0001104659-22-051264 | 20-F | XBRL Viewer | Calliditas Therapeutics AB

December 31,

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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2021 shares
Ifrs Statement [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Registrant Name	Calliditas Therapeutics AB
Entity File Number	001-38097
Entity Incorporation, State or Country Code	V7
Entity Address, Address Line One	Kungsbron 1, D5
Entity Address, City or Town	Stockholm
Entity Address, Country	SE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	52,341,584
Entity Shell Company	false
Document Accounting Standard	International Financial Reporting Standards
ICFR Auditor Attestation Flag	true
Entity Central Index Key	0001795579
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Document Period End Date	Dec. 31, 2021
Amendment Flag	false
Auditor Name	Ernst & Young AB
Auditor Firm ID	1433
Auditor Location	Stockholm
Entity Address, Postal Zip Code	111 22
American Depositary Shares, Each Representing Two Common Shares, Quota Value SEK 0.04 Per Share
Ifrs Statement [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing two common shares, quota value SEK 0.04 per share
Trading Symbol	CALT
Security Exchange Name	NASDAQ
Common shares, quota value SEK 0.04 per share
Ifrs Statement [Line Items]
Title of 12(b) Security	Common shares, quota value SEK 0.04 per share *
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
Business Contact [Member]
Ifrs Statement [Line Items]
Entity Address, Address Line One	Kungsbron 1, D5
Entity Address, City or Town	Stockholm
Entity Address, Country	SE
Contact Personnel Name	Renée Aguiar-Lucander
City Area Code	+46 (0)
Local Phone Number	8 411 3005
Contact Personnel Email Address	renee.lucander@calliditas.com
Entity Address, Postal Zip Code	111 22

Consolidated Statements of Income kr in Thousands	12 Months Ended
Consolidated Statements of Income kr in Thousands	Dec. 31, 2021 SEK (kr)	Dec. 31, 2021 $ / shares	Dec. 31, 2020 SEK (kr)	Dec. 31, 2020 $ / shares	Dec. 31, 2019 SEK (kr)	Dec. 31, 2019 $ / shares
Condensed Consolidated Statements of Income
Net sales	kr 229,347		kr 874		kr 184,829
Research and development expenses	(357,485)		(241,371)		(149,826)
Administrative and selling expenses	(390,232)		(141,724)		(62,882)
Other operating income	259		2,501		4,385
Other operating expenses	(6,344)				(4,525)
Operating loss	(524,456)		(379,720)		(28,019)
Financial income	20,336		547		926
Financial expenses	(9,253)		(56,978)		(5,408)
Loss before income tax	(513,373)		(436,151)		(32,501)
Income tax expense	3,836		(360)		(77)
Loss for the year	(509,537)		(436,511)		(32,578)
Attributable to:
Equity holders of the Parent Company	(500,293)		(433,494)		kr (32,578)
Non-controlling interests	kr (9,244)		kr (3,017)
Loss per share
Before and after dilution to ordinary equity holders of the Parent Company \| $ / shares		$ (9.84)		$ (9.66)		$ (0.88)

Consolidated Statements of Comprehensive Income - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Consolidated Statements of Comprehensive Income
Loss for the year	kr (509,537)	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	(20,111)	(9,352)	(11)
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods	(20,111)	(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	1,993	1,216
Other comprehensive income/(loss) that will not be reclassified to profit or loss in subsequent periods	1,993	1,216
Other comprehensive income/(loss) for the year	(18,118)	(8,137)	(11)
Total comprehensive loss for the year	(527,655)	(444,648)	(32,589)
Attributable to:
Equity holders of the Parent Company	(519,189)	(438,343)	kr (32,589)
Non-controlling interests	kr (8,466)	kr (6,305)

Consolidated Statements of Financial Position - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Non-current assets
Intangible assets	kr 399,418	kr 418,825
Equipment	6,309	163
Right-of-use assets	33,300	5,244
Non-current financial assets	3,915	2,225
Deferred tax assets	4,196	600
Total non-current assets	447,138	427,057
Current assets
Inventory	889
Other current assets	11,343	22,801
Prepaid expenses	45,032	17,746
Cash	955,507	996,304
Total current assets	1,012,772	1,036,851
TOTAL ASSETS	1,459,910	1,463,908
Equity
Share capital	2,094	1,998
Additional paid-in capital	2,459,741	2,133,179
Reserves	(26,979)	(6,090)
Retained earnings including net loss for the year	(1,426,574)	(918,596)
Equity attributable to equity holders of the Parent Company	1,008,281	1,210,491
Non-controlling interests		45,809
Total equity	1,008,281	1,256,300
Non-current liabilities
Provisions	14,530	6,391
Contingent consideration	54,399	48,969
Pension liabilities	3,182	8,296
Deferred tax liabilities	30,856	37,454
Non-current interesting-bearing liabilities	189,164
Non-current lease liabilities	24,052	878
Total non-current liabilities	316,184	101,989
Current liabilities
Accounts payable	67,971	53,827
Current tax liabilities	1,221	518
Other current liabilities	12,702	9,888
Accrued expenses and deferred revenue	53,553	41,386
Total current liabilities	135,446	105,619
TOTAL EQUITY AND LIABILITIES	kr 1,459,910	kr 1,463,908

Consolidated Statements of Changes in Equity - SEK (kr) kr in Thousands	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	kr 1,072,319	kr (34)	kr (455,518)	kr 618,175		kr 618,175
Loss for the year				(32,578)	(32,578)		(32,578)
Other comprehensive income/(loss) for the year			(11)		(11)		(11)
Total comprehensive loss for the year			(11)	(32,578)	(32,589)		(32,589)
Transactions with owners:
New share issue	140	210,177			210,317		210,317
Cost attributable to new share issue		(10,915)			(10,915)		(10,915)
Premiums from warrants issuance		2,834			2,834		2,834
Share-based payments		249			249		249
Total transactions with owners	140	202,345			202,485		202,485
Equity at the end of period at Dec. 31, 2019	1,548	1,274,664	(45)	(488,096)	788,071		788,071
Loss for the year				(433,494)	(433,494)	kr (3,017)	(436,511)
Other comprehensive income/(loss) for the year			(6,045)	1,196	(4,849)	(3,288)	(8,137)
Total comprehensive loss for the year			(6,045)	(432,298)	(438,343)	(6,305)	(444,648)
Transactions with owners:
New share issue	397	890,990			891,388		891,388
Cost attributable to new share issue		(97,686)			(97,686)		(97,686)
Exercise of warrants	52	59,199			59,251		59,251
Share-based payments		6,012			6,012		6,012
Non-controlling interests from business combinations						136,084	136,084
Purchase of non-controlling interests				1,798	1,798	(83,970)	(82,172)
Total transactions with owners	449	858,516		1,798	860,763	52,114	912,877
Equity at the end of period at Dec. 31, 2020	1,998	2,133,179	(6,090)	(918,596)	1,210,491	45,809	1,256,300
Loss for the year				(500,293)	(500,293)	(9,244)	(509,537)
Other comprehensive income/(loss) for the year			(20,889)	1,993	(18,896)	778	(18,118)
Total comprehensive loss for the year			(20,889)	(498,300)	(519,189)	(8,466)	(527,655)
Transactions with owners:
New share issue	96	323,904			324,000		324,000
Cost attributable to new share issue		(20,909)			(20,909)		(20,909)
Share-based payments		23,567			23,567		23,567
Purchase of non-controlling interests				(9,678)	(9,678)	(39,625)	(49,303)
Contribution from non-controlling interests						2,282	2,282
Total transactions with owners	96	326,562		(9,678)	316,980	kr (37,343)	279,637
Equity at the end of period at Dec. 31, 2021	kr 2,094	kr 2,459,741	kr (26,979)	kr (1,426,574)	kr 1,008,281		kr 1,008,281

Consolidated Statements of Cash Flows - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Operating loss	kr (524,456)	kr (379,720)	kr (28,019)
Adjustments for non-cash items	66,676	15,465	2,308
Interest received	102	1,912	926
Interest paid	(5,432)	(393)	(325)
Income taxes paid	(3,949)	(528)
Cash flow from operating activities before changes in working capital	(467,058)	(363,264)	(25,110)
Cash flow from changes in working capital
Changes in inventory	(949)
Changes in operating receivables	(11,712)	8,033	(53,546)
Changes in operating liabilities	18,131	46,050	7,645
Cash flow from operating activities	(461,588)	(309,181)	(71,011)
Investing activities
Acquisition of a subsidiary, net of cash acquired		(172,602)
Purchase of equipment	(6,588)		(118)
Investments in non-current financial assets	(1,686)	(5)	(1,888)
Purchase of intangible assets	(16,066)		(16,066)
Cash flow from investing activities	(24,340)	(172,607)	(18,072)
Financing activities
New share issue	324,000	891,388	210,317
Costs attributable to new share issue	(20,909)	(95,937)	(12,663)
Exercise of warrants		59,251
Premiums from warrants issuance			2,834
Purchase of non-controlling interests	(49,303)	(82,172)
Contribution from non-controlling interest	2,282
New borrowings	199,524
Costs attributable to new loans	(14,858)
Repayment of lease liabilities	(5,575)	(3,972)	(1,652)
Cash flow from financing activities	435,162	768,558	198,835
Net increase/(decrease) in cash	(50,766)	286,770	109,752
Cash at beginning of the year	996,304	753,540	646,175
Exchange-rate difference in cash	9,969	(44,006)	(2,387)
Cash at the end of the year	kr 955,507	kr 996,304	kr 753,540

Description of Business

12 Months Ended

Dec. 31, 2021

Description of Business

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 and commercial activities in pharmaceuticals. These consolidated financial statements encompass the Group, domiciled in Stockholm, Sweden, and its subsidiaries for the year ended December 31, 2021, December 31, 2020 and December 31, 2019. The group has elected to present in addition to minimum periods required under IFRS, a consolidated statement of income, consolidated statement of comprehensive income, consolidated statement of cash flows, and consolidated statement of changes in equity, for an additional comparative period.

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, D5, 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, 2021, Calliditas is the Parent Company of four subsidiaries located in Sweden, France and in the United States. The Swedish subsidiary is Nefecon AB which is conducting no operating activities. The subsidiaries in the United States are Calliditas Therapeutics US Inc and Calliditas NA Enterprises Inc, who are conducting pre-commercialization and commercialization activites activities in the United States, respectively. The French subsidiary is Calliditas Therapeutics France SAS located in France which is conducting preclinical activities.

The Board of Directors (the “Board”) approved, and authorized for issuance, these consolidated financial statements on April 27, 2022, which will be presented for adoption at the Annual General Meeting on May 19, 2022.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

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, 2021. Control is achieved when the Parent Company has control 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, 2021 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 is in the business of identifying, developing and commercializing novel treatments in orphan indications. Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. During 2021, the Group generated revenue from contracts for outlicensing Nefecon to Everest Medicines for the Chinese region and Singapore, a contract initially entered into in 2019, and to Stada Arzneimittel for the EEA member states, Switzerland and the UK, a contract initially entered into in 2021.

The Group recognizes revenue as the identified performance obligations are performed. Outlicensing contracts consists of multiple performance obligations, as they contain multiple goods or services that could be sold on a stand-alone basis, and that are distinct within the context of the contract. Accordingly, the Group allocates the transaction price based on the

relative stand-alone selling prices of the performance obligations, which requires identifying the performance obligations in the contracts, and allocating the transaction price between these. The allocation of the transaction price has a significant impact on the Group's revenue recognition, as the revenue recognition patterns differ between the performance obligations. The identification of performance obligations and the allocation of the transaction price between these is hence a significant accounting judgment and estimate (refer also to Note 2).

The Group's revenues for the financial year 2021 is allocated based on the following identified performance obligations:

1) Outlicensing of Nefecon to Everest Medicines for the Chinese region and Singapore, and to Stada Arzneimittel for the EEA region.

2) Certain regulatory services to Stada Arzneimittel related to the EU regulatory approval process.

Revenue for the outlicensing of Nefecon for the Chinese region and Singapore, as well as the EEA region, is recognized at the point in time when control of the intellectual property is transferred. The revenue allocated to the performance obligation is based on the residual approach, and consists of the total transaction price for each contract after deducting the stand-alone selling price of all other performance obligations. Revenue for the provision of certain regulatory services to Stada is reported over time as the services are performed, and the allocation of revenue to the performance obligation is based on the expected costs to provide the service, and a profit margin based on comparable companies. In the prior year, the Group recognized revenue for a performance obligation to provide pharmaceutical goods for clinical trials to Everest Medicines. The revenue allocated to this performance obligation was based on the expected costs to provide the goods, and a profit margin based on comparable companies.

These contracts with customers consist of fixed remuneration as well as variable remuneration in the form of regulatory and commercial milestones, and sales-based royalties. Variable remuneration (for example, attributable to future regulatory milestones) are initially considered constrained, as there is significant uncertainty as to whether these will occur. Compensation attributable to sales-based milestones or royalties is not recognized until the sale that results in the right to the royalties have occurred.

Inventory

Inventory is recognized as the lower of the acquisition cost and the net realizable value. The acquisition cost for completed goods and goods being manufactured comprises raw materials and other direct costs and applicable indirect manufacturing costs. The net realizable value is the estimated sale price in operating activities. By continuously monitoring inventory, we ensure that it is dispatched based on its shelf life and moving average basis. When necessary, impairment of inventory is performed within the frame of normal business operations and is recognized in costs of goods sold.

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, market access, commercialization 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 Black-Scholes 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

Lessee

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 Non-current lease 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 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.

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. Full 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

– Computers – 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, other current receivables and cash, all of which are classified at amortized cost.

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 is 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 Judgements, Estimates and Assumptions

12 Months Ended

Dec. 31, 2021

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.

Revenue Recognition

As described in Note 1, the Group recognizes revenue as identified performance obligations are performed. The outlicensing contracts which the company has entered into consists of multiple performance obligations, as they contain multiple goods or services that could be sold on a stand-alone basis, and that are distinct within the context of the contract. Accordingly, the Group allocates the transaction price based on the relative stand-alone selling prices of the performance obligations, which requires identifying the performance obligations in the contracts, and allocating the transaction price between these.

Revenue for the outlicensing of Nefecon is recognized at the point in time when control of the intellectual property is transferred, while revenue for the provision of certain regulatory services is reported over time as the services are performed. The revenue allocated to the performance obligation for outlicensing is based on the residual approach, and consists of the total transaction price for each contract after deducting the stand- alone selling price of all other performance obligations, and the allocation of revenue to the performance obligation for regulatory services is based on

the expected costs to provide the service, with the addition of a profit margin based on comparable companies. The identification of and allocation of the transaction price between these performance obligations hence has a significant impact on the Group's revenue recognition, as the revenue recognition patterns differ between the performance obligations.

Specifically, the significant accounting judgments and estimates within revenue recognition include determining which promises within each contract are distinct, estimating the expected costs to fulfil the performance obligations that are not based on the residual method, and determining an appropriate profit margin for these. The Group determines the expected costs to complete these performance obligations through an input model based on the expected hours of work required by the Group's personnel, as well as expected costs to be incurred from the Group's suppliers. The Group then determines an appropriate profit margin by identifying comparable peer companies that provide such services separately, and bases the margin rate on these. The Group then recognizes revenue for the performance obligation to provide regulatory services as these costs are incurred. These estimates are forward-looking and could be affected by differences between expected and actual costs incurred to fulfil the performance obligations. Management's estimate of the total costs as a measure of progress to completion of the performance obligation hence requires the use of assumptions and estimates.

The revenue contracts also contain variable remuneration in the form of regulatory and commercial milestones. Variable remuneration is initially considered constrained, as there is significant uncertainty as to whether the associated milestones will occur. Compensation attributable to sales-based milestones or royalties is not recognized until the sale that results in the right to the royalties have occurred. Determining whether the criteria for recognition of the variable remuneration has been met hence has significant effects on revenue recognition, and requires significant judgment by Management.

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, 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, 2021, the Group’s goodwill amounted to SEK 37 227 and other intangible assets amounted to SEK 362 191. The impairment testing resulted in impairment of SEK 27 975 related to the vaccine platform (SIIL-agreement) where the development of the product cannot be expected to generate future cash flows.

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 were not deemed to meet the capitalization criteria for the year ended December 31, 2021 and was thus expensed. Capitalization of expenditures are generally made in late stage of the development, for example after approval, 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.

US Food and Drug Administration (FDA) has approved TARPEYO in the US under accelerated approval. It is expected that TARPEYO will be available in the U.S. early in the first quarter of 2022. Continued approval may be contingent upon verification and description of clinical benefit in a confirmatory clinical trial and, accordingly, the conditions for capitalizing development expenditures may change to be reflected in the assumptions when they occur.

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, 2021, 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.

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2021

Revenue from Contracts with Customers

Revenue from Contracts with Customers

Note 3 Revenue from Contracts with Customers

The Group's revenues for the financial year 2021 are related to remuneration within the framework of outlicensing Nefecon to Everest for the Chinese region and Singapore and to Stada Arzneimittel in the EEA region. Revenues for the provision of certain regulatory services to Stada are reported over time as the services are performed, plus a fair market margin.

The Group has identified two performance obligations within the agreement with Stada:

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

2)	Performance of certain regulatory services related to the MMA for EU.

The recognition of revenue is associated with significant accounting judgments and estimates, refer also to Note 2. Set out below is the Group’s revenue from contracts with customers:


	Year Ended December 31,
	2021	2020	2019
Type of goods or service
Out-licensing of the product candidate	225,252	—	184,829
Performance of certain regulatory services	4,095	—	—
Provision of drugs	—	874	—
Total	229,347	874	184,829

Geographical markets
Europe	201,878	—	—
China, Hong Kong, Macau, Taiwan and Singapore	27,469	874	184,829
Total	229,347	874	184,829

The total value of outstanding performance obligation to be performed in future periods amounted to SEK 4,095 as of December 31, 2021. No outstanding performance obligations existed as of December 31, 2020.

