Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2017 shares
Document and Entity Information [Abstract]
Entity Registrant Name	Forward Pharma A/S
Entity Central Index Key	0001604924
Document Type	20-F
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	94,367,998
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY

Consolidated Statement of Financial Position - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Equipment	$ 12	$ 268
Deferred tax, net		23,064
Other non-current assets	5	5
Total non-current assets	17	23,337
Prepayments	502	656
Other receivables	518	427
Income tax receivable	417
Available-for-sale financial assets		80,825
Cash and cash equivalents	109,554	57,898
Total current assets	110,991	139,806
Total assets	111,008	163,143
Equity and Liabilities
Share capital	151	800
Share premium		339,955
Other components of equity:
Foreign currency translation reserve	91,902	(37,771)
Fair value adjustment available-for-sale financial assets		218
Accumulated deficit	(2,373)	(147,400)
Equity attributable to shareholders of the Parent	89,680	155,802
Total equity	89,680	155,802
Non-current liabilities:
Deferred tax, net	43
Total non-current liabilities	43
Trade payables	1,203	2,073
Income tax payable	7,039	201
Accrued liabilities	13,043	5,067
Total current liabilities	21,285	7,341
Total equity and liabilities	$ 111,008	$ 163,143

Consolidated Statement of Profit or Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statement of Profit or Loss
Revenue from settlement and license agreement	$ 1,250,000
Cost of the Aditech Pharma AG agreement	(25,000)
Research and development costs	(20,496)	$ (41,052)	$ (33,727)
General and administrative costs	(17,107)	(14,382)	(15,852)
Operating income (loss)	1,187,397	(55,434)	(49,579)
Exchange rate (loss) gain, net	(241)	598	11,933
Interest income	227	389	438
Other finance costs	(2,895)	(92)	(132)
Income (loss) before tax	1,184,488	(54,539)	(37,340)
Income tax (expense) benefit	(267,395)	21,203	336
Net income (loss) for the year	917,093	(33,336)	(37,004)
Net income (loss) for the year attributable to:
Equity holders of the Parent	$ 917,093	$ (33,336)	$ (37,004)
Per share amounts:
Net income (loss) per share basic	$ 2.41	$ (0.06)	$ (0.07)
Net income (loss) per share diluted	$ 2.30	$ (0.06)	$ (0.07)

Consolidated Statement of Other Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statement of Other Comprehensive Income (Loss)
Net income (loss) for the year	$ 917,093	$ (33,336)	$ (37,004)
Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods:
Change in fair value of available-for-sale financial assets	(218)	116	340
Exchange differences on translation of foreign operations	129,673	(4,896)	(22,733)
Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods	129,455	(4,780)	(22,393)
Other comprehensive income (loss)	129,455	(4,780)	(22,393)
Total comprehensive income (loss)	1,046,548	(38,116)	(59,397)
Attributable to:
Equity holders of the parent	$ 1,046,548	$ (38,116)	$ (59,397)

Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands	Share capital	Share premium	Foreign currency translation reserve	Fair value adjustment available - for - sale financial assets	Accumulated deficit	Total
Equity at beginning of period at Dec. 31, 2014	$ 791	$ 339,695	$ (10,142)	$ (238)	$ (107,712)	$ 222,394
Net income (loss) for the year					(37,004)	(37,004)
Other comprehensive income (loss)			(22,733)	340		(22,393)
Total comprehensive income (loss)			(22,733)	340	(37,004)	(59,397)
Issuance of deferred shares	2					2
Exercise of warrants	3	150				153
Share-based payment costs					13,541	13,541
Transactions with owners	5	150			13,541	13,696
Equity at end of period at Dec. 31, 2015	796	339,845	(32,875)	102	(131,175)	176,693
Net income (loss) for the year					(33,336)	(33,336)
Other comprehensive income (loss)			(4,896)	116		(4,780)
Total comprehensive income (loss)			(4,896)	116	(33,336)	(38,116)
Issuance of deferred shares	2					2
Exercise of warrants	2	110				112
Share-based payment costs					14,288	14,288
Tax benefit resulting from share-based payment costs					2,823	2,823
Transactions with owners	4	110			17,111	17,225
Equity at end of period at Dec. 31, 2016	800	339,955	(37,771)	218	(147,400)	155,802
Net income (loss) for the year					917,093	917,093
Other comprehensive income (loss)			129,673	(218)		129,455
Total comprehensive income (loss)			129,673	$ (218)	917,093	1,046,548
Shareholder distribution	(650)	(340,003)			(753,274)	(1,093,927)
Distribution to equity award holders					(32,208)	(32,208)
Exercise of warrants	1	48				49
Share-based payment costs					7,082	7,082
Tax benefit resulting from share-based payment costs					6,334	6,334
Transactions with owners	(649)	$ (339,955)			(772,066)	(1,112,670)
Equity at end of period at Dec. 31, 2017	$ 151		$ 91,902		$ (2,373)	$ 89,680

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities:
Net income (loss) before tax	$ 1,184,488	$ (54,539)	$ (37,340)
Adjustments to reconcile income (loss) before tax to net cash flows from operating activities:
Share - based payment costs	7,082	14,288	13,541
Depreciation expense	227	109	37
Other finance adjustments including foreign exchange rate gain (loss)	4,217	(986)	(12,372)
Cash inflow interest	571	1,006	1,451
Cash (outflow) inflow taxes	(255,453)	291	466
Decrease (increase) in other receivables and prepayments	71	1,526	(4,841)
(Decrease) increase in trade and other payables	(1,256)	4,200	3,931
Net cash flows provided by (used in) operating activities	939,947	(34,105)	(35,127)
Investing activities:
Proceeds from the maturity of available-for-sale financial assets	85,368	41,201	43,412
Purchase of equipment	(3)	(31)	(382)
Net cash flows provided by investing activities	85,365	41,170	43,030
Financing activities:
Shares issued for cash	49	114	155
Shareholder distribution	(1,093,927)
Repurchase of equity awards	(24,813)
Net cash flows (used in) provided by financing activities	(1,118,691)	114	155
Net (decrease) increase in cash and cash equivalents	(93,379)	7,179	8,058
Net foreign exchange differences	145,035	(1,550)	(1,138)
Cash and cash equivalents at January 1	57,898	52,269	45,349
Cash and cash equivalents at December 31	$ 109,554	$ 57,898	$ 52,269

Corporate information	12 Months Ended
Corporate information	Dec. 31, 2017
Corporate information
Corporate information	Section 1— Corporate information 1.1 Organization Forward Pharma A/S (the "Company" or "Parent") is a limited liability company incorporated and domiciled in Denmark. The registered office is located in Copenhagen, Denmark. The consolidated financial statements include the Company's wholly owned German, United States and two Danish subsidiaries, identified as follows: Forward Pharma GmbH ("FP GmbH"), Forward Pharma USA, LLC, Forward Pharma FA ApS and Forward Pharma Operations ApS ("Operations") , respectively (also see Restructuring below). The Company and its subsidiaries are collectively referred to as the "Group." The Company's board of directors authorized the issuance of the financial statements included herein on April 4, 2018. As discussed in more detail in Note 1.2, effective as of February 1, 2017, the Company entered into a Settlement and License Agreement (the "License Agreement") with two wholly owned subsidiaries of Biogen Inc. (collectively "Biogen"). Prior to entering into the License Agreement, the Company was actively developing FP187®, a proprietary formulation of dimethyl fumarate ("DMF"), for the treatment of multiple sclerosis ("MS") patients. As a result of entering into the License Agreement, the future development and sale by the Company of FP187® or another DMF-containing formulation (collectively "DMF Formulation") is uncertain at this time and will be determined based on the outcome of matters discussed further below. The Company announced on March 1, 2017 plans to complete the remaining research and development efforts of FP187® and pursue an organizational realignment to reduce personnel and operating expenses by mid-year 2017. The organizational realignment was substantially completed by September 30, 2017. Under certain conditions, the Company may decide to reinitiate the development of FP187®, or initiate the development of another DMF Formulation. Under the terms of the License Agreement, the Parent restructured its operations (the "Restructuring") on June 30, 2017 whereby the Parent transferred to Operations (a newly created wholly owned Danish limited liability company) certain assets and liabilities, including the legal and beneficial rights, title and interest to defined intellectual property (the "IP"), and Operations transferred the IP to FWP IP, ApS ("FWP IP") (a newly created wholly owned Danish limited liability company.) The final step in the Restructuring was completed on November 22, 2017 when the capital stock of FWP IP was sold (the "Sale") to a newly formed Danish limited liability company (FWP HoldCo ApS, referred to as "HoldCo") owned and controlled by a newly formed independent Danish foundation (FWP Fonden, referred to as the "Foundation"). In consideration for the capital stock of FWP IP, HoldCo paid Operations 336,000 Danish Kroner ("DKK") ($54,000 based on the December 31, 2017 exchange rate). The operating results of FWP IP for the period from creation to Sale were immaterial. The Foundation's three-member board includes one independent director and one director appointed from each of the Parent and Biogen. Accordingly, the Parent does not control nor does it have exposure or rights to variable returns from the Foundation, HoldCo or FWP IP. During the year ended December 31, 2017, the Group contributed 5 million DKK ($805,000 based on the December 31, 2017 exchange rate) as the initial capitalization (the "Initial Capitalization") of the Foundation and is obligated to pay 100,000 DKK ($16,000 based on the December 31, 2017 exchange rate) annually (the "Annual Funding") to FWP IP in exchange for FWP IP agreeing to hold, prosecute and maintain the IP in accordance with certain agreements (also see Note 2.3.) In connection with the Initial Capitalization, the Annual Funding and the Sale, the Group incurred a net expense of $759,000 that is included in general and administrative expenses for the year ended December 31, 2017. In the future, the Group is only obligated to remit the Annual Funding through the last to expire, or invalidation of, the licensed patents underlying the IP; however, the Company's obligation to remit the Annual Funding would be discontinued earlier if certain events, as defined in the License Agreement, occur. On August 2, 2017, the Company's shareholders approved a 10 for 1 share split (the "Share Split"). Except if disclosed otherwise, all share and per share information contained in the accompanying financial statements has been adjusted to reflect the Share Split as if it had occurred at the beginning of the earliest period presented. Accordingly, share and per share information previously reported will be different from the information reported herein. Subsequent to the Share Split, the nominal value of an ordinary share of the Parent is 0.01 DKK. See Notes 3.6 and 5.1 for additional information. On August 2, 2017, the Company's shareholders approved a capital reduction with a corresponding shareholder distribution of 917.7 million EUR ($1.1 billion) (the "Capital Reduction"). The funds for the Capital Reduction were distributed to shareholders during September 2017. The Capital Reduction was executed through the annulment of 80% of the ordinary shares outstanding post Share Split. See Note 5.1 for additional information. 1.2 Intellectual Property Proceedings and the Settlement and License Agreement On February 1, 2017, the License Agreement with Biogen and certain additional parties became effective. The License Agreement provides Biogen with a co-exclusive license in the United States, and an exclusive license outside the United States, to the Company's IP, effective as of February 9, 2017. Biogen also is required, if certain conditions are met within the time period set forth in the License Agreement, including the termination or expiration of any required waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, ("HSR Act"), to obtain an exclusive license to the Company's IP in the United States. In accordance with the License Agreement, Biogen paid the Company a non-refundable fee of $1.25 billion ("Non-refundable Fee") in February 2017, and could be obligated to pay the Company royalties in the future subject to the outcome of certain matters discussed below. On April 13, 2015, an administrative patent judge at the United States Patent Trial and Appeal Board ("PTAB") declared Patent Interference No. 106,023 (the "Interference Proceeding") between the Company's United States Patent Application No. 11/567,871 and United States Patent No. 8,399,514B2 held by a subsidiary of Biogen, Inc. The License Agreement does not resolve the Interference Proceeding between the Company and Biogen or the pending opposition proceeding against the Company's European patent EP 2801355 (the "Opposition Proceeding"). The Company and Biogen intend to permit the PTAB and the United States Court of Appeals for the Federal Circuit (the "Federal Circuit"), as applicable, and the Opposition Division, the Technical Board of Appeal and the Enlarged Board of Appeal of the European Patent Office (the "EPO"), as applicable, to make final determinations in the proceeding before them. If the Company is successful in the Interference Proceeding and/or the Opposition Proceeding, as discussed further below, it will be eligible to receive royalties starting as early as 2021 based on Biogen's net sales of DMF-containing products indicated for treating MS as defined in the License Agreement, provided that other conditions of the License Agreement are satisfied within the time period set forth in the License Agreement. If the Company is successful in the Interference Proceeding (i.e., the Company obtains, as a result of the Interference Proceeding and any appeals therefrom to the Federal Circuit (including en banc review), a patent with a claim covering oral treatment of MS with 480 mg per day of DMF), and if Biogen obtains an exclusive license in the United States, the Company may be eligible beginning on January 1, 2021 to collect a 10% royalty (increasing to 20% from January 1, 2029) until the earlier of the expiration or invalidation of the patents defined in the License Agreement, on Biogen's net sales in the United States of DMF-containing products indicated for treating MS that, but for the license granted under the License Agreement, would infringe a Company patent, provided that other conditions of the License Agreement are satisfied. Among the conditions that need to be satisfied for any royalty to be payable by Biogen to the Company is the absence of generic entry having a particular impact as defined in the License Agreement. If Biogen obtains an exclusive license in the United States, the Group would likely permanently discontinue development of a DMF Formulation. If the Company is successful in the Interference Proceeding, but certain conditions are not met in the United States, including if restraints are placed on Biogen as a result of the process under the HSR Act, and if Biogen does not obtain an exclusive license, the Company could reinitiate the development of a DMF Formulation for sale in the United States under a co-exclusive license with Biogen, under which the Company may assign its co-exclusive license, on one occasion only, to a single third party. Under the co-exclusive license, the Company would be eligible beginning on January 1, 2023 to collect royalties of 1% on Biogen's net sales in the United States of DMF-containing products indicated for treating MS that, but for the license granted under the License Agreement, would infringe a Company patent, provided that other conditions of the License Agreement are satisfied. Among the conditions that need to be satisfied for any royalty to be payable by Biogen to the Company is the absence of generic entry having a particular impact as defined in the License Agreement. If the Company is unsuccessful in the Interference Proceeding after any appeals, the Company would not be entitled to future royalties on Biogen's net sales in the United States. Moreover, if Biogen prevails in the Interference Proceeding, after any appeals to the Federal Circuit, the Company may be prevented from commercializing FP187® for MS in the United States at a 480 mg per day dose. Were this to occur, the Company would consider reviewing opportunities to develop other DMF-containing formulations and products, including generics, consistent with the terms of the License Agreement. If the Company is unable to commercialize FP187® or any other product for sale in the United States, the Company would be unable to generate any revenue from such a product. If the Company is successful in the Opposition Proceeding (i.e., the Company obtains, as a result of the Opposition Proceeding, and any appeals therefrom, a patent with a claim covering oral treatment of MS with 480 mg/day of DMF), it would be eligible beginning on January 1, 2021 to collect a 10% royalty (increasing to 20% from January 1, 2029) until the earlier of the expiration or invalidation of the patents defined in the License Agreement, on a country-by-country basis on Biogen's net sales outside the United States of DMF-containing products indicated for treating MS that, but for the license granted under the License Agreement, would infringe a Company patent, provided that other conditions of the License Agreement are satisfied. Among the conditions that need to be satisfied for any royalty to be payable by Biogen to the Company is the absence of generic entry in a particular geography having a particular impact as defined in the License Agreement. If the Company is unsuccessful in the Opposition Proceeding and any appeals therefrom, the Company would not be entitled to future royalties on Biogen's net sales outside the United States. The receipt of the Non-refundable Fee triggered a $25 million obligation payable to Aditech Pharma AG in accordance with the addendum to the patent transfer agreement between the Company and Aditech Pharma AG. See Note 6.2. On March 31, 2017, the PTAB issued a decision in the Interference Proceeding in favor of Biogen. The PTAB ruled that the claims of the Company's United States Patent Application No. 11/567,871 are not patentable due to a lack of adequate written description. On May 30, 2017, the Company filed a notice of appeal of the PTAB's decision that ended the Interference Proceeding. The appeal was filed in the Federal Circuit and seeks to have the decision overturned and the Interference Proceeding reinstated. On December 21, 2017, the Company filed the final appeal brief, and the appeal will be heard at an oral hearing on June 4, 2018. The appeal is expected to be decided in the second half of 2018. On January 29, 2018, the Opposition Division of the EPO concluded the oral proceeding concerning patent EP 2801355 and issued an initial decision in the Opposition Proceeding. The Opposition Division revoked patent EP 2801355 after considering third-party oppositions from several opponents. On March 22, 2018, the Opposition Division issued its written decision with detailed reasons for the decision, and following receipt and review of these, the Company plans to appeal the Opposition Division's decision to the Technical Board of Appeal, with an expected duration of the appeal process of an additional two to three years. The Company has until June 2, 2018 to submit its notice of appeal, and the deadline for submitting the detailed grounds of appeal is August 2, 2018. If the Company prevails in such appeal, we expect the Technical Board of Appeal to remand the case to the Opposition Division, in order for the Opposition Division to resolve the remaining elements of the original opposition. 1.3 Public listing of American Depositary Shares representing Ordinary Shares During the fourth quarter of 2014, the Company completed the initial public offering ("IPO") of American Depositary Shares ("ADS") representing ordinary shares of the Company with a nominal value of 0.10 DKK each in the United States and issued 11.2 million ADSs at a price per ADS of $21.00 to investors. The IPO proceeds totaled $235.2 million before deducting the underwriters' commission (7% of gross proceeds) and other direct and incremental costs associated with the IPO. Subsequent to the Share Split and the Capital Reduction, each ADS represents two ordinary shares with a nominal value of 0.01 DKK. Holders of ADSs are not entitled to vote while holders of ordinary shares are entitled to one vote per share.

Basis of Presentation

12 Months Ended

Dec. 31, 2017

Basis of Preparation

Basis of Presentation

Section 2—Basis of Preparation

2.1 Accounting policies

Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB").

The consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments that were measured at fair value and are disclosed in Note 5.4. The consolidated financial statements are presented in United States Dollars ("USD"), and all values are rounded to the nearest thousand (USD '000), except when otherwise indicated.

Basis of consolidation

The consolidated financial statements comprise the financial statements of the Group as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015.

FP GmbH and Forward Pharma USA, LLC have been consolidated for all periods presented herein. Forward Pharma FA ApS and Operations have been consolidated since their inception on December 3, 2015 and June 30, 2017 respectively. FWP IP has been consolidated from its inception on June 30, 2017 through November 22, 2017 when the capital stock of FWP IP was sold to HoldCo.

The Company's consolidation of each subsidiary will continue until the date the Company no longer controls the subsidiary. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All intra-group balances and transactions are eliminated in consolidation.

Translation from functional currencies to presentation currency

The Company's consolidated financial statements are presented in USD which is not the functional currency of the Parent. The Group has elected USD as the presentation currency due to the fact that the Parent has listed ADSs on the Nasdaq Global Select Exchange, or Nasdaq, in the United States, under the ticker symbol "FWP". The Parent, Operations, FWP IP and Forward Pharma FA ApS's functional currency is the DKK, FP GmbH's functional currency is the EUR and Forward Pharma USA, LLC's functional currency is the USD.

Except for the specific income and expense transactions noted below, the translation to the presentation currency for entities with a functional currency different from the USD, their assets and liabilities are translated to USD using the closing rate as of the date of the statements of financial position while income and expense items for each statement presenting profit or loss and other comprehensive income are translated into USD at the average exchange rates for the period. Exchange differences arising from such translation are recognized directly in other comprehensive loss and presented in a separate reserve in equity.

As a result of the magnitude of the following transactions combined with the weakening of the USD compared to the DKK during the year ended December 31, 2017, the Parent used the spot rate to translate the Non-refundable Fee, the amounts due per the Amendment (as defined in Note 3.4), and the amount due Aditech Pharma AG to the presentation currency (USD.) The spot rate was used to avoid the distortion of operating results that would have been caused had the average exchange rate been used. In addition, for the same reason, the average exchange rate for the three-month period ended March 31, 2017 was used to translate the income tax provision to the presentation currency (USD.)

