Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Forward Pharma A/S
Entity Central Index Key	0001604924
Document Type	6-K
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	H1

Interim Condensed Consolidated Statement of Financial Position - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Non-current Assets:
Equipment	$ 1	$ 12
Other non-current assets	5	5
Total non-current assets	6	17
Prepaid expenses	269	502
Other receivables	259	518
Income tax receivable	670	417
Cash and cash equivalents	89,261	109,554
Total current assets	90,459	110,991
Total assets	90,465	111,008
Equity and Liabilities
Share capital	152	151
Other components of equity:
Foreign currency translation reserve	89,388	91,902
Accumulated deficit	(4,325)	(2,373)
Equity attributable to shareholders of the Parent	85,215	89,680
Total equity	85,215	89,680
Non-current liabilities:
Deferred tax, net		43
Total non-current liabilities		43
Trade payables	530	1,203
Income tax payable	3,574	7,039
Accrued liabilities	1,146	13,043
Total current liabilities	5,250	21,285
Total equity and liabilities	$ 90,465	$ 111,008

Unaudited Interim Condensed Consolidated Statement of Profit or Loss - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Unaudited Interim Condensed 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	$ (1,843)	(6,993)
General and administrative costs	(5,803)	(4,413)
Operating (loss) income	(7,646)	1,213,594
Foreign exchange rate gain	1,859	1,011
Interest income on available-for-sale financial assets		160
Other finance income (expense)	313	(1,755)
(Loss) income before taxes	(5,474)	1,213,010
Income tax benefit (expense)	204	(271,774)
Net (loss) income for the period	(5,270)	941,236
Net (loss) income for the period attributable to:
Equity holders of the Parent	$ (5,270)	$ 941,236
Per share amounts:
Net (loss) income per share basic	$ (0.06)	$ 1.74
Net (loss) income per share diluted	$ (0.06)	$ 1.67

Unaudited Interim Condensed Consolidated Statement of Other Comprehensive (Loss) Income - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Unaudited Interim Condensed Consolidated Statement of Other Comprehensive (Loss) Income
Net (loss) income for the period	$ (5,270)	$ 941,236
Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods:
Change in fair value of available-for-sale financial assets		(160)
Exchange differences from translation from functional currencies to the presentation currency	(2,514)	77,023
Net other comprehensive (loss) income to be reclassified to profit or loss in subsequent periods	(2,514)	76,863
Other comprehensive (loss) income	(2,514)	76,863
Total comprehensive (loss) income	(7,784)	1,018,099
Attributable to:
Equity holders of the Parent	$ (7,784)	$ 1,018,099

Unaudited Interim Condensed 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) retained earnings	Total
Equity at beginning of period at Dec. 31, 2016	$ 800	$ 339,955	$ (37,771)	$ 218	$ (147,400)	$ 155,802
Net (loss) income for the period					941,236	941,236
Other comprehensive income (loss)			77,023	(160)		76,863
Total comprehensive (loss) income			77,023	(160)	941,236	1,018,099
Exercise of warrants	1	48				49
Share-based payment costs					384	384
Tax resulting from share-based payment costs					(39)	(39)
Transactions with owners	1	48			345	394
Equity at end of period at Jun. 30, 2017	801	$ 340,003	39,252	$ 58	794,181	1,174,295
Equity at beginning of period at Dec. 31, 2017	151		91,902		(2,373)	89,680
Net (loss) income for the period					(5,270)	(5,270)
Other comprehensive income (loss)			(2,514)			(2,514)
Total comprehensive (loss) income			(2,514)		(5,270)	(7,784)
Exercise of warrants	1					1
Distribution to equity award holders					(371)	(371)
Share-based payment costs					3,689	3,689
Transactions with owners	1				3,318	3,319
Equity at end of period at Jun. 30, 2018	$ 152		$ 89,388		$ (4,325)	$ 85,215

