0001410578-24-000528 | 20-F | XBRL Viewer | Calliditas Therapeutics AB

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Consolidated Statements of Comprehensive Income - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Comprehensive Income
Loss for the year	kr (466,185)	kr (412,268)	kr (509,537)
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations	(14,538)	36,287	(20,111)
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods	(14,538)	36,287	(20,111)
Other comprehensive income/(loss) that will not be reclassified to profit or loss in subsequent periods:
Remeasurement gain/(loss) on defined benefit plans	(3,071)	2,763	1,993
Other comprehensive income/(loss) that will not be reclassified to profit or loss in subsequent periods	(3,071)	2,763	1,993
Other comprehensive income/(loss) for the year	(17,609)	39,050	(18,118)
Total comprehensive loss for the year	(483,794)	(373,218)	(527,655)
Attributable to:
Equity holders of the Parent Company	kr (483,794)	kr (373,218)	(519,189)
Non-controlling interests			kr (8,466)

Costs according to Type of Cost

12 Months Ended

Dec. 31, 2023

Costs according to Type of Cost

Costs according to Type of Cost

Note 7 Costs according to Type of Cost


	Year Ended December 31,
	2023	2022	2021
Raw materials, consumables and royalties	60,463	3,179	—
Other external expenses	955,895	939,566	549,079
Personnel costs	558,332	248,952	164,206
Depreciation on equipments and right-of-use assets	48,726	12,913	34,433
Other operating expenses	1,134	23,074	6,344
Total	1,624,550	1,227,684	754,062

Pledged Assets, Contingent Liabilities and Other Obligations (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Percentage of fixed royalty	3.00%
Pledged assets	kr 943,364	kr 6,859
Payment of bank guarantee deposits	7,637	6,851
Financial assets	1,186,123	1,341,295
Fixed assets
Disclosure of detailed information about financial instruments [line items]
Financial assets	935,727
Other pledge assets
Disclosure of detailed information about financial instruments [line items]
Payment of bank guarantee deposits	kr 7,637	kr 6,859

- Definition

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details

Deferred Tax Assets and Deferred Tax Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Deferred Tax Assets and Deferred Tax Liabilities

Schedule of deferred tax assets and liabilities


	Deferred Tax	Deferred Tax
Deferred tax assets and liabilities as of December 31, 2023	Assets	Liabilities	Net
Intangible assets	—	(59,487)	(59,487)
Tangible assets	—	(608)	(608)
Lease assets	—	(2,198)	(2,198)
Lease liabilities	2,465	—	2,465
Other liabilities	3,516	—	3,516
Personnel-related items	20,931	—	20,931
Tax loss carried forward	17,846	—	17,846
Other items	2,209	—	2,209
Total	46,967	(62,293)	(15,326)
Offsetting	(20,652)	20,652	—
Tax assets/liabilities, net	26,315	(41,641)	(15,326)


	Deferred Tax	Deferred Tax
Deferred tax assets and liabilities as of December 31, 2022	Assets	Liabilities	Net
Intangible assets	—	(56,789)	(56,789)
Tangible assets	—	(766)	(766)
Lease assets	—	(3,060)	(3,060)
Lease liabilities	3,442	—	3,442
Other liabilities	3,218	—	3,218
Personnel related items	10,653	—	10,653
Tax loss carried forward	17,037	—	17,037
Other items	311	—	311
Total	34,661	(60,615)	(25,954)
Offsetting	(20,863)	20,863	—
Tax assets/liabilities, net	13,798	(39,752)	(25,954)

Schedule of change in deferred tax


Change in deferred tax, 2023	Cost at Opening Balance	Recognized in Profit or Loss	Exchange Differences	Cost at Closing Balance
Intangible assets	(56,789)	765	(3,463)	(59,487)
Tangible assets	(766)	136	22	(608)
Lease assets	(3,060)	788	74	(2,198)
Lease liabilities	3,442	(894)	(83)	2,465
Other liabilities	3,218	444	(146)	3,516
Personnel-related items	10,653	11,289	(1,011)	20,931
Tax loss carried forward	17,037	(229)	1,038	17,846
Other items	311	2,017	(119)	2,209
Total	(25,954)	14,316	(3,688)	(15,326)


Change in deferred tax, 2022	Cost at Opening Balance	Recognized in Profit or Loss	Exchange Differences	Cost at Closing Balance
Intangible assets	(46,175)	—	(10,614)	(56,789)
Tangible assets	(238)	(477)	(51)	(766)
Lease assets	(2,672)	23	(411)	(3,060)
Lease liabilities	2,942	45	455	3,442
Other liabilities	—	3,122	96	3,218
Personnel-related items	4,140	5,699	814	10,653
Tax loss carried forward	15,319	—	1,718	17,037
Other items	23	276	12	311
Total	(26,661)	8,688	(7,981)	(25,954)

Income Tax Expense - Additional information (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2022
Income Tax Expense
Cost attributable to new share issue		kr 20,909
Tax losses carried forward for which deferred tax assets have not been recognized	kr 3,881,336		kr 3,562,440
Sweden
Income Tax Expense
Tax losses carried forward for which deferred tax assets have not been recognized	1,772,890
France
Income Tax Expense
Tax losses carried forward for which deferred tax assets have not been recognized	1,209,163
Switzerland
Income Tax Expense
Tax losses carried forward for which deferred tax assets have not been recognized	kr 899,283
Expiry period of unused tax losses (in years)	7 years

Other Non-Current Liabilities (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other Non-Current Liabilities
Opening balance	kr 4,350
Additional liabilities	12,031	kr 4,350
Net book value	kr 16,381	kr 4,350

Financial Expenses

12 Months Ended

Dec. 31, 2023

Financial Expenses

Financial Expenses

Note 12 Financial Expenses

Material accounting policy - financial expenses

Financial expenses mainly consist of interest expenses and unrealized foreign exchange losses. Foreign exchange gains and losses are netted.


	Year Ended December 31,
	2023	2022	2021
Interest on lease liabilities	(2,744)	(1,604)	(590)
Other interest expenses	(70,455)	(31,191)	(6,518)
Early repayment of loan	(35,397)	—	—
Other financial expenses	(5,753)	(4,874)	(2,145)
Total	(114,349)	(37,669)	(9,253)

Equity - Additional information (Details)	12 Months Ended
Equity - Additional information (Details)	Dec. 31, 2023 Vote kr / shares shares	Dec. 31, 2022 shares
Vote per share \| Vote	1
Quotient value (per share) \| kr / shares	kr 0.04
Treasury shares issued		5,908,018
Number of ordinary shares held as treasury shares	5,908,018
ATM Program
Treasury shares issued	0

Cash (Tables)

12 Months Ended

Dec. 31, 2023

Cash

Schedule of cash


	December 31,
	2023	2022
Cash at Banks	973,733	1,249,094
Total	973,733	1,249,094

Schedule of adjustments for non cash items


	Year Ended December 31,
	2023	2022	2021
Depreciations and impairments	48,726	12,913	34,433
Change in Provisions	20,888	(3,346)	5,856
Share-based payments	52,591	35,791	21,960
Change of Contingent consideration	(18,835)	15,941	4,470
Other items	(892)	(39)	(43)
Total	102,478	61,260	66,676

Schedule of reconciliation of liabilities from financing activities


	January 1,		Non-Cash-	December 31,
	2023	Cash-Flow	Items	2023
Non-current interest-bearing liabilities	713,030	211,785	14,693	939,508
Lease liabilities	26,165	(12,134)	25,594	39,625
	739,195	199,651	40,287	979,133


	January 1,		Non-Cash-	December 31,
	2022	Cash-Flow	Items	2022
Non-current interest-bearing liabilities	189,164	490,485	33,381	713,030
Lease liabilities	33,642	(9,615)	2,138	26,165
	222,806	480,870	35,519	739,195

Intangible Assets and Impairment Testing (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets and Impairment Testing

Schedule of intangible assets and impairment testing


	December 31,
	2023	2022
Licenses and similar rights
Cost at opening balance	468,711	390,166
Disposal for the year	(62,697)	—
Exchange differences on translation	24,740	78,545
Cost at closing balance	430,754	468,711

Impairment
Impairment at opening balance	(30,654)	(27,975)
Impairment	(32,132)	—
Disposal for the year	62,697	—
Exchange differences on translation	89	(2,679)
Impairment at closing balance	—	(30,654)

Net book value	430,754	438,057

Goodwill
Cost at opening balance	45,784	37,227
Exchange differences on translation	2,800	8,557
Cost at closing balance	48,584	45,784

Schedule of impairment testing of intangible assets discount rate


	Year Ended December 31,
Parameter, %	2023	2022
Discount rate Goodwill	12.2	12.0


	Year Ended December 31,
Parameter, %	2023	2022
Discount rate NOX platform	12.2	12.0

Financial Risks - Translation Exposure (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
USD
Financial Risks
Negative impact on profit after tax and equity of transaction exposure	kr 49	kr 9,624	kr 22,402
Translation exposure due to translation of earnings and net assets	kr 85,240	kr 48,771
Translation exposure (as a percent)	10.00%	10.00%	10.00%
Positive impact on equity	kr 8,524	kr 4,877
Translation exposure due to translation of foreign trade debt	24,606	19,377
Negative impact on profit after tax and equity of translation exposure	kr 2,461	kr 1,938
EUR
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 29,332	kr 23,132	kr 909
Translation exposure due to translation of earnings and net assets	kr 391,568	kr 446,646
Translation exposure (as a percent)	10.00%	10.00%
Positive impact on equity	kr 39,157	kr 44,665
Translation exposure due to translation of foreign trade debt	68,391	80,655
Negative impact on profit after tax and equity of translation exposure	6,839	8,065
CHF
Financial Risks
Translation exposure due to translation of earnings and net assets	kr 794,449	kr 537,550
Translation exposure (as a percent)	10.00%	10.00%
Negative impact on equity	kr 79,445	kr 53,755

Financial and Non-Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023


	Financial Assets	Financial Assets
	Measured at	Measured	Non-	Total
	Fair Value through	at Amortized	Financial	Carrying
December 31, 2023	Profit or Loss	Cost	Assets	Amount
Assets
Non-current financial assets	—	24,201	—	24,201
Account receivables	—	180,892	—	180,892
Accrued income	—	7,297	—	7,297
Cash	—	973,733	—	973,733
	—	1,186,123	—	1,186,123

	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	56,561	—	—	56,561
Non-current interest-bearing liabilities	—	939,508	—	939,508
Non-current lease liabilities	—	27,088	—	27,088
Other non-current liabilities	—	3,783	12,598	16,381
Accounts payable	—	100,564	—	100,564
Other current liabilities	—	12,537	7,249	19,786
Accrued expenses and deferred revenue	—	134,187	146,440	280,627
	56,561	1,217,667	166,287	1,440,515

Financial and non-financial assets and liabilities as of December 31, 2022


	Financial Assets	Financial Assets
	Measured at	Measured at	Non-	Total
	Fair Value through	Amortized	Financial	Carrying
December 31, 2023	Profit or Loss	Cost	Assets	Amount
Assets
Non-current financial assets	—	11,210	—	11,210
Account receivables	—	78,703	—	78,703
Accrued income	—	2,287	—	2,287
Cash	—	1,249,094	—	1,249,094
	—	1,341,295	—	1,341,295

	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	75,880	—	—	75,880
Non-current interesting-bearing liabilities	—	713,030	—	713,030
Non-current lease liabilities	—	15,792	—	15,792
Other non-current liabilities	—	1,363	2,987	4,350
Accounts payable	—	160,404	—	160,404
Other current liabilities	—	10,374	12,323	22,697
Accrued expenses and deferred revenue	—	75,754	60,692	136,446
	75,880	976,717	76,002	1,128,598

Financial Income (Details) - SEK (kr) kr in Thousands	12 Months Ended
Financial Income (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial Income
Interest income	kr 29,095	kr 3,553	kr 102
Exchange rate differences	1,292	46,642	20,234
Total	kr 30,387	kr 50,195	kr 20,336

Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity

Schedule of Share capital and other contributed capital


	Year Ended December 31,
		2023	2022	2021
Total registered shares at the beginning of the year		59,580,087	52,341,584	49,941,584
New share issue*		—	—	2,400,000
Exercise of warrants		—	1,322,985	—
Issuance of treasury shares		—	5,908,018	—
Shares subscribed but not registered during the year		—	7,500	—
Total registered and subscribed but not registered shares at the end of the year		59,580,087	59,580,087	52,341,584

Shares
Ordinary shares		59,580,087	59,580,087	52,341,584
Total		59,580,087	59,580,087	52,341,584
- of which shares are held by Calliditas		5,908,018	5,908,018	—
Total registered and subscribed but not registered shares at the end of the year, net of shares held by Calliditas		53,672,069	53,672,069	52,341,584


	December 31,
Share Capital	2023	2022	2021
Opening balance	2,383	2,094	1,998
New share issue*	—	—	96
Exercise of warrants	—	53	—
Issuance of treasury shares	—	236	—
Closing balance	2,383	2,383	2,094

* New share issue in August 2021

** As of December 31, 2022, there was an on-going issue of 7,500 shares under registration related to the exercise under the Warrant Program 2019/2022. These shares have been included in the weighted-average number of shares outstanding for the period.

Schedule of changes in translation reserve


	December 31,
Translation Reserve	2023	2022	2021
Opening balance	9,307	(26,979)	(6,090)
Change of the year	(14,538)	36,286	(20,889)
Closing balance	(5,231)	9,307	(26,979)

Inventories

12 Months Ended

Dec. 31, 2023

Inventories

Inventories

Note 21 Inventories

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 after deduction of sales cost.


	December 31,
	2023	2022
Raw materials	9,058	1,855
Work in progress	4,677	937
Finished goods	6,693	855
Total	20,428	3,647

Inventories recognized as cost of sales amounted to SEK 22,248, SEK 3,179 in 2023 and 2022, respectively. No inventories were recognized as cost of sales in 2021. Write-downs of inventories amounted to SEK 66 in 2023. No write-downs of inventories have occurred in 2022 and 2021, respectively.

Financial Risks (Tables)

12 Months Ended

Dec. 31, 2023

Financial Risks

Schedule of credit risk accounts receivable


	December 31,
Accounts receivable	2023	2022
Gross accounts receivables	181,931	79,873
Provisions, expected credit losses	(1,039)	(1,170)
Net accounts receivables	180,892	78,703

Maturity structure accounts receivable
Accounts receivables, not yet due	181,931	79,873
Provisions, expected credit losses	(1,039)	(1,170)
Net book value	180,892	78,703

Provisions for expected credit losses
Opening balance, expected credit loss provisions	(1,170)	—
This year provisions	—	(1,170)
Reversed provisions	87	—
Exchange differences	44	—
Closing balance, expected credit loss provisions	(1,039)	(1,170)

Schedule of transaction exposure from contracted payment flows in foreign currency


			Operating
Currency exposure 2023 (%)	Revenue		expenses
USD	72	%	16	%
EUR	28	%	58	%
GBP	—		6	%
SEK	—		20	%
Other currencies	—		0	%


			Operating
Currency exposure 2022 (%)	Revenue		expenses
USD	68	%	20	%
EUR	32	%	48	%
GBP	—		4	%
SEK	—		27	%
Other currencies	—		1	%


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

Schedule of maturity analysis


	December 31, 2023
Maturity analysis	<6 months	6-12 months	2-5 years
Contingent consideration	—	—	56,561
Non-current interest-bearing liabilities	—	—	939,508
Non-current lease liabilities	—	—	27,088
Other non-current liabilities	—	—	16,381
Accounts payable	100,564	—	—
Other current liabilities	11,649	8,138	—
Accrued expenses	255,200	25,427	—


	December 31, 2022
Maturity analysis	<6 months	6-12 months	2-5 years
Contingent consideration	—	—	75,880
Non-current interest-bearing liabilities	—	—	713,030
Non-current lease liabilities	—	—	15,792
Other non-current liabilities	—	—	4,350
Accounts payable	160,404	—	—
Other current liabilities	13,288	9,409	—
Accrued expenses	121,865	14,581	—

Schedule of non-current interesting-bearing liabilities


	December 31,
Non-current interest-bearing liabilities	2023	2022
Opening balance	713,030	189,164
New borrowings, net	962,889	491,745
Repayment of borrowings	(724,479)	—
Transaction costs paid	(26,625)	(1,260)
Interest expense	41,148	4,874
Exchange difference on translation	(26,455)	28,507
Closing balance	939,508	713,030

Contingent Consideration

12 Months Ended

Dec. 31, 2023

Contingent Consideration

Contingent Consideration

Note 27 Contingent Consideration

Material accounting policy - contingent consideration

The Group's contingent consideration is classified as financial liabilities that are recognized at fair value through profit or loss. Measurement is both initially and in subsequent periods made 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.


	December 31,
	2023	2022
Opening balance	75,880	54,399
Change for the year	(18,835)	15,942
Exchange differences	(484)	5,539
Net book value	56,561	75,880

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 12.2 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 and the change of the year was primarily derived from the assumptions regarding the probability of success in the clinical trials.

The Group has assessed the weighted average probability of outcome at 19.7% and 20.8% as of December 31, 2023 and 2022, respectively. A 10% higher probability of success in the clinical trials would have a negative impact on profit after tax of approximately SEK 5,656 and SEK 7,588 as of December 31, 2023 and 2022, respectively. A higher probability of success in the clinical trials will increase the fair value of the liability and a lower probability will decrease the fair value. There are no interrelationships between unobservable inputs used in the fair value measurement.

Share-Based Payments - Fair Value of Share-Based Payments (Details)	Dec. 31, 2023 EquityInstruments kr / shares shares	Dec. 31, 2022 EquityInstruments	Dec. 31, 2021 EquityInstruments
Board LTIP
Share-Based Payments
Number of warrants set aside to secure the delivery of shares in connection with the utilization of the award program \| shares	72,000
Board LTIP 2021
Share-Based Payments
Fair value of stock awards \| kr / shares	kr 62.95
Number of other equity instruments outstanding in share-based payment arrangement \| EquityInstruments	22,882	24,244	26,968
Board LTIP 2022
Share-Based Payments
Fair value of stock awards \| kr / shares	kr 51.54
Number of other equity instruments outstanding in share-based payment arrangement \| EquityInstruments	37,136	40,706	0
Board LTIP 2023
Share-Based Payments
Fair value of stock awards \| kr / shares	kr 57.90
Number of other equity instruments outstanding in share-based payment arrangement \| EquityInstruments	40,957	0	0

Financial Risks - Transaction Exposure (Details)	12 Months Ended
Financial Risks - Transaction Exposure (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial Risks
Operating Expenses (as a percentage)	0.00%	1.00%
USD
Financial Risks
Revenue (as a percentage)	72.00%	68.00%	14.00%
Operating Expenses (as a percentage)	16.00%	20.00%	43.00%
EUR
Financial Risks
Revenue (as a percentage)	28.00%	32.00%	86.00%
Operating Expenses (as a percentage)	58.00%	48.00%	36.00%
GBP
Financial Risks
Operating Expenses (as a percentage)	6.00%	4.00%	3.00%
SEK
Financial Risks
Operating Expenses (as a percentage)	20.00%	27.00%	18.00%

Financial Risks - Non-current interesting-bearing liabilities - Additional information (Details) kr in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 SEK (kr)	Dec. 31, 2022 SEK (kr)	Dec. 31, 2021 SEK (kr)
Financial Risks
New borrowings		kr 962,889	kr 491,745	kr 199,524
Net book value of loan		kr 979,133	kr 739,195	kr 222,806
Term loan
Financial Risks
Interest rate		9.00%
New borrowings \| €	€ 92
Fair value of loan		kr 966,100
Net book value of loan		kr 939,500

Equity

12 Months Ended

Dec. 31, 2023

Equity

Equity

Note 25 Equity

Treasury shares

When Callidita's shares classified as equity are repurchased the amount for the purchase price paid is recognized as a reduction in equity. Repurchased shares are classified as own shares and reported as one deduction item under equity. When own shares are subsequently sold or reissued the amount received is reported as an increase in equity and the surplus or deficit resulting from the transaction is transferred to or from other contributed capital.


