollment updates in each quarterly report. Ultimovacs provided an update
on guidance regarding topline data readouts for its clinical trials in February 2022. Please refer to the
“Subsequent events” section for more information.
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Going concern
The annual accounts have been prepared on the basis of a going concern assumption in accordance
with section 3-3(a) of the Norwegian Accounting Act and in the opinion of the Board of Directors these



Subsequent events
In February 2022, as part of the Q4 2021 reporting, Ultimovacs provided an update on guidance regarding
topline data readouts for its Phase II clinical trials. Despite earlier and current pandemic-related
challenges, the levels of patient enrollment have been increasing in both INITIUM and NIPU. The updated

the second half of 2022 as indicated in the early guidance given in 2019 before either study started.
The DOVACC and FOCUS trials are still in their early stages of hospitals/clinical site activation, and the
start-up phase of both has taken somewhat longer than originally planned. Ultimovacs has guided that
the readouts of topline results are expected to take place in 2023 and have done so since the trials

2022 with topline results expected by the end of 2024. Once each of the three trials DOVACC, FOCUS and

review guidance and expects to give an update with the Q4 2022 report.
On May 19, 2021, Ultimovacs announced a 60% Objective Response Rate (30% complete responses plus

responder was changed to stable disease, resulting in a 57% objective response rate. In March 2022,
one partial responder in this cohort was changed to complete response. The ORR remains the same,
however, complete response rate is now 35% for this cohort, and 33% (previously 30%) for cohort 1 and 2
combined.


Chapters
3
4
5
1
2
32 ULTIMOVACS2021
Outlook


is expected to generate immune responses across the general population (i.e., independent of HLA
type). The vaccine is easy to manufacture and does not require a sophisticated hospital infrastructure
to be administered. If the ongoing clinical development and testing of Ultimovacs’ cancer vaccine




in total, representing a strong potential platform for Ultimovacs to move toward a possible registration of

therapies.

2023. Further, Ultimovacs has guided that the readouts of topline results in the DOVACC and FOCUS
trials are expected to take place in 2023 and have done so since the trials began. In the LUNGVAC

results expected by the end of 2024. Once each of the three trials DOVACC, FOCUS and LUNGVAC has

and expects to give an update with the Q4 2022 report. The Company will continue to actively monitor
the impact of the COVID-19 pandemic on patient enrollment for its Phase II clinical trials and continues
to implement activities to minimize the impact. With current funding, plans and expectations, Ultimovacs

Ultimovacs continues to pursue strategic collaborations with cancer institutions and pharmaceutical


nature of UV1 as a cancer vaccine. UV1 can potentially play a role across most cancer types, in most


Ultimovacs is also seeking to broaden its pipeline of drug candidates. Its R&D activities are currently

base technology, the TET-platform, and on the development of new molecules and technologies
based on biobank material from the ongoing and planned clinical studies conducted with UV1. Pending

development, Ultimovacs’ ambition is to apply the TET technology in identifying new cancer vaccine
program candidates to move into clinical development.
Board of Directors and CEO of Ultimovacs ASA
Oslo, 24 March 2022
Sign Sign
Sign
Jónas Einarsson Kari Grønås Eva S. Dugstad
Chairman of the Board Board member Board member
Sign
Sign
Sign
Henrik Schüssler Ketil Fjerdingen Leiv Askvig
Board member Board member Board member
Sign Sign
Sign
Aitana Peire Haakon Stenrød Carlos de Sousa
Board member Board member CEO
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33 ULTIMOVACS2021
Responsibility statement from the Board of
Directors and CEO

our knowledge, have been prepared in accordance with IFRS and that the accounts give a true and fair

includes a fair review of the development, performance and position of the Company and the Group,
together with a description of the principal risks and uncertainties facing the Company and the Group.
Board of Directors and CEO of Ultimovacs ASA
Oslo, 24 March 2022
Sign Sign
Sign
Jónas Einarsson Kari Grønås Eva S. Dugstad
Chairman of the Board Board member Board member
Sign
Sign
Sign
Henrik Schüssler Ketil Fjerdingen Leiv Askvig
Board member Board member Board member
Sign Sign
Sign
Aitana Peire Haakon Stenrød Carlos de Sousa
Board member Board member CEO
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34 ULTIMOVACS2021
Governance
03
Corporate Social
Responsibility
Corporate Governance
Report
The Board of Directors
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CORPORATE SOCIAL RESPONSIBILITY (‘CSR’) –
GUIDELINES
Introduction

and deliver innovative cancer vaccines to address unmet medical needs and advance cancer care. In
its pursuit to reach this goal, Ultimovacs will work to ensure a socially responsible business operation
involving good business ethics, as well as how employees are treated, the relationship with the
environment and the work to deliver safe products to patients, among others. Please visit our website
for the full version of the CSR guidelines, which were approved by the Board of Directors on 4 December
2019.
Ultimovacs’ business goal directly addresses one of UN’s sustainable development goals
Ultimovacs’ mission is to extend and improve the life of patients by directing the immune system against
the core of cancer. We will provide universally accessible solutions.
In 2015, UN launched its seventeen Sustainable Development Goals. Ultimovacs supports this initiative



Social responsibilities
Ultimovacs recognizes that we must integrate our business values and operations in a way so that
we act responsibly in a broader social context and meet key expectations of our stakeholders. These
stakeholders include employees, patients, regulators, suppliers, shareholders, the community and the

a) Patient safety/R&D safety
b) Employee environment
c) Human rights
d) Environment
e) Supply Chain Management / Suppliers
f) Anti-Corruption
g) Open, transparent and clear communication
Ethical Guidelines

Ultimovacs’ business conduct and our employees’ code of conduct.
The Company will maintain a high ethical standard in its business concept and relations with customers,
suppliers and employees. The following ethical guidelines shall be practiced in the Company, and shall
apply to all employees of the Company:
1) Personal conduct
 
 
 
5) Competition
Responsibility and Review
Ultimovacs’ management team is responsible for the implementation of this CSR policy and will make
the necessary resources available to realize our corporate responsibilities. All employees are responsible
for adopting and implementing the Company’s policy on CSR.
This CSR Policy shall be regularly reviewed and any amendment shall be approved by the Board of
Directors.
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Corporate Governance Report
The Board of Directors of Ultimovacs ASA (the “Company”) has prepared a corporate governance policy
which was resolved by the Board of Directors on 4 December 2018 and which entered into force from
the date the company applied for listing on the Oslo Stock Exchange, 21 May 2019. A revised version was
approved by the Board of Directors on 24 March 2021. The complete Corporate Governance Policy can be
found on the corporate website: www.ultimovacs.com
The corporate governance policy addresses the framework of guidelines and principles regulating
the interaction between the Company’s shareholders, the Board of Directors (the “Board”), the Chief

The Policy is based on the Norwegian Code of Practice for Corporate Governance issued by the Norwegian
Corporate Governance Board (NUES). The Company will in accordance with applicable legislation and
stock exchange listing rules provide a report on the Company’s corporate governance in the directors’
report or in a document that is referred to in the directors’ report.

year of 2021 with the exception of the Code of Practice recommendation which stipulates that the
board of directors should ensure that the general meeting is able to elect an independent chairman

recommendation.
1) Implementation and reporting on corporate governance
The Board of Directors ensures that the company implements and operates by a sound corporate
governance. The objective of the corporate governance is to regulate the division of roles between
shareholders, the Board of Directors, the CEO and the Company’s Executive Management. In this
reporting section, the Board of Directors provides a systematic evaluation of the company’s corporate
governance practice covering every section of the Code of Practice. Any deviations from full compliance
with the Code of Practice is explained with a description of the solution that has selected.
The Corporate Governance policy is reviewed annually, and an updated version will be available in the

2) Business
The Company’s business activity as set out in Section 4 of the Articles of Association is to develop,
produce and sell medicine for the treatment of cancer. The business may be carried out by the Company,
the Company’s subsidiaries or by participation in other companies or in cooperation with others.
Ultimovacs is a pharmaceutical company developing cancer vaccines, and the company’s mission is:
“To extend and improve the life of patients by directing the immune system against the core of cancer.
We will provide universally accessible solutions.”
Ultimovacs is committed to develop, manufacture and deliver innovative cancer vaccines to address
unmet medical need and advance cancer care.
In addition to the contents in this report, the Articles of Association, the Corporate governance policy and
the Corporate Social Responsibility Guidelines give information regarding company’s risk, goals, strategy
and how Ultimovacs interacts with internal external stakeholders and other parties.
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3) Equity and dividends
The Board aims to maintain a satisfactory equity ratio in the Company in light of the Company’s goals,



The Board’s authorizations to increase the share capital and to buy own shares shall be granted for
periods no longer than until the next Annual General Meeting of the Company.
At the Ordinary General Meeting on 15 April 2021, the Board of Directors was given a general authorization
to increase the share capital by NOK 640,065.20 (20% increase in outstanding shares at the time of the
General Meeting). In addition, the Board of Directors was also authorized increase the share capital by
NOK 320,032.60 in relation to the share-based incentive program (share options) for the employees, and
to increase the share capital by NOK 320,032.60 (20% increase in outstanding shares at the time of the
General Meeting) to acquire treasury shares.
These authorizations are valid until the next ordinary General meeting of the company in 2022, but no
longer than 30 June 2022.
The Company has historically not distributed dividends and is not expected to do so in the near future.
4) Equal treatment of shareholders and transactions with close associates
There is only one class of shares in the Company and all shares carry equal rights. The Company shall
ensure equal treatment of its shareholders.
Any transactions, agreements or arrangements between the Company and its shareholders, members
of the Board, members of the executive management team or close associates of any such parties shall
only be entered into as part of the ordinary course of business and on arm’s length market terms. All
such transactions shall comply with the procedures set out in the Norwegian Public Limited Liability
Companies Act. In case of a transaction with close associates that is not part of ordinary course of
business, the Board shall arrange for a valuation to be obtained from an independent third party unless
the transaction, agreement or arrangement in question must be considered to be immaterial. The


Board Members and members of the executive management team shall immediately notify the Board if
they have any material direct or indirect interest in any transaction entered into by the Company.
5) Shares and negotiability
The shares in the Company shall be and are freely transferable.
6) General meetings
All shareholders have the right to participate in the General Meetings of the Company, which exercise the
highest authority of the Company.
The full notice for General Meetings shall be sent to the shareholders no later than 21 days prior to
the meeting. The notices for such meetings shall include documents providing the shareholders with

as well as all relevant information regarding procedures of attendance and voting. The Board and the
Company’s auditor shall be present at General Meetings. Directors of the Board and the CEO have the
right to attend and speak at General meetings. The Chair of the Board and CEO shall attend General
Meetings unless the General Meeting in each case decides otherwise (the Companies Act Section 5-5).
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The Chair of the Nomination Committee, or a person authorized by the Chair, shall present the
Committee’s recommendations for the Annual General Meeting, and give an account of the reasons for its
recommendations.
Notices for General Meeting shall provide information on the procedures shareholders must observe in
order to participate in and vote at the General Meeting. The notice should also set out:
i. the procedure for representation at the meeting through a proxy, including a form to appoint a proxy,
and
ii. the right for shareholders to propose resolutions in respect of matters to be dealt with by the
General Meeting.

arrange matters so that shareholders who are unable to attend in person, will be able to vote by proxy.
The form of proxy will be distributed with the notice.
The Code of Practice stipulates that the board of directors should ensure that the general meeting is able
to elect an independent chairman at General meetings. Ultimovacs’ Corporate Governance Policy deviates
from this recommendation by not having such an arrangement in place, both for practical reasons and
due to the size of the company.
7) Nomination committee
The Company has a Nomination Committee as set out in Section 11 and Appendix 1 in the Corporate
Governance Policy. Members and Chairman of the Nomination Committee shall be elected by the General
Meeting. At the outset, the Nomination Committee should consist of three members unless special

The members of the Nomination Committee should be selected to take into account the interests of
shareholders in general. The majority of the Nomination Committee should be independent of the Board
and the executive management team. No more than one Board Member should serve on the Nomination
Committee and only if such Board Member is not a candidate for re-election to the Board. Members of
the executive management team should not be members of the Nomination Committee. Instructions for
the Nomination Committee shall be approved by the Company’s General Meeting.
The Annual General Meeting stipulates the remuneration to be paid to the Nomination
Committee. The Nomination Committee’s expenses shall be covered by the Company.
The Nomination committee as per 31 December 2021 consists of:
- Ole Kristian Hjelstuen (Chair)
 
- Jakob Iqbal (Member)
All three members are independent of the board and the executive management team. The nomination
committee shall present proposals to the General Meeting regarding election of the Chair of the Board,
Board Members and any deputy members of the Board. The nomination committee shall also present
proposals to the General Meeting for remuneration of the Board and any sub-committees of the Board.
The Nomination Committee shall justify its recommendations and provide relevant information about the
candidates. Any dissenting votes shall be stated in the recommendation.
In its work, the Nomination Committee may contact shareholders, members of the Board, the
management and external advisers. Shareholders should be given the opportunity to propose Board
member candidates to the Nomination Committee.
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8) Board of directors: composition and independence
The Board of Directors is elected by the General Assembly. In appointing members to the Board, it is
emphasized that the Board shall have the requisite competency to independently evaluate the cases
presented by the executive management team as well as the Company’s operation. It is also considered
important that the Board can function well as a body of colleagues. Board Members shall be elected for
periods not exceeding two years at a time, with the possibility of re-election. Board Members shall be
encouraged to own shares in the Company.
The Board shall comply with all applicable requirements as set out in the Norwegian Public Limited

Norwegian Code of Practice for Corporate Governance.

is one deputy board member. Seven of the regular board members are regarded as fully independent of
the company. Each board member is presented in the next section of this report and on the company
website.
9) The work of the Board of Directors
The Board shall prepare an annual plan for its work with special emphasis on goals, strategy and
implementation. The Board’s primary responsibility shall be:
i. participating in the development and approval of the Company’s strategy,
ii. performing necessary monitoring functions and
iii. acting as an advisory body for the executive management team. Its duties are not static, and the
focus will depend on the Company’s ongoing needs. The Board is also responsible for ensuring that
the operations of the Company are in compliance with the Company’s values and ethical guidelines.
The Chair of the Board shall be responsible for ensuring that the Board’s work is performed in an

The Board shall ensure that the Company has a good management with clear internal distribution of
responsibilities and duties. A clear division of work has been established between the Board and the
executive management team. The CEO is responsible for the executive management of the Company.
All members of the Board shall regularly receive information about the Company’s operational and

the Board.
The Board shall prepare an annual evaluation of its work.
The Board met 14 times in 2021.
Compensation Committee
The Company does not have a separate compensation committee. However, the Board of Directors
will take upon themselves the role and tasks that a separate committee would have had. The Board of
Directors acting as a compensation committee will continue to review the employee incentive plan, as
well as the remuneration of the executive management.
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Audit Committee
The Company shall have an audit committee in accordance with the rules of the Norwegian Public
Limited Liability Companies Act and the listing rules of the Oslo Stock Exchange from the date decided
by the Board of Directors. The Audit Committee’s main function is to be a working committee for the

addition, the committee will ensure that the auditor is independent and to ensure that the annual

generally accepted accounting practice. The Audit Committee shall receive reports on the work of the
external auditor and the results of the audit.
An audit committee was established in the second half of 2019 then consisting of board members Leiv


replaced her in the audit committee.
The members shall be and are independent of the Company’s senior management.


management in Ultimovacs before the publication of the Annual Report 2021, and before the Q2-21 and

least twice a year, also the Company’s audit partner before publication of quarterly and full year results.
Although the Company does not have a separate Ethics Committee, the members of the Audit committee
have been involved in the drafting and review of the Corporate Social Responsibility Guidelines which
were approved by the Board of Directors on 4 December 2019.
10) Risk management and internal control
As set out in the corporate governance guidelines of Ultimovacs, the board of directors shall ensure
that the Company has sound internal control and systems for risk management that are appropriate
in relation to the extent and nature of the Company’s activities. The internal control and the systems
shall also encompass the Company’s corporate values and ethical guidelines. The objective of the risk
management and internal control shall be to manage exposure to risks in order to ensure successful

The Board shall carry out an annual review of the Company’s most important areas of exposure to risk
and its internal control arrangements. The Board shall also focus on the need for developing ethical
guidelines ensuring that employees can safely communicate to the Board matters related to illegal or
unethical conduct by the Company. The Board shall ensure that the Company has the necessary routines
with respect to hired personnel to ensure that any outsourced functions are handled in a satisfactory
manner. The Board is given information on the current business performance and risk situation in board
meetings on a regular basis, which is also presented in quarterly reports made publicly available.



