0001104659-21-055609 | 6-K | XBRL Viewer | Calliditas Therapeutics AB

Schedule of Average Number of Employees


	Year Ended December 31,
	2020			2019
		Percentage			Percentage
	Number of	of Male		Number of	of Male
	Employees	Employees		Employees	Employees
Parent Company
Sweden	16	44	%	13	38	%
	16	44	%	13	38	%
Subsidiaries
Switzerland	2	50	%	—	—
United States	5	100	%	1	100	%
	7	86	%	1	100	%
Total for the Group	23	57	%	14	43	%

Schedule of Wages and Salaries


	Year Ended December 31,
	2020	2019
Parent Company
Board and executive management1)	19,211	13,109
Other employees	15,598	6,091

Subsidiaries
Board and executive management	3,184	2,973
Other employees	11,615	—
Total	49,608	22,173

1) Executive management includes CEO and other executive management.

Schedule of Social Security Costs and Pension Costs


	Year Ended December 31,
	2020	2019
Parent Company
Pension costs for the Board and executive management	1,748	1,644
Pension costs to other employees	1,666	1,180
Social security costs	12,330	3,008

Subsidiaries
Pension costs for the Board and executive management	129	—
Pension costs to other employees	506	—
Social security costs	225	299
Total	16,604	6,131

Schedule of Gender Distribution Among the Board and Senior Executives


	Year Ended December 31,
	2020		2019
Percentage of women on the Board	60	%	33	%
Percentage of men on the Board	40	%	67	%
Percentage of women among other executive management	33	%	33	%
Percentage of men among other executive management	67	%	67	%

Schedule of Disclosures Regarding Total Remuneration of The Board and Senior Executives


	Year Ended December 31, 2020
	Base Salary,		Variable	Other	Share-Based
	Board Fee	Pension Costs	Remuneration	Remuneration	Payments	Total
Chairman of the Board
Elmar Schnee	834	0	0	0	310	1,144

Board members
Thomas Eklund (until June, 2020)	72	0	0	0	43	115
Hilde Furberg	273	0	0	0	106	379
Lennart Hansson	281	0	0	0	106	387
Bengt Julander (until June, 2020)	58	0	0	0	0	58
Diane Parks	379	0	0	0	106	485
Molly Henderson (from June, 2020)	345	0	0	0	37	382

Executive management
CEO	3,401	678	1,357	0	1,094	6,530

Other executive management (5 people)	9,816	1,198	1,760	472	2,018	15,264
of which relates to subsidiaries	2,547	129	636	0	0	3,312
Total	15,459	1,876	3,117	472	3,820	24,744


	Year Ended December 31, 2019
	Basic Salary,		Variable	Other	Share-based
	Board Fee	Pension Costs	Remuneration	Remuneration	Payments	Total
Chairman of the Board
Elmar Schnee	402	—	—	—	101	503

Board members
Thomas Eklund	280	—	—	—	37	317
Hilde Furberg	180	—	—	—	37	217
Lennart Hansson	102	—	—	—	37	139
Bengt Julander	102	—	—	—	—	102
Diane Parks	201	—	—	—	37	238
Olav Hellebø (until May, 2019)	58	—	—	—	—	58

Executive management
CEO	2,634	510	956	—	—	4,100

Other executive management (8 people)	8,927	1,134	1,991	4,701	—	16,753
of which relates to subsidiaries	2,382	—	591	—	—	2,973
Total	12,886	1,644	2,947	4,701	249	22,427

Leases - Maturity Analysis on Future Lease Liabilities (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases
Future lease liabilities	kr 5,626	kr 6,655
2021
Leases
Future lease liabilities	4,521	3,816
1-2 years
Leases
Future lease liabilities	1,105	2,306
>2 year
Leases
Future lease liabilities	kr 0	kr 533

Other Operating Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of other operating expenses


	Year Ended December 31,
	2020	2019
Exchange rate differences	0	4,464
Net loss on disposal of equipment	0	76
Total	0	4,540

Financial and Non-Financial Assets and Liabilities (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	kr 1,021,330	kr 804,784
Financial Liabilities, Carrying Amount	161,340	56,877
Contingent consideration	50,614
Financial Liabilities Measured at Fair Value through Profit or Loss
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Fair Value	48,969
Contingent consideration	48,969
Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	83,503	45,291
Non Financial Liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	28,868	11,586
Provisions
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	55,361
Provisions \| Financial Liabilities Measured at Fair Value through Profit or Loss
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Fair Value	48,969
Provisions \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	0
Provisions \| Non Financial Liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	6,392
Other non-current liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	878	3,584
Financial Liabilities, Fair Value	0
Other non-current liabilities \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	878
Other non-current liabilities \| Non Financial Liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	0
Accounts payable
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	53,827	24,384
Accounts payable \| Financial Liabilities Measured at Fair Value through Profit or Loss
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Fair Value	0
Accounts payable \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	53,827	24,384
Accounts payable \| Non Financial Liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	0
Other current liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	9,888	3,394
Other current liabilities \| Financial Liabilities Measured at Fair Value through Profit or Loss
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Fair Value	0
Other current liabilities \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	3,908	2,486
Other current liabilities \| Non Financial Liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	5,980	908
Accrued expenses and deferred revenue
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	41,386	25,515
Accrued expenses and deferred revenue \| Financial Liabilities Measured at Fair Value through Profit or Loss
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Fair Value	0
Accrued expenses and deferred revenue \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	24,890	14,837
Accrued expenses and deferred revenue \| Non Financial Liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	16,496	10,678
Financial Assets Measured at Fair Value through Profit or Loss
Financial and Non-Financial Assets and Liabilities
Financial Assets, Fair Value	0	399
Financial Assets Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	998,641	802,065
Non Financial Assets
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	22,689	2,320
Non-current financial assets
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	2,225	1,939
Non-current financial assets \| Financial Assets Measured at Fair Value through Profit or Loss
Financial and Non-Financial Assets and Liabilities
Financial Assets, Fair Value	0
Non-current financial assets \| Financial Assets Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	2,225	1,939
Non-current financial assets \| Non Financial Assets
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	0
Account receivables
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount		46,586
Account receivables \| Financial Assets Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount		46,586
Other current assets
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	22,801	2,719
Other current assets \| Financial Assets Measured at Fair Value through Profit or Loss
Financial and Non-Financial Assets and Liabilities
Financial Assets, Fair Value	0	399
Other current assets \| Financial Assets Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	112
Other current assets \| Non Financial Assets
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	22,689	2,320
Cash
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	996,304	753,540
Cash \| Financial Assets Measured at Fair Value through Profit or Loss
Financial and Non-Financial Assets and Liabilities
Financial Assets, Fair Value	0
Cash \| Financial Assets Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	996,304	753,540
Cash \| Non Financial Assets
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	0
Currency options
Financial and Non-Financial Assets and Liabilities
Financial Assets, Fair Value	kr 0	kr 399

Share-Based Payments - Total Cost of the Outstanding Share-Based Payments (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-Based Payments
Personnel cost, IFRS 2 Share-based payments	kr 440	kr 249
Provisions attributable to social security costs, IFRS 2 Share-based payments	1,426	175
Total	kr 1,866	kr 424

Employees and Personnel Costs - Other Remuneration (Details) kr in Thousands	12 Months Ended
	Dec. 31, 2020 SEK (kr) individual age	Dec. 31, 2019 SEK (kr)
Employees and Personnel Costs
Pension obligations	kr 0
Vesting period	1 year
Remuneration to senior executives	kr 68,943	kr 34,157
Board
Employees and Personnel Costs
Severance payment	0
Previous payments of executive remuneration that have not been due	kr 0
Other executive management
Employees and Personnel Costs
Age of retirement \| age	65
Minimum \| Executive management
Employees and Personnel Costs
Mutual notice period	3 months
Minimum \| Other executive management \| Sweden
Employees and Personnel Costs
Percentage of pension commitments	15.00%
Maximum \| Board
Employees and Personnel Costs
Annual fixed remuneration	60.00%
Maximum \| Executive management
Employees and Personnel Costs
Mutual notice period	12 months
Maximum \| CEO
Employees and Personnel Costs
Annual fixed remuneration	60.00%
Maximum \| Other executive management \| Sweden
Employees and Personnel Costs
Percentage of pension commitments	20.00%
Parent Company
Employees and Personnel Costs
Notice period	12 months
Parent Company \| CEO
Employees and Personnel Costs
Age of retirement \| age	65
Percentage of pension premium based on salary	20.00%
Notice period	6 months
Parent Company \| Other executive management
Employees and Personnel Costs
Number of individuals \| individual	5
Parent Company \| Jedako Consult AB \| Other executive management
Employees and Personnel Costs
Fees for services rendered	kr 0	3,848
Parent Company \| Cordcom Consultants KB \| Other executive management
Employees and Personnel Costs
Fees for services rendered	kr 472	kr 853

Revenues (Details) - SEK (kr) kr in Thousands	12 Months Ended
Revenues (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Revenues
Net sales	kr 874	kr 184,829
Out-licensing
Revenues
Net sales	0	184,829
Provision of drugs
Revenues
Net sales	874
Parent Company
Revenues
Net sales	874	184,829
Parent Company \| China, Hong Kong, Macau, Taiwan and Singapore [Member]
Revenues
Net sales	874	184,829
Parent Company \| Out-licensing
Revenues
Net sales	0	kr 184,829
Parent Company \| Provision of drugs
Revenues
Net sales	kr 874

Employees and Personnel Costs - Social Security Costs and Pension Costs (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Employees and Personnel Costs
Pension costs	kr 1,876	kr 1,644
Social Security Costs and Pension Costs	16,604	6,131
Parent Company
Employees and Personnel Costs
Social security costs	12,330	3,008
Parent Company \| Board and executive management
Employees and Personnel Costs
Pension costs	1,748	1,644
Parent Company \| Other employees
Employees and Personnel Costs
Pension costs	1,666	1,180
Subsidiaries
Employees and Personnel Costs
Social security costs	225	kr 299
Subsidiaries \| Board and executive management
Employees and Personnel Costs
Pension costs	129
Subsidiaries \| Other employees
Employees and Personnel Costs
Pension costs	kr 506

Business Combinations- Highlights (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about business combination [line items]
Operating loss for the year	kr (379,720)	kr (28,019)
Genkyotex SA
Disclosure of detailed information about business combination [line items]
Acquired ownership share	86.20%
Genkyotex SA \| Genkyotex SA legal entity
Disclosure of detailed information about business combination [line items]
Acquired ownership share		86.20%
Operating loss during the holding period	kr (20,698)
Sales for the year	0
Operating loss for the year	kr (143,447)

Components of other operating expense

Expiry date 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants. Effective 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 28
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2019-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 23
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2019-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 32
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_32&doctype=Standard
-URIDate 2019-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 33
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2019-03-27

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 34
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_34&doctype=Standard
-URIDate 2019-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 82
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2019-03-27

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 103
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_103&doctype=Standard
-URIDate 2019-03-27

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 102
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_102&doctype=Standard
-URIDate 2019-03-27

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2019-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2019-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2019-03-27

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2019-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2019-03-27

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2019-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2019-03-27

+ Details

Share-Based Payments - Fair Value of Share-Based Payments (Details)	Dec. 31, 2020 EquityInstruments	Dec. 31, 2020 shares	Dec. 31, 2020 $ / shares	Dec. 31, 2020 SEK (kr)	Dec. 31, 2019 EquityInstruments
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding in share-based payment arrangement \| EquityInstruments	1,279,086				2,575,586
Board LTIP 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value of stock awards \| $ / shares			$ 22.49
Number of other equity instruments outstanding in share-based payment arrangement	51,399			51,399
Number of other equity instruments reserved for issuance under share based payment arrangement \| shares		70,000

Other Operating Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Other Operating Expenses


	Year Ended December 31,
	2020	2019
Exchange rate differences	0	4,464
Net loss on disposal of equipment	0	61
Total	0	4,525

Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings per Share

Earnings Per Share

Note 14 Earnings per Share


	Year Ended December 31,
	2020	2019
Loss per share before and after dilution
Net loss for the year attributable to equity holders of the Parent Company	(433,494)	(32,578)
Weighted-average number of common shares outstanding	44,873,448	36,940,587
Loss per share before and after dilution	(9.66)	(0.88)

For calculation of earnings per share after dilution, the weighted-average number of outstanding ordinary shares is adjusted for the dilution effect of all potential ordinary shares. The Parent Company has a category of potential common stock with dilution effect: stock options. These potential common shares are attributable to the options and performance shares granted during the years 2018 – 2020. For additional information see Note 10 Share-Based Payments. If the profit for the year is negative, the options are not considered dilutive. The options also do not impact the numerator in the earnings per share calculation, including the addition of the value of remaining future services to report during the vesting period, exceeding the average market price for the period. There is no dilution effect for issued warrants and options with entitlement to subscribe to 2,368,086 shares, since the Group is in a loss position for the year ended December 31, 2020 and December 31, 2019, respectively. Further, there is no dilution effect for issued share awards with entitlement to receive 82,770 shares, due to performance-based vesting.

For disclosures regarding the number of outstanding shares, refer to Note 25 Equity.

Intangible Assets and Impairment Testing (Tables)

12 Months Ended

Dec. 31, 2020

Intangible Assets and Impairment Testing

Schedule of intangible assets and impairment testing


	December 31,
	2020	2019
Licenses and similar rights
Cost at opening balance	16,066	—
Business combinations	411,414	—
Acquisition for the year	—	16,066
Exchange differences on translation	(13,365)	—
Cost at closing balance	414,115	16,066

Goodwill
Cost at opening balance	—	—
Business combinations	48,839	—
Exchange differences on translation	(1,587)	—
Cost at closing balance	47,252	—

Net book value	461,367	16,066

Schedule of impairment testing of intangible assets discount rate


	Year Ended December 31,
	2020	2019
Parameter, %
Discount rate	10.50	—


	Year Ended December 31,
	2020	2019
Parameter, %
Discount rate NOX platform	18.8	—
Discount rate Vaccine platform	17.0	—
Discount rate Budenofalk 3 mg oral capsule	12.4	11.6

Cash - Adjustments for non-cash items (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash
Depreciation	kr 2,823	kr 1,822
Change in Provisions	6,634	175
Share-based payments	6,012	249
Other	(4)	62
Total	15,465	2,308
Parent Company
Cash
Depreciation	24	44
Change in Provisions	4,797	175
Share-based payments	6,011	249
Other	0	78
Total	kr 10,832	kr 546

Revenues

12 Months Ended

Dec. 31, 2020

Revenues

Revenues

Note 3 Revenue from Contracts with Customers

The Group’s revenues for the year ended December 31, 2020 consisted of revenues for the delivery of study-related drugs within the framework of the out-licensing of Nefecon in connection with the agreement with Everest Medicines to Greater China and Singapore. Revenue for the provision of drug for conducting clinical trials was recognized at a point in time, which occurred when control over the drug was transferred to Everest Medicines and has been measured by the acquisition price based on the cost of the goods, plus a fair market margin.

The Group has identified two performance obligations within the agreement:

Out-licensing of the product candidate Nefecon in existing condition at the signing of the agreement, and

Provision of drugs for conducting clinical trials.

The Group has completed all performance obligations within the agreement as of the delivery of study-related drugs to Everest Medicines for the year ended December 31, 2020.

Set out below is the Group’s revenue from contracts with customers:


	Year Ended December 31,
	2020	2019
Type of goods or service
Out-licensing	0	184,829
Provision of drugs	874	—
Total	874	184,829

Geographical markets
China, Hong Kong, Macau, Taiwan and Singapore	874	184,829
Total	874	184,829

Revenues

Revenues

Note 2 Revenues


	Year Ended December 31,
	2020	2019
Type of goods or service
Out-licensing	0	184,829
Provision of drugs	874	—
Total	874	184,829
Geographical markets
China, Hong Kong, Macau, Taiwan and Singapore	874	184,829
Total	874	184,829

Profit/Loss from Participations in Group Companies

12 Months Ended

Dec. 31, 2020

Profit/Loss from Participations in Group Companies

Note 8 Profit/Loss from Participations in Group Companies


	Year Ended December 31,
	2020	2019
Profit on liquidation of subsidiaries	4	—
Impairment of participations in Group companies	0	(3,739)
Reversal of impairment of receivables within the Group companies	0	300
Total	4	(3,439)

The former subsidiary Pharmalink Oncology AS ceased through voluntary liquidation, as no operations were conducted for the year ended December 31, 2020.

For the year ended December 31, 2019, a write-down of participation in Group Companies in the subsidiary Nefecon AB of SEK 3,739 occured, due to the expiration of patents relating to methods and means for the treatment of glomerulonephritis.

Pledged Assets, Contingent Liabilities and Other Obligations	12 Months Ended
	Dec. 31, 2020
Pledged Assets, Contingent Liabilities and Other Obligations
Pledged Assets, Contingent Liabilities and Other Obligations	Note 30 Pledged Assets, Contingent Liabilities and Other Obligations The Group is required to pay Kyowa Kirin Services Ltd., f/k/a Archimedes Development Ltd (“Archimedes”) a fixed royalty of 3% of net sales of Nefecon, if approved, covered by the license in according to the Group’s agreement with Archimedes pursuant to which Calliditas were granted (i) an exclusive license to joint intellectual property developed with Archimedes and (ii) a non-exclusive license to certain of Archimedes’ know-how as necessary or useful to develop and commercialize Nefecon or other product candidates. The Group has exclusive rights to use, develop and market the formulation under the license agreement with Archimedes, and Archimedes only has rights to royalties when the product is sold in the future. The Group will then have an obligation to pay a low single digit percentage of royalties based on net sales until the exclusive license for the patent covering the formulation of Nefecon expires in 2029. The Group has pledged assets amounted to SEK 2,336 and SEK 1,938 as of December 31, 2020 and 2019, respectively, which consist of restricted bank accounts and lease deposits. The assets are pledged for the benefit of certain leaseholders and other suppliers. The Group has no other obligations.

Financial Risks - Transaction Exposure (Details)	12 Months Ended
Financial Risks - Transaction Exposure (Details)	Dec. 31, 2020	Dec. 31, 2019
USD
Financial Risks
Revenue (as a percentage)	100.00%	100.00%
Operating Expenses (as a percentage)	35.00%	22.00%
EUR
Financial Risks
Revenue (as a percentage)	0.00%
Operating Expenses (as a percentage)	36.00%	54.00%
GBP
Financial Risks
Revenue (as a percentage)	0.00%
Operating Expenses (as a percentage)	6.00%	3.00%
SEK
Financial Risks
Revenue (as a percentage)	0.00%
Operating Expenses (as a percentage)	23.00%	21.00%

Prepaid Expenses

12 Months Ended

Dec. 31, 2020

Prepaid Expenses

Note 22 Prepaid Expenses


	December 31,
	2020	2019
Prepaid rental charges	0	771
Prepaid insurance premiums	10,743	—
Prepaid expenses for research and development	640	2,854
Prepaid transaction costs	0	14,662
Other prepaid expenses	6,363	—
Total	17,746	18,287

Prepaid Expenses

Note 17 Prepaid Expenses


	December 31,
	2020	2019
Prepaid rental charges	792	771
Prepaid insurance premiums	10,186	—
Prepaid expenses for research and development	224	2,854
Prepaid transaction costs	0	14,662
Other prepaid expenses	3,288	—
Total	14,490	18,287

Share-Based Payments

12 Months Ended

Dec. 31, 2020

Share-Based Payments

Share-Based Payments

Note 10 Share-Based Payments

Warrants

The Group has two warrants programs, whereby personnel and certain other employees have purchased warrants at fair value with rights to acquire shares in the Parent Company. When warrant is exercised, the holder pays a subscription price and then receives one common share in the Parent Company. For the programs initiated in 2018 and 2019, the warrants can be exercised between January 1, 2022 and March 31, 2022 and between October 1, 2022 and December 31, 2022, respectively. If the warrant holder leaves the Group prior to exercise, the Group has the option to repurchase a certain number of warrants, depending on the time of leaving, at the lesser of fair value or the purchase price.

The warrants have been valued according to the Black & Scholes model, which means the value of the warrant depends on factors including the value of the underlying share, which in this case is the common share. For the programs initiated in 2018 and 2019, the observation period was short for the underlying share and the volatility was then based on the observation period with a discount as it normally decreases as the share’s history becomes longer. A discount was offered in all programs since the warrants are not listed. The risk-free interest rate is at the same level as Swedish government bonds with a corresponding term. Dividends are assumed to amount to zero during the period until the date of expiration.

Warrants Program 2018/2022

In 2018, a total of 856,586 warrants were issued to employees and key consultants in the Group. The warrants in the warrants program 2018/2022 can be exercised between January 1, 2022 and March 31, 2022, where each warrant gives the participant the right to subscribe for a new share in the company at a subscription price of SEK 74.30 per share.

Warrants Program 2019/2022

In 2019, a total of 422,500 warrants were issued to employees and key consultants in the Group. The warrants in the warrants program 2019/2022 can be exercised between October 1, 2022 and December 31, 2022, where each warrant gives the participant the right to subscribe for a new share in the company at a subscription price of SEK 74.50 per share.


		Weighted-
		Average
	Accumulated No.	Exercise
Allotted Warrants	of Outstanding	Price, SEK
As of December 31, 2019	2,575,586	58
Exercised during the period	(1,296,500)	42
As of December 31, 2020	1,279,086	74

The allocated weighted-average exercise price for warrants that are outstanding amounts to SEK 74 and SEK 58 as of December 31, 2020 and 2019, respectively. During 2020, 5,186 warrants were exerciseed under the Warrant Program 2017/2020, where one warrant entitles to the subscription of 250 shares. The registration of the issue of shares amounted to 1,296,500 common shares.


	Warrants Outstanding as of		Inputs used for the Black & Scholes valuation
	December 31,	December 31,	Exercise Price,	Price per		Value per Share						Expiration
Outstanding Warrants per Year	2019	2020	SEK	Warrant in SEK		in SEK		Risk-Free Rate		Volatility		Date
Warrant program 2017/2020	1,296,500	0	42.36	0.28		21.18		(0.42)	%	27	%	2020-06-30
Warrant program 2018/2022	856,586	856,586	74.30	3.29		46.50		(0.28)	%	33	%	2022-03-31
Warrant program 2019/2022	422,500	422,500	74.50	6,69	*	54,39	*	(0,55)	%*	36	%*	2022-12-31
Total	2,575,586	1,279,086

* Average value

Changes and holdings of warrants for the Board, CEO, other executive management and other employess and consultants on the opening and closing balance are presented below;


	Warrants Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
CEO Renée Lucander	719,500	195,000	914,500	(369,500)	545,000
Board member Thomas Eklund (until June, 2020)	111,250	—	111,250	(111,250)	0
Board member Hilde Furberg	29,500	—	29,500	(29,500)	0
Other executive management	727,086	107,500	834,586	(397,086)	437,500
Other employees, consultants and external parties	930,750	(245,000)	685,750	(389,164)	296,586
Total	2,518,086	57,500	2,575,586	(1,296,500)	1,279,086

Option Program

ESOP 2020

In 2020, Calliditas implemented an option program for employees and key consultants in Calliditas. The options were allotted free of charge to participants of the program. The options have a three-year vesting period calculated from the allotment date, provided that, with customary exceptions, the participants remain as employees of, or continue to provide services to, Calliditas. Once the options are vested, they can be exercised within a one-year period.

Each vested option entitles the holder to acquire one share in Calliditas at a predetermined price. The price per share is to be equivalent to 115% of the weighted average price that the company’s shares were traded for on Nasdaq Stockholm during the ten trading days preceding the allotment date. The options have, at the time of issue, been valued according to the Black & Scholes valuation model.

Changes and holdings of options for CEO, other executive management and other employess and consultants on the opening and closing balance are presented below:


		Options Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
Renée Aguiar-Lucander, CEO	—	—	—	225,000	225,000
Other executive management	—	—	—	415,000	415,000
Other employees and consultants	—	—	—	449,000	449,000
Total	—	—	—	1,089,000	1,089,000

Calculation of fair value of option program (ESOP 2020)

The fair value on the allotment date was calculated using an adapted version of the Black & Scholes valuation model, which takes into consideration the exercise price, the term of the options, share price on the allotment date and expected volatility in the share price, and risk-free interest for the term of the options.


			Fair Value upon				No. of Shares
			Issue of the Options,	Exercise			covered by
	Grant Date	Exercise Date	SEK	Price, SEK	Volatility		Options
ESOP 2020:1	July 1, 2020	July 1, 2023	22.14	121.43	39.6	%	974,000
ESOP 2020:2	September 17,2020	September 17,	22.50	116.78	41.6	%	115,000
		2023
							1,089,000

The total cost of the outstanding option program is presented below. These costs do not affect the Groups consolidated statement of cash flows. The Group has 1,500,000 warrants which are set aside to secure the delivery of shares in connection with the utilization of the option program. For additional information see Note 25 Equity.


	Year Ended December 31,
	2020	2019
Share-based payments	5,304	—
Provisions attributable to social security costs (Share-based payments)	3,164	—
Total	8,468	—

Share-Based Payments

Board LTIP 2019

This is a performance-based long-term incentive program for certain members of the Board of Directors in Calliditas. A total of 51,399 share awards is outstanding for the incentive program 2019. The share awards are gradually vested over three years until the AGM 2022 or June 1, 2022, whichever is the earliest, based on the development of Calliditas share price during the period from May 8, 2019 through on June 1, 2022. The share awards are vested by 1/3 at the end of each period, provided that the participant is still a member of the Board of Calliditas that day.

In addition to these conditions for vesting, the share awards are subject to performance-based vesting based on the development of Calliditas share price. If Calliditas share price has increased by more than 60 percent, 100 percent of the share awards shall be earned, and if the share price has increased by 20 percent, 33 percent of the share awards shall be vested. In the event of an increase in the share price by between 20 and 60 percent, vesting will be linear. If the share price has increased by less than 20 percent, no vesting will take place. Each share award entitles the holder to receive a share in Calliditas free of charge, provided that the holder is still a member of the Board of Calliditas at the relevant vesting date.

Changes and holdings of share awards for the Board on the opening and closing balance are presented below:


	Share Awards Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
Elmar Schnee, Chairman of the Board	—	23,236	23,236	—	23,236
Thomas Eklund, Board member (until June, 2020)	—	8,449	8,449	(5,633)	2,816
Hilde Furberg, Board member	—	8,449	8,449	—	8,449
Lennart Hansson, Board member	—	8,449	8,449	—	8,449
Diane Parks, Board member	—	8,449	8,449	—	8,449
Total	—	57,032	57,032	(5,633)	51,399

Calculation of fair value of share-based payments (Board LTIP 2019)

Fair value at grant day has been measured using a Monte Carlo simulation of future share price developments. The simulated share price trend has been used to both calculate the outcome of the program and the value of each share at the time of acquisition (present value adjusted to the grant date).


		Fair Value	Number
	Exercised	at Grant	of Share
	Date	Date	Awards
Board LTIP 2019	June 1, 2022	22.49	51,399

The total cost of the outstanding share-based payments is presented below. These costs do not affect the Groups consolidated statement of cash flows. The Group has 70,000 warrants which are set aside to secure the delivery of shares in connection with the utilization of the Board LTIP 2019. For additional information see Note 25 Equity.


	Year Ended December 31,
	2020	2019
Share-based payments	440	249
Provisions attributable to social security costs (Share-based payments)	1,426	175
Total	1,866	424

Board LTIP 2020

This is a performance-based long-term incentive program for certain members of the Board of Directors in Calliditas. A total of 31,371 share awards is outstanding for the incentive program 2020. The share awards are gradually vested over three years until the AGM 2023 or July 1, 2023, whichever is the earliest, based on the development of Calliditas share price during the period from the date the share awards are allocated (grant date) up to and including the day before the vesting date. The share awards are vested by 1/3 at the end of each period, provided that the participant is still a member of the Board of Calliditas that day.

Changes and holdings of share awards for the Board on the opening and closing balance are presented below:


		Share Awards Outstanding as of
	January		December		December
Holder	1, 2019	Change	31, 2019	Change	31, 2020
Elmar Schnee, Chairman of the Board	—	—	—	14,063	14,063
Hilde Furberg, Board member	—	—	—	4,327	4,327
Lennart Hansson, Board member	—	—	—	4,327	4,327
Diane Parks, Board member	—	—	—	4,327	4,327
Molly Hendersson, Board member	—	—	—	4,327	4,327
Total	—	—	—	31,371	31,371

Calculation of fair value of share-based payments (Board LTIP 2020)


		Fair Value at	Number of
	Exercised Date	Grant Date	Share Awards
Board LTIP 2020	July 1, 2023	33.97	31,371

The total cost of the outstanding share-based payments is presented below. These costs do not affect the Groups consolidated statement of cash flows. The Group has 40,000 warrants which are set aside to secure the delivery of shares in connection with the utilization of the Board LTIP 2020. For additional information see Note 25 Equity.


