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Minervax ApS

Private limited companyCVR 32673287FrederiksbergActive

Minervax ApS is a private limited company, based in Frederiksberg, active in research and experimental development on natural sciences and engineering, founded in 2010. The company made a loss in both 2024 and 2025, most recently DKK 31.5m. With 28 employees, the company is about 6 times larger than the industry median. Equity fell to DKK 9.8m in 2025.

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Key figures · financial year 2025

Net profit−DKK 31.5m−8.3% vs. 2024
EquityDKK 9.8m−75.4% vs. 2024
Employees28latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2025 against 2024

  • The loss grew: from DKK 29.1m to DKK 31.5m (2024 → 2025).
  • Equity fell 75% (2024 → 2025), to DKK 9.8m.

Employees

  • 1 fewer employees than a year earlier: 28 (08/2026) against 29 (08/2025).

Management and owners, last 24 months

  • New in management: Veronica Gambillara Fonck (chair of the board, 13/11/2024) and Varun Kumar Gupta (board member, 30/04/2025).
  • Stepped down: Dr. Gerd Werner Zettlmeissl (chair of the board, 13/11/2024), Veronica Gambillara Fonck (board member, 12/11/2024) and Regina Hodits (board member, 30/04/2025).

Registrations, last 24 months

  • 21/07/2026: Share capital changed from 25,081,257 DKK to 25,086,048 DKK
  • 19/01/2026: Share capital changed from 25,072,508 DKK to 25,081,257 DKK
  • 01/01/2025: Industry changed to Research and experimental development on natural sciences and engineering (721000)

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 200m−DKK 100mDKK 0DKK 100mDKK 200mDKK 300m202020212022202320242025
EquityNet profit
Financial figures for Minervax ApS
202020212022202320242025Change
Revenuenot statednot statednot statednot statednot statednot stated–
Gross profit−16,782−57,829−98,152––––
Operating profit (EBIT)−18,807−66,601−110,293–−31,094−31,132−0.1%
Profit before tax−23,307−67,423−113,493–−29,864−32,133−7.6%
Net profit−19,513−61,923−107,993−27,077−29,126−31,530−8.3%
Total assets165,536112,670321,11884,52574,81345,836−38.7%
Equity155,99098,663304,68967,60339,8089,787−75.4%
Liabilities9,54614,00716,42916,92235,00635,940+2.7%
Cash and cash equivalents157,93595,788308,07780,57267,63938,328−43.3%
Average number of employees177––––

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 100m−DKK 80m−DKK 60m−DKK 40m−DKK 20mDKK 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 75% from 2024 to 2025 (DKK 39.8m to DKK 9.8m).

    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 Minervax ApS
Financial yearPeriodPublishedFigures forDocuments
202501/01/2025 – 31/12/202530/06/2026The companyPDF not statedXBRL
202401/01/2024 – 31/12/202406/06/2025The companyPDF not statedXBRL
202301/01/2023 – 31/12/202330/05/2024The companyPDFXBRL
202201/01/2022 – 31/12/202205/06/2023The companyPDFXBRL
202101/01/2021 – 31/12/202102/05/2022The companyPDFXBRL
202001/01/2020 – 31/12/202028/06/2021The 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
0510152025303509/2310/2311/2312/2301/2402/2403/2404/2405/2406/2407/2408/2409/2410/2411/2412/2401/2502/2503/2504/2505/2506/2507/2508/2509/2510/2511/2512/2501/2602/2603/2604/2605/2606/2607/2608/26
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.

EquityDKK 9.8mNo. 143 of 431
Better than 67% of the companies in the industry
Number of employees28No. 66 of 431
Better than 85% 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).

Compared with similar companies

size, age and company form
Rank among similar companies
GroupGross profitEquity
Companies with 20–49 employees9,922 companies in the comparisonnot stated
No. 3,161of 9,922
Better than 68%
Same industry and 20–49 employees64 companies in the comparisonnot stated
No. 41of 64
Better than 37%
Companies that are between 15 and 29 years old24,910 companies in the comparisonnot stated
No. 6,794of 24,909
Better than 73%
All companies of type ApS66,508 companies in the comparisonnot stated
No. 7,006of 66,505
Better than 89%