The Board shall provide an account in the annual report of the main features of the Company’s internal

primary risk factors and how they are mitigated are provided in the “Risk and uncertainties” section

statements and reports, and that these are in accordance with IFRS and other applicable laws and

are reviewed by the company auditor.
The Company has established mechanisms to prevent and address corruption, fraud, bribery and other
irregularities including internal channels for reporting. Such internal channels shall, if required, protect
the identity of the reporter.
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11) Remuneration of the Board of Directors
The General Meeting shall annually determine the Board’s remuneration. Remuneration of Board Members
shall be reasonable and based on the Board’s responsibilities, work, time invested and the complexity
of the enterprise. The Board shall be informed if individual Board Members perform other tasks for the
Company than exercising their role as Board Members. Work in sub-committees may be compensated in
addition to the remuneration received for Board membership.
The Remuneration Report 2021 shall provide information regarding the Board’s remuneration.
12) Remuneration of the executive management
The Board decides the salary and other compensation to the CEO within any legal boundaries set out
in the annual statement on compensation to the CEO and executive management as approved by the

substantial in relation to the CEO’s basic salary. The Board shall annually carry out an assessment of the
salary and other remuneration to the CEO.

compensation to the CEO and the executive management team.
The CEO determines the remuneration of executive employees. The Board shall issue guidelines for the
remuneration of the executive management team for approval by the General Meeting. The guidelines
shall lay down the main principles for the Company’s management remuneration policy. The salary level
should not be of a size that could harm the Company’s reputation, or above the norm in comparable
companies. The salary level should, however, ensure that the Company can attract and retain executive
employees with the desired expertise and experience.
The executive management does not have bonus arrangements or separate incentive schemes, but
takes part in the general share option incentive scheme which applies to all employees in the Group.
Main objectives of the share value based incentive scheme are to align interests of shareholders and
management/employees (value creation and risk taking) and ensure competitive compensation for
management/employees and motivation to stay (retention). The remuneration guidelines are available
on the company website. Remuneration details to the executive management are available in a separate
remuneration report, available on the company website.
13) Information and Communications
The Board and the executive management team assign considerable importance to giving the
shareholders quick, relevant and current information about the Company and its activity areas. Emphasis
is placed on ensuring that the shareholders receive identical and simultaneous information.
Sensitive information will be handled internally in a manner that minimizes the risk of leaks. All material

The Company shall have clear routines for who is allowed to communicate on behalf of the Company on

community. The CEO and CFO shall be the main contact persons of the Company in such respect.
The Board should ensure that the shareholders are given the opportunity to make known their points of
view at and outside of the General Meeting.
Financial information is published on a quarterly basis, in addition to the Annual Financial Statements.


annually through the same channels listing important dates such as publications of quarterly and annual
reports and dates of General meetings.
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42 ULTIMOVACS2021
14) Take-overs
In a take-over process, the Board and the executive management team each have an individual
responsibility to ensure that the Company’s shareholders are treated equally and that there are no
unnecessary interruptions to the Company’s business activities. The Board has a particular responsibility

In the event of a take-over process, the Board shall ensure that:
a) the Board will not seek to hinder or obstruct any takeover bid for the Company’s operations or shares

b) the Board shall not undertake any actions intended to give shareholders or others an unreasonable

c) the Board shall not institute measures with the intention of protecting the personal interests of its

d) the Board must be aware of the particular duty it has for ensuring that the values and interests of the
shareholders are protected.
In the event of a take-over bid, the Board will, in addition to complying with relevant legislation and
regulations, seek to comply with the recommendations in the Norwegian Code of Practice for Corporate
Governance. This includes obtaining a valuation from an independent expert. On this basis, the Board will
make a recommendation as to whether or not the shareholders should accept the bid.
15) Auditor

2015.
Each year the auditor shall present to the Board a plan for the implementation of the audit work and

objectivity.
The auditor shall be present at Board meetings where the annual accounts are on the agenda. Whenever
necessary, the Board shall meet with the auditor to review the auditor’s view on the Company’s
accounting principles, risk areas, internal control routines etc.


for the Company. Only the Company’s CEO and/or CFO shall have the authority to enter into agreements
in respect of such counselling assignments.
In connection with the auditor’s presentation to the Board of the annual work plan, the Board should

The Board shall arrange for the auditor to attend all General Meetings and certain audit committee
meetings.
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43 ULTIMOVACS2021
The Board of Directors
Jònas Einarsson has been the Chairman of the Board since 2018
and has served as a Board Member since 2011. Mr. Einarsson has
over 30 years of experience in the medical industry and has had and
has several board positions in Norwegian biotech companies. He is
currently the CEO of Radforsk Investment Fund, which position he
has held since 2000. Mr. Einarsson was a general practitioner and
health director of the Lardal municipality from 1991 until 2000 and
was general manager of Oslo Private Hospital from 1984 until 1991.
Mr. Einarsson is educated as a Medical Doctor (MD) from the
Reykjavik University, Iceland and the University of Oslo, Norway.
Leiv Askvig has served as a Board Member since 2015, and is
currently also a member of the Audit Committee. Mr. Askvig is an
Investment Advisor for Sundt AS, and served as their CEO from

industry. He was CEO/CFO at Opticore AB from 2001 until 2002, CFO
at StudentUniverse, Inc. from 1999 until 2001 and has held various
positions within investment banking at Sundal Collier & Co ASA (now
“ABG Sundal Collier”).
Mr. Askvig holds a bachelor degree in Business Administration
from BI Norwegian Business School and attended the Advanced
Management course at Harvard Business School.
Aitana Peire has served as a Board Member since 2020. Ms. Peire is
an Investment Director of Canica’s Future of Health assets and holds
board positions in EXACT-Tx AS, Hubro Therapeutics AS and Cercare
Medical ApS. She has wide experience as Industry Analyst, including
as senior consultant in Venture Valuation Switzerland, as Pharma
equity research analyst for Kepler Cheuvreux and as PMA consultant
for Stratas Partners in Basel.
Ms. Peire holds a PhD in Evolutionary Genetics from the University of
Groningen in the Netherlands.
Ketil Fjerdingen has served as a Board Member since 2012 and
was the Chairman of the Board of Directors from 2012 until 2018.
Mr. Fjerdingen has, since 2002, been involved in investments and
property development projects through a range of small single
purpose companies. Prior to this, he held various executive
management roles with companies including VI Partners AS, Mobile


NHH Norwegian School of Economics.
Chapters
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44 ULTIMOVACS2021
The Board of Directors
Henrik Schüssler has served as a Board Member since 2015. Mr.
Schüssler is the CEO and board member of Gjelsten Holding AS,
which position he has held since 2000. Mr. Schüssler was CEO and
CFO at Norway Seafoods ASA from 1995 until 2000 and accountant/

Mr. Schüssler holds a Bachelor of Chartered Accounting from BI
Norwegian Business School.
Kari Grønås has served as a Board Member since 2019. Kari

industry. She has extensive experience in drug development and
commercialization within the pharmaceutical industry of new


experience including leadership of cross functional and governance
teams from Bayer/Algeta ASA, PhotoCure and Nycomed Imaging/
Amersham Health (Now GE Healthcare). Today she is a consultant
within the sector and holds board positions in Spago Nanomedical
AB, Arxx AS and The Norwegian Lung Cancer Society.

Eva S. Dugstad has served as a Board Member since 2019. Ms.
Dugstad started as Manager for Business and Community Relations
at Faculty of Mathematics and Natural Sciences, University of Oslo,
in February 2022. She then came from a position as Director for
Business Development in Radforsk Investment Fund, a position
she has held since 2017. Her previous appointments include the
President and the Exec. Vice President at the Institute for Energy
Technology (IFE), where she also was the chair of the board for IFE
Venture. Ms. Dugstad has been involved in various boards in both
public and private sector and in several public expert panels.
Ms. Dugstad holds a Cand. Pharm. degree from the University of
Oslo.
Haakon Stenrød has served as a Board Member since 2020, and is

Senior Investment Manager at Watrium. Prior to joining Watrium,

of ABG Sundal Collier, focusing on M&A, restructurings and capital
markets advisory. He is currently a Board member of DF Capital, a UK
challenger bank listed on AIM London.
In addition, he holds a Master in Industrial Economics and
Technology management from NTNU, studied at London School of

Chapters
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45 ULTIMOVACS2021
04
Financial Statements
- Ultimovacs Group
Financial Statements
Notes
Auditor’s Report
Chapters
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3
5
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46 ULTIMOVACS2021
Contents - Consolidated Financial Statement



Consolidated statement of changes in equity
Note 1: General information
Note 2: Accounting principles
Note 3: Government grants
Note 4: Salary and personnel expenses and management remuneration
Note 5: Other operating expenses
Note 6: Financial items
Note 7: Income tax
Note 8: Earnings per share
Note 9: Non-current assets
Note 10: Other receivables
Note 11: Cash and cash equivalents
Note 12: Share capital, shareholder information and dividend
Note 13: Transactions with related parties
Note 14: Leases and commitments
Note 15: Share based payment
Note 16: Other current liabilities
Note 17: Financial instruments
Note 18: Events after the balance sheet date and COVID-19
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58
59
61
61
62
63
64
67
67
67
70
70
72
74
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47 ULTIMOVACS2021
Financial statements
Consolidated statement of prot and loss and other comprehensive income
(NOK 1 000) EXCEPT PER SHARE DATA NOTES 2021 2020
Total revenues - -
Payroll and payroll related expenses
3, 4, 15
(61 916) (50 989)
Depreciation and amortization
9, 14
(2 703) (2 720)
Other operating expenses
3, 5
(99 213) (70 438)
Total operating expenses (163 832) (124 146)
 (163 832) (124 146)
Financial income
6
13 383 5 209
Financial expenses
6
(14 272) (1 616)
 (890) 3 594
 (164 722) (120 552)
Income tax expense
7
- -
 (164 722) (120 552)

 (3 953) 4 590
Total comprehensive income (loss) for the year (168 676) (115 962)
Basic and diluted earnings (loss) per share (NOK per share)
8
(5.1) (4.0)
Chapters
1
5
2
3
4
48 ULTIMOVACS2021
Financial statements
Consolidated statement of nancial position
(NOK 1 000) NOTES 2021 2020
ASSETS
Non-current assets
Goodwill
9
11 031 11 795
Licenses
9
53 549 57 258
Patents
9
6 539 7 293
Property, plant and equipment
9
212 377
Right of use assets
14
1 951 3 630
Total non-current assets 73 282 80 354
Current assets
Receivables and prepayments
3, 10
8 087 8 438
Cash and cash equivalents
11
574 168 440 925
Total current assets 582 255 449 363
TOTAL ASSETS 655 537 529 717
EQUITY AND LIABILITIES
Equity
Share capital 3 422 3 197
Share premium 1 070 841 809 214
Total paid-in equity 1 074 264 812 411
Accumulated losses (504 321) (339 599)
Other equity 20 358 8 762
 2 853 6 806

12
593 152 488 380
Non-current liabilities
Lease liability
14
457 2 075
Deferred tax
7
11 031 11 795
Total non-current liabilities 11 488 13 870
Current liabilities
Lease liability
14
1 628 1 707
Accounts payable 22 555 8 611
Other current liabilities
15, 16
26 714 17 149
Total current liabilities 50 897 27 467
TOTAL LIABILITIES 62 384 41 337
 655 537 529 717
Board of Directors and CEO of Ultimovacs ASA
Oslo, 24 March 2022
Sign Sign
Sign
Jónas Einarsson Kari Grønås Eva S. Dugstad
Chairman of the Board Board member Board member
Sign
Sign
Sign
Henrik Schüssler Ketil Fjerdingen Leiv Askvig
Board member Board member Board member
Sign Sign
Sign
Aitana Peire Haakon Stenrød Carlos de Sousa
Board member Board member CEO
Chapters
1
5
2
3
4
49 ULTIMOVACS2021
Financial statements
Consolidated statement of cash ow
(NOK 1 000) NOTES 2021 2020

 (164 722) (120 552)
Adjustments to reconcile prot before tax to net cash ow:
Depreciation and amortization
9, 14
2 703 2 720
Interest received including investing activities
6
(3 062) (4 545)

6
3 619 747

14
179 236
Share option expenses
15
11 595 6 777
Working capital adjustment:
Changes in prepayments and other receivables
10
351 (433)
Changes in payables and other current liabilities
16
23 509 6 828
 (125 828) (108 223)

Purchase of property, plant and equipment
9
(85) (282)
Patent milestone payments
13
- (5 000)
Interest received
6
3 062 4 545
 2 977 (736)

Proceeds from issuance of equity
12
272 864 160 000
Share issue cost
12
(11 012) (7 067)
Interest paid
14
(179) (236)
Payment of lease liability
14
(1 716) (1 680)
 259 957 151 017
Net change in cash and cash equivalents
11
137 106 42 058

6
(3 863) (739)
Cash and cash equivalents, beginning of period
11
440 925 399 607
Cash and cash equivalents, end of period 574 168 440 925
Chapters
1
5
2
3
4
50 ULTIMOVACS2021
Financial statements
Consolidated statement of changes in equity
(NOK 1000) NOTES
SHARE
CAPITAL
SHARE
PREMIUM
TOTAL
PAID IN
CAPITAL
ACCU
MULATED
LOSSES
OTHER

TRANS
LATION
DIFFER
ENCES
TOTAL

Balance as of 31 December 2019 2 786 656 692 659 478 (219 047) 1 985 2 216 444 633
 - (120 552) (120 552)
Other comprehensive income (loss) - 4 590 4 590
Issue of share capital
12
411 159 589 160 000 160 000
Share-issue costs
12
(7 067) (7 067) (7 067)
Recognition of share-based payments
15
- 6 777 6 777
Balance as of 31 December 2020 3 197 809 214 812 411 (339 599) 8 762 6 806 488 380
 - (164 722) (164 722)
Other comprehensive income (loss) - (3 953) (3 953)
Issue of share capital
12
225 272 640 272 864 272 864
Share-issue costs
12
(11 012) (11 012) (11 012)
Recognition of share-based payments
15
- 11 595 11 595
Balance as of 31 December 2021 3 422 1 070 841 1 074 264 (504 321) 20 358 2 853 593 152
Chapters
1
5
2
3
4
51 ULTIMOVACS2021
Financial statements
Note 1: General information
Note 2: Accounting principles
I. Basis for preparation


company’s functional currency.



requires the use of certain critical accounting estimates. It also requires management to exercise its
judgments in applying the Group’s accounting policies.
II. Going concern

III. Accounting principles
i. Cash and cash equivalents


of changes in value.
ii. Cash Flow statement



banks, other short-term highly liquid investments with original maturities of three months or less, cash




into account any cash and cash equivalents in these interests. Dividends paid out are recognized as cash


Ultimovacs ASA (the Company or Ultimovacs) and its subsidiary (together the Group) is a pharmaceutical
Group developing novel immunotherapies against cancer. Ultimovacs was established in 2011 and is a
public limited liability company listed on the Stock Exchange in Norway. The company and its proprietary
technology is based on pre-clinical and clinical research on immunotherapies conducted at the Oslo
University Hospital. Ultimovacs is headquartered at the Oslo Cancer Cluster Innovation Park in Oslo,
Norway, and also has an office in Uppsala, Sweden. Ultimovacs is an active member of Oslo Cancer
Cluster.
Ultimovacs’ lead universal cancer vaccine candidate UV1 leverages the high prevalence of the
human telomerase (hTERT) to be effective across the dynamic stages of the tumor’s growth and its
microenvironment. By directing the immune system to hTERT antigens that are present in over 80% of
all cancers, UV1 drives CD4 helper T cells to the tumor with the goal of activating an immune system
cascade to increase anti-tumor responses. Ultimovacs’ strategy is to clinically demonstrate UV1’s
impact in many cancer types and in combination with other immunotherapies. The Group will expand its
pipeline using its novel TET-platform, which is a vaccine technology that can generate multiple vaccine
candidates designed to achieve increased T cell responses to a broad range of target antigens. The Group
is performing a broad clinical development program with clinical trials in Europe, Australia and the USA.
The financial statements were approved by the Board of Directors on 24 March 2022.
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52 ULTIMOVACS2021
Financial statements
Note 2: Accounting principles (continued)
iii. Financial instruments


recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly


Derivatives are initially and subsequently measured at fair value. Derivatives are carried as assets when
the fair value is positive and as liabilities when the fair value is negative. The gain/(loss) arising from
changes in fair value of currency derivatives is presented as part of “Financial income/expenses” in the
consolidated statement of comprehensive income.
- Subsequent measurement

- Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized


cost is calculated by taking into account any discount or premium on acquisition and fees or costs that



categorized within the fair value hierarchy, described as follows, based on the lowest level input that is

• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities
• 
measurement is directly or indirectly observable
• 
measurement is unobservable
Chapters
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53 ULTIMOVACS2021
Financial statements
Note 2: Accounting principles (continued)



• Expected to be realized or intended to be sold or consumed in the normal operating cycle
• Held primarily for the purpose of trading
• Expected to be realized within twelve months after the reporting period, or
• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at
least twelve months after the reporting period

• It is expected to be settled in the normal operating cycle
• It is held primarily for the purpose of trading
• It is due to be settled within twelve months after the reporting period, or
• There is no unconditional right to defer the settlement of the liability for at least twelve months
after the reporting period

as non-current assets and liabilities.
v. Foreign currencies
The Group’s presentation currency is NOK. This is also the parent company’s functional currency. The

exchange rate prevailing at the end of the reporting period for balance sheet items, and the exchange


comprehensive income (OCI).
Transactions in foreign currencies are initially recorded by the Group in its respective functional currency

denominated in foreign currencies are translated at the functional currency spot rates of exchange at the