	Year Ended December 31,
		2023	2022	2021
Total registered shares at the beginning of the year		59,580,087	52,341,584	49,941,584
New share issue*		—	—	2,400,000
Exercise of warrants		—	1,322,985	—
Issuance of treasury shares		—	5,908,018	—
Shares subscribed but not registered during the year		—	7,500	—
Total registered and subscribed but not registered shares at the end of the year		59,580,087	59,580,087	52,341,584

Shares
Ordinary shares		59,580,087	59,580,087	52,341,584
Total		59,580,087	59,580,087	52,341,584
- of which shares are held by Calliditas		5,908,018	5,908,018	—
Total registered and subscribed but not registered shares at the end of the year, net of shares held by Calliditas		53,672,069	53,672,069	52,341,584


	December 31,
Share Capital	2023	2022	2021
Opening balance	2,383	2,094	1,998
New share issue*	—	—	96
Exercise of warrants	—	53	—
Issuance of treasury shares	—	236	—
Closing balance	2,383	2,383	2,094

* 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.

Transactions in Treasury Shares

As of December 31, 2023, Calliditas had 5,908,018 ordinary shares held as treasury shares by the Parent Company. At the Annual General Meeting 2023, authorization was given that Calliditas can transfer (sale) these ordinary shares with the purpose to finance an acquisition of operations, to procure capital to finance the development of projects, repayment of loans or to commercialize Calliditas’ products. No transfer (sale) of treasury shares have occurred as of December 31, 2023. The total number of issued shares as of December 31, 2023, is presented in the tables above.

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,
Translation Reserve	2023	2022	2021
Opening balance	9,307	(26,979)	(6,090)
Change of the year	(14,538)	36,286	(20,889)
Closing balance	(5,231)	9,307	(26,979)

Pension Liabilities - Changes in the defined-benefit pension obligations (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Liabilities
Subtotal included in other comprehensive income	kr (3,071)	kr 2,763	kr 1,993
Defined-Benefit Pension Plan
Pension Liabilities
Balance at the beginning	(884)	(3,182)
Service costs	(1,617)	(1,556)
Interest expense	(1)	(10)
Employee contribution	920	887
Subtotal included in the operating loss in the consolidated statements of income	(698)	(679)
Return on assets (excluding interest expenses)	(67)	34
Actuarial gains/(losses) related to changes in demographic assumptions	(13)	54
Actuarial gains/(losses) related to changes in financial assumptions	(2,316)	2,846
Other actuarial gains/(losses)	52	(454)
Plan amendement	(433)
Subtotal included in other comprehensive income	(2,777)	2,480
Employer contributions	920	887
Currency translation effect	(82)	(390)
Balance at the end	(3,521)	(884)	(3,182)
Defined Benefit Plan Obligation \| Defined-Benefit Pension Plan
Pension Liabilities
Balance at the beginning	6,027
Balance at the end	8,395	6,027
Defined Benefit Plan Obligation \| Switzerland \| Defined-Benefit Pension Plan
Pension Liabilities
Balance at the beginning	(6,027)	(7,942)
Service costs	(1,599)	(1,530)
Interest expense	(117)	(27)
Subtotal included in the operating loss in the consolidated statements of income	(1,716)	(1,558)
Amounts paid/received	2,441	2,140
Actuarial gains/(losses) related to changes in financial assumptions	(2,316)	2,846
Other actuarial gains/(losses)	52	(454)
Plan amendement	(433)
Subtotal included in other comprehensive income	(2,697)	2,392
Currency translation effect	(397)	(1,059)
Balance at the end	(8,395)	(6,027)	(7,942)
Defined Benefit Plan Obligation \| France \| Defined-Benefit Pension Plan
Pension Liabilities
Balance at the beginning	(94)	(111)
Service costs	(18)	(26)
Interest expense	(4)	(1)
Subtotal included in the operating loss in the consolidated statements of income	(21)	(27)
Actuarial gains/(losses) related to changes in demographic assumptions	(13)	54
Subtotal included in other comprehensive income	(13)	54
Currency translation effect	2	(9)
Balance at the end	(127)	(94)	(111)
Fair Value of Plan Assets \| Switzerland \| Defined-Benefit Pension Plan
Pension Liabilities
Balance at the beginning	5,238	4,871
Interest expense	119	18
Employee contribution	920	887
Subtotal included in the operating loss in the consolidated statements of income	1,039	906
Amounts paid/received	(2,441)	(2,140)
Return on assets (excluding interest expenses)	(67)	34
Subtotal included in other comprehensive income	(67)	34
Employer contributions	920	887
Currency translation effect	313	679
Balance at the end	kr 5,001	kr 5,238	kr 4,871

Financial Risks - Non-current interesting-bearing liabilities (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Opening balance	kr 739,195	kr 222,806
Closing balance	979,133	739,195
Long term Borrowings
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Opening balance	713,030	189,164
New borrowings - net	962,889	491,745
Repayment of borrowings	(724,479)
Transaction costs paid	(26,625)	(1,260)
Interest expense	41,148	4,874
Exchange difference on translation	(26,455)	28,507
Closing balance	kr 939,508	kr 713,030

Events After the Reporting Period

12 Months Ended

Dec. 31, 2023

Events After the Reporting Period

Events After the Reporting Period

Note 33 Events After the Reporting Period

In February 2024, Calliditas Therapeutics AB announced that the United States Patent and Trademark Office (USPTO) issued patent no. 11896719, entitled “New Pharmaceutical Compositions, on January 24, 2024 with validity as of today, February 13, 2024. This is Calliditas’ second patent for TARPEYO in the United States, and provides product protection until 2043.

The patent covers a method of treating IgA nephropathy with a composition that encompasses TARPEYO® (budesonide) delayed release capsules, developed under the name “NEFECON®”. Filing for listing in the Orange Book has thus been made. Calliditas intends to file corresponding patent applications in additional territories around the world, including Europe and China. Book has thus been made. Calliditas intends to file corresponding patent applications in additional territories around the world, including Europe and China.

In March 2024, Calliditas Therapeutics AB announced that the FDA has granted an orphan drug exclusivity period of seven years for TARPEYO®, expiring in December 2030 based on when the company obtained full approval with a new indication for this drug product. Following full approval in December 2023, TARPEYO® (budesonide) indicated “to reduce the loss of kidney function in adults with primary immunoglobulin A nephropathy (IgAN) who are at risk for disease progression”. The exclusivity period reflects the new indication covering all adult patients with primary IgAN at risk of disease progression based on a confirmed reduction of kidney loss reflecting a clinical benefit on kidney function for adult patients with primary IgAN.

Financial Income

12 Months Ended

Dec. 31, 2023

Financial Income

Financial Income

Note 11 Financial Income

Material accounting policy - financial income

Financial income consists of interest income and foreign exchange gains. Foreign exchange gains and losses are presented on a net basis.


	Year Ended December 31,
	2023	2022	2021
Interest income	29,095	3,553	102
Exchange rate differences	1,292	46,642	20,234
Total	30,387	50,195	20,336

Provisions (Tables)

12 Months Ended

Dec. 31, 2023

Provisions

Summary of provisions


	Social Security Costs on
Provisions as of December 31, 2023	Share-Based Payment	Other provisions	Provisions, net
Opening balance	11,792	—	11,792
Provisions for the year	21,109	—	21,109
Exchange differences	(306)	—	(306)
Total	32,595	—	32,595


	Social Security Costs on
Provisions as of December 31, 2022	Share-Based Payment	Other provisions	Provisions, net
Opening balance	13,084	1,446	14,530
Provisions for the year	1,027	—	1,027
Amounts claimed for the year	(204)	—	(204)
Reversal of unused amounts	(2,666)	(1,573)	(4,239)
Exchange differences	551	127	678
Total	11,792	—	11,792

Provisions (Details) - SEK (kr) kr in Thousands	12 Months Ended
Provisions (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in other provisions
Other provisions at beginning of period	kr 11,792	kr 14,530
Provisions for the year	21,109	1,027
Amounts claimed for the year		(204)
Reversal of unused amounts		(4,239)
Exchange differences	(306)	678
Other provisions at end of period	32,595	11,792
Social Security Costs on Share-Based Payment
Reconciliation of changes in other provisions
Other provisions at beginning of period	11,792	13,084
Provisions for the year	21,109	1,027
Amounts claimed for the year		(204)
Reversal of unused amounts		(2,666)
Exchange differences	(306)	551
Other provisions at end of period	kr 32,595	11,792
Other Provision
Reconciliation of changes in other provisions
Other provisions at beginning of period		1,446
Reversal of unused amounts		(1,573)
Exchange differences		kr 127

Other Operating Expenses (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Operating Expenses
Exchange rate differences	kr 596	kr 7,133	kr 1,807
Net loss on disposal of equipment			67
Change in value of the contingent consideration at fair value		15,941	4,470
Other expenses	539
Total	kr 1,135	kr 23,074	kr 6,344

Consolidated Statements of Financial Position - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-current assets
Intangible assets	kr 430,754	kr 438,057
Goodwill	48,584	45,784
Equipment	16,053	7,468
Right-of-use assets	38,186	24,452
Non-current financial assets	24,201	11,210
Deferred tax assets	26,315	13,798
Total non-current assets	584,093	540,770
Current assets
Inventories	20,428	3,647
Accounts receivable	180,892	78,703
Other current assets	15,774	10,018
Prepaid expenses and accrued income	84,324	70,741
Cash	973,733	1,249,094
Total current assets	1,275,152	1,412,204
TOTAL ASSETS	1,859,245	1,952,973
Equity
Share capital	2,383	2,383
Additional paid-in capital	2,643,227	2,590,890
Reserves	(5,231)	9,307
Retained earnings including net loss for the year	(2,305,573)	(1,836,317)
Total equity attributable to equity holders of the Parent Company	334,806	766,264
Non-current liabilities
Provisions	32,595	11,792
Contingent consideration	56,561	75,880
Pension liabilities	3,521	884
Deferred tax liabilities	41,641	39,752
Non-current interest-bearing liabilities	939,508	713,030
Non-current lease liabilities	27,088	15,792
Other non-current liabilities	16,381	4,350
Total non-current liabilities	1,117,295	861,479
Current liabilities
Accounts payable	100,564	160,404
Current tax liabilities	6,167	5,684
Other current liabilities	19,786	22,697
Accrued expenses and deferred revenue	280,627	136,446
Total current liabilities	407,144	325,231
TOTAL EQUITY AND LIABILITIES	kr 1,859,245	kr 1,952,973

Contingent Consideration - Additional information (Details) kr in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2023 SEK (kr)	Dec. 31, 2022 SEK (kr)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 SEK (kr)
Contingent Consideration
Discount rate			12.20%	12.20%
Weighted average probability		20.80%	19.70%	19.70%
Higher probability (in percent)			10.00%	10.00%
Impact on profit after tax \| kr	kr 5,656	kr 7,588
Unobservable inputs used in the fair value measurement \| kr				kr 0
Genkyotex SA \| Milestone 1
Contingent Consideration
Contingent consideration			€ 30.0
Genkyotex SA \| Milestone 2
Contingent Consideration
Contingent consideration			15.0
Genkyotex SA \| Milestone 3
Contingent Consideration
Contingent consideration			€ 10.0

Intangible Assets and Impairment Testing - Narratives (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets and Impairment Testing
Intangible assets	kr 430,754	kr 438,057
Goodwill	48,584	45,784	kr 37,227
Impairment - Goodwill	0
Licenses and similar rights
Intangible Assets and Impairment Testing
Intangible assets	430,754	kr 438,057
Budenofalk 3 mg oral capsule
Intangible Assets and Impairment Testing
Impairment - Intangible Assets	32,132
Nox Platforms
Intangible Assets and Impairment Testing
Intangible assets	kr 430,753
Minimum \| Licenses and similar rights
Intangible Assets and Impairment Testing
Expected finite useful life (in years)	6 years
Maximum \| Licenses and similar rights
Intangible Assets and Impairment Testing
Expected finite useful life (in years)	15 years

Pension Liabilities - Distribution by plan assets (Details) - Switzerland - Fair Value of Plan Assets - Defined-Benefit Pension Plan - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Distribution by Plan Assets
Cash	kr 430	kr 137
Bonds	515	3,048
Mortgage loans	75	655
Shares	1,450	126
Real estate	1,581	901
Other investments	950	372
Total	5,001	5,238
Level 1
Distribution by Plan Assets
Bonds	kr 515	kr 3,048

Share-Based Payments - Total Cost of the Outstanding Share-Based Payments (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payments
Share-based payments	kr 1,776	kr 1,531	kr 876
Provisions attributable to changes in social security costs (Share-based payments)	119	(1,614)	297
Total	kr 1,895	kr (83)	kr 1,173

Material Accounting Policies (Policies)	12 Months Ended
Material Accounting Policies (Policies)	Dec. 31, 2023
Material Accounting Policies
Basis for Preparation	Basis for Preparation These consolidated financial statements have been prepared in accordance with the IFRS (R) Accounting Standards published by the International Accounting Standards Board (IASB). In addition, the consolidated financial statements comply with the recommendation of The Swedish Corporate Reporting Board RFR 1, Supplementary Accounting Regulations for Groups.
Material accounting policies	Material accounting policies The Group provides disclosures of material accounting policies and accounting policy is material if the underlying transaction is material and information in the accounting policy is material to understand the transaction, e.g. if the Group has made a policy choice or if the accounting policy is company specific. When the Group applies an accounting policy as described in the applicable IFRS standard, the Group does not provide any disclosure of the applied accounting policy. In addition to material accounting policies described in this note, the Group has decided to present material accounting policies within the corresponding note that the policy relates to.
Primary financial statements	Primary financial statements 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. The Group has decided to present the consolidated statement of income based on function of expense.
Basis for Valuation and Current versus Non-Current Classification	Basis for Valuation and Current versus Non-Current Classification 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.
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). Foreign exchange gains and losses as a result of transactions in foreign currency relating to operating receivables and liabilities are recognized net in operating profit as Other operating income or Other operating expenses, while foreign exchange gains and losses on financial receivables and liabilities are recognized net as financial items.
Cost of Sales	Cost of Sales Cost of sales includes the cost of inventory sold, labor costs, manufacturing overhead expenses and reserves for expected scrap, as well as shipping and freight costs. Cost of sales also includes royalty costs related to in-license agreements.
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.
Marketing and Selling Expenses	Marketing and Selling Expenses Marketing and selling expenses consist of salaries and other related costs for personnel in the Group and market access, commercialization and business development.
Administrative Expenses	Administrative Expenses Administrative expenses consist of salaries and other related costs for personnel in the Group, finance, corporate and administrative functions. Administrative 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. Acquisition-related costs are included in administrative expenses in the consolidated statements of income and are expensed as the services are performed.
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, 2023 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.
Cash Flow	Cash Flow The consolidated statement of cash flows is prepared in accordance with the indirect method.
Revenue Recognition	Revenue Recognition Outlicensing of Product 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 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. 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 has 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. Gross to Net Accounting There are various sales deductions and rebates relating to product sales in the United States that are deducted from the gross sales as part of the revenue recognition process. As the actual sales deductions are not known at the point of sale, estimates are made in determining the initial deduction of rebates, and are then subject to true-up as actual data is obtained.
Intangible Assets	Intangible Assets Goodwill and intangible assets, not yet available for use Goodwill and intangible assets not yet available for use are assessed 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. 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 assessment 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). Capitalization of expenditures is generally made in the late stage of the development, for example after full 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.
Allowance for Expected Credit Losses for Accounts Receivable	Loss Allowance for Expected Credit Losses for Accounts Receivable Management makes loss allowance for expected credit losses for accounts receivable that correspond to their maturity. The estimate is based on any increased credit risk, on individual or collective basis, considering reasonable and supportable information, including that which is forward-looking. The allowance for expected credit risk is an estimate based on maturity structure accounts receivable and specific customer knowledge. Generally, invoices are due for payment within 30-45 days.
Loss Carryforwards	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, 2022, 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.

Share-Based Payments - Board's Holding of Share Awards 2020 (Details) - Board LTIP 2020 - EquityInstruments	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payments
Beginning balance	29,928	31,371
Change	(29,928)	0
End balance	0	29,928
Elmar Schnee
Share-Based Payments
Beginning balance	14,063	14,063
Change	(14,063)	0
End balance	0	14,063
Hilde Furberg
Share-Based Payments
Beginning balance	4,327	4,327
Change	(4,327)	0
End balance	0	4,327
Lennart Hansson
Share-Based Payments
Beginning balance	4,327	4,327
Change	(4,327)	(1,443)
End balance	0	4,327
Diane Parks
Share-Based Payments
Beginning balance	2,884	4,327
Change	(2,884)	0
End balance	0	2,884
Molly Henderson
Share-Based Payments
Beginning balance	4,327	4,327
Change	(4,327)	0
End balance	0	4,327

Income Tax Expense (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Expense

Schedule of reconciliation of effective tax rate


	Year Ended December 31,
	2023	2022	2021
Current income taxes	(23,484)	(11,539)	(4,581)
Deferred tax	14,316	8,688	8,417
Income tax expense recognized in the consolidated statements of income	(9,168)	(2,851)	3,836


	Year Ended December 31,
Reconciliation of effective tax rate	2023		2022		2021
Accounting loss before income tax	(457,017)		(409,417)		(513,373)
Tax in accordance with applicable tax rate in Sweden 20.6%	94,145		84,340		105,755

Tax effect of:
Effect of other tax rates for foreign subsidiaries	(16,159)		(11,857)		11,481
Tax attributable to non-deductible tax losses carried forward and unrecognized deferred tax assets	(68,074)		(64,150)		(101,785)
Non-deductible expenses	(22,406)		(11,184)		(11,615)
Non-taxable income	3,326		—		—
Income tax expense recognized in the consolidated statements of income	(9,168)		(2,851)		3,836

At the effective income tax rate	(2)	%	(1)	%	1	%

Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

Note 8 Leases

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 esti-mated lease term, which currently is 2 to 8 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 Risks).

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.


	December 31,
Right-of-use assets	2023	2022
Opening balance	24,452	33,300
Additional agreements	10,518	—
Revaluation of agreements	15,887	(427)
Depreciation	(12,360)	(10,807)
Termination of agreement	(113)	—
Exchange differences	(198)	2,386
Net book value	38,186	24,452


Depreciation on right-of-use assets is included in the consolidated statements of income under	2023	2022	2021
Research and development expenses	1,373	1,073	997
Marketing and selling expenses	3,923	3,743	1,522
Administrative expenses	7,064	5,991	3,192
	12,360	10,807	5,711


	December 31,
Lease liabilities	2023	2022
Non-current lease liabilities	27,088	15,792
Current lease liabilities	12,537	10,374
Total	39,625	26,165

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


	December 31,
Maturity analysis on future lease liabilities	2023	2022
<12 months	25,102	16,467
1-2 years	21,509	12,613
>2 years	18,412	10,053
	65,023	39,133

Future lease payments in accordance with the above are undiscounted.

The leases primarily comprise of leased premises for the Group. The lease agreements for leased premises have terms ending 2024 until 2030 respectively and can be extended unless one of the parties terminates the lease agreements. The Group cannot determine with reasonable certainty whether the extensions will take place based on the Group’s development and has therefore not expected utilization after the terms ending. Future lease payments are linked to the development in the CPI index, but with a limitation on negative index change. Index adjustments are included in the lease liability when they come into force and are then adjusted against the right-of-use asset. Lease of low-value assets consists mainly of storage and office equipment.


	Year Ended December 31,
	2023	2022	2021
Interest expenses attributable to lease liabilities	2,744	1,604	590
Expenses attributable to short-term lease	6	0	633
Expenses attributable to leasing agreements with low value	225	214	146
Expenses attributable to variable lease payments that are not included in lease liabilities	1,726	303	446
Expenses attributable to lease depreciation	12,360	10,807	5,711
Total expensed during the year	17,061	12,928	7,526

This year's lease payments in the Group	16,784	13,231	6,659

Accrued Expenses and Deferred Revenue (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Expenses and Deferred Revenue
Vacation pay liabilities	kr 11,257	kr 8,310
Accrued salaries and Board fees	52,502	28,186
Social security costs	8,935	7,065
Accrued rebates on sales	36,326	15,849
Accrued expenses for royalty	37,419	12,023
Accrued expenses for research and development	107,302	34,637
Accrued expenses for marketing and selling	10,773	21,543
Accrued expenses for administration	16,113	8,833
Total	kr 280,627	kr 136,446

Financial Risks - Maturity Analysis (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Risks
Non-current lease liabilities	kr 27,088	kr 15,792
Other non-current liabilities	16,381	4,350
Other current liabilities	19,786	22,697
Less than 6 months
Financial Risks
Accounts payable	100,564	160,404
Other current liabilities	11,649	13,288
Accrued expenses	255,200	121,865
6 - 12 months
Financial Risks
Other current liabilities	8,138	9,409
Accrued expenses	25,427	14,581
2-5 years
Financial Risks
Contingent consideration	56,561	75,880
Non-current interest-bearing liabilities	939,508	713,030
Non-current lease liabilities	27,088	15,792
Other non-current liabilities	kr 16,381	kr 4,350

Accrued Expenses and Deferred Revenue

12 Months Ended

Dec. 31, 2023

Accrued Expenses and Deferred Revenue

Accrued Expenses and Deferred Revenue

Note 30 Accrued Expenses and Deferred Revenue


	December 31,
	2023	2022
Vacation pay liabilities	11,257	8,310
Accrued salaries and Board fees	52,502	28,186
Social security costs	8,935	7,065
Accrued rebates on sales	36,326	15,849
Accrued expenses for royalty	37,419	12,023
Accrued expenses for research and development	107,302	34,637
Accrued expenses for marketing and selling	10,773	21,543
Accrued expenses for administration	16,113	8,833
Total	280,627	136,446

Description of Business

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 and 2021, respectively. The Group has chosen to, in addition to periods such as required by IFRS, present a consolidated income statement, statement of comprehensive income, consolidated statement of cash flows and consolidated statement of changes in equity with an additional comparison period.