Other Operating Income

12 Months Ended

Dec. 31, 2021

Other Operating Income

Other Operating Income

Note 4 Other Operating Income


	Year Ended December 31,
	2021	2020	2019
Exchange rate differences	149	2,501	4,385
Net gains on disposal of equipment	110	—	—
Total	259	2,501	4,385

Other Operating Expenses

12 Months Ended

Dec. 31, 2021

Other Operating Expense

Other Operating Expense

Note 5 Other Operating Expenses


	Year Ended December 31,
	2021	2020	2019
Exchange rate differences	1,807	—	4,464
Net loss on disposal of equipment	67	—	61
Change in value of the contingent consideration at fair value	4,470	—	—
Total	6,344	—	4,525

Auditor's Fee

12 Months Ended

Dec. 31, 2021

Auditors' Fee

Auditors' Fee

Note 6 Auditors’ Fee


	Year Ended December 31,
	2021	2020	2019
EY
Audit services	6,235	4,449	645
Other audit activities	2,105	3,774	3,343
Tax advice	73	—	—
Other services	—	—	98
Total	8,413	8,223	4,086

KPMG
Audit services	472	102	—
Other audit activities	1,178	2,552	—
Total	1,650	2,654	—

Other auditors
Audit services	471	102	—
Other audit activities	79	—	—
Total	550	102	—

Total audit fee	10,613	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

12 Months Ended

Dec. 31, 2021

Costs according to Type of Cost

Costs According to Type of Cost

Note 7 Costs according to Type of Cost


	Year Ended December 31,
	2021	2020	2019
Other external expenses	549,079	311,329	176,729
Personnel costs	164,206	68,943	34,157
Depreciation on equipment’s and right-of-use assets	34,433	2,823	1,822
Other operating expenses	6,344	—	4,525
Total	754,062	383,095	217,233

Leases

12 Months Ended

Dec. 31, 2021

Leases

Leases

Note 8 Leases

Right-of-use assets


	December 31,
	2021	2020
Opening balance	9,595	7,527
Additional agreements	34,944	98
Termination of agreement	(7,625)	—
Exchange differences	284	(8)
Additional agreements, through acquisition	—	1,978
Closing balance	37,198	9,595

Depreciation
Opening balance	(4,351)	(1,568)
Depreciation	(5,711)	(2,786)
Termination of agreement	6,456	—
Exchange differences	(292)	3
Closing balance	(3,898)	(4,351)

Net book value	33,300	5,244

Depreciation on right-of-use assets are included in the consolidated statements of income under Research and development expenses amounted to SEK 997 (SEK 165) for the year ended December 31, 2021 and 2020, respectively, and Administrative and selling expenses amounted to SEK 4,714 (SEK 2,621) for the year ended December 31, 2021 and 2020, respectively.

Lease liabilities


	December 31,
	2021	2020
Non-current lease liabilities	24,052	878
Current lease liabilities	9,591	3,908
Total	33,642	4,786

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,
	2021	2020
<12 months	11,909	4,521
1-2 years	11,231	1,105
>2 years	16,256	—
	39,396	5,626

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 2022 until 2026 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.

Social Security Costs and Pension Costs


	Year Ended December 31,
	2021	2020
Interest expenses attributable to lease liabilities	590	388
Expenses attributable to short-term lease	633	731
Expenses attributable to leasing agreements with low value	146	103
Expenses attributable to variable lease payments that are not included in lease liabilities	446	344
Expenses attributable to lease depreciation	5,711	2,786
Total expensed during the year	7,526	4,352

This year's lease payments in the Group	6,659	4,930

Employees and Personnel Costs

12 Months Ended

Dec. 31, 2021

Employees and Personnel Costs

Employees and Personnel Costs

Note 9 Employees and Personnel Costs

Average Number of Employees


	Year Ended December 31,
	2021			2020			2019
	Number	% of Male		Number	% of Male		Number of	% of Male
	of Empl.	of Empl.		of Empl.	Empl.		of Empl.	Empl.
Parent Company
Sweden	29	40	%	16	44	%	13	38	%
	29	40	%	16	44	%	13	38	%
Subsidiaries
France	3	26	%	—	—		—
Switzerland	6	47	%	2	50	%	—	—
United States	18	62	%	5	100	%	1	100	%
	27	55	%	7	86	%	1	100	%

Total for the Group	56	47	%	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,
	2021	2020	2019
Parent Company
Board and executive management¹⁾	27,792	19,211	13,109
Other employees	33,370	15,598	6,091

Subsidiaries
Board and executive management	4,983	3,184	2,973
Other employees	57,452	11,615	—
Total	123,597	49,608	22,173

¹⁾ Executive management includes CEO and other executive management.

Social Security Costs and Pension Costs


	Year Ended December 31,
	2021	2020	2019
Parent Company
Pension costs for the Board and executive management	1,785	1,748	1,644
Pension costs to other employees	4,084	1,666	1,180
Social security costs	17,088	12,330	3,008

Subsidiaries
Pension costs for the Board and executive management	167	129	—
Pension costs to other employees	928	506	—
Social security costs	8,596	225	299
Total	32,648	16,604	6,131

Gender Distribution Among the Board and Executive Management


	Year Ended December 31,
	2021		2020		2019
Percentage of women on the Board	60	%	60	%	33	%
Percentage of men on the Board	40	%	40	%	67	%
Percentage of women among other executive management	33	%	33	%	33	%
Percentage of men among other executive management	67	%	67	%	67	%

Disclosures Regarding Total Remuneration of the Board and Executive Management


	Year Ended December 31, 2021
	Base Salary,		Variable	Other	Share-Based
	Board Fee	Pension Costs	Remuneration	Remuneration	Payments	Total
Chairman of the Board
Elmar Schnee	898	—	—	—	465	1,363

Board members
Hilde Furberg	336	—	—	—	162	499
Lennart Hansson	360	—	—	—	162	522
Diane Parks	421	—	—	—	162	584
Molly Henderson	539	—	—	—	124	664

Executive management
CEO	4,860	760	1,840	—	3,270	10,730

Other executive management (5 people)	11,279	1,193	2,335	—	5,561	20,367
of which relates to subsidiaries	2,775	167	694	—	1,515	5,151
Total	18,694	1,953	4,175	—	9,906	34,728


	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	—	—	—	310	1,144

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

Executive management
CEO	3,401	678	1,357	—	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	—	—	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 0 (SEK 472, SEK 853) for the year ended December 31, 2021, 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, 2021 and 2020, respectively, 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, President, North America 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 2021 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.

Share-Based Payments

12 Months Ended

Dec. 31, 2021

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. 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.


	Accumulated No.	Weighted-Average
Allotted Warrants	of Outstanding	Exercise 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
Exercised during the period	—	—
As of December 31, 2021	1,279,086	74

The allocated weighted-average exercise price for warrants that are outstanding amounts to SEK 74, 74 and SEK 58 as of December 31, 2021, 2020 and 2019, respectively. During 2020, 5,186 warrants were exercised 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,	December 31,	Exercise Price,	Price per		Value per Share						Expiration
Outstanding Warrants per Year	2019	2020	2021	SEK	Warrant in SEK		in SEK		Risk-Free Rate		Volatility		Date
Warrant program 2017/2020	1,296,500	—	—	42.36	0.28		21.18		(0.42)	%	27	%	2020-06-30
Warrant program 2018/2022	856,586	856,586	856,586	74.30	3.29		46.50		(0.28)	%	33	%	2022-03-31
Warrant program 2019/2022	422,500	422,500	422,500	74.50	6.69	*	54.39	*	(0.55)	%*	36	%*	2022-12-31
Total	2,575,586	1,279,086	1,279,086

* Average value

Changes and holdings of warrants for the Board, CEO, other executive management and other employees 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	Change	December 31, 2021
CEO Renée Lucander	719,500	195,000	914,500	(369,500)	545,000	—	545,000
Board member Thomas Eklund (until June, 2020)	111,250	—	111,250	(111,250)	—	—	—
Board member Hilde Furberg	29,500	—	29,500	(29,500)	—	—	—
Other executive management	727,086	107,500	834,586	(397,086)	437,500	—	437,500
Other employees, consultants and external parties	930,750	(245,000)	685,750	(389,164)	296,586	—	296,586
Total	2,518,086	57,500	2,575,586	(1,296,500)	1,279,086	—	1,279,086

Option Program

In 2020 and 2021, respectively, Calliditas implemented option programs 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 employees 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	Change	December 31, 2021
Renée Aguiar-Lucander, CEO	—	—	—	225,000	225,000	71,000	296,000
Other executive management	—	—	—	415,000	415,000	120,000	535,000
Other employees and consultants	—	—	—	449,000	449,000	1,009,000	1,458,000
Total	—	—	—	1,089,000	1,089,000	1,200,000	2,289,000

Calculation of fair value of option program

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	%	859,000
ESOP 2020:2	September 17,2020	September 17,2023	22.50	116.78	41.6	%	99,000
ESOP 2020:3	February 4, 2021	February 4, 2024	30.41	145.05	44.3	%	60,000
ESOP 2020:4	Mars 9, 2021	Mars 9, 2024	30.41	141.26	45.2	%	421,000
ESOP 2021:1	Jun 14, 2021	Jun 14, 2024	35.8	140.71	46.0	%	510,000
ESOP 2021:2	September 29,2021	September 29,2024	25.2	109.38	47.5	%	340,000
							2,289,000

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 3,000,000 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,
	2021	2020	2019
Share-based payments	24,737	5,304	—
Provisions attributable to changes in social security costs (Share-based payments)	9,992	3,164	—
Total	34,729	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	Change	December 31, 2021
Elmar Schnee, Chairman of the Board	—	23,236	23,236	—	23,236	—	23,236
Thomas Eklund, Board member (until June, 2020)	—	8,449	8,449	(5,633)	2,816	—	2,816
Hilde Furberg, Board member	—	8,449	8,449	—	8,449	—	8,449
Lennart Hansson, Board member	—	8,449	8,449	—	8,449	—	8,449
Diane Parks, Board member	—	8,449	8,449	—	8,449	—	8,449
Total	—	57,032	57,032	(5,633)	51,399	—	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,
	2021	2020	2019
Share-based payments	396	440	249
Provisions attributable to changes in social security costs (Share-based payments)	—	1,426	175
Total	396	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		December
Holder	1, 2019	Change	31, 2019	Change	31, 2020	Change	31, 2021
Elmar Schnee, Chairman of the Board	—	—	—	14,063	14,063	—	14,063
Hilde Furberg, Board member	—	—	—	4,327	4,327	—	4,327
Lennart Hansson, Board member	—	—	—	4,327	4,327	—	4,327
Diane Parks, Board member	—	—	—	4,327	4,327	—	4,327
Molly Henderson, Board member	—	—	—	4,327	4,327	—	4,327
Total	—	—	—	31,371	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,
	2021	2020	2019
Share-based payments	445	267	—
Provisions attributable to changes in social security costs (Share-based payments)	171	207	—
Total	616	474	—

Board LTIP 2021

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 2021. The share awards are gradually vested over three years until the AGM 2024 or July 1, 2024, 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
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020	Change	December 31, 2021
Elmar Schnee, Chairman of the Board	—	—	—	—	—	10,624	10,624
Hilde Furberg, Board member	—	—	—	—	—	4,086	4,086
Lennart Hansson, Board member	—	—	—	—	—	4,086	4,086
Diane Parks, Board member	—	—	—	—	—	4,086	4,086
Molly Henderson, Board member	—	—	—	—	—	4,086	4,086
Total	—	—	—	—	—	26,968	26,968

Calculation of fair value of share-based payments (Board LTIP 2021)


		Fair Value at	Number of
	Exercised Date	Grant Date	Share Awards
Board LTIP 2021	July 1, 2024	62.34	26,968

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 32,000 warrants which are set aside to secure the delivery of shares in connection with the utilization of the Board LTIP 2021. For additional information see Note 25 Equity.


	Year Ended December 31,
	2021	2020	2019
Share-based payments	431	—	—
Provisions attributable to changes in social security costs (Share-based payments)	126	—	—
Total	557	—	—

Financial Income

12 Months Ended

Dec. 31, 2021

Financial Income

Financial Income

Note 11 Financial Income


	Year Ended December 31,
	2021	2020	2019
Interest income	102	547	926
Exchange rate differences	20,234	—	—
Total	20,336	547	926

Financial Expenses

12 Months Ended

Dec. 31, 2021

Financial Expenses

Financial Expenses

Note 12 Financial Expenses


	Year Ended December 31,
	2021	2020	2019
Interest on lease liabilities	(590)	(388)	(307)
Other interest expenses	(6,518)	(5)	(18)
Exchange rate differences	—	(53,267)	(2,383)
Changes in FX options measured at fair value	—	(3,318)	(2,700)
Other financial expenses	(2,145)	—	—
Total	(9,253)	(56,978)	(5,408)

Income Tax Expense

12 Months Ended

Dec. 31, 2021

Income Tax Expense

Income Tax Expense

Note 13 Income Tax Expense


	Year Ended December 31,
	2021	2020	2019
Current income taxes	(4,581)	(1,035)	(77)
Deferred tax	8,417	675	—
Income tax expense recognized in the consolidated statements of income	3,836	(360)	(77)


	Year Ended December 31,
	2021		2020		2019
Reconciliation of effective tax rate
Accounting loss before income tax	(513,373)		(436,151)		(32,501)
Tax in accordance with applicable tax rate in Sweden 20,6% (21,4%,21,4)%	105,755		93,336		6,955

Tax effect of:
Effect of other tax rates for foreign subsidiaries	11,481		680		2
Tax attributable to non-deductible tax losses carried forward and unrecognized deferred tax assets	(101,785)		(91,725)		(6,316)
Non-deductible expenses	(11,615)		(2,652)		(782)
Non-taxable income	0		1		64
Income tax expense recognized in the consolidated statements of income	3,836		(360)		(77)

At the effective income tax rate	1	%	0	%	0	%

The Group has costs attributable to new share issue amounted to SEK 20,909 (SEK 97,686 and SEK 10,915) for the year ended December 31, 2021,2020 and 2019, respectively, which are recognized directly against equity. These costs are deductible for tax purposes.

The Group has SEK 3,200,911 (SEK 2,704,803, 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, 2021, 2020, and 2019, respectively. The tax losses carried forward are allocated between Sweden of SEK 1,436,157, France of SEK 1,080,573 and Switzerland of SEK 684,181, 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.

Earnings per Share

12 Months Ended

Dec. 31, 2021

Earnings per Share

Earnings per Share

Note 14 Earnings per Share


	Year Ended December 31,
	2021	2020	2019
Loss per share before and after dilution
Net loss for the year attributable to equity holders of the Parent Company	(500,293)	(433,494)	(32,578)
Weighted-average number of common shares outstanding	50,829,255	44,873,448	36,940,587
Loss per share before and after dilution	(9.84)	(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 – 2021. 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 3,568,086 shares, since the Group is in a loss position for the year ended December 31, 2021, December 31, 2020 and December 31, 2019, respectively. Further, there is no dilution effect for issued share awards with entitlement to receive 109,738 shares, due to performance-based vesting.

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

Business Combinations

12 Months Ended

Dec. 31, 2021

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.

The fair value of the acquired assets and assessed liabilities for the acquisition of Genkyotex SA in 2020 was preliminarily established for the first 12 months and have thereafter been finalized.

The fair value of the acquisitions of Genkyotex have changed due to allocation of assets and liabilities to Switzerland and therefore IFRS adjustments were made to the acquisition values.

There were no business acquisitions during the financial year 2021.


	Preliminary	Adjustments	Final
The assets and liabilities recognized in conjunction with the acquisition are as follows:
Intangible assets: NOX Platform	382,521	(34,349)	348,124
Intangible assets: Other licenses	28,893	—	28,893
Non-current assets	2,438	—	2,438
Other current assets	10,022	—	10,022
Cash	32,265	—	32,265
Pension liabilities	(9,410)	—	(9,410)
Deferred tax liabilities	(82,683)	43,971	(38,712)
Other non-current liabilities	(643)	—	(643)
Other current liabilities	(20,677)	—	(20,677)
Acquired identified assets	342,726	9,574	352,300
Non-controlling interests	(136,084)	—	(136,084)
Goodwill	48,839	(9,574)	39,265
Acquired net assets	255,481	—	255,481

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

The below table describes the adjustments to the Group opening balance sheet from the finalization of the fair value.


		December 31,
(SEK in thousands)	2020	Adjustment	2020

ASSETS
Non-current assets
Intangible assets	461,367	(42,542)	418,825
Equipment	163	—	163
Right-of-use assets	5,244	—	5,244
Non-current financial assets	2,225	—	2,225
Deferred tax assets	600	—	600
Total non-current assets	469,599	(42,542)	427,057

Current assets
Total current assets	1,036,851	—	1,036,851
TOTAL ASSETS	1,506,450	(42,542)	1,463,908

EQUITY AND LIABILITIES
Equity
Total equity	1,256,300	—	1,256,300

Non-current liabilities
Provisions	55,361	—	55,361
Pensions Liabilities	8,296	—	8,296
Deferred tax liabilities	79,996	(42,542)	37,454
Lease liabilities	878	—	878
Total non-current liabilities	144,531	(42,542)	101,989

Currents liabilities
Total current liabilities	105,619	—	105,619
TOTAL EQUITY AND LIABILITIES	1,506,450	(42,542)	1,463,908

Intangible Assets and Impairment Testing

12 Months Ended

Dec. 31, 2021

Intangible Assets and Impairment Testing

Intangible Assets and Impairment Testing

Note 16 Intangible Assets and Impairment Testing


	December 31,
	2021	2020
Licenses and similar rights
Cost at opening balance	380,836	16,066
Business combinations	—	377,017
Acquisition for the year	16,066	—
Exchange differences on translation	(6,736)	(12,247)
Cost at closing balance	390,166	380,836

Impairment
Cost at opening balance	—	—
Impairment	(27,975)	—
Cost at closing balance	(27,975)	—

Goodwill
Cost at opening balance	37,989	—
Business combinations	—	39,265
Exchange differences on translation	(762)	(1,276)
Cost at closing balance	37,227	37,989

Net book value	399,418	418,825

Intangible assets consist of licenses and similar rights of SEK 362,191 and goodwill of SEK 37,227.

