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Share-Based Payments (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-Based Payments |
Schedule of granted warrants |
|  |  |  | Weighted |  | Weighted
|  |  |  | Average |  | Average
|  |  |  | Exercise |  | Remaining
|  | Number of |  | Price/Share |  | Contractual
|  | warrants |  | (DKK) |  | Life (years)
Warrants granted as at January 1, 2018* |  | 1,481,796 |  | DKK 1 |  | 19
Warrants granted** |  | 192,528 |  | 1 |  | 18
Warrants granted as at December 31, 2018 |  | 1,674,324 |  | 1 |  | 18
Warrants granted** |  | 257,832 |  | 1 |  | 17
Warrants granted as at December 31, 2019 |  | 1,932,156 |  | 1 |  | 17
Warrants granted |  | 363,168 |  | 1 |  | 11
Warrants forfeited |  | (45,216) |  | 1 |  | 16
Warrants cancelled |  | (22,032) |  | 1 |  | 16
Warrants granted as at December 31, 2020 |  | 2,228,076 |  | DKK 1 |  | 15
Warrants exercisable as at December 31, 2019 |  | — |  | — |  | —
Warrants exercisable as at December 31, 2020 |  | — |  | — |  | —
*In the articles of association 1,532,952 warrants have been granted, which is in excess of the 1,481,796 warrants due to resignations and forfeitures. **The warrants are not incorporated in the articles of association. Rectification conducted in October 2020.
Schedule of share based compensation included in statements of comprehensive loss |
|  | Years Ended
|  | December 31,
|  | 2020 |  | 2019 |  | 2018
|  | (USD in thousands)
Research and development expenses |  | $ | 1,496 |  | $ | 1,021 |  | $ | 896
General and administrative expenses |  |  | 1,912 |  |  | 1,341 |  |  | 1,173
Total |  | $ | 3,408 |  | $ | 2,362 |  | $ | 2,069
Schedule of outstanding warrants by grant date | The following schedule specifies the outstanding warrants as at December 31, 2020:
|  | Per |  |  |  |  |  |
|  | warrant |  |  |  | Average |  | Remaining
|  | grant |  | Number of |  | exercise price |  | term to
|  | date fair value |  | warrants |  | per warrant |  | maturity
Outstanding program |  | (DKK) |  | outstanding |  | (DKK) |  | (years)
Grant (December 2016) |  | 20.91 |  | 712,332 |  | 1 |  | 16
Grant (April 2017) |  | 24.05 |  | 13,896 |  | 1 |  | 16
Grant (September 2017) |  | 28.71 |  | 617,184 |  | 1 |  | 16
Grant (December 2017) |  | 28.71 |  | 127,044 |  | 1 |  | 16
Grant (during 2018) |  | 37.05 |  | 181,836 |  | 1 |  | 16
Grant (February 2019) |  | 42.57 |  | 7,956 |  | 1 |  | 16
Grant (September 2019) |  | 56.35 |  | 54,000 |  | 1 |  | 16
Grant (October 2019) |  | 56.97 |  | 150,660 |  | 1 |  | 16
Grant (December 2020) |  | 56.75 |  | 363,168 |  | 1 |  | 11
Granted at December 31, 2020 |  |  |  | 2,228,076 |  | 1 |  | 15
Warrants exercisable at December 31, 2020 |  |  |  | — |  |  |  |
The following schedule specifies the outstanding warrants as at December 31, 2019:
|  | Per |  |  |  |  |  |
|  | warrant |  |  |  | Average |  | Remaining
|  | grant |  | Number of |  | exercise price |  | term to
|  | date fair value |  | warrants |  | per warrant |  | maturity
Outstanding program |  | (DKK) |  | outstanding |  | (DKK) |  | (years)
Grant (December 2016) |  | 20.91 |  | 712,332 |  | 1 |  | 17
Grant (April 2017) |  | 24.05 |  | 13,896 |  | 1 |  | 17
Grant (September 2017) |  | 28.71 |  | 617,184 |  | 1 |  | 17
Grant (December 2017) |  | 28.71 |  | 138,384 |  | 1 |  | 17
Grant (during 2018)(1)** |  | 37.05 |  | 192,528 |  | 1 |  | 17
Grant (January 2019)(1)** |  | 37.05 |  | 45,216 |  | 1 |  | 17
Grant (February 2019)** |  | 42.57 |  | 7,956 |  | 1 |  | 17
Grant (September 2019)** |  | 56.35 |  | 54,000 |  | 1 |  | 17
Grant (October 2019)** |  | 56.97 |  | 150,660 |  | 1 |  | 17
Granted at December 31, 2019 |  |  |  | 1,932,156 |  | 1 |  | 17
Warrants exercisable at December 31, 2019 |  |  |  | — |  |  |  |
| (1) |  | Awards valued on December 31, 2018 and January 1, 2019, respectively.
