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Adcendo ApS

Private limited companyCVR 38780093FrederiksbergActive

Adcendo ApS is a private limited company, based in Frederiksberg, active in research and experimental development on natural sciences and engineering, founded in 2017. The company made a loss in both 2024 and 2025, most recently DKK 383k. With 49 employees, the company is about 10 times larger than the industry median. Equity fell to DKK 743k in 2025.

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Key figures · financial year 2025

Gross profit−DKK 255k+99.9% vs. 2024
Net profit−DKK 383k+99.9% vs. 2024
EquityDKK 743k−99.9% vs. 2024
Employees49latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2025 against 2024

  • The loss got smaller: from DKK 283.8m to DKK 383k (2024 → 2025).
  • Equity fell 100% (2024 → 2025), to DKK 743k.

Employees

  • 7 fewer employees than a year earlier: 49 (07/2026) against 56 (07/2025).

Management and owners, last 24 months

  • New in management: Michael Friedrich Pehl (board member, 06/11/2024), Cariad Chester (board member, 06/11/2024) and Nandita Shangari (board member, 06/11/2024) (+6).
  • Stepped down: Christoffer Fagernæs Nielsen (director, 26/06/2025), John Sørensen Haurum (chair of the board, 31/03/2025) and Carl Johan Rutger Kilander (board member, 06/11/2024) (+3).
  • New owners registered: Novo Holdings A/S (16/03/2026), Ysios Biofund Iii, Fcre (16/03/2026) and Coöperatieve Gilde Healthcare V U.A. (16/03/2026) (+24).
  • No longer registered as owner: Novo Holdings A/S (05/11/2024), Ysios Biofund Iii, Fcre (05/11/2024) and Coöperatieve Gilde Healthcare V U.A. (05/11/2024) (+22).

Registrations, last 24 months

  • 16/03/2026: Share capital changed from 1,177,765 DKK to 1,448,983 DKK
  • 13/10/2025: Share capital changed from 884,844 DKK to 1,177,765 DKK
  • 01/04/2025: Name changed from ADCendo ApS to Adcendo ApS
  • 01/01/2025: Industry changed to Research and experimental development on natural sciences and engineering (721000)
  • 06/11/2024: Share capital changed from 591,920 DKK to 884,844 DKK

Calculated from the latest two annual reports in sequence and from registrations in CVR. A figure that is missing in either year gives no line, and we derive no figures.

Financial statements

Financial years 2020–2025 · amounts in DKK thousand

Equity and net profit

−DKK 400m−DKK 200mDKK 0DKK 200mDKK 400mDKK 600m202020212022202320242025
EquityNet profit
Financial figures for Adcendo ApS
202020212022202320242025Change
Revenuenot statednot statednot statednot statednot statednot stated–
Gross profit−5,638−18,000−45,155−139,746−237,296−255+99.9%
Operating profit (EBIT)−8,142−26,347−73,073−176,355−298,243−361+99.9%
Profit before tax−8,632−20,775−73,774−175,806−289,290−388+99.9%
Net profit−7,376−16,380−68,274−170,306−283,790−383+99.9%
Total assets8,68267,48638,342135,610716,743882−99.9%
Equity−9,27252,46316,554106,611660,945743−99.9%
Liabilities17,95415,02321,78828,99955,798139−99.8%
Cash and cash equivalents6,54561,39226,829118,274416,865417−99.9%
Average number of employees41023273654+50%

Source: annual reports filed with the Danish Business Authority (XBRL). Figures for the company (not the group); change is the latest year against the year before. “–” means the figure is not stated in the annual report. Revenue is not stated for 2020, 2021, 2022, 2023, 2024, 2025: smaller companies may omit it, and we do not derive it from other figures.

Download the figures as CSV · free with an account, amounts in whole DKK

−DKK 250m−DKK 200m−DKK 150m−DKK 100m−DKK 50mDKK 0202020212022202320242025
Gross profitMedian, the industry (431 companies)

Signals from the financial statements

calculated from the 2025 figures

  • Loss for 6 years in a row

    Net result has been negative in 2020–2025.

    How is this calculated?

    Net result is negative in the two or more latest annual reports in a row.

  • Equity fell sharply

    Equity fell 100% from 2024 to 2025 (DKK 660.9m to DKK 743k).

    How is this calculated?