Business combinations:

The acquisition of Genkyotex SA resulted in the Group acquiring the rights to the NOX platform and vaccine platform (SIIL agreement), as well as goodwill.

The net book value of the NOX platform amounts to SEK 330,059 as of December 31, 2021. The NOX platform constitutes a technology, 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 estimated fair value of the NOX platform was determined using the discounted cash flow (DCF) method, adjusted for the likelihood of occurrence.

The net book value of the vaccine platform (SIIL agreement), which is an out-license agreement with Serum Institute of India (SIIL) for the use of a vaccine technology, amounts to SEK 27,957 as of December 31, 2020 and written off as per December 31, 2021 since the project is not expected to generate future cash flows.

Goodwill amounts to SEK 37,227 as of December 31, 2021 and for further information please see Note 15 Business Combinations.

Impairment Testing of Intangible Assets

Goodwill

The assessment of the value of the Group’s goodwill is based on the fair value less cost of disposals for the smallest cash-generating unit, which for Calliditas is deemed to be the full Group. The impairment measurement is based on a probability-adjusted cash flow model, measured at Level 3 of the fair value hierarchy, where the most critical assumptions mainly consist of assumptions about the timing of potential commercialization, market size, market share and probability of reaching the market. The period for the forecast cash flow extends to 2035, where no terminal growth rate has been taken into account. As of December 31, 2021, the Group’s goodwill amounted to SEK 37,227. There is no impairment for the year ended December 31, 2021.

The following table shows the discount rate used before tax:


	Year Ended December 31,
	2021	2020
Parameter, %
Discount rate	11.0	10.5

Intangible assets, not yet available for use

These significantly consist of the NOX platform and Budenofalk 3 mg oral capsule, which are tested, at least, annually for impairment requirement. The technology and the rights were reviewed for impairment individually. The assessment of the value of the technology and the rights is based on the fair value less cost of disposals of each individual asset. The fair value less cost of disposals is based on cash flows that are expected to be generated over the remaining life of the asset.

The following table shows the discount rate used before tax:


	Year Ended December 31,
	2021	2020
Parameter, %
Discount rate NOX platform	17.7	18.8
Discount rate Vaccine platform	—	17.0
Discount rate Budenofalk 3 mg oral capsule	12.4	12.4

When the technology and the rights are tested for impairment requirement, a number of assumptions are made, where the most critical assumptions mainly consist of the timing of potential commercialization, market size, market share, probability of reaching the market and the discount rate. The earlier in the chain of development the project is, the higher the risk. As it passes through the defined phases of development, the likelihood of reaching the market increases. The review of the technology and the rights showed no impairment requirement.

Equipment

12 Months Ended

Dec. 31, 2021

Equipment.

Equipment

Note 17 Equipment


	December 31,
	2021	2020	2019
Cost at opening balance	214	118	813
Acquisition for the year	6,588	—	118
Disposal for the year	(118)	—	(813)
Exchange differences	389	(4)	—
Additional, through business combinations	—	100	—
Cost at closing balance	7,073	214	118

Depreciation at opening balance	(51)	(14)	(706)
Depreciation for the year	(465)	(37)	(44)
Disposal for the year	51	—	736
Exchange differences	(299)	—	—
Depreciation at closing balance	(764)	(51)	(14)

Net book value	6,309	163	104

Depreciation on equipment is included in the consolidated statement of income under Research and development expenses amounted to SEK 59 and Administrative and selling expenses amounted to SEK 406 (SEK 37 and SEK 44) for the year ended December 31, 2021, 2020 and 2019, respectively.

Non-Current Financial Assets

12 Months Ended

Dec. 31, 2021

Non-Current Financial Assets

Non-Current Financial Assets

Note 18 Non-Current Financial Assets


	December 31,
	2021	2020	2019
Cost at opening balance	2,225	1,939	341
Bank guarantees granted	1,686	—	1,888
Reimbursement security deposit	—	—	(290)
Exchange differences	4	—	—
Acquisition through business combinations	—	286	—
Net book value	3,915	2,225	1,939

Non-current financial assets comprise of bank guarantees/deposits amounted to SEK 3,915 (SEK 2,225, SEK 1,939) as of December 31, 2021, 2020 and 2019, respectively.

Deferred Tax Assets and Deferred Tax Liabilities

12 Months Ended

Dec. 31, 2021

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, 2021


	Deferred Tax	Deferred Tax
	Assets	Liabilities	Net
Intangible assets	—	(46,175)	(46,175)
Tangible assets	—	(238)	(238)
Lease items net value	270	—	270
Personnel-related items	4,141	—	4,141
Tax loss carried forward	15,319	—	15,319
Other items	23	—	23
Total	19,753	(46,413)	(26,661)
Offsetting	(15,557)	15,557	—
Tax assets/liabilities, net	4,196	(30,856)	(26,661)

Tax losses carried forward of SEK 15,319 have been recognized as deferred tax assets in the statement of financial position as of December 31, 2021 due to future temporary differences that such asset can be used to offset.

For information regarding recognition of deferred tax losses, see Note 13 Income Tax Expense.

Change in deferred tax, 2021


	Cost at Opening Balance	Recognized in Profit or Loss	Exchange Differences	Cost at Closing Balance
Intangible assets	(47,120)	—	945	(46,175)
Tangible assets	—	(226)	(12)	(238)
Lease items net value	—	256	14	270
Personnel-related items	596	3,304	240	4,140
Tax loss carried forward	9,666	5,065	588	15,319
Other items	4	18	1	23
Total	(36,854)	8,417	1,776	(26,661)

Deferred tax assets and liabilities as of December 31, 2020


	Deferred Tax	Deferred Tax
	Assets	Liabilities	Net
Intangible assets	—	(47,120)	(47,120)
Personnel-related items	596	—	596
Tax loss carried forward	9,666	—	9,666
Other items	4	—	4
Total	10,266	(47,120)	(36,854)
Offsetting	(9,666)	9,666	—
Tax assets/liabilities, net	600	(37,454)	(36,854)

Tax losses carried forward of SEK 9,666 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 asset can be used to offset.

Change in deferred tax, 2020


			Increase
	Cost at Opening	Recognized in	through Business	Cost at Closing
	Balance	Profit or Loss	Combinations	Balance
Intangible assets	—	—	(47,120)	(47,120)
Personnel-related items	—	596	—	596
Tax loss carried forward	—	—	9,666	9,666
Other items	—	4	—	4
Total	—	600	(37,454)	(36,854)

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

Financial and Non-Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2021

Financial and Non-Financial Assets and Liabilities

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, 2021


		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	—	3,915	—	3,915
Cash	—	955,507	—	955,507
	—	959,422	—	959,422

	Financial Liabilities
	Measured at	Financial Liabilities	Non-	Total
	Fair Value through	Measured at	Financial	Carrying
	Profit or Loss	Amortized Cost	Liabilities	Amount
Liabilities
Contingent consideration	54,399	—	—	54,399
Non-current interesting-bearing liabilities	—	189,164	—	189,164
Non-current lease liabilities	—	24,052	—	24,052
Accounts payable	—	67,971	—	67,971
Other current liabilities	—	9,591	3,111	12,702
Accrued expenses and deferred revenue	—	25,168	28,385	53,553
	54,399	315,945	31,496	401,841

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


	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	—	2,225	—	2,225
Other current assets	—	112	22,689	22,801
Cash	—	996,304	—	996,304
	—	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
Contingent consideration	48,969	—	—	48,969
Other non-current liabilities	—	878	—	878
Accounts payable	—	53,827	—	53,827
Other current liabilities	—	3,908	5,980	9,888
Accrued expenses and deferred revenue	—	24,890	16,496	41,386
	48,969	83,503	22,476	154,948

Financial assets valued at fair value through profit or loss consist of currency options. As of December 31, 2021 and 2020 respectively, 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 Genkyotex SA of SEK 54,399 (SEK 48,969) as of December 31, 2021 and 2020, respectively. 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.

Financial Risks

12 Months Ended

Dec. 31, 2021

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, liquidity risk and external 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,
	2021	2020	2019
Days past due account receivables	—	—	—
Not due account receivables	—	—	46,586
Total	—	—	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.

Foreign 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.

Interest Rate Risk

Interest rate risk is the risk that would be adversely impacted by changes in interest rates resulting from increased interest costs. Calliditas exposure to interest rate risk mainly occurs through external loans and cash. Calliditas financing sources primarily consist of equity and borrowings. In the case of interest-bearing borrowings, the Group is exposed to interest rate risk. The Group does not currently have any variable interest rate.

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 2021 (%)	Revenue		Expenses
USD	14	%	43	%
EUR	86	%	36	%
GBP	—		3	%
SEK	—		18	%


			Operating
Currency Exposure 2020 (%)	Revenue		Expenses
USD	100	%	35	%
EUR	—		36	%
GBP	—		6	%
SEK	—		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 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 909 (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 22,402 (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 18,270 (SEK 1,256 as of December 31, 2021 and 2020. A 10% stronger Swedish Krona against the U.S. dollar would have a positive impact on equity of approximately SEK 1,827 (SEK 126). Translation against Euros amounted to SEK -93,814 (SEK 26,673) as of December 31, 2021 and 2020. A 10% stronger Swedish Krona against Euros would have a positive impact on equity of approximately SEK 9,381 (neg. 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 29,236 (SEK 15,811, SEK 5,866) at the closing date and in U.S. dollars SEK 10,707 (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 2,924 (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 1,071 (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 mainly financed by equity and thus is not exposed to large risk related to external loan financing. However, if the Group would increase the external loan financing, there would be a risk that the Group could not refinance these loans. Accordingly, the primary risks pertain to the risk of not securing additional contributions and investments from the shareholders.

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, 2021
	<6 months	6-12 months	>12 months
Accounts payable	67,971	—	—
Other current liabilities	7,906	4,796	—
Accrued expenses	47,753	5,800	—
Contingent consideration	—	—	54,399


	December 31, 2020
	<6 months	6-12 months	>12 months
Accounts payable	53,827	—	—
Other current liabilities	7,934	1,954	—
Accrued expenses	34,833	6,552	—
Contingent consideration	—	—	48,969

Non-current interest-bearing liabilities


	December 31,
	2021	2020	2019
Opening balance	—	—	—
New borrowings	199,524	—	—
Transaction cost paid	(14,858)	—	—
Interest expense	2,145	—	—
Exchange difference on translation	2,353	—	—
Closing balance	189,164	—	—

In July 2021, Calliditas signed a loan agreement of up to the euro equivalent of 75 million dollar with Kreos Capital. The loan facility is divided into three tranches of 25 million dollar each. Drawdown of the first 25 million dollar tranche was made in September, 2021. Drawdown of the second tranche of 25 million dollar can be made until 30 June 2022. Drawdown of the third and final 25 million dollar tranche can be made until 31 December 2022 and will be available subject to certain revenue milestones and coverage metrics. The interest rate on the loan is 9 % per annum with a maturity to December 2025, which is recognized at Net financial income/ (expenses). The loan has no financial covenants.

Prepaid Expenses

12 Months Ended

Dec. 31, 2021

Prepaid Expenses

Prepaid Expenses

Note 22 Prepaid Expenses


	December 31,
	2021	2020
Prepaid insurance premiums	10,813	10,743
Prepaid expenses for research and development	27,888	640
Other prepaid expenses	6,331	6,363
Total	45,032	17,746

Cash

12 Months Ended

Dec. 31, 2021

Cash

Cash

Note 23 Cash


	December 31,
	2021	2020	2019
Cash at Banks	955,507	996,304	753,540
Total	955,507	996,304	753,540

Cash and Banks balances are primarily in SEK and EUR.

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


	Year Ended December 31,
	2021	2020	2019
Depreciation and Impairment	34,433	2,823	1,822
Change in Provisions	10,326	6,634	175
Share-based payments	21,960	6,012	249
Other items	(43)	(4)	62
Total	66,676	15,465	2,308

Reconciliation of liabilities from financing activities


	January 1,		Non-Cash	December 31,
	2021	Cash-Flow	Items	2021
Non- current interest-bearing liabilities	—	184,667	4,497	189,164
Lease liabilities	4,786	(5,575)	34,431	33,642
	4,786	179,092	38,928	222,806




	January 1,		Non-Cash	December 31,
	2020	Cash-Flow	Items	2020
Lease liabilities	6,070	(3,972)	2,688	4,786
	6,070	(3,972)	2,688	4,786

Group Companies

12 Months Ended

Dec. 31, 2021

Group Companies

Group Companies

Note 24 Group Companies


		Country of	% Equity Interest		% Equity Interest		% Equity Interest
Company	Principal Activities	Incorporation	2021		2020		2019
Parent Company
Calliditas Therapeutics AB	Research and development of pharmaceuticals	Sweden	—		—		—

Subsidiaries
Nefecon AB	Administration of incentive programs issued by the Parent Company	Sweden	100	%	100	%	100	%
Calliditas NA Enterprises Inc,	Market access activities in the United States	United States	100	%	100	%	100	%
Calliditas Therapeutics US Inc	Commercial activities in the United States	United States	100	%	—		—
Calliditas Therapeutics France SAS	Research and development of pharmaceuticals	France	100	%	86.2	%	—
Calliditas Therapeutics Suisse S.A	Research and development of pharmaceuticals	Switzerland	100	%	86.2	%	—

For further information on the business combination of Genkyotex SA, see Note 15 Business Combinations.

Equity

12 Months Ended

Dec. 31, 2021

Equity

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	—	—	6,012
As of December 31, 2020	49,941,584	1,998	2,133,179

New share issue**	2,400,000	96	302,995
Share-based payment
	—	—	23,567
As of December 31, 2021
	52,341,584	2,094	2,459,741

* 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.

** New share issue in August 2021

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,
	2021	2020	2019
Opening balance	(6,090)	(45)	(34)
Change for the year ended	(20,889)	(6,045)	(11)
Closing balance	(26,979)	(6,090)	(45)

Provisions

12 Months Ended

Dec. 31, 2021

Provisions

Provisions

Note 26 Provisions

Provisions as of December 31, 2021


	Social Security Costs on
	Share-Based Payment	Other Provisions	Provisions Net
Opening balance	4,972	1,419	6,391
Additional provisions during the year	8,112	—	8,112
Exchange differences	—	27	27
Total	13,084	1,446	14,530

Provisions as of December 31, 2020


	Social Security Costs on
	Share-Based Payment	Other Provisions	Provisions Net
Opening balance	175	—	175
Additional provisions during the year	4,797	1,443	6,240
Exchange differences	—	(24)	(24)
Total	4,972	1,419	6,391

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.

Pension Liabilities

12 Months Ended

Dec. 31, 2021

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 for retirement, death and disability. 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,
	2021	2020
Switzerland	(3,071)	(8,124)
France	(111)	(172)
Total	(3,182)	(8,296)

Changes in the defined-benefit pension obligations


	Defined Benefit	Defined Benefit
	Plan Obligation	Plan Obligation	Fair Value of Plan	Employee Benefit
	(Switzerland)	(France)	Assets (Switzerland)	Obligations
January 1, 2021	(19,193)	(172)	11,069	(8,296)

Service cost	(2,165)	(13)	—	(2,178)

Interest expense	(17)	0	10	(7)
Curtailment*	12,011	—	(7,805)	4,206
Employee contribution	—	—	704	704
Subtotal included in the statement of consolidated operations	9,829	(13)	(7,091)	2,725

Amounts paid/received	291	—	(291)	—

Return on assets (excluding interest expenses)	—	—	64	64
Actuarial gains/(losses) related to changes in demographic assumptions	349	77	—	426
Actuarial gains/(losses) related to changes in financial assumptions	1,120	—	—	1,120
Other actuarial gains/(losses)	360	—	—	360
Experience effect	—	—	—	—
Subtotal included in other items of comprehensive income	1,829	77	64	1,970

Employer contributions	—	—	704	704
Currency translation effect	(698)	(3)	705	(286)
December 31, 2021	(7,942)	(111)	4,871	(3,182)

*The change in the Curtailment refer to retirement obligation settlement connected to the departure of senior management member of Switzerland employees.

Changes in the defined-benefit pension obligations


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

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	—

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,
	2021	2020
Cash	205	244
Bonds	2,801	6,365
Mortgage loans	667	1,516
Shares	92	365
Real estate	760	1,638
Other investments	346	941
Total	4,871	11,069

Of the plan assets above, SEK 2,801 (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,
	2021		2020
Swiss pension plan
Discount rate	0.35	%	0.15	%
Mortality table	LPP 2020 generation		LPP 2020 generation
Salary revaluation rate	1.00	%	1.00	%
Retirement pension inflation rate	0.50	%	0.50	%
Deposit rate on savings accounts	1.00	%	1.00	%
Turnover rate	10.00	%	10.00	%
Remaining life expectancy after retirement	22.3	years	23.3	years
Retirement age	65	years	65	years

Sensitivity analysis


	December 31,
	2021	2020
Pension commitments under current assumptions for Swiss pension plans	7,942	19,362
Discount rate , -0,5%	8,904	21,631
Discount rate , +0,5%	7,130	17,139
Retirement pension inflation rate, -0,5%	7,575	18,241
Retirement pension inflation rate, +0,5%	8,353	20,257
Salary revaluation rate, -0,5%	7,792	18,802
Salary revaluation rate, +0,5%	8,100	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 555 (SEK 805). The weighted average maturity of the obligation is an estimated 22.3 (23.3) years.