**The warrants are not incorporated in the articles of association. Rectification was conducted in December 2020. The following schedule specifies the outstanding warrants as at December 31, 2018:
|  | Per |  |  |  |  |  |
|  | warrant |  |  |  | Average |  | Remaining
|  | grant |  | Number of |  | exercise price |  | term to
|  | date fair value |  | warrants |  | per warrant |  | maturity
Outstanding program |  | (DKK) |  | outstanding |  | (DKK) |  | (years)
Grant (December 2016) |  | 20.91 |  | 712,332 |  | 1 |  | 18
Grant (April 2017) |  | 24.05 |  | 13,896 |  | 1 |  | 18
Grant (September 2017) |  | 28.71 |  | 617,184 |  | 1 |  | 18
Grant (December 2017) |  | 28.71 |  | 138,384 |  | 1 |  | 18
Grant (during 2018)** |  | 37.05 |  | 192,528 |  | 1 |  | 18
Granted at December 31, 2018 |  |  |  | 1,674,324 |  | 1 |  | 18
Warrants exercisable at December 31, 2018 |  |  |  | — |  |  |  |
**The warrants are not incorporated in the articles of association. Rectification will be conducted in December 2020.
Schedule of share based awards to Board of Directors and Executive Management | The Board of Directors and Executive Management holding of share awards for the years ended December 31, 2018, 2019 and 2020 is shown below:
|  |  |  |  |  |  |  |  |  |  |  | Warrants held when |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | becoming or leaving |  |  |  |  |  |
|  | January 1, |  |  |  | December 31, |  |  |  | December 31, |  | as a member |  |  |  |  |  | December 31,
Number of warrants held |  | 2018 |  | Granted |  | 2018 |  | Granted |  | 2019 |  | of management |  | Granted |  | Forfeited |  | 2020
Thomas William Wylonis 1 |  | 293,364 |  | 49,248 |  | 342,612 |  | — |  | 342,612 |  | (369,252) |  | 26,640 |  | — |  | —
Steven Projan |  | — |  | 23,436 |  | 23,436 |  | — |  | 23,436 |  | — |  | 18,612 |  | — |  | 42,048
Roberto Prego |  | 7,416 |  | 12,384 |  | 19,800 |  | — |  | 19,800 |  | — |  | 14,364 |  | — |  | 34,164
Joann Suzich |  | — |  | — |  | — |  | — |  | — |  | — |  | 10,260 |  | — |  | 10,260
Marianne Søgaard 2 |  | — |  | — |  | — |  | — |  | — |  | 65,952 |  | 28,368 |  | — |  | 94,320
Helen Boudreau 3 |  | — |  | — |  | — |  | — |  | — |  | — |  | 5,436 |  | — |  | 5,436
Kim Bjørnstrup (former)4 |  | — |  | — |  | — |  | — |  | — |  | (5,868) |  | 5,868 |  | — |  | —
Board of Directors in total |  | 300,780 |  | 85,068 |  | 385,848 |  | — |  | 385,848 |  | (309,168) |  | 109,548 |  | — |  | 186,228
Lars Aage Staal Wegner |  | 840,528 |  | 3,888 |  | 844,416 |  | — |  | 844,416 |  | — |  | 7,668 |  | — |  | 852,084
Thomas Bogenrieder (former)5 |  | 4,356 |  | — |  | 4,356 |  | 45,216 |  | 49,572 |  | (4,356) |  | — |  | (45,216) |  | —
Glenn S. Vraniak |  | — |  | — |  | — |  | 150,660 |  | 150,660 |  | — |  | — |  | — |  | 150,660
Executive Management in total |  | 844,884 |  | 3,888 |  | 848,772 |  | 195,876 |  | 1,044,648 |  | (4,356) |  | 7,668 |  | (45,216) |  | 1,002,744
| (1) |  | Board member until June 30, 2020, 252 warrants were granted for services provided after retirement from the Board of Director position.
| (2) |  | As of November 25, 2020, 26,964 warrants were granted for services provided before taking on the Board of Directors position
| (3) |  | Board member from June 30, 2020
| (4) |  | Board member from June 30, 2020 to November 4, 2020
| (5) |  | Board member until March 31, 2020

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