Calliditas is a commercial stage biopharma 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, 2023, 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 commercialization activates 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 24, 2024.

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Schedule of Right-of-use assets


	December 31,
Right-of-use assets	2023	2022
Opening balance	24,452	33,300
Additional agreements	10,518	—
Revaluation of agreements	15,887	(427)
Depreciation	(12,360)	(10,807)
Termination of agreement	(113)	—
Exchange differences	(198)	2,386
Net book value	38,186	24,452

Schedule of impact on the consolidated statement of income (increase/ (decrease))


Depreciation on right-of-use assets is included in the consolidated statements of income under	2023	2022	2021
Research and development expenses	1,373	1,073	997
Marketing and selling expenses	3,923	3,743	1,522
Administrative expenses	7,064	5,991	3,192
	12,360	10,807	5,711

Schedule of Lease liabilities


	December 31,
Lease liabilities	2023	2022
Non-current lease liabilities	27,088	15,792
Current lease liabilities	12,537	10,374
Total	39,625	26,165

Maturity analysis on future lease liabilities


	December 31,
Maturity analysis on future lease liabilities	2023	2022
<12 months	25,102	16,467
1-2 years	21,509	12,613
>2 years	18,412	10,053
	65,023	39,133

Schedule of lease payments


	Year Ended December 31,
	2023	2022	2021
Interest expenses attributable to lease liabilities	2,744	1,604	590
Expenses attributable to short-term lease	6	0	633
Expenses attributable to leasing agreements with low value	225	214	146
Expenses attributable to variable lease payments that are not included in lease liabilities	1,726	303	446
Expenses attributable to lease depreciation	12,360	10,807	5,711
Total expensed during the year	17,061	12,928	7,526

This year's lease payments in the Group	16,784	13,231	6,659

Intangible Assets and Impairment Testing

12 Months Ended

Dec. 31, 2023

Intangible Assets and Impairment Testing

Intangible Assets and Impairment Testing

Note 15 Intangible Assets and Impairment Testing

Material accounting policy - intangible assets

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

Until full regulatory market approval has been granted, amortization will not commence in respect of "Licenses and similar rights" that are separately acquired. Following market approval from regulatory authorities, “Licenses and Similar Rights” will be amortized on a straight-line basis over the expected useful life. The Group’s expected finite useful lives are: – Licenses and similar rights – 6-15 years

Impairment of intagible assets

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.

Significant accounting judgments, estimates and assumptions - intangible assets

The Group’s intangible assets are attributable to the Group acquiring the rights to the NOX platform, as well as goodwill in connection with the acquisition of Genkyotex SA. 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.

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. 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. As of December 31, 2023, the Group’s goodwill amounted to SEK 48,584 and other intangible assets amounted to SEK 430,754.

Capitalization expenditures for the development

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, 2023, and was thus expensed. Capitalization of expenditures are generally made in late stage of the development, for example after full 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 granted accelerated approval for TARPEYO® in the U.S. and the European Commission has granted conditional marketing authorization for Kinpeygo® in Europe (EEA). 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.


	December 31,
	2023	2022
Licenses and similar rights
Cost at opening balance	468,711	390,166
Disposal for the year	(62,697)	—
Exchange differences on translation	24,740	78,545
Cost at closing balance	430,754	468,711

Impairment
Impairment at opening balance	(30,654)	(27,975)
Impairment	(32,132)	—
Disposal for the year	62,697	—
Exchange differences on translation	89	(2,679)
Impairment at closing balance	—	(30,654)

Net book value	430,754	438,057

Goodwill
Cost at opening balance	45,784	37,227
Exchange differences on translation	2,800	8,557
Cost at closing balance	48,584	45,784

Intangible assets consist of licenses and similar rights of SEK 430,754 and goodwill of SEK 48,584 as of December 31, 2023.

Intangible assets are from the acquisition of the NOX-platform and associated goodwill. The net book value of the NOX-platform amounts to SEK 430,753 as of December 31, 2023. 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. During the year, an impairment of SEK 32.1 million was recognized, and was related to the in-licensing Budenofalk. The decision to close was attributed to regulatory challenges.

Impairment Testing

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, 2023, the Group’s goodwill amounted to SEK 48,584. There is no impairment for the year ended December 31, 2023.

The following table shows the discount rate used before tax:


	Year Ended December 31,
Parameter, %	2023	2022
Discount rate Goodwill	12.2	12.0

Intangible assets, not yet available for use

These assets consist of the NOX platform, which are tested, at least, annually for impairment requirement. The assessment of the value of the technology and the rights is based on the fair value less cost of disposals of the assets. 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,
Parameter, %	2023	2022
Discount rate NOX platform	12.2	12.0

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 except for impairment of Budenofalk 3 mg oral capsule amounted to SEK 32,132.

Deferred Tax Assets and Deferred Tax Liabilities (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net deferred tax assets and liabilities
Deferred Tax Assets	kr 46,967	kr 34,661
Deferred Tax Liabilities	(62,293)	(60,615)
Deferred tax assets(liabilities), net	(15,326)	(25,954)	kr (26,661)
Offsetting Deferred Tax Assets	(20,652)	(20,863)
Offsetting Deferred Tax Liabilities	20,652	20,863
Net Deferred Tax Assets	26,315	13,798
Net Deferred Tax Liabilities	(41,641)	(39,752)
Intangible assets
Net deferred tax assets and liabilities
Deferred Tax Assets	0
Deferred Tax Liabilities	(59,487)	(56,789)
Deferred tax assets(liabilities), net	(59,487)	(56,789)	(46,175)
Tangible assets
Net deferred tax assets and liabilities
Deferred Tax Assets	0
Deferred Tax Liabilities	(608)	(766)
Deferred tax assets(liabilities), net	(608)	(766)	(238)
Lease assets
Net deferred tax assets and liabilities
Deferred Tax Assets	0
Deferred Tax Liabilities	(2,198)	(3,060)
Deferred tax assets(liabilities), net	(2,198)	(3,060)	(2,672)
Lease liabilities
Net deferred tax assets and liabilities
Deferred Tax Assets	2,465	3,442
Deferred Tax Liabilities	0
Deferred tax assets(liabilities), net	2,465	3,442	2,942
Other liabilities
Net deferred tax assets and liabilities
Deferred Tax Assets	3,516	3,218
Deferred Tax Liabilities	0
Deferred tax assets(liabilities), net	3,516	3,218
Personnel-related items
Net deferred tax assets and liabilities
Deferred Tax Assets	20,931	10,653
Deferred Tax Liabilities	0
Deferred tax assets(liabilities), net	20,931	10,653	4,140
Tax loss carried forward
Net deferred tax assets and liabilities
Deferred Tax Assets	17,846	17,037
Deferred Tax Liabilities	0
Deferred tax assets(liabilities), net	17,846	17,037	15,319
Other items
Net deferred tax assets and liabilities
Deferred Tax Assets	2,209	311
Deferred Tax Liabilities	0
Deferred tax assets(liabilities), net	kr 2,209	kr 311	kr 23

Cash

12 Months Ended

Dec. 31, 2023

Cash

Cash

Note 23 Cash


	December 31,
	2023	2022
Cash at Banks	973,733	1,249,094
Total	973,733	1,249,094

Cash and Banks balances are primarily in SEK, EUR and USD.

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


	Year Ended December 31,
	2023	2022	2021
Depreciations and impairments	48,726	12,913	34,433
Change in Provisions	20,888	(3,346)	5,856
Share-based payments	52,591	35,791	21,960
Change of Contingent consideration	(18,835)	15,941	4,470
Other items	(892)	(39)	(43)
Total	102,478	61,260	66,676

Reconciliation of liabilities from financing activities


	January 1,		Non-Cash-	December 31,
	2023	Cash-Flow	Items	2023
Non-current interest-bearing liabilities	713,030	211,785	14,693	939,508
Lease liabilities	26,165	(12,134)	25,594	39,625
	739,195	199,651	40,287	979,133


	January 1,		Non-Cash-	December 31,
	2022	Cash-Flow	Items	2022
Non-current interest-bearing liabilities	189,164	490,485	33,381	713,030
Lease liabilities	33,642	(9,615)	2,138	26,165
	222,806	480,870	35,519	739,195

Share-Based Payments - Changes and holdings of warrants (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payments
Warrants Outstanding, Beginning Balance	1,279,086	1,279,086
Change	(1,279,086)	0
Warrants Outstanding, End Balance	0	1,279,086
CEO Rene Lucander
Share-Based Payments
Warrants Outstanding, Beginning Balance	545,000	545,000
Change	(545,000)	0
Warrants Outstanding, End Balance	0	545,000
Other executive management
Share-Based Payments
Warrants Outstanding, Beginning Balance	437,500	437,500
Change	(437,500)	0
Warrants Outstanding, End Balance	0	437,500
Other employees, consultants and external parties
Share-Based Payments
Warrants Outstanding, Beginning Balance	296,586	296,586
Change	(296,586)	0
Warrants Outstanding, End Balance	0	296,586

Accrued Expenses and Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Expenses and Deferred Revenue

Schedule of accrued expenses and deferred revenue


	December 31,
	2023	2022
Vacation pay liabilities	11,257	8,310
Accrued salaries and Board fees	52,502	28,186
Social security costs	8,935	7,065
Accrued rebates on sales	36,326	15,849
Accrued expenses for royalty	37,419	12,023
Accrued expenses for research and development	107,302	34,637
Accrued expenses for marketing and selling	10,773	21,543
Accrued expenses for administration	16,113	8,833
Total	280,627	136,446

Pension Liabilities - Net obligation per country (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pension Liabilities
Net obligation	kr 3,521	kr 884
Defined-Benefit Pension Plan
Pension Liabilities
Net obligation	3,521	884
Switzerland \| Defined-Benefit Pension Plan
Pension Liabilities
Net obligation	3,394	789
France \| Defined-Benefit Pension Plan
Pension Liabilities
Net obligation	kr 127	kr 94

Leases - Lease of Low-value assets (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Interest expenses attributable to lease liabilities	kr 2,744	kr 1,604	kr 590
Expenses attributable to short-term lease	6	0	633
Expenses attributable to leasing agreements with low value	225	214	146
Expenses attributable to variable lease payments that are not included in lease liabilities	1,726	303	446
Expenses attributable to lease depreciation	12,360	10,807	5,711
Total expensed during the year	17,061	12,928	7,526
This year's lease payments in the Group	kr 16,784	kr 13,231	kr 6,659

Income Tax Expense

12 Months Ended

Dec. 31, 2023

Income Tax Expense

Income Tax Expense

Note 13 Income Tax Expense

Material accounting policy - taxes

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.

Significant accounting judgments, estimates and assumptions - loss carryforwards

The Group's tax losses carried forward have not been recognized as deferred tax assets in the statement of financial position as of December 31, 2022, 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.


	Year Ended December 31,
	2023	2022	2021
Current income taxes	(23,484)	(11,539)	(4,581)
Deferred tax	14,316	8,688	8,417
Income tax expense recognized in the consolidated statements of income	(9,168)	(2,851)	3,836


	Year Ended December 31,
Reconciliation of effective tax rate	2023		2022		2021
Accounting loss before income tax	(457,017)		(409,417)		(513,373)
Tax in accordance with applicable tax rate in Sweden 20.6%	94,145		84,340		105,755

Tax effect of:
Effect of other tax rates for foreign subsidiaries	(16,159)		(11,857)		11,481
Tax attributable to non-deductible tax losses carried forward and unrecognized deferred tax assets	(68,074)		(64,150)		(101,785)
Non-deductible expenses	(22,406)		(11,184)		(11,615)
Non-taxable income	3,326		—		—
Income tax expense recognized in the consolidated statements of income	(9,168)		(2,851)		3,836

At the effective income tax rate	(2)	%	(1)	%	1	%

In 2021, the Group has costs attributable to new share issue amounted to SEK 20,909, which are recognized directly against equity. These costs are deductible for tax purposes.

The Group has SEK 3,881,336 and SEK 3,562,440 of tax losses carried forward for which deferred tax assets have not been recognized in the statement of financial position as of December 31, 2023 and 2022, respectively. The tax losses carried forward are allocated between Sweden of SEK 1,772,890, France of SEK 1,209,163 and Switzerland of SEK 899,283, where the tax losses carried forward in Sweden and France may be carried forward indefinitely, but in Switzerland there is a time limit of seven years. Deferred tax assets will be recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized or to the extent when there are temporary differences against which these will be able to be offset.

Non-Current Financial Assets (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Non-Current Financial Assets
Cost at opening balance	kr 11,210	kr 3,915
Additional acquisition	1,560	7,064
Reclassification from current receivables	12,214
Disposal for the year	(602)
Exchange differences	(181)	231
Net book value	24,201	11,210
Payment of bank guarantee deposits	7,637	6,851
Other non-current receivables	kr 16,564	kr 4,359

Group Companies (Details)	12 Months Ended
Group Companies (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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%	100.00%	100.00%
Calliditas Therapeutics France SAS
Group Companies
Equity interest	100.00%	100.00%	100.00%
Calliditas Therapeutics Suisse SA
Group Companies
Equity interest	100.00%	100.00%	100.00%

Significant Accounting Judgements, Estimates and Assumptions

12 Months Ended

Dec. 31, 2023

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 period if the change affects both the current period and future periods.

Significant accounting judgements, estimates and assumptions are disclosed in detail in the corresponding note to which the judgement, estimate and assumption relate. Significant accounting judgements, estimates and assumptions relates to:

●	Revenue recognition - note 3,

●	Loss carryforwards - note 13,

●	Intangible assets - note 15, and

●	Expected credit losses - note 20.

A summarized description of each significant accounting judgment, estimate and assumption is presented below. For additional details of the significant accounting judgments, estimates and assumptions refer to the notes referenced above.

Revenue Recognition

Outlicensing of Product

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 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.

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 has 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.

Gross to Net Accounting

There are various sales deductions and rebates relating to product sales in the United States that are deducted from the gross sales as part of the revenue recognition process. As the actual sales deductions are not known at the point of sale, estimates are made in determining the initial deduction of rebates, and are then subject to true-up as actual data is obtained.

Intangible Assets

Goodwill and intangible assets, not yet available for use

Goodwill and intangible assets not yet available for use are assessed 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.

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 assessment 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). Capitalization of expenditures is generally made in the late stage of the development, for example after full 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.

Loss Allowance for Expected Credit Losses for Accounts Receivable

Management makes loss allowance for expected credit losses for accounts receivable that correspond to their maturity. The estimate is based on any increased credit risk, on individual or collective basis, considering reasonable and supportable information, including that which is forward-looking. The allowance for expected credit risk is an estimate based on maturity structure accounts receivable and specific customer knowledge. Generally, invoices are due for payment within 30-45 days.

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, 2022, 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.

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.

Earnings per Share (Details) - SEK (kr) kr / shares in Units, kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss per share before and after dilution
Loss for the year	kr (466,186)	kr (412,267)	kr (500,293)
Weighted-average number of common shares outstanding (in shares)	53,672,069	53,022,550	50,829,255
Loss per share before and after dilution (in SEK per share)	kr (8.69)	kr (7.78)	kr (9.84)
Options
Loss per share before and after dilution
Number of potential dilutive instruments (in shares)	6,098,730
Share Awards
Loss per share before and after dilution
Number of potential dilutive instruments (in shares)	100,975

Leases - Additional Information (Details)	12 Months Ended
Leases - Additional Information (Details)	Dec. 31, 2023
Minimum
Leases
Estimated lease term	2 years
Maximum
Leases
Estimated lease term	8 years

Financial and Non-Financial Assets and Liabilities (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	kr 1,186,123	kr 1,341,295
Financial Liabilities, Carrying Amount	1,440,515	1,128,598
Non-current interesting-bearing liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	939,508	713,030
Financial Liabilities Measured at Fair Value through Profit or Loss
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Fair Value	56,561	75,880
Contingent consideration	56,561	78,880
Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	1,217,667	976,717
Financial Liabilities Measured at Amortized Cost \| Non-current interesting-bearing liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	939,508	713,030
Non Financial Liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	166,287	76,002
Contingent Consideration
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	56,561	75,880
Contingent Consideration \| Financial Liabilities Measured at Fair Value through Profit or Loss
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Fair Value	56,561	75,880
Non-current lease liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	27,088	15,792
Non-current lease liabilities \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	27,088	15,792
Other non-current liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	16,381	4,350
Other non-current liabilities \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	3,783	1,363
Other non-current liabilities \| Non Financial Liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	12,598	2,987
Accounts payable
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	100,564	160,404
Accounts payable \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	100,564	160,404
Other current liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	19,786	22,697
Other current liabilities \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	12,537	10,374
Other current liabilities \| Non Financial Liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	7,249	12,323
Accrued expenses and deferred revenue
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	280,627	136,446
Accrued expenses and deferred revenue \| Financial Liabilities Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	134,187	75,754
Accrued expenses and deferred revenue \| Non Financial Liabilities
Financial and Non-Financial Assets and Liabilities
Financial Liabilities, Carrying Amount	146,440	60,692
Financial Assets Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	1,186,123	1,341,295
Non-current financial assets
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	24,201	11,210
Non-current financial assets \| Financial Assets Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	24,201	11,210
Account receivables
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	180,892	78,703
Account receivables \| Financial Assets Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	180,892	78,703
Cash
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	973,733	1,249,094
Cash \| Financial Assets Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	973,733	1,249,094
Fixed assets
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	935,727
Accrued income
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	7,297	2,287
Accrued income \| Financial Assets Measured at Amortized Cost
Financial and Non-Financial Assets and Liabilities
Financial Assets, Carrying Amount	kr 7,297	kr 2,287

Employees and Personnel Costs - Wages and Salaries (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employees and Personnel Costs
Wages and Salaries	kr 446,159	kr 190,145	kr 123,597
Parent Company \| Board and Executive Management
Employees and Personnel Costs
Wages and Salaries	39,436	33,471	27,792
Parent Company \| Other employees
Employees and Personnel Costs
Wages and Salaries	76,055	52,126	33,370
Subsidiaries \| Board and Executive Management
Employees and Personnel Costs
Wages and Salaries	14,783	14,493	4,983
Subsidiaries \| Other employees
Employees and Personnel Costs
Wages and Salaries	kr 315,885	kr 90,055	kr 57,452

Share-Based Payments - Board LTIP - Additional information (Details)	12 Months Ended
	Dec. 31, 2023 shares
Share-Based Payments
Number of shares holder receives when warrant is exercised	1
Board LTIP \| Scenario one
Share-Based Payments
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 \| Scenario two
Share-Based Payments
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 \| Scenario three \| Minimum
Share-Based Payments
Percentage of the share awards earned based on the price increase condition	20.00%
Board LTIP \| Scenario three \| Maximum
Share-Based Payments
Percentage of share price increases as the condition for share awards to be earned	60.00%
Board LTIP \| Scenario four
Share-Based Payments
Percentage of share price increases as the condition for share awards to be earned	20.00%
Board LTIP \| Scenario four \| Maximum
Share-Based Payments
Percentage of the share awards earned based on the price increase condition	0.00%

Intangible Assets and Impairment Testing - Discount rate used before tax (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
NOX platform
Significant Accounting Judgements, Estimates and Assumptions
Discount rate (in %)	12.20%	12.00%
Goodwill
Significant Accounting Judgements, Estimates and Assumptions
Discount rate (in %)	12.20%	12.00%

Employees and Personnel Costs

12 Months Ended

Dec. 31, 2023

Employees and Personnel Costs

Employees and Personnel Costs

Note 9 Employees and Personnel Costs

Average Number of Employees


	Year Ended December 31,
	2023			2022			2021
	Number	% of Male		Number	% of Male		Number	% of Male
	of Empl.	Empl.		of Empl.	Empl.		of Empl.	Empl.
Parent Company
Sweden	58	38	%	45	33	%	29	40	%
	58	38	%	45	33	%	29	40	%

Subsidiaries
France	3	—		2	0	%	3	26	%
Switzerland	8	38	%	6	53	%	6	47	%
United States	112	46	%	33	52	%	18	62	%
	123	44	%	41	51	%	27	55	%

Total for the Group	181	42	%	86	41	%	56	47	%

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


	Year Ended December 31,
Wages and Salaries	2023	2022	2021
Parent Company
Board and Executive Management¹⁾	39,436	33,471	27,792
Other employees	76,055	52,126	33,370

Subsidiaries
Board and Executive Management	14,783	14,493	4,983
Other employees	315,885	90,055	57,452
Total	446,159	190,145	123,597

¹⁾ Executive Management includes the Board, CEO and other executive management.


