Entity Specific Information
This section presents our entity‑specific disclosures relevant for the reporting year. The table below summarizes the seven entity-specific material impacts, risks and opportunities (IROs) identified in our double materiality assessment.
Material Topic |
Description |
IRO Type |
Value Chain |
|---|---|---|---|
Scientific Innovation |
Scientific innovation supported work directed at enabling therapeutic advances that address unmet medical needs and improve patient outcomes, consistent with the role of innovation in delivering safer and more effective treatments. |
Actual |
Own operations |
Scientific innovation is financially material for a biotech company because it directly influences long-term value creation and competitiveness. Risks include high R&D costs, long development timelines, regulatory hurdles, and potential failure of clinical trials, which can result in sunk costs, delayed product launches, and volatility in share price. |
Risk/ |
Own operations |
|
Intellectual Property |
Intellectual Property is critical because it protects scientific discoveries and ensures that innovative therapies can reach patients without disruption. Robust Intellectual Property rights enable sustained investment in R&D, fostering breakthroughs that address unmet medical needs. By safeguarding innovation, Intellectual Property ultimately accelerates patient access to life-changing treatments and reinforces trust in our ability to deliver long-term health impact. |
Actual |
Own operations |
Intellectual Property could be considered a risk in case we would breach any existing Intellectual Property claims. We will however not report on this aspect as we consider it to contain specific market sensitive information. |
Risk |
Own operations |
|
An opportunity to create additional value for patients and for the organization. We will however not report on this aspect as we consider it to contain specific market sensitive information. |
Opportunity |
Own operations |
|
Product Portfolio and R&D |
A strong product portfolio and robust R&D capabilities are material because they determine the ability to deliver innovative therapies that improve patient outcomes. Together, they ensure a continuous pipeline of treatments across therapeutic areas, reducing dependency on single products and addressing unmet medical needs. By investing in R&D and maintaining a balanced portfolio, we are accelerating access to life-changing medicines and drives long-term health impact for patients. |
Potential |
Own operations |
All material IROs identified as entity-specific fall within the short‑term time horizon (i.e., <3 years). Where a dedicated policy does not exist for a material entity‑specific IRO, the Company confirms that no such policy has been adopted, in line with ESRS 2 MDR‑P. In this instance, policies have not been adopted due to the strategic reorganisations during FY25.
Overview of how material impacts, risks and opportunities relate to our strategy and business model (SBM-3)
Scientific Innovation
Scientific innovation remained a relevant topic in the reporting year, as the scientific work undertaken in 2025 supported progress in areas of unmet medical need. In line with the principle that scientific innovation enables advancements in therapies and technologies that improve patient outcomes, activities during the year supported ongoing research in oncology, and the development of our clinical and early‑stage programs. These achievements reflect the scientific output delivered in 2025. In January 2026, we announced that our Board of Directors decided to initiate the wind-down of our cell therapy activities, including the early-stage programs.
Intellectual Property
Protecting intellectual property (IP) is both a critical risk and an opportunity to maintain our competitive edge. Safeguarding proprietary technologies is essential to ensuring continued innovation and differentiation in the biotech sector, while also mitigating risks from third-party challenges. IP considerations shaped operational decision making in 2025, particularly in employing robust IP protection strategies, including patents, trade secrets, and confidentiality agreements with employees and partners. These measures influenced how we maintained control over proprietary knowledge and preserved the value of ongoing scientific work during the reporting period.
Product Portfolio and R&D
The success of our organization is intrinsically linked to the depth and competitive strength of our product portfolio and the advancement of our candidate products. This presents both risks and opportunities in the short term. Challenges include ensuring the successful progression of our early-stage programs, while opportunities lie in strengthening our impact through strategic focus. Our R&D efforts in 2025 were centered around the therapeutic area of oncology, with significant investments in R&D to drive innovation in areas of high unmet need. These initiatives aim to deliver impactful therapies that align with our mission and sustainability goals.
Impact, risk and opportunity management
Scientific Innovation
Scientific innovation was a material topic for us in FY25, as progress across our CAR‑T programs demonstrated meaningful scientific advancement and supported the management of risks inherent to early‑stage R&D. During the reporting year, we achieved important milestones in our CD19 and BCMA CAR‑T clinical studies. These activities occurred before the subsequent decision to wind down our cell therapy operations, as described in “A New Strategic Direction”.
Intellectual Property
As a biotechnology company, protecting proprietary technology and information is crucial for success. We have established an Intellectual Property Policy to help us consistently protect our intellectual property and trade secrets from third-party challenges and this is supported by robust patents and confidentiality agreements with employees, vendors and, partners. The General Counsel is accountable for this policy. Please see the Risk Management section for more information.
Product Portfolio and R&D
Our product portfolio and R&D capabilities were important to our business model in FY25, as our strategic focus on oncology and investments in early-stage drug development were designed to maximize the likelihood of success and appropriately manage the inherent risks in the drug development lifecycle. The reporting year reflected scientific progress across our oncology cell therapy and early‑stage programs, consistent with the achievements presented in the “R&D Pipeline” section of this report. Further detail on the subsequent wind‑down of our cell therapy activities is provided there.