Foreign currencies transactions and balances

The Company and each of its subsidiaries determine their respective functional currency based on facts and circumstances and the technical requirements of IFRS. Items included in the financial statements of each entity are measured using the functional currency. Transactions in foreign currencies are initially recorded by the Group entities in their respective functional currency using the spot rate at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate at each reporting date. Differences arising on settlement or translation of monetary items denominated in foreign currency are recognized in the statement of profit or loss within "Exchange rate gain (loss), net," which includes gross exchange (gains) losses in the amount of ($9.0 million), $1.9 million and $1.5 million for each of the years ended December 31, 2017, 2016 and 2015, respectively.

Share-based payments

Employees, board members and consultants (who provide services similar to employees) of the Group receive remuneration in the form of equity settled awards whereby services are rendered as consideration for equity awards (warrants, deferred shares or share options). The fair value of these equity-settled awards is determined at the date of grant resulting in a fixed fair value at grant date that is not adjusted for future changes in the fair value of the equity awards that may occur over the service period. Fair value of warrants and options is determined using the Black Scholes model while fair value of deferred shares is determined as the fair value of the underlying shares less the present value of expected dividends.

Non-employee consultants of the Group have received equity settled awards in the form of share options as remuneration for services. The fair value of these equity-settled awards is measured at the time services are rendered using the Black Scholes model. Under this method, the fair value is determined each quarter over the service period until the award vests.

The Company has never granted cash settled awards. Generally, equity awards have a term of six years with none exceeding ten years from the date of grant. Equity awards generally vest over a three to five-year service period and certain equity awards vest contingently on the occurrence of defined events.

The cost of share-based payments is recognized as an expense together with a corresponding increase in equity over the period in which the performance and/or service conditions are fulfilled. In the event that equity instruments are granted conditionally upon an equal number of equity instruments granted in prior periods not being exercised, they are treated as a new grant for the current period and a modification of the equity instruments granted in the prior period. For equity instruments that are modified or replaced, the incremental value, if any, that results from the modification or replacement is recognized as an expense over the period in which performance and/or service conditions are fulfilled or immediately if there are no performance and/or service conditions to be fulfilled.

The fair value of equity-settled awards is reported as compensation expense pro rata over the service period to the extent such awards are estimated to vest. No cost is recognized for awards that do not ultimately vest.

As discussed in more detail in Note 3.4, in order to mitigate the dilution to warrant, deferred share or share option holders' awards caused by the Capital Reduction, the Parent's shareholders and board of directors approved adjustments to the terms and conditions governing certain warrants, deferred shares or share options. The adjustments resulted in a combination of cash payments to the holders of the equity awards, reductions in the exercise prices of equity awards and a decrease in the total number of ordinary shares that may be subscribed for or purchased pursuant to outstanding equity awards.

Employee benefits

Employee benefits are primarily made up of salaries, share-based payments, Group-provided health insurance and Group contributions to a defined contribution retirement plan. The cost of these benefits is recognized as expenses as services are delivered. The Group's contributions to the employee defined contribution retirement plan have not been material.

Operating Expenses in the Statement of Profit or Loss

Research and development costs

Research and development costs primarily comprise salary and related expenses, including share-based payment expense, license, patent and other intellectual property-related costs incurred in connection with patent claims and other intellectual property rights conducted at the patent registry offices (for example the United States Patent and Trademark Office ("USPTO"), the EPO or other country-specific patent registry offices), manufacturing costs of pre-commercial product used in research, clinical costs, and depreciation of equipment, to the extent that such costs are related to the Group's research and development activities.

If expenses incurred are associated with the Group's intellectual property-related activities carried out in the courts to protect, defend and enforce granted patent rights against third parties (excluding activities and proceeding conducted within the USPTO, EPO or other country-specific patent registry offices) ("Court Expenses") they are classified within general and administrative expenses. Court Expenses incurred for the years ended December 31, 2017, 2016 and 2015 totaled $1.2 million, $315,000 and $602,000 respectively.

Capitalized patent and development costs

The Group's research and development activities have concentrated on the development of unique formulations of DMF for the treatment of immune disorders and include all patent office-related activities regarding the Company's patent estate development (e.g., interference proceeding, oppositions and new patent development). For all periods presented herein, the Group did not capitalize patent costs or FP187® development costs and consequently expensed such costs as incurred given the inherent uncertainty in drug development and commercialization.

General and administrative costs

General and administrative costs relate to the administration of the Group and comprise salaries and related expenses, including share-based payment expense, investor relations, legal and accounting fees, other costs associated with our public listing of ADSs in the United States and depreciation of equipment, to the extent such expenses are related to the Group's administrative functions as well as Court Expenses. For the year ended December 31, 2017, general and administrative costs include the expenses associated with the Restructuring.

Government grants

Income from government grants is recognized when there is reasonable assurance that the grant will be received, all contractual conditions have been complied with and where contingent repayment obligations remain, avoidance of such obligations are within the control of the Group and not probable to occur. When the grant is intended to subsidize costs incurred by the Group, it is recognized as a deduction in reporting the related expense on a systematic basis over the periods to which the costs relate. When the grant subsidizes a capital asset, it is recognized as income in equal amounts over the expected useful life of the related asset. For more information on government grants, refer to Note 3.2.

Income tax and deferred tax

Current income tax

Tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities within one year from the date of the statement of financial position. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates.

Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation or "uncertainty" and establishes provisions where appropriate. To date, there have been no provisions established for uncertain tax positions.

Deferred tax

Deferred tax is provided based on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available in the future against which the deductible temporary differences, unused tax credits and unused tax losses can be utilized. Deferred tax assets and deferred tax liabilities of the same tax jurisdiction are offset if a legally enforceable right exists to set off.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Based on the re-assessment performed at December 31, 2016, the Group recognized certain previously unrecognized deferred tax assets to the extent recovery was probable. In reaching this conclusion, Management considered the probability of future taxable profits considering the License Agreement. See Note 3.5.

Deferred tax relating to items recognized outside the profit or loss are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity.

During the period from January 19, 2013 to December 31, 2015, the Company was part of to a Danish joint taxation group with Tech Growth Invest ApS (see Notes 3.5 and 6.2) and entities under Tech Growth Invest ApS's control (collectively "Tech Growth"). Under the joint taxation, the Company received a refund equal to the tax benefit realized by Tech Growth from Tech Growth's partial utilization of the Company's tax losses at the applicable corporate tax rate to the extent that the tax losses reduced the taxable income of Tech Growth. An entity that was part of Tech Growth experienced a change in ownership on December 31, 2015. As a result of the change in ownership, the year ended December 31, 2015 was the final year in which the Company received a refund equal to the tax benefit realized by Tech Growth from Tech Growth's partial utilization of the Company's tax losses.

On January 1, 2016, the Parent became part of a new Danish joint taxation group ("2016 Tax Group") with NB FP Investment General Partner ApS and Forward Pharma FA ApS. For the year ended December 31, 2017, Operations became member of the 2016 Tax Group on June 30, 2017 (inception) and FWP IP became a member of the 2016 Tax Group on June 30, 2017 (inception) through the date of the Sale (November 22, 2017.)

Equipment

Equipment, which includes computers, office equipment, furniture and manufacturing equipment, is stated at cost, net of accumulated depreciation. Manufacturing equipment is owned by the Group and placed in service for the use of Group vendors who provide contract manufacturing services to the Group. Except as discussed in Note 4.1, there have been no impairment losses recognized by the Group since the inception of the Company.

Depreciation is calculated on a straight-line basis over the expected useful lives of the underlying assets of two to eight years. The residual values of equipment are not material.

The useful life of and method of depreciation of equipment are reviewed by management at least each year end or more often based on changes in facts or circumstances that may result and are adjusted prospectively as changes in accounting estimates. For all periods presented herein, the effect of changes in accounting estimates for equipment were immaterial.

Financial assets

Initial recognition and measurement

Financial assets that meet certain criteria are classified at initial recognition as either financial assets at fair value through profit or loss, available-for-sale financial assets, held to maturity investments or receivables. The Group's financial assets include cash, cash equivalents, other receivables and available-for-sale financial assets. The Group does not hold assets that have been classified at fair value through profit or loss or held to maturity. Generally, the Group's financial assets are available to support current operations; however, amounts expected to be realized within the next twelve months are classified within the statement of financial position as current assets. Certain available-for-sale financial assets have historically been classified within the statement of financial position as non-current assets as management had no intention or business reason to dispose of these financial assets before their maturities which were in excess of twelve months. The Group has no derivative financial assets nor has there been a change in classification of a financial asset after initial recognition and measurements as discussed herein. Financial assets are not acquired for trading or speculative purposes and available-for-sale financial assets are expected to be held until maturity.

The Group's financial assets are recognized initially at fair value plus, in the case of financial assets not carried at fair value through profit and loss, transaction costs that are attributable to the acquisition of the financial asset, if any.

Subsequent measurement

The subsequent measurement of financial assets depends on their classification. After initial measurement, loans and receivables are measured at amortized cost using the effective interest rate method. Historically the Group's receivables are due within a short period of time and therefore the impact of using the effective interest rate method on the Group's financial statements has been immaterial. The Group has no loans. This category also applies to cash and cash equivalents that comprise cash at banks available on demand.

Available-for-sale financial assets include government issued debt instruments. After initial recognition, they are carried at fair value with changes in fair value from period to period recognized in other comprehensive income. Interest earned from available-for-sale financial assets is reported as interest income using the effective interest rate method with foreign exchange gains or losses recognized in the consolidated statement of profit and loss within foreign exchange rate gain (loss). See Note 5.4.

Financial asset impairment

The Group assesses at the end of each reporting period whether there has been objective evidence that a financial asset or group of financial assets may be impaired. Impairment losses are incurred if there is objective evidence of impairment and the evidence indicates that estimated future cash flows will be negatively impacted. For financial assets held at amortized costs, the amount of impairment loss to be recognized in the financial statements is measured as the difference between the carrying value of the financial asset and the present value of the expected cash flows of the financial asset using the original effective interest rate. For impaired available-for-sale financial assets, the amount of loss to be recognized is measured as the difference between the acquisition cost of the available-for-sale financial asset, adjusted for any amortization of discount or premium, and its fair value. For each of the years ended December 31, 2017, 2016 and 2015, the Group did not experience an impairment of a financial asset.

Interest income on available-for-sale financial assets

Interest income is recognized as income using the effective interest method.

Financial Liabilities

The Group's financial liabilities for all period presented herein include only trade payables. Trade payables relate to the Group's purchase of products and services from various vendors in the normal course of business with payment terms generally not exceeding 30 days. Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method in the event a vendor has provided extended payment terms to the Group. Historically none of the Group's vendors have provided extended payment terms and therefore the effective interest method has not been used.

Other receivables

Other receivables primarily comprise value added tax ("VAT") receivables and accrued interest income on available-for-sale financial assets. Other receivables are measured at cost less impairment losses, if any. There have been no impairment losses in the financial periods presented herein. For more information on other receivables see Note 4.3.

Cash and cash equivalents

Cash and cash equivalents comprise cash at banks available on demand.

Consolidated statement of cash flow

The consolidated statement of cash flows is presented using the indirect method. The consolidated statement of cash flows shows cash flows used in operating activities, cash flows from investing activities, cash flows from financing activities, and the Group's cash and cash equivalents at the beginning and end of the year.

Cash flows used in operating activities primarily comprise the operating results, before tax, for the year adjusted for non-cash items, such as share-based compensation, foreign exchange gains and losses, depreciation, changes in working capital and cash flows for interest and taxes.

Cash flows from investing activities are comprised primarily of payments relating to equipment purchases and the maturity of available-for-sale financial assets.

Cash flows from financing activities are comprised of proceeds from the repurchase of equity awards, share issuances and the Capital Reduction see Notes 3.4 and 5.1.

2.2 Significant accounting judgments, estimates and assumptions

The preparation of the consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of income, expenses, assets and liabilities, as well as the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods.

Judgments made in applying accounting policies

In the process of applying the Group's accounting policies, management has made the following judgment that has the most significant effect on the amounts recognized in the consolidated financial statements:

Revenue recognition of the Non-refundable Fee		Note 2.3
Income taxes		Notes 3.5, 6.2
Deferred tax assets		Note 3.5

There is a significant risk that the judgments used by management to prepare the accompanying consolidated financial statements could differ from actual results causing a material adjustment to the carrying amounts of assets and liabilities in future years. The Group based its judgments on information available when the consolidated financial statements were prepared.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are listed below. The Group based its assumptions and estimates on information available when the consolidated financial statements were prepared.

Management has determined that the following items are subject to a high degree of estimation uncertainty and are significant to the financial statements:

Valuation of share-based payment

Note 3.4

2.3 New and Amendments to Accounting Standards

Adoption of IFRS 15 Revenue from Contracts with Customers ("IFRS 15")

IFRS 15 addresses the accounting and disclosure requirements for revenue contracts with customers. The mandatory effective date for adopting IFRS 15 is January 1, 2018; however, the Group elected to adopt IFRS 15 early on January 1, 2017. In accordance with IFRS 15, the Group recognizes revenue to reflect the transfer of goods or services to customers in an amount that reflects the consideration to which the Group expects to receive in exchange for such goods or services.

Prior into entering to the License Agreement, the Group did not have revenue from contracts with customers that were within the scope of IFRS 15 and therefore the initial adoption of IFRS 15 had no effect on previously reported financial statements nor was an adjustment made to the Group's accumulated deficit at January 1, 2017.

The only contract that the Group is party to that is within the scope of IFRS 15 is the License Agreement. In concluding when the Non-refundable Fee should be recognized as revenue, various judgments were made, including the identification of the Company's performance obligations within the License Agreement and whether these performance obligations are distinct. Management concluded that the performance obligations in the License Agreement were related to the right granted to Biogen to use the licensed IP both in the United States as well as in the rest of the world and concluded that these performance obligations were met at the time the License Agreement was consummated, as Biogen was granted full use of the licensed IP whether under a co-exclusive license or an exclusive license. The License Agreement requires the Company (i) to fund the cost to file, prosecute and maintain the Company's United States patents and European patent EP 2801355, (ii) to participate in an intellectual property advisory committee and (iii) to provide the Annual Funding (collectively "Defense Costs" or "Defend the IP"). The period the Company is obligated to fund the Defense Costs is defined in the License Agreement and could include the period from the effective date of the License Agreement through the last to expire, or invalidation of, the licensed patents; however, the Company's obligation to fund Defense Costs would be discontinued earlier if certain events, as defined in the License Agreement, occur. Management concluded that the Company's obligation to Defend the IP does not represent a separate performance obligation as such activities are deemed to be costs to protect the value of the license granted to Biogen. Since Biogen has full unrestricted use of the Company's IP at the time the License Agreement was consummated and since the Company currently has no plans to nor is it obligated to further develop the underlying licensed IP, the License Agreement is deemed to provide Biogen with a right to use the Company's IP upon the consummation of the License Agreement. Based on the facts and circumstance discussed herein, the Non-refundable Fee was recognized as revenue when the performance obligations were satisfied.

The License Agreement provides for Biogen to remit to the Company royalties (as defined in Note 1.2) only if the Company is successful in the Interference Proceeding and/or the Opposition Proceeding, including all appeals, and provided that other conditions of the License Agreement are satisfied. Should the Company be entitled to receive royalties from Biogen in the future, such amounts will be recognized as revenue in the period the underlying sales occur.

Standards effective in 2017:

The IASB issued new standards, amendments to standards and interpretations that are effective in 2017 (collectively "2017 New Standards"). None of the 2017 New Standards effected the Group's financial statements.

Standards issued but not yet effective:

The IASB issued new standards, amendments to standards and interpretations that become effective on or after January 1, 2018 (collectively "New Standards"). None of the New Standards are currently expected to have a material effect on the Group's financial statements; including, as discussed below, the future adoption of IFRS 16 Leases ("IFRS 16"). At December 31, 2017 the Group did not hold any financial instruments that would be affected by IFRS 9 Financial Instruments. Management's current expectation is that New Standards will be adopted by the Group when mandated.

IFRS 16: This standard introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than twelve months, unless the underlying asset is of low value. A lessee is required to recognize a right-of-use asset representing its right to use the underlying leased asset and a lease liability representing its obligation to make lease payments. IFRS 16 has an effective date of January 1, 2019. The impact on the Group's financial statements from the future adoption of IFRS 16 will be determined based on facts and circumstances that exist at the time of adoption; however, as of December 31, 2017, the Group only has leases with terms of less than twelve months or of low value assets and therefore had the adoption of IFRS 16 occurred at December 31, 2017 the effect on the Group's consolidated financial statements would be immaterial.

Results for the Year

12 Months Ended

Dec. 31, 2017

Results for the year

Results for the year

Section 3—Results for the Year

3.1 Segment information

For management purposes, the Group is managed and operated as one business unit, which is reflected in the organizational structure and internal reporting. No separate lines of business or separate business entities have been identified with respect to any product candidate or geographical market and no segment information is currently disclosed in the Group's internal reporting. Accordingly, it has been concluded that it is not relevant to include segment disclosures in the financial statements as the Group's business activities are not organized into business units, products or geographical areas.

3.2 Government grant

As part of the project for the development of new or innovative products and procedures in the Free State of Saxony, Germany, the Sächsische Aufbaubank—Förderbank ("SAB") awarded FP GmbH a grant ("Grant") of €3.8 million ($4.5 million based on the December 31, 2017 exchange rate) that subsidized certain product development costs incurred by FP GmbH during the period from March 2007 to December 2008. In June 2012, the SAB concluded the proceeding of proof of correct use of the Grant and determined that FP GmbH was in compliance with the terms of the Grant. In January 2017, the SAB informed the Company that FP GmbH had no further obligation to perform under the Grant or to repay the Grant. The SAB maintains the right to revoke the Grant and demand repayment of the Grant plus interest in the event the SAB in the future determines that FP GmbH failed to comply with the terms of the Grant.

3.3 Staff costs

	Year ended December 31
	2017		2016		2015
	USD '000		USD '000		USD '000
Wages and salaries		2,166		2,175		1,832
Social taxes and benefits		197		407		407
Share-based payment (Note 3.4)		7,082		14,288		13,541

Total		9,445		16,870		15,780


Staff costs are included in the statement of profit or loss as follows:
Research and development costs		5,712		9,230		6,779
General and administrative costs		3,733		7,640		9,001

Total		9,445		16,870		15,780


Compensation to senior management personnel of the Group
Short-term employee benefits		622		670		718
Severance benefits		117		—		—
Share-based payment(*)		223		3,290		5,500

Total compensation paid to key management personnel		962		3,960		6,218


(*)	The amount disclosed for the year ended December 31, 2017 includes the effect of the reversal of previously recognized share-based compensation of $5.3 million in connection with the termination of certain members of senior management.

The amounts disclosed in the table above are the amounts recognized as an expense during the reporting periods related to senior management personnel. In 2017, senior management consisted of the Company's Chief Executive Officer, Chief Operating Officer, and Chief Financial Officer. As discussed in more detail in Note 3.4, during the year ended December 31, 2017, certain amounts were paid to warrant and option holders, including senior management, that were deemed to be a partial repurchase of equity awards and accounted for as a reduction to shareholders' equity. The table above excludes $7.2 million that was paid to senior management that was deemed to be a partial repurchase of equity awards. See Note 6.1 for compensation paid to the members of the board of directors.

3.4 Share-based payment

Unless otherwise stated, all amounts disclosed in this Note, including the quoted share prices, have been revised to reflect the Share Split as if it had occurred at the beginning of the earliest period presented. In addition, per share amounts in DKK have been updated as the result of changes in exchange rates. Accordingly, the information reported herein may differ from the amounts previously reported.

The Group has entered into various share-based payment arrangements through the granting of equity awards in the form of warrants, options or deferred shares (collectively "equity awards") to employees, consultants (who provide services similar to employees), non-employee consultants and members of the board of directors. Equity awards have been granted under either the Company's 2014 Omnibus Equity Incentive Compensation Plan (the "Equity Plan") or outside the Equity Plan. Outstanding warrants and options have exercise prices stated in DKK or USD. Options and warrants that have exercise prices in DKK have been translated to USD.

Prior to the Share Split, each ADS represented one ordinary share. At the time of the Share Split and after the subsequent Capital Reduction, each ADS represented ten ordinary shares and two ordinary shares respectively. The per share amounts disclosed herein are based on one ordinary share.