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

Accrued Expenses and Deferred Revenue

12 Months Ended

Dec. 31, 2021

Accrued Expenses and Deferred Revenue

Accrued Expenses and Deferred Revenue

Note 28 Accrued Expenses and Deferred Revenue


	December 31,
	2021	2020
Vacation pay liabilities	6,107	4,921
Accrued salaries and Board fees	16,786	8,134
Social security costs	5,492	3,440
Deferred revenue	3,387	—
Accrued expenses for research and development	4,230	14,135
Accrued expenses for administrative and selling	17,551	10,756
Total	53,553	41,386

Inventories

12 Months Ended

Dec. 31, 2021

Inventories

Inventories

Note 29 Inventories

The groups inventories are recognized after US Food and Drug Administration (FDA) has approved TARPEYO in the US under accelerated approval.

Contingent Consideration

12 Months Ended

Dec. 31, 2021

Contingent Consideration.

Contingent Consideration

Note 30 Contingent Consideration

Contingent consideration as of December 31, 2021


		Contingent consideration
Opening balance		48,969
Change for the year		4,470
Exchange differences		960
Total		54,399

Contingent consideration as of December 31, 2020


		Contingent consideration
Opening balance		—
Business acquisition		50,614
Exchange differences		(1,645)
Total		48,969

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.

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

Related Party Transactions

Note 31 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.

Pledged Assets, Contingent Liabilities and Other Obligations

12 Months Ended

Dec. 31, 2021

Pledged Assets, Contingent Liabilities and Other Obligations

Pledged Assets, Contingent Liabilities and Other Obligations

Note 32 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/Tarpeyo 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 3,915 (SEK 2,336) as of December 31, 2021 and 2020, respectively, which consist of restricted bank accounts and lease deposits. The assets are pledged for the benefit of certain lessors and other suppliers. The Group has no other obligations.

Events After the Reporting Period

12 Months Ended

Dec. 31, 2021

Events After the Reporting Period

Events After the Reporting Period

Note 33 Events After the Reporting Period

In January 2022, Calliditas announced the commercial availability and first sale of TARPEYO.

In March 2022, all 856,586 warrants were subscribed for in the 2018/2022 warrant program, which entitled to purchase of a new share in the parent company at a subscription price of SEK 74.30.

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2021
Significant Accounting Policies
Basis for 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 for Consolidation	Basis for Consolidation The consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries as of December 31, 2021. Control is achieved when the Parent Company has control 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, 2021 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	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 is in the business of identifying, developing and commercializing novel treatments in orphan indications. Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. During 2021, the Group generated revenue from contracts for outlicensing Nefecon to Everest Medicines for the Chinese region and Singapore, a contract initially entered into in 2019, and to Stada Arzneimittel for the EEA member states, Switzerland and the UK, a contract initially entered into in 2021. The Group recognizes revenue as the identified performance obligations are performed. Outlicensing contracts consists of multiple performance obligations, as they contain multiple goods or services that could be sold on a stand-alone basis, and that are distinct within the context of the contract. Accordingly, the Group allocates the transaction price based on the relative stand-alone selling prices of the performance obligations, which requires identifying the performance obligations in the contracts, and allocating the transaction price between these. The allocation of the transaction price has a significant impact on the Group's revenue recognition, as the revenue recognition patterns differ between the performance obligations. The identification of performance obligations and the allocation of the transaction price between these is hence a significant accounting judgment and estimate (refer also to Note 2). The Group's revenues for the financial year 2021 is allocated based on the following identified performance obligations: 1) Outlicensing of Nefecon to Everest Medicines for the Chinese region and Singapore, and to Stada Arzneimittel for the EEA region. 2) Certain regulatory services to Stada Arzneimittel related to the EU regulatory approval process. Revenue for the outlicensing of Nefecon for the Chinese region and Singapore, as well as the EEA region, is recognized at the point in time when control of the intellectual property is transferred. The revenue allocated to the performance obligation is based on the residual approach, and consists of the total transaction price for each contract after deducting the stand-alone selling price of all other performance obligations. Revenue for the provision of certain regulatory services to Stada is reported over time as the services are performed, and the allocation of revenue to the performance obligation is based on the expected costs to provide the service, and a profit margin based on comparable companies. In the prior year, the Group recognized revenue for a performance obligation to provide pharmaceutical goods for clinical trials to Everest Medicines. The revenue allocated to this performance obligation was based on the expected costs to provide the goods, and a profit margin based on comparable companies. These contracts with customers consist of fixed remuneration as well as variable remuneration in the form of regulatory and commercial milestones, and sales-based royalties. Variable remuneration (for example, attributable to future regulatory milestones) are initially considered constrained, as there is significant uncertainty as to whether these will occur. Compensation attributable to sales-based milestones or royalties is not recognized until the sale that results in the right to the royalties have occurred.
Inventory	Inventory Inventory is recognized as the lower of the acquisition cost and the net realizable value. The acquisition cost for completed goods and goods being manufactured comprises raw materials and other direct costs and applicable indirect manufacturing costs. The net realizable value is the estimated sale price in operating activities. By continuously monitoring inventory, we ensure that it is dispatched based on its shelf life and moving average basis. When necessary, impairment of inventory is performed within the frame of normal business operations and is recognized in costs of goods sold.
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, market access, commercialization 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 Black-Scholes 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 Lessee 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 Non-current lease 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 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. 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. Full 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 – Computers – 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, other current receivables and cash, all of which are classified at amortized cost. 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 is 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.

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contracts with Customers

Schedule of revenue


	Year Ended December 31,
	2021	2020	2019
Type of goods or service
Out-licensing of the product candidate	225,252	—	184,829
Performance of certain regulatory services	4,095	—	—
Provision of drugs	—	874	—
Total	229,347	874	184,829

Geographical markets
Europe	201,878	—	—
China, Hong Kong, Macau, Taiwan and Singapore	27,469	874	184,829
Total	229,347	874	184,829

Other Operating Income (Tables)

12 Months Ended

Dec. 31, 2021

Other Operating Income

Components of other operating income


	Year Ended December 31,
	2021	2020	2019
Exchange rate differences	149	2,501	4,385
Net gains on disposal of equipment	110	—	—
Total	259	2,501	4,385

Other Operating Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Other Operating Expense

Components of other operating expense


	Year Ended December 31,
	2021	2020	2019
Exchange rate differences	1,807	—	4,464
Net loss on disposal of equipment	67	—	61
Change in value of the contingent consideration at fair value	4,470	—	—
Total	6,344	—	4,525

Auditor's Fee (Tables)

12 Months Ended

Dec. 31, 2021

Auditors' Fee

Auditors fees expenses


	Year Ended December 31,
	2021	2020	2019
EY
Audit services	6,235	4,449	645
Other audit activities	2,105	3,774	3,343
Tax advice	73	—	—
Other services	—	—	98
Total	8,413	8,223	4,086

KPMG
Audit services	472	102	—
Other audit activities	1,178	2,552	—
Total	1,650	2,654	—

Other auditors
Audit services	471	102	—
Other audit activities	79	—	—
Total	550	102	—

Total audit fee	10,613	10,979	4,086

Costs according to Type of Cost (Tables)

12 Months Ended

Dec. 31, 2021

Costs according to Type of Cost

Schedule of operating expenses


	Year Ended December 31,
	2021	2020	2019
Other external expenses	549,079	311,329	176,729
Personnel costs	164,206	68,943	34,157
Depreciation on equipment’s and right-of-use assets	34,433	2,823	1,822
Other operating expenses	6,344	—	4,525
Total	754,062	383,095	217,233

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases

Schedule of Right-of-use assets


	December 31,
	2021	2020
Opening balance	9,595	7,527
Additional agreements	34,944	98
Termination of agreement	(7,625)	—
Exchange differences	284	(8)
Additional agreements, through acquisition	—	1,978
Closing balance	37,198	9,595

Depreciation
Opening balance	(4,351)	(1,568)
Depreciation	(5,711)	(2,786)
Termination of agreement	6,456	—
Exchange differences	(292)	3
Closing balance	(3,898)	(4,351)

Net book value	33,300	5,244

Schedule of Lease liabilities


	December 31,
	2021	2020
Non-current lease liabilities	24,052	878
Current lease liabilities	9,591	3,908
Total	33,642	4,786

Maturity analysis on future lease liabilities


	December 31,
	2021	2020
<12 months	11,909	4,521
1-2 years	11,231	1,105
>2 years	16,256	—
	39,396	5,626

Schedule of lease payments


	Year Ended December 31,
	2021	2020
Interest expenses attributable to lease liabilities	590	388
Expenses attributable to short-term lease	633	731
Expenses attributable to leasing agreements with low value	146	103
Expenses attributable to variable lease payments that are not included in lease liabilities	446	344
Expenses attributable to lease depreciation	5,711	2,786
Total expensed during the year	7,526	4,352

This year's lease payments in the Group	6,659	4,930

Employees and Personnel Costs (Tables)

12 Months Ended

Dec. 31, 2021

Employees and Personnel Costs

Schedule of Average Number of Employees


	Year Ended December 31,
	2021			2020			2019
	Number	% of Male		Number	% of Male		Number of	% of Male
	of Empl.	of Empl.		of Empl.	Empl.		of Empl.	Empl.
Parent Company
Sweden	29	40	%	16	44	%	13	38	%
	29	40	%	16	44	%	13	38	%
Subsidiaries
France	3	26	%	—	—		—
Switzerland	6	47	%	2	50	%	—	—
United States	18	62	%	5	100	%	1	100	%
	27	55	%	7	86	%	1	100	%

Total for the Group	56	47	%	23	57	%	14	43	%

Schedule of Wages and Salaries


	Year Ended December 31,
	2021	2020	2019
Parent Company
Board and executive management¹⁾	27,792	19,211	13,109
Other employees	33,370	15,598	6,091

Subsidiaries
Board and executive management	4,983	3,184	2,973
Other employees	57,452	11,615	—
Total	123,597	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,
	2021	2020	2019
Parent Company
Pension costs for the Board and executive management	1,785	1,748	1,644
Pension costs to other employees	4,084	1,666	1,180
Social security costs	17,088	12,330	3,008

Subsidiaries
Pension costs for the Board and executive management	167	129	—
Pension costs to other employees	928	506	—
Social security costs	8,596	225	299
Total	32,648	16,604	6,131

Schedule of Gender Distribution Among the Board and Senior Executives


	Year Ended December 31,
	2021		2020		2019
Percentage of women on the Board	60	%	60	%	33	%
Percentage of men on the Board	40	%	40	%	67	%
Percentage of women among other executive management	33	%	33	%	33	%
Percentage of men among other executive management	67	%	67	%	67	%

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


	Year Ended December 31, 2021
	Base Salary,		Variable	Other	Share-Based
	Board Fee	Pension Costs	Remuneration	Remuneration	Payments	Total
Chairman of the Board
Elmar Schnee	898	—	—	—	465	1,363

Board members
Hilde Furberg	336	—	—	—	162	499
Lennart Hansson	360	—	—	—	162	522
Diane Parks	421	—	—	—	162	584
Molly Henderson	539	—	—	—	124	664

Executive management
CEO	4,860	760	1,840	—	3,270	10,730

Other executive management (5 people)	11,279	1,193	2,335	—	5,561	20,367
of which relates to subsidiaries	2,775	167	694	—	1,515	5,151
Total	18,694	1,953	4,175	—	9,906	34,728


	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	—	—	—	310	1,144

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

Executive management
CEO	3,401	678	1,357	—	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	—	—	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

Share-Based Payments (Tables)

12 Months Ended

Dec. 31, 2021

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

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


	Accumulated No.	Weighted-Average
Allotted Warrants	of Outstanding	Exercise 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
Exercised during the period	—	—
As of December 31, 2021	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	%	859,000
ESOP 2020:2	September 17,2020	September 17,2023	22.50	116.78	41.6	%	99,000
ESOP 2020:3	February 4, 2021	February 4, 2024	30.41	145.05	44.3	%	60,000
ESOP 2020:4	Mars 9, 2021	Mars 9, 2024	30.41	141.26	45.2	%	421,000
ESOP 2021:1	Jun 14, 2021	Jun 14, 2024	35.8	140.71	46.0	%	510,000
ESOP 2021:2	September 29,2021	September 29,2024	25.2	109.38	47.5	%	340,000
							2,289,000

Warrants [Member]

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,	December 31,	Exercise Price,	Price per		Value per Share						Expiration
Outstanding Warrants per Year	2019	2020	2021	SEK	Warrant in SEK		in SEK		Risk-Free Rate		Volatility		Date
Warrant program 2017/2020	1,296,500	—	—	42.36	0.28		21.18		(0.42)	%	27	%	2020-06-30
Warrant program 2018/2022	856,586	856,586	856,586	74.30	3.29		46.50		(0.28)	%	33	%	2022-03-31
Warrant program 2019/2022	422,500	422,500	422,500	74.50	6.69	*	54.39	*	(0.55)	%*	36	%*	2022-12-31
Total	2,575,586	1,279,086	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	Change	December 31, 2021
CEO Renée Lucander	719,500	195,000	914,500	(369,500)	545,000	—	545,000
Board member Thomas Eklund (until June, 2020)	111,250	—	111,250	(111,250)	—	—	—
Board member Hilde Furberg	29,500	—	29,500	(29,500)	—	—	—
Other executive management	727,086	107,500	834,586	(397,086)	437,500	—	437,500
Other employees, consultants and external parties	930,750	(245,000)	685,750	(389,164)	296,586	—	296,586
Total	2,518,086	57,500	2,575,586	(1,296,500)	1,279,086	—	1,279,086

ESOP 2020

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

Schedule of changes and holdings of awards by grantees


	Options Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020	Change	December 31, 2021
Renée Aguiar-Lucander, CEO	—	—	—	225,000	225,000	71,000	296,000
Other executive management	—	—	—	415,000	415,000	120,000	535,000
Other employees and consultants	—	—	—	449,000	449,000	1,009,000	1,458,000
Total	—	—	—	1,089,000	1,089,000	1,200,000	2,289,000

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


	Year Ended December 31,
	2021	2020	2019
Share-based payments	24,737	5,304	—
Provisions attributable to changes in social security costs (Share-based payments)	9,992	3,164	—
Total	34,729	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


	Share Awards Outstanding as of
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020	Change	December 31, 2021
Elmar Schnee, Chairman of the Board	—	23,236	23,236	—	23,236	—	23,236
Thomas Eklund, Board member (until June, 2020)	—	8,449	8,449	(5,633)	2,816	—	2,816
Hilde Furberg, Board member	—	8,449	8,449	—	8,449	—	8,449
Lennart Hansson, Board member	—	8,449	8,449	—	8,449	—	8,449
Diane Parks, Board member	—	8,449	8,449	—	8,449	—	8,449
Total	—	57,032	57,032	(5,633)	51,399	—	51,399

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


	Year Ended December 31,
	2021	2020	2019
Share-based payments	396	440	249
Provisions attributable to changes in social security costs (Share-based payments)	—	1,426	175
Total	396	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		December
Holder	1, 2019	Change	31, 2019	Change	31, 2020	Change	31, 2021
Elmar Schnee, Chairman of the Board	—	—	—	14,063	14,063	—	14,063
Hilde Furberg, Board member	—	—	—	4,327	4,327	—	4,327
Lennart Hansson, Board member	—	—	—	4,327	4,327	—	4,327
Diane Parks, Board member	—	—	—	4,327	4,327	—	4,327
Molly Henderson, Board member	—	—	—	4,327	4,327	—	4,327
Total	—	—	—	31,371	31,371	—	31,371

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


	Year Ended December 31,
	2021	2020	2019
Share-based payments	445	267	—
Provisions attributable to changes in social security costs (Share-based payments)	171	207	—
Total	616	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

Board LTIP 2021

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
Holder	January 1, 2019	Change	December 31, 2019	Change	December 31, 2020	Change	December 31, 2021
Elmar Schnee, Chairman of the Board	—	—	—	—	—	10,624	10,624
Hilde Furberg, Board member	—	—	—	—	—	4,086	4,086
Lennart Hansson, Board member	—	—	—	—	—	4,086	4,086
Diane Parks, Board member	—	—	—	—	—	4,086	4,086
Molly Henderson, Board member	—	—	—	—	—	4,086	4,086
Total	—	—	—	—	—	26,968	26,968

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


	Year Ended December 31,
	2021	2020	2019
Share-based payments	431	—	—
Provisions attributable to changes in social security costs (Share-based payments)	126	—	—
Total	557	—	—

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 2021	July 1, 2024	62.34	26,968

Financial Income (Tables)

12 Months Ended

Dec. 31, 2021

Financial Income

Schedule of Financial income


	Year Ended December 31,
	2021	2020	2019
Interest income	102	547	926
Exchange rate differences	20,234	—	—
Total	20,336	547	926

Financial Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Financial Expenses

Schedule of Financial expenses


	Year Ended December 31,
	2021	2020	2019
Interest on lease liabilities	(590)	(388)	(307)
Other interest expenses	(6,518)	(5)	(18)
Exchange rate differences	—	(53,267)	(2,383)
Changes in FX options measured at fair value	—	(3,318)	(2,700)
Other financial expenses	(2,145)	—	—
Total	(9,253)	(56,978)	(5,408)

Income Tax Expense (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Expense

Schedule of reconciliation of effective tax rate


	Year Ended December 31,
	2021	2020	2019
Current income taxes	(4,581)	(1,035)	(77)
Deferred tax	8,417	675	—
Income tax expense recognized in the consolidated statements of income	3,836	(360)	(77)


	Year Ended December 31,
	2021		2020		2019
Reconciliation of effective tax rate
Accounting loss before income tax	(513,373)		(436,151)		(32,501)
Tax in accordance with applicable tax rate in Sweden 20,6% (21,4%,21,4)%	105,755		93,336		6,955

Tax effect of:
Effect of other tax rates for foreign subsidiaries	11,481		680		2
Tax attributable to non-deductible tax losses carried forward and unrecognized deferred tax assets	(101,785)		(91,725)		(6,316)
Non-deductible expenses	(11,615)		(2,652)		(782)
Non-taxable income	0		1		64
Income tax expense recognized in the consolidated statements of income	3,836		(360)		(77)