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- Definition

The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

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+ Details

Unaudited Interim Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities:
(Loss) income before taxes	$ (5,474)	$ 1,213,010
Adjustments to reconcile (loss) income before tax to net cash flows from operating activities:
Share - based payment costs	3,689	384
Depreciation expense and impairment loss	2	214
Other including foreign exchange rate (gain) and loss	8	2,882
Cash outflow for taxes	(3,500)
Cash inflow for interest		177
Decrease in prepayments and other receivables	490	819
Decrease in trade payables and accrued liabilities	(5,330)	(6,437)
Net cash flows (used in) provided by operating activities	(10,115)	1,211,049
Investing activities:
Purchase of equipment		(3)
Net cash flows used in investing activities		(3)
Financing activities:
Shares issued for cash	1	49
Repurchase of equity awards	(7,637)
Net cash flows (used in) provided by financing activities	(7,636)	49
Net (decrease) increase in cash and cash equivalents	(17,751)	1,211,095
Net foreign exchange differences	(2,542)	87,432
Cash and cash equivalents at beginning of period	109,554	57,898
Cash and cash equivalents at end of period	$ 89,261	$ 1,356,425

Corporate information	6 Months Ended
Corporate information	Jun. 30, 2018
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 September 18, 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 Foundation’s three-member board includes one independent director and one director appointed by 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 November 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 June 30, 2018 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. 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. Subsequent to the Share Split, the nominal value of an ordinary share of the Parent is 0.01 DKK. See Note 3.2 for additional information regarding share and per share 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. The Company currently has made no decision to make future cash distributions to shareholders. 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 certain of the Company’s IP, effective as of February 9, 2017. Biogen will, 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 certain of 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 EP2801355 (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 exercises its right to obtain an exclusive license in the United States, the Company will 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 licensed under 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 exercises its right to obtain 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 will 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 in February 2017 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. The appeal was heard at an oral hearing on June 4, 2018. The appeal is expected to be decided by the end of 2018. On January 29, 2018, the Opposition Division of the EPO concluded the oral proceeding concerning patent EP2801355 and issued an initial decision in the Opposition Proceeding. The Opposition Division revoked patent EP2801355 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, on May 7, 2018, the Company submitted its notice of appeal, and on August 1, 2018, the Company submitted the detailed grounds for the appeal. If the Company prevails in such appeal, it is expected that the Technical Board of Appeal will remand the case to the Opposition Division, in order for the Opposition Division to resolve the remaining elements of the original opposition. The duration of the appeal process is estimated to be two to three years.

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2018
Basis of Preparation
Basis of Presentation	Section 2—Basis of Preparation 2.1 Accounting policies and basis of preparation The interim condensed consolidated financial statements as of June 30, 2018 and for the six-month periods ended June 30, 2018 and 2017 have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting. The interim condensed consolidated financial statements do not include all the information and disclosures required in annual financial statements and should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s 2017 Annual Report on Form 20-F (“Annual Report”) filed with the United States Securities and Exchange Commission on April 30, 2018. In the opinion of management, the interim condensed consolidated financial statements as of June 30, 2018 and for the six-month periods ended June 30, 2018 and 2017 include all adjustments considered necessary for a fair presentation of the results of the interim periods presented. The statement of financial position as of December 31, 2017 included herein was derived from the audited consolidated financial statements included in the Annual Report but does not include all disclosures required by International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The accounting policies disclosed in the Company’s audited consolidated financial statements included in the Annual Report are consistent with those used to prepare the accompanying interim condensed consolidated financial statements. The results of operations for the six-month period ended June 30, 2018 are not necessarily indicative of the results expected for the full year. Unless otherwise stated, all amounts disclosed herein are in United States Dollars (“USD”) and are rounded to the nearest thousand (`000). Going Concern The Group currently estimates that there will be adequate liquidity to continue as a going concern beyond the next twelve months; however, if the Company fails to prevail in either the Interference Proceeding or the Opposition Proceeding, future revenues are unlikely and the Company’s ability to continue as a going concern long-term would be uncertain. 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 was January 1, 2018; however, the Group elected to adopt IFRS 15 early on January 1, 2017. In accordance with IFRS 15, the Group will recognize 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 to 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 License Agreement provides for Biogen to remit to the Company royalties (as defined above) only if the Company is successful in the Interference Proceeding and/or the Opposition Proceeding 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. If the Company fails to prevail in either the Interference Proceeding or the Opposition Proceeding, it is unlikely the Group would have revenues or profits in the future. 2.2 New and amendments to accounting standards Standards effective in 2018: Excluding IFRS 15, which is discussed above, the IASB issued new standards and amendments to standards and interpretations that are effective in 2018 (collectively “2018 New Standards”). None of the 2018 New Standards had an impact on 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, 2019 (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”). IFRS 16 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, the Group currently only has leases with terms of twelve months or of low-value assets, and therefore the adoption of IFRS 16 is not expected to have an effect on the Group’s financial statements. 2.3 Translation from functional currencies to presentation currency The Company’s condensed 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 American Depositary Shares (“ADS”) on the Nasdaq Global Select Exchange in the United States, under the ticker symbol “FWP”. The Parent, Operations, and Forward Pharma FA ApS’s functional currency is the DKK, FP GmbH’s functional currency is the Euro 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) income and presented in a separate reserve in equity. As the result of the magnitude of the Non-refundable Fee, the amount due Aditech Pharma AG and the income tax provision compared to other income and expense items recognized during the six-month period ended June 30, 2017 combined with the weakening of the USD compared to the DKK during the six-month period ended June 30, 2017, the Parent used the spot rate to translate the Non-refundable Fee and the royalty due Aditech Pharma AG to the presentation currency (USD), while 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.) These rates were used to avoid the distortion of operating results that would have been caused had the average exchange rate for the six-month period ended June 30, 2017 been used.