The terms of the Equity Plan provide for the board of directors, or a committee appointed by the board of directors, to grant equity awards (as defined below) to employees, consultants and directors of the Group. Subsequent to the Share Split and the Capital Reduction, the Equity Plan currently provides for the granting of an aggregate of 10.1 million ordinary shares. Awards can be in the form of ordinary shares, deferred shares, restricted shares or share options with terms and vesting conditions determined by the board of directors. The Equity Plan contains antidilution provisions in the event of a stock split or certain other corporate transactions. As of December 31, 2017, 3.1 million shares were available for future grant under the Equity Plan. In addition, at December 31, 2017, under Danish Corporate Law, the board of directors has available for the future grant 2.1 million warrants and 17 million deferred shares (inclusive of the shares available for future grant under the Equity Plan.)

During March 2017, the Company granted 60,000 options (600,000 after the Share Split) to the Company's Chief Executive Officer with an exercise price of $27.49 ($2.75 after the Share Split.) Vesting is monthly over 48 months commencing on March 1, 2017; however, each award contains a provision whereby the Chief Executive Officer cannot exercise prior to a defined date. Vesting and exercise periods are accelerated in the event there is a change in control, as defined in the option award agreement. Stock options expire six years from the date of grant. At the date of grant, the aggregate fair value of options granted in March 2017 totaled $913,000.

During June 2017, the Company granted 825,000 options (8.3 million after the Share Split) (the "June 2017 Options"), including 300,000 (3 million after the Share Split) that were granted to the Company's Chief Executive Officer and 75,000 (750,000 after the Share Split) that were granted to members of the Company's Board of Directors, that have an exercise price of $20.35 ($2.04 after the Share Split.) Vesting is monthly over 36 months commencing on June 1, 2017; however, each award contains a provision whereby the option holder cannot exercise prior to a defined date. Vesting and/or exercise periods are accelerated under certain defined situations, including a change in control. The terms of the June 2017 Options include antidilution protection to the holders in the event there is a distribution to the shareholders as defined in the underlying award agreements. As a result of the Capital Reduction and the antidilution protection, the exercise price of the June 2017 Options has been decreased to the nominal value of an ordinary share, the number of shares that may be subscribed for pursuant to the June 2017 Options has been reduced by 80% (6.6 million options after the Share Split) (referred to as the "June 2017 Award Adjustment") and the holders could be due a total cash payment of 1.9 million EUR ($2.2 million based on the December 31, 2017 exchange rate) if all of the June 2017 Options vest. For the year ended December 31, 2017, 361,000 EUR ($430,000) were paid to the holders of the June 2017 Options in connection with June 2017 Options that vested during the period and the balance, if vesting occurs, is payable semi-annually on a pro rata basis over the remaining vesting period that ends on May 31, 2020. Since the June 2017 Option award agreements contain antidilution terms, payments made to the holders as the result of such terms were treated as a reduction to shareholder equity. The June 2017 Options expire six years from the date of grant. At the date of grant, the aggregate fair value of options granted in June 2017 Options totaled $8.9 million.

During June 2017, the Company granted 90,000 deferred shares (900,000 after the Share Split) (the "June 2017 Deferred Shares"), including 45,000 (450,000 after the Share Split) granted to the Company's Chief Executive Officer. 50,000 of the June 2017 Deferred Shares (500,000 after the Share Split), including 25,000 (250,000 after the Share Split) held by the Company's Chief Executive Officer, vest in the event there is a favourable conclusion of the Interference Proceeding, as defined in the award agreement, and the balance vest in the event there is a favourable conclusion of the Opposition Proceeding as defined in the award agreement. The award agreements also provide for unvested deferred shares to vest immediately in the event there is a change in control as defined in the award agreement. Deferred shares expire five years from the date of grant. At the date of grant, the aggregate fair value of the deferred shares totaled $1.8 million. The fair value of the June 2017 Deferred Shares will be recognized as an expense within the statement of profit and loss statement only if such shares vest. In addition, the award agreements underlying the June 2017 Deferred Shares contain provisions similar to the antidilution provisions included in the June 2017 Options. Accordingly, the number of shares that may be subscribed for pursuant to the June 2017 Deferred Shares has been reduced by 80% (720,000 deferred shares after the Share Split) (referred to as the "Deferred Share Adjustment") and if the June 2017 Deferred Shares vest the Company will be obligated to remit 1.7 million EUR ($2.1 million based on the December 31, 2017 exchange rate) to the holders of the June 2017 Deferred Shares.

During the year ended December 31, 2017, a number of employees, including the Company's former Chief Executive and Operating Officer, Chief Financial Officer, and two board members terminated roles with the Company (collectively "Former Employees"). At the time of termination, unvested equity awards held by the Former Employees were forfeited resulting in the reversal of previously recognized share-based compensation of $7.6 million. The equity awards forfeited included 284,000 deferred shares (2.8 million after the Share Split) and 564,000 options or warrants (5.6 million after the Share Split.) The Company's board of directors allowed ("Allowance") the Former Employees to continue to hold 1.1 million vested options or warrants (11.1 million after the Share Split) that would have otherwise been forfeited shortly after each Former Employee's termination date if not exercised. As the result of the Allowance, the Company, during the year ended December 31, 2017, recognized share-based compensation of $2.7 million.

In November 2017, the shareholders of the Company approved an amendment to the Company's articles of association. The amendment modified the terms of certain outstanding options and warrants granted by the Company before June 2017 to mitigate the dilution to such awards caused by the Capital Reduction. In November 2017, a similar amendment was approved by the board of directors of the Company in respect of certain deferred share awards granted by the Company before June 2017 (the amended options, warrants and deferred shares are collectively referred to as the "Awards" and the amendments of the Awards are collectively referred to as the "Amendment"). For financial reporting purposes, the Amendment was accounted for as a modification whereby any increase in the fair value of an Award resulting from the Amendment is deemed to be additional compensation to the Award holder and accounted for as discussed below. The Amendment was designed to apply a set of principles (the "Principles") consistently across all Awards; however, since the Awards effected by the Amendment had a wide range of different terms, the Amendment's effect on individual Awards varied resulting in certain Awards increasing in fair value while others decreased in fair value. The Principles employed were modelled off the Capital Reduction including, but not limited to, the per share cash distributed to shareholders and the 80% annulment of shares (see Note 5.1.) The overall effect of the Amendment provided for cash payments to Award holders of 36.2 million EUR ($43.4 million based on the December 31, 2017 exchange rate) and a reduction in the number of outstanding Awards of 28.8 million. In situations where the Amendment favourably affected the fair value of an Award, such effect was deemed to be additional compensation to the Award holder that will be expensed over the remaining vesting period for unvested Awards and expensed immediately in connection with vested Awards. In situations where the fair value of an Award was negatively affected by the Amendment, no expense will be recognized. Cash payments made to Award holders were deemed to be a partial repurchase of the Award and accounted for as a reduction to shareholder equity except in situations where the cash payment to an Award holder increased the fair value of an Award. In situations where the cash payment to an Award holder increased the fair value of an Award, such increase was deemed to be additional compensation and expensed, as discussed above, based on the Award's vesting status. As a result of the Amendment, the Group recognized compensation of $11.7 million and a reduction to shareholder equity of $32.2 million. Subsequent to the Amendment, the exercise prices of options and warrants range from 0.01 DKK (or $0.0016) to $14.13 per share and the holders of deferred shares need to remit 0.01 DKK (or $0.0016) per share upon the issuance.

During March 2017, 40,000 warrants (401,000 after the Share Split) were exercised yielding proceeds to the Company of $49,000. The quoted fair value of an ordinary share of the Company on the date of exercise was $27.95 ($2.80 after the Share Split.)

During the year ended December 31, 2016, 664,000 stock options (6.6 million after the Share Split) were granted, including 178,000 (1.8 million after the Share Split) that were granted to members of the Company's Board of Directors. The option exercise prices per share range from $12.75 to $21.95 ($1.28 to $2.20 after the Share Split.) Vesting terms are pro rata over either a three or four year term, however, each award contains a provision whereby the option holder cannot exercise prior to a defined date. Vesting and exercise periods are accelerated in the event there is a change in control, as defined in the option award agreements. Stock options expire six years from the date of grant. At the date of grant, the aggregate fair value of options granted in 2016 totaled $8.2 million.

In June 2016, 89,000 warrants (891,000 after the Share Split) ("June 2016 Warrants") were granted to a consultant. The June 2016 Warrants replaced an equal number of expiring warrants. The exercise price of the June 2016 Warrants is the same as the expiring warrants, or $0.56 ($0.06 after the Share Split.) The June 2016 Warrants were fully vested upon grant and expire on July 1, 2018. For financial reporting purposes, the June 2016 Warrants were accounted for as a modification of the expiring warrants to extend the expiration date. The financial statement impact of the modification of the June 2016 Warrants was not material.

During May 2016, 130,000 warrants (1.3 million after the Share Split) were exercised yielding proceeds to the Company of $112,000. The quoted fair value of an ordinary share of the Company on the date of exercise was $18.60 ($1.86 after the Share Split.)

During October 2016, the Company entered into a four-year consulting agreement with a member of the board of directors. The consulting agreement provides for the granting of 12,500 deferred shares (125,000 after the Share Split) shares as full compensation for services to be rendered. The deferred shares vest in equal increments annually over four years. Unvested deferred shares vest immediately in the event there is a change in control as defined in the award agreement. At the date of grant, the aggregate fair value of the deferred shares totaled $275,000.

During the year ended December 31, 2015, 706,000 stock options (7 million after the Share Split) were granted to certain employees, board members and consultants (who provide services similar to employees) and 500,000 stock options (5 million after the Share Split) were granted to non-employee consultants. The options granted to the non-employee consultants are discussed in more detail below. The option exercise prices per share, excluding the 500,000 stock options (5 million after the Share Split) awarded to the non-employee consultants, range from $20.90 to $36.85 ($2.09 to $3.69 after the Share Split.) Vesting terms are pro rata over either a three or four-year term, however, each award contains a provision whereby the option holder cannot exercise prior to a defined date. Vesting and exercise periods are accelerated in the event there is a change in control, as defined in the option award agreements. Stock option expiration dates vary with the latest expiration date being six years from the date of grant. At the date of grant, the aggregate fair value of options granted in 2015, excluding the fair value of the options granted to the non-employee consultants, totaled $10.2 million.

As discussed above, during the year ended December 31, 2015 a total of 500,000 stock options (5 million after the Share Split) were granted to non-employee consultants of the Group ("Consultant Options"). 250,000 Consultant Options (2.5 million after the Share Split) have an exercise price of $28.26 ($2.83 after the Share Split) and the balance have an exercise price of $141.30 ($14.13 after the Share Split.) The Consultant Options expire on May 15, 2020 and vesting is over five years; however, the Consultant Options can only be exercised during the period from April 2, 2020 to May 15, 2020. Vesting and exercise are accelerated in the event there is a change in control as defined in the option award agreements. The Company's board of directors holds a unilateral right to terminate the Consultant Options for any reason at any time prior to vesting. The fair value of the Consultant Options is measured using the Black Scholes model with inputs not materially different from those discussed below. The fair value of the Consultant Options is determined as services are rendered. As of December 31, 2017 (after the Share Split), 2 million of the Consultant Options have vested including 1 million with an exercise price of $2.83 (after the Share Split.) The fair value of the Consultant Options was computed using the Black Scholes method and not based on the value of the services received. In reaching the decision to use the value of the Consultant Options and not the value of the services, management considered the variability in the nature, timing and extent of services to be provided by the non-employee consultants that will be significantly affected by actions taken by parties who are not under the control of the Group. Accordingly, the value and timing of the services to be received over the service period cannot be estimated reliably and therefore the value of the Consultant Options was deemed to be a more accurate measure of the consideration paid to the non-employee consultants for services rendered. The weighted average fair value per Consultant Option applied for recognition of an expense during each of the years ended December 31, 2017, 2016 and 2015 was $0.63, $0.60 and $1.19 (after the Share Split) respectively. The total expense recognized during each of the years ended December 31, 2017, 2016 and 2015 was $615,000, $892,000 and $2.0 million respectively. There were no Consultant Options outstanding prior to 2015.

In order to provide employees, including the Chief Executive Officer, consultants and a board member of the Group with the ability to forgo exercising warrants or share options that were set to expire on or before January 1, 2016 ("Expiring Awards"), (i) the board of directors, during the year ended December 31, 2015, approved the granting of 1,365,000 share options or warrants (13.6 million after the Share Split) ("Replacement Awards") to replace 1,405,000 Expiring Awards (14.1 million after the Share Split) (1,316,000 Expiring Awards (13.2 million after the Share Split) expired prior to December 31, 2015 and 89,000 (891,000 after the Share Split) expired on January 1, 2016) and (ii) the Company's shareholders, at the ordinary general meeting in April 2015, approved the extension of the period during which holders may exercise 334,000 Expiring Awards (3.3 million after the Share Split) ("Extended Awards"). Further, in order to incentivize holders of Expiring Awards to remain engaged with the Group, the board of directors, during the year ended December 31, 2015, approved the granting of additional share options or warrants to holders of Expiring Awards to subscribe for an aggregate of 362,000 ordinary shares (3.6 million after the Share Split) ("Additional Awards"). The Replacement Awards have substantially similar terms as the Expiring Awards, except the expiration dates were extended to various dates, the latest being March 2021. The expiration date for 167,000 of the Extended Awards (1.7 million after the Share Split) was extended to June 2018, while the expiration date for the balance of the Extended Awards was extended to November 2018. If individual holders exercise their Expiring Awards, then the Replacement Awards and the Additional Awards held by such holders provide for immediate expiration and cancellation of such Replacement Awards and the Additional Awards for no compensation. Replacement Awards have the same exercise price as Expiring Awards. Replacement Awards are fully vested on the date of grant while Additional Awards vest over a period of three years. Replacement Awards and Additional Awards (except for 85,000 Replacement Awards (847,000 after the Share Split)) cannot be exercised prior to March 2018; however, Replacement Awards and Additional Awards vest and can be exercised immediately in the event there is a change in control, as defined in the award agreements. The aggregate fair value of Replacement Awards and Additional Awards at the date of grant totaled $6.8 million. The financial statement impact of the Extended Awards was not material.

A total of 55,000 deferred shares (550,000 after the Share Split) were granted during 2015 including 5,000 (50,000 after the Share Split) to an employee and 25,000 (250,000 after the Share Split) to each of two consultants. The employee's deferred shares vested in July 2016 and the consultants' deferred shares vest in equal increments annually over a four year period. Unvested deferred shares vest immediately in the event there is a change in control as defined in the award agreements. At the date of grant, the aggregate fair value of the deferred shares granted in 2015 totaled $1.4 million. From May 6, 2016 to May 3, 2017, one of the consultants served on the Company's board of directors. See Note 6.1.

During the year ended December 31, 2015, 216,000 warrants (2.2 million after the Share Split) were exercised yielding proceeds to the Company of $153,000. The quoted weighted average fair value of an ordinary share of the Company on the dates of exercise was $33.79 ($3.38 after the Share Split.)

The table below summarizes the activity for each of the years ended December 31, 2017, 2016 and 2015 for equity awards in the form of options and warrants and the weighted average exercise price ("WAEP"):

	Share Options and Warrants Adjusted for the Share Split
	Key Management Personnel(*)			Employees and Consultants			Non- Employee Consultants		Total Awards			WAEP
	No. '000			No. '000			No. '000		No. '000
Outstanding at January 1, 2015		10,582			17,950			—		28,532		$	0.50
Granted		1,783			5,284			4,996		12,063		$	5.16
Expiring Awards		(3,337	)		(9,821	)		—		(13,158	)	$	0.10
Replacement Awards		4,229			9,420			—		13,649		$	0.10
Additional Awards		1,474			2,143			—		3,617		$	3.01
Exercised		—			(2,158	)		—		(2,158	)	$	0.07

Outstanding at December 31, 2015		14,731			22,818			4,996		42,545		$	2.04
Granted		1,783			5,743			—		7,526		$	1.50
Expiring Awards		(891	)		—			—		(891	)	$	0.08
Exercised		—			(1,300	)		—		(1,300	)	$	0.09
Expired and forfeited		—			(985	)		—		(985	)	$	0.35

Outstanding at December 31, 2016		15,623			26,276			4,996		46,895		$	2.08
Granted		4,350			4,500			—		8,850		$	2.08
Exercised		—			(401	)		—		(401	)	$	0.12
Forfeited		(2,976	)		(2,773	)		—		(5,749	)	$	1.86
Effect of the Amendment and the June 2017 Award Adjustment		(12,801	)		(22,603	)		—		(35,404	)	$	1.33

Outstanding at December 31, 2017		4,196			4,999			4,996		14,191		$	3.45


Exercisable at December 31, 2017		2,922			3,937			1,998		8,857


(*)	Includes current and former senior management and current and former members of the board of directors.

The weighted average remaining contractual life of equity awards in the form of options and warrants outstanding as of December 31, 2017, 2016 and 2015 was 3.2 years, 4.3 years and 4.9 years respectively.

The table below summarizes the range of exercise prices, after converting, where applicable, exercise prices that are stated in DKK to USD, for outstanding equity awards in the form of options and warrants as of December 31, 2017, 2016 and 2015.

	Adjusted for the Share Split
Range of exercise prices (per share)	2017		2016		2015
	No. '000		No. '000		No. '000
$0.0016 to $0.12		7,625		17,878		20,069
$0.75 to $0.95		—		2,139		2,139
$1.26 to $1.80		179		4,635		—
$2.09 to $2.83		2,618		13,037		11,037
$3.05 to $3.77		674		6,708		6,802
$4.51 to $6.92		597		—		—
$14.13		2,498		2,498		2,498

Total		14,191		46,895		42,545

The tables below summarize the inputs to the model used to value equity awards, including modifications of equity awards, as well as the average fair value per option or warrant awarded or modified for each of the years ended December 31, 2017, 2016 and 2015:

Year ended December 31, 2017
Dividend yield (%)		0
Expected volatility (%)		64 - 79
Risk-free interest rate (%)		(0.7) to 2.1
Expected life of the equity award (years)		0.5 to 7
Share price		2.04 USD to 2.74 USD
Exercise price		0.0016 USD to 6.92 USD
Model used		Black Scholes
Basis for determination of share price		Quote on Nasdaq
Average fair value per option or warrant granted		10.90 USD

Year ended December 31, 2016
Dividend yield (%)		0
Expected volatility (%)		73 - 79
Risk-free interest rate (%)		(1.2) to 1.8
Expected life of the equity award (years)		4.0 to 5.0
Share price		1.64 USD to 2.20 USD
Exercise price		0.06 USD to 2.20 USD
Model used		Black Scholes
Basis for determination of share price		Quote on Nasdaq
Average fair value per option or warrant granted		1.18 USD

Year ended December 31, 2015
Dividend yield (%)		0
Expected volatility (%)		69 - 76
Risk-free interest rate (%)		(0.1) to 1.7
Expected life of the equity award (years)		3.5 to 5.0
Share price		1.81 USD to 3.90 USD
Exercise price		0.06 USD to 3.69 USD
Model used		Black Scholes
Basis for determination of share price		Quote on Nasdaq
Average fair value per option or warrant granted		1.31 USD

The table below summarizes the deferred share activity for each of the years ended December 31, 2017, 2016 and 2015:

	Deferred Shares Adjusted for the Share Split
	Key Management Personnel(*)			Employees and Consultants			Total Awards
	No. '000			No. '000			No. '000
Outstanding at January 1, 2015(a)		5,686			—			5,686
Granted		—			550			550
Vested and issued(a)		(1,422	)		—			(1,422	)

Outstanding at December 31, 2015		4,264			550			4,814
Granted		125			—			125
Transfer(b)		250			(250	)		—
Vested and issued(a)		(1,422	)		—			(1,422	)

Outstanding at December 31, 2016		3,217			300			3,517
Granted		450			450			900
Forfeited(a)		(2,842	)		—			(2,842	)
Effect of the Amendment and the Deferred Share Adjustment		(419	)		(456	)		(875	)

Outstanding at December 31, 2017(c)		406			294			700


Vested and unissued at December 31, 2017		127			107			234


(*)	Includes current and former senior management and current and former members of the board of directors.
(a)	During 2014, 5.7 million deferred shares were granted to the Company's Chief Financial Officer ("CFO"). The deferred shares vested annually over four years. The CFO was terminated during 2017 and 2.8 million unvested deferred shares were forfeited.
(b)	A consultant who was granted deferred shares in 2015 was a member of the Company's board of directors from May 6, 2016 to May 3, 2017. See Note 6.1.
(c)	At December 31, 2017, each deferred share has an exercise price of 0.01 DKK or $0.0016 based on the December 31, 2017 exchange rate.