At the effective income tax rate	1	%	0	%	0	%

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings per Share

Schedule of Earnings per share


	Year Ended December 31,
	2021	2020	2019
Loss per share before and after dilution
Net loss for the year attributable to equity holders of the Parent Company	(500,293)	(433,494)	(32,578)
Weighted-average number of common shares outstanding	50,829,255	44,873,448	36,940,587
Loss per share before and after dilution	(9.84)	(9.66)	(0.88)

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2021

Business Combinations

Schedule of business combination of acquisition assets and liabilities


	Preliminary	Adjustments	Final
The assets and liabilities recognized in conjunction with the acquisition are as follows:
Intangible assets: NOX Platform	382,521	(34,349)	348,124
Intangible assets: Other licenses	28,893	—	28,893
Non-current assets	2,438	—	2,438
Other current assets	10,022	—	10,022
Cash	32,265	—	32,265
Pension liabilities	(9,410)	—	(9,410)
Deferred tax liabilities	(82,683)	43,971	(38,712)
Other non-current liabilities	(643)	—	(643)
Other current liabilities	(20,677)	—	(20,677)
Acquired identified assets	342,726	9,574	352,300
Non-controlling interests	(136,084)	—	(136,084)
Goodwill	48,839	(9,574)	39,265
Acquired net assets	255,481	—	255,481

Schedule of adjustments to opening balances


		December 31,
(SEK in thousands)	2020	Adjustment	2020

ASSETS
Non-current assets
Intangible assets	461,367	(42,542)	418,825
Equipment	163	—	163
Right-of-use assets	5,244	—	5,244
Non-current financial assets	2,225	—	2,225
Deferred tax assets	600	—	600
Total non-current assets	469,599	(42,542)	427,057

Current assets
Total current assets	1,036,851	—	1,036,851
TOTAL ASSETS	1,506,450	(42,542)	1,463,908

EQUITY AND LIABILITIES
Equity
Total equity	1,256,300	—	1,256,300

Non-current liabilities
Provisions	55,361	—	55,361
Pensions Liabilities	8,296	—	8,296
Deferred tax liabilities	79,996	(42,542)	37,454
Lease liabilities	878	—	878
Total non-current liabilities	144,531	(42,542)	101,989

Currents liabilities
Total current liabilities	105,619	—	105,619
TOTAL EQUITY AND LIABILITIES	1,506,450	(42,542)	1,463,908

Intangible Assets and Impairment Testing (Tables)

12 Months Ended

Dec. 31, 2021

Intangible Assets and Impairment Testing

Schedule of intangible assets and impairment testing


	December 31,
	2021	2020
Licenses and similar rights
Cost at opening balance	380,836	16,066
Business combinations	—	377,017
Acquisition for the year	16,066	—
Exchange differences on translation	(6,736)	(12,247)
Cost at closing balance	390,166	380,836

Impairment
Cost at opening balance	—	—
Impairment	(27,975)	—
Cost at closing balance	(27,975)	—

Goodwill
Cost at opening balance	37,989	—
Business combinations	—	39,265
Exchange differences on translation	(762)	(1,276)
Cost at closing balance	37,227	37,989

Net book value	399,418	418,825

Schedule of impairment testing of intangible assets discount rate


	Year Ended December 31,
	2021	2020
Parameter, %
Discount rate	11.0	10.5


	Year Ended December 31,
	2021	2020
Parameter, %
Discount rate NOX platform	17.7	18.8
Discount rate Vaccine platform	—	17.0
Discount rate Budenofalk 3 mg oral capsule	12.4	12.4

Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Equipment.

Schedule of depreciation and amortisation expense


	December 31,
	2021	2020	2019
Cost at opening balance	214	118	813
Acquisition for the year	6,588	—	118
Disposal for the year	(118)	—	(813)
Exchange differences	389	(4)	—
Additional, through business combinations	—	100	—
Cost at closing balance	7,073	214	118

Depreciation at opening balance	(51)	(14)	(706)
Depreciation for the year	(465)	(37)	(44)
Disposal for the year	51	—	736
Exchange differences	(299)	—	—
Depreciation at closing balance	(764)	(51)	(14)

Net book value	6,309	163	104

Non-Current Financial Assets (Tables)

12 Months Ended

Dec. 31, 2021

Non-Current Financial Assets

Schedule of non-current financial assets


	December 31,
	2021	2020	2019
Cost at opening balance	2,225	1,939	341
Bank guarantees granted	1,686	—	1,888
Reimbursement security deposit	—	—	(290)
Exchange differences	4	—	—
Acquisition through business combinations	—	286	—
Net book value	3,915	2,225	1,939

Deferred Tax Assets and Deferred Tax Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Deferred Tax Assets and Deferred Tax Liabilities

Summary of deferred tax assets and liabilities

Deferred tax assets and liabilities as of December 31, 2021


	Deferred Tax	Deferred Tax
	Assets	Liabilities	Net
Intangible assets	—	(46,175)	(46,175)
Tangible assets	—	(238)	(238)
Lease items net value	270	—	270
Personnel-related items	4,141	—	4,141
Tax loss carried forward	15,319	—	15,319
Other items	23	—	23
Total	19,753	(46,413)	(26,661)
Offsetting	(15,557)	15,557	—
Tax assets/liabilities, net	4,196	(30,856)	(26,661)

Deferred tax assets and liabilities as of December 31, 2020


	Deferred Tax	Deferred Tax
	Assets	Liabilities	Net
Intangible assets	—	(47,120)	(47,120)
Personnel-related items	596	—	596
Tax loss carried forward	9,666	—	9,666
Other items	4	—	4
Total	10,266	(47,120)	(36,854)
Offsetting	(9,666)	9,666	—
Tax assets/liabilities, net	600	(37,454)	(36,854)

Summary of change in deferred tax

Change in deferred tax, 2021


	Cost at Opening Balance	Recognized in Profit or Loss	Exchange Differences	Cost at Closing Balance
Intangible assets	(47,120)	—	945	(46,175)
Tangible assets	—	(226)	(12)	(238)
Lease items net value	—	256	14	270
Personnel-related items	596	3,304	240	4,140
Tax loss carried forward	9,666	5,065	588	15,319
Other items	4	18	1	23
Total	(36,854)	8,417	1,776	(26,661)

Change in deferred tax, 2020


			Increase
	Cost at Opening	Recognized in	through Business	Cost at Closing
	Balance	Profit or Loss	Combinations	Balance
Intangible assets	—	—	(47,120)	(47,120)
Personnel-related items	—	596	—	596
Tax loss carried forward	—	—	9,666	9,666
Other items	—	4	—	4
Total	—	600	(37,454)	(36,854)

Financial and Non-Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021


		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	—	3,915	—	3,915
Cash	—	955,507	—	955,507
	—	959,422	—	959,422

	Financial Liabilities
	Measured at	Financial Liabilities	Non-	Total
	Fair Value through	Measured at	Financial	Carrying
	Profit or Loss	Amortized Cost	Liabilities	Amount
Liabilities
Contingent consideration	54,399	—	—	54,399
Non-current interesting-bearing liabilities	—	189,164	—	189,164
Non-current lease liabilities	—	24,052	—	24,052
Accounts payable	—	67,971	—	67,971
Other current liabilities	—	9,591	3,111	12,702
Accrued expenses and deferred revenue	—	25,168	28,385	53,553
	54,399	315,945	31,496	401,841

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


	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	—	2,225	—	2,225
Other current assets	—	112	22,689	22,801
Cash	—	996,304	—	996,304
	—	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
Contingent consideration	48,969	—	—	48,969
Other non-current liabilities	—	878	—	878
Accounts payable	—	53,827	—	53,827
Other current liabilities	—	3,908	5,980	9,888
Accrued expenses and deferred revenue	—	24,890	16,496	41,386
	48,969	83,503	22,476	154,948

Financial Risks (Tables)

12 Months Ended

Dec. 31, 2021

Financial Risks

Schedule of credit risk accounts receivable


	December 31,
	2021	2020	2019
Days past due account receivables	—	—	—
Not due account receivables	—	—	46,586
Total	—	—	46,586

Schedule of transaction exposure from contracted payment flows in foreign currency


			Operating
Currency Exposure 2021 (%)	Revenue		Expenses
USD	14	%	43	%
EUR	86	%	36	%
GBP	—		3	%
SEK	—		18	%


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


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

Schedule of maturity analysis


	December 31, 2021
	<6 months	6-12 months	>12 months
Accounts payable	67,971	—	—
Other current liabilities	7,906	4,796	—
Accrued expenses	47,753	5,800	—
Contingent consideration	—	—	54,399


	December 31, 2020
	<6 months	6-12 months	>12 months
Accounts payable	53,827	—	—
Other current liabilities	7,934	1,954	—
Accrued expenses	34,833	6,552	—
Contingent consideration	—	—	48,969

Schedule of non-current interesting-bearing liabilities


	December 31,
	2021	2020	2019
Opening balance	—	—	—
New borrowings	199,524	—	—
Transaction cost paid	(14,858)	—	—
Interest expense	2,145	—	—
Exchange difference on translation	2,353	—	—
Closing balance	189,164	—	—

Prepaid Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Prepaid Expenses

Schedule of prepaid expenses


	December 31,
	2021	2020
Prepaid insurance premiums	10,813	10,743
Prepaid expenses for research and development	27,888	640
Other prepaid expenses	6,331	6,363
Total	45,032	17,746

Cash (Tables)

12 Months Ended

Dec. 31, 2021

Cash

Schedule of cash


	December 31,
	2021	2020	2019
Cash at Banks	955,507	996,304	753,540
Total	955,507	996,304	753,540

Schedule of adjustments for non cash items


	Year Ended December 31,
	2021	2020	2019
Depreciation and Impairment	34,433	2,823	1,822
Change in Provisions	10,326	6,634	175
Share-based payments	21,960	6,012	249
Other items	(43)	(4)	62
Total	66,676	15,465	2,308

Reconciliation of liabilities from financing activities


	January 1,		Non-Cash	December 31,
	2021	Cash-Flow	Items	2021
Non- current interest-bearing liabilities	—	184,667	4,497	189,164
Lease liabilities	4,786	(5,575)	34,431	33,642
	4,786	179,092	38,928	222,806




	January 1,		Non-Cash	December 31,
	2020	Cash-Flow	Items	2020
Lease liabilities	6,070	(3,972)	2,688	4,786
	6,070	(3,972)	2,688	4,786

Group Companies (Tables)

12 Months Ended

Dec. 31, 2021

Group Companies

Schedule of Group Companies


		Country of	% Equity Interest		% Equity Interest		% Equity Interest
Company	Principal Activities	Incorporation	2021		2020		2019
Parent Company
Calliditas Therapeutics AB	Research and development of pharmaceuticals	Sweden	—		—		—

Subsidiaries
Nefecon AB	Administration of incentive programs issued by the Parent Company	Sweden	100	%	100	%	100	%
Calliditas NA Enterprises Inc,	Market access activities in the United States	United States	100	%	100	%	100	%
Calliditas Therapeutics US Inc	Commercial activities in the United States	United States	100	%	—		—
Calliditas Therapeutics France SAS	Research and development of pharmaceuticals	France	100	%	86.2	%	—
Calliditas Therapeutics Suisse S.A	Research and development of pharmaceuticals	Switzerland	100	%	86.2	%	—

Equity (Tables)

12 Months Ended

Dec. 31, 2021

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	—	—	6,012
As of December 31, 2020	49,941,584	1,998	2,133,179

New share issue**	2,400,000	96	302,995
Share-based payment
	—	—	23,567
As of December 31, 2021
	52,341,584	2,094	2,459,741

* 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.

** New share issue in August 2021

Schedule of changes in translation reserve


	December 31,
	2021	2020	2019
Opening balance	(6,090)	(45)	(34)
Change for the year ended	(20,889)	(6,045)	(11)
Closing balance	(26,979)	(6,090)	(45)

Provisions (Tables)

12 Months Ended

Dec. 31, 2021

Provisions

Summary of provisions

Provisions as of December 31, 2021


	Social Security Costs on
	Share-Based Payment	Other Provisions	Provisions Net
Opening balance	4,972	1,419	6,391
Additional provisions during the year	8,112	—	8,112
Exchange differences	—	27	27
Total	13,084	1,446	14,530

Provisions as of December 31, 2020


	Social Security Costs on
	Share-Based Payment	Other Provisions	Provisions Net
Opening balance	175	—	175
Additional provisions during the year	4,797	1,443	6,240
Exchange differences	—	(24)	(24)
Total	4,972	1,419	6,391

Pension Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Pension Liabilities

Summary of net pension obligation per country


	December 31,
	2021	2020
Switzerland	(3,071)	(8,124)
France	(111)	(172)
Total	(3,182)	(8,296)

Summary of changes in the defined-benefit pension obligations


	Defined Benefit	Defined Benefit
	Plan Obligation	Plan Obligation	Fair Value of Plan	Employee Benefit
	(Switzerland)	(France)	Assets (Switzerland)	Obligations
January 1, 2021	(19,193)	(172)	11,069	(8,296)

Service cost	(2,165)	(13)	—	(2,178)

Interest expense	(17)	0	10	(7)
Curtailment*	12,011	—	(7,805)	4,206
Employee contribution	—	—	704	704
Subtotal included in the statement of consolidated operations	9,829	(13)	(7,091)	2,725

Amounts paid/received	291	—	(291)	—

Return on assets (excluding interest expenses)	—	—	64	64
Actuarial gains/(losses) related to changes in demographic assumptions	349	77	—	426
Actuarial gains/(losses) related to changes in financial assumptions	1,120	—	—	1,120
Other actuarial gains/(losses)	360	—	—	360
Experience effect	—	—	—	—
Subtotal included in other items of comprehensive income	1,829	77	64	1,970

Employer contributions	—	—	704	704
Currency translation effect	(698)	(3)	705	(286)
December 31, 2021	(7,942)	(111)	4,871	(3,182)

*The change in the Curtailment refer to retirement obligation settlement connected to the departure of senior management member of Switzerland employees.

Changes in the defined-benefit pension obligations


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

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	—

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,
	2021	2020
Cash	205	244
Bonds	2,801	6,365
Mortgage loans	667	1,516
Shares	92	365
Real estate	760	1,638
Other investments	346	941
Total	4,871	11,069

Summary of actuarial assumptions on the balance sheet date


	December 31,
	2021		2020
Swiss pension plan
Discount rate	0.35	%	0.15	%
Mortality table	LPP 2020 generation		LPP 2020 generation
Salary revaluation rate	1.00	%	1.00	%
Retirement pension inflation rate	0.50	%	0.50	%
Deposit rate on savings accounts	1.00	%	1.00	%
Turnover rate	10.00	%	10.00	%
Remaining life expectancy after retirement	22.3	years	23.3	years
Retirement age	65	years	65	years

Summary of sensitivity analysis


	December 31,
	2021	2020
Pension commitments under current assumptions for Swiss pension plans	7,942	19,362
Discount rate , -0,5%	8,904	21,631
Discount rate , +0,5%	7,130	17,139
Retirement pension inflation rate, -0,5%	7,575	18,241
Retirement pension inflation rate, +0,5%	8,353	20,257
Salary revaluation rate, -0,5%	7,792	18,802
Salary revaluation rate, +0,5%	8,100	19,605

Accrued Expenses and Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Accrued Expenses and Deferred Revenue

Schedule of accrued expenses and deferred revenue


	December 31,
	2021	2020
Vacation pay liabilities	6,107	4,921
Accrued salaries and Board fees	16,786	8,134
Social security costs	5,492	3,440
Deferred revenue	3,387	—
Accrued expenses for research and development	4,230	14,135
Accrued expenses for administrative and selling	17,551	10,756
Total	53,553	41,386

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventories

Schedule of inventories

Contingent Consideration (Tables)

12 Months Ended

Dec. 31, 2021

Contingent Consideration.