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. Minervax ApS−DKK 98.2m
  2. Carlsberg A/SDKK 40.2bn
  3. Zealand Pharma A/SDKK 9.2bn
Net profit
  1. Minervax ApS−DKK 31.5m
  2. Carlsberg A/SDKK 7bn
  3. Zealand Pharma A/SDKK 6.5bn
Equity
  1. Minervax ApSDKK 9.8m
  2. Carlsberg A/SDKK 30.7bn
  3. Zealand Pharma A/SDKK 14.8bn
Employees
  1. Minervax ApS28
  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/S15%
  • Sunstone Life Science Ventures Fund Iii K/S5%
  • Adjuvant Global Health Technology Fund, L.P.5%
  • Wellington Partners Life Sciences V GmbH & Co. KG5%
  • Sanofi Foreign Participations B.V.5%
  • Stiftelsen Industrifonden5%
  • Trill Impact Ventures Tech 1 S.à rl5%
  • BB Pureos Bioventures, LP10%
  • OrbiMed Private Investments IX, LP5%
  • LSP 7 Coöperatief U.A.15%
Minervax ApS

Management

11 active registrations

Executive management

Executive management at Minervax ApS
NameRoleAppointed
Per Bo Pedersen FischerCEO01/09/2010

Board of directors

Board of directors at Minervax ApS
NameRoleAppointed
Sten VerlandBoard member02/01/2014
Emmanuelle CoutanceauBoard member15/02/2016
Christopher J. GagliardiBoard member10/12/2020
Kabeer AzizBoard member10/12/2020
Bita SehatBoard member25/10/2022
Vincent Guy A. BrichardBoard member09/10/2023
Tal Zvi ZaksBoard member09/10/2023
Patrik SobockiBoard member17/05/2024
Veronica Gambillara FonckChair of the board13/11/2024
Varun Kumar GuptaBoard member30/04/2025
Founders
Lars Thomas Joakim Areschoug, Carl Gunnar Lindahl, Eskil Johnsson, Johan Waldemarsson, Lund Universitets Utvecklingsaktiebolag, Margaretta Stålhammer-Carlemalm
Former management (20)
Former management at Minervax ApS
NameRoleAppointedResigned
Ole Bitsch-JensenCEO14/01/201001/09/2010
Mona Annelie Sylvén TroedssonBoard member01/03/201005/04/2019
Carl Gunnar LindahlDeputy board member21/03/201102/01/2014
Lars Thomas Joakim AreschougBoard member21/03/201104/12/2013
Ole Bitsch-JensenBoard member31/05/201105/04/2013
Steen Søren KlysnerChair of the board31/05/201127/09/2013
Line Holten ReimerBoard member05/04/201330/05/2014
Ingelise SaundersChair of the board27/09/201301/07/2021
Nanna Liebach LüneborgBoard member02/01/201415/02/2016
Carl Fredrik SiwmarkBoard member02/01/201427/09/2016
Carsten SchouBoard member30/05/201403/12/2018
Bent ØstergaardBoard member27/09/201609/03/2020
Tommy ThomsenBoard member09/03/202010/12/2020
Karl NäglerBoard member10/12/202017/05/2024
Bita SehatBoard member10/12/202010/01/2022
Dr. Gerd Werner ZettlmeisslChair of the board01/07/202113/11/2024
Patrik Georg Andlin SobockiBoard member10/01/202226/04/2022
Jonas Karl Olof BrambeckBoard member26/04/202217/05/2024
Veronica Gambillara FonckBoard member23/11/202212/11/2024
Regina HoditsBoard member17/05/202430/04/2025

Signing rule: Selskabet tegnes af Emmanuelle Coutanceau i forening med to bestyrelsesmedlemmer eller af den administrerende direktør i forening med bestyrelsesformanden 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
  • Adcendo ApSResearch and experimental development on natural sciences and engineering
  • Hemab ApSManufacture of pharmaceutical preparations
  • Orbis Medicines ApSResearch and experimental development on natural sciences and engineering
  • Inprother ApSResearch and experimental development on natural sciences and engineering
Production units
Production unitAddressEmployeesP number
MINERVAX ApSNordre Fasanvej 215, 2000 Frederiksberg281015777717

Purpose

Selskabets formål er at vaccineudvikling og dermed beslægtet virksomhed

The purpose is quoted from the register in Danish.