Share-based compensation expense included within operating results for each of the years ended December 31, 2017, 2016 and 2015 is as follows:

	Year Ended December 31,
	2017		2016		2015
	USD '000		USD '000		USD '000
Research and development costs		4,852		7,984		6,000
General and administrative costs		2,230		6,304		7,541

Total		7,082		14,288		13,541

Significant estimation uncertainty regarding share based payments

Determining the fair value, whether at grant date, modification date or the date of the Amendment, and the subsequent accounting for equity awards requires significant judgment regarding expected life and volatility of an equity award; however, as a public listed company there is objective evidence of the fair value of an ordinary share on the date an equity award is granted or modified. The expected life of an equity award is based on the assumption that the holder will not exercise until after the equity award is fully vested and all restrictions on the holders' ability to dispose of the underlying ordinary shares expire. Actual exercise patterns may differ from the assumption used herein. The volatility rate used to value equity awards has been based on either peer group volatility, where the expected life of an equity award exceeds the Company's historical trading data, or the Company's volatility rate where historical trading activity of the Company equals or exceeds the expected life of an equity award. Using historical volatility rates to project future trends is a highly subjective estimate that may not necessarily be the actual outcome. The peer group consists of listed companies that management believes are similar to the Company in respect to industry and stage of development. Even with objective evidence of the fair value of an ordinary share, small changes in any other individual assumption or in combination with other assumptions could have yielded significantly different results.

3.5 Income tax

The major components of income tax (expense) benefit reported in the consolidated statement of profit and loss for the years ended December 31, 2017, 2016 and 2015 are as follows:

	Year Ended December 31,
	2017			2016			2015
	USD '000			USD '000			USD '000
Current income tax (expense) benefit		(244,288	)		(79	)		336
Deferred income tax (expense) benefit		(23,107	)		21,282			—

Income tax (expense) benefit reported in the statement of profit and loss		(267,395	)		21,203			336

The current income tax expense for the year ended December 31, 2016 primarily relates to a change in estimate of the benefit obtained by Tech Growth's utilization of the Company's tax loss. Included in the current income tax benefit for the year ended December 31, 2015 is the amount due to the Company for participating in the Tech Growth joint taxation group of $158,000 (see "Joint Taxation Groups" below for additional information regarding Tech Growth). Also included in the tax benefit for the year ended December 31, 2015 is the favorable result from an application made with the Danish tax authorities whereby the Danish tax authorities approved a refundable tax credit of $178,000 related to the Company's research and development efforts after reducing the Company's Danish tax loss carryforward.

Management concluded that at December 31, 2016 it was probable the Group would have taxable profits in 2017, thereby enabling the Group to recognize certain deferred tax assets that historically did not meet the criteria for recognition. In reaching the conclusion to recognize deferred tax assets at December 31, 2016, numerous judgments were made including the close proximity of the date the License Agreement was executed to December 31, 2016 and the magnitude of the Non-refundable Fee compared to the projected total expenses in 2017. The deferred tax benefit recognized during the year ended December 31, 2016 was primarily related to net operating loss carryforwards ("NOLs"). Taxable profits are not assured beyond the year ended December 31, 2017; therefore, temporary differences that will be available to offset taxable profits after December 31, 2017 do not meet the criteria for financial statement recognition and therefore the related deferred tax assets have not been recognized.

The income tax (expense) benefit recorded for the years ended December 31, 2017, 2016 and 2015 is reconciled as follows:

	2017			2016			2015
	USD '000			USD '000			USD '000
Income (loss) before tax		1,184,488			(54,539	)		(37,340	)

At the Company's statutory income tax rate(1)		(260,587	)		11,999			8,775
Adjustments:
Non-deductible expenses for tax purposes		(1,780	)		(3,100	)		(1,032	)
Effect of higher tax rate in Germany(2)		(4,980	)		844			1,517
(Unrecognized) recognized deferred tax assets		(48	)		11,460			(9,102	)
Refundable tax credit		—			—			178

Income tax (expense) benefit reported in the statement of profit and loss		(267,395	)		21,203			336


Effective tax rate		22.6	%		38.9	%		0.9	%


(1)	The statutory Danish tax rates for 2017, 2016 and 2015 were 22%, 22% and 23.5% respectively.
(2)	The statutory German tax rates for 2017, 2016 and 2015 were 31.9%, 31.9% and 31.9% respectively.

Deferred tax

The recognized deferred tax (liabilities) assets at December 31, 2017 and 2016 are as follows:

	2017			2016
	USD '000			USD '000
Net operating loss carryforwards		—			31,999
Share-based payment		—			502
Acquired Patents (see below)		—			55,870
Payment Obligation (see below)		—			(65,181	)
Other		(43	)		(126	)

Total deferred income tax (liability) benefit		(43	)		23,064

The table above for 2016 includes the tax effect of the patents and associated know-how acquired from Aditech Pharma AG (collectively "Acquired Patents") and the corresponding obligation to remit payments ("Payment Obligation") in accordance with the patent transfer agreement with Aditech Pharma AG. See Note 6.2. As the result of the Restructuring, the Acquired Patents and the Payment Obligation were recognized in the current tax provision.

During each of the years ended December 31, 2017 and 2016, the Company recognized tax benefits within the consolidated statement of changes in shareholders' equity of $6.3 million and $2.8 million respectively. The tax benefits were related to equity awards where the Company's tax filing provided a benefit in excess of the corresponding share-based compensation recognized within reported operating results.

The unrecognized deferred tax assets at December 31, 2017 and 2016 are as follows:

	2017		2016
	USD '000		USD '000
Tax effect of tax loss carry forwards		4,726		4,139
Share-based payment(*)		2,304		4,876

Unrecognized deferred tax assets, net		7,030		9,015


(*)	The amount for 2016 has been revised to conform with the 2017 presentation.

The Group has the following unrecognized deductible temporary differences as of December 31, 2017, 2016 and 2015 respectively:

	Denmark						Germany
	2017		2016		2015		2017		2016		2015
	USD '000		USD '000		USD '00		USD '000		USD '000		USD '00
Unused tax losses		—		—		25,070		14,805		13,273		35,817
Deductible temporary differences regarding share-based payment(*).		10,474		22,163		24,961		—		—		—


(*)	The amounts for 2016 and 2015 have been revised to conform with the 2017 presentation.

The German tax loss carry forwards have no expiry date; however, FP GmbH's ability to use tax loss carry forwards in any one year is limited to 100% of the first 1 million EUR ($1.1 million based on the December 31, 2017 exchange rate) of taxable income plus 60% of taxable income above 1 million EUR. Other deductible temporary differences are not subject to any restrictions. For Danish and United States tax purposes, the Company's United States subsidiary does not conduct a trade or business and is therefore deemed to be a disregarded entity. Accordingly, the United States subsidiary is not subject to income taxes in the United States. Recently enacted tax legislation in the United States is not expected to have an impact on the Group.

Joint Taxation Groups

During the period from January 19, 2013 to December 31, 2015, the Company was part of the Tech Growth joint tax group. Under applicable provisions of the Danish taxation law, the Company was entitled to obtain refunds at the prevailing tax rate from other entities within the Tech Growth joint taxation group who utilized tax losses of the Company. Included in the tax benefit for the year ended December 31, 2015 is $158,000 due to the Company for participating in the Tech Growth joint taxation group. During the year ended December 31, 2016, Tech Growth amended a prior year tax return to reduce previously reported taxable income. The effect of the amended tax return resulted in the Company recognizing a current income tax expense caused by Tech Growth utilizing less tax losses of the Company.

A subsidiary of Tech Growth Invest ApS experienced a change in ownership on December 31, 2015. The effect of the change in ownership resulted in the year ended December 31, 2015 being the final year in which the Company received a refund equal to the tax benefit realized by Tech Growth Invest ApS and other entities within the joint taxation group who utilized the Company's tax losses. On January 1, 2016, the joint taxation group with Tech Growth ceased and the Company became part of the 2016 Tax Group. The Company remains jointly and severally liable with other entities in the Tech Growth joint taxation group for Tech Growth's Danish tax liabilities during each of the years ended December 31, 2015, 2014 and 2013. The Company is jointly and severally liable under the 2016 Tax Group for Danish tax liabilities incurred by members of the 2016 Tax Group while being a member of the 2016 Tax Group.

Significant accounting judgments, estimates and assumptions

The Group recognizes deferred tax assets, including the tax base of tax loss carry-forwards, if management assesses that these tax assets can be offset against future positive taxable income. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. This judgment is made periodically after considering current facts, circumstances, budgets and business plans as well as the risks and uncertainty associated with the operations of the Group. As facts and circumstances change, adjustments to previously made estimates will be made that could result in volatility in reported operating results and the occurrence of unforeseen events could have a material favorable or unfavorable effect on the financial statements of the Group.

The Group determined that previously unrecognized deferred tax assets should be recognized at December 31, 2016 as it was probable at that time that the Group would have sufficient taxable income in the year ending December 31, 2017 to utilize deferred tax assets recognized at December 31, 2016.

Tax uncertainties

The Group exercises judgment when determining the Group's tax position. As discussed in more detail below, significant judgments were made when determining the tax treatment of Forward Pharma USA, LLC, transfer pricing and in determining tax deductibility of certain transactions.

The Company's Danish, German and United States tax returns are subject to periodic audit by the local tax authorities. Such audits could result in the tax authorities disagreeing with the tax filing positions taken by the Group which would expose the Company to additional taxes being assessed, including interest and penalties, that could be material. There are numerous transactions between the Company, Operations, FWP IP, FP GmbH and Forward Pharma USA, LLC where the tax authorities could challenge whether pricing of such transactions were at arm's length. Management believes that appropriate tax filing provisions have been taken by the Company and its subsidiaries; however, there is always a risk that the tax authorities could disagree with the tax filing positions taken resulting in additional taxes, interest and penalty becoming due and such amount could be material.

The Company has taken the position that Forward Pharma USA, LLC is not subject to U.S. federal or state income tax. In reaching this conclusion, significant judgment was used in evaluating the nature of the operations in the U.S., the interpretation of the U.S. and Danish tax laws, and the income tax treaty between the U.S. and Denmark. Management believes that the tax filing provisions taken in the U.S. and Denmark regarding Forward Pharma USA, LLC are correct; however, there is always a risk that the U.S. or Danish tax authorities could disagree with the tax filing positions taken resulting in additional taxes, interest and penalty becoming due and such amount could be material.

As a result of the receipt of the Non-refundable Fee and the resulting taxable income, Management expects that the tax authorities in Denmark will conduct audits of the tax returns of the Tech Growth joint tax group and the 2016 Tax Group. The German tax authorities have recently commenced tax audits of FP GmbH's tax returns for each of the four years ended December 31, 2016 and the German tax authorities have indicated that they will audit FP GmbH's tax return, when filed, for the year ended December 31, 2017. Any audits conducted by the tax authorities will focus on the intercompany recognition of revenue and expense to ensure that such transactions were conducted at arm's length. There is also a risk that the tax authorities could impose additional taxable income or disallow the deductibility of expenses on intercompany cross-border transactions resulting in higher tax obligations in one or more tax jurisdictions. Management's experience has been that the taxing authorities can be aggressive in taking positions that would increase taxable income and/or disallow deductible expenses reported. If the local tax authorities are successful in increasing taxable income and/or disallowing deductible expenses in one or more localities, it would result in the Group experiencing a higher effective tax rate that could be material. Management believes that the tax positions taken with regards to intercompany transactions are in accordance with tax regulations and that appropriate tax provisions have been made in the accompanying financial statements; however, there is always a risk that the Danish and/or the German tax authorities could disagree with the tax filing positions taken resulting in additional taxes, interest and penalty becoming due and such amount could be material.

Based on recent communications with the Danish and German tax authorities, Management anticipates that the Danish and German tax authorities will conduct a joint tax audit of the Group's Danish and German tax returns. Conducting a joint tax audit is expected to reduce the burden and cost to the Group of undergoing two audits that address similar transactions and to accelerate the resolution of disagreements through the mutual agreement process ("MAP") by early involvement of Competent Authorities if necessary. There is no assurance that a joint audit will be conducted and even if a joint audit is conducted there is no assurances that the Group will achieve expected benefits.

As discussed in Note 3.4, the Company made certain cash payments ("Deduction") to equity awards holders during the year ended December 31, 2017 as provided for by the Amendment. The Company believes the Deduction, that totalled $36.2 million EUR ($43.4 million based on the December 31, 2017 exchange rate), represents compensation for services rendered to the Company and is tax deductible for Danish tax purposes. Management believes that the tax positions taken with regards to the Deduction is in accordance with tax regulations and that appropriate tax provisions have been made in the accompanying financial statements; however, there is always a risk that the Danish authorities could disagree with the tax filing positions taken resulting in additional taxes, interest and penalty becoming due and such amount could be material.

As of December 31, 2017, the tax years that remain open for audit by the Danish, German and United States tax authorities include 2013 through 2017.

3.6 Net income (loss) per share

Basis for preparing per share amounts and the revision of previously report per share amounts

The amounts disclosed below have been prepared to reflect the Share Split as if it had occurred at the beginning of the earliest period presented. In addition, the Capital Reduction was effected by the annulment of 80% of the ordinary shares outstanding and was deemed, for IFRS purposes, to have been at a 15% premium (the "15% Premium") based on the trading price of an ADS immediately before the Capital Reduction was executed. The 15% Premium, as per IAS 33 Earnings per Share, is accounted for in a manner similar to the Share Split (as the outflow of resources was greater than the reduction in the number of shares outstanding) and reflected in the below amounts as if it had occurred at the beginning of the earliest period presented. Accordingly, share and per share information previously reported has been revised to reflect the Share Split and the 15% Premium. The combined effect of the Share Split and the 15% Premium is as if a 11.5 for 1 share split had occurred at the beginning of the earliest period presented.

Net income (loss) per share

The following reflects the net income (loss) attributable to ordinary shareholders and share data used in the basic and diluted net income (loss) per share computations for each of the years ended December 31, 2017, 2016 and 2015:

	2017		2016			2015
	USD		USD			USD
			Revised			Revised
Net income (loss) attributable to ordinary shareholders of the Parent used for computing basic and diluted net income (loss) per share		917,093		(33,336	)		(37,004	)


Weighted average number of ordinary shares used for basic per share amounts		380,133		540,650			537,614
Dilutive effect of outstanding options, warrants and deferred shares		18,810		—			—

Weighted average number of ordinary shares used for diluted per share amounts		398,943		540,650			537,614


Net income (loss) per share basic		2.41		(0.06	)		(0.07	)


Net income (loss) per share diluted		2.30		(0.06	)		(0.07	)

Amounts within the table above are in thousands except per share amounts

Basic income (loss) per share amounts are calculated by dividing the net income (loss) for the year attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. The diluted per share amounts are calculated by dividing the net income for the year attributable to ordinary shareholders of the Parent by the weighted average number of ordinary shares outstanding during the period increased by the dilutive effect of the assumed issuance of deferred shares and exercise of outstanding options and warrants. As the result of the Group incurring losses for each of the years ended December 31, 2016 and 2015, the potential shares issuable related to outstanding deferred shares, options and warrants have been excluded from the calculation of diluted per share amounts as the effect of such shares is anti-dilutive. As of December 31, 2017, 2016 and 2015, options, warrants and deferred shares that could potentially dilute basic earnings per share in the future, but were not included in the calculation of diluted amounts per share because they are anti-dilutive, were 8.2 million, 50.4 million and 47.4 million respectively. See Note 3.4.

Operating Assets and Liabilities

12 Months Ended

Dec. 31, 2017

Operating Assets and Liabilities

Operating Assets and Liabilities

Section 4—Operating Assets and Liabilities

4.1 Equipment

	Equipment
	USD '000
Cost:
At January 1, 2016		401
Additions		31
Disposals		(3	)
Exchange differences		(15	)

At December 31, 2016		414
Additions		3
Disposals		(363	)
Exchange difference		12

At December 31, 2017		66


Accumulated Depreciation:
At January 1, 2016		49
Depreciation charge for the year		109
Disposals		(3	)
Exchange difference		(9	)

At December 31, 2016		146
Depreciation charge for the year		19
Disposals		(363	)
Impairment (see below)		208
Exchange difference		44

At December 31, 2017		54


Net book value:
At December 31, 2016		268


At December 31, 2017		12

Depreciation expense included within operating results for each of the years ended December 31, 2017, 2016 and 2015 is as follows:

	Year Ended December 31,
	2017		2016		2015
	USD '000		USD '000		USD '000
Research and development costs		224		106		34
General and administrative costs		3		3		3

Total		227		109		37

As discussed in Note 1.1, the Company announced on March 1, 2017 a plan to reduce costs and wind-down research and development efforts of FP187®. In connection with winding down of research and development efforts, certain equipment that had been used in the development of FP187® was deemed impaired. Accordingly, during the year ended December 31, 2017, the Group recognized an impairment expense of $208,000 that is included in the above table within research and development costs.

4.2 Prepaid expenses

	December 31,
	2017		2016
	USD '000		USD '000
Advanced payments to contract research and manufacturing organizations		—		132
Insurance		421		450
Other		81		74

Total		502		656

4.3 Other receivables

	December 31,
	2017		2016
	USD '000		USD '000
VAT receivables		513		305
Accrued interest income		—		117
Other receivables		5		5

Total		518		427

4.4 Accrued liabilities

	December 31,
	2017		2016
	USD '000		USD '000
Accrued amounts due in accordance with the Amendment (Note 3.4)		11,757		—
Professional advisors		910		4,042
Contract research and manufacturing organizations		77		715
Other		299		310

Total		13,043		5,067

Capital Structure and Financial Risk and Related Items

12 Months Ended

Dec. 31, 2017

Capital Structure and Financial Risk and Related Items

Capital Structure and Financial Risk and Related Items

Section 5—Capital Structure and Financial Risk and Related Items

5.1 Equity and Capital Management

Share capital

The following table summarizes the Company's share activity for each of the years ended December 31, 2017, 2016 and 2015:

	Ordinary shares
	No. '000
	Revised (*)
January 1, 2015		465,137
Issuance of deferred shares		1,422
Exercise of warrants for cash		2,158

December 31, 2015		468,717
Issuance of deferred shares		1,422
Exercise of warrants for cash		1,300

December 31, 2016		471,439
Exercise of warrants for cash		401
Capital Reduction		(377,472	)

December 31, 2017		94,368


(*)	Amounts have been revised to reflect the Share Split as if it had occurred at the beginning of the earliest period presented. Accordingly, share information previously reported has been revised. Subsequent to the Share Split, the nominal value of an ordinary share of the Parent is 0.01 DKK.

On August 2, 2017, the Company's shareholders approved the Capital Reduction of 917.7 million EUR ($1.1 billion). The funds for the Capital Reduction were distributed to shareholders during September 2017. The Capital Reduction was executed through the annulment of 80% of the ordinary shares outstanding post Share Split or 377.5 million ordinary shares. The Capital Reduction resulted in a payment of 2.43125 EUR per share, which was annulled (post Share Split.)

Except for the Capital Reduction, the Company has never distributed funds to shareholders in any form, including dividends, and currently there are no plans to distribute funds to shareholders in the future.

During March 2017, 401,000 warrants (post Share Split) were exercised yielding proceeds to the Company of $49,000. See Note 3.4.

During the year ended December 31, 2016 1.4 million ordinary shares (post Share Split) were issued upon the vesting of deferred shares, and the receipt of the per share nominal value of $2,000, and 1.3 million ordinary shares (post Share Split) were issued in connection with the exercise of warrants and the receipt of $112,000. See Note 3.4.

During the year ended December 31, 2015 1.4 million ordinary shares (post share Split) were issued upon the vesting of Deferred Shares, and the receipt of the per share nominal value of $2,000, and 2.2 million ordinary shares (post Share Split) were issued in connection with the exercise of warrants and the receipt of $153,000. See Note 3.4.