	Year Ended December 31,
Social Security Costs and Pension Costs	2023	2022	2021
Parent Company
Pension costs for the Board and Executive Management	3,035	2,167	1,785
Pension costs to other employees	9,343	6,582	4,084
Social security costs	37,634	17,393	17,088

Subsidiaries
Pension costs for the Board and Executive Management	229	616	167
Pension costs to other employees	7,693	2,647	928
Social security costs	27,346	6,484	8,596
Total	85,280	35,889	32,648

Gender Distribution Among the Board and Senior Executives


	Year Ended December 31,
	2023		2022		2021
Percentage of women on the Board	50	%	67	%	60	%
Percentage of men on the Board	50	%	33	%	40	%
Percentage of women among other executive management	29	%	38	%	33	%
Percentage of men among other executive management	71	%	62	%	67	%

Disclosures Regarding Total Remuneration of The Board and Executive Management


	Year Ended December 31, 2023
	Base Salary,		Variable	Other	Share-Based
	Board Fee	Pension Costs	Remuneration	Remuneration	Payments	Total
Chairman of the Board
Elmar Schnee	1,020	—	—	—	718	1,738

Board members
Elisabeth Björk	383	—	—	—	204	586
Frederick Driscoll (from Jun, 23)	303	—	—	—	84	387
Hilde Furberg	458	—	—	—	273	731
Molly Henderson (until May, 23)	295	—	—	—	21	316
Diane Parks	522	—	—	—	273	796
Henrik Stenqvist	558	—	—	—	204	761

Senior executives
CEO, Renée Aguiar-Lucander	6,725	1,817	3,177	—	6,648	18,367

Other executive management (6 people)	18,737	1,446	5,731	—	8,030	33,945
of which relates to subsidiaries	8,689	229	3,768	—	2,470	15,156
Total	29,000	3,264	8,908	—	16,455	57,626


	Year Ended December 31, 2022
	Base Salary,		Variable	Other	Share-Based
	Board Fee	Pension Costs	Remuneration	Remuneration	Payments	Total
Chairman of the Board
Elmar Schnee	975	—	—	—	647	1,622

Board members
Elisabeth Björk (from May, 2022)	188	—	—	—	74	261
Hilde Furberg	413	—	—	—	239	651
Lennart Hansson (until May, 2022)	200	—	—	—	33	233
Molly Henderson	590	—	—	—	227	817
Diane Parks	490	—	—	—	239	729
Henrik Stenqvist (from May, 2022)	275	—	—	—	74	349

Senior executives
CEO, Renée Aguiar-Lucander	5,938	760	2,293	—	4,056	13,048

Other executive management (7 people)	17,784	2,023	5,146	—	8,083	33,037
of which relates to subsidiaries	7,516	616	3,152	—	3,824	15,109
Total	26,853	2,783	7,440	—	13,671	50,747


	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	498
Lennart Hansson	360	—	—	—	162	522
Molly Henderson	539	—	—	—	124	663
Diane Parks	421	—	—	—	162	583

Senior executives
CEO, Renée Aguiar-Lucander	4,860	760	1,840	—	3,270	10,730

Other executive management (5 people)	11,279	1,193	2,335	—	5,561	20,368
of which relates to subsidiaries	2,775	167	694	—	1,515	5,151
Total	18,693	1,953	4,175	—	9,906	34,727

Remuneration of Executive Management

Remuneration of the CEO and other executive management comprises base salary, pension benefits and variable remuneration. Other executive management comprise the seven (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, Group General Counsel and Head of Human Resources.

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 2023 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. For additional information of the work of the Board of Directors, please see the Corporate Governance Report on pages 88-93.

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.

Pension Liabilities - Additional details (Details) - Not Later Than One Year [Member] - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension Liabilities
Estimated contributions to plans for post-employment benefits	kr 941	kr 813
Weighted average maturity	23 years 1 month 6 days	18 years 7 months 6 days

Share-based Payments - Board LTIP share awards 2022 (Details) - Board LTIP 2022 - EquityInstruments	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payments
Beginning balance	40,706	0
Change	(3,570)	40,706
End balance	37,136	40,706
Elmar Schnee
Share-Based Payments
Beginning balance	13,926	0
Change		13,926
End balance	13,926	13,926
Hilde Furberg
Share-Based Payments
Beginning balance	5,356	0
Change		5,356
End balance	5,356	5,356
Diane Parks
Share-Based Payments
Beginning balance	5,356	0
Change		5,356
End balance	5,356	5,356
Molly Henderson
Share-Based Payments
Beginning balance	5,356	0
Change	(3,570)	5,356
End balance	1,786	5,356
Henrik Stenqvist
Share-Based Payments
Beginning balance	5,356	0
Change		5,356
End balance	5,356	5,356
Elisabeth Bjrk
Share-Based Payments
Beginning balance	5,356	0
Change		5,356
End balance	5,356	5,356

Pension Liabilities - Sensitivity analysis (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined-Benefit Pension Plan
Sensitivity Analysis
Pension commitments under current assumptions for Swiss pension plans	kr (3,521)	kr (884)	kr (3,182)
Defined Benefit Plan Obligation \| Defined-Benefit Pension Plan
Sensitivity Analysis
Pension commitments under current assumptions for Swiss pension plans	kr 8,395	6,027
Discount rate \| Defined Benefit Plan Obligation
Sensitivity Analysis
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
Sensitivity Analysis
Increase(decrease) in defined benefit obligation, assuming decrease in actuarial assumption	kr 9,426	6,615
Increase(decrease) in defined benefit obligation, assuming increase in actuarial assumption	kr 7,511	5,518
Retirement pension inflation rate \| Defined Benefit Plan Obligation
Sensitivity Analysis
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
Sensitivity Analysis
Increase(decrease) in defined benefit obligation, assuming decrease in actuarial assumption	kr 7,940	5,797
Increase(decrease) in defined benefit obligation, assuming increase in actuarial assumption	kr 8,902	6,281
Salary revaluation rate \| Defined Benefit Plan Obligation
Sensitivity Analysis
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
Sensitivity Analysis
Increase(decrease) in defined benefit obligation, assuming decrease in actuarial assumption	kr 8,231	5,927
Increase(decrease) in defined benefit obligation, assuming increase in actuarial assumption	kr 8,567	kr 6,131

Equipment

12 Months Ended

Dec. 31, 2023

Equipment.

Equipment

Note 16 Equipment


	December 31,
	2023	2022
Cost at opening balance	11,167	7,073
Acquisition for the year	12,788	2,512
Disposal for the year	(65)	—
Exchange differences	260	1,582
Cost at closing balance	24,150	11,167

Depreciation at opening balance	(3,700)	(764)
Depreciation for the year	(4,234)	(2,106)
Exchange differences	(164)	(830)
Depreciation at closing balance	(8,098)	(3,700)

Net book value	16,053	7,468


	December 31,
Depreciation on equipment is included in the statement of income under the sub-items:		2023	2022	2021
Research and development expenses		1,315	579	59
Marketing and selling expenses		1,057	806	176
Administrative expenses		1,862	721	230
		4,234	2,106	465

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

Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Equipment.

Schedule of equipment


	December 31,
	2023	2022
Cost at opening balance	11,167	7,073
Acquisition for the year	12,788	2,512
Disposal for the year	(65)	—
Exchange differences	260	1,582
Cost at closing balance	24,150	11,167

Depreciation at opening balance	(3,700)	(764)
Depreciation for the year	(4,234)	(2,106)
Exchange differences	(164)	(830)
Depreciation at closing balance	(8,098)	(3,700)

Net book value	16,053	7,468

Schedule of depreciation expense


	December 31,
Depreciation on equipment is included in the statement of income under the sub-items:		2023	2022	2021
Research and development expenses		1,315	579	59
Marketing and selling expenses		1,057	806	176
Administrative expenses		1,862	721	230
		4,234	2,106	465

Contingent Consideration (Tables)

12 Months Ended

Dec. 31, 2023

Contingent Consideration

Schedule of contingent consideration


	December 31,
	2023	2022
Opening balance	75,880	54,399
Change for the year	(18,835)	15,942
Exchange differences	(484)	5,539
Net book value	56,561	75,880

Equipment (Details) - SEK (kr) kr in Thousands	12 Months Ended
Equipment (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equipment
Property, plant and equipment at beginning of period	kr 7,468
Depreciation for the year	(4,234)	kr (2,106)	kr (465)
Property, plant and equipment at end of period	16,053	7,468
Gross carrying amount
Equipment
Property, plant and equipment at beginning of period	11,167	7,073
Acquisition for the year	12,788	2,512
Disposal for the year	(65)
Exchange differences	260	1,582
Property, plant and equipment at end of period	24,150	11,167	7,073
Amortization at closing balance
Equipment
Property, plant and equipment at beginning of period	(3,700)	(764)
Depreciation for the year	(4,234)	(2,106)
Exchange differences	(164)	(830)
Property, plant and equipment at end of period	kr (8,098)	kr (3,700)	kr (764)

Costs according to Type of Cost (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Costs according to Type of Cost
Raw materials, consumables and royalties	kr 60,463	kr 3,179
Other external expenses	955,895	939,566	kr 549,079
Personnel costs	558,332	248,952	164,206
Depreciation on equipment's and right-of-use assets	48,726	12,913	34,433
Other operating expenses	1,134	23,074	6,344
Total	kr 1,624,550	kr 1,227,684	kr 754,062

Other Operating Expenses

12 Months Ended

Dec. 31, 2023

Other Operating Expenses

Other Operating Expenses

Note 5 Other Operating Expenses


	Year Ended December 31,
	2023	2022	2021
Exchange rate differences	596	7,133	1,807
Net loss on disposal of equipment	—	—	67
Change in value of the contingent consideration at fair value	—	15,941	4,470
Other expenses	539	—	—
Total	1,135	23,074	6,344

Other Operating Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Other Operating Expenses

Schedule of components of other operating expense


	Year Ended December 31,
	2023	2022	2021
Exchange rate differences	596	7,133	1,807
Net loss on disposal of equipment	—	—	67
Change in value of the contingent consideration at fair value	—	15,941	4,470
Other expenses	539	—	—
Total	1,135	23,074	6,344

Non-Current Financial Assets (Tables)

12 Months Ended

Dec. 31, 2023

Non-Current Financial Assets

Schedule of non-current financial assets


	December 31,
	2023	2022
Cost at opening balance	11,210	3,915
Additional acquisition	1,560	7,064
Reclassification from current receivables	12,214	—
Disposal for the year	(602)	—
Exchange differences	(181)	231
Net book value	24,201	11,210

Prepaid Expenses (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expenses
Accrued income	kr 7,297	kr 2,287
Prepaid insurance premiums	8,755	9,148
Prepaid interest costs		3,693
Prepaid expenses for research and development	43,085	45,454
Prepaid expenses for marketing and selling	16,722	8,194
Other prepaid administration expenses	8,465	1,964
Total	kr 84,324	kr 70,741

Pension Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Pension Liabilities

Summary of net pension obligation per country


	December 31,
Net obligation per country	2023	2022
Switzerland	(3,394)	(789)
France	(127)	(94)
Total	(3,521)	(884)

Summary of changes in the defined-benefit pension obligations


	Defined Benefit	Defined Benefit	Fair Value	Employee
	Plan Obligation	Plan Obligation	of Plan Assets	Benefit
	(Switzerland)	(France)	(Switzerland)	Obligations
January 1, 2023	(6,027)	(94)	5,238	(884)

Service costs	(1,599)	(18)	—	(1,617)
Interest expense	(117)	(4)	119	(1)
Employee contribution	—	—	920	920
Subtotal included in the operating loss in the consolidated statements of income	(1,716)	(21)	1,039	(698)

Amounts paid/received	2,441	—	(2,441)	—

Return on assets (excluding interest expenses)	—	—	(67)	(67)
Actuarial gains/(losses) related to changes in demographic assumptions	—	(13)	—	(13)
Actuarial gains/(losses) related to changes in financial assumptions	(2,316)	—	—	(2,316)
Other actuarial gains/(losses)	52	—	—	52
Plan amendment	(433)	—	—	(433)
Subtotal included in other comprehensive income	(2,697)	(13)	(67)	(2,777)

Employer contributions	—	—	920	920
Currency translation effect	(397)	2	313	(82)
December 31, 2023	(8,395)	(127)	5,001	(3,521)


	Defined	Defined
	Benefit Plan	Benefit Plan	Fair Value	Employee
	Obligation	Obligation	of Plan Assets	Benefit
	(Switzerland)	(France)	(Switzerland)	Obligations
January 1, 2022	(7,942)	(111)	4,871	(3,182)

Service costs	(1,530)	(26)	—	(1,556)
Interest expense	(27)	(1)	18	(10)
Employee contribution	—	—	887	887
Subtotal included in the operating loss in the consolidated statements of income	(1,558)	(27)	906	(679)

Amounts paid/received	2,140	—	(2,140)	—

Return on assets (excluding interest expenses)	—	—	34	34
Actuarial gains/(losses) related to changes in demographic assumptions	—	54	—	54
Actuarial gains/(losses) related to changes in financial assumptions	2,846	—	—	2,846
Other actuarial gains/(losses)	(454)	—	—	(454)
Subtotal included in other comprehensive income	2,392	54	34	2,480

Employer contributions	—	—	887	887
Currency translation effect	(1,059)	(9)	679	(390)
December 31, 2022	(6,027)	(94)	5,238	(884)

Summary of distribution by plan assets


	December 31,
Distribution by Plan Assets (Switzerland)	2023	2022
Cash	430	137
Bonds	515	3,048
Mortgage loans	75	655
Shares	1,450	126
Real estate	1,581	901
Other investments	950	372
Total	5,001	5,238

Summary of actuarial assumptions on the balance sheet date


	December 31,
Actuarial Assumptions on the Closing Balance	2023		2022
Swiss pension plan
Discount rate	1.45		2.30	%
Mortality table	LPP 2020 generation		LPP 2020 generation
Salary revaluation rate	2.00	%	1.00	%
Retirement pension inflation rate	1.00	%	0.50	%
Deposit rate on savings accounts	1.50	%	1.00	%
Turnover rate	10.00	%	10.00	%
Remaining life expectancy after retirement	23.1	years	18.6	years
Retirement age	65	years	65	years

Summary of sensitivity analysis


	December 31,
Sensitivity Analysis	2023	2022
Pension commitments under current assumptions for Swiss pension plans	8,395	6,027
Discount rate, -0.5%	9,426	6,615
Discount rate, +0.5%	7,511	5,518
Retirement pension inflation rate, -0.5%	7,940	5,797
Retirement pension inflation rate, +0.5%	8,902	6,281
Salary revaluation rate, -0.5%	8,231	5,927
Salary revaluation rate, +0.5%	8,567	6,131

Leases - Maturity Analysis on Future Lease Liabilities (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases
Future lease liabilities	kr 65,023	kr 39,133
Less than 12 months
Leases
Future lease liabilities	25,102	16,467
1-2 years
Leases
Future lease liabilities	21,509	12,613
>2 years
Leases
Future lease liabilities	kr 18,412	kr 10,053

Financial Expenses (Details) - SEK (kr) kr in Thousands	12 Months Ended
Financial Expenses (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial Expenses
Interest on lease liabilities	kr (2,744)	kr (1,604)	kr (590)
Other interest expenses	(70,455)	(31,191)	(6,518)
Early repayment of loan	(35,397)
Other financial expenses	(5,753)	(4,874)	(2,145)
Total	kr (114,349)	kr (37,669)	kr (9,253)

Related-Party Transactions

12 Months Ended

Dec. 31, 2023

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.

Costs according to Type of Cost (Tables)

12 Months Ended

Dec. 31, 2023

Costs according to Type of Cost

Schedule of operating expenses


	Year Ended December 31,
	2023	2022	2021
Raw materials, consumables and royalties	60,463	3,179	—
Other external expenses	955,895	939,566	549,079
Personnel costs	558,332	248,952	164,206
Depreciation on equipments and right-of-use assets	48,726	12,913	34,433
Other operating expenses	1,134	23,074	6,344
Total	1,624,550	1,227,684	754,062

Prepaid Expenses

12 Months Ended

Dec. 31, 2023

Prepaid Expenses

Prepaid Expenses

Note 22 Prepaid Expenses


	December 31,
	2023	2022
Accrued income	7,297	2,287
Prepaid insurance premiums	8,755	9,148
Prepaid interest costs	—	3,693
Prepaid expenses for research and development	43,085	45,454
Prepaid expenses for marketing and selling	16,722	8,194
Other prepaid administration expenses	8,465	1,964
Total	84,324	70,741

Employees and Personnel Costs - Other Remuneration (Details) kr in Thousands	12 Months Ended
	Dec. 31, 2023 SEK (kr) age
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
Employees and Personnel Costs
Age of retirement \| age	65
Minimum \| Executive management
Employees and Personnel Costs
Mutual notice period	3 months
Minimum \| Other executive management \| Sweden
Employees and Personnel Costs
Percentage of pension commitments	15.00%
Maximum \| Board
Employees and Personnel Costs
Annual fixed remuneration	60.00%
Maximum \| Executive management
Employees and Personnel Costs
Mutual notice period	12 months
Maximum \| CEO
Employees and Personnel Costs
Annual fixed remuneration	60.00%
Maximum \| Other executive management \| Sweden
Employees and Personnel Costs
Percentage of pension commitments	20.00%
Parent Company \| CEO
Employees and Personnel Costs
Age of retirement \| age	65
Percentage of pension premium based on salary	20.00%
Notice period	6 months

Non-Current Financial Assets

12 Months Ended

Dec. 31, 2023

Non-Current Financial Assets

Non-Current Financial Assets

Note 17 Non-Current Financial Assets


	December 31,
	2023	2022
Cost at opening balance	11,210	3,915
Additional acquisition	1,560	7,064
Reclassification from current receivables	12,214	—
Disposal for the year	(602)	—
Exchange differences	(181)	231
Net book value	24,201	11,210

Non-current financial assets comprise of bank guarantees/deposits amounted to SEK 7,637 and SEK 6,851 as of December 31, 2023 and 2022, respectively. Other non-current receivables amounted to SEK 16,564 and SEK 4,359 as of December 31, 2023 and 2022, respectively. Additional acquisitions are significantly related to future increases in production capacity. In the cash flow, the acquisitions are reported within operating activities.

Earnings per Share

12 Months Ended

Dec. 31, 2023

Earnings per Share

Earnings per Share

Note 14 Earnings per Share


	Year Ended December 31,
Loss per share before and after dilution	2023	2022	2021
Net loss for the year attributable to equity holders of the Parent Company	(466,186)	(412,267)	(500,293)
Weighted-average number of common shares outstanding	53,672,069	53,022,550	50,829,255
Loss per share before and after dilution	(8.69)	(7.78)	(9.84)

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, with the exception of treasury shares held by Calliditas. 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 2020 – 2023. 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 options with entitlement to subscribe to 6,098,730 shares, since the Group is in a loss position in 2023, 2022, and 2021 respectively. Further, there is no dilution effect for issued share awards with entitlement to receive 100,975 shares, due to performance-based vesting.

