Vivoryon Therapeutics N.V.
Notes to the Unaudited Condensed Interim Financial Statements
1. Company information
Vivoryon Therapeutics N.V. is a Dutch public company with limited liability (‘Naamloze Vennootschap’) that
has its statutory seat in Amsterdam, the Netherlands and branch offices in Halle (Saale) and Munich, Germany. The
Company’s ordinary shares are listed under the ticker symbol ‘VVY’ with NL00150002Q7 on Euronext
Amsterdam, the Netherlands. The Company is registered with the name Vivoryon Therapeutics N.V. in the Trade
Register of the Netherlands Chamber of Commerce under number 81075480. The Company’s registered office and
business address is Weinbergweg 22, 06120 Halle (Saale), Germany.
Vivoryon Therapeutics N.V. (hereinafter also referred to as ‘Vivoryon’ or the ‘Company’), has activities in the
areas of research, preclinical and clinical development of therapeutic drug candidates. The product pipeline currently
includes several research and development programs with a focus on the inhibition of the enzyme Glutaminyl
Cyclase (‘QC’ or ‘QPCT’) and its iso-form iso-Glutaminyl Cyclase (iso-QC or QPCTL) for the treatment of
Alzheimer’s disease and other diseases. Vivoryon Therapeutics extended its portfolio in 2020 by acquiring patents
for the further development of Meprin protease inhibitors which have a therapeutic potential for a range of
indications including acute and chronic kidney disease and multiple organ fibrosis. The activities of the Company
are carried out in Germany being the primary location for its development activities.
2. Basis of accounting
The condensed interim financial statements of Vivoryon have been prepared in accordance with International
Financial Reporting Standards as adopted in the European Union (herein ‘IFRS’). These condensed interim financial
statements for the six-month reporting periods ended June 30, 2023 and 2022 have been prepared in accordance with
IAS 34 Interim Financial Reporting. These condensed interim financial statements do not include all the
information and disclosures required in the annual financial statements. Accordingly, this report is to be read in
conjunction with the financial statements in our annual report for the year ended December 31, 2022.
The condensed interim financial statements were authorized for issue by the board of directors on August 4,
2023. The Board declares that, to the best of its knowledge, the condensed interim financial statements for the six
months ended June 30, 2023 provide a true and fair view of the assets, liabilities, financial position and profit or loss
of the Company in accordance with IFRS, and the Report provides a true and fair view of the position of the
Company as at June 30, 2023 and the development of the business during the six months period ended June 30,
2023.
These condensed interim financial statements are presented in thousands of Euro (EUR), which is also the
functional currency of Vivoryon Therapeutics N.V. All financial information presented in Euro has been rounded to
the nearest thousand (abbreviation EUR thousand) or million (abbreviated EUR million).
The accounting policies adopted are consistent with those followed in the preparation of the Company’s annual
financial statements for the year ended December 31, 2022. The Company has not early adopted any other standard,
interpretation or amendment that has been issued but is not yet effective.
3. Going Concern
The Company has evaluated whether there are certain conditions and events, considered in the aggregate, that
may cast significant doubt about the Company’s ability to continue as a going concern.
As a clinical stage biopharmaceutical company, the Company has incurred operating losses since inception. For
the six months periods ended June 30, 2023, the Company incurred a net loss of EUR 10.7 million (including an
operating loss amounting to EUR 10.7 million, resulting in an operating cash outflow of EUR 20.3 million). As of
June 30, 2023, the Company had generated an accumulated deficit of EUR 131.2 million and had an equity position
amounting to EUR 41.5 million. The Company expects it will continue to generate significant operating losses for
the foreseeable future due to, among other things, costs related to research funding, development of its product
candidates and its preclinical programs, strategic alliances and its administrative organization. As of September 7,
2023, the issuance date of the condensed interim financial statements for the six months periods ended June 30,
2023, the Company expects on the basis of its most recent financing and business plan that its existing cash and cash
equivalents will be sufficient to fund its research and development expenses, general and administrative expenses
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