Capital Management

For the purpose of the Group's capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Group's capital management is to maximize shareholder value. The board of directors' policy is to maintain an adequate capital base so as to maintain investor, creditor and market confidence that the Group will continue as a going concern. Cash, cash equivalents and financial assets are monitored on a regular basis by management and the board of directors in assessing current and long-term capital needs. As of December 31, 2017, the Group held cash and cash equivalents totaling $109.6 million that will be sufficient to provide adequate funding to allow the Group to meet its planned operating activities in the normal course of business beyond the year ending December 31, 2018. The Group currently has no significant planned capital expenditures.

5.2 Financial risk factors

The Group's activities expose it to a number of financial risks whereby future events, which can be outside the control of the Group, could have a material effect on the Group's financial position and operating results. The known risks include foreign currency and credit risk and there could be other risks currently unknown to management. The Group historically has not hedged its financial risks.

Foreign Currency

The Group maintains operations in Denmark, Germany and the United States that use the DKK, the EUR and the USD as their functional currencies respectively. The Group conducts cross border transactions where the functional currency is not always used, including purchases from major vendors in the United Kingdom where the British Pound ("GBP") is used. In addition, the Company, whose functional currency is the DKK, has in the past invested in debt instruments issued by the governments of Germany, the United Kingdom and the United States. Accordingly, future changes in the exchange rates of the DKK, the EUR, the USD and/or the GBP will expose the Group to currency gains or losses that will impact the reported amounts of assets, liabilities, income and expenses and the impact could be material. For each of the years ended December 31, 2017, 2016 and 2015, the impact on the Group's statement of profit or loss of possible changes in the USD, GBP and EUR exchange rates against the Group's functional currencies, USD, DKK and EUR, would be as follows.

Currency

Possible
change

2017

2016

2015

USD '000

USD

+/–10

+5,625/–5,625

+7,124/–7,124

+8,068/–8,068

GBP

+/–10

+128/–128

+430/–430

+1,001/–1,001

EUR

+/–2

+506/–506

+1,212/–1,212

+1,424/–1,424

Credit Risk

The Group's management manages credit risk on a group basis. The Group's credit risk is associated with cash held in banks. The Group does not trade financial assets for speculative purposes and invests with the objective of preserving capital by investing in a diversified group of highly rated debt instruments.

Historically the Group's cash and cash equivalents were held primarily at one bank in Denmark (the "Bank") with a Moody's long-term credit rating of Aa3. Subsequent to the receipt of the Non-refundable Fee, the Group's cash and cash equivalents were diversified into three banks each with a Moody's long-term credit rating of A1 or better. At December 31, 2017, the Company had $88.6 million in cash and cash equivalents on deposit at the Bank.

5.3 Other finance costs

Other finance costs primarily include bank charges (negative interest) related to DKK and EUR cash holdings.

5.4 Financial assets and liabilities

Recognized financial instruments

The Group has recognized the following categories of financial assets and liabilities.

Financial assets:

Loans and receivables as of December 31, 2017 and 2016

	2017				2016
	Carrying amount		Fair value		Carrying amount		Fair value
	USD '000		USD '000		USD '000		USD '000
Other receivables		518		518		427		427

Total		518		518		427		427

Fair value of other receivables is deemed to be their carrying amount based on payment terms that are generally 30 days.

Available-for-Sale Financial Assets as of December 31, 2017 and 2016

The Company's available-for-sale financial assets include debt instruments issued by the governments of Germany, the United Kingdom and the United States.

	2017				2016
	Carrying amount		Fair value		Carrying amount		Fair value
	USD '000		USD '000		USD '000		USD '000
Included in current assets (Level 1)
Germany		—		—		41,821		41,821
United Kingdom		—		—		1,545		1,545
United States		—		—		37,459		37,459

Total		—		—		80,825		80,825

At December 31, 2017, the Company did not hold available-for-sale financial assets. At December 31, 2016 the face values of the German, United Kingdom and United States available-for-sale financial assets were 39.3 million EUR, 1.2 million GBP and 37.5 million USD, respectively.

Financial Liabilities:

Financial liabilities at amortized cost as of December 31, 2017 and 2016

	2017				2016
	Carrying amount		Fair value		Carrying amount		Fair value
	USD '000		USD '000		USD '000		USD '000
Trade payables		1,203		1,203		2,073		2,073

Total		1,203		1,203		2,073		2,073

Fair value of trade payables is deemed to be their carrying amount based on payment terms that are generally 30 days.

Financial instrument valuation hierarchy

Financial instruments recognized at fair value are allocated to one of the following valuation hierarchy levels:

Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. The Company's available-for-sale financial assets meet the definition of Level 1. The Group did not have any financial instruments allocated to this level as of December 31, 2017.

Level 2: Other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly. The Group did not have financial instruments allocated to this level as of December 31, 2017 or 2016.

Level 3: Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data. The Group did not have financial instruments allocated to this level as of December 31, 2017 or 2016.

For all periods presented there were no transfers of financial instruments between Levels 1, 2 or 3.

Other Disclosures

12 Months Ended

Dec. 31, 2017

Other Disclosures

Other Disclosures

Section 6—Other Disclosures

6.1 Related party disclosures

The Company is controlled by NB FP Investment K/S and its affiliates (collectively "NB"). The ultimate controlling party of the Company is Mr. Florian Schönharting who controls NB. See Note 6.2 for additional related party transactions.

A director of the Company is a partner at the law firm that provides Danish legal services to the Group. Remuneration paid to the law firm is referred to below as "Danish Legal Services". The director serves on the Company's board of directors in his individual capacity and not as a representative of the law firm.

Two directors of the Company, who were elected to the board of directors on May 6, 2016, each entered into a four-year consulting agreement with the Company. One of the consulting agreements commenced in September 2015 and the second during October 2016. The consulting agreements provided for the granting of 25,000 (250,000 after the Share Split) and 12,500 (125,000 after the Share Split) deferred shares, respectively, as full compensation for services to be rendered. The deferred shares vest in equal increments annually over four years from the date of grant. Unvested deferred shares vest immediately in the event there is a change in control as defined in the award agreement. The board member who holds 25,000 deferred shares did not stand for re-election and accordingly the consultant's role as a board member terminated at the time of the Company's Annual Shareholder meeting on May 3, 2017. Subsequent to the Amendment, the consultant who remains on the Company's board of directors holds 121,000 deferred shares and the consultant whose role as a board member terminated at the time of the Company's Annual Shareholder meeting on May 3, 2017 holds 194,000 deferred shares. Share-based remuneration paid to the consultants while the consultants were members of the Company's board of directors is referred to in the table below as "Consulting Services."

Beginning in 2013, the Company was part of a Danish joint tax group with Tech Growth Invest ApS and subsidiaries of Tech Growth Invest ApS. The Company's participation in the Tech Growth Invest ApS Danish joint tax group ceased on January 1, 2016. On January 1, 2016, the Company became part of a new Danish joint taxation group with NB FP Investment General Partner ApS, Forward Pharma FA ApS, Operations and FWP IP. See Notes 3.5 and 6.2 for additional information.

The following table provides the total amount of transactions that have been entered into with related parties for the relevant year or as of yearend:

	Year ended or as of December 31,
	2017		2016		2015
	USD '000		USD '000		USD '000
Purchase of services from NB		85		85		83
Danish Legal Services		1,454		1,377		560
Consulting Services		188		202		—
Amounts owed to related parties (excluding VAT)		283		723		217
Amounts owed by related parties		—		—		—

The above table excludes the related party transaction disclosed in Note 6.2.

Terms and conditions of transactions with related parties

Amounts due to related parties are uncollateralized and interest free. There have been no guarantees provided or received for any related party receivables or payables.

Transactions with key management

The Group has not granted any loans, guarantees, or other commitments to or on behalf of any of the members of the board of directors or senior management personnel.

Other than the remuneration including share-based payment relating to key management personnel described in Notes 3.3 and 3.4, no other significant transactions have taken place with key management personnel during the period presented herein.

Compensation paid to the members of the board of directors

Compensation to members of the Company's board of directors, excluding non-cash share-based compensation, for each of the years ended December 31, 2017, 2016 and 2015 totaled $373,000, $87,000 and $35,000 respectively. Share-based compensation paid to members of the Company's board of directors for each of the years ended December 31, 2017, 2016 and 2015 totaled $1.3 million, $2.2 million and $1.8 million respectively. As discussed in more detail in Note 3.4, during the year ended December 31, 2017, certain amounts were paid to warrant and option holders, including members of the board of directors, that were deemed to be a partial repurchase of equity awards and accounted for as a reduction to shareholders' equity. The amounts disclosed above exclude $864,000 that was paid to members of the board of directors that were deemed to be a partial repurchase of equity awards.

Patent transfer agreement between Aditech Pharma AG and the Company

The Company has entered into agreements with Aditech Pharma AG, a related party, that are discussed in Note 6.2.

6.2 Commitments and contingent liabilities

Leasing activities

Lease contracts, where the lessor retains the significant risks and rewards associated with the ownership of the asset, are classified as operating leases. The Group's operating leases are for office space.

Lease payments under operating leases for office space are recognized in the statement of profit and loss over the lease term. The total remaining non-cancellable operating lease commitment as of December 31, 2017 is $75,000 of which $72,000 and $3,000 is payable during each of the years ending December 31, 2018 and 2019 respectively. Operating lease payments recognized as an expense amounted to $145,000, $141,000 and $135,000 for each of the years ended December 31, 2017, 2016 and 2015 respectively.

The Company has a non-cancellable service agreement that requires annual payments of $2,000 through May 2022.

As of December 31, 2017 and 2016, a security deposit for leased office space of $5,000 is included in other non-current assets.

Contingent liabilities

Contingent liabilities are liabilities that arose from past events but whose existence will only be confirmed by the occurrence or non-occurrence of future events that in some situations are beyond the Groups' control.

During the period January 19, 2013 to December 31, 2015 ("Joint Taxation Period"), the Company was subject to a Danish joint taxation group with Tech Growth Invest ApS and entities under Tech Growth Invest ApS's control. A subsidiary of Tech Growth Invest ApS experienced a change in ownership on December 31, 2015. The effect of the change in ownership resulted in the year ended December 31, 2015 being the final year that the Company was part of the joint taxation group with Tech Growth. On January 1, 2016, the Company became part of a new Danish joint taxation group with NB FP Investment General Partner ApS, Forward Pharma FA ApS and, upon their inception during 2017, Operations and FWP IP (the 2016 Tax Group). The Company remains liable with other entities in the joint taxation group with Tech Growth Invest ApS for Tech Growth's Danish tax liabilities that can be allocated to the Joint Taxation Period and the Company is liable under the 2016 Tax Group with other entities in the tax group for Danish tax liabilities incurred for the years ending December 31, 2017 and 2016, by members of the 2016 Tax Group while being members of the tax group.

The Parent's and FP GmbH's tax filings are either under audit by the tax authorities or are expected to be under audit in the near-term. There is no assurance that the Parent and/or FP GmbH will successfully defend the tax positions taken and that additional taxes, interest or penalty will not be incurred. There is also the risk that the tax authorities could impose additional taxable income or disallow the deductibility of expenses on intercompany cross-border transactions resulting in higher tax obligations in one or more tax jurisdictions. The imposition of additional taxes resulting from a tax audit would negatively impact the Group's financial position and operating results and the impact could be material. See Note 3.5 for additional information.

In 2004, a private company Aditech Pharma AB (together with its successor-in-interest Aditech Pharma AG, "Aditech"), controlled by NB, began developing and filing patents for, among other things, formulations and dosing regimens of DMF. In 2005, the Company entered into a patent license agreement with Aditech to license this patent family from Aditech. In 2010, the Company acquired this patent family from Aditech pursuant to a patent transfer agreement (the "Transfer Agreement") that replaced the patent license agreement. Under the Transfer Agreement, the Company obtained, among other things, Aditech's patents and associated know-how related to DMF formulations and delivery systems (the "Aditech IP"). In connection with the License Agreement, the Company and Aditech executed an addendum to the Transfer Agreement (the "Addendum"). The Addendum clarified certain ambiguities with respect to the compensation due to Aditech in the event the Company would enter into the License Agreement and also provided for Aditech to waive certain rights under the Transfer Agreement. The Addendum specifies that Aditech receives 2% of the Non-refundable Fee (or $25 million) and is entitled to additional compensation should the Company receive royalties from Biogen under the License Agreement. The additional compensation due to Aditech will be determined based on whether Biogen has an exclusive or a co-exclusive license with the Company (on a country-by-country basis). If royalties are paid to the Company while Biogen has an exclusive license, Aditech will be entitled to receive a cash payment equal to 2% of the same base amount with respect to which the Company's royalty percentage is calculated, accruing from the same period of time as any royalty payment payable by Biogen to the Company (prior to taking into account taxes, duties and VAT, if any). If Biogen has a co-exclusive license, Aditech will receive a cash payment equal to 20% of the royalty remitted to the Company by Biogen and any third party to which the Company may assign its United States co-exclusive license. Should the Company not assign its United States co-exclusive license to a third party but instead utilize the United States co-exclusive license to develop a DMF Formulation, the Company will, as was also the case prior to entering into the Addendum, be required to pay Aditech a royalty of 2% of net sales of such a product. Aditech is considered to be a related party of the Company due to control over Aditech by NB. The $25 million due to Aditech in accordance with the Addendum and in connection with the Company's receipt of the Non-refundable Fee was paid during May 2017.

6.3 Events after the reporting period

Subsequent to December 31, 2017, there were no events that were required to be reported except that on January 29, 2018, the Opposition Division of the EPO issued an initial decision in the Opposition Proceeding revoking patent EP 2801355. See Note 1.2.

