Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-39179 |
Entity Registrant Name | Addex Therapeutics Ltd |
Entity Incorporation, State or Country Code | V8 |
Entity Address, Address Line One | Chemin des Mines 9 |
Entity Address, Address Line Two | CH |
Entity Address, Postal Zip Code | 1202 |
Entity Address, City or Town | Geneva |
Entity Address, Country | CH |
Entity Common Stock, Shares Outstanding | 77,134,020 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001574232 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Auditor Name | BDO AG |
Auditor Location | Zurich, Switzerland |
Auditor Firm ID | 5988 |
Common shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Shares, par value CHF 0.01 per share |
American Depositary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares |
Trading Symbol | ADXN |
Security Exchange Name | NASDAQ |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | Chemin des Mines 9 |
Entity Address, Address Line Two | CH |
Entity Address, Postal Zip Code | 1202 |
Entity Address, City or Town | Geneva |
Entity Address, Country | CH |
Contact Personnel Name | Tim Dyer |
City Area Code | + 41 22 |
Local Phone Number | 884 1555 |
Consolidated Balance Sheets
Consolidated Balance Sheets - CHF (SFr) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | SFr 6,957,086 | SFr 20,484,836 |
Other financial assets | 3,165 | 17,145 |
Trade and other receivables | 416,875 | 164,785 |
Contract asset | 181,441 | 159,636 |
Prepayments | 270,394 | 1,115,374 |
Total current assets | 7,828,961 | 21,941,776 |
Non-current assets | ||
Right-of-use assets | 357,613 | 469,989 |
Property, plant and equipment | 41,121 | 72,111 |
Non-current financial assets | 54,355 | 57,908 |
Total non-current assets | 453,089 | 600,008 |
Total assets | 8,282,050 | 22,541,784 |
Current liabilities | ||
Current lease liabilities | 286,107 | 287,698 |
Payables and accruals | 2,996,004 | 3,847,145 |
Total current liabilities | 3,282,111 | 4,134,843 |
Non-current liabilities | ||
Non-current lease liabilities | 87,028 | 194,316 |
Retirement benefits obligations | 1,281,525 | |
Total non-current liabilities | 87,028 | 1,475,841 |
Equity | ||
Share capital | 1,153,483 | 49,272,952 |
Share premium | 269,511,610 | 283,981,361 |
Other equity | 64,620,223 | |
Treasury shares reserve | (6,278,763) | (11,703,279) |
Other reserves | 25,768,373 | 24,437,868 |
Accumulated deficit | (349,862,015) | (329,057,802) |
Total equity | 4,912,911 | 16,931,100 |
Total liabilities and equity | SFr 8,282,050 | SFr 22,541,784 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Comprehensive Loss | |||
Revenue from contract with customer | SFr 1,422,438 | SFr 2,916,308 | SFr 3,612,819 |
Other income | 22,521 | 236,997 | 266,324 |
Operating costs | |||
Research and development | (14,665,462) | (12,840,540) | (10,373,200) |
General and administration | (7,299,704) | (5,818,682) | (5,749,217) |
Total operating costs | (21,965,166) | (18,659,222) | (16,122,417) |
Operating loss | (20,520,207) | (15,505,917) | (12,243,274) |
Finance income | 29,251 | 217,015 | 35,304 |
Finance expense | (313,257) | (63,012) | (650,629) |
Finance result, net | (284,006) | 154,003 | (615,325) |
Net loss before tax | (20,804,213) | (15,351,914) | (12,858,599) |
Income tax expense | 0 | 0 | 0 |
Net loss for the year | SFr (20,804,213) | SFr (15,351,914) | SFr (12,858,599) |
Basic loss per share for loss attributable to the ordinary equity holders of the Company | SFr (0.46) | SFr (0.45) | SFr (0.48) |
Diluted loss per share for loss attributable to the ordinary equity holders of the Company | SFr (0.46) | SFr (0.45) | SFr (0.48) |
Items that will never be reclassified to profit and loss: | |||
Remeasurements of retirement benefits obligation | SFr 1,270,132 | SFr 260,548 | SFr (233,529) |
Items that may be classified subsequently to profit and loss: | |||
Exchange difference on translation of foreign operations | (345) | (295) | (4,069) |
Other comprehensive income/(loss) for the year, net of tax | 1,269,787 | 260,253 | (237,598) |
Total comprehensive loss for the year | SFr (19,534,426) | SFr (15,091,661) | SFr (13,096,197) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CHF (SFr) | Share Capital | Share Premium | Other equity | Treasury Shares Reserve | Foreign Currency Translation Reserve | Other Reserves | Accumulated Deficit | Total |
Beginning balance at Dec. 31, 2019 | SFr 32,848,635 | SFr 286,375,977 | SFr (6,572,316) | SFr (653,161) | SFr 14,371,983 | SFr (300,847,289) | SFr 25,523,829 | |
Net loss for the year | (12,858,599) | (12,858,599) | ||||||
Other comprehensive income/(loss) for the year | (4,069) | (233,529) | (237,598) | |||||
Total comprehensive loss for the year | (4,069) | (233,529) | (12,858,599) | (13,096,197) | ||||
Value of share-based services | 1,176,413 | 1,176,413 | ||||||
Movement in treasury shares: | ||||||||
Settlement of supplier invoices | 78,555 | 207,190 | 285,745 | |||||
Net purchases under liquidity agreement | 17,772 | (46,809) | (29,037) | |||||
Other net sales of treasury shares | 416,050 | 333,000 | 749,050 | |||||
Balance at end of year at Dec. 31, 2020 | 32,848,635 | 286,888,354 | (6,078,935) | (657,230) | 15,314,867 | (313,705,888) | 14,609,803 | |
Net loss for the year | (15,351,914) | (15,351,914) | ||||||
Other comprehensive income/(loss) for the year | (295) | 260,548 | 260,253 | |||||
Total comprehensive loss for the year | (295) | 260,548 | (15,351,914) | (15,091,661) | ||||
Issue of shares-third parties | 6,900,000 | 3,199,323 | 10,099,323 | |||||
Issue of treasury shares | 9,524,317 | (9,524,317) | ||||||
Cost of shares issuance | (1,865,475) | (1,865,475) | ||||||
Sales under shelf- registration | 3,882 | 3,759,402 | 3,763,284 | |||||
Related costs of sales shelf- registration | (581,800) | (581,800) | ||||||
Sale of pre-funded warrants | 5,470,141 | 5,470,141 | ||||||
Cost of pre-funded warrants sold | (848,998) | (848,998) | ||||||
Value of warrants and pre-funded warrants | (3,720,491) | 3,720,491 | ||||||
Value of share-based services | 1,178,344 | 1,178,344 | ||||||
Movement in treasury shares: | ||||||||
Settlement of supplier invoices | 48,066 | 116,914 | 164,980 | |||||
Net purchases under liquidity agreement | (31,502) | (16,283) | (47,785) | |||||
Other net sales of treasury shares | 41,004 | 39,940 | 80,944 | |||||
Balance at end of year at Dec. 31, 2021 | 49,272,952 | 283,981,361 | (11,703,279) | (657,525) | 25,095,393 | (329,057,802) | 16,931,100 | |
Net loss for the year | (20,804,213) | (20,804,213) | ||||||
Other comprehensive income/(loss) for the year | (345) | 1,270,132 | 1,269,787 | |||||
Total comprehensive loss for the year | (345) | 1,270,132 | (20,804,213) | (19,534,426) | ||||
Reduction of the nominal value | (64,620,223) | SFr 64,620,223 | ||||||
Issue of treasury shares | 16,326,365 | (16,326,365) | ||||||
Exercise ESOP & ESC (treasury shares IFRS 2) | 174,389 | (174,389) | ||||||
Cost of shares issuance | (288,131) | (288,131) | ||||||
Sales under shelf- registration | (3,275,107) | 4,500,000 | 1,224,893 | |||||
Related costs of sales shelf- registration | (114,754) | (114,754) | ||||||
Sale of pre-funded warrants | 2,841,270 | 2,841,270 | ||||||
Cost of pre-funded warrants sold | (301,841) | (301,841) | ||||||
Exercise of pre-funded warrants | (8,792,756) | 15,978,570 | (7,160,573) | 25,241 | ||||
Value of warrants and pre-funded warrants | (999,789) | 999,789 | ||||||
Value of share-based services | 3,682,073 | 3,682,073 | ||||||
Movement in treasury shares: | ||||||||
Net purchases under liquidity agreement | (105,433) | 91,452 | (13,981) | |||||
Sales agency agreement | (890,294) | 1,355,248 | 464,954 | |||||
Costs under sale agency agreement | (3,487) | (3,487) | ||||||
Balance at end of year at Dec. 31, 2022 | SFr 1,153,483 | SFr 269,511,610 | SFr 64,620,223 | SFr (6,278,763) | SFr (657,870) | SFr 26,426,243 | SFr (349,862,015) | SFr 4,912,911 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Cash Flows | |||
Net loss for the year | SFr (20,804,213) | SFr (15,351,914) | SFr (12,858,599) |
Adjustments for: | |||
Depreciation | 323,144 | 347,613 | 378,754 |
Disposal of right-of-use assets | (127) | (4,992) | |
Value of share-based services | 3,682,073 | 1,178,344 | 1,176,413 |
Post-employment benefits | (11,393) | (150,464) | (22,730) |
Finance cost/(income) net | 215,527 | (132,050) | 686,886 |
Decrease / (increase) in other financial assets | 13,980 | 47,785 | (50,962) |
Decrease / (increase) in trade and other receivables | (252,090) | (96,412) | 49,655 |
Increase in contract asset | (21,805) | (159,636) | |
Decrease/(increase) in prepayments | 844,980 | (616,992) | 221,680 |
(Decrease)/increase in payables and accruals | (427,388) | 883,837 | (1,585,550) |
Decrease in contract liability | (733,668) | (212,069) | |
Decrease in deferred income | (86,481) | (244,298) | |
Services paid in shares | 164,980 | 285,745 | |
Net cash used in operating activities | (16,437,185) | (14,705,185) | (12,180,067) |
Cash flows from investing activities | |||
Purchase of property, plant and equipment | (581) | (31,549) | (59,414) |
Proceeds from decrease in non-current financial assets | 3,553 | 1,236 | |
Net cash from/(used in) investing activities | 2,972 | (30,313) | (59,414) |
Cash flows from financing activities | |||
Proceeds from capital increase | 10,161,746 | ||
Costs / deferred costs paid on issue of shares | (1,698,782) | (272,005) | |
Proceeds from sale of treasury shares-shelf registration | 1,224,893 | 3,763,284 | |
Costs paid on sale of treasury shares-shelf registration | (304,009) | (389,857) | |
Proceeds from sale of pre-funded warrants | 2,841,270 | 5,470,141 | |
Costs paid on sale of pre-funded warrants | (576,117) | (569,228) | |
Proceeds from the exercise of pre-funded warrants | 25,241 | ||
Sale of treasury shares under liquidity and sale agency agreement | 450,973 | 33,159 | 720,013 |
Costs paid on sale of treasury shares under sale agency agreement | (3,487) | (332) | |
Cost paid on issue of treasury shares | (248,354) | ||
Principal element of lease payment | (288,076) | (309,617) | (367,412) |
Interest received | 29,251 | 5,322 | 35,305 |
Interest paid | (48,897) | (63,012) | (69,502) |
Net cash from financing activities | 3,102,688 | 16,402,824 | 46,399 |
Increase/(decrease) in cash and cash equivalents | (13,331,525) | 1,667,326 | (12,193,082) |
Cash and cash equivalents at beginning of the year | 20,484,836 | 18,695,040 | |
Exchange difference on cash and cash equivalents | (196,225) | 122,470 | (648,681) |
Cash and cash equivalents at end of the year | SFr 6,957,086 | SFr 20,484,836 | SFr 18,695,040 |
General information
General information | 12 Months Ended |
Dec. 31, 2022 | |
General information | |
General information | 1. General information Addex Therapeutics Ltd (the “Company”), formerly Addex Pharmaceuticals Ltd, and its subsidiaries (together, the “Group”) are a clinical stage pharmaceutical group applying its leading allosteric modulator drug discovery platform to discovery and development of small molecule pharmaceutical products, with an initial focus on central nervous system disorders. The Company is a Swiss stockholding corporation domiciled c/o Addex Pharma SA, Chemin des Aulx 12, CH1228 Plan-les-Ouates, Geneva, Switzerland and the parent company of Addex Pharma SA, Addex Pharmaceuticals France SAS and Addex Pharmaceuticals Inc. registered in Delaware, United States. Its registered shares are traded at the SIX, Swiss Exchange, under the ticker symbol ADXN. On January 29, 2020, the Group listed on the Nasdaq Stock Market, American Depositary Shares (ADSs) under the symbol “ADXN”, without a new issuance of securities. ADSs represents shares that continue to be admitted to trading on SIX Swiss Exchange. These consolidated financial statements have been approved for issuance by the Board of Directors on March 29, 2023. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 2. Summary of significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 2.1 Basis of preparation The consolidated financial statements of Addex Therapeutics Ltd have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (“IASB”), and under the historical cost convention. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4 “Critical accounting estimates and judgements”. Due to rounding, numbers presented throughout these consolidated financial statements, may not add up precisely to the totals provided. All ratios and variances are calculated using the underlying amount rather than the presented rounded amount. Where necessary, comparative figures have been revised to conform with the current year 2022 presentation. 2.2 Standards and interpretations published by the IASB New and amended standards adopted by the Group A number of new or amended standards and interpretations became applicable for financial periods beginning on or after January 1, 2022. The Group noted that the latter did not have a material impact on the Group’s financial position or disclosures made in the condensed consolidated financial statements. New standards and interpretations not yet adopted by the Group The Group is currently assessing the potential impacts of the various new and revised standards and interpretations that will be mandatory from January 1, 2023 which the Group has not yet applied. Based on an analysis to date, the Group does not anticipate that these will have a material impact on the Group’s overall results and financial position. The Group is also assessing other new and revised standards which are not mandatory until after 2023. 2.3 Consolidation Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. The Company currently consolidates the financial operations of its three fully-owned subsidiaries, Addex Pharma SA, Addex Pharmaceuticals Inc, and Addex Pharmaceuticals France SAS. Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. The reporting date of all Group companies is December 31. 2.4 Segment reporting The Group operates in one segment, which is the discovery, development and commercialization of small-molecule pharmaceutical products. A single management team that reports to the Chief Executive Officer comprehensively manages the entire business. The chief operating decision-maker is the Chief Executive Officer who reviews the statement of operations of the Group on a consolidated basis, makes decisions and manages the operations of the Group as a single operating segment. The Group’s activities are not affected by any significant seasonal effect. Revenue is attributable to the Company’s country of domicile, Switzerland. 2.5 Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in Swiss francs, which is the Group’s presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of comprehensive loss. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive loss within ‘finance result’. Group companies The results and financial position of the Group’s subsidiary that has a functional currency different from the presentation currency are translated into the presentation currency as follows: ● assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; ● income and expenses for each statement of comprehensive loss are translated at the average exchange rate; and ● all resulting exchange differences are recognized in other comprehensive loss. 2.6 Property, plant and equipment are stated at historical cost less accumulated depreciation, and impairment (if any). Historical cost includes expenditure that is directly attributable to the acquisition of the item. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of comprehensive loss during the financial period in which they are incurred. Depreciation is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives as follows: Computer equipment 3 years Laboratory equipment 4 years Furniture and fixtures 5 years Chemical library 5 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (see note 2.7). Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are included in the statement of comprehensive loss. 2.7 Assets that are subject to depreciation or amortization are reviewed for impairment annually, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units). Prior impairment of non-financial assets other than goodwill is reviewed for possible reversal at each reporting date. 2.8 The Group has one category of financial assets, namely “trade and other receivables”. Trade and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. These assets are held for collection of contractual cash flows which represent solely the payment of principal and interest. They arise when the Group provides money, goods or services directly to a debtor with no intention of trading the receivable. They are included in current assets, except for maturities greater than 12 months after the balance sheet date, which are classified as non-current assets. Trade and other receivables are included in other current assets in the balance sheet (see note 7). Trade and other receivables are initially measured at fair value and subsequently measured at amortized cost. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any loss allowance. Trade and other receivables are derecognized when settled. The Group classifies a contract asset as a receivable when the Group’s right to consideration is unconditional. If the Group transfers control of goods or services to a customer before the customer pays consideration, the Group records either a contract asset or a receivable depending on the nature of the Group’s right to consideration for its performance. Contract assets and contract liabilities arising from the same contract are netted and presented as either a single net contract asset or net contract liability. Impairment of financial assets The Group recognizes a loss allowance for expected credit losses on trade and other receivables, contract assets and security rental deposits that are measured at amortized cost. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Group always recognizes lifetime expected credit losses(“ECL”) for trade and other receivables and contract assets where applicable. The ECL on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the ECL that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. 2.9 Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. They are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Any bank overdrafts are not netted against cash and cash equivalents but are shown as part of current liabilities on the consolidated balance sheet. 2.10 Shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company’s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental cost (net of income taxes) is recorded as a deduction from equity attributable to the Company’s equity holders as a treasury share reserve until the shares are cancelled, reissued or disposed of. When such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effect, the nominal amount is reversed from the treasury share reserve, with any remaining difference to the total transaction value being recognized in share premium. The Company has entered into a liquidity contract where an independent broker buys and sells the Company’s shares held in the broker’s custody. Such shares are presented in the treasury share reserve with all other treasury shares directly held by Addex Pharma SA. The Group also uses treasury shares to partially settle services rendered by third and related parties. When shares are issued for this purpose, the nominal share value is recognized as a treasury share reserve and the value above par is presented as a share premium. 2.11 Equity instruments issued by the Group are recorded at the fair value of the proceeds received, net of direct issuance costs. 2.12 Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. All payables have a contract maturity within 1 year. 2.13 Grants are not recognized until there is reasonable assurance that the Group will comply with the terms and conditions of the grant and that the grants will be received. Grants are recognized as other income in the statement of comprehensive loss on a systematic basis over the periods in which the Group recognizes as expenses the related costs for which the grant is intended to compensate. Specifically, grants whose primary conditions are that the Group should undertake specific research activities within a defined period of time, are recognized as deferred income in the consolidated statement of financial position and transferred to the statement of comprehensive loss on a systematic and rationale basis over the defined timeframe. 2.14 Deferred income tax is recorded in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss, it is not accounted for. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is recorded on temporary differences arising on investments in subsidiaries, except where the Group deems it probable that the temporary difference will not reverse in the foreseeable future. Potential deferred income tax assets from tax loss carry forwards exceed deferred tax liabilities. Deferred income tax assets from tax loss carry forwards are initially recognized to the extent that the realization of the related tax benefit through future taxable profits is probable. 2.15 The Group operates one pension scheme. The scheme is generally funded through payments to insurance companies or trustee-administered funds, determined by periodic actuarial calculations. The Group has defined benefit plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. Actuarial gains and losses arising from experience adjustments, changes in actuarial assumptions and changes in the asset ceiling effect are recognized immediately in other comprehensive loss and past-service costs are recognized immediately in statement of comprehensive loss. Under IAS 19, the shortfall or the surplus of the fair value of the plan assets compared with the defined benefit obligation is recorded as a liability or an asset in the consolidated balance sheet. That recognition is subject to asset ceiling rules and minimum funding requirements set out in IFRIC 14. The defined benefit obligation is calculated at least annually by an independent actuary using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability. 2.16 The Group operates an equity sharing certificates’ equity incentive plan, a share option plan, and a share purchase plan. The Group also from time-to-time grants warrants to brokers and investors. The fair value of the services received in exchange for the grant or transfer of equity sharing certificates, options, shares or warrants is recognized in the consolidated financial statements The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the equity incentive units are exercised. 2.17 The Group recognizes revenue from the license of intellectual property and providing research and development services: License of intellectual property If the license to the Group’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Group recognizes revenues when the license conveys a right of use, or there is a right of access to the underlying intellectual property. For licenses that are sold in conjunction with a related service, the Group uses judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the performance obligation is settled over time, the Group determines the appropriate method of measuring progress for purposes of recognizing license revenue. The Group evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Research and development services The Group has an arrangement with its partner that includes deploying its employees for research and development activities. The Group assesses if these research and development activities are considered distinct in the context of the respective contract and, if so, they are accounted for as a separate performance obligation. This revenue is calculated based on the costs incurred (input method) in accordance with the respective contract and recorded within “Revenue from contract with customer ” Contract balances The Group receives payments and determines credit terms from its customers for its various performance obligations based on billing schedules established in each contract. The actual timing of the income recognition, billings and cash collections may result in other current receivables, accrued revenue (contract assets), and deferred revenue (contract liabilities) being recorded on the balance sheet. Amounts are recorded as other current receivables when the Group’s right to consideration is unconditional. The Group does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. Under IFRS 15, the Group recognizes as revenue its non-refundable license fees, milestone, research activities and royalties when its customer obtains control of promised services, in an amount that reflects the consideration which the Group expects to receive in exchange for those rendered services. To assess revenue recognition for arrangements that the Group determines are within the scope of IFRS 15, the Group performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Group satisfies a performance obligation. The Group only applies the five-step model to contracts when it is probable that the Group will collect the consideration it is entitled to in exchange for services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, the Group assesses the services promised within each contract and determine those that are performance obligations and assess whether each promised service is distinct. The Group uses the most likely method to estimate any variable consideration and include such consideration in the amount of the transaction price based on an estimated stand-alone selling price. Revenue is recognized for the respective performance obligation when (or as) the performance obligation is satisfied. 