Chapters
1
5
2
3
4
54 ULTIMOVACS2021
Financial statements
Note 2: Accounting principles (continued)
vi. Impairment:
The Group assesses at each reporting date whether there is an indication that an asset may be impaired.
If any indication exists, or when annual impairment testing for an asset is required, the Group estimates
the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s (cash-
generating unit) fair value less costs of disposal and its value in use. It is determined for an individual

assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable
amount, the asset is considered impaired and is written down to its recoverable amount.
Goodwill is tested annually for impairment, as well as when there is any indication that the goodwill may
be impaired. For impairment testing, assets are grouped together into the smallest group of assets that

assets or cash generating units (CGU). Goodwill arising from a business combination is allocated to CGUs

loss is recognized in the income statement when the carrying amount of CGU, including the goodwill,
exceeds the recoverable amount of the CGU. Recoverable amount of the CGU is the higher of the CGU’s
fair value less cost to sell and value in use.
The Group has goodwill created by deferred tax which is tested for impairment annually.
vii. Business combination and consolidation
The Group accounts for business combinations using the acquisition method when control is transferred
to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are


incurred, except if related to the issue of debt or equity securities.
The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement


control commences until the date on which control ceases.
When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the
subsidiary, and any related non-controlling interests and other components of equity. Any resulting gain

value when control is lost. When a foreign operation is disposed of in its entirety or partially such that


the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion
of the cumulative amount is reattributed to non-controlling interests.
viii. Contingent liabilities

the relevant schedules and notes. They may arise from uncertainty as to the existence of a liability
represent a liability in respect of which the amount cannot be reliably measured. Contingent liabilities

remote.
ix. Interest income

Chapters
1
5
2
3
4
55 ULTIMOVACS2021
Financial statements
Note 2: Accounting principles (continued)
x. Earnings per share

the weighted average number of ordinary shares outstanding. When calculating the diluted earnings per



their conversion to ordinary shares would decrease earnings per share or increase loss per share from
continuing operations. As the Group is currently loss-making, an increase in the average number of

and basic and diluted earnings per share is the same.
xi. Government grants
Government grants are recognized where there is reasonable assurance that the grant will be received,
and all attached conditions will be complied with. When the grant relates to an expense item, it is
recognized as income on a systematic basis over the periods that the costs, which it is intended to

and other comprehensive income as a reduction of personnel- and other operating expenses.
Where the grant relates to an asset, it is recognized as income in equal amounts over the expected
useful life of the related asset. If the Group receives non-monetary grants, the asset and the grant are


instalments.
xii. IFRS 16 Leases
Under IFRS 16, the Group recognizes right-of-use assets and lease liabilities for all leases.

as operating leases Under IAS 17:
• Applied a single discount rate to a portfolio of leases with similar characteristics.
• Applied recognition exemptions to leases that, at the commencement date, have a lease term of
12 months or less and do not contain a purchase option.
• Applied the low value lease exemption not to recognize right-of-use assets at the date of initial
application.
• Excluded initial direct costs from measuring the right-of-use asset at the date of initial
application.
At transition, lease liabilities were measured at the present value of the remaining lease payments,
discounted at the Group’s incremental borrowing rate as of January 1, 2019. Right-of-use assets are
measured at an amount equal to the lease liability and are subsequently depreciated using the straight-
line method from the commencement date to the earlier of the end of the useful life of the right-of-use
asset or the end of the lease term.
The estimated useful lives of right-of-use assets are determined on the same basis as those of property
and equipment. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted
for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, Ultimovacs’ incremental borrowing rate. The incremental borrowing rate is used as
the discount rate.
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Financial statements
Note 2: Accounting principles (continued)
When applying the practical expedients in IFRS 16 for lease-contracts with low value or lease terms of
less than 12 months, the lease payments (net of any incentives received from the lessor) are taken to the

of the lease. When the lease is terminated before the lease period has expired, any payment required to
be made to the lessor by way of penalty is recognized as an expense in the period in which termination
takes place.
xiii. Share-based payments
Employees in the Group receive remuneration in the form of share-based payment transactions,
whereby employees render services as consideration for equity instruments (equity-settled transactions)
or granted share appreciation rights, which can be settled in cash (cash-settled transactions). The
determination of whether the arrangement is cash or equity settled is based on a careful evaluation of
the terms of the agreement and also the Group’s ability to settle in shares and the promise and intent of
settlement in cash.
- Cash-settled transactions:
A liability is recognized for the fair value of cash-settled transactions. The fair value is measured initially
and at each reporting date up to and including the settlement date, with changes in fair value recognized
in payroll and payroll related expenses. The fair value is expensed over the period until the vesting date

- Equity-settled transactions
The cost of equity-settled transactions is recognized in payroll and other payroll related expenses,
together with a corresponding increase in equity over the period in which the service and, where


extent to which the vesting period has expired and the Company’s best estimate of the number of equity

comprehensive income for a period represents the movement in cumulative expense recognized as of
the beginning and end of that period.
xiv. Intangible assets
Intangible assets are stated at their historical cost and amortized on a straight-line basis over their
expected useful lives, which usually varies from 3 to 10 years and up to 20 years for patents. An
adjustment is made for any impairment. Intangible items acquired in a business combination must be

or arise from contractual or other legal rights, and their fair value can be measured reliably.
All research and development spending is expensed each year in the period in which it is incurred.
Development costs will be capitalized once the “asset” being developed has met requirements of
technical and commercial feasibility to signal that the intangible investment is likely to either be brought
to market or sold. Due to uncertainties regarding award of patents, regulations, ongoing clinical trials
etc., the asset recognition criteria of IAS 38 “Intangible Assets” are not met.
xv. Property, plant and equipment
Property, plant and equipment are recognized at cost less accumulated depreciation and any impairment
losses. Such cost includes the cost of replacing parts of the property, plant and equipment and

parts of property, plant and equipment are required to be replaced at intervals, the Group recognizes

when a major inspection is performed, its cost is recognized in the carrying amount of the plant and


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Note 2: Accounting principles (continued)
xvi. Tax
The income tax expense includes tax payable and changes in deferred tax. Income tax on balances
recognized in other comprehensive income is recognized as other comprehensive income, and tax
on balances related to equity transactions is recognized in equity. The tax payable for the period is
calculated according to the tax rates and regulations ruling at the end of the reporting period.


date. Deferred tax liabilities and assets are calculated according to the tax rates and regulations ruling
at the end of the reporting period and at nominal amounts. Deferred tax liabilities and assets are
recognized net when the Group has a legal right to net assets and liabilities.



uncertain.
xvii. Segments
The Group is still in a R&D phase, and currently does not generate revenues. For management purposes,
the Group is organized as one business unit and the internal reporting is structured in accordance with




liabilities and expenses. Uncertainties about these adjustments and estimates could result in outcomes

Assumptions and estimates were based on available information at the time of the preparation of the


- Share-based payments
Estimating fair value for share-based payment transactions requires determination of the most
appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also
requires determination of the most appropriate inputs to the valuation model including the expected
life of the share option or appreciation right, volatility and dividend yield and making assumptions about
them.
- Taxes
Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable



management judgement is required to determine the amount, if any, of deferred tax assets that can be

planning strategies.
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Financial statements
GRANTS RECOGNIZED (NOK 1 000) 2021 2020
Skattefunn 4 750 4 750
Eurostars 786 2 015
Industrial Ph.D. grant from The Research Council of Norway (Forskningsrådet) 802 739
Innovation Project grant from The Research Council of Norway (Forskningsrådet) 5 241 1 383
Innovation Norway 3 000 -
Total grants 14 578 8 888
COSTS DEDUCTED (NOK 1 000) 2021 2020
Payroll and payroll related expenses 2 472 2 150
Other operating expenses 12 106 6 738
Total costs deducted 14 578 8 888
GRANTS RECEIVABLES (NOK 1 000) 2021 2020
Skattefunn 4 750 4 750
Eurostars - 450
Industrial Ph.D. grant from The Research Council of Norway (Forskningsrådet) 267 358
Innovation Project grant from The Research Council of Norway (Forskningsrådet) 296 1 383
Total grants receivables 5 314 6 941
Note 3: Government grants

Skattefunn:
The Skattefunn R&D tax incentive scheme is a government program designed to stimulate research and
development in Norwegian. As of 31 December 2021, three Skattefunn-grants are approved, two of which
reports in 2022, and one in 2024.
Eurostars:
Eurostars is a joint program between EUREKA and the European Commission, co-funded from the
national budgets of 36 Eurostars Participating States and Partner Countries and by the European
Union through Horizon 2020. Eurostars supports international innovative projects led by research and
development- performing small- and medium-sized enterprises, and is administered by Forskningsrådet

response capturing platform for immunotherapy development and monitoring” from 2018 to 2021.
Industrial Ph.D. grant from The Research Council of Norway (Forskningsrådet):
The industrial Ph.D. project is a collaboration between Ultimovacs ASA, Oslo University Hospital and the
University of Oslo. The Ph.D. candidate for this project is employed by Ultimovacs. The project aims to
characterize the immunological mechanisms induced by treatment with a peptide-based therapeutic
cancer vaccine.
Innovation Project grant from The Research Council of Norway (Forskningsrådet):
Innovation Project for the Industrial Sector is a funding instrument that provides grants to business-led
innovation projects that make extensive use of research and development activities. The FOCUS Phase II
trial has been granted an innovation grant of up to MNOK 16 from the Norwegian Research Council.
Innovation Norway
Innovation Norway is the Norwegian Government’s most important instrument for innovation and
development of Norwegian enterprises and industry. Innovation Norway has granted Ultimovacs MNOK 10
to support the execution of the Phase II DOVACC study.

Grants receivable as per 31 December are detailed as follows:

income as a reduction for the related expenses with the following amounts:
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Financial statements
PAYROLL AND PAYROLL RELATED EXPENSES (NOK 1 000) 2021 2020
Salaries and holiday pay 34 543 34 612
Social security tax 6 686 5 179
Social security tax related to options 8 557 4 121
Pension expenses 2 690 2 020
Share-based compensation 11 595 6 777
Other personnel expenses 318 430
Government grants (2 472) (2 150)
Total payroll and payroll related expenses 61 916 50 989
Number of FTEs employed during the nancial year 21.3 18.8
Number of FTEs at end of year 23.5 19.4
Note 4: Salary and personnel expenses and management remuneration
The Group’s Management team consists of the Company’s CEO, CFO and the managers of each

(Head of Regulatory and QA), joined the company in October 2021. Ton Berkien and Orla Mc Callion are
both employed in Ultimovacs AB.
EXECUTIVE REMUNERATION (NOK 1 000) 2021 2020
Management Team remuneration 30 989 22 760
Board of Director’s remunerations 1 915 1 855
There were no outstanding loans or guarantees made to related parties, the Board of Directors, the
Management Team or any other employees as of 31 December 2020 or as of 31 December 2021.
Please refer to the Remuneration Report 2021 for more information.
Pensions
Ultimovacs ASA is required to have an occupational pension scheme in accordance with the Norwegian

contribution pension scheme which complies with the Act on Mandatory company pensions.
As at 31 December 2021, all twenty of Ultimovacs ASA’s employees were covered by the pension scheme.



Board Members.
The total pension contributions for all employees recognized as expenses equaled MNOK 2.0 and MNOK
2.7 in 2020 and 2021 respectively.
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Financial statements
Note 4: Salary and personnel expenses and management remuneration (continued)
Severance pay/pay after termination of employment
Under certain conditions, the CEO is entitled to 12 months’ severance pay. The severance pay period

control’ event in the Company.
The company’s CFO is entitled to receive pay after termination of his employment with the Group equal
to 9 months’ base salary in addition to payment of his salary during his 3-month notice period.
On 1 June 2020, Øyvind Kongstun Arnesen resigned his position as CEO in Ultimovacs ASA. Following
his resignation, Arnesen received an 18 months severance pay, paid over the course of 18 months. In the

which were not applicable for the last 12 months. During the last six-month period, any income from new
employment/engagements, was deducted from the severance pay.
There are no similar arrangements for any of the other employees of the Group with respect to
termination of their employment.
Other benets received
There is no bonus scheme in the Group, however, sign-on-fees and bonus may be applied at the Board’s
discretion. Carlos de Sousa received a sign-on-fee of MNOK 0.5 when he commenced his position as CEO
in June 2020.
Statement on the executive employee remuneration policy during the previous nancial year

Guidelines for 2021. Refer to Remuneration Guidelines 2021 and Remueration Report 2021 for more
information.
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Financial statements
OTHER OPERATING EXPENSES (NOK 1 000) 2021 2020
External R&D expenses 96 735 64 660
Clinical studies 56 675 47 680
Manufacturing costs 21 455 5 710
Other R&D expenses 18 605 11 270
Patent related expenses 3 540 2 786
 3 645 2 949
Accounting, audit, legal, consulting 5 061 3 978
Other operating expenses 2 338 2 802
Less government grants (12 106) (6 738)
Total operating expenses 99 213 70 438
Note 5: Other operating expenses
SPECIFICATION AUDITOR'S FEE (NOK 1 000) 2021 2020
Statutory audit 243 338
Audit related services 61 -
Tax related services - 4
Other 10 9
Total auditor’s fee 313 351

Note 6: Financial items
FINANCIAL INCOME (NOK 1 000) 2021 2020
Foreign exchange gains - related to derivatives 9 042 -
Foreign exchange gains - related to EUR bank account 849 -
Foreign exchange gains - other 430 629
Interest income 3 062 4 580
 13 383 5 209
FINANCIAL EXPENSES (NOK 1 000) 2021 2020
Foreign exchange losses - related to derivatives 10 520 -
Foreign exchange losses - related to EUR bank account 2 702 -
Foreign exchange losses - other 717 1 376
 333 240
 14 272 1 616
The Group is in a development phase, and the majority of the Group’s costs are related to R&D. These

Estimated total expenses related to R&D, including other operating expenses, payroll and payroll related
expenses, less government grants, amounted to MNOK 96.9 in 2020 and MNOK 123.1 in 2021.
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TAX EXPENSE BASIS (NOK 1 000) 2021 2020
 (164 722) (120 552)
Net non-deductible income (4 750) (4 793)
Other items* (116) (602)
 7 248 190
Basis for tax calculation (162 340) (125 758)
Note 7: Income tax
* The share issue cost of MNOK 7.1 in 2020 and MNOK 11.0 in 2021 was deducted directly from equity and

The corporate tax rate in Norway was 22% in 2020 and 2021. The corporate tax rate in Sweden was 21.4%
in 2020 and 20.6% in 2021, which is the basis of the deferred tax calculation for Ultimovacs AB.
INCOME TAX EXPENSE (NOK 1 000) 2021 2020
Expected tax expense (36 049) (26 434)
Net non-deductible income (1 045) (1 054)
Other items (26) (133)
Change in deferred tax assets not recognized 37 119 27 621
Income tax expense - -

its previous losses, as the Group does not expect taxable income to be generated in the short-term to

per 31 December 2020 was MNOK 340.5, and MNOK 513.8 as per 31 December 2021 (of which MNOK 26.7
in Ultimovacs AB).
In relation to purchase price allocation conducted of Ultimovacs AB, acquired in July 2018, all excess
value has been allocated to the license agreement which gives access to the TET-technology. A deferred
tax liability of MNOK 11.0 has been calculated on the excess values utilizing the tax rate in Sweden of
20.6%. See note 9 for more information.
Note that the IFRS costs and social security accruals related to share options were not taken into
account in the tax calculation in the 2020 Annual report. The non tax deductible IFRS costs related to
the share options have in the overview above been included in “Other items” in 2020, as well as in 2021.