Results for the Period

6 Months Ended

Jun. 30, 2018

Results for the Period

Results for the Period

Section 3—Results for the Period

3.1 Income taxes

The major components of income tax benefit (expense) for the six-month periods ended June 30, 2018 and 2017 are as follows:

	Six-Month Period ended June 30,
	2018	2017
	USD ‘000	USD ‘000
Current income tax benefit (expense)	161	(247,889	)
Deferred income tax benefit (expense)	43	(23,885	)

Income tax benefit (expense)	204	(271,774	)

The income tax benefit (expense) recorded for the six-month periods ended June 30, 2018 and 2017 is reconciled as follows:

	Six-Month Period ended June 30,
	2018		2017
	USD ‘000		USD ‘000
Net (loss) income before tax	(5,474	)	1,213,010

Tax benefit (expense) at the Company’s statutory income tax rate (22.0%)	1,204		(266,862	)
Adjustments:
Non-deductible expenses for tax purposes	(2	)	(22	)
Effect of higher tax rate in Germany	(4	)	(4,668	)
Adjustment related to the prior year	161		—
Unrecognized deferred tax assets	(1,155	)	(222	)

Income tax benefit (expense)	204		(271,774	)

The unrecognized net deferred tax assets at June 30, 2018 and December 31, 2017 are as follows:

	June 30,		December
	2018		31, 2017
	USD ‘000		USD ‘000
Tax effect of tax loss carry forwards	4,942		4,726
Share-based payment	1,752		2,304
Other (net)	(12	)	—

Unrecognized deferred tax assets, net	6,682		7,030

The tax benefit recognized during the six-month period ended June 30, 2018 of $204,000 results in part from an adjustment relating to the prior year of $161,000 and the balance relates to changes in deferred tax balances during the period.

Since there is significant uncertainty as to whether the Group will have taxable income in the future, deferred tax assets that are available at June 30, 2018 do not meet the criteria for financial statement recognition and accordingly have not been recognized in the accompanying consolidated financial statements.

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 Group 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 in 2017, the Danish and German tax authorities have recently commenced tax audits of Group’s Danish and German tax returns. The tax audits are expected to 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 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, the Danish and German tax authorities are conducting 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 procedure (“MAP”) by early involvement of Competent Authorities, if necessary. There is no assurance that the joint audit will achieve expected benefits.

During the year ended December 31, 2017, the Company made certain cash payments (the “Deduction”) to equity award holders in accordance with amendments to the Company’s article of association that were approved by the Company’s shareholders and board of directors. The Company believes the Deduction, that totaled 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.