Changes year by year

133 registered events
20263 changescapital 2 · accounts 1
  • Share capital changed from 25,081,257 DKK to 25,086,048 DKK
  • Annual report for 2025 published
  • Share capital changed from 25,072,508 DKK to 25,081,257 DKK
20254 changesaccounts 1 · management 2 · industry 1
  • Annual report for 2024 published
  • Varun Kumar Gupta appointed board member
  • Regina Hodits stepped down as board member
  • Industry changed to Research and experimental development on natural sciences and engineering (721000)
20249 changesmanagement 7 · accounts 1 · address 1
  • Veronica Gambillara Fonck appointed chair of the board
  • Dr. Gerd Werner Zettlmeissl stepped down as chair of the board
  • Veronica Gambillara Fonck stepped down as board member
  • Annual report for 2023 published
  • Regina Hodits appointed board member
  • Patrik Sobocki appointed board member
  • Jonas Karl Olof Brambeck stepped down as board member
  • Karl Nägler stepped down as board member
  • Moved to Nordre Fasanvej 215, 2000 Frederiksberg
20236 changescapital 1 · management 2 · ownership 2 · accounts 1
  • Share capital changed from 16,623,740 DKK to 25,072,508 DKK
  • Tal Zvi Zaks appointed board member
  • Vincent Guy A. Brichard appointed board member
  • OrbiMed Private Investments IX, LP registered as owner (5%)
  • LSP 7 Coöperatief U.A. registered as owner (15%)
  • Annual report for 2022 published
202234 changescapital 4 · management 6 · ownership 23 · accounts 1
  • Share capital changed from 14,482,219 DKK to 16,623,740 DKK
  • Veronica Gambillara Fonck appointed board member
  • Stiftelsen Industrifonden registered as owner (5%)
  • Wellington Partners Life Sciences V GmbH & Co. KG registered as owner (5%)
  • Trill Impact Ventures Tech 1 S.à rl registered as owner (5%)
  • Sanofi Foreign Participations B.V. registered as owner (5%)
  • BB Pureos Bioventures, LP registered as owner (10%)
  • Trill Impact Ventures Tech 1 S.à rl is no longer registered as owner
  • Stiftelsen Industrifonden is no longer registered as owner
  • Sanofi Foreign Participations B.V. is no longer registered as owner
  • Wellington Partners Life Sciences V GmbH & Co. KG is no longer registered as owner
  • Share capital changed from 12,541,134 DKK to 14,482,219 DKK
  • Bita Sehat appointed board member
  • Trill Impact Ventures Tech 1 S.à rl registered as owner (10%)
  • Adjuvant Global Health Technology Fund, L.P. registered as owner (5%)
  • SUNSTONE LIFE SCIENCE VENTURES FUND III K/S registered as owner (5%)
  • Adjuvant Global Health Technology Fund, L.P. is no longer registered as owner
  • SUNSTONE LIFE SCIENCE VENTURES FUND III K/S is no longer registered as owner
  • Share capital changed from 11,477,762 DKK to 12,541,134 DKK
  • Adjuvant Global Health Technology Fund, L.P. registered as owner (10%)
  • Adjuvant Global Health Technology Fund, L.P. is no longer registered as owner
  • Annual report for 2021 published
  • Jonas Karl Olof Brambeck appointed board member
  • Patrik Georg Andlin Sobocki stepped down as board member
  • Share capital changed from 8,196,502 DKK to 11,477,762 DKK
  • Stiftelsen Industrifonden registered as owner (10%)
  • Sanofi Foreign Participations B.V. registered as owner (10%)
  • Wellington Partners Life Sciences V GmbH & Co. KG registered as owner (10%)
  • Lauritzen Fonden Holding ApS is no longer registered as owner
  • Stiftelsen Industrifonden is no longer registered as owner
  • Wellington Partners Life Sciences V GmbH & Co. KG is no longer registered as owner
  • Sanofi Foreign Participations B.V. is no longer registered as owner
  • Patrik Georg Andlin Sobocki appointed board member
  • Bita Sehat stepped down as board member
20213 changesmanagement 2 · accounts 1
  • Dr. Gerd Werner Zettlmeissl appointed chair of the board
  • Ingelise Saunders stepped down as chair of the board
  • Annual report for 2020 published
202019 changescapital 1 · management 7 · ownership 11
  • Share capital changed from 1,915,658 DKK to 8,196,502 DKK
  • Karl Nägler appointed board member
  • Bita Sehat appointed board member
  • Kabeer Aziz appointed board member
  • Christopher J. Gagliardi appointed board member
  • Tommy Thomsen stepped down as board member
  • Stiftelsen Industrifonden registered as owner (5%)
  • Lauritzen Fonden Holding ApS registered as owner (5%)
