Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
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 | 125,195,393 |
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 | 2023 |
Document Fiscal Period Focus | FY |
Auditor Name | BDO AG |
Auditor Location | Zurich, Switzerland |
Auditor Firm ID | 5988 |
Document Financial Statement Error Correction [Flag] | false |
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, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | SFr 3,865,481 | SFr 6,957,086 |
Other financial assets | 848 | 3,165 |
Trade and other receivables | 110,361 | 416,875 |
Contract asset | 40,907 | 181,441 |
Prepayments | 217,008 | 270,394 |
Total current assets | 4,234,605 | 7,828,961 |
Non-current assets | ||
Right-of-use assets | 330,332 | 357,613 |
Property, plant and equipment | 22,604 | 41,121 |
Non-current financial assets | 54,344 | 54,355 |
Total non-current assets | 407,280 | 453,089 |
Total assets | 4,641,885 | 8,282,050 |
Current liabilities | ||
Current lease liabilities | 273,956 | 286,107 |
Payables and accruals | 2,384,350 | 2,996,004 |
Deferred income | 234,978 | |
Total current liabilities | 2,893,284 | 3,282,111 |
Non-current liabilities | ||
Non-current lease liabilities | 70,380 | 87,028 |
Retirement benefits obligations | 443,524 | |
Deferred income | 89,232 | |
Total non-current liabilities | 603,136 | 87,028 |
Equity | ||
Share capital | 1,843,545 | 1,153,483 |
Share premium | 266,194,689 | 269,511,610 |
Other equity | 64,620,223 | 64,620,223 |
Treasury shares reserve | (909,566) | (6,278,763) |
Other reserves | 29,814,816 | 25,768,373 |
Accumulated deficit | (360,418,242) | (349,862,015) |
Total equity | 1,145,465 | 4,912,911 |
Total liabilities and equity | SFr 4,641,885 | SFr 8,282,050 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Comprehensive Loss | |||
Revenue from contract with customer | SFr 1,612,953 | SFr 1,422,438 | SFr 2,916,308 |
Other income | 34,116 | 22,521 | 236,997 |
Operating costs | |||
Research and development | (6,962,486) | (14,665,462) | (12,840,540) |
General and administration | (4,965,882) | (7,299,704) | (5,818,682) |
Total operating costs | (11,928,368) | (21,965,166) | (18,659,222) |
Operating loss | (10,281,299) | (20,520,207) | (15,505,917) |
Finance income | 63,964 | 29,251 | 217,015 |
Finance expense | (338,892) | (313,257) | (63,012) |
Finance result | (274,928) | (284,006) | 154,003 |
Net loss before tax | (10,556,227) | (20,804,213) | (15,351,914) |
Income tax expense | 0 | 0 | 0 |
Net loss for the year | SFr (10,556,227) | SFr (20,804,213) | SFr (15,351,914) |
Basic loss per share for loss attributable to the ordinary equity holders of the Company | SFr (0.14) | SFr (0.46) | SFr (0.45) |
Diluted loss per share for loss attributable to the ordinary equity holders of the Company | SFr (0.14) | SFr (0.46) | SFr (0.45) |
Items that will never be reclassified to profit and loss: | |||
Remeasurements of retirement benefits obligation | SFr (506,167) | SFr 1,270,132 | SFr 260,548 |
Items that may be classified subsequently to profit and loss: | |||
Exchange difference on translation of foreign operations | (2,000) | (345) | (295) |
Other comprehensive (loss)/ income for the year, net of tax | (508,167) | 1,269,787 | 260,253 |
Total comprehensive loss for the year | SFr (11,064,394) | SFr (19,534,426) | SFr (15,091,661) |
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, 2020 | SFr 32,848,635 | SFr 286,888,354 | SFr (6,078,935) | SFr (657,230) | SFr 15,314,867 | SFr (313,705,888) | SFr 14,609,803 | |
Net loss for the year | (15,351,914) | (15,351,914) | ||||||
Other comprehensive income/(loss) for the period | (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 | |||||
Ending balance 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 period | (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) | ||||||
Ending balance at Dec. 31, 2022 | 1,153,483 | 269,511,610 | 64,620,223 | (6,278,763) | (657,870) | 26,426,243 | (349,862,015) | 4,912,911 |
Net loss for the year | (10,556,227) | (10,556,227) | ||||||
Other comprehensive income/(loss) for the period | (2,000) | (506,167) | (508,167) | |||||
Total comprehensive loss for the year | (2,000) | (506,167) | (10,556,227) | (11,064,394) | ||||
Issue of treasury shares | 329,000 | (329,000) | ||||||
Exercise ESOP & ESC (treasury shares IFRS 2) | 125,272 | (125,272) | ||||||
Cost of shares issuance | (30,804) | (30,804) | ||||||
Sales under shelf-registration | (920,069) | 2,079,828 | 1,159,759 | |||||
Related costs of sales shelf-registration | (36,747) | (36,747) | ||||||
Sale of pre-funded warrants | 3,382,259 | 3,382,259 | ||||||
Cost of pre-funded warrants sold | (136,327) | (136,327) | ||||||
Exercise of pre-funded warrants | 235,790 | 3,046,123 | (3,245,932) | 35,981 | ||||
Costs of pre-funded warrants exercised | (53,445) | (53,445) | ||||||
Value of warrants and pre-funded warrants | (2,760,143) | 2,760,143 | ||||||
Value of share-based services | 1,794,467 | 1,794,467 | ||||||
Movement in treasury shares: | ||||||||
Net purchases under liquidity agreement | (817) | (1,504) | (2,321) | |||||
Sales agency agreement | (2,552,071) | 3,745,145 | 1,193,074 | |||||
Costs under sale agency agreement | (8,948) | (8,948) | ||||||
Ending balance at Dec. 31, 2023 | SFr 1,843,545 | SFr 266,194,689 | SFr 64,620,223 | SFr (909,566) | SFr (659,870) | SFr 30,474,686 | SFr (360,418,242) | SFr 1,145,465 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Cash Flows | |||
Net loss for the year | SFr (10,556,227) | SFr (20,804,213) | SFr (15,351,914) |
Adjustments for: | |||
Depreciation | 305,952 | 323,144 | 347,613 |
Lease modifications related to right-of-use assets | (318) | (127) | |
Value of share-based services | 1,794,467 | 3,682,073 | 1,178,344 |
Post-employment benefits | (62,643) | (11,393) | (150,464) |
Finance cost/(income) net | 312,602 | 215,527 | (132,050) |
Decrease in other financial assets | 2,317 | 13,980 | 47,785 |
Decrease / (increase) in trade and other receivables | 306,514 | (252,090) | (96,412) |
Decrease / (increase) in contract asset | 140,534 | (21,805) | (159,636) |
Decrease / (increase) in prepayments | 53,386 | 844,980 | (616,992) |
(Decrease) / increase in payables and accruals | (613,205) | (427,388) | 883,837 |
Decrease in contract liability | (733,668) | ||
(Decrease) / increase in deferred income | 324,210 | (86,481) | |
Services paid in shares | 164,980 | ||
Net cash used in operating activities | (7,992,411) | (16,437,185) | (14,705,185) |
Cash flows from investing activities | |||
Purchase of property, plant and equipment | (6,842) | (581) | (31,549) |
Proceeds from decrease in non-current financial assets | 3,553 | 1,236 | |
Net cash from/(used in) investing activities | (6,842) | 2,972 | (30,313) |
Cash flows from financing activities | |||
Proceeds from capital increase | 10,161,746 | ||
Costs / deferred costs paid on issue of shares | (1,698,782) | ||
Proceeds from sale of treasury shares-shelf registration | 1,159,759 | 1,224,893 | 3,763,284 |
Costs paid on sale of treasury shares-shelf registration | (39,103) | (304,009) | (389,857) |
Proceeds from sale of pre-funded warrants | 3,382,259 | 2,841,270 | 5,470,141 |
Costs paid on sale of pre-funded warrants | (141,822) | (576,117) | (569,228) |
Proceeds from the exercise of pre-funded warrants | 35,981 | 25,241 | |
Costs paid on exercise of pre-funded warrants | (21,247) | ||
Sales under sale agency agreement & liquidity agreement movements | 1,190,753 | 450,973 | 33,159 |
Costs paid on sale of treasury shares under sale agency agreement | (8,948) | (3,487) | (332) |
Cost paid on issue of treasury shares | (53,600) | (248,354) | |
Principal element of lease payment | (281,793) | (288,076) | (309,617) |
Interest received | 63,964 | 29,251 | 5,322 |
Interest paid | (21,607) | (48,897) | (63,012) |
Net cash from financing activities | 5,264,596 | 3,102,688 | 16,402,824 |
Increase/(decrease) in cash and cash equivalents | (2,734,657) | (13,331,525) | 1,667,326 |
Cash and cash equivalents at beginning of the year | 6,957,086 | 20,484,836 | 18,695,040 |
Exchange difference on cash and cash equivalents | (356,948) | (196,225) | 122,470 |
Cash and cash equivalents at end of the year | SFr 3,865,481 | SFr 6,957,086 | SFr 20,484,836 |
General information
General information | 12 Months Ended |
Dec. 31, 2023 | |
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. 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 April 17, 2024. |
Summary of material accounting
Summary of material accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of material accounting policies | |
Summary of material accounting policies | 2. Summary of material 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 “Material 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 2023 presentation. In particular, the ADS numbers previously disclosed have been amended following the change in ADS ratio executed on October 23, 2023, from one ADS to six shares to a new ratio of one ADS to one hundred and twenty twenty 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, 2023. Of the latter, the Group noted that the amendments of IAS 1 (disclosure of accounting policies) and IAS 8 (definition of accounting estimates) respectively relating to the definition of accounting estimate and the disclosure of accounting policies are relevant for the Group but did not have a material impact on the disclosures made in the consolidated financial statements. There are other new standards, amendments to standards and interpretations which have been deemed by the Group as currently not relevant, hence are not listed or discussed further here. 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, 2024 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 2024. 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 Foreign currency transactions 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 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 Financial assets 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 and 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. 2.8 Cash and cash equivalents 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. 2.9 Share capital 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. 2.10 Equity instruments Shares issued by the Group and the sale of pre-funded warrants are both recorded at the fair value of the proceeds received, net of direct issuance costs. The fair value of pre-funded warrants sold is recorded in equity at the grant date. The Group grants as well from time-to-time warrants to brokers and investors. The fair value of the warrants is recorded in equity at the grant date. 2.11 Trade payables 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. 2.12 Grants 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. 2.13 Deferred income tax 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. 2.14 Pension obligations 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. 2.15 Share-based compensation The Group operates an equity sharing certificates’ equity incentive plan, a share option plan, and a share purchase plan. The fair value of the services received in exchange for the grant or transfer of equity sharing certificates, options, shares 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. 2.16 Revenue recognition 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. 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. 2.17 Finance income and expense Interest received or paid on cash and cash equivalents are classified in the statement of cash flows under financing activities. 2.18 Leases 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 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. 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. 2.19 Research and development 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, 2023 | |
Financial risk management | |
Financial risk management | 3. Financial risk management 3.1 Financial risk factors 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 2023, a 10% increase or decrease in the EUR/CHF exchange rate would have resulted in a CHF 4,901 (respectively a CHF 7,945 decrease or increase in decrease increase net loss and shareholders equity December decrease or increase 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 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 Capital risk management 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, 2023 and 2022. The ability of the Group to maintain adequate cash reserves to continue its activities 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 1, 2022 (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 Cash flows 281,793 (2,734,657) (2,317) (2,455,181) Effect of modification to lease terms (252,994) — — (252,994) Foreign exchange differences — (356,948) — (356,948) Net debt as at December 31, 2023 (344,336) 3,865,481 848 3,521,993 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, 2023 1 Year Years 5 Years flows liabilities Lease Liabilities 293,399 72,350 — 365,749 344,336 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 Lease liabilities relate to the rent of laboratories, equipment, offices and related spaces used by the Group. 3.3 Fair value estimation 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. |
Material accounting estimates a
Material accounting estimates and judgments | 12 Months Ended |
Dec. 31, 2023 | |
Material accounting estimates and judgments | |
Material 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, licensing certain of its research and development stage products and selling its allosteric modulator drug discovery technology platform and a portfolio of pre - clinical programs. 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 2026. 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 health pandemics and geopolitical risks. 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 product 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 product 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. The Business of the Group could be adversely affected by health pandemics and geopolitical risks The business of the Group could be adversely affected by health epidemics and geopolitical risks in regions where the Group or partners have concentrations of clinical trial sites or other business operations and could cause significant disruption in the operations of third-party manufacturers and CROs upon whom the Group or partners rely. Health pandemics may pose the risk that the Group, employees, contractors, collaborators, and partners may be prevented from conducting certain pre-clinical tests, clinical trials or other business activities for an indefinite period of time, including due to travel restrictions, quarantines, “stay-at-home” and “shelter-in-place” orders or shutdowns that have been or may in the future be requested or mandated by governmental authorities. For example, the COVID-19 pandemic has impacted and could in the future impact the business of the Group and ongoing and planning clinical trials led by the Group or partners, including as a result of delays or difficulties in clinical site initiation, difficulties in recruiting and retaining clinical site investigators and clinical site staff and interruption of the clinical supply chain or key clinical trial activities, such as clinical trial site monitoring, and supply chain interruptions caused by restrictions for the supply of materials for drug candidates or other materials necessary to manufacture product to conduct clinical and preclinical tests. Geopolitical risks such as Russia-Ukraine war or Middle East conflict may create global security concerns including the possibility of an expanded regional or global conflict and potential ramifications such as 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 duration of any delays, require the Group and its partners to find alternative suppliers at additional expense. In addition, Russia-Ukraine war has had significant ramifications on global financial markets, which may adversely impact the ability of the Group to raise capital on favorable terms or at all. 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 15. 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. Due to the nature of estimates, the Group may be required to make changes to the estimates after a reporting period as it becomes aware of additional information about the status or conduct of its research activities. 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 20% increase or decrease Equity instruments The group records in equity the pre - funded warrants sold to investors and the warrants granted to investors at a fair value whose valuation is calculated using Black - Scholes model. 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 20. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 and 2021 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: 2023 2022 2021 Collaborative research funding 1,612,953 1,422,438 2,916,308 Grants earned 29,881 — 218,330 Other service income 4,235 22,521 18,667 Total 1,647,069 1,444,959 3,153,305 Analysis of revenue from contract with customer and other income by major counterparties is detailed as follows: 2023 2022 2021 Indivior PLC 1,612,953 1,422,438 2,916,308 Eurostars/Innosuisse 29,881 — 218,330 Other counterparties 4,235 22,521 18,667 Total 1,647,069 1,444,959 3,153,305 For more detail, refer to note 15, “Revenue from contract with customer” and note 16 “Other Income”. The geographical allocation of long-lived assets is detailed as follows: December 31, December 31, 2023 2022 Switzerland 406,946 452,732 France 334 357 Total 407,280 453,089 The geographical analysis of operating costs is as follows: 2023 2022 2021 Switzerland 11,912,110 21,933,056 18,619,123 United States of America 11,890 27,513 33,016 France 4,368 4,597 7,083 Total operating costs (note 17) 11,928,368 21,965,166 18,659,222 There was capital expenditure of CHF 6,842 in 2023 and CHF 581 in 2022. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents | |
Cash and cash equivalents | 6. Cash and cash equivalents December 31, December 31, 2023 2022 Cash at bank and on hand 3,865,481 6,957,086 Total cash and cash equivalents 3,865,481 6,957,086 Split by currency: December 31, December 31, 2023 2022 CHF 39.88 % 52.98 % USD 56.22 % 42.10 % EUR 3.03 % 2.69 % GBP 0.87 % 2.23 % Total 100.00 % 100.00 % The Group no longer pays interest on CHF cash and cash equivalents from the third quarter of 2022 whilst it earns interest on USD cash and cash equivalents. The Group invests its cash balances into a variety of current and deposit accounts mainly with one Swiss bank whose external credit rating is P-1/A-1. All cash and cash equivalents were held either at banks or on hand as of December 31, 2023 and December 31, 2022. 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, 2023 2022 External credit rating of counterparty P-1 / A-1 3,269,523 3,708,603 P-2 / A-1 286,399 3,031,028 Other 309,446 217,335 Cash on hand 113 120 Total cash and cash equivalents 3,865,481 6,957,086 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, 2023 | |
Other current assets | |
Other current assets | 7. Other current assets December 31, December 31, 2023 2022 Other financial assets 848 3,165 Trade and other receivables 110,361 416,875 Contract asset (Indivior PLC) 40,907 181,441 Prepayments 217,008 270,394 Total other current assets 369,124 871,875 Other current assets decreased by CHF 0.5 million as of December 31, 2023 compared to December 31, 2022 mainly due to a decrease of CHF 0.4 million in the combined amount of contract assets, trade and other receivables, primarily related to the research agreement with Indivior for CHF 0.3 million and to the grant from Eurostars/Innosuisse for CHF 0.1 million. 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. 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, 2023, 2022 and 2021. |
Right-of-use assets
Right-of-use assets | 12 Months Ended |
Dec. 31, 2023 | |
Right-of-use assets | |
Right-of-use assets | 8. Right-of-use assets 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 Year ended December 31, 2023 Properties Equipment Total Opening net book amount 353,097 4,516 357,613 Depreciation charge (277,885) (2,708) (280,593) Effect of lease modifications 253,312 — 253,312 Closing net book amount 328,524 1,808 330,332 As of December 31, 2023 Properties Equipment Total Cost 1,725,162 13,542 1,738,704 Accumulated depreciation (1,396,638) (11,734) (1,408,372) Net book value 328,524 1,808 330,332 For the year ended December 31, 2023, the Group recorded a depreciation charge of CHF 0.2 million (respectively CHF 0.2 million for 2022 and 2021) as part of research and development expenses and CHF 0.1 million (respectively CHF 0.1 million for 2022 and 2021) 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, 2023 and 2022. 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, 2023 | |
Property, plant and equipment | |
Property, plant and equipment | 9. Property, plant and equipment 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 Furniture & Chemical Year ended December 31, 2023 Equipment fixtures library Total Opening net book amount 41,121 — — 41,121 Additions 6,842 — — 6,842 Depreciation charge (25,359) — — (25,359) Closing net book amount 22,604 — — 22,604 Furniture & Chemical As of December 31, 2023 Equipment fixtures library Total Cost 1,721,251 7,564 1,207,165 2,935,980 Accumulated depreciation (1,698,647) (7,564) (1,207,165) (2,913,376) Net book value 22,604 — — 22,604 For the year ended December 31, 2023, the Group recorded a depreciation charge of CHF 22,572 (CHF 26,615 in 2022 and CHF 19,934 in 2021) as part of research and development expenses and CHF 2,787 (CHF 4,956 in 2022 and CHF 7,264 in 2021) as part of general and administration expenses. |
Non-current financial assets
Non-current financial assets | 12 Months Ended |
Dec. 31, 2023 | |
Non-current financial assets | |
Non-current financial assets | 10. Non-current financial assets December 31, December 31, 2023 2022 Security rental deposits. 54,344 54,355 Total non ‑ current financial assets 54,344 54,355 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, 2023 | |
Payables and accruals | |
Payables and accruals | 11. Payables and accruals December 31, December 31, 2023 2022 Trade payables 984,384 1,276,546 Social security and other taxes 164,609 120,875 Accrued expenses 1,235,357 1,598,583 Total payables and accruals 2,384,350 2,996,004 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 total amount of payables and accruals decreased by CHF 0.6 million as of December 31, 2023 compared to December 31, 2022 mainly due to reduced clinical development activities. The carrying amounts of payables do not materially differ from their fair values, due to their short-term nature. |
Deferred income
Deferred income | 12 Months Ended |
Dec. 31, 2023 | |
Deferred income | |
Deferred income | 12. Deferred income The Group expects the deferred income to be recognized as follows: December 31, 2023 December 31, 2022 Expected income recognition in year one after the balance sheet date 234,978 — Expected income recognition in year two after the balance sheet date 89,232 — Total deferred income 324,210 — The deferred income relates to a grant from Eurostars/Innosuisse. See note 16 “other income” for further information related to the Eurostars/Innosuisse project. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2023 | |
Share capital. | |
Share capital | 13. Share capital Number of shares Common Treasury shares shares Total Balance as of January 1, 2022 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 — (17,438,833) (17,438,883) Balance as of December 31, 2022 IFRS 2 115,348,311 (55,653,174) 59,695,137 Number of shares Common Treasury shares shares Total Balance as of January 1, 2023. 115,348,311 (38,214,291) 77,134,020 Issue of shares - treasury shares 32,900,000 (32,900,000) — Issue of shares - exercise ESOP 12,527,235 — 12,527,235 Sale of shares under shelf registration — 7,999,998 7,999,998 Exercise of pre-funded warrants (1) 23,578,950 — 23,578,950 Sale of shares under sale agency agreement — 4,006,373 4,006,373 Net purchase of shares under liquidity agreement — (43,872) (43,872) Acquisition of shares forfeited from DSPPP — (7,311) (7,311) Balance as of December 31, 2023 184,354,496 (59,159,103) 125,195,393 Shares reclassed as treasury shares under IFRS 2 — (29,958,807) (29,958,807) Balance as of December 31, 2023 IFRS 2 184,354,496 (89,117,910) 95,236,586 (1) In accordance with Swiss law, the issuance of 6,120,000 new shares through the exercise of pre-funded warrants from December 12, 2023 to December 31, 2023, have been registered in the commercial register on February 20, 2024. As of December 31, 2023, the amount of the share capital as registered in the commercial register is CHF 1,782,344.96 divided into 178,234,496 shares. As of December 31, 2023, 125,195,393 shares were outstanding excluding 59,159,103 treasury shares directly held by Addex Pharma SA and including 29,958,807 outstanding shares benefiting from our DSPPP, considered as treasury shares under IFRS 2 (see note 14). All shares have a nominal value of CHF 0.01. 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 17,438,883 outstanding shares benefiting from our DSPPP, considered as treasury shares under IFRS 2. All shares had a nominal value of CHF 0.01 following the reduction of the nominal value effective on July 26, 2022. The Group maintains a liquidity agreement with Kepler Cheuvreux (“Kepler”). 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, 2023, 172,072 (December 31,2022: 128,200) treasury shares are recorded under this agreement in the treasury share reserve and CHF 848 (December 31,2022: CHF 3,165) is recorded in other financial assets. During the year 2023, the Group sold 4,006,373 treasury shares under the sale agency agreement with Kepler Cheuvreux at an average price of CHF 0.30 per share for gross proceeds of CHF 1,193,074 (during the year 2022, the Group sold 1,355,248 treasury shares at an average price of CHF 0.34 per share for gross proceeds of CHF 464,954). On December 13, 2023, the company increased its capital from CHF 1,329,483 to CHF 1,782,345 by the issuance of 45,286,185 new registered shares at a nominal value of CHF 0.01 per share. Of these shares, 29,986,185 has been issued out of our conditional capital including 17,458,950 shares issued following the exercise of pre-funded warrants granted in the offering executed in April 2023 and 12,527,235 shares issued through the exercise of equity incentive units at a strike price of CHF 0.043 by Board Members, Executive Managers and employees on November 27, 2023. 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 12,527,235 shares issued from the exercise of equity incentive units are considered as treasury shares. The 12,527,235 shares are considered to be legally owned by the exercising equity incentive unit holders on November 27, 2023. The remaining 15,300,000 shares have been issued from the capital band of the company and fully subscribed by its 100% owned subsidiary Addex Pharma SA at the nominal value of CHF 0.01. On October 23, 2023, the ADS ratio was changed from one ADS to six shares to a new ratio of one ADS to one hundred and twenty twenty On June 14, 2023, the Company increased its capital from CHF 1,153,483 to CHF 1,329,483 through the issuance of 17,600,000 new shares from its capital band to its 100% owned subsidiary, Addex Pharma SA, at the nominal value of CHF 0.01. These shares are held as treasury shares; hence the operation does not impact the outstanding share capital. On April 3, 2023, the Group entered into a securities purchase agreement with an institutional investor. The Group sold 7,999,998 treasury shares in the form of ADSs at a price of USD 0.16 (CHF 0.14) per share equivalent to USD 19.00 per ADS (CHF 17.20 per ADS) and 23,578,950 pre-funded warrant shares in the form of ADSs at a price of USD 0.16 (CHF 0.14 per share) equivalent to USD 18.80 (CHF 17.02) per ADS totally exercised as of December 31, 2023. As a consequence, 23,578,950 new shares have been issued from conditional capital of which 6,120,000 have been registered in the commercial register on February 20, 2024 in accordance with Swiss law. The total gross proceeds from the offering amounted to USD 5.0 million (CHF 4.5 million) and directly attributable share offering costs of CHF 0.2 million were recorded as a deduction in equity. In addition, the Group granted the institutional investor, 31,578,948 warrant shares exercisable in the form of ADSs with an exercise price of USD 0.17 (CHF 0.15) per share equivalent to USD 20.00 (CHF 18.11) per ADS and an exercise period expiring on April 5, 2028. The fair value of the warrant shares amounts to CHF 1.78 million and has been recorded in equity as a cost of the offering. The Group also reduced the price to USD 0.17 (CHF 0.15) per share equivalent to USD 20.00 (CHF 18.11) per ADS and extended the exercise period to April 5, 2028 of 9,230,772 warrant shares exercisable in the form of ADSs and 15,000,000 warrant shares exercisable in the form of ADSs granted in the securities purchase agreement signed on December 16, 2021 and July 22, 2022, respectively. Therefore, the institutional investor holds a total of 55,809,720 warrant shares exercisable in the form 465,081 warrant ADSs with an exercise price of USD 0.17 (CHF 0.15) per share equivalent to USD 20.00 (CHF 18.11) per ADS, expiring on April 5, 2028. Additionally, the amendments to the exercise conditions resulted in an increase in the total fair value of CHF 0.96 million that has been recorded in equity as a cost of the offering. On December 15, 2022, the company 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. Of these shares, 7,311 have been forfeited as of December 31, 2023. 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 an institutional investor and sold 4,500,000 treasury shares in the form of ADSs at a price of USD 0.28 (CHF 0.27 per share) equivalent to USD 34.00 (CHF 32.69) per ADS. In addition, 10,500,000 prefunded warrant shares in the form of ADSs were sold at a price of USD 0.28 (CHF 0.27) per share equivalent to USD 33.80 (CHF 32.50) per ADS. Of these pre-funded warrant shares 3,960,000 were exercised as of September 30, 2022 and 6,540,000 were exercised during the fourth quarter of 2022. The total gross proceeds from this offering amounted to USD 4.2 million (CHF 4.1 million). Additionally, all the 5,478,570 pre - funded warrant shares exercisable in the form of ADSs, sold to the same institutional investor in the securities purchase agreement signed on December 16, 2021, have been exercised during the third quarter of 2022.The Group additionally granted the institutional investor, 15,000,000 warrant shares exercisable in the form of ADSs with an exercise price of USD 0.32 (CHF 0.30) per share equivalent to USD 38.00 (CHF 36.54) per ADS and an exercise period of 5 years. Their fair value amounting to CHF 1.0 million 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 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 attributable share issuance costs of CHF 0.2 million were recorded as a deduction in equity. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-based compensation | |