3.2 Net (loss) income 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.

The following reflects the net (loss) income attributable to ordinary shareholders and share data used in the basic and diluted net (loss) income per share computations for each of the six-month periods ended June 30, 2018 and 2017:

	Six-Month Period Ended June 30, (1)
	2018		2017
	USD		USD
			Revised (2)
Net (loss) income attributable to ordinary shareholders of the Parent used for computing basic and diluted per share amounts	(5,270	)	941,236


Weighted average number of ordinary shares used for basic per share amounts	94,407		542,394
Dilutive effect of outstanding options, warrants and deferred shares	—		20,027

Weighted average number of ordinary shares used for diluted per share amounts	94,407		562,421


Net (loss) income per share basic	(0.06	)	1.74

Net (loss) income per share diluted	(0.06	)	1.67

(1)

Amounts within the table above are in `000 except per share amounts

(2)

For purposes of computing the share and per share information above, the Share Split and the 15% Premium were deemed to have occurred on January 1, 2017 and accordingly, the amounts previously reported for the six-month period ended June 30, 2017 have been revised.

Basic per share amounts are calculated by dividing the net (loss) income for the period attributable to ordinary shareholders of the Parent by the weighted average number of ordinary shares outstanding during the period. The diluted per share amounts are calculated by dividing the net (loss) income for the period 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 a result of the Company incurring a net loss for the six-month period ended June 30, 2018, the potential shares issuable related to outstanding deferred shares, options and warrants have been excluded from the calculation of diluted loss per share as the effect of such shares is anti-dilutive.

3.3 Share-based compensation

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 had an exercise price of $20.35 ($2.04 after the Share Split.) 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 and the number of shares that may be subscribed for pursuant to the June 2017 Options has been reduced by 80% to 1.7 million. As of the grant date, the holders of the June 2017 Options 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 (the “Antidilution Obligation”). For the six-month period ended June 30, 2018, an Antidilution Obligation of 309,000 EUR ($371,000) was provided for in connection with the June 2017 Options that vested during the six-month period ended June 30, 2018. At June 30, 2018, the remaining Antidilution Obligation, if all the June 2017 Options vest, is 1.2 million EUR ($1.4 million based on the June 30, 2018 exchange rate.) which 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 equity.

Operating Assets and Liabilities

6 Months Ended

Jun. 30, 2018

Operating Assets and Liabilities

Operating Assets and Liabilities

Section 4—Operating Assets and Liabilities

4.1 Prepaid expenses

	June 30, 2018	December 31, 2017
	USD `000	USD `000
Insurance	209	421
Other	60	81

Total	269	502

4.2 Other receivables

	June 30, 2018	December 31, 2017
	USD `000	USD `000
Value added tax receivables (“VAT”)	253	513
Other receivables	6	5

Total	259	518

4.3 Equipment

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 six-month period ended June 30, 2017, the Group recognized an impairment expense of $208,000 that is included within research and development costs.

4.4 Accrued liabilities

	June 30, 2018	December 31, 2017
	USD `000	USD `000
Amounts due to equity award holders	83	11,757
Professional advisors	794	910
Other	269	376

Total	1,146	13,043

Capital Structure and Related Items	6 Months Ended
Capital Structure and Related Items	Jun. 30, 2018
Capital Structure and Related Items
Capital Structure and Related Items	Section 5—Capital Structure and Related Items 5.1 Share capital Subsequent to the Share Split and the Capital Reduction, each ADS represents two ordinary shares and each ordinary share has a nominal value of 0.01 DKK. During June 2018, the Company issued 372,000 ordinary shares in connection with the exercise of an equal number of warrants. Proceeds to the Company on exercise totaled $1,000. As of June 30, 2018, there are 94.7 million ordinary shares outstanding. 5.2 Financial assets and liabilities Recognized financial instruments The Group has recognized the following categories of financial assets and liabilities. Cash and cash equivalents: The Company’s cash and cash equivalents at June 30, 2018 are held primarily at two banks with a Moody’s long-term credit rating of Aa2 or Aa3. Financial assets: Receivables as of June 30, 2018 and December 31, 2017 Fair value of other receivables is deemed to be their carrying amount based on payment terms that are generally 30 days. Financial liabilities: Trade payables as of June 30, 2018 and December 31, 2017 Fair value of trade payables is deemed to be their carrying amount based on payment terms that are generally 30 days.

