Exhibit 10.3

EXECUTION VERSION
	ADVOKATPARTNERSELSKAB

STRICTLY CONFIDENTIAL - LEGAL PRIVILEGE

AMENDMENT AGREEMENT

FINANCE CONTRACT DATED 6 AUGUST 2020; SERAPIS NO. 2019-0227; FI NO. 90935

TABLE OF CONTENTS

This amendment agreement (this "Agreement") is entered into on 11 July 2025 between:

- the Lender and the Borrower are hereinafter collectively referred to as the "Parties" and separately as a "Party"

WHEREAS

NOW IT IS HEREBY AGREED AS FOLLOWS:

1.2           Defined terms. In addition to the terms defined above, in this Agreement:

"Amended Finance Contract" means the Existing Finance Contract as amended pursuant to this Agreement.

"Amendment Documents" means this Agreement, the Debt Settlement Agreement, the Registration Rights Agreement and the Warrant Terms.

"Debt Settlement Agreement" means the debt settlement agreement dated on or about the date of this Agreement between the Borrower and the Bank.

"Effective Date" means the date on which the Bank confirms to the Borrower that it has received all of the documents and evidence listed in Schedule 1 (Conditions precedent to the Effective Date) in form and substance satisfactory to it.

"New Warrants" means 38,450,000 warrants issued to the Bank by the board of directors of the Borrower under the Warrant Terms.

"Restructuring Fee" has the meaning given to that term in Clause 6 (Restructuring Fee).

"Registration Rights Agreement" means the agreement dated on or about the date of this Agreement regarding the Bank's registration rights for the shares issued upon exercise of the New Warrants.

"Warrant Terms" means appendix 12 to the articles of association of the Borrower.

""Debt Settlement Agreement" means the debt settlement agreement dated on or about 11 July 2025 between the Borrower and the Bank.

"Equity Raise" means the issuance, creation or sale of shares, subordinated or convertible bonds, warrants by, or any other instrument which has an economically equivalent effect to holding an equity or quasi-equity participation in, the Borrower, in each case other than through an Excluded Equity Raise.

"Excluded Equity Raise" means any public offering, registered direct or private placement based upon an F1 or F3 registration statement and any instrument subscribed by the Bank.

"Net Equity Proceeds" means, in respect of an Equity Raise, the gross proceeds of that Equity Raised received or receivable by the Borrower, less all costs, fees, expenses and Taxes paid or payable by the Borrower on or in respect of that Equity Raise and/or those gross proceeds.

"New Warrants" means 38,450,000 warrants issued by the board of directors of the Borrower pursuant to the Warrant Terms.

"Registration Rights Agreement" means the agreement dated on or about 11 July 2025 regarding the Bank's registration rights for the shares issued upon exercise of the New Warrants.

"Warrant Terms" means appendix 12 to the articles of association of the Borrower."

""Finance Documents" means this Contract, any Guarantee Agreement, the Warrant Agreement, the Warrant Terms, the Registration Rights Agreement, the Fee Letter and any other document designated as a "Finance Document" by the Borrower and the Bank."

"5.3.6 Prepayment Fee

In the case of a Prepayment Event, other than pursuant to Article 5.3.8 (Net Equity Proceeds), in relation to a Tranche, the Borrower shall pay the relevant Prepayment Fee."

"5.3.8 Net Equity Proceeds

The Borrower shall, no later than ten Business Days after the end of its second and fourth financial quarter, respectively, of each financial year (the first time no later than ten Business Days after the end of the second financial quarter of 2025), apply an amount equal to 15 per cent. of:

less

in prepayment of the Loan (in part or in whole) together with accrued interest."

Upon the occurrence of the Effective Date, EUR 3,500,000 of the Loan shall be deemed to have been prepaid by the Borrower.

the Borrower makes the representations and warranties that are deemed repeated under and pursuant to Paragraph (b) of Article 7 (Borrower undertakings and representations) of the Existing Finance Contract as if each reference in those representations and warranties to "this Contract" included a reference to (i) the Amended Finance Contract, and (ii) this Agreement.

The Borrower acknowledges and agrees that the Bank has entered into the Amendment Documents in reliance upon the information supplied to the Bank by the Borrower prior to the date hereof in relation to such matters being true, complete and accurate. It shall be without prejudice to any rights which the Bank may have at any time in relation to any other circumstance or matter other than as specifically referred to in this Agreement or in relation to any such information not being true, complete and accurate, which rights shall remain in full force and effect.

The Borrower shall pay to the Bank a restructuring fee of EUR 50,000 at the time and in such manner as set out in an invoice issued by the Bank to the Borrower dated on or about the date hereof (the "Restructuring Fee").

The provisions of Articles 10.6 (Invalidity), 10.7 (Amendments), 10.8 (Counterparts) and 11.1 (Notices) of the Existing Finance Contract shall be incorporated into this Agreement as if set out in full in this Agreement and as if references in those Articles to "this Contract" were references to this Agreement.

9.1           Governing law. This Agreement is governed by Danish law (excluding choice of law rules).

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SCHEDULE 1 - CONDITIONS PRECEDENT TO THE EFFECTIVE DATE

SIGNATURES

THE BANK

The European Investment Bank