Share-based compensation | 14. 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: 2023 2022 2021 Research and development 570,660 1,047,398 467,812 General and administration 1,223,807 2,634,675 710,532 Total share-based compensation 1,794,467 3,682,073 1,178,344 Analysis of share-based compensation by equity incentive plan is detailed as follows: 2023 2022 2021 Equity sharing certificate plan — 44,244 4,476 Share purchase plan — — 23,498 Share option plans 1,794,467 3,637,829 1,150,370 Total share-based compensation 1,794,467 3,682,073 1,178,344 The share-based compensation expense decreased by CHF 1.9 million in 2023 compared to 2022 primarily due to higher expenses in 2022 in the fair value of equity incentive units following reductions in their strike price. 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. 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 subscription subscription prices / floor prices / floor prices (CHF) 2022 prices (CHF) 2021 At January 1 1.54 198,750 1.54 198,750 Exercised under the DSPPP 0.13 (198,750) — — At December 31 — — 1.54 198,750 At December 31, 2023 and 2022, there are no subscription rights attached to the ESCs (2021: 198,750 were exercisable and outstanding). 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 2023, 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, 2023. Number of Number of share Number of share options repriced options exercised Strike price at Expiry date at options to CHF 0.043 on under grant date grant date granted November 27 2023 the DSPPP January 1, 2023 0.101 Dec. 31, 2032 436,677 — — May 12, 2023 0.13 May 11, 2033 12,736,209 12,736,209 12,527,235 July 1, 2023 0.106 June 30, 2033 147,695 — — Total 2023 13,320,581 12,736,209 12,527,235 In 2023, the Group granted 13,320,581 share options of which 12,736,209 were repriced at a strike price of CHF 0.043 on November 27, 2023 and 12,527,235 have been exercised the same day under the DSPPP. 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 Number of share options share options Number of Number of repriced to repriced to options exercised Strike price at Expiry date at share options CHF 0.19 on CHF 0.13 on under grant date grant date granted August 2 2022 October 5 2022 the 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. Movements in the number of options outstanding are as follows: Average Average Average strike price strike price strike price (CHF) 2023 (CHF) 2022 (CHF) 2021 At January 1 0.55 777,000 2.01 8,615,885 2.16 6,768,460 Exercised under the DSPPP 0.043 (12,527,235) 0.13 (17,240,133) — — Granted 0.13 13,320,581 0.49 9,437,078 1.46 1,868,900 Forfeited — — 1.00 (35,830) 1.93 (11,475) Expired — — — — 2 (10,000) At December 31 0.32 1,570,346 0.55 777,000 2.01 8,615,885 At December 31, 2023, of the outstanding 1,570,346 share options (respectively 2022: 777,000 and 2021: 8,615,885), 686,605 were exercisable (respectively 2022: 389,668 and 2021: 5,954,115 ). The outstanding share options as at December 31, 2023 and 2022 have the following expiry dates: At December 31, 2023 Range of strike prices (CHF) Expiry date 0.043 to 0.106 0.13 0.14 to 0.99 1.00 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 — — — 110,500 110,500 2030 — 10,000 — 44,854 54,854 2031 — 40,000 — 73,888 113,888 2032 436,677 192,928 108,955 — 738,560 2033 356,669 — — — 356,669 Total 793,346 359,113 171,425 246,462 1,570,346 At December 31, 2022 Range of strike prices (CHF) Expiry date 0.13 0.14 to 0.99 1.00 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 — — 110,500 110,500 2030 10,000 — 44,854 54,854 2031 40,000 — 73,888 113,888 2032 192,928 108,955 — 301,883 Total 359,113 171,425 246,462 777,000 The weighted average fair value of share options granted during 2023 determined using a Black-Scholes model was CHF 0.08 (2022: CHF 0.18 and 2021: CHF 0.72). The significant inputs to the model were: 2023 2022 2021 Weighted average share price per share at the grant date CHF 0.14 CHF 0.41 CHF 1.58 Weighted average strike price per share CHF 0.13 CHF 0.49 CHF 1.46 Weighted average volatility (1) 58.16 % 50.34 % 47.07 % Weighted average expected option life (years) 6.25 6.25 6.25 Dividend yield — — — Weighted average annual risk-free rate 0.86 % 0.75 % 0.44 % (1) 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 shares issued from the exercise of equity incentive units (“DSPPP Shares”) 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. During the twelve - months period ending December 31, 2023, 12,527,235 options have been exercised through our DSPPP. The modification of the equity incentive plan decreased the fair value by CHF 12,323 . This decrease has not been recognized according to IFRS 2. During the twelve - months period ending December 31, 2022, 17,438,883 options have been exercised through our DSPPP and the resulting modification of the equity incentive plan increased the fair value by CHF 63,399 of which CHF 52,216 has been recognized in 2022. Movements in the number of DSPPP shares are as follows: Average Average deferred strike deferred strike price payment price payment (CHF) 2023 (CHF) 2022 At January 1 0.13 17,438,883 — — Forfeited 0.13 (7,311) — — Granted - exercise of ESOP & ESC 0.043 12,527,235 0.13 17,438,883 At December 31 0.09 29,958,807 0.13 17,438,883 On November 27, 2023 and October 26, 2022, Board Members, Executive Managers and employees exercised 12,527,235 and 17,438,883 equity incentive units, respectively, at a strike price of CHF 0.043 and CHF 0.13, respectively. At December 31, 2023, of the 29,958,807 DSPPP shares (2022: 17,438,883 DSPPP shares), 12,573,975 (2022: 7,726,415) are not subject to sales restrictions. The DSPPP will expire as follow: At December 31, 2023 Range of strike prices (CHF) Expiry date 0.043 0.13 Total 2032 — 17,431,572 17,431,572 2033 12,527,235 — 12,527,235 Total 12,527,235 17,431,572 29,958,807 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. 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, 2023 and 2022, the Group did not use its treasury shares to pay consultants whilst during the year ended December 31, 2021, 116,914 shares were transferred to settle CHF 164,980 of consulting fees. |
Revenue from contract with cust
Revenue from contract with customer | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from contract with customer | |
Revenue from contract with customer | 15. 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, 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 and duration of two years with a funding of $4 million over the period for the Group’s R&D costs incurred, that can be extended by twelve-month increments. 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 was 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 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. Effective July 1, 2023, the research agreement with Indivior has been extended until June 30, 2024 and Indivior committed additional research funding of CHF 2.7 million including CHF 1.1 million expected to be paid to the Group and CHF 1.6 million paid directly by Indivior to third party suppliers that are supporting the funded research program. For the year ended December 31, 2023, the Group recognized CHF 1.6 million as revenue (2022: CHF 1.4 million and 2021: CHF 2.9 million) and recorded a combined amount of CHF 0.1 million in contract asset and trade receivable as of December 31, 2023 (December 31, 2022: CHF 0.4 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 2023, 2022 and 2021. |
Other income
Other income | 12 Months Ended |
Dec. 31, 2023 | |
Other income | |
Other income | 16. Other income Under grant agreements 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. In July 2019, the Group was funded by Eurostars/Innosuisse for CHF 0.5 million to support our mGlu7 NAM program. Of the amount, CHF 0.38 million were received in October 2019. The remaining funds of CHF 0.12 million recorded as other receivables In September 2023, the Group was funded by Eurostars/Innossuise for CHF 0.5 million to support our mGlu2 NAM program of which CHF 0.35 million were received in December 2023. As of December 31, 2023, the Group recognized CHF 0.03 million in other income in accordance with the grant conditions and CHF 0.32 million as deferred income, including CHF 0.23 million as short term (less than one year) and CHF 0.09 million as long term (more than one year) in accordance with the budget for the use of the grant received. The Group additionally recognized other income from IT consultancy agreements. |
Operating costs
Operating costs | 12 Months Ended |
Dec. 31, 2023 | |
Operating costs | |
Operating costs | 17. Operating costs 2023 2022 2021 Staff costs (note 18) 5,376,859 7,053,102 4,737,138 Depreciation (notes 8/9) 305,952 323,144 347,613 External research and development costs 2,748,422 10,029,786 9,014,083 Laboratory consumables 331,279 319,305 295,377 Patent maintenance and registration costs 370,132 318,194 266,043 Professional fees 1,163,839 1,424,333 1,379,734 Short term leases 35,567 47,283 37,512 D&O insurance 628,595 1,591,231 1,591,882 Other operating costs 967,723 858,788 989,840 Total operating costs 11,928,368 21,965,166 18,659,222 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, 2023, total operating costs decreased by CHF 10.0 million compared to the year ended December 31, 2022, primarily due to decreased dipraglurant related external research and development activities for CHF 7.3 million. During the same period, staff costs decreased by CHF 1.7 million primarily due to lower share-based service costs (note 18) and reduced D&O insurance for CHF 1.0 million. 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. |
Staff costs
Staff costs | 12 Months Ended |
Dec. 31, 2023 | |
Staff costs | |
Staff costs | 18. Staff costs 2023 2022 2021 Wages and salaries 3,241,641 3,341,014 3,268,209 Social charges and insurances 378,454 397,428 407,944 Value of share-based services (note 14) 1,520,917 3,034,740 946,632 Retirement benefit (note 20) 235,847 279,920 114,353 Total staff costs 5,376,859 7,053,102 4,737,138 Total staff costs decreased by CHF 1.7 million for the year ended December 31, 2023 compared to the year ended December 31, 2022, primarily due to lower share-based service costs in 2023 (see note 14). Total staff costs increased by CHF 2.3 million for the year ended December 31, 2022, compared to the year ended December 31, 2021, primarily due to higher share-based service costs which include CHF 1.8 million for the increase in fair value of equity incentive units due to the reduction of their strike price (see note 14). |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Taxes | |
Taxes | 19. Taxes December 31, 2023 December 31, 2022 December 31, 2021 Loss before tax 10,556,227 20,804,213 15,351,914 Tax calculated at a tax rate of 13.99% 1,476,816 2,910,509 2,147,733 Effect of different tax rates in USA and France 1,658 3,801 5,398 Deductible expenses charged against equity for issuance of shares 37,374 98,591 382,829 Sale of treasury shares by a subsidiary, recognized as financial loss (income) in standalone financial statements 485,867 1,666,594 (8,556) Expenses not deductible for tax purposes (321,494) (434,593) (145,195) Temporary differences (1,836) (1,324) (954) Total tax losses not recognized as deferred tax asset (1,678,385) (4,243,578) (2,381,255) Income tax expense — — — The Group has decided not to recognize any deferred income tax assets at December 31, 2023, 2022 or 2021. 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, 2023 December 31, 2022 December 31, 2021 2022 — — 3,540,541 2023 — 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 23,467,840 2027 12,590,566 12,590,566 9,831,196 2028 28,427,419 28,427,419 24,391,568 2029 65,365,173 65,367,349 — 2030 19,766,179 — — Total unrecorded tax losses carry forwards. 153,494,616 275,156,180 206,534,151 Tax losses carried forward expiring in 2027 and 2028, have been increased by CHF 2.8 million and CHF 4.0 million as of end of December 31, 2022 compared to December 31, 2021, 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, 2023, the unrecorded tax losses carried forward amounted to CHF 153,494,616 (2022: CHF 275,156,180, 2021 CHF 206,534,151). |
Retirement benefit obligations
Retirement benefit obligations | 12 Months Ended |
Dec. 31, 2023 | |
Retirement benefit obligations | |
Retirement benefit obligations | 20. 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 2023 of CHF 235,847 (respectively CHF 279,920 in 2022 and CHF 114,353 in 2021) as part of staff costs. Employment benefit obligations The amounts recognized in the balance sheet are determined as follows: December 31, December 31, 2023 2022 Defined benefit obligation (9,138,045) (7,682,529) Fair value of plan assets 8,694,521 7,867,835 Effect of asset ceiling — (185,306) Funded status (shortfall)/ surplus (443,524) — As of December 31, 2023, the funded status has a shortfall of CHF 0.4 million compared to a surplus of CHF 0.2 million as of December 31, 2022 not recorded as an asset in accordance with the asset ceiling rules and minimum funding requirements. The increase of the present value of the defined benefit obligation is primarily due to the decrease of the discount rate to 1.50% as of December 31, 2023 compared to 2.30% as of December 31, 2022. The amounts recognized in the statement of comprehensive loss are as follows: 2023 2022 2021 Current service cost (268,097) (306,491) (325,144) Past service cost 26,899 36,459 219,104 Interest cost (175,609) (98,639) (23,742) Interest income 180,960 88,751 15,429 Company pension amount (note 18) (235,847) (279,920) (114,353) The conversion rates have changed in the first quarter of 2023, second quarter of 2022 and first quarter of 2021 which has led to a positive past service cost during the years ended December 31, 2023 (respectively 2022 and 2021). The movements in the defined benefit obligations during the year are as follows: 2023 2022 Defined benefit obligation at beginning of year (7,682,529) (9,276,675) Current service cost (268,097) (306,491) Past service cost 26,899 36,459 Interest cost (171,347) (98,639) Employee contributions (250,290) (244,097) Actuarial (loss)/ gain arising from changes in financial assumptions (671,909) 1,923,273 Actuarial gain arising from changes in demographic assumptions — 51,085 Actuarial gain on experience adjustment 22,250 6,850 Benefits (paid)/ deposited (143,022) 225,706 Defined benefit obligations at end of year (9,138,045) (7,682,529) The movements in the fair value of plan assets during the year are as follows: 2023 2022 Fair value of plan assets at beginning of year 7,867,835 7,995,150 Interest income 180,960 88,751 Employee contributions 250,290 244,097 Employer contributions 298,490 291,313 Plan assets loss (46,076) (525,770) Benefits paid 143,022 (225,706) Fair value of plan assets at end of year 8,694,521 7,867,835 As of the date of the preparation of these consolidated financial statements, the 2023 annual report of the pension fund has not yet been issued, and therefore the detailed structures and assets held at December 31, 2023, are not currently available for presentation. However, the detailed assets held at December 31, 2022, which were reported to the Group on May 9, 2023 by its plan administrator, are as follows: December 31, 2022 Cash 0.6 % Bonds 49.74 % Equity instruments 11.45 % Real estate 23.72 % Mortgages 10.47 % Derivatives 4.02 % Total 100.00 % The principal actuarial assumptions used were as follows: December 31, 2023 December 31, 2022 Discount rate 1.50 % 2.30 % Mortality tables BVG2020 GT BVG2020 GT Salary growth rate 1.20 % 1.20 % 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 interest rate on retirement savings capital would lead to an increase of 0.76% (2022: 1.06)% or a decrease of 0.74% (2022: 1.03)% in the defined benefit obligation. - 0.25% increase or decrease in salaries would lead to an increase of 0.08% (2022: 0.09)% or a decrease of 0.07% (2022: 0.09)% in the defined benefit obligation; and - +/-1 year in the life expectancy would lead to an increase of 1.23% (2022: 1.02)% or a decrease of 1.28% (2022: 1.07)% 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 2024 amount to CHF 297,000. The following table shows the funding of the defined benefit pensions and the components of the costs recognized in other comprehensive income: 2023 2022 Present value of defined benefit obligation (9,138,045) (7,682,529) Fair value of plan assets 8,694,521 7,867,835 Effect of asset ceiling — (185,306) (Deficit) / Surplus in the plan (443,524) — Actuarial (loss)/ gain on defined benefit obligation (649,659) 1,981,208 Actuarial loss on plan assets (46,076) (525,770) Change in the effect of the asset ceiling 189,568 (185,306) Total (506,167) 1,270,132 The following table shows the estimated benefit payments for the next ten years where the number of employees remains constant: 2024 790,000 2025 523,000 2026 372,000 2027 371,000 2028 538,000 2029-2033 2,697,000 |