Schedule of contingent consideration

Contingent consideration as of December 31, 2021


		Contingent consideration
Opening balance		48,969
Change for the year		4,470
Exchange differences		960
Total		54,399

Contingent consideration as of December 31, 2020


		Contingent consideration
Opening balance		—
Business acquisition		50,614
Exchange differences		(1,645)
Total		48,969

Description of Business (Details)	Dec. 31, 2021 SEK (kr)
Description of Business
Number of subsidiaries	4

Significant Accounting Policies - Leases (Details)	12 Months Ended
Significant Accounting Policies - Leases (Details)	Dec. 31, 2021
Significant Accounting Policies
Estimated lease term	12 months

Significant Accounting Policies - Intangible assets (Details) - Licenses and similar rights	12 Months Ended
	Dec. 31, 2021
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

Significant Accounting Policies - Equipment (Details)	12 Months Ended
Significant Accounting Policies - Equipment (Details)	Dec. 31, 2021
Office equipment
Disclosure of detailed information about property, plant and equipment [line items]
Expected useful life	5 years
Computer equipment
Disclosure of detailed information about property, plant and equipment [line items]
Expected useful life	5 years

Significant Accounting Policies - Impairment of Non-Financial Assets (Details) kr in Thousands	12 Months Ended
	Dec. 31, 2021 SEK (kr)
Significant Accounting Policies
Impairment loss	kr 0

Significant Accounting Judgements, Estimates and Assumptions (Details) kr in Thousands	12 Months Ended
	Dec. 31, 2021 SEK (kr)
Disclosure of detailed information about intangible assets [line items]
Goodwill	kr 37,227
Intangible assets	362,191
Vaccine Platforms
Disclosure of detailed information about intangible assets [line items]
Impairment loss	kr 27,975

Revenue from Contracts with Customers (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contracts with Customers
Net sales	kr 229,347	kr 874	kr 184,829
Total value of outstanding performance obligation	4,095	0
China, Hong Kong, Macau, Taiwan and Singapore
Revenue from Contracts with Customers
Net sales	27,469	874	184,829
EUROPE
Revenue from Contracts with Customers
Net sales	201,878
Out-licensing of the product candidate
Revenue from Contracts with Customers
Net sales	225,252		kr 184,829
Performance of certain regulatory services
Revenue from Contracts with Customers
Net sales	kr 4,095
Provision of drugs
Revenue from Contracts with Customers
Net sales		kr 874

Other Operating Income (Details) - SEK (kr) kr in Thousands	12 Months Ended
Other Operating Income (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Operating Income
Exchange rate differences	kr 149	kr 2,501	kr 4,385
Net gains on disposal of equipment	110
Total	kr 259	kr 2,501	kr 4,385

Other Operating Expenses (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
Other Operating Expense
Exchange rate differences	kr 1,807	kr 4,464
Net loss on disposal of equipment	67	61
Change in value of the contingent consideration at fair value	4,470
Total	kr 6,344	kr 4,525

Auditor's Fee (Details) - SEK (kr) kr in Thousands	12 Months Ended
Auditor's Fee (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Auditors Remuneration [Line Items]
Total audit fee	kr 10,613	kr 10,979	kr 4,086
EY
Auditors Remuneration [Line Items]
Audit services	6,235	4,449	645
Other audit activities	2,105	3,774	3,343
Tax advice	73
Other services			98
Total audit fee	8,413	8,223	kr 4,086
KPMG
Auditors Remuneration [Line Items]
Audit services	472	102
Other audit activities	1,178	2,552
Total audit fee	1,650	2,654
Other auditors
Auditors Remuneration [Line Items]
Audit services	471	102
Other audit activities	79
Total audit fee	kr 550	kr 102

Costs According to Type of Cost (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Costs according to Type of Cost
Other external expenses	kr 549,079	kr 311,329	kr 176,729
Personnel costs	164,206	68,943	34,157
Depreciation on equipment's and right-of-use assets	34,433	2,823	1,822
Other operating expenses	6,344		4,525
Total	kr 754,062	kr 383,095	kr 217,233

Leases - Right-of-Use Assets (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases
Balance at beginning of period	kr 5,244
Depreciation	34,433	kr 2,823	kr 1,822
Balance at end of period	33,300	5,244
Net book value	33,300	5,244
Research and development expense [Member]
Leases
Depreciation on right of use assets	997	165
Administrative and selling expense
Leases
Depreciation on right of use assets	4,714	2,621
Cost at closing balance
Leases
Balance at beginning of period	9,595	7,527
Additional agreements	34,944	98
Termination of agreement	(7,625)
Exchange differences	284	(8)
Additional agreements through acquisition		1,978
Balance at end of period	37,198	9,595	7,527
Net book value	37,198	9,595	7,527
Depreciation
Leases
Balance at beginning of period	(4,351)	(1,568)
Depreciation	(5,711)	(2,786)
Termination of agreement	6,456
Exchange differences	(292)	3
Balance at end of period	(3,898)	(4,351)	(1,568)
Net book value	kr (3,898)	kr (4,351)	kr (1,568)

Leases - Lease Liabilities (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases
Lease liabilities	kr 24,052	kr 878
Current lease liabilities	9,591	3,908
Total	kr 33,642	kr 4,786

Leases - Maturity Analysis on Future Lease Liabilities (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases
Future lease liabilities	kr 39,396	kr 5,626
Less Than 12 months
Leases
Future lease liabilities	11,909	4,521
1-2 years
Leases
Future lease liabilities	11,231	kr 1,105
>2 years
Leases
Future lease liabilities	kr 16,256

Leases - Lease of Low-value Assets (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases
Interest expenses attributable to lease liabilities	kr 590	kr 388	kr 307
Expenses attributable to short-term lease	633	731
Expenses attributable to leasing agreements with low value	146	103
Expenses attributable to variable lease payments that are not included in lease liabilities	446	344
Expenses attributable to lease depreciation	5,711	2,786
Total expensed during the year	7,526	4,352
This year's lease payments in the Group	kr 6,659	kr 4,930

Employees and Personnel Costs - Average Number of Employees (Details) - item	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employees and Personnel Costs
Average Number of Employees	56	23	14
Percentage of Male Employees	47.00%	57.00%	43.00%
Parent Company
Employees and Personnel Costs
Average Number of Employees	29	16	13
Percentage of Male Employees	40.00%	44.00%	38.00%
Parent Company \| Sweden
Employees and Personnel Costs
Average Number of Employees	29	16	13
Percentage of Male Employees	40.00%	44.00%	38.00%
Subsidiaries
Employees and Personnel Costs
Average Number of Employees	27	7	1
Percentage of Male Employees	55.00%	86.00%	100.00%
Subsidiaries \| France
Employees and Personnel Costs
Average Number of Employees	3
Percentage of Male Employees	26.00%
Subsidiaries \| Switzerland
Employees and Personnel Costs
Average Number of Employees	6	2
Percentage of Male Employees	47.00%	50.00%
Subsidiaries \| USD
Employees and Personnel Costs
Average Number of Employees	18	5	1
Percentage of Male Employees	62.00%	100.00%	100.00%

Employees and Personnel Costs - Wages and Salaries (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employees and Personnel Costs
Wages and Salaries	kr 123,597	kr 49,608	kr 22,173
Parent Company \| Board and executive management
Employees and Personnel Costs
Wages and Salaries	27,792	19,211	13,109
Parent Company \| Other employees
Employees and Personnel Costs
Wages and Salaries	33,370	15,598	6,091
Subsidiaries \| Board and executive management
Employees and Personnel Costs
Wages and Salaries	4,983	3,184	kr 2,973
Subsidiaries \| Other employees
Employees and Personnel Costs
Wages and Salaries	kr 57,452	kr 11,615

Employees and Personnel Costs - Social Security Costs and Pension Costs (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employees and Personnel Costs
Pension costs	kr 1,953	kr 1,876	kr 1,644
Social Security Costs and Pension Costs	32,648	16,604	6,131
Parent Company
Employees and Personnel Costs
Social security costs	17,088	12,330	3,008
Parent Company \| Board and executive management
Employees and Personnel Costs
Pension costs	1,785	1,748	1,644
Parent Company \| Other employees
Employees and Personnel Costs
Pension costs	4,084	1,666	1,180
Subsidiaries
Employees and Personnel Costs
Social security costs	8,596	225	kr 299
Subsidiaries \| Board and executive management
Employees and Personnel Costs
Pension costs	167	129
Subsidiaries \| Other employees
Employees and Personnel Costs
Pension costs	kr 928	kr 506

Employees and Personnel Costs - Gender Distribution (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Board
Employees and Personnel Costs
Percentage of women	60.00%	60.00%	33.00%
Percentage of men	40.00%	40.00%	67.00%
Executive management
Employees and Personnel Costs
Percentage of women	33.00%	33.00%	33.00%
Percentage of men	67.00%	67.00%	67.00%

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Employees and Personnel Costs
Base Salary, Board Fee	kr 18,694	kr 15,459	kr 12,886
Pension costs	1,953	1,876	1,644
Variable Remuneration	4,175	3,117	2,947
Other Remuneration		472	4,701
Share-based Payments	9,906	3,820	249
Reimbursement received	34,728	24,744	22,427
Elmar Schnee
Employees and Personnel Costs
Base Salary, Board Fee	898	834	402
Share-based Payments	465	310	101
Reimbursement received	1,363	1,144	503
Thomas Eklund
Employees and Personnel Costs
Base Salary, Board Fee		72	280
Share-based Payments		43	37
Reimbursement received		115	317
Hilde Furberg
Employees and Personnel Costs
Base Salary, Board Fee	336	273	180
Share-based Payments	162	106	37
Reimbursement received	499	379	217
Lennart Hansson
Employees and Personnel Costs
Base Salary, Board Fee	360	281	102
Share-based Payments	162	106	37
Reimbursement received	522	387	139
Bengt Julander
Employees and Personnel Costs
Base Salary, Board Fee		58	102
Reimbursement received		58	102
Diane Parks
Employees and Personnel Costs
Base Salary, Board Fee	421	379	201
Share-based Payments	162	106	37
Reimbursement received	584	485	238
Molly Henderson
Employees and Personnel Costs
Base Salary, Board Fee	539	345
Share-based Payments	124	37
Reimbursement received	664	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	4,860	3,401	2,634
Pension costs	760	678	510
Variable Remuneration	1,840	1,357	956
Share-based Payments	3,270	1,094
Reimbursement received	10,730	6,530	4,100
Other executive management [Member]
Employees and Personnel Costs
Base Salary, Board Fee	11,279	9,816	8,927
Pension costs	1,193	1,198	1,134
Variable Remuneration	2,335	1,760	1,991
Other Remuneration		472	4,701
Share-based Payments	5,561	2,018
Reimbursement received	20,367	15,264	16,753
Other executive management [Member] \| Subsidiaries
Employees and Personnel Costs
Base Salary, Board Fee	2,775	2,547	2,382
Pension costs	167	129
Variable Remuneration	694	636	591
Share-based Payments	1,515
Reimbursement received	kr 5,151	kr 3,312	kr 2,973

Employees and Personnel Costs - Other Remuneration (Details) kr in Thousands	12 Months Ended
	Dec. 31, 2021 SEK (kr) age individual	Dec. 31, 2020 SEK (kr)	Dec. 31, 2019 SEK (kr)
Employees and Personnel Costs
Pension obligations	kr 0
Vesting period	1 year
Board
Employees and Personnel Costs
Severance payment	kr 0
Previous payments of executive remuneration that have not been due	kr 0
Other executive management [Member]
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 [Member] \| 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 [Member] \| Sweden
Employees and Personnel Costs
Percentage of pension commitments	20.00%
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 [Member]
Employees and Personnel Costs
Number of individuals \| individual	5
Parent Company \| Jedako Consult AB \| Other executive management [Member]
Employees and Personnel Costs
Fees for services rendered	kr 0	kr 0	kr 3,848
Parent Company \| Cordcom Consultants KB \| Other executive management [Member]
Employees and Personnel Costs
Fees for services rendered	kr 0	kr 472	kr 853

Share-Based Payments - Incentive Programs (Details)	12 Months Ended
Share-Based Payments - Incentive Programs (Details)	Dec. 31, 2021 SEK (kr) EquityInstruments item $ / shares shares	Dec. 31, 2020 SEK (kr) EquityInstruments $ / shares	Dec. 31, 2019 SEK (kr) EquityInstruments $ / shares shares	Dec. 31, 2018 $ / 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
Accumulated number of outstanding	1,279,086		2,575,586
Number Of Securities Called By Share Options \| shares	2,289,000
Allotted Warrants, end of year	1,279,086		2,575,586
Weighted-Average Exercise Price, beginning of year \| $ / shares		$ 58
Weighted-Average Exercise Price, end of year \| $ / shares			$ 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 \| $ / shares				$ 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 \| $ / shares			$ 74.50
Weighted average fair value at measurement date granted \| kr	kr 74,000	$ 74,000	$ 58,000
Accumulated number of outstanding	1,279,086	1,279,086
Exercised during the period		1,296,500
Allotted Warrants, end of year	1,279,086	1,279,086
Weighted-Average Exercise Price, beginning of year \| $ / shares	kr 74
Weighted-Average Exercise Price, exercised during the period \| $ / shares		$ 42
Weighted-Average Exercise Price, end of year \| $ / shares	kr 74	$ 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		5,186
Accumulated number of outstanding			1,296,500
Allotted Warrants, end of year			1,296,500
Weighted-Average Exercise Price, end of year \| $ / shares	kr 42.36
Registration of the issue of shares \| shares	1,296,500
Board LTIP 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	51,399
Allotted Warrants, end of year	51,399
Board LTIP 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value at measurement date granted \| kr	kr 33.97
Accumulated number of outstanding	31,371	31,371
Allotted Warrants, end of year	31,371	31,371
Board LTIP 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value at measurement date granted \| kr	kr 62.34
Accumulated number of outstanding	26,968
Allotted Warrants, end of year	26,968
ESOP 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of weighted average share price	115.00%

Share-Based Payments - Incentive Programs (Details)	12 Months Ended
Share-Based Payments - Incentive Programs (Details)	Dec. 31, 2021 EquityInstruments $ / shares	Dec. 31, 2020 EquityInstruments	Dec. 31, 2019 EquityInstruments $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding	1,279,086		2,575,586
Number of share options outstanding in share-based payment arrangement	2,289,000	1,089,000
Number of other equity instruments outstanding in share-based payment arrangement	1,279,086		2,575,586
Exercise price \| $ / shares			$ 58
Warrants of Warrant Program 2017/2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding			1,296,500
Number of other equity instruments outstanding in share-based payment arrangement			1,296,500
Exercise price \| $ / shares	$ 42.36
Price per Warrant in SEK \| $ / shares	0.28
Value per Share in SEK \| $ / shares	$ 21.18
Risk-Free Rate	(0.42)
Volatility	27
Warrants of Warrant Program 2018/2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding	856,586	856,586	856,586
Number of other equity instruments outstanding in share-based payment arrangement	856,586	856,586	856,586
Exercise price \| $ / shares	$ 74.30
Price per Warrant in SEK \| $ / shares	3.29
Value per Share in SEK \| $ / shares	$ 46.50
Risk-Free Rate	(0.28)
Volatility	33
Warrants of Warrant Program 2019/2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding	422,500	422,500	422,500
Number of other equity instruments outstanding in share-based payment arrangement	422,500	422,500	422,500
Exercise price \| $ / shares	$ 74.50
Price per Warrant in SEK \| $ / shares	6.69
Value per Share in SEK \| $ / shares	$ 54.39
Risk-Free Rate	(0.55)
Volatility	36
Share Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding	51,399	51,399	57,032
Number of other equity instruments outstanding in share-based payment arrangement	51,399	51,399	57,032
Board LTIP 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding	31,371	31,371
Number of other equity instruments outstanding in share-based payment arrangement	31,371	31,371
Board LTIP 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding	26,968
Number of other equity instruments outstanding in share-based payment arrangement	26,968

Share-Based Payments - Changes and Holdings of Warrants (Details) - EquityInstruments	12 Months Ended
	Dec. 31, 2021	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	1,279,086	2,575,586	2,518,086
Change		(1,296,500)	57,500
Allotted Warrants, end of year	1,279,086	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	545,000	914,500	719,500
Change		(369,500)	195,000
Allotted Warrants, end of year	545,000	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			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			29,500
Warrants \| Other executive management
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	437,500	834,586	727,086
Change		(397,086)	107,500
Allotted Warrants, end of year	437,500	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	296,586	685,750	930,750
Change		(389,164)	(245,000)
Allotted Warrants, end of year	296,586	296,586	685,750

Share-Based Payments - Option Program (Details)	12 Months Ended
Share-Based Payments - Option Program (Details)	Dec. 31, 2021 EquityInstruments shares	Dec. 31, 2020 EquityInstruments shares
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
As of January 1, number of options	1,089,000
Change \| shares	1,200,000	1,089,000
As of December 31, number of options	2,289,000	1,089,000
CEO
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
As of January 1, number of options	225,000
Change \| shares	71,000	225,000
As of December 31, number of options	296,000	225,000
Other executive management [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
As of January 1, number of options	415,000
Change \| shares	120,000	415,000
As of December 31, number of options	535,000	415,000
Other employees, consultants and external parties [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
As of January 1, number of options	449,000
Change \| shares	1,009,000	449,000
As of December 31, number of options	1,458,000	449,000

Share-Based Payments - Calculation of fair value of option program (ESOP 2020) (Details)	12 Months Ended
	Dec. 31, 2021 SEK (kr) shares	Dec. 31, 2021 SEK (kr) $ / shares shares	Dec. 31, 2020 SEK (kr)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of Shares covered by Options \| shares	2,289,000	2,289,000
Number of warrants set aside to secure the delivery of shares in connection with the utilization of the award program \| shares	3,000,000	3,000,000
Share-based payments	kr 24,737,000		kr 5,304,000
Provisions attributable to changes in social security costs (Share-based payments)	9,992,000	kr 9,992,000	3,164,000
Total cost	kr 34,729,000		kr 8,468,000
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	859,000	859,000
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	99,000	99,000
ESOP 2020:3
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair Value upon Issue of the Options	kr 30.41	kr 30.41
Exercise price \| $ / shares		kr 145.05
Volatility	44.30%
Number of Shares covered by Options \| shares	60,000	60,000
ESOP 2020:4
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair Value upon Issue of the Options	kr 30.41	kr 30.41
Exercise price \| $ / shares		kr 141.26
Volatility	45.20%
Number of Shares covered by Options \| shares	421,000	421,000
ESOP 2021:1
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair Value upon Issue of the Options	kr 35.8	kr 35.8
Exercise price \| $ / shares		kr 140.71
Volatility	46.00%
Number of Shares covered by Options \| shares	510,000	510,000
ESOP 2021:2
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair Value upon Issue of the Options	kr 25.2	kr 25.2
Exercise price \| $ / shares		kr 109.38
Volatility	47.50%
Number of Shares covered by Options \| shares	340,000	340,000

Share-Based Payments - Board LTIP 2019 - Additional information (Details) - EquityInstruments	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
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
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%

Share-Based Payments - Board's Holding of Share Awards 2019 (Details) - EquityInstruments	12 Months Ended
	Dec. 31, 2021	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	51,399	57,032
Change		(5,633)	57,032
Allotted Warrants, end of year	51,399	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	23,236
Change			23,236
Allotted Warrants, end of year	23,236	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	2,816	8,449
Change	(5,633)	8,449
Allotted Warrants, end of year	2,816	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	8,449
Change			8,449
Allotted Warrants, end of year	8,449	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	8,449
Change			8,449
Allotted Warrants, end of year	8,449	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	8,449
Change			8,449
Allotted Warrants, end of year	8,449	8,449	8,449