2.18 Interest received or paid on cash and cash equivalents are classified in the statement of cash flows under financing activities. 2.19 The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (less than USD 5 thousand). For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments as from the commencement date of the lease until the expected termination date. In determining the lease term, management consider all facts and circumstances that create an economic incentive to exercise an extension option, or not to exercise a termination option. Extension option are only considered if the lease is reasonably certain to be extended. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances, that is within the control of the lessees, occurs. The lease payments are discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. The lease liability is presented as a separate line in the consolidated statement of financial position. The interest expense is presented in the line finance expenses in the consolidated statement of comprehensive loss. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. They are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. When the Group renegotiates the contractual terms of a lease with the lessor, the accounting depends on the nature of the modification: ● if the renegotiation results in one or more additional assets being leased for an amount commensurate with the standalone price for the additional rights-of-use obtained, the modification is accounted for as a separate lease; ● in all other cases where the renegotiated increases the scope of the lease (whether that is an extension to the lease term, or one or more additional assets being leased), the lease liability is remeasured using the discount rate applicable on the modification date, with the right-of-use asset being adjusted by the same amount; ● if the renegotiation results in a decrease in the scope of the lease, both the carrying amount of the lease liability and right-of-use asset are reduced by the same proportion to reflect the partial or full termination of the lease with any difference recognized in the statement of comprehensive loss. The lease liability is then further adjusted to ensure the carrying amount reflects the amount of the renegotiated payments over the renegotiated term, with the modified lease payments discounted at the rate applicable on the modification date. The right-of-use asset is adjusted by the same amount. All lease payments on leases are presented as part of the cash flow from financing activities, except for the short-term and low value leases cash flows, which are booked under operating activities. 2.20 Research and development costs are expensed as incurred. Costs incurred on development projects are recognized as intangible assets when the following criteria are fulfilled: ● it is technically feasible to complete the intangible asset so that it will be available for use or sale; ● management intends to complete the intangible asset and use or sell it; ● there is an ability to use or sell the intangible asset; ● it can be demonstrated how the intangible asset will generate probable future economic benefits; ● adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and ● the expenditure attributable to the intangible asset during its development can be reliably measured. In the opinion of management, due to uncertainties inherent in the development of the Group’s products, the criteria for development costs to be recognized as an asset, as prescribed by IAS 38, “Intangible Assets”, are not met. |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2022 | |
Financial risk management | |
Financial risk management | 3. Financial risk management 3.1 The Group’s activities expose it to a variety of financial risks: market risk, credit risk, liquidity risk and capital risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. Risk management is carried out by the Group’s finance department (Group Finance) under the policies approved by the Board. Group Finance identifies, evaluates and in some instances economically hedges financial risks in close co-operation with the Group’s operating units. The Board provides written guidance for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest-rate risk, use of derivative financial instruments and non-derivative financial instruments, credit risk and investing excess liquidity. Market risk and foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various exposures with respect to the Euro, US dollar and UK pound. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. To manage foreign exchange risk Group Finance maintains foreign currency cash balances to cover anticipated future requirements. The Group's risk management policy is to economically hedge 50% to 100% of anticipated transactions in each major currency for the subsequent 12 months. The Group has a subsidiary in France and in United States of America, whose net assets are exposed to foreign currency translation risk. In 2022, a 10% increase or decrease in the EUR/CHF exchange rate would have resulted in a CHF 7,945 decrease increase net loss and shareholders equity as December increase or decrease in net loss and shareholders equity increase decrease in net loss and shareholders equity December Interest rate risk The Group’s exposure to interest rate fluctuations is limited because the Group has no interest-bearing indebtedness. Credit risk Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents and deposits with banks, as well as credit exposures to collaboration partners. The Group has a limited number of collaboration partners and consequently has a significant concentration of credit risk. The Group has policies in place to ensure that credit exposure is kept to a minimum and significant concentrations of credit risk are only granted for short periods of time to high credit quality partners. The Group’s policy is to invest funds in low-risk investments including interest bearing deposits. For banks and financial institutions, only independently rated parties with a minimum rating of “A” are accepted (see note 6). Liquidity risk The Group’s principal source of liquidity is its cash reserves which are obtained through the sale of new shares and to a lesser extent the sale of its research and development stage products. Group Finance monitors rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs. The ability of the Group to maintain adequate cash reserves to sustain its activities in the medium term is highly dependent on the Group’s ability to raise further funds from the licensing of its development stage products and the sale of new shares. Consequently, the Group is exposed to significant liquidity risk (see note 4). 3.2 The Group is not regulated and not subject to specific capital requirements. The amount of equity depends on the Group’s funding needs and statutory capital requirements. The Group monitors capital periodically on an interim and annual basis. From time to time, the Group may take appropriate measures or propose capital increases to its shareholders to ensure the necessary capital remains intact. The Group did not have any short-term or long-term debt outstanding as of December 31, 2022 and 2021. The ability of the Group to maintain adequate cash reserves to continue its activities in the medium term is subject to risk as it is highly dependent on the Group’s ability to raise further funds from the sale of new shares. The Group’s objectives when managing capital based on its net debt are to safeguard the Group’s ability to continue as a going concern in order to ensure the financing of successful research and development activities so that future profits can be generated and to maintain sufficient financial resources to mitigate against risks and unforeseen events. A reconciliation of the net debt position is detailed as follows: Cash and Other cash financial Leases equivalents assets Total Net debt as at January 31, 2021 (567,396) 18,695,040 64,930 18,192,574 Cash flows 309,617 1,667,326 (47,785) 1,929,158 Acquisition – Leases (2,000) — — (2,000) Effect of modification to lease terms (226,578) — — (226,578) Disposals 4,343 — — 4,343 Foreign exchange differences — 122,470 — 122,470 Net debt as at December 31, 2021 (482,014) 20,484,836 17,145 20,019,967 Cash flows 288,076 (13,331,525) (13,980) (13,057,429) Effect of modification to lease terms (179,197) — — (179,197) Foreign exchange differences — (196,225) — (196,225) Net debt as at December 31, 2022 (373,135) 6,957,086 3,165 6,587,116 In addition, the maturity profile of the Group’s financial liabilities is presented in the table below: More Total Carrying Less than 1 to 5 than cash out amount At December, 31 2022 1 Year Years 5 Years flows liabilities Lease Liabilities 305,294 90,684 — 395,978 373,135 More Total Carrying Less than 1 to 5 than cash out amount At December, 31 2021 1 Year Years 5 Years flows liabilities Lease Liabilities 315,412 202,526 — 517,938 482,014 Lease liabilities relate to the rent of laboratories, equipment, offices and related spaces used by the Group. 3.3 The nominal value less estimated credit adjustments of trade and other receivables, contract assets and payables are assumed to approximate to their fair values due to the short-term maturity of these instruments and are held at their amortized cost in accordance with IFRS 9. The fair value of other financial assets and liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. |
Critical accounting estimates a
Critical accounting estimates and judgments | 12 Months Ended |
Dec. 31, 2022 | |
Critical accounting estimates and judgments | |
Critical accounting estimates and judgments | 4. The Group makes estimates and assumptions concerning the future. These estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities or may have had a significant impact on the reported results are disclosed below: Going concern The Group’s accounts are prepared on a going concern basis. To date, the Group has financed its cash requirements primarily from share issuances and licensing certain of its research and development stage products. The Group is a development-stage enterprise and is exposed to all the risks inherent in establishing a business. The Group expects that its existing cash and cash equivalents, at the issuance date of these audited consolidated financial statements, will be sufficient to fund its operations and meet all of its obligations as they fall due, through the third quarter of 2023. These factors individually and collectively indicate that a material uncertainty exists that raise substantial doubt about the Group's ability to continue as a going concern for one year from the date of issuance of these audited consolidated financial statements. The future viability of the Group is dependent on its ability to raise additional capital through public or private financings or collaboration agreements to finance its future operations, which may be delayed due to reasons outside of the Group's control including the COVID-19 pandemic and the Russia’s invasion of Ukraine. The sale of additional equity may dilute existing shareholders. The inability to obtain funding, as and when needed, would have a negative impact on the Group’s financial condition and ability to pursue its business strategies. If the Group is unable to obtain the required funding to run its operations and to develop and commercialize its drug candidates, the Group could be forced to delay, reduce or stop some or all of its research and development programs to ensure it remains solvent. Management continues to explore options to obtain additional funding, including through collaborations with third parties related to the future potential development and/or commercialization of its drug candidates. However, there is no assurance that the Group will be successful in raising funds, closing collaboration agreements, obtaining sufficient funding on terms acceptable to the Group, or if at all, which could have a material adverse effect on the Group’s business, results of operations and financial condition. COVID-19 In early 2020 a coronavirus disease (COVID-19) pandemic developed globally resulting in a significant number of infections and negative effects on economic activity. The Group is actively monitoring the situation and is taking any necessary measures to respond to the situation in cooperation with the various stakeholders. On June 17, 2022 the Group terminated its dipraglurant US registration program including pivotal Phase 2B/3 and open label clinical trials of dipraglurant in levodopa-induced dyskinesia associated with Parkinson’s disease (PD-LID) due to a slow recruitment of patients, attributed to the consequences of COVID-19 related patient concerns about participation in clinical studies, as well as staffing shortages and turnover within study sites. Depending on the duration of the COVID-19 crisis and continued negative impact on global economic activity, the Group may have to take additional measures that will have a negative impact on the Group’s business continuity and may experience certain liquidity restraints as well as incur impairments on its assets. The exact impact on the Group’s activities in 2023 and thereafter cannot be reasonably predicted. Russia’s invasion of Ukraine On February 24, 2022, Russia invaded Ukraine. The resulting conflict and retaliatory measures by the global community have created global security concerns, including the possibility of expanded regional or global conflict, which have had, and are likely to continue to have, short-term and more likely longer-term adverse impacts on Ukraine and Europe and around the globe. Potential ramifications include disruption of the supply chain including research and development activities being conducted by the Group and its strategic partners. The Group and partners rely on global networks of contract research organizations to engage clinical study sites and enroll patients, certain of which are in Russia and Ukraine. Delays in research and development activities of the Group and its partners could increase associated costs and, depending upon the Revenue recognition Revenue is primarily from fees related to licenses, milestones and research services. Given the complexity of the relevant agreements, judgements are required to identify distinct performance obligations; allocate the transaction price to these performance obligations and determine when the performance obligations are met. In particular, the Group’s judgement over the estimated stand-alone selling price which is used to allocate the transaction price to the performance obligations is disclosed in note 14. Grants Grants are recorded at their fair value when there is reasonable assurance that they will be received and recognized as income when the Group has satisfied the underlying grant conditions. In certain circumstances, grant income may be recognized before explicit grantor acknowledgement that the conditions have been met. Accrued research and development costs The Group records accrued expenses for estimated costs of research and development activities conducted by third party service providers. The Group records accrued expenses for estimated costs of research and development activities based upon the estimated amount of services provided, but not yet invoiced, and these costs are included in accrued expenses on the balance sheets and within research and development expenses in the statements of comprehensive loss. These costs are a significant component of research and development expenses. Accrued expenses for these costs are recorded based on the estimated amount of work completed in accordance with agreements established with these third parties. To date, the Group has not experienced significant changes in the estimates of accrued research and development expenses after a reporting period. However, due to the nature of estimates, the Group may be required to make changes to the estimates in the future as it becomes aware of additional information about the status or conduct of its research activities. Research and development costs The Group recognizes expenditure incurred in carrying out its research and development activities, including development supplies, until it becomes probable that future economic benefits will flow to the Group, which results in recognizing such costs as intangible assets, involving a certain degree of judgement. Currently, such development supplies are associated with pre-clinical and clinical trials of specific products that do not have any demonstrated technical feasibility. Deferred taxes Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. The probability that taxable profits will be available is The carrying amount of deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realized based on tax laws and rates that have been enacted or substantively enacted at the reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the way the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is recognized in statement of comprehensive loss, except when related to items that are recognized in other comprehensive loss or directly in equity, in which case, the current and deferred tax are recognized in other comprehensive loss or directly in equity. Share-based compensation The Group recognizes an expense for share-based compensation based on the valuation of equity incentive units using the Black-Scholes valuation model. A number of assumptions related to the volatility of the underlying shares and to the risk-free rate are made in this model. Should the assumptions and estimates underlying the fair value of these instruments vary significantly from management's estimates, then the share-based compensation expense would be materially different from the amounts recognized. Had these assumptions been modified within their feasible ranges, i.e. a 10% increase or decrease in the volatility assumption and a risk-free rate of 0.5 or zero, and the Group calculated the share-based compensation based on the higher and lower values of these ranges, share-based compensation expense in 2022 would have been CHF 3.0 million or CHF 4.3 million, respectively CHF 1.0 million or CHF 1.3 million in 2021 and CHF 0.9 million or CHF 1.4 million in 2020. This is compared to the amount recognized as an expense in 2022 of CHF 3.7 million and CHF 1.2 million in 2021 and 2020 respectively. Additional information is disclosed in note 13. Pension obligations The present value of the pension obligations is calculated by an independent actuary and depends on a number of assumptions that are determined on an actuarial basis such as discount rates, future salary and pension increases, and mortality rates. Any changes in these assumptions will impact the carrying amount of pension obligations. The Group determines the appropriate discount rate at the end of each period. This is the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the Group considers the interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability. Other key assumptions for pension obligations are based in part on current market conditions. Additional information is disclosed in note 19. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2022 | |
Segment information | |
Segment information | 5. Segment information Management has identified one single operating segment, related to the discovery, development and commercialization of small-molecule pharmaceutical products. Information about products, services and major customers External income of the Group for the years ended December 31, 2022, 2021 and 2020 is derived from the business of discovery, development and commercialization of pharmaceutical products. Income was earned from rendering of research services to a pharmaceutical company and grants earned. Information about geographical areas External income is exclusively recorded in the Swiss operating company. Analysis of revenue from contract with customer and other income by nature is detailed as follows: 2022 2021 2020 Collaborative research funding 1,422,438 2,916,308 3,612,819 Grants earned — 218,330 244,298 Other service income 22,521 18,667 22,026 Total 1,444,959 3,153,305 3,879,143 Analysis of revenue from contract with customer and other income by major counterparties is detailed as follows: 2022 2021 2020 Indivior PLC 1,422,438 2,916,308 3,612,819 Eurostars/Innosuisse — 218,330 244,298 Other counterparties 22,521 18,667 22,026 Total 1,444,959 3,153,305 3,879,143 For more detail, refer to note 14, “Revenue from contract with customer” and note 15 “Other Income”. The geographical allocation of long-lived assets is detailed as follows: December 31, December 31, 2022 2021 Switzerland 452,732 596,098 United States of America — 3,536 France 357 374 Total 453,089 600,008 The geographical analysis of operating costs is as follows: 2022 2021 2020 Switzerland 21,933,056 18,619,123 16,050,488 United States of America 27,513 33,016 64,922 France 4,597 7,083 7,007 Total operating costs (note 17) 21,965,166 18,659,222 16,122,417 There was capital expenditure of CHF 581 in 2022 and CHF 31,549 in 2021. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents | |
Cash and cash equivalents | 6. Cash and cash equivalents December 31, December 31, 2022 2021 Cash at bank and on hand 6,957,086 20,484,836 Total cash and cash equivalents 6,957,086 20,484,836 Split by currency: December 31, December 31, 2022 2021 CHF 52.98 % 44.33 % USD 42.10 % 54.47 % EUR 2.69 % 0.58 % GBP 2.23 % 0.62 % Total 100.00 % 100.00 % The Group pays interests on CHF cash and cash equivalents and earns interests on USD cash and cash equivalents. The Group invests its cash balances into a variety of current and deposit accounts mainly with Swiss banks. All cash and cash equivalents were held either at banks or on hand as of December 31, 2022 and December 31, 2021. Credit quality of cash and cash equivalents The table below shows the cash and cash equivalents by credit rating of the major counterparties: December 31, December 31, 2022 2021 External credit rating of counterparty P-1 / A-1 3,708,603 11,943,391 P-2 / A-2 3,031,028 — Other 217,335 8,541,279 Cash on hand 120 166 Total cash and cash equivalents 6,957,086 20,484,836 External credit ratings of counterparties were obtained from Moody’s (P-) or Standard & Poor’s (A-). |
Other current assets
Other current assets | 12 Months Ended |
Dec. 31, 2022 | |
Other current assets | |
Other current assets | 7. Other current assets December 31, December 31, 2022 2021 Other financial assets 3,165 17,145 Trade and other receivables 416,875 164,785 Contract asset (Indivior PLC) 181,441 159,636 Prepayments 270,394 1,115,374 Total other current assets 871,875 1,456,940 Other current assets decreased by CHF 0.6 million as of December 31, 2022 compared to December 31, 2021 including a decrease of CHF 0.8 million in prepayments primarily due to reduced prepaid amounts related to dipraglurant clinical development activities partially offset by an increase of CHF 0.3 million in the combined amount of contract assets, trade and other receivables primarily relating to the research agreement with Indivior. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (“ECL”), which uses a lifetime expected loss allowance for all contract assets, trade receivables and other receivables. As of December 31, 2022, the combined amount of the contract asset, trade receivables and other receivables amounted to CHF 0.6 million (CHF 0.3 million as of December 31, 2021) including CHF 0.4 million for the research agreement with Indivior (CHF 0.2 million as of December 31, 2021), CHF 0.1 million for the grant from Eurostars/Innosuisse (CHF 0.1 million as of December 31, 2021). The Group has considered that the contract asset, trade receivables and other receivables have a low risk of default based on historic loss rates and forward-looking information on macroeconomic factors affecting the ability of the third parties to settle invoices. As a result, expected loss allowance has been deemed as nil as of December 31, 2022, 2021 and 2020. |