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

Group Companies (Tables)

12 Months Ended

Dec. 31, 2023

Group Companies

Schedule of group companies


		Country of	% Equity Interest
Company	Principal Activities	Incorporation		2023		2022		2021
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	%	100	%	100	%
Calliditas Therapeutics France SAS	Research and development of pharmaceuticals	France		100	%	100	%	100	%
Calliditas Therapeutics Suisse SA	Research and development of pharmaceuticals	Switzerland		100	%	100	%	100	%

Auditor's Fee

12 Months Ended

Dec. 31, 2023

Auditors' Fee

Auditors' Fee

Note 6 Auditors’ Fee


	Year Ended December 31,
	2023	2022	2021
EY
Audit services	20,951	13,369	6,235
Other audit activities	900	3,370	2,105
Tax advice	—	—	73
Total	21,851	16,739	8,413

KPMG
Audit services	—	—	472
Other audit activities	—	—	1,178
Total	—	—	1,650

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

Total Audit Fee	21,851	16,739	10,613

Audit services 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.

Operating segments and revenue from Contracts with Customers - Total non-current assets per geographical market (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of geographical areas
Total non-current assets per geographical market	kr 533,577	kr 498,631
Sweden
Disclosure of geographical areas
Total non-current assets per geographical market	20,462	43,285
France
Disclosure of geographical areas
Total non-current assets per geographical market	3,013	354
Switzerland
Disclosure of geographical areas
Total non-current assets per geographical market	497,267	437,508
United States
Disclosure of geographical areas
Total non-current assets per geographical market	kr 12,835	kr 17,484

Other Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Non-Current Liabilities

Schedule of other non-current liabilities


	December 31,
	2023	2022
Opening balance	4,350	—
Additional liabilities	12,031	4,350
Net book value	16,381	4,350

Significant Accounting Judgements, Estimates and Assumptions (Details)	12 Months Ended
	Dec. 31, 2023
Minimum
Significant Accounting Judgements, Estimates and Assumptions
Invoices payment term	30 days
Maximum
Significant Accounting Judgements, Estimates and Assumptions
Invoices payment term	45 days

Operating segments and revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2023

Operating segments and revenue from Contracts with Customers

Schedule of revenue


	Year Ended December 31,
Type of goods or service	2023	2022	2021
Product sales	1,087,418	375,515	—
Outlicensing of product	82,712	421,689	225,252
Royalty income	36,758	2,287	—
Performance of certain regulatory services	—	3,387	4,095
Total	1,206,888	802,879	229,347

	Year Ended December 31,
Geographical markets	2023	2022	2021
USA	1,075,829	372,247	—
Europe*	39,614	143,955	201,878
Asia	91,445	286,677	27,469
Total	1,206,888	802,879	229,347

* No net sales were recorded in Sweden in 2023, 2022, and 2021, respectively.


	Year Ended December 31,
Revenue from major customers	2023	2022	2021
Customer A	1,045,288	372,247	—
Customer B	91,415	80,643	27,469
Customer C	39,614	143,955	201,878
Customer D	—	206,034	—
Customers below 10% of revenue	30,571
Total	1,206,888	802,879	229,347

Schedule of performance obligations


	Year Ended December 31,
Performance obligations	2023	2022	2021
Expected returns	3,552	15,849	—
Rebates on sales	36,326	8,445	—
Total	39,878	24,294	—

Schedule of Assets and Liabilities


	Year Ended December 31,
Contract assets	2023	2022	2021
Accrued royalties	7,297	2,287	—
Contract liabilities
Prepaid income	—	—	3,387

Schedule of non-current assets as per geographical market


	December 31,
Total non-current assets per geographical market	2023	2022
Sweden	20,462	43,285
France	3,013	354
Switzerland	497,267	437,508
USA	12,835	17,484
Total	533,577	498,631

Inventories (Details) - SEK (kr) kr in Thousands	12 Months Ended
Inventories (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories
Raw materials	kr 9,058	kr 1,855
Work in progress	4,677	937
Finished goods	6,693	855
Total	20,428	3,647
Inventories recognized as cost of sales	22,248	3,179	kr 0
Amount of write-downs of inventories	kr 66	kr 0	kr 0

Equipment - Depreciation on equipment (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Deprecation for the year	kr 4,234	kr 2,106	kr 465
Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Expected useful life	5 years
Computers
Disclosure of detailed information about property, plant and equipment [line items]
Expected useful life	5 years
Research and development expenses
Disclosure of detailed information about property, plant and equipment [line items]
Deprecation for the year	kr 1,315	579	59
Marketing and selling expenses
Disclosure of detailed information about property, plant and equipment [line items]
Deprecation for the year	1,057	806	176
Administrative expenses
Disclosure of detailed information about property, plant and equipment [line items]
Deprecation for the year	kr 1,862	kr 721	kr 230

Cash - Reconciliation of liabilities (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of liabilities from financing activities
Opening balance	kr 739,195	kr 222,806
Cash - Flow	199,651	480,870
Non-Cash-Items	40,287	35,519
Closing balance	979,133	739,195
Lease liabilities
Reconciliation of liabilities from financing activities
Opening balance	26,165	33,642
Cash - Flow	(12,134)	(9,615)
Non-Cash-Items	25,594	2,138
Closing balance	39,625	26,165
Non-current interesting-bearing liabilities
Reconciliation of liabilities from financing activities
Opening balance	713,030	189,164
Cash - Flow	211,785	490,485
Non-Cash-Items	14,693	33,381
Closing balance	kr 939,508	kr 713,030

Share-Based Payments - Warrants Outstanding and Inputs used for the Black and Scholes valuation (Details) - kr / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payments
Warrants Outstanding	0	1,279,086	1,279,086
Warrant program 2018/2022
Share-Based Payments
Warrants Outstanding	0	856,586
Exercise Price, SEK	kr 74.30
Value per Share in SEK	46.50
Price per Share in SEK	kr 3.29
Risk-Free Rate	(0.28%)
Volatility	33.00%
Expiration Date	Mar. 31, 2022
Warrant program 2019/2022
Share-Based Payments
Warrants Outstanding	0	422,500
Exercise Price, SEK	kr 74.50
Value per Share in SEK	54.39
Price per Share in SEK	kr 6.69
Risk-Free Rate	(0.55%)
Volatility	36.00%
Expiration Date	Dec. 31, 2022

Provisions

12 Months Ended

Dec. 31, 2023

Provisions

Provisions

Note 26 Provisions

Material accounting policy-provisions

A provision differs from other liabilities as there is uncertainty in the time of payment or the size of the amount to settle the provision. A provision is reported in the group's statement of financial position when there is an existing legal or informal obligation as a result of an event that has occurred, and it is likely that an outflow of financial resources will be required to settle the obligation and a reliable estimate of the amount may be done. Provisions are made with the amount that is the best estimate of what is required to settle the existing obligation at the balance sheet date. Where the effect of when in time payment takes place is significant, provisions are calculated by discounting the expected future cash flow.


	Social Security Costs on
Provisions as of December 31, 2023	Share-Based Payment	Other provisions	Provisions, net
Opening balance	11,792	—	11,792
Provisions for the year	21,109	—	21,109
Exchange differences	(306)	—	(306)
Total	32,595	—	32,595


	Social Security Costs on
Provisions as of December 31, 2022	Share-Based Payment	Other provisions	Provisions, net
Opening balance	13,084	1,446	14,530
Provisions for the year	1,027	—	1,027
Amounts claimed for the year	(204)	—	(204)
Reversal of unused amounts	(2,666)	(1,573)	(4,239)
Exchange differences	551	127	678
Total	11,792	—	11,792

Social Security Costs on 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.

Auditor's Fee (Details) - SEK (kr) kr in Thousands	12 Months Ended
Auditor's Fee (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Auditors' Fee
Total audit fee	kr 21,851	kr 16,739	kr 10,613
EY
Auditors' Fee
Audit services	20,951	13,369	6,235
Other audit activities	900	3,370	2,105
Tax advice			73
Total audit fee	kr 21,851	kr 16,739	8,413
KPMG
Auditors' Fee
Audit services			472
Other audit activities			1,178
Total audit fee			1,650
Other auditors
Auditors' Fee
Audit services			471
Other audit activities			79
Total audit fee			kr 550

Material Accounting Policies

12 Months Ended

Dec. 31, 2023

Material Accounting Policies

Material Accounting Policies

Note 1 Material Accounting Policies

Basis for Preparation

These consolidated financial statements have been prepared in accordance with the IFRS (R) Accounting Standards published by the International Accounting Standards Board (IASB). In addition, the consolidated financial statements comply with the recommendation of The Swedish Corporate Reporting Board RFR 1, Supplementary Accounting Regulations for Groups.

Material accounting policies

The Group provides disclosures of material accounting policies and accounting policy is material if the underlying transaction is material and information in the accounting policy is material to understand the transaction, e.g. if the Group has made a policy choice or if the accounting policy is company specific. When the Group applies an accounting policy as described in the applicable IFRS standard, the Group does not provide any disclosure of the applied accounting policy. In addition to material accounting policies described in this note, the Group has decided to present material accounting policies within the corresponding note that the policy relates to.

Primary financial statements

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. The Group has decided to present the consolidated statement of income based on function of expense.

Basis for Valuation and Current versus Non-Current Classification

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.

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).

Foreign exchange gains and losses as a result of transactions in foreign currency relating to operating receivables and liabilities are recognized net in operating profit as Other operating income or Other operating expenses, while foreign exchange gains and losses on financial receivables and liabilities are recognized net as financial items.

Cost of Sales

Cost of sales includes the cost of inventory sold, labor costs, manufacturing overhead expenses and reserves for expected scrap, as well as shipping and freight costs. Cost of sales also includes royalty costs related to in-license agreements.

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.

Marketing and Selling Expenses

Marketing and selling expenses consist of salaries and other related costs for personnel in the Group and market access, commercialization and business development.

Administrative Expenses

Administrative expenses consist of salaries and other related costs for personnel in the Group, finance, corporate and administrative functions. Administrative 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. Acquisition-related costs are included in administrative expenses in the consolidated statements of income and are expensed as the services are performed.

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, 2023 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.

Cash Flow

The consolidated statement of cash flows is prepared in accordance with the indirect method.

Other Operating Income

12 Months Ended

Dec. 31, 2023

Other Operating Income

Other Operating Income

Note 4 Other Operating Income


	Year Ended December 31,
	2023	2022	2021
Exchange rate differences	17,183	—	149
Pass through costs	7,648	439	—
Net gains on disposal of non-current assets	941	—	110
Change in value of the contingent consideration at fair value	18,835	—	—
Other income	1	2,423	—
Total	44,608	2,862	259

Regarding value of the contingent consideration, see Note 27 Contingent consideration.

Consolidated Statements of Cash Flows - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Operating loss	kr (373,055)	kr (421,943)	kr (524,456)
Adjustments for non-cash items	102,478	61,260	66,676
Interest received	32,905	3,553	102
Interest paid	(94,497)	(35,252)	(5,432)
Income taxes paid	(22,747)	(7,392)	(3,949)
Cash flow from operating activities before changes in working capital	(354,915)	(399,774)	(467,058)
Cash flow from changes in working capital
Changes in inventory	(16,781)	(2,758)	(949)
Changes in operating receivables	(182,589)	(91,878)	(11,712)
Changes in operating liabilities	119,629	183,056	18,131
Cash flow from operating activities	(434,655)	(311,354)	(461,588)
Investing activities
Purchase of equipment	(12,788)	(2,512)	(6,588)
Investments in non-current financial assets	(1,560)	(2,633)	(1,686)
Repayment of non-current financial assets	602
Purchase of intangible assets			(16,066)
Cash flow from investing activities	(13,745)	(5,144)	(24,340)
Financing activities
New share issue			324,000
Expenditures attributable to new share issue			(20,909)
Issuance of treasury shares		236
Repurchase of treasury shares		(236)
Exercise of warrants		95,121
Purchase of non-controlling interests			(49,303)
Contribution from non-controlling interest			2,282
New borrowings	962,889	491,745	199,524
Expenditures attributable to new loans	(26,625)	(1,260)	(14,858)
Repayments of borrowings	(724,479)
Repayment of lease liabilities	(12,134)	(9,615)	(5,575)
Cash flow from financing activities	199,650	575,990	435,162
Net increase (decrease) in cash	(248,750)	259,493	(50,766)
Cash at beginning of the year	1,249,094	955,507	996,304
Exchange-rate difference in cash	(26,611)	34,094	9,969
Cash at the end of the year	kr 973,733	kr 1,249,094	kr 955,507

Pension Liabilities - Actuarial assumptions on the balance sheet date (Details) - Defined-Benefit Pension Plan	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension Liabilities
Discount rate	1.45%	2.30%
Mortality table	2,020	2,020
Salary revaluation rate	2.00%	1.00%
Retirement pension inflation rate	1.00%	0.50%
Deposit rate on savings accounts	1.50%	1.00%
Turnover rate	10.00%	10.00%
Remaining life expectancy after retirement	23 years 1 month 6 days	18 years 7 months 6 days
Retirement age	65 years	65 years

Share-based Payments - Board LTIP share awards 2023 (Details) - Board LTIP 2023 - EquityInstruments	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payments
Beginning balance	0	0
Change	40,957	0
End balance	40,957	0
Elmar Schnee
Share-Based Payments
Beginning balance	0	0
Change	14,012	0
End balance	14,012	0
Hilde Furberg
Share-Based Payments
Beginning balance	0	0
Change	5,389	0
End balance	5,389	0
Diane Parks
Share-Based Payments
Beginning balance	0	0
Change	5,389	0
End balance	5,389	0
Fred Driscoll
Share-Based Payments
Beginning balance	0	0
Change	5,389	0
End balance	5,389	0
Henrik Stenqvist
Share-Based Payments
Beginning balance	0	0
Change	5,389	0
End balance	5,389	0
Elisabeth Bjrk
Share-Based Payments
Beginning balance	0	0
Change	5,389	0
End balance	5,389	0

Share-Based Payments - Calculation of fair value of option program (Details) - SEK (kr)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payments
Number of Shares covered by Options	6,098,730
Total number of delivery of shares	7,000,000
Share-based payments	kr 50,560,000	kr 34,549,000	kr 24,737,000
Provisions attributable to changes in social security costs (Share-based payments)	20,701,000	234,000	9,992,000
Total cost	kr 71,261,000	kr 34,783,000	kr 34,729,000
ESOP 2020
Share-Based Payments
Percentage of weighted average share price	115.00%
ESOP 2020:1
Share-Based Payments
Fair Value upon Issue of the Options	kr 22.14
Exercise price	kr 121.43
Volatility	39.60%
Number of Shares covered by Options	829,564
ESOP 2020:2
Share-Based Payments
Fair Value upon Issue of the Options	kr 22.50
Exercise price	kr 116.78
Volatility	41.60%
Number of Shares covered by Options	104,000
ESOP 2020:3
Share-Based Payments
Fair Value upon Issue of the Options	kr 30.41
Exercise price	kr 145.07
Volatility	44.30%
Number of Shares covered by Options	37,000
ESOP 2020:4
Share-Based Payments
Fair Value upon Issue of the Options	kr 30.41
Exercise price	kr 141.26
Volatility	45.20%
Number of Shares covered by Options	394,166
ESOP 2021:1
Share-Based Payments
Fair Value upon Issue of the Options	kr 35.88
Exercise price	kr 140.71
Volatility	46.00%
Number of Shares covered by Options	487,000
ESOP 2021:2
Share-Based Payments
Fair Value upon Issue of the Options	kr 25.72
Exercise price	kr 109.38
Volatility	47.52%
Number of Shares covered by Options	329,500
ESOP 2021:3
Share-Based Payments
Fair Value upon Issue of the Options	kr 27.64
Exercise price	kr 93.77
Volatility	43.84%
Number of Shares covered by Options	618,000
ESOP 2022:1
Share-Based Payments
Fair Value upon Issue of the Options	kr 26.57
Exercise price	kr 94.66
Volatility	45.14%
Number of Shares covered by Options	1,016,500
ESOP 2022:2
Share-Based Payments
Fair Value upon Issue of the Options	kr 35.90
Exercise price	kr 116.38
Volatility	53.84%
Number of Shares covered by Options	455,000
ESOP 2022:3
Share-Based Payments
Fair Value upon Issue of the Options	kr 39.91
Exercise price	kr 128.54
Volatility	58.24%
Number of Shares covered by Options	413,000
ESOP 2023:1
Share-Based Payments
Fair Value upon Issue of the Options	kr 40.76
Exercise price	kr 97.80
Volatility	57.74%
Number of Shares covered by Options	965,000
ESOP 2023:2
Share-Based Payments
Fair Value upon Issue of the Options	kr 48.84
Exercise price	kr 118.02
Volatility	59.17%
Number of Shares covered by Options	450,000

Financial and Non-Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2023

Financial and Non-Financial Assets and Liabilities

Financial and Non-Financial Assets and Liabilities

Note 19 Financial and Non-Financial Assets and Liabilities

Financial and non-financial assets and liabilities as of December 31, 2023


	Financial Assets	Financial Assets
	Measured at	Measured	Non-	Total
	Fair Value through	at Amortized	Financial	Carrying
December 31, 2023	Profit or Loss	Cost	Assets	Amount
Assets
Non-current financial assets	—	24,201	—	24,201
Account receivables	—	180,892	—	180,892
Accrued income	—	7,297	—	7,297
Cash	—	973,733	—	973,733
	—	1,186,123	—	1,186,123

	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	56,561	—	—	56,561
Non-current interest-bearing liabilities	—	939,508	—	939,508
Non-current lease liabilities	—	27,088	—	27,088
Other non-current liabilities	—	3,783	12,598	16,381
Accounts payable	—	100,564	—	100,564
Other current liabilities	—	12,537	7,249	19,786
Accrued expenses and deferred revenue	—	134,187	146,440	280,627
	56,561	1,217,667	166,287	1,440,515

Financial and non-financial assets and liabilities as of December 31, 2022


	Financial Assets	Financial Assets
	Measured at	Measured at	Non-	Total
	Fair Value through	Amortized	Financial	Carrying
December 31, 2023	Profit or Loss	Cost	Assets	Amount
Assets
Non-current financial assets	—	11,210	—	11,210
Account receivables	—	78,703	—	78,703
Accrued income	—	2,287	—	2,287
Cash	—	1,249,094	—	1,249,094
	—	1,341,295	—	1,341,295

	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	75,880	—	—	75,880
Non-current interesting-bearing liabilities	—	713,030	—	713,030
Non-current lease liabilities	—	15,792	—	15,792
Other non-current liabilities	—	1,363	2,987	4,350
Accounts payable	—	160,404	—	160,404
Other current liabilities	—	10,374	12,323	22,697
Accrued expenses and deferred revenue	—	75,754	60,692	136,446
	75,880	976,717	76,002	1,128,598

Financial liabilities valued through profit or loss constitutes of contingent consideration of SEK 56,561 and SEK 78,880 as of December 31, 2023 and 2022, respectively. The fair value of contingent consideration is measured at Level 3 of the fair value hierarchy. For additional information regarding the Group's contingent consideration, see Note 27 Contingent Consideration.

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.

Share-based Payments - Board LTIP share awards 2021 (Details) - Board LTIP 2021 - EquityInstruments	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payments
Beginning balance	24,244	26,968
Change	(1,362)	(2,724)
End balance	22,882	24,244
Elmar Schnee
Share-Based Payments
Beginning balance	10,624	10,624
Change		0
End balance	10,624	10,624
Hilde Furberg
Share-Based Payments
Beginning balance	4,086	4,086
Change		0
End balance	4,086	4,086
Lennart Hansson
Share-Based Payments
Beginning balance	1,362	4,086
Change		(2,724)
End balance	1,362	1,362
Diane Parks
Share-Based Payments
Beginning balance	4,086	4,086
Change		0
End balance	4,086	4,086
Molly Henderson
Share-Based Payments
Beginning balance	4,086	4,086
Change	(1,362)	0
End balance	2,724	4,086

Financial Risks

12 Months Ended

Dec. 31, 2023

Financial Risks

Financial Risks

Note 20 Financial Risks

Significant accounting judgments, estimates and assumptions - expected credit losses

Management makes allowance for expected credit losses for accounts receivable that correspond to their maturity. The estimate is based on any increased credit risk, on an individual or collective basis, considering reasonable and supportable information, including that which is forward-looking. The allowance for expected credit risk is an estimate based on maturity structure accounts receivable and specific customer knowledge. Generally, invoices are due for payment within 30-45 days.

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, except for accounts receivable as described below, 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 related to deposits with bank.

Credit risk accounts receivable

The payment terms amount to 30-45 days depending on the counterparty. Of accounts receivables net, SEK 113,115 is to an individual major customer as of December 31, 2023.