	Year Ended December 31,
	2020	2019
Share-based payments	267	—
Provisions attributable to social security costs (Share-based payments)	207	—
Total	474	—

Share-Based Payments - Warrants (Details)	12 Months Ended
Share-Based Payments - Warrants (Details)	Dec. 31, 2020 EquityInstruments item SEK (kr) $ / shares shares	Dec. 31, 2019 EquityInstruments $ / shares shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of warrant programs \| item	2
Number of shares holder receives when warrant is exercised \| kr	1
Allotted Warrants, beginning of year \| EquityInstruments	2,575,586
Allotted Warrants, end of year \| EquityInstruments	1,279,086	2,575,586
Weighted-Average Exercise Price, beginning of year	$ 58
Weighted-Average Exercise Price, end of year		$ 58
Warrants Program 2018/2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of warrants issued \| shares		856,586
Subscription price per share		$ 74.30
Warrants Program 2019/2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of warrants issued \| shares	422,500
Subscription price per share	$ 74.50
Exercised during the period \| EquityInstruments	1,296,500
Allotted Warrants, end of year \| EquityInstruments	1,279,086
Weighted-Average Exercise Price, exercised during the period	$ 42
Weighted-Average Exercise Price, end of year	$ 74
Warrants of Warrant Program 2017/2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares into which each warrant may be converted \| shares	250
Number of instruments granted \| EquityInstruments	5,186
Exercise price, share awards granted	$ 74	$ 58
Allotted Warrants, beginning of year \| EquityInstruments	1,296,500
Allotted Warrants, end of year \| EquityInstruments	0	1,296,500
Weighted-Average Exercise Price, end of year	$ 42.36
Registration of the issue of shares \| shares	1,296,500

Auditors' Fee (Tables)

12 Months Ended

Dec. 31, 2020

Auditors fees expenses


	Year Ended December 31,
	2020	2019
Ernst & Young AB
Audit services	4,449	645
Other audit activities	3,774	3,343
Other services	0	98
Total	8,223	4,086

KPMG
Audit services	102	—
Other audit activities	2,552	—
Total	2,654	—

Other auditors
Audit services	102	—
Total	102	—

Total audit fee	10,979	4,086

Auditors fees expenses


	Year Ended December 31,
	2020	2019
Ernst & Young AB
Audit services	4,449	645
Other audit activities	3,774	3,343
Other services	0	98
Total	8,223	4,086

Receivables from Group Companies (Tables)

12 Months Ended

Dec. 31, 2020

Receivables from Group Companies [Line Items]

Summary of receivables from group companies


	December 31,
	2020	2019
Opening balance	0	—
Additional receivables	1,694	—
Exchange differences	(209)	—
Net book value	1,485	—

Accrued Expenses and Deferred Revenue

12 Months Ended

Dec. 31, 2020

Accrued Expenses and Deferred Revenue

Note 28 Accrued Expenses and Deferred Revenue


	December 31,
	2020	2019
Accrued salaries and Board fees	8,134	4,726
Vacation pay liabilities	4,921	1,904
Social security costs	3,440	2,975
Accrued expenses for research and development	14,135	1,176
Deffered revenue	0	874
Accrued expenses for administrative and selling	10,756	4,144
Other accrued expenses	0	9,716
Total	41,386	25,515

Employees and Personnel Costs - Disclosures Regarding Total Remuneration of The Board and Senior Executives (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Employees and Personnel Costs
Base Salary, Board Fee	kr 15,459	kr 12,886
Pension costs	1,876	1,644
Variable Remuneration	3,117	2,947
Other Remuneration	472	4,701
Share-based Payments	3,820	249
Reimbursement received	24,744	22,427
Elmar Schnee
Employees and Personnel Costs
Base Salary, Board Fee	834	402
Pension costs	0
Variable Remuneration	0
Other Remuneration	0
Share-based Payments	310	101
Reimbursement received	1,144	503
Thomas Eklund
Employees and Personnel Costs
Base Salary, Board Fee	72	280
Pension costs	0
Variable Remuneration	0
Other Remuneration	0
Share-based Payments	43	37
Reimbursement received	115	317
Hilde Furberg
Employees and Personnel Costs
Base Salary, Board Fee	273	180
Pension costs	0
Variable Remuneration	0
Other Remuneration	0
Share-based Payments	106	37
Reimbursement received	379	217
Lennart Hansson
Employees and Personnel Costs
Base Salary, Board Fee	281	102
Pension costs	0
Variable Remuneration	0
Other Remuneration	0
Share-based Payments	106	37
Reimbursement received	387	139
Bengt Julander
Employees and Personnel Costs
Base Salary, Board Fee	58	102
Pension costs	0
Variable Remuneration	0
Other Remuneration	0
Share-based Payments	0
Reimbursement received	58	102
Diane Parks
Employees and Personnel Costs
Base Salary, Board Fee	379	201
Pension costs	0
Variable Remuneration	0
Other Remuneration	0
Share-based Payments	106	37
Reimbursement received	485	238
Molly Henderson
Employees and Personnel Costs
Base Salary, Board Fee	345
Pension costs	0
Variable Remuneration	0
Other Remuneration	0
Share-based Payments	37
Reimbursement received	382
Olav Helleb (until May 2019)
Employees and Personnel Costs
Base Salary, Board Fee		58
Reimbursement received		58
CEO
Employees and Personnel Costs
Base Salary, Board Fee	3,401	2,634
Pension costs	678	510
Variable Remuneration	1,357	956
Other Remuneration	0
Share-based Payments	1,094
Reimbursement received	6,530	4,100
Other executive management
Employees and Personnel Costs
Base Salary, Board Fee	9,816	8,927
Pension costs	1,198	1,134
Variable Remuneration	1,760	1,991
Other Remuneration	472	4,701
Share-based Payments	2,018
Reimbursement received	15,264	16,753
Other executive management \| Subsidiaries
Employees and Personnel Costs
Base Salary, Board Fee	2,547	2,382
Pension costs	129
Variable Remuneration	636	591
Other Remuneration	0
Share-based Payments	0
Reimbursement received	kr 3,312	kr 2,973

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of intangible assets

Intangible Assets


	December 31,
	2020	2019
Licenses and similar rights
Cost at opening balance	16,066	—
Acquisition for the year	0	16,066
Cost at closing balance	16,066	16,066
Net book value	16,066	16,066

Costs according to Type of Cost

12 Months Ended

Dec. 31, 2020

Costs according to Type of Cost

Costs according to Type of Cost

Note 7 Costs according to Type of Cost


	Year Ended December 31,
	2020	2019
Other external expenses	311,329	176,729
Personnel costs	68,943	34,157
Depreciation on equipment’s and right-of-use assets	2,823	1,822
Other operating expenses	0	4,525
Total	383,095	217,233

Related Party Transactions (Details) - Parent Company - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Related Party Transactions
Sales of Goods/ Services	kr 0
Purchases of Goods/ Services	19,648	kr 4,086
Other	0
Receivables on Closing Balance	1,485
Liabilities on Closing Balance	kr 4,108	kr 475

Accrued Expenses and Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of accrued expenses and deferred revenue


	December 31,
	2020	2019
Accrued salaries and Board fees	8,134	4,726
Vacation pay liabilities	4,921	1,904
Social security costs	3,440	2,975
Accrued expenses for research and development	14,135	1,176
Deffered revenue	0	874
Accrued expenses for administrative and selling	10,756	4,144
Other accrued expenses	0	9,716
Total	41,386	25,515

Prepaid Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of prepaid expenses


	December 31,
	2020	2019
Prepaid rental charges	0	771
Prepaid insurance premiums	10,743	—
Prepaid expenses for research and development	640	2,854
Prepaid transaction costs	0	14,662
Other prepaid expenses	6,363	—
Total	17,746	18,287

Schedule of prepaid expenses


	December 31,
	2020	2019
Prepaid rental charges	792	771
Prepaid insurance premiums	10,186	—
Prepaid expenses for research and development	224	2,854
Prepaid transaction costs	0	14,662
Other prepaid expenses	3,288	—
Total	14,490	18,287

Prepaid Expenses

12 Months Ended

Dec. 31, 2020

Schedule of Right-of-use assets

Prepaid Expenses

Note 22 Prepaid Expenses


	December 31,
	2020	2019
Prepaid rental charges	0	771
Prepaid insurance premiums	10,743	—
Prepaid expenses for research and development	640	2,854
Prepaid transaction costs	0	14,662
Other prepaid expenses	6,363	—
Total	17,746	18,287

Financial Risks - Translation Exposure (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Financial Risks
Translation exposure due to translation of earnings and net assets	kr 1,256
USD
Financial Risks
Negative impact on profit after tax and equity of transaction exposure	kr 9,979
Positive impact on profit after tax and equity of transaction exposure		kr 14,359
Translation exposure (as a percent)	10.00%	10.00%
Positive impact on equity	kr 126
Translation exposure due to translation of foreign trade debt	15,811	kr 5,866
Negative impact on profit after tax and equity of translation exposure	kr 1,581	kr 587
EUR
Financial Risks
Impact of profit after tax and equity (as a percent)	10.00%	10.00%
Negative impact on profit after tax and equity of transaction exposure	kr 10,247	kr 10,246
Translation exposure (as a percent)	10.00%	10.00%
Positive impact on equity	kr 26,673	kr (2,667)
Translation exposure due to translation of foreign trade debt	28,806	14,817
Negative impact on profit after tax and equity of translation exposure	kr 2,881	kr 1,482

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases


	December 31,
	2020	2019
Opening balance	7,527	1,819
Additional agreements	98	7,527
Termination of agreement	0	(1,819)
Exchange differences	(8)	—
Additional agreements, through acquisition	1,978	—
Closing balance	9,595	7,527

Depreciation
Opening balance	(1,568)	—
Depreciation	(2,786)	(1,778)
Termination of agreement	0	210
Exchange differences	3	—
Closing balance	(4,351)	(1,568)

Net book value	5,244	5,959

Schedule of Lease liabilities


	December 31,
	2020	2019
Non-current lease liabilities	878	3,584
Current lease liabilities	3,908	2,486
Total	4,786	6,070

Maturity analysis on future lease liabilities


	December 31,
	2020	2019
<12 months	4,521	3,816
1-2 years	1,105	2,306
>2 years	0	533
	5,626	6,655

Schedule of lease payments


	Year Ended
	December 31,
	2020	2019
Interest expenses attributable to lease liabilities	388	307
Expenses attributable to short-term lease	731	265
Expenses attributable to leasing agreements with low value	103	96
Expenses attributable to variable lease payments that are not included in lease liabilities	344	187
This year's lease payments in the Group	4,930	2,343

Financial Expenses (Details) - SEK (kr) kr in Thousands	12 Months Ended
Financial Expenses (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financial Expenses
Interest on lease liabilities	kr (388)	kr (307)
Other interest expenses	(5)	(18)
Exchange rate differences	(53,267)	(2,383)
Changes in FX options measured at fair value	(3,318)	(2,700)
Total	kr (56,978)	kr (5,408)

Other Operating Income

12 Months Ended

Dec. 31, 2020

Other Operating Income

Other Operating Income

Note 4 Other Operating Income


	Year Ended December 31,
	2020	2019
Exchange rate differences	2,501	4,385
Total	2,501	4,385

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2020
Significant Accounting Policies
Basis of Preparation	Basis for Preparation These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) as adopted by the European Union (EU). In addition, the consolidated financial statements comply with the recommendation of the Swedish Financial Reporting Board RFR 1, Supplementary Accounting Regulations for Groups. The accounting policies stated below have, unless otherwise stated, been applied consistently over all periods presented in the consolidated financial statements. The Group’s accounting policies have been applied consistently by the Group’s companies. The consolidated financial statements provide comparative information in respect of the previous period.
Financial Assets and Financial Liabilities	Financial Assets and Financial Liabilities A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are classified at initial recognition, including on the basis of the purpose for which the instrument was acquired and managed. This classification determines the valuation of the instruments. Initial recognition and measurement of financial assets The Group’s financial assets consist of long-term receivables, derivatives, other current receivables and cash, all of which, except derivatives, are classified at amortized cost. Derivatives are classified at fair value through profit or loss. The instruments are classified into: - Amortized cost, or - Fair value through profit or loss Financial assets at amortized cost are initially measured at fair value with the addition of transaction costs. Following the initial recognition, the assets are measured at amortized cost less a provision for losses on expected credit losses. Assets classified at amortized cost are held according to the business model to collect contractual cash flows that are only payments of capital amount and interest on the outstanding capital amount. Initial recognition and measurement of financial liabilities The Group’s financial liabilities consist of contingent consideration related to business combinations, accounts payable and other current liabilities, all of which, except contingent consideration, are classified as amortized cost. Contingent consideration related to business combinations is classified at fair value through profit or loss. The instruments are classified into: – Amortized cost, or – Fair value through profit or loss Financial liabilities at amortized costs are initially measured at fair value, net of transaction costs. Subsequently periods are measured at amortized cost using the effective interest (EIR) method. Financial liabilities classified at fair value are measured both initially and in subsequent periods at fair value in the Group’s consolidated statements of financial position, where changes in fair value are recognized in the Group’s consolidated statements of income. The components of the change in fair value relating to exchange rate effects are recognized in net financial items and other changes in fair value are recognized in operating profit or loss. Recognition and derecognition A financial asset or financial liability is recognized in the consolidated statement of financial position when the Group becomes a party in accordance with the contractual terms of the instrument. Debt is recognized when the counterparty has performed and a contractual obligation exists to pay, even if an invoice has not yet been received. A financial asset is derecognized from the consolidated statement of financial position when the rights in the agreement are realized, expire or the Group loses control of them. A financial liability is derecognized from the consolidated statement of financial position when the contractual obligation is fulfilled or otherwise extinguished. The same applies to part of a financial asset or financial liability. Gains and losses from derecognition from the consolidated statement of financial position are recorded in the consolidated statement of income. A financial asset and financial liability are offset and recognized with a net amount in the consolidated statement of financial position only when there is a legal right to set off the amounts and that there is an intention to settle the items with a net amount or to simultaneously realize the asset and settle the debt. Impairment of financial assets The Group’s impairment model is based on expected credit losses and takes into account forward-looking information. The valuation of expected credit losses takes into account any collateral and other credit enhancements in the form of guarantees. See Note 21 Financial Risks for information on considerations relating to accounts receivable and deposits.
Leases	Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities for future remaining lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the estimated lease term, which currently is two to three years for the Group’s leases. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the commencement date, because the interest rate implicit in the lease is not readily determinable. Following the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, or a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments). The Group’s lease liabilities are included in other non-current liabilities and other current liabilities in the consolidated statements of financial position (see Note 8 Leases and 20 Financial and Non-Financial Assets and Liabilities). Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of equipment (i.e., those leases that have a lease term of twelve months or less from the commencement date). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as an expense on a straight-line basis over the lease term.
Parent Company
Significant Accounting Policies
Basis of Preparation	Basis for Preparation The Parent Company prepared its annual report in accordance with the Annual Accounts Act and the recommendations from the Swedish Financial Reporting Board, RFR 2 “Accounting for legal entities”. The differences between the Group’s and the Parent Company’s accounting policies are presented below. The accounting policies for the Parent Company stated below have, unless otherwise stated, been applied consistently over all periods presented in the financial statements. The financial statements provide comparative information in respect of the previous period.
Subsidiaries	Subsidiaries Participations in subsidiaries have been recognized on a historical cost basis in the Parent Company, which implies that transaction costs are included in the carrying amount of participations in subsidiaries.
Financial Assets and Financial Liabilities	Financial Assets and Liabilities Due to the relationship between accounting and taxation, the regulations for financial instruments in accordance with IFRS 9 are not applied in the Parent Company as a legal entity. The Parent Company applies a historical cost basis in accordance with the Annual Accounts Act. For this reason, financial assets are measured in the Parent Company at cost less any impairment and financial current assets are valued to the lower of cost or market.
Leases	Leases The Parent Company applies the exemption contained in RFR 2 for legal entities and record all lease agreements as an expense through the statement of income on a straight-line basis over the lease term.
Group and Shareholder Contributions	Group and Shareholder Contributions Both received and provided Group contributions are recognized as appropriations in accordance with the alternative rule. Shareholders’ contributions are recognized in the shareholders’ equity of the recipient and capitalized in “Participations in Group companies” by the contributor, where impairment is not required.

Group Companies

12 Months Ended

Dec. 31, 2020

Group Companies

Note 24 Group Companies


		Country of	% Equity		% Equity
Company	Principal Activities	Incorporation	Interest 2020		Interest 2019
Parent Company
Calliditas Therapeutics AB	Research and development of pharmaceuticals	Sweden	0		—

Subsidiaries
Nefecon AB	Administration of incentive programs issued by the Parent Company	Sweden	100	%	100	%
Calliditas Therapeutics Inc	Pre-commercialization activities in the United States	United States	100	%	100	%
Genkyotex SA	Research and development of pharmaceuticals	France	86,2	%	—
Genkyotex Suisse SA	Research and development of pharmaceuticals	Switzerland	0		—

The former subsidiary Pharmalink Oncology AS ceased through voluntary liquidation, as no operations were conducted for the year ended December 31, 2020. For further information on the business combination of Genkyotex SA, see Note 15 Business Combinations.

Pension Liabilities

12 Months Ended

Dec. 31, 2020

Pension Liabilities

Pension Liabilities

Note 27 Pension Liabilities

Defined-Benefit Pension Plan

The defined-benefit pension obligations are based on actuarial principles. Calliditas has defined-benefit pension plans for the subsidiaries in France and Switzerland. The present value of the obligation includes special payroll tax, in accordance with IAS 19, for the Swiss pension plans. Pension expenses are recognized under research and development expenses and administrative and selling expenses in the consolidated statements of income.

Net obligation per country


		December 31,
		2020
Switzerland		(8,124)
France		(172)
Total		(8,296)

Changes in the defined-benefit pension obligations


	Defined Benefit	Defined Benefit		December 31, 2020
	Plan Obligation	Plan Obligation	Fair Value of Plan	Employee Benefit
	(Switzerland)	(France)	Assets (Switzerland)	Obligations
January 1, 2020	—	—	—	0

Business combinations	(19,565)	(211)	10,673	(9,103)

Service costs	(567)	(6)	—	(573)
Interest expense	(10)	—	6	(4)
Curtailment	(20)	—	10	(10)
Employee contribution	—	—	45	45
Subtotal included in the statement of consolidated operations	(597)	(6)	61	(542)

Amounts paid/received	(410)	—	410	0

Return on assets (excluding interest expenses)	—	—	(5)	(5)
Actuarial gains/(losses) related to changes in demographic assumptions	1,858	45	—	1,903
Actuarial gains/(losses) related to changes in financial assumptions	(273)	—	—	(273)
Other actuarial gains/(losses)	(411)	—	—	(411)
Subtotal included in other items of comprehensive income	1,174	45	(5)	1,214

Employer contributions	—	—	47	47
Currency translation effect	205	—	(117)	88
December 31, 2020	(19,193)	(172)	11,069	(8,296)

Distribution by plan assets (Switzerland)


		December 31,
		2020
Cash		244
Bonds		6,365
Mortgage loans		1,516
Shares		365
Real estate		1,638
Other investments		941
Total		11,069

Of the plan assets above, SEK 6,365 has a quoted price in an active market.

For pension obligations in France, there are no plan assets.

Risks connected to defined-benefit pension plans

Through its defined-benefit pension plans for post-employment benefits, the Group is exposed to a number of risks. The most significant risks are:

Life expectancy assumption: Most of the pension commitments entail that the employees covered by the plan will receive life-long benefits and, accordingly, the longer life expectancy assumptions will result in higher pension liabilities. This is particularly significant in the Swiss plan, in which inflation increases result in higher sensitivity to changes in life expectancy assumptions.

Inflation risk: Some of the plan’s pension commitments are linked to inflation. Higher inflation leads to higher liabilities (although, in most cases, a ceiling has been set for the level of inflation to protect the plan against exceptional increases in inflation). Most of the plan assets are either unaffected by (fixedrate bonds), or weakly correlated with (shares) inflation, which means that an increase in inflation will also increase the deficit.

Discount rate: A decrease in the interest rate on corporate bonds will increase the liabilities of the plan, although this will partially be offset by an increase in the value of the bond holdings. The Swiss pension plan is covered by The Swiss Federal Act on Occupational Retirement, Survivor’s and Disability Pension Plans (BVG).

The French pension plan is covered by the labor law and the collective bargaining agreement of the pharmaceutical industry. The Swiss and French plans are based on final salary.

Actuarial assumptions on the balance sheet date


	December 31,
	2020
Swiss pension plan
Discount rate	0.15	%
Mortality table	LPP 2020 generation
Salary revaluation rate	1.00	%
Retirement pension inflation rate	0.50	%
Deposit rate on savings accounts	1.00	%
Turnover rate	10.00	%
Remaining life expectancy after retirement	23.3	years
Retirement age	65	years

Sensitivity analysis


		December 31,
		2020
Pension commitments under current assump- tions for Swiss pension plans		19,365
Discount rate , -0.5%		21,631
Discount rate , +0.5%		17,139
Retirement pension inflation rate, -0.5%		18,241
Retirement pension inflation rate, +0.5%		20,257
Salary revaluation rate, -0.5%		18,802
Salary revaluation rate, +0.5%		19,605

The amounts above show what the value of the pension obligation would have been assuming the change in the individual assumption. The sensitivity analyses are based on a change in one assumption, with all other assumptions remaining constant. In practice, this is highly unlikely to occur and some of the changes in the assumptions may be correlated. When calculating the sensitivity of the defined-benefit obligations to significant actuarial assumptions, the same method (present value of the defined-benefit obligation applying the projected unit credit method at the end of the reporting period) has been applied as when calculating the pension liability recognized in the consolidated statements of financial position

As the defined benefit pension plans in France are deemed to be insignificant for the Group, no further information has been provided.

For the 2021 financial year, contributions to plans for post-employment benefits are expected to be SEK 805. The weighted average maturity of the obligation is an estimated 23.3 years.

There are no defined-benefit pension plans for the 2019 financial year.

Other Operating Expense (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Exchange rate differences	kr 0	kr 4,464
Net loss on disposal of equipment	0	61
Total	0	4,525
Parent Company
Exchange rate differences	0	4,464
Net loss on disposal of equipment	0	76
Total	kr 0	kr 4,540

Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions

Related Party Transactions

Note 23 Related-Party Transactions


	Sales of	Purchase		Receivables	Liabilities
	Goods/	of Goods/		on Closing	on Closing
	Services	Services	Other	Balance	Balance
Subsidiaries
Year Ended December 31, 2020	0	19,648	0	1,485	4,108
Year Ended December 31, 2019	—	4,086	—	—	475

For information regarding remuneration of executive management, refer to the Group’s Note 9 Employees and Personnel Costs.

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Future payment commitments for operating leases


	Year Ended December 31,
	2020	2019
Future minimum lease payments
Within 1 year	2,835	3,284
Between 1 and 5 years	1,087	3,808
More than 5 years	0	—
Total	3,922	7,092

Other Operating Income

12 Months Ended

Dec. 31, 2020

Other Operating Income

Note 4 Other Operating Income


	Year Ended December 31,
	2020	2019
Exchange rate differences	2,501	4,385
Total	2,501	4,385

Financial and Non-Financial Assets and Liabilities

Other Operating Income

Note 3 Other Operating Income


	Year Ended December 31,
	2020	2019
Exchange rate differences	2,482	4,385
Total	2,482	4,385

Income Tax Expense (Details) - SEK (kr) kr in Thousands	12 Months Ended
Income Tax Expense (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Tax Expense
Current income taxes	kr (1,035)	kr (77)
Deferred tax	675
Income tax expense recognized in the consolidated statements of income	(360)	(77)
Reconciliation of effective tax rate
Accounting loss before income tax	(436,151)	(32,501)
Tax in accordance with applicable tax rate in Sweden	93,336	6,955
Effect of other tax rates for foreign subsidiaries	680	2
Tax attributable to non-deductible tax losses carried forward and unrecognized deferred tax assets	(91,725)	(6,316)
Non-deductible expenses	(2,652)	(782)
Non-taxable income	1	64
Income tax expense recognized in the consolidated statements of income	kr (360)	kr (77)
At the effective income tax rate	0.00%
Applicable tax rate	21.40%	21.40%

Financial and Non-Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2020

Financial and Non-Financial Assets and Liabilities

Note 20 Financial and Non-Financial Assets and Liabilities

Financial and non-financial assets and liabilities as of December 31, 2020


		Financial
	Financial Assets	Assets
	Measured at	Measured	Non-	Total
	Fair Value through	at Amortized	Financial	Carrying
	Profit or Loss	Cost	Assets	Amount
Assets
Non-current financial assets	0	2,225	0	2,225
Other current assets	0	112	22,689	22,801
Cash	0	996,304	0	996,304
	0	998,641	22,689	1,021,330

	Financial Liabilities
	Measured at	Financial Liabilities	Non-	Total
	Fair Value through	Measured at	Financial	Carrying
	Profit or Loss	Amortized Cost	Liabilities	Amount
Liabilities
Provisions	48,969	0	6,392	55,361
Other non-current liabilities	0	878	0	878
Accounts payable	0	53,827	0	53,827
Other current liabilities	0	3,908	5,980	9,888
Accrued expenses and deferred revenue	0	24,890	16,496	41,386
	48,969	83,503	28,868	161,340

Financial and non-financial assets and liabilities as of December 31, 2019


	Financial Assets
	Measured at	Financial Assets	Non-	Total
	Fair Value through	Measured at	Financial	Carrying
	Profit or Loss	Amortized Cost	Assets	Amount
Assets
Non-current financial assets	—	1,939	—	1,939
Account receivables	—	46,586	—	46,586
Other current assets	399	—	2,320	2,719
Cash	—	753,540	—	753,540
	399	802,065	2,320	804,784

	Financial Liabilities
	Measured at	Financial Liabilities	Non-	Total
	Fair Value through	Measured at	Financial	Carrying
	Profit or Loss	Amortized Cost	Liabilities	Amount
Liabilities
Other non-current liabilities	—	3,584	—	3,584
Accounts payable	—	24,384	—	24,384
Other current liabilities	—	2,486	908	3,394
Accrued expenses and deferred revenue	—	14,837	10,678	25,515
	—	45,291	11,586	56,877

Financial assets valued at fair value through profit or loss consist of currency options. As of December 31, 2020, there were no currency options outstanding since they had expired and as of December 31, 2019, currency options amounted to SEK 399. Currency options are valued at fair value based on calculation using the Black-Scholes option pricing model at Level 2 of the fair value hierarchy. Financial liabilities valued through profit or loss constitutes of contingent consideration in connection with the business combination of Genkytex SA of SEK 48,969 as of December 31, 2020. The fair value of contingent consideration is measured at Level 3 of the fair value hierarchy.

The carrying amount for other items above is an approximation of the fair value, which is why these items are not separated into levels according to the fair value hierarchy.

Provisions (Details) - SEK (kr) kr in Thousands	12 Months Ended
Provisions (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in other provisions [abstract]
Opening balance	kr 55,361	kr 175
Provisions for the year	56,855	175
Exchange differences	(1,669)
Total	55,361	175
Social Security Costs on Share-Based Payment
Reconciliation of changes in other provisions [abstract]
Opening balance	4,972	175
Provisions for the year	4,797	175
Total	4,972	kr 175
Contingent Consideration
Reconciliation of changes in other provisions [abstract]
Opening balance	48,969
Provisions for the year	50,614
Exchange differences	(1,645)
Total	48,969
Other Provision
Reconciliation of changes in other provisions [abstract]
Opening balance	1,419
Provisions for the year	1,443
Exchange differences	(24)
Total	kr 1,419

Share-Based Payments - Board's Holding of Share Awards 2019 (Details) - EquityInstruments	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	2,575,586
Allotted Warrants, end of year	1,279,086	2,575,586
Share Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	57,032
Change	(5,633)	57,032
Allotted Warrants, end of year	51,399	57,032
Share Awards \| Elmar Schnee, Chairman of the Board
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	23,236
Change		23,236
Allotted Warrants, end of year	23,236	23,236
Share Awards \| Thomas Eklund, Board Member
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	8,449
Change	(5,633)	8,449
Allotted Warrants, end of year	2,816	8,449
Share Awards \| Hilde Furberg, Board Member
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	8,449
Change		8,449
Allotted Warrants, end of year	8,449	8,449
Share Awards \| Lennart Hansson, Board Member
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	8,449
Change		8,449
Allotted Warrants, end of year	8,449	8,449
Share Awards \| Diane Parks, Board Member
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	8,449
Change		8,449
Allotted Warrants, end of year	8,449	8,449

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2020

Related Party Transactions

Schedule of Related Party Transactions

Note 29 Related-Party Transactions

For information regarding remuneration of executive management, refer to Note 9 Employees and Personnel Costs and Note 10 Share-Based Payments.

There are no additional agreements or transactions with related parties, other than those described in Notes 9 Employees and Personnel Costs and 10 Share-Based Payments.

Schedule of Related Party Transactions

Related Party Transactions


	Sales of	Purchase		Receivables	Liabilities
	Goods/	of Goods/		on Closing	on Closing
	Services	Services	Other	Balance	Balance
Subsidiaries
Year Ended December 31, 2020	0	19,648	0	1,485	4,108
Year Ended December 31, 2019	—	4,086	—	—	475

Provisions (Tables)

12 Months Ended

Dec. 31, 2020

Summary of provisions

Provisions as of December 31, 2020


	Social Security Costs on
	Share-Based Payment	Contingent Consideration	Other Provisions	Provisions Net
Opening balance	175	—	—	175
Provisions for the year	4,797	50,614	1,443	56,855
Exchange differences	—	(1,645)	(24)	(1,669)
Total	4,972	48,969	1,419	55,361

Provisions as of December 31, 2019


	Social Security Costs on	Contingent
	Share-Based Payment	Consideration	Other Provisions	Provisions Net
Opening balance	—	—	—	—
Provisions for the year	175	—	—	175
Total	175	—	—	175

Income Tax Expense - Additional information (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Cost attributable to new share issue	kr 97,686	kr 10,915
Tax losses carried forward for which deferred tax assets have not been recognized	kr 2,704,803	kr 578,117
Expiry period of unused tax losses	7 years
Sweden
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax losses carried forward for which deferred tax assets have not been recognized	kr 1,085,430
France
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax losses carried forward for which deferred tax assets have not been recognized	995,093
Switzerland
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax losses carried forward for which deferred tax assets have not been recognized	kr 624,280

Interest Expense and Similar Items (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Interest Expense and Similar Items


	Year Ended December 31,
	2020	2019
Interest expense	(4)	(18)
Exchange rate differences	(52,037)	(2,393)
Changes in FX options measured at fair value	(3,318)	(2,700)
Total	(55,359)	(5,111)

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2020

Revenue from Contracts with Customers

Revenue from Contracts with Customers

Note 3 Revenue from Contracts with Customers

The Group has identified two performance obligations within the agreement:

Out-licensing of the product candidate Nefecon in existing condition at the signing of the agreement, and

Provision of drugs for conducting clinical trials.

The Group has completed all performance obligations within the agreement as of the delivery of study-related drugs to Everest Medicines for the year ended December 31, 2020.

Set out below is the Group’s revenue from contracts with customers:


	Year Ended December 31,
	2020	2019
Type of goods or service
Out-licensing	0	184,829
Provision of drugs	874	—
Total	874	184,829

Geographical markets
China, Hong Kong, Macau, Taiwan and Singapore	874	184,829
Total	874	184,829

Pension Liabilities - Additional details (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of defined benefit plans [line items]
Pension liabilities	kr 8,296
Defined Benefit Plan Obligation
Disclosure of defined benefit plans [line items]
Pension liabilities		kr 0
2021
Disclosure of defined benefit plans [line items]
Estimated contributions to plans for post-employment benefits	kr 805
Weighted average maturity	23 years 3 months 18 days

Accrued Expenses and Deferred Revenue (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accrued Expenses and Deferred Revenue
Accrued salaries and Board fees	kr 8,134	kr 4,726
Vacation pay liability	4,921	1,904
Social security costs	3,440	2,975
Accrued expenses for research and development	14,135	1,176
Deferred revenue	0	874
Accrued expenses for administrative and selling expenses	10,756	4,144
Other accrued expenses	0	9,716
Total	41,386	25,515
Parent Company
Accrued Expenses and Deferred Revenue
Accrued salaries and Board fees	5,925	4,143
Vacation pay liability	2,603	1,502
Social security costs	3,441	2,975
Accrued expenses for research and development	13,072	1,177
Deferred revenue	0	874
Accrued expenses for administrative and selling expenses	5,746	4,144
Other accrued expenses	0	9,716
Total	kr 30,787	kr 24,531

Significant Accounting Judgements, Estimates and Assumptions (Details) kr in Thousands	Dec. 31, 2020 SEK (kr)
Significant Accounting Judgements, Estimates and Assumptions
Goodwill	kr 47,252
Other intangible assets	kr 414,115

Interest Expense and Similar Items

12 Months Ended

Dec. 31, 2020

Interest Expense and Similar Items

Note 10 Interest Expense and Similar Items


	Year Ended December 31,
	2020	2019
Interest expense	(4)	(18)
Exchange rate differences	(52,037)	(2,393)
Changes in FX options measured at fair value	(3,318)	(2,700)
Total	(55,359)	(5,111)

Other Interest Received and Similar Items

12 Months Ended

Dec. 31, 2020

Other Interest Received and Similar Items

Note 9 Other Interest Received and Similar Items


	Year Ended December 31,
	2020	2019
Interest income	559	926
Total	559	926

Shareholders' Equity

12 Months Ended

Dec. 31, 2020

Equity

Note 25 Equity

Share capital and other contributed capital


			Additional
	Number	Share	Paid-in
	of Shares	Capital	Capital
As of January 1, 2019	35,202,347	1,408	1,072,319
Premiums from warrants issuance	—	—	2,834
Share-based payment	—	—	249
New share issue	3,505,291	140	199,262
As of December 31, 2019	38,707,638	1,548	1,274,664

New share issue*	9,937,446	397	793,304
Exercise of warrants	1,296,500	52	59,199
Share-based payment	0	0	6,012
As of December 31, 2020	49,941,584	1,998	2,133,179

* Initial public offering on The Nasdaq Global Select Market in the United States in June 2020 and the following exercise of the partial over-allotment option from the IPO in July 2020.

Share Capital

All shares have been fully paid and no shares are reserved for sale. All shares are common shares, confer the same entitlement to capital, and carry one vote. The quotient value is SEK 0.04 per share. No shares are held in treasury by the Parent Company or its subsidiaries.

Additional Paid-in Capital

Additional paid-in capital is comprised of capital contributed by the Parent Company’s owners, in the event of share premiums arising on share subscription, warrants premiums and accounted capital from warrants, and other financing treated as equity.

Translation Reserve

The reserves pertain in their entirety to translation reserves. The translation reserve includes all exchange rate differences arising on the translation of the financial statements from foreign operations.


	December 31,
	2020	2019
Opening balance	(45)	(34)
Change for the year ended	(6,045)	(11)
Closing balance	(6,090)	(45)

Equity

Note 19 Shareholders’ Equity

As of December 31, 2020

Share capital consists of 49,941,584 and 38,707,638 shares with a quotient value of SEK 0.04 as of December 31, 2020 and 2019, respectively. All shares hold has the same entitlement to the company’s profits. For additional information see the Group’s Note 25 Equity.

The share premium reserve refers to capital from new share issues that were issued at a price that exceeds the quotient value less cost attributable to new share issues.

Proposed appropriation of earnings

The following earnings are at the disposal of the Annual General Meeting:


	December 31,
	2020	2019
Share premium reserve	2,116,721	1,268,334
Retained earnings	(479,379)	(448,989)
Net loss for the year	(407,363)	(36,186)
	1,229,979	783,159
To be distributed as follows:
To be carried forward	1,229,979	783,159

Business Combinations - Analysis of cash flows (Details) kr in Thousands	12 Months Ended
	Dec. 31, 2020 SEK (kr)
Disclosure of detailed information about business combination [line items]
Acquisition cost	kr (7,020)
Genkyotex SA
Disclosure of detailed information about business combination [line items]
Purchase price paid in cash	(204,867)
Cash equivalents in the acquire company	32,265
Acquisition cost	(8,118)
Acquisition by tender offer of noncontrolling interest
Disclosure of detailed information about business combination [line items]
Acquisition cost	kr (7,020)

Business Combinations

12 Months Ended

Dec. 31, 2020

Business Combinations

Business Combinations

Note 15 Business Combinations

On November 3, 2020, Calliditas acquired a controlling interest in Genkyotex SA, a biopharmaceutical company specializing in NOX therapies with offices in France and Switzerland. Its unique platform enables the identification of orally available small molecules which selectively inhibit specific NOX enzymes that amplify multiple disease processes such as fibrosis and inflammation. The purpose of the acquisition is that it adds a late-stage orphan pipeline asset and platform in inflammation and fibrosis to the Groups product portfolio in orphan diseases.

Calliditas acquired 7,236,515 ordinary shares of Genkyotex from Genkyotex’s largest shareholders and management team (the “Block Sellers”), representing 62.7 percent of the share capital and voting rights for SEK 204,867 (EUR 19,747) in cash at EUR 2.73 per share. The acquisition date was November 3, 2020, when Calliditas acquired a controlling interest over Genkyotex. The acquisition resulted in recognition of goodwill for SEK 48,839 (EUR 4,708). Goodwill is mainly justified by access to new attractive clinical areas. No recorded goodwill is expected to be tax deductible.

After the acquisition of the controlling interest, a mandatory simplified cash tender offer was launched of EUR 2.80 and non-transferable contingent rights, per share to the remaining shareholders in Genkyotex. In the final outcome after the acceptance period, 2,885,161 shares have been tendered into the offer, for which an acquisition price of SEK 82,172 (EUR 8,078). As a result Calliditas controls a total of 10,121,676 shares in Genkyotex, which corresponds to 86.2 percent of the share capital and the total number of votes in Genkyotex as of December 31, 2020. Purchase of non-controlling interests after the business combination have been recognized under financing activities in the consolidated statements of cash flows.

In addition to this there are potential future milestone payments relating to contingent consideration amounting to a maximum of EUR 55 000, subject to future regulatory approvals of setanaxib. The fair value of contingent consideration is measured at Level 3 of the fair value hierarchy. Contingent consideration is recognized as a financial liability in the consolidated statements of financial position, which is revalued at fair value each reporting period. Any revaluation gains and losses are recognized in the consolidated statements of income. See Note 26 Provisions.