Basis of Preparation (Policies)	12 Months Ended
Basis of Preparation (Policies)	Dec. 31, 2017
Basis of Preparation
Basis of preparation	Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"). The consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments that were measured at fair value and are disclosed in Note 5.4. The consolidated financial statements are presented in United States Dollars ("USD"), and all values are rounded to the nearest thousand (USD '000), except when otherwise indicated.
Basis of consolidation	Basis of consolidation The consolidated financial statements comprise the financial statements of the Group as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015. FP GmbH and Forward Pharma USA, LLC have been consolidated for all periods presented herein. Forward Pharma FA ApS and Operations have been consolidated since their inception on December 3, 2015 and June 30, 2017 respectively. FWP IP has been consolidated from its inception on June 30, 2017 through November 22, 2017 when the capital stock of FWP IP was sold to HoldCo. The Company's consolidation of each subsidiary will continue until the date the Company no longer controls the subsidiary. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All intra-group balances and transactions are eliminated in consolidation.
Translation from functional currencies to presentation currency	Translation from functional currencies to presentation currency The Company's consolidated financial statements are presented in USD which is not the functional currency of the Parent. The Group has elected USD as the presentation currency due to the fact that the Parent has listed ADSs on the Nasdaq Global Select Exchange, or Nasdaq, in the United States, under the ticker symbol "FWP". The Parent, Operations, FWP IP and Forward Pharma FA ApS's functional currency is the DKK, FP GmbH's functional currency is the EUR and Forward Pharma USA, LLC's functional currency is the USD. Except for the specific income and expense transactions noted below, the translation to the presentation currency for entities with a functional currency different from the USD, their assets and liabilities are translated to USD using the closing rate as of the date of the statements of financial position while income and expense items for each statement presenting profit or loss and other comprehensive income are translated into USD at the average exchange rates for the period. Exchange differences arising from such translation are recognized directly in other comprehensive loss and presented in a separate reserve in equity. As a result of the magnitude of the following transactions combined with the weakening of the USD compared to the DKK during the year ended December 31, 2017, the Parent used the spot rate to translate the Non-refundable Fee, the amounts due per the Amendment (as defined in Note 3.4), and the amount due Aditech Pharma AG to the presentation currency (USD.) The spot rate was used to avoid the distortion of operating results that would have been caused had the average exchange rate been used. In addition, for the same reason, the average exchange rate for the three-month period ended March 31, 2017 was used to translate the income tax provision to the presentation currency (USD.)
Foreign currencies transactions and balances	Foreign currencies transactions and balances The Company and each of its subsidiaries determine their respective functional currency based on facts and circumstances and the technical requirements of IFRS. Items included in the financial statements of each entity are measured using the functional currency. Transactions in foreign currencies are initially recorded by the Group entities in their respective functional currency using the spot rate at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate at each reporting date. Differences arising on settlement or translation of monetary items denominated in foreign currency are recognized in the statement of profit or loss within "Exchange rate gain (loss), net," which includes gross exchange (gains) losses in the amount of ($9.0 million), $1.9 million and $1.5 million for each of the years ended December 31, 2017, 2016 and 2015, respectively.
Share based payments	Share-based payments Employees, board members and consultants (who provide services similar to employees) of the Group receive remuneration in the form of equity settled awards whereby services are rendered as consideration for equity awards (warrants, deferred shares or share options). The fair value of these equity-settled awards is determined at the date of grant resulting in a fixed fair value at grant date that is not adjusted for future changes in the fair value of the equity awards that may occur over the service period. Fair value of warrants and options is determined using the Black Scholes model while fair value of deferred shares is determined as the fair value of the underlying shares less the present value of expected dividends. Non-employee consultants of the Group have received equity settled awards in the form of share options as remuneration for services. The fair value of these equity-settled awards is measured at the time services are rendered using the Black Scholes model. Under this method, the fair value is determined each quarter over the service period until the award vests. The Company has never granted cash settled awards. Generally, equity awards have a term of six years with none exceeding ten years from the date of grant. Equity awards generally vest over a three to five-year service period and certain equity awards vest contingently on the occurrence of defined events. The cost of share-based payments is recognized as an expense together with a corresponding increase in equity over the period in which the performance and/or service conditions are fulfilled. In the event that equity instruments are granted conditionally upon an equal number of equity instruments granted in prior periods not being exercised, they are treated as a new grant for the current period and a modification of the equity instruments granted in the prior period. For equity instruments that are modified or replaced, the incremental value, if any, that results from the modification or replacement is recognized as an expense over the period in which performance and/or service conditions are fulfilled or immediately if there are no performance and/or service conditions to be fulfilled. The fair value of equity-settled awards is reported as compensation expense pro rata over the service period to the extent such awards are estimated to vest. No cost is recognized for awards that do not ultimately vest. As discussed in more detail in Note 3.4, in order to mitigate the dilution to warrant, deferred share or share option holders' awards caused by the Capital Reduction, the Parent's shareholders and board of directors approved adjustments to the terms and conditions governing certain warrants, deferred shares or share options. The adjustments resulted in a combination of cash payments to the holders of the equity awards, reductions in the exercise prices of equity awards and a decrease in the total number of ordinary shares that may be subscribed for or purchased pursuant to outstanding equity awards.
Employee benefits	Employee benefits Employee benefits are primarily made up of salaries, share-based payments, Group-provided health insurance and Group contributions to a defined contribution retirement plan. The cost of these benefits is recognized as expenses as services are delivered. The Group's contributions to the employee defined contribution retirement plan have not been material.
Operating Expenses in the Statement of Profit or Loss	Operating Expenses in the Statement of Profit or Loss Research and development costs Research and development costs primarily comprise salary and related expenses, including share-based payment expense, license, patent and other intellectual property-related costs incurred in connection with patent claims and other intellectual property rights conducted at the patent registry offices (for example the United States Patent and Trademark Office ("USPTO"), the EPO or other country-specific patent registry offices), manufacturing costs of pre-commercial product used in research, clinical costs, and depreciation of equipment, to the extent that such costs are related to the Group's research and development activities. If expenses incurred are associated with the Group's intellectual property-related activities carried out in the courts to protect, defend and enforce granted patent rights against third parties (excluding activities and proceeding conducted within the USPTO, EPO or other country-specific patent registry offices) ("Court Expenses") they are classified within general and administrative expenses. Court Expenses incurred for the years ended December 31, 2017, 2016 and 2015 totaled $1.2 million, $315,000 and $602,000 respectively. Capitalized patent and development costs The Group's research and development activities have concentrated on the development of unique formulations of DMF for the treatment of immune disorders and include all patent office-related activities regarding the Company's patent estate development (e.g., interference proceeding, oppositions and new patent development). For all periods presented herein, the Group did not capitalize patent costs or FP187® development costs and consequently expensed such costs as incurred given the inherent uncertainty in drug development and commercialization. General and administrative costs General and administrative costs relate to the administration of the Group and comprise salaries and related expenses, including share-based payment expense, investor relations, legal and accounting fees, other costs associated with our public listing of ADSs in the United States and depreciation of equipment, to the extent such expenses are related to the Group's administrative functions as well as Court Expenses. For the year ended December 31, 2017, general and administrative costs include the expenses associated with the Restructuring.
Government grants	Government grants Income from government grants is recognized when there is reasonable assurance that the grant will be received, all contractual conditions have been complied with and where contingent repayment obligations remain, avoidance of such obligations are within the control of the Group and not probable to occur. When the grant is intended to subsidize costs incurred by the Group, it is recognized as a deduction in reporting the related expense on a systematic basis over the periods to which the costs relate. When the grant subsidizes a capital asset, it is recognized as income in equal amounts over the expected useful life of the related asset. For more information on government grants, refer to Note 3.2.
Income tax and deferred tax	Income tax and deferred tax Current income tax Tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities within one year from the date of the statement of financial position. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation or "uncertainty" and establishes provisions where appropriate. To date, there have been no provisions established for uncertain tax positions. Deferred tax Deferred tax is provided based on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available in the future against which the deductible temporary differences, unused tax credits and unused tax losses can be utilized. Deferred tax assets and deferred tax liabilities of the same tax jurisdiction are offset if a legally enforceable right exists to set off. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Based on the re-assessment performed at December 31, 2016, the Group recognized certain previously unrecognized deferred tax assets to the extent recovery was probable. In reaching this conclusion, Management considered the probability of future taxable profits considering the License Agreement. See Note 3.5. Deferred tax relating to items recognized outside the profit or loss are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity. During the period from January 19, 2013 to December 31, 2015, the Company was part of to a Danish joint taxation group with Tech Growth Invest ApS (see Notes 3.5 and 6.2) and entities under Tech Growth Invest ApS's control (collectively "Tech Growth"). Under the joint taxation, the Company received a refund equal to the tax benefit realized by Tech Growth from Tech Growth's partial utilization of the Company's tax losses at the applicable corporate tax rate to the extent that the tax losses reduced the taxable income of Tech Growth. An entity that was part of Tech Growth experienced a change in ownership on December 31, 2015. As a result of the change in ownership, the year ended December 31, 2015 was the final year in which the Company received a refund equal to the tax benefit realized by Tech Growth from Tech Growth's partial utilization of the Company's tax losses. On January 1, 2016, the Parent became part of a new Danish joint taxation group ("2016 Tax Group") with NB FP Investment General Partner ApS and Forward Pharma FA ApS. For the year ended December 31, 2017, Operations became member of the 2016 Tax Group on June 30, 2017 (inception) and FWP IP became a member of the 2016 Tax Group on June 30, 2017 (inception) through the date of the Sale (November 22, 2017.)
Equipment	Equipment Equipment, which includes computers, office equipment, furniture and manufacturing equipment, is stated at cost, net of accumulated depreciation. Manufacturing equipment is owned by the Group and placed in service for the use of Group vendors who provide contract manufacturing services to the Group. Except as discussed in Note 4.1, there have been no impairment losses recognized by the Group since the inception of the Company. Depreciation is calculated on a straight-line basis over the expected useful lives of the underlying assets of two to eight years. The residual values of equipment are not material. The useful life of and method of depreciation of equipment are reviewed by management at least each year end or more often based on changes in facts or circumstances that may result and are adjusted prospectively as changes in accounting estimates. For all periods presented herein, the effect of changes in accounting estimates for equipment were immaterial.
Financial assets	Financial assets Initial recognition and measurement Financial assets that meet certain criteria are classified at initial recognition as either financial assets at fair value through profit or loss, available-for-sale financial assets, held to maturity investments or receivables. The Group's financial assets include cash, cash equivalents, other receivables and available-for-sale financial assets. The Group does not hold assets that have been classified at fair value through profit or loss or held to maturity. Generally, the Group's financial assets are available to support current operations; however, amounts expected to be realized within the next twelve months are classified within the statement of financial position as current assets. Certain available-for-sale financial assets have historically been classified within the statement of financial position as non-current assets as management had no intention or business reason to dispose of these financial assets before their maturities which were in excess of twelve months. The Group has no derivative financial assets nor has there been a change in classification of a financial asset after initial recognition and measurements as discussed herein. Financial assets are not acquired for trading or speculative purposes and available-for-sale financial assets are expected to be held until maturity. The Group's financial assets are recognized initially at fair value plus, in the case of financial assets not carried at fair value through profit and loss, transaction costs that are attributable to the acquisition of the financial asset, if any. Subsequent measurement The subsequent measurement of financial assets depends on their classification. After initial measurement, loans and receivables are measured at amortized cost using the effective interest rate method. Historically the Group's receivables are due within a short period of time and therefore the impact of using the effective interest rate method on the Group's financial statements has been immaterial. The Group has no loans. This category also applies to cash and cash equivalents that comprise cash at banks available on demand. Available-for-sale financial assets include government issued debt instruments. After initial recognition, they are carried at fair value with changes in fair value from period to period recognized in other comprehensive income. Interest earned from available-for-sale financial assets is reported as interest income using the effective interest rate method with foreign exchange gains or losses recognized in the consolidated statement of profit and loss within foreign exchange rate gain (loss). See Note 5.4. Financial asset impairment The Group assesses at the end of each reporting period whether there has been objective evidence that a financial asset or group of financial assets may be impaired. Impairment losses are incurred if there is objective evidence of impairment and the evidence indicates that estimated future cash flows will be negatively impacted. For financial assets held at amortized costs, the amount of impairment loss to be recognized in the financial statements is measured as the difference between the carrying value of the financial asset and the present value of the expected cash flows of the financial asset using the original effective interest rate. For impaired available-for-sale financial assets, the amount of loss to be recognized is measured as the difference between the acquisition cost of the available-for-sale financial asset, adjusted for any amortization of discount or premium, and its fair value. For each of the years ended December 31, 2017, 2016 and 2015, the Group did not experience an impairment of a financial asset. Interest income on available-for-sale financial assets Interest income is recognized as income using the effective interest method.
Financial Liabilities	Financial Liabilities The Group's financial liabilities for all period presented herein include only trade payables. Trade payables relate to the Group's purchase of products and services from various vendors in the normal course of business with payment terms generally not exceeding 30 days. Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method in the event a vendor has provided extended payment terms to the Group. Historically none of the Group's vendors have provided extended payment terms and therefore the effective interest method has not been used.
Other receivables	Other receivables Other receivables primarily comprise value added tax ("VAT") receivables and accrued interest income on available-for-sale financial assets. Other receivables are measured at cost less impairment losses, if any. There have been no impairment losses in the financial periods presented herein. For more information on other receivables see Note 4.3.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents comprise cash at banks available on demand.
Consolidated statement of cash flow	Consolidated statement of cash flow The consolidated statement of cash flows is presented using the indirect method. The consolidated statement of cash flows shows cash flows used in operating activities, cash flows from investing activities, cash flows from financing activities, and the Group's cash and cash equivalents at the beginning and end of the year. Cash flows used in operating activities primarily comprise the operating results, before tax, for the year adjusted for non-cash items, such as share-based compensation, foreign exchange gains and losses, depreciation, changes in working capital and cash flows for interest and taxes. Cash flows from investing activities are comprised primarily of payments relating to equipment purchases and the maturity of available-for-sale financial assets. Cash flows from financing activities are comprised of proceeds from the repurchase of equity awards, share issuances and the Capital Reduction see Notes 3.4 and 5.1.

Basis of Preparation (Tables)

12 Months Ended

Dec. 31, 2017

Basis of Preparation

Schedule of judgments made in applying accounting policies

Revenue recognition of the Non-refundable Fee		Note 2.3
Income taxes		Notes 3.5, 6.2
Deferred tax assets		Note 3.5

Schedule of items are subject to a high degree of estimation uncertainty and are significant to the financial statements:

Valuation of share-based payment

Note 3.4

Results for the year (Tables)

12 Months Ended

Dec. 31, 2017

Results for the year

Schedule of staff costs

	Year ended December 31
	2017		2016		2015
	USD '000		USD '000		USD '000
Wages and salaries		2,166		2,175		1,832
Social taxes and benefits		197		407		407
Share-based payment (Note 3.4)		7,082		14,288		13,541

Total		9,445		16,870		15,780


Staff costs are included in the statement of profit or loss as follows:
Research and development costs		5,712		9,230		6,779
General and administrative costs		3,733		7,640		9,001

Total		9,445		16,870		15,780


Compensation to senior management personnel of the Group
Short-term employee benefits		622		670		718
Severance benefits		117		—		—
Share-based payment(*)		223		3,290		5,500

Total compensation paid to key management personnel		962		3,960		6,218


(*)	The amount disclosed for the year ended December 31, 2017 includes the effect of the reversal of previously recognized share-based compensation of $5.3 million in connection with the termination of certain members of senior management.

Summary of the activity for equity awards in the form of options and warrants and the weighted average exercise price (WAEP):

	Share Options and Warrants Adjusted for the Share Split
	Key Management Personnel(*)			Employees and Consultants			Non- Employee Consultants		Total Awards			WAEP
	No. '000			No. '000			No. '000		No. '000
Outstanding at January 1, 2015		10,582			17,950			—		28,532		$	0.50
Granted		1,783			5,284			4,996		12,063		$	5.16
Expiring Awards		(3,337	)		(9,821	)		—		(13,158	)	$	0.10
Replacement Awards		4,229			9,420			—		13,649		$	0.10
Additional Awards		1,474			2,143			—		3,617		$	3.01
Exercised		—			(2,158	)		—		(2,158	)	$	0.07

Outstanding at December 31, 2015		14,731			22,818			4,996		42,545		$	2.04
Granted		1,783			5,743			—		7,526		$	1.50
Expiring Awards		(891	)		—			—		(891	)	$	0.08
Exercised		—			(1,300	)		—		(1,300	)	$	0.09
Expired and forfeited		—			(985	)		—		(985	)	$	0.35

Outstanding at December 31, 2016		15,623			26,276			4,996		46,895		$	2.08
Granted		4,350			4,500			—		8,850		$	2.08
Exercised		—			(401	)		—		(401	)	$	0.12
Forfeited		(2,976	)		(2,773	)		—		(5,749	)	$	1.86
Effect of the Amendment and the June 2017 Award Adjustment		(12,801	)		(22,603	)		—		(35,404	)	$	1.33

Outstanding at December 31, 2017		4,196			4,999			4,996		14,191		$	3.45


Exercisable at December 31, 2017		2,922			3,937			1,998		8,857


(*)	Includes current and former senior management and current and former members of the board of directors.

Summary of range of exercise prices

	Adjusted for the Share Split
Range of exercise prices (per share)	2017		2016		2015
	No. '000		No. '000		No. '000
$0.0016 to $0.12		7,625		17,878		20,069
$0.75 to $0.95		—		2,139		2,139
$1.26 to $1.80		179		4,635		—
$2.09 to $2.83		2,618		13,037		11,037
$3.05 to $3.77		674		6,708		6,802
$4.51 to $6.92		597		—		—
$14.13		2,498		2,498		2,498

Total		14,191		46,895		42,545

Summary of the inputs to the model used to value equity awards, including modifications of equity awards, as well as the average fair value per option or warrant awarded or modified

Year ended December 31, 2017
Dividend yield (%)		0
Expected volatility (%)		64 - 79
Risk-free interest rate (%)		(0.7) to 2.1
Expected life of the equity award (years)		0.5 to 7
Share price		2.04 USD to 2.74 USD
Exercise price		0.0016 USD to 6.92 USD
Model used		Black Scholes
Basis for determination of share price		Quote on Nasdaq
Average fair value per option or warrant granted		10.90 USD

Year ended December 31, 2016
Dividend yield (%)		0
Expected volatility (%)		73 - 79
Risk-free interest rate (%)		(1.2) to 1.8
Expected life of the equity award (years)		4.0 to 5.0
Share price		1.64 USD to 2.20 USD
Exercise price		0.06 USD to 2.20 USD
Model used		Black Scholes
Basis for determination of share price		Quote on Nasdaq
Average fair value per option or warrant granted		1.18 USD

Year ended December 31, 2015
Dividend yield (%)		0
Expected volatility (%)		69 - 76
Risk-free interest rate (%)		(0.1) to 1.7
Expected life of the equity award (years)		3.5 to 5.0
Share price		1.81 USD to 3.90 USD
Exercise price		0.06 USD to 3.69 USD
Model used		Black Scholes
Basis for determination of share price		Quote on Nasdaq
Average fair value per option or warrant granted		1.31 USD

Summary of deferred share activity

	Deferred Shares Adjusted for the Share Split
	Key Management Personnel(*)			Employees and Consultants			Total Awards
	No. '000			No. '000			No. '000
Outstanding at January 1, 2015(a)		5,686			—			5,686
Granted		—			550			550
Vested and issued(a)		(1,422	)		—			(1,422	)

Outstanding at December 31, 2015		4,264			550			4,814
Granted		125			—			125
Transfer(b)		250			(250	)		—
Vested and issued(a)		(1,422	)		—			(1,422	)

Outstanding at December 31, 2016		3,217			300			3,517
Granted		450			450			900
Forfeited(a)		(2,842	)		—			(2,842	)
Effect of the Amendment and the Deferred Share Adjustment		(419	)		(456	)		(875	)

Outstanding at December 31, 2017(c)		406			294			700


Vested and unissued at December 31, 2017		127			107			234


(*)	Includes current and former senior management and current and former members of the board of directors.
(a)	During 2014, 5.7 million deferred shares were granted to the Company's Chief Financial Officer ("CFO"). The deferred shares vested annually over four years. The CFO was terminated during 2017 and 2.8 million unvested deferred shares were forfeited.
(b)	A consultant who was granted deferred shares in 2015 was a member of the Company's board of directors from May 6, 2016 to May 3, 2017. See Note 6.1.
(c)	At December 31, 2017, each deferred share has an exercise price of 0.01 DKK or $0.0016 based on the December 31, 2017 exchange rate.

Summary of share based compensation expense included within operating results

	Year Ended December 31,
	2017		2016		2015
	USD '000		USD '000		USD '000
Research and development costs		4,852		7,984		6,000
General and administrative costs		2,230		6,304		7,541

Total		7,082		14,288		13,541

Schedule of components of income tax benefit in statement of profit and loss

	Year Ended December 31,
	2017			2016			2015
	USD '000			USD '000			USD '000
Current income tax (expense) benefit		(244,288	)		(79	)		336
Deferred income tax (expense) benefit		(23,107	)		21,282			—

Income tax (expense) benefit reported in the statement of profit and loss		(267,395	)		21,203			336

Schedule of income tax (expense) benefit reconciliation

	2017			2016			2015
	USD '000			USD '000			USD '000
Income (loss) before tax		1,184,488			(54,539	)		(37,340	)

At the Company's statutory income tax rate(1)		(260,587	)		11,999			8,775
Adjustments:
Non-deductible expenses for tax purposes		(1,780	)		(3,100	)		(1,032	)
Effect of higher tax rate in Germany(2)		(4,980	)		844			1,517
(Unrecognized) recognized deferred tax assets		(48	)		11,460			(9,102	)
Refundable tax credit		—			—			178

Income tax (expense) benefit reported in the statement of profit and loss		(267,395	)		21,203			336


Effective tax rate		22.6	%		38.9	%		0.9	%


(1)	The statutory Danish tax rates for 2017, 2016 and 2015 were 22%, 22% and 23.5% respectively.
(2)	The statutory German tax rates for 2017, 2016 and 2015 were 31.9%, 31.9% and 31.9% respectively.

Schedule of recognized and unrecognized deferred tax (liabilities) assets

The recognized deferred tax (liabilities) assets at December 31, 2017 and 2016 are as follows:

	2017			2016
	USD '000			USD '000
Net operating loss carryforwards		—			31,999
Share-based payment		—			502
Acquired Patents (see below)		—			55,870
Payment Obligation (see below)		—			(65,181	)
Other		(43	)		(126	)

Total deferred income tax (liability) benefit		(43	)		23,064

The unrecognized deferred tax assets at December 31, 2017 and 2016 are as follows:

	2017		2016
	USD '000		USD '000
Tax effect of tax loss carry forwards		4,726		4,139
Share-based payment(*)		2,304		4,876

Unrecognized deferred tax assets, net		7,030		9,015


(*)	The amount for 2016 has been revised to conform with the 2017 presentation.

Schedule of temporary difference

	Denmark						Germany
	2017		2016		2015		2017		2016		2015
	USD '000		USD '000		USD '00		USD '000		USD '000		USD '00
Unused tax losses		—		—		25,070		14,805		13,273		35,817
Deductible temporary differences regarding share-based payment(*).		10,474		22,163		24,961		—		—		—


(*)	The amounts for 2016 and 2015 have been revised to conform with the 2017 presentation.

Schedule of earning per share

	2017		2016			2015
	USD		USD			USD
			Revised			Revised
Net income (loss) attributable to ordinary shareholders of the Parent used for computing basic and diluted net income (loss) per share		917,093		(33,336	)		(37,004	)


Weighted average number of ordinary shares used for basic per share amounts		380,133		540,650			537,614
Dilutive effect of outstanding options, warrants and deferred shares		18,810		—			—

Weighted average number of ordinary shares used for diluted per share amounts		398,943		540,650			537,614


Net income (loss) per share basic		2.41		(0.06	)		(0.07	)


Net income (loss) per share diluted		2.30		(0.06	)		(0.07	)

Operating Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Operating Assets and Liabilities

Summary of equipment

	Equipment
	USD '000
Cost:
At January 1, 2016		401
Additions		31
Disposals		(3	)
Exchange differences		(15	)

At December 31, 2016		414
Additions		3
Disposals		(363	)
Exchange difference		12

At December 31, 2017		66


Accumulated Depreciation:
At January 1, 2016		49
Depreciation charge for the year		109
Disposals		(3	)
Exchange difference		(9	)

At December 31, 2016		146
Depreciation charge for the year		19
Disposals		(363	)
Impairment (see below)		208
Exchange difference		44

At December 31, 2017		54


Net book value:
At December 31, 2016		268


At December 31, 2017		12

Summary of depreciation expense

	Year Ended December 31,
	2017		2016		2015
	USD '000		USD '000		USD '000
Research and development costs		224		106		34
General and administrative costs		3		3		3

Total		227		109		37

Summary of prepaid expenses

	December 31,
	2017		2016
	USD '000		USD '000
Advanced payments to contract research and manufacturing organizations		—		132
Insurance		421		450
Other		81		74

Total		502		656

Summary of other receivables

	December 31,
	2017		2016
	USD '000		USD '000
VAT receivables		513		305
Accrued interest income		—		117
Other receivables		5		5

Total		518		427

Summary of accrued liabilities

	December 31,
	2017		2016
	USD '000		USD '000
Accrued amounts due in accordance with the Amendment (Note 3.4)		11,757		—
Professional advisors		910		4,042
Contract research and manufacturing organizations		77		715
Other		299		310

Total		13,043		5,067

Capital Structure and Financial Risk and Related Items (Tables)

12 Months Ended

Dec. 31, 2017

Capital Structure and Financial Risk and Related Items

Summary of the Company's share activity

	Ordinary shares
	No. '000
	Revised (*)
January 1, 2015		465,137
Issuance of deferred shares		1,422
Exercise of warrants for cash		2,158

December 31, 2015		468,717
Issuance of deferred shares		1,422
Exercise of warrants for cash		1,300

December 31, 2016		471,439
Exercise of warrants for cash		401
Capital Reduction		(377,472	)

December 31, 2017		94,368


(*)	Amounts have been revised to reflect the Share Split as if it had occurred at the beginning of the earliest period presented. Accordingly, share information previously reported has been revised. Subsequent to the Share Split, the nominal value of an ordinary share of the Parent is 0.01 DKK.