Finance result, net
Finance result, net | 12 Months Ended |
Dec. 31, 2023 | |
Finance result, net | |
Finance result, net | 21. Finance result, net 2023 2022 2021 Interest income 63,964 29,251 5,322 Interest expense on leases (19,963) (23,019) (23,866) Interest cost (1,644) (25,878) (39,146) Foreign exchange (losses)/gains, net (317,285) (264,360) 211,693 Finance result, net (274,928) (284,006) 154,003 The evolution of the finance result is mainly driven by foreign exchange losses 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 for the years ended December 31, 2023 and December 31, 2022, 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, 2023 | |
Loss per share | |
Loss per share | 22. 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. 2023 2022 2021 Loss attributable to equity holders of the Company (10,556,227) (20,804,213) (15,351,914) Weighted average number of shares in issue 74,307,635 45,184,865 34,119,666 Basic and diluted loss per share (0.14) (0.46) (0.45) The Company has four categories of dilutive potential shares: treasury shares, equity sharing certificates (“ESCs”), share options and warrants which have been ignored in the calculation of the loss per share for the year ended December 31, 2023, 2022 and 2021, as they would be antidilutive. In addition to treasury shares, the total number of dilutive instruments as of December 31, 2023 is 63,246,964 (2022: 30,874,670 and 2021: 29,590,875) which consists of 1,570,346 share options, 5,866,898 warrants granted to investors on March 28, 2018 and 55,809,720 warrants granted to one investor (9,230,772 warrants on December 21, 2021, 15,000,000 on July 26, 2022 and 31,578,948 on April 3, 2023, respectively). As of December 31, 2022, dilutive instruments consist of 777,000 share options, 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, 8,615,885 share options, 5,866,898 warrants granted to investors on March 28, 2018, 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, 2023 | |
Commitments and contingencies | |
Commitments and contingencies | 23. Commitments and contingencies Capital commitments As at December 31, 2023 and 2022, 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, 2023 | |
Related party transactions | |
Related party transactions | 24. 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 2023 2022 2021 Salaries, other short‑term employee benefits and post-employment benefits 1,644,065 1,619,186 1,502,377 Consulting fees 17,106 151,639 224,091 Share‑based compensation 1,536,897 3,196,353 955,051 Total 3,198,068 4,967,178 2,681,519 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, 2023 and December 31, 2022. 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, 2023 | |
Events after the balance sheet date | |
Events after the balance sheet date | 25. Events after the balance sheet date On January 8, 2024, 6,439,124 equity incentive units giving the right to purchase 6,439,124 shares listed on SIX, have been granted to Board members, Executive Managers and employees with an exercise price of CHF 0.05 and the related share-based compensation amount of CHF 0.2 million will be recognized over the remaining vesting period of the equity incentive units. The Group sold 3,050,665 treasury shares for a gross amount of CHF 0.2 million under the sale agency agreement with Kepler Cheuvreux, between the closing date and the approval of these consolidated financial statements. On April 2, 2024, the Group announced the divestment of its allosteric modulator drug discovery technology platform and a portfolio of preclinical programs to a newly formed Swiss company, Neurosterix Pharma Sàrl (Neurosterix). Neurosterix has received committed funding of USD 63 million from a syndicate of investors led by Perceptive Advisors (Perceptive Xontogeny Venture Fund II L.P, Perceptive Life Sciences Master Fund Ltd and Acorn Bioventures 2, L.P) (the “Neurosterix Transaction” or “Transaction”). As part of the Transaction, Addex received CHF 5.0 million in cash and an equity interest representing 20% of Neurosterix. Addex retained its partnerships with Janssen Pharmaceuticals, Inc. and Indivior PLC, as well as unpartnered clinical stage assets including dipraglurant for Parkinson’s disease and post-stroke/TBI recovery and its preclinical GABAB PAM program for chronic cough. The Transaction includes the transfer of the associated R&D staff and infrastructure. As part of the Transaction, Addex and Neurosterix entered into a service agreement which provides Addex with access to certain staff and infrastructure to ensure the operation of the Addex retained business. At the effective date of the Transaction of March 1, 2024, Addex transferred to Neurosterix certain assets and liabilities identified as held for sale as of February 29, 2024 amounting to CHF 0.6 million and CHF 0.5 million, respectively. These assets and liabilities mainly related to the Eurostars/Innosuisse grant funding to support the mGlu2NAM program recorded as deferred income for CHF 0.3 million as of February 29, 2024. |
Summary of material accountin_2
Summary of material accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of material 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 “Material 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 2023 presentation. In particular, the ADS numbers previously disclosed have been amended following the change in ADS ratio executed on October 23, 2023, from one ADS to six shares to a new ratio of one ADS to one hundred and twenty twenty |
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, 2023. Of the latter, the Group noted that the amendments of IAS 1 (disclosure of accounting policies) and IAS 8 (definition of accounting estimates) respectively relating to the definition of accounting estimate and the disclosure of accounting policies are relevant for the Group but did not have a material impact on the disclosures made in the consolidated financial statements. There are other new standards, amendments to standards and interpretations which have been deemed by the Group as currently not relevant, hence are not listed or discussed further here. |
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, 2024 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 2024. |
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 Foreign currency transactions 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 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. |
Financial assets | 2.7 Financial assets 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 and 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 | 2.8 Cash and cash equivalents 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 | 2.9 Share capital 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 | 2.10 Equity instruments Shares issued by the Group and the sale of pre-funded warrants are both recorded at the fair value of the proceeds received, net of direct issuance costs. The fair value of pre-funded warrants sold is recorded in equity at the grant date. The Group grants as well from time-to-time warrants to brokers and investors. The fair value of the warrants is recorded in equity at the grant date. |
Trade payables | 2.11 Trade payables 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 | 2.12 Grants 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 | 2.13 Deferred income tax 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 | 2.14 Pension obligations 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 | 2.15 Share-based compensation The Group operates an equity sharing certificates’ equity incentive plan, a share option plan, and a share purchase plan. The fair value of the services received in exchange for the grant or transfer of equity sharing certificates, options, shares 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 | 2.16 Revenue recognition 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. 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 | 2.17 Finance income and expense Interest received or paid on cash and cash equivalents are classified in the statement of cash flows under financing activities. |
Leases | 2.18 Leases 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 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. 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 | 2.19 Research and development 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 material accountin_3
Summary of material accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of material 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, 2023 | |
Lease liabilities | |
Schedule of net debt | Cash and Other cash financial Leases equivalents assets Total Net debt as at January 1, 2022 (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 Cash flows 281,793 (2,734,657) (2,317) (2,455,181) Effect of modification to lease terms (252,994) — — (252,994) Foreign exchange differences — (356,948) — (356,948) Net debt as at December 31, 2023 (344,336) 3,865,481 848 3,521,993 |
Schedule of lease liabilities | More Total Carrying Less than 1 to 5 than cash out amount At December 31, 2023 1 Year Years 5 Years flows liabilities Lease Liabilities 293,399 72,350 — 365,749 344,336 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 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment information | |
Schedule of revenue from contract with customer and other income by nature | 2023 2022 2021 Collaborative research funding 1,612,953 1,422,438 2,916,308 Grants earned 29,881 — 218,330 Other service income 4,235 22,521 18,667 Total 1,647,069 1,444,959 3,153,305 |
Schedule of revenue from contract with customer and other income by major counterparties | 2023 2022 2021 Indivior PLC 1,612,953 1,422,438 2,916,308 Eurostars/Innosuisse 29,881 — 218,330 Other counterparties 4,235 22,521 18,667 Total 1,647,069 1,444,959 3,153,305 |
Schedule of geographical areas | The geographical allocation of long-lived assets is detailed as follows: December 31, December 31, 2023 2022 Switzerland 406,946 452,732 France 334 357 Total 407,280 453,089 The geographical analysis of operating costs is as follows: 2023 2022 2021 Switzerland 11,912,110 21,933,056 18,619,123 United States of America 11,890 27,513 33,016 France 4,368 4,597 7,083 Total operating costs (note 17) 11,928,368 21,965,166 18,659,222 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents | |
Schedule of cash and cash equivalents | December 31, December 31, 2023 2022 Cash at bank and on hand 3,865,481 6,957,086 Total cash and cash equivalents 3,865,481 6,957,086 |
Schedule of cash and cash equivalents by currency | December 31, December 31, 2023 2022 CHF 39.88 % 52.98 % USD 56.22 % 42.10 % EUR 3.03 % 2.69 % GBP 0.87 % 2.23 % Total 100.00 % 100.00 % |
Schedule of cash and cash equivalents by credit rating | December 31, December 31, 2023 2022 External credit rating of counterparty P-1 / A-1 3,269,523 3,708,603 P-2 / A-1 286,399 3,031,028 Other 309,446 217,335 Cash on hand 113 120 Total cash and cash equivalents 3,865,481 6,957,086 |
Other current assets (Tables)
Other current assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other current assets | |
Schedule of other current assets | December 31, December 31, 2023 2022 Other financial assets 848 3,165 Trade and other receivables 110,361 416,875 Contract asset (Indivior PLC) 40,907 181,441 Prepayments 217,008 270,394 Total other current assets 369,124 871,875 |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Right-of-use assets | |
Schedule of right-of-use assets | 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 Year ended December 31, 2023 Properties Equipment Total Opening net book amount 353,097 4,516 357,613 Depreciation charge (277,885) (2,708) (280,593) Effect of lease modifications 253,312 — 253,312 Closing net book amount 328,524 1,808 330,332 As of December 31, 2023 Properties Equipment Total Cost 1,725,162 13,542 1,738,704 Accumulated depreciation (1,396,638) (11,734) (1,408,372) Net book value 328,524 1,808 330,332 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment | |
Schedule of changes in property, plant and equipment | 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 Furniture & Chemical Year ended December 31, 2023 Equipment fixtures library Total Opening net book amount 41,121 — — 41,121 Additions 6,842 — — 6,842 Depreciation charge (25,359) — — (25,359) Closing net book amount 22,604 — — 22,604 Furniture & Chemical As of December 31, 2023 Equipment fixtures library Total Cost 1,721,251 7,564 1,207,165 2,935,980 Accumulated depreciation (1,698,647) (7,564) (1,207,165) (2,913,376) Net book value 22,604 — — 22,604 |
Non-current financial assets (T
Non-current financial assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Non-current financial assets | |
Schedule of non-current financial assets | December 31, December 31, 2023 2022 Security rental deposits. 54,344 54,355 Total non ‑ current financial assets 54,344 54,355 |
Payables and accruals (Tables)
Payables and accruals (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and accruals | |
Schedule of payables and accruals | December 31, December 31, 2023 2022 Trade payables 984,384 1,276,546 Social security and other taxes 164,609 120,875 Accrued expenses 1,235,357 1,598,583 Total payables and accruals 2,384,350 2,996,004 |
Deferred income (Tables)
Deferred income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred income | |
Schedule of deferred income | December 31, 2023 December 31, 2022 Expected income recognition in year one after the balance sheet date 234,978 — Expected income recognition in year two after the balance sheet date 89,232 — Total deferred income 324,210 — |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share capital. | |
Schedule of share capital | Number of shares Common Treasury shares shares Total Balance as of January 1, 2022 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 — (17,438,833) (17,438,883) Balance as of December 31, 2022 IFRS 2 115,348,311 (55,653,174) 59,695,137 Number of shares Common Treasury shares shares Total Balance as of January 1, 2023. 115,348,311 (38,214,291) 77,134,020 Issue of shares - treasury shares 32,900,000 (32,900,000) — Issue of shares - exercise ESOP 12,527,235 — 12,527,235 Sale of shares under shelf registration — 7,999,998 7,999,998 Exercise of pre-funded warrants (1) 23,578,950 — 23,578,950 Sale of shares under sale agency agreement — 4,006,373 4,006,373 Net purchase of shares under liquidity agreement — (43,872) (43,872) Acquisition of shares forfeited from DSPPP — (7,311) (7,311) Balance as of December 31, 2023 184,354,496 (59,159,103) 125,195,393 Shares reclassed as treasury shares under IFRS 2 — (29,958,807) (29,958,807) Balance as of December 31, 2023 IFRS 2 184,354,496 (89,117,910) 95,236,586 (1) In accordance with Swiss law, the issuance of 6,120,000 new shares through the exercise of pre-funded warrants from December 12, 2023 to December 31, 2023, have been registered in the commercial register on February 20, 2024. As of December 31, 2023, the amount of the share capital as registered in the commercial register is CHF 1,782,344.96 divided into 178,234,496 shares. |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based compensation | |