Acquisition costs during the financial year amounted to SEK 8,118, which are recognized under administrative and selling expenses in the consolidated statements of income and under operating activities in the consolidated statements of cash flows. Acquisition costs are expensed in the consolidated statements of income when they occur.

There was no business combination for the year ended December 31, 2019.

Operating Loss

Acquired Owner

Operating Loss

Sales for the Year

for the Year

ship Share as of

Sales during the

during the

Ended December

Company

Operation

Acquisition Date

December 31, 2020

Holding Period

31, 2020

Genkyotex SA

Biopharmaceutical

November

86.2

—

(20,698)

(143,447)

company

2020

specializing in

NOX therapies


Purchase price
Cash		204,867
Contingent consideration		50,614
Total		255,481

Fair value of the 7,236,515 ordinary shares purchased as part of the purchase price for Genkyotex S.A. (SEK 204,867) was based on the agreed share price of EUR 2.73 per share. Non-controlling interests are based on fair value utilizing the listed share price of the share in the acquired company at the acquisition date, which was EUR 3.02. For the year ended December 31, 2020, acquisition costs amount to SEK 8,118, of which SEK 7,020 is attributable to the acquisition of the controlling interest. All costs are directly attributable to the acquisition of Genkyotex SA.


		Fair Value
		Fair Value
The assets and liabilities recognized in conjunction with the acquisition are as follows:
Intangible assets: NOX Platform		382,521
Intangible assets: Other licenses		28,893
Non-current assets		2,438
Other current assets		10,022
Cash		32,265
Pension liabilities		(9,410)
Deferred tax liabilities		(82,683)
Other non-current liabilities		(643)
Other current liabilities		(20,677)
Acquired identified assets		342,726
Non-controlling interests		(136,084)
Goodwill		48,839
Acquired net assets		255,481

The gross amounts of acquired receivables does not differ significantly from fair value.


Analysis of Cash Flow
Purchase price paid in cash (included in the Cash flow used in investing activities)		(204,867)
Cash equivalents in the acquired company (included in the Cash flow used in investing activities)		32,265
Acquisition costs attributable to the acquisition of subsidiaries (included in the Cash flow used in operating activities)		(7,020)

Participations in Group Companies

12 Months Ended

Dec. 31, 2020

Participations in Group Companies

Note 24 Group Companies


		Country of	% Equity		% Equity
Company	Principal Activities	Incorporation	Interest 2020		Interest 2019
Parent Company
Calliditas Therapeutics AB	Research and development of pharmaceuticals	Sweden	0		—

Subsidiaries
Nefecon AB	Administration of incentive programs issued by the Parent Company	Sweden	100	%	100	%
Calliditas Therapeutics Inc	Pre-commercialization activities in the United States	United States	100	%	100	%
Genkyotex SA	Research and development of pharmaceuticals	France	86,2	%	—
Genkyotex Suisse SA	Research and development of pharmaceuticals	Switzerland	0		—

Participations in Group Companies

Note 14 Participations in Group Companies


	December 31,
	2020	2019
Cost at opening balance	5,371	5,924
Acquisition for the year	295,158	1
Shareholders’ contributions	0	350
Liquidation	(1,531)	—
Reclassification by merger	0	(904)
Cost at closing balance	298,998	5,371

Impairment at opening balance	(5,270)	(2,435)
Reversal of write-downs	1,531	—
Impairment for the year	0	(3,739)
Reclassification by merger	0	904
Impairment at closing balance	(3,739)	(5,270)

Net book value	295,259	101

Acquisition for the year

See Note 15 Business Combinations in the Group for further information on this year's acquisition, which refers to the business combination of Genkyotex SA.


	December 31,
Company / Corporate Registration Number / Registered office	2020		2019
Nefecon AB, 556604-9069, Stockholm
Share of equity	100	%	100	%
Share of voting power	100	%	100	%
Number of participation rights	1,000		1,000
Net book value	100		100

Calliditas Therapeutics Inc., 83-4094951, USA
Share of equity	100	%	100	%
Share of voting power	100	%	100	%
Number of participation rights	1,000		1,000
Net book value	1		1

Genkyotex SA, 439 489 022, France
Share of equity	86	%	—
Share of voting power	86	%	—
Number of participation rights	10,121,676		—
Net book value	295,158		—

For the year ended December 31, 2020, Pharmalink Oncology AS ceased through voluntary liquidation. Calliditas has also aquired a controlling interest in Genkyotex SA. For further information on the business combination, see Note 15 Business Combinations in the Group.

Employees and Personnel Costs - Gender Distribution (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Board
Employees and Personnel Costs
Percentage of women	60.00%	33.00%
Percentage of men	40.00%	67.00%
Executive management
Employees and Personnel Costs
Percentage of women	33.00%	33.00%
Percentage of men	67.00%	67.00%

Pension Liabilities - Changes in the defined-benefit pension obligations (Details) kr in Thousands	12 Months Ended
	Dec. 31, 2020 SEK (kr)
Disclosure of defined benefit plans [line items]
Subtotal included in other items of comprehensive income	kr 1,216
Defined-Benefit Pension Plan
Disclosure of defined benefit plans [line items]
Balance at the beginning	0
Business combinations	(9,103)
Service costs	(573)
Interest expense	(4)
Curtailment	(10)
Employee contribution	45
Subtotal included in the statement of consolidated operations	(542)
Amounts paid/received	0
Return on assets (excluding interest expenses)	(5)
Actuarial losses (gains) arising from changes in demographic assumptions, net defined benefit liability (asset)	1,903
Actuarial gains/(losses) related to changes in financial assumptions	(273)
Other actuarial gains/(losses)	(411)
Subtotal included in other items of comprehensive income	1,214
Employer contributions	47
Currency translation effect	88
Balance at the end	(8,296)
Defined Benefit Plan Obligation \| Defined-Benefit Pension Plan
Disclosure of defined benefit plans [line items]
Balance at the end	19,365
Defined Benefit Plan Obligation \| Switzerland \| Defined-Benefit Pension Plan
Disclosure of defined benefit plans [line items]
Business combinations	(19,565)
Service costs	(567)
Interest expense	(10)
Curtailment	(20)
Subtotal included in the statement of consolidated operations	(597)
Amounts paid/received	(410)
Actuarial losses (gains) arising from changes in demographic assumptions, net defined benefit liability (asset)	1,858
Actuarial gains/(losses) related to changes in financial assumptions	(273)
Other actuarial gains/(losses)	(411)
Subtotal included in other items of comprehensive income	1,174
Currency translation effect	205
Balance at the end	(19,193)
Defined Benefit Plan Obligation \| France \| Defined-Benefit Pension Plan
Disclosure of defined benefit plans [line items]
Business combinations	(211)
Service costs	(6)
Subtotal included in the statement of consolidated operations	(6)
Actuarial losses (gains) arising from changes in demographic assumptions, net defined benefit liability (asset)	45
Subtotal included in other items of comprehensive income	45
Balance at the end	(172)
Fair Value of Plan Assets \| Switzerland \| Defined-Benefit Pension Plan
Disclosure of defined benefit plans [line items]
Business combinations	10,673
Interest expense	6
Curtailment	10
Employee contribution	45
Subtotal included in the statement of consolidated operations	61
Amounts paid/received	410
Return on assets (excluding interest expenses)	(5)
Subtotal included in other items of comprehensive income	(5)
Employer contributions	47
Currency translation effect	(117)
Balance at the end	kr 11,069

Pension Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Pension Liabilities

Summary of net pension obligation per country


		December 31,
		2020
Switzerland		(8,124)
France		(172)
Total		(8,296)

Summary of changes in the defined-benefit pension obligations


	Defined Benefit	Defined Benefit		December 31, 2020
	Plan Obligation	Plan Obligation	Fair Value of Plan	Employee Benefit
	(Switzerland)	(France)	Assets (Switzerland)	Obligations
January 1, 2020	—	—	—	0

Business combinations	(19,565)	(211)	10,673	(9,103)

Service costs	(567)	(6)	—	(573)
Interest expense	(10)	—	6	(4)
Curtailment	(20)	—	10	(10)
Employee contribution	—	—	45	45
Subtotal included in the statement of consolidated operations	(597)	(6)	61	(542)

Amounts paid/received	(410)	—	410	0

Return on assets (excluding interest expenses)	—	—	(5)	(5)
Actuarial gains/(losses) related to changes in demographic assumptions	1,858	45	—	1,903
Actuarial gains/(losses) related to changes in financial assumptions	(273)	—	—	(273)
Other actuarial gains/(losses)	(411)	—	—	(411)
Subtotal included in other items of comprehensive income	1,174	45	(5)	1,214

Employer contributions	—	—	47	47
Currency translation effect	205	—	(117)	88
December 31, 2020	(19,193)	(172)	11,069	(8,296)

Summary of distribution by plan assets


		December 31,
		2020
Cash		244
Bonds		6,365
Mortgage loans		1,516
Shares		365
Real estate		1,638
Other investments		941
Total		11,069

Summary of actuarial assumptions on the balance sheet date


	December 31,
	2020
Swiss pension plan
Discount rate	0.15	%
Mortality table	LPP 2020 generation
Salary revaluation rate	1.00	%
Retirement pension inflation rate	0.50	%
Deposit rate on savings accounts	1.00	%
Turnover rate	10.00	%
Remaining life expectancy after retirement	23.3	years
Retirement age	65	years

Summary of sensitivity analysis


		December 31,
		2020
Pension commitments under current assump- tions for Swiss pension plans		19,365
Discount rate , -0.5%		21,631
Discount rate , +0.5%		17,139
Retirement pension inflation rate, -0.5%		18,241
Retirement pension inflation rate, +0.5%		20,257
Salary revaluation rate, -0.5%		18,802
Salary revaluation rate, +0.5%		19,605

Share-Based Payments - Warrant Programs (Details) - EquityInstruments	Dec. 31, 2020	Dec. 31, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding in share-based payment arrangement	1,279,086	2,575,586
Warrants Program 2019/2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding in share-based payment arrangement	1,279,086

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2020
Significant Accounting Policies
Significant Accounting Policies	Note 1 Significant Accounting Policies Basis for Preparation These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) as adopted by the European Union (EU). In addition, the consolidated financial statements comply with the recommendation of the Swedish Financial Reporting Board RFR 1, Supplementary Accounting Regulations for Groups. The accounting policies stated below have, unless otherwise stated, been applied consistently over all periods presented in the consolidated financial statements. The Group’s accounting policies have been applied consistently by the Group’s companies. The consolidated financial statements provide comparative information in respect of the previous period. Functional Currency and Reporting Currency The Parent Company’s functional currency is Swedish Kronor (SEK), which is also the presentation currency of the Group. This means that the financial statements are presented in Swedish kronor (SEK) and all amounts, unless otherwise stated, are rounded to the nearest thousand (SEK 000s). Basis for Valuation and Current versus Non-Current Classification The consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets (including derivative financial instrument) and contingent consideration that have been measured at fair value through profit or loss The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is expected to be realized within twelve months after the reporting period. All other assets are classified as non-current. A liability is current when it is due to be settled within twelve months after the reporting period. The Group classifies all other liabilities as non-current. Basis for Consolidation The consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries as of December 31, 2020. Control is achieved when the Parent Company has power over the investee, the Parent Company is exposed to or has rights to variable returns from its involvement in the investee, and the Parent Company has the ability to use its power over the investee to affect the amount of the investor’s returns, which normally means that the Parent Company owns more than half of the number of votes for all of the shares and participations. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes of the control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. All subsidiaries are consolidated using the acquisition method. The cost of an acquisition is measured as the fair value of assets that have been provided as payment along with any liabilities taken over or which have arisen at the acquisition date. With the acquisition method, the fair value of acquired identifiable assets, assumed liabilities and contingent liabilities in a business combination, regardless of the scope of any non-controlling interest, are measured at fair value as of the acquisition date. Any surplus arising from the difference between cost and fair value of identifiable acquired assets, liabilities and contingent liabilities is recognized as goodwill. If the cost amount is less than the fair value of the acquired net assets, it is recognized in the consolidated statements of income. Subsidiaries that were acquired during the financial year are included in the consolidated financial statements as soon as the controlling interest has been transferred to the Group. Subsidiaries that were disposed during the financial year are included in the consolidated financial statements up until the date when the controlling interest no longer exists. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative and selling expenses in the consolidated statements of income. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. New and Amended Standards and Interpretations Updated standards and interpretations from IASB and IFRIC interpretations that came into effect for the year ended December 31, 2020 have had no material impact on the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. Future Standards and New Interpretations Other future or altered standards or interpretations that the IASB has published are not expected to have any significant impact on the financial statements for the Group. Revenue The Group recognizes revenue as the identified performance obligations are performed. The Group’s revenue for the year ended December 31, 2020 consisted of revenues for the delivery of trial-related drugs within the framework of the out-licensing of Nefecon in connection with the agreement with Everest Medicines to Greater China and Singapore. Revenue for the provision of drugs for conducting clinical trials was recognized at a point in time, which occurred when control over the drug was transferred to Everest Medicines. Calliditas has completed all performance obligations within the agreement as of the delivery of study-related drugs to Everest Medicines for the year ended December 31, 2020. Variable remuneration (for example, attributable to future regulatory milestones) is not included in the transaction price while there is significant uncertainty as to whether these will occur. Revenue is recognized when these milestones occur. Compensation attributable to sales-based milestones or royalties are not recognized until the sale that results in the right to milestones or royalties arises. Financial Income Financial income consists of interest income and foreign exchange gains. Interest income is recognized in accordance with the effective interest method. Effective interest is the interest that discounts estimated future receipts and payments during a financial instrument’s anticipated duration to the financial asset’s or liability’s recognized net value. The calculation contains all costs included in the effective interest paid by the parties to the contract, transaction costs and all other premiums and discounts. Dividends received are recognized when the right to receive a dividend has been established. Foreign exchange gains and losses are netted. Research and Development Research and development expenses consist primarily of costs incurred for the Group’s development activities, including the development of the Group’s product candidates. The Group expenses research and development costs as incurred. The Group recognizes external development costs based on an evaluation of the progress to completion of specific tasks using information provided by Calliditas’ service providers. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected in the consolidated financial statements as a prepaid expense or accrued expense. Research and development tax credits are recognized in Sweden and in France. In Sweden tax credits are recognized on social security costs and in France tax credits are recognized on accredited suppliers. These research and development tax credits are recognized as an offset to research and development expenses in the consolidated statements of income. Administrative and Selling Administrative and selling expenses consist of salaries and other related costs for personnel in the Group’s executive, finance, corporate and business development and administrative functions. Administrative and selling expenses also include professional fees for legal, patent, accounting, auditing, tax and consulting services, related travel expenses and facility-related expenses, which include allocated expenses for rent and maintenance of facilities and other operating costs. Employee Benefits Short-term benefits Current employee benefits such as salaries, social security costs, vacation pay and bonuses are expensed during the period in which employees perform the service. Pensions The Group has both defined-contribution and defined-benefit pension plans, and most employees are covered by and recognized in the defined-contribution pension plans. Employees in France and Switzerland are covered by defined-benefit pension plans. All other employees were covered by defined-contribution pension plans. See Note 27 Pension Liabilities for more information. Defined-contribution pension plans A defined-contribution pension plan is a pension plan according to which the Group pays fixed premiums to a separate legal entity. The Group does not have any legal or informal obligation to pay further premiums if this legal entity does not have sufficient assets to pay the full remuneration to employees corresponding to their service during the current or previous periods. The Group therefore has no further risk. The Group’s obligations relating to fees for defined-contribution plans are expensed in profit or loss as they are accrued due to the employee performing services for the Group over a period. Defined-benefit pension plans In defined-benefit plans, the pension is determined as a percentage of the pensionable final salary, based on the employee’s length of service and average final salary. The Group is responsible for ensuring that the established benefits are paid out. The defined-benefit pension obligations are recognized in the consolidated statements of financial position as the net total of the estimated present value of the obligations and the fair value of the plan assets, which are recognized as a provision or a non-current financial receivable. For defined-benefit plans, pension expense and commitments are calculated using the applicable principles of IAS 19. This calculation is performed annually by independent actuaries. The Group’s obligations are measured at the present value of expected future payments. Actuarial gains and losses may arise in connection with the determination of the present value of the obligations and the fair value of plan assets. These arise either because the fair value differs from the previous assumption, or the assumptions change. Actuarial gains and losses are recognized in the consolidated statements of comprehensive income in the period in which they arise. Interest expense, less the estimated return on plan assets, is classified as a financial expense. Other cost items in the pension expense are charged to operating profit. Severance pay An expense for remuneration in connection with termination of employment of personnel is recognized only if the Group is committed, without any realistic possibility of withdrawal, by a formal detailed plan to eliminate a position in advance of when that position would normally expire. When remuneration is paid as an offer to encourage voluntary termination of employment, the cost is recognized if it is probable that the offer will be accepted and the number of employees that will accept the offer can be reliably estimated. Share-based payments Share-based payments in the Group refers to option programs and performance-based share award programs, which are regulated by equity instruments. In cases where the fair value of the instrument exceeds what the employee paid, the difference is recognized as a personnel cost. The fair value of options is determined at the allotment date using the BlackScholes model for pricing of options. The valuation of the performance share awards is based on a discounted model with Monte Carlo simulation of the share price’s development for the share-related parts and with estimated probabilities for the outcome of the market conditions. The cost is recognized, together with a corresponding increase in equity, during the period in which the service conditions are met, up to and including, the date on which the employees concerned are fully eligible for compensation. Social security costs attributable to equity-related instruments to employees as remuneration for purchased services shall be expensed over the periods during which the services are performed. The cost should then be measured using the same valuation model used when the options were issued. The provision recognized must be revalued at each reporting period on the basis of a calculation of the social security costs that may be paid when the instruments are resolved. Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities for future remaining lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the estimated lease term, which currently is two to three years for the Group’s leases. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the commencement date, because the interest rate implicit in the lease is not readily determinable. Following the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, or a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments). The Group’s lease liabilities are included in other non-current liabilities and other current liabilities in the consolidated statements of financial position (see Note 8 Leases and 20 Financial and Non-Financial Assets and Liabilities). Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of equipment (i.e., those leases that have a lease term of twelve months or less from the commencement date). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as an expense on a straight-line basis over the lease term. Financial Expenses Financial expenses mainly consist of realized and unrealized losses on foreign exchange derivative instruments and unrealized foreign exchange losses. Foreign exchange gains and losses are netted. Taxes Income tax comprises current tax and deferred tax. Income tax is recognized in net profit for the year, except when the underlying transaction is recognized in other comprehensive income or equity with the related tax effect recognized in other comprehensive income and in equity. Current tax is the tax that is to be paid or received in the current year, with the application of the tax rates that have been enacted or substantively enacted by the end of the reporting period. Current tax also includes adjustments of current tax attributable to prior periods. Deferred tax is recognized on all temporary differences that arise between the tax value of assets and liabilities and their carrying amounts. Temporary differences attributable to participations in Group companies is not recognized, since it is unlikely that such a reversal will take place in the foreseeable future. The valuation of deferred tax is based on how the underlying assets or liabilities are expected to be realized or settled. Deferred tax is measured with the application of the tax rates and tax rules decided or announced on the closing date, and that are expected to apply when the deferred tax asset in question is realized or the deferred tax liability is settled. Deferred tax liabilities and deferred tax assets are offset as far as possible within the framework of local laws and regulations on taxation. Deferred tax assets on deductible temporary differences and loss carryforwards are recognized only to the extent that it is probable that it will be possible to utilize these, or to the extent that there are temporary differences which these can be utilized to offset. A provision for deferred tax assets will be recognized when it is no longer deemed probable that they can be utilized. Intangible Assets Intangible assets in the Group consist of licenses and similar rights and goodwill. Licenses and similar rights The acquisition of Genkyotex SA resulted in the Group acquiring the rights to the NOX platform and the vaccine platform (SIIL agreement), as well as goodwill. The NOX platform, including the lead compound setanaxib, enables the identification of orally available small molecules which selectively inhibit specific NOX enzymes that amplify multiple disease processes such as fibrosis and inflammation. The vaccine platform (SIIL agreement) is an out-license agreement with Serum Institute of India (SIIL) for the use of a vaccine technology. In the prior year the Group had acquired the product candidate Budenofalk 3 mg oral capsule from the German pharmaceutical company Dr Falk Pharma GmbH for development of the pipeline portfolio related to orphan liver disease, such as AIH, in the United States. Intangible assets with a finite useful life are recognized at initial recognition at cost less accumulated amortization and any accumulated impairment losses. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. When determining the amortized amount of the assets, the residual value of the asset is taken into account, when applicable. Goodwill Goodwill arising in a business combination comprises the difference between the cost of the business combination and the fair value of identifiable assets acquired, liabilities assumed, and any contingent liabilities recognized at the acquisition date. Goodwill on business combinations is included in intangible assets and measured at cost less any accumulated impairment losses. Goodwill is allocated to the cash-generating units, which is the full Group, and tested annually for impairment requirement, or whenever there is any indication of impairment. There is no amortization of goodwill and impairment of goodwill is not reversed. Research and development expenses Development expenditures are recognized as an intangible asset when related development projects meet the criteria for capitalization. The most important criteria for capitalization are that the final product of the development process will generate future economic benefits or the ability of cost-savings capacity, including the technical feasibility of completing the intangible asset. Research and development expense are otherwise recognized as operating expenses. Market approval has not yet been obtained for the Group’s products and, accordingly, the Group deems that the conditions for capitalizing development expenditures are not met. Amortization Amortization of the intangible assets begins when the asset can be used, that is, when it is in the place and in the condition required to be able to use it in the manner intended by the Group’s management. The Group’s expected finite useful life is: - Licenses and similar rights – 6-15 years Until market approval from regulatory authorities has been granted, amortization of “Licenses and Similar Rights” will not commence. As market approval has not yet been obtained, no other costs have been capitalized. Following market approval from regulatory authorities, “Licenses and Similar Rights” will be amortized on a straight-line basis over the expected useful life. Until a market approval of the product has been obtained, the asset is assessed for impairment at least once a year, or when there is an indication that the asset may be impaired. Equipment Equipment is recognized in the consolidated statement of financial position at cost less accumulated depreciation and impairment. Such cost includes the cost price and expenses directly attributable to the asset. Repairs and maintenance costs are expensed as incurred, while expenses for improvements are recognized as investments and added to the cost of the assets. An item of equipment and any significant part initially recognized is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of income when the asset is derecognized. Depreciation Equipment is depreciated on a straight-line basis over the expected useful life. The Group’s expected useful life is: - Equipment — 5 years The residual values, useful lives, and methods of depreciation of equipment are reviewed at each financial year and adjusted prospectively, if appropriate. If there is an indication that an asset needs to be impaired, the asset is written down to its recoverable amount if this is lower than the carrying amount. The recoverable amount corresponds to the highest of net realizable value and value in use. Impairment of Non-Financial Assets Goodwill and intangible assets not yet available for use, are not amortized but the Group assesses for impairment at each reporting date, or when there is an indication that an asset may be impaired. Equipment that is depreciated is assessed for impairment whenever events or changes in circumstances indicate that the carrying amount is not recoverable. An impairment loss is made by the amount by which the asset’s carrying amount exceeds its recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash generating units’ (“CGU”) fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment measurement on intangible assets on a probability-adjusted cash flow model. The value of licenses is measured by estimating the expected future cash flows and present value adjustments to take into account the development risk. The valuation takes into account cash flow from potential commercialization during the expected useful life and does not include calculation of any residual value thereafter. The most critical assumptions mainly consist of assumptions about the timing of potential commercialization, market size, market share and probability of reaching the market. When assessing the impairment requirement for goodwill, this is grouped at the lowest levels for which there are separately identifiable cash flows. Calliditas has made the assessment that the Group’s operations as a whole comprise a cash-generating unit. Impairment losses of continuing operations are recognized in the statement of income in expense categories consistent with the function of the impaired asset. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Financial Assets and Financial Liabilities A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are classified at initial recognition, including on the basis of the purpose for which the instrument was acquired and managed. This classification determines the valuation of the instruments. Initial recognition and measurement of financial assets The Group’s financial assets consist of long-term receivables, derivatives, other current receivables and cash, all of which, except derivatives, are classified at amortized cost. Derivatives are classified at fair value through profit or loss. The instruments are classified into: - Amortized cost, or - Fair value through profit or loss Financial assets at amortized cost are initially measured at fair value with the addition of transaction costs. Following the initial recognition, the assets are measured at amortized cost less a provision for losses on expected credit losses. Assets classified at amortized cost are held according to the business model to collect contractual cash flows that are only payments of capital amount and interest on the outstanding capital amount. Initial recognition and measurement of financial liabilities The Group’s financial liabilities consist of contingent consideration related to business combinations, accounts payable and other current liabilities, all of which, except contingent consideration, are classified as amortized cost. Contingent consideration related to business combinations is classified at fair value through profit or loss. The instruments are classified into: – Amortized cost, or – Fair value through profit or loss Financial liabilities at amortized costs are initially measured at fair value, net of transaction costs. Subsequently periods are measured at amortized cost using the effective interest (EIR) method. Financial liabilities classified at fair value are measured both initially and in subsequent periods at fair value in the Group’s consolidated statements of financial position, where changes in fair value are recognized in the Group’s consolidated statements of income. The components of the change in fair value relating to exchange rate effects are recognized in net financial items and other changes in fair value are recognized in operating profit or loss. Recognition and derecognition A financial asset or financial liability is recognized in the consolidated statement of financial position when the Group becomes a party in accordance with the contractual terms of the instrument. Debt is recognized when the counterparty has performed and a contractual obligation exists to pay, even if an invoice has not yet been received. A financial asset is derecognized from the consolidated statement of financial position when the rights in the agreement are realized, expire or the Group loses control of them. A financial liability is derecognized from the consolidated statement of financial position when the contractual obligation is fulfilled or otherwise extinguished. The same applies to part of a financial asset or financial liability. Gains and losses from derecognition from the consolidated statement of financial position are recorded in the consolidated statement of income. A financial asset and financial liability are offset and recognized with a net amount in the consolidated statement of financial position only when there is a legal right to set off the amounts and that there is an intention to settle the items with a net amount or to simultaneously realize the asset and settle the debt. Impairment of financial assets The Group’s impairment model is based on expected credit losses and takes into account forward-looking information. The valuation of expected credit losses takes into account any collateral and other credit enhancements in the form of guarantees. See Note 21 Financial Risks for information on considerations relating to accounts receivable and deposits. Cash Cash are entirely comprised of cash at banks. Equity Common shares, other contributed capital and retained earnings are classified as equity. Financial instruments that meet the criteria for classification as equity are recognized as equity even if the financial instrument is legally structured as a liability. Transaction costs that are directly attributable to the issue of new shares or options are recognized net after tax in equity as a deduction from the issue proceeds. Warrants The Group has only issued warrants that were transferred at fair value. Premiums received for warrants granted to acquire shares in companies within the Group are recorded as additions to equity, based on the warrant premium, at the date when the warrant was transferred to the counterparty. Option Program The Group has issued an option program which constitutes share-based payments. The cost for the remuneration that is recognized in a period is dependent on the original valuation that was made on the date on which the contracts with the participants in the incentive programs were concluded, the number of months of service required for vesting of their options (accruals are made over this period), the number of options that are expected to be vested under the terms of the plans and a continuous reassessment of the value of the tax benefits for the participants under the plans (for determining provisions for social security expenses). Those estimates which affect the cost in a period and the corresponding increase in equity mainly refer to inputs for the valuation of the options. All the options are classified as equity-settled, as vested options are settled in equity. When the options are exercised, the company issues new shares. Provisions A provision differs from other liabilities in that there is uncertainty about the time of payment or the amount of the amount to settle the provision. A provision is recognized in the statement of financial position when there is an existing legal or informal obligation arising from past events, and it is likely that an outflow of financial resources will be required to settle the obligation and a reliable estimate of the amount can be made. The amount recognized is the best estimate of what is required to settle the existing obligation on the balance sheet date. Where the effect of when payment is made in time is significant, provisions are calculated by discounting the expected future cash flow. Contingent Liabilities A contingent liability is disclosed when there is a possible commitment originating from events that have occurred and whose occurrence is confirmed by one or several uncertain future events. An obligation arising from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events is not recognized as a liability or provision. Foreign Currency Transactions in foreign currency Transactions in foreign currency are translated to the functional currency at the exchange rate on the date of the transaction. Monetary assets and liabilities in foreign currency are translated to the functional currency at the exchange rate that applies on the closing date. Exchange rate differences arising on translation are recognized in net profit for the year. Foreign exchange gains and losses on operating receivables and liabilities are recognized in operating profit, while foreign exchange gains and losses on financial receivables and liabilities are recognized as financial items. Translation from foreign operations Assets and liabilities in foreign operations are translated from the functional currency of the operations to the Group’s presentation currency at the exchange rate applicable on the closing date. Income and expenses in a foreign operation are translated to SEK at the average exchange rate which corresponds to an approximation of the exchange rates prevailing on each individual transaction date. Translation differences arising in the translation of foreign operations’ functional currencies are recognized in the consolidated statements of comprehensive income. Earnings per Share The calculation of earnings per share is based on the Group’s net loss for the year and on the weighted-average number of common shares outstanding during the year. In calculating earnings per share after dilution, earnings and the average number of shares are adjusted for the dilutive effects of potential common shares. Earnings per share is not adjusted for any dilution that results in a profit per share after dilution that is higher than profit per share before dilution, or loss per share that is lower than loss per share before dilution. Cash Flow The consolidated statement of cash flows is prepared in accordance with the indirect method. The recognized cash flow includes only transactions that involve inflows and outflows, divided into operating activities, investing activities and financing activities. Cash flows from inflows and outflows are recognized at gross amounts, except for transactions comprising large inflows and outflows that pertain to items that are traded quickly and have short terms. Segment Information An operating segment is a part of the Group that conducts business activities from which it can generate revenue and incur costs, and for which independent financial information is available. Identification of segments is based on internal reporting to the chief operating decision maker (“CODM”). The CODM for the Group is the Chief Executive Officer (“CEO”). The Group does not divide its operations into different segments and the CODM operates and manages the Group’s entire operations as one segment, which is consistent with the Group’s internal organization and reporting system. The Group’s revenue is attributable to the Parent Company in Sweden and the non-current assets are located in Sweden, France and Switzerland.
Parent Company
Significant Accounting Policies
Significant Accounting Policies	Note 1 Accounting Policies Basis for Preparation The Parent Company prepared its annual report in accordance with the Annual Accounts Act and the recommendations from the Swedish Financial Reporting Board, RFR 2 “Accounting for legal entities”. The differences between the Group’s and the Parent Company’s accounting policies are presented below. The accounting policies for the Parent Company stated below have, unless otherwise stated, been applied consistently over all periods presented in the financial statements. The financial statements provide comparative information in respect of the previous period. Subsidiaries Participations in subsidiaries have been recognized on a historical cost basis in the Parent Company, which implies that transaction costs are included in the carrying amount of participations in subsidiaries. Financial Assets and Liabilities Due to the relationship between accounting and taxation, the regulations for financial instruments in accordance with IFRS 9 are not applied in the Parent Company as a legal entity. The Parent Company applies a historical cost basis in accordance with the Annual Accounts Act. For this reason, financial assets are measured in the Parent Company at cost less any impairment and financial current assets are valued to the lower of cost or market. Leases The Parent Company applies the exemption contained in RFR 2 for legal entities and record all lease agreements as an expense through the statement of income on a straight-line basis over the lease term. Group and Shareholder Contributions Both received and provided Group contributions are recognized as appropriations in accordance with the alternative rule. Shareholders’ contributions are recognized in the shareholders’ equity of the recipient and capitalized in “Participations in Group companies” by the contributor, where impairment is not required.