Right-of-use assets
Right-of-use assets | 12 Months Ended |
Dec. 31, 2022 | |
Right-of-use assets | |
Right-of-use assets | 8. Right-of-use assets Year ended December 31, 2021 Properties Equipment Total Opening net book amount 543,890 21,454 565,344 Additions 2,000 — 2,000 Depreciation charge (294,389) (26,026) (320,415) Effect of lease modifications 208,902 17,676 226,578 Disposals (4,216) — (4,216) Exchange differences 698 — 698 Closing net book amount 456,885 13,104 469,989 As of December 31, 2021 Properties Equipment Total Cost 1,298,569 88,844 1,387,413 Accumulated depreciation (841,684) (75,740) (917,424) Net book value 456,885 13,104 469,989 Year ended December 31, 2022 Properties Equipment Total Opening net book amount 456,885 13,104 469,989 Depreciation charge (277,069) (14,504) (291,573) Effect of lease modifications 173,281 5,916 179,197 Closing net book amount 353,097 4,516 357,613 As of December 31, 2022 Properties Equipment Total Cost 1,471,850 13,542 1,485,392 Accumulated depreciation (1,118,753) (9,026) (1,127,779) Net book value 353,097 4,516 357,613 For the year ended December 31, 2022, the Group recorded a depreciation charge of CHF 0.2 million (CHF 0.2 million in 2021 and CHF 0.3 million in 2020) as part of research and development expenses and CHF 0.1 million (CHF 0.1 million in 2021 and 2020) as part of general and administration expenses. The total cash outflows for the principal element of lease payment amounted to CHF 0.3 million for the years ended December 31, 2022 and 2021. The maturity analysis of lease liabilities is presented under note 3.2. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment | |
Property, plant and equipment | 9. Property, plant and equipment Furniture & Chemical Year ended December 31, 2021 Equipment fixtures Library Total Opening net book amount 67,760 — — 67,760 Additions 31,549 — — 31,549 Depreciation charge (27,198) — — (27,198) Closing net book amount 72,111 — — 72,111 Furniture & Chemical As of December 31, 2021 Equipment fixtures Library Total Cost 1,713,828 7,564 1,207,165 2,928,557 Accumulated depreciation (1,641,717) (7,564) (1,207,165) (2,856,446) Net book value 72,111 — — 72,111 Furniture & Chemical Year ended December 31, 2022 Equipment fixtures Library Total Opening net book amount 72,111 — — 72,111 Additions 581 — — 581 Depreciation charge (31,571) — — (31,571) Closing net book amount 41,121 — — 41,121 Furniture & Chemical As of December 31, 2022 Equipment fixtures Library Total Cost 1,714,409 7,564 1,207,165 2,929,138 Accumulated depreciation (1,673,288) (7,564) (1,207,165) (2,888,017) Net book value 41,121 — — 41,121 For the year ended December 31, 2022, the Group recorded a depreciation charge of CHF 26,615 (CHF 19,934 in 2021 and CHF 11,759 in 2020) as part of research and development expenses and CHF 4,956 (CHF 7,264 in 2021 and CHF 7,521 in 2020) as part of general and administration expenses. |
Non-current financial assets
Non-current financial assets | 12 Months Ended |
Dec. 31, 2022 | |
Non-current financial assets | |
Non-current financial assets | 10. Non-current financial assets December 31, December 31, 2022 2021 Security rental deposits 54,355 57,908 Total non ‑ current financial assets 54,355 57,908 Security rental deposits relate to laboratory and office space. The applicable interest rate to such deposits is immaterial, and therefore, the value approximates amortized cost. |
Payables and accruals
Payables and accruals | 12 Months Ended |
Dec. 31, 2022 | |
Payables and accruals | |
Payables and accruals | 11. Payables and accruals December 31, December 31, 2022 2021 Trade payables 1,276,546 1,787,287 Social security and other taxes 120,875 203,288 Accrued expenses 1,598,583 1,856,570 Total payables and accruals 2,996,004 3,847,145 All payables mature within 3 months. Accrued expenses and trade payables primarily relate to R&D services from contract research organizations, consultants and professional fees. The decrease of CHF 0.9 million in payables and accruals as of December 31, 2022, compared to December 31, 2021, includes CHF 0.4 million of capital increase costs of the offering executed on December 16, 2021 and CHF 0.3 million for dipraglurant clinical development activities. The carrying amounts of payables do not materially differ from their fair values, due to their short-term nature. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2022 | |
Share capital. | |
Share capital | 12. Share capital Number of shares Common Treasury shares shares Total Balance as of January 1, 2021 32,848,635 (5,729,861) 27,118,774 Issue of shares- treasury shares 9,524,317 (9,524,317) — Issue of shares - third parties 6,900,000 — 6,900,000 Sale of shares under shelf registration — 3,759,402 3,759,402 Sale of shares under sale agency agreement — 39,940 39,940 Settlement of supplier invoices — 116,914 116,914 Net purchase of treasury shares under liquidity agreement — (36,881) (36,881) Balance as of December 31, 2021 49,272,952 (11,374,803) 37,898,149 Issue of shares - treasury shares 48,636,476 (48,636,476) — Issue of shares - exercise ESOP & ESC 17,438,883 — 17,438,883 Sale of shares under shelf registration — 4,500,000 4,500,000 Exercise of pre-funded warrants — 15,978,570 15,978,570 Sale of shares under sale agency agreement — 1,355,248 1,355,248 Net purchase of shares under liquidity agreement — (36,830) (36,830) Balance as of December 31, 2022 115,348,311 (38,214,291) 77,134,020 Shares reclassed as treasury shares under IFRS 2 — (17,438,883) (17,438,883) Balance as of December 31, 2022 IFRS 2 115,348,311 (55,653,174) 59,695,137 As of December 31, 2022, 77,134,020 shares were outstanding excluding 38,214,291 treasury shares directly held by Addex Pharma SA and including the 17,438,883 shares issued on the exercise of equity incentive units on October 26, 2022 which are considered as treasury shares under IFRS 2 (See note 13). All shares have a nominal value of CHF 0.01 following the reduction of the nominal value effective on July 26, 2022. As of December 31, 2021, 37,898,149 shares were outstanding excluding 11,374,803 treasury shares directly held by Addex Pharma SA. All shares had a nominal value of CHF 1.00. The Group maintains a liquidity agreement with Kepler Cheuvreux. Under the agreement, the Group has provided Kepler with cash and shares to enable them to buy and sell the Company’s shares. As of December 31, 2022, 128,200 (December 31,2021: 91,370) treasury shares are recorded under this agreement in the treasury share reserve and CHF 3,165 (December 31,2021: CHF 17,145) is recorded in other financial assets. On December 15, 2022, the Group increased its capital from CHF 979,094 to CHF 1,153,483 through the issuance of 17,438,883 new registered shares at a nominal value of CHF 0.01 per share from its conditional capital following the exercise of 17,438,883 equity incentive units at a strike price of CHF 0.13 by Board Members, Executive Managers and employees on October 26, 2022. The payment of the strike price has been deferred under the Group’s staff retention deferred strike price payment plan (“DSPPP”) and consequently, under IFRS 2, the 17,438,883 shares issued from the exercise of equity incentive units are considered as treasury shares. The 17,438,883 shares are considered to be legally owned by the exercising equity incentive unit holders on October 26, 2022. On October 31, 2022, the Group increased its capital from CHF 652,730 to CHF 979,094 through the issuance of 32,636,476 new registered shares from its authorized capital to its fully owned subsidiary, Addex Pharma SA, at CHF 0.01 per share. These shares are held as treasury shares, hence the operation does not impact the outstanding share capital. On July 22, 2022, the Group entered into a securities purchase agreement with Armistice Capital LLC and sold 4,500,000 treasury shares in the form of 750,000 ADSs at a price of USD 1.70 per ADS (CHF 0.27 per share). In addition, 10,500,000 pre-funded warrants, in the form of 1,750,000 ADSs, were sold at a price of USD 1.69 per ADS (CHF 0.27 per share) with a strike price of USD 0.01 per ADS. As of December 31, 2022 all pre-funded warrants have been exercised at a total exercise price of USD 17,500 (CHF 16,812). The total gross proceeds from the offering amounted to USD 4.2 million (CHF 4.1 million) and directly related share issuance costs of CHF 0.4 million were recorded as a deduction in equity. The Group additionally granted Armistice Capital LLC, 15,000,000 warrants, in the form of 2,500,000 ADSs, with a strike price of USD 1.90 per ADS (CHF 0.30 per share) and an exercise period of 5 years. The fair value of each of the warrants issued is CHF 0.07 per share or CHF 0.40 per ADS calculated using the Black-Scholes valuation model. The fair value calculation assumptions included volatility of 64.61% and an annual risk-free rate of +0.05%. The total fair value of the warrants issued is CHF 1.0 million and has been recorded in equity as a cost of the offering. On July 19, 2022, the nominal value of the issued, conditional and authorized share capital has been reduced from CHF 1.00 to CHF 0.01 effective on the SIX Swiss Exchange and Nasdaq stock market on July 26, 2022. As a consequence, the share capital was reduced to CHF 652,730. The decrease of CHF 64.6 million in share capital remains in equity and has been reclassed to other equity. The total number of issued, outstanding, conditional and authorized shares remained the same. On June 21, 2022, the Group entered into a new sale agency agreement with Kepler Cheuvreux whose substantive terms are aligned with the agreement entered into on August 24, 2020, that expired on December 31, 2021. In July 2022, 1,355,248 treasury shares were sold at an average price of CHF 0.34 per share with a gross proceed of CHF 464,954 (39,940 treasury shares for a gross proceed of CHF 80,944 during the year 2021). On February 2, 2022, the Company issued 16,000,000 new shares from the authorized capital to its 100% owned subsidiary, Addex Pharma SA, at CHF 1.00. These shares are held as treasury shares, hence the operation does not impact the outstanding share capital. Directly related share issuance costs of CHF 0.2 million were recorded as a deduction in equity. During the year 2022, the Group did not use its treasury shares to pay consultants, whilst during the year 2021, the Group used 116,914 treasury shares to purchase services from consultants including 60,638 treasury shares for Roger Mills, the Group’s Chief Medical Officer. The total value of consulting services settled in shares was CHF 164,980. On December 16, 2021, the Group entered into a securities purchase agreement with Armistice Capital LLC and sold 3,752,202 treasury shares in the form of 625,367 American depositary share (ADS) listed on the Nasdaq stock market at a price of USD 1.08 (CHF 1.00) per share, equivalent to USD 6.50 (CHF 6.00) per ADS. In addition, 5,478,570 pre-funded warrants in the form of 913,095 ADSs were sold at a price of USD 1.08 (CHF 0.99) per share, equivalent to USD 6.49 (CHF 5.99) per ADS with a strike price of USD 0.01 per ADS. The total gross proceeds of this offering amounted to USD 10 million (CHF 9.2 million) and directly related share issuance costs of CHF 1.4 million were recorded as a deduction in equity for the year ended December 31, 2021 of which CHF 0.5 million has been paid during the first quarter of 2022. In July 2022, Armistice Capital LLC exercised all the pre-funded warrants in the form of 913,095 ADSs for a total strike price of USD 9,131 (CHF 8,429). The Group additionally issued to Armistice Capital LLC, 9,230,772 warrants to purchase 1,538,462 ADSs with a strike price of USD 1.08 (CHF 1.00) per share, equivalent to USD 6.5 (CHF 6.00) per ADS. The fair value of each of the warrants issued is CHF 0.40 per share, CHF 2.4 per ADS, and has been calculated using the Black-Scholes valuation model and recorded in equity as a cost of the offering for the year ended December 31, 2021. Fair value calculation assumptions included volatility of 55.57% and an annual risk-free rate of -0.64%. The total fair value of the warrants issued of CHF 3.7 million has been recorded in equity as a cost of the offering. On April 23, 2021, the Company issued 9,524,317 new shares from the authorized capital to its 100% owned subsidiary, Addex Pharma SA, at CHF 1.00. These shares are held as treasury shares, hence the operation does not impact the outstanding share capital. On January 8, 2021, the Company issued 6,900,000 registered shares, with a nominal value of CHF 1.00 each, at an issue price of CHF 1.46. Out of the total new shares, 6,750,000 are in the form of ADS. The gross proceeds amounted to CHF 10.1 million (USD 11.5 million) and directly related share issuance costs of CHF 1.8 million were recorded as a deduction in equity. During the year ended December 31, 2021, the Group sold 7,000 shares under its ATM program initiated on June 29, 2021. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-based compensation | |
Share-based compensation | 13. Share-based compensation The total share-based compensation expense recognized in the statement of comprehensive loss for equity incentive units granted to Board Members, Executive Managers, employees and consultants has been recorded under the following headings: 2022 2021 2020 Research and development 1,047,398 467,812 354,934 General and administration 2,634,675 710,532 821,479 Total share-based compensation 3,682,073 1,178,344 1,176,413 Analysis of share-based compensation by equity incentive plan is detailed as follows: 2022 2021 2020 Equity sharing certificate plan 44,244 4,476 14,644 Share purchase plan — 23,498 49,813 Share option plans 3,637,829 1,150,370 1,111,956 Total share-based compensation 3,682,073 1,178,344 1,176,413 The share-based compensation expense increased by CHF 2.5 million in 2022 compared to 2021 primarily due to the increase in the fair value of equity incentive units (ESC and employee share options) following reductions in their strike price. The table below describes the changes in granting conditions of the equity sharing certificates and the employee share option plans in 2022: Number of Number of Number of Equity incentive Equity incentive Equity incentive Number of equity Number of Equity units repriced to units repriced to units repriced to incentive units incentive CHF 1.00 on CHF 0.19 on CHF 0.13 on exercised under units January 4, 2022 August 2, 2022 October 5, 2022 the DSPPP Equity Sharing Certificate as of December 31 2021 198,750 108,000 198,750 198,750 198,750 Employee share options as of December 31 2021 8,615,885 8,186,045 8,383,306 8,320,836 8,154,651 Employee share options granted in 2022 at a strike price above CHF 0.13 4,011,325 — 3,852,657 3,852,657 3,750,258 Employee share options granted in 2022 at a strike price of CHF 0.13 5,425,753 — — — 5,335,224 Total 8,294,045 12,434,713 12,372,243 17,438,883 Equity Sharing Certificate Equity Incentive Plan On June 1, 2010, the Company established an equity incentive plan based on equity sharing certificates (“ESCs”) to provide incentives to Board Members, Executive Managers, employees and consultants of the Group. Each ESC provides the holder (i) a right to subscribe for 1,000 shares in the Company, and (ii) a right to liquidation proceeds equivalent to that of shareholders. All rights of the ESCs expire after their defined exercise period with the ownership of the ESCs reverting to the Group. ESCs granted are subject to certain vesting conditions based on the service period defined in each grant agreement. The holder of vested ESCs has the right to subscribe to shares at the subscription price if the underlying share price has reached the floor price. The floor and subscription price are defined by the Board of Directors in each grant agreement at the time of issuance. In the event of a change in control, all ESCs are automatically vested. The Group has no legal or constructive obligation to repurchase or settle ESCs in cash. Movements in the number of share subscription rights attached to the ESCs outstanding are as follows: Average Average Average subscription subscription subscription prices / floor prices / floor prices / floor prices (CHF) 2022 prices (CHF) 2021 prices (CHF) 2020 At January 1 1.54 198,750 1.54 198,750 1.54 198,750 Exercised under the DSPPP 0.13 (198,750) — — — — At December 31 — — 1.54 198,750 1.54 198,750 At December 31, 2022, there are no subscription rights attached to the ESCs (2021: 198,750 were exercisable The outstanding subscription rights as at December 31, 2021 have the following expiry dates, subscription prices and floor prices: At December 31, 2021 Subscription prices / floor prices (CHF) Expiry date 1.00 / 2.30 2.00 / 2.30 Total 2024 90,750 — 90,750 2027 — 108,000 108,000 Total subscription rights 90,750 108,000 198,750 Employee share option plans (ESOP) The Company established an employee share option plan to provide incentives to directors, executives, employees and consultants of the Group. During 2022, the Group granted the following options with vesting over 4 years and a 10-year exercise period at the grant date as described in the table below. Grant conditions relating to the strike price have been amended during the year ended December 31, 2022. Number of share Number of share options repriced options repriced Number of share Strike price at Expiry date at Number of share to CHF 0.19 on to CHF 0.13 on exercised under the grant date grant date options granted August 2 2022 October 5 2022 DSPPP April 12, 2022 1.00 April. 11, 2032 3,840,657 3,840,657 3,840,657 3,738,258 April 12, 2022 1.00 Dec. 31, 2031 6,000 6,000 6,000 6,000 April 12, 2022 1.04 Dec. 31, 2031 49,713 — — — May 2, 2022 1.00 May 1, 2032 6,000 6,000 6,000 6,000 October 5, 2022 0.13 Oct. 4, 2032 5,423,076 — — 5,332,547 October 6, 2022 0.13 Oct. 5, 2032 2,677 — — 2,677 December 29, 2022 0.20 June 30,2032 108,955 — — — Total 2022 9,437,078 3,852,657 3,852,657 9,085,482 In 2022, the Group granted 9,437,078 share options of which 3,852,657 were repriced at a strike price of CHF 0.13 on October 5, 2022 and 9,085,482 have been exercised on October 26, 2022 under the DSPPP. During 2021, the Group granted the following options with vesting over 4 years and a 10-year exercise period as described in the table below. Grant conditions relating to the strike price and grant conditions have been amended during the year ended December 31, 2022. Number of Number of Number of share options share options share options Number of Number of repriced to repriced to repriced to options Strike price at Expiry date at share options CHF 1.00 on CHF 0.19 on CHF 0.13 on exercised under grant date grant date granted Jan. 4 , 2022 Aug. 2, 2022 Oct. 5, 2022 the DSPPP April 1, 2021 1.99 Dec. 31, 2030 27,492 — — — — May 17, 2021 1.45 May 16, 2031 1,791,000 1,786,000 1,756,000 1,756,000 1,716,000 July 1, 2021 1.60 June 30, 2031 44,408 30,000 30,000 30,000 30,000 October 1, 2021 1.45 Sept. 30, 2031 6,000 6,000 6,000 6,000 6,000 Total 2021 1,868,900 1,822,000 1,792,000 1,792,000 1,752,000 Movements in the number of options outstanding are as follows: Average Average Average strike price strike price strike price (CHF) 2022 (CHF) 2021 (CHF) 2020 At January 1 2.01 8,615,885 2.16 6,768,460 2.38 5,540,600 Exercised under the DSPPP 0.13 (17,240,133) — — — — Granted 0.49 9,437,078 1.46 1,868,900 1.16 1,227,860 Forfeited 1.00 (35,830) 1.93 (11,475) — — Expired — — 2 (10,000) — — At December 31 0.55 777,000 2.01 8,615,885 2.16 6,768,460 At December 31, 2022, of the outstanding 777,000 share options (respectively 2021: 8,615,885 and 2020: 6,768,460), 389,668 were exercisable (respectively 2021: 5,954,115 and 2020: 4,235,706). The outstanding share options as at December 31, 2022 and 2021 have the following expiry dates: At December 31, 2022 Range of strike prices (CHF) Expiry date 0.13 0.14 to 0.99 1.00 to 1.50 1.51 to 2.50 2.51 to 3.00 Total 2025 — 25,000 — 4,687 — 29,687 2027 56,655 11,385 — 7,241 — 75,281 2028 59,530 26,085 — — 5,292 90,907 2029 — — 72,013 38,487 — 110,500 2030 10,000 — 17,362 27,492 — 54,854 2031 40,000 — 59,480 14,408 — 113,888 2032 192,928 108,955 — — — 301,883 Total 359,113 171,425 148,855 92,315 5,292 777,000 At December 31, 2021 Range of strike prices (CHF) Expiry date 1.00 to 1.50 1.51 to 2.00 2.01 to 2.50 2.51 to 3.00 Total 2024 — 506,351 — — 506,351 2025 — 49,687 — — 49,687 2026 — 95,000 50,000 — 145,000 2027 292,261 1,606,820 — — 1,899,081 2028 — — 243,506 2,464,890 2,708,396 2029 184,883 68,487 — — 253,370 2030 1,189,373 27,492 — — 1,216,865 2031 1,792,727 44,408 — — 1,837,135 Total 3,459,244 2,398,245 293,506 2,464,890 8,615,885 The weighted average fair value of share options granted during 2022 determined using a Black-Scholes model was CHF 0.18 (2021: CHF 0.72, 2020: CHF 0.45). The significant inputs to the model were: 2022 2021 2020 Weighted average share price per share at the grant date CHF 0.41 CHF 1.58 CHF 1.16 Weighted average strike price per share CHF 0.49 CHF 1.46 CHF 1.16 Weighted average volatility 50.34 % 47.07 % 40.24 % Dividend yield — — — Weighted average annual risk-free rate 0.75 % 0.44 % 0.13 % Deferred Strike Price Payment Plan (DSPPP) The Group has implemented a staff retention plan which includes a DSPPP which encourages Board Members, Executive Managers and employees to exercise their share options or equity sharing certificates and become shareholders of the Company by allowing the deferral of the obligation to pay the strike price until the earlier of the sale of the shares or 10 years . Shares received through the exercise of unvested share options are subject to sales restrictions reflecting the remaining vesting period of exercised equity incentive units. In the event of a change of control, bankruptcy of the Company or forced sale of the shares at a price below the strike price, the deferred strike price payment obligation is waived. Under IFRS 2, the DSPPP is considered to be a non-recourse loan and consequently the options are deemed to be exercised on the date that the loan is repaid. Therefore, neither the shares nor the loan, are outstanding until either the options are exercised by paying the exercise price for the shares (repaying the loan) or the options expire entirely after 10 years without any remaining obligation from the option holders. The DSPPP is considered to be a modification of the equity incentive plan and consequently, the 17,438,883 shares (“DSPPP Shares”) issued from the exercise of equity incentive units are recorded as treasury shares and associated share-based compensation is recognized over the remaining vesting period as if the equity incentive units had not been exercised. The modification of the equity incentive plan results in an increase in the fair value of CHF 63,399 of which CHF 52,216 has been recognized in 2022. Movements in the number of DSPPP shares are as follows: Average deferred strike price payment (CHF) 2022 At January 1 — — Granted - exercise of ESOP & ESC 0.13 17,438,883 At December 31 0.13 17,438,883 On October 26, 2022, Board Members, Executive Managers and employees exercised a total of 17,438,883 equity incentive units at a strike price of CHF 0.13. At December 31, 2022, of the 17,438,883 DSPPP Shares, 7,726,415 are not subject to sales restrictions and all Share purchase plan The Group established a share purchase plan under which services are settled for shares. Under the plan Board Members, Executive Managers, employees and consultants may receive fully paid ordinary shares from the Group’s treasury share reserve for services rendered. During the year ended December 31, 2022, the Group did not use its treasury shares to pay consultants whilst during the year ended December 31, 2021, 116,914 shares (respectively 2020: 207,190) were transferred to settle CHF 164,980 (respectively 2020: CHF 285,745) of consulting fees. |
Revenue from contract with cust
Revenue from contract with customer | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from contract with customer | |