    Equity has fallen by at least 30% from the previous annual report, and it was positive the year before.

The signals are rules applied to the figures in the annual reports. They are not an assessment or credit rating of the company. See Data and method.

Annual reports

6 financial years
Annual reports for Adcendo ApS
Financial yearPeriodPublishedFigures forDocuments
202501/01/2025 – 31/12/202513/05/2026The companyPDF not statedXBRL
202401/01/2024 – 31/12/202413/06/2025The companyPDFXBRL
202301/01/2023 – 31/12/202318/04/2024The companyPDFXBRL
202201/01/2022 – 31/12/202219/04/2023The companyPDFXBRL
202101/01/2021 – 31/12/202122/05/2022The companyPDFXBRL
202001/01/2020 – 31/12/202014/04/2021The companyPDFXBRL

The figures from all the annual reports are shown on this page. The documents themselves (PDF and XBRL, the machine-readable edition) are downloaded with a Pro account: sign in or create a free account, and then choose Pro. XBRL is the edition the figures on the page are read from.

Employees

monthly figures from CVR
010203040506008/2309/2310/2311/2312/2301/2402/2403/2404/2405/2406/2407/2408/2409/2410/2411/2412/2401/2502/2503/2504/2505/2506/2507/2508/2509/2510/2511/2512/2501/2602/2603/2604/2605/2606/2607/26
Employees

Position in the industry

431 companies in the database

Comparison with the other companies in research and experimental development on natural sciences and engineering based on the latest financial year.

Gross profit−DKK 255kNo. 282 of 421
Better than 33% of the companies in the industry
EquityDKK 743kNo. 251 of 431
Better than 42% of the companies in the industry
Number of employees49No. 36 of 431
Better than 92% of the companies in the industry

Industry median: gross profit DKK 616k, net profit −DKK 892k, equity DKK 2m, 5 employees.

DKK 100kDKK 2.5mDKK 63.4mDKK 1.6bnDKK 13.7bn
Distribution of gross profit for 250 companies in the industry (latest financial year, logarithmic scale). Amber bar: where this company sits.

Compared with similar companies

size, age and company form
Rank among similar companies
GroupGross profitEquity
Companies with 20–49 employees9,922 companies in the comparison
No. 9,744of 9,892
Better than 1%
No. 7,850of 9,922
Better than 21%
Same industry and 20–49 employees64 companies in the comparison
No. 43of 62
Better than 31%
No. 52of 64
Better than 19%
Companies that are between 5 and 14 years old33,688 companies in the comparison
No. 32,631of 33,588
Better than 3%
No. 17,458of 33,687
Better than 48%
All companies of type ApS66,508 companies in the comparison
No. 64,407of 66,379
Better than 3%
No. 33,359of 66,505
Better than 50%

The rank is calculated among companies in the database with a figure for the latest financial year, and is shown only for groups of at least ten companies.

Compare with the industry

Research and experimental development on natural sciences and engineering
Gross profit
  1. Adcendo ApS−DKK 255k
  2. Carlsberg A/SDKK 40.2bn
  3. Zealand Pharma A/SDKK 9.2bn
Net profit
  1. Adcendo ApS−DKK 383k
  2. Carlsberg A/SDKK 7bn
  3. Zealand Pharma A/SDKK 6.5bn
Equity
  1. Adcendo ApSDKK 743k
  2. Carlsberg A/SDKK 30.7bn
  3. Zealand Pharma A/SDKK 14.8bn
Employees
  1. Adcendo ApS49
  2. Carlsberg A/S107
  3. Zealand Pharma A/S569

Latest financial year per company. Choose up to three companies from the largest in the industry.

Owners and group

from the Public Ownership Register
Owners
  • Novo Holdings A/S5%
  • Ysios Biofund Iii, Fcre5%
  • Coöperatieve Gilde Healthcare V U.A.5%
  • Healthcap VIII L.P.5%
  • RA Capital Healthcare Fund, L.P.5%
  • Pontifax (Israel) VI L.P.5%
  • Dawn Holdco SCSp5%
  • TCG Crossover Fund II, L.P.10%
  • TPG LSI Rise Athletic S.à r.l.5%
  • Jeito II S.L.P5%
Adcendo ApS