Income Tax Expense (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of reconciliation of effective tax rate


	Year Ended December 31,
	2020		2019
Current income taxes	(1,035)		(77)
Deferred tax	675		—
Income tax expense recognized in the consolidated statements of income	(360)		(77)

	Year Ended December 31,
	2020		2019
Reconciliation of effective tax rate
Accounting loss before income tax	(436,151)		(32,501)
Tax in accordance with applicable tax rate in Sweden 21,4% (21,4%)	93,336		6,955

Tax effect of:
Effect of other tax rates for foreign subsidiaries	680		2
Tax attributable to non-deductible tax losses carried forward and unrecognized deferred tax assets	(91,725)		(6,316)
Non-deductible expenses	(2,652)		(782)
Non-taxable income	1		64
Income tax expense recognized in the consolidated statements of income	(360)		(77)

At the effective income tax rate	0	%	—	%

Schedule of reconciliation of effective tax rate


	Year Ended December 31,
	2020		2019
Current tax taxes	0		—
Income tax expense recognized in the statements of income	0		—

Reconciliation of effective tax rate
Accounting loss before tax	(407,363)		(36,186)
Tax in accordance with applicable tax rate for the Parent Company 21,4% (21,4%)	87,176		7,744

Tax effect of:
Tax attributable to non-deductible tax losses carried forward and unrecognized deferred tax assets	(87,084)		(6,290)
Non-deductible expenses	(93)		(1,518)
Non-taxable income	1		64
Income tax expense recognized in the statements of income	0		—
At the effective income tax rate	0	%	—	%

Share-Based Payments - Calculation of fair value of option program (ESOP 2020) (Details)	12 Months Ended
	Dec. 31, 2020 SEK (kr) $ / shares shares	Dec. 31, 2020 SEK (kr) shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of Shares covered by Options \| shares	1,089,000	1,089,000
Share-based payments		kr 5,304,000
Provisions attributable to social security costs (Share-based payments)	kr 3,164,000	kr 3,164,000
ESOP 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of weighted average share price		115.00%
ESOP 2020:1
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair Value upon Issue of the Options	kr 22.14	kr 22.14
Exercise price \| $ / shares	kr 121.43
Volatility		39.60%
Number of Shares covered by Options \| shares	974,000	974,000
ESOP 2020:2
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair Value upon Issue of the Options	kr 22.50	kr 22.50
Exercise price \| $ / shares	kr 116.78
Volatility		41.60%
Number of Shares covered by Options \| shares	115,000	115,000

Pension Liabilities - Actuarial assumptions on the balance sheet date (Details) - Defined-Benefit Pension Plan	12 Months Ended
	Dec. 31, 2020
Disclosure of defined benefit plans [line items]
Discount rate	0.15%
Salary revaluation rate	1.00%
Retirement pension inflation rate	0.50%
Deposit rate on savings accounts	1.00%
Turnover rate	10.00%
Remaining life expectancy after retirement	23 years 3 months 18 days
Retirement age	65 years

Deferred Tax Assets and Deferred Tax Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Deferred Tax Assets and Deferred Tax Liabilities

Summary of deferred tax assets and liabilities

Deferred tax assets and liabilities as of December 31, 2020


	Deferred Tax	Deferred Tax
	Assets	Liabilities	Net
Intangible assets	—	(92,523)	(92,523)
Personnel-related items	596	—	596
Tax loss carried forward	12,527	—	12,527
Other items	4	—	4
Total	13,127	(92,523)	(79,396)
Offsetting	(12,527)	12,527	—
Tax assets/liabilities, net	600	(79,996)	(79,396)

Summary of change in deferred tax

Change in deferred tax, 2020


			Increase through
	Cost at Opening Balance	Recognized in Profit or Loss	Business Combinations	Cost at Closing Balance
Intangible assets	—	—	(92,523)	(92,523)
Personnel-related items	—	596	—	596
Tax loss carried forward	—	—	12,527	12,527
Other items	—	4	—	4
Total	—	600	(79,996)	(79,396)

Significant Accounting Policies - Intangible assets (Details) - Licenses and similar rights	12 Months Ended
	Dec. 31, 2020
Minimum
Disclosure of detailed information about intangible assets [line items]
Expected finite useful life	6 years
Maximum
Disclosure of detailed information about intangible assets [line items]
Expected finite useful life	15 years

Cash - Reconciliation of liabilities (Details) - Lease liabilities - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of reconciliation of liabilities arising from financing activities [abstract]
Balance at beginning	kr 6,070	kr 1,819
Cash - Flow	(3,972)	(1,652)
Additional Agreement	98	7,527
Business Combinations	2,677
Termination of Agreement		(1,624)
Exchange Differences	(87)
Balance at end	kr 4,786	kr 6,070

Assets Pledged and Contingent Liabilities (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Parent Company
Assets Pledged and Contingent Liabilities
Restricted bank accounts	kr 1,938	kr 1,938

Other Non-Current Financial Assets (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Other Non-Current Financial Assets

Other Non-Current Financial Assets


	December 31,
	2020	2019
Opening balance	1,939	341
Bank guarantees granted	0	1,888
Reimbursement security deposit	0	(290)
Net book value	1,939	1,939

Events After the Reporting Period	12 Months Ended
Events After the Reporting Period	Dec. 31, 2020
Events After the Reporting Period
Events After the Reporting Period	Note 31 Events After the Reporting Period In January 2021, Calliditas shared the clinical development plan for setanaxib and addition-al data from Part A of NefIgArd study at the R&D Day. In March 2021, Calliditsa submitted an application to the US Food and Drug Administration (FDA) for approval of Nefecon for the treatment of IgA nephropathy. In April 2021, Nefecon was granted accelerated assessment procedure by European Medicine Agency’s (EMA) for the treatment of IgA nephropathy.

Auditors' Fee (Details) - SEK (kr) kr in Thousands	12 Months Ended
Auditors' Fee (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Total audit fee	kr 10,979	kr 4,086
Parent Company
Audit services	4,449	645
Other audit activities	3,774	3,343
Other services	0	98
Total audit fee	kr 8,223	kr 4,086

Consolidated Statements of Income kr in Thousands	12 Months Ended
Consolidated Statements of Income kr in Thousands	Dec. 31, 2020 $ / shares	Dec. 31, 2020 SEK (kr)	Dec. 31, 2019 $ / shares
Consolidated Statements of Income
Net sales		kr 874
Research and development expenses		(241,371)
Administrative and selling expenses		(141,724)
Other operating income		2,501
Other operating income/expenses		0
Operating loss		(379,720)
Financial income		547
Financial expenses		(56,978)
Loss before income tax		(436,151)
Income tax expense		(360)
Loss for the year		(436,511)
Attributable to:
Equity holders of the Parent Company		(433,494)
Non-controlling interests		kr (3,017)
Loss per share
Before dilution to ordinary equity holders \| $ / shares	$ (9.66)		$ (0.88)
After dilution to ordinary equity holders \| $ / shares	$ (9.66)		$ (0.88)

Receivables from Group Companies

12 Months Ended

Dec. 31, 2020

Receivables from Group Companies

Receivables from Group Companies

Note 15 Receivables from Group Companies


	December 31,
	2020	2019
Opening balance	0	—
Additional receivables	1,694	—
Exchange differences	(209)	—
Net book value	1,485	—

Key Figure Definitions and Reconciliations of Alternative Performance Measures

12 Months Ended

Dec. 31, 2020

Key Figure Definitions and Reconciliations of Alternative Performance Measures

Key Figure Definitions and Reconciliations of Alternative Performance Measures

Note 32 Key Figure Definitions and Reconciliations of Alternative Performance Measures

Equity ratio at the end of the year in %	The ratio at the end of respective period is calculated by dividing total equity attributable to equity holders of the Parent Company by total assets.	The equity ratio measures the proportion of the total assets that are financed by shareholders.
Research and development expenses/Total operating expenses in %	Research and development expenses, divided by total operating expenses, which is the sum of research and development expenses, administrative and selling expenses, other operating income and expenses.	The key performance indicator helps the reader of the interim financial statements to analyse the portion of the Groups expenses that are attributable to the Group’s research and development activities.


	Year Ended December 31,
	2020		2019
Expenses relating to research and development/ operating expenses, %
Research and development expenses	(241,371)		(149,826)
Administarative and selling expenses	(141,724)		(62,882)
Other operating income/expenses	2,501		(140)
Total operating expenses	(380,594)		(212,848)
Expenses relating to research and development/operating expenses, %	63	%	70	%


	December 31,
	2020		2019
Equity ratio at the end of the year %
Equity attributable to equity holders of the Parent Company at the end of the year	1,210,491		788,071
Total assets at the end of the year	1,506,450		845,200
Equity ratio at the end of the year %	80	%	93	%

Provisions (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of provisions


	December 31,
	2020	2019
Opening balance	175	—
Provisions for the year	4,797	175
Total	4,972	175

Provisions

12 Months Ended

Dec. 31, 2020

Schedule of earnings per share

Provisions

Note 26 Provisions

Provisions as of December 31, 2020


	Social Security Costs on
	Share-Based Payment	Contingent Consideration	Other Provisions	Provisions Net
Opening balance	175	—	—	175
Provisions for the year	4,797	50,614	1,443	56,855
Exchange differences	—	(1,645)	(24)	(1,669)
Total	4,972	48,969	1,419	55,361

Provisions as of December 31, 2019


	Social Security Costs on	Contingent
	Share-Based Payment	Consideration	Other Provisions	Provisions Net
Opening balance	—	—	—	—
Provisions for the year	175	—	—	175
Total	175	—	—	175

Social Security Costs on Share-Based Payment

Refers to social security costs related to share-based payment. There is uncertainty as to when social security costs for share-based payments will be paid in the future, and what amount they will ultimately be adjusted to as it is dependent on market values at the time when performance shares are used.

Contingent Consideration

In connection with the business combination of Genkyotex SA, the Group has undertaken to make potential future milestone payments relating to contingent consideration, provided that future regulatory approvals or marketing authorizations regarding setanaxib are obtained. The transaction stipulates the following contingent consideration:

Milestone 1: EUR 30.0 million if Genkyotex is granted the right to commercially manufacture, market and sell setanaxib in the United States by the FDA.

Milestone 2: EUR 15.0 million if Genkyotex is granted the right to commercially manufacture, market and sell setanaxib in the European Union by the European Commission.

Milestone 3: EUR 10.0 million if Genkyotex is, by the FDA or European Commission, granted the right to commercially manufacture, market and sell setanaxib in the United States or European Union for the treatment of IPF or Type 1 Diabetes.

The fair value of contingent consideration is measured at Level 3 of the fair value hierarchy. Contingent consideration is recognized as a financial liability in the consolidated statements of financial position, which is revalued at fair value each reporting period. Any revaluation gains and losses are recognized in the consolidated statements of income. The contingent consideration has been computed in accordance with the present value method and the probability has been taken into account if and when the various milestones will occur. The calculations are based on a discount rate of 10.0 percent. The most significant input affecting the valuation of the contingent consideration is the company’s estimate of the probability of the milestones being reached.

Interest Expense and Similar Items (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Interest Expense and Similar Items
Changes in FX options measured at fair value	kr (3,318)	kr (2,700)
Parent Company
Interest Expense and Similar Items
Interest expense	(4)	(18)
Exchange rate differences	(52,037)	(2,393)
Changes in FX options measured at fair value	(3,318)	(2,700)
Total	kr (55,359)	kr (5,111)

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings per Share


	Year Ended December 31,
	2020	2019
Loss per share before and after dilution
Net loss for the year attributable to equity holders of the Parent Company	(433,494)	(32,578)
Weighted-average number of common shares outstanding	44,873,448	36,940,587
Loss per share before and after dilution	(9.66)	(0.88)

Leases

12 Months Ended

Dec. 31, 2020

Leases

Note 8 Leases

Right-of-use assets


	December 31,
	2020	2019
Opening balance	7,527	1,819
Additional agreements	98	7,527
Termination of agreement	0	(1,819)
Exchange differences	(8)	—
Additional agreements, through acquisition	1,978	—
Closing balance	9,595	7,527

Depreciation
Opening balance	(1,568)	—
Depreciation	(2,786)	(1,778)
Termination of agreement	0	210
Exchange differences	3	—
Closing balance	(4,351)	(1,568)

Net book value	5,244	5,959

Depreciation on right-of-use assets are included in the consolidated statements of income under Research and development expenses amounted to SEK 165 and SEK 0 for the year ended December 31, 2020 and 2019, respectively, and Administrative and selling expenses amounted to SEK 2,621 and SEK 1,778 for the year ended December 31, 2020 and 2019, respectively.

Lease liabilities


	December 31,
	2020	2019
Non-current lease liabilities	878	3,584
Current lease liabilities	3,908	2,486
Total	4,786	6,070

Lease liabilities are included in the consolidated statements of financial position under other non-current liabilities and other current liabilities. Changes in liabilities arising from financing activities, see Note 23 Cash for further information on leasing liabilities.

Maturity analysis on future lease liabilities


	December 31,
	2020	2019
<12 months	4,521	3,816
1-2 years	1,105	2,306
>2 years	0	533
	5,626	6,655

Future lease payments in accordance with the above are undiscounted and include variable fees.

The leases primarily comprise of leased premises for the Group. The lease agreements for leased premises have terms ending 2021, 2022 and 2023 respectively and can be extended unless one of the parties terminates the lease agreements. The Group cannot determine with reasonable certainty whether the extensions will take place based on the Group’s development and has therefore not expected utilization after the terms ending. Future lease payments are linked to the development in the CPI index, but with a limitation on negative index change. Index adjustments are included in the lease liability when they come into force and are then adjusted against the right-of-use asset. Lease of low-value assets consists mainly of storage and office equipment.


	Year Ended
	December 31,
	2020	2019
Interest expenses attributable to lease liabilities	388	307
Expenses attributable to short-term lease	731	265
Expenses attributable to leasing agreements with low value	103	96
Expenses attributable to variable lease payments that are not included in lease liabilities	344	187
This year's lease payments in the Group	4,930	2,343

Schedule of depreciation and amortisation expense

Leases

Note 6 Leases

Leasing expenses for the year in respect to operating leases amounted to SEK 3,326 and SEK 2,508 for the year ended December 31, 2020 and 2019, respectively. Future payment commitments for operating leases are specified as follows:


	Year Ended December 31,
	2020	2019
Future minimum lease payments
Within 1 year	2,835	3,284
Between 1 and 5 years	1,087	3,808
More than 5 years	0	—
Total	3,922	7,092

Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Equipment.


	December 31,
	2020	2019
Cost at opening balance	118	813
Acquisition for the year	0	118
Disposal for the year	0	(813)
Exchange differences	(4)	—
Additional, through business combinations	100	—
Cost at closing balance	214	118

Depreciation at opening balance	(14)	(706)
Deprecation for the year	(37)	(44)
Disposal for the year	0	736
Depreciation at closing balance	(51)	(14)

Net book value	163	104

Other Operating Expenses

12 Months Ended

Dec. 31, 2020

Other Operating Expenses

Note 5 Other Operating Expenses


	Year Ended December 31,
	2020	2019
Exchange rate differences	0	4,464
Net loss on disposal of equipment	0	61
Total	0	4,525

Components of other operating income

Other Operating Expenses

Note 4 Other Operating Expense


	Year Ended December 31,
	2020	2019
Exchange rate differences	0	4,464
Net loss on disposal of equipment	0	76
Total	0	4,540

Equipment (Details) - SEK (kr) kr in Thousands	12 Months Ended
Equipment (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Equipment
Property, plant and equipment at beginning of period	kr 104
Deprecation for the year	(37)	kr (44)
Property, plant and equipment at end of period	163	104
Carrying Amount
Equipment
Property, plant and equipment at beginning of period	118	813
Acquisition for the year	0	118
Disposal for the year	0	(813)
Property, plant and equipment at end of period	214	118
Amortization
Equipment
Property, plant and equipment at beginning of period	(14)	(706)
Deprecation for the year	(37)	(44)
Disposal for the year	0	736
Property, plant and equipment at end of period	(51)	(14)
Parent Company
Equipment
Property, plant and equipment at beginning of period	104
Property, plant and equipment at end of period	80	104
Parent Company \| Carrying Amount
Equipment
Property, plant and equipment at beginning of period	118	813
Acquisition for the year	0	118
Disposal for the year	0	(813)
Property, plant and equipment at end of period	118	118
Parent Company \| Amortization
Equipment
Property, plant and equipment at beginning of period	(14)	(706)
Deprecation for the year	(24)	(44)
Disposal for the year	0	736
Property, plant and equipment at end of period	kr (38)	kr (14)

Other Non-Current Financial Assets (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Other Non-Current Financial Assets
Bank guarantees granted	kr 0	kr 1,888
Reimbursement security deposit	0	(290)
Parent Company
Other Non-Current Financial Assets
Opening balance	1,939	341
Bank guarantees granted	0	1,888
Reimbursement security deposit	0	(290)
Net book value	kr 1,939	kr 1,939

Income Tax Expense

12 Months Ended

Dec. 31, 2020

Income Tax Expense

Income Tax Expense

Note 13 Income Tax Expense


	Year Ended December 31,
	2020		2019
Current income taxes	(1,035)		(77)
Deferred tax	675		—
Income tax expense recognized in the consolidated statements of income	(360)		(77)

	Year Ended December 31,
	2020		2019
Reconciliation of effective tax rate
Accounting loss before income tax	(436,151)		(32,501)
Tax in accordance with applicable tax rate in Sweden 21,4% (21,4%)	93,336		6,955

Tax effect of:
Effect of other tax rates for foreign subsidiaries	680		2
Tax attributable to non-deductible tax losses carried forward and unrecognized deferred tax assets	(91,725)		(6,316)
Non-deductible expenses	(2,652)		(782)
Non-taxable income	1		64
Income tax expense recognized in the consolidated statements of income	(360)		(77)

At the effective income tax rate	0	%	—	%

The Group has costs attributable to new share issue amounted to SEK 97,686 and SEK 10,915 for the year ended December 31, 2020 and 2019, respectively, which are recognized directly against equity. These costs are deductible for tax purposes.

The Group has SEK 2,704,803 and SEK 578,117 of tax losses carried forward for which deferred tax assets have not been recognized in the statement of financial position as of December 31, 2020, and 2019, respectively, except for such circumstances where there are future temporary differences that such losses can be used to offset. The tax losses carried forward are allocated between Sweden of SEK 1,085,430, France of SEK 995,093 and Switzerland of SEK 624,280, where the tax losses carried forward in Sweden and France may be carried forward indefinitely, but in Switzerland there is a time limit of seven years. Deferred tax assets will be recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized, or to the extent that there are temporary differences which these can be utilized to offset.

Consolidated Statements of Changes in Equity - SEK (kr)	Share Capital	Additional Paid-in Capital	Translation Reserve	Retained Earnings Including Net Loss for the Year	Net Loss For the Year	Non-controlling interests [member]	Total
Opening shareholders equity at Dec. 31, 2018	kr 1,408,000	kr 1,072,319,000	kr (34,000)	kr (455,518,000)	kr 618,175,000		kr 618,175,000
Loss for the year				(32,578,000)	(32,578,000)		(32,578,000)
Other comprehensive income/(loss) for the year			(11,000)		(11,000)		(11,000)
Total comprehensive loss for the year			(11,000)	(32,578,000)	(32,589,000)		(32,589,000)
Transactions with owners:
New share issue	140,000	210,177,000			210,317,000		210,317,000
Cost attributable to new share issue		(10,915,000)			(10,915,000)		(10,915,000)
Share-based payments		249,000			249,000		249,000
Exercise of warrants		2,834,000			2,834,000		2,834,000
Total transactions with owners	140,000	202,345,000			202,485,000		202,485,000
Closing shareholders equity at Dec. 31, 2019	1,548,000	1,274,664,000	(45,000)	(488,096,000)	788,071,000	kr 0	788,071,000
Loss for the year	0	0	0	(433,494,000)	(433,494,000)	(3,017,000)	(436,511,000)
Other comprehensive income/(loss) for the year	0	0	(6,045,000)	1,196,000	(4,849,000)	(3,288,000)	(8,137,000)
Total comprehensive loss for the year	0	0	(6,045,000)	(432,298,000)	(438,343,000)	(6,305,000)	(444,648,000)
Transactions with owners:
New share issue	397,000	890,990,000	0	0	891,388,000	0	891,388,000
Cost attributable to new share issue	0	(97,686,000)	0	0	(97,686,000)	0	(97,686,000)
Share-based payments	0	6,012,000	0	0	6,012,000	0	6,012,000
Exercise of warrants	52,000	59,199,000	0	0	59,251,000	0	59,251,000
Non-controlling interests from business combinations	0	0	0	0	0	136,084,000	136,084,000
Purchase of non-controlling interests	0	0	0	1,798,000	1,798,000	(83,970,000)	(82,172,000)
Total transactions with owners	449,000	858,515,000	0	1,798,000	860,763,000	52,114,000	912,877,000
Closing shareholders equity at Dec. 31, 2020	kr 1,998,000	kr 2,133,179,000	kr (6,090,000)	kr (918,596,000)	kr 1,210,491,000	kr 45,809,000	kr 1,256,300,000

Other Operating Income (Tables)

12 Months Ended

Dec. 31, 2020

Other Operating Income


	Year Ended December 31,
	2020	2019
Exchange rate differences	2,501	4,385
Total	2,501	4,385

Accrued Expenses and Deferred Revenue (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accrued Expenses and Deferred Revenue
Accrued salaries and Board fees	kr 8,134	kr 4,726
Vacation pay liability	4,921	1,904
Social security costs	3,440	2,975
Accrued expenses for research and development	14,135	1,176
Deferred revenue	0	874
Accrued expenses for administrative and selling	10,756	4,144
Other accrued expenses	0	9,716
Total	kr 41,386	kr 25,515

Consolidated Statements of Comprehensive Income - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Comprehensive Income
Loss for the year	kr (436,511)	kr (32,578)
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations	(9,352)	(11)
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods	(9,352)	(11)
Other comprehensive income/(loss) that will not be reclassified to profit or loss in subsequent periods:
Remeasurement gain on defined benefit plans	1,216
Other comprehensive income/(loss) that will not be reclassified to profit or loss in subsequent periods:	1,216
Other comprehensive income/(loss) for the year	(8,137)	(11)
Total comprehensive loss for the year	(444,648)	(32,589)
Attributable to:
Equity holders of the Parent Company	(438,343)	kr (32,589)
Non-controlling interests	kr (6,305)

Provisions

12 Months Ended

Dec. 31, 2020

Provisions

Note 26 Provisions

Provisions as of December 31, 2020


	Social Security Costs on
	Share-Based Payment	Contingent Consideration	Other Provisions	Provisions Net
Opening balance	175	—	—	175
Provisions for the year	4,797	50,614	1,443	56,855
Exchange differences	—	(1,645)	(24)	(1,669)
Total	4,972	48,969	1,419	55,361

Provisions as of December 31, 2019


	Social Security Costs on	Contingent
	Share-Based Payment	Consideration	Other Provisions	Provisions Net
Opening balance	—	—	—	—
Provisions for the year	175	—	—	175
Total	175	—	—	175

Social Security Costs on Share-Based Payment

Contingent Consideration

Milestone 1: EUR 30.0 million if Genkyotex is granted the right to commercially manufacture, market and sell setanaxib in the United States by the FDA.

Milestone 2: EUR 15.0 million if Genkyotex is granted the right to commercially manufacture, market and sell setanaxib in the European Union by the European Commission.

Schedule of Financial expenses

Provisions

Note 20 Provisions


	December 31,
	2020	2019
Opening balance	175	—
Provisions for the year	4,797	175
Total	4,972	175

For additional information on Provisions in the Parent Company, see Note 26 Provisions in the Group.

Earnings Per Share (Details) kr in Thousands	12 Months Ended
Earnings Per Share (Details) kr in Thousands	Dec. 31, 2020 $ / shares	Dec. 31, 2020 SEK (kr) shares	Dec. 31, 2019 $ / shares	Dec. 31, 2019 SEK (kr) shares
Loss per share before and after dilution
Net loss for the year attributable to shareholders of the Parent Company \| kr		kr (433,494)		kr (32,578)
Weighted-average number of common shares outstanding		44,873,448		36,940,587
Loss per share before and after dilution \| $ / shares	$ (9.66)		$ (0.88)
Warrants and options
Loss per share before and after dilution
Number of potential dilutive instruments		2,368,086		2,368,086
Share Awards
Loss per share before and after dilution
Number of potential dilutive instruments		82,770

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2020
Document and Entity Information [Abstract]
Document Type	6-K
Entity Registrant Name	Calliditas Therapeutics AB
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001795579
Amendment Flag	false

Financial Risks - Maturity Analysis (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financial Risks
Other current liabilities	kr 9,888	kr 3,394
Less than 6 months
Financial Risks
Accounts payable	53,827	24,384
Other current liabilities	7,934	2,151
Accrued expenses	34,833	21,982
6 - 12 months
Financial Risks
Accounts payable	0
Other current liabilities	1,954	1,243
Accrued expenses	6,552	kr 2,659
>12 months
Financial Risks
Accounts payable	0
Other current liabilities	0
Accrued expenses	kr 0

Financial Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Financial Expenses


	Year Ended December 31,
	2020	2019
Interest on lease liabilities	(388)	(307)
Other interest expenses	(5)	(18)
Exchange rate differences	(53,267)	(2,383)
Changes in FX options measured at fair value	(3,318)	(2,700)
Total	(56,978)	(5,408)

Deferred Tax Assets and Deferred Tax Liabilities (Details) kr in Thousands	Dec. 31, 2020 SEK (kr)
Net deferred tax assets and liabilities
Deferred Tax Assets	kr 13,127
Deferred Tax Liabilities	(92,523)
Tax assets/liabilities, net	(79,396)
Offsetting Deferred Tax Assets	(12,527)
Offsetting Deferred Tax Liabilities	12,527
Net Deferred Tax Assets	600
Net Deferred Tax Liabilities	(79,996)
Intangible assets
Net deferred tax assets and liabilities
Deferred Tax Liabilities	(92,523)
Tax assets/liabilities, net	(92,523)
Personnel-related items
Net deferred tax assets and liabilities
Deferred Tax Assets	596
Tax assets/liabilities, net	596
Tax loss carried forward
Net deferred tax assets and liabilities
Deferred Tax Assets	12,527
Tax assets/liabilities, net	12,527
Other items
Net deferred tax assets and liabilities
Deferred Tax Assets	4
Tax assets/liabilities, net	kr 4

Auditor's Fee

12 Months Ended

Dec. 31, 2020

Auditors' Fee

Auditors' Fee

Note 6 Auditors’ Fee


	Year Ended December 31,
	2020	2019
Ernst & Young AB
Audit services	4,449	645
Other audit activities	3,774	3,343
Other services	0	98
Total	8,223	4,086

KPMG
Audit services	102	—
Other audit activities	2,552	—
Total	2,654	—

Other auditors
Audit services	102	—
Total	102	—

Total audit fee	10,979	4,086

Audit assignments relate to the statutory audit of the financial statements and the accounts, as well as the management of the Board of Directors and the CEO. This includes other responsibilities that it is incumbent upon the company’s auditor to perform including providing advice or any other assistance that may result from observations in such review or the conduct of such other responsibilities.

Other auditing activities are those services in accordance with a special agreement on financial statements. Other services include advice on accounting issues and advice on processes and internal control.

Costs according to Type of Cost (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Costs according to Type of Cost
Other external expenses	kr 311,329	kr 176,729
Personnel costs	68,943	34,157
Depreciation on equipment's and right-of-use assets	2,823	1,822
Other operating expenses	0	4,525
Total	kr 383,095	kr 217,233

Income Tax Expense

12 Months Ended

Dec. 31, 2020

Income Tax Expense

Note 13 Income Tax Expense


	Year Ended December 31,
	2020		2019
Current income taxes	(1,035)		(77)
Deferred tax	675		—
Income tax expense recognized in the consolidated statements of income	(360)		(77)

	Year Ended December 31,
	2020		2019
Reconciliation of effective tax rate
Accounting loss before income tax	(436,151)		(32,501)
Tax in accordance with applicable tax rate in Sweden 21,4% (21,4%)	93,336		6,955

Tax effect of:
Effect of other tax rates for foreign subsidiaries	680		2
Tax attributable to non-deductible tax losses carried forward and unrecognized deferred tax assets	(91,725)		(6,316)
Non-deductible expenses	(2,652)		(782)
Non-taxable income	1		64
Income tax expense recognized in the consolidated statements of income	(360)		(77)

At the effective income tax rate	0	%	—	%

Key Figure Definitions and Reconciliations of Alternative Performance Measures

Income Tax Expense

Note 11 Income Tax Expense


	Year Ended December 31,
	2020		2019
Current tax taxes	0		—
Income tax expense recognized in the statements of income	0		—

Reconciliation of effective tax rate
Accounting loss before tax	(407,363)		(36,186)
Tax in accordance with applicable tax rate for the Parent Company 21,4% (21,4%)	87,176		7,744

Tax effect of:
Tax attributable to non-deductible tax losses carried forward and unrecognized deferred tax assets	(87,084)		(6,290)
Non-deductible expenses	(93)		(1,518)
Non-taxable income	1		64
Income tax expense recognized in the statements of income	0		—
At the effective income tax rate	0	%	—	%

The Parent Company has costs attributable to new share issue amounted to SEK 97,686 and SEK 10,915 for the year ended December 31, 2020 and 2019, respectively, which are recognized directly against equity. These costs are deductible for tax purposes.

The Parent Company has SEK 1,081,734 and SEK 574,422 of tax losses carried forward for which deferred tax assets have not been recognized in the statements of financial position as of December 31, 2020 and 2019, respectively. Deferred tax assets will be recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized.

Cash

12 Months Ended

Dec. 31, 2020

Cash

Cash

Note 23 Cash


	December 31,
	2020	2019
Available balances	996,304	753,540
Total	996,304	753,540

Cash refer to cash at banks and are primarily in Swedish Kronor.

Adjustments for non-cash items in the consolidated statements of cash flows:


	Year Ended December 31,
	2020	2019
Depreciation	2,823	1,822
Change in Provisions	6,634	175
Share-based payments	6,012	249
Other items	(4)	62
Total	15,465	2,308

Reconciliation of liabilities from financing activities


	Non-Cash-Items
			Additional	Business	Exchange
	January 1, 2020	Cash -Flow	Agreement	Combinations	Differences	December 31, 2020
Lease liabilities	6,070	(3,972)	98	2,677	(87)	4,786
	6,070	(3,972)	98	2,677	(87)	4,786


	Non-Cash-Items
			Additional	Termination	Exchange
	January 1, 2019	Cash -Flow	Agreement	of Agreement	Differences	December 31, 2019
Lease liabilities	1,819	(1,652)	7,527	(1,624)	—	6,070
	1,819	(1,652)	7,527	(1,624)	—	6,070

Key Figure Definitions and Reconciliations of Alternative Performance Measures (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of expenses relating to research and development/operating expenses, %


	Year Ended December 31,
	2020		2019
Expenses relating to research and development/ operating expenses, %
Research and development expenses	(241,371)		(149,826)
Administarative and selling expenses	(141,724)		(62,882)
Other operating income/expenses	2,501		(140)
Total operating expenses	(380,594)		(212,848)
Expenses relating to research and development/operating expenses, %	63	%	70	%

Schedule of equity ratio at the end of the year %


	December 31,
	2020		2019
Equity ratio at the end of the year %
Equity attributable to equity holders of the Parent Company at the end of the year	1,210,491		788,071
Total assets at the end of the year	1,506,450		845,200
Equity ratio at the end of the year %	80	%	93	%

Pension Liabilities - Net obligation per country (Details) kr in Thousands	Dec. 31, 2020 SEK (kr)
Disclosure of defined benefit plans [line items]
Net obligation	kr 8,296
Defined-Benefit Pension Plan
Disclosure of defined benefit plans [line items]
Net obligation	8,296
Switzerland \| Defined-Benefit Pension Plan
Disclosure of defined benefit plans [line items]
Net obligation	8,124
France \| Defined-Benefit Pension Plan
Disclosure of defined benefit plans [line items]
Net obligation	kr 172

Statements of Comprehensive Income - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Loss for the year	kr (436,511)	kr (32,578)
Other comprehensive income/(loss) for the year	(8,137)	(11)
Total comprehensive loss for the year	(444,648)	(32,589)
Parent Company
Condensed Financial Statements, Captions [Line Items]
Loss for the year	(407,363)	(36,186)
Other comprehensive income/(loss) for the year	0
Total comprehensive loss for the year	kr (407,363)	kr (36,186)

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

Schedule of adjustments for non cash items

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cash (Tables)

12 Months Ended

Dec. 31, 2020

Cash

Schedule of cash


	December 31,
	2020	2019
Available balances	996,304	753,540
Total	996,304	753,540


	Year Ended December 31,
	2020	2019
Depreciation	2,823	1,822
Change in Provisions	6,634	175
Share-based payments	6,012	249
Other items	(4)	62
Total	15,465	2,308

Reconciliation of liabilities from financing activities


	Non-Cash-Items
			Additional	Business	Exchange
	January 1, 2020	Cash -Flow	Agreement	Combinations	Differences	December 31, 2020
Lease liabilities	6,070	(3,972)	98	2,677	(87)	4,786
	6,070	(3,972)	98	2,677	(87)	4,786


	Non-Cash-Items
			Additional	Termination	Exchange
	January 1, 2019	Cash -Flow	Agreement	of Agreement	Differences	December 31, 2019
Lease liabilities	1,819	(1,652)	7,527	(1,624)	—	6,070
	1,819	(1,652)	7,527	(1,624)	—	6,070

Schedule of adjustments for non cash items

Cash

Schedule of cash


	December 31,
	2020	2019
Available balances	978,208	752,448
Total	978,208	752,448


	Year Ended December 31,
	2020	2019
Depreciation	24	44
Chage in Provisions	4,797	175
Share-based payments	6,011	249
Other	0	78
Total	10,832	546

Cash - Reconciliation (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Parent Company
Disclosure of reconciliation of liabilities arising from financing activities [abstract]
Liabilities from financing activities	kr 0	kr 0

Other Operating Expenses (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Other Operating Expenses
Exchange rate differences	kr 0	kr 4,464
Net loss on disposal of equipment	0	61
Total	kr 0	kr 4,525

Equity - Translation Reserve (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Equity.
Balance at January 1	kr (45)	kr (34)
Change for the year ended	(6,045)	(11)
Balance at December 31	kr (6,090)	kr (45)

Other Operating Income (Details) - SEK (kr) kr in Thousands	12 Months Ended
Other Operating Income (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Operating Income
Exchange rate differences	kr 2,501	kr 4,385
Total	kr 2,501	kr 4,385

Equipment

12 Months Ended

Dec. 31, 2020

Equipment

Equipment

Note 17 Equipment


	December 31,
	2020	2019
Cost at opening balance	118	813
Acquisition for the year	0	118
Disposal for the year	0	(813)
Exchange differences	(4)	—
Additional, through business combinations	100	—
Cost at closing balance	214	118

Depreciation at opening balance	(14)	(706)
Deprecation for the year	(37)	(44)
Disposal for the year	0	736
Depreciation at closing balance	(51)	(14)

Net book value	163	104

Depreciation on equipment are included in the consolidated statement of income under Administrative and selling expenses amounted to SEK 37 and SEK 44 for the year ended December 31, 2020 and 2019, respectively.