Share-Based Payments - Fair Value of Share-Based Payments (Details)	Dec. 31, 2021 EquityInstruments $ / shares shares	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
Number of warrants set aside to secure the delivery of shares in connection with the utilization of the award program \| shares	3,000,000
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 \| EquityInstruments	51,399
Number of warrants set aside to secure the delivery of shares in connection with the utilization of the award program \| shares	70,000

Share-Based Payments - Total Cost of the Outstanding Share-Based Payments (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-Based Payments
Share-based payments	kr 396	kr 440	kr 249
Provisions attributable to changes in social security costs (Share-based payments)		1,426	175
Total	kr 396	kr 1,866	kr 424

Share-Based Payments - Board LTIP 2020 - Additional information (Details)	12 Months Ended
	Dec. 31, 2021 EquityInstruments	Dec. 31, 2020 EquityInstruments	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 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	31,371	31,371
Vesting period	3 years
Vesting ratio per period	0.33
Board LTIP 2020 \| 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 2020 \| 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 2020 \| Milestone 3 \| Minimum
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 2020 \| 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 2020 \| 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%
Percentage of the share awards earned based on the price increase condition	0.00%

Share-based Payments - Board LTIP share awards 2020 (Details)	12 Months Ended
	Dec. 31, 2021 SEK (kr) EquityInstruments shares	Dec. 31, 2020 SEK (kr) EquityInstruments
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
Share-based payments \| kr	kr 24,737,000	kr 5,304,000
Provisions attributable to changes in social security costs (Share-based payments) \| kr	9,992,000	3,164,000
Total cost \| kr	kr 34,729,000	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	3,000,000
Board LTIP 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	31,371
Change		31,371
Allotted Warrants, end of year	31,371	31,371
Fair Value at Grant Date \| kr	kr 33.97
Share-based payments \| kr	445,000	kr 267,000
Provisions attributable to changes in social security costs (Share-based payments) \| kr	171,000	207,000
Total cost \| kr	kr 616,000	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]
Allotted Warrants, beginning of year	14,063
Change		14,063
Allotted Warrants, end of year	14,063	14,063
Board LTIP 2020 \| Hilde Furberg
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	4,327
Change		4,327
Allotted Warrants, end of year	4,327	4,327
Board LTIP 2020 \| Lennart Hansson
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	4,327
Change		4,327
Allotted Warrants, end of year	4,327	4,327
Board LTIP 2020 \| Diane Parks
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	4,327
Change		4,327
Allotted Warrants, end of year	4,327	4,327
Board LTIP 2020 \| Molly Henderson
Disclosure of terms and conditions of share-based payment arrangement [line items]
Allotted Warrants, beginning of year	4,327
Change		4,327
Allotted Warrants, end of year	4,327	4,327

Share-Based Payments - Board LTIP 20201- Additional information (Details) - Board LTIP 2021	12 Months Ended
	Dec. 31, 2021 EquityInstruments
Disclosure of terms and conditions of share-based payment arrangement [line items]
Accumulated number of outstanding	31,371
Vesting period	3 years
Vesting ratio per period	0.33
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%
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%
Milestone 3 \| Minimum
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%
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%
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%
Percentage of the share awards earned based on the price increase condition	0.00%

Share-based Payments - Board LTIP share awards 2021 (Details)	12 Months Ended
	Dec. 31, 2021 SEK (kr) EquityInstruments shares	Dec. 31, 2020 SEK (kr) EquityInstruments
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
Accumulated number of outstanding	1,279,086
Share-based payments \| kr	kr 24,737,000	kr 5,304,000
Provisions attributable to changes in social security costs (Share-based payments) \| kr	9,992,000	3,164,000
Total cost \| kr	kr 34,729,000	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	3,000,000
Board LTIP 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Change	26,968
Allotted Warrants, end of year	26,968
Accumulated number of outstanding	26,968
Fair Value at Grant Date \| kr	kr 62.34
Share-based payments \| kr	431,000
Provisions attributable to changes in social security costs (Share-based payments) \| kr	126,000
Total cost \| kr	kr 557,000
Number of warrants set aside to secure the delivery of shares in connection with the utilization of the award program \| shares	32,000
Board LTIP 2021 \| Elmar Schnee
Disclosure of terms and conditions of share-based payment arrangement [line items]
Change	10,624
Allotted Warrants, end of year	10,624
Accumulated number of outstanding	10,624
Board LTIP 2021 \| Hilde Furberg
Disclosure of terms and conditions of share-based payment arrangement [line items]
Change	4,086
Allotted Warrants, end of year	4,086
Accumulated number of outstanding	4,086
Board LTIP 2021 \| Lennart Hansson
Disclosure of terms and conditions of share-based payment arrangement [line items]
Change	4,086
Allotted Warrants, end of year	4,086
Accumulated number of outstanding	4,086
Board LTIP 2021 \| Diane Parks
Disclosure of terms and conditions of share-based payment arrangement [line items]
Change	4,086
Allotted Warrants, end of year	4,086
Accumulated number of outstanding	4,086
Board LTIP 2021 \| Molly Henderson
Disclosure of terms and conditions of share-based payment arrangement [line items]
Change	4,086
Allotted Warrants, end of year	4,086
Accumulated number of outstanding	4,086

Financial Income (Details) - SEK (kr) kr in Thousands	12 Months Ended
Financial Income (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial Income
Interest income	kr 102	kr 547	kr 926
Exchange rate differences	20,234
Total	kr 20,336	kr 547	kr 926

Financial Expenses (Details) - SEK (kr) kr in Thousands	12 Months Ended
Financial Expenses (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial Expenses
Interest on lease liabilities	kr (590)	kr (388)	kr (307)
Other interest expenses	(6,518)	(5)	(18)
Exchange rate differences		(53,267)	(2,383)
Changes in FX options measured at fair value		(3,318)	(2,700)
Other financial expenses	(2,145)
Total	kr (9,253)	kr (56,978)	kr (5,408)

Income Tax Expense (Details) - SEK (kr) kr in Thousands	12 Months Ended
Income Tax Expense (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Expense
Current income taxes	kr (4,581)	kr (1,035)	kr (77)
Deferred tax	8,417	675
Income tax expense recognized in the consolidated statements of income	3,836	(360)	(77)
Reconciliation of effective tax rate
Accounting loss before income tax	(513,373)	(436,151)	(32,501)
Tax in accordance with applicable tax rate in Sweden 20,6% (21,4% ,21,4%)	105,755	93,336	6,955
Effect of other tax rates for foreign subsidiaries	11,481	680	2
Tax attributable to non-deductible tax losses carried forward and unrecognized deferred tax assets	(101,785)	(91,725)	(6,316)
Non-deductible expenses	(11,615)	(2,652)	(782)
Non-taxable income	0	1	64
Income tax expense recognized in the consolidated statements of income	kr 3,836	kr (360)	kr (77)
At the effective income tax rate	1.00%	0.00%	0.00%
Applicable tax rate	20.60%	21.40%	21.40%

Income Tax Expense - Additional information (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	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 20,909	kr 97,686	kr 10,915
Tax losses carried forward for which deferred tax assets have not been recognized	kr 3,200,911	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 1,436,157
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	1,080,573
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 684,181

Earnings per Share (Details) kr in Thousands	12 Months Ended						36 Months Ended
Earnings per Share (Details) kr in Thousands	Dec. 31, 2021 SEK (kr) shares	Dec. 31, 2021 $ / shares	Dec. 31, 2020 SEK (kr) shares	Dec. 31, 2020 $ / shares	Dec. 31, 2019 SEK (kr) shares	Dec. 31, 2019 $ / shares	Dec. 31, 2021 shares
Loss per share before and after dilution
Net loss for the year attributable to equity holders of the Parent Company \| kr	kr (500,293)		kr (433,494)		kr (32,578)
Weighted-average number of common shares outstanding	50,829,255		44,873,448		36,940,587
Loss per share before and after dilution \| $ / shares		$ (9.84)		$ (9.66)		$ (0.88)
Warrants and options
Loss per share before and after dilution
Number of potential dilutive instruments	3,568,086		3,568,086		3,568,086
Share Awards
Loss per share before and after dilution
Number of potential dilutive instruments							109,738

Business Combinations - Assets and liabilities recognized in conjunction with the acquisition (Details) kr in Thousands	Dec. 31, 2021 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	(38,712)
Other non-current liabilities	(643)
Other current liabilities	(20,677)
Acquired identified assets	352,300
Non-controlling interests	(136,084)
Goodwill	39,265
Acquired net assets	255,481
Preliminary
Assets and liabilities recognized in conjunction with the acquisition
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
Adjustments
Assets and liabilities recognized in conjunction with the acquisition
Deferred tax liabilities	43,971
Acquired identified assets	9,574
Goodwill	(9,574)
NOX platform
Assets and liabilities recognized in conjunction with the acquisition
Intangible assets	348,124
NOX platform \| Preliminary
Assets and liabilities recognized in conjunction with the acquisition
Intangible assets	382,521
NOX platform \| Adjustments
Assets and liabilities recognized in conjunction with the acquisition
Intangible assets	(34,349)
Other licenses
Assets and liabilities recognized in conjunction with the acquisition
Intangible assets	28,893
Other licenses \| Preliminary
Assets and liabilities recognized in conjunction with the acquisition
Intangible assets	kr 28,893

Business Combinations - Analysis of Balance sheet (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Non-current assets
Intangible assets	kr 399,418	kr 418,825
Equipment	6,309	163
Right-of-use assets	33,300	5,244
Non-current financial assets	3,915	2,225	kr 1,939	kr 341
Deferred tax assets	4,196	600
Total non-current assets	447,138	427,057
Current assets
Total current assets	1,012,772	1,036,851
TOTAL ASSETS	1,459,910	1,463,908
Equity
Total equity	1,008,281	1,256,300	kr 788,071	kr 618,175
Non-current liabilities
Provisions		55,361
Pension liabilities	3,182	8,296
Deferred tax liabilities	30,856	37,454
Lease liabilities	24,052	878
Total non-current liabilities	316,184	101,989
Current liabilities
Total current liabilities	135,446	105,619
TOTAL EQUITY AND LIABILITIES	kr 1,459,910	1,463,908
Preliminary
Non-current assets
Intangible assets		461,367
Equipment		163
Right-of-use assets		5,244
Non-current financial assets		2,225
Deferred tax assets		600
Total non-current assets		469,599
Current assets
Total current assets		1,036,851
TOTAL ASSETS		1,506,450
Equity
Total equity		1,256,300
Non-current liabilities
Provisions		55,361
Pension liabilities		8,296
Deferred tax liabilities		79,996
Lease liabilities		878
Total non-current liabilities		144,531
Current liabilities
Total current liabilities		105,619
TOTAL EQUITY AND LIABILITIES		1,506,450
Adjustments
Non-current assets
Intangible assets		(42,542)
Total non-current assets		(42,542)
Current assets
TOTAL ASSETS		(42,542)
Non-current liabilities
Deferred tax liabilities		(42,542)
Total non-current liabilities		(42,542)
Current liabilities
TOTAL EQUITY AND LIABILITIES		kr (42,542)

Intangible Assets and Impairment Testing (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets
Intangible assets and goodwill at beginning of period	kr 418,825
Intangible assets and goodwill at end of period	399,418	kr 418,825
Licenses and similar rights
Intangible Assets
Intangible assets and goodwill at beginning of period	380,836	16,066
Business combinations	0	377,017
Acquisition for the year	16,066	0
Exchange difference on translation	(6,736)	(12,247)
Intangible assets and goodwill at end of period	390,166	380,836
Goodwill.
Intangible Assets
Intangible assets and goodwill at beginning of period	37,989	0
Business combinations	0	39,265
Exchange difference on translation	(762)	(1,276)
Intangible assets and goodwill at end of period	37,227	37,989
Nox Platforms
Intangible Assets
Intangible assets and goodwill at end of period	330,059
Vaccine Platforms
Intangible Assets
Intangible assets and goodwill at beginning of period	27,957
Impairment	27,975
Intangible assets and goodwill at end of period		kr 27,957
Impairment
Intangible Assets
Impairment	(27,975)
Intangible assets and goodwill at end of period	kr (27,975)

Intangible Assets and Impairment Testing - Discount rate used before tax (Details) - SEK (kr) kr in Thousands		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about intangible assets [line items]
Discount rate	10.50%	11.00%
Intangible assets	kr 418,825	kr 399,418	kr 418,825
NOX platform
Disclosure of detailed information about intangible assets [line items]
Discount rate		17.70%	18.80%
Vaccine platform
Disclosure of detailed information about intangible assets [line items]
Discount rate			17.00%
Budenofalk 3 mg oral capsule
Disclosure of detailed information about intangible assets [line items]
Discount rate		12.40%	12.40%
Goodwill.
Disclosure of detailed information about intangible assets [line items]
Impairment loss		kr 0

Equipment (Details) - SEK (kr) kr in Thousands	12 Months Ended
Equipment (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equipment
Property, plant and equipment at beginning of period	kr 163	kr 104
Exchange differences	(299)
Property, plant and equipment at end of period	6,309	163	kr 104
Research and development expenses	357,485	241,371	149,826
Administrative and selling expense
Equipment
Depreciation for the year	(406)	(37)	(44)
Research And Development Expenses [Member]
Equipment
Depreciation for the year	(59)
Cost at closing balance
Equipment
Property, plant and equipment at beginning of period	214	118	813
Acquisition for the year	6,588		118
Disposal for the year	(118)		(813)
Additional, through business combinations		100
Exchange differences	389	(4)
Property, plant and equipment at end of period	7,073	214	118
Amortization at closing balance
Equipment
Property, plant and equipment at beginning of period	(51)	(14)	(706)
Depreciation for the year	(465)	(37)	(44)
Disposal for the year	51		736
Property, plant and equipment at end of period	kr (764)	kr (51)	kr (14)

Non-Current Financial Assets (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-Current Financial Assets
Cost at opening balance	kr 2,225	kr 1,939	kr 341
Bank guarantees granted	1,686		1,888
Reimbursement security deposit			(290)
Exchange differences	4
Acquisition through business combinations		286
Net book value	3,915	2,225	1,939
Payment of bank guarantee deposits	kr 3,915	kr 2,225	kr 1,939

Deferred Tax Assets and Deferred Tax Liabilities (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Net deferred tax assets and liabilities
Deferred Tax Assets	kr 19,753	kr 10,266
Deferred Tax Liabilities	(46,413)	(47,120)
Tax assets/liabilities, net	(26,661)	(36,854)
Offsetting Deferred Tax Assets	(15,557)	(9,666)
Offsetting Deferred Tax Liabilities	15,557	9,666
Net Deferred Tax Assets	4,196	600
Net Deferred Tax Liabilities	(30,856)	(37,454)
Intangible assets
Net deferred tax assets and liabilities
Deferred Tax Assets	0
Deferred Tax Liabilities	(46,175)	(47,120)
Tax assets/liabilities, net	(46,175)	(47,120)
Tangible assets
Net deferred tax assets and liabilities
Deferred Tax Assets	0
Deferred Tax Liabilities	(238)
Tax assets/liabilities, net	(238)	0
Lease items net value
Net deferred tax assets and liabilities
Deferred Tax Assets	270
Deferred Tax Liabilities	0
Tax assets/liabilities, net	270	0
Personnel-related items
Net deferred tax assets and liabilities
Deferred Tax Assets	4,141	596
Deferred Tax Liabilities	0
Tax assets/liabilities, net	4,141	596
Deferred tax assets/liabilities, net	4,140
Tax loss carried forward
Net deferred tax assets and liabilities
Deferred Tax Assets	15,319	9,666
Deferred Tax Liabilities	0
Tax assets/liabilities, net	15,319	9,666
Other items
Net deferred tax assets and liabilities
Deferred Tax Assets	23	4
Deferred Tax Liabilities	0
Tax assets/liabilities, net	kr 23	kr 4

Deferred Tax Assets and Deferred Tax Liabilities - Change in deferred tax (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in deferred tax liability (asset) [abstract]
Cost at Opening Balance	kr (36,854)
Recognized in Profit or Loss	8,417	kr 600
Increase through Business Combinations	1,776	(37,454)
Cost at Closing Balance	(26,661)	(36,854)
Intangible assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Cost at Opening Balance	(47,120)
Recognized in Profit or Loss	0
Increase through Business Combinations	945	(47,120)
Cost at Closing Balance	(46,175)	(47,120)
Tangible assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Cost at Opening Balance	0
Recognized in Profit or Loss	(226)
Increase through Business Combinations	(12)
Cost at Closing Balance	(238)	0
Lease items net value
Reconciliation of changes in deferred tax liability (asset) [abstract]
Cost at Opening Balance	0
Recognized in Profit or Loss	256
Increase through Business Combinations	14
Cost at Closing Balance	270	0
Personnel-related items
Reconciliation of changes in deferred tax liability (asset) [abstract]
Cost at Opening Balance	596
Recognized in Profit or Loss	3,304	596
Increase through Business Combinations	240
Cost at Closing Balance	4,141	596
Tax loss carried forward
Reconciliation of changes in deferred tax liability (asset) [abstract]
Cost at Opening Balance	9,666
Recognized in Profit or Loss	5,065
Increase through Business Combinations	588	9,666
Cost at Closing Balance	15,319	9,666
Other items
Reconciliation of changes in deferred tax liability (asset) [abstract]
Cost at Opening Balance	4
Recognized in Profit or Loss	18	4
Increase through Business Combinations	1
Cost at Closing Balance	kr 23	kr 4