Other Disclosures

6 Months Ended

Jun. 30, 2018

Other Disclosures

Other Disclosures

Section 6—Other Disclosures

6.1Related 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.

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 (194,000 after the Share Split and Capital Reduction) and 12,500 (121,000 after the Share Split and the Capital Reduction) 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 194,000 deferred shares did not stand for reelection 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. Remuneration paid to the consultants, consisting only of share-based compensation, while the consultants were members of the Company’s board of directors is referred to below as “Consulting Services.”

The following tables provide the total amount of transactions that have been entered into with related parties and the amounts owed to/by related parties. The amounts stated below exclude VAT:

	Six-Month Period ended June 30,
	2018	2017
	USD `000	USD `000
Purchase of services from NB	47	42
Danish Legal Services	311	687
Consulting Services	39	126

	June 30, 2018	December 31, 2017
	USD `000	USD `000

Amounts owed to related parties (excluding VAT)	173	283
Amounts owed by related parties	—	—

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.

6.2Contingent 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 (“Tech Growth”) and entities under Tech Growth’s control. A subsidiary of Tech Growth 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 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. Also see Note 3.1 regarding tax uncertainties.

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 elects to acquire 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.

6.3Events after the reporting period

Subsequent to June 30, 2018, there were no events that were required to be reported except as follows:

On September 18, 2018, the Company issued 334,000 ordinary shares in connection with the exercise of an equal number of warrants. Proceeds to the Company on exercise totaled $1,000.

Results for the Period (Tables)

6 Months Ended

Jun. 30, 2018

Results for the Period

Schedule of major components of income tax benefit (expense)

	Six-Month Period ended June 30,
	2018	2017
	USD ‘000	USD ‘000
Current income tax benefit (expense)	161	(247,889	)
Deferred income tax benefit (expense)	43	(23,885	)

Income tax benefit (expense)	204	(271,774	)

Schedule of benefit (expense) reconciliation

	Six-Month Period ended June 30,
	2018		2017
	USD ‘000		USD ‘000
Net (loss) income before tax	(5,474	)	1,213,010

Tax benefit (expense) at the Company’s statutory income tax rate (22.0%)	1,204		(266,862	)
Adjustments:
Non-deductible expenses for tax purposes	(2	)	(22	)
Effect of higher tax rate in Germany	(4	)	(4,668	)
Adjustment related to the prior year	161		—
Unrecognized deferred tax assets	(1,155	)	(222	)

Income tax benefit (expense)	204		(271,774	)

Schedule of unrecognized net deferred tax assets

	June 30,		December
	2018		31, 2017
	USD ‘000		USD ‘000
Tax effect of tax loss carry forwards	4,942		4,726
Share-based payment	1,752		2,304
Other (net)	(12	)	—

Unrecognized deferred tax assets, net	6,682		7,030

Schedule of net (loss) income attributable to ordinary shareholders

	Six-Month Period Ended June 30, (1)
	2018		2017
	USD		USD
			Revised (2)
Net (loss) income attributable to ordinary shareholders of the Parent used for computing basic and diluted per share amounts	(5,270	)	941,236


Weighted average number of ordinary shares used for basic per share amounts	94,407		542,394
Dilutive effect of outstanding options, warrants and deferred shares	—		20,027

Weighted average number of ordinary shares used for diluted per share amounts	94,407		562,421


Net (loss) income per share basic	(0.06	)	1.74

Net (loss) income per share diluted	(0.06	)	1.67

(1)

Amounts within the table above are in `000 except per share amounts

(2)

Operating Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2018

Operating Assets and Liabilities

Summary of prepaid expenses

	June 30, 2018	December 31, 2017
	USD `000	USD `000
Insurance	209	421
Other	60	81

Total	269	502

Summary of other receivables

	June 30, 2018	December 31, 2017
	USD `000	USD `000
Value added tax receivables (“VAT”)	253	513
Other receivables	6	5