Schedule of earnings at the disposal of the AGM

Equipment

Equipment

Note 13 Equipment


	December 31,
	2020	2019
Cost at opening balance	118	813
Acquisition for the year	0	118
Disposal for the year	0	(813)
Cost at closing balance	118	118

Depreciation at opening balance	(14)	(706)
Deprecation for the year	(24)	(44)
Disposal for the year	0	736
Depreciation at closing balance	(38)	(14)

Net book value	80	104

Business Combinations (Details) € / shares in Units, € in Thousands, kr in Thousands		12 Months Ended
	Nov. 03, 2020 EUR (€) € / shares shares	Dec. 31, 2020 EUR (€) € / shares shares	Dec. 31, 2020 SEK (kr)	Dec. 31, 2020 SEK (kr) shares	Nov. 03, 2020 SEK (kr) shares
Disclosure of detailed information about business combination [line items]
Cash transferred				kr 204,867
Cash transferred per acquired share \| € / shares	€ 2.73
Contingent consideration				50,614
Acquisition cost			kr 7,020
Total purchase price				kr 255,481
Genkyotex SA
Disclosure of detailed information about business combination [line items]
Number of shares acquired \| shares		10,121,676		10,121,676
Percentage acquired		86.20%		86.20%
Cash transferred per acquired share \| € / shares		€ 3.02
Goodwill				kr 48,839
Acquisition cost			8,118
Genkyotex SA \| Maximum
Disclosure of detailed information about business combination [line items]
Contingent consideration \| €		€ 55,000
Acquisition from Block Sellers
Disclosure of detailed information about business combination [line items]
Number of shares acquired \| shares	7,236,515	7,236,515		7,236,515	7,236,515
Percentage acquired	62.70%				62.70%
Cash transferred	€ 19,747			kr 204,867	kr 204,867
Cash transferred per acquired share \| € / shares		€ 2.73
Goodwill	€ 4,708				kr 48,839
Acquisition by tender offer of noncontrolling interest
Disclosure of detailed information about business combination [line items]
Number of shares acquired \| shares	2,885,161				2,885,161
Cash transferred per acquired share \| € / shares	€ 2.80
Acquisition cost			kr 7,020
Total purchase price	€ 8,078				kr 82,172

Cash (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Cash
Available balances	kr 996,304	kr 753,540
Total	996,304	753,540
Parent Company
Cash
Available balances	978,208	752,448
Total	kr 978,208	kr 752,448

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020


	December 31,
	2020	2019
Opening balance	(45)	(34)
Change for the year ended	(6,045)	(11)
Closing balance	(6,090)	(45)

Schedule of earnings at the disposal of the AGM


	December 31,
	2020	2019
Share premium reserve	2,116,721	1,268,334
Retained earnings	(479,379)	(448,989)
Net loss for the year	(407,363)	(36,186)
	1,229,979	783,159
To be distributed as follows:
To be carried forward	1,229,979	783,159

Equity - Share Capital and Other Contributed Capital (Details)	12 Months Ended
	Dec. 31, 2020 SEK (kr) Vote kr / shares shares	Dec. 31, 2019 SEK (kr) shares
Changes in equity [abstract]
Opening shareholders equity	kr 788,071,000	kr 618,175,000
Share-based payment	6,012,000	249,000
Exercise of warrants	59,251,000	2,834,000
Closing shareholders equity	kr 1,256,300,000	788,071,000
Vote per share \| Vote	1
Quotient value (per share) \| kr / shares	kr 0.04
Shares held in treasury	kr 0
Share Capital
Changes in equity [abstract]
Opening shareholders equity	kr 1,548,000	kr 1,408,000
Number of shares outstanding at beginning of period \| shares	38,707,638	35,202,347
Share-based payment	kr 0
New share issue	kr 397,000	kr 140,000
New share issue (In shares) \| shares	9,937,446	3,505,291
Exercise of warrants	kr 52,000
Exercise of warrants (in shares) \| shares	1,296,500
Closing shareholders equity	kr 1,998,000	kr 1,548,000
Number of shares outstanding at end of period \| shares	49,941,584	38,707,638
Additional Paid-in Capital
Changes in equity [abstract]
Opening shareholders equity	kr 1,274,664,000	kr 1,072,319,000
Premiums received from warrants		2,834,000
Share-based payment	6,012,000	249,000
New share issue	793,304,000	199,262,000
Exercise of warrants	59,199,000	2,834,000
Closing shareholders equity	kr 2,133,179,000	kr 1,274,664,000

Employees and Personnel Costs

12 Months Ended

Dec. 31, 2020

Employees and Personnel Costs

Note 9 Employees and Personnel Costs

Average Number of Employees


	Year Ended December 31,
	2020			2019
		Percentage			Percentage
	Number of	of Male		Number of	of Male
	Employees	Employees		Employees	Employees
Parent Company
Sweden	16	44	%	13	38	%
	16	44	%	13	38	%
Subsidiaries
Switzerland	2	50	%	—	—
United States	5	100	%	1	100	%
	7	86	%	1	100	%
Total for the Group	23	57	%	14	43	%

Wages and Salaries, Pension Costs and Social Security Costs to the Board, Executive Management and Other Employees.

Wages and Salaries


	Year Ended December 31,
	2020	2019
Parent Company
Board and executive management1)	19,211	13,109
Other employees	15,598	6,091

Subsidiaries
Board and executive management	3,184	2,973
Other employees	11,615	—
Total	49,608	22,173

1) Executive management includes CEO and other executive management.

Social Security Costs and Pension Costs


	Year Ended December 31,
	2020	2019
Parent Company
Pension costs for the Board and executive management	1,748	1,644
Pension costs to other employees	1,666	1,180
Social security costs	12,330	3,008

Subsidiaries
Pension costs for the Board and executive management	129	—
Pension costs to other employees	506	—
Social security costs	225	299
Total	16,604	6,131

Gender Distribution Among the Board and Executive Management


	Year Ended December 31,
	2020		2019
Percentage of women on the Board	60	%	33	%
Percentage of men on the Board	40	%	67	%
Percentage of women among other executive management	33	%	33	%
Percentage of men among other executive management	67	%	67	%

Disclosures Regarding Total Remuneration of the Board and Executive Management


	Year Ended December 31, 2020
	Base Salary,		Variable	Other	Share-Based
	Board Fee	Pension Costs	Remuneration	Remuneration	Payments	Total
Chairman of the Board
Elmar Schnee	834	0	0	0	310	1,144

Board members
Thomas Eklund (until June, 2020)	72	0	0	0	43	115
Hilde Furberg	273	0	0	0	106	379
Lennart Hansson	281	0	0	0	106	387
Bengt Julander (until June, 2020)	58	0	0	0	0	58
Diane Parks	379	0	0	0	106	485
Molly Henderson (from June, 2020)	345	0	0	0	37	382

Executive management
CEO	3,401	678	1,357	0	1,094	6,530

Other executive management (5 people)	9,816	1,198	1,760	472	2,018	15,264
of which relates to subsidiaries	2,547	129	636	0	0	3,312
Total	15,459	1,876	3,117	472	3,820	24,744


	Year Ended December 31, 2019
	Basic Salary,		Variable	Other	Share-based
	Board Fee	Pension Costs	Remuneration	Remuneration	Payments	Total
Chairman of the Board
Elmar Schnee	402	—	—	—	101	503

Board members
Thomas Eklund	280	—	—	—	37	317
Hilde Furberg	180	—	—	—	37	217
Lennart Hansson	102	—	—	—	37	139
Bengt Julander	102	—	—	—	—	102
Diane Parks	201	—	—	—	37	238
Olav Hellebø (until May, 2019)	58	—	—	—	—	58

Executive management
CEO	2,634	510	956	—	—	4,100

Other executive management (8 people)	8,927	1,134	1,991	4,701	—	16,753
of which relates to subsidiaries	2,382	—	591	—	—	2,973
Total	12,886	1,644	2,947	4,701	249	22,427

Other Remuneration

Other remuneration comprises of fees for services rendered to the Parent Company. Management services purchased from Cordcom Consultants KB amounted to SEK 472 and SEK 853 for the year ended December 31, 2020 and 2019, respectively, and relates to the functions of a Head of Communications and Investor Relations that were outsourced to this entity. There were no services provided from Jedako Consult AB for the year ended December 31, 2020, but for the year ended December 31, 2019 the Group purchased SEK 3,848. The services provided related to the function of a Chief Medical Officer that were outsourced to this entity.

Remuneration of Executive Management

Remuneration of the CEO and other executive management comprises base salary, pension benefits, variable remuneration and remuneration in the form of consultancy fees. Other executive management comprise the five individuals who, together with the CEO, comprise Executive Management. Other executive management are: Chief Financial Officer, Chief Medical Officer, Vice President Regulatory Affairs, Head of North America, Commercial and Vice President Operations.

Pensions

All pension commitments are defined-contribution plans for executive management. The payments made by the Group for defined contribution plans are recognized as expense in the statements of consolidated operations for the period to which they relate. The age of retirement for the CEO is 65 and the pension premium is 20% of base salary. Pension commitments for other Swedish executive management are between 15% and 20% of base salary. The age of retirement is 65 for all other executive management. Defined-benefit pension plans occurs only if required by law or other regulations. In such cases, the defined-benefit level shall be limited to the mandatory level. There are no other pension obligations.

Variable Remuneration

Variable remuneration refers to a variable bonus based on a fixed percentage of base salary. Outcome is based on a vesting period of one year and depends on fulfillment of a combination of predetermined personal targets and business targets. The maximum outcome for the CEO and for other executive management is 60% according to the guidelines for remuneration to executive management.

Severance Pay

A notice period of six months applies if employment is terminated by the CEO. A notice period of twelve months applies if employment is terminated by the Group. The CEO is not entitled to separate severance pay but is eligible to receive a salary during the period of notice. A mutual notice period of three to twelve months, with salary paid, applies between the Group and executive management. No severance pay is paid to Board members.

Guidelines for Executive Remuneration

At the 2020 Annual General Meeting the most recently adopted guidelines for executive remuneration was approved. Remuneration within the Group shall be based on principles of performance, competitiveness and fairness. Executive management refer to the CEO and other members of the executive management, as well as board members. The guidelines shall apply to employment agreements concluded after the listing on Nasdaq Stockholm, as well as to changes in existing agreements after the listing.

The remuneration to the executive management may consist of fixed remuneration, variable remuneration, share and share price-related incentive programs, pension and other benefits. If local conditions justify variations in the remuneration principles, such variations may occur. The fixed remuneration shall reflect the individual’s responsibility and experience level. The fixed remuneration shall be reviewed annually. The executive management may be offered variable remuneration paid in cash. Such remuneration may not exceed 60 percent of the annual fixed remuneration. Variable remuneration shall be connected to predetermined and measurable criteria, designed with the aim of promoting the Groups long-term value creation. Remuneration and other terms of employment for the CEO are prepared by the Remuneration Committee and decided by the Board of Directors. Remuneration and other terms of employment for other members of the executive management are decided by the CEO, in accordance with principles decided by the Board of Directors and the Remuneration Committee.

The Board of Directors is entitled to deviate from the guidelines if the Board of Directors, in a certain case, deems that there are good reasons for the deviation. Decisions as to the current remuneration levels and other conditions for employment of the CEO and the other members of the executive management have been resolved by the Board of Directors. There are no previous payments that have not been due.

Employees and Personnel Costs

Note 7 Employees and Personnel Costs

For salaries and benefits to employees and executive management and information about the number of employees, refer to Note 9 Employees and Personnel Costs for the Group. For information about warrants and share-based payments, see Note 10 Share-Based Payments for the Group.

Financial Income (Details) - SEK (kr) kr in Thousands	12 Months Ended
Financial Income (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financial Income
Interest income	kr 547	kr 926
Total	kr 547	kr 926

Employees and Personnel Costs

12 Months Ended

Dec. 31, 2020

Employees and Personnel Costs

Note 9 Employees and Personnel Costs

Average Number of Employees


	Year Ended December 31,
	2020			2019
		Percentage			Percentage
	Number of	of Male		Number of	of Male
	Employees	Employees		Employees	Employees
Parent Company
Sweden	16	44	%	13	38	%
	16	44	%	13	38	%
Subsidiaries
Switzerland	2	50	%	—	—
United States	5	100	%	1	100	%
	7	86	%	1	100	%
Total for the Group	23	57	%	14	43	%

Wages and Salaries, Pension Costs and Social Security Costs to the Board, Executive Management and Other Employees.

Wages and Salaries


	Year Ended December 31,
	2020	2019
Parent Company
Board and executive management1)	19,211	13,109
Other employees	15,598	6,091

Subsidiaries
Board and executive management	3,184	2,973
Other employees	11,615	—
Total	49,608	22,173

1) Executive management includes CEO and other executive management.

Social Security Costs and Pension Costs


	Year Ended December 31,
	2020	2019
Parent Company
Pension costs for the Board and executive management	1,748	1,644
Pension costs to other employees	1,666	1,180
Social security costs	12,330	3,008

Subsidiaries
Pension costs for the Board and executive management	129	—
Pension costs to other employees	506	—
Social security costs	225	299
Total	16,604	6,131

Gender Distribution Among the Board and Executive Management


	Year Ended December 31,
	2020		2019
Percentage of women on the Board	60	%	33	%
Percentage of men on the Board	40	%	67	%
Percentage of women among other executive management	33	%	33	%
Percentage of men among other executive management	67	%	67	%

Disclosures Regarding Total Remuneration of the Board and Executive Management


	Year Ended December 31, 2020
	Base Salary,		Variable	Other	Share-Based
	Board Fee	Pension Costs	Remuneration	Remuneration	Payments	Total
Chairman of the Board
Elmar Schnee	834	0	0	0	310	1,144

Board members
Thomas Eklund (until June, 2020)	72	0	0	0	43	115
Hilde Furberg	273	0	0	0	106	379
Lennart Hansson	281	0	0	0	106	387
Bengt Julander (until June, 2020)	58	0	0	0	0	58
Diane Parks	379	0	0	0	106	485
Molly Henderson (from June, 2020)	345	0	0	0	37	382

Executive management
CEO	3,401	678	1,357	0	1,094	6,530

Other executive management (5 people)	9,816	1,198	1,760	472	2,018	15,264
of which relates to subsidiaries	2,547	129	636	0	0	3,312
Total	15,459	1,876	3,117	472	3,820	24,744


	Year Ended December 31, 2019
	Basic Salary,		Variable	Other	Share-based
	Board Fee	Pension Costs	Remuneration	Remuneration	Payments	Total
Chairman of the Board
Elmar Schnee	402	—	—	—	101	503

Board members
Thomas Eklund	280	—	—	—	37	317
Hilde Furberg	180	—	—	—	37	217
Lennart Hansson	102	—	—	—	37	139
Bengt Julander	102	—	—	—	—	102
Diane Parks	201	—	—	—	37	238
Olav Hellebø (until May, 2019)	58	—	—	—	—	58

Executive management
CEO	2,634	510	956	—	—	4,100

Other executive management (8 people)	8,927	1,134	1,991	4,701	—	16,753
of which relates to subsidiaries	2,382	—	591	—	—	2,973
Total	12,886	1,644	2,947	4,701	249	22,427

Other Remuneration

Remuneration of Executive Management

Pensions

Variable Remuneration

Severance Pay

Guidelines for Executive Remuneration

Participations in Group Companies (Tables) - Parent Company

12 Months Ended

Dec. 31, 2020

Schedule of cost of the period


	December 31,
	2020	2019
Cost at opening balance	5,371	5,924
Acquisition for the year	295,158	1
Shareholders’ contributions	0	350
Liquidation	(1,531)	—
Reclassification by merger	0	(904)
Cost at closing balance	298,998	5,371

Impairment at opening balance	(5,270)	(2,435)
Reversal of write-downs	1,531	—
Impairment for the year	0	(3,739)
Reclassification by merger	0	904
Impairment at closing balance	(3,739)	(5,270)

Net book value	295,259	101

Schedule of Corporate Registration Number Registered office


	December 31,
Company / Corporate Registration Number / Registered office	2020		2019
Nefecon AB, 556604-9069, Stockholm
Share of equity	100	%	100	%
Share of voting power	100	%	100	%
Number of participation rights	1,000		1,000
Net book value	100		100

Calliditas Therapeutics Inc., 83-4094951, USA
Share of equity	100	%	100	%
Share of voting power	100	%	100	%
Number of participation rights	1,000		1,000
Net book value	1		1

Genkyotex SA, 439 489 022, France
Share of equity	86	%	—
Share of voting power	86	%	—
Number of participation rights	10,121,676		—
Net book value	295,158		—

Share-Based Payments - Allotted Warrants (Details)	12 Months Ended
Share-Based Payments - Allotted Warrants (Details)	Dec. 31, 2020 EquityInstruments $ / shares	Dec. 31, 2019 EquityInstruments $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding \| EquityInstruments	1,279,086	2,575,586
Exercise price		$ 58
Warrants of Warrant Program 2017/2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding \| EquityInstruments	0	1,296,500
Exercise price	$ 42.36
Price per Warrant in SEK	0.28
Value per Share in SEK	$ 21.18
Risk-Free Rate	(0.42)
Volatility	27.00
Warrants of Warrant Program 2018/2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding \| EquityInstruments	856,586	856,586
Exercise price	$ 74.30
Price per Warrant in SEK	3.29
Value per Share in SEK	$ 46.50
Risk-Free Rate	(0.28)
Volatility	33.00
Warrants of Warrant Program 2019/2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding \| EquityInstruments	422,500	422,500
Exercise price	$ 74.50
Price per Warrant in SEK	669.00
Value per Share in SEK	$ 5,439.00
Risk-Free Rate	(55.00)
Volatility	36.00

Deferred Tax Assets and Deferred Tax Liabilities - Change in deferred tax (Details) kr in Thousands	12 Months Ended
	Dec. 31, 2020 SEK (kr)
Reconciliation of changes in deferred tax liability (asset) [abstract]
Recognized in Profit or Loss	kr 600
Increase through Business Combinations	(79,996)
Cost at Closing Balance	(79,396)
Intangible assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Increase through Business Combinations	(92,523)
Cost at Closing Balance	(92,523)
Personnel-related items
Reconciliation of changes in deferred tax liability (asset) [abstract]
Recognized in Profit or Loss	596
Cost at Closing Balance	596
Tax loss carried forward
Reconciliation of changes in deferred tax liability (asset) [abstract]
Increase through Business Combinations	12,527
Cost at Closing Balance	12,527
Other items
Reconciliation of changes in deferred tax liability (asset) [abstract]
Recognized in Profit or Loss	4
Cost at Closing Balance	kr 4

Financial Risks - Credit Risks (Details) - Credit risk - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financial Risks
Total	kr 0	kr 46,586
Days past due account receivables
Financial Risks
Total	0
Not due account receivables
Financial Risks
Total	kr 0	kr 46,586

Revenues (Tables)

12 Months Ended

Dec. 31, 2020

Revenues

Schedule of revenue


	Year Ended December 31,
	2020	2019
Type of goods or service
Out-licensing	0	184,829
Provision of drugs	874	—
Total	874	184,829

Geographical markets
China, Hong Kong, Macau, Taiwan and Singapore	874	184,829
Total	874	184,829

Schedule of reconciliation of effective tax rate

Revenues

Schedule of revenue


	Year Ended December 31,
	2020	2019
Type of goods or service
Out-licensing	0	184,829
Provision of drugs	874	—
Total	874	184,829
Geographical markets
China, Hong Kong, Macau, Taiwan and Singapore	874	184,829
Total	874	184,829

Key Figure Definitions and Reconciliations of Alternative Performance Measures (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Key Figure Definitions and Reconciliations of Alternative Performance Measures
Research and development expenses	kr (241,371)	kr (149,826)
Administrative and selling expenses	(141,724)	(62,882)
Other operating income/expenses	2,501	(140)
Other operating income/expenses	0	(4,525)
Total operating expenses	kr (380,594)	kr (212,848)
Expenses relating to research and development/operating expenses, %	63.00%	70.00%
Total shareholders' equity at the end of the period	kr 1,256,300	kr 788,071	kr 618,175
Equity attributable to equity holders of the Parent Company at the end of the year	1,210,491	788,071
Total assets at the end of the year	kr 1,506,450	kr 845,200
Equity ratio at the end of the year %	80.00%	93.00%

Income Tax Expense (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Expense


	Year Ended December 31,
	2020		2019
Current income taxes	(1,035)		(77)
Deferred tax	675		—
Income tax expense recognized in the consolidated statements of income	(360)		(77)

	Year Ended December 31,
	2020		2019
Reconciliation of effective tax rate
Accounting loss before income tax	(436,151)		(32,501)
Tax in accordance with applicable tax rate in Sweden 21,4% (21,4%)	93,336		6,955

Tax effect of:
Effect of other tax rates for foreign subsidiaries	680		2
Tax attributable to non-deductible tax losses carried forward and unrecognized deferred tax assets	(91,725)		(6,316)
Non-deductible expenses	(2,652)		(782)
Non-taxable income	1		64
Income tax expense recognized in the consolidated statements of income	(360)		(77)

At the effective income tax rate	0	%	—	%

Leases - Lease Liabilities (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases
Non-current lease liabilities	kr 878	kr 3,584
Current lease liabilities	3,908	2,486
Total lease liabilities	kr 4,786	kr 6,070

Cash (Tables)

12 Months Ended

Dec. 31, 2020

Cash

Schedule of cash


	December 31,
	2020	2019
Available balances	996,304	753,540
Total	996,304	753,540

Schedule of adjustments for non cash items


	Year Ended December 31,
	2020	2019
Depreciation	2,823	1,822
Change in Provisions	6,634	175
Share-based payments	6,012	249
Other items	(4)	62
Total	15,465	2,308

Reconciliation of liabilities from financing activities


	Non-Cash-Items
			Additional	Business	Exchange
	January 1, 2020	Cash -Flow	Agreement	Combinations	Differences	December 31, 2020
Lease liabilities	6,070	(3,972)	98	2,677	(87)	4,786
	6,070	(3,972)	98	2,677	(87)	4,786


	Non-Cash-Items
			Additional	Termination	Exchange
	January 1, 2019	Cash -Flow	Agreement	of Agreement	Differences	December 31, 2019
Lease liabilities	1,819	(1,652)	7,527	(1,624)	—	6,070
	1,819	(1,652)	7,527	(1,624)	—	6,070

Deferred Tax Assets and Deferred Tax Liabilities

12 Months Ended

Dec. 31, 2020

Deferred Tax Assets and Deferred Tax Liabilities

Deferred Tax Assets and Deferred Tax Liabilities

Note 19 Deferred Tax Assets and Deferred Tax Liabilities

Deferred tax assets and liabilities as of December 31, 2020


	Deferred Tax	Deferred Tax
	Assets	Liabilities	Net
Intangible assets	—	(92,523)	(92,523)
Personnel-related items	596	—	596
Tax loss carried forward	12,527	—	12,527
Other items	4	—	4
Total	13,127	(92,523)	(79,396)
Offsetting	(12,527)	12,527	—
Tax assets/liabilities, net	600	(79,996)	(79,396)

Tax losses carried forward of SEK 12,527 have been recognized as deferred tax assets in the statement of financial position as of December 31, 2020 due to future temporary differences that such losses can be used to offset.

Change in deferred tax, 2020


			Increase through
	Cost at Opening Balance	Recognized in Profit or Loss	Business Combinations	Cost at Closing Balance
Intangible assets	—	—	(92,523)	(92,523)
Personnel-related items	—	596	—	596
Tax loss carried forward	—	—	12,527	12,527
Other items	—	4	—	4
Total	—	600	(79,996)	(79,396)

No deferred tax assets and deferred tax liabilities occurred for the financial year 2019.

Accrued Expenses and Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of accrued expenses and deferred revenue


	December 31,
	2020	2019
Accrued salaries and Board fees	8,134	4,726
Vacation pay liabilities	4,921	1,904
Social security costs	3,440	2,975
Accrued expenses for research and development	14,135	1,176
Deffered revenue	0	874
Accrued expenses for administrative and selling	10,756	4,144
Other accrued expenses	0	9,716
Total	41,386	25,515

Schedule of accrued expenses and deferred revenue


	December 31,
	2020	2019
Accrued salaries and Board fees	5,925	4,143
Vacation pay liability	2,603	1,502
Social security costs	3,441	2,975
Accrued expenses for research and development	13,072	1,177
Deffered revenue	0	874
Accrued expenses for administrative and selling expenses	5,746	4,144
Other accrued expenses	0	9,716
Total	30,787	24,531

Balance Sheet - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets
Total Intangible Assets	kr 414,115
Tangible Assets
Total Tangible Assets	163	kr 104
Non-Current Financial Assets
Total Non-Current Financial Assets	2,225	1,939
Total non-current assets	469,599	24,068
Current assets
Other current assets	22,801	2,719
Prepaid expenses	17,746	18,287
Total current assets excluding cash	0	46,586
Cash	996,304	753,540
Total current assets	1,036,851	821,132
TOTAL ASSETS	1,506,450	845,200
Restricted shareholders' equity
Share capital	1,998	1,548
Non-restricted shareholders' equity
Retained earnings	(918,596)	(488,096)
Total equity	1,256,300	788,071
Non-current liabilities
Total non-current liabilities	144,531	3,759
Current liabilities
Accounts payable	53,827	24,384
Other current liabilities	9,888	3,394
Total current liabilities	105,619	53,370
TOTAL EQUITY AND LIABILITIES	1,506,450	845,200
Parent Company
Intangible Assets
Licenses and similar rights	16,066	16,066
Total Intangible Assets	16,066	16,066
Tangible Assets
Equipment	80	104
Total Tangible Assets	80	104
Non-Current Financial Assets
Participations in Group companies	295,259	101
Receivables from Group companies	1,485	0
Other non-current financial assets	1,939	1,939
Total Non-Current Financial Assets	298,683	2,040
Total non-current assets	314,829	18,210
Current assets
Accounts receivables	0	46,586
Other current assets	10,998	2,718
Prepaid expenses	14,490	18,287
Total current assets excluding cash	25,488	67,591
Cash	978,208	752,448
Total current assets	1,003,696	820,039
TOTAL ASSETS	1,318,525	838,249
Restricted shareholders' equity
Share capital	1,998	1,548
Statutory reserve	3,092	3,092
Total Restricted shareholders' equity	5,090	4,640
Non-restricted shareholders' equity
Share premium reserve	2,116,721	1,268,334
Retained earnings	(479,379)	(448,989)
Net loss for the year	(407,363)	(36,186)
Total Non-restricted shareholders' equity	1,229,979	783,159
Total equity	1,235,069	787,799
Non-current liabilities
Provisions	105	50
Liabilities to Group companies	4,972	175
Total non-current liabilities	5,077	225
Current liabilities
Accounts payable	42,469	24,362
Liabilities to Group companies	4,003	425
Other current liabilities	1,120	907
Accrued expenses and deferred revenue	30,787	24,531
Total current liabilities	78,379	50,225
TOTAL EQUITY AND LIABILITIES	kr 1,318,525	kr 838,249

Revenue from Contracts with Customers (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contracts with Customers
Net sales	kr 874	kr 184,829
China, Hong Kong, Macau, Taiwan and Singapore
Revenue from Contracts with Customers
Net sales	874	184,829
Out-licensing
Revenue from Contracts with Customers
Net sales	0	kr 184,829
Provision of drugs
Revenue from Contracts with Customers
Net sales	kr 874

Financial Expenses

12 Months Ended

Dec. 31, 2020

Financial Expenses

Financial Expenses

Note 12 Financial Expenses


	Year Ended December 31,
	2020	2019
Interest on lease liabilities	(388)	(307)
Other interest expenses	(5)	(18)
Exchange rate differences	(53,267)	(2,383)
Changes in FX options measured at fair value	(3,318)	(2,700)
Total	(56,978)	(5,408)

Non-Current Financial Assets

12 Months Ended

Dec. 31, 2020

Non-Current Financial Assets

Non-Current Financial Assets

Note 18 Non-Current Financial Assets


	December 31,
	2020	2019
Cost at opening balance	1,939	341
Bank guarantees granted	0	1,888
Reimbursement security deposit	0	(290)
Acquisition through business combinations	286	—
Net book value	2,225	1,939

Non-current financial assets comprise of bank guarantees/deposits amounted to SEK 2,224 and SEK 1,938 as of December 31, 2020 and 2019, respectively.

Consolidated Statements of Financial Position - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Non-current assets
Intangible assets	kr 461,367	kr 16,066
Equipment	163	104
Right-of-use assets	5,244	5,959
Non-current financial assets	2,225	1,939
Deferred tax assets	600
Total non-current assets	469,599	24,068
Current assets
Accounts receivables	0	46,586
Other current assets	22,801	2,719
Prepaid expenses	17,746	18,287
Cash	996,304	753,540
Total current assets	1,036,851	821,132
TOTAL ASSETS	1,506,450	845,200
Equity
Share capital	1,998	1,548
Additional paid-in capital	2,133,179	1,274,664
Reserves	(6,090)	(45)
Retained earnings including net loss for the year	(918,596)	(488,096)
Equity attributable to equity holders of the Parent Company	1,210,491	788,071
Non-controlling interests	45,809
Total equity	1,256,300	788,071
Non-current liabilities
Provisions	55,361	175
Pension liabilities	8,296
Deferred tax liabilities	79,996
Other non-current liabilities	878	3,584
Total non-current liabilities	144,531	3,759
Current liabilities
Accounts payable	53,827	24,384
Current tax liabilities	518	77
Other current liabilities	9,888	3,394
Accrued expenses and deferred revenue	41,386	25,515
Total current liabilities	105,619	53,370
TOTAL EQUITY AND LIABILITIES	kr 1,506,450	kr 845,200

Intangible Assets and Impairment Testing (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets
Intangible assets and goodwill at beginning of period	kr 16,066
Intangible assets and goodwill at end of period	461,367	kr 16,066
Licenses and similar rights
Intangible Assets
Intangible assets and goodwill at beginning of period	16,066
Business combinations	411,414
Acquisition for the year		16,066
Exchange differences on translation	(13,365)
Intangible assets and goodwill at end of period	414,115	kr 16,066
Goodwill [Member]
Intangible Assets
Business combinations	48,839
Exchange differences on translation	(1,587)
Intangible assets and goodwill at end of period	47,252
NOX platform
Intangible Assets
Intangible assets and goodwill at end of period	370,092
vaccine platform
Intangible Assets
Intangible assets and goodwill at end of period	kr 27,957

Group Companies (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Group Companies


		Country of	% Equity		% Equity
Company	Principal Activities	Incorporation	Interest 2020		Interest 2019
Parent Company
Calliditas Therapeutics AB	Research and development of pharmaceuticals	Sweden	0		—

Subsidiaries
Nefecon AB	Administration of incentive programs issued by the Parent Company	Sweden	100	%	100	%
Calliditas Therapeutics Inc	Pre-commercialization activities in the United States	United States	100	%	100	%
Genkyotex SA	Research and development of pharmaceuticals	France	86,2	%	—
Genkyotex Suisse SA	Research and development of pharmaceuticals	Switzerland	0		—

Receivables from Group Companies (Details) - Parent Company kr in Thousands	12 Months Ended
	Dec. 31, 2020 SEK (kr)
Receivables from Group Companies [Line Items]
Opening balance	kr 0
Additional receivables	1,694
Exchange differences	(209)
Net book value	kr 1,485

Assets Pledged and Contingent Liabilities	12 Months Ended
Assets Pledged and Contingent Liabilities	Dec. 31, 2020
Parent Company
Assets Pledged and Contingent Liabilities
Assets Pledged and Contingent Liabilities	Note 22 Assets Pledged and Contingent Liabilities Information concerning assets pledged and any contingent liabilities in the Parent Company can be found in the Group’s Note 30 Assets Pledged, Contingent Liabilities and Other Obligations. In the Parent Company restricted bank accounts amounts to SEK 1,938 and SEK 1,938 as of December 31, 2020 and 2019, respectively.