Revenue from contract with customer | 14. Revenue from contract with customer License & research agreement with Indivior PLC On January 2, 2018, the Group entered into an agreement with Indivior for the discovery, development and commercialization of novel GABAB PAM compounds for the treatment of addiction and other CNS diseases. This agreement included the selected clinical candidate, ADX71441. In addition, Indivior agreed to fund a research program at the Group to discover novel GABAB PAM compounds. The contract contains two distinct material promises and performance obligations: (1) the selected compound ADX71441 which falls within the definition of a licensed compound, whose rights of use and benefits thereon was transferred in January 2018 and, (2) the research services to be conducted by the Group and funded by Indivior to discover novel GABAB PAM compounds for clinical development that may be discovered over the research term of the agreement and selected by Indivior. Indivior has sole responsibility, including funding liability, for development of selected compounds under the agreement through preclinical and clinical trials, as well as registration procedures and commercialization, if any, worldwide. Indivior has the right to design development programs for selected compounds under the agreement. Through the Group’s participation in a joint development committee, the Group reviews, in an advisory capacity, any development programs designed by Indivior. However, Indivior has authority over all aspects of the development of such selected compounds. Under terms of the agreement, the Group granted Indivior an exclusive license to use relevant patents and know-how in relation to the development and commercialization of product candidates selected by Indivior. Subject to agreed conditions, the Group and Indivior jointly own all intellectual property rights that are jointly developed and the Group or Indivior individually own all intellectual property rights that the Group or Indivior develop individually. The Group has retained the right to select compounds from the research program for further development in areas outside the interest of Indivior including Charcot-Marie-Tooth type 1A neuropathy, or CMT1A, Chronic Cough and pain. Under certain conditions, but subject to certain consequences, Indivior may terminate the agreement. In January 2018, the Group received, under the terms of the agreement, a non-refundable upfront fee of USD 5.0 million for the right to use the clinical candidate, ADX71441, including all materials and know-how related to this clinical candidate. In addition, the Group is eligible for payments on successful achievement of pre-specified clinical, regulatory and commercial milestones totaling USD 330 million and royalties on net sales of mid-single digits to low double-digits. On February 14, 2019, Indivior terminated the development of their selected compound, ADX71441. Separately, Indivior funds research at the Group, based on a research plan to be mutually agreed between the parties, to discover novel GABAB PAM compounds. These future novel GABAB PAM compounds, if selected by Indivior, become licensed compounds. The Group agreed with Indivior to an initial research term of two years, which can be extended by twelve month increments and a minimum annual funding of USD 2 million for the Group’s R&D costs incurred. R&D costs are calculated based on the costs incurred in accordance with the contract. Following Indivior’s selection of one newly identified compound, the Group has the right to also select one additional newly identified compound. The Group is responsible for the funding of all development and commercialization costs of its selected compounds and Indivior has no rights to the Group’s selected compounds. The initial two-year research term was expected to run from May 2018 to April 2020. In 2019, Indivior agreed to an additional research funding of USD 1.6 million, for the research period. On October 30, 2020, the research term was extended until June 30, 2021 and Indivior agreed to additional research funding of USD 2.8 million. Effective May 1, 2021, the research term was extended until July 31, 2022 and Indivior agreed additional research funding of CHF 3.7 million, of which CHF 2.7 million has been paid to the Group and CHF 1.0 million paid directly by Indivior to third party suppliers that are supporting the funded research program. In August 2022, the research agreement was extended until March 31, 2023 and Indivior agreed to additional research funding of CHF 0.85 million. The reserved indications, where Addex retains exclusive rights to develop its own independent GABAB PAM program, have also been expanded to include chronic cough. Effective November 1, 2022, the research term was extended until June 30, 2023 and Indivior agreed to additional research funding of CHF 0.95 million. For the year ended December 31, 2022, the Group recognized CHF1.4 million as revenue (respectively 2021: CHF 2.9 million and 2020: CHF 3.6 million) and recorded a combined amount of CHF 0.4 million in contract asset and trade receivable as of December 31, 2022 (December 31, 2021: CHF 0.2 million). Janssen Pharmaceuticals Inc. (formerly Ortho-McNeil-Janssen Pharmaceuticals Inc.) On December 31, 2004, the Group entered into a research collaboration and license agreement with Janssen Pharmaceuticals Inc. (JPI). In accordance with this agreement, JPI has acquired an exclusive worldwide license to develop mGlu2 PAM compounds for the treatment of human health. The Group is eligible to receive up to EUR 109 million in success-based development and regulatory milestone, and low double-digit royalties on net sales. The Group considers these various milestones to be variable considerations as they are contingent upon achieving uncertain, future development stages and net sales. For this reason, the Group considers the achievement of the various milestones as binary events that will be recognized as revenue upon occurrence. No amounts have been recognized under this agreement in 2022, 2021 and 2020. |
Other income
Other income | 12 Months Ended |
Dec. 31, 2022 | |
Other income | |
Other income | 15. Other income Under a grant agreement with Eurostars/Innosuisse the Group is required to complete specific research activities within a defined period of time. The Group’s funding is fixed and received based on the satisfactory completion of the agreed research activities and incurring the related costs. The Group was awarded a grant by Eurostars/Innosuisse in 2019 for CHF 0.5 million of which CHF 0.38 million were paid as of December 31, 2022 and CHF 0.12 million in February 2023. As of December 31, 2022 the Group recognized CHF 0.12 million as other receivables (CHF 0.13 million as of December 31, 2021). For the year ended December 31, 2022, the amount recognized in other income is nil (CHF 0.2 million for the years ended December 31, 2021 and 2020 respectively). The Group additionally recognized other income from IT consultancy agreements. |
Operating costs
Operating costs | 12 Months Ended |
Dec. 31, 2022 | |
Operating costs | |
Operating costs | 16. Operating costs 2022 2021 2020 Staff costs (note 17) 7,053,102 4,737,138 4,397,004 Depreciation (notes 8/9) 323,144 347,613 378,754 External research and development costs 10,029,786 9,014,083 6,981,854 Laboratory consumables 319,305 295,377 295,005 Patent maintenance and registration costs 318,194 266,043 328,177 Professional fees 1,424,333 1,379,734 1,399,123 Short term leases 47,283 37,512 36,651 D&O insurance 1,591,231 1,591,882 1,505,897 Other operating costs 858,788 989,840 799,952 Total operating costs 21,965,166 18,659,222 16,122,417 The evolution of the total operating costs is mainly driven by external research and development expenses, staff costs, D&O insurance, professional fees and other operating costs. During the year ended December 31, 2022, total operating costs increased by CHF 3.3 million compared to the year ended December 31, 2021, primarily due to increased staff costs for CHF 2.3 million mainly due to higher share-based compensation costs. During the same period, the external research and development costs increased by CHF 1.0 million primarily due to dipraglurant clinical development activities for CHF 0.4 million and discovery activities for CHF 0.6 million. During the year ended December 31, 2021, total operating costs increased by CHF 2.5 million compared to the year ended December 31, 2020, primarily due to increased external research and development costs of CHF 2.0 million including CHF 0.6 million for dipraglurant PD-LID program, CHF 0.6 million for dipraglurant blepharospasm program and CHF 0.1 million for GABAB PAM program. During the same period, staff costs increased by CHF 0.3 million primarily due to the strengthening of our R&D team. |
Staff costs
Staff costs | 12 Months Ended |
Dec. 31, 2022 | |
Staff costs | |
Staff costs | 17. Staff costs 2022 2021 2020 Wages and salaries 3,343,645 3,280,004 2,959,856 Social charges and insurances 394,797 396,149 315,164 Value of share-based services (note 13) 3,034,740 946,632 901,425 Retirement benefit (note 19) 279,920 114,353 220,559 Total staff costs 7,053,102 4,737,138 4,397,004 Total staff costs increased by CHF 2.3 million for the year ended December 31, 2022, compared to the same period in 2021, primarily due to higher share-based compensation cost including CHF 1.8 million for the increase in fair value of equity incentive units due to the reduction of their strike price (see note 13). The wages and salaries increased by CHF 0.3 million for the year ended December 31, 2021 compared to the same period in 2020, primarily due to an increase in the average number of full-time equivalent employees from 22 in 2020 to 25 in 2021. |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Taxes | |
Taxes | 18. Taxes December 31, 2022 December 31, 2021 December 31, 2020 Loss before tax 20,804,213 15,351,914 12,858,599 Tax calculated at a tax rate of 13.99% 2,910,509 2,147,733 1,798,918 Effect of different tax rates in USA and France 3,801 5,398 11,046 Deductible expenses charged against equity / deferred costs for issuance of shares 178,015 382,829 78,164 Sale of treasury shares by a subsidiary, recognized as financial loss (income) in standalone financial statements 1,666,594 (8,556) (71,285) Expenses not deductible for tax purposes (514,017) (145,195) (160,729) Temporary differences (1,324) (954) (2,515) Total tax losses not recognized as deferred tax asset (4,243,578) (2,381,255) (1,653,599) Income tax expense — — — The Group has decided not to recognize any deferred income tax assets at December 31, 2022, 2021 or 2020. The key factors which have influenced management in arriving at this evaluation are the fact that the Group has not yet a history of making profits and product development remains at an early stage. The amount of deferred income tax assets that arises from sources other than tax losses carried forward and the amount of deferred income tax liabilities are insignificant compared to the unrecognized tax losses carried forward. The tax losses carried forward by the Group and their respective expiry dates are as follows: December 31, 2022 December 31, 2021 December 31, 2020 2021 — — 1,224,210 2022 — 3,540,541 3,540,541 2023 141,425,567 141,425,567 141,425,567 2024 290,949 290,949 290,949 2025 3,586,490 3,586,490 3,586,490 2026 23,467,840 23,467,840 23,467,858 2027 12,590,566 9,831,196 9,834,674 2028 28,427,419 24,391,568 — 2029 65,367,349 — — Total unrecorded tax losses carry forwards. 275,156,180 206,534,151 183,370,289 Tax losses carried forward expiring in 2027 and 2028, have been increased by CHF 4.0 million and CHF 2.8 million respectively due to final tax returns for the fiscal years ended December 31, 2020 and 2021 received from Swiss tax administration in 2022. As of December 31, 2022, the unrecorded tax losses carried forward increased to CHF 275,156,180 (2021: CHF 206,534,151, 2020: CHF 183,370,289). |
Retirement benefit obligations
Retirement benefit obligations | 12 Months Ended |
Dec. 31, 2022 | |
Retirement benefit obligations | |
Retirement benefit obligations | 19. Retirement benefit obligations Apart from the social security plans fixed by the law, the Group sponsors an independent pension plan. The Group has contracted with Swiss Life for the provision of occupational benefits. All benefits in accordance with the regulations are reinsured in their entirety with Swiss Life within the framework of the corresponding contract. This pension solution fully reinsures the risks of disability, death and longevity with Swiss Life. Swiss Life invests the vested pension capital and provides a 100% capital and interest guarantee. The pension plan is entitled to an annual bonus from Swiss Life comprising the effective savings, risk and cost results. Although, as is the case with many Swiss pension plans, the amount of ultimate pension benefit is not defined, certain legal obligations of the plan create constructive obligations on the employer to pay further contributions to fund an eventual deficit; this results in the plan nevertheless being accounted for as a defined benefit plan. All employees are covered by this plan, which is a defined benefit plan. Retirement benefits are based on contributions, computed as a percentage of salary, adjusted for the age of the employee and shared approximately 46% / 54% by employee and employer. In addition to retirement benefits, the plans provide death and long-term disability benefits to its employees. Liabilities and assets are revised every year by an independent actuary. Assets are held in the insurance company. In accordance with IAS 19 (revised), plan assets have been estimated at fair market values and liabilities have been calculated according to the “projected unit credit” method. The Group recorded a pension benefit charge in 2022 of CHF 279,920 (respectively CHF 114,353 in 2021 and CHF 220,559 in 2020) as part of staff costs. Employment benefit obligations The amounts recognized in the balance sheet are determined as follows: December 31, December 31, 2022 2021 Defined benefit obligation (7,682,529) (9,276,675) Fair value of plan assets 7,867,835 7,995,150 Effect of asset ceiling (185,306) — Funded status surplus/ (shortfall) — (1,281,525) As of December 31, 2022, the funded status had a surplus of CHF 0.2 million that has not been recorded as an asset in accordance with the asset ceiling rules and minimum funding requirements whilst they were in a shortfall situation of CHF 1.3 million as of December 2021. The decrease of the present value of the defined benefit obligation is primarily due to the increase of the discount rate to 2.30% as of December 31, 2022 compared to 0.35% as of December 31, 2021. The amounts recognized in the statement of comprehensive loss are as follows: 2022 2021 2020 Current service cost (306,491) (325,144) (315,727) Past service cost 36,459 219,104 102,764 Interest cost (98,639) (23,742) (21,799) Interest income 88,751 15,429 14,203 Company pension amount (note 17) (279,920) (114,353) (220,559) The conversion rates have changed in April 2022, January 2021 and January 2020 which has led to a positive past service cost during the years ended December 31, 2022, 2021 and 2020. The movements in the defined benefit obligations during the year are as follows: 2022 2021 Defined benefit obligation at beginning of year (9,276,675) (9,406,967) Current service cost (306,491) (325,144) Past service cost 36,459 219,104 Interest cost (98,639) (23,742) Employee contributions (244,097) (222,772) Actuarial gain arising from changes in financial assumptions 1,923,273 295,480 Actuarial gain arising from changes in demographic assumptions 51,085 186,583 Actuarial gain/ (loss) on experience adjustment 6,850 (115,175) Benefits paid 225,706 115,958 Defined benefit obligations at end of year (7,682,529) (9,276,675) The movements in the fair value of plan assets during the year are as follows: 2022 2021 Fair value of plan assets at beginning of year 7,995,150 7,714,430 Interest income 88,751 15,429 Employee contributions 244,097 222,772 Employer contributions 291,313 264,817 Plan assets loss (525,770) (106,340) Benefits paid (225,706) (115,958) Fair value of plan assets at end of year 7,867,835 7,995,150 As of the date of the preparation of these consolidated financial statements, the 2022 annual report of the pension fund has not yet been issued, and therefore the detailed structures and assets held at December 31, 2022, are not currently available for presentation. However, the detailed assets held at December 31, 2021, which were reported to the Group on May 3, 2022 by its plan administrator, are as follows: December 31, 2021 Cash 1.79 % Bonds 52.36 % Equity instruments 11.16 % Real estate 22.75 % Mortgages 10.22 % Others 1.72 % Total 100.00 % The principal actuarial assumptions used were as follows: December 31, 2022 December 31, 2021 Discount rate 2.30 % 0.35 % Mortality tables BVG2020 GT BVG2020 GT Salary growth rate 1.20 % 1.00 % Pension growth rate 0.00 % 0.00 % The following sensitivity analysis shows the impact of increasing or decreasing certain assumptions on the defined benefit obligation of the Swiss pension plan: ● 0.25 % increase or decrease in the discount rate would lead to a decrease of 3.09% (2021: 3.93)% or an increase of 3.48% (2021: 4.52)% in the defined benefit obligation. ● 0.25 % increase or decrease in the interest rate on retirement savings capital would lead to an increase of 1.06% (2021: 0.58)% or a decrease of 1.03% (2021: 0.52)% in the defined benefit obligation. ● 0.25 % increase or decrease in salaries would lead to an increase of 0.09% (2021: 0.01)% or a decrease of 0.09% (2021: no decrease) in the defined benefit obligation; and ● +/- 1 year in the life expectancy would lead to an increase of 1.02% (2021: 1.63)% or a decrease of 1.07% (2021: 1.69)% in the defined benefit obligation. The discount rate and life expectancy were identified as significant actuarial assumptions for the Swiss pension plan. The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of 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 calculated with the projected unit credit method at the end of the reporting period) has been applied as that used in calculating the pension liability recorded on consolidated balance sheets. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period. The estimated employer contributions to pension plans for the financial year 2023 amount to CHF 288,000. The following table shows the funding of the defined benefit pensions and the components of the costs recognized in other comprehensive income: 2022 2021 Present value of defined benefit obligation (7,682,529) (9,276,675) Fair value of plan assets 7,867,835 7,995,150 Effect of asset ceiling (185,306) — Surplus / (Deficit) in the plan — (1,281,525) Actuarial gain on defined benefit obligation 1,981,208 366,888 Actuarial loss on plan assets (525,770) (106,340) Change in the effect of the asset ceiling (185,306) — Total 1,270,132 260,548 The following table shows the estimated benefit payments for the next ten years where the number of employees remains constant: 2023 374,000 2024 748,000 2025 501,000 2026 357,000 2027 358,000 2028-2032 2,238,000 |
Finance result, net
Finance result, net | 12 Months Ended |
Dec. 31, 2022 | |
Finance result, net | |
Finance result, net | 20. Finance result, net 2022 2021 2020 Interest income 29,251 5,322 35,305 Interest expense on leases (23,019) (23,866) (19,042) Interest cost (25,878) (39,146) (50,460) Foreign exchange (losses)/gains, net (264,360) 211,693 (581,128) Finance result, net (284,006) 154,003 (615,325) The evolution of the finance result is mainly driven by foreign exchange losses and gains on our U.S Dollar cash deposits due to the evolution of the exchange rate of U.S Dollar compared to the Swiss franc. Finance result was a net loss of CHF 0.3 million and CHF 0.6 million respectively for the years ended December 31, 2022 and 2020, whilst it was a net gain of CHF 0.2 million for the year ended December 31, 2021. |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2022 | |
Loss per share | |
Loss per share | 21. Loss per share Basic and diluted loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of shares in issue during the year excluding treasury shares. 2022 2021 2020 Loss attributable to equity holders of the Company (20,804,213) (15,351,914) (12,858,599) Weighted average number of shares in issue 45,184,865 34,119,666 26,681,774 Basic and diluted loss per share (0.46) (0.45) (0.48) The Company has four categories of dilutive potential shares: treasury shares, equity sharing certificates (“ECSs”), share options and warrants which have been ignored in the calculation of the loss per share for the year ended December 31, 2022, 2021 and 2020, as they would be antidilutive. In addition to treasury shares, the total number of dilutive instruments as of December 31, 2022 is 30,874,670 (2021: 29,590,875 and 2020: 13,034,108) which consists of 777,000 ESOP, 5,866,898 warrants granted to investors on March 28, 2018 and 24,230,772 warrants granted to one investor (9,230,772 warrants on December 21, 2021 and 15,000,000 on July 26, 2022 respectively). As of December 31, 2021, dilutive instruments primarily consist of 198,750 ESCs (2020: 198,750), 8,615,885 ESOP (2020: 6,768,460), 5,866,898 warrants granted to investors on March 28, 2018 (2020: 5,866,898), 9,230,772 warrants and 5,478,570 pre-funded warrants granted to one investor on December 21, 2021. These options could potentially dilute basic earnings per share in the future. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and contingencies | |
Commitments and contingencies | 22. Commitments and contingencies Capital commitments As at December 31, 2022 and 2021, the Group has no contracted capital expenditure. Contingencies As part of the ordinary course of business, the Group is subject to contingent liabilities in respect of certain litigation. Currently, there is no outstanding litigation with a possible negative effect on the Group. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions | |
Related party transactions | 23. Related party transactions Related parties include members of the Board of Directors and the Executive Management of the Group. The following transactions were carried out with related parties: Key management compensation 2022 2021 2020 Salaries, other short‑term employee benefits and post-employment benefits 1,619,186 1,502,377 1,314,723 Consulting fees 151,639 224,091 317,425 Share‑based compensation 3,196,353 955,051 975,579 Total 4,967,178 2,681,519 2,607,727 Salaries, other short-term employee benefits and post-employment benefits relate to members of the Board of Directors and Executive Management who are employed by the Group. Consulting fees relate mainly to Roger Mills, a member of the Executive Management who delivers his services to the Group under a consulting contract. The Group has a net payable to the Board of Directors and Executive Management of CHF 0.1 million as of December 31, 2022 (December 31, 2021: CHF 0.2 million). Share-based compensation relates to the fair value of equity incentive units recognized through profit and loss following their vesting plan. |
Events after the balance sheet
Events after the balance sheet date | 12 Months Ended |
Dec. 31, 2022 | |
Events after the balance sheet date | |
Events after the balance sheet date | 24. Events after the balance sheet date The Group sold 3,742,506 treasury shares for a gross amount of CHF 1.2 million under the sale agency agreement with Kepler Cheuvreux, between the closing date and the approval of these consolidated financial statements. The number of outstanding shares amounts to 80,879,591 on March 28, 2023 excluding 34,468,720 treasury shares directly held by Addex Pharma SA. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of significant accounting policies | |
Basis of preparation | 2.1 Basis of preparation The consolidated financial statements of Addex Therapeutics Ltd have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (“IASB”), and under the historical cost convention. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4 “Critical accounting estimates and judgements”. Due to rounding, numbers presented throughout these consolidated financial statements, may not add up precisely to the totals provided. All ratios and variances are calculated using the underlying amount rather than the presented rounded amount. Where necessary, comparative figures have been revised to conform with the current year 2022 presentation. |
New and amended standards adopted by the Group | New and amended standards adopted by the Group A number of new or amended standards and interpretations became applicable for financial periods beginning on or after January 1, 2022. The Group noted that the latter did not have a material impact on the Group’s financial position or disclosures made in the condensed consolidated financial statements. |