Expected Credit losses


	December 31,
Accounts receivable	2023	2022
Gross accounts receivables	181,931	79,873
Provisions, expected credit losses	(1,039)	(1,170)
Net accounts receivables	180,892	78,703

Maturity structure accounts receivable
Accounts receivables, not yet due	181,931	79,873
Provisions, expected credit losses	(1,039)	(1,170)
Net book value	180,892	78,703

Provisions for expected credit losses
Opening balance, expected credit loss provisions	(1,170)	—
This year provisions	—	(1,170)
Reversed provisions	87	—
Exchange differences	44	—
Closing balance, expected credit loss provisions	(1,039)	(1,170)

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.

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 liabilities, the Group is exposed to interest rate risk. The Group does not currently have any variable interest rate and as of December 31, 2023 the carrying amount of Non-current interest-bearing liabilities are in all material respect an approximation of the present value.

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.

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 2023 (%)	Revenue		expenses
USD	72	%	16	%
EUR	28	%	58	%
GBP	—		6	%
SEK	—		20	%
Other currencies	—		0	%


			Operating
Currency exposure 2022 (%)	Revenue		expenses
USD	68	%	20	%
EUR	32	%	48	%
GBP	—		4	%
SEK	—		27	%
Other currencies	—		1	%


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

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 29,332 (SEK 23,132, SEK 909). A 10% stronger U.S. dollar against the Swedish Krona would have a negative impact on profit after tax and equity of approximately pos. SEK 49 (SEK 9,624, SEK 22,402).

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 85,240 and SEK 48,771 as of December 31, 2023 and 2022, respectively. A 10% stronger Swedish Krona against the U.S. dollar would have a positive impact on equity of approximately SEK 8,524 and SEK 4,877 as of December 31, 2023 and 2022, respectively. Translation against Euros amounted to SEK 391,568 and SEK 446,646 as of December 31, 2023 and 2022, respectively. A 10% stronger Swedish Krona against Euros would have a positive impact on equity of approximately SEK 39,157 and SEK 44,665 as of December 31, 2023 and 2022, respectively. Translation against Swiss franc amounted to (SEK 794,449) and (SEK 537,550) as of December 31, 2023 and 2022, respectively. A 10% stronger Swedish Krona against Swiss franc would have a negative impact on equity of approximately SEK 79,445 and SEK 53,755 as of December 31, 2023 and 2022, respectively.

The Group also has a translation exposure arising from the translation of foreign accounts payable to the Swedish Kronor. This exposure amounted to SEK 24,606 and SEK 19,377 as of December 31, 2023 and 2022, respectively, and in U.S. dollars SEK 68,391 and SEK 80,655 in Euros as of December 31, 2023 and 2022, respectively. A 10% stronger U.S. dollar against the Swedish Krona would have a negative impact on profit after tax and equity of approximately SEK 2,461 and SEK 1,938 as of December 31, 2023 and 2022, respectively. A 10% stronger Euro against the Swedish Krona would have a negative impact on profit after tax and equity of approximately SEK 6,839 and SEK 8,065 as of December 31, 2023 and 2022, respectively.

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 financed with equity, external loan financing and income from operations. The main risks relate to not receiving further contributions from shareholders, external loans or in the event of continued negative cash flow from operations.

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 balance rate. Financial instruments with variable interest rates were measured at the rate on the closing balance. Liabilities were included in the earliest period when repayment is required. For future lease payments see Note 8 Leases.


	December 31, 2023
Maturity analysis	<6 months	6-12 months	2-5 years
Contingent consideration	—	—	56,561
Non-current interest-bearing liabilities	—	—	939,508
Non-current lease liabilities	—	—	27,088
Other non-current liabilities	—	—	16,381
Accounts payable	100,564	—	—
Other current liabilities	11,649	8,138	—
Accrued expenses	255,200	25,427	—


	December 31, 2022
Maturity analysis	<6 months	6-12 months	2-5 years
Contingent consideration	—	—	75,880
Non-current interest-bearing liabilities	—	—	713,030
Non-current lease liabilities	—	—	15,792
Other non-current liabilities	—	—	4,350
Accounts payable	160,404	—	—
Other current liabilities	13,288	9,409	—
Accrued expenses	121,865	14,581	—


	December 31,
Non-current interest-bearing liabilities	2023	2022
Opening balance	713,030	189,164
New borrowings, net	962,889	491,745
Repayment of borrowings	(724,479)	—
Transaction costs paid	(26,625)	(1,260)
Interest expense	41,148	4,874
Exchange difference on translation	(26,455)	28,507
Closing balance	939,508	713,030

During 2023, Calliditas had signed and fully drawn a term loan of EUR 92 million with funds managed by Athyrium Capital Management, LP. The fair value of the loan at the end of the period amounts to SEK 966,1 million. The net book value of the loan at the end of the period, adjusted for transaction costs and accrued interest expense, is 939,5 million. The interest rate on the loan is 9 % per annum with a maturity to December 2027, which is recognized in Financial expenses. The credit agreement contains quarterly financial covenants specifying minimum cash liquidity and minimum product revenue. The credit agreement contains customary affirmative and negative covenants for a senior secured loan. Failure to maintain compliance with the covenants would result in an event of default under the Athyrium Credit Agreement, which could result in enforcement action, including acceleration of amounts due under the Athyrium Credit Agreement.

Share-Based Payments - Option Program (Details)	12 Months Ended
Share-Based Payments - Option Program (Details)	Dec. 31, 2023 EquityInstruments shares	Dec. 31, 2022 EquityInstruments shares
Share-Based Payments
Beginning balance	3,952,166	2,289,000
Change \| shares	2,146,564	1,663,166
End balance	6,098,730	3,952,166
CEO
Share-Based Payments
Beginning balance	591,000	296,000
Change \| shares	250,000	295,000
End balance	841,000	591,000
Other executive management
Share-Based Payments
Beginning balance	1,055,000	535,000
Change \| shares	80,000	520,000
End balance	1,135,000	1,055,000
Other employees and consultants
Share-Based Payments
Beginning balance	2,306,166	1,458,000
Change \| shares	1,816,564	848,166
End balance	4,122,730	2,306,166

Deferred Tax Assets and Deferred Tax Liabilities - Change in deferred tax (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Change in deferred tax
Cost at Opening Balance	kr (25,954)	kr (26,661)
Recognized in Profit or Loss	14,316	8,688
Exchange Differences	(3,688)	(7,981)
Cost at Closing Balance	(15,326)	(25,954)
Intangible assets
Change in deferred tax
Cost at Opening Balance	(56,789)	(46,175)
Recognized in Profit or Loss	765
Exchange Differences	(3,463)	(10,614)
Cost at Closing Balance	(59,487)	(56,789)
Tangible assets
Change in deferred tax
Cost at Opening Balance	(766)	(238)
Recognized in Profit or Loss	136	(477)
Exchange Differences	22	(51)
Cost at Closing Balance	(608)	(766)
Lease assets
Change in deferred tax
Cost at Opening Balance	(3,060)	(2,672)
Recognized in Profit or Loss	788	23
Exchange Differences	74	(411)
Cost at Closing Balance	(2,198)	(3,060)
Lease liabilities
Change in deferred tax
Cost at Opening Balance	3,442	2,942
Recognized in Profit or Loss	(894)	45
Exchange Differences	(83)	455
Cost at Closing Balance	2,465	3,442
Other liabilities
Change in deferred tax
Cost at Opening Balance	3,218
Recognized in Profit or Loss	444	3,122
Exchange Differences	(146)	96
Cost at Closing Balance	3,516	3,218
Personnel-related items
Change in deferred tax
Cost at Opening Balance	10,653	4,140
Recognized in Profit or Loss	11,289	5,699
Exchange Differences	(1,011)	814
Cost at Closing Balance	20,931	10,653
Tax loss carried forward
Change in deferred tax
Cost at Opening Balance	17,037	15,319
Recognized in Profit or Loss	(229)
Exchange Differences	1,038	1,718
Cost at Closing Balance	17,846	17,037
Other items
Change in deferred tax
Cost at Opening Balance	311	23
Recognized in Profit or Loss	2,017	276
Exchange Differences	(119)	12
Cost at Closing Balance	kr 2,209	kr 311

Employees and Personnel Costs - Average Number of Employees (Details) - employee	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2021
Employees and Personnel Costs
Average number of employees	42	181	41	86	47	56
Parent Company
Employees and Personnel Costs
Average number of employees		58		45		29
Percentage of male employees	38.00%		33.00%		40.00%
Parent Company \| Sweden
Employees and Personnel Costs
Average number of employees		58		45		29
Percentage of male employees	38.00%		33.00%		40.00%
Subsidiaries
Employees and Personnel Costs
Average number of employees		123		41		27
Percentage of male employees	44.00%		51.00%		55.00%
Subsidiaries \| France
Employees and Personnel Costs
Average number of employees		3		2		3
Percentage of male employees			0.00%		26.00%
Subsidiaries \| Switzerland
Employees and Personnel Costs
Average number of employees		8		6		6
Percentage of male employees	38.00%		53.00%		47.00%
Subsidiaries \| United States
Employees and Personnel Costs
Average number of employees		112		33		18
Percentage of male employees	46.00%		52.00%		62.00%

Other Non-Current Liabilities

12 Months Ended

Dec. 31, 2023

Other Non-Current Liabilities

Other Non-Current Liabilities

Note 29 Other Non-Current Liabilities


	December 31,
	2023	2022
Opening balance	4,350	—
Additional liabilities	12,031	4,350
Net book value	16,381	4,350

Pledged Assets, Contingent Liabilities and Other Obligations

12 Months Ended

Dec. 31, 2023

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. 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.

Pledged assets in the group amounted to SEK 943,364 and SEK 6,859 as of December 31, 2023 and 2022, respectively. The year's pledges refer to restricted bank accounts and lease deposits SEK 7,637 and SEK 6,859 as December 31 and 2022, respectively. Other pledge assets for the benefit of lenders, refers to participations in Group companies and financial assets SEK 935,727 as December 31. Financial covenants for interest-bearing liabilities, see note 20.

Equity - Translation Reserve (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity
Opening balance	kr 9,307	kr (26,979)	kr (6,090)
Change of the year	(14,538)	36,286	(20,889)
Closing balance	kr (5,231)	kr 9,307	kr (26,979)

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	Total	Non-Controlling Interests	Total
Opening balance equity attributable to equity holders of the Parent Company at Dec. 31, 2020	kr 1,998	kr 2,133,179	kr (6,090)	kr (918,596)	kr 1,210,491	kr 45,809	kr 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
Costs attributable to new share issue		(20,909)			(20,909)		(20,909)
Contribution from non-controlling interests						2,282	2,282
Share-based payments		23,567			23,567		23,567
Purchase of non-controlling interests				(9,678)	(9,678)	(39,625)	(49,303)
Total transactions with owners	96	326,562		(9,678)	316,979	kr (37,343)	279,636
Closing balance equity attributable to equity holders of the Parent Company at Dec. 31, 2021	2,094	2,459,741	(26,979)	(1,426,574)	1,008,281		1,008,281
Loss for the year				(412,268)	(412,268)		(412,268)
Other comprehensive income/(loss) for the year			36,286	2,763	39,050		39,050
Total comprehensive loss for the year			36,286	(409,505)	(373,218)		(373,218)
Transactions with owners:
Share-based payments		36,080			36,080		36,080
Issuance of treasury shares	236				236		236
Repurchase of treasury shares				(236)	(236)		(236)
Exercise of warrants	53	95,070		(2)	95,121		95,121
Total transactions with owners	290	131,150		(238)	131,201		131,201
Closing balance equity attributable to equity holders of the Parent Company at Dec. 31, 2022	2,383	2,590,890	9,307	(1,836,317)	766,264		766,264
Loss for the year				(466,185)	(466,185)		(466,185)
Other comprehensive income/(loss) for the year			(14,538)	(3,071)	(17,609)		(17,609)
Total comprehensive loss for the year			(14,538)	(469,256)	(483,794)		(483,794)
Transactions with owners:
Share-based payments		52,337			52,337		52,337
Total transactions with owners		52,337			52,337		52,337
Closing balance equity attributable to equity holders of the Parent Company at Dec. 31, 2023	kr 2,383	kr 2,643,226	kr (5,231)	kr (2,305,573)	kr 334,807		kr 334,806

Group Companies

12 Months Ended

Dec. 31, 2023

Group Companies

Group Companies

Note 24 Group Companies


		Country of	% Equity Interest
Company	Principal Activities	Incorporation		2023		2022		2021
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	%	100	%	100	%
Calliditas Therapeutics France SAS	Research and development of pharmaceuticals	France		100	%	100	%	100	%
Calliditas Therapeutics Suisse SA	Research and development of pharmaceuticals	Switzerland		100	%	100	%	100	%

Share-Based Payments

12 Months Ended

Dec. 31, 2023

Share-Based Payments

Share-Based Payments

Note 10 Share-Based Payments

Option Program

Calliditas implements option programs for employees and key consultants in Calliditas. The options are granted free of charge to participants of the program. The options have a three-year vesting period calculated from the grant 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 grant date. The options have, at the time of each issue, been valued according to the Black-Scholes valuation model.

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 exercised.

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.

Changes and holdings of options for CEO, other executive management and other employees on the opening and closing balance are presented below.


	Options Outstanding as of
Holder	January 1, 2022	Change	December 31, 2022	Change	December 31, 2023
Renée Aguiar-Lucander, CEO	296,000	295,000	591,000	250,000	841,000
Other executive management	535,000	520,000	1,055,000	80,000	1,135,000
Other employees and consultants	1,458,000	848,166	2,306,166	1,816,564	4,122,730
Total	2,289,000	1,663,166	3,952,166	2,146,564	6,098,730

Calculation of fair value of option program (ESOP)

The fair value on the grant 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 grant 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	39.60	%	829,564
ESOP 2020:2	September 17, 2020	September 17, 2023	22.50	116.78	41.60	%	104,000
ESOP 2020:3	February 4, 2021	February 4, 2024	30.41	145.07	44.30	%	37,000
ESOP 2020:4	March 9, 2021	March 9, 2024	30.41	141.26	45.20	%	394,166
ESOP 2021:1	June 14, 2021	June 14, 2024	35.88	140.71	46.00	%	487,000
ESOP 2021:2	September 29, 2021	September 29, 2024	25.72	109.38	47.52	%	329,500
ESOP 2021:3	March 17, 2022	March 17, 2025	27.64	93.77	43.84	%	618,000
ESOP 2022:1	September 27, 2022	September 27, 2025	26.57	94.66	45.14	%	1,016,500
ESOP 2022:2	March 9, 2023	March 9, 2026	35.90	116.38	53.84	%	455,000
ESOP 2022:3	May 24, 2023	May 24, 2026	39.91	128.54	58.24	%	413,000
ESOP 2023:1	July 25, 2023	July 25, 2026	40.76	97.80	57.74	%	965,000
ESOP 2023:2	December 19, 2023	December 19, 2026	48.84	118.02	59.17	%	450,000
							6,098,730

The total cost of the outstanding option program is presented below. These costs do not affect the Groups consolidated statements of cash flows. The Group has in total 7,000,000 options which are set aside to secure the delivery of shares in connection with the utilization of the option programs. For additional information see Note 25 Equity.


	Year Ended December 31,
	2023	2022	2021
Share-based payments	50,560	34,549	24,737
Provisions attributable to changes in social security costs (Share-based payments)	20,701	234	9,992
Total	71,261	34,783	34,729

Share Awards

Calliditas implements share awards programs which is a performance-based long-term incentive program for members of the Board of Directors in Calliditas. Calliditas currently has three share award programs ongoing at year-end.

For each share award program, 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, for each share award program, 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:


Board LTIP 2020	Share Awards Outstanding as of
Holder	January 1, 2022	Change	December 31, 2022	Change	December 31, 2023
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 (until May, 2022)	4,327	(1,443)	4,327	(4,327)	—
Diane Parks, Board member	4,327	—	2,884	(2,884)	—
Molly Hendersson, Board member	4,327	—	4,327	(4,327)	—
Total	31,371	—	29,928	(29,928)	—


Board LTIP 2021	Share Awards Outstanding as of
Holder	January 1, 2022	Change	December 31, 2022	Change	December 31, 2023
Elmar Schnee, Chairman of the Board	10,624	—	10,624	—	10,624
Hilde Furberg, Board member	4,086	—	4,086	—	4,086
Lennart Hansson, Board member (until May-22)	4,086	(2,724)	1,362	—	1,362
Diane Parks, Board member	4,086	—	4,086	—	4,086
Molly Hendersson, Board member	4,086	—	4,086	(1,362)	2,724
Total	26,968	(2,724)	24,244	(1,362)	22,882


Board LTIP 2022	Share Awards Outstanding as of
Holder	January 1, 2022	Change	December 31, 2022	Change	December 31, 2023
Elmar Schnee, Chairman of the Board	—	13,926	13,926	—	13,926
Hilde Furberg, Board member	—	5,356	5,356	—	5,356
Diane Parks, Board member	—	5,356	5,356	—	5,356
Molly Hendersson, Board member	—	5,356	5,356	(3,570)	1,786
Henrik Stenqvist, Board member	—	5,356	5,356	—	5,356
Elisabeth Björk, Board member	—	5,356	5,356	—	5,356
Total	—	40,706	40,706	(3,570)	37,136


Board LTIP 2023	Share Awards Outstanding as of
Holder	January 1, 2022	Change	December 31, 2022	Change	December 31, 2023
Elmar Schnee, Chairman of the Board	—	—	—	14,012	14,012
Hilde Furberg, Board member	—	—	—	5,389	5,389
Diane Parks, Board member	—	—	—	5,389	5,389
Fred Driscoll, Board member	—	—	—	5,389	5,389
Henrik Stenqvist, Board member	—	—	—	5,389	5,389
Elisabeth Björk, Board member	—	—	—	5,389	5,389
Total	—	—	—	40,957	40,957

For each share award program, calculation of fair value of share-based payments (Board LTIP)

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 2021	July 1, 2024	62.95	22,882
Board LTIP 2022	July 1, 2025	51.54	37,136
Board LTIP 2023	July 1, 2026	57.90	40,957

The total cost of the outstanding share-based payments is presented below. These total costs do not affect the Groups consolidated statement of cash flows. The Group has in total 72,000 warrants, which are set aside to secure the delivery of shares in connection with the exercise of the share award programs. For additional information see Note 25 Equity.


	Year Ended December 31,
	2023	2023	2022
Share-based payments	1,776	1,531	876
Provisions attributable to changes in social security costs (Share-based payments)	119	(1,614)	297
Total	1,895	(83)	1,173

Warrants

Calliditas has implemented warrant programs for employees and key consultants in Calliditas. When warrant is exercised, the holder pays a subscription price and then receives one common share in the Parent Company. 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.