Management

16 active registrations

Executive management

Executive management at Adcendo ApS
NameRoleAppointed
Michael Friedrich PehlCEO08/07/2021
Pernille Kristine HemmingsenDirector31/01/2022
Dominik MumbergDirector02/05/2022
Lone Harild OttesenDirector17/05/2024
Lasse René SørensenDirector26/06/2025

Board of directors

Board of directors at Adcendo ApS
NameRoleAppointed
Pieter Jeroen BakkerBoard member27/04/2021
Ohad HammerBoard member16/03/2023
Iyona RajkomarBoard member22/05/2024
Michael Friedrich PehlBoard member06/11/2024
Cariad ChesterBoard member06/11/2024
Nandita ShangariBoard member06/11/2024
Chun Chi Carolyn NgBoard member22/11/2024
Laura Kay ShawverChair of the board01/04/2025
Roy Dennis BaynesBoard member01/04/2025
Ksenija Pavletic AranickiBoard member16/03/2026
Rajul Krishna JainBoard member16/03/2026
Founders
Christoffer Fagernæs Nielsen, Niels Behrendt, Lars Henning Milman Engelholm, Next Stage Ventures ApS
Former management (16)
Former management at Adcendo ApS
NameRoleAppointedResigned
Henrik StageCEO01/07/201707/07/2021
Niels BehrendtDirector01/07/201727/04/2021
Lars Henning Milman EngelholmDirector01/07/201727/04/2021
Christoffer Fagernæs NielsenDirector01/07/201726/06/2025
John Sørensen HaurumChair of the board27/04/202131/03/2025
Lars Henning Milman EngelholmBoard member27/04/202116/03/2023
Joël Jean-MairetBoard member27/04/202110/12/2023
Lisanne Darunii de JonghBoard member27/04/202131/10/2022
Mårten SteenBoard member27/04/202114/02/2022
Reza HalseBoard member27/04/202108/09/2023
Henrik StageDirector08/07/202121/12/2021
Carmel Martina LynchDirector31/01/202212/07/2024
Carl Johan Rutger KilanderBoard member14/02/202206/11/2024
Edwin William de GraafBoard member31/10/202206/11/2024
Joël Jean-MairetDeputy chair11/12/202306/11/2024
Joel Charles BarrishBoard member11/12/202306/11/2024

Signing rule: Selskabet tegnes af to medlemmer af bestyrelsen i forening, af bestyrelsesformanden i forening med en direktør, af to direktører i forening, eller af den samlede bestyrelse.

Address and production units

1 active production units

Nordre Fasanvej 215
2000 Frederiksberg

Frederiksberg Municipality · Postcode 2000

Other companies at the address (8)

  • Sparrow Quantum ApSManufacture of computers and peripheral equipment
  • Hemab ApSManufacture of pharmaceutical preparations
  • Orbis Medicines ApSResearch and experimental development on natural sciences and engineering
  • Minervax ApSResearch and experimental development on natural sciences and engineering
  • Inprother ApSResearch and experimental development on natural sciences and engineering
Production units
Production unitAddressEmployeesP number
Adcendo ApSNordre Fasanvej 215, 2000 Frederiksberg471022633763

Purpose

Selskabet har til formål at udføre forsknings- og udviklingsaktiviteter med henblik på udvikling af lægemidler, som retter sig mod receptorer på overfladen af kræftceller, og som derved er egnede til behandling af visse kræftsygdomme, og at udføre sådanne aktiviteter, som bestyrelsen skønsmæssigt måtte finde relaterede hertil.

The purpose is quoted from the register in Danish.