New standards and interpretations not yet adopted by the Group | New standards and interpretations not yet adopted by the Group The Group is currently assessing the potential impacts of the various new and revised standards and interpretations that will be mandatory from January 1, 2023 which the Group has not yet applied. Based on an analysis to date, the Group does not anticipate that these will have a material impact on the Group’s overall results and financial position. The Group is also assessing other new and revised standards which are not mandatory until after 2023. |
Consolidation | 2.3 Consolidation Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. The Company currently consolidates the financial operations of its three fully-owned subsidiaries, Addex Pharma SA, Addex Pharmaceuticals Inc, and Addex Pharmaceuticals France SAS. Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. The reporting date of all Group companies is December 31. |
Segment reporting | 2.4 Segment reporting The Group operates in one segment, which is the discovery, development and commercialization of small-molecule pharmaceutical products. A single management team that reports to the Chief Executive Officer comprehensively manages the entire business. The chief operating decision-maker is the Chief Executive Officer who reviews the statement of operations of the Group on a consolidated basis, makes decisions and manages the operations of the Group as a single operating segment. The Group’s activities are not affected by any significant seasonal effect. Revenue is attributable to the Company’s country of domicile, Switzerland. |
Foreign currency transactions | 2.5 Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in Swiss francs, which is the Group’s presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of comprehensive loss. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive loss within ‘finance result’. Group companies The results and financial position of the Group’s subsidiary that has a functional currency different from the presentation currency are translated into the presentation currency as follows: ● assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; ● income and expenses for each statement of comprehensive loss are translated at the average exchange rate; and ● all resulting exchange differences are recognized in other comprehensive loss. |
Property, plant and equipment | 2.6 Property, plant and equipment are stated at historical cost less accumulated depreciation, and impairment (if any). Historical cost includes expenditure that is directly attributable to the acquisition of the item. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of comprehensive loss during the financial period in which they are incurred. Depreciation is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives as follows: Computer equipment 3 years Laboratory equipment 4 years Furniture and fixtures 5 years Chemical library 5 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (see note 2.7). Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are included in the statement of comprehensive loss. |
Impairment of non financial assets | 2.7 Assets that are subject to depreciation or amortization are reviewed for impairment annually, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units). Prior impairment of non-financial assets other than goodwill is reviewed for possible reversal at each reporting date. |
Financial assets | 2.8 The Group has one category of financial assets, namely “trade and other receivables”. Trade and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. These assets are held for collection of contractual cash flows which represent solely the payment of principal and interest. They arise when the Group provides money, goods or services directly to a debtor with no intention of trading the receivable. They are included in current assets, except for maturities greater than 12 months after the balance sheet date, which are classified as non-current assets. Trade and other receivables are included in other current assets in the balance sheet (see note 7). Trade and other receivables are initially measured at fair value and subsequently measured at amortized cost. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any loss allowance. Trade and other receivables are derecognized when settled. The Group classifies a contract asset as a receivable when the Group’s right to consideration is unconditional. If the Group transfers control of goods or services to a customer before the customer pays consideration, the Group records either a contract asset or a receivable depending on the nature of the Group’s right to consideration for its performance. Contract assets and contract liabilities arising from the same contract are netted and presented as either a single net contract asset or net contract liability. Impairment of financial assets The Group recognizes a loss allowance for expected credit losses on trade and other receivables, contract assets and security rental deposits that are measured at amortized cost. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Group always recognizes lifetime expected credit losses(“ECL”) for trade and other receivables and contract assets where applicable. The ECL on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the ECL that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. |
Cash and cash equivalents | 2.9 Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. They are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Any bank overdrafts are not netted against cash and cash equivalents but are shown as part of current liabilities on the consolidated balance sheet. |
Share capital | 2.10 Shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company’s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental cost (net of income taxes) is recorded as a deduction from equity attributable to the Company’s equity holders as a treasury share reserve until the shares are cancelled, reissued or disposed of. When such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effect, the nominal amount is reversed from the treasury share reserve, with any remaining difference to the total transaction value being recognized in share premium. The Company has entered into a liquidity contract where an independent broker buys and sells the Company’s shares held in the broker’s custody. Such shares are presented in the treasury share reserve with all other treasury shares directly held by Addex Pharma SA. The Group also uses treasury shares to partially settle services rendered by third and related parties. When shares are issued for this purpose, the nominal share value is recognized as a treasury share reserve and the value above par is presented as a share premium. |
Equity instruments | 2.11 Equity instruments issued by the Group are recorded at the fair value of the proceeds received, net of direct issuance costs. |
Trade payables | 2.12 Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. All payables have a contract maturity within 1 year. |
Grants | 2.13 Grants are not recognized until there is reasonable assurance that the Group will comply with the terms and conditions of the grant and that the grants will be received. Grants are recognized as other income in the statement of comprehensive loss on a systematic basis over the periods in which the Group recognizes as expenses the related costs for which the grant is intended to compensate. Specifically, grants whose primary conditions are that the Group should undertake specific research activities within a defined period of time, are recognized as deferred income in the consolidated statement of financial position and transferred to the statement of comprehensive loss on a systematic and rationale basis over the defined timeframe. |
Deferred income tax | 2.14 Deferred income tax is recorded in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss, it is not accounted for. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is recorded on temporary differences arising on investments in subsidiaries, except where the Group deems it probable that the temporary difference will not reverse in the foreseeable future. Potential deferred income tax assets from tax loss carry forwards exceed deferred tax liabilities. Deferred income tax assets from tax loss carry forwards are initially recognized to the extent that the realization of the related tax benefit through future taxable profits is probable. |
Pension obligations | 2.15 The Group operates one pension scheme. The scheme is generally funded through payments to insurance companies or trustee-administered funds, determined by periodic actuarial calculations. The Group has defined benefit plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. Actuarial gains and losses arising from experience adjustments, changes in actuarial assumptions and changes in the asset ceiling effect are recognized immediately in other comprehensive loss and past-service costs are recognized immediately in statement of comprehensive loss. Under IAS 19, the shortfall or the surplus of the fair value of the plan assets compared with the defined benefit obligation is recorded as a liability or an asset in the consolidated balance sheet. That recognition is subject to asset ceiling rules and minimum funding requirements set out in IFRIC 14. The defined benefit obligation is calculated at least annually by an independent actuary using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability. |
Share based compensation | 2.16 The Group operates an equity sharing certificates’ equity incentive plan, a share option plan, and a share purchase plan. The Group also from time-to-time grants warrants to brokers and investors. The fair value of the services received in exchange for the grant or transfer of equity sharing certificates, options, shares or warrants is recognized in the consolidated financial statements The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the equity incentive units are exercised. |
Revenue recognition | 2.17 The Group recognizes revenue from the license of intellectual property and providing research and development services: License of intellectual property If the license to the Group’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Group recognizes revenues when the license conveys a right of use, or there is a right of access to the underlying intellectual property. For licenses that are sold in conjunction with a related service, the Group uses judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the performance obligation is settled over time, the Group determines the appropriate method of measuring progress for purposes of recognizing license revenue. The Group evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Research and development services The Group has an arrangement with its partner that includes deploying its employees for research and development activities. The Group assesses if these research and development activities are considered distinct in the context of the respective contract and, if so, they are accounted for as a separate performance obligation. This revenue is calculated based on the costs incurred (input method) in accordance with the respective contract and recorded within “Revenue from contract with customer ” Contract balances The Group receives payments and determines credit terms from its customers for its various performance obligations based on billing schedules established in each contract. The actual timing of the income recognition, billings and cash collections may result in other current receivables, accrued revenue (contract assets), and deferred revenue (contract liabilities) being recorded on the balance sheet. Amounts are recorded as other current receivables when the Group’s right to consideration is unconditional. The Group does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. Under IFRS 15, the Group recognizes as revenue its non-refundable license fees, milestone, research activities and royalties when its customer obtains control of promised services, in an amount that reflects the consideration which the Group expects to receive in exchange for those rendered services. To assess revenue recognition for arrangements that the Group determines are within the scope of IFRS 15, the Group performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Group satisfies a performance obligation. The Group only applies the five-step model to contracts when it is probable that the Group will collect the consideration it is entitled to in exchange for services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, the Group assesses the services promised within each contract and determine those that are performance obligations and assess whether each promised service is distinct. The Group uses the most likely method to estimate any variable consideration and include such consideration in the amount of the transaction price based on an estimated stand-alone selling price. Revenue is recognized for the respective performance obligation when (or as) the performance obligation is satisfied. |
Finance income and expense | 2.18 Interest received or paid on cash and cash equivalents are classified in the statement of cash flows under financing activities. |
Leases | 2.19 The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (less than USD 5 thousand). For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments as from the commencement date of the lease until the expected termination date. In determining the lease term, management consider all facts and circumstances that create an economic incentive to exercise an extension option, or not to exercise a termination option. Extension option are only considered if the lease is reasonably certain to be extended. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances, that is within the control of the lessees, occurs. The lease payments are discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. The lease liability is presented as a separate line in the consolidated statement of financial position. The interest expense is presented in the line finance expenses in the consolidated statement of comprehensive loss. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. They are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. When the Group renegotiates the contractual terms of a lease with the lessor, the accounting depends on the nature of the modification: ● if the renegotiation results in one or more additional assets being leased for an amount commensurate with the standalone price for the additional rights-of-use obtained, the modification is accounted for as a separate lease; ● in all other cases where the renegotiated increases the scope of the lease (whether that is an extension to the lease term, or one or more additional assets being leased), the lease liability is remeasured using the discount rate applicable on the modification date, with the right-of-use asset being adjusted by the same amount; ● if the renegotiation results in a decrease in the scope of the lease, both the carrying amount of the lease liability and right-of-use asset are reduced by the same proportion to reflect the partial or full termination of the lease with any difference recognized in the statement of comprehensive loss. The lease liability is then further adjusted to ensure the carrying amount reflects the amount of the renegotiated payments over the renegotiated term, with the modified lease payments discounted at the rate applicable on the modification date. The right-of-use asset is adjusted by the same amount. All lease payments on leases are presented as part of the cash flow from financing activities, except for the short-term and low value leases cash flows, which are booked under operating activities. |
Research and development | 2.20 Research and development costs are expensed as incurred. Costs incurred on development projects are recognized as intangible assets when the following criteria are fulfilled: ● it is technically feasible to complete the intangible asset so that it will be available for use or sale; ● management intends to complete the intangible asset and use or sell it; ● there is an ability to use or sell the intangible asset; ● it can be demonstrated how the intangible asset will generate probable future economic benefits; ● adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and ● the expenditure attributable to the intangible asset during its development can be reliably measured. In the opinion of management, due to uncertainties inherent in the development of the Group’s products, the criteria for development costs to be recognized as an asset, as prescribed by IAS 38, “Intangible Assets”, are not met. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of significant accounting policies | |
Schedule of depreciation rates | Computer equipment 3 years Laboratory equipment 4 years Furniture and fixtures 5 years Chemical library 5 years |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities | |
Schedule of net debt | Cash and Other cash financial Leases equivalents assets Total Net debt as at January 31, 2021 (567,396) 18,695,040 64,930 18,192,574 Cash flows 309,617 1,667,326 (47,785) 1,929,158 Acquisition – Leases (2,000) — — (2,000) Effect of modification to lease terms (226,578) — — (226,578) Disposals 4,343 — — 4,343 Foreign exchange differences — 122,470 — 122,470 Net debt as at December 31, 2021 (482,014) 20,484,836 17,145 20,019,967 Cash flows 288,076 (13,331,525) (13,980) (13,057,429) Effect of modification to lease terms (179,197) — — (179,197) Foreign exchange differences — (196,225) — (196,225) Net debt as at December 31, 2022 (373,135) 6,957,086 3,165 6,587,116 |
Schedule of lease liabilities | More Total Carrying Less than 1 to 5 than cash out amount At December, 31 2022 1 Year Years 5 Years flows liabilities Lease Liabilities 305,294 90,684 — 395,978 373,135 More Total Carrying Less than 1 to 5 than cash out amount At December, 31 2021 1 Year Years 5 Years flows liabilities Lease Liabilities 315,412 202,526 — 517,938 482,014 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment information | |
Schedule of revenue from contract with customer and other income by nature | 2022 2021 2020 Collaborative research funding 1,422,438 2,916,308 3,612,819 Grants earned — 218,330 244,298 Other service income 22,521 18,667 22,026 Total 1,444,959 3,153,305 3,879,143 |
Schedule of revenue from contract with customer and other income by major counterparties | 2022 2021 2020 Indivior PLC 1,422,438 2,916,308 3,612,819 Eurostars/Innosuisse — 218,330 244,298 Other counterparties 22,521 18,667 22,026 Total 1,444,959 3,153,305 3,879,143 |
Schedule of geographical areas | The geographical allocation of long-lived assets is detailed as follows: December 31, December 31, 2022 2021 Switzerland 452,732 596,098 United States of America — 3,536 France 357 374 Total 453,089 600,008 The geographical analysis of operating costs is as follows: 2022 2021 2020 Switzerland 21,933,056 18,619,123 16,050,488 United States of America 27,513 33,016 64,922 France 4,597 7,083 7,007 Total operating costs (note 17) 21,965,166 18,659,222 16,122,417 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents | |
Schedule of cash and cash equivalents | December 31, December 31, 2022 2021 Cash at bank and on hand 6,957,086 20,484,836 Total cash and cash equivalents 6,957,086 20,484,836 |
Schedule of cash and cash equivalents by currency | December 31, December 31, 2022 2021 CHF 52.98 % 44.33 % USD 42.10 % 54.47 % EUR 2.69 % 0.58 % GBP 2.23 % 0.62 % Total 100.00 % 100.00 % |
Schedule of cash and cash equivalents by credit rating | December 31, December 31, 2022 2021 External credit rating of counterparty P-1 / A-1 3,708,603 11,943,391 P-2 / A-2 3,031,028 — Other 217,335 8,541,279 Cash on hand 120 166 Total cash and cash equivalents 6,957,086 20,484,836 |
Other current assets (Tables)
Other current assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other current assets | |
Schedule of other current assets | December 31, December 31, 2022 2021 Other financial assets 3,165 17,145 Trade and other receivables 416,875 164,785 Contract asset (Indivior PLC) 181,441 159,636 Prepayments 270,394 1,115,374 Total other current assets 871,875 1,456,940 |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Right-of-use assets | |
Schedule of right-of-use assets | Year ended December 31, 2021 Properties Equipment Total Opening net book amount 543,890 21,454 565,344 Additions 2,000 — 2,000 Depreciation charge (294,389) (26,026) (320,415) Effect of lease modifications 208,902 17,676 226,578 Disposals (4,216) — (4,216) Exchange differences 698 — 698 Closing net book amount 456,885 13,104 469,989 As of December 31, 2021 Properties Equipment Total Cost 1,298,569 88,844 1,387,413 Accumulated depreciation (841,684) (75,740) (917,424) Net book value 456,885 13,104 469,989 Year ended December 31, 2022 Properties Equipment Total Opening net book amount 456,885 13,104 469,989 Depreciation charge (277,069) (14,504) (291,573) Effect of lease modifications 173,281 5,916 179,197 Closing net book amount 353,097 4,516 357,613 As of December 31, 2022 Properties Equipment Total Cost 1,471,850 13,542 1,485,392 Accumulated depreciation (1,118,753) (9,026) (1,127,779) Net book value 353,097 4,516 357,613 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment | |
Schedule of changes in property, plant and equipment | Furniture & Chemical Year ended December 31, 2021 Equipment fixtures Library Total Opening net book amount 67,760 — — 67,760 Additions 31,549 — — 31,549 Depreciation charge (27,198) — — (27,198) Closing net book amount 72,111 — — 72,111 Furniture & Chemical As of December 31, 2021 Equipment fixtures Library Total Cost 1,713,828 7,564 1,207,165 2,928,557 Accumulated depreciation (1,641,717) (7,564) (1,207,165) (2,856,446) Net book value 72,111 — — 72,111 Furniture & Chemical Year ended December 31, 2022 Equipment fixtures Library Total Opening net book amount 72,111 — — 72,111 Additions 581 — — 581 Depreciation charge (31,571) — — (31,571) Closing net book amount 41,121 — — 41,121 Furniture & Chemical As of December 31, 2022 Equipment fixtures Library Total Cost 1,714,409 7,564 1,207,165 2,929,138 Accumulated depreciation (1,673,288) (7,564) (1,207,165) (2,888,017) Net book value 41,121 — — 41,121 |
Non-current financial assets (T
Non-current financial assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Non-current financial assets | |
Schedule of non-current financial assets | December 31, December 31, 2022 2021 Security rental deposits 54,355 57,908 Total non ‑ current financial assets 54,355 57,908 |
Payables and accruals (Tables)
Payables and accruals (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and accruals | |
Schedule of payables and accruals | December 31, December 31, 2022 2021 Trade payables 1,276,546 1,787,287 Social security and other taxes 120,875 203,288 Accrued expenses 1,598,583 1,856,570 Total payables and accruals 2,996,004 3,847,145 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share capital. | |
Schedule of share capital | Number of shares Common Treasury shares shares Total Balance as of January 1, 2021 32,848,635 (5,729,861) 27,118,774 Issue of shares- treasury shares 9,524,317 (9,524,317) — Issue of shares - third parties 6,900,000 — 6,900,000 Sale of shares under shelf registration — 3,759,402 3,759,402 Sale of shares under sale agency agreement — 39,940 39,940 Settlement of supplier invoices — 116,914 116,914 Net purchase of treasury shares under liquidity agreement — (36,881) (36,881) Balance as of December 31, 2021 49,272,952 (11,374,803) 37,898,149 Issue of shares - treasury shares 48,636,476 (48,636,476) — Issue of shares - exercise ESOP & ESC 17,438,883 — 17,438,883 Sale of shares under shelf registration — 4,500,000 4,500,000 Exercise of pre-funded warrants — 15,978,570 15,978,570 Sale of shares under sale agency agreement — 1,355,248 1,355,248 Net purchase of shares under liquidity agreement — (36,830) (36,830) Balance as of December 31, 2022 115,348,311 (38,214,291) 77,134,020 Shares reclassed as treasury shares under IFRS 2 — (17,438,883) (17,438,883) Balance as of December 31, 2022 IFRS 2 115,348,311 (55,653,174) 59,695,137 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based compensation | |
Schedule of effect of share-based compensation on profit or loss | 2022 2021 2020 Research and development 1,047,398 467,812 354,934 General and administration 2,634,675 710,532 821,479 Total share-based compensation 3,682,073 1,178,344 1,176,413 2022 2021 2020 Equity sharing certificate plan 44,244 4,476 14,644 Share purchase plan — 23,498 49,813 Share option plans 3,637,829 1,150,370 1,111,956 Total share-based compensation 3,682,073 1,178,344 1,176,413 |