Financial and Non-Financial Assets and Liabilities (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	kr 959,422	kr 1,021,330
Financial Liabilities, Carrying Amount	401,841	154,948
Non-current interesting-bearing liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	189,164
Non-current lease liabilities.
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	24,052
Financial Liabilities Measured at Fair Value through Profit or Loss
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Fair Value	54,399	48,969
Contingent consideration	54,399	48,969
Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	315,945	83,503
Financial Liabilities Measured at Amortized Cost \| Non-current interesting-bearing liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	189,164
Financial Liabilities Measured at Amortized Cost \| Non-current lease liabilities.
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	24,052
Non Financial Liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	31,496	22,476
Contingent Consideration
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	54,399	48,969
Contingent Consideration \| Financial Liabilities Measured at Fair Value through Profit or Loss
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Fair Value	54,399	48,969
Other non-current liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount		878
Other non-current liabilities \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount		878
Accounts payable
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	67,971	53,827
Accounts payable \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	67,971	53,827
Other current liabilities.
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	12,702	9,888
Other current liabilities. \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	9,591	3,908
Other current liabilities. \| Non Financial Liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	3,111	5,980
Accrued expenses and deferred revenue
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	53,553	41,386
Accrued expenses and deferred revenue \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	25,168	24,890
Accrued expenses and deferred revenue \| Non Financial Liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	28,385	16,496
Financial Assets Measured at Amortized Cost \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	959,422	998,641
Non Financial Assets \| Non Financial Liabilities
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount		22,689
Non-current financial assets
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	3,915	2,225
Non-current financial assets \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount		2,225
Non-current financial assets \| Financial Assets Measured at Amortized Cost \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	3,915
Cash.
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	955,507	996,304
Cash. \| Financial Assets Measured at Amortized Cost \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	955,507	996,304
Other current assets.
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount		22,801
Other current assets. \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount		112
Other current assets. \| Non Financial Liabilities
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount		kr 22,689
Currency options
Financial and Non-Financial Assets and Liabilities
Financial assets	kr 0		kr 399

Financial Risks (Details) kr in Thousands	12 Months Ended
Financial Risks (Details) kr in Thousands	Dec. 31, 2021 SEK (kr)
Financial Risks
Provision for credit risk	kr 0
Reserve for bad debts	0
Credit loss recognized	kr 0

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

Financial Risks - Transaction Exposure (Details)	12 Months Ended
Financial Risks - Transaction Exposure (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
USD
Financial Risks
Revenue (as a percentage)	14.00%	100.00%	100.00%
Operating Expenses (as a percentage)	43.00%	35.00%	22.00%
EUROPE
Financial Risks
Revenue (as a percentage)	86.00%
Operating Expenses (as a percentage)	36.00%	36.00%	54.00%
GBP
Financial Risks
Operating Expenses (as a percentage)	3.00%	6.00%	3.00%
SEK
Financial Risks
Operating Expenses (as a percentage)	18.00%	23.00%	21.00%

Financial Risks - Translation Exposure (Details) - SEK (kr) kr in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
USD
Financial Risks
Negative impact on profit after tax and equity of transaction exposure	kr 22,402	kr 9,979	kr 14,359
Positive impact on profit after tax and equity of transaction exposure	14,359
Translation exposure due to translation of earnings and net assets	kr 18,270	kr 1,256
Translation exposure (as a percent)	10.00%	10.00%	10.00%
Positive impact on equity	kr 1,827	kr 126
Translation exposure due to translation of foreign trade debt	29,236	15,811	kr 5,866
Negative impact on profit after tax and equity of translation exposure	kr 2,924	kr 1,581	kr 587
EUROPE
Financial Risks
Impact of profit after tax and equity (as a percent)	10.00%	10.00%	10.00%
Negative impact on profit after tax and equity of transaction exposure	kr 909	kr 10,247	kr 10,246
Translation exposure due to translation of earnings and net assets	kr (93,814)	kr 26,673
Translation exposure (as a percent)	10.00%	10.00%	10.00%	10.00%
Positive impact on equity	kr 9,381	kr (2,667)
Translation exposure due to translation of foreign trade debt	10,707	28,806	kr 14,817
Negative impact on profit after tax and equity of translation exposure	kr 1,071	kr 2,881	kr 1,482

Financial Risks - Maturity Analysis (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial Risks
Other current liabilities	kr 12,702	kr 9,888
Less than 6 months
Financial Risks
Accounts payable	67,971	53,827
Other current liabilities	7,906	7,934
Accrued expenses	47,753	34,833
6 - 12 months
Financial Risks
Other current liabilities	4,796	1,954
Accrued expenses	5,800	6,552
>12 months
Financial Risks
Contingent consideration	kr 54,399	kr 48,969

Financial Risks - Non-current interesting-bearing liabilities (Details) kr in Thousands	12 Months Ended
	Dec. 31, 2021 SEK (kr)
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Opening balance	kr 4,786
Closing balance	222,806
Non-current interesting-bearing liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
New borrowings - net	199,524
Transaction cost paid	(14,858)
Interest expense	2,145
Exchange difference on translation	2,353
Closing balance	kr 189,164

Financial Risks - Non-current interesting-bearing liabilities Addtional Details (Details) kr in Thousands	1 Months Ended		12 Months Ended
	Sep. 30, 2021 SEK (kr)	Jul. 31, 2021 SEK (kr) tranche	Dec. 31, 2021 SEK (kr)
Disclosure of detailed information about borrowings [line items]
Amount drawn			kr 199,524
Interest rate		9.00%
Kreos Capital [Member]
Disclosure of detailed information about borrowings [line items]
Amount of loan facility		kr 75,000
Loan Facility
Disclosure of detailed information about borrowings [line items]
Amount of loan facility		kr 25,000
Number of tranches \| tranche		3
Tranche One
Disclosure of detailed information about borrowings [line items]
Amount drawn under each tranche	kr 25,000
Tranche Two
Disclosure of detailed information about borrowings [line items]
Amount drawn under each tranche		kr 25,000
Tranche Three
Disclosure of detailed information about borrowings [line items]
Amount drawn under each tranche		kr 25,000

Prepaid Expenses (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid Expenses
Prepaid insurance premiums	kr 10,813	kr 10,743
Prepaid expenses for research and development	27,888	640
Other prepaid expenses	6,331	6,363
Total	kr 45,032	kr 17,746

Cash (Details) - SEK (kr) kr in Thousands	12 Months Ended
Cash (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash
Cash at Banks	kr 955,507	kr 996,304	kr 753,540
Total	955,507	996,304	753,540
Depreciation and Impairment	34,433	2,823	1,822
Change in Provisions	10,326	6,634	175
Share-based payments	21,960	6,012	249
Other items	(43)	(4)	62
Total	kr 66,676	kr 15,465	kr 2,308

Cash - Reconciliation of liabilities (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of reconciliation of liabilities arising from financing activities [abstract]
Opening balance	kr 4,786	kr 6,070
Cash - Flow	179,092	(3,972)
Exchange Differences	38,928	2,688
Closing balance	222,806	4,786
Lease liabilities
Disclosure of reconciliation of liabilities arising from financing activities [abstract]
Opening balance	4,786	6,070
Cash - Flow	(5,575)	(3,972)
Exchange Differences	34,431	2,688
Closing balance	33,642	kr 4,786
Non-current interesting-bearing liabilities
Disclosure of reconciliation of liabilities arising from financing activities [abstract]
Cash - Flow	184,667
Exchange Differences	4,497
Closing balance	kr 189,164

Group Companies (Details)	12 Months Ended
Group Companies (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Nefecon AB
Group Companies
Equity interest	100.00%	100.00%	100.00%
Calliditas NA Enterprises Inc
Group Companies
Equity interest	100.00%	100.00%	100.00%
Calliditas Therapeutics US Inc,
Group Companies
Equity interest	100.00%
Calliditas Therapeutics France SAS
Group Companies
Equity interest	100.00%	86.20%
Calliditas Therapeutics Suisse SA
Group Companies
Equity interest	100.00%	86.20%

Equity - Share Capital and Other Contributed Capital (Details)	12 Months Ended
	Dec. 31, 2021 SEK (kr) Vote kr / shares shares	Dec. 31, 2020 SEK (kr) shares	Dec. 31, 2019 SEK (kr) shares
Changes in equity
Opening shareholders equity	kr 1,256,300,000	kr 788,071,000	kr 618,175,000
Share-based payment	23,567,000	6,012,000	kr 249,000
New share issue	kr 2,400,000
Exercise of warrants		kr 59,251,000
Exercise of warrants (in shares) \| shares		1,296,500
Total registered shares at the beginning of period \| shares	49,941,584	38,707,638	35,202,347
New issue of shares during the period \| shares		9,937,446	3,505,291
Total registered shares at the end of period \| shares	52,341,584	49,941,584	38,707,638
Equity at the end of period	kr 1,008,281,000	kr 1,256,300,000	kr 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
Opening shareholders equity	1,998,000	1,548,000	1,408,000
New share issue	96,000	397,000	140,000
Exercise of warrants		52,000
Equity at the end of period	2,094,000	1,998,000	1,548,000
Additional Paid-in Capital
Changes in equity
Opening shareholders equity	2,133,179,000	1,274,664,000	1,072,319,000
Premiums from warrants issuance			2,834,000
Share-based payment	23,567,000	6,012,000	249,000
New share issue	302,995,000	793,304,000	199,262,000
Exercise of warrants		59,199,000
Equity at the end of period	kr 2,459,741,000	kr 2,133,179,000	kr 1,274,664,000

Equity - Earnings Per Share (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity
Opening balance	kr (6,090)	kr (45)	kr (34)
Change for the year ended	(20,889)	(6,045)	(11)
Closing balance	kr (26,979)	kr (6,090)	kr (45)

Provisions (Details) - SEK (kr) kr in Thousands	12 Months Ended
Provisions (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in other provisions [abstract]
Opening balance	kr 14,530	kr 6,391	kr 175
Provisions for the year	8,112	6,240
Exchange differences	27	(24)
Total	14,530	6,391	175
Social Security Costs on Share-Based Payment
Reconciliation of changes in other provisions [abstract]
Opening balance	13,084	4,972	175
Provisions for the year	8,112	4,797
Total	13,084	4,972	kr 175
Other Provision
Reconciliation of changes in other provisions [abstract]
Opening balance	1,446	1,419
Provisions for the year		1,443
Exchange differences	27	(24)
Total	kr 1,446	kr 1,419

Provisions - Contingent Consideration (Details) € in Millions	Dec. 31, 2021 EUR (€)
Disclosure of other provisions [line items]
Discount rate	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

Pension Liabilities - Net obligation per country (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of defined benefit plans [line items]
Net obligation	kr 3,182	kr 8,296
Defined-Benefit Pension Plan
Disclosure of defined benefit plans [line items]
Net obligation	3,182	8,296
Switzerland \| Defined-Benefit Pension Plan
Disclosure of defined benefit plans [line items]
Net obligation	3,071	8,124
France \| Defined-Benefit Pension Plan
Disclosure of defined benefit plans [line items]
Net obligation	kr 111	kr 172

Pension Liabilities - Changes in the defined-benefit pension obligations (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of defined benefit plans [line items]
Subtotal included in other items of comprehensive income	kr 1,993	kr 1,216
Defined-Benefit Pension Plan
Disclosure of defined benefit plans [line items]
Balance at the beginning	(8,296)
Business combinations		(9,103)
Service costs	(2,178)	(573)
Interest expense	(7)	(4)
Curtailment	4,206	(10)
Employee contribution	704	45
Subtotal included in the statement of consolidated operations	(2,725)	(542)
Return on assets (excluding interest expenses)	64	(5)
Actuarial gains/(losses) related to changes in demographic assumptions	426	1,903
Actuarial gains/(losses) related to changes in financial assumptions	1,120	(273)
Other actuarial gains/(losses)	360	(411)
Subtotal included in other items of comprehensive income	1,970	1,214
Employer contributions	704	47
Currency translation effect	(286)	88
Balance at the end	(3,182)	(8,296)
Defined Benefit Plan Obligation \| Defined-Benefit Pension Plan
Disclosure of defined benefit plans [line items]
Balance at the beginning	19,362
Balance at the end	7,942	19,362
Defined Benefit Plan Obligation \| Switzerland \| Defined-Benefit Pension Plan
Disclosure of defined benefit plans [line items]
Balance at the beginning	(19,193)
Business combinations		(19,565)
Service costs	(2,165)	(567)
Interest expense	(17)	(10)
Curtailment	12,011	(20)
Subtotal included in the statement of consolidated operations	9,829	(597)
Amounts paid/received	291	(410)
Actuarial gains/(losses) related to changes in demographic assumptions	349	1,858
Actuarial gains/(losses) related to changes in financial assumptions	1,120	(273)
Other actuarial gains/(losses)	360	(411)
Subtotal included in other items of comprehensive income	1,829	1,174
Currency translation effect	(698)	205
Balance at the end	(7,942)	(19,193)
Defined Benefit Plan Obligation \| France \| Defined-Benefit Pension Plan
Disclosure of defined benefit plans [line items]
Balance at the beginning	(172)
Business combinations		(211)
Service costs	(13)	(6)
Interest expense	0
Subtotal included in the statement of consolidated operations	(13)	(6)
Actuarial gains/(losses) related to changes in demographic assumptions	77	45
Subtotal included in other items of comprehensive income	77	45
Currency translation effect	(3)
Balance at the end	(111)	(172)
Fair Value of Plan Assets \| Switzerland \| Defined-Benefit Pension Plan
Disclosure of defined benefit plans [line items]
Balance at the beginning	11,069
Business combinations		10,673
Interest expense	10	6
Curtailment	(7,805)	10
Employee contribution	704	45
Subtotal included in the statement of consolidated operations	(7,091)	61
Amounts paid/received	(291)	410
Return on assets (excluding interest expenses)	64	(5)
Subtotal included in other items of comprehensive income	64	(5)
Employer contributions	704	47
Currency translation effect	705	(117)
Balance at the end	kr 4,871	kr 11,069

Pension Liabilities - Distribution by plan assets (Details) - Switzerland - Fair Value of Plan Assets - Defined-Benefit Pension Plan - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of fair value of plan assets [line items]
Cash	kr 205	kr 244
Bonds	2,801	6,365
Mortgage loans	667	1,516
Shares	92	365
Real estate	760	1,638
Other investments	346	941
Total	4,871	11,069
Level 1
Disclosure of fair value of plan assets [line items]
Bonds	kr 2,801	kr 6,365

Pension Liabilities - Actuarial assumptions on the balance sheet date (Details) - Defined-Benefit Pension Plan	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of defined benefit plans [line items]
Discount rate	0.35%	0.15%
Mortality table	2,020	2,020
Salary revaluation rate	1.00%	1.00%
Retirement pension inflation rate	0.50%	0.50%
Deposit rate on savings accounts	1.00%	1.00%
Turnover rate	10.00%	10.00%
Remaining life expectancy after retirement	22 years 3 months 18 days	23 years 3 months 18 days
Retirement age	65 years	65 years

Pension Liabilities - Sensitivity analysis (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Defined-Benefit Pension Plan
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Pension commitments under current assumptions for Swiss pension plans	kr (3,182)	kr (8,296)
Defined Benefit Plan Obligation \| Defined-Benefit Pension Plan
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Pension commitments under current assumptions for Swiss pension plans	kr 7,942	19,362
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%
Discount rate \| Defined Benefit Plan Obligation \| Defined-Benefit Pension Plan
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase(decrease) in defined benefit obligation, assuming decrease in actuarial assumption	kr 8,904	21,631
Increase(decrease) in defined benefit obligation, assuming increase in actuarial assumption	kr 7,130	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%
Retirement pension inflation rate \| Defined Benefit Plan Obligation \| Defined-Benefit Pension Plan
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase(decrease) in defined benefit obligation, assuming decrease in actuarial assumption	kr 7,575	18,241
Increase(decrease) in defined benefit obligation, assuming increase in actuarial assumption	kr 8,353	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%
Salary revaluation rate \| Defined Benefit Plan Obligation \| Defined-Benefit Pension Plan
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase(decrease) in defined benefit obligation, assuming decrease in actuarial assumption	kr 7,792	18,802
Increase(decrease) in defined benefit obligation, assuming increase in actuarial assumption	kr 8,100	kr 19,605

Pension Liabilities - Additional details (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of defined benefit plans [line items]
Pension liabilities	kr 3,182	kr 8,296
Less Than 12 months
Disclosure of defined benefit plans [line items]
Estimated contributions to plans for post-employment benefits	kr 555	kr 805
Weighted average maturity	22 years 3 months 18 days	23 years 3 months 18 days

Accrued Expenses and Deferred Revenue (Details) - SEK (kr) kr in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Expenses and Deferred Revenue
Vacation pay liability	kr 6,107	kr 4,921
Accrued salaries and Board fees	16,786	8,134
Social security costs	5,492	3,440
Deferred revenue	3,387
Accrued expenses for research and development	4,230	14,135
Accrued expenses for administrative and selling	17,551	10,756
Total	kr 53,553	kr 41,386

Inventories (Details) kr in Thousands	Dec. 31, 2021 SEK (kr)
Inventories
Raw materials	kr 889

Contingent Consideration (Details) - Genkyotex SA - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of contingent liabilities in business combination [line items]
Opening balance	kr 48,969
Change for the year	4,470	kr 50,614
Exchange differences	960	(1,645)
Ending balance	kr 54,399	kr 48,969

Contingent Consideration - Additional information (Details) € in Millions	Dec. 31, 2021 EUR (€)
Disclosure of contingent liabilities in business combination [line items]
Discount rate	10.00%
Milestone 1
Disclosure of contingent liabilities in business combination [line items]
Contingent consideration	€ 30.0
Milestone 2
Disclosure of contingent liabilities in business combination [line items]
Contingent consideration	15.0
Milestone 3
Disclosure of contingent liabilities in business combination [line items]
Contingent consideration	€ 10.0

Pledged Assets, Contingent Liabilities and Other Obligations (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Pledged Assets, Contingent Liabilities and Other Obligations
Percentage of Fixed Royalty	3.00%
Pledged assets	kr 3,915	kr 2,336

Events After the Reporting Period (Details) - Potential ordinary share transactions	1 Months Ended
	Mar. 31, 2022 kr / shares shares
Events After the Reporting Period
Number of warrant issued to subscribed \| shares	856,586
Warrant purchase price \| kr / shares	kr 74.30