INCOME TAX EXPENSE (NOK 1 000) 2021 2020
Tax losses carried forward 555 707 393 367
 (759) -
 134 152
 (53 549) (57 258)
 12 009 4 031
 246 198
 513 788 340 490
 124 440 87 321
Deferred tax liability per 31 December 11 031 11 795
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Note 8: Earnings per share

by the weighted average number of ordinary shares outstanding. As the Group has currently no issuable
potential ordinary shares and basic and diluted earnings per share is the same.

been recognized as potential ordinary shares only shall be treated as dilutive if their conversion to
ordinary shares would decrease earnings per share or increase loss per share from continuing operations.
As the Group is currently loss-making, an increase in the average number of shares would have anti-

EARNINGS PER SHARE 2021 2020
 (164 722) (120 552)
Average number of outstanding shares during the year (1 000) 32 373 30 260
EPS - basic and diluted (NOK per share) (5.1) (4.0)
A share option program was introduced in June 2019 and the Board was at the ordinary General Assembly
held on 15 April 2021 authorized to increase the Company’s share capital in connection with the share
incentive arrangement by up to NOK 320,032.60 until the next ordinary General Assembly in 2022. A
total of 1,833,585 share options are outstanding as per 31 December 2021, corresponding to 5.36% of the
outstanding number of shares in the Company.
See note 15 for more information regarding the option program.
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Note 9: Non-current assets
NON-CURRENT ASSETS 2020 (NOK 1 000)
OFFICE AND

PATENTS LICENSES GOODWILL TOTAL
Accumulated cost 1 Jan 2020 1 782 4 000 50 401 10 383 66 565
Additions 282 5 000 -
-
5 282
Cost at 31 Dec 2020 2 063 9 000 50 401 10 383 71 847
Accumulated depreciation and amortization
at 1 Jan 2020
(1 246) (1 156)
- -
(2 402)
Depreciations in the year (440) (551)
- -
(991)
Accumulated depreciation and amortization
at 31 Dec 2020
(1 686) (1 707) -
-
(3 393)

- -
2 274 469 2 743

- -
4 583 944 (5 527)
Carrying value at 31 Dec 2020 377 7 293 57 258 11 795 76 724
Economic life 3 years 15 years  
Depreciation method linear linear
Patents
In 2015, the Group acquired all rights to the patents and technology from Inven2 AS, which is one of the
Group’s main shareholders. The price for the patent was MNOK 4.0 and was based on a purchase option
in the license agreement entered into with Inven2 AS in 2011. The purchase of these rights implies that
the Group no longer has to pay future royalties to Inven2 AS from potential commercial sales of products
related to the patents/patent applications.
According to the purchase agreement related to the same patents, Inven2 AS is entitled to two milestone
payments of MNOK 5.0 and MNOK 6.0 at the commencement of a clinical phase IIb and phase III study

in May 2020 due to the commencement of the INITIUM phase II trial. The milestone payments will be
capitalized in the balance sheet when paid to Inven2, and depreciated linearly until February 2031. The
patent period spans over 15 years and expires in 2031.
Licenses and Goodwill
Beyond UV1, which is the core product of the Ultimovacs group, Ultimovacs is pursuing development

platform). A preclinical program was initiated in 2019 to take the pharmaceutical product candidate to
a decision point for further clinical development, given that the results from the preclinical program are
positive.
NON-CURRENT ASSETS 2021 (NOK 1 000)
OFFICE AND

PATENTS LICENSES GOODWILL TOTAL
Accumulated cost 1 Jan 2021 2 063 9 000 50 401 10 383 71 847
Additions 85 - -
-
85
Cost at 31 Dec 2021 2 148 9 000 50 401 10 383 71 932
Accumulated depreciation and amortization
at 1 Jan 2021
(1 686) (1 707)
- -
(3 393)
Depreciations in the year (250) (754)
- -
(1 004)
Accumulated depreciation and amortization
at 31 Dec 2021
(1 936) (2 461) -
-
(4 397)

- -
6 857 1 413 8 270

- -
(3 709) (764) (4 473
Carrying value at 31 Dec 2021 212 6 539 53 549 11 031 71 331
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Note 9: Non-current assets (continued)
Licenses and Goodwill (continued)

of the TET technology. The current preclinical development of TET is planned to be funded until an
expected milestone in H1-2023. If Ultimovacs decides not to go further in the development of the TET

booked value is subject for impairment.
Impairment of assets
1. IAS 36 seeks to ensure that an entity’s assets are not carried at more than their recoverable amount.

3. An asset is said to be impaired when its recoverable amount is less than its carrying amount.


irrespective of indictors of impairment. The intangible assets subject to impairment in the balance sheet
are “Licenses”, which are the basis for the TET technology. The license agreement with Academisch
Ziekenhuis Leiden and Technologiestichting STW gives Ultimovacs rights to commercial development,
manufacture and sales of immunotherapy treatments against cancer utilizing the TET technology. The

useful life.
The Group also has goodwill created by deferred tax, which is a result of purchase price amount
to acquire the licensed technology. The Goodwill is also tested for impairment annually. To test for
impairment, goodwill must be allocated to each of the acquirer’s cash-generating units (CGU), or groups

of whether other assets or liabilities of the acquiree are assigned to those units or groups of units. The

impairment testing. The impairment testing of the Licenses and its corresponding goodwill will therefore
be performed at Group level.
Impairment test
In order to identify the Recoverable amount of the intangible assets, a value must be found for both

asset in its current condition will produce, discounted to present value using an appropriate discount
rate. Ultimovacs has chosen not to prepare a Value in use calculation from the TET technology as the

would not be clear if these could come from direct sales, indirect sales or through licensing agreements.
To prepare a forecast in order to obtain any value for the assets tested for impairments would not be
reasonable and supportable.
Ultimovacs will therefore rely on the value from the Fair Value assessment, which normally is the market

book value, is considered as the fair value. The fair value, however, must be tested for factors which may
reduce is value, function etc.
The following factors have been assessed when testing for impairment:
1. Market value declines: There is no indication that the value for adjuvants is in decline. Ultimovacs has
few or no real alternatives to the adjuvant currently being used, GM-CSF.
2. Negative changes in technology, markets, economy, or laws: There is still an unmet need for more
adjuvant solutions to be used with vaccines. Thus, the TET technology may potentially be utilized in other
vaccine candidates, and it could also be sold to third parties. No other negative factors are observed in
the markets.
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Financial statements
Note 9: Non-current assets (continued)
3. Asset is idle, part of a restructuring or held for disposal: 
is to develop product candidates of the TET prototype and identify 1-2 clinical trial lead candidate(s).
Approximately MNOK 25 has been spent from 2019 until December 2021 on production and consultant
costs in order to create product candidates. Several employees in both Norway and Sweden are involved
in the project. In October 2021, the Company raised gross MNOK 270 in equity in a private placement,
where a certain amount is allocated to further TET-development.
4. Worse economic performance than expected: Even though TET is still far from bringing any cash

value on the TET technology using a CF model is of no real value/use at this very early stage of its
research and development.
In addition, Management has undertaken a review of the company’s business and the environment in

now or in the future regarding:
• a decline in the market or price for products or services
• oversupply in markets for products or services
• problems in sourcing raw materials or services
• increases in the costs of production or delivering services
• 
• new competitors
• new products or services from competitors
• technological change
• changes in law or regulations
• changes in economic conditions
An additional factor which could be an indicator for impairment of the non intangible assets would be if
the total market capitalization of the Group was lower than the net asset value in the balance sheet. This

but should be a trigger to test for impairment based on other parameters. Market capitalization for the

tested for impairment (MNOK 593.2). On the other hand, a market capitalization over the current book
value, does not directly indicate that the value is present and no other testing is required, as most of the
market value is primarily attributable to UV1. Market capitalization alone cannot therefore be the sole
parameter for testing the asset for impairment, but should be additionally be composed of the factors
discussed above. Based on the market capitalization as per 31 December 2021, there is no indication that
the market values TET lower than the current book value.
Although the list above is not exhaustive, we do not observe any new risk factors related to the
technology which may reduce the value of the assets in the balance sheet.
The preclinical development of TET is planned to be funded until an expected milestone in H1-2023.
Then, if certain milestones are reached, additional funding will be needed for the next phase (mainly
CMC development/manufacturing processes and clinical development) towards the commencement of a
clinical trial. This critical decision point will be important when considering impairment of the intangible

Conclusion

the fair value of the intangible assets are higher than carrying value. As a result, no impairment of these
intangible assets has been recognized.
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Note 10: Other receivables
OTHER RECEIVABLES (NOK 1 000) 2021 2020
Government grants receivables (ref note 3) 5 314 6 941
Prepayments 878 748
Fair value of currency contracts 759 -
Other receivables 1 135 749
Total other receivables 8 087 8 438
As of 31 December 2021, cash and cash equivalents amounted to MNOK 574.2, of which MNOK 47.9 (MEUR
4.8) on an EUR account and MNOK 0.9 (MSEK 0.9) in Ultimovacs AB on a Swedish bank account in SEK.
CHANGES TO SHARE CAPITAL
SHARE CAPITAL
NUMBER OF SHARES
SHARE CAPITAL

1 January 2020 27 860 400 2 786 040.0
Issuance of ordinary shares 4 113 111 411 311.1
31 December 2020 31 973 511 3 197 351.1
Issuance of ordinary shares 2 248 250 224 825.0
31 December 2021 34 221 761 3 422 176.1
Note 11: Cash and cash equivalents
CASH AND CASH EQUIVALENTS (NOK 1 000) 2021 2020
Employee withholding tax 1 855 1 829
Cash at bank 572 313 439 096
Cash and cash equivalents 574 168 440 925
Note 12: Share capital, shareholder information and dividend
In a private placement in October 2021, 2,160,000 new shares each with a par value of NOK 0.10 and
issued at a subscription price per share of NOK 125.0, resulting in gross proceeds from the share issue of
MNOK 270.
In March and October 2021, a total of 88,250 options, granted under Ultimovacs’ option program, were
exercised. Subsequently, the Company’s share capital was increased by NOK 8,825 by issuing 88,250 new
shares, each share of par value NOK 0.10.
In a private placement in May 2020, 4,113,111 new shares were issued at a price per share of NOK 38.90,
resulting in gross proceeds from the share issue of MNOK 160.
The transaction costs related to the share-issues amounted to MNOK 7.1 in 2020 and NOK 11.0 in 2021,
and have been recognized against share premium. For computation of earnings per share and diluted
earnings per share see Note 8.
The share capital as of 31 December 2021 was NOK 3,422,176.1, with 34,221,761 ordinary shares with a
nominal value of NOK 0.1. All issued shares have equal voting rights and the right to receive dividend.
No dividend has been paid in the period. Ultimovacs ASA has approximately 5,000 shareholders as of 31
December 2021, with the 20 largest shareholders as of this date listed in a table below on the next page.
The movement in the number of registered shares and share capital was in 2020 and 2021 as follows:
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Note 12: Share capital, shareholder information and dividend (continued)
THE 20 MAIN SHAREHOLDERS AS OF 31 DECEMBER 2021
NUMBER OF
SHARES
OWNERSHIP
INTEREST
Gjelsten Holding AS
6 495 866
19.0 %
Canica AS
2 705 957
7.9 %
Watrium AS 1 780 575 5.2 %
Inven2 AS 1 555 492 4.5 %
Radforsk Investeringsstiftelse 1 506 913 4.4 %
Folketrygdfondet 1 400 000 4.1 %
 1 389 006 4.1 %
Helene Sundt AS 965 802 2.8 %
CGS Holding AS 882 132 2.6 %
Sundt AS 803 321 2.3 %
Danske Invest Norge Vekst 736 440 2.2 %
Stavanger Forvaltning AS 596 999 1.7 %
Prieta AS 533 988 1.6 %
Verdipapirfondet Nordea Avkastning 483 573 1.4 %
JPMorgan Chase Bank, N.A., London 402 495 1.2 %
Verdipapirfondet KLP AksjeNorge 348 416 1.0 %
SEB Prime Solutions Sissener Canopus 324 000 0.9 %
Verdipapirfondet Nordea Kapital 282 549 0.8 %
Avanza Bank AB (Nominee) 274 520 0.8 %
Swedbank AB 258 629 0.8 %
20 Largest shareholders 23 726 673 69.3%
Other shareholders 10 495 088 30.7%
Total
34 221 761
100.0%
As of 31 December 2021, four members of the Management team in the Group held a total of 156,606
ordinary shares in Ultimovacs.
NUMBER OF SHARES HELD BY CEO AND THE BOARD OF DIRECTORS
AS OF 31 DECEMBER 2021
POSITION
NUMBER OF
SHARES
Carlos de Sousa CEO 11 906
 Board member 1 389 006
Leiv Askvig - through Basen Kapital AS Board member 91 500
Henrik Schussler - through Fireh AS Board member 30 900
Eva S. Dugstad Board member 6 400
 Board member 6 640
Håkan Englund - through JDS Invest AB Deputy Board member 73 650
Total shares held by CEO and Board of Directors 1 610 002
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Note 12: Share capital, shareholder information and dividend (continued)
THE 20 MAIN SHAREHOLDERS AS OF 31 DECEMBER 2020
NUMBER OF
SHARES
OWNERSHIP
INTEREST
Gjelsten Holding AS 6 171 866 19.3%
Canica AS 2 507 663 7.8%
Inven2 AS 1 866 658 5.8%
Watrium AS 1 740 575 5.4%
Radiumhospitalets Forskningsstiftelse 1 498 913 4.7%
 1 342 006 4.2%
Folketrygdfondet 1 190 000 3.7%
Helene Sundt AS 882 132 2.8%
CGS Holding AS 882 132 2.8%
Sundt AS 692 150 2.2%
Danske Invest Norge Vekst 690 000 2.2%
Stavanger Forvaltning AS 589 000 1.8%
Verdipapirfondet KLP AksjeNorge 585 000 1.8%
Verdipapirfondet Nordea Avkastning 524 817 1.6%
Brown Brothers Harriman (Lux.) SCA (Nominee) 522 113 1.6%
Prieta AS 520 988 1.6%
JP Morgan Chase Bank, N.A., London (Nominee) 439 137 1.4%
SEB Prime Solutions Sissener Canopus 425 000 1.3%
Swedbank AB 384 668 1.2%
Verdipapirfondet Nordea Kapital 283 471 0.9%
20 Largest shareholders 23 738 289 74.2%
Other shareholders 8 235 222 25.8%
Total 31 973 511 100.0%
As of 31 December 2020, three members of the Management team in the Group held a total of 149,106
ordinary shares in Ultimovacs.
NUMBER OF SHARES HELD BY CEO AND THE BOARD OF DIRECTORS
AS OF 31 DECEMBER 2020
POSITION
NUMBER OF
SHARES
Carlos de Sousa CEO 8 406
 Board member 1 342 006
Leiv Askvig - through Basen Kapital AS Board member 91 500
Henrik Schussler - through Fireh AS Board member 19 200
Eva S. Dugstad Board member 6 400
 Board member 5 040
Håkan Englund - through JDS Invest AB Deputy Board member 68 650
Total shares held by CEO and Board of Directors 1 541 202
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Note 13: Transactions with related parties
In 2015, Ultimovacs acquired the patent rights for the core UV1 technology from Inven2 AS, a major
shareholder in the Group. Based on the agreements, Invent2 AS is entitled to receive two potential

commencement of a clinical phase IIb and phase III study (or another registration study) respectively. The

INITIUM phase II trial.
Please refer to note 9 for additional information.
As part of ordinary business and at market price, Ultimovacs purchases services related to clinical
trials and laboratory services from Oslo University Hospital through Inven2 AS. Invoicing directly from or
administered by Inven2 AS amounted to MNOK 2.5 in 2020 and MNOK 4.3 in 2021 respectively (incl. VAT).
As per 31 December 2021, Ultimovacs had no outstanding payables to Inven2 AS.

shareholder contributions. In 2020, Ultimovacs ASA contributed with a total of MNOK 4.0 in unconditional
shareholder contributions to Ultimovacs AB, and MNOK 12.0 in 2021.
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Note 14: Liabilities

The Group has utilized the practical expedients relating to leases where short term leases and lease-
contracts of low value have not been recognized as right of use assets.
Expenses relating to short-term lease comprise lab premises and parking spaces in Oslo, Norway, and

1 - 3 months.

LEASE EXPENSES (NOK 1 000) 2021 2020
Depreciation expense of right-of-use assets 1 698 1 729
Interest expense on lease liabilities 179 236
Expense relating to short-term leases (incl. in Other operating expenses) 743 568
Expense relating to low-value assets (incl. in Other operating expenses) 11 11
 2 632 2 545
NON-DISCOUNTED LEASE LIABILITIES EXPIRING WITHIN THE FOLLOWING PERIODS
FROM THE BALANCE SHEET DATE (NOK 1 000)
2021 2020
Within 1 year 1 708 1 885
1 to 2 years 285 1 698
2 to 3 years 196 285
3 to 4 years - 196
4 to 5 years - -
Over 5 years - -
Sum 2 190 4 065
LEASE LIABILITIES (NOK 1 000) 2021 2020
Lease liability as per 1 January
3 782 3 626
Additions
19 1 835
Cash payments for the principal portion of the lease liability
(1 716) (1 680)
Cash payments for the interest portion of the lease liability
(179) (236)
Interest expense on lease liabilities
179 236
Lease liability as per 31 December
2 084 3 782
Current
1 628 1 707
Non-current
457 2 075
RIGHT-OF-USE ASSETS 2021 (NOK 1 000) CARS OFFICE TOTAL
Right-of-use assets as per 1 January 2021 1 109 2 520 3 630
Depreciation costs during the year (429) (1 269) (1 698)
Extension options exercised / additions - 19 19
Balance sheet value as per 31 December 2021 680 1 270 1 951
RIGHT-OF-USE ASSETS 2020 (NOK 1 000) CARS OFFICE TOTAL
Right-of-use assets as per 1 January 2020 420 3 103 3 523
Depreciation costs during the year (469) (1 260) (1 729)
Extension options exercised / additions 1 158 679 1 835
Balance sheet value as per 31 December 2020 1 109 2 520 3 630
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Note 15: Share based payment
Share option program
A share option program was introduced in June 2019 and the Board was at the ordinary General Assembly
held on 15 April 2021 authorized to increase the Company’s share capital in connection with the share
incentive arrangement by up to NOK 320,032.60 until the next ordinary General Assembly in 2022.
The share option program is groupwide and includes all employees in the Group. After the distribution of
600,000 new options in 2021, a total of 1,833,585 share options are outstanding as per 31 December 2021
(net of exercised and lapsed options), corresponding to 5.36% of the outstanding number of shares in the
Company.
Each option gives the right to acquire one share in the Company and is granted without consideration.
Pursuant to the vesting schedule, 25% of the options will vest one year after the day of grant, 25% of the
options will vest two years after the day of grant and the remaining 50% will vest three years after the
day of grant.
The options granted in 2020 to the CEO, Carlos de Sousa, will vest with 33.33% one year following the
grant date, 33.33% after two years, and the remaining 33.34% on the third anniversary following the grant
date. Vesting is dependent on the option holder still being employed in the Company.
The exercise price for all options granted in 2019 was NOK 31.25, NOK 39.15 for the options granted in
2020 and NOK 61.99 for the options granted in 2021.
Options that are not exercised within 5 years from the date of grant will lapse and become void.
OUTSTANDING INSTRUMENTS OVERVIEW AT YEAR END 2021 2020
Number of instruments 1 833 585 1 330 435
Weighted Average Exercise Price (NOK) 44.77 36.16
Weighted Average Exercise Price on vested instruments (NOK) 35.42 31.25
Vested/Exercisable instruments as of 31 December 419 328 139 375
Weighted Average remaining contractual life (years) 3.46 4.03
MOVEMENTS OF OPTIONS DURING 2021
NUMBER OF
INSTRUMENTS
WEIGHTED AVERAGE
EXERCISE PRICE
Outstanding at 1 January 1 330 435 36.16
Granted during the year 600 000 61.99
Terminated during the year (8 600) 39.15
Exercised during the year (88 250) 32.46
Expired during the year - -
Outstanding at 31 December 1 833 585 44.77
Vested options during the year 279 953 37.49
MOVEMENTS OF OPTIONS DURING 2020
NUMBER OF
INSTRUMENTS
WEIGHTED AVERAGE
EXERCISE PRICE
Outstanding at 1 January 557 500 31.25
Granted during the year 846 885 39.15
Terminated during the year (73 950) 33.46
Exercised during the year - -
Expired during the year - -
Outstanding at 31 December 1 330 435 36.16
Vested options during the year 139 375 31.25
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Note 15: Share based payment (continued)
Assumptions, costs and social security provisions:
The Ultimovacs Employee Share Options’ fair value is calculated according to the IFRS-2 regulations.
As stated in IFRS-2 Appendix B §B5 the Black-Scholes-Merton Option Pricing Model (“B&S Model”) may
be used to estimate the fair value of employee share options, which is therefore used to estimate the