Schedule of changes in granting conditions | The table below describes the changes in granting conditions of the equity sharing certificates and the employee share option plans in 2022: Number of Number of Number of Equity incentive Equity incentive Equity incentive Number of equity Number of Equity units repriced to units repriced to units repriced to incentive units incentive CHF 1.00 on CHF 0.19 on CHF 0.13 on exercised under units January 4, 2022 August 2, 2022 October 5, 2022 the DSPPP Equity Sharing Certificate as of December 31 2021 198,750 108,000 198,750 198,750 198,750 Employee share options as of December 31 2021 8,615,885 8,186,045 8,383,306 8,320,836 8,154,651 Employee share options granted in 2022 at a strike price above CHF 0.13 4,011,325 — 3,852,657 3,852,657 3,750,258 Employee share options granted in 2022 at a strike price of CHF 0.13 5,425,753 — — — 5,335,224 Total 8,294,045 12,434,713 12,372,243 17,438,883 |
Schedule of movements in number of subscription rights outstanding | Average Average Average subscription subscription subscription prices / floor prices / floor prices / floor prices (CHF) 2022 prices (CHF) 2021 prices (CHF) 2020 At January 1 1.54 198,750 1.54 198,750 1.54 198,750 Exercised under the DSPPP 0.13 (198,750) — — — — At December 31 — — 1.54 198,750 1.54 198,750 |
Schedule of outstanding subscription rights | At December 31, 2021 Subscription prices / floor prices (CHF) Expiry date 1.00 / 2.30 2.00 / 2.30 Total 2024 90,750 — 90,750 2027 — 108,000 108,000 Total subscription rights 90,750 108,000 198,750 |
Employee share option plans (ESOP) | |
Share-based compensation | |
Schedule of share options granted | During 2022, the Group granted the following options with vesting over 4 years and a 10-year exercise period at the grant date as described in the table below. Grant conditions relating to the strike price have been amended during the year ended December 31, 2022. Number of share Number of share options repriced options repriced Number of share Strike price at Expiry date at Number of share to CHF 0.19 on to CHF 0.13 on exercised under the grant date grant date options granted August 2 2022 October 5 2022 DSPPP April 12, 2022 1.00 April. 11, 2032 3,840,657 3,840,657 3,840,657 3,738,258 April 12, 2022 1.00 Dec. 31, 2031 6,000 6,000 6,000 6,000 April 12, 2022 1.04 Dec. 31, 2031 49,713 — — — May 2, 2022 1.00 May 1, 2032 6,000 6,000 6,000 6,000 October 5, 2022 0.13 Oct. 4, 2032 5,423,076 — — 5,332,547 October 6, 2022 0.13 Oct. 5, 2032 2,677 — — 2,677 December 29, 2022 0.20 June 30,2032 108,955 — — — Total 2022 9,437,078 3,852,657 3,852,657 9,085,482 During 2021, the Group granted the following options with vesting over 4 years and a 10-year exercise period as described in the table below. Grant conditions relating to the strike price and grant conditions have been amended during the year ended December 31, 2022. Number of Number of Number of share options share options share options Number of Number of repriced to repriced to repriced to options Strike price at Expiry date at share options CHF 1.00 on CHF 0.19 on CHF 0.13 on exercised under grant date grant date granted Jan. 4 , 2022 Aug. 2, 2022 Oct. 5, 2022 the DSPPP April 1, 2021 1.99 Dec. 31, 2030 27,492 — — — — May 17, 2021 1.45 May 16, 2031 1,791,000 1,786,000 1,756,000 1,756,000 1,716,000 July 1, 2021 1.60 June 30, 2031 44,408 30,000 30,000 30,000 30,000 October 1, 2021 1.45 Sept. 30, 2031 6,000 6,000 6,000 6,000 6,000 Total 2021 1,868,900 1,822,000 1,792,000 1,792,000 1,752,000 |
Schedule of movements in number of options outstanding | Average Average Average strike price strike price strike price (CHF) 2022 (CHF) 2021 (CHF) 2020 At January 1 2.01 8,615,885 2.16 6,768,460 2.38 5,540,600 Exercised under the DSPPP 0.13 (17,240,133) — — — — Granted 0.49 9,437,078 1.46 1,868,900 1.16 1,227,860 Forfeited 1.00 (35,830) 1.93 (11,475) — — Expired — — 2 (10,000) — — At December 31 0.55 777,000 2.01 8,615,885 2.16 6,768,460 |
Schedule of outstanding share options | At December 31, 2022 Range of strike prices (CHF) Expiry date 0.13 0.14 to 0.99 1.00 to 1.50 1.51 to 2.50 2.51 to 3.00 Total 2025 — 25,000 — 4,687 — 29,687 2027 56,655 11,385 — 7,241 — 75,281 2028 59,530 26,085 — — 5,292 90,907 2029 — — 72,013 38,487 — 110,500 2030 10,000 — 17,362 27,492 — 54,854 2031 40,000 — 59,480 14,408 — 113,888 2032 192,928 108,955 — — — 301,883 Total 359,113 171,425 148,855 92,315 5,292 777,000 At December 31, 2021 Range of strike prices (CHF) Expiry date 1.00 to 1.50 1.51 to 2.00 2.01 to 2.50 2.51 to 3.00 Total 2024 — 506,351 — — 506,351 2025 — 49,687 — — 49,687 2026 — 95,000 50,000 — 145,000 2027 292,261 1,606,820 — — 1,899,081 2028 — — 243,506 2,464,890 2,708,396 2029 184,883 68,487 — — 253,370 2030 1,189,373 27,492 — — 1,216,865 2031 1,792,727 44,408 — — 1,837,135 Total 3,459,244 2,398,245 293,506 2,464,890 8,615,885 |
Schedule of inputs to option pricing model | 2022 2021 2020 Weighted average share price per share at the grant date CHF 0.41 CHF 1.58 CHF 1.16 Weighted average strike price per share CHF 0.49 CHF 1.46 CHF 1.16 Weighted average volatility 50.34 % 47.07 % 40.24 % Dividend yield — — — Weighted average annual risk-free rate 0.75 % 0.44 % 0.13 % |
Deferred Strike Price Payment Plan (DSPPP) | |
Share-based compensation | |
Schedule of movements in number of options outstanding | Average deferred strike price payment (CHF) 2022 At January 1 — — Granted - exercise of ESOP & ESC 0.13 17,438,883 At December 31 0.13 17,438,883 |
Operating costs (Tables)
Operating costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Operating costs | |
Schedule of operating costs | 2022 2021 2020 Staff costs (note 17) 7,053,102 4,737,138 4,397,004 Depreciation (notes 8/9) 323,144 347,613 378,754 External research and development costs 10,029,786 9,014,083 6,981,854 Laboratory consumables 319,305 295,377 295,005 Patent maintenance and registration costs 318,194 266,043 328,177 Professional fees 1,424,333 1,379,734 1,399,123 Short term leases 47,283 37,512 36,651 D&O insurance 1,591,231 1,591,882 1,505,897 Other operating costs 858,788 989,840 799,952 Total operating costs 21,965,166 18,659,222 16,122,417 |
Staff costs (Tables)
Staff costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Staff costs | |
Schedule of staff costs | 2022 2021 2020 Wages and salaries 3,343,645 3,280,004 2,959,856 Social charges and insurances 394,797 396,149 315,164 Value of share-based services (note 13) 3,034,740 946,632 901,425 Retirement benefit (note 19) 279,920 114,353 220,559 Total staff costs 7,053,102 4,737,138 4,397,004 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Taxes | |
Schedule of reconciliation of income tax | December 31, 2022 December 31, 2021 December 31, 2020 Loss before tax 20,804,213 15,351,914 12,858,599 Tax calculated at a tax rate of 13.99% 2,910,509 2,147,733 1,798,918 Effect of different tax rates in USA and France 3,801 5,398 11,046 Deductible expenses charged against equity / deferred costs for issuance of shares 178,015 382,829 78,164 Sale of treasury shares by a subsidiary, recognized as financial loss (income) in standalone financial statements 1,666,594 (8,556) (71,285) Expenses not deductible for tax purposes (514,017) (145,195) (160,729) Temporary differences (1,324) (954) (2,515) Total tax losses not recognized as deferred tax asset (4,243,578) (2,381,255) (1,653,599) Income tax expense — — — |
Schedule of tax losses carry forwards | December 31, 2022 December 31, 2021 December 31, 2020 2021 — — 1,224,210 2022 — 3,540,541 3,540,541 2023 141,425,567 141,425,567 141,425,567 2024 290,949 290,949 290,949 2025 3,586,490 3,586,490 3,586,490 2026 23,467,840 23,467,840 23,467,858 2027 12,590,566 9,831,196 9,834,674 2028 28,427,419 24,391,568 — 2029 65,367,349 — — Total unrecorded tax losses carry forwards. 275,156,180 206,534,151 183,370,289 |
Retirement benefit obligations
Retirement benefit obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement benefit obligations | |
Schedule of amounts recognized in balance sheet for employment benefit obligations | December 31, December 31, 2022 2021 Defined benefit obligation (7,682,529) (9,276,675) Fair value of plan assets 7,867,835 7,995,150 Effect of asset ceiling (185,306) — Funded status surplus/ (shortfall) — (1,281,525) |
Schedule of amounts recognized in statement of loss for employment benefit obligations | 2022 2021 2020 Current service cost (306,491) (325,144) (315,727) Past service cost 36,459 219,104 102,764 Interest cost (98,639) (23,742) (21,799) Interest income 88,751 15,429 14,203 Company pension amount (note 17) (279,920) (114,353) (220,559) |
Schedule of movement in defined benefit obligations and plan assets | The movements in the defined benefit obligations during the year are as follows: 2022 2021 Defined benefit obligation at beginning of year (9,276,675) (9,406,967) Current service cost (306,491) (325,144) Past service cost 36,459 219,104 Interest cost (98,639) (23,742) Employee contributions (244,097) (222,772) Actuarial gain arising from changes in financial assumptions 1,923,273 295,480 Actuarial gain arising from changes in demographic assumptions 51,085 186,583 Actuarial gain/ (loss) on experience adjustment 6,850 (115,175) Benefits paid 225,706 115,958 Defined benefit obligations at end of year (7,682,529) (9,276,675) The movements in the fair value of plan assets during the year are as follows: 2022 2021 Fair value of plan assets at beginning of year 7,995,150 7,714,430 Interest income 88,751 15,429 Employee contributions 244,097 222,772 Employer contributions 291,313 264,817 Plan assets loss (525,770) (106,340) Benefits paid (225,706) (115,958) Fair value of plan assets at end of year 7,867,835 7,995,150 |
Schedule of fair value of plan assets | December 31, 2021 Cash 1.79 % Bonds 52.36 % Equity instruments 11.16 % Real estate 22.75 % Mortgages 10.22 % Others 1.72 % Total 100.00 % |
Schedule of principal actuarial assumptions for employment benefit obligations | December 31, 2022 December 31, 2021 Discount rate 2.30 % 0.35 % Mortality tables BVG2020 GT BVG2020 GT Salary growth rate 1.20 % 1.00 % Pension growth rate 0.00 % 0.00 % |
Schedule of funding of defined benefit pensions and actuarial adjustments on plan liabilities | 2022 2021 Present value of defined benefit obligation (7,682,529) (9,276,675) Fair value of plan assets 7,867,835 7,995,150 Effect of asset ceiling (185,306) — Surplus / (Deficit) in the plan — (1,281,525) Actuarial gain on defined benefit obligation 1,981,208 366,888 Actuarial loss on plan assets (525,770) (106,340) Change in the effect of the asset ceiling (185,306) — Total 1,270,132 260,548 |
Schedule of estimated benefit payments | 2023 374,000 2024 748,000 2025 501,000 2026 357,000 2027 358,000 2028-2032 2,238,000 |
Finance result, net (Tables)
Finance result, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finance result, net | |
Schedule of finance result, net | 2022 2021 2020 Interest income 29,251 5,322 35,305 Interest expense on leases (23,019) (23,866) (19,042) Interest cost (25,878) (39,146) (50,460) Foreign exchange (losses)/gains, net (264,360) 211,693 (581,128) Finance result, net (284,006) 154,003 (615,325) |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loss per share | |
Schedule of loss per share | 2022 2021 2020 Loss attributable to equity holders of the Company (20,804,213) (15,351,914) (12,858,599) Weighted average number of shares in issue 45,184,865 34,119,666 26,681,774 Basic and diluted loss per share (0.46) (0.45) (0.48) |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions | |
Schedule of key management compensation | 2022 2021 2020 Salaries, other short‑term employee benefits and post-employment benefits 1,619,186 1,502,377 1,314,723 Consulting fees 151,639 224,091 317,425 Share‑based compensation 3,196,353 955,051 975,579 Total 4,967,178 2,681,519 2,607,727 |
Summary of significant accoun_4
Summary of significant accounting policies - Consolidation and Segments (Details) | 12 Months Ended |
Dec. 31, 2022 segment subsidiary | |
Summary of significant accounting policies | |
Number of consolidated subsidiaries | subsidiary | 3 |
Number of segments | segment | 1 |
Summary of significant accoun_5
Summary of significant accounting policies - Property, plant and equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Computer equipment | |
Property, plant and equipment | |
Estimated useful life | 3 years |
Laboratory equipment | |
Property, plant and equipment | |
Estimated useful life | 4 years |
Furniture and fixtures | |
Property, plant and equipment | |
Estimated useful life | 5 years |
Chemical library | |
Property, plant and equipment | |
Estimated useful life | 5 years |
Summary of significant accoun_6
Summary of significant accounting policies - Financial assets (Details) | 12 Months Ended |
Dec. 31, 2022 category | |
Summary of significant accounting policies | |
Number of categories of financial assets | 1 |
Summary of significant accoun_7
Summary of significant accounting policies - Pension obligation (Details) | 12 Months Ended |
Dec. 31, 2022 item | |
Summary of significant accounting policies | |
Number of pension schemes | 1 |
Financial risk management (Deta
Financial risk management (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial risk management | |||
Interest-bearing debt | SFr 0 | ||
Short-term debt | 0 | SFr 0 | |
Long-term debt | SFr 0 | SFr 0 | |
Foreign exchange risk | |||
Financial risk management | |||
Subsequent period of currency transactions economically hedged | 12 months | ||
Foreign exchange risk | EUR | |||
Financial risk management | |||
Percentage of reasonably possible increase in risk assumption | 10% | 10% | 10% |
Increase (decrease) in net income due to reasonably possible increase in risk assumption | SFr (7,945) | SFr 7,948 | SFr (4,064) |
Increase (decrease) in shareholders' equity due to reasonably possible increase in risk assumption | SFr (7,945) | SFr 7,948 | SFr (4,064) |
Percentage of reasonably possible decrease in risk assumption | (10.00%) | (10.00%) | (10.00%) |
Increase (decrease) in net income due to reasonably possible decrease in risk assumption | SFr 7,945 | SFr (7,948) | SFr 4,064 |
Increase (decrease) in shareholders' equity due to reasonably possible decrease in risk assumption | SFr 7,945 | SFr (7,948) | SFr 4,064 |
Foreign exchange risk | GBP | |||
Financial risk management | |||
Percentage of reasonably possible increase in risk assumption | 10% | 10% | 10% |
Increase (decrease) in net income due to reasonably possible increase in risk assumption | SFr 1,470 | SFr (17,893) | SFr (14,723) |
Increase (decrease) in shareholders' equity due to reasonably possible increase in risk assumption | SFr 1,470 | SFr (17,893) | SFr (14,723) |
Percentage of reasonably possible decrease in risk assumption | (10.00%) | (10.00%) | (10.00%) |
Increase (decrease) in net income due to reasonably possible decrease in risk assumption | SFr (1,470) | SFr 17,893 | SFr 14,723 |
Increase (decrease) in shareholders' equity due to reasonably possible decrease in risk assumption | SFr (1,470) | SFr 17,893 | SFr 14,723 |
Foreign exchange risk | USD | |||
Financial risk management | |||
Percentage of reasonably possible increase in risk assumption | 10% | 10% | 10% |
Increase (decrease) in net income due to reasonably possible increase in risk assumption | SFr 175,837 | SFr 1,027,027 | SFr 644,865 |
Increase (decrease) in shareholders' equity due to reasonably possible increase in risk assumption | SFr 175,837 | SFr 1,027,027 | SFr 644,865 |
Percentage of reasonably possible decrease in risk assumption | (10.00%) | (10.00%) | (10.00%) |
Increase (decrease) in net income due to reasonably possible decrease in risk assumption | SFr (175,837) | SFr (1,027,027) | SFr (644,865) |
Increase (decrease) in shareholders' equity due to reasonably possible decrease in risk assumption | SFr (175,837) | SFr (1,027,027) | SFr (644,865) |
Foreign exchange risk | Minimum | |||
Financial risk management | |||
Percentage of currency transactions economically hedged | 50% | ||
Foreign exchange risk | Maximum | |||
Financial risk management | |||
Percentage of currency transactions economically hedged | 100% |
Financial risk management - net
Financial risk management - net debt (Details) - CHF (SFr) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net debt | ||
Net debt beginning balance | SFr 20,019,967 | SFr 18,192,574 |
Cash flows | (13,057,429) | 1,929,158 |
Acquisition-Leases | (2,000) | |
Effect of modification to lease terms | (179,197) | (226,578) |
Disposals | 4,343 | |
Foreign exchange differences | (196,225) | 122,470 |
Net debt ending balance | 6,587,116 | 20,019,967 |
Leases | ||
Net debt | ||
Net debt beginning balance | (482,014) | (567,396) |
Cash flows | 288,076 | 309,617 |
Acquisition-Leases | (2,000) | |
Effect of modification to lease terms | (179,197) | (226,578) |
Disposals | 4,343 | |
Net debt ending balance | (373,135) | (482,014) |
Cash and cash equivalents | ||
Net debt | ||
Net debt beginning balance | 20,484,836 | 18,695,040 |
Cash flows | (13,331,525) | 1,667,326 |
Foreign exchange differences | (196,225) | 122,470 |
Net debt ending balance | 6,957,086 | 20,484,836 |
Other financial assets | ||
Net debt | ||
Net debt beginning balance | 17,145 | 64,930 |
Cash flows | (13,980) | (47,785) |
Net debt ending balance | SFr 3,165 | SFr 17,145 |
Financial risk management - lea
Financial risk management - lease liabilities (Details) - CHF (SFr) | Dec. 31, 2022 | Dec. 31, 2021 |
Lease liabilities | ||
Lease Liabilities - cash outflow | SFr 395,978 | SFr 517,938 |
Lease Liabilities - carrying amount | 373,135 | 482,014 |
Less than 1 Year | ||
Lease liabilities | ||
Lease Liabilities - cash outflow | 305,294 | 315,412 |
1 to 5 Years | ||
Lease liabilities | ||
Lease Liabilities - cash outflow | SFr 90,684 | SFr 202,526 |
Critical accounting estimates_2
Critical accounting estimates and judgments - Share-based compensation (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Critical accounting estimates and judgments | |||
Percentage of reasonably possible increase in volatility assumption | 10% | 10% | 10% |
Percentage of reasonably possible decrease in volatility assumption | (10.00%) | (10.00%) | (10.00%) |
Risk free interest rate assumption, high amount | 0.50% | 0.50% | 0.50% |
Risk free interest rate assumption, low amount | 0% | 0% | 0% |
Expense from share-based transactions, if calculated on higher reasonably possible assumptions | SFr 3,000,000 | SFr 1,000,000 | SFr 900,000 |
Expense from share-based transactions, if calculated on lower reasonably possible assumptions | 4,300,000 | 1,300,000 | 1,400,000 |
Expense from share-based payment transactions | SFr 3,682,073 | SFr 1,178,344 | SFr 1,176,413 |
Segment information (Details)
Segment information (Details) | 12 Months Ended | ||
Dec. 31, 2022 CHF (SFr) segment | Dec. 31, 2021 CHF (SFr) | Dec. 31, 2020 CHF (SFr) | |
Segments | |||
Number of segments | segment | 1 | ||
Collaborative research funding | SFr 1,422,438 | SFr 2,916,308 | SFr 3,612,819 |
Grants earned | 218,330 | 244,298 | |
Other service income | 22,521 | 18,667 | 22,026 |
Revenue and other operating income | 1,444,959 | 3,153,305 | 3,879,143 |
Long-lived assets | 453,089 | 600,008 | |
Operating costs | 21,965,166 | 18,659,222 | 16,122,417 |
Capital expenditure | 581 | 31,549 | 59,414 |
Switzerland | |||
Segments | |||
Long-lived assets | 452,732 | 596,098 | |
Operating costs | 21,933,056 | 18,619,123 | 16,050,488 |
United States of America | |||
Segments | |||
Long-lived assets | 3,536 | ||
Operating costs | 27,513 | 33,016 | 64,922 |
France | |||
Segments | |||
Long-lived assets | 357 | 374 | |
Operating costs | 4,597 | 7,083 | 7,007 |
Indivior PLC | |||
Segments | |||
Revenue and other operating income | 1,422,438 | 2,916,308 | 3,612,819 |
Eurostars/Innosuisse | |||
Segments | |||
Revenue and other operating income | 218,330 | 244,298 | |
Other counterparties | |||
Segments | |||
Revenue and other operating income | SFr 22,521 | SFr 18,667 | SFr 22,026 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - CHF (SFr) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | |
Cash and cash equivalents | ||||
Cash at bank and on hand | SFr 6,957,086 | SFr 20,484,836 | ||
Total cash and cash equivalents | SFr 6,957,086 | SFr 20,484,836 | SFr 18,695,040 | SFr 31,536,803 |
Percentage of cash and cash equivalents | 100% | 100% | ||
Cash on hand | SFr 120 | SFr 166 | ||
P-1 / A-1 | ||||
Cash and cash equivalents | ||||
Balances with banks | 3,708,603 | 11,943,391 | ||
P-2 / A-2 | ||||
Cash and cash equivalents | ||||
Balances with banks | 3,031,028 | |||
Other | ||||
Cash and cash equivalents | ||||
Balances with banks | SFr 217,335 | SFr 8,541,279 | ||
CHF | ||||
Cash and cash equivalents | ||||
Percentage of cash and cash equivalents | 52.98% | 44.33% | ||
USD | ||||
Cash and cash equivalents | ||||
Percentage of cash and cash equivalents | 42.10% | 54.47% | ||
EUR | ||||
Cash and cash equivalents | ||||
Percentage of cash and cash equivalents | 2.69% | 0.58% | ||
GBP | ||||
Cash and cash equivalents | ||||
Percentage of cash and cash equivalents | 2.23% | 0.62% |
Other current assets (Details)
Other current assets (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other current assets | |||
Other financial assets | SFr 3,165 | SFr 17,145 | |
Trade and other receivables | 416,875 | 164,785 | |
Contract asset (Indivior PLC) | 181,441 | 159,636 | |
Prepayments | 270,394 | 1,115,374 | |
Total other current assets | 871,875 | 1,456,940 | |
Increase (decrease) in other current assets | (600,000) | ||
Increase (decrease) in prepayments | (800,000) | ||
Increase (decrease) in contract assets and trade and other receivables | 300,000 | ||
Contract asset and trade and other receivables | 600,000 | 300,000 | |
Indivior PLC | |||
Other current assets | |||
Contract asset and trade and other receivables | 400,000 | 200,000 | |
Eurostars/Innosuisse | |||
Other current assets | |||
Contract asset and trade and other receivables | 100,000 | 100,000 | |
Accumulated impairment | Contract assets and trade and other receivables | |||
Other current assets | |||
Expected loss allowance | SFr 0 | SFr 0 | SFr 0 |
Right-of-use assets (Details)
Right-of-use assets (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Right-of-use assets | |||
Opening amount | SFr 469,989 | SFr 565,344 | |
Additions | 2,000 | ||
Depreciation charge | (291,573) | (320,415) | |
Effect of lease modifications | 179,197 | 226,578 | |
Disposals | (4,216) | ||
Exchange differences | 698 | ||
Closing amount | 357,613 | 469,989 | SFr 565,344 |
Cash outflow for leases | 300,000 | 300,000 | |
Research and development expense | |||
Right-of-use assets | |||
Depreciation charge | (200,000) | (200,000) | (300,000) |
General and administration expense | |||
Right-of-use assets | |||
Depreciation charge | (100,000) | (100,000) | |
Cost | |||
Right-of-use assets | |||
Opening amount | 1,387,413 | ||
Closing amount | 1,485,392 | 1,387,413 | |
Accumulated depreciation | |||
Right-of-use assets | |||
Opening amount | (917,424) | ||
Closing amount | (1,127,779) | (917,424) | |
Properties | |||
Right-of-use assets | |||
Opening amount | 456,885 | 543,890 | |
Additions | 2,000 | ||
Depreciation charge | (277,069) | (294,389) | |
Effect of lease modifications | 173,281 | 208,902 | |
Disposals | (4,216) | ||
Exchange differences | 698 | ||
Closing amount | 353,097 | 456,885 | 543,890 |
Properties | Cost | |||
Right-of-use assets | |||
Opening amount | 1,298,569 | ||
Closing amount | 1,471,850 | 1,298,569 | |
Properties | Accumulated depreciation | |||
Right-of-use assets | |||
Opening amount | (841,684) | ||
Closing amount | (1,118,753) | (841,684) | |
Equipment | |||
Right-of-use assets | |||
Opening amount | 13,104 | 21,454 | |
Depreciation charge | (14,504) | (26,026) | |
Effect of lease modifications | 5,916 | 17,676 | |
Closing amount | 4,516 | 13,104 | SFr 21,454 |
Equipment | Cost | |||
Right-of-use assets | |||
Opening amount | 88,844 | ||
Closing amount | 13,542 | 88,844 | |
Equipment | Accumulated depreciation | |||
Right-of-use assets | |||
Opening amount | (75,740) | ||
Closing amount | SFr (9,026) | SFr (75,740) |
Property, plant and equipment_2
Property, plant and equipment (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, plant and equipment | |||
Opening amount | SFr 72,111 | SFr 67,760 | |
Additions | 581 | 31,549 | |
Depreciation charge | (31,571) | (27,198) | |
Closing amount | 41,121 | 72,111 | SFr 67,760 |
Research and development expense | |||
Property, plant and equipment | |||
Depreciation charge | (26,615) | (19,934) | (11,759) |
General and administration expense | |||
Property, plant and equipment | |||
Depreciation charge | (4,956) | (7,264) | (7,521) |
Cost | |||
Property, plant and equipment | |||