Changes year by year

142 registered events
202623 changesaccounts 1 · capital 1 · management 2 · ownership 19
  • Annual report for 2025 published
  • Share capital changed from 1,177,765 DKK to 1,448,983 DKK
  • Ksenija Pavletic Aranicki appointed board member
  • Rajul Krishna Jain appointed board member
  • TCG Crossover Fund II, L.P. registered as owner (10%)
  • Dawn Holdco SCSp registered as owner (5%)
  • Pontifax (Israel) VI L.P. registered as owner (5%)
  • RA Capital Healthcare Fund, L.P. registered as owner (5%)
  • Healthcap VIII L.P. registered as owner (5%)
  • Coöperatieve Gilde Healthcare V U.A. registered as owner (5%)
  • YSIOS BIOFUND III, FCRE registered as owner (5%)
  • Novo Holdings A/S registered as owner (5%)
  • Jeito II S.L.P registered as owner (5%)
  • TPG LSI Rise Athletic S.à r.l. registered as owner (5%)
  • TPG LSI Rise Athletic S.à r.l. is no longer registered as owner
  • Dawn Holdco SCSp is no longer registered as owner
  • Pontifax (Israel) VI L.P. is no longer registered as owner
  • RA Capital Healthcare Fund, L.P. is no longer registered as owner
  • Healthcap VIII L.P. is no longer registered as owner
  • Coöperatieve Gilde Healthcare V U.A. is no longer registered as owner
  • YSIOS BIOFUND III, FCRE is no longer registered as owner
  • Novo Holdings A/S is no longer registered as owner
  • TCG Crossover Fund II, L.P. is no longer registered as owner
202526 changescapital 1 · ownership 17 · management 5 · accounts 1 · name 1 · industry 1
  • Share capital changed from 884,844 DKK to 1,177,765 DKK
  • TPG LSI Rise Athletic S.à r.l. registered as owner (5%)
  • Dawn Holdco SCSp registered as owner (5%)
  • Pontifax (Israel) VI L.P. registered as owner (5%)
  • RA Capital Healthcare Fund, L.P. registered as owner (5%)
  • Healthcap VIII L.P. registered as owner (5%)
  • Coöperatieve Gilde Healthcare V U.A. registered as owner (5%)
  • YSIOS BIOFUND III, FCRE registered as owner (5%)
  • Novo Holdings A/S registered as owner (10%)
  • TCG Crossover Fund II, L.P. registered as owner (10%)
  • Coöperatieve Gilde Healthcare V U.A. is no longer registered as owner
  • YSIOS BIOFUND III, FCRE is no longer registered as owner
  • Novo Holdings A/S is no longer registered as owner
  • TCG Crossover Fund II, L.P. is no longer registered as owner
  • Dawn Holdco SCSp is no longer registered as owner
  • Pontifax (Israel) VI L.P. is no longer registered as owner
  • RA Capital Healthcare Fund, L.P. is no longer registered as owner
  • Healthcap VIII L.P. is no longer registered as owner
  • Lasse René Sørensen appointed director
  • Christoffer Fagernæs Nielsen stepped down as director
  • Annual report for 2024 published
  • Name changed from ADCendo ApS to Adcendo ApS
  • Roy Dennis Baynes appointed board member
  • Laura Kay Shawver appointed chair of the board
  • John Sørensen Haurum stepped down as chair of the board
  • Industry changed to Research and experimental development on natural sciences and engineering (721000)
202451 changesmanagement 11 · capital 3 · ownership 34 · address 2 · accounts 1
  • Chun Chi Carolyn Ng appointed board member
  • Share capital changed from 591,920 DKK to 884,844 DKK
  • Nandita Shangari appointed board member
  • Cariad Chester appointed board member
  • Michael Friedrich Pehl appointed board member
  • Joel Charles Barrish stepped down as board member
  • Joël Jean-Mairet stepped down as deputy chair
  • Edwin William de Graaf stepped down as board member
  • Carl Johan Rutger Kilander stepped down as board member
  • Coöperatieve Gilde Healthcare V U.A. registered as owner (5%)
  • YSIOS BIOFUND III, FCRE registered as owner (5%)
  • Novo Holdings A/S registered as owner (10%)
  • TCG Crossover Fund II, L.P. registered as owner (5%)
  • Dawn Holdco SCSp registered as owner (5%)
  • Pontifax (Israel) VI L.P. registered as owner (5%)
  • RA Capital Healthcare Fund, L.P. registered as owner (10%)
  • Healthcap VIII L.P. registered as owner (5%)
  • Pontifax (Cayman) VI L.P is no longer registered as owner
  • RA Capital Healthcare Fund, L.P. is no longer registered as owner
  • Coöperatieve Gilde Healthcare V U.A. is no longer registered as owner
  • Novo Holdings A/S is no longer registered as owner
