RefuelBio ApS
Key figures
- Return on assets
- -61.3%
- Return on equity
- -51.2%
- Current ratio
- 903.7%
- Equity ratio
- 88.9%
Profit and loss
| Reporting period | |
|---|---|
Gross profit | -13,452,308 |
Operating profit | -14,170,662 |
Finance income | 448,773 |
Finance expenses | 14,272 |
Tax expense | -3,209,185 |
Profit/loss for the year | -10,526,976 |
Employees
| Reporting period | |
|---|---|
Avg. employees | 1 |
Personnel costs | 718,354 DKK |
Balance sheet
| Reporting period | |
|---|---|
Cash and cash equivalents | 19,374,955 |
Current assets | 23,133,856 |
Total assets | 23,133,856 |
Equity | 20,574,053 |
Liabilities | 2,559,803 |
Current liabilities | 2,559,803 |
Working capital
| Reporting period | |
|---|---|
Other current receivables | 484,921 |
Trade payables | 1,490,022 |
Capital and dividend
| Reporting period | |
|---|---|
Contributed capital | 394,272 |
Retained earnings | 20,179,781 |
Annual report highlights
Business and development
RefuelBio ApS’ primary activity consists of early-stage research and development of a novel medical drug candidate aimed at preventing muscle loss. The Company focuses on conditions where weight loss is accompanied by muscle loss, including obesity, type 2 diabetes, and other related medical indications. At present, the Company does not generate significant commercial revenue, as its activities are primarily related to research and development.
The income statement for 2025 shows a loss of DKK 10,527 thousand against a loss of DKK 6,198 thousand last year, and the balance sheet at 31 December 2025 shows equity of DKK 20,574 thousand.
Capital increaseIn 2025, the Company conducted two capital increases, resulting in the issuance of a total of 212,512 shares with a nominal value of DKK 1 each. The total net proceeds received from these capital increases amounted to DKK 22.3 million.
Financing and going concern assumptionThe financial statements have been prepared on a going concern basis. The Company incurs losses from its operations and is financed through cash capital increases. Based on the Company’s net current assets, a cash capital increase completed after the balance sheet date, and management’s plans for operations in 2026, management has concluded that the Company is able to continue its operations as a going concern for at least 12 months from the balance sheet date and through 31 December 2026.
Risks and material matters
The financial statements have been prepared on a going concern basis. The Company incurs losses from its operations and is financed through cash capital increases. Based on the Company’s net current assets, a cash capital increase completed after the balance sheet date, and management’s plans for operations in 2026, management has concluded that the Company is able to continue its operations as a going concern for at least 12 months from the balance sheet date and through 31 December 2026.
In May 2026, the company executed a cash capital increase of nominal DKK 424,312. Total proceeds received from the capital increase amounted to DKK 44.6 million.
No other events materially affecting the Company's financial position have occurred subsequent to the financial year-end.
Commitments and security
The Company is jointly taxed with its parent company, Novo Holdings A/S, which acts as management company, and has limited and alternative liability together with other jointly taxed group entities for payment of income taxes for income year 2025 onwards as well as withholding taxes on interest, royalties and dividends falling due for payment on or after 1 July 2024.
The Company has not provided any security or other collateral in assets at 31 December 2025.
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