Opening amount | 2,928,557 | ||
Closing amount | 2,929,138 | 2,928,557 | |
Accumulated depreciation | |||
Property, plant and equipment | |||
Opening amount | (2,856,446) | ||
Closing amount | (2,888,017) | (2,856,446) | |
Equipment | |||
Property, plant and equipment | |||
Opening amount | 72,111 | 67,760 | |
Additions | 581 | 31,549 | |
Depreciation charge | (31,571) | (27,198) | |
Closing amount | 41,121 | 72,111 | SFr 67,760 |
Equipment | Cost | |||
Property, plant and equipment | |||
Opening amount | 1,713,828 | ||
Closing amount | 1,714,409 | 1,713,828 | |
Equipment | Accumulated depreciation | |||
Property, plant and equipment | |||
Opening amount | (1,641,717) | ||
Closing amount | (1,673,288) | (1,641,717) | |
Furniture and fixtures | Cost | |||
Property, plant and equipment | |||
Opening amount | 7,564 | ||
Closing amount | 7,564 | 7,564 | |
Furniture and fixtures | Accumulated depreciation | |||
Property, plant and equipment | |||
Opening amount | (7,564) | ||
Closing amount | (7,564) | (7,564) | |
Chemical library | Cost | |||
Property, plant and equipment | |||
Opening amount | 1,207,165 | ||
Closing amount | 1,207,165 | 1,207,165 | |
Chemical library | Accumulated depreciation | |||
Property, plant and equipment | |||
Opening amount | (1,207,165) | ||
Closing amount | SFr (1,207,165) | SFr (1,207,165) |
Non-current financial assets (D
Non-current financial assets (Details) - CHF (SFr) | Dec. 31, 2022 | Dec. 31, 2021 |
Non-current financial assets | ||
Security rental deposits | SFr 54,355 | SFr 57,908 |
Total non-current financial assets | SFr 54,355 | SFr 57,908 |
Payables and accruals (Details)
Payables and accruals (Details) - CHF (SFr) | 3 Months Ended | 12 Months Ended | ||
Dec. 16, 2021 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Payables and accruals | ||||
Trade payables | SFr 1,276,546 | SFr 1,787,287 | ||
Social security and other taxes | 120,875 | 203,288 | ||
Accrued expenses | 1,598,583 | 1,856,570 | ||
Total payables and accruals | SFr 2,996,004 | SFr 3,847,145 | ||
Maturity period of payables | 3 months | |||
Increase (decrease) in payables and accruals | SFr (900,000) | |||
Capital increase costs of offering executed in prior period | SFr (400,000) | |||
Dipraglurant clinical development activities | SFr (300,000) |
Share capital (Details)
Share capital (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 15, 2022 CHF (SFr) SFr / shares shares | Oct. 31, 2022 CHF (SFr) SFr / shares shares | Oct. 26, 2022 EquityInstruments SFr / shares shares | Jul. 22, 2022 SFr / shares shares | Jul. 22, 2022 $ / shares shares | Feb. 02, 2022 CHF (SFr) SFr / shares shares | Dec. 16, 2021 SFr / shares shares | Dec. 16, 2021 $ / shares shares | Apr. 23, 2021 SFr / shares shares | Jan. 08, 2021 CHF (SFr) SFr / shares shares | Jan. 08, 2021 USD ($) shares | Jul. 31, 2022 CHF (SFr) SFr / shares shares | Jul. 31, 2022 USD ($) shares | Mar. 31, 2022 CHF (SFr) shares | Dec. 31, 2022 CHF (SFr) SFr / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CHF (SFr) SFr / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 CHF (SFr) shares | Dec. 14, 2022 CHF (SFr) | Oct. 30, 2022 CHF (SFr) | Jul. 19, 2022 CHF (SFr) SFr / shares | Jul. 18, 2022 SFr / shares | |
Share capital | |||||||||||||||||||||||
Number of shares at beginning of period | (11,374,803) | (11,374,803) | (11,374,803) | ||||||||||||||||||||
Number of shares at beginning of period | 37,898,149 | 37,898,149 | 37,898,149 | 27,118,774 | 27,118,774 | ||||||||||||||||||
Issue of shares-third parties | 6,900,000 | 6,900,000 | 6,900,000 | 6,900,000 | |||||||||||||||||||
Issue of shares-exercise ESOP & ESC | 17,438,883 | 17,438,883 | 17,438,883 | ||||||||||||||||||||
Sale of shares under shelf registration | 4,500,000 | 4,500,000 | 3,759,402 | 3,759,402 | |||||||||||||||||||
Exercise of pre-funded warrants | 15,978,570 | 15,978,570 | |||||||||||||||||||||
Sale of shares under sale agency agreement | 1,355,248 | 1,355,248 | 39,940 | 39,940 | |||||||||||||||||||
Settlement of suppliers invoices | 116,914 | 116,914 | |||||||||||||||||||||
Net purchase of treasury shares under liquidity agreement | (36,830) | (36,830) | (36,881) | (36,881) | |||||||||||||||||||
Number of shares at end of period | (38,214,291) | (38,214,291) | (11,374,803) | (11,374,803) | |||||||||||||||||||
Number of shares at end of period | 77,134,020 | 77,134,020 | 37,898,149 | 37,898,149 | 27,118,774 | ||||||||||||||||||
Number of shares reclassed as treasury shares under IFRS 2 | (17,438,883) | (17,438,883) | |||||||||||||||||||||
Number of shares including IFRS 2 shares | 59,695,137 | ||||||||||||||||||||||
Par value per share | SFr / shares | SFr 0.01 | SFr 1 | SFr 0.01 | SFr 1 | SFr 0.01 | SFr 1 | |||||||||||||||||
Treasury shares | SFr | SFr 6,278,763 | SFr 11,703,279 | |||||||||||||||||||||
Share capital | SFr | SFr 1,153,483 | SFr 979,094 | 1,153,483 | 49,272,952 | SFr 979,094 | SFr 652,730 | SFr 652,730 | ||||||||||||||||
Issue price | SFr / shares | SFr 1.46 | ||||||||||||||||||||||
Number of equity incentive units exercised | EquityInstruments | 17,438,883 | ||||||||||||||||||||||
Strike price of equity incentive units | SFr / shares | SFr 0.13 | ||||||||||||||||||||||
Other equity | SFr | 64,620,223 | ||||||||||||||||||||||
Gross amount of treasury shares sold | SFr | 464,954 | ||||||||||||||||||||||
Gross proceeds | SFr 10,100,000 | $ 11,500,000 | 10,099,323 | ||||||||||||||||||||
Share issuance cost | SFr | SFr 1,800,000 | 288,131 | 1,865,475 | ||||||||||||||||||||
Settlement of supplier invoices | SFr | SFr 164,980 | SFr 285,745 | |||||||||||||||||||||
Addex Pharma SA | |||||||||||||||||||||||
Share capital | |||||||||||||||||||||||
Issue of shares-treasury shares | 32,636,476 | 16,000,000 | 9,524,317 | ||||||||||||||||||||
Issue price | SFr / shares | SFr 0.01 | SFr 1 | SFr 1 | ||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | |||||||||||||||||||||
Share issuance cost | SFr | SFr 200,000 | ||||||||||||||||||||||
Kepler | |||||||||||||||||||||||
Share capital | |||||||||||||||||||||||
Sale of shares under sale agency agreement | 1,355,248 | 1,355,248 | 39,940 | 39,940 | |||||||||||||||||||
Issue price | SFr / shares | SFr 0.34 | ||||||||||||||||||||||
Gross amount of treasury shares sold | SFr | SFr 464,954 | SFr 80,944 | |||||||||||||||||||||
Kepler | Treasury Shares Reserve | |||||||||||||||||||||||
Share capital | |||||||||||||||||||||||
Treasury shares | SFr | 128,200 | 91,370 | |||||||||||||||||||||
Kepler | Other financial assets | |||||||||||||||||||||||
Share capital | |||||||||||||||||||||||
Treasury shares | SFr | SFr 3,165 | SFr 17,145 | |||||||||||||||||||||
Armistice Capital LLC | |||||||||||||||||||||||
Share capital | |||||||||||||||||||||||
Sale of shares under shelf registration | 4,500,000 | 4,500,000 | 3,752,202 | 3,752,202 | |||||||||||||||||||
Share sale price | (per share) | SFr 0.27 | SFr 1 | $ 1.08 | ||||||||||||||||||||
Number of pre-funded warrants sold | 10,500,000 | 10,500,000 | 5,478,570 | 5,478,570 | |||||||||||||||||||
Warrants sale price | (per share) | SFr 0.27 | SFr 0.99 | $ 1.08 | ||||||||||||||||||||
Total exercise price of pre-funded warrants | SFr 8,429 | $ 9,131 | SFr 16,812 | $ 17,500 | |||||||||||||||||||
Gross proceeds | 4,100,000 | $ 4,200,000 | SFr 9,200,000 | $ 10,000,000 | |||||||||||||||||||
Share issuance cost | SFr | SFr 400,000 | SFr 1,400,000 | |||||||||||||||||||||
Share issuance cost paid | SFr | SFr 500,000 | ||||||||||||||||||||||
Number of warrants issued | 15,000,000 | 15,000,000 | 9,230,772 | 9,230,772 | |||||||||||||||||||
Strike price of issued warrants | (per share) | SFr 0.30 | SFr 1 | $ 1.08 | ||||||||||||||||||||
Exercise period of issued warrants | 5 years | 5 years | |||||||||||||||||||||
Fair value of issued warrants | SFr / shares | SFr 0.07 | SFr 0.40 | |||||||||||||||||||||
Expected volatility | 64.61% | 64.61% | 55.57% | 55.57% | |||||||||||||||||||
Annual risk-free rate | 0.05% | 0.05% | (0.64%) | (0.64%) | |||||||||||||||||||
Value of issued warrants | SFr | SFr 1,000,000 | SFr 3,700,000 | |||||||||||||||||||||
ATM program | |||||||||||||||||||||||
Share capital | |||||||||||||||||||||||
Sale of shares under shelf registration | 7,000 | 7,000 | |||||||||||||||||||||
Roger Mills | |||||||||||||||||||||||
Share capital | |||||||||||||||||||||||
Settlement of suppliers invoices | 60,638 | 60,638 | |||||||||||||||||||||
Common shares | |||||||||||||||||||||||
Share capital | |||||||||||||||||||||||
Number of shares at beginning of period | 49,272,952 | 49,272,952 | 49,272,952 | 32,848,635 | 32,848,635 | ||||||||||||||||||
Issue of shares-treasury shares | 48,636,476 | 48,636,476 | 9,524,317 | 9,524,317 | |||||||||||||||||||
Issue of shares-third parties | 6,900,000 | 6,900,000 | |||||||||||||||||||||
Issue of shares-exercise ESOP & ESC | 17,438,883 | 17,438,883 | |||||||||||||||||||||
Number of shares at end of period | 115,348,311 | 115,348,311 | 49,272,952 | 49,272,952 | 32,848,635 | ||||||||||||||||||
Number of common shares including IFRS 2 shares | 115,348,311 | ||||||||||||||||||||||
Treasury shares | |||||||||||||||||||||||
Share capital | |||||||||||||||||||||||
Number of shares at beginning of period | (11,374,803) | (11,374,803) | (11,374,803) | (5,729,861) | (5,729,861) | ||||||||||||||||||
Issue of shares-treasury shares | (48,636,476) | (48,636,476) | (9,524,317) | (9,524,317) | |||||||||||||||||||
Sale of shares under shelf registration | 4,500,000 | 4,500,000 | 3,759,402 | 3,759,402 | |||||||||||||||||||
Exercise of pre-funded warrants | 15,978,570 | 15,978,570 | |||||||||||||||||||||
Sale of shares under sale agency agreement | 1,355,248 | 1,355,248 | 39,940 | 39,940 | |||||||||||||||||||
Settlement of suppliers invoices | 116,914 | 116,914 | |||||||||||||||||||||
Net purchase of treasury shares under liquidity agreement | (36,830) | (36,830) | (36,881) | (36,881) | |||||||||||||||||||
Number of shares at end of period | (38,214,291) | (38,214,291) | (11,374,803) | (11,374,803) | (5,729,861) | ||||||||||||||||||
Number of shares reclassed as treasury shares under IFRS 2 | (17,438,883) | ||||||||||||||||||||||
Number of shares including IFRS 2 shares | (55,653,174) | ||||||||||||||||||||||
American Depositary Shares | |||||||||||||||||||||||
Share capital | |||||||||||||||||||||||
Issue of shares-third parties | 6,750,000 | 6,750,000 | |||||||||||||||||||||
American Depositary Shares | Armistice Capital LLC | |||||||||||||||||||||||
Share capital | |||||||||||||||||||||||
Sale of shares under shelf registration | 750,000 | 750,000 | 625,367 | 625,367 | |||||||||||||||||||
Exercise of pre-funded warrants | 913,095 | 913,095 | |||||||||||||||||||||
Share sale price | (per share) | $ 1.70 | SFr 6 | $ 6.50 | ||||||||||||||||||||
Number of pre-funded warrants sold | 1,750,000 | 1,750,000 | 913,095 | 913,095 | |||||||||||||||||||
Warrants sale price | (per share) | $ 1.69 | SFr 5.99 | $ 6.49 | ||||||||||||||||||||
Strike price of pre-funded warrants | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||||||||||
Number of warrants issued | 2,500,000 | 2,500,000 | 1,538,462 | 1,538,462 | |||||||||||||||||||
Strike price of issued warrants | (per share) | $ 1.90 | SFr 6 | $ 6.5 | ||||||||||||||||||||
Fair value of issued warrants | SFr / shares | SFr 0.40 | SFr 2.4 |
Share-based compensation (Detai
Share-based compensation (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based compensation | |||
Share-based compensation | SFr 3,682,073 | SFr 1,178,344 | SFr 1,176,413 |
Increase (decrease) in share-based compensation expense | 2,500,000 | ||
Research and development expense | |||
Share-based compensation | |||
Share-based compensation | 1,047,398 | 467,812 | 354,934 |
General and administration expense | |||
Share-based compensation | |||
Share-based compensation | 2,634,675 | 710,532 | 821,479 |
Equity sharing certificate plan | |||
Share-based compensation | |||
Share-based compensation | 44,244 | 4,476 | 14,644 |
Share purchase plan | |||
Share-based compensation | |||
Share-based compensation | 23,498 | 49,813 | |
Share option plans | |||
Share-based compensation | |||
Share-based compensation | SFr 3,637,829 | SFr 1,150,370 | SFr 1,111,956 |
Share-based compensation - chan
Share-based compensation - changes in granting conditions (Details) | 12 Months Ended | |||||
Oct. 26, 2022 EquityInstruments SFr / shares | Oct. 05, 2022 EquityInstruments SFr / shares | Aug. 02, 2022 EquityInstruments SFr / shares | Jan. 04, 2022 EquityInstruments SFr / shares | Dec. 31, 2021 EquityInstruments | Dec. 31, 2022 EquityInstruments | |
Share-based compensation | ||||||
Number of equity incentive units exercised under the DSPPP | 17,438,883 | |||||
Strike price of equity incentive units | SFr / shares | SFr 0.13 | |||||
Equity sharing certificates and share option plans | ||||||
Share-based compensation | ||||||
Number of equity incentive units repriced | 12,372,243 | 12,434,713 | 8,294,045 | |||
Number of equity incentive units exercised under the DSPPP | 17,438,883 | |||||
Strike price of equity incentive units | SFr / shares | SFr 0.13 | SFr 0.19 | SFr 1 | |||
Equity sharing certificate plan | ||||||
Share-based compensation | ||||||
Number of equity incentive units | 198,750 | |||||
Number of equity incentive units repriced | 198,750 | 198,750 | 108,000 | |||
Number of equity incentive units exercised under the DSPPP | 198,750 | |||||
Share option plans | Options existing at 31 December 2021 | ||||||
Share-based compensation | ||||||
Number of equity incentive units | 8,615,885 | |||||
Number of equity incentive units repriced | 8,320,836 | 8,383,306 | 8,186,045 | |||
Number of equity incentive units exercised under the DSPPP | 8,154,651 | |||||
Share option plans | Options granted during 2022 at strike price above CHF 0.13 | ||||||
Share-based compensation | ||||||
Number of equity incentive units | 4,011,325 | |||||
Number of equity incentive units repriced | 3,852,657 | 3,852,657 | ||||
Number of equity incentive units exercised under the DSPPP | 3,750,258 | |||||
Share option plans | Options granted during 2022 at strike price CHF 0.13 | ||||||
Share-based compensation | ||||||
Number of equity incentive units | 5,425,753 | |||||
Number of equity incentive units exercised under the DSPPP | 5,335,224 |
Share-based compensation - ESC
Share-based compensation - ESC (Details) - Equity sharing certificate plan | 12 Months Ended | |||
Jun. 01, 2010 shares | Dec. 31, 2022 EquityInstruments SFr / shares | Dec. 31, 2021 EquityInstruments SFr / shares | Dec. 31, 2020 EquityInstruments SFr / shares | |
Share-based compensation | ||||
Number of shares for which right to subscribe is provided | shares | 1,000 | |||
Beginning balance | 198,750 | 198,750 | 198,750 | |
Exercised | (198,750) | |||
Ending balance | 0 | 198,750 | 198,750 | |
Average subscription price / floor price / deferred strike price at beginning of period | SFr / shares | SFr 1.54 | SFr 1.54 | SFr 1.54 | |
Exercised | SFr / shares | SFr 0.13 | 0 | 0 | |
Average subscription price / floor price / deferred strike price at end of period | SFr / shares | SFr 1.54 | SFr 1.54 | ||
Exercisable | 198,750 | 171,750 |
Share-based compensation - ES_2
Share-based compensation - ESC outstanding rights (Details) - Equity sharing certificate plan - EquityInstruments | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based compensation | ||||
Outstanding subscription rights | 0 | 198,750 | 198,750 | 198,750 |
Later than two years and not later than three years | ||||
Share-based compensation | ||||
Outstanding subscription rights | 90,750 | |||
Later than five years and not later than six years | ||||
Share-based compensation | ||||
Outstanding subscription rights | 108,000 | |||
Subscription Price 1.00CHF / Floor Price 2.30CHF | ||||
Share-based compensation | ||||
Outstanding subscription rights | 90,750 | |||
Subscription Price 1.00CHF / Floor Price 2.30CHF | Later than two years and not later than three years | ||||
Share-based compensation | ||||
Outstanding subscription rights | 90,750 | |||
Subscription Price 2.00CHF / Floor Price 2.30CHF | ||||
Share-based compensation | ||||
Outstanding subscription rights | 108,000 | |||
Subscription Price 2.00CHF / Floor Price 2.30CHF | Later than five years and not later than six years | ||||
Share-based compensation | ||||
Outstanding subscription rights | 108,000 |
Share-based compensation - Shar
Share-based compensation - Share option plans - ESOP (Details) | 12 Months Ended | ||||||||||||||
Dec. 29, 2022 Options SFr / shares | Oct. 26, 2022 Options SFr / shares | Oct. 06, 2022 Options SFr / shares | Oct. 05, 2022 Options SFr / shares | Aug. 02, 2022 Options SFr / shares | May 02, 2022 Options SFr / shares | Apr. 12, 2022 Options SFr / shares | Jan. 04, 2022 Options SFr / shares | Oct. 01, 2021 Options SFr / shares | Jul. 01, 2021 Options SFr / shares | May 17, 2021 Options SFr / shares | Apr. 01, 2021 Options SFr / shares | Dec. 31, 2022 Options SFr / shares | Dec. 31, 2021 Options SFr / shares | Dec. 31, 2020 Options SFr / shares | |
Share-based compensation | |||||||||||||||
Strike price of options | SFr / shares | SFr 0.13 | ||||||||||||||
Employee share option plans (ESOP) | |||||||||||||||
Share-based compensation | |||||||||||||||
Vesting period of options granted | 4 years | 4 years | |||||||||||||
Exercise period of options granted | 10 years | 10 years | |||||||||||||
Beginning balance | 8,615,885 | 6,768,460 | 5,540,600 | ||||||||||||
Exercised | (17,240,133) | ||||||||||||||
Granted | 9,437,078 | 1,868,900 | 1,227,860 | ||||||||||||
Forfeited | (35,830) | (11,475) | |||||||||||||
Expired | (10,000) | ||||||||||||||
Ending balance | 777,000 | 8,615,885 | 6,768,460 | ||||||||||||
Beginning balance | SFr / shares | SFr 2.01 | SFr 2.16 | SFr 2.38 | ||||||||||||
Exercised | SFr / shares | 0.13 | ||||||||||||||
Granted | SFr / shares | 0.49 | 1.46 | 1.16 | ||||||||||||
Forfeited | SFr / shares | 1 | 1.93 | |||||||||||||
Expired | SFr / shares | 2 | ||||||||||||||
Ending balance | SFr / shares | SFr 0.55 | SFr 2.01 | SFr 2.16 | ||||||||||||
Exercisable | 389,668 | 5,954,115 | 4,235,706 | ||||||||||||
Employee share option plans (ESOP) | 2022 | |||||||||||||||
Share-based compensation | |||||||||||||||
Exercised | (9,085,482) | ||||||||||||||
Granted | 9,437,078 | ||||||||||||||
Granted | SFr / shares | SFr 0.13 | ||||||||||||||
Number of options repriced | 3,852,657 | 3,852,657 | |||||||||||||
Strike price of options | SFr / shares | SFr 0.13 | SFr 0.19 | |||||||||||||
Employee share option plans (ESOP) | April 12, 2022 | |||||||||||||||
Share-based compensation | |||||||||||||||
Exercised | (3,738,258) | ||||||||||||||
Granted | 3,840,657 | ||||||||||||||
Granted | SFr / shares | SFr 1 | ||||||||||||||
Number of options repriced | 3,840,657 | 3,840,657 | |||||||||||||
Employee share option plans (ESOP) | April 12, 2022 | |||||||||||||||
Share-based compensation | |||||||||||||||
Exercised | (6,000) | ||||||||||||||
Granted | 6,000 | ||||||||||||||
Granted | SFr / shares | SFr 1 | ||||||||||||||
Number of options repriced | 6,000 | 6,000 | |||||||||||||
Employee share option plans (ESOP) | April 12, 2022 | |||||||||||||||
Share-based compensation | |||||||||||||||
Granted | 49,713 | ||||||||||||||
Granted | SFr / shares | SFr 1.04 | ||||||||||||||
Employee share option plans (ESOP) | May 2, 2022 | |||||||||||||||
Share-based compensation | |||||||||||||||
Exercised | (6,000) | ||||||||||||||
Granted | 6,000 | ||||||||||||||
Granted | SFr / shares | SFr 1 | ||||||||||||||
Number of options repriced | 6,000 | 6,000 | |||||||||||||
Employee share option plans (ESOP) | October 5, 2022 | |||||||||||||||
Share-based compensation | |||||||||||||||
Exercised | (5,332,547) | ||||||||||||||
Granted | 5,423,076 | ||||||||||||||
Granted | SFr / shares | SFr 0.13 | ||||||||||||||
Employee share option plans (ESOP) | October 6, 2022 | |||||||||||||||
Share-based compensation | |||||||||||||||
Exercised | (2,677) | ||||||||||||||
Granted | 2,677 | ||||||||||||||
Granted | SFr / shares | SFr 0.13 | ||||||||||||||
Employee share option plans (ESOP) | December 29, 2022 | |||||||||||||||
Share-based compensation | |||||||||||||||
Granted | 108,955 | ||||||||||||||
Granted | SFr / shares | SFr 0.20 | ||||||||||||||
Employee share option plans (ESOP) | 2021 | |||||||||||||||
Share-based compensation | |||||||||||||||
Exercised | (1,752,000) | ||||||||||||||
Granted | 1,868,900 | ||||||||||||||
Number of options repriced | 1,792,000 | 1,792,000 | 1,822,000 | ||||||||||||
Strike price of options | SFr / shares | SFr 0.13 | SFr 0.19 | SFr 1 | ||||||||||||
Employee share option plans (ESOP) | April 1, 2021 | |||||||||||||||
Share-based compensation | |||||||||||||||
Granted | 27,492 | ||||||||||||||
Granted | SFr / shares | SFr 1.99 | ||||||||||||||
Employee share option plans (ESOP) | May 17, 2021 | |||||||||||||||
Share-based compensation | |||||||||||||||
Exercised | (1,716,000) | ||||||||||||||
Granted | 1,791,000 | ||||||||||||||
Granted | SFr / shares | SFr 1.45 | ||||||||||||||
Number of options repriced | 1,756,000 | 1,756,000 | 1,786,000 | ||||||||||||
Employee share option plans (ESOP) | July 1, 2021 | |||||||||||||||
Share-based compensation | |||||||||||||||
Exercised | (30,000) | ||||||||||||||
Granted | 44,408 | ||||||||||||||
Granted | SFr / shares | SFr 1.60 | ||||||||||||||
Number of options repriced | 30,000 | 30,000 | 30,000 | ||||||||||||
Employee share option plans (ESOP) | October 1, 2021 | |||||||||||||||
Share-based compensation | |||||||||||||||
Exercised | (6,000) | ||||||||||||||
Granted | 6,000 | ||||||||||||||
Granted | SFr / shares | SFr 1.45 | ||||||||||||||
Number of options repriced | 6,000 | 6,000 | 6,000 |
Share-based compensation - Sh_2
Share-based compensation - Share options outstanding - ESOP (Details) - Employee share option plans (ESOP) - Options | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based compensation | ||||
Outstanding share options | 777,000 | 8,615,885 | 6,768,460 | 5,540,600 |
Later than two years and not later than three years | ||||
Share-based compensation | ||||
Outstanding share options | 29,687 | 506,351 | ||
Later than three years and not later than four years | ||||
Share-based compensation | ||||
Outstanding share options | 49,687 | |||
Later than four years and not later than five years | ||||
Share-based compensation | ||||
Outstanding share options | 75,281 | 145,000 | ||
Later than five years and not later than six years | ||||
Share-based compensation | ||||
Outstanding share options | 90,907 | 1,899,081 | ||
Later than six years and not later than seven years | ||||
Share-based compensation | ||||
Outstanding share options | 110,500 | 2,708,396 | ||
Later than seven years and not later than eight years | ||||
Share-based compensation | ||||
Outstanding share options | 54,854 | 253,370 | ||
Later than eight years and not later than nine years | ||||
Share-based compensation | ||||
Outstanding share options | 113,888 | 1,216,865 | ||
Later than nine years and not later than ten years | ||||
Share-based compensation | ||||
Outstanding share options | 301,883 | 1,837,135 | ||
Strike Price CHF0.13 | ||||
Share-based compensation | ||||
Outstanding share options | 359,113 | |||
Strike Price CHF0.13 | Later than four years and not later than five years | ||||
Share-based compensation | ||||
Outstanding share options | 56,655 | |||
Strike Price CHF0.13 | Later than five years and not later than six years | ||||
Share-based compensation | ||||
Outstanding share options | 59,530 | |||
Strike Price CHF0.13 | Later than seven years and not later than eight years | ||||
Share-based compensation | ||||
Outstanding share options | 10,000 | |||
Strike Price CHF0.13 | Later than eight years and not later than nine years | ||||
Share-based compensation | ||||
Outstanding share options | 40,000 | |||
Strike Price CHF0.13 | Later than nine years and not later than ten years | ||||
Share-based compensation | ||||
Outstanding share options | 192,928 | |||
Strike Price CHF0.14 to 0.99 | ||||
Share-based compensation | ||||
Outstanding share options | 171,425 | |||
Strike Price CHF0.14 to 0.99 | Later than two years and not later than three years | ||||
Share-based compensation | ||||
Outstanding share options | 25,000 | |||
Strike Price CHF0.14 to 0.99 | Later than four years and not later than five years | ||||
Share-based compensation | ||||
Outstanding share options | 11,385 | |||
Strike Price CHF0.14 to 0.99 | Later than five years and not later than six years | ||||
Share-based compensation | ||||
Outstanding share options | 26,085 | |||
Strike Price CHF0.14 to 0.99 | Later than nine years and not later than ten years | ||||
Share-based compensation | ||||
Outstanding share options | 108,955 | |||
Strike Price CHF1.00 to 1.50 | ||||
Share-based compensation | ||||