Schedule of effect of share-based compensation on profit or loss | 2023 2022 2021 Research and development 570,660 1,047,398 467,812 General and administration 1,223,807 2,634,675 710,532 Total share-based compensation 1,794,467 3,682,073 1,178,344 2023 2022 2021 Equity sharing certificate plan — 44,244 4,476 Share purchase plan — — 23,498 Share option plans 1,794,467 3,637,829 1,150,370 Total share-based compensation 1,794,467 3,682,073 1,178,344 |
Equity sharing certificate plan | |
Share-based compensation | |
Schedule of movements in number of subscription rights outstanding | Average Average subscription subscription prices / floor prices / floor prices (CHF) 2022 prices (CHF) 2021 At January 1 1.54 198,750 1.54 198,750 Exercised under the DSPPP 0.13 (198,750) — — At December 31 — — 1.54 198,750 |
Employee share option plans (ESOP) | |
Share-based compensation | |
Schedule of share options granted | During 2023, 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, 2023. Number of Number of share Number of share options repriced options exercised Strike price at Expiry date at options to CHF 0.043 on under grant date grant date granted November 27 2023 the DSPPP January 1, 2023 0.101 Dec. 31, 2032 436,677 — — May 12, 2023 0.13 May 11, 2033 12,736,209 12,736,209 12,527,235 July 1, 2023 0.106 June 30, 2033 147,695 — — Total 2023 13,320,581 12,736,209 12,527,235 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 Number of share options share options Number of Number of repriced to repriced to options exercised Strike price at Expiry date at share options CHF 0.19 on CHF 0.13 on under grant date grant date granted August 2 2022 October 5 2022 the 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 |
Schedule of movements in number of options outstanding | Average Average Average strike price strike price strike price (CHF) 2023 (CHF) 2022 (CHF) 2021 At January 1 0.55 777,000 2.01 8,615,885 2.16 6,768,460 Exercised under the DSPPP 0.043 (12,527,235) 0.13 (17,240,133) — — Granted 0.13 13,320,581 0.49 9,437,078 1.46 1,868,900 Forfeited — — 1.00 (35,830) 1.93 (11,475) Expired — — — — 2 (10,000) At December 31 0.32 1,570,346 0.55 777,000 2.01 8,615,885 |
Schedule of outstanding share options | At December 31, 2023 Range of strike prices (CHF) Expiry date 0.043 to 0.106 0.13 0.14 to 0.99 1.00 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 — — — 110,500 110,500 2030 — 10,000 — 44,854 54,854 2031 — 40,000 — 73,888 113,888 2032 436,677 192,928 108,955 — 738,560 2033 356,669 — — — 356,669 Total 793,346 359,113 171,425 246,462 1,570,346 At December 31, 2022 Range of strike prices (CHF) Expiry date 0.13 0.14 to 0.99 1.00 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 — — 110,500 110,500 2030 10,000 — 44,854 54,854 2031 40,000 — 73,888 113,888 2032 192,928 108,955 — 301,883 Total 359,113 171,425 246,462 777,000 |
Schedule of inputs to option pricing model | 2023 2022 2021 Weighted average share price per share at the grant date CHF 0.14 CHF 0.41 CHF 1.58 Weighted average strike price per share CHF 0.13 CHF 0.49 CHF 1.46 Weighted average volatility (1) 58.16 % 50.34 % 47.07 % Weighted average expected option life (years) 6.25 6.25 6.25 Dividend yield — — — Weighted average annual risk-free rate 0.86 % 0.75 % 0.44 % (1) |
Deferred Strike Price Payment Plan (DSPPP) | |
Share-based compensation | |
Schedule of movements in number of options outstanding | Average Average deferred strike deferred strike price payment price payment (CHF) 2023 (CHF) 2022 At January 1 0.13 17,438,883 — — Forfeited 0.13 (7,311) — — Granted - exercise of ESOP & ESC 0.043 12,527,235 0.13 17,438,883 At December 31 0.09 29,958,807 0.13 17,438,883 |
Schedule of outstanding share options | At December 31, 2023 Range of strike prices (CHF) Expiry date 0.043 0.13 Total 2032 — 17,431,572 17,431,572 2033 12,527,235 — 12,527,235 Total 12,527,235 17,431,572 29,958,807 |
Operating costs (Tables)
Operating costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating costs | |
Schedule of operating costs | 2023 2022 2021 Staff costs (note 18) 5,376,859 7,053,102 4,737,138 Depreciation (notes 8/9) 305,952 323,144 347,613 External research and development costs 2,748,422 10,029,786 9,014,083 Laboratory consumables 331,279 319,305 295,377 Patent maintenance and registration costs 370,132 318,194 266,043 Professional fees 1,163,839 1,424,333 1,379,734 Short term leases 35,567 47,283 37,512 D&O insurance 628,595 1,591,231 1,591,882 Other operating costs 967,723 858,788 989,840 Total operating costs 11,928,368 21,965,166 18,659,222 |
Staff costs (Tables)
Staff costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Staff costs | |
Schedule of staff costs | 2023 2022 2021 Wages and salaries 3,241,641 3,341,014 3,268,209 Social charges and insurances 378,454 397,428 407,944 Value of share-based services (note 14) 1,520,917 3,034,740 946,632 Retirement benefit (note 20) 235,847 279,920 114,353 Total staff costs 5,376,859 7,053,102 4,737,138 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Taxes | |
Schedule of reconciliation of income tax | December 31, 2023 December 31, 2022 December 31, 2021 Loss before tax 10,556,227 20,804,213 15,351,914 Tax calculated at a tax rate of 13.99% 1,476,816 2,910,509 2,147,733 Effect of different tax rates in USA and France 1,658 3,801 5,398 Deductible expenses charged against equity for issuance of shares 37,374 98,591 382,829 Sale of treasury shares by a subsidiary, recognized as financial loss (income) in standalone financial statements 485,867 1,666,594 (8,556) Expenses not deductible for tax purposes (321,494) (434,593) (145,195) Temporary differences (1,836) (1,324) (954) Total tax losses not recognized as deferred tax asset (1,678,385) (4,243,578) (2,381,255) Income tax expense — — — |
Schedule of tax losses carry forwards | December 31, 2023 December 31, 2022 December 31, 2021 2022 — — 3,540,541 2023 — 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 23,467,840 2027 12,590,566 12,590,566 9,831,196 2028 28,427,419 28,427,419 24,391,568 2029 65,365,173 65,367,349 — 2030 19,766,179 — — Total unrecorded tax losses carry forwards. 153,494,616 275,156,180 206,534,151 |
Retirement benefit obligations
Retirement benefit obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement benefit obligations | |
Schedule of amounts recognized in balance sheet for employment benefit obligations | December 31, December 31, 2023 2022 Defined benefit obligation (9,138,045) (7,682,529) Fair value of plan assets 8,694,521 7,867,835 Effect of asset ceiling — (185,306) Funded status (shortfall)/ surplus (443,524) — |
Schedule of amounts recognized in statement of loss for employment benefit obligations | 2023 2022 2021 Current service cost (268,097) (306,491) (325,144) Past service cost 26,899 36,459 219,104 Interest cost (175,609) (98,639) (23,742) Interest income 180,960 88,751 15,429 Company pension amount (note 18) (235,847) (279,920) (114,353) |
Schedule of movement in defined benefit obligations and plan assets | The movements in the defined benefit obligations during the year are as follows: 2023 2022 Defined benefit obligation at beginning of year (7,682,529) (9,276,675) Current service cost (268,097) (306,491) Past service cost 26,899 36,459 Interest cost (171,347) (98,639) Employee contributions (250,290) (244,097) Actuarial (loss)/ gain arising from changes in financial assumptions (671,909) 1,923,273 Actuarial gain arising from changes in demographic assumptions — 51,085 Actuarial gain on experience adjustment 22,250 6,850 Benefits (paid)/ deposited (143,022) 225,706 Defined benefit obligations at end of year (9,138,045) (7,682,529) The movements in the fair value of plan assets during the year are as follows: 2023 2022 Fair value of plan assets at beginning of year 7,867,835 7,995,150 Interest income 180,960 88,751 Employee contributions 250,290 244,097 Employer contributions 298,490 291,313 Plan assets loss (46,076) (525,770) Benefits paid 143,022 (225,706) Fair value of plan assets at end of year 8,694,521 7,867,835 |
Schedule of fair value of plan assets | December 31, 2022 Cash 0.6 % Bonds 49.74 % Equity instruments 11.45 % Real estate 23.72 % Mortgages 10.47 % Derivatives 4.02 % Total 100.00 % |
Schedule of principal actuarial assumptions for employment benefit obligations | December 31, 2023 December 31, 2022 Discount rate 1.50 % 2.30 % Mortality tables BVG2020 GT BVG2020 GT Salary growth rate 1.20 % 1.20 % Pension growth rate 0.00 % 0.00 % |
Schedule of funding of defined benefit pensions and actuarial adjustments on plan liabilities | 2023 2022 Present value of defined benefit obligation (9,138,045) (7,682,529) Fair value of plan assets 8,694,521 7,867,835 Effect of asset ceiling — (185,306) (Deficit) / Surplus in the plan (443,524) — Actuarial (loss)/ gain on defined benefit obligation (649,659) 1,981,208 Actuarial loss on plan assets (46,076) (525,770) Change in the effect of the asset ceiling 189,568 (185,306) Total (506,167) 1,270,132 |
Schedule of estimated benefit payments | 2024 790,000 2025 523,000 2026 372,000 2027 371,000 2028 538,000 2029-2033 2,697,000 |
Finance result, net (Tables)
Finance result, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Finance result, net | |
Schedule of finance result, net | 2023 2022 2021 Interest income 63,964 29,251 5,322 Interest expense on leases (19,963) (23,019) (23,866) Interest cost (1,644) (25,878) (39,146) Foreign exchange (losses)/gains, net (317,285) (264,360) 211,693 Finance result, net (274,928) (284,006) 154,003 |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loss per share | |
Schedule of loss per share | 2023 2022 2021 Loss attributable to equity holders of the Company (10,556,227) (20,804,213) (15,351,914) Weighted average number of shares in issue 74,307,635 45,184,865 34,119,666 Basic and diluted loss per share (0.14) (0.46) (0.45) |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related party transactions | |
Schedule of key management compensation | 2023 2022 2021 Salaries, other short‑term employee benefits and post-employment benefits 1,644,065 1,619,186 1,502,377 Consulting fees 17,106 151,639 224,091 Share‑based compensation 1,536,897 3,196,353 955,051 Total 3,198,068 4,967,178 2,681,519 |
Summary of material accountin_4
Summary of material accounting policies - Basis of preparation (Details) | Oct. 23, 2023 | Oct. 22, 2023 |
Summary of material accounting policies | ||
Number of shares represented by one depositary receipt | 120 | 6 |
ADS reverse split ratio | 0.05 |
Summary of material accountin_5
Summary of material accounting policies - Consolidation and Segments (Details) | 12 Months Ended |
Dec. 31, 2023 subsidiary segment | |
Summary of material accounting policies | |
Number of consolidated subsidiaries | subsidiary | 3 |
Number of segments | segment | 1 |
Summary of material accountin_6
Summary of material accounting policies - Property, plant and equipment (Details) | 12 Months Ended |
Dec. 31, 2023 | |
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 material accountin_7
Summary of material accounting policies - Financial assets (Details) | 12 Months Ended |
Dec. 31, 2023 category | |
Summary of material accounting policies | |
Number of categories of financial assets | 1 |
Summary of material accountin_8
Summary of material accounting policies - Pension obligation (Details) | 12 Months Ended |
Dec. 31, 2023 item | |
Summary of material accounting policies | |
Number of pension schemes | 1 |
Financial risk management (Deta
Financial risk management (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 (4,901) | SFr (7,945) | SFr 7,948 |
Increase (decrease) in shareholders' equity due to reasonably possible increase in risk assumption | SFr (4,901) | SFr (7,945) | SFr 7,948 |
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 4,901 | SFr 7,945 | SFr (7,948) |
Increase (decrease) in shareholders' equity due to reasonably possible decrease in risk assumption | SFr 4,901 | SFr 7,945 | SFr (7,948) |
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 (15,203) | SFr 1,470 | SFr (17,893) |
Increase (decrease) in shareholders' equity due to reasonably possible increase in risk assumption | SFr (15,203) | SFr 1,470 | SFr (17,893) |
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 15,203 | SFr (1,470) | SFr 17,893 |
Increase (decrease) in shareholders' equity due to reasonably possible decrease in risk assumption | SFr 15,203 | SFr (1,470) | SFr 17,893 |
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 166,581 | SFr 175,837 | SFr 1,027,027 |
Increase (decrease) in shareholders' equity due to reasonably possible increase in risk assumption | SFr 166,581 | SFr 175,837 | SFr 1,027,027 |
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 (166,581) | SFr (175,837) | SFr (1,027,027) |
Increase (decrease) in shareholders' equity due to reasonably possible decrease in risk assumption | SFr (166,581) | SFr (175,837) | SFr (1,027,027) |
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, 2023 | Dec. 31, 2022 | |
Net debt | ||
Net debt beginning balance | SFr 6,587,116 | SFr 20,019,967 |
Cash flows | (2,455,181) | (13,057,429) |
Effect of modification to lease terms | (252,994) | (179,197) |
Foreign exchange differences | (356,948) | (196,225) |
Net debt ending balance | 3,521,993 | 6,587,116 |
Leases | ||
Net debt | ||
Net debt beginning balance | (373,135) | (482,014) |
Cash flows | 281,793 | 288,076 |
Effect of modification to lease terms | (252,994) | (179,197) |
Net debt ending balance | (344,336) | (373,135) |
Cash and cash equivalents | ||
Net debt | ||
Net debt beginning balance | 6,957,086 | 20,484,836 |
Cash flows | (2,734,657) | (13,331,525) |
Foreign exchange differences | (356,948) | (196,225) |
Net debt ending balance | 3,865,481 | 6,957,086 |
Other financial assets | ||
Net debt | ||
Net debt beginning balance | 3,165 | 17,145 |
Cash flows | (2,317) | (13,980) |
Net debt ending balance | SFr 848 | SFr 3,165 |
Financial risk management - lea
Financial risk management - lease liabilities (Details) - CHF (SFr) | Dec. 31, 2023 | Dec. 31, 2022 |
Lease liabilities | ||
Lease Liabilities - cash outflow | SFr 365,749 | SFr 395,978 |
Lease Liabilities - carrying amount | 344,336 | 373,135 |
Less than 1 Year | ||
Lease liabilities | ||
Lease Liabilities - cash outflow | 293,399 | 305,294 |
1 to 5 Years | ||
Lease liabilities | ||
Lease Liabilities - cash outflow | SFr 72,350 | SFr 90,684 |
Material accounting estimates_2
Material accounting estimates and judgments - Share-based compensation (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Material accounting estimates and judgments | |||
Percentage of reasonably possible increase in volatility assumption | 20% | 10% | 10% |
Percentage of reasonably possible decrease in volatility assumption | (20.00%) | (10.00%) | (10.00%) |
Risk free interest rate assumption, high amount | 1% | 0.50% | 0.50% |
Risk free interest rate assumption, low amount | 0.50% | 0% | 0% |
Expense from share-based transactions, if calculated on higher reasonably possible assumptions | SFr 1,300,000 | SFr 3,000,000 | SFr 1,000,000 |
Expense from share-based transactions, if calculated on lower reasonably possible assumptions | 2,100,000 | 4,300,000 | 1,300,000 |