exercise price, the current price of the underlying shares, the life of the option, the expected volatility of
the share price, the dividends expected on the shares, and the risk-free interest rate for the life of the
option.
The exercise price is set out in the Ultimovacs Award Agreements with each employee and is stated in
the Norwegian Krone. The current price of the underlying shares used in the model is the last available
closing price of Ultimovacs at grant date.
The risk-free interest rate used in the B&S Model is equal to the rates of the government bond issues of
the country in whose currency the exercise price is expressed, with the term equal to the expected term
of the option being valued. Since the exercise price is expressed in Norwegian Krone, the “Norges Bank
Statskasseveksler” and “Obligasjoner”-rate is used as input. The interest rates used for the options with
term structures outside of the quoted terms of Norges Banks interest rates are calculated with the use
of a linear interpolation between the two closest quoted rates.
A dividend parameter is not included in the calculations.
The B&S Model assumes that the time from grant until expiry gives the time parameter in the model.
This assumption is based on the options being free from restraints and that the owner of the options
holds the right to sell the option in the market at any time. As this is not the case for most employee
share options, IFRS-2 Appendix B §B16-18, states that a shorter time period can be used as the expected
lifetime of the options in some cases. Half a year after vesting date is therefore assumed to be the
estimated end-of-lifetime of each option in the model. However, exercise patterns will be monitored, and
expected option lifetime will be updated if needed for future grants.


estimate the expected volatility.
The fair value of the granted instruments in 2020 and 2021 have been calculated using a Black Scholes
model with the following assumptions:
FAIR VALUE PRICING ASSUMPTIONS 2021 2020
Instrument Option Option
Quantity as of 31 December 600 000 846 885
Contractual life* 5.00 5.00
Exercise price* 61.99 39.15
Share price* 62.10 39.00
Expected lifetime* 3.25 2.64
Volatility* 48.12% 71.04%
Interest rate* 0.067% 0.081%
Dividend* - -
Fair value per instrument* 20.79 16.65
Vesting conditions Service condition
*Weighted average parameters at grant of instrument


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Note 15: Share based payment (continued)
Note 16 - Other current liabilities
OTHER CURRENT LIABILITIES (NOK 1 000) 2021 2020
Public duties payable 3 386 3 066
Public duties payable related to options 12 888 4 332
Holiday pay payable 3 415 2 640
Accrued salary (severance pay) - 3 024
Other accrued expenses 7 025 4 087
Sum 26 714 17 149
NUMBER OF OPTIONS HELD BY MANAGEMENT TEAM POSITION 2021 2020
Carlos de Sousa  416 035 362 185
Hans Vassgård Eid  177 500 118 500
  168 000 109 000
Audun Tornes  107 500 72 500
 Head of Project Coordination 107 500 72 500
Ingunn Hagen Westgaard Head of Research 107 500 72 500
Øivind Foss Head of Clinical Operations 107 500 72 500
Ton Berkien  59 000 -
 Head of IR and Communication - n.a.
Orla Mc Callion  - n.a.
Total allocated share options to Management Team 1 250 535 879 685
Note 17: Financial instruments
Foreign exchange forward contracts are valued at fair value which is also the market value of the
contract based on the use of market observable inputs at Level 1 of the fair value hierarchy. Market

counterparty on available market rates at reporting date.

value of those foreign exchange forward contracts that are not designated in hedge relationships, but
are, nevertheless, intended to reduce the level of foreign currency risk for expected purchases.
2021 2021 2020 2020
FINANCIAL ASSETS (NOK 1 000)
CARRYING
VALUE
FAIR VALUE
CARRYING
VALUE
FAIR VALUE
Foreign exchange forward contracts 759 759 - -
 759 759 - -
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Note 17: Financial instruments (continued)
Financial risks

Management continuously evaluates these risks and determines policies related to how these risks are




deposits in banks.


due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have


Interest rate risk


Foreign currency risk

because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign
exchange-rates relates to the Group’s operating activities, primarily expenses in USD, EUR, SEK and GBP.
The Group has during 2021 converted cash to EUR and entered into EUR swaps to mitigate the foreign
exchange risk and to get a better predictability regarding future costs. The fair value of forward exchange
contracts are determined using the forward exchange rate at the end of the reporting period, with
changes in the value recognized in the income statement. In the income statement, impacts from the


The table below shows a simulation of sensitivity to a 10% increase/decrease in EUR, GBP, USD and SEK

FOREIGN CURRENCY SENSITIVITY (NOK 1 000) CHANGE IN FOREIGN CURRENCY 2021 2020
EUR
+10%
26 533 3 385
-10% (26 533) (3 385)
GBP
+10% 455 380
-10% (455) (380)
USD
+10% 821 1 368
-10% (821) (1 368)
SEK
+10% 2 646 1 382
-10% (2 646) (1 382)


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76 ULTIMOVACS2021
Financial statements
Note 17: Financial instruments (continued)
Fair value
The Management assessed that the fair values of cash and cash equivalents, accounts receivable,
accounts payable and other current liabilities approximate their carrying amounts largely due to the
short-term maturities of these instruments.
Capital management
The Group manages its capital to ensure that Group will be able to continue as a going concern while
maximizing the return to stakeholders through the optimization of the debt and equity balance. The
Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market

as per 31 December 2021, the Group will require new capital in the future in order to continue its
research, execute planned clinical studies and commercialize products. Management closely monitors

The capital structure of the Group consists of equity attributable to owners of the Group, comprising
share capital, share premium and accumulated losses.
The Group is not subject to any externally imposed capital requirements.
Note 18: Events after the balance sheet date and COVID-19
In February 2022, as part of the Q4 2021 reporting, Ultimovacs provided an update on guidance
regarding topline data readouts for its Phase II clinical trials. Despite earlier and current pandemic-
related challenges, the levels of patient enrollment have been increasing in both INITIUM and NIPU. The

than during the second half of 2022 as indicated in the early guidance given in 2019 before either study
started.
The DOVACC and FOCUS trials are still in their early stages of hospitals/clinical site activation, and the
start-up phase of both has taken somewhat longer than originally planned. Ultimovacs has guided that
the readouts of topline results are expected to take place in 2023 and have done so since the trials

2022 with topline results expected by the end of 2024. Once each of the three trials DOVACC, FOCUS and

review guidance and expects to give an update with the Q4 2022 report.
On May 19, 2021, Ultimovacs announced a 60% Objective Response Rate (30% complete responses plus

responder was changed to stable disease, resulting in a 57% objective response rate. In March 2022,
one partial responder in this cohort was changed to complete response. The ORR remains the same,
however, complete response rate is now 35% for this cohort, and 33% (previously 30%) for cohort 1 and 2
combined.


INTEREST RATE SENSITIVITY (NOK 1 000) CHANGE IN INTEREST RATE 2021 2020
Bank deposits
+2% 8 331 8 395
-2% (8 331) (8 395)
+5% 20 828 20 987
-5% (20 828) (20 987)


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77 ULTIMOVACS2021
05
Financial Statements
- Ultimovacs ASA
Financial Statements
Notes
Auditor’s Report
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78 ULTIMOVACS2021
Contents - Financial Statements Ultimovacs ASA



Statement of changes in equity Ultimovacs ASA
Note 1: General information
Note 2: Accounting principles
Note 3: Government grants
Note 4: Salary and personnel expenses and management remuneration
Note 5: Other operating expenses
Note 6: Financial items
Note 7: Income tax
Note 8: Earnings per share
Note 9: Non-current assets
Note 10: Other receivables
Note 11: Cash and cash equivalents
Note 12: Share capital, shareholder information and dividend
Note 13: Transactions with related parties
Note 14: Leases and commitments
Note 15: Share based payment
Note 16: Other current liabilities
Note 17: Financial instruments
Note 18: Investment in subsidiary
Note 19: Events after the balance sheet date and COVID-19
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90
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93
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97
97
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100
101
102
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Chapters
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79 ULTIMOVACS2021
Financial statements
Statement of prot and loss and other comprehensive income Ultimovacs ASA
(NOK 1 000) EXCEPT PER SHARE DATA NOTES 2021 2020
Total revenues - -
Payroll and payroll related expenses
3, 4, 15
(52 959) (46 950)
Depreciation and amortization
9, 14
(2 703) (2 720)
Other operating expenses
3, 5
(94 602) (68 210)
Total operating expenses (150 264) (117 880)
 (150 264) (117 880)
Financial income
6
13 383 5 209
Financial expenses
6
(14 268) (1 610)
 (885) 3 600
 (151 149) (114 280)
Income tax expense
7
- -
 (151 149) (114 280)

Other comprehensive income (loss) for the year - -
Total comprehensive income (loss) for the year (151 149) (114 280)
Basic and diluted earnings (loss) per share (NOK per share)
8
(4.7) (3.8)
Chapters
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80 ULTIMOVACS2021
Financial statements
Statement of nancial position Ultimovacs ASA
(NOK 1 000) NOTES 2021 2020
ASSETS
Non-current assets
Investment in subsidiary
13, 18
77 512 65 512
Patents
9
6 539 7 293
Property, plant and equipment
9
212 377
Right of use assets
14
1 951 3 630
Total non-current assets 86 214 76 812
Current assets
Receivables and prepayments
3, 10
7 539 8 269
Cash and cash equivalents
11
573 255 440 529
Total current assets 580 794 448 798
TOTAL ASSETS 667 008 525 610
EQUITY AND LIABILITIES
Equity
Share capital 3 422 3 197
Share premium 1 070 841 809 214
Total paid-in equity 1 074 264 812 411
Accumulated losses (475 074) (323 925)
Other equity 19 405 8 509

12
618 594 496 995
Non-current liabilities
Lease liability
14
457 2 075
Total non-current liabilities 457 2 075
Current liabilities
Lease liability
14
1 628 1 707
Accounts payable 21 275 8 442
Other current liabilities
15, 16
25 055 16 392
Total current liabilities 47 957 26 541
TOTAL LIABILITIES 48 414 28 615
 667 008 515 610
Board of Directors and CEO of Ultimovacs ASA
Oslo, 24 March 2022
Sign Sign
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Jónas Einarsson Kari Grønås Eva S. Dugstad
Chairman of the Board Board member Board member
Sign
Sign
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Henrik Schüssler Ketil Fjerdingen Leiv Askvig
Board member Board member Board member
Sign Sign
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Aitana Peire Haakon Stenrød Carlos de Sousa
Board member Board member CEO
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81 ULTIMOVACS2021
Financial statements
Statement of cash ow Ultimovacs ASA
(NOK 1 000) NOTES 2021 2020

 (151 149) (114 280)
Adjustments to reconcile prot before tax to net cash ow:
Depreciation and amortization
9, 14
2 703 2 720
Interest received including investing activities
6
(3 062) (4 545)

6
3 614 741

14
179 236
Share option expenses
15
10 896 6 648
Working capital adjustment:
Changes in prepayments and other receivables
10
730 (441)
Changes in payables and other current liabilities
16
21 495 6 385
 (114 593) (102 536)

Purchase of property, plant and equipment
9
(85) (282)
Patent milestone payments
13
- (5 000)
Shareholder contribution to subsidiary
18
(12 000) (4 000)
Interest received
6
3 062 4 545
 (9 023) (4 736)

Proceeds from issuance of equity
12
272 864 160 000
Share issue cost
12
(11 012) (7 067)
Interest paid
14
(179) (236)
Payment of lease liability
14
(1 716) (1 680)
 259 957 151 017
Net change in cash and cash equivalents
11
136 341 43 745

6
(3 614) (741)
Cash and cash equivalents, beginning of period
11
440 529 397 525
Cash and cash equivalents, end of period 573 255 440 529
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82 ULTIMOVACS2021
Financial statements
Statement of changes in equity Ultimovacs ASA
(NOK 1 000) NOTES
SHARE
CAPITAL
SHARE
PREMIUM
TOTAL PAID
IN CAPITAL
ACCU
MULATED
LOSSES
OTHER

TOTAL

Balance as of 31 December 2019 2 786 656 692 659 478 (209 646) 1 861 451 693
 (114 280) (114 280)
Other comprehensive income (loss) -
Issue of share capital
12
411 159 589 160 000 160 000
Share-issue costs
12
(7 067) (7 067) (7 067
Recognition of share-based payments
15
6 648 6 646
Balance as of 31 December 2020 3 197 809 214 812 411 (323 925) 8 509 496 995
 (151 149) (151 149)
Other comprehensive income (loss) -
Issue of share capital
12
225 272 640 272 864 272 864
Share-issue costs
12
(11 012) (11 012) (11 012)
Recognition of share-based payments
15
10 896 10 896
Balance as of 31 December 2021 3 422 1 070 841 1 074 864 (475 074) 19 405 618 594
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83 ULTIMOVACS2021
Financial statements
Note 1: General information
Ultimovacs ASA (the Company or Ultimovacs) is a pharmaceutical company developing novel
immunotherapies against cancer. Ultimovacs was established in 2011 and is a public limited liability
company listed on the Oslo Stock Exchange in Norway. The company and its proprietary technology
is based on pre-clinical and clinical research on immunotherapies conducted at the Oslo University
Hospital. Ultimovacs is headquartered at the Oslo Cancer Cluster Innovation Park in Oslo, Norway, and

Ultimovacs’ lead universal cancer vaccine candidate UV1 leverages the high prevalence of the

microenvironment. By directing the immune system to hTERT antigens that are present in over 80% of
all cancers, UV1 drives CD4 helper T cells to the tumor with the goal of activating an immune system
cascade to increase anti-tumor responses. Ultimovacs’ strategy is to clinically demonstrate UV1’s impact
in many cancer types and in combination with other immunotherapies. The Company will expand its
pipeline using its novel TET-platform, which is a vaccine technology that can generate multiple vaccine
candidates designed to achieve increased T cell responses to a broad range of target antigens. The
Company is performing a broad clinical development program with clinical trials in Europe, Australia and
the USA.

Note 2: Accounting principles
I. Basis for preparation


Company’s functional currency.

rates.


requires the use of certain critical accounting estimates. It also requires management to exercise its
judgments in applying the Company’s accounting policies.
II. Going concern

III. Accounting principles
i. Cash and cash equivalents


of changes in value.
ii. Cash Flow statement



banks, other short-term highly liquid investments with original maturities of three months or less, cash




into account any cash and cash equivalents in these interests. Dividends paid out are recognized as cash


Chapters
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84 ULTIMOVACS2021
Financial statements
Note 2: Accounting principles (continued)
iii. Financial instruments


recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly


rates. Derivatives are initially and subsequently measured at fair value. Derivatives are carried as assets
when the fair value is positive and as liabilities when the fair value is negative. The gain/(loss) arising
from changes in fair value of currency derivatives is presented as part of “Financial income/expenses” in
the consolidated statement of comprehensive income.
- Subsequent measurement

- Loans and borrowings- Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized


cost is calculated by taking into account any discount or premium on acquisition and fees or costs that



categorized within the fair value hierarchy, described as follows, based on the lowest level input that is

• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities
• 
measurement is directly or indirectly observable
• 
measurement is unobservable
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85 ULTIMOVACS2021
Financial statements
Note 2: Accounting principles (continued)



• Expected to be realized or intended to be sold or consumed in the normal operating cycle
• Held primarily for the purpose of trading
• Expected to be realized within twelve months after the reporting period, or
• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at
least twelve months after the reporting period

• It is expected to be settled in the normal operating cycle
• It is held primarily for the purpose of trading
• It is due to be settled within twelve months after the reporting period, or
• There is no unconditional right to defer the settlement of the liability for at least twelve months
after the reporting period


v. Foreign currencies

Transactions in foreign currencies are initially recorded by the Company in its respective functional

liabilities denominated in foreign currencies are translated at the functional currency spot rates of


Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group
transactions, are eliminated. Unrealized losses are eliminated in the same way as unrealized gains, but
only to the extent that there is no evidence of impairment.,
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on
acquisition, are translated into NOK at the exchange rates at the reporting date.
The income and expenses of foreign operations are translated into NOK at the average exchange

recognized in other comprehensive income (OCI) and accumulated in the translation reserve.