Outstanding share options | 148,855 | 3,459,244 | ||
Strike Price CHF1.00 to 1.50 | Later than five years and not later than six years | ||||
Share-based compensation | ||||
Outstanding share options | 292,261 | |||
Strike Price CHF1.00 to 1.50 | Later than six years and not later than seven years | ||||
Share-based compensation | ||||
Outstanding share options | 72,013 | |||
Strike Price CHF1.00 to 1.50 | Later than seven years and not later than eight years | ||||
Share-based compensation | ||||
Outstanding share options | 17,362 | 184,883 | ||
Strike Price CHF1.00 to 1.50 | Later than eight years and not later than nine years | ||||
Share-based compensation | ||||
Outstanding share options | 59,480 | 1,189,373 | ||
Strike Price CHF1.00 to 1.50 | Later than nine years and not later than ten years | ||||
Share-based compensation | ||||
Outstanding share options | 1,792,727 | |||
Strike Price CHF1.51 to 2.00 | ||||
Share-based compensation | ||||
Outstanding share options | 2,398,245 | |||
Strike Price CHF1.51 to 2.00 | Later than two years and not later than three years | ||||
Share-based compensation | ||||
Outstanding share options | 506,351 | |||
Strike Price CHF1.51 to 2.00 | Later than three years and not later than four years | ||||
Share-based compensation | ||||
Outstanding share options | 49,687 | |||
Strike Price CHF1.51 to 2.00 | Later than four years and not later than five years | ||||
Share-based compensation | ||||
Outstanding share options | 95,000 | |||
Strike Price CHF1.51 to 2.00 | Later than five years and not later than six years | ||||
Share-based compensation | ||||
Outstanding share options | 1,606,820 | |||
Strike Price CHF1.51 to 2.00 | Later than seven years and not later than eight years | ||||
Share-based compensation | ||||
Outstanding share options | 68,487 | |||
Strike Price CHF1.51 to 2.00 | Later than eight years and not later than nine years | ||||
Share-based compensation | ||||
Outstanding share options | 27,492 | |||
Strike Price CHF1.51 to 2.00 | Later than nine years and not later than ten years | ||||
Share-based compensation | ||||
Outstanding share options | 44,408 | |||
Strike Price CHF1.51 to 2.50 | ||||
Share-based compensation | ||||
Outstanding share options | 92,315 | |||
Strike Price CHF1.51 to 2.50 | Later than two years and not later than three years | ||||
Share-based compensation | ||||
Outstanding share options | 4,687 | |||
Strike Price CHF1.51 to 2.50 | Later than four years and not later than five years | ||||
Share-based compensation | ||||
Outstanding share options | 7,241 | |||
Strike Price CHF1.51 to 2.50 | Later than six years and not later than seven years | ||||
Share-based compensation | ||||
Outstanding share options | 38,487 | |||
Strike Price CHF1.51 to 2.50 | Later than seven years and not later than eight years | ||||
Share-based compensation | ||||
Outstanding share options | 27,492 | |||
Strike Price CHF1.51 to 2.50 | Later than eight years and not later than nine years | ||||
Share-based compensation | ||||
Outstanding share options | 14,408 | |||
Strike Price CHF2.01 to 2.50 | ||||
Share-based compensation | ||||
Outstanding share options | 293,506 | |||
Strike Price CHF2.01 to 2.50 | Later than four years and not later than five years | ||||
Share-based compensation | ||||
Outstanding share options | 50,000 | |||
Strike Price CHF2.01 to 2.50 | Later than six years and not later than seven years | ||||
Share-based compensation | ||||
Outstanding share options | 243,506 | |||
Strike Price CHF2.51 to 3.00 | ||||
Share-based compensation | ||||
Outstanding share options | 5,292 | 2,464,890 | ||
Strike Price CHF2.51 to 3.00 | Later than five years and not later than six years | ||||
Share-based compensation | ||||
Outstanding share options | 5,292 | |||
Strike Price CHF2.51 to 3.00 | Later than six years and not later than seven years | ||||
Share-based compensation | ||||
Outstanding share options | 2,464,890 |
Share-based compensation - Sh_3
Share-based compensation - Share options plans assumptions - ESOP (Details) - Employee share option plans (ESOP) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based compensation | |||
Weighted average fair value of share options granted | SFr 0.18 | SFr 0.72 | SFr 0.45 |
Weighted average share price per share at the grant date | SFr 0.41 | SFr 1.58 | SFr 1.16 |
Weighted average strike price per share | SFr 0.49 | SFr 1.46 | SFr 1.16 |
Weighted average volatility | 50.34% | 47.07% | 40.24% |
Weighted average annual risk-free rate | 0.75% | 0.44% | 0.13% |
Share-based compensation - Sh_4
Share-based compensation - Share option plans - DSPPP (Details) | 12 Months Ended | |
Oct. 26, 2022 EquityInstruments SFr / shares shares | Dec. 31, 2022 CHF (SFr) EquityInstruments SFr / shares shares | |
Share-based compensation | ||
Number of shares reclassed as treasury shares under IFRS 2 | shares | 17,438,883 | 17,438,883 |
Number of equity incentive units exercised | EquityInstruments | 17,438,883 | |
Strike price of equity incentive units | SFr / shares | SFr 0.13 | |
Deferred Strike Price Payment Plan (DSPPP) | ||
Share-based compensation | ||
Payment deferral period for equity incentive units exercised | 10 years | |
Expiration period for options | 10 years | |
Number of shares reclassed as treasury shares under IFRS 2 | shares | 17,438,883 | |
Increase in fair value of equity incentive units following modification | SFr | SFr 63,399 | |
Increase in fair value of equity incentive units following modification, recognised during period | SFr | SFr 52,216 | |
Granted | EquityInstruments | 17,438,883 | |
Ending balance | EquityInstruments | 17,438,883 | |
Granted | SFr / shares | SFr 0.13 | |
Average subscription price / floor price / deferred strike price at end of period | SFr / shares | SFr 0.13 | |
Number of equity incentive units exercised | EquityInstruments | 17,438,883 | |
Strike price of equity incentive units | SFr / shares | SFr 0.13 |
Share-based compensation - Sh_5
Share-based compensation - Share options outstanding - DSPPP (Details) - Deferred Strike Price Payment Plan (DSPPP) | Dec. 31, 2022 EquityInstruments |
Share-based compensation | |
Outstanding shares | 17,438,883 |
Shares not subject to sales restrictions | 7,726,415 |
Later than nine years and not later than ten years | |
Share-based compensation | |
Outstanding shares | 17,438,883 |
Share-based compensation - Sh_6
Share-based compensation - Share purchase plan (Details) - Share purchase plan - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based compensation | |||
Shares transferred to settle expense | 0 | 116,914 | 207,190 |
Consulting fees settled in shares | SFr 164,980 | SFr 285,745 |
Revenue from contract with cu_2
Revenue from contract with customer (Details) € in Millions, $ in Millions | 1 Months Ended | 2 Months Ended | 12 Months Ended | 15 Months Ended | ||||||||
Nov. 01, 2022 CHF (SFr) | May 01, 2021 CHF (SFr) | Oct. 30, 2020 USD ($) | Jan. 02, 2018 USD ($) item | Aug. 31, 2022 CHF (SFr) | Jan. 31, 2018 USD ($) | Dec. 20, 2019 USD ($) | Dec. 31, 2022 CHF (SFr) | Dec. 31, 2021 CHF (SFr) | Dec. 31, 2020 CHF (SFr) | Jul. 31, 2022 CHF (SFr) | Dec. 31, 2004 EUR (€) | |
Revenue from contract with customer | ||||||||||||
Revenue from contract with customer | SFr 1,422,438 | SFr 2,916,308 | SFr 3,612,819 | |||||||||
Contract asset and trade receivables | 600,000 | 300,000 | ||||||||||
Indivior PLC | ||||||||||||
Revenue from contract with customer | ||||||||||||
Number of distinct material promises and performance obligations | item | 2 | |||||||||||
Indivior PLC | Rights granted | ||||||||||||
Revenue from contract with customer | ||||||||||||
Revenue from contract with customer | $ | $ 5 | |||||||||||
Indivior PLC | Achievement of pre-specified milestones | ||||||||||||
Revenue from contract with customer | ||||||||||||
Variable consideration allocated to contract | $ | $ 330 | |||||||||||
Indivior PLC | Research | ||||||||||||
Revenue from contract with customer | ||||||||||||
Revenue from contract with customer | 1,400,000 | 2,900,000 | 3,600,000 | |||||||||
Initial research term | 2 years | |||||||||||
Increment period for extension of research term | 12 months | |||||||||||
Number of newly identified compounds selected | item | 1 | |||||||||||
Additional funding for research and development costs incurred | SFr 950,000 | SFr 3,700,000 | $ 2.8 | SFr 850,000 | $ 1.6 | |||||||
Research funding received | SFr 2,700,000 | |||||||||||
Research funding paid by investor to third parties | SFr 1,000,000 | |||||||||||
Contract asset and trade receivables | 400,000 | 200,000 | ||||||||||
Indivior PLC | Research | Minimum | ||||||||||||
Revenue from contract with customer | ||||||||||||
Annual funding for research and development costs incurred | $ | $ 2 | |||||||||||
Indivior PLC | Research | Indivior PLC | ||||||||||||
Revenue from contract with customer | ||||||||||||
Number of newly identified compounds selected | item | 1 | |||||||||||
Janssen Pharmaceuticals Inc. | Development | ||||||||||||
Revenue from contract with customer | ||||||||||||
Revenue from contract with customer | SFr 0 | SFr 0 | SFr 0 | |||||||||
Janssen Pharmaceuticals Inc. | Development | Maximum | ||||||||||||
Revenue from contract with customer | ||||||||||||
Variable consideration allocated to contract | € | € 109 |
Other income (Details)
Other income (Details) - CHF (SFr) | 1 Months Ended | 12 Months Ended | 48 Months Ended | |||
Feb. 28, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2022 | |
Other income | ||||||
Other income | SFr 22,521 | SFr 236,997 | SFr 266,324 | |||
Eurostars/Innosuisse | ||||||
Other income | ||||||
Amount of grant awarded | SFr 500,000 | |||||
Proceeds from grants | SFr 120,000 | SFr 380,000 | ||||
Other receivables | 120,000 | 130,000 | SFr 120,000 | |||
Other income | SFr 0 | SFr 200,000 | SFr 200,000 |
Operating costs (Details)
Operating costs (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating costs | |||
Staff costs (note 17) | SFr 7,053,102 | SFr 4,737,138 | SFr 4,397,004 |
Depreciation (notes 8/9) | 323,144 | 347,613 | 378,754 |
External research and development costs | 10,029,786 | 9,014,083 | 6,981,854 |
Laboratory consumables | 319,305 | 295,377 | 295,005 |
Patent maintenance and registration costs | 318,194 | 266,043 | 328,177 |
Professional fees | 1,424,333 | 1,379,734 | 1,399,123 |
Short term leases | 47,283 | 37,512 | 36,651 |
D&O insurance | 1,591,231 | 1,591,882 | 1,505,897 |
Other operating costs | 858,788 | 989,840 | 799,952 |
Total operating costs | SFr 21,965,166 | SFr 18,659,222 | SFr 16,122,417 |
Operating costs - Additional In
Operating costs - Additional Information (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating costs | ||
Increase in total operating costs | SFr 3.3 | SFr 2.5 |
Increase in staff costs | 2.3 | 0.3 |
Increase (decrease) in external research and development costs | 1 | 2 |
Increase in external research and development costs relating to dipraglurant PD-LID program | 0.6 | |
Increase in external research and development costs relating to dipraglurant blepharospasm program | 0.6 | |
Increase in external research and development costs relating to GABAB PAM program | SFr 0.1 | |
Increase in external research and development costs relating to dipraglurant clinical development | 0.4 | |
Increase in external research and development costs relating to discovery activities | SFr 0.6 |
Staff costs (Details)
Staff costs (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Staff costs | |||
Wages and salaries | SFr 3,343,645 | SFr 3,280,004 | SFr 2,959,856 |
Social charges and insurances | 394,797 | 396,149 | 315,164 |
Value of share-based services (note 13) | 3,034,740 | 946,632 | 901,425 |
Retirement benefit (note 19) | 279,920 | 114,353 | 220,559 |
Total staff costs | SFr 7,053,102 | SFr 4,737,138 | SFr 4,397,004 |
Staff costs - Additional Inform
Staff costs - Additional Information (Details) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2022 CHF (SFr) | Dec. 31, 2021 CHF (SFr) employee | Dec. 31, 2020 employee | |
Staff costs | |||
Increase (decrease) in staff costs | SFr 2.3 | ||
Increase (decrease) in share-based compensation due to increase in fair value of equity incentive units | SFr 1.8 | ||
Increase in wages and salaries | SFr 0.3 | ||
Average number of employees | employee | 25 | 22 |
Taxes (Details)
Taxes (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Taxes | |||
Loss before tax | SFr 20,804,213 | SFr 15,351,914 | SFr 12,858,599 |
Tax calculated at a tax rate of 13.99% | 2,910,509 | 2,147,733 | 1,798,918 |
Effect of different tax rates in USA and France | 3,801 | 5,398 | 11,046 |
Deductible expenses charged against equity / deferred costs for issuance of shares | 178,015 | 382,829 | 78,164 |
Sale of treasury shares by a subsidiary, recognized as financial loss (income) in standalone financial statements | 1,666,594 | (8,556) | (71,285) |
Expenses not deductible for tax purposes | (514,017) | (145,195) | (160,729) |
Temporary differences | (1,324) | (954) | (2,515) |
Total tax losses not recognized as deferred tax asset | (4,243,578) | (2,381,255) | (1,653,599) |
Income tax expense | SFr 0 | SFr 0 | SFr 0 |
Applicable tax rate | 13.99% | 13.99% | 13.99% |
Deferred income tax assets | SFr 0 | SFr 0 | SFr 0 |
Taxes - Tax loss (Details)
Taxes - Tax loss (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred taxes | |||
Unrecorded tax losses carry forwards | SFr 275,156,180 | SFr 206,534,151 | SFr 183,370,289 |
Not later than one year | |||
Deferred taxes | |||
Unrecorded tax losses carry forwards | 141,425,567 | 3,540,541 | 1,224,210 |
Later than one year and not later than two years | |||
Deferred taxes | |||
Unrecorded tax losses carry forwards | 290,949 | 141,425,567 | 3,540,541 |
Later than two years and not later than three years | |||
Deferred taxes | |||
Unrecorded tax losses carry forwards | 3,586,490 | 290,949 | 141,425,567 |
Later than three years and not later than four years | |||
Deferred taxes | |||
Unrecorded tax losses carry forwards | 23,467,840 | 3,586,490 | 290,949 |
Later than four years and not later than five years | |||
Deferred taxes | |||
Unrecorded tax losses carry forwards | 12,590,566 | 23,467,840 | 3,586,490 |
Increase in unrecorded tax losses carry forwards | 4,000,000 | ||
Later than five years and not later than six years | |||
Deferred taxes | |||
Unrecorded tax losses carry forwards | 28,427,419 | 9,831,196 | 23,467,858 |
Increase in unrecorded tax losses carry forwards | 2,800,000 | ||
Later than six years and not later than seven years | |||
Deferred taxes | |||
Unrecorded tax losses carry forwards | SFr 65,367,349 | SFr 24,391,568 | SFr 9,834,674 |
Retirement benefit obligation_2
Retirement benefit obligations (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined benefit plans | |||
Percentage of contributions by employee | 46% | ||
Percentage of contributions by employer | 54% | ||
Net defined benefit (liability) asset | SFr (1,281,525) | ||
Funded status | SFr 200,000 | SFr (1,300,000) | |
Discount rate | 2.30% | 0.35% | |
Current service cost | SFr (306,491) | SFr (325,144) | SFr (315,727) |
Past service cost | 36,459 | 219,104 | 102,764 |
Interest cost | (98,639) | (23,742) | (21,799) |
Interest income | 88,751 | 15,429 | 14,203 |
Company pension amount | (279,920) | (114,353) | (220,559) |
Defined benefit obligation | |||
Defined benefit plans | |||
Net defined benefit (liability) asset | (7,682,529) | (9,276,675) | (9,406,967) |
Fair value of plan assets | |||
Defined benefit plans | |||
Net defined benefit (liability) asset | 7,867,835 | SFr 7,995,150 | SFr 7,714,430 |
Effect of asset ceiling | |||
Defined benefit plans | |||
Net defined benefit (liability) asset | SFr (185,306) | ||
Swiss Life | |||
Defined benefit plans | |||
Percentage of capital and interest guarantee | 100% |
Retirement benefit obligation_3
Retirement benefit obligations - Movement (Details) - CHF (SFr) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined benefit plans | ||
Net defined benefit (liability) asset at beginning of period | SFr (1,281,525) | |
Net defined benefit (liability) asset at end of period | SFr (1,281,525) | |
Defined benefit obligation | ||
Defined benefit plans | ||
Net defined benefit (liability) asset at beginning of period | (9,276,675) | (9,406,967) |
Current service cost | (306,491) | (325,144) |
Past service cost | 36,459 | 219,104 |
Interest (cost) income | (98,639) | (23,742) |
Employee contributions | (244,097) | (222,772) |
Actuarial gain arising from changes in financial assumptions | 1,923,273 | 295,480 |
Actuarial gain arising from changes in demographic assumptions | 51,085 | 186,583 |
Actuarial gain/ (loss) on experience adjustment | 6,850 | (115,175) |
Benefits paid | 225,706 | 115,958 |
Net defined benefit (liability) asset at end of period | (7,682,529) | (9,276,675) |
Fair value of plan assets | ||
Defined benefit plans | ||
Net defined benefit (liability) asset at beginning of period | 7,995,150 | 7,714,430 |
Interest (cost) income | 88,751 | 15,429 |
Employee contributions | 244,097 | 222,772 |
Employer contributions | 291,313 | 264,817 |
Plan assets loss | (525,770) | (106,340) |
Benefits paid | (225,706) | (115,958) |
Net defined benefit (liability) asset at end of period | SFr 7,867,835 | SFr 7,995,150 |
Retirement benefit obligation_4
Retirement benefit obligations - Plan assets (Details) | Dec. 31, 2021 |
Retirement benefit obligations | |
Cash | 1.79% |
Bonds | 52.36% |
Equity instruments | 11.16% |
Real estate | 22.75% |
Mortgages | 10.22% |
Others | 1.72% |
Total | 100% |
Retirement benefit obligation_5
Retirement benefit obligations - Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Actuarial assumptions | ||
Discount rate | 2.30% | 0.35% |
Salary growth rate | 1.20% | 1% |
Pension growth rate | 0% | 0% |
Discount rate | ||
Actuarial assumptions | ||
Percentage of reasonably possible increase in actuarial assumption | 0.25% | 0.25% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (3.09%) | (3.93%) |
Percentage of reasonably possible decrease in actuarial assumption | (0.25%) | (0.25%) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 3.48% | 4.52% |
Interest rates on retirement savings capital | ||
Actuarial assumptions | ||
Percentage of reasonably possible increase in actuarial assumption | 0.25% | 0.25% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 1.06% | 0.58% |
Percentage of reasonably possible decrease in actuarial assumption | (0.25%) | (0.25%) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (1.03%) | (0.52%) |
Salaries | ||
Actuarial assumptions | ||
Percentage of reasonably possible increase in actuarial assumption | 0.25% | 0.25% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 0.09% | 0.01% |
Percentage of reasonably possible decrease in actuarial assumption | (0.25%) | (0.25%) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (0.09%) | 0% |
Life expectancy | ||
Actuarial assumptions | ||
Period of reasonably possible increase in actuarial assumption | 1 year | 1 year |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 1.02% | 1.63% |
Period of reasonably possible decrease in actuarial assumption | 1 year | 1 year |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (1.07%) | (1.69%) |
Retirement benefit obligation_6
Retirement benefit obligations - Contributions and funding (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined benefit plans | |||
Estimate of contributions expected to be paid to plan for next annual reporting period | SFr 288,000 | ||
Net defined benefit (liability) asset | SFr (1,281,525) | ||
Actuarial gain on defined benefit obligation | 1,981,208 | 366,888 | |
Actuarial loss on plan assets | (525,770) | (106,340) | |
Change in the effect of the asset ceiling | (185,306) | ||
Total | 1,270,132 | 260,548 | SFr (233,529) |
Defined benefit obligation | |||
Defined benefit plans | |||
Net defined benefit (liability) asset | (7,682,529) | (9,276,675) | (9,406,967) |
Fair value of plan assets | |||
Defined benefit plans | |||
Net defined benefit (liability) asset | 7,867,835 | SFr 7,995,150 | SFr 7,714,430 |
Effect of asset ceiling | |||
Defined benefit plans | |||
Net defined benefit (liability) asset | SFr (185,306) |
Retirement benefit obligation_7
Retirement benefit obligations - Estimated benefit payments (Details) | Dec. 31, 2022 CHF (SFr) |
Not later than one year | |
Defined benefit plans | |
Estimated defined benefit payments | SFr 374,000 |
Later than one year and not later than two years | |
Defined benefit plans | |
Estimated defined benefit payments | 748,000 |
Later than two years and not later than three years | |
Defined benefit plans | |
Estimated defined benefit payments | 501,000 |
Later than three years and not later than four years | |
Defined benefit plans | |
Estimated defined benefit payments | 357,000 |
Later than four years and not later than five years | |
Defined benefit plans | |
Estimated defined benefit payments | 358,000 |
Later than five years and not later than ten years | |
Defined benefit plans | |
Estimated defined benefit payments | SFr 2,238,000 |
Finance result, net (Details)
Finance result, net (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance result, net | |||
Interests income | SFr 29,251 | SFr 5,322 | SFr 35,305 |
Interests expense on leases | (23,019) | (23,866) | (19,042) |
Interests cost | (25,878) | (39,146) | (50,460) |
Foreign exchange (losses)/gains, net | (264,360) | 211,693 | (581,128) |
Finance result, net | SFr (284,006) | SFr 154,003 | SFr (615,325) |
Loss per share (Details)
Loss per share (Details) | 12 Months Ended | ||
Dec. 31, 2022 CHF (SFr) EquityInstruments item SFr / shares shares | Dec. 31, 2021 CHF (SFr) EquityInstruments item SFr / shares shares | Dec. 31, 2020 CHF (SFr) EquityInstruments item SFr / shares shares | |
Earnings per share | |||
Loss attributable to equity holders of the Company | SFr | SFr (20,804,213) | SFr (15,351,914) | SFr (12,858,599) |
Weighted average number of shares in issue | shares | 45,184,865 | 34,119,666 | 26,681,774 |
Basic loss per share | SFr / shares | SFr (0.46) | SFr (0.45) | SFr (0.48) |
Diluted loss per share | SFr / shares | SFr (0.46) | SFr (0.45) | SFr (0.48) |
Number of categories of dilutive potential shares | item | 4 | 4 | 4 |
Number of potential dilutive instruments | 30,874,670 | 29,590,875 | 13,034,108 |
ESCs | |||
Earnings per share | |||
Number of potential dilutive instruments | 198,750 | 198,750 | |
ESOP | |||
Earnings per share | |||
Number of potential dilutive instruments | 777,000 | 8,615,885 | 6,768,460 |
Warrants | 2018 | |||
Earnings per share | |||
Number of potential dilutive instruments | 5,866,898 | 5,866,898 | 5,866,898 |
Warrants | 2021-2022 | |||
Earnings per share | |||
Number of potential dilutive instruments | 24,230,772 | ||
Warrants | 2021 | |||
Earnings per share | |||
Number of potential dilutive instruments | 9,230,772 | 9,230,772 | |
Warrants | 2022 | |||
Earnings per share | |||
Number of potential dilutive instruments | 15,000,000 | ||
Pre-funded warrants | 2021 | |||
Earnings per share | |||
Number of potential dilutive instruments | 5,478,570 |
Commitments and contingencies -
Commitments and contingencies - Capital commitments and contingencies (Details) - CHF (SFr) | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and contingencies | ||
Contracted capital expenditure | SFr 0 | SFr 0 |
Outstanding litigation | SFr 0 |
Related party transactions (Det
Related party transactions (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related party transactions | |||
Salaries, other short-term employee benefits and post-employment benefits | SFr 1,619,186 | SFr 1,502,377 | SFr 1,314,723 |
Consulting fees | 151,639 | 224,091 | 317,425 |
Share-based compensation | 3,196,353 | 955,051 | 975,579 |
Key management compensation | 4,967,178 | 2,681,519 | SFr 2,607,727 |
Board of Directors and Executive Management | |||
Related party transactions | |||
Net payable | SFr 100,000 | SFr 200,000 |
Events after the balance shee_2
Events after the balance sheet date (Details) - CHF (SFr) | 3 Months Ended | 12 Months Ended | |||
Mar. 29, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 28, 2023 | Dec. 31, 2020 | |
Events after balance sheet date | |||||
Sale of shares under sale agency agreement | 1,355,248 | 39,940 | |||
Gross amount of treasury shares sold | SFr 464,954 | ||||
Number of outstanding shares | 77,134,020 | 37,898,149 | 27,118,774 | ||
Number of treasury shares | 38,214,291 | 11,374,803 | |||
Sale of treasury shares | |||||
Events after balance sheet date | |||||
Sale of shares under sale agency agreement | 3,742,506 | ||||
Gross amount of treasury shares sold | SFr 1,200,000 | ||||
Number of outstanding shares | 80,879,591 | ||||
Number of treasury shares | 34,468,720 |