Schedule of loans and receivables

	2017				2016
	Carrying amount		Fair value		Carrying amount		Fair value
	USD '000		USD '000		USD '000		USD '000
Other receivables		518		518		427		427

Total		518		518		427		427

Summary of available-for-sale financial assets

	2017				2016
	Carrying amount		Fair value		Carrying amount		Fair value
	USD '000		USD '000		USD '000		USD '000
Included in current assets (Level 1)
Germany		—		—		41,821		41,821
United Kingdom		—		—		1,545		1,545
United States		—		—		37,459		37,459

Total		—		—		80,825		80,825

Summary of trade payables

	2017				2016
	Carrying amount		Fair value		Carrying amount		Fair value
	USD '000		USD '000		USD '000		USD '000
Trade payables		1,203		1,203		2,073		2,073

Total		1,203		1,203		2,073		2,073

Foreign Currency

Capital Structure and Financial Risk and Related Items

Summary of impact on the Group's statement of profit or loss of possible changes in the USD, GBP and Euro exchange rates against the Group's functional currencies, USD, DKK and Euro

Currency

Possible
change

2017

2016

2015

USD '000

USD

+/–10

+5,625/–5,625

+7,124/–7,124

+8,068/–8,068

GBP

+/–10

+128/–128

+430/–430

+1,001/–1,001

EUR

+/–2

+506/–506

+1,212/–1,212

+1,424/–1,424

Other Disclosures (Tables)

12 Months Ended

Dec. 31, 2017

Other Disclosures

Summary of transactions with related parties

	Year ended or as of December 31,
	2017		2016		2015
	USD '000		USD '000		USD '000
Purchase of services from NB		85		85		83
Danish Legal Services		1,454		1,377		560
Consulting Services		188		202		—
Amounts owed to related parties (excluding VAT)		283		723		217
Amounts owed by related parties		—		—		—

Corporate information (Details) kr / shares in Units, $ / shares in Units, € in Millions						1 Months Ended		3 Months Ended	12 Months Ended
	Jan. 01, 2029	Jan. 01, 2023	Jan. 01, 2021	Aug. 02, 2017 EUR (€)	Aug. 02, 2017 USD ($)	Nov. 30, 2017 USD ($)	Feb. 28, 2017 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2017 DKK (kr) subsidiary director item kr / shares shares	Dec. 31, 2017 USD ($) item	Dec. 31, 2017 USD ($) subsidiary director item shares	Aug. 02, 2017 kr / shares	Dec. 31, 2014 Vote kr / shares shares	Dec. 31, 2014 Vote $ / shares shares
Notes To Consolidated Financial Statements [Line Items]
Number of subsidiaries \| subsidiary									2		2
Initial capitalization, the Annual Funding and Sale expenses										$ 759,000
Share split ratio				10	10
Per share nominal value of an ordinary share \| kr / shares									kr 0.01			kr 0.01	kr 0.01
Annulment of ordinary shares outstanding post share split (as a percent)				80.00%	80.00%	80.00%
Shareholder distribution (Capital Reduction)				€ 917.7	$ 1,100,000,000	$ 32,200,000				$ 1,093,927,000
Milligrams of DMF \| item									480	480
Number of vote \| Vote													1	1
ADS
Notes To Consolidated Financial Statements [Line Items]
Number of share per ADS \| shares									2		2
IPO
Notes To Consolidated Financial Statements [Line Items]
Gross proceeds from issuance of shares								$ 235,200,000
Underwriting commission percentage								7.00%
IPO \| ADS
Notes To Consolidated Financial Statements [Line Items]
Per share nominal value of an ordinary share \| (per share)													kr 0.10	$ 21.00
Number of shares issued \| shares													11,200,000	11,200,000
Minimum
Notes To Consolidated Financial Statements [Line Items]
Duration of appeal process									2 years	2 years
Maximum
Notes To Consolidated Financial Statements [Line Items]
Duration of appeal process									3 years	3 years
FWP IP
Notes To Consolidated Financial Statements [Line Items]
Capital commitments									kr 100,000		$ 16,000
Aditech
Notes To Consolidated Financial Statements [Line Items]
Obligation payable											$ 25,000,000
Biogen
Notes To Consolidated Financial Statements [Line Items]
Non-refundable Fee							$ 1,250,000,000
Foundation
Notes To Consolidated Financial Statements [Line Items]
Group contribution as initial capitalization of the Foundation									kr 5,000,000	$ 805,000
Biogen
Notes To Consolidated Financial Statements [Line Items]
Subsidiaries who entered into an agreement \| subsidiary									2		2
HoldCo \| FWP IP
Notes To Consolidated Financial Statements [Line Items]
Consideration for capital stock									kr 336,000		$ 54,000
Foundation
Notes To Consolidated Financial Statements [Line Items]
Number of board members \| item									3		3
Number of independent directors \| director									1		1
Number of directors \| director									1		1
Foundation \| Biogen
Notes To Consolidated Financial Statements [Line Items]
Number of directors \| director									1		1
Co-exclusive license \| Biogen \| Interference Proceeding
Notes To Consolidated Financial Statements [Line Items]
Number of occasions license can be assigned to a single third party. \| item									1		1
Forecast \| Biogen \| Opposition Proceeding
Notes To Consolidated Financial Statements [Line Items]
Royalty percentage	20.00%		10.00%
Forecast \| Co-exclusive license \| Biogen \| Interference Proceeding
Notes To Consolidated Financial Statements [Line Items]
Royalty percentage		1.00%
Forecast \| Exclusive license \| Biogen \| Interference Proceeding
Notes To Consolidated Financial Statements [Line Items]
Royalty percentage	20.00%		10.00%

Basis of Preparation (Details)	12 Months Ended
Basis of Preparation (Details)	Dec. 31, 2017 USD ($) item	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Disclosure of detailed information about basis of preparation [Line items]
Exchange rate (gains) losses	$ (9,000,000)	$ 1,900,000	$ 1,500,000
Expiration period		6 years
Number of equity awards exceeding ten years \| item	0
Cost recognized for awards that do not ultimately vest	$ 0
Court expenses	1,200,000	$ 315,000	$ 602,000
Provision for uncertain tax positions	0
Impairment loss	0
Derivative financial assets	$ 0
Vendors who provide extended payment terms \| item	0
Impairment losses, other receivables	$ 0
Minimum
Disclosure of detailed information about basis of preparation [Line items]
Expiration period	6 years
Vesting term	3 years	3 years
Expected useful lives	2 years
Maximum
Disclosure of detailed information about basis of preparation [Line items]
Expiration period	10 years
Vesting term	5 years	4 years
Expected useful lives	8 years

Results for the year - Government grant and staff costs (Details) $ in Thousands, € in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2017 USD ($)	Dec. 31, 2017 USD ($) segment	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2017 EUR (€)	Dec. 31, 2017 USD ($)
Disclosure of transactions between related parties [line items]
Number of business units \| segment		1
Wages and salaries		$ 2,166	$ 2,175	$ 1,832
Social taxes and benefits		197	407	407
Share based payment (Note 3.4)	$ 11,700	7,082	14,288	13,541
Total employee benefits expense		9,445	16,870	15,780
Research and development costs		5,712	9,230	6,779
General and administrative costs		3,733	7,640	9,001
Total		9,445	16,870	15,780
Short term employee benefits		622	670	718
Severance benefits		117
Share based payment		223	3,290	5,500
Total compensation paid to key management personnel		962	$ 3,960	$ 6,218
FP GmbH
Disclosure of transactions between related parties [line items]
Government grants					€ 3.8	$ 4,500
Certain members of senior management
Disclosure of transactions between related parties [line items]
Payment for partial repurchase of equity awards		7,200
Amount of reversal of share-based compensation expense		$ 5,300

Results for the year - Share- based payment (Details)				1 Months Ended										12 Months Ended						14 Months Ended
Results for the year - Share- based payment (Details)	Aug. 02, 2017 EUR (€)	Aug. 02, 2017 USD ($)	May 06, 2016	Nov. 30, 2017 DKK (kr) kr / shares	Nov. 30, 2017 EUR (€) EquityInstruments	Nov. 30, 2017 USD ($) EquityInstruments $ / shares	Jun. 30, 2017 USD ($) EquityInstruments $ / shares shares	Mar. 31, 2017 USD ($) EquityInstruments $ / shares	Oct. 31, 2016 USD ($) EquityInstruments	Jun. 30, 2016 USD ($) EquityInstruments shares	May 31, 2016 USD ($) EquityInstruments	Jan. 31, 2016 EquityInstruments	Nov. 30, 2015 EquityInstruments	Dec. 31, 2017 DKK (kr) EquityInstruments individual shares	Dec. 31, 2017 EUR (€) EquityInstruments individual shares	Dec. 31, 2017 USD ($) EquityInstruments individual shares	Dec. 31, 2016 USD ($) EquityInstruments	Dec. 31, 2015 USD ($) item EquityInstruments $ / shares shares	Dec. 31, 2014 EquityInstruments	Jun. 30, 2017 USD ($) EquityInstruments individual $ / shares	Dec. 31, 2017 USD ($) EquityInstruments $ / shares shares	Nov. 30, 2017 USD ($)	Apr. 30, 2015 EquityInstruments
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of ordinary shares per each ADS prior to the share split \| shares														1	1	1
Number of ordinary shares at the time of share split per each ADS \| shares															10						10
Number of ordinary shares per each ADS after Capital Reduction \| shares														2	2	2
Number of options granted																	664,000
Number of options granted (after share split)																	6,600,000
Expiration period																	6 years
Aggregate fair value of options granted \| $																	$ 8,200,000
Annulment of ordinary shares outstanding post share split (as a percent)	80.00%	80.00%			80.00%	80.00%
Cash payment to award holders as a result of annulment of shares					€ 36,200,000	$ 43,400,000
Reduction in number of outstanding awards as a result of annulment of shares					28,800,000	28,800,000
Expense recognized when Award is negatively affected by Amendment \| $						$ 0
Shareholder distribution (Capital Reduction)	€ 917,700,000	$ 1,100,000,000				32,200,000										$ 1,093,927,000
Exercise price \| kr				kr 0.01
Number of warrants granted (after share split) \| shares																		2,200,000
Warrants yield proceeds to the company \| $								$ 49,000			$ 112,000							$ 153,000
Fair value of an ordinary share of the Company on the date of exercise \| $								27.95			18.60							33.79
Fair value of ordinary shares of the company on the date of exercise (after share split) \| $								$ 2.80			$ 1.86							$ 3.38
Warrants exercised								40,000			130,000							216,000
Warrants exercised (after share split)								401,000			1,300,000
Consulting agreement term			4 years
Options with exercise price of $28.26																		250,000
Expense recognized during the period \| $						$ 11,700,000										$ 7,082,000	$ 14,288,000	$ 13,541,000
Number of extension awards for which expiration dates extended																		167,000
Number of extension awards for which expiration dates extended (after share split)																		1,700,000
Consultants serving on board of directors \| individual																				1
Deferred shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Aggregate fair value of options granted \| $																		$ 1,400,000
Granting of deferred shares																		55,000
Number of deferred shares granted (after share split)																		550,000
Number of equity awards forfeited														2,842,000	2,842,000	2,842,000
Exercise price														kr 0.01		$ 0.0016
Holders of deferred shares need to remit upon issuance \| (per share)				kr 0.01		$ 0.0016
June 2017 Deferred Shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of shares reduced in subscription of deferred shares							80.00%
Number of deferred shares reduced (after share split) \| shares							720,000
Expiration period							5 years
Aggregate fair value of options granted \| $							$ 1,800,000
Granting of deferred shares							90,000
Number of deferred shares granted (after share split)							900,000
Number of deferred shares vest in the event of favourable conclusion of the Interference Proceedings							50,000													50,000
Number of deferred shares vest in the event of Interference Proceedings (after share split)							500,000													500,000
Due to the deferred share holders of the company as a result of Capital Reduction															€ 1,700,000						$ 2,100,000
June 2017 Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted							825,000
Number of options granted (after share split)							8,300,000
Exercise price of outstanding share options \| $							$ 20.35													$ 20.35
Exercise price of outstanding share options (after share split) \| $ / shares							$ 2.04													$ 2.04
Vesting term							36 months
Percentage of shares reduced in subscription of share options							80.00%
Number of share options reduced (after share split) \| shares							6,600,000
Expiration period							6 years
Aggregate fair value of options granted \| $							$ 8,900,000
Due to option holders as a result of Capital Reduction															1,900,000						$ 2,200,000
Amount paid to option holders as a result of the Capital Reduction															€ 361,000	430,000
Vesting term of deferred shares							36 months
Expiring Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expiring Awards												(89,000)	1,316,000					1,405,000
Expiring awards (after share split)													13,200,000				891,000	14,100,000
Expiring awards to be exercised																							334,000
Expiring awards to be exercised (after share split)																							3,300,000
Replacement Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granting of share options or warrants to replace expiring awards																		1,365,000
Granting of share options or warrants to replace expiring awards (after share split)																		13,600,000
Replacement awards which can be exercised prior to specified date																		85,000
Replacement awards which can be exercised prior to specified date (after share split)																		847,000
Additional Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted																		362,000
Number of options granted (after share split)																		3,600,000
Vesting term																		3 years
Vesting term of deferred shares																		3 years
Replacement and Additional Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Aggregate fair value of options granted \| $																		$ 6,800,000
Certain employees, board members and consultants
Disclosure of terms and conditions of share-based payment arrangement [line items]
Ordinary shares available for grant under the Equity Plan \| shares															10,100,000						10,100,000
Shares available for future grant under the Equity Plan \| shares															3,100,000						3,100,000
Number of options granted																		706,000
Number of options granted (after share split)																		7,000,000
Expiration period																		6 years
Certain employees, board members and consultants \| Warrants
Disclosure of terms and conditions of share-based payment arrangement [line items]
Shares available for future grant under the Equity Plan \| shares															2,100,000						2,100,000
Certain employees, board members and consultants \| Deferred shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Shares available for future grant under the Equity Plan \| shares															17,000,000						17,000,000
Board of Directors
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted																	178,000
Number of options granted (after share split)																	1,800,000
Board of Directors \| June 2017 Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted							75,000
Number of options granted (after share split)							750,000
Employees \| Deferred shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granting of deferred shares																		5,000
Number of deferred shares granted (after share split)																		50,000
Consultants \| Deferred shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting term																		4 years
Granting of deferred shares																		25,000
Number of deferred shares granted (after share split)																		250,000
Vesting term of deferred shares																		4 years
Number of consultants \| item																		2
Consultants \| June 2016 Warrants
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of warrants granted										89,000
Number of warrants granted (after share split) \| shares										891,000
Exercise price of warrants \| $										$ 0.56
Exercise price of warrants (after share split) \| $										$ 0.06
Non employee consultants
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted																		500,000
Number of options granted (after share split)																		5,000,000
Vesting term																		5 years
Aggregate fair value of options granted \| $																		$ 10,200,000
Vesting term of deferred shares																		5 years
Expense recognized during the period \| $																615,000	$ 892,000	$ 2,000,000
Non employee consultants \| Consultant Options, Exercise Price One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted																		250,000
Number of options granted (after share split)																		2,500,000
Exercise price of outstanding share options \| $																		$ 28.26
Exercise price of outstanding share options (after share split) \| $ / shares																		$ 2.83			$ 2.83
Number of consultant options vested															2,000,000						2,000,000
Vesting of option with a exercise price of $2.83															1,000,000						1,000,000
Weighted average fair value per consultant option applied for recognition of an expense (after share split) \| $																$ 0.63	0.60	$ 1.19
Number of consultant options outstanding																			0
Non employee consultants \| Consultant Options, Exercise Price Two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted																		250,000
Number of options granted (after share split)																		2,500,000
Exercise price of outstanding share options \| $																		$ 141.30
Exercise price of outstanding share options (after share split) \| $ / shares																		$ 14.13
Chief Executive Officer \| June 2017 Deferred Shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granting of deferred shares							45,000
Number of deferred shares granted (after share split)							450,000
Number of deferred shares vest in the event of favourable conclusion of the Interference Proceedings							25,000													25,000
Number of deferred shares vest in the event of Interference Proceedings (after share split)							250,000													250,000
Chief Executive Officer \| Share Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted								60,000
Number of options granted (after share split)								600,000
Exercise price of outstanding share options \| $								$ 27.49
Exercise price of outstanding share options (after share split) \| $ / shares								$ 2.75
Vesting term								48 months
Expiration period								6 years
Aggregate fair value of options granted \| $								$ 913,000
Vesting term of deferred shares								48 months
Chief Executive Officer \| June 2017 Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted							300,000
Number of options granted (after share split)							3,000,000
Former Employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of board members who terminated their roles \| individual														2	2	2
Number of options or warrants forfeited														564,000	564,000	564,000
Number of options or warrants forfeited (after share split)														5,600,000	5,600,000	5,600,000
Number of options or warrants allowing to hold after modification														1,100,000	1,100,000	1,100,000
Number of options or warrants allowing to hold after modification (after share split)														11,100,000	11,100,000	11,100,000
Expense recognized during the period \| $																$ 2,700,000
Amount of reversal of share-based compensation expense \| $																	7,600,000
Former Employees \| Deferred shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of equity awards forfeited														284,000	284,000	284,000
Number of equity awards forfeited (after share split)														2,800,000	2,800,000	2,800,000
Chief Financial Officer \| Deferred shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting term																			4 years
Vesting term of deferred shares																			4 years
Director
Disclosure of terms and conditions of share-based payment arrangement [line items]
Consulting agreement term									4 years
Director \| Deferred shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting term									4 years
Aggregate fair value of options granted \| $									$ 275,000
Granting of deferred shares									12,500
Number of deferred shares granted (after share split)									125,000
Vesting term of deferred shares									4 years
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options \| $																	$ 12.75
Vesting term														3 years	3 years	3 years	3 years
Expiration period														6 years	6 years	6 years
Exercise price \| $																	$ 0.06	$ 0.06			$ 0.0016	$ 0.0016
Option exercise price (after share split) \| $																	$ 1.28
Vesting term of deferred shares														3 years	3 years	3 years	3 years
Minimum \| Certain employees, board members and consultants
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting term																		3 years
Vesting term of deferred shares																		3 years
Minimum \| Non employee consultants
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options (after share split) \| $ / shares																		$ 2.09
Exercise price \| $																		$ 20.90
Option exercise price (after share split) \| $																		2.09
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options \| $																	$ 21.95
Vesting term														5 years	5 years	5 years	4 years
Expiration period														10 years	10 years	10 years
Exercise price \| $																	$ 2.20	$ 3.69			$ 6.92	$ 14.13
Option exercise price (after share split) \| $																	$ 2.20
Vesting term of deferred shares														5 years	5 years	5 years	4 years
Maximum \| Certain employees, board members and consultants
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting term																		4 years
Vesting term of deferred shares																		4 years
Maximum \| Non employee consultants
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price \| $																		$ 36.85
Option exercise price (after share split) \| $																		$ 3.69

Results for the year - Options and warrants and the weighted average exercise (Details) EquityInstruments in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) EquityInstruments	Dec. 31, 2016 USD ($) EquityInstruments	Dec. 31, 2015 USD ($) EquityInstruments
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning	46,895	42,545
Outstanding at end	14,191	46,895	42,545
Weighted average remaining contractual life of equity awards	3 years 2 months 12 days	4 years 3 months 18 days	4 years 10 months 24 days
Options and warrants
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning	46,895	42,545	28,532
Granted	8,850	7,526	12,063
Expiring Awards		(891)	(13,158)
Replacement Awards			13,649
Additional Awards			3,617
Exercised	(401)	(1,300)	(2,158)
Expired and forfeited		(985)
Forfeited	(5,749)
Effect of the Amendment and the June 2017 Award Adjustment	(35,404)
Outstanding at end	14,191	46,895	42,545
Exercisable	8,857
Outstanding at beginning \| $	$ 2.08	$ 2.04	$ 0.50
Granted \| $	2.08	1.50	5.16
Expiring Awards \| $		0.08	0.10
Replacement Awards \| $			0.10
Additional Awards \| $			3.01
Exercised \| $	0.12	0.09	0.07
Expired and forfeited \| $		0.35
Forfeited \| $	1.86
Effect of the Amendment \| $	1.33
Outstanding at end \| $	$ 3.45	$ 2.08	$ 2.04
Key Management Personnel \| Options and warrants
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning	15,623	14,731	10,582
Granted	4,350	1,783	1,783
Expiring Awards		(891)	(3,337)
Replacement Awards			4,229
Additional Awards			1,474
Forfeited	(2,976)
Effect of the Amendment and the June 2017 Award Adjustment	(12,801)
Outstanding at end	4,196	15,623	14,731
Exercisable	2,922
Employees and consultants \| Options and warrants
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning	26,276	22,818	17,950
Granted	4,500	5,743	5,284
Expiring Awards			(9,821)
Replacement Awards			9,420
Additional Awards			2,143
Exercised	(401)	(1,300)	(2,158)
Expired and forfeited		(985)
Forfeited	(2,773)
Effect of the Amendment and the June 2017 Award Adjustment	(22,603)
Outstanding at end	4,999	26,276	22,818
Exercisable	3,937
Non employee consultants \| Options and warrants
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning	4,996	4,996
Granted			4,996
Outstanding at end	4,996	4,996	4,996
Exercisable	1,998