Group accounts.
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Note 2: Accounting principles (continued)
vi. Impairment:
The Company assesses at each reporting date whether there is an indication that an asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the
Company estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of
an asset’s or CGU’s (cash-generating unit) fair value less costs of disposal and its value in use. It is

independent of those from other assets or groups of assets. Where the carrying amount of an asset
or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount.
vii. Investments in subsidiaries
Investments in subsidiaries, joint ventures and associated companies are carried at cost less
accumulated impairment losses in the Company’s balance sheet. On disposal of investments in


viii. Contingent liabilities

the relevant schedules and notes. They may arise from uncertainty as to the existence of a liability
represent a liability in respect of which the amount cannot be reliably measured. Contingent liabilities

remote.
ix. Interest income

x. Earnings per share

the weighted average number of ordinary shares outstanding. When calculating the diluted earnings per



their conversion to ordinary shares would decrease earnings per share or increase loss per share from
continuing operations. As the Company is currently loss-making, an increase in the average number of

shares and basic and diluted earnings per share is the same.
xi. Government grants
Government grants are recognized where there is reasonable assurance that the grant will be received,
and all attached conditions will be complied with. When the grant relates to an expense item, it is
recognized as income on a systematic basis over the periods that the costs, which it is intended to

and other comprehensive income as a reduction of personnel- and other operating expenses.
Where the grant relates to an asset, it is recognized as income in equal amounts over the expected
useful life of the related asset. If the Company receives non-monetary grants, the asset and the grant


installments.
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Note 2: Accounting principles (continued)
xii. IFRS 16 Leases
Under IFRS 16, the Company recognizes right-of-use assets and lease liabilities for all leases.
The Company used the following practical expedients when applying IFRS 16 to leases previously

• Applied a single discount rate to a portfolio of leases with similar characteristics.
• Applied recognition exemptions to leases that, at the commencement date, have a lease term of
12 months or less and do not contain a purchase option.
• Applied the low value lease exemption not to recognize right-of-use assets at the date of initial
application.
• Excluded initial direct costs from measuring the right-of-use asset at the date of initial
application.
At transition, lease liabilities were measured at the present value of the remaining lease payments,
discounted at the Company’s incremental borrowing rate as of January 1, 2019. Right-of-use assets are
measured at an amount equal to the lease liability and are subsequently depreciated using the straight-
line method from the commencement date to the earlier of the end of the useful life of the right-of-use
asset or the end of the lease term.
The estimated useful lives of right-of-use assets are determined on the same basis as those of property
and equipment. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted
for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, Ultimovacs’ incremental borrowing rate. The incremental borrowing rate is used as
the discount rate.
When applying the practical expedients in IFRS 16 for lease-contracts with low value or lease terms of
less than 12 months, the lease payments (net of any incentives received from the lessor) are taken to the

of the lease. When the lease is terminated before the lease period has expired, any payment required to
be made to the lessor by way of penalty is recognized as an expense in the period in which termination
takes place.
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Note 2: Accounting principles (continued)
xiii. Share-based payments
Employees in the Company receive remuneration in the form of share-based payment transactions,
whereby employees render services as consideration for equity instruments (equity-settled transactions)
or granted share appreciation rights, which can be settled in cash (cash-settled transactions). The
determination of whether the arrangement is cash or equity settled is based on a careful evaluation of
the terms of the agreement and also the Company’s ability to settle in shares and the promise and intent
of settlement in cash.
- Cash-settled transactions:
A liability is recognized for the fair value of cash-settled transactions. The fair value is measured initially
and at each reporting date up to and including the settlement date, with changes in fair value recognized
in payroll and payroll related expenses. The fair value is expensed over the period until the vesting date

- Equity-settled transactions
The cost of equity-settled transactions is recognized in payroll and other payroll related expenses,
together with a corresponding increase in equity over the period in which the service and, where


extent to which the vesting period has expired and the Company’s best estimate of the number of equity

comprehensive income for a period represents the movement in cumulative expense recognized as of
the beginning and end of that period.
xiv. Intangible assets
Intangible assets are stated at their historical cost and amortized on a straight-line basis over their
expected useful lives, which usually varies from 3 to 10 years and up to 20 years for patents. An
adjustment is made for any impairment. Intangible items acquired in a business combination must be

or arise from contractual or other legal rights, and their fair value can be measured reliably.
All research and development spending is expensed each year in the period in which it is incurred.
Development costs will be capitalized once the “asset” being developed has met requirements of
technical and commercial feasibility to signal that the intangible investment is likely to either be brought
to market or sold. Due to uncertainties regarding award of patents, regulations, ongoing clinical trials
etc., the asset recognition criteria of IAS 38 “Intangible Assets” are not met.
xv. Property, plant and equipment
Property, plant and equipment are recognized at cost less accumulated depreciation and any impairment
losses. Such cost includes the cost of replacing parts of the property, plant and equipment and

parts of property, plant and equipment are required to be replaced at intervals, the Company recognizes

when a major inspection is performed, its cost is recognized in the carrying amount of the plant and


Chapters
1
2
3
4
5
89 ULTIMOVACS2021
Financial statements
Note 2: Accounting principles (continued)
xvi. Tax
The income tax expense includes tax payable and changes in deferred tax. Income tax on balances
recognized in other comprehensive income is recognized as other comprehensive income, and tax
on balances related to equity transactions is recognized in equity. The tax payable for the period is
calculated according to the tax rates and regulations ruling at the end of the reporting period.


date. Deferred tax liabilities and assets are calculated according to the tax rates and regulations ruling
at the end of the reporting period and at nominal amounts. Deferred tax liabilities and assets are
recognized net when the Company has a legal right to net assets and liabilities.



uncertain.
xvii. Segments
The Company is still in a R&D phase, and currently does not generate revenues. For management
purposes, the Company is organized as one business unit and the internal reporting is structured in




liabilities and expenses. Uncertainties about these adjustments and estimates could result in outcomes

Assumptions and estimates were based on available information at the time of the preparation of the


- Share-based payments
Estimating fair value for share-based payment transactions requires determination of the most
appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also
requires determination of the most appropriate inputs to the valuation model including the expected
life of the share option or appreciation right, volatility and dividend yield and making assumptions about
them.
- Taxes
Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable


until the product under development has been approved for marketing by the relevant authorities.


future tax planning strategies.
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Financial statements
GRANTS RECOGNIZED (NOK 1 000) 2021 2020
Skattefunn 4 750 4 750
Eurostars 786 2 015
Industrial Ph.D. grant from The Research Council of Norway (Forskningsrådet) 802 739
Innovation Project grant from The Research Council of Norway (Forskningsrådet) 5 241 1 383
Innovation Norway 3 000 -
Total grants 14 578 8 888
COSTS DEDUCTED (NOK 1 000) 2021 2020
Payroll and payroll related expenses 2 472 2 150
Other operating expenses 12 106 6 738
Total costs deducted 14 578 8 888
GRANTS RECEIVABLES (NOK 1 000) 2021 2020
Skattefunn 4 750 4 750
Eurostars - 450
Industrial Ph.D. grant from The Research Council of Norway (Forskningsrådet) 267 358
Innovation Project grant from The Research Council of Norway (Forskningsrådet) 296 1 383
Total grants receivables 5 314 6 941
Note 3: Government grants

Skattefunn:
The Skattefunn R&D tax incentive scheme is a government program designed to stimulate research and
development in Norwegian. As of 31 December 2021, three Skattefunn-grants are approved, two of which
reports in 2022, and one in 2024.
Eurostars:
Eurostars is a joint program between EUREKA and the European Commission, co-funded from the
national budgets of 36 Eurostars Participating States and Partner Countries and by the European
Union through Horizon 2020. Eurostars supports international innovative projects led by research and
development- performing small- and medium-sized enterprises, and is administered by Forskningsrådet

response capturing platform for immunotherapy development and monitoring” from 2018 to 2021.
Industrial Ph.D. grant from The Research Council of Norway (Forskningsrådet):
The industrial Ph.D. project is a collaboration between Ultimovacs ASA, Oslo University Hospital and the
University of Oslo. The Ph.D. candidate for this project is employed by Ultimovacs. The project aims to
characterize the immunological mechanisms induced by treatment with a peptide-based therapeutic
cancer vaccine.
Innovation Project grant from The Research Council of Norway (Forskningsrådet):
Innovation Project for the Industrial Sector is a funding instrument that provides grants to business-led
innovation projects that make extensive use of research and development activities. The FOCUS Phase II
trial has been granted an innovation grant of up to MNOK 16 from the Norwegian Research Council.
Innovation Norway
Innovation Norway is the Norwegian Government’s most important instrument for innovation and
development of Norwegian enterprises and industry. Innovation Norway has granted Ultimovacs MNOK 10
to support the execution of the Phase II DOVACC study.

Grants receivable as per 31 December are detailed as follows:

income as a reduction for the related expenses with the following amounts:
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Financial statements
Note 4: Salary and personnel expenses and management remuneration
The Company’s Management team consists of the Company’s CEO, CFO and the managers of each
department, totaling ten employees, of which two employees in Ultimovacs AB.
PAYROLL AND PAYROLL RELATED EXPENSES (NOK 1 000) 2021 2020
Salaries and holiday pay 29 753 32 412
Social security tax 5 000 4 320
Social security tax related to options 7 978 3 848
Pension expenses 1 505 1 461
Share-based compensation 10 896 6 648
Other personnel expenses 299 412
Government grants (2 472) (2 150)
Total payroll and payroll related expenses 52 959 46 950
Number of FTEs employed during the nancial year 17.6 16.9
Number of FTEs at end of year 19.0 17.0
EXECUTIVE REMUNERATION (NOK 1 000) 2021 2020
Management Team remuneration 27 044 22 493
Board of Director’s remunerations 1 915 1 855
There were no outstanding loans or guarantees made to related parties, the Board of Directors, the
Management Team or any other employees as of 31 December 2020 or as of 31 December 2021.
Please refer to the Remuneration Report 2021 for more information.
Pensions
Ultimovacs ASA is required to have an occupational pension scheme in accordance with the Norwegian

contribution pension scheme which complies with the Act on Mandatory company pensions.
As at 31 December 2021, all twenty of Ultimovacs ASA’s employees were covered by the pension scheme.


its Board Members.
The total pension contributions for all employees recognized as expenses equaled MNOK 1.5 and MNOK
1.5 in 2020 and 2021 respectively.
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Financial statements
Note 4: Salary and personnel expenses and management remuneration (continued)
Severance pay/pay after termination of employment
Under certain conditions, the CEO is entitled to 12 months’ severance pay. The severance pay period

control’ event in the Company.
The company’s CFO is entitled to receive pay after termination of his employment with the Group equal
to 9 months’ base salary in addition to payment of his salary during his 3-month notice period.
On 1 June 2020, Øyvind Kongstun Arnesen resigned his position as CEO in Ultimovacs ASA. Following
his resignation, Arnesen received an 18 months severance pay, paid over the course of 18 months. In the

which were not applicable for the last 12 months. During the last six-month period, any income from new
employment/engagements, was deducted from the severance pay.
There are no similar arrangements for any of the other employees of the Group with respect to
termination of their employment.
Other benets received
There is no bonus scheme in the Group, however, sign-on-fees and bonus may be applied at the Board’s
discretion. Carlos de Sousa received a sign-on-fee of MNOK 0.5 when he commenced his position as CEO
in June 2020.
Statement on the executive employee remuneration policy during the previous nancial year

Guidelines for 2021. Refer to Remuneration Guidelines 2021 and Remuneration Report 2021 for more
information.
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Financial statements
OTHER OPERATING EXPENSES (NOK 1 000) 2021 2020
External R&D expenses 93 426 63 605
Clinical studies 54 760 47 183
Manufacturing costs 21 455 5 710
Other R&D expenses 17 210 10 712
Patent related expenses 3 180 2 451
 3 091 2 492
Accounting, audit, legal, consulting 4 820 3 739
Other operating expenses 2 190 2 661
Less government grants (12 106) (6 738)
Total operating expenses 94 602 68 210
Note 5: Other operating expenses
SPECIFICATION AUDITOR'S FEE (NOK 1 000) 2021 2020
Statutory audit 243 338
Audit related services 61 -
Tax related services - 4
Other 10 9
Total auditor’s fee 313 351

Note 6: Financial items
FINANCIAL INCOME (NOK 1 000) 2021 2020
Foreign exchange gains - related to derivatives 9 042 -
Foreign exchange gains - related to EUR bank account 849 -
Foreign exchange gains - other 430 629
Interest income 3 062 4 580
 13 383 5 209
FINANCIAL EXPENSES (NOK 1 000) 2021 2020
Foreign exchange losses - related to derivatives 10 520 -
Foreign exchange losses - related to EUR bank account 2 702 -
Foreign exchange losses - other 712 1 370
 333 240
 14 268 1 610
The Company is in a development phase, and the majority of the Company’s costs are related to R&D.

Estimated total expenses related to R&D, including other operating expenses, payroll and payroll related
expenses, less government grants, amounted to MNOK 91.3 in 2020 and MNOK 111.8 in 2021.
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TAX EXPENSE BASIS (NOK 1 000) 2021 2020
 (151 149) (114 280)
Net non-deductible income (4 750) (4 785)
Other items (116) (602)
 7 248 4 271
Basis for tax calculation (148 767) (115 396)
Note 7: Income tax
* The share issue cost of MNOK 7.1 in 2020 and MNOK 11.0 in 2021 was deducted directly from equity and

The corporate tax rate in Norway was 22% in 2020 and 2021.
INCOME TAX EXPENSE (NOK 1 000) 2021 2020
Expected tax expense (33 253) (25 142)
Net non-deductible income (1 045) (1 053)
Other items (26) (133)
Change in deferred tax assets not recognized 34 323 26 327
 - -
Income tax expense - -

previous losses, as the Company does not expect taxable income to be generated in the short-term to
support the use of the deferred tax asset. 
per 31 December 2020 was MNOK 384.6, and MNOK 540.6 as per 31 December 2021.
Note that the IFRS costs and social security accruals related to share options were not taken into
account in the tax calculation in the 2020 Annual report. The non tax deductible IFRS costs related to
the share options have in the overview above been included in “Other items” in 2020, as well as in 2021.



DEFERRED TAX ASSETS (NOK 1 000) 2021 2020
Tax losses carried forward 529 008 380 241
 (759) -
 134 152
 12 009 4 031
 246 198
 540 637 384 622
 118 940 84 617
Deferred tax assets per 31 December - -
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Note 8: Earnings per share

by the weighted average number of ordinary shares outstanding. As the Company has currently no
issuable potential ordinary shares and basic and diluted earnings per share is the same.

been recognized as potential ordinary shares only shall be treated as dilutive if their conversion to
ordinary shares would decrease earnings per share or increase loss per share from continuing operations.
As the Company is currently loss-making, an increase in the average number of shares would have anti-

EARNINGS PER SHARE 2021 2020
 (151 149) (114 280)
Average number of outstanding shares during the year (1 000) 32 373 30 260
EPS - basic and diluted (NOK per share) (4.7) (3.8)
A share option program was introduced in June 2019 and the Board was at the ordinary General Assembly
held on 15 April 2021 authorized to increase the Company’s share capital in connection with the share
incentive arrangement by up to NOK 320,032.60 until the next ordinary General Assembly in 2022. A
total of 1,833,585 share options are outstanding as per 31 December 2021, corresponding to 5.36% of the
outstanding number of shares in the Company.
See note 15 for more information regarding the option program.
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Note 9: Non-current assets
NON-CURRENT ASSETS 2021 (NOK 1 000)
OFFICE AND

PATENTS TOTAL
Accumulated cost as of 1 January 2021 2 063 9 000 11 063
Additions 85 - 85
Cost as of 31 December 2021 2 148 9 000 11 148
Accumulated depreciation and amortization as of 1 January 2021 (1 686) (1 707) (3 393)
Depreciations in the year (250) (754) (1 004)
Accumulated depreciation and amortization as of 31 December 2021 (1 936) (2 461) (4 397)
Carrying value as of 31 December 2021 212 6 539 6 752
Patents
In 2015, the Company acquired all rights to the patents and technology from Inven2 AS, which is one of
the Company’s main shareholders. The price for the patent was MNOK 4.0 and was based on a purchase
option in the license agreement entered into with Inven2 AS in 2011. The purchase of these rights implies
that the Company no longer has to pay future royalties to Inven2 AS from potential commercial sales of
products related to the patents/patent applications.
According to the purchase agreement related to the same patents, Inven2 AS is entitled to two milestone
payments of MNOK 5.0 and MNOK 6.0 at the commencement of a clinical phase IIb and phase III study

in May 2020 due to the commencement of the INITIUM phase II trial. The milestone payments will be
capitalized in the balance sheet when paid to Inven2, and depreciated linearly until February 2031. The
patent period spans over 15 years and expires in 2031.
NON-CURRENT ASSETS 2020 (NOK 1 000)
OFFICE AND