Employees and Personnel Costs - Average Number of Employees (Details) - item	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Employees and Personnel Costs
Average Number of Employees	23	14
Percentage of Male Employees	57.00%	43.00%
Parent Company
Employees and Personnel Costs
Average Number of Employees	16	13
Percentage of Male Employees	44.00%	38.00%
Parent Company \| Sweden
Employees and Personnel Costs
Average Number of Employees	16	13
Percentage of Male Employees	44.00%	38.00%
Subsidiaries
Employees and Personnel Costs
Average Number of Employees	7	1
Percentage of Male Employees	86.00%	100.00%
Subsidiaries \| Switzerland
Employees and Personnel Costs
Average Number of Employees	2
Percentage of Male Employees	50.00%
Subsidiaries \| USD
Employees and Personnel Costs
Average Number of Employees	5	1
Percentage of Male Employees	100.00%	100.00%

Profit/Loss from Participations in Group Companies (Details) - Parent Company - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Profit/Loss from Participations in Group Companies
Profit on liquidation of subsidiaries	kr 4
Impairment of participations in Group companies	0	kr (3,739)
Reversal of impairment of receivables within the Group companies	0	300
Total	kr 4	kr (3,439)

Business Combinations - Purchase price (Details) € / shares in Units, € in Thousands, kr in Thousands		12 Months Ended
	Nov. 03, 2020 EUR (€) € / shares shares	Dec. 31, 2020 SEK (kr) € / shares shares	Dec. 31, 2020 SEK (kr) shares	Nov. 03, 2020 SEK (kr) shares
Disclosure of detailed information about business combination [line items]
Cash transferred		kr 204,867	kr 204,867
Contingent consideration		50,614	50,614
Total purchase price		kr 255,481	255,481
Agreed share price/ listed share price \| € / shares	€ 2.73
Acquisition cost			kr 7,020
Genkyotex SA
Disclosure of detailed information about business combination [line items]
Number of shares acquired \| shares		10,121,676	10,121,676
Agreed share price/ listed share price \| € / shares		kr 3.02
Acquisition cost			kr 8,118
Acquisition from Block Sellers
Disclosure of detailed information about business combination [line items]
Cash transferred	€ 19,747	kr 204,867	kr 204,867	kr 204,867
Number of shares acquired \| shares	7,236,515	7,236,515	7,236,515	7,236,515
Agreed share price/ listed share price \| € / shares		kr 2.73
Acquisition by tender offer of noncontrolling interest
Disclosure of detailed information about business combination [line items]
Total purchase price	€ 8,078			kr 82,172
Number of shares acquired \| shares	2,885,161			2,885,161
Agreed share price/ listed share price \| € / shares	€ 2.80
Acquisition cost			kr 7,020

Share-based Payments - Board LTIP share awards 2020 (Details)	12 Months Ended
	Dec. 31, 2020 SEK (kr) EquityInstruments shares	Dec. 31, 2019 EquityInstruments
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	1,279,086	2,575,586
Share-based payments \| kr	kr 5,304,000
Provisions attributable to social security costs (Share-based payments) \| kr	3,164,000
Total cost \| kr	kr 8,468,000
Number of warrants set aside to secure the delivery of shares in connection with the utilization of the award program \| shares	1,500,000
Board LTIP 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	31,371
Change	31,371
Fair Value at Grant Date \| kr	kr 33.97
Share-based payments \| kr	267,000
Provisions attributable to social security costs (Share-based payments) \| kr	207,000
Total cost \| kr	kr 474,000
Number of warrants set aside to secure the delivery of shares in connection with the utilization of the award program \| shares	40,000
Board LTIP 2020 \| Elmar Schnee
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	14,063
Change	14,063
Board LTIP 2020 \| Hilde Furberg
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	4,327
Change	4,327
Board LTIP 2020 \| Lennart Hansson
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	4,327
Change	4,327
Board LTIP 2020 \| Diane Parks
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	4,327
Change	4,327
Board LTIP 2020 \| Molly Henderson
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	4,327
Change	4,327

Non-Current Financial Assets (Tables)

12 Months Ended

Dec. 31, 2020

Non-Current Financial Assets

Schedule of non-current financial assets


	December 31,
	2020	2019
Cost at opening balance	1,939	341
Bank guarantees granted	0	1,888
Reimbursement security deposit	0	(290)
Acquisition through business combinations	286	—
Net book value	2,225	1,939

Significant Accounting Policies - Impairment of Non-Financial Assets (Details) kr in Thousands	12 Months Ended
	Dec. 31, 2020 SEK (kr)
Significant Accounting Policies
Impairment loss	kr 0

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2020
Description of Business
Description of Business	GROUP Notes to Consolidated Financial Statements (SEK in thousands, except per share amounts or as otherwise indicated) Description of Business Calliditas Therapeutics AB (publ) (“Calliditas” or the “Parent Company”), with corporate registration number 556659‑9766, and its subsidiaries (collectively, the “Group”) conduct development activities in pharmaceuticals. These consolidated financial statements encompass the Group, domiciled in Stockholm, Sweden, and its subsidiaries for the year ended December 31, 2020 and December 31, 2019. Calliditas is clinical-stage biopharmaceutical company focused on identifying, developing and commercializing novel treatments in orphan indications, with an initial focus on renal and hepatic diseases with significant unmet medical needs. The registered address of the corporate headquarters is Kungsbron 1, C8, Stockholm, Sweden. Calliditas was founded as a public limited liability company under the laws of Sweden on February 20, 2004 under the name Pharmalink AB and registered with the Swedish Companies Registration Office on April 15, 2004. As of December 31, 2020, Calliditas is the Parent Company of three subsidiaries located in Sweden, France and in the United States. The Swedish subsidiary is Nefecon AB which is conducting no operating activities. The subsidiary in the United States is Calliditas Therapeutics Inc which is conducting pre-commercialization activities in the United States. In November 2020, Calliditas acquired a controlling interest in Genkyotex SA located in France. For the year ended December 31, 2020, Pharmalink Oncology AS ceased through voluntary liquidation, as no operations were conducted. The Board of Directors (the “Board”) approved, and authorized for issuance, these consolidated financial statements on April 27, 2021, which will be presented for adoption at the Annual General Meeting on May 27, 2021.

Equipment (Details) - SEK (kr) kr in Thousands	12 Months Ended
Equipment (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Equipment
Property, plant and equipment at beginning of period	kr 104
Deprecation for the year	(37)	kr (44)
Property, plant and equipment at end of period	163	104
Carrying Amount
Equipment
Property, plant and equipment at beginning of period	118	813
Acquisition for the year	0	118
Disposal for the year	0	(813)
Additional, through business combinations	100
Exchange differences	(4)
Property, plant and equipment at end of period	214	118
Amortization
Equipment
Property, plant and equipment at beginning of period	(14)	(706)
Deprecation for the year	(37)	(44)
Disposal for the year	0	736
Property, plant and equipment at end of period	kr (51)	kr (14)

Participations in Group Companies - Narrative (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Participations in Group Companies
Total assets amounted	kr 1,506,450	kr 845,200
Parent Company
Participations in Group Companies
Total assets amounted	kr 1,318,525	kr 838,249

Disclosure of terms and conditions of share-based payment arrangement [line items]

Expiry date 2020-01-01: The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity. Effective 2020-01-01: The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits.

+ References + Details

Cash (Details) - SEK (kr) kr in Thousands	12 Months Ended
Cash (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Cash
Available balances	kr 996,304	kr 753,540
Total	996,304	753,540
Depreciation	2,823	1,822
Change in Provisions	6,634	175
Share-based payments	6,012	249
Other	(4)	62
Total	kr 15,465	kr 2,308

Share-Based Payments (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of the number and weighted average exercise prices of warrants granted


		Weighted-
		Average
	Accumulated No.	Exercise
Allotted Warrants	of Outstanding	Price, SEK
As of December 31, 2019	2,575,586	58
Exercised during the period	(1,296,500)	42
As of December 31, 2020	1,279,086	74

Schedule of calculation of fair value of option program


			Fair Value upon				No. of Shares
			Issue of the Options,	Exercise			covered by
	Grant Date	Exercise Date	SEK	Price, SEK	Volatility		Options
ESOP 2020:1	July 1, 2020	July 1, 2023	22.14	121.43	39.6	%	974,000
ESOP 2020:2	September 17,2020	September 17,	22.50	116.78	41.6	%	115,000
		2023
							1,089,000

Warrants

Disclosure of terms and conditions of share-based payment arrangement [line items]

Schedule of model inputs for awards granted


	Warrants Outstanding as of		Inputs used for the Black & Scholes valuation
	December 31,	December 31,	Exercise Price,	Price per		Value per Share						Expiration
Outstanding Warrants per Year	2019	2020	SEK	Warrant in SEK		in SEK		Risk-Free Rate		Volatility		Date
Warrant program 2017/2020	1,296,500	0	42.36	0.28		21.18		(0.42)	%	27	%	2020-06-30
Warrant program 2018/2022	856,586	856,586	74.30	3.29		46.50		(0.28)	%	33	%	2022-03-31
Warrant program 2019/2022	422,500	422,500	74.50	6,69	*	54,39	*	(0,55)	%*	36	%*	2022-12-31
Total	2,575,586	1,279,086

* Average value

Schedule of changes and holdings of awards by grantees


	Warrants Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
CEO Renée Lucander	719,500	195,000	914,500	(369,500)	545,000
Board member Thomas Eklund (until June, 2020)	111,250	—	111,250	(111,250)	0
Board member Hilde Furberg	29,500	—	29,500	(29,500)	0
Other executive management	727,086	107,500	834,586	(397,086)	437,500
Other employees, consultants and external parties	930,750	(245,000)	685,750	(389,164)	296,586
Total	2,518,086	57,500	2,575,586	(1,296,500)	1,279,086


		Options Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
Renée Aguiar-Lucander, CEO	—	—	—	225,000	225,000
Other executive management	—	—	—	415,000	415,000
Other employees and consultants	—	—	—	449,000	449,000
Total	—	—	—	1,089,000	1,089,000


	Warrants Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
CEO Renée Lucander	719,500	195,000	914,500	(369,500)	545,000
Board member Thomas Eklund (until June, 2020)	111,250	—	111,250	(111,250)	0
Board member Hilde Furberg	29,500	—	29,500	(29,500)	0
Other executive management	727,086	107,500	834,586	(397,086)	437,500
Other employees, consultants and external parties	930,750	(245,000)	685,750	(389,164)	296,586
Total	2,518,086	57,500	2,575,586	(1,296,500)	1,279,086


		Options Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
Renée Aguiar-Lucander, CEO	—	—	—	225,000	225,000
Other executive management	—	—	—	415,000	415,000
Other employees and consultants	—	—	—	449,000	449,000
Total	—	—	—	1,089,000	1,089,000


	Share Awards Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
Elmar Schnee, Chairman of the Board	—	23,236	23,236	—	23,236
Thomas Eklund, Board member (until June, 2020)	—	8,449	8,449	(5,633)	2,816
Hilde Furberg, Board member	—	8,449	8,449	—	8,449
Lennart Hansson, Board member	—	8,449	8,449	—	8,449
Diane Parks, Board member	—	8,449	8,449	—	8,449
Total	—	57,032	57,032	(5,633)	51,399

ESOP 2020

Disclosure of terms and conditions of share-based payment arrangement [line items]

Schedule of changes and holdings of awards by grantees


	Warrants Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
CEO Renée Lucander	719,500	195,000	914,500	(369,500)	545,000
Board member Thomas Eklund (until June, 2020)	111,250	—	111,250	(111,250)	0
Board member Hilde Furberg	29,500	—	29,500	(29,500)	0
Other executive management	727,086	107,500	834,586	(397,086)	437,500
Other employees, consultants and external parties	930,750	(245,000)	685,750	(389,164)	296,586
Total	2,518,086	57,500	2,575,586	(1,296,500)	1,279,086


		Options Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
Renée Aguiar-Lucander, CEO	—	—	—	225,000	225,000
Other executive management	—	—	—	415,000	415,000
Other employees and consultants	—	—	—	449,000	449,000
Total	—	—	—	1,089,000	1,089,000


	Warrants Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
CEO Renée Lucander	719,500	195,000	914,500	(369,500)	545,000
Board member Thomas Eklund (until June, 2020)	111,250	—	111,250	(111,250)	0
Board member Hilde Furberg	29,500	—	29,500	(29,500)	0
Other executive management	727,086	107,500	834,586	(397,086)	437,500
Other employees, consultants and external parties	930,750	(245,000)	685,750	(389,164)	296,586
Total	2,518,086	57,500	2,575,586	(1,296,500)	1,279,086


		Options Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
Renée Aguiar-Lucander, CEO	—	—	—	225,000	225,000
Other executive management	—	—	—	415,000	415,000
Other employees and consultants	—	—	—	449,000	449,000
Total	—	—	—	1,089,000	1,089,000


	Share Awards Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
Elmar Schnee, Chairman of the Board	—	23,236	23,236	—	23,236
Thomas Eklund, Board member (until June, 2020)	—	8,449	8,449	(5,633)	2,816
Hilde Furberg, Board member	—	8,449	8,449	—	8,449
Lennart Hansson, Board member	—	8,449	8,449	—	8,449
Diane Parks, Board member	—	8,449	8,449	—	8,449
Total	—	57,032	57,032	(5,633)	51,399


		Options Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
Renée Aguiar-Lucander, CEO	—	—	—	225,000	225,000
Other executive management	—	—	—	415,000	415,000
Other employees and consultants	—	—	—	449,000	449,000
Total	—	—	—	1,089,000	1,089,000


	Warrants Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
CEO Renée Lucander	719,500	195,000	914,500	(369,500)	545,000
Board member Thomas Eklund (until June, 2020)	111,250	—	111,250	(111,250)	0
Board member Hilde Furberg	29,500	—	29,500	(29,500)	0
Other executive management	727,086	107,500	834,586	(397,086)	437,500
Other employees, consultants and external parties	930,750	(245,000)	685,750	(389,164)	296,586
Total	2,518,086	57,500	2,575,586	(1,296,500)	1,279,086


		Options Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
Renée Aguiar-Lucander, CEO	—	—	—	225,000	225,000
Other executive management	—	—	—	415,000	415,000
Other employees and consultants	—	—	—	449,000	449,000
Total	—	—	—	1,089,000	1,089,000


	Share Awards Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
Elmar Schnee, Chairman of the Board	—	23,236	23,236	—	23,236
Thomas Eklund, Board member (until June, 2020)	—	8,449	8,449	(5,633)	2,816
Hilde Furberg, Board member	—	8,449	8,449	—	8,449
Lennart Hansson, Board member	—	8,449	8,449	—	8,449
Diane Parks, Board member	—	8,449	8,449	—	8,449
Total	—	57,032	57,032	(5,633)	51,399

Schedule of effect of share-based payments on entity's profit or loss


	Year Ended December 31,
	2020	2019
Share-based payments	5,304	—
Provisions attributable to social security costs (Share-based payments)	3,164	—
Total	8,468	—

Board LTIP 2019

Disclosure of terms and conditions of share-based payment arrangement [line items]

Schedule of changes and holdings of awards by grantees


	Warrants Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
CEO Renée Lucander	719,500	195,000	914,500	(369,500)	545,000
Board member Thomas Eklund (until June, 2020)	111,250	—	111,250	(111,250)	0
Board member Hilde Furberg	29,500	—	29,500	(29,500)	0
Other executive management	727,086	107,500	834,586	(397,086)	437,500
Other employees, consultants and external parties	930,750	(245,000)	685,750	(389,164)	296,586
Total	2,518,086	57,500	2,575,586	(1,296,500)	1,279,086


		Options Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
Renée Aguiar-Lucander, CEO	—	—	—	225,000	225,000
Other executive management	—	—	—	415,000	415,000
Other employees and consultants	—	—	—	449,000	449,000
Total	—	—	—	1,089,000	1,089,000


	Share Awards Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020
Elmar Schnee, Chairman of the Board	—	23,236	23,236	—	23,236
Thomas Eklund, Board member (until June, 2020)	—	8,449	8,449	(5,633)	2,816
Hilde Furberg, Board member	—	8,449	8,449	—	8,449
Lennart Hansson, Board member	—	8,449	8,449	—	8,449
Diane Parks, Board member	—	8,449	8,449	—	8,449
Total	—	57,032	57,032	(5,633)	51,399

Schedule of effect of share-based payments on entity's profit or loss


	Year Ended December 31,
	2020	2019
Share-based payments	440	249
Provisions attributable to social security costs (Share-based payments)	1,426	175
Total	1,866	424

Schedule of effect of share-based payments on entity's financial position


		Fair Value	Number
	Exercised	at Grant	of Share
	Date	Date	Awards
Board LTIP 2019	June 1, 2022	22.49	51,399

Board LTIP 2020

Disclosure of terms and conditions of share-based payment arrangement [line items]

Schedule of changes and holdings of awards by grantees


		Share Awards Outstanding as of
	January		December		December
Holder	1, 2019	Change	31, 2019	Change	31, 2020
Elmar Schnee, Chairman of the Board	—	—	—	14,063	14,063
Hilde Furberg, Board member	—	—	—	4,327	4,327
Lennart Hansson, Board member	—	—	—	4,327	4,327
Diane Parks, Board member	—	—	—	4,327	4,327
Molly Hendersson, Board member	—	—	—	4,327	4,327
Total	—	—	—	31,371	31,371

Schedule of effect of share-based payments on entity's profit or loss


	Year Ended December 31,
	2020	2019
Share-based payments	267	—
Provisions attributable to social security costs (Share-based payments)	207	—
Total	474	—

Schedule of effect of share-based payments on entity's financial position


		Fair Value at	Number of
	Exercised Date	Grant Date	Share Awards
Board LTIP 2020	July 1, 2023	33.97	31,371

Other Interest Received and Similar Items (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of other Interest received and similar items


	Year Ended December 31,
	2020	2019
Interest income	559	926
Total	559	926

Intangible Assets

12 Months Ended

Dec. 31, 2020

Intangible Assets

Intangible Assets


	December 31,
	2020	2019
Licenses and similar rights
Cost at opening balance	16,066	—
Business combinations	411,414	—
Acquisition for the year	—	16,066
Exchange differences on translation	(13,365)	—
Cost at closing balance	414,115	16,066

Goodwill
Cost at opening balance	—	—
Business combinations	48,839	—
Exchange differences on translation	(1,587)	—
Cost at closing balance	47,252	—

Net book value	461,367	16,066

Revenue from Contracts with Customers

Intangible Assets

Intangible Assets

Note 12 Intangible Assets


	December 31,
	2020	2019
Licenses and similar rights
Cost at opening balance	16,066	—
Acquisition for the year	0	16,066
Cost at closing balance	16,066	16,066
Net book value	16,066	16,066

For additional information on intangible assets in the Parent Company, see Note 16 Intangible Assets and Impairment Testing in the Group.

Intangible Assets and Impairment Testing - Discount rate (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about intangible assets [line items]
Discount rate	10.50%
NOX platform
Disclosure of detailed information about intangible assets [line items]
Discount rate	18.80%
vaccine platform
Disclosure of detailed information about intangible assets [line items]
Discount rate	17.00%
Budenofalk 3 mg oral capsule [Member]
Disclosure of detailed information about intangible assets [line items]
Discount rate	12.40%	11.60%
Goodwill [Member]
Disclosure of detailed information about intangible assets [line items]
Impairment of goodwill	kr 0

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of revenue


	Year Ended December 31,
	2020	2019
Type of goods or service
Out-licensing	0	184,829
Provision of drugs	874	—
Total	874	184,829

Geographical markets
China, Hong Kong, Macau, Taiwan and Singapore	874	184,829
Total	874	184,829

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations

Schedule of Business combination of acquisition highlights

Operating Loss

Acquired Owner

Operating Loss

Sales for the Year

for the Year

ship Share as of

Sales during the

during the

Ended December

Company

Operation

Acquisition Date

December 31, 2020

Holding Period

31, 2020

Genkyotex SA

Biopharmaceutical

November

86.2

—

(20,698)

(143,447)

company

2020

specializing in

NOX therapies

Schedule of business combination of acquisition purchase price


Purchase price
Cash		204,867
Contingent consideration		50,614
Total		255,481

Schedule of business combination of acquisition assets and liabilities


		Fair Value
		Fair Value
The assets and liabilities recognized in conjunction with the acquisition are as follows:
Intangible assets: NOX Platform		382,521
Intangible assets: Other licenses		28,893
Non-current assets		2,438
Other current assets		10,022
Cash		32,265
Pension liabilities		(9,410)
Deferred tax liabilities		(82,683)
Other non-current liabilities		(643)
Other current liabilities		(20,677)
Acquired identified assets		342,726
Non-controlling interests		(136,084)
Goodwill		48,839
Acquired net assets		255,481

Schedule of business combination acquisition analysis of cash flow


Analysis of Cash Flow
Purchase price paid in cash (included in the Cash flow used in investing activities)		(204,867)
Cash equivalents in the acquired company (included in the Cash flow used in investing activities)		32,265
Acquisition costs attributable to the acquisition of subsidiaries (included in the Cash flow used in operating activities)		(7,020)

Leases - Right-of-Use Assets (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases
Balance at beginning of period	kr 5,959
Depreciation	2,823	kr 1,822
Balance at end of period	5,244	5,959
Net book value	5,244	5,959
Research and development expense
Leases
Depreciation on right of use assets	165	0
Administrative and selling expense
Leases
Depreciation on right of use assets	2,621	1,778
Carrying Amount
Leases
Balance at beginning of period	7,527	1,819
Additional agreements	98	7,527
Termination of agreement	0	(1,819)
Exchange differences	(8)
Additional agreements through acquisition	1,978
Balance at end of period	9,595	7,527
Net book value	9,595	7,527
Depreciation
Leases
Balance at beginning of period	(1,568)
Depreciation	(2,786)	(1,778)
Termination of agreement	0	210
Exchange differences	3
Balance at end of period	(4,351)	(1,568)
Net book value	kr (4,351)	kr (1,568)

Shareholders' Equity (Details) - SEK (kr) kr / shares in Units, kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Changes in equity
Shares, Quotient Value, Per Share	kr 0.04
Retained earnings	kr (918,596)	kr (488,096)
Net loss for the year	kr (436,511)	kr (32,578)
Parent Company
Changes in equity
Number of shares outstanding	49,941,584	38,707,638
Shares, Quotient Value, Per Share	kr 0.04
Share premium reserve	kr 2,116,721	kr 1,268,334
Retained earnings	(479,379)	(448,989)
Net loss for the year	(407,363)	(36,186)
Earnings	1,229,979	783,159
To be distributed as follows:
To be carried forward	kr 1,229,979	kr 783,159

Other Operating Expenses

12 Months Ended

Dec. 31, 2020

Other Operating Expenses

Other Operating Expenses

Note 5 Other Operating Expenses


	Year Ended December 31,
	2020	2019
Exchange rate differences	0	4,464
Net loss on disposal of equipment	0	61
Total	0	4,525

Non-Current Financial Assets (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Non-Current Financial Assets
Cost at opening balance	kr 1,939	kr 341
Bank guarantees granted	0	1,888
Reimbursement security deposit	0	(290)
Acquisition through business combinations	286
Net book value	2,225	1,939
Payment of bank guarantee deposits	kr 2,224	kr 1,938

Pension Liabilities - Distribution by plan assets (Details) - Switzerland - Fair Value of Plan Assets - Defined-Benefit Pension Plan kr in Thousands	Dec. 31, 2020 SEK (kr)
Disclosure of fair value of plan assets [line items]
Cash	kr 244
Bonds	6,365
Mortgage loans	1,516
Shares	365
Real estate	1,638
Other investments	941
Total	11,069
Level 1
Disclosure of fair value of plan assets [line items]
Bonds	kr 6,365

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2020
Significant Accounting Policies
Significant Accounting Policies	Note 1 Significant Accounting Policies Basis for Preparation These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) as adopted by the European Union (EU). In addition, the consolidated financial statements comply with the recommendation of the Swedish Financial Reporting Board RFR 1, Supplementary Accounting Regulations for Groups. The accounting policies stated below have, unless otherwise stated, been applied consistently over all periods presented in the consolidated financial statements. The Group’s accounting policies have been applied consistently by the Group’s companies. The consolidated financial statements provide comparative information in respect of the previous period. Functional Currency and Reporting Currency The Parent Company’s functional currency is Swedish Kronor (SEK), which is also the presentation currency of the Group. This means that the financial statements are presented in Swedish kronor (SEK) and all amounts, unless otherwise stated, are rounded to the nearest thousand (SEK 000s). Basis for Valuation and Current versus Non-Current Classification The consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets (including derivative financial instrument) and contingent consideration that have been measured at fair value through profit or loss The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is expected to be realized within twelve months after the reporting period. All other assets are classified as non-current. A liability is current when it is due to be settled within twelve months after the reporting period. The Group classifies all other liabilities as non-current. Basis for Consolidation The consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries as of December 31, 2020. Control is achieved when the Parent Company has power over the investee, the Parent Company is exposed to or has rights to variable returns from its involvement in the investee, and the Parent Company has the ability to use its power over the investee to affect the amount of the investor’s returns, which normally means that the Parent Company owns more than half of the number of votes for all of the shares and participations. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes of the control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. All subsidiaries are consolidated using the acquisition method. The cost of an acquisition is measured as the fair value of assets that have been provided as payment along with any liabilities taken over or which have arisen at the acquisition date. With the acquisition method, the fair value of acquired identifiable assets, assumed liabilities and contingent liabilities in a business combination, regardless of the scope of any non-controlling interest, are measured at fair value as of the acquisition date. Any surplus arising from the difference between cost and fair value of identifiable acquired assets, liabilities and contingent liabilities is recognized as goodwill. If the cost amount is less than the fair value of the acquired net assets, it is recognized in the consolidated statements of income. Subsidiaries that were acquired during the financial year are included in the consolidated financial statements as soon as the controlling interest has been transferred to the Group. Subsidiaries that were disposed during the financial year are included in the consolidated financial statements up until the date when the controlling interest no longer exists. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative and selling expenses in the consolidated statements of income. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. New and Amended Standards and Interpretations Updated standards and interpretations from IASB and IFRIC interpretations that came into effect for the year ended December 31, 2020 have had no material impact on the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. Future Standards and New Interpretations Other future or altered standards or interpretations that the IASB has published are not expected to have any significant impact on the financial statements for the Group. Revenue The Group recognizes revenue as the identified performance obligations are performed. The Group’s revenue for the year ended December 31, 2020 consisted of revenues for the delivery of trial-related drugs within the framework of the out-licensing of Nefecon in connection with the agreement with Everest Medicines to Greater China and Singapore. Revenue for the provision of drugs for conducting clinical trials was recognized at a point in time, which occurred when control over the drug was transferred to Everest Medicines. Calliditas has completed all performance obligations within the agreement as of the delivery of study-related drugs to Everest Medicines for the year ended December 31, 2020. Variable remuneration (for example, attributable to future regulatory milestones) is not included in the transaction price while there is significant uncertainty as to whether these will occur. Revenue is recognized when these milestones occur. Compensation attributable to sales-based milestones or royalties are not recognized until the sale that results in the right to milestones or royalties arises. Financial Income Financial income consists of interest income and foreign exchange gains. Interest income is recognized in accordance with the effective interest method. Effective interest is the interest that discounts estimated future receipts and payments during a financial instrument’s anticipated duration to the financial asset’s or liability’s recognized net value. The calculation contains all costs included in the effective interest paid by the parties to the contract, transaction costs and all other premiums and discounts. Dividends received are recognized when the right to receive a dividend has been established. Foreign exchange gains and losses are netted. Research and Development Research and development expenses consist primarily of costs incurred for the Group’s development activities, including the development of the Group’s product candidates. The Group expenses research and development costs as incurred. The Group recognizes external development costs based on an evaluation of the progress to completion of specific tasks using information provided by Calliditas’ service providers. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected in the consolidated financial statements as a prepaid expense or accrued expense. Research and development tax credits are recognized in Sweden and in France. In Sweden tax credits are recognized on social security costs and in France tax credits are recognized on accredited suppliers. These research and development tax credits are recognized as an offset to research and development expenses in the consolidated statements of income. Administrative and Selling Administrative and selling expenses consist of salaries and other related costs for personnel in the Group’s executive, finance, corporate and business development and administrative functions. Administrative and selling expenses also include professional fees for legal, patent, accounting, auditing, tax and consulting services, related travel expenses and facility-related expenses, which include allocated expenses for rent and maintenance of facilities and other operating costs. Employee Benefits Short-term benefits Current employee benefits such as salaries, social security costs, vacation pay and bonuses are expensed during the period in which employees perform the service. Pensions The Group has both defined-contribution and defined-benefit pension plans, and most employees are covered by and recognized in the defined-contribution pension plans. Employees in France and Switzerland are covered by defined-benefit pension plans. All other employees were covered by defined-contribution pension plans. See Note 27 Pension Liabilities for more information. Defined-contribution pension plans A defined-contribution pension plan is a pension plan according to which the Group pays fixed premiums to a separate legal entity. The Group does not have any legal or informal obligation to pay further premiums if this legal entity does not have sufficient assets to pay the full remuneration to employees corresponding to their service during the current or previous periods. The Group therefore has no further risk. The Group’s obligations relating to fees for defined-contribution plans are expensed in profit or loss as they are accrued due to the employee performing services for the Group over a period. Defined-benefit pension plans In defined-benefit plans, the pension is determined as a percentage of the pensionable final salary, based on the employee’s length of service and average final salary. The Group is responsible for ensuring that the established benefits are paid out. The defined-benefit pension obligations are recognized in the consolidated statements of financial position as the net total of the estimated present value of the obligations and the fair value of the plan assets, which are recognized as a provision or a non-current financial receivable. For defined-benefit plans, pension expense and commitments are calculated using the applicable principles of IAS 19. This calculation is performed annually by independent actuaries. The Group’s obligations are measured at the present value of expected future payments. Actuarial gains and losses may arise in connection with the determination of the present value of the obligations and the fair value of plan assets. These arise either because the fair value differs from the previous assumption, or the assumptions change. Actuarial gains and losses are recognized in the consolidated statements of comprehensive income in the period in which they arise. Interest expense, less the estimated return on plan assets, is classified as a financial expense. Other cost items in the pension expense are charged to operating profit. Severance pay An expense for remuneration in connection with termination of employment of personnel is recognized only if the Group is committed, without any realistic possibility of withdrawal, by a formal detailed plan to eliminate a position in advance of when that position would normally expire. When remuneration is paid as an offer to encourage voluntary termination of employment, the cost is recognized if it is probable that the offer will be accepted and the number of employees that will accept the offer can be reliably estimated. Share-based payments Share-based payments in the Group refers to option programs and performance-based share award programs, which are regulated by equity instruments. In cases where the fair value of the instrument exceeds what the employee paid, the difference is recognized as a personnel cost. The fair value of options is determined at the allotment date using the BlackScholes model for pricing of options. The valuation of the performance share awards is based on a discounted model with Monte Carlo simulation of the share price’s development for the share-related parts and with estimated probabilities for the outcome of the market conditions. The cost is recognized, together with a corresponding increase in equity, during the period in which the service conditions are met, up to and including, the date on which the employees concerned are fully eligible for compensation. Social security costs attributable to equity-related instruments to employees as remuneration for purchased services shall be expensed over the periods during which the services are performed. The cost should then be measured using the same valuation model used when the options were issued. The provision recognized must be revalued at each reporting period on the basis of a calculation of the social security costs that may be paid when the instruments are resolved. Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities for future remaining lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the estimated lease term, which currently is two to three years for the Group’s leases. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the commencement date, because the interest rate implicit in the lease is not readily determinable. Following the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, or a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments). The Group’s lease liabilities are included in other non-current liabilities and other current liabilities in the consolidated statements of financial position (see Note 8 Leases and 20 Financial and Non-Financial Assets and Liabilities). Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of equipment (i.e., those leases that have a lease term of twelve months or less from the commencement date). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as an expense on a straight-line basis over the lease term. Financial Expenses Financial expenses mainly consist of realized and unrealized losses on foreign exchange derivative instruments and unrealized foreign exchange losses. Foreign exchange gains and losses are netted. Taxes Income tax comprises current tax and deferred tax. Income tax is recognized in net profit for the year, except when the underlying transaction is recognized in other comprehensive income or equity with the related tax effect recognized in other comprehensive income and in equity. Current tax is the tax that is to be paid or received in the current year, with the application of the tax rates that have been enacted or substantively enacted by the end of the reporting period. Current tax also includes adjustments of current tax attributable to prior periods. Deferred tax is recognized on all temporary differences that arise between the tax value of assets and liabilities and their carrying amounts. Temporary differences attributable to participations in Group companies is not recognized, since it is unlikely that such a reversal will take place in the foreseeable future. The valuation of deferred tax is based on how the underlying assets or liabilities are expected to be realized or settled. Deferred tax is measured with the application of the tax rates and tax rules decided or announced on the closing date, and that are expected to apply when the deferred tax asset in question is realized or the deferred tax liability is settled. Deferred tax liabilities and deferred tax assets are offset as far as possible within the framework of local laws and regulations on taxation. Deferred tax assets on deductible temporary differences and loss carryforwards are recognized only to the extent that it is probable that it will be possible to utilize these, or to the extent that there are temporary differences which these can be utilized to offset. A provision for deferred tax assets will be recognized when it is no longer deemed probable that they can be utilized. Intangible Assets Intangible assets in the Group consist of licenses and similar rights and goodwill. Licenses and similar rights The acquisition of Genkyotex SA resulted in the Group acquiring the rights to the NOX platform and the vaccine platform (SIIL agreement), as well as goodwill. The NOX platform, including the lead compound setanaxib, enables the identification of orally available small molecules which selectively inhibit specific NOX enzymes that amplify multiple disease processes such as fibrosis and inflammation. The vaccine platform (SIIL agreement) is an out-license agreement with Serum Institute of India (SIIL) for the use of a vaccine technology. In the prior year the Group had acquired the product candidate Budenofalk 3 mg oral capsule from the German pharmaceutical company Dr Falk Pharma GmbH for development of the pipeline portfolio related to orphan liver disease, such as AIH, in the United States. Intangible assets with a finite useful life are recognized at initial recognition at cost less accumulated amortization and any accumulated impairment losses. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. When determining the amortized amount of the assets, the residual value of the asset is taken into account, when applicable. Goodwill Goodwill arising in a business combination comprises the difference between the cost of the business combination and the fair value of identifiable assets acquired, liabilities assumed, and any contingent liabilities recognized at the acquisition date. Goodwill on business combinations is included in intangible assets and measured at cost less any accumulated impairment losses. Goodwill is allocated to the cash-generating units, which is the full Group, and tested annually for impairment requirement, or whenever there is any indication of impairment. There is no amortization of goodwill and impairment of goodwill is not reversed. Research and development expenses Development expenditures are recognized as an intangible asset when related development projects meet the criteria for capitalization. The most important criteria for capitalization are that the final product of the development process will generate future economic benefits or the ability of cost-savings capacity, including the technical feasibility of completing the intangible asset. Research and development expense are otherwise recognized as operating expenses. Market approval has not yet been obtained for the Group’s products and, accordingly, the Group deems that the conditions for capitalizing development expenditures are not met. Amortization Amortization of the intangible assets begins when the asset can be used, that is, when it is in the place and in the condition required to be able to use it in the manner intended by the Group’s management. The Group’s expected finite useful life is: - Licenses and similar rights – 6-15 years Until market approval from regulatory authorities has been granted, amortization of “Licenses and Similar Rights” will not commence. As market approval has not yet been obtained, no other costs have been capitalized. Following market approval from regulatory authorities, “Licenses and Similar Rights” will be amortized on a straight-line basis over the expected useful life. Until a market approval of the product has been obtained, the asset is assessed for impairment at least once a year, or when there is an indication that the asset may be impaired. Equipment Equipment is recognized in the consolidated statement of financial position at cost less accumulated depreciation and impairment. Such cost includes the cost price and expenses directly attributable to the asset. Repairs and maintenance costs are expensed as incurred, while expenses for improvements are recognized as investments and added to the cost of the assets. An item of equipment and any significant part initially recognized is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of income when the asset is derecognized. Depreciation Equipment is depreciated on a straight-line basis over the expected useful life. The Group’s expected useful life is: - Equipment — 5 years The residual values, useful lives, and methods of depreciation of equipment are reviewed at each financial year and adjusted prospectively, if appropriate. If there is an indication that an asset needs to be impaired, the asset is written down to its recoverable amount if this is lower than the carrying amount. The recoverable amount corresponds to the highest of net realizable value and value in use. Impairment of Non-Financial Assets Goodwill and intangible assets not yet available for use, are not amortized but the Group assesses for impairment at each reporting date, or when there is an indication that an asset may be impaired. Equipment that is depreciated is assessed for impairment whenever events or changes in circumstances indicate that the carrying amount is not recoverable. An impairment loss is made by the amount by which the asset’s carrying amount exceeds its recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash generating units’ (“CGU”) fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment measurement on intangible assets on a probability-adjusted cash flow model. The value of licenses is measured by estimating the expected future cash flows and present value adjustments to take into account the development risk. The valuation takes into account cash flow from potential commercialization during the expected useful life and does not include calculation of any residual value thereafter. The most critical assumptions mainly consist of assumptions about the timing of potential commercialization, market size, market share and probability of reaching the market. When assessing the impairment requirement for goodwill, this is grouped at the lowest levels for which there are separately identifiable cash flows. Calliditas has made the assessment that the Group’s operations as a whole comprise a cash-generating unit. Impairment losses of continuing operations are recognized in the statement of income in expense categories consistent with the function of the impaired asset. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Financial Assets and Financial Liabilities A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are classified at initial recognition, including on the basis of the purpose for which the instrument was acquired and managed. This classification determines the valuation of the instruments. Initial recognition and measurement of financial assets The Group’s financial assets consist of long-term receivables, derivatives, other current receivables and cash, all of which, except derivatives, are classified at amortized cost. Derivatives are classified at fair value through profit or loss. The instruments are classified into: - Amortized cost, or - Fair value through profit or loss Financial assets at amortized cost are initially measured at fair value with the addition of transaction costs. Following the initial recognition, the assets are measured at amortized cost less a provision for losses on expected credit losses. Assets classified at amortized cost are held according to the business model to collect contractual cash flows that are only payments of capital amount and interest on the outstanding capital amount. Initial recognition and measurement of financial liabilities The Group’s financial liabilities consist of contingent consideration related to business combinations, accounts payable and other current liabilities, all of which, except contingent consideration, are classified as amortized cost. Contingent consideration related to business combinations is classified at fair value through profit or loss. The instruments are classified into: – Amortized cost, or – Fair value through profit or loss Financial liabilities at amortized costs are initially measured at fair value, net of transaction costs. Subsequently periods are measured at amortized cost using the effective interest (EIR) method. Financial liabilities classified at fair value are measured both initially and in subsequent periods at fair value in the Group’s consolidated statements of financial position, where changes in fair value are recognized in the Group’s consolidated statements of income. The components of the change in fair value relating to exchange rate effects are recognized in net financial items and other changes in fair value are recognized in operating profit or loss. Recognition and derecognition A financial asset or financial liability is recognized in the consolidated statement of financial position when the Group becomes a party in accordance with the contractual terms of the instrument. Debt is recognized when the counterparty has performed and a contractual obligation exists to pay, even if an invoice has not yet been received. A financial asset is derecognized from the consolidated statement of financial position when the rights in the agreement are realized, expire or the Group loses control of them. A financial liability is derecognized from the consolidated statement of financial position when the contractual obligation is fulfilled or otherwise extinguished. The same applies to part of a financial asset or financial liability. Gains and losses from derecognition from the consolidated statement of financial position are recorded in the consolidated statement of income. A financial asset and financial liability are offset and recognized with a net amount in the consolidated statement of financial position only when there is a legal right to set off the amounts and that there is an intention to settle the items with a net amount or to simultaneously realize the asset and settle the debt. Impairment of financial assets The Group’s impairment model is based on expected credit losses and takes into account forward-looking information. The valuation of expected credit losses takes into account any collateral and other credit enhancements in the form of guarantees. See Note 21 Financial Risks for information on considerations relating to accounts receivable and deposits. Cash Cash are entirely comprised of cash at banks. Equity Common shares, other contributed capital and retained earnings are classified as equity. Financial instruments that meet the criteria for classification as equity are recognized as equity even if the financial instrument is legally structured as a liability. Transaction costs that are directly attributable to the issue of new shares or options are recognized net after tax in equity as a deduction from the issue proceeds. Warrants The Group has only issued warrants that were transferred at fair value. Premiums received for warrants granted to acquire shares in companies within the Group are recorded as additions to equity, based on the warrant premium, at the date when the warrant was transferred to the counterparty. Option Program The Group has issued an option program which constitutes share-based payments. The cost for the remuneration that is recognized in a period is dependent on the original valuation that was made on the date on which the contracts with the participants in the incentive programs were concluded, the number of months of service required for vesting of their options (accruals are made over this period), the number of options that are expected to be vested under the terms of the plans and a continuous reassessment of the value of the tax benefits for the participants under the plans (for determining provisions for social security expenses). Those estimates which affect the cost in a period and the corresponding increase in equity mainly refer to inputs for the valuation of the options. All the options are classified as equity-settled, as vested options are settled in equity. When the options are exercised, the company issues new shares. Provisions A provision differs from other liabilities in that there is uncertainty about the time of payment or the amount of the amount to settle the provision. A provision is recognized in the statement of financial position when there is an existing legal or informal obligation arising from past events, and it is likely that an outflow of financial resources will be required to settle the obligation and a reliable estimate of the amount can be made. The amount recognized is the best estimate of what is required to settle the existing obligation on the balance sheet date. Where the effect of when payment is made in time is significant, provisions are calculated by discounting the expected future cash flow. Contingent Liabilities A contingent liability is disclosed when there is a possible commitment originating from events that have occurred and whose occurrence is confirmed by one or several uncertain future events. An obligation arising from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events is not recognized as a liability or provision. Foreign Currency Transactions in foreign currency Transactions in foreign currency are translated to the functional currency at the exchange rate on the date of the transaction. Monetary assets and liabilities in foreign currency are translated to the functional currency at the exchange rate that applies on the closing date. Exchange rate differences arising on translation are recognized in net profit for the year. Foreign exchange gains and losses on operating receivables and liabilities are recognized in operating profit, while foreign exchange gains and losses on financial receivables and liabilities are recognized as financial items. Translation from foreign operations Assets and liabilities in foreign operations are translated from the functional currency of the operations to the Group’s presentation currency at the exchange rate applicable on the closing date. Income and expenses in a foreign operation are translated to SEK at the average exchange rate which corresponds to an approximation of the exchange rates prevailing on each individual transaction date. Translation differences arising in the translation of foreign operations’ functional currencies are recognized in the consolidated statements of comprehensive income. Earnings per Share The calculation of earnings per share is based on the Group’s net loss for the year and on the weighted-average number of common shares outstanding during the year. In calculating earnings per share after dilution, earnings and the average number of shares are adjusted for the dilutive effects of potential common shares. Earnings per share is not adjusted for any dilution that results in a profit per share after dilution that is higher than profit per share before dilution, or loss per share that is lower than loss per share before dilution. Cash Flow The consolidated statement of cash flows is prepared in accordance with the indirect method. The recognized cash flow includes only transactions that involve inflows and outflows, divided into operating activities, investing activities and financing activities. Cash flows from inflows and outflows are recognized at gross amounts, except for transactions comprising large inflows and outflows that pertain to items that are traded quickly and have short terms. Segment Information An operating segment is a part of the Group that conducts business activities from which it can generate revenue and incur costs, and for which independent financial information is available. Identification of segments is based on internal reporting to the chief operating decision maker (“CODM”). The CODM for the Group is the Chief Executive Officer (“CEO”). The Group does not divide its operations into different segments and the CODM operates and manages the Group’s entire operations as one segment, which is consistent with the Group’s internal organization and reporting system. The Group’s revenue is attributable to the Parent Company in Sweden and the non-current assets are located in Sweden, France and Switzerland.