Results for the year - Range of exercise (Details) EquityInstruments in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) EquityInstruments	Dec. 31, 2016 USD ($) EquityInstruments	Dec. 31, 2015 USD ($) EquityInstruments	Nov. 30, 2017 DKK (kr)	Nov. 30, 2017 USD ($)
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price \| kr				kr 0.01
Outstanding equity awards \| EquityInstruments	14,191	46,895	42,545
Dividend yield (%)	0	0	0
Average fair value per option or warrant granted ($)	$ 10.90	$ 1.18	$ 1.31
Minimum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price	$ 0.0016	$ 0.06	$ 0.06		$ 0.0016
Expected volatility (%)	64	73	69
Risk-free interest rate (%)	(0.7)	(1.2)	(0.1)
Expected life of the equity award (years)	6 months	4 years	3 years 6 months
Share price	$ 2.04	$ 1.64	$ 1.81
Maximum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price	$ 6.92	$ 2.20	$ 3.69		$ 14.13
Expected volatility (%)	79	79	76
Risk-free interest rate (%)	2.1	1.8	1.7
Expected life of the equity award (years)	7 years	5 years	5 years
Share price	$ 2.74	$ 2.20	$ 3.90
$0.0016 to $0.12
Disclosure of range of exercise prices of outstanding share options [line items]
Outstanding equity awards \| EquityInstruments	7,625	17,878	20,069
$0.0016 to $0.12 \| Minimum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price	$ 0.0016
$0.0016 to $0.12 \| Maximum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price	0.12
$0.75 to $0.95
Disclosure of range of exercise prices of outstanding share options [line items]
Outstanding equity awards \| EquityInstruments		2,139	2,139
$0.75 to $0.95 \| Minimum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price	0.75
$0.75 to $0.95 \| Maximum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price	$ 0.95
$1.26 to $1.80
Disclosure of range of exercise prices of outstanding share options [line items]
Outstanding equity awards \| EquityInstruments	179	4,635
$1.26 to $1.80 \| Minimum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price	$ 1.26
$1.26 to $1.80 \| Maximum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price	$ 1.80
$2.09 to $2.83
Disclosure of range of exercise prices of outstanding share options [line items]
Outstanding equity awards \| EquityInstruments	2,618	13,037	11,037
$2.09 to $2.83 \| Minimum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price	$ 2.09
$2.09 to $2.83 \| Maximum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price	$ 2.83
$3.05 to $3.77
Disclosure of range of exercise prices of outstanding share options [line items]
Outstanding equity awards \| EquityInstruments	674	6,708	6,802
$3.05 to $3.77 \| Minimum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price	$ 3.05
$3.05 to $3.77 \| Maximum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price	$ 3.77
$4.51 to $6.92
Disclosure of range of exercise prices of outstanding share options [line items]
Outstanding equity awards \| EquityInstruments	597
$4.51 to $6.92 \| Minimum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price	$ 4.51
$4.51 to $6.92 \| Maximum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price	6.92
$14.13
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price	$ 14.13
Outstanding equity awards \| EquityInstruments	2,498	2,498	2,498

Results for the year - Deferred share activity (Details) EquityInstruments in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2017 USD ($)	Dec. 31, 2017 DKK (kr) EquityInstruments	Dec. 31, 2017 USD ($) EquityInstruments	Dec. 31, 2016 USD ($) EquityInstruments	Dec. 31, 2015 USD ($) EquityInstruments	Dec. 31, 2014 EquityInstruments
Disclosure of terms and conditions of share-based payment arrangement [line items]
Research and development costs \| $			$ 4,852,000	$ 7,984,000	$ 6,000,000
General and administrative costs \| $			2,230,000	6,304,000	7,541,000
Total \| $	$ 11,700,000		$ 7,082,000	$ 14,288,000	$ 13,541,000
Deferred shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning		3,517	3,517	4,814	5,686
Granted		900	900	125	550
Vested and issued				(1,422)	(1,422)
Forfeited		(2,842)	(2,842)
Effect of the Amendment and the Deferred Share Adjustment		(875)	(875)
Outstanding at end		700	700	3,517	4,814	5,686
Vested and unissued		234	234
Exercise price		kr 0.01	$ 0.0016
Key Management Personnel \| Deferred shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning		3,217	3,217	4,264	5,686
Granted		450	450	125
Vested and issued				(1,422)	(1,422)
Transfer				250
Forfeited		(2,842)	(2,842)
Effect of the Amendment and the Deferred Share Adjustment		(419)	(419)
Outstanding at end		406	406	3,217	4,264	5,686
Vested and unissued		127	127
Employees and consultants \| Deferred shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning		300	300	550
Granted		450	450		550
Transfer				(250)
Effect of the Amendment and the Deferred Share Adjustment		(456)	(456)
Outstanding at end		294	294	300	550
Vested and unissued		107	107
Chief Financial Officer \| Deferred shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting term						4 years

Results for the year - Income tax - Components of income tax (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated statement of profit and loss
Current income tax (expense) benefit	$ (244,288,000)	$ (79,000)	$ 336,000
Deferred income tax (expense) benefit	(23,107,000)	21,282,000
Total income tax (expense) benefit reported in the statement of profit and loss	$ (267,395,000)	$ 21,203,000	336,000
Current income tax benefit for participating in joint taxation group			158,000
Refundable tax credit			$ 178,000

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Results for the year - Income tax - Deferred tax (Details) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2017 EUR (€) item	Dec. 31, 2017 USD ($) item	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Income tax (expense) benefit:
Income (loss) before tax		$ 1,184,488	$ (54,539)	$ (37,340)
At the Company's statutory income tax rate		(260,587)	11,999	8,775
Non-deductible expenses for tax purposes		(1,780)	(3,100)	(1,032)
(Unrecognized) recognized deferred tax assets		(48)	11,460	(9,102)
Refundable tax credit				178
Total income tax (expense) benefit reported in the statement of profit and loss		$ (267,395)	$ 21,203	$ 336
Effective tax rate (as a percent)	22.60%	22.60%	38.90%	0.90%
Deferred tax
Total deferred income tax (liability) benefit		$ (43)	$ 23,064
Recognized tax benefits within the consolidated statement of changes in shareholders' equity		6,334	2,823
Unrecognized deferred tax assets		7,030	$ 9,015
Unrecognized deductible temporary differences		$ 43
Number of audits \| item	2	2
Cash payments to equity awards	€ 36.2	$ 43,400
Denmark
Income tax (expense) benefit:
Statutory tax rates (as a percent)	22.00%	22.00%	22.00%	23.50%
Germany
Income tax (expense) benefit:
Effect of higher tax rate in Germany		$ (4,980)	$ 844	$ 1,517
Statutory tax rates (as a percent)	31.90%	31.90%	31.90%	31.90%
Deferred tax
Period to use tax carry forwards	1 year	1 year
Percentage of threshold taxable income limit to use tax carry forwards	100.00%	100.00%
Threshold taxable income limit to use tax carry forwards	€ 1.0	$ 1,100
Percentage of taxable income above threshold limit to use tax carry forwards	60.00%	60.00%
Number of tax returns being reviewed \| item	4	4
Net operating loss carryforwards
Deferred tax
Total deferred income tax (liability) benefit			$ 31,999
Net operating loss carryforwards \| Denmark
Deferred tax
Unrecognized deductible temporary differences				$ 25,070
Net operating loss carryforwards \| Germany
Deferred tax
Unrecognized deductible temporary differences		$ 14,805	13,273	35,817
Tax effect of tax loss carry forwards
Deferred tax
Unrecognized deferred tax assets		4,726	4,139
Share-based payment
Deferred tax
Total deferred income tax (liability) benefit			502
Unrecognized deferred tax assets		2,304	4,876
Share-based payment \| Denmark
Deferred tax
Unrecognized deductible temporary differences		10,474	22,163	$ 24,961
Acquired Patents
Deferred tax
Total deferred income tax (liability) benefit			55,870
Payment Obligation
Deferred tax
Total deferred income tax (liability) benefit			(65,181)
Other
Deferred tax
Total deferred income tax (liability) benefit		$ (43)	$ (126)

Results for the year - Net income (loss) per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Results for the year
Annulment of ordinary shares (as a percent)	80.00%
Premium (as a percent)	15.00%
Share split (ratio)	11.5
Net income (loss) attributable to ordinary shareholders of the Parent used for computing basic and diluted net income (loss) per share	$ 917,093	$ (33,336)	$ (37,004)
Weighted average number of ordinary shares used for basic per share amounts	380,133	540,650	537,614
Dilutive effect of outstanding options, warrants and deferred shares	18,810
Weighted average number of ordinary shares used for diluted per share amounts	398,943	540,650	537,614
Net income (loss) per share basic	$ 2.41	$ (0.06)	$ (0.07)
Net income (loss) per share diluted	$ 2.30	$ (0.06)	$ (0.07)
Anti-dilutive securities	8,200	50,400	47,400

Operating Assets and Liabilities - Summary of Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Equipment
Balance, at beginning of the period	$ 268,000
Depreciation charge for the year	227,000	$ 109,000	$ 37,000
Impairment	0
Balance, at end of the period	12,000	268,000
Cost
Equipment
Balance, at beginning of the period	414,000	401,000
Additions	3,000	31,000
Disposals	(363,000)	(3,000)
Exchange differences	12,000	(15,000)
Balance, at end of the period	66,000	414,000	401,000
Accumulated Depreciation
Equipment
Balance, at beginning of the period	(146,000)	(49,000)
Depreciation charge for the year	(19,000)	(109,000)
Disposals	363,000	3,000
Impairment	(208,000)
Exchange differences	(44,000)	9,000
Balance, at end of the period	$ (54,000)	$ (146,000)	$ (49,000)

Operating Assets and Liabilities - Summary of depreciation expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Assets and Liabilities
Research and development costs	$ 224,000	$ 106,000	$ 34,000
General and administrative costs	3,000	3,000	3,000
Depreciation expense, Total	227,000	$ 109,000	$ 37,000
Impairment loss included in research and development costs	$ 208,000

Operating Assets and Liabilities - Prepaid expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Operating Assets and Liabilities
Advanced payments to contract research and manufacturing organizations		$ 132
Insurance	$ 421	450
Other	81	74
Total	$ 502	$ 656

Operating Assets and Liabilities - Other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Operating Assets and Liabilities
VAT receivables	$ 513	$ 305
Accrued interest income		117
Other receivables	5	5
Total	$ 518	$ 427

Operating Assets and Liabilities - Accrued liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Operating Assets and Liabilities
Accrued amounts due in accordance with the Amendment (Note 3.4)	$ 11,757
Professional advisors	910	$ 4,042
Contract research and manufacturing organizations	77	715
Other	299	310
Total	$ 13,043	$ 5,067

Capital Structure and Financial Risk and Related Items - Equity and Capital Management (Details) € / shares in Units, shares in Thousands, € in Millions			1 Months Ended		12 Months Ended
	Aug. 02, 2017 EUR (€) € / shares	Aug. 02, 2017 USD ($)	Nov. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2017 kr / shares	Dec. 31, 2017 USD ($)	Aug. 02, 2017 kr / shares	Dec. 31, 2014 kr / shares	Dec. 31, 2014 USD ($)
Summary of the Company's share activity
Shareholder distribution (Capital Reduction)	€ 917.7	$ 1,100,000,000	$ 32,200,000		$ 1,093,927,000
Annulment of ordinary shares outstanding (as a percent)	80.00%	80.00%	80.00%
Proceeds from issuing shares \| $					$ 49,000	$ 114,000	$ 155,000
Par value per share \| kr / shares								kr 0.01		kr 0.01	kr 0.01
Cash and cash equivalents \| $						$ 57,898,000	$ 52,269,000		$ 109,554,000			$ 45,349,000
Ordinary shares
Summary of the Company's share activity
Balance at the beginning					471,439	468,717	465,137
Capital Reduction (in shares)					(377,472)
Balance at the end					94,368	471,439	468,717
Shareholder distribution (Capital Reduction)	€ 917.7	$ 1,100,000,000
Annulment of ordinary shares outstanding (as a percent)	80.00%	80.00%
Capital Reduction payment per share post Share Split \| € / shares	€ 2.43125
Deferred shares
Summary of the Company's share activity
Proceeds from issuing shares \| $						$ 2,000	$ 2,000
Deferred shares \| Ordinary shares
Summary of the Company's share activity
Increase decrease in number of shares outstanding						1,422	1,422
Warrants
Summary of the Company's share activity
Proceeds from issuing shares \| $				$ 49,000		$ 112,000	$ 153,000
Warrants \| Ordinary shares
Summary of the Company's share activity
Increase decrease in number of shares outstanding					401	1,300	2,158

Capital Structure and Financial Risk and Related Items - Financial risk factors (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) item	Dec. 31, 2016 USD ($) item	Dec. 31, 2015 USD ($) item
Financial risk factors
Number of banks \| item	3	1	1
Credit Risk
Financial risk factors
Cash and cash equivalents on deposit at the Bank	$ 88,600
USD \| Foreign Currency
Financial risk factors
Possible change increase (as a percentage)	10.00%
Possible change decrease (as a percentage)	(10.00%)
Increase (decrease) to profit and loss due to increase in risk percentage	$ 5,625	$ 7,124	$ 8,068
Increase (decrease) to profit and loss due to decrease in risk percentage	$ (5,625)	(7,124)	(8,068)
GBP \| Foreign Currency
Financial risk factors
Possible change increase (as a percentage)	10.00%
Possible change decrease (as a percentage)	(10.00%)
Increase (decrease) to profit and loss due to increase in risk percentage	$ 128	430	1,001
Increase (decrease) to profit and loss due to decrease in risk percentage	$ (128)	(430)	(1,001)
EUR \| Foreign Currency
Financial risk factors
Possible change increase (as a percentage)	2.00%
Possible change decrease (as a percentage)	(2.00%)
Increase (decrease) to profit and loss due to increase in risk percentage	$ 506	1,212	1,424
Increase (decrease) to profit and loss due to decrease in risk percentage	$ (506)	$ (1,212)	$ (1,424)

Capital Structure and Financial Risk and Related Items - Financial assets (Details) $ in Thousands, € in Millions, £ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 GBP (£)	Dec. 31, 2016 EUR (€)	Dec. 31, 2016 USD ($)
Categories of financial assets recognized
Transfers of financial assets from level 1 to 2	$ 0
Transfers of financial assets from level 2 to 1	0
Transfers of financial assets into level 3	0
Transfers of financial assets from level 3	0
Germany
Categories of financial assets recognized
Face value of available-for-sale financial assets, current \| €			€ 39.3
United Kingdom
Categories of financial assets recognized
Face value of available-for-sale financial assets, current \| £		£ 1.2
United States
Categories of financial assets recognized
Face value of available-for-sale financial assets, current				$ 37,500
Loans and receivables
Categories of financial assets recognized
Financial assets, at carrying value	518			427
Financial assets, at fair value	518			427
Loans and receivables \| Other receivables
Categories of financial assets recognized
Financial assets, at carrying value	518			427
Financial assets, at fair value	$ 518			427
Available-for-Sale Financial Assets \| Current available for sale financial assets
Categories of financial assets recognized
Financial assets, at carrying value				80,825
Available-for-Sale Financial Assets \| Current available for sale financial assets \| Germany
Categories of financial assets recognized
Financial assets, at carrying value				41,821
Available-for-Sale Financial Assets \| Current available for sale financial assets \| United Kingdom
Categories of financial assets recognized
Financial assets, at carrying value				1,545
Available-for-Sale Financial Assets \| Current available for sale financial assets \| United States
Categories of financial assets recognized
Financial assets, at carrying value				37,459
Level 1 \| Available-for-Sale Financial Assets \| Current available for sale financial assets
Categories of financial assets recognized
Financial assets, at fair value				80,825
Level 1 \| Available-for-Sale Financial Assets \| Current available for sale financial assets \| Germany
Categories of financial assets recognized
Financial assets, at fair value				41,821
Level 1 \| Available-for-Sale Financial Assets \| Current available for sale financial assets \| United Kingdom
Categories of financial assets recognized
Financial assets, at fair value				1,545
Level 1 \| Available-for-Sale Financial Assets \| Current available for sale financial assets \| United States
Categories of financial assets recognized
Financial assets, at fair value				$ 37,459

Capital Structure and Financial Risk and Related Items - Financial liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Categories of financial liabilities recognized
Transfers of financial liabilities from level 1 to 2	$ 0
Transfers of financial liabilities from level 2 to 1	0
Transfers of financial liabilities into level 3	0
Transfers of financial liabilities from level 3	0
Financial liabilities at amortised cost
Categories of financial liabilities recognized
Financial liabilities	1,203	$ 2,073
Financial liabilities, at fair value	1,203	2,073
Trade payables \| Financial liabilities at amortised cost
Categories of financial liabilities recognized
Financial liabilities	1,203	2,073
Financial liabilities, at fair value	$ 1,203	$ 2,073

- Definition

The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]

+ References + Details

Other Disclosures - Related party disclosures (Details)		1 Months Ended		12 Months Ended
Other Disclosures - Related party disclosures (Details)	May 06, 2016 director	Oct. 31, 2016 EquityInstruments	Sep. 30, 2015 EquityInstruments	Dec. 31, 2017 USD ($) EquityInstruments	Dec. 31, 2016 USD ($) EquityInstruments	Dec. 31, 2015 USD ($) EquityInstruments	May 03, 2017 EquityInstruments	Dec. 31, 2014 EquityInstruments
Disclosure of transactions between related parties [line items]
Number of directors with consulting agreements \| director	2
Consulting agreement term	4 years
Purchase of services from NB				$ 85,000	$ 85,000	$ 83,000
Danish Legal Services				1,454,000	1,377,000	560,000
Consulting Services				188,000	202,000
Amounts owed to related parties (excluding VAT)				283,000	723,000	217,000
Guarantees provided to related parties				0
Guarantees received from related parties				0
Share - based compensation paid				$ 223,000	$ 3,290,000	$ 5,500,000
Deferred shares
Disclosure of transactions between related parties [line items]
Granted \| EquityInstruments						55,000
Shares outstanding \| EquityInstruments				700,000	3,517,000	4,814,000		5,686,000
Granted (after Share Split) \| EquityInstruments				900,000	125,000	550,000
Consultants \| Deferred shares
Disclosure of transactions between related parties [line items]
Granted \| EquityInstruments		12,500	25,000
Granted (after Share Split) \| EquityInstruments		125,000	250,000
Vesting term of deferred shares				4 years
Consultant one \| Deferred shares
Disclosure of transactions between related parties [line items]
Shares outstanding \| EquityInstruments				121,000
Consultant two \| Deferred shares
Disclosure of transactions between related parties [line items]
Shares outstanding \| EquityInstruments							194,000
Board of Directors
Disclosure of transactions between related parties [line items]
Compensation				$ 373,000	$ 87,000	$ 35,000
Share - based compensation paid				1,300,000	$ 2,200,000	$ 1,800,000
Payment for partial repurchase of equity awards				$ 864,000

Other Disclosures - Commitments (Details) - USD ($)	12 Months Ended
Other Disclosures - Commitments (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Leasing activities
Minimum lease payments payable under non-cancellable operating lease	$ 75,000
Minimum operating lease payments recognised as expense	145,000	$ 141,000	$ 135,000
Security Deposit	5,000	$ 5,000
2018
Leasing activities
Minimum lease payments payable under non-cancellable operating lease	72,000
2019
Leasing activities
Minimum lease payments payable under non-cancellable operating lease	3,000
Through May 2022
Leasing activities
Minimum lease payments payable under non-cancellable operating lease	$ 2,000

Other Disclosures - Contingent liabilities (Details) - Aditech - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2017	Dec. 31, 2017
Contingent liabilities
Obligation payable		$ 25
Addendum
Contingent liabilities
Percentage due of non refundable fee		2.00%
Obligation payable		$ 25
Contingent liability paid	$ 25
Exclusive license
Contingent liabilities
Percentage Royalty Due Contingent Liability		2.00%
Co-exclusive license
Contingent liabilities
Percentage Royalty Due Contingent Liability		20.00%
Co-exclusive rights to develop
Contingent liabilities
Percentage Royalty Due Contingent Liability		2.00%