Total	259	518

Summary of accrued liabilities

	June 30, 2018	December 31, 2017
	USD `000	USD `000
Amounts due to equity award holders	83	11,757
Professional advisors	794	910
Other	269	376

Total	1,146	13,043

Other Disclosures (Tables)

6 Months Ended

Jun. 30, 2018

Other Disclosures

Summary of transactions with related parties and the amounts owed to/by related parties

	Six-Month Period ended June 30,
	2018	2017
	USD `000	USD `000
Purchase of services from NB	47	42
Danish Legal Services	311	687
Consulting Services	39	126

	June 30, 2018	December 31, 2017
	USD `000	USD `000

Amounts owed to related parties (excluding VAT)	173	283
Amounts owed by related parties	—	—

Corporate information (Details) kr / shares in Units, € in Millions						1 Months Ended		6 Months Ended	12 Months Ended
	Jan. 01, 2029	Jan. 01, 2023	Jan. 01, 2021	Aug. 02, 2017 EUR (€)	Aug. 02, 2017 USD ($)	Nov. 30, 2017 DKK (kr)	Feb. 28, 2017 USD ($)	Jun. 30, 2018 DKK (kr) subsidiary director item kr / shares	Dec. 31, 2017 USD ($)	Jun. 30, 2018 USD ($) subsidiary director item	Dec. 31, 2017 DKK (kr)	Dec. 31, 2017 USD ($)	Aug. 02, 2017 kr / shares
Notes To Consolidated Financial Statements [Line Items]
Number of subsidiaries \| subsidiary								2		2
Share split ratio				10	10
Per share nominal value of an ordinary share \| kr / shares								kr 0.01					kr 0.01
Annulment of ordinary shares (as a percent)				80.00%	80.00%			80.00%
Shareholder distribution (Capital Reduction)				€ 917.7	$ 1,100,000,000
Milligrams of DMF \| item								480
Minimum
Notes To Consolidated Financial Statements [Line Items]
Duration of appeal process								2 years
Maximum
Notes To Consolidated Financial Statements [Line Items]
Duration of appeal process								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 company appointed 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%

Results for the Period - Major components of income tax expense (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Results for the Period
Current income tax benefit (expense)	$ 161	$ (247,889)
Deferred income tax benefit (expense)	43	(23,885)
Income tax benefit (expense)	$ 204	$ (271,774)

- 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 Period - Income tax expense and unrecognized deferred tax assets (Details) $ in Thousands, € in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2018 USD ($) item	Jun. 30, 2017 USD ($)	Dec. 31, 2017 EUR (€)	Dec. 31, 2017 USD ($)
Income tax expense :
Net (loss) income before tax	$ (5,474)	$ 1,213,010
Tax benefit (expense) at the Company's statutory income tax rate (22.0%)	1,204	(266,862)
Non-deductible expenses for tax purposes	(2)	(22)
Adjustment related to the prior year	161
Unrecognized deferred tax assets	(1,155)	(222)
Income tax benefit (expense)	204	$ (271,774)
Statutory tax rates (as a percent)		22.00%
Deferred tax
Tax effect of tax loss carry forwards	4,942			$ 4,726
Share-based payment	1,752			2,304
Other (net)	(12)
Unrecognized deferred tax assets, net	$ 6,682			7,030
Number of audits \| item	2
Cash payments to equity awards			€ 36.2	$ 43,400
Germany
Income tax expense :
Effect of higher tax rate in Germany	$ (4)	$ (4,668)

Results for the Period - Net (loss) income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		6 Months Ended
	Aug. 02, 2017	Jun. 30, 2018	Jun. 30, 2017
Results for the Period
Annulment of ordinary shares (as a percent)	80.00%	80.00%
Premium (as a percent)		15.00%
Share split (ratio)		11.5
Net (loss) income attributable to ordinary shareholders of the Parent used for computing basic and diluted per share amounts		$ (5,270)	$ 941,236
Weighted average number of ordinary shares used for basic per share amounts		94,407	542,394
Dilutive effect of outstanding options, warrants and deferred shares			20,027
Weighted average number of ordinary shares used for diluted per share amounts		94,407	562,421
Net (loss) income per share basic		$ (0.06)	$ 1.74
Net (loss) income per share diluted		$ (0.06)	$ 1.67