	Warrants Outstanding as of		Inputs used for the Black & Scholes valuation
	December 31,	December 31,	Exercise Price,	Price per		Value per
Outstanding Warrants per Year	2021	2022	SEK	Warrant in SEK		Share in SEK		Risk-Free Rate		Volatility		Expiration Date
Warrant program 2018/2022	856,586	—	74.30	3.29		46.50		(0.28%)		33	%	2022-03-31
Warrant program 2019/2022	422,500	—	74.50	6.69	*	54.39	*	(0.55%)	*	36	%*	2022-12-31
Total	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, 2021	Change	December 31, 2021	Change	December 31, 2022
CEO Renée Lucander	545,000	—	545,000	(545,000)	—
Other executive management	437,500	—	437,500	(437,500)	—
Other employees, consultants and external parties	296,586	—	296,586	(296,586)	—
Total	1,279,086	—	1,279,086	(1,279,086)	—

Summary of Granted Warrants, Options and Share Awards


	Options		Share Awards		Warrants
		Weighted Average		Weighted Average		Weighted Average
	Number of Shares	Exercise Prices	Number of Shares	Exercise Prices	Number of Shares	Exercise Prices
Outstanding as of January 1, 2022	2,289,000	128.18	109,738	—	1,279,086	74.37
Granted	1,751,000	94.33	40,706	—	—	—
Forfeited	(87,834)	133.33	(4,167)	—	—	—
Exercised	—	—	(51,399)	—	(1,279,086)	74.37
Outstanding as of December 31, 2022	3,952,166	113.07	94,878	—	—	—

Outstanding as of January 1, 2023	3,952,166	113.07	94,878	—	—	—
Granted	2,333,000	111.16	40,957	—	—	—
Forfeited	(186,436)	104.54	(34,860)	—	—	—
Exercised	—	—	—	—	—	—
Outstanding as of December 31, 2023	6,098,730	112.51	100,975	—	—	—
Weighted average share price at the date of exercise	—	—	—	—	—	—

Share-Based Payments - Summary of Granted Warrants, Options and Share Awards (Details)	12 Months Ended
	Dec. 31, 2023 Option EquityInstruments kr / shares	Dec. 31, 2022 Option EquityInstruments kr / shares
Number of Shares
Beginning balance \| EquityInstruments	3,952,166	2,289,000
End balance \| EquityInstruments	6,098,730	3,952,166
Options
Number of Shares
Beginning balance \| Option	3,952,166	2,289,000
Granted \| Option	2,333,000	1,751,000
Forfeited \| Option	(186,436)	(87,834)
End balance \| Option	6,098,730	3,952,166
Weighted Average Exercise Prices
Beginning balance	kr 113.07	kr 128.18
Granted	111.16	94.33
Forfeited	104.54	133.33
End balance	kr 112.51	kr 113.07
Share Awards
Number of Shares
Beginning balance \| Option	94,878	109,738
Granted \| Option	40,957	40,706
Forfeited \| Option	(34,860)	(4,167)
Exercised \| Option		(51,399)
End balance \| Option	100,975	94,878
Weighted Average Exercise Prices
Beginning balance	kr 0	kr 0
Granted	0	0
Forfeited	0	0
Exercised	0	0
End balance	0	kr 0
Weighted average share price at the date of exercise	0
Warrants
Number of Shares
Beginning balance \| Option		1,279,086
Exercised \| Option		(1,279,086)
Weighted Average Exercise Prices
Beginning balance	0	kr 74.37
Granted	0	0
Forfeited	0	0
Exercised	0	74.37
End balance	0	kr 0
Weighted average share price at the date of exercise	kr 0

Prepaid Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Prepaid Expenses

Schedule of prepaid expenses


	December 31,
	2023	2022
Accrued income	7,297	2,287
Prepaid insurance premiums	8,755	9,148
Prepaid interest costs	—	3,693
Prepaid expenses for research and development	43,085	45,454
Prepaid expenses for marketing and selling	16,722	8,194
Other prepaid administration expenses	8,465	1,964
Total	84,324	70,741

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventories

Schedule of inventories


	December 31,
	2023	2022
Raw materials	9,058	1,855
Work in progress	4,677	937
Finished goods	6,693	855
Total	20,428	3,647

Contingent Consideration (Details) - Genkyotex SA - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contingent Consideration
Opening balance	kr 75,880	kr 54,399
Change for the year	(18,835)	15,942
Exchange differences	(484)	5,539
Net book value	kr 56,561	kr 75,880

Other Operating Income (Details) - SEK (kr) kr in Thousands	12 Months Ended
Other Operating Income (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Operating Income
Exchange rate differences	kr 17,183		kr 149
Pass through costs	7,648	kr 439
Net gains on disposal of non-current assets	941		110
Change in value of the contingent consideration at fair value	18,835
Other income	1	2,423
Total	kr 44,608	kr 2,862	kr 259

Operating segments and revenue from Contracts with Customers - Contract assets (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contract assets
Accrued royalties	kr 7,297	kr 2,287
Contract Liabilities
Prepaid income			kr 3,387

Other Operating Income (Tables)

12 Months Ended

Dec. 31, 2023

Other Operating Income

Schedule of components of other operating income


	Year Ended December 31,
	2023	2022	2021
Exchange rate differences	17,183	—	149
Pass through costs	7,648	439	—
Net gains on disposal of non-current assets	941	—	110
Change in value of the contingent consideration at fair value	18,835	—	—
Other income	1	2,423	—
Total	44,608	2,862	259

Operating segments and revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2023

Operating segments and revenue from Contracts with Customers

Operating segments and revenue from Contracts with Customers

Note 3 Operating segments and revenue from Contracts with Customers

Material accounting policy - operating segments

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 to the U.S. subsidiary Calliditas Therapeutics US Inc. The non-current assets are located in Sweden, the U.S., France and Switzerland.

Material accounting policy - revenue from contracts with customers

The Group is in the business of identifying, developing and commercializing novel treatments in orphan indications. Operating revenue mainly comprises of product sales, outlicensing of Nefecon to our partnerships in Europe, China and Japan and royalty revenue. Revenue is recognized as follows:

Product Sales

Revenue from product sales is recognized at the transaction price of goods sold excluding sales tax, rebates and returns. At the time of delivery, when the control of the goods passes to the customer, the revenue is recognized in full, as this represents the single performance obligation in the trans-action. The customer is defined as the specialty pharmacy who dispenses the good to the end user. As the transaction price is dependent on the rebate paid to the patients’ insurance company or government payer, the transaction price is not known upon delivery. This is accounted for by an accrued estimated rebate deduction in the Group based on calculation models considering statistical data, actual amounts incurred and/or historical trends. These liabilities for expected returns and rebates are based on estimates of the amounts received or to be claimed on the related sales. Furthermore, the Group estimates the liability for expected returns of obsolete medicines.

Outlicensing of Product

Revenue attributable to outlicensing Nefecon consisted of the agreement with STADA for Europe, the expansion of Everest Medicines to South Korea and the agreement with Viatris for Japan. Revenue for outlicensing is recognized at a point in time, which occurs when control over the intangible asset is transferred to the counterparty, which was at the time when the agreements with the parties were signed. These contracts with customers consist of fixed consideration as well as variable remuneration in the form of regulatory and commercial milestones, and sales-based royalties. Variable consideration (for example, attributable to future regulatory milestones) is initially considered constrained, as there is significant uncertainty as to whether these will occur. Consideration attributable to sales-based milestones or royalties are not recognized until the sale that results in the right to the milestones or royalties occurs.

Royalty Revenue

Calliditas is, in accordance with agreements, entitled to royalties on goods sold. Revenue recognition is based on royalty reports received, which are based on actual net sales statistics of the licensee. Accrued royalty revenue is recognized in the statement of financial position under prepaid expenses and accrued income.

Significant accounting judgments, estimates and assumptions - revenue recognition

Outlicensing of Product

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. 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 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 that 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 consideration in the form of regulatory and commercial milestones. Variable consideration is initially considered constrained, as there is significant uncertainty as to whether the associated milestones will occur. Consideration 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.

Gross to Net Accounting

Revenue from product sales in the United States is recognized when product is received by the customer and title passes, typically at the time of delivery. There are various sales deductions and rebates that are deducted from the gross sales as part of the revenue recognition process. As the actual sales deductions are not known at the point of sale, estimates are made in determining the initial deduction of rebates, and are then subject to true-up as actual data is obtained. For sales of TARPEYO, returns allowances and prompt pay discounts are estimated based on contract terms and historical return rates or industry averages, if available and those estimates are recorded as a reduction of accounts receivable and as other current liabilities, respectively. Similarly estimates are determined relating to specialty pharma fees, co-pay support redemptions, Medicare/ Medicaid and other rebates, and these estimates are reflected as a component in the accrued expenses and deferred revenue and as a reduction of revenue. Once all related variable considerations are resolved and uncertainties as to collectable amounts are eliminated, estimates are adjusted to actual amounts. Accruals for these estimated amounts are reviewed and adjusted on no less than a quarterly basis, see Note 2.

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


	Year Ended December 31,
Type of goods or service	2023	2022	2021
Product sales	1,087,418	375,515	—
Outlicensing of product	82,712	421,689	225,252
Royalty income	36,758	2,287	—
Performance of certain regulatory services	—	3,387	4,095
Total	1,206,888	802,879	229,347

	Year Ended December 31,
Geographical markets	2023	2022	2021
USA	1,075,829	372,247	—
Europe*	39,614	143,955	201,878
Asia	91,445	286,677	27,469
Total	1,206,888	802,879	229,347

* No net sales were recorded in Sweden in 2023, 2022, and 2021, respectively.

The Group's revenues in 2023 consisted primarily of net sales of TARPEYO in the U.S., and outlicensing of product which consisted of regulatory milestone fees from Everest Medicines.


	Year Ended December 31,
Revenue from major customers	2023	2022	2021
Customer A	1,045,288	372,247	—
Customer B	91,415	80,643	27,469
Customer C	39,614	143,955	201,878
Customer D	—	206,034	—
Customers below 10% of revenue	30,571
Total	1,206,888	802,879	229,347


	Year Ended December 31,
Performance obligations	2023	2022	2021
Expected returns	3,552	15,849	—
Rebates on sales	36,326	8,445	—
Total	39,878	24,294	—


	Year Ended December 31,
Contract assets	2023	2022	2021
Accrued royalties	7,297	2,287	—
Contract liabilities
Prepaid income	—	—	3,387


	December 31,
Total non-current assets per geographical market	2023	2022
Sweden	20,462	43,285
France	3,013	354
Switzerland	497,267	437,508
USA	12,835	17,484
Total	533,577	498,631

Non-current assets included in the above table includes intangible assets, equipment and right-of-use assets.

Income Tax Expense - Reconciliation (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Expense
Current income taxes	kr (23,484)	kr (11,539)	kr (4,581)
Deferred tax	14,316	8,688	8,417
Income tax expense recognized in the consolidated statements of income	(9,168)	(2,851)	3,836
Reconciliation of effective tax rate
Accounting loss before income tax	(457,017)	(409,417)	(513,373)
Tax in accordance with applicable tax rate in Sweden 20.6%	94,145	84,340	105,755
Effect of other tax rates for foreign subsidiaries	(16,159)	(11,857)	11,481
Tax attributable to non-deductible tax losses carried forward and unrecognized deferred tax assets	(68,074)	(64,150)	(101,785)
Non-deductible expenses	(22,406)	(11,184)	(11,615)
Non-taxable income	(3,326)
Income tax expense recognized in the consolidated statements of income	kr 9,168	kr 2,851	kr (3,836)
At the effective income tax rate (in %)	(2.00%)	(1.00%)	1.00%
Applicable tax rate (in %)	20.60%

Deferred Tax Assets and Deferred Tax Liabilities

12 Months Ended

Dec. 31, 2023

Deferred Tax Assets and Deferred Tax Liabilities

Deferred Tax Assets and Deferred Tax Liabilities

Note 18 Deferred Tax Assets and Deferred Tax Liabilities


	Deferred Tax	Deferred Tax
Deferred tax assets and liabilities as of December 31, 2023	Assets	Liabilities	Net
Intangible assets	—	(59,487)	(59,487)
Tangible assets	—	(608)	(608)
Lease assets	—	(2,198)	(2,198)
Lease liabilities	2,465	—	2,465
Other liabilities	3,516	—	3,516
Personnel-related items	20,931	—	20,931
Tax loss carried forward	17,846	—	17,846
Other items	2,209	—	2,209
Total	46,967	(62,293)	(15,326)
Offsetting	(20,652)	20,652	—
Tax assets/liabilities, net	26,315	(41,641)	(15,326)

Tax losses carried forward of SEK 17,846 have been recognized as deferred tax assets in the statement of financial position as of December 31, 2023 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, 2023	Cost at Opening Balance	Recognized in Profit or Loss	Exchange Differences	Cost at Closing Balance
Intangible assets	(56,789)	765	(3,463)	(59,487)
Tangible assets	(766)	136	22	(608)
Lease assets	(3,060)	788	74	(2,198)
Lease liabilities	3,442	(894)	(83)	2,465
Other liabilities	3,218	444	(146)	3,516
Personnel-related items	10,653	11,289	(1,011)	20,931
Tax loss carried forward	17,037	(229)	1,038	17,846
Other items	311	2,017	(119)	2,209
Total	(25,954)	14,316	(3,688)	(15,326)


	Deferred Tax	Deferred Tax
Deferred tax assets and liabilities as of December 31, 2022	Assets	Liabilities	Net
Intangible assets	—	(56,789)	(56,789)
Tangible assets	—	(766)	(766)
Lease assets	—	(3,060)	(3,060)
Lease liabilities	3,442	—	3,442
Other liabilities	3,218	—	3,218
Personnel related items	10,653	—	10,653
Tax loss carried forward	17,037	—	17,037
Other items	311	—	311
Total	34,661	(60,615)	(25,954)
Offsetting	(20,863)	20,863	—
Tax assets/liabilities, net	13,798	(39,752)	(25,954)

Tax losses carried forward of SEK 17,037 have been recognized as deferred tax assets in the statement of financial position as of December 31, 2022 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, 2022	Cost at Opening Balance	Recognized in Profit or Loss	Exchange Differences	Cost at Closing Balance
Intangible assets	(46,175)	—	(10,614)	(56,789)
Tangible assets	(238)	(477)	(51)	(766)
Lease assets	(2,672)	23	(411)	(3,060)
Lease liabilities	2,942	45	455	3,442
Other liabilities	—	3,122	96	3,218
Personnel-related items	4,140	5,699	814	10,653
Tax loss carried forward	15,319	—	1,718	17,037
Other items	23	276	12	311
Total	(26,661)	8,688	(7,981)	(25,954)

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Ifrs Statement
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	Accelerated Filer
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	59,580,087
Entity Shell Company	false
Document Financial Statement Error Correction [Flag]	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	2023
Document Period End Date	Dec. 31, 2023
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
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
Ordinary shares
Ifrs Statement
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
Ifrs Statement
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

Share-Based Payments (Tables)

12 Months Ended

Dec. 31, 2023

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

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	39.60	%	829,564
ESOP 2020:2	September 17, 2020	September 17, 2023	22.50	116.78	41.60	%	104,000
ESOP 2020:3	February 4, 2021	February 4, 2024	30.41	145.07	44.30	%	37,000
ESOP 2020:4	March 9, 2021	March 9, 2024	30.41	141.26	45.20	%	394,166
ESOP 2021:1	June 14, 2021	June 14, 2024	35.88	140.71	46.00	%	487,000
ESOP 2021:2	September 29, 2021	September 29, 2024	25.72	109.38	47.52	%	329,500
ESOP 2021:3	March 17, 2022	March 17, 2025	27.64	93.77	43.84	%	618,000
ESOP 2022:1	September 27, 2022	September 27, 2025	26.57	94.66	45.14	%	1,016,500
ESOP 2022:2	March 9, 2023	March 9, 2026	35.90	116.38	53.84	%	455,000
ESOP 2022:3	May 24, 2023	May 24, 2026	39.91	128.54	58.24	%	413,000
ESOP 2023:1	July 25, 2023	July 25, 2026	40.76	97.80	57.74	%	965,000
ESOP 2023:2	December 19, 2023	December 19, 2026	48.84	118.02	59.17	%	450,000
							6,098,730

Summary of warrants outstanding and inputs used for the black and scholes valuation


	Warrants Outstanding as of		Inputs used for the Black & Scholes valuation
	December 31,	December 31,	Exercise Price,	Price per		Value per
Outstanding Warrants per Year	2021	2022	SEK	Warrant in SEK		Share in SEK		Risk-Free Rate		Volatility		Expiration Date
Warrant program 2018/2022	856,586	—	74.30	3.29		46.50		(0.28%)		33	%	2022-03-31
Warrant program 2019/2022	422,500	—	74.50	6.69	*	54.39	*	(0.55%)	*	36	%*	2022-12-31
Total	1,279,086	—

Summary of changes and holding of warrants


	Warrants Outstanding as of
Holder	January 1, 2021	Change	December 31, 2021	Change	December 31, 2022
CEO Renée Lucander	545,000	—	545,000	(545,000)	—
Other executive management	437,500	—	437,500	(437,500)	—
Other employees, consultants and external parties	296,586	—	296,586	(296,586)	—
Total	1,279,086	—	1,279,086	(1,279,086)	—

Summary of Granted Warrants, Options and Share Awards


	Options		Share Awards		Warrants
		Weighted Average		Weighted Average		Weighted Average
	Number of Shares	Exercise Prices	Number of Shares	Exercise Prices	Number of Shares	Exercise Prices
Outstanding as of January 1, 2022	2,289,000	128.18	109,738	—	1,279,086	74.37
Granted	1,751,000	94.33	40,706	—	—	—
Forfeited	(87,834)	133.33	(4,167)	—	—	—
Exercised	—	—	(51,399)	—	(1,279,086)	74.37
Outstanding as of December 31, 2022	3,952,166	113.07	94,878	—	—	—

Outstanding as of January 1, 2023	3,952,166	113.07	94,878	—	—	—
Granted	2,333,000	111.16	40,957	—	—	—
Forfeited	(186,436)	104.54	(34,860)	—	—	—
Exercised	—	—	—	—	—	—
Outstanding as of December 31, 2023	6,098,730	112.51	100,975	—	—	—
Weighted average share price at the date of exercise	—	—	—	—	—	—

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, 2022	Change	December 31, 2022	Change	December 31, 2023
Renée Aguiar-Lucander, CEO	296,000	295,000	591,000	250,000	841,000
Other executive management	535,000	520,000	1,055,000	80,000	1,135,000
Other employees and consultants	1,458,000	848,166	2,306,166	1,816,564	4,122,730
Total	2,289,000	1,663,166	3,952,166	2,146,564	6,098,730

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


	Year Ended December 31,
	2023	2022	2021
Share-based payments	50,560	34,549	24,737
Provisions attributable to changes in social security costs (Share-based payments)	20,701	234	9,992
Total	71,261	34,783	34,729

Board LTIP

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

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


	Year Ended December 31,
	2023	2023	2022
Share-based payments	1,776	1,531	876
Provisions attributable to changes in social security costs (Share-based payments)	119	(1,614)	297
Total	1,895	(83)	1,173

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 2021	July 1, 2024	62.95	22,882
Board LTIP 2022	July 1, 2025	51.54	37,136
Board LTIP 2023	July 1, 2026	57.90	40,957

Board LTIP 2020

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

Schedule of changes and holdings of awards by grantees


Board LTIP 2020	Share Awards Outstanding as of
Holder	January 1, 2022	Change	December 31, 2022	Change	December 31, 2023
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 (until May, 2022)	4,327	(1,443)	4,327	(4,327)	—
Diane Parks, Board member	4,327	—	2,884	(2,884)	—
Molly Hendersson, Board member	4,327	—	4,327	(4,327)	—
Total	31,371	—	29,928	(29,928)	—

Board LTIP 2021

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

Schedule of changes and holdings of awards by grantees


Board LTIP 2021	Share Awards Outstanding as of
Holder	January 1, 2022	Change	December 31, 2022	Change	December 31, 2023
Elmar Schnee, Chairman of the Board	10,624	—	10,624	—	10,624
Hilde Furberg, Board member	4,086	—	4,086	—	4,086
Lennart Hansson, Board member (until May-22)	4,086	(2,724)	1,362	—	1,362
Diane Parks, Board member	4,086	—	4,086	—	4,086
Molly Hendersson, Board member	4,086	—	4,086	(1,362)	2,724
Total	26,968	(2,724)	24,244	(1,362)	22,882

Board LTIP 2022

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

Schedule of changes and holdings of awards by grantees


Board LTIP 2022	Share Awards Outstanding as of
Holder	January 1, 2022	Change	December 31, 2022	Change	December 31, 2023
Elmar Schnee, Chairman of the Board	—	13,926	13,926	—	13,926
Hilde Furberg, Board member	—	5,356	5,356	—	5,356
Diane Parks, Board member	—	5,356	5,356	—	5,356
Molly Hendersson, Board member	—	5,356	5,356	(3,570)	1,786
Henrik Stenqvist, Board member	—	5,356	5,356	—	5,356
Elisabeth Björk, Board member	—	5,356	5,356	—	5,356
Total	—	40,706	40,706	(3,570)	37,136

Board LTIP 2023

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

Schedule of changes and holdings of awards by grantees


Board LTIP 2023	Share Awards Outstanding as of
Holder	January 1, 2022	Change	December 31, 2022	Change	December 31, 2023
Elmar Schnee, Chairman of the Board	—	—	—	14,012	14,012
Hilde Furberg, Board member	—	—	—	5,389	5,389
Diane Parks, Board member	—	—	—	5,389	5,389
Fred Driscoll, Board member	—	—	—	5,389	5,389
Henrik Stenqvist, Board member	—	—	—	5,389	5,389
Elisabeth Björk, Board member	—	—	—	5,389	5,389
Total	—	—	—	40,957	40,957

Employees and Personnel Costs - Gender Distribution (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Board
Employees and Personnel Costs
Percentage of women	50.00%	67.00%	60.00%
Percentage of men	50.00%	33.00%	40.00%
Executive management
Employees and Personnel Costs
Percentage of women	29.00%	38.00%	33.00%
Percentage of men	71.00%	62.00%	67.00%

Leases - Lease Liabilities (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases
Non-current lease liabilities	kr 27,088	kr 15,792
Current lease liabilities	12,537	10,374
Total	kr 39,625	kr 26,165