  • SUNSTONE LIFE SCIENCE VENTURES FUND III K/S registered as owner (10%)
  • Wellington Partners Life Sciences V GmbH & Co. KG registered as owner (5%)
  • Sanofi Foreign Participations B.V. registered as owner (5%)
  • Adjuvant Global Health Technology Fund, L.P. registered as owner (5%)
  • Novo Holdings A/S registered as owner (15%)
  • Lunds Universitets Innovationssystem Aktiebolag (LUIS AB) is no longer registered as owner
  • Lauritzen Fonden Holding ApS is no longer registered as owner
  • Novo Holdings A/S is no longer registered as owner
  • SUNSTONE LIFE SCIENCE VENTURES FUND III K/S is no longer registered as owner
  • Tommy Thomsen appointed board member
  • Bent Østergaard stepped down as board member
20191 changemanagement 1
  • Mona Annelie Sylvén Troedsson stepped down as board member
20181 changemanagement 1
  • Carsten Schou stepped down as board member
201621 changescapital 2 · management 4 · ownership 15
  • Share capital changed from 1,469,231 DKK to 1,915,658 DKK
  • Bent Østergaard appointed board member
  • Carl Fredrik Siwmark stepped down as board member
  • Lauritzen Fonden Holding ApS registered as owner (15%)
  • Novo Holdings A/S registered as owner (33.33%)
  • SUNSTONE LIFE SCIENCE VENTURES FUND III K/S registered as owner (15%)
  • Novo Holdings A/S is no longer registered as owner
  • SUNSTONE LIFE SCIENCE VENTURES FUND III K/S is no longer registered as owner
  • Lauritzen Fonden Holding ApS is no longer registered as owner
  • PreSeed Ventures A/S is no longer registered as owner
  • Share capital changed from 897,804 DKK to 1,469,231 DKK
  • Emmanuelle Coutanceau appointed board member
  • Nanna Liebach Lüneborg stepped down as board member
  • Novo Holdings A/S registered as owner (33.33%)
  • Lunds Universitets Innovationssystem Aktiebolag (LUIS AB) registered as owner (5%)
  • SUNSTONE LIFE SCIENCE VENTURES FUND III K/S registered as owner (15%)
  • Lauritzen Fonden Holding ApS registered as owner (15%)
  • SUNSTONE LIFE SCIENCE VENTURES FUND III K/S is no longer registered as owner
  • Novo Holdings A/S is no longer registered as owner
  • Lauritzen Fonden Holding ApS is no longer registered as owner
  • Lunds Universitets Innovationssystem Aktiebolag (LUIS AB) is no longer registered as owner
201411 changesmanagement 6 · address 1 · capital 1 · ownership 3
  • Carsten Schou appointed board member
  • Line Holten Reimer stepped down as board member
  • Moved to Ole Maaløes Vej 3, 2200 København N
  • Share capital changed from 231,822 DKK to 897,804 DKK
  • Sten Verland appointed board member
  • Carl Fredrik Siwmark appointed board member
  • Nanna Liebach Lüneborg appointed board member
  • Carl Gunnar Lindahl stepped down as deputy board member
  • SUNSTONE LIFE SCIENCE VENTURES FUND III K/S registered as owner (10%)
  • Novo Holdings A/S registered as owner (33.33%)
  • Lauritzen Fonden Holding ApS registered as owner (10%)
20136 changesownership 1 · management 5
  • Lunds Universitets Innovationssystem Aktiebolag (LUIS AB) registered as owner (10%)
  • Lars Thomas Joakim Areschoug stepped down as board member
  • Ingelise Saunders appointed chair of the board
  • Steen Søren Klysner stepped down as chair of the board
  • Line Holten Reimer appointed board member
  • Ole Bitsch-Jensen stepped down as board member
20123 changescapital 2 · ownership 1
  • Share capital changed from 207,341 DKK to 231,822 DKK
  • PreSeed Ventures A/S registered as owner (5%)
  • Share capital changed from 181,984 DKK to 207,341 DKK
20116 changesmanagement 4 · address 1 · capital 1
  • Steen Søren Klysner appointed chair of the board
  • Ole Bitsch-Jensen appointed board member
  • Moved to Vedbendvej 28, 2900 Hellerup
  • Share capital changed from 170,734 DKK to 181,984 DKK
  • Lars Thomas Joakim Areschoug appointed board member
  • Carl Gunnar Lindahl appointed deputy board member
20106 changesmanagement 4 · capital 1 · founded 1
  • Per Bo Pedersen Fischer appointed ceo
  • Ole Bitsch-Jensen stepped down as ceo
  • Share capital changed from 125,000 DKK to 170,734 DKK
  • Mona Annelie Sylvén Troedsson appointed board member
  • Registered as MINERVAX ApS
  • Ole Bitsch-Jensen appointed ceo

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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.

View in CVRReport a correction