Expense from share-based payment transactions | SFr 1,794,467 | SFr 3,682,073 | SFr 1,178,344 |
Segment information (Details)
Segment information (Details) | 12 Months Ended | ||
Dec. 31, 2023 CHF (SFr) segment | Dec. 31, 2022 CHF (SFr) | Dec. 31, 2021 CHF (SFr) | |
Segments | |||
Number of segments | segment | 1 | ||
Collaborative research funding | SFr 1,612,953 | SFr 1,422,438 | SFr 2,916,308 |
Grants earned | 29,881 | 218,330 | |
Other service income | 4,235 | 22,521 | 18,667 |
Revenue and other operating income | 1,647,069 | 1,444,959 | 3,153,305 |
Long-lived assets | 407,280 | 453,089 | |
Operating costs | 11,928,368 | 21,965,166 | 18,659,222 |
Capital expenditure | 6,842 | 581 | 31,549 |
Switzerland | |||
Segments | |||
Long-lived assets | 406,946 | 452,732 | |
Operating costs | 11,912,110 | 21,933,056 | 18,619,123 |
United States of America | |||
Segments | |||
Operating costs | 11,890 | 27,513 | 33,016 |
France | |||
Segments | |||
Long-lived assets | 334 | 357 | |
Operating costs | 4,368 | 4,597 | 7,083 |
Indivior PLC | |||
Segments | |||
Revenue and other operating income | 1,612,953 | 1,422,438 | 2,916,308 |
Eurostars/Innosuisse | |||
Segments | |||
Revenue and other operating income | 29,881 | 218,330 | |
Other counterparties | |||
Segments | |||
Revenue and other operating income | SFr 4,235 | SFr 22,521 | SFr 18,667 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - CHF (SFr) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents | ||||
Cash at bank and on hand | SFr 3,865,481 | SFr 6,957,086 | ||
Total cash and cash equivalents | SFr 3,865,481 | SFr 6,957,086 | SFr 20,484,836 | SFr 18,695,040 |
Percentage of cash and cash equivalents | 100% | 100% | ||
Cash on hand | SFr 113 | SFr 120 | ||
P-1 / A-1 | ||||
Cash and cash equivalents | ||||
Balances with banks | 3,269,523 | 3,708,603 | ||
P-2 / A-2 | ||||
Cash and cash equivalents | ||||
Balances with banks | 286,399 | 3,031,028 | ||
Other | ||||
Cash and cash equivalents | ||||
Balances with banks | SFr 309,446 | SFr 217,335 | ||
CHF | ||||
Cash and cash equivalents | ||||
Percentage of cash and cash equivalents | 39.88% | 52.98% | ||
USD | ||||
Cash and cash equivalents | ||||
Percentage of cash and cash equivalents | 56.22% | 42.10% | ||
EUR | ||||
Cash and cash equivalents | ||||
Percentage of cash and cash equivalents | 3.03% | 2.69% | ||
GBP | ||||
Cash and cash equivalents | ||||
Percentage of cash and cash equivalents | 0.87% | 2.23% |
Other current assets (Details)
Other current assets (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other current assets | |||
Other financial assets | SFr 848 | SFr 3,165 | |
Trade and other receivables | 110,361 | 416,875 | |
Contract asset (Indivior PLC) | 40,907 | 181,441 | |
Prepayments | 217,008 | 270,394 | |
Total other current assets | 369,124 | 871,875 | |
Increase (decrease) in other current assets | (500,000) | ||
Increase (decrease) in contract assets and trade and other receivables | (400,000) | ||
Accumulated impairment | Contract assets and trade and other receivables | |||
Other current assets | |||
Expected loss allowance | 0 | SFr 0 | SFr 0 |
Indivior PLC | |||
Other current assets | |||
Increase (decrease) in contract assets and trade and other receivables | (300,000) | ||
Eurostars/Innosuisse | |||
Other current assets | |||
Increase (decrease) in contract assets and trade and other receivables | SFr (100,000) |
Right-of-use assets (Details)
Right-of-use assets (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Right-of-use assets | |||
Opening amount | SFr 357,613 | SFr 469,989 | |
Depreciation charge | (280,593) | (291,573) | |
Effect of lease modifications | 253,312 | 179,197 | |
Closing amount | 330,332 | 357,613 | SFr 469,989 |
Cash outflow for leases | 300,000 | 300,000 | |
Research and development expense | |||
Right-of-use assets | |||
Depreciation charge | (200,000) | (200,000) | (200,000) |
General and administration expense | |||
Right-of-use assets | |||
Depreciation charge | (100,000) | (100,000) | (100,000) |
Cost | |||
Right-of-use assets | |||
Opening amount | 1,485,392 | ||
Closing amount | 1,738,704 | 1,485,392 | |
Accumulated depreciation | |||
Right-of-use assets | |||
Opening amount | (1,127,779) | ||
Closing amount | (1,408,372) | (1,127,779) | |
Properties | |||
Right-of-use assets | |||
Opening amount | 353,097 | 456,885 | |
Depreciation charge | (277,885) | (277,069) | |
Effect of lease modifications | 253,312 | 173,281 | |
Closing amount | 328,524 | 353,097 | 456,885 |
Properties | Cost | |||
Right-of-use assets | |||
Opening amount | 1,471,850 | ||
Closing amount | 1,725,162 | 1,471,850 | |
Properties | Accumulated depreciation | |||
Right-of-use assets | |||
Opening amount | (1,118,753) | ||
Closing amount | (1,396,638) | (1,118,753) | |
Equipment | |||
Right-of-use assets | |||
Opening amount | 4,516 | 13,104 | |
Depreciation charge | (2,708) | (14,504) | |
Effect of lease modifications | 5,916 | ||
Closing amount | 1,808 | 4,516 | SFr 13,104 |
Equipment | Cost | |||
Right-of-use assets | |||
Opening amount | 13,542 | ||
Closing amount | 13,542 | 13,542 | |
Equipment | Accumulated depreciation | |||
Right-of-use assets | |||
Opening amount | (9,026) | ||
Closing amount | SFr (11,734) | SFr (9,026) |
Property, plant and equipment_2
Property, plant and equipment (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, plant and equipment | |||
Opening amount | SFr 41,121 | SFr 72,111 | |
Additions | 6,842 | 581 | |
Depreciation charge | (25,359) | (31,571) | |
Closing amount | 22,604 | 41,121 | SFr 72,111 |
Research and development expense | |||
Property, plant and equipment | |||
Depreciation charge | (22,572) | (26,615) | (19,934) |
General and administration expense | |||
Property, plant and equipment | |||
Depreciation charge | (2,787) | (4,956) | (7,264) |
Cost | |||
Property, plant and equipment | |||
Opening amount | 2,929,138 | ||
Closing amount | 2,935,980 | 2,929,138 | |
Accumulated depreciation | |||
Property, plant and equipment | |||
Opening amount | (2,888,017) | ||
Closing amount | (2,913,376) | (2,888,017) | |
Equipment | |||
Property, plant and equipment | |||
Opening amount | 41,121 | 72,111 | |
Additions | 6,842 | 581 | |
Depreciation charge | (25,359) | (31,571) | |
Closing amount | 22,604 | 41,121 | SFr 72,111 |
Equipment | Cost | |||
Property, plant and equipment | |||
Opening amount | 1,714,409 | ||
Closing amount | 1,721,251 | 1,714,409 | |
Equipment | Accumulated depreciation | |||
Property, plant and equipment | |||
Opening amount | (1,673,288) | ||
Closing amount | (1,698,647) | (1,673,288) | |
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, 2023 | Dec. 31, 2022 |
Non-current financial assets | ||
Security rental deposits | SFr 54,344 | SFr 54,355 |
Total non-current financial assets | SFr 54,344 | SFr 54,355 |
Payables and accruals (Details)
Payables and accruals (Details) - CHF (SFr) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Payables and accruals | ||
Trade payables | SFr 984,384 | SFr 1,276,546 |
Social security and other taxes | 164,609 | 120,875 |
Accrued expenses | 1,235,357 | 1,598,583 |
Total payables and accruals | SFr 2,384,350 | SFr 2,996,004 |
Maturity period of payables | 3 months | |
Increase (decrease) in payables and accruals | SFr (600,000) |
Deferred income (Details)
Deferred income (Details) | Dec. 31, 2023 CHF (SFr) |
Deferred income | |
Expected income recognition in year one after the balance sheet date | SFr 234,978 |
Expected income recognition in year two after the balance sheet date | 89,232 |
Total deferred income | SFr 324,210 |
Share capital (Details)
Share capital (Details) SFr / shares in Units, $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 13, 2023 CHF (SFr) SFr / shares shares | Nov. 27, 2023 SFr / shares shares | Jun. 14, 2023 CHF (SFr) SFr / shares shares | Apr. 03, 2023 CHF (SFr) SFr / shares shares | Apr. 03, 2023 USD ($) $ / shares shares | 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 CHF (SFr) SFr / shares shares | Jul. 22, 2022 USD ($) $ / shares shares | Feb. 02, 2022 CHF (SFr) SFr / shares shares | Dec. 31, 2023 CHF (SFr) SFr / shares shares | Sep. 30, 2022 EquityInstruments | Dec. 31, 2022 CHF (SFr) EquityInstruments SFr / shares shares | Sep. 30, 2022 EquityInstruments | Dec. 31, 2023 CHF (SFr) SFr / shares shares | Dec. 31, 2022 CHF (SFr) SFr / shares shares | Dec. 31, 2021 CHF (SFr) shares | Dec. 12, 2023 CHF (SFr) | Oct. 23, 2023 | Oct. 22, 2023 | Jun. 13, 2023 CHF (SFr) | 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 | (38,214,291) | |||||||||||||||||||||||||
Number of shares at beginning of period | 77,134,020 | 37,898,149 | ||||||||||||||||||||||||
Issue of shares-exercise ESOP & ESC | 12,527,235 | 17,438,883 | 12,527,235 | 17,438,883 | ||||||||||||||||||||||
Sale of shares under shelf registration | 7,999,998 | 4,500,000 | ||||||||||||||||||||||||
Exercise of pre-funded warrants | 17,458,950 | 6,120,000 | 23,578,950 | 15,978,570 | ||||||||||||||||||||||
Sale of shares under sale agency agreement | 4,006,373 | 1,355,248 | ||||||||||||||||||||||||
Net purchase of shares under liquidity agreement | (43,872) | (36,830) | ||||||||||||||||||||||||
Acquisition of shares forfeited from DSPPP | (7,311) | |||||||||||||||||||||||||
Number of shares at end of period | (59,159,103) | (38,214,291) | (59,159,103) | (38,214,291) | ||||||||||||||||||||||
Number of shares at end of period | 125,195,393 | 77,134,020 | 125,195,393 | 77,134,020 | 37,898,149 | |||||||||||||||||||||
Number of shares reclassed as treasury shares under IFRS 2 | (12,527,235) | (17,438,883) | ||||||||||||||||||||||||
Number of shares reclassed as treasury shares under IFRS 2 | (29,958,807) | (17,438,883) | (29,958,807) | (17,438,883) | ||||||||||||||||||||||
Number of shares including IFRS 2 shares | 95,236,586 | 59,695,137 | 95,236,586 | 59,695,137 | ||||||||||||||||||||||
Share capital as registered in commercial register | SFr | SFr 1,782,344.96 | SFr 1,782,344.96 | ||||||||||||||||||||||||
Number of shares registered in commercial register | 178,234,496 | 178,234,496 | ||||||||||||||||||||||||
Number of shares represented by one depositary receipt | 120 | 6 | ||||||||||||||||||||||||
ADS reverse split ratio | 0.05 | |||||||||||||||||||||||||
Par value per share | SFr / shares | SFr 0.01 | SFr 0.01 | SFr 0.01 | SFr 0.01 | SFr 0.01 | SFr 0.01 | SFr 0.01 | SFr 1 | ||||||||||||||||||
Treasury shares | SFr | SFr 909,566 | SFr 6,278,763 | SFr 909,566 | SFr 6,278,763 | ||||||||||||||||||||||
Gross amount of treasury shares sold | SFr | 1,193,074 | 464,954 | ||||||||||||||||||||||||
Share capital | SFr | SFr 1,782,345 | SFr 1,329,483 | SFr 1,153,483 | SFr 979,094 | 1,843,545 | 1,153,483 | 1,843,545 | 1,153,483 | SFr 1,329,483 | SFr 1,153,483 | SFr 979,094 | SFr 652,730 | SFr 652,730 | |||||||||||||
Number of new shares issued | 45,286,185 | |||||||||||||||||||||||||
Number of shares issued from conditional capital | 29,986,185 | |||||||||||||||||||||||||
Strike price of equity incentive units | SFr / shares | SFr 0.043 | SFr 0.13 | ||||||||||||||||||||||||
Number of equity incentive units exercised | EquityInstruments | 17,438,883 | |||||||||||||||||||||||||
Other equity interest | SFr | 64,620,223 | 64,620,223 | 64,620,223 | 64,620,223 | SFr 64,600,000 | |||||||||||||||||||||
Share issuance cost | SFr | SFr 30,804 | SFr 288,131 | SFr 1,865,475 | |||||||||||||||||||||||
Addex Pharma SA | ||||||||||||||||||||||||||
Share capital | ||||||||||||||||||||||||||
Issue of shares-treasury shares | 15,300,000 | 17,600,000 | 32,636,476 | 16,000,000 | ||||||||||||||||||||||
Issue price | SFr / shares | SFr 0.01 | SFr 0.01 | SFr 0.01 | SFr 1 | ||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | |||||||||||||||||||||||
Share issuance cost | SFr | SFr 200,000 | |||||||||||||||||||||||||
Kepler | ||||||||||||||||||||||||||
Share capital | ||||||||||||||||||||||||||
Sale of shares under sale agency agreement | 4,006,373 | 1,355,248 | ||||||||||||||||||||||||
Issue price | SFr / shares | SFr 0.30 | SFr 0.34 | ||||||||||||||||||||||||
Gross amount of treasury shares sold | SFr | SFr 1,193,074 | SFr 464,954 | ||||||||||||||||||||||||
Kepler | Treasury Shares Reserve | ||||||||||||||||||||||||||
Share capital | ||||||||||||||||||||||||||
Treasury shares | SFr | 172,072 | 128,200 | 172,072 | 128,200 | ||||||||||||||||||||||
Kepler | Other financial assets | ||||||||||||||||||||||||||
Share capital | ||||||||||||||||||||||||||
Treasury shares | SFr | SFr 848 | SFr 3,165 | SFr 848 | SFr 3,165 | ||||||||||||||||||||||
One institutional investor | ||||||||||||||||||||||||||
Share capital | ||||||||||||||||||||||||||
Sale of shares under shelf registration | 7,999,998 | 7,999,998 | 4,500,000 | 4,500,000 | ||||||||||||||||||||||
Exercise of pre-funded warrants | 6,120,000 | 23,578,950 | ||||||||||||||||||||||||
Share sale price | (per share) | SFr 0.14 | $ 0.16 | SFr 0.27 | $ 0.28 | ||||||||||||||||||||||
Number of pre-funded warrants sold | 23,578,950 | 23,578,950 | 10,500,000 | 10,500,000 | ||||||||||||||||||||||
Warrants sale price | (per share) | SFr 0.14 | $ 0.16 | SFr 0.27 | $ 0.28 | ||||||||||||||||||||||
Gross proceeds | SFr 4,500,000 | $ 5 | SFr 4,100,000 | $ 4.2 | ||||||||||||||||||||||
Share issuance cost | SFr | SFr 200,000 | |||||||||||||||||||||||||
Number of warrants issued | 31,578,948 | 31,578,948 | 15,000,000 | 15,000,000 | ||||||||||||||||||||||
Strike price of issued warrants | (per share) | SFr 0.15 | $ 0.17 | SFr 0.30 | $ 0.32 | ||||||||||||||||||||||
Value of issued warrants | SFr | SFr 1,780,000 | SFr 1,000,000 | ||||||||||||||||||||||||
Reduction in strike price of issued warrants | (per share) | SFr 0.15 | $ 0.17 | ||||||||||||||||||||||||
Number of warrants issued in 2021 with reduced strike price | 9,230,772 | 9,230,772 | ||||||||||||||||||||||||
Number of warrants issued in 2022 with reduced strike price | 15,000,000 | 15,000,000 | ||||||||||||||||||||||||
Number of warrants held by the investor | 55,809,720 | 55,809,720 | ||||||||||||||||||||||||
Increase (decrease) in fair value of warrants due to amendment in exercise conditions | SFr | SFr 960,000 | |||||||||||||||||||||||||
Number of pre-funded warrants exercised | EquityInstruments | 3,960,000 | 6,540,000 | 5,478,570 | |||||||||||||||||||||||
Exercise period of issued warrants | 5 years | 5 years | ||||||||||||||||||||||||
Common shares | ||||||||||||||||||||||||||
Share capital | ||||||||||||||||||||||||||
Number of shares at beginning of period | 115,348,311 | 49,272,952 | ||||||||||||||||||||||||
Issue of shares-treasury shares | 32,900,000 | 48,636,476 | ||||||||||||||||||||||||
Issue of shares-exercise ESOP & ESC | 12,527,235 | 17,438,883 | ||||||||||||||||||||||||
Exercise of pre-funded warrants | 23,578,950 | |||||||||||||||||||||||||
Number of shares at end of period | 184,354,496 | 115,348,311 | 184,354,496 | 115,348,311 | 49,272,952 | |||||||||||||||||||||
Number of common shares including IFRS 2 shares | 184,354,496 | 115,348,311 | 184,354,496 | 115,348,311 | ||||||||||||||||||||||
Treasury shares | ||||||||||||||||||||||||||
Share capital | ||||||||||||||||||||||||||
Number of shares at beginning of period | (38,214,291) | (11,374,803) | ||||||||||||||||||||||||
Issue of shares-treasury shares | (32,900,000) | (48,636,476) | ||||||||||||||||||||||||
Sale of shares under shelf registration | 7,999,998 | 4,500,000 | ||||||||||||||||||||||||
Exercise of pre-funded warrants | 15,978,570 | |||||||||||||||||||||||||
Sale of shares under sale agency agreement | 4,006,373 | 1,355,248 | ||||||||||||||||||||||||
Net purchase of shares under liquidity agreement | (43,872) | (36,830) | ||||||||||||||||||||||||
Acquisition of shares forfeited from DSPPP | (7,311) | |||||||||||||||||||||||||