Operating segments and revenue from Contracts with Customers (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating segments and revenue from Contracts with Customers
Net sales	kr 1,206,888	kr 802,879	kr 229,347
Expected returns	3,552	15,849
Rebates on sales	36,326	8,445
Total	39,878	24,294
Customer A
Operating segments and revenue from Contracts with Customers
Net sales	1,045,288	372,247
Customer B
Operating segments and revenue from Contracts with Customers
Net sales	91,415	80,643	27,469
Customer C
Operating segments and revenue from Contracts with Customers
Net sales	39,614	143,955	201,878
Customer D
Operating segments and revenue from Contracts with Customers
Net sales		206,034
Customers below 10% of revenue
Operating segments and revenue from Contracts with Customers
Net sales	30,571
United States
Operating segments and revenue from Contracts with Customers
Net sales	1,075,829	372,247
Europe
Operating segments and revenue from Contracts with Customers
Net sales	39,614	143,955	201,878
Asia
Operating segments and revenue from Contracts with Customers
Net sales	91,445	286,677	27,469
Sweden
Operating segments and revenue from Contracts with Customers
Net sales	0	0	0
Product sales
Operating segments and revenue from Contracts with Customers
Net sales	1,087,418	375,515
Outlicensing of product
Operating segments and revenue from Contracts with Customers
Net sales	82,712	421,689	225,252
Royalty income
Operating segments and revenue from Contracts with Customers
Net sales	kr 36,758	2,287
Performance of certain regulatory services
Operating segments and revenue from Contracts with Customers
Net sales		kr 3,387	kr 4,095

Leases - Right-of-Use Assets (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Opening balance	kr 24,452	kr 33,300
Additional agreements	10,518
Revaluation of agreements	15,887	(427)
Depreciation	(12,360)	(10,807)	kr (5,711)
Termination of agreement	(113)
Exchange differences	(198)	2,386
Net book value	kr 38,186	kr 24,452	kr 33,300

Financial Income (Tables)

12 Months Ended

Dec. 31, 2023

Financial Income

Schedule of financial income


	Year Ended December 31,
	2023	2022	2021
Interest income	29,095	3,553	102
Exchange rate differences	1,292	46,642	20,234
Total	30,387	50,195	20,336

Leases - Depreciation on right-of-use assets (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Depreciation on right of use assets	kr 12,360	kr 10,807	kr 5,711
Research and development expenses
Leases
Depreciation on right of use assets	1,373	1,073	997
Marketing and selling expenses
Leases
Depreciation on right of use assets	3,923	3,743	1,522
Administrative expenses
Leases
Depreciation on right of use assets	kr 7,064	kr 5,991	kr 3,192

Equity - Share Capital and Other Contributed Capital (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in equity
Total registered shares at the beginning of the year	59,580,087	52,341,584	49,941,584
New share issue			2,400,000
Exercise of warrants		1,322,985
Issuance of treasury shares		5,908,018
Shares subscribed but not registered during the year		7,500
Total registered and subscribed but not registered shares at the end of the year	59,580,087	59,580,087	52,341,584
Shares
Ordinary shares	59,580,087	59,580,087	52,341,584
Total	59,580,087	59,580,087	52,341,584
of which shares are held by Calliditas	5,908,018	5,908,018
Total registered and subscribed but not registered shares at the end of the year, net of shares held by Calliditas	53,672,069	53,672,069	52,341,584
Share Capital
Opening balance	kr 2,383	kr 2,094	kr 1,998
New share issue			96
Exercise of warrants		53
Issuance of treasury shares		236
Closing balance	kr 2,383	kr 2,383	kr 2,094

Employees and Personnel Costs - Social Security Costs and Pension Costs (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employees and Personnel Costs
Pension Costs	kr 3,264	kr 2,783	kr 1,953
Social security costs and pension costs	85,280	35,889	32,648
Parent Company
Employees and Personnel Costs
Social security costs	37,634	17,393	17,088
Parent Company \| Board and Executive Management
Employees and Personnel Costs
Pension Costs	3,035	2,167	1,785
Parent Company \| Other employees
Employees and Personnel Costs
Pension Costs	9,343	6,582	4,084
Subsidiaries
Employees and Personnel Costs
Social security costs	27,346	6,484	8,596
Subsidiaries \| Board and Executive Management
Employees and Personnel Costs
Pension Costs	229	616	167
Subsidiaries \| Other employees
Employees and Personnel Costs
Pension Costs	kr 7,693	kr 2,647	kr 928

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings per Share

Schedule of earnings per share


	Year Ended December 31,
Loss per share before and after dilution	2023	2022	2021
Net loss for the year attributable to equity holders of the Parent Company	(466,186)	(412,267)	(500,293)
Weighted-average number of common shares outstanding	53,672,069	53,022,550	50,829,255
Loss per share before and after dilution	(8.69)	(7.78)	(9.84)

Cash (Details) - SEK (kr) kr in Thousands	12 Months Ended
Cash (Details) - SEK (kr) kr in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash
Cash at Banks	kr 973,733	kr 1,249,094
Total	973,733	1,249,094
Depreciations and impairments	48,726	12,913	kr 34,433
Change in Provisions	20,888	(3,346)	5,856
Share-based payments	52,591	35,791	21,960
Change of Contingent consideration	(18,835)	15,941	4,470
Other items	(892)	(39)	(43)
Total	kr 102,478	kr 61,260	kr 66,676

Employees and Personnel Costs (Tables)

12 Months Ended

Dec. 31, 2023

Employees and Personnel Costs

Schedule of Average Number of Employees


	Year Ended December 31,
	2023			2022			2021
	Number	% of Male		Number	% of Male		Number	% of Male
	of Empl.	Empl.		of Empl.	Empl.		of Empl.	Empl.
Parent Company
Sweden	58	38	%	45	33	%	29	40	%
	58	38	%	45	33	%	29	40	%

Subsidiaries
France	3	—		2	0	%	3	26	%
Switzerland	8	38	%	6	53	%	6	47	%
United States	112	46	%	33	52	%	18	62	%
	123	44	%	41	51	%	27	55	%

Total for the Group	181	42	%	86	41	%	56	47	%

Schedule of Wages and Salaries


	Year Ended December 31,
Wages and Salaries	2023	2022	2021
Parent Company
Board and Executive Management¹⁾	39,436	33,471	27,792
Other employees	76,055	52,126	33,370

Subsidiaries
Board and Executive Management	14,783	14,493	4,983
Other employees	315,885	90,055	57,452
Total	446,159	190,145	123,597

¹⁾ Executive Management includes the Board, CEO and other executive management.

Schedule of Social Security Costs and Pension Costs


	Year Ended December 31,
Social Security Costs and Pension Costs	2023	2022	2021
Parent Company
Pension costs for the Board and Executive Management	3,035	2,167	1,785
Pension costs to other employees	9,343	6,582	4,084
Social security costs	37,634	17,393	17,088

Subsidiaries
Pension costs for the Board and Executive Management	229	616	167
Pension costs to other employees	7,693	2,647	928
Social security costs	27,346	6,484	8,596
Total	85,280	35,889	32,648

Schedule of Gender Distribution Among the Board and Senior Executives


	Year Ended December 31,
	2023		2022		2021
Percentage of women on the Board	50	%	67	%	60	%
Percentage of men on the Board	50	%	33	%	40	%
Percentage of women among other executive management	29	%	38	%	33	%
Percentage of men among other executive management	71	%	62	%	67	%

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


	Year Ended December 31, 2023
	Base Salary,		Variable	Other	Share-Based
	Board Fee	Pension Costs	Remuneration	Remuneration	Payments	Total
Chairman of the Board
Elmar Schnee	1,020	—	—	—	718	1,738

Board members
Elisabeth Björk	383	—	—	—	204	586
Frederick Driscoll (from Jun, 23)	303	—	—	—	84	387
Hilde Furberg	458	—	—	—	273	731
Molly Henderson (until May, 23)	295	—	—	—	21	316
Diane Parks	522	—	—	—	273	796
Henrik Stenqvist	558	—	—	—	204	761

Senior executives
CEO, Renée Aguiar-Lucander	6,725	1,817	3,177	—	6,648	18,367

Other executive management (6 people)	18,737	1,446	5,731	—	8,030	33,945
of which relates to subsidiaries	8,689	229	3,768	—	2,470	15,156
Total	29,000	3,264	8,908	—	16,455	57,626


	Year Ended December 31, 2022
	Base Salary,		Variable	Other	Share-Based
	Board Fee	Pension Costs	Remuneration	Remuneration	Payments	Total
Chairman of the Board
Elmar Schnee	975	—	—	—	647	1,622

Board members
Elisabeth Björk (from May, 2022)	188	—	—	—	74	261
Hilde Furberg	413	—	—	—	239	651
Lennart Hansson (until May, 2022)	200	—	—	—	33	233
Molly Henderson	590	—	—	—	227	817
Diane Parks	490	—	—	—	239	729
Henrik Stenqvist (from May, 2022)	275	—	—	—	74	349

Senior executives
CEO, Renée Aguiar-Lucander	5,938	760	2,293	—	4,056	13,048

Other executive management (7 people)	17,784	2,023	5,146	—	8,083	33,037
of which relates to subsidiaries	7,516	616	3,152	—	3,824	15,109
Total	26,853	2,783	7,440	—	13,671	50,747


	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	498
Lennart Hansson	360	—	—	—	162	522
Molly Henderson	539	—	—	—	124	663
Diane Parks	421	—	—	—	162	583

Senior executives
CEO, Renée Aguiar-Lucander	4,860	760	1,840	—	3,270	10,730

Other executive management (5 people)	11,279	1,193	2,335	—	5,561	20,368
of which relates to subsidiaries	2,775	167	694	—	1,515	5,151
Total	18,693	1,953	4,175	—	9,906	34,727

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Employees and Personnel Costs
Base Salary, Board Fee	kr 29,000	kr 26,853	kr 18,693
Pension Costs	3,264	2,783	1,953
Variable Remuneration	8,908	7,440	4,175
Share-Based Payments	16,455	13,671	9,906
Total	57,626	50,747	34,727
Elmar Schnee
Employees and Personnel Costs
Base Salary, Board Fee	1,020	975	898
Share-Based Payments	718	647	465
Total	1,738	1,622	1,363
Elisabeth Bjrk
Employees and Personnel Costs
Base Salary, Board Fee	383	188
Share-Based Payments	204	74
Total	586	261
Frederick Driscoll
Employees and Personnel Costs
Base Salary, Board Fee	303
Share-Based Payments	84
Total	387
Hilde Furberg
Employees and Personnel Costs
Base Salary, Board Fee	458	413	336
Share-Based Payments	273	239	162
Total	731	651	498
Molly Henderson
Employees and Personnel Costs
Base Salary, Board Fee	295	590	539
Share-Based Payments	21	227	124
Total	316	817	663
Diane Parks
Employees and Personnel Costs
Base Salary, Board Fee	522	490	421
Share-Based Payments	273	239	162
Total	796	729	583
Henrik Stenqvist
Employees and Personnel Costs
Base Salary, Board Fee	558	275
Share-Based Payments	204	74
Total	761	349
Lennart Hansson
Employees and Personnel Costs
Base Salary, Board Fee		200	360
Share-Based Payments		33	162
Total		233	522
CEO
Employees and Personnel Costs
Base Salary, Board Fee	6,725	5,938	4,860
Pension Costs	1,817	760	760
Variable Remuneration	3,177	2,293	1,840
Share-Based Payments	6,648	4,056	3,270
Total	18,367	13,048	10,730
Other executive management
Employees and Personnel Costs
Base Salary, Board Fee	18,737	17,784	11,279
Pension Costs	1,446	2,023	1,193
Variable Remuneration	5,731	5,146	2,335
Share-Based Payments	8,030	8,083	5,561
Total	33,945	33,037	20,368
Other executive management \| Subsidiaries
Employees and Personnel Costs
Base Salary, Board Fee	8,689	7,516	2,775
Pension Costs	229	616	167
Variable Remuneration	3,768	3,152	694
Share-Based Payments	2,470	3,824	1,515
Total	kr 15,156	kr 15,109	kr 5,151

Description of Business (Details)	Dec. 31, 2023 subsidiary
Description of Business
Number of subsidiaries	4

Financial Risks - Credit risk accounts receivable (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable
Net accounts receivables	kr 113,115
Provisions for expected credit losses
Opening balance, expected credit loss provisions	1,341,295
Reversed provisions	87
Closing balance, expected credit loss provisions	1,186,123	kr 1,341,295
Credit risk
Accounts receivable
Gross accounts receivables	181,931	79,873
Provisions, expected credit losses	(1,039)	(1,170)
Net accounts receivables	180,892	78,703
Maturity structure accounts receivable
Accounts receivables, not yet due	181,931	79,873
Provisions, expected credit losses	(1,039)	(1,170)
Net book value	180,892	78,703
Provisions for expected credit losses
Opening balance, expected credit loss provisions	(1,170)
This year provisions		1,170
Exchange differences	44
Closing balance, expected credit loss provisions	kr (1,039)	kr (1,170)

Auditors' Fee (Tables)

12 Months Ended

Dec. 31, 2023

Auditors' Fee

Schedule of auditors fees expenses


	Year Ended December 31,
	2023	2022	2021
EY
Audit services	20,951	13,369	6,235
Other audit activities	900	3,370	2,105
Tax advice	—	—	73
Total	21,851	16,739	8,413

KPMG
Audit services	—	—	472
Other audit activities	—	—	1,178
Total	—	—	1,650

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

Total Audit Fee	21,851	16,739	10,613

Pension Liabilities

12 Months Ended

Dec. 31, 2023

Pension Liabilities

Pension Liabilities

Note 28 Pension Liabilities

Assumption in valuations of the pension obligations

The valuation of pension obligations and pension costs is based on actuarial assumptions.

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 expenses in the consolidated statements of income.


	December 31,
Net obligation per country	2023	2022
Switzerland	(3,394)	(789)
France	(127)	(94)
Total	(3,521)	(884)

Changes in the defined-benefit pension obligations


	Defined Benefit	Defined Benefit	Fair Value	Employee
	Plan Obligation	Plan Obligation	of Plan Assets	Benefit
	(Switzerland)	(France)	(Switzerland)	Obligations
January 1, 2023	(6,027)	(94)	5,238	(884)

Service costs	(1,599)	(18)	—	(1,617)
Interest expense	(117)	(4)	119	(1)
Employee contribution	—	—	920	920
Subtotal included in the operating loss in the consolidated statements of income	(1,716)	(21)	1,039	(698)

Amounts paid/received	2,441	—	(2,441)	—

Return on assets (excluding interest expenses)	—	—	(67)	(67)
Actuarial gains/(losses) related to changes in demographic assumptions	—	(13)	—	(13)
Actuarial gains/(losses) related to changes in financial assumptions	(2,316)	—	—	(2,316)
Other actuarial gains/(losses)	52	—	—	52
Plan amendment	(433)	—	—	(433)
Subtotal included in other comprehensive income	(2,697)	(13)	(67)	(2,777)

Employer contributions	—	—	920	920
Currency translation effect	(397)	2	313	(82)
December 31, 2023	(8,395)	(127)	5,001	(3,521)


	Defined	Defined
	Benefit Plan	Benefit Plan	Fair Value	Employee
	Obligation	Obligation	of Plan Assets	Benefit
	(Switzerland)	(France)	(Switzerland)	Obligations
January 1, 2022	(7,942)	(111)	4,871	(3,182)

Service costs	(1,530)	(26)	—	(1,556)
Interest expense	(27)	(1)	18	(10)
Employee contribution	—	—	887	887
Subtotal included in the operating loss in the consolidated statements of income	(1,558)	(27)	906	(679)

Amounts paid/received	2,140	—	(2,140)	—

Return on assets (excluding interest expenses)	—	—	34	34
Actuarial gains/(losses) related to changes in demographic assumptions	—	54	—	54
Actuarial gains/(losses) related to changes in financial assumptions	2,846	—	—	2,846
Other actuarial gains/(losses)	(454)	—	—	(454)
Subtotal included in other comprehensive income	2,392	54	34	2,480

Employer contributions	—	—	887	887
Currency translation effect	(1,059)	(9)	679	(390)
December 31, 2022	(6,027)	(94)	5,238	(884)


	December 31,
Distribution by Plan Assets (Switzerland)	2023	2022
Cash	430	137
Bonds	515	3,048
Mortgage loans	75	655
Shares	1,450	126
Real estate	1,581	901
Other investments	950	372
Total	5,001	5,238

Of the plan assets above, SEK 515 and SEK 3,048 as of December 31, 2023 and 2022, respectively, 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.


	December 31,
Actuarial Assumptions on the Closing Balance	2023		2022
Swiss pension plan
Discount rate	1.45		2.30	%
Mortality table	LPP 2020 generation		LPP 2020 generation
Salary revaluation rate	2.00	%	1.00	%
Retirement pension inflation rate	1.00	%	0.50	%
Deposit rate on savings accounts	1.50	%	1.00	%
Turnover rate	10.00	%	10.00	%
Remaining life expectancy after retirement	23.1	years	18.6	years
Retirement age	65	years	65	years


	December 31,
Sensitivity Analysis	2023	2022
Pension commitments under current assumptions for Swiss pension plans	8,395	6,027
Discount rate, -0.5%	9,426	6,615
Discount rate, +0.5%	7,511	5,518
Retirement pension inflation rate, -0.5%	7,940	5,797
Retirement pension inflation rate, +0.5%	8,902	6,281
Salary revaluation rate, -0.5%	8,231	5,927
Salary revaluation rate, +0.5%	8,567	6,131

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.

Contributions to plans for post-employment benefits are expected to be SEK 941 and SEK 813 in 2023 and 2022, respectively. The weighted average maturity of the obligation is an estimated 23.1 and 18.6 years in 2023 and 2022, respectively.

Financial Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Financial Expenses

Schedule of financial expenses


	Year Ended December 31,
	2023	2022	2021
Interest on lease liabilities	(2,744)	(1,604)	(590)
Other interest expenses	(70,455)	(31,191)	(6,518)
Early repayment of loan	(35,397)	—	—
Other financial expenses	(5,753)	(4,874)	(2,145)
Total	(114,349)	(37,669)	(9,253)

Consolidated Statements of Income - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Income
Net sales	kr 1,206,888	kr 802,879	kr 229,347
Cost of sales	(60,463)	(15,201)
Gross profit	1,146,425	787,678	229,347
Research and development expenses	(502,223)	(414,749)	(357,485)
Marketing and selling expenses	(727,740)	(515,190)	(179,603)
Administrative expenses	(332,991)	(259,469)	(210,630)
Other operating income	44,608	2,862	259
Other operating expenses	(1,135)	(23,074)	(6,344)
Operating loss	(373,055)	(421,943)	(524,456)
Financial income	30,387	50,195	20,336
Financial expenses	(114,349)	(37,669)	(9,253)
Loss before income tax	(457,017)	(409,417)	(513,373)
Income tax expense	(9,168)	(2,851)	3,836
Loss for the year	(466,185)	(412,268)	(509,537)
Attributable to:
Equity holders of the Parent Company	kr (466,185)	kr (412,268)	(500,293)
Non-controlling interests			kr (9,244)
Loss per share
Before dilution to ordinary equity holders of the Parent Company	kr (8.69)	kr (7.78)	kr (9.84)
After dilution to ordinary equity holders of the Parent Company	kr (8.69)	kr (7.78)	kr (9.84)

Intangible Assets and Impairment Testing - Roll-Forward (Details) - SEK (kr) kr in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Significant Accounting Judgements, Estimates and Assumptions
Opening balance	kr 438,057
Closing balance	430,754	kr 438,057
Net book value	430,754	438,057
Goodwill at beginning of period	45,784	37,227
Exchange differences on translation	2,800	8,557
Goodwill at end of period	48,584	45,784
Licenses and similar rights
Significant Accounting Judgements, Estimates and Assumptions
Opening balance	438,057
Closing balance	430,754	438,057
Net book value	430,754	438,057
Cost \| Licenses and similar rights
Significant Accounting Judgements, Estimates and Assumptions
Opening balance	468,711	390,166
Disposal for the year	(62,697)	0
Exchange differences on translation	24,740	78,545
Closing balance	430,754	468,711
Net book value	430,754	468,711
Provisions, expected credit losses \| Licenses and similar rights
Significant Accounting Judgements, Estimates and Assumptions
Opening balance	(30,654)	(27,975)
Impairment	(32,132)
Disposal for the year	62,697
Exchange differences on translation	kr 89	(2,679)
Closing balance		(30,654)
Net book value		kr (30,654)