Results for the Period - Share- based compensation (Details) - June 2017 Options $ / shares in Units, shares in Millions	1 Months Ended	6 Months Ended
	Jun. 30, 2017 USD ($) EquityInstruments $ / shares shares	Jun. 30, 2018 EUR (€)	Jun. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Jun. 20, 2017 EUR (€)	Jun. 20, 2017 USD ($)
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
Number of share options reduced (after share split) \| shares	1.7
Due to option holders as a result of Capital Reduction		€ 1,200,000		$ 1,400,000	€ 1,900,000	$ 2,200,000
Amount paid to option holders as a result of the Capital Reduction		€ 309,000	$ 371,000
Board of Directors
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
Exercise price of outstanding share options \| $	$ 20.35
Exercise price of outstanding share options (after share split) \| $ / shares	$ 2.04
Chief Executive Officer
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

Operating Assets and Liabilities - Prepaid expense (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Operating Assets and Liabilities
Insurance	$ 209	$ 421
Other	60	81
Total	$ 269	$ 502

Operating Assets and Liabilities - Other receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Operating Assets and Liabilities
Value added tax receivables ("VAT")	$ 253	$ 513
Other receivables	6	5
Total	$ 259	$ 518

Operating Assets and Liabilities - Accrued liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Operating Assets and Liabilities
Amounts due to equity award holders	$ 83	$ 11,757
Professional advisors	794	910
Other	269	376
Total	$ 1,146	$ 13,043

Capital Structure and Related Items - Share capital (Details)	1 Months Ended	6 Months Ended
	Jun. 30, 2018 USD ($)	Jun. 30, 2018 USD ($) item	Jun. 30, 2017 USD ($)	Jun. 30, 2018 kr / shares shares	Aug. 02, 2017 kr / shares
Capital Structure and Related Items
Per share nominal value of an ordinary share \| kr / shares				kr 0.01	kr 0.01
Proceeds from issuing shares \| $		$ 1,000	$ 49,000
Number of banks in which cash and cash equivalents primarily held \| item		2
ADS
Capital Structure and Related Items
Number of share per ADS				2
Ordinary shares
Capital Structure and Related Items
Ordinary shares issued in connection with the exercise of warrants				372,000
Proceeds from issuing shares \| $	$ 1,000
Number of shares outstanding				94,700,000

Other Disclosures - Related party disclosures (Details) $ in Thousands		1 Months Ended		6 Months Ended
	May 06, 2016 director	Oct. 31, 2016 EquityInstruments	Sep. 30, 2015 EquityInstruments	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)
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				$ 47	$ 42
Danish Legal Services				311	687
Consulting Services				39	$ 126
Amounts owed to related parties (excluding VAT)				$ 173		$ 283
Consultants \| Deferred shares
Disclosure of transactions between related parties [line items]
Granted \| EquityInstruments		12,500	25,000
Granted (after Share Split) \| EquityInstruments		121,000	194,000
Vesting term of deferred shares				4 years

Other Disclosures - Contingent liabilities (Details) - Aditech - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	May 31, 2017	Jun. 30, 2018
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%

Other Disclosures - Events after the reporting period (Details) - USD ($)		6 Months Ended
	Sep. 18, 2018	Jun. 30, 2018	Jun. 30, 2017
Events after the reporting period
Proceeds from issuing shares		$ 1,000	$ 49,000
Ordinary shares issuance
Events after the reporting period
Ordinary shares issued in connection with the exercise of warrants	334,000
Proceeds from issuing shares	$ 1,000

Operating Assets and Liabilities - Equipment (Details)	6 Months Ended
Operating Assets and Liabilities - Equipment (Details)	Jun. 30, 2017 USD ($)
Operating Assets and Liabilities
Impairment loss included in research and development costs	$ 208,000