PATENTS TOTAL
Accumulated cost as of 1 January 2020 1 782 4 000 5 782
Additions 282 5 000 5 282
Cost as of 31 December 2020 2 063 9 000 11 063
Accumulated depreciation and amortization as of 1 January 2020 (1 246) (1 156) (2 402)
Depreciations in the year (440) (551) (991)
Accumulated depreciation and amortization as of 31 December 2020 (1 686) (1 707) (3 393)
Carrying value as of 31 December 2020 377 7 293 7 671
Economic Life 3 years 15 years
Depreciation method linear linear
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Note 10: Other receivables
OTHER RECEIVABLES (NOK 1 000) 2021 2020
Government grants receivables (ref note 3) 5 314 6 941
Prepayments 878 748
Fair value of currency contracts 759 -
Other receivables 588 580
Total other receivables 7 539 8 269
Note 11: Cash and cash equivalents
CASH AND CASH EQUIVALENTS (NOK 1 000) 2021 2020
Employee withholding tax 1 855 1 829
Cash at bank 571 400 438 700
Cash and cash equivalents 573 255 440 529
Note 12: Share capital, shareholder information and dividend
In a private placement in October 2021, 2,160,000 new shares each with a par value of NOK 0.10 and
issued at a subscription price per share of NOK 125.0, resulting in gross proceeds from the share issue of
MNOK 270.
In March and October 2021, a total of 88,250 options, granted under Ultimovacs’ option program, were
exercised. Subsequently, the Company’s share capital was increased by NOK 8,825 by issuing 88,250 new
shares, each share of par value NOK 0.10.
In a private placement in May 2020, 4,113,111 new shares were issued at a price per share of NOK 38.90,
resulting in gross proceeds from the share issue of MNOK 160.
The transaction costs related to the share-issues amounted to MNOK 7.1 in 2020 and NOK 11.0 in 2021,
and have been recognized against share premium. For computation of earnings per share and diluted
earnings per share see Note 8.
The share capital as of 31 December 2021 was NOK 3,422,176.1, with 34,221,761 ordinary shares with a
nominal value of NOK 0.1. All issued shares have equal voting rights and the right to receive dividend.
No dividend has been paid in the period. Ultimovacs ASA has approximately 5,000 shareholders as of 31
December 2021, with the 20 largest shareholders as of this date listed in a table below on the next page.
The movement in the number of registered shares and share capital was in 2020 and 2021 as follows:
As of 31 December 2021, cash and cash equivalents amounted to MNOK 573.3, of which MNOK 47.9
(MEUR 4.8) on an EUR account.
CHANGES TO SHARE CAPITAL
SHARE CAPITAL
NUMBER OF SHARES
SHARE CAPITAL

1 January 2020 27 860 400 2 786 040.0
Issuance of ordinary shares 4 113 111 411 311.1
31 December 2020 31 973 511 3 197 351.1
Issuance of ordinary shares 2 248 250 224 825.0
31 December 2021 34 221 761 3 422 176.1
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Note 12: Share capital, shareholder information and dividend (continued)
THE 20 MAIN SHAREHOLDERS AS OF 31 DECEMBER 2021
NUMBER OF
SHARES
OWNERSHIP
INTEREST
Gjelsten Holding AS
6 495 866
19.0 %
Canica AS
2 705 957
7.9 %
Watrium AS 1 780 575 5.2 %
Inven2 AS 1 555 492 4.5 %
Radforsk Investeringsstiftelse 1 506 913 4.4 %
Folketrygdfondet 1 400 000 4.1 %
 1 389 006 4.1 %
Helene Sundt AS 965 802 2.8 %
CGS Holding AS 882 132 2.6 %
Sundt AS 803 321 2.3 %
Danske Invest Norge Vekst 736 440 2.2 %
Stavanger Forvaltning AS 596 999 1.7 %
Prieta AS 533 988 1.6 %
Verdipapirfondet Nordea Avkastning 483 573 1.4 %
JPMorgan Chase Bank, N.A., London 402 495 1.2 %
Verdipapirfondet KLP AksjeNorge 348 416 1.0 %
SEB Prime Solutions Sissener Canopus 324 000 0.9 %
Verdipapirfondet Nordea Kapital 282 549 0.8 %
Avanza Bank AB (Nominee) 274 520 0.8 %
Swedbank AB 258 629 0.8 %
20 Largest shareholders 23 726 673 69.3%
Other shareholders 10 495 088 30.7%
Total
34 221 761
100.0%
As of 31 December 2021, four members of the Management team in the Company held a total of 156,606
ordinary shares in Ultimovacs.
NUMBER OF SHARES HELD BY CEO AND THE BOARD OF DIRECTORS
AS OF 31 DECEMBER 2021
POSITION
NUMBER OF
SHARES
Carlos de Sousa CEO 11 906
 Board member 1 389 006
Leiv Askvig - through Basen Kapital AS Board member 91 500
Henrik Schussler - through Fireh AS Board member 30 900
Eva S. Dugstad Board member 6 400
 Board member 6 640
Håkan Englund - through JDS Invest AB Deputy Board member 73 650
Total shares held by CEO and Board of Directors 1 610 002
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Note 12: Share capital, shareholder information and dividend (continued)
THE 20 MAIN SHAREHOLDERS AS OF 31 DECEMBER 2020
NUMBER OF
SHARES
OWNERSHIP
INTEREST
Gjelsten Holding AS 6 171 866 19.3%
Canica AS 2 507 663 7.8%
Inven2 AS 1 866 658 5.8%
Watrium AS 1 740 575 5.4%
Radiumhospitalets Forskningsstiftelse 1 498 913 4.7%
 1 342 006 4.2%
Folketrygdfondet 1 190 000 3.7%
Helene Sundt AS 882 132 2.8%
CGS Holding AS 882 132 2.8%
Sundt AS 692 150 2.2%
Danske Invest Norge Vekst 690 000 2.2%
Stavanger Forvaltning AS 589 000 1.8%
Verdipapirfondet KLP AksjeNorge 585 000 1.8%
Verdipapirfondet Nordea Avkastning 524 817 1.6%
Brown Brothers Harriman (Lux.) SCA (Nominee) 522 113 1.6%
Prieta AS 520 988 1.6%
JP Morgan Chase Bank, N.A., London (Nominee) 439 137 1.4%
SEB Prime Solutions Sissener Canopus 425 000 1.3%
Swedbank AB 384 668 1.2%
Verdipapirfondet Nordea Kapital 283 471 0.9%
20 Largest shareholders 23 738 289 74.2%
Other shareholders 8 235 222 25.8%
Total 31 973 511 100.0%
NUMBER OF SHARES HELD BY CEO AND THE BOARD OF DIRECTORS
AS OF 31 DECEMBER 2020
POSITION
NUMBER OF
SHARES
Carlos de Sousa CEO 8 406
 Board member 1 342 006
Leiv Askvig - through Basen Kapital AS Board member 91 500
Henrik Schussler - through Fireh AS Board member 19 200
Eva S. Dugstad Board member 6 400
 Board member 5 040
Håkan Englund - through JDS Invest AB Deputy Board member 68 650
Total shares held by CEO and Board of Directors 1 541 202
As of 31 December 2020, three members of the Management team in the Company held a total of 149,106
ordinary shares in Ultimovacs.
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Note 13: Transactions with related parties
In 2015, Ultimovacs acquired the patent rights for the core UV1 technology from Inven2 AS, a major
shareholder in the Company. Based on the agreements, Invent2 AS is entitled to receive two potential

commencement of a clinical phase IIb and phase III study (or another registration study) respectively. The

INITIUM phase II trial.
Please refer to note 9 for additional information.
As part of ordinary business and at market price, Ultimovacs purchases services related to clinical
trials and laboratory services from Oslo University Hospital through Inven2 AS. Invoicing directly from or
administered by Inven2 AS amounted to MNOK 2.5 in 2020 and MNOK 4.3 in 2021 respectively (incl. VAT).
As per 31 December 2021, Ultimovacs had no outstanding payables to Inven2 AS.

shareholder contributions. In 2020, Ultimovacs ASA contributed with a total of MNOK 4.0 in unconditional
shareholder contributions to Ultimovacs AB, and MNOK 12.0 in 2021.
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Note 14: Liabilities

The Company has utilized the practical expedients relating to leases where short term leases and lease-
contracts of low value have not been recognized as right of use assets.
Expenses relating to short-term lease comprise lab premises and parking spaces in Oslo, Norway. These
contracts can be terminated by both lessee and lessor within 1 - 3 months.

LEASE EXPENSES (NOK 1 000) 2021 2020
Depreciation expense of right-of-use assets 1 698 1 729
Interest expense on lease liabilities 179 236
Expense relating to short-term leases (incl. in Other operating expenses) 502 568
Expense relating to low-value assets (incl. in Other operating expenses) 11 11
 2 391 2 545
LEASE LIABILITIES (NOK 1 000) 2021 2020
Lease liabilities as per 1 January
3 781 3 626
Additions
19 1 835
Cash payments for the principal portion of the lease liability
(1 716) (1 680)
Cash payments for the interest portion of the lease liability
(179) (236)
Interest expense on lease liabilities
179 236
Lease liabilities as per 31 December
2 084 3 782
Current
1 628 1 707
Non-current
457 2 075
RIGHT-OF-USE ASSETS 2021 (NOK 1 000) CARS OFFICE TOTAL
Right-of-use assets as per 1 January 2021 1 109 2 520 3 630
Depreciation costs during the year (429) (1 269) (1 698)
Extension options exercised / additions - 19 19
Balance sheet value as per 31 December 2021 680 1 270 1 951
RIGHT-OF-USE ASSETS 2020 (NOK 1 000) CARS OFFICE TOTAL
Right-of-use assets as per 1 January 2020 420 3 103 3 523
Depreciation costs during the year (469) (1 260) (1 729)
Extension options exercised / additions 1 158 679 1 835
Balance sheet value as per 31 December 2020 1 109 2 520 3 630
NON-DISCOUNTED LEASE LIABILITIES EXPIRING WITHIN THE FOLLOWING PERIODS
FROM THE BALANCE SHEET DATE (NOK 1 000)
2021 2020
Within 1 year 1 708 1 885
1 to 2 years 285 1 698
2 to 3 years 196 285
3 to 4 years - 196
4 to 5 years - -
Over 5 years - -
Sum 2 190 4 065
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Financial statements
Note 15: Share based payment
Share option program
A share option program was introduced in June 2019 and the Board was at the ordinary General Assembly
held on 15 April 2021 authorized to increase the Company’s share capital in connection with the share
incentive arrangement by up to NOK 320,032.60 until the next ordinary General Assembly in 2022.
The share option program is groupwide and includes all employees in the Group. After the distribution of
600,000 new options in 2021, a total of 1,833,585 share options are outstanding as per 31 December 2021
(net of exercised and lapsed options), corresponding to 5.36% of the outstanding number of shares in the
Company.
Each option gives the right to acquire one share in the Company and is granted without consideration.
Pursuant to the vesting schedule, 25% of the options will vest one year after the day of grant, 25% of the
options will vest two years after the day of grant and the remaining 50% will vest three years after the
day of grant.
The options granted in 2020 to the CEO, Carlos de Sousa, will vest with 33.33% one year following the
grant date, 33.33% after two years, and the remaining 33.34% on the third anniversary following the grant
date. Vesting is dependent on the option holder still being employed in the Company.
The exercise price for all options granted in 2019 was NOK 31.25, NOK 39.15 for the options granted in
2020 and NOK 61.99 for the options granted in 2021.
Options that are not exercised within 5 years from the date of grant will lapse and become void.
OUTSTANDING INSTRUMENTS OVERVIEW AT YEAR END 2021 2020
Number of instruments 1 833 585 1 330 435
Weighted Average Exercise Price (NOK) 44.77 36.16
Weighted Average Exercise Price on vested instruments (NOK) 35.42 31.25
Vested/Exercisable instruments as of 31 December 419 328 139 375
Weighted Average remaining contractual life (years) 3.46 4.03
MOVEMENTS OF OPTIONS DURING 2020
NUMBER OF
INSTRUMENTS
WEIGHTED AVERAGE
EXERCISE PRICE
Outstanding at 1 January 557 500 31.25
Granted during the year 846 885 39.15
Terminated during the year (73 950) 33.46
Exercised during the year - -
Expired during the year - -
Outstanding at 31 December 1 330 435 36.16
Vested options during the year 139 375 31.25
MOVEMENTS OF OPTIONS DURING 2021
NUMBER OF
INSTRUMENTS
WEIGHTED AVERAGE
EXERCISE PRICE
Outstanding at 1 January 1 330 435 36.16
Granted during the year 600 000 61.99
Terminated during the year (8 600) 39.15
Exercised during the year (88 250) 32.46
Expired during the year - -
Outstanding at 31 December 1 833 585 44.77
Vested options during the year 279 953 37.49
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Financial statements
Note 15: Share based payment (continued)
Assumptions, costs and social security provisions:
The Ultimovacs Employee Share Options’ fair value is calculated according to the IFRS-2 regulations.
As stated in IFRS-2 Appendix B §B5 the Black-Scholes-Merton Option Pricing Model (“B&S Model”) may
be used to estimate the fair value of employee share options, which is therefore used to estimate the

exercise price, the current price of the underlying shares, the life of the option, the expected volatility of
the share price, the dividends expected on the shares, and the risk-free interest rate for the life of the
option.
The exercise price is set out in the Ultimovacs Award Agreements with each employee and is stated in
the Norwegian Krone. The current price of the underlying shares used in the model is the last available
closing price of Ultimovacs at grant date.
The risk-free interest rate used in the B&S Model is equal to the rates of the government bond issues of
the country in whose currency the exercise price is expressed, with the term equal to the expected term
of the option being valued. Since the exercise price is expressed in Norwegian Krone, the “Norges Bank
Statskasseveksler” and “Obligasjoner”-rate is used as input. The interest rates used for the options with
term structures outside of the quoted terms of Norges Banks interest rates are calculated with the use
of a linear interpolation between the two closest quoted rates.
A dividend parameter is not included in the calculations.
The B&S Model assumes that the time from grant until expiry gives the time parameter in the model.
This assumption is based on the options being free from restraints and that the owner of the options
holds the right to sell the option in the market at any time. As this is not the case for most employee
share options, IFRS-2 Appendix B §B16-18, states that a shorter time period can be used as the expected
lifetime of the options in some cases. Half a year after vesting date is therefore assumed to be the
estimated end-of-lifetime of each option in the model. However, exercise patterns will be monitored, and
expected option lifetime will be updated if needed for future grants.


estimate the expected volatility.
The fair value of the granted instruments in 2020 and 2021 have been calculated using a Black Scholes
model with the following assumptions:
*Weighted average parameters at grant of instrument


FAIR VALUE PRICING ASSUMPTIONS 2021 2020
Instrument Option Option
Quantity as of 31 December 600 000 846 885
Contractual life* 5.00 5.00
Exercise price* 61.99 39.15
Share price* 62.10 39.00
Expected lifetime* 3.25 2.64
Volatility* 48.12% 71.04%
Interest rate* 0.067% 0.081%
Dividend* - -
Fair value per instrument* 20.79 16.65
Vesting conditions Service condition
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Financial statements
Note 15: Share based payment (continued)
Note 16: Other current liabilities
OTHER CURRENT LIABILITIES (NOK 1 000) 2021 2020
Public duties payable 3 076 3 222
Public duties payable related to options 12 009 4 031
Holiday pay payable 3 032 2 559
Accrued salary (severance pay) - 3 024
Other accrued expenses 6 937 3 555
Sum 25 055 16 392
NUMBER OF OPTIONS HELD BY MANAGEMENT TEAM POSITION 2021 2020
Carlos de Sousa  416 035 362 185
Hans Vassgård Eid  177 500 118 500
  168 000 109 000
Audun Tornes  107 500 72 500
  107 500 72 500
Ingunn Hagen Westgaard Head of Research 107 500 72 500
Øivind Foss Head of Clinical Operations 107 500 72 500
Ton Berkien 
(Ultimovacs AB) 59 000 -
 Head of IR and Communication - n.a.
Orla Mc Callion Head of Reg. and QA
(Ultimovacs AB) - n.a.
Total allocated share options to Management Team 1 250 535 879 685
Note 17: Financial instruments
2021 2021 2020 2020
FINANCIAL ASSETS (NOK 1 000)
CARRYING
VALUE
FAIR VALUE
CARRYING
VALUE
FAIR VALUE
Foreign exchange forward contracts 759 759 - -
 759 759 - -

value of those foreign exchange forward contracts that are not designated in hedge relationships, but
are, nevertheless, intended to reduce the level of foreign currency risk for expected purchases.
Foreign exchange forward contracts are valued at fair value which is also the market value of the
contract based on the use of market observable inputs at Level 1 of the fair value hierarchy. Market

counterparty on available market rates at reporting date.
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Note 17: Financial instruments (continued)


risk. Management continuously evaluates these risks and determines policies related to how these risks




deposits in banks.


due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always


Interest rate risk


Foreign currency risk

because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign
exchange-rates relates to the Company’s operating activities, primarily expenses in USD, EUR, SEK and
GBP. The Company has during 2021 converted cash to EUR and entered into EUR swaps to mitigate the
foreign exchange risk and to get a better predictability regarding future costs. The fair value of forward
exchange contracts are determined using the forward exchange rate at the end of the reporting period,
with changes in the value recognized in the income statement. In the income statement, impacts from


The table below show a sensitivity to a 10% increase/decrease in EUR, GBP, USD and SEK against NOK