Number of shares at end of period | (59,159,103) | (38,214,291) | (59,159,103) | (38,214,291) | (11,374,803) | |||||||||||||||||||||
Number of shares reclassed as treasury shares under IFRS 2 | (29,958,807) | (17,438,833) | (29,958,807) | (17,438,833) | ||||||||||||||||||||||
Number of shares including IFRS 2 shares | (89,117,910) | (55,653,174) | (89,117,910) | (55,653,174) | ||||||||||||||||||||||
American Depositary Shares | One institutional investor | ||||||||||||||||||||||||||
Share capital | ||||||||||||||||||||||||||
Share sale price | (per share) | SFr 17.20 | $ 19 | SFr 32.69 | $ 34 | ||||||||||||||||||||||
Warrants sale price | (per share) | 17.02 | 18.80 | 32.50 | 33.80 | ||||||||||||||||||||||
Strike price of issued warrants | (per share) | 18.11 | 20 | SFr 36.54 | $ 38 | ||||||||||||||||||||||
Reduction in strike price of issued warrants | (per share) | SFr 18.11 | $ 20 | ||||||||||||||||||||||||
Number of warrants held by the investor | 465,081 | 465,081 |
Share-based compensation (Detai
Share-based compensation (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based compensation | |||
Share-based compensation | SFr 1,794,467 | SFr 3,682,073 | SFr 1,178,344 |
Increase (decrease) in share-based compensation expense | (1,900,000) | 2,500,000 | |
Equity sharing certificate plan | |||
Share-based compensation | |||
Share-based compensation | 44,244 | 4,476 | |
Share purchase plan | |||
Share-based compensation | |||
Share-based compensation | 23,498 | ||
Share option plans | |||
Share-based compensation | |||
Share-based compensation | 1,794,467 | 3,637,829 | 1,150,370 |
Research and development expense | |||
Share-based compensation | |||
Share-based compensation | 570,660 | 1,047,398 | 467,812 |
General and administration expense | |||
Share-based compensation | |||
Share-based compensation | SFr 1,223,807 | SFr 2,634,675 | SFr 710,532 |
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, 2023 EquityInstruments | |
Share-based compensation | ||||
Number of shares for which right to subscribe is provided | shares | 1,000 | |||
Beginning balance | 198,750 | 198,750 | ||
Exercised | (198,750) | 0 | ||
Ending balance | 0 | 198,750 | ||
Average subscription price / floor price / deferred strike price at beginning of period | SFr / shares | SFr 1.54 | SFr 1.54 | ||
Exercised | SFr / shares | 0.13 | 0 | ||
Average subscription price / floor price / deferred strike price at end of period | SFr / shares | SFr 0 | SFr 1.54 | ||
Exercisable | 0 | 198,750 | 0 |
Share-based compensation - Shar
Share-based compensation - Share option plans - ESOP (Details) | 12 Months Ended | |||||||||||||
Nov. 27, 2023 Options SFr / shares | Jul. 01, 2023 Options SFr / shares | May 12, 2023 Options SFr / shares | Jan. 01, 2023 Options SFr / shares | 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 | Dec. 31, 2023 Options SFr / shares | Dec. 31, 2022 Options SFr / shares | Dec. 31, 2021 Options SFr / shares | |
Share-based compensation | ||||||||||||||
Strike price of options | SFr / shares | SFr 0.043 | 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 | 777,000 | 777,000 | 8,615,885 | 6,768,460 | ||||||||||
Exercised | (12,527,235) | (17,240,133) | ||||||||||||
Granted | 13,320,581 | 9,437,078 | 1,868,900 | |||||||||||
Forfeited | (35,830) | (11,475) | ||||||||||||
Expired | (10,000) | |||||||||||||
Ending balance | 1,570,346 | 777,000 | 8,615,885 | |||||||||||
Beginning balance | SFr / shares | SFr 0.55 | SFr 0.55 | SFr 2.01 | SFr 2.16 | ||||||||||
Exercised | SFr / shares | 0.043 | 0.13 | ||||||||||||
Granted | SFr / shares | 0.13 | 0.49 | 1.46 | |||||||||||
Forfeited | SFr / shares | 1 | 1.93 | ||||||||||||
Expired | SFr / shares | 2 | |||||||||||||
Ending balance | SFr / shares | SFr 0.32 | SFr 0.55 | SFr 2.01 | |||||||||||
Exercisable | 686,605 | 389,668 | 5,954,115 | |||||||||||
Employee share option plans (ESOP) | 2023 | ||||||||||||||
Share-based compensation | ||||||||||||||
Exercised | (12,527,235) | |||||||||||||
Granted | 13,320,581 | |||||||||||||
Number of options repriced | 12,736,209 | |||||||||||||
Strike price of options | SFr / shares | SFr 0.043 | |||||||||||||
Employee share option plans (ESOP) | January 1, 2023 | ||||||||||||||
Share-based compensation | ||||||||||||||
Granted | 436,677 | |||||||||||||
Granted | SFr / shares | SFr 0.101 | |||||||||||||
Employee share option plans (ESOP) | May 12, 2023 | ||||||||||||||
Share-based compensation | ||||||||||||||
Exercised | (12,527,235) | |||||||||||||
Granted | 12,736,209 | |||||||||||||
Granted | SFr / shares | SFr 0.13 | |||||||||||||
Number of options repriced | 12,736,209 | |||||||||||||
Employee share option plans (ESOP) | July 1, 2023 | ||||||||||||||
Share-based compensation | ||||||||||||||
Granted | 147,695 | |||||||||||||
Granted | SFr / shares | SFr 0.106 | |||||||||||||
Employee share option plans (ESOP) | 2022 | ||||||||||||||
Share-based compensation | ||||||||||||||
Exercised | (9,085,482) | |||||||||||||
Granted | 9,437,078 | |||||||||||||
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 |
Share-based compensation - Sh_2
Share-based compensation - Share options outstanding - ESOP (Details) - Employee share option plans (ESOP) - Options | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Share-based compensation | ||||
Outstanding share options | 1,570,346 | 777,000 | 8,615,885 | 6,768,460 |
Later than one year and not later than two years | ||||
Share-based compensation | ||||
Outstanding share options | 29,687 | |||
Later than two years and not later than three years | ||||
Share-based compensation | ||||
Outstanding share options | 29,687 | |||
Later than three years and not later than four years | ||||
Share-based compensation | ||||
Outstanding share options | 75,281 | |||
Later than four years and not later than five years | ||||
Share-based compensation | ||||
Outstanding share options | 90,907 | 75,281 | ||
Later than five years and not later than six years | ||||
Share-based compensation | ||||
Outstanding share options | 110,500 | 90,907 | ||
Later than six years and not later than seven years | ||||
Share-based compensation | ||||
Outstanding share options | 54,854 | 110,500 | ||
Later than seven years and not later than eight years | ||||
Share-based compensation | ||||
Outstanding share options | 113,888 | 54,854 | ||
Later than eight years and not later than nine years | ||||
Share-based compensation | ||||
Outstanding share options | 738,560 | 113,888 | ||
Later than nine years and not later than ten years | ||||
Share-based compensation | ||||
Outstanding share options | 356,669 | 301,883 | ||
Strike Price CHF 0.043 to 0.106 | ||||
Share-based compensation | ||||
Outstanding share options | 793,346 | |||
Strike Price CHF 0.043 to 0.106 | Later than eight years and not later than nine years | ||||
Share-based compensation | ||||
Outstanding share options | 436,677 | |||
Strike Price CHF 0.043 to 0.106 | Later than nine years and not later than ten years | ||||
Share-based compensation | ||||
Outstanding share options | 356,669 | |||
Strike Price CHF 0.13 | ||||
Share-based compensation | ||||
Outstanding share options | 359,113 | 359,113 | ||
Strike Price CHF 0.13 | Later than three years and not later than four years | ||||
Share-based compensation | ||||
Outstanding share options | 56,655 | |||
Strike Price CHF 0.13 | Later than four years and not later than five years | ||||
Share-based compensation | ||||
Outstanding share options | 59,530 | 56,655 | ||
Strike Price CHF 0.13 | Later than five years and not later than six years | ||||
Share-based compensation | ||||
Outstanding share options | 59,530 | |||
Strike Price CHF 0.13 | Later than six years and not later than seven years | ||||
Share-based compensation | ||||
Outstanding share options | 10,000 | |||
Strike Price CHF 0.13 | Later than seven years and not later than eight years | ||||
Share-based compensation | ||||
Outstanding share options | 40,000 | 10,000 | ||
Strike Price CHF 0.13 | Later than eight years and not later than nine years | ||||
Share-based compensation | ||||
Outstanding share options | 192,928 | 40,000 | ||
Strike Price CHF 0.13 | Later than nine years and not later than ten years | ||||
Share-based compensation | ||||
Outstanding share options | 192,928 | |||
Strike Price CHF 0.14 to 0.99 | ||||
Share-based compensation | ||||
Outstanding share options | 171,425 | 171,425 | ||
Strike Price CHF 0.14 to 0.99 | Later than one year and not later than two years | ||||
Share-based compensation | ||||
Outstanding share options | 25,000 | |||
Strike Price CHF 0.14 to 0.99 | Later than two years and not later than three years | ||||
Share-based compensation | ||||
Outstanding share options | 25,000 | |||
Strike Price CHF 0.14 to 0.99 | Later than three years and not later than four years | ||||
Share-based compensation | ||||
Outstanding share options | 11,385 | |||
Strike Price CHF 0.14 to 0.99 | Later than four years and not later than five years | ||||
Share-based compensation | ||||
Outstanding share options | 26,085 | 11,385 | ||
Strike Price CHF 0.14 to 0.99 | Later than five years and not later than six years | ||||
Share-based compensation | ||||
Outstanding share options | 26,085 | |||
Strike Price CHF 0.14 to 0.99 | Later than eight years and not later than nine years | ||||
Share-based compensation | ||||
Outstanding share options | 108,955 | |||
Strike Price CHF 0.14 to 0.99 | Later than nine years and not later than ten years | ||||
Share-based compensation | ||||
Outstanding share options | 108,955 | |||
Strike Price CHF 1.00 to 3.00 | ||||
Share-based compensation | ||||
Outstanding share options | 246,462 | 246,462 | ||
Strike Price CHF 1.00 to 3.00 | Later than one year and not later than two years | ||||
Share-based compensation | ||||
Outstanding share options | 4,687 | |||
Strike Price CHF 1.00 to 3.00 | Later than two years and not later than three years | ||||
Share-based compensation | ||||
Outstanding share options | 4,687 | |||
Strike Price CHF 1.00 to 3.00 | Later than three years and not later than four years | ||||
Share-based compensation | ||||
Outstanding share options | 7,241 | |||
Strike Price CHF 1.00 to 3.00 | Later than four years and not later than five years | ||||
Share-based compensation | ||||
Outstanding share options | 5,292 | 7,241 | ||
Strike Price CHF 1.00 to 3.00 | Later than five years and not later than six years | ||||
Share-based compensation | ||||
Outstanding share options | 110,500 | 5,292 | ||
Strike Price CHF 1.00 to 3.00 | Later than six years and not later than seven years | ||||
Share-based compensation | ||||
Outstanding share options | 44,854 | 110,500 | ||
Strike Price CHF 1.00 to 3.00 | Later than seven years and not later than eight years | ||||
Share-based compensation | ||||
Outstanding share options | 73,888 | 44,854 | ||
Strike Price CHF 1.00 to 3.00 | Later than eight years and not later than nine years | ||||
Share-based compensation | ||||
Outstanding share options | 73,888 |
Share-based compensation - Sh_3
Share-based compensation - Share options plans assumptions - ESOP (Details) - Employee share option plans (ESOP) | 12 Months Ended | ||
Dec. 31, 2023 CHF (SFr) Y SFr / shares | Dec. 31, 2022 CHF (SFr) Y SFr / shares | Dec. 31, 2021 CHF (SFr) Y SFr / shares | |
Share-based compensation | |||
Weighted average fair value of share options granted | SFr | SFr 0.08 | SFr 0.18 | SFr 0.72 |
Weighted average share price per share at the grant date | SFr 0.14 | SFr 0.41 | SFr 1.58 |
Weighted average strike price per share | SFr 0.13 | SFr 0.49 | SFr 1.46 |
Weighted average volatility | 58.16% | 50.34% | 47.07% |
Weighted average expected option life (years) | Y | 6.25 | 6.25 | 6.25 |
Weighted average annual risk-free rate | 0.86% | 0.75% | 0.44% |
Share-based compensation - Sh_4
Share-based compensation - Share option plans - DSPPP (Details) | 12 Months Ended | |||
Nov. 27, 2023 EquityInstruments SFr / shares | Oct. 26, 2022 EquityInstruments SFr / shares | Dec. 31, 2023 CHF (SFr) EquityInstruments SFr / shares | Dec. 31, 2022 CHF (SFr) EquityInstruments SFr / shares | |
Share-based compensation | ||||
Number of equity incentive units exercised | EquityInstruments | 17,438,883 | |||
Strike price of equity incentive units | SFr / shares | SFr 0.043 | 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 | |||
Increase (decrease) in fair value of equity incentive units following modification | SFr | SFr (12,323) | SFr 63,399 | ||
Increase in fair value of equity incentive units following modification, recognised during period | SFr | SFr 52,216 | |||
Beginning balance | EquityInstruments | 17,438,883 | 0 | ||
Forfeited | EquityInstruments | (7,311) | 0 | ||
Granted | EquityInstruments | 12,527,235 | 17,438,883 | ||
Ending balance | EquityInstruments | 29,958,807 | 17,438,883 | ||
Average subscription price / floor price / deferred strike price at beginning of period | SFr / shares | SFr 0.13 | SFr 0 | ||
Forfeited | SFr / shares | 0.13 | 0 | ||
Granted | SFr / shares | 0.043 | 0.13 | ||
Average subscription price / floor price / deferred strike price at end of period | SFr / shares | SFr 0.09 | SFr 0.13 | ||
Number of equity incentive units exercised | EquityInstruments | 12,527,235 | 17,438,883 | ||
Strike price of equity incentive units | SFr / shares | SFr 0.043 | SFr 0.13 |
Share-based compensation - Sh_5
Share-based compensation - Share options outstanding - DSPPP (Details) - Deferred Strike Price Payment Plan (DSPPP) - EquityInstruments | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Share-based compensation | |||
Outstanding shares | 29,958,807 | 17,438,883 | 0 |
Shares not subject to sales restrictions | 12,573,975 | 7,726,415 | |
Later than eight years and not later than nine years | |||
Share-based compensation | |||
Outstanding shares | 17,431,572 | ||
Later than nine years and not later than ten years | |||
Share-based compensation | |||
Outstanding shares | 12,527,235 | ||
Strike Price CHF 0.043 | |||
Share-based compensation | |||
Outstanding shares | 12,527,235 | ||
Strike Price CHF 0.043 | Later than nine years and not later than ten years | |||
Share-based compensation | |||
Outstanding shares | 12,527,235 | ||
Strike Price CHF 0.13 | |||
Share-based compensation | |||
Outstanding shares | 17,431,572 | ||
Strike Price CHF 0.13 | Later than eight years and not later than nine years | |||
Share-based compensation | |||
Outstanding shares | 17,431,572 |
Share-based compensation - Sh_6
Share-based compensation - Share purchase plan (Details) - Share purchase plan - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based compensation | |||
Shares transferred to settle expense | 0 | 0 | 116,914 |
Consulting fees settled in shares | SFr 164,980 |
Revenue from contract with cu_2
Revenue from contract with customer (Details) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | 15 Months Ended | ||||||||||
Jul. 01, 2023 CHF (SFr) | 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 ($) | Dec. 31, 2023 CHF (SFr) | Dec. 31, 2022 CHF (SFr) | Dec. 31, 2021 CHF (SFr) | Dec. 31, 2019 USD ($) | Jul. 31, 2022 CHF (SFr) | Dec. 31, 2004 EUR (€) | |
Revenue from contract with customer | |||||||||||||
Revenue from contract with customer | SFr 1,612,953 | SFr 1,422,438 | SFr 2,916,308 | ||||||||||
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 | 1,600,000 | 1,400,000 | 2,900,000 | ||||||||||
Initial research term | 2 years | ||||||||||||
Contract funding for research and development costs incurred | $ | $ 4 | ||||||||||||
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 2,700,000 | 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 | ||||||||||||
Research funding to be received | 1,100,000 | ||||||||||||
Research funding to be paid by investor to third parties | SFr 1,600,000 | ||||||||||||