Significant Accounting Policies - Equipment (Details)	12 Months Ended
Significant Accounting Policies - Equipment (Details)	Dec. 31, 2020
Significant Accounting Policies
Expected useful life	5 years

Intangible Assets (Details) - SEK (kr) kr in Thousands	12 Months Ended
Intangible Assets (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets
Cost at closing balance	kr 414,115
Net book value	414,115
Parent Company
Intangible Assets
Cost at opening balance	16,066
Cost at closing balance	16,066	kr 16,066
Net book value	16,066	16,066
Parent Company \| Carrying Amount
Intangible Assets
Cost at opening balance	16,066
Acquisition for the year	0	16,066
Cost at closing balance	16,066	16,066
Net book value	kr 16,066	kr 16,066

Statements of Cash Flows - SEK (kr) kr in Thousands	12 Months Ended
Statements of Cash Flows - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Operating loss	kr (379,720)	kr (28,019)
Adjustments for non-cash items	15,465	2,308
Interest received	1,912	926
Interest paid	393	325
Cash flow from operating activities before changes in working capital	(363,264)	(25,110)
Cash flow from changes in working capital
Changes in operating receivables	8,033	(53,546)
Changes in operating liabilities	46,050	7,645
Cash flow from operating activities	(309,181)	(71,011)
Investing activities
Purchase of equipment	0	(118)
Investments in non-current financial assets	(5)	(1,888)
Purchase of intangible assets	0	(16,066)
Cash flow from investing activities	(172,607)	(18,072)
Financing activities
New share issue	891,388	210,317
Cost attributable to new share issue	(95,937)	(10,915)
Exercise of warrants	59,251
Cash flow from financing activities	768,558	198,835
Net increase /(decrease) in cash	286,770	109,752
Cash at beginning of the year	753,540	646,175
Exchange-rate difference in cash	(44,006)	(2,387)
Cash at the end of the year	996,304	753,540
Parent Company
Operating activities
Operating loss	(352,567)	(28,562)
Adjustments for non-cash items	10,832	546
Interest received	1,912	926
Interest paid	3	18
Cash flow from operating activities before changes in working capital	(339,826)	(27,108)
Cash flow from changes in working capital
Changes in operating receivables	13,884	(53,546)
Changes in operating liabilities	40,024	7,105
Cash flow from operating activities	(285,918)	(73,549)
Investing activities
Funds acquired from merger with Group companies	0	72
Acquisition of participations in Group companies	(294,059)
Purchase of equipment	0	(118)
Investments in non-current financial assets	(1,683)	(1,888)
Disposal of non-current financial assets	4
Purchase of intangible assets	0	(16,066)
Cash flow from investing activities	(295,738)	(18,000)
Financing activities
New share issue	891,388	210,317
Cost attributable to new share issue	(95,938)	(10,915)
Transaction costs, paid	0	(1,748)
Exercise of warrants	54,920
Premiums received from warrants	0	2,834
Cash flow from financing activities	850,370	200,488
Net increase /(decrease) in cash	268,714	108,939
Cash at beginning of the year	752,448	645,903
Exchange-rate difference in cash	(42,954)	(2,394)
Cash at the end of the year	kr 978,208	kr 752,448

Profit/Loss from Participations in Group Companies (Tables)

12 Months Ended

Dec. 31, 2020

Schedule Of profit loss from Participations in Group Companies


	Year Ended December 31,
	2020	2019
Profit on liquidation of subsidiaries	4	—
Impairment of participations in Group companies	0	(3,739)
Reversal of impairment of receivables within the Group companies	0	300
Total	4	(3,439)

Participations in Group Companies - Net book value (Details) - Parent Company kr in Thousands	12 Months Ended
	Dec. 31, 2020 SEK (kr) item	Dec. 31, 2019 SEK (kr) item
Participations in Group Companies
Net book value	kr 295,259	kr 101
Nefecon AB
Participations in Group Companies
Share of equity	100.00%	100.00%
Share of voting power	100.00%	100.00%
Number of participation rights \| item	1,000	1,000
Net book value	kr 100	kr 100
Calliditas Therapeutics INC
Participations in Group Companies
Share of equity	100.00%	100.00%
Share of voting power	100.00%	100.00%
Number of participation rights \| item	1,000	1,000
Net book value	kr 1	kr 1
Genkyotex SA
Participations in Group Companies
Share of equity	86.00%
Share of voting power	86.00%
Number of participation rights \| item	10,121,676
Net book value	kr 295,158

Group Companies (Details)	12 Months Ended
Group Companies (Details)	Dec. 31, 2020	Dec. 31, 2019
Calliditas Therapeutics AB
Group Companies
Equity interest	0.00%
Nefecon AB
Group Companies
Equity interest	100.00%	100.00%
Calliditas Therapeutics INC
Group Companies
Equity interest	100.00%	100.00%
Genkyotex SA
Group Companies
Equity interest	86.20%
Genkyotex Suisse SA
Group Companies
Equity interest	0.00%

Leases

12 Months Ended

Dec. 31, 2020

Leases

Leases

Note 8 Leases

Right-of-use assets


	December 31,
	2020	2019
Opening balance	7,527	1,819
Additional agreements	98	7,527
Termination of agreement	0	(1,819)
Exchange differences	(8)	—
Additional agreements, through acquisition	1,978	—
Closing balance	9,595	7,527

Depreciation
Opening balance	(1,568)	—
Depreciation	(2,786)	(1,778)
Termination of agreement	0	210
Exchange differences	3	—
Closing balance	(4,351)	(1,568)

Net book value	5,244	5,959

Lease liabilities


	December 31,
	2020	2019
Non-current lease liabilities	878	3,584
Current lease liabilities	3,908	2,486
Total	4,786	6,070

Maturity analysis on future lease liabilities


	December 31,
	2020	2019
<12 months	4,521	3,816
1-2 years	1,105	2,306
>2 years	0	533
	5,626	6,655

Future lease payments in accordance with the above are undiscounted and include variable fees.


	Year Ended
	December 31,
	2020	2019
Interest expenses attributable to lease liabilities	388	307
Expenses attributable to short-term lease	731	265
Expenses attributable to leasing agreements with low value	103	96
Expenses attributable to variable lease payments that are not included in lease liabilities	344	187
This year's lease payments in the Group	4,930	2,343

Provisions - Contingent Consideration (Details) kr in Thousands, € in Millions	Dec. 31, 2020 EUR (€)	Dec. 31, 2020 SEK (kr)
Disclosure of other provisions [line items]
Contingent consideration \| kr		kr 50,614
Discount rate	10.00%	10.00%
Milestone 1
Disclosure of other provisions [line items]
Contingent consideration	€ 30.0
Milestone 2
Disclosure of other provisions [line items]
Contingent consideration	15.0
Milestone 3
Disclosure of other provisions [line items]
Contingent consideration	€ 10.0

Share-Based Payments - Changes and Holdings of Warrants (Details) - EquityInstruments	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	2,575,586
Allotted Warrants, end of year	1,279,086	2,575,586
Warrants
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	2,575,586	2,518,086
Change	(1,296,500)	57,500
Allotted Warrants, end of year	1,279,086	2,575,586
Warrants \| CEO
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	914,500	719,500
Change	(369,500)	195,000
Allotted Warrants, end of year	545,000	914,500
Warrants \| Board Member Thomas Eklund
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	111,250	111,250
Change	(111,250)
Allotted Warrants, end of year	0	111,250
Warrants \| Board Member Hilde Furberg
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	29,500	29,500
Change	(29,500)
Allotted Warrants, end of year	0	29,500
Warrants \| Other senior executives
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	834,586	727,086
Change	(397,086)	107,500
Allotted Warrants, end of year	437,500	834,586
Warrants \| Other Employees, Consultants and External Parties
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	685,750	930,750
Change	(389,164)	(245,000)
Allotted Warrants, end of year	296,586	685,750

Prepaid Expenses (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Prepaid Expenses
Prepaid rental charges	kr 0	kr 771
Prepaid insurance premiums	10,743
Prepaid expenses for research and development	640	2,854
Prepaid transaction costs	0	14,662
Other prepaid expenses	6,363
Total	kr 17,746	kr 18,287

Other Operating Income (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of other operating income


	Year Ended December 31,
	2020	2019
Exchange rate differences	2,482	4,385
Total	2,482	4,385

Other Interest Received and Similar Items (Details) - Parent Company - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Other Interest Received and Similar Items
Interest income	kr 559	kr 926
Total	kr 559	kr 926

Significant Accounting Judgements, Estimates and Assumptions	12 Months Ended
	Dec. 31, 2020
Significant Accounting Judgements, Estimates and Assumptions
Significant Accounting Judgements, Estimates and Assumptions	Note 2 Significant Accounting Judgements, Estimates and Assumptions The preparation of the Group’s consolidated financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that affect the recorded amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Judgements, estimates and assumptions are evaluated on an ongoing basis. Changes in judgements, estimates and assumptions are recognized in the period the change has occurred if the change only affects that period, and future periods if the change affects both the current period and future periods. Purchase Price Allocation The valuation of identifiable assets and liabilities in connection with the acquisition of subsidiaries involves that items in the acquired company’s balance sheet as well as items that have not been recognized in the acquired company’s balance sheet should be valued at fair value. The valuation of NOX platform is based on the Multiple Excess Earnings Method (MEEM). Intangible Assets The Group’s intangible assets are essentially attributable to the Group acquiring the rights to the NOX platform and the vaccine platform (SIIL agreement), as well as goodwill in connection with the acquisition of Genkyotex SA. In addition, to the previous in-licensing agreement of Budenofalk 3mg oral capsule from the German pharmaceutical company Dr Falk Pharma GmbH. For goodwill and intangible assets not yet available for use the Group assesses for impairment at each reporting date based on their recoverable amounts, including key assumptions such as the timing of potential commercialization, market size, market share, probability of reaching the market and the discount rates. See below and Note 16 Intangible Assets and Impairment Testing. Goodwill and intangible assets, not yet available for use The Group conducts impairment testing, at least annually, for goodwill and intangible assets, not yet available for use, in accordance with the policy described in Note 1 Significant Accounting Policies. The recoverable amount of the cash-generating unit is determined by calculating the value in use. This calculation requires certain judgments and assumptions to be made, see Note 16 Intangible Assets and Impairment Testing. As of December 31, 2020, the Group’s goodwill amounted to SEK 47,252 and other intangible assets amounted to SEK 414,115. The impairment testing showed no impairment. Capitalization of intangible assets The Group capitalizes expenditures for the development of pharmaceuticals to the extent that it is expected to meet the criteria in accordance with IAS 38 — Intangible Assets. The decision to capitalize is based on significant judgments made by management, including the technical feasibility of completing the intangible asset so that it will be available for use or sale and assumptions used to demonstrate that the asset will generate probable future economic benefits (e.g., projected cash flow projections, discount rate). The Group’s expenditures for the development of pharmaceuticals was not deemed to meet the capitalization criteria for the year ended December 31, 2020 and was thus expensed. Capitalization of expenditures for the development of pharmaceuticals typically takes place late in Phase 3 (the final stage of clinical trials where the product is given to large groups of people to confirm effectiveness) and subsequent to market approval, or alternatively in conjunction with the initiation of pivotal studies, depending on when the criteria are deemed to have been met. The reason for this is that before then it is uncertain whether the expenditure will generate future economic benefits and that financing the completion of the asset is not yet guaranteed. Market approval have not yet been obtained for any products and, accordingly, the conditions for capitalizing development expenditures are not met. Loss Carryforwards The Groups tax losses carried forward have not been recognized as deferred tax assets in the statement of financial position as of December 31, 2020, except for such circumstances where there are future temporary differences that such losses can be used to offset. Deferred tax assets will be recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. The Group has identified an uncertain tax position in relation to the ability to use tax loss carried forward in France due to transactions performed historically. The related tax losses carried forward has not been recognized as deferred tax assets in the consolidated statements of financial position. Assumptions for The Valuation of Pension Benefits The valuation of pension commitments and pension expenses is based on the actuarial assumptions specified in Note 27 Pension Liabilities. Key Sources of Estimation Uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.

Other Operating Income (Details) - SEK (kr) kr in Thousands	12 Months Ended
Other Operating Income (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Exchange rate differences	kr 2,501	kr 4,385
Total	2,501	4,385
Parent Company
Exchange rate differences	2,482	4,385
Total	kr 2,482	kr 4,385

Financial and Non-Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Financial and Non-Financial Assets and Liabilities

Schedule of financial and non-financial assets and liabilities

Financial and non-financial assets and liabilities as of December 31, 2020


		Financial
	Financial Assets	Assets
	Measured at	Measured	Non-	Total
	Fair Value through	at Amortized	Financial	Carrying
	Profit or Loss	Cost	Assets	Amount
Assets
Non-current financial assets	0	2,225	0	2,225
Other current assets	0	112	22,689	22,801
Cash	0	996,304	0	996,304
	0	998,641	22,689	1,021,330

	Financial Liabilities
	Measured at	Financial Liabilities	Non-	Total
	Fair Value through	Measured at	Financial	Carrying
	Profit or Loss	Amortized Cost	Liabilities	Amount
Liabilities
Provisions	48,969	0	6,392	55,361
Other non-current liabilities	0	878	0	878
Accounts payable	0	53,827	0	53,827
Other current liabilities	0	3,908	5,980	9,888
Accrued expenses and deferred revenue	0	24,890	16,496	41,386
	48,969	83,503	28,868	161,340

Financial and non-financial assets and liabilities as of December 31, 2019


	Financial Assets
	Measured at	Financial Assets	Non-	Total
	Fair Value through	Measured at	Financial	Carrying
	Profit or Loss	Amortized Cost	Assets	Amount
Assets
Non-current financial assets	—	1,939	—	1,939
Account receivables	—	46,586	—	46,586
Other current assets	399	—	2,320	2,719
Cash	—	753,540	—	753,540
	399	802,065	2,320	804,784

	Financial Liabilities
	Measured at	Financial Liabilities	Non-	Total
	Fair Value through	Measured at	Financial	Carrying
	Profit or Loss	Amortized Cost	Liabilities	Amount
Liabilities
Other non-current liabilities	—	3,584	—	3,584
Accounts payable	—	24,384	—	24,384
Other current liabilities	—	2,486	908	3,394
Accrued expenses and deferred revenue	—	14,837	10,678	25,515
	—	45,291	11,586	56,877

Prepaid Expenses (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Prepaid Expenses
Prepaid rental charges	kr 0	kr 771
Prepaid insurance premiums	10,743
Prepaid expenses for research and development	640	2,854
Prepaid transaction costs	0	14,662
Other prepaid expenses	6,363
Total	17,746	18,287
Parent Company
Prepaid Expenses
Prepaid rental charges	792	771
Prepaid insurance premiums	10,186
Prepaid expenses for research and development	224	2,854
Prepaid transaction costs	0	14,662
Other prepaid expenses	3,288
Total	kr 14,490	kr 18,287

Income Tax Expense (Details) - SEK (kr) kr in Thousands	12 Months Ended
Income Tax Expense (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current income taxes	kr 1,035	kr 77
Income tax expense recognized in the consolidated statements of income	(360)	(77)
Reconciliation of effective tax rate
Accounting loss before income tax	(436,151)	(32,501)
Tax in accordance with applicable tax rate in Sweden	93,336	6,955
Tax attributable to non-deductible tax losses carried forward and unrecognized deferred tax assets	(91,725)	(6,316)
Non-deductible expenses	(2,652)	(782)
Non-taxable income	1	64
Income tax expense recognized in the consolidated statements of income	kr (360)	kr (77)
At the effective income tax rate	0.00%
Applicable tax rate	21.40%	21.40%
Cost attributable to new share issue	kr 97,686	kr 10,915
Tax losses carried forward for which deferred tax assets have not been recognized	2,704,803	578,117
Parent Company
Current income taxes	0
Income tax expense recognized in the consolidated statements of income	0
Reconciliation of effective tax rate
Accounting loss before income tax	(407,363)	(36,186)
Tax in accordance with applicable tax rate in Sweden	87,176	7,744
Tax attributable to non-deductible tax losses carried forward and unrecognized deferred tax assets	(87,084)	(6,290)
Non-deductible expenses	(93)	(1,518)
Non-taxable income	1	kr 64
Income tax expense recognized in the consolidated statements of income	kr 0
At the effective income tax rate	0.00%
Applicable tax rate	21.40%	21.40%
Cost attributable to new share issue	kr 97,686	kr 10,915
Tax losses carried forward for which deferred tax assets have not been recognized	kr 1,081,734	kr 574,422