FOREIGN CURRENCY SENSITIVITY (NOK 1 000) CHANGE IN FOREIGN CURRENCY 2021 2020
EUR
+10% 26 513 3 350
-10% (26 513) (3 350)
GBP
+10% 446 369
-10% (446) (369)
USD
+10% 821 1 368
-10% (821) (1 368)
SEK
+10% 1 451 853
-10% (1 451) (853)
INTEREST RATE SENSITIVITY (NOK 1 000) CHANGE IN INTEREST RATE 2021 2020
Bank deposits
+2% 8 284 8 357
-2% (8 284) (8 357)
+5% 20 709 20 892
-5% (20 709) (20 892)




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Financial statements
Note 17: Financial instruments (continued)
Fair value
The Management assessed that the fair values of cash and cash equivalents, accounts receivable,
accounts payable and other current liabilities approximate their carrying amounts largely due to the
short-term maturities of these instruments.
Capital management
The Company manages its capital to ensure that Company will be able to continue as a going concern
while maximizing the return to stakeholders through the optimization of the debt and equity balance.
The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market

in the future in order to continue its research, execute planned clinical studies and commercialize

continuous planning and reporting.
The capital structure of the Company consists of equity attributable to owners of the Company,
comprising share capital, share premium and accumulated losses.
The Company is not subject to any externally imposed capital requirements.
On the 10 July 2018, Ultimovacs ASA acquired 100% of the shares in the Swedish biotech company TET
Pharma AB, now Ultimovacs AB, from Immuneed AB at a consideration of MNOK 50.5 (MSEK 55.0). The

SEKk 50.

shareholder contributions. As at 31 December 2021, Ultimovacs AS has contributed with a total of MNOK

The impairment test performed as of 31 December 2021 did not result in any impairment of book value of
the investment in Ultimovacs AB. The impairment test was based on the same assumptions as used in
the impairment test of “goodwill” and “licenses” in the group accounts.
Note 18: Investment in subsidiary
INVESTMENT IN SUBSIDIARY (NOK 1 000) 2021 2020
Investment in subsidiary as at 01 January 65 512 61 512
Unconditional shareholder contribution to Ultimovacs AB 12 000 4 000
Investment in subsidiary as at 31 December 77 512 65 512
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Financial statements
Note 19: Events after the balance sheet date and COVID-19
In February 2022, as part of the Q4 2021 reporting, Ultimovacs provided an update on guidance
regarding topline data readouts for its Phase II clinical trials. Despite earlier and current pandemic-
related challenges, the levels of patient enrollment have been increasing in both INITIUM and NIPU. The

than during the second half of 2022 as indicated in the early guidance given in 2019 before either study
started.
The DOVACC and FOCUS trials are still in their early stages of hospitals/clinical site activation, and the
start-up phase of both has taken somewhat longer than originally planned. Ultimovacs has guided that
the readouts of topline results are expected to take place in 2023 and have done so since the trials

2022 with topline results expected by the end of 2024. Once each of the three trials DOVACC, FOCUS and

review guidance and expects to give an update with the Q4 2022 report.
On May 19, 2021, Ultimovacs announced a 60% Objective Response Rate (30% complete responses plus

responder was changed to stable disease, resulting in a 57% objective response rate. In March 2022,
one partial responder in this cohort was changed to complete response. The ORR remains the same,
however, complete response rate is now 35% for this cohort, and 33% (previously 30%) for cohort 1 and 2
combined.


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Statsautoriserte revisorer
Ernst & Young AS
Dronning Eufemias gate 6a, 0191 Oslo
Postboks 1156 Sentrum, 0107 Oslo
Foretaksregisteret: NO 976 389 387 MVA
Tlf: +47 24 00 24 00
www.ey.no
Medlemmer av Den norske Revisorforening
A member firm of Ernst & Young Global Limited
INDEPENDENT AUDITOR'S REPORT
To the Annual Shareholders' Meeting of Ultimovacs ASA
Opinion
We have audited the financial statements of Ultimovacs ASA (the Company), which comprise the
financial statements of the Company and the consolidated financial statements of the Company and its
subsidiaries (the Group). The financial statements of the Company and the Group comprise the statement
of financial position as at 31 December 2021, the statement of profit and loss and other comprehensive
income, statement of cash flows and statement of changes in equity for the year then ended, and notes to
the financial statements, including a summary of significant accounting policies.
In our opinion, the financial statements comply with applicable legal requirements and give a true and fair
view of the financial position of the Company and the Group as at 31 December 2021 and its financial
performance and cash flows for the year then ended in accordance with International Financial Reporting
Standards as adopted by the EU.
Our opinion is consistent with our additional report to the audit committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of
the financial statements section of our report. We are independent of the Company and the Group in
accordance with the requirements of the relevant laws and regulations in Norway and the International
Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit
Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for seven years from the election by the general meeting of
the shareholders on 21 April 2015 for the accounting year 2015.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements for 2021. We have determined that there are no key audit matters to
communicate in our report.
Other information
Other information consists of the information included in the annual report other than the financial
statements and our auditor’s report thereon. Management (the board of directors and Chief Executive
Officer) is responsible for the other information. Our opinion on the financial statements does not cover
the other information, and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information,
and, in doing so, consider whether the board of directors’ report, the statement on corporate governance
and the statement on corporate social responsibility contain the information required by applicable legal
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3
Independent auditor's report - Ultimovacs ASA 2021
A member firm of Ernst & Young Global Limited
Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
We communicate with the board of directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the audit committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the board of directors, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirement
Report on compliance with regulation on European Single Electronic Format (ESEF)
Opinion
As part of our audit of the financial statements of Ultimovacs ASA we have performed an assurance
engagement to obtain reasonable assurance whether the financial statements included in the annual
report, with the file name ultimovacsasa-2021-12-31-en, has been prepared, in all material respects, in
compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the
European Single Electronic Format (ESEF Regulation) and regulation given with legal basis in Section 5-
5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the
annual report in XHTML format and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements included in the annual report have been prepared, in all material
respects, in compliance with the ESEF Regulation.
Management’s responsibilities
Management is responsible for the preparation of an annual report and iXBRL tagging of the consolidated
financial statements that complies with the ESEF Regulation. This responsibility comprises an adequate
process and such internal control as management determines is necessary to enable the preparation of
an annual report and iXBRL tagging of the consolidated financial statements that is compliant with the
ESEF Regulation.
Auditor’s responsibilities
Our responsibility is to express an opinion on whether, in all material respects, the financial statements
included in the annual report have been prepared in accordance with the ESEF Regulation based on the
evidence we have obtained. We conducted our engagement in accordance with the International
Standard for Assurance Engagements (ISAE) 3000 – “Assurance engagements other than audits or
reviews of historical financial information”. The standard requires us to plan and perform procedures to
obtain reasonable assurance that the financial statements included in the annual report have been
prepared in accordance with the ESEF Regulation.
As part of our work, we performed procedures to obtain an understanding of the company’s processes for
preparing its annual report in XHTML format. We evaluated the completeness and accuracy of the iXBRL
Chapters
1
2
3
4
5
110 ULTIMOVACS2021
4
Independent auditor's report - Ultimovacs ASA 2021
A member firm of Ernst & Young Global Limited
tagging and assessed management’s use of judgement. Our work comprised reconciliation of the iXBRL
tagged data with the audited financial statements in human-readable format. We believe that the
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Oslo, 24 March 2022
ERNST & YOUNG AS
The auditor's report is signed electronically
Tommy Romskaug
State Authorised Public Accountant (Norway)
Chapters
1
2
3
4
5
111 ULTIMOVACS2021
4
Independent auditor's report - Ultimovacs ASA 2021
A member firm of Ernst & Young Global Limited
tagging and assessed management’s use of judgement. Our work comprised reconciliation of the iXBRL
tagged data with the audited financial statements in human-readable format. We believe that the
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Oslo, 24 March 2022
ERNST & YOUNG AS
The auditor's report is signed electronically
Tommy Romskaug
State Authorised Public Accountant (Norway)
Chapters
1
2
3
4
5
WORDS / TERMS DESCRIPTION
General/basic terms
UV1 UV1 is Ultimovacs’ synthetic peptide vaccine
Peptides
Peptides are short or long-chains of amino acids, and amino acids are the building
blocks of protein.
Immune response The activity of the immune system against foreign substances (antigens).
Adjuvant 
GM-CSF
“Granulocyte-macrophage colony-stimulating factor”. Ultimovacs uses GM-CSF
as adjuvant together with UV1 to strengthen the ability of UV1 to stimulate the
immune system.
Immune checkpoint inhibitors

brakes necessary to balance a normal immune response. The downside to these
brakes is that it makes it easier for a tumor to grow because the immune sys-

system becomes more potent in killing tumor cells. PD-1 / PDL-1 inhibitors (e.g.,
pembrolizumab and nivolumab) and CTLA-4 inhibitors (e.g. ipilimumab). There are
many others in development.
Investigational New Drug (IND)
The United States Food and Drug Administration’s Investigational New Drug (IND)
program is the means by which a pharmaceutical company obtains permission
to start human clinical trials and to ship an experimental drug across state lines
(usually to clinical investigators) before a marketing application for the drug has
been approved. Similar procedures are followed in the European Union, Japan, and
Canada.
CTLA-4
A protein found on T cells (a type of immune cell) that helps balancing a normal
immune response. The balance is needed to avoid collateral damage of normal
cells. When CTLA-4 is bound to another protein called B7, it helps keep T cells
from multiplying and killing other cells, including cancer cells. Ipilimumab works
-
point inhibitor to reach the market.
PARP Inhibitor
PARP inhibitors are a group of pharmacological inhibitors of the enzyme poly ADP
ribose polymerase. They are developed for multiple indications, including the
treatment of heritable cancers. Several forms of cancer are more dependent on
PARP than regular cells, making PARP an attractive target for cancer therapy
PD-1 / PD-L1
A protein found on T cells (a type of immune cell) that helps balancing a normal
immune response. The balance is needed to avoid collateral damage of normal
cells. When PD-1 is bound to another protein called PD-L1, it helps keep T cells
from killing other cells, including cancer cells. Some anticancer drugs, called
immune checkpoint inhibitors, are used to block PD-1 or PD-L1. When this check-
point is blocked, the “brakes” on the immune system are released and the ability
of T cells to kill cancer cells is increased.
Telomere
To prevent the loss of genes as chromosome ends wear down, the tips of eukary-
otic chromosomes have specialized DNA “caps” called telomeres.
Telomerase
Some cells have the ability to reverse telomere shortening by expressing telomer-
ase (hTERT), an enzyme that extends the telomeres of chromosomes. Telomerase
is expressed at a high level in over 80% of human tumors. UV1 uses telomerase
(hTERT) as an immune therapy target.
Tetanus
Tetanus (Norwegian: “Stivkrampe”) is a serious illness contracted through expo-
sure to the spores of the bacterium, Clostridium tetani, which live in soil, saliva,
dust, and manure. The bacteria can enter the body through deep cuts, wounds or
-
tractions, particularly of the jaw and neck muscle, and is commonly known as
“lockjaw”. Tetanus vaccination protects against the disease.
PARP and Checkpoint inhibitors
Ipilimumab Anti-CTLA-4 checkpoint inhibitor from BMS (Bristol-Myers Squibb)
Nivolumab Anti-PD-1 checkpoint inhibitor from BMS (Bristol-Myers Squibb)
Pembrolizumab Anti-PD-1 checkpoint inhibitor from Merck
Durvalumab Anti-PD-L1 checkpoint inhibitor from AstraZeneca
Olaparib PARP inhibitor from AstraZeneca
Glossary
WORDS / TERMS DESCRIPTION
Clinical trial terms
CR
Complete response (The disappearance of all signs of cancer in response to treat-
ment. Also called complete remission.)
DOR
Duration of response (The length of time that a tumor continues to respond to
treatment without the cancer growing or spreading.)
PR
Partial response (A decrease in the size of a tumor, or in the extent of cancer in
the body, in response to treatment. Also called partial remission.)
SD
Stable disease (Cancer that is neither decreasing nor increasing in extent or sever-
ity.)
PD Progressive disease (Cancer that is growing, spreading, or getting worse.)
ORR Overall response rate = CR + PR
OS
Overall survival (The length of time from either the date of diagnosis or the start of
treatment for a disease, such as cancer, that patients diagnosed with the disease
are still alive. In a clinical trial, measuring the overall survival is one way to see
how well a new treatment works.)
PFS
Progression-free survival (The length of time during and after the treatment of a
disease, such as cancer, that a patient lives with the disease but it does not get
worse. In a clinical trial, measuring the progression-free survival is one way to see
how well a new treatment works.)
mPFS
Median overall survival mean (The length of time during and after the treatment of
a disease, such as cancer, that half of the patients in a group of patients diag-
nosed with the disease are still alive.)
Medical terms
Intradermal
In order to initiate an immune response, a vaccine must be taken up by antigen
presenting cells (dendritic cells). UV1 is administered via the intradermal route, i.e.
injection in the dermis, one of the layers of the skin. This layer, underneath the
epidermis, is highly vascularized and contains a large amount of immune cells,
mainly dermal dendritic cells.
Biopsy
A piece of tissue, normal or pathological removed from the body for the purpose of
examination.
IgE
Immunoglobulin E (IgE) are antibodies produced by the immune system. If you
have an allergy, your immune system overreacts to an allergen (what you are al-
lergic to) by producing IgE. These antibodies travel to cells that release chemicals,
causing an allergic reaction when an allergen enters the body.
Metastasis/
Metastatic cancer
The development of malignant growths at a distance from a primary site of can-
cer/
Metastatic cancer is cancer that spreads from its site of origin to another part of
the body.
SAE

medical occurrence that at any dose
1. results in death,
2. is life-threatening
3. requires inpatient hospitalization or causes prolongation of
existing hospitalization

5. is a congenital anomaly/birth defect, or
6. requires intervention to prevent permanent impairment or
damage.


an event which hypothetically might have caused death if it were more severe. Ad-

or clinical investigation subject administered a pharmaceutical product and which
does not necessarily have to have a causal relationship with this treatment.”
PSA

PSA is present in small quantities in the serum of men with healthy prostates, but
is often elevated in the presence of prostate cancer or other prostate disorders.
Glossary
Ultimovacs ASA
Ullernchausséen 64
0379 Oslo
Norway
E-mail: ir@ultimovacs.com
Telephone: + 47 413 80 080
Ultimovacs AB
Dag Hammarskjölds Väg 30
752 37 Uppsala
Sweden
www.ultimovacs.com
Our mission is to extend and improve the life of patients by directing the
immune system against the core of cancer.
We will provide universally accessible solutions.
254900B4VALJZR9TL7442021-01-012021-12-31254900B4VALJZR9TL7442020-01-012020-12-31254900B4VALJZR9TL7442021-12-31254900B4VALJZR9TL7442020-12-31254900B4VALJZR9TL7442019-12-31254900B4VALJZR9TL7442019-12-31ifrs-full:IssuedCapitalMember254900B4VALJZR9TL7442019-12-31ifrs-full:SharePremiumMember254900B4VALJZR9TL7442019-12-31ULT:PaidInCapitalMember254900B4VALJZR9TL7442019-12-31ifrs-full:RetainedEarningsMember254900B4VALJZR9TL7442019-12-31ifrs-full:OtherReservesMember254900B4VALJZR9TL7442019-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember254900B4VALJZR9TL7442020-01-012020-12-31ifrs-full:IssuedCapitalMember254900B4VALJZR9TL7442020-12-31ifrs-full:IssuedCapitalMember254900B4VALJZR9TL7442020-01-012020-12-31ifrs-full:SharePremiumMember254900B4VALJZR9TL7442020-12-31ifrs-full:SharePremiumMember254900B4VALJZR9TL7442020-01-012020-12-31ULT:PaidInCapitalMember254900B4VALJZR9TL7442020-12-31ULT:PaidInCapitalMember254900B4VALJZR9TL7442020-01-012020-12-31ifrs-full:RetainedEarningsMember254900B4VALJZR9TL7442020-12-31ifrs-full:RetainedEarningsMember254900B4VALJZR9TL7442020-01-012020-12-31ifrs-full:OtherReservesMember254900B4VALJZR9TL7442020-12-31ifrs-full:OtherReservesMember254900B4VALJZR9TL7442020-01-012020-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember254900B4VALJZR9TL7442020-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember254900B4VALJZR9TL7442021-01-012021-12-31ifrs-full:IssuedCapitalMember254900B4VALJZR9TL7442021-12-31ifrs-full:IssuedCapitalMember254900B4VALJZR9TL7442021-01-012021-12-31ifrs-full:SharePremiumMember254900B4VALJZR9TL7442021-12-31ifrs-full:SharePremiumMember254900B4VALJZR9TL7442021-01-012021-12-31ULT:PaidInCapitalMember254900B4VALJZR9TL7442021-12-31ULT:PaidInCapitalMember254900B4VALJZR9TL7442021-01-012021-12-31ifrs-full:RetainedEarningsMember254900B4VALJZR9TL7442021-12-31ifrs-full:RetainedEarningsMember254900B4VALJZR9TL7442021-01-012021-12-31ifrs-full:OtherReservesMember254900B4VALJZR9TL7442021-12-31ifrs-full:OtherReservesMember254900B4VALJZR9TL7442021-01-012021-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember254900B4VALJZR9TL7442021-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMemberiso4217:NOKiso4217:NOKxbrli:shares