Contract asset and trade receivables | 100,000 | 400,000 | |||||||||||
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 | ||||||
Dec. 31, 2023 | Sep. 30, 2023 | Feb. 28, 2023 | Oct. 31, 2019 | Jul. 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other income | ||||||||
Other income | SFr 34,116 | SFr 22,521 | SFr 236,997 | |||||
Deferred income | SFr 324,210 | 324,210 | ||||||
Short term deferred income | 234,978 | 234,978 | ||||||
Long term deferred income | 89,232 | 89,232 | ||||||
Eurostars/Innosuisse | mGlu7 NAM program | ||||||||
Other income | ||||||||
Amount of grant awarded | SFr 500,000 | |||||||
Proceeds from grants | SFr 120,000 | SFr 380,000 | ||||||
Other receivables | 120,000 | |||||||
Other income | 0 | SFr 0 | SFr 200,000 | |||||
Eurostars/Innosuisse | mGlu2 NAM program | ||||||||
Other income | ||||||||
Amount of grant awarded | SFr 500,000 | |||||||
Proceeds from grants | 350,000 | |||||||
Other income | 30,000 | |||||||
Deferred income | 320,000 | 320,000 | ||||||
Short term deferred income | 230,000 | 230,000 | ||||||
Long term deferred income | SFr 90,000 | SFr 90,000 |
Operating costs (Details)
Operating costs (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating costs | |||
Staff costs (note 18) | SFr 5,376,859 | SFr 7,053,102 | SFr 4,737,138 |
Depreciation (notes 8/9) | 305,952 | 323,144 | 347,613 |
External research and development costs | 2,748,422 | 10,029,786 | 9,014,083 |
Laboratory consumables | 331,279 | 319,305 | 295,377 |
Patent maintenance and registration costs | 370,132 | 318,194 | 266,043 |
Professional fees | 1,163,839 | 1,424,333 | 1,379,734 |
Short term leases | 35,567 | 47,283 | 37,512 |
D&O insurance | 628,595 | 1,591,231 | 1,591,882 |
Other operating costs | 967,723 | 858,788 | 989,840 |
Total operating costs | SFr 11,928,368 | SFr 21,965,166 | SFr 18,659,222 |
Operating costs - Additional In
Operating costs - Additional Information (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating costs | ||
Increase (decrease) in total operating costs | SFr (10) | SFr 3.3 |
Increase (decrease) in external research and development costs | (7.3) | 1 |
Increase (decrease) in staff costs | (1.7) | 2.3 |
Increase (decrease) in D&O insurance | SFr (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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Staff costs | |||
Wages and salaries | SFr 3,241,641 | SFr 3,341,014 | SFr 3,268,209 |
Social charges and insurances | 378,454 | 397,428 | 407,944 |
Value of share-based services (note 14) | 1,520,917 | 3,034,740 | 946,632 |
Retirement benefit (note 20) | 235,847 | 279,920 | 114,353 |
Total staff costs | SFr 5,376,859 | SFr 7,053,102 | SFr 4,737,138 |
Staff costs - Additional Inform
Staff costs - Additional Information (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Staff costs | ||
Increase (decrease) in staff costs | SFr (1.7) | SFr 2.3 |
Increase (decrease) in share-based service costs due to increase in fair value of equity incentive units | SFr 1.8 |
Taxes (Details)
Taxes (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Taxes | |||
Loss before tax | SFr 10,556,227 | SFr 20,804,213 | SFr 15,351,914 |
Tax calculated at a tax rate of 13.99% | 1,476,816 | 2,910,509 | 2,147,733 |
Effect of different tax rates in USA and France | 1,658 | 3,801 | 5,398 |
Deductible expenses charged against equity / deferred costs for issuance of shares | 37,374 | 98,591 | 382,829 |
Sale of treasury shares by a subsidiary, recognized as financial loss (income) in standalone financial statements | 485,867 | 1,666,594 | (8,556) |
Expenses not deductible for tax purposes | (321,494) | (434,593) | (145,195) |
Temporary differences | (1,836) | (1,324) | (954) |
Total tax losses not recognized as deferred tax asset | (1,678,385) | (4,243,578) | (2,381,255) |
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) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred taxes | |||
Unrecorded tax losses carry forwards | SFr 153,494,616 | SFr 275,156,180 | SFr 206,534,151 |
Not later than one year | |||
Deferred taxes | |||
Unrecorded tax losses carry forwards | 290,949 | 141,425,567 | 3,540,541 |
Later than one year and not later than two years | |||
Deferred taxes | |||
Unrecorded tax losses carry forwards | 3,586,490 | 290,949 | 141,425,567 |
Later than two years and not later than three years | |||
Deferred taxes | |||
Unrecorded tax losses carry forwards | 23,467,840 | 3,586,490 | 290,949 |
Later than three years and not later than four years | |||
Deferred taxes | |||
Unrecorded tax losses carry forwards | 12,590,566 | 23,467,840 | 3,586,490 |
Later than four years and not later than five years | |||
Deferred taxes | |||
Unrecorded tax losses carry forwards | 28,427,419 | 12,590,566 | 23,467,840 |
Increase in unrecorded tax losses carry forwards | 2,800,000 | ||
Later than five years and not later than six years | |||
Deferred taxes | |||
Unrecorded tax losses carry forwards | 65,365,173 | 28,427,419 | 9,831,196 |
Increase in unrecorded tax losses carry forwards | 4,000,000 | ||
Later than six years and not later than seven years | |||
Deferred taxes | |||
Unrecorded tax losses carry forwards | SFr 19,766,179 | SFr 65,367,349 | SFr 24,391,568 |
Retirement benefit obligation_2
Retirement benefit obligations - Balance sheet (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined benefit plans | |||
Percentage of contributions by employee | 46% | ||
Percentage of contributions by employer | 54% | ||
Net defined benefit (liability) asset | SFr (443,524) | ||
Defined benefit obligation | |||
Defined benefit plans | |||
Net defined benefit (liability) asset | (9,138,045) | SFr (7,682,529) | SFr (9,276,675) |
Fair value of plan assets | |||
Defined benefit plans | |||
Net defined benefit (liability) asset | SFr 8,694,521 | 7,867,835 | SFr 7,995,150 |
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 - Additional information (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Retirement benefit obligations | ||
Funded status | SFr (0.4) | SFr 0.2 |
Discount rate | 1.50% | 2.30% |
Retirement benefit obligation_4
Retirement benefit obligations - Comprehensive loss (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement benefit obligations | |||
Current service cost | SFr (268,097) | SFr (306,491) | SFr (325,144) |
Past service cost | 26,899 | 36,459 | 219,104 |
Interest cost | (175,609) | (98,639) | (23,742) |
Interest income | 180,960 | 88,751 | 15,429 |
Company pension amount | SFr (235,847) | SFr (279,920) | SFr (114,353) |
Retirement benefit obligation_5
Retirement benefit obligations - Movement (Details) - CHF (SFr) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined benefit plans | ||
Net defined benefit (liability) asset at end of period | SFr (443,524) | |
Defined benefit obligation | ||
Defined benefit plans | ||
Net defined benefit (liability) asset at beginning of period | (7,682,529) | SFr (9,276,675) |
Current service cost | (268,097) | (306,491) |
Past service cost | 26,899 | 36,459 |
Interest (cost) income | (171,347) | (98,639) |
Employee contributions | (250,290) | (244,097) |
Actuarial (loss)/gain arising from changes in financial assumptions | (671,909) | 1,923,273 |
Actuarial gain arising from changes in demographic assumptions | 51,085 | |
Actuarial gain on experience adjustment | 22,250 | 6,850 |
Benefits paid/deposited | (143,022) | 225,706 |
Net defined benefit (liability) asset at end of period | (9,138,045) | (7,682,529) |
Fair value of plan assets | ||
Defined benefit plans | ||
Net defined benefit (liability) asset at beginning of period | 7,867,835 | 7,995,150 |
Interest (cost) income | 180,960 | 88,751 |
Employee contributions | 250,290 | 244,097 |
Employer contributions | 298,490 | 291,313 |
Plan assets loss | (46,076) | (525,770) |
Benefits paid/deposited | 143,022 | (225,706) |
Net defined benefit (liability) asset at end of period | SFr 8,694,521 | SFr 7,867,835 |
Retirement benefit obligation_6
Retirement benefit obligations - Plan assets (Details) | Dec. 31, 2022 |
Retirement benefit obligations | |
Cash | 0.60% |
Bonds | 49.74% |
Equity instruments | 11.45% |
Real estate | 23.72% |
Mortgages | 10.47% |
Derivatives | 4.02% |
Total | 100% |
Retirement benefit obligation_7
Retirement benefit obligations - Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Actuarial assumptions | ||
Discount rate | 1.50% | 2.30% |
Salary growth rate | 1.20% | 1.20% |
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 | (3.23%) | (3.09%) |
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 | 3.66% | 3.48% |
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 | 0.76% | 1.06% |
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 | (0.74%) | (1.03%) |
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 | 0.08% | 0.09% |
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 | (0.07%) | (0.09%) |
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 | 1.23% | 1.02% |
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 | (1.28%) | (1.07%) |
Retirement benefit obligation_8
Retirement benefit obligations - Contributions and funding (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined benefit plans | |||
Estimate of contributions expected to be paid to plan for next annual reporting period | SFr 297,000 | ||
Net defined benefit (liability) asset | (443,524) | ||
Actuarial (loss)/ gain on defined benefit obligation | (649,659) | SFr 1,981,208 | |
Actuarial loss on plan assets | (46,076) | (525,770) | |
Change in the effect of the asset ceiling | 189,568 | (185,306) | |
Total | (506,167) | 1,270,132 | SFr 260,548 |
Defined benefit obligation | |||
Defined benefit plans | |||
Net defined benefit (liability) asset | (9,138,045) | (7,682,529) | (9,276,675) |
Fair value of plan assets | |||
Defined benefit plans | |||
Net defined benefit (liability) asset | SFr 8,694,521 | 7,867,835 | SFr 7,995,150 |
Effect of asset ceiling | |||
Defined benefit plans | |||
Net defined benefit (liability) asset | SFr (185,306) |
Retirement benefit obligation_9
Retirement benefit obligations - Estimated benefit payments (Details) | Dec. 31, 2023 CHF (SFr) |
Not later than one year | |
Defined benefit plans | |
Estimated defined benefit payments | SFr 790,000 |
Later than one year and not later than two years | |
Defined benefit plans | |
Estimated defined benefit payments | 523,000 |
Later than two years and not later than three years | |
Defined benefit plans | |
Estimated defined benefit payments | 372,000 |
Later than three years and not later than four years | |
Defined benefit plans | |
Estimated defined benefit payments | 371,000 |
Later than four years and not later than five years | |
Defined benefit plans | |
Estimated defined benefit payments | 538,000 |
Later than five years and not later than ten years | |
Defined benefit plans | |
Estimated defined benefit payments | SFr 2,697,000 |
Finance result, net (Details)
Finance result, net (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance result, net | |||
Interests income | SFr 63,964 | SFr 29,251 | SFr 5,322 |
Interests expense on leases | (19,963) | (23,019) | (23,866) |
Interests cost | (1,644) | (25,878) | (39,146) |
Foreign exchange (losses)/gains, net | (317,285) | (264,360) | 211,693 |
Finance result | SFr (274,928) | SFr (284,006) | SFr 154,003 |
Loss per share (Details)
Loss per share (Details) | 12 Months Ended | ||
Dec. 31, 2023 CHF (SFr) EquityInstruments item SFr / shares shares | Dec. 31, 2022 CHF (SFr) EquityInstruments item SFr / shares shares | Dec. 31, 2021 CHF (SFr) EquityInstruments item SFr / shares shares | |
Earnings per share | |||
Loss attributable to equity holders of the Company | SFr | SFr (10,556,227) | SFr (20,804,213) | SFr (15,351,914) |
Weighted average number of shares in issue | shares | 74,307,635 | 45,184,865 | 34,119,666 |
Basic loss per share | SFr / shares | SFr (0.14) | SFr (0.46) | SFr (0.45) |
Diluted loss per share | SFr / shares | SFr (0.14) | SFr (0.46) | SFr (0.45) |
Number of categories of dilutive potential shares | item | 4 | 4 | 4 |
Number of potential dilutive instruments | 63,246,964 | 30,874,670 | 29,590,875 |
ESCs | |||
Earnings per share | |||
Number of potential dilutive instruments | 198,750 | ||
Share options | |||
Earnings per share | |||
Number of potential dilutive instruments | 1,570,346 | 777,000 | 8,615,885 |
Warrants | 2018 | |||
Earnings per share | |||
Number of potential dilutive instruments | 5,866,898 | 5,866,898 | 5,866,898 |
Warrants | 2021-2023 | |||
Earnings per share | |||
Number of potential dilutive instruments | 55,809,720 | ||
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 | 9,230,772 |
Warrants | 2022 | |||
Earnings per share | |||
Number of potential dilutive instruments | 15,000,000 | 15,000,000 | |
Warrants | 2023 | |||
Earnings per share | |||
Number of potential dilutive instruments | 31,578,948 | ||
Pre-funded warrants | |||
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, 2023 | Dec. 31, 2022 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related party transactions | |||
Salaries, other short-term employee benefits and post-employment benefits | SFr 1,644,065 | SFr 1,619,186 | SFr 1,502,377 |
Consulting fees | 17,106 | 151,639 | 224,091 |
Share-based compensation | 1,536,897 | 3,196,353 | 955,051 |
Key management compensation | 3,198,068 | 4,967,178 | SFr 2,681,519 |
Board of directors and executive management | |||
Related party transactions | |||
Net payable | SFr 100,000 | SFr 100,000 |
Events after the balance shee_2
Events after the balance sheet date (Details) SFr / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Apr. 02, 2024 CHF (SFr) | Apr. 02, 2024 USD ($) | Jan. 08, 2024 CHF (SFr) EquityInstruments SFr / shares shares | Mar. 25, 2024 CHF (SFr) shares | Dec. 31, 2023 CHF (SFr) shares | Dec. 31, 2022 CHF (SFr) shares | Mar. 01, 2024 CHF (SFr) | Feb. 29, 2024 CHF (SFr) | |
Events after balance sheet date | ||||||||
Sale of shares under sale agency agreement | shares | 4,006,373 | 1,355,248 | ||||||
Gross amount of treasury shares sold | SFr 1,193,074 | SFr 464,954 | ||||||
Deferred income | SFr 324,210 | |||||||
Grant of equity incentive units | ||||||||
Events after balance sheet date | ||||||||
Number of equity incentive units granted | EquityInstruments | 6,439,124 | |||||||
Number of shares to which equity incentive units give right to purchase | shares | 6,439,124 | |||||||
Exercise price of equity incentive units granted | SFr / shares | SFr 0.05 | |||||||
Share-based compensation to be recognized over remaining vesting period of equity incentive units | SFr 200,000 | |||||||
Sale of treasury shares | ||||||||
Events after balance sheet date | ||||||||
Sale of shares under sale agency agreement | shares | 3,050,665 | |||||||
Gross amount of treasury shares sold | SFr 200,000 | |||||||
Divestment of allosteric modulator drug discovery technology platform and portfolio of preclinical programs | Neurosterix | ||||||||
Events after balance sheet date | ||||||||
Committed funding received | $ | $ 63 | |||||||
Divestment of allosteric modulator drug discovery technology platform and portfolio of preclinical programs | Neurosterix | ||||||||
Events after balance sheet date | ||||||||
Proceeds from sale of assets | SFr 5,000,000 | |||||||
Percentage of shares in counterparty received for sale of assets | 20% | 20% | ||||||
Assets transferred to counterparty, previously identified as held for sale | SFr 600,000 | |||||||
Liabilities transferred to counterparty, previously identified as held for sale | SFr 500,000 | |||||||
Divestment of allosteric modulator drug discovery technology platform and portfolio of preclinical programs | Neurosterix | mGlu2 NAM program | ||||||||
Events after balance sheet date | ||||||||
Deferred income | SFr 300,000 |