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2020
Significant Accounting Policies
Basis of preparation	Basis for Preparation These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) as adopted by the European Union (EU). In addition, the consolidated financial statements comply with the recommendation of the Swedish Financial Reporting Board RFR 1, Supplementary Accounting Regulations for Groups. The accounting policies stated below have, unless otherwise stated, been applied consistently over all periods presented in the consolidated financial statements. The Group’s accounting policies have been applied consistently by the Group’s companies. The consolidated financial statements provide comparative information in respect of the previous period.
Functional Currency and Reporting Currency	Functional Currency and Reporting Currency The Parent Company’s functional currency is Swedish Kronor (SEK), which is also the presentation currency of the Group. This means that the financial statements are presented in Swedish kronor (SEK) and all amounts, unless otherwise stated, are rounded to the nearest thousand (SEK 000s).
Basis for Valuation and Current versus Non-Current Classification	Basis for Valuation and Current versus Non-Current Classification The consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets (including derivative financial instrument) and contingent consideration that have been measured at fair value through profit or loss The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is expected to be realized within twelve months after the reporting period. All other assets are classified as non-current. A liability is current when it is due to be settled within twelve months after the reporting period. The Group classifies all other liabilities as non-current.
Basis of consolidation	Basis for Consolidation The consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries as of December 31, 2020. Control is achieved when the Parent Company has power over the investee, the Parent Company is exposed to or has rights to variable returns from its involvement in the investee, and the Parent Company has the ability to use its power over the investee to affect the amount of the investor’s returns, which normally means that the Parent Company owns more than half of the number of votes for all of the shares and participations. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes of the control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. All subsidiaries are consolidated using the acquisition method. The cost of an acquisition is measured as the fair value of assets that have been provided as payment along with any liabilities taken over or which have arisen at the acquisition date. With the acquisition method, the fair value of acquired identifiable assets, assumed liabilities and contingent liabilities in a business combination, regardless of the scope of any non-controlling interest, are measured at fair value as of the acquisition date. Any surplus arising from the difference between cost and fair value of identifiable acquired assets, liabilities and contingent liabilities is recognized as goodwill. If the cost amount is less than the fair value of the acquired net assets, it is recognized in the consolidated statements of income. Subsidiaries that were acquired during the financial year are included in the consolidated financial statements as soon as the controlling interest has been transferred to the Group. Subsidiaries that were disposed during the financial year are included in the consolidated financial statements up until the date when the controlling interest no longer exists. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative and selling expenses in the consolidated statements of income. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
New and Amended Standards and Interpretations	New and Amended Standards and Interpretations Updated standards and interpretations from IASB and IFRIC interpretations that came into effect for the year ended December 31, 2020 have had no material impact on the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective.
Future Standards and New Interpretation	Future Standards and New Interpretations Other future or altered standards or interpretations that the IASB has published are not expected to have any significant impact on the financial statements for the Group.
Revenue	Revenue The Group recognizes revenue as the identified performance obligations are performed. The Group’s revenue for the year ended December 31, 2020 consisted of revenues for the delivery of trial-related drugs within the framework of the out-licensing of Nefecon in connection with the agreement with Everest Medicines to Greater China and Singapore. Revenue for the provision of drugs for conducting clinical trials was recognized at a point in time, which occurred when control over the drug was transferred to Everest Medicines. Calliditas has completed all performance obligations within the agreement as of the delivery of study-related drugs to Everest Medicines for the year ended December 31, 2020. Variable remuneration (for example, attributable to future regulatory milestones) is not included in the transaction price while there is significant uncertainty as to whether these will occur. Revenue is recognized when these milestones occur. Compensation attributable to sales-based milestones or royalties are not recognized until the sale that results in the right to milestones or royalties arises.
Financial Income	Financial Income Financial income consists of interest income and foreign exchange gains. Interest income is recognized in accordance with the effective interest method. Effective interest is the interest that discounts estimated future receipts and payments during a financial instrument’s anticipated duration to the financial asset’s or liability’s recognized net value. The calculation contains all costs included in the effective interest paid by the parties to the contract, transaction costs and all other premiums and discounts. Dividends received are recognized when the right to receive a dividend has been established. Foreign exchange gains and losses are netted.
Research and Development	Research and Development Research and development expenses consist primarily of costs incurred for the Group’s development activities, including the development of the Group’s product candidates. The Group expenses research and development costs as incurred. The Group recognizes external development costs based on an evaluation of the progress to completion of specific tasks using information provided by Calliditas’ service providers. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected in the consolidated financial statements as a prepaid expense or accrued expense. Research and development tax credits are recognized in Sweden and in France. In Sweden tax credits are recognized on social security costs and in France tax credits are recognized on accredited suppliers. These research and development tax credits are recognized as an offset to research and development expenses in the consolidated statements of income.
Administrative and Selling	Administrative and Selling Administrative and selling expenses consist of salaries and other related costs for personnel in the Group’s executive, finance, corporate and business development and administrative functions. Administrative and selling expenses also include professional fees for legal, patent, accounting, auditing, tax and consulting services, related travel expenses and facility-related expenses, which include allocated expenses for rent and maintenance of facilities and other operating costs.
Employee Benefits	Employee Benefits Short-term benefits Current employee benefits such as salaries, social security costs, vacation pay and bonuses are expensed during the period in which employees perform the service. Pensions The Group has both defined-contribution and defined-benefit pension plans, and most employees are covered by and recognized in the defined-contribution pension plans. Employees in France and Switzerland are covered by defined-benefit pension plans. All other employees were covered by defined-contribution pension plans. See Note 27 Pension Liabilities for more information. Defined-contribution pension plans A defined-contribution pension plan is a pension plan according to which the Group pays fixed premiums to a separate legal entity. The Group does not have any legal or informal obligation to pay further premiums if this legal entity does not have sufficient assets to pay the full remuneration to employees corresponding to their service during the current or previous periods. The Group therefore has no further risk. The Group’s obligations relating to fees for defined-contribution plans are expensed in profit or loss as they are accrued due to the employee performing services for the Group over a period. Defined-benefit pension plans In defined-benefit plans, the pension is determined as a percentage of the pensionable final salary, based on the employee’s length of service and average final salary. The Group is responsible for ensuring that the established benefits are paid out. The defined-benefit pension obligations are recognized in the consolidated statements of financial position as the net total of the estimated present value of the obligations and the fair value of the plan assets, which are recognized as a provision or a non-current financial receivable. For defined-benefit plans, pension expense and commitments are calculated using the applicable principles of IAS 19. This calculation is performed annually by independent actuaries. The Group’s obligations are measured at the present value of expected future payments. Actuarial gains and losses may arise in connection with the determination of the present value of the obligations and the fair value of plan assets. These arise either because the fair value differs from the previous assumption, or the assumptions change. Actuarial gains and losses are recognized in the consolidated statements of comprehensive income in the period in which they arise. Interest expense, less the estimated return on plan assets, is classified as a financial expense. Other cost items in the pension expense are charged to operating profit. Severance pay An expense for remuneration in connection with termination of employment of personnel is recognized only if the Group is committed, without any realistic possibility of withdrawal, by a formal detailed plan to eliminate a position in advance of when that position would normally expire. When remuneration is paid as an offer to encourage voluntary termination of employment, the cost is recognized if it is probable that the offer will be accepted and the number of employees that will accept the offer can be reliably estimated. Share-based payments Share-based payments in the Group refers to option programs and performance-based share award programs, which are regulated by equity instruments. In cases where the fair value of the instrument exceeds what the employee paid, the difference is recognized as a personnel cost. The fair value of options is determined at the allotment date using the BlackScholes model for pricing of options. The valuation of the performance share awards is based on a discounted model with Monte Carlo simulation of the share price’s development for the share-related parts and with estimated probabilities for the outcome of the market conditions. The cost is recognized, together with a corresponding increase in equity, during the period in which the service conditions are met, up to and including, the date on which the employees concerned are fully eligible for compensation. Social security costs attributable to equity-related instruments to employees as remuneration for purchased services shall be expensed over the periods during which the services are performed. The cost should then be measured using the same valuation model used when the options were issued. The provision recognized must be revalued at each reporting period on the basis of a calculation of the social security costs that may be paid when the instruments are resolved.
Leases	Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities for future remaining lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the estimated lease term, which currently is two to three years for the Group’s leases. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the commencement date, because the interest rate implicit in the lease is not readily determinable. Following the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, or a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments). The Group’s lease liabilities are included in other non-current liabilities and other current liabilities in the consolidated statements of financial position (see Note 8 Leases and 20 Financial and Non-Financial Assets and Liabilities). Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of equipment (i.e., those leases that have a lease term of twelve months or less from the commencement date). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as an expense on a straight-line basis over the lease term.
Financial Expenses	Financial Expenses Financial expenses mainly consist of realized and unrealized losses on foreign exchange derivative instruments and unrealized foreign exchange losses. Foreign exchange gains and losses are netted.
Taxes	Taxes Income tax comprises current tax and deferred tax. Income tax is recognized in net profit for the year, except when the underlying transaction is recognized in other comprehensive income or equity with the related tax effect recognized in other comprehensive income and in equity. Current tax is the tax that is to be paid or received in the current year, with the application of the tax rates that have been enacted or substantively enacted by the end of the reporting period. Current tax also includes adjustments of current tax attributable to prior periods. Deferred tax is recognized on all temporary differences that arise between the tax value of assets and liabilities and their carrying amounts. Temporary differences attributable to participations in Group companies is not recognized, since it is unlikely that such a reversal will take place in the foreseeable future. The valuation of deferred tax is based on how the underlying assets or liabilities are expected to be realized or settled. Deferred tax is measured with the application of the tax rates and tax rules decided or announced on the closing date, and that are expected to apply when the deferred tax asset in question is realized or the deferred tax liability is settled. Deferred tax liabilities and deferred tax assets are offset as far as possible within the framework of local laws and regulations on taxation. Deferred tax assets on deductible temporary differences and loss carryforwards are recognized only to the extent that it is probable that it will be possible to utilize these, or to the extent that there are temporary differences which these can be utilized to offset. A provision for deferred tax assets will be recognized when it is no longer deemed probable that they can be utilized.
Intangible Assets	Intangible Assets Intangible assets in the Group consist of licenses and similar rights and goodwill. Licenses and similar rights The acquisition of Genkyotex SA resulted in the Group acquiring the rights to the NOX platform and the vaccine platform (SIIL agreement), as well as goodwill. The NOX platform, including the lead compound setanaxib, enables the identification of orally available small molecules which selectively inhibit specific NOX enzymes that amplify multiple disease processes such as fibrosis and inflammation. The vaccine platform (SIIL agreement) is an out-license agreement with Serum Institute of India (SIIL) for the use of a vaccine technology. In the prior year the Group had acquired the product candidate Budenofalk 3 mg oral capsule from the German pharmaceutical company Dr Falk Pharma GmbH for development of the pipeline portfolio related to orphan liver disease, such as AIH, in the United States. Intangible assets with a finite useful life are recognized at initial recognition at cost less accumulated amortization and any accumulated impairment losses. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. When determining the amortized amount of the assets, the residual value of the asset is taken into account, when applicable. Goodwill Goodwill arising in a business combination comprises the difference between the cost of the business combination and the fair value of identifiable assets acquired, liabilities assumed, and any contingent liabilities recognized at the acquisition date. Goodwill on business combinations is included in intangible assets and measured at cost less any accumulated impairment losses. Goodwill is allocated to the cash-generating units, which is the full Group, and tested annually for impairment requirement, or whenever there is any indication of impairment. There is no amortization of goodwill and impairment of goodwill is not reversed. Research and development expenses Development expenditures are recognized as an intangible asset when related development projects meet the criteria for capitalization. The most important criteria for capitalization are that the final product of the development process will generate future economic benefits or the ability of cost-savings capacity, including the technical feasibility of completing the intangible asset. Research and development expense are otherwise recognized as operating expenses. Market approval has not yet been obtained for the Group’s products and, accordingly, the Group deems that the conditions for capitalizing development expenditures are not met. Amortization Amortization of the intangible assets begins when the asset can be used, that is, when it is in the place and in the condition required to be able to use it in the manner intended by the Group’s management. The Group’s expected finite useful life is: - Licenses and similar rights – 6-15 years Until market approval from regulatory authorities has been granted, amortization of “Licenses and Similar Rights” will not commence. As market approval has not yet been obtained, no other costs have been capitalized. Following market approval from regulatory authorities, “Licenses and Similar Rights” will be amortized on a straight-line basis over the expected useful life. Until a market approval of the product has been obtained, the asset is assessed for impairment at least once a year, or when there is an indication that the asset may be impaired.
Equipment	Equipment Equipment is recognized in the consolidated statement of financial position at cost less accumulated depreciation and impairment. Such cost includes the cost price and expenses directly attributable to the asset. Repairs and maintenance costs are expensed as incurred, while expenses for improvements are recognized as investments and added to the cost of the assets. An item of equipment and any significant part initially recognized is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of income when the asset is derecognized. Depreciation Equipment is depreciated on a straight-line basis over the expected useful life. The Group’s expected useful life is: - Equipment — 5 years The residual values, useful lives, and methods of depreciation of equipment are reviewed at each financial year and adjusted prospectively, if appropriate. If there is an indication that an asset needs to be impaired, the asset is written down to its recoverable amount if this is lower than the carrying amount. The recoverable amount corresponds to the highest of net realizable value and value in use.
Impairment of Non-Financial Assets	Impairment of Non-Financial Assets Goodwill and intangible assets not yet available for use, are not amortized but the Group assesses for impairment at each reporting date, or when there is an indication that an asset may be impaired. Equipment that is depreciated is assessed for impairment whenever events or changes in circumstances indicate that the carrying amount is not recoverable. An impairment loss is made by the amount by which the asset’s carrying amount exceeds its recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash generating units’ (“CGU”) fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment measurement on intangible assets on a probability-adjusted cash flow model. The value of licenses is measured by estimating the expected future cash flows and present value adjustments to take into account the development risk. The valuation takes into account cash flow from potential commercialization during the expected useful life and does not include calculation of any residual value thereafter. The most critical assumptions mainly consist of assumptions about the timing of potential commercialization, market size, market share and probability of reaching the market. When assessing the impairment requirement for goodwill, this is grouped at the lowest levels for which there are separately identifiable cash flows. Calliditas has made the assessment that the Group’s operations as a whole comprise a cash-generating unit. Impairment losses of continuing operations are recognized in the statement of income in expense categories consistent with the function of the impaired asset. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years.
Financial Assets and Financial Liabilities	Financial Assets and Financial Liabilities A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are classified at initial recognition, including on the basis of the purpose for which the instrument was acquired and managed. This classification determines the valuation of the instruments. Initial recognition and measurement of financial assets The Group’s financial assets consist of long-term receivables, derivatives, other current receivables and cash, all of which, except derivatives, are classified at amortized cost. Derivatives are classified at fair value through profit or loss. The instruments are classified into: - Amortized cost, or - Fair value through profit or loss Financial assets at amortized cost are initially measured at fair value with the addition of transaction costs. Following the initial recognition, the assets are measured at amortized cost less a provision for losses on expected credit losses. Assets classified at amortized cost are held according to the business model to collect contractual cash flows that are only payments of capital amount and interest on the outstanding capital amount. Initial recognition and measurement of financial liabilities The Group’s financial liabilities consist of contingent consideration related to business combinations, accounts payable and other current liabilities, all of which, except contingent consideration, are classified as amortized cost. Contingent consideration related to business combinations is classified at fair value through profit or loss. The instruments are classified into: – Amortized cost, or – Fair value through profit or loss Financial liabilities at amortized costs are initially measured at fair value, net of transaction costs. Subsequently periods are measured at amortized cost using the effective interest (EIR) method. Financial liabilities classified at fair value are measured both initially and in subsequent periods at fair value in the Group’s consolidated statements of financial position, where changes in fair value are recognized in the Group’s consolidated statements of income. The components of the change in fair value relating to exchange rate effects are recognized in net financial items and other changes in fair value are recognized in operating profit or loss. Recognition and derecognition A financial asset or financial liability is recognized in the consolidated statement of financial position when the Group becomes a party in accordance with the contractual terms of the instrument. Debt is recognized when the counterparty has performed and a contractual obligation exists to pay, even if an invoice has not yet been received. A financial asset is derecognized from the consolidated statement of financial position when the rights in the agreement are realized, expire or the Group loses control of them. A financial liability is derecognized from the consolidated statement of financial position when the contractual obligation is fulfilled or otherwise extinguished. The same applies to part of a financial asset or financial liability. Gains and losses from derecognition from the consolidated statement of financial position are recorded in the consolidated statement of income. A financial asset and financial liability are offset and recognized with a net amount in the consolidated statement of financial position only when there is a legal right to set off the amounts and that there is an intention to settle the items with a net amount or to simultaneously realize the asset and settle the debt. Impairment of financial assets The Group’s impairment model is based on expected credit losses and takes into account forward-looking information. The valuation of expected credit losses takes into account any collateral and other credit enhancements in the form of guarantees. See Note 21 Financial Risks for information on considerations relating to accounts receivable and deposits.
Cash	Cash Cash are entirely comprised of cash at banks.
Equity	Equity Common shares, other contributed capital and retained earnings are classified as equity. Financial instruments that meet the criteria for classification as equity are recognized as equity even if the financial instrument is legally structured as a liability. Transaction costs that are directly attributable to the issue of new shares or options are recognized net after tax in equity as a deduction from the issue proceeds.
Warrants	Warrants The Group has only issued warrants that were transferred at fair value. Premiums received for warrants granted to acquire shares in companies within the Group are recorded as additions to equity, based on the warrant premium, at the date when the warrant was transferred to the counterparty.
Option Program	Option Program The Group has issued an option program which constitutes share-based payments. The cost for the remuneration that is recognized in a period is dependent on the original valuation that was made on the date on which the contracts with the participants in the incentive programs were concluded, the number of months of service required for vesting of their options (accruals are made over this period), the number of options that are expected to be vested under the terms of the plans and a continuous reassessment of the value of the tax benefits for the participants under the plans (for determining provisions for social security expenses). Those estimates which affect the cost in a period and the corresponding increase in equity mainly refer to inputs for the valuation of the options. All the options are classified as equity-settled, as vested options are settled in equity. When the options are exercised, the company issues new shares.
Provisions	Provisions A provision differs from other liabilities in that there is uncertainty about the time of payment or the amount of the amount to settle the provision. A provision is recognized in the statement of financial position when there is an existing legal or informal obligation arising from past events, and it is likely that an outflow of financial resources will be required to settle the obligation and a reliable estimate of the amount can be made. The amount recognized is the best estimate of what is required to settle the existing obligation on the balance sheet date. Where the effect of when payment is made in time is significant, provisions are calculated by discounting the expected future cash flow.
Contingent Liabilities	Contingent Liabilities A contingent liability is disclosed when there is a possible commitment originating from events that have occurred and whose occurrence is confirmed by one or several uncertain future events. An obligation arising from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events is not recognized as a liability or provision.
Foreign Currency	Foreign Currency Transactions in foreign currency Transactions in foreign currency are translated to the functional currency at the exchange rate on the date of the transaction. Monetary assets and liabilities in foreign currency are translated to the functional currency at the exchange rate that applies on the closing date. Exchange rate differences arising on translation are recognized in net profit for the year. Foreign exchange gains and losses on operating receivables and liabilities are recognized in operating profit, while foreign exchange gains and losses on financial receivables and liabilities are recognized as financial items. Translation from foreign operations Assets and liabilities in foreign operations are translated from the functional currency of the operations to the Group’s presentation currency at the exchange rate applicable on the closing date. Income and expenses in a foreign operation are translated to SEK at the average exchange rate which corresponds to an approximation of the exchange rates prevailing on each individual transaction date. Translation differences arising in the translation of foreign operations’ functional currencies are recognized in the consolidated statements of comprehensive income.
Earnings Per Share	Earnings per Share The calculation of earnings per share is based on the Group’s net loss for the year and on the weighted-average number of common shares outstanding during the year. In calculating earnings per share after dilution, earnings and the average number of shares are adjusted for the dilutive effects of potential common shares. Earnings per share is not adjusted for any dilution that results in a profit per share after dilution that is higher than profit per share before dilution, or loss per share that is lower than loss per share before dilution.
Cash Flow	Cash Flow The consolidated statement of cash flows is prepared in accordance with the indirect method. The recognized cash flow includes only transactions that involve inflows and outflows, divided into operating activities, investing activities and financing activities. Cash flows from inflows and outflows are recognized at gross amounts, except for transactions comprising large inflows and outflows that pertain to items that are traded quickly and have short terms.
Segment Information	Segment Information An operating segment is a part of the Group that conducts business activities from which it can generate revenue and incur costs, and for which independent financial information is available. Identification of segments is based on internal reporting to the chief operating decision maker (“CODM”). The CODM for the Group is the Chief Executive Officer (“CEO”). The Group does not divide its operations into different segments and the CODM operates and manages the Group’s entire operations as one segment, which is consistent with the Group’s internal organization and reporting system. The Group’s revenue is attributable to the Parent Company in Sweden and the non-current assets are located in Sweden, France and Switzerland.

Financial Income (Tables)

12 Months Ended

Dec. 31, 2020

Financial Income

Schedule of Financial income


	Year Ended December 31,
	2020	2019
Interest income	547	926
Total	547	926

Consolidated Statements of Cash Flows - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Operating loss	kr (379,720)	kr (28,019)
Adjustments for non-cash items	15,465	2,308
Interest received	1,912	926
Interest paid	(393)	(325)
Income taxes paid	(528)
Cash flow from operating activities before changes in working capital	(363,264)	(25,110)
Cash flow from changes in working capital
Changes in operating receivables	8,033	(53,546)
Changes in operating liabilities	46,050	7,645
Cash flow from operating activities	(309,181)	(71,011)
Investing activities
Acquisition of a subsidiary, net of cash acquired	(172,602)
Purchase of equipment	0	(118)
Investments in non-current financial assets	(5)	(1,888)
Purchase of intangible assets	0	(16,066)
Cash flow from investing activities	(172,607)	(18,072)
Financing activities
New share issue	891,388	210,317
Cost attributable to new share issue	(95,937)	(10,915)
Transactions costs paid	0	(1,748)
Exercise of warrants	59,251
Premiums from warrants issuance	0	2,834
Purchase of non-controlling interests	(82,172)
Repayment of loans	(3,972)	(1,652)
Cash flow from financing activities	768,558	198,835
Net increase /(decrease) in cash	286,770	109,752
Cash at beginning of the year	753,540	646,175
Exchange-rate difference in cash	(44,006)	(2,387)
Cash at the end of the year	kr 996,304	kr 753,540

Pension Liabilities - Sensitivity analysis (Details) - Defined-Benefit Pension Plan - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Pension commitments under current assumptions for Swiss pension plans	kr (8,296)	kr 0
Defined Benefit Plan Obligation
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Pension commitments under current assumptions for Swiss pension plans	kr 19,365
Discount rate \| Defined Benefit Plan Obligation
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Decrease in actuarial assumption (as a percent)	0.50%
Increase in actuarial assumption (as a percent)	0.50%
Increase(decrease) in defined benefit obligation, assuming decrease in actuarial assumption	kr 21,631
Increase(decrease) in defined benefit obligation, assuming increase in actuarial assumption	kr 17,139
Retirement pension inflation rate \| Defined Benefit Plan Obligation
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Decrease in actuarial assumption (as a percent)	0.50%
Increase in actuarial assumption (as a percent)	0.50%
Increase(decrease) in defined benefit obligation, assuming decrease in actuarial assumption	kr 18,241
Increase(decrease) in defined benefit obligation, assuming increase in actuarial assumption	kr 20,257
Salary revaluation rate \| Defined Benefit Plan Obligation
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Decrease in actuarial assumption (as a percent)	0.50%
Increase in actuarial assumption (as a percent)	0.50%
Increase(decrease) in defined benefit obligation, assuming decrease in actuarial assumption	kr 18,802
Increase(decrease) in defined benefit obligation, assuming increase in actuarial assumption	kr 19,605

Leases (Details) - Parent Company - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases
Future minimum lease payments	kr 3,922	kr 7,092
Operating lease expenses	3,326	2,508
2021
Leases
Future minimum lease payments	2,835	3,284
Between 1 and 5 years
Leases
Future minimum lease payments	1,087	kr 3,808
More than 5 years
Leases
Future minimum lease payments	kr 0

Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity.

Schedule of Share capital and other contributed capital


			Additional
	Number	Share	Paid-in
	of Shares	Capital	Capital
As of January 1, 2019	35,202,347	1,408	1,072,319
Premiums from warrants issuance	—	—	2,834
Share-based payment	—	—	249
New share issue	3,505,291	140	199,262
As of December 31, 2019	38,707,638	1,548	1,274,664

New share issue*	9,937,446	397	793,304
Exercise of warrants	1,296,500	52	59,199
Share-based payment	0	0	6,012
As of December 31, 2020	49,941,584	1,998	2,133,179

* Initial public offering on The Nasdaq Global Select Market in the United States in June 2020 and the following exercise of the partial over-allotment option from the IPO in July 2020.

Schedule of changes in translation reserve


	December 31,
	2020	2019
Opening balance	(45)	(34)
Change for the year ended	(6,045)	(11)
Closing balance	(6,090)	(45)

Participations in Group Companies (Details) - Parent Company - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Participations in Group Companies
Cost at opening balance	kr 5,371	kr 5,924
Acquisition for the year	295,158	1
Shareholders' contributions	0	350
Liquidation	(1,531)
Reclassification by merger	0	(904)
Cost at closing balance	298,998	5,371
Impairment at opening balance	(5,270)	(2,435)
Reversal of write-downs	1,531
Impairment for the year	0	(3,739)
Reclassification by merger	0	904
Impairment at closing balance	(3,739)	(5,270)
Net book value	kr 295,259	kr 101

Financial Risks

12 Months Ended

Dec. 31, 2020

Financial Risks

Financial Risks

Note 21 Financial Risks

Through its operations, the Group is exposed to a variety of financial risks: credit risk, market risk (currency risk, interest rate risk and other price risk), refinancing risk, and liquidity risk. The Group’s overall risk management focuses on the unpredictability of the financial markets and it endeavors to minimize potentially unfavorable effects on the Group’s financial results.

The Group’s financial transactions and risks are managed centrally through the Group’s CFO and CEO. The overall objective for financial risks is to provide cost-efficient financing and liquidity management and to ensure that all payment commitments are managed in a timely manner.

The Board prepares written policies for both the overall risk management and for specific areas, such as credit risks, currency risks, interest rate risks, refinancing risks, liquidity risks and the use of derivative instruments and investment of surplus liquidity.

Credit Risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument, leading to a financial loss for the Group. The Group’s exposure to credit risk is limited to deposits with banks with high credit ratings, which means the Group is of the opinion that there is no material credit risk, and accordingly no provision for credit risk is recognized.

Credit risk accounts receivable

The payment terms amount to 20 business days depending on the counterparty.

Days past due, but not impaired, receivables on the closing day is given below. There is no reserve for bad debts and no recognized credit losses.


	December 31,
	2020	2019
Days past due account receivables	0	—
Not due account receivables	0	46,586
Total	0	46,586

The credit quality of receivables that are not past due or written down is deemed to be good. See Note 3 Revenue from Contracts with Customers for further information.

Market Risks

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The type of market risk that impacts the Group is currency risk. The Group does not currently have any loans or holdings that expose the group to interest rate risk or other price risk.

Foregin Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The primary exposure derives from the Group’s purchases in foreign currencies. This exposure is known as transaction exposure. Currency risk is also found in the translation of the assets and liabilities of foreign operations to the Parent Company’s functional currency, known as translation exposure.

Transaction Exposure

Transaction exposure from contracted payment flows in foreign currency is limited in the Group. Refer to the table below for exposure in each currency.


			Operating
Currency Exposure 2020 (%)	Revenue		Expenses
USD	100	%	35	%
EUR	0		36	%
GBP	0		6	%
SEK	0		23	%


			Operating
Currency Exposure 2019 (%)	Revenue		Expenses
USD	100	%	22	%
EUR	—		54	%
GBP	—		3	%
SEK	—		21	%

As presented in the table above, the Group’s primary transaction exposure is in Euro and U.S. dollar. A 10% stronger Euro against the Swedish Krona would have a negative impact on profit after tax and equity of approximately SEK 10,247 (SEK 10,246). A 10% stronger U.S. dollar against the Swedish Krona would have a negative impact on profit after tax and equity of approximately SEK 9,979 (pos. SEK 14,359).

Translation Exposure

The Group also has translation exposure that arises on the translation of earnings and net assets of foreign subsidiaries to the Swedish Kronor. Translation against U.S. dollar amounted to SEK 1,256 as of December 31, 2020. A 10% stronger Swedish Krona against the U.S. dollar would have a positive impact on equity of approximately SEK 126. Translation against Euros amounted to SEK 26,673 as of December 31, 2020. A 10% stronger Swedish Krona against Euros would have a positive impact on equity of approximately SEK 2,667.

The Group also has a translation exposure arising from the translation of foreign trade debt to the Swedish Kronor. This exposure amounted to SEK 15,811 (SEK 5,866) at the closing date in U.S. dollars and SEK 28,806 (SEK 14,817) in Euros. A 10% stronger U.S. dollar against the Swedish Krona would have a negative impact on profit after tax and equity of approximately SEK 1,581 (SEK 587). A 10% stronger Euro against the Swedish Krona would have a negative impact on profit after tax and equity of approximately SEK 2,881 (SEK 1,482).

Refinancing Risk

Refinancing risk refers to the risk that cash are not available and the risk that financing cannot be secured at a reasonable cost or at all. The Group is currently financed by equity and thus is not exposed to risks related to external loan financing. Accordingly, the primary risks pertain to the risk of not securing additional contributions and investments from the owners.

Liquidity Risk

Liquidity risk is the risk that the Group encounters difficulties in meeting its obligations associated with financial liabilities. The Board manages liquidity risks by continuously monitoring cash flow so that it can reduce liquidity risk and ensure its solvency. Given that the Parent Company currently does not have its own earning ability, the Board carries out long-term work with owners and independent investors to ensure that liquidity is available to the Parent Company when a need arises.

The Group’s contractual and undiscounted interest payments and repayments of financial liabilities are presented in the table below. Amounts in foreign currency were translated to SEK at the closing day rate. Financial instruments with variable interest rates were measured at the rate on the closing date. Liabilities were included in the earliest period when repayment is required. For future lease payments see Note 8 Leases.

Maturity analysis


	December 31, 2019
	<6 months	6 - 12 months	>12 months
Accounts payable	24,384	—	—
Other current liabilities	2,151	1,243	—
Accrued expenses	21,982	2,659	—

Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Equipment

Schedule of depreciation and amortisation expense


	December 31,
	2020	2019
Cost at opening balance	118	813
Acquisition for the year	0	118
Disposal for the year	0	(813)
Exchange differences	(4)	—
Additional, through business combinations	100	—
Cost at closing balance	214	118

Depreciation at opening balance	(14)	(706)
Deprecation for the year	(37)	(44)
Disposal for the year	0	736
Depreciation at closing balance	(51)	(14)

Net book value	163	104

Schedule of depreciation and amortisation expense

Equipment


	December 31,
	2020	2019
Cost at opening balance	118	813
Acquisition for the year	0	118
Disposal for the year	0	(813)
Cost at closing balance	118	118

Depreciation at opening balance	(14)	(706)
Deprecation for the year	(24)	(44)
Disposal for the year	0	736
Depreciation at closing balance	(38)	(14)

Net book value	80	104

Other Non-Current Financial Assets

12 Months Ended

Dec. 31, 2020

Other Non-Current Financial Assets

Other Non-Current Financial Assets

Note 16 Other Non-Current Financial Assets


	December 31,
	2020	2019
Opening balance	1,939	341
Bank guarantees granted	0	1,888
Reimbursement security deposit	0	(290)
Net book value	1,939	1,939

Equipment

12 Months Ended

Dec. 31, 2020

Equipment.

Equipment

Note 17 Equipment


	December 31,
	2020	2019
Cost at opening balance	118	813
Acquisition for the year	0	118
Disposal for the year	0	(813)
Exchange differences	(4)	—
Additional, through business combinations	100	—
Cost at closing balance	214	118

Depreciation at opening balance	(14)	(706)
Deprecation for the year	(37)	(44)
Disposal for the year	0	736
Depreciation at closing balance	(51)	(14)

Net book value	163	104

Financial Risks (Tables)

12 Months Ended

Dec. 31, 2020

Financial Risks

Schedule of credit risk accounts receivable


	December 31,
	2020	2019
Days past due account receivables	0	—
Not due account receivables	0	46,586
Total	0	46,586

Schedule of transaction exposure from contracted payment flows in foreign currency


			Operating
Currency Exposure 2020 (%)	Revenue		Expenses
USD	100	%	35	%
EUR	0		36	%
GBP	0		6	%
SEK	0		23	%


			Operating
Currency Exposure 2019 (%)	Revenue		Expenses
USD	100	%	22	%
EUR	—		54	%
GBP	—		3	%
SEK	—		21	%

Schedule of maturity analysis


	December 31, 2019
	<6 months	6 - 12 months	>12 months
Accounts payable	24,384	—	—
Other current liabilities	2,151	1,243	—
Accrued expenses	21,982	2,659	—

Accrued Expenses and Deferred Revenue

12 Months Ended

Dec. 31, 2020

Accrued Expenses and Deferred Revenue

Note 28 Accrued Expenses and Deferred Revenue


	December 31,
	2020	2019
Accrued salaries and Board fees	8,134	4,726
Vacation pay liabilities	4,921	1,904
Social security costs	3,440	2,975
Accrued expenses for research and development	14,135	1,176
Deffered revenue	0	874
Accrued expenses for administrative and selling	10,756	4,144
Other accrued expenses	0	9,716
Total	41,386	25,515

Accrued Expenses and Deferred Revenue

Note 21 Accrued Expenses and Deferred Revenue


	December 31,
	2020	2019
Accrued salaries and Board fees	5,925	4,143
Vacation pay liability	2,603	1,502
Social security costs	3,441	2,975
Accrued expenses for research and development	13,072	1,177
Deffered revenue	0	874
Accrued expenses for administrative and selling expenses	5,746	4,144
Other accrued expenses	0	9,716
Total	30,787	24,531

Prepaid Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of prepaid expenses


	December 31,
	2020	2019
Prepaid rental charges	0	771
Prepaid insurance premiums	10,743	—
Prepaid expenses for research and development	640	2,854
Prepaid transaction costs	0	14,662
Other prepaid expenses	6,363	—
Total	17,746	18,287

Auditors' Fee

12 Months Ended

Dec. 31, 2020

Auditors' Fee

Note 6 Auditors’ Fee


	Year Ended December 31,
	2020	2019
Ernst & Young AB
Audit services	4,449	645
Other audit activities	3,774	3,343
Other services	0	98
Total	8,223	4,086

KPMG
Audit services	102	—
Other audit activities	2,552	—
Total	2,654	—

Other auditors
Audit services	102	—
Total	102	—

Total audit fee	10,979	4,086

Schedule of operating expenses

Auditors' Fee

Note 5 Auditors’ Fee


	Year Ended December 31,
	2020	2019
Ernst & Young AB
Audit services	4,449	645
Other audit activities	3,774	3,343
Other services	0	98
Total	8,223	4,086

Auditor's Fee (Tables)

12 Months Ended

Dec. 31, 2020

Auditors' Fee

Auditors fees expenses


	Year Ended December 31,
	2020	2019
Ernst & Young AB
Audit services	4,449	645
Other audit activities	3,774	3,343
Other services	0	98
Total	8,223	4,086

KPMG
Audit services	102	—
Other audit activities	2,552	—
Total	2,654	—

Other auditors
Audit services	102	—
Total	102	—

Total audit fee	10,979	4,086

Financial Risks (Details) kr in Thousands	12 Months Ended
Financial Risks (Details) kr in Thousands	Dec. 31, 2020 SEK (kr)
Financial Risks
Provision for credit risk	kr 0
Reserve for bad debts	0
Credit loss recognized	kr 0

Auditor's Fee (Details) - SEK (kr) kr in Thousands	12 Months Ended
Auditor's Fee (Details) - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Auditors Remuneration [Line Items]
Total audit fee	kr 10,979	kr 4,086
Ernst & Young AB
Auditors Remuneration [Line Items]
Audit services	4,449	645
Other audit activities	3,774	3,343
Other services	0	98
Total audit fee	8,223	kr 4,086
KPMG
Auditors Remuneration [Line Items]
Audit services	102
Other audit activities	2,552
Total audit fee	2,654
Other auditors
Auditors Remuneration [Line Items]
Audit services	102
Total audit fee	kr 102

Employees and Personnel Costs - Wages and Salaries (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Employees and Personnel Costs
Wages and Salaries	kr 49,608	kr 22,173
Parent Company \| Board and executive management
Employees and Personnel Costs
Wages and Salaries	19,211	13,109
Parent Company \| Other employees
Employees and Personnel Costs
Wages and Salaries	15,598	6,091
Subsidiaries \| Board and executive management
Employees and Personnel Costs
Wages and Salaries	3,184	kr 2,973
Subsidiaries \| Other employees
Employees and Personnel Costs
Wages and Salaries	kr 11,615

Description of Business (Details)	Dec. 31, 2020 SEK (kr)
Description of Business
Number of subsidiaries	3

Costs according to Type of Cost (Tables)

12 Months Ended

Dec. 31, 2020

Costs according to Type of Cost


	Year Ended December 31,
	2020	2019
Other external expenses	311,329	176,729
Personnel costs	68,943	34,157
Depreciation on equipment’s and right-of-use assets	2,823	1,822
Other operating expenses	0	4,525
Total	383,095	217,233

Pledged Assets, Contingent Liabilities and Other Obligations (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Pledged Assets, Contingent Liabilities and Other Obligations
Percentage of Fixed Royalty	3.00%
Pledged assets	kr 2,336	kr 1,938

Share-Based Payments - Board LTIP 2019 - Additional information (Details)	12 Months Ended
	Dec. 31, 2020 EquityInstruments	Dec. 31, 2020 SEK (kr)	Dec. 31, 2019 EquityInstruments
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	1,279,086		2,575,586
Board LTIP 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	51,399	51,399
Vesting period	3 years
Board LTIP 2019 \| Milestone 1
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of share price increases as the condition for share awards to be earned	60.00%
Percentage of the share awards earned based on the price increase condition	100.00%
Board LTIP 2019 \| Milestone 2
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of share price increases as the condition for share awards to be earned	20.00%
Percentage of the share awards earned based on the price increase condition	33.00%
Board LTIP 2019 \| Milestone 3 \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of the share awards earned based on the price increase condition	20.00%
Board LTIP 2019 \| Milestone 3 \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of share price increases as the condition for share awards to be earned	60.00%
Board LTIP 2019 \| Scenario four
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of share price increases as the condition for share awards to be earned	20.00%
Board LTIP 2019 \| Scenario four \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of the share awards earned based on the price increase condition	0.00%

Significant Accounting Policies - Leases (Details)	12 Months Ended
Significant Accounting Policies - Leases (Details)	Dec. 31, 2020
Significant Accounting Policies
Ifrs Lessee Operating Lease Term Of Contract	12 months

Business Combinations - Purchase price allocation (Details) - Genkyotex SA kr in Thousands	Dec. 31, 2020 SEK (kr)
Assets and liabilities recognized in conjunction with the acquisition
Non-current assets	kr 2,438
Other current assets	10,022
Cash	32,265
Pension liabilities	(9,410)
Deferred tax liabilities	(82,683)
Other non-current liabilities	(643)
Other current liabilities	(20,677)
Acquired identified assets	342,726
Non-controlling interests	(136,084)
Goodwill	48,839
Acquired net assets	255,481
NOX platform
Assets and liabilities recognized in conjunction with the acquisition
Intangible assets	382,521
Other licenses
Assets and liabilities recognized in conjunction with the acquisition
Intangible assets	kr 28,893

Statements of Income - SEK (kr) kr in Thousands	12 Months Ended
Statements of Income - SEK (kr) kr in Thousands	Dec. 31, 2020	Dec. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Net sales	kr 874	kr 184,829
Research and development expenses	(241,371)	(149,826)
Administrative and selling expenses	(141,724)	(62,882)
Other operating income	2,501	4,385
Other operating expenses	0	(4,525)
Operating loss	(379,720)	(28,019)
Profit/(loss) from financial items
Loss before income tax	(436,151)	(32,501)
Income tax expense	(360)	(77)
Loss for the year	(436,511)	(32,578)
Parent Company
Condensed Financial Statements, Captions [Line Items]
Net sales	874	184,829
Research and development expenses	(227,027)	(149,826)
Administrative and selling expenses	(128,896)	(63,410)
Other operating income	2,482	4,385
Other operating expenses	0	(4,540)
Operating loss	(352,567)	(28,562)
Profit/(loss) from financial items
Profit/loss from participations in Group companies	4	(3,439)
Other interest received and similar items	559	926
Interest expense and similar items	(55,359)	(5,111)
Loss before income tax	(407,363)	(36,186)
Income tax expense	0
Loss for the year	kr (407,363)	kr (36,186)

Cash

12 Months Ended

Dec. 31, 2020

Cash

Cash

Note 23 Cash


	December 31,
	2020	2019
Available balances	996,304	753,540
Total	996,304	753,540

Cash refer to cash at banks and are primarily in Swedish Kronor.

Adjustments for non-cash items in the consolidated statements of cash flows:


	Year Ended December 31,
	2020	2019
Depreciation	2,823	1,822
Change in Provisions	6,634	175
Share-based payments	6,012	249
Other items	(4)	62
Total	15,465	2,308

Reconciliation of liabilities from financing activities


	Non-Cash-Items
			Additional	Business	Exchange
	January 1, 2020	Cash -Flow	Agreement	Combinations	Differences	December 31, 2020
Lease liabilities	6,070	(3,972)	98	2,677	(87)	4,786
	6,070	(3,972)	98	2,677	(87)	4,786


	Non-Cash-Items
			Additional	Termination	Exchange
	January 1, 2019	Cash -Flow	Agreement	of Agreement	Differences	December 31, 2019
Lease liabilities	1,819	(1,652)	7,527	(1,624)	—	6,070
	1,819	(1,652)	7,527	(1,624)	—	6,070