  • YSIOS BIOFUND III, FCRE is no longer registered as owner
  • Dawn Holdco SCSp is no longer registered as owner
  • Pontifax (Israel) VI L.P. is no longer registered as owner
  • Healthcap VIII L.P. is no longer registered as owner
  • Moved to Nordre Fasanvej 215, 2000 Frederiksberg
  • RA Capital Healthcare Fund, L.P. registered as owner (10%)
  • Coöperatieve Gilde Healthcare V U.A. registered as owner (10%)
  • Novo Holdings A/S registered as owner (15%)
  • YSIOS BIOFUND III, FCRE registered as owner (5%)
  • Dawn Holdco SCSp registered as owner (5%)
  • Pontifax (Cayman) VI L.P registered as owner (5%)
  • Pontifax (Israel) VI L.P. registered as owner (5%)
  • Healthcap VIII L.P. registered as owner (10%)
  • Dawn Holdco SCSp is no longer registered as owner
  • Novo Holdings A/S is no longer registered as owner
  • Pontifax (Israel) VI L.P. is no longer registered as owner
  • Pontifax (Cayman) VI L.P is no longer registered as owner
  • Share capital changed from 397,460 DKK to 591,920 DKK
  • Dawn Holdco SCSp registered as owner (5%)
  • Novo Holdings A/S registered as owner (15%)
  • Pontifax (Israel) VI L.P. registered as owner (5%)
  • Pontifax (Cayman) VI L.P registered as owner (5%)
  • Dawn Holdco SCSp is no longer registered as owner
  • Carmel Martina Lynch stepped down as director
  • Dawn Holdco SCSp registered as owner (5%)
  • Iyona Rajkomar appointed board member
  • Lone Harild Ottesen appointed director
  • Moved to Nordre Fasanvej 215, 2000 Frederiksberg
  • Annual report for 2023 published
  • Share capital changed from 331,977 DKK to 397,460 DKK
20238 changesmanagement 6 · accounts 1 · capital 1
  • Joel Charles Barrish appointed board member
  • Joël Jean-Mairet appointed deputy chair
  • Joël Jean-Mairet stepped down as board member
  • Reza Halse stepped down as board member
  • Annual report for 2022 published
  • Share capital changed from 140,998 DKK to 331,977 DKK
  • Ohad Hammer appointed board member
  • Lars Henning Milman Engelholm stepped down as board member
20229 changesmanagement 7 · capital 1 · accounts 1
  • Edwin William de Graaf appointed board member
  • Lisanne Darunii de Jongh stepped down as board member
  • Share capital changed from 117,270 DKK to 140,998 DKK
  • Annual report for 2021 published
  • Dominik Mumberg appointed director
  • Carl Johan Rutger Kilander appointed board member
  • Mårten Steen stepped down as board member
  • Carmel Martina Lynch appointed director
  • Pernille Kristine Hemmingsen appointed director
202117 changesmanagement 13 · address 2 · capital 1 · accounts 1
  • Henrik Stage stepped down as director
  • Moved to Ole Maaløes Vej 3, 2200 København N
  • Michael Friedrich Pehl appointed ceo
  • Henrik Stage appointed director
  • Henrik Stage stepped down as ceo
  • Share capital changed from 60,000 DKK to 117,270 DKK
  • Pieter Jeroen Bakker appointed board member
  • John Sørensen Haurum appointed chair of the board
  • Lars Henning Milman Engelholm appointed board member
  • Joël Jean-Mairet appointed board member
  • Lisanne Darunii de Jongh appointed board member
  • Mårten Steen appointed board member
  • Reza Halse appointed board member
  • Lars Henning Milman Engelholm stepped down as director
  • Niels Behrendt stepped down as director
  • Annual report for 2020 published
  • Moved to Ole Maaløes Vej 3, 2200 København N
20191 changeaddress 1
  • Moved to Ole Maaløes Vej 3, 2200 København N
20181 changeaddress 1
  • Moved to Gl Strandvej 250, 3050 Humlebæk
20176 changescapital 1 · founded 1 · management 4
  • Share capital changed from 50,000 DKK to 60,000 DKK
  • Registered as ADCendo ApS
  • Henrik Stage appointed ceo
  • Christoffer Fagernæs Nielsen appointed director
  • Lars Henning Milman Engelholm appointed director
  • Niels Behrendt appointed director

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Source and updates

The information comes from the Danish Central Business Register (Danish Business Authority) and from annual reports filed with the Danish Business Authority. Last synchronised 24/10/2026. The company is protected against advertising; contact details are not shown, and the data must not be used for marketing.

View in CVRReport a correction