Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Auris Medical Holding Ltd. |
Entity Central Index Key | 0001601936 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity a Well-known Seasoned Issuer | No |
Entity a Voluntary Filer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 4,125,949 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2019 |
Entity Interactive Data Current | No |
Entity Incorporation State Country Code | D0 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-36582 |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss and Other Comprehensive Income / (Loss) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit or loss [abstract] | |||
Research and development | SFr (3,325,281) | SFr (6,689,589) | SFr (19,210,842) |
General and administrative | (3,933,863) | (4,264,534) | (5,150,409) |
Operating loss | (7,259,144) | (10,954,123) | (24,361,251) |
Interest income | 17,882 | 53,570 | |
Interest expense | (28,628) | (1,070,177) | (1,640,394) |
Foreign currency exchange loss, net | (219,573) | (139,870) | (824,592) |
Revaluation gain from derivative financial instruments | 663,725 | 1,350,071 | 3,372,186 |
Transaction costs | (520,125) | (1,026,766) | |
Loss before tax | (6,825,738) | (11,334,224) | (24,427,247) |
Income tax gain/(loss) | 193,837 | (162,177) | 17,773 |
Net loss attributable to owners of the Company | (6,631,901) | (11,496,401) | (24,409,474) |
Items that will never be reclassified to profit or loss | |||
Remeasurements of defined benefit liability, net of taxes of CHF 0 | (72,010) | 1,277,192 | 271,980 |
Items that are or may be reclassified to profit or loss | |||
Foreign currency translation differences, net of taxes of CHF 0 | 16,446 | (10,964) | 50,497 |
Other comprehensive income/(loss), net of taxes of CHF 0 | (55,564) | 1,266,228 | 322,477 |
Total comprehensive loss attributable to owners of the Company | SFr (6,687,465) | SFr (10,230,173) | SFr (24,086,997) |
Basic and diluted loss per share | SFr (2.28) | SFr (14.46) | SFr (111.61) |
Consolidated Statement of Pro_2
Consolidated Statement of Profit or Loss and Other Comprehensive Income / (Loss) (Parenthetical) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit or loss [abstract] | |||
Remeasurement of defined benefit plans, tax | SFr 0 | SFr 0 | SFr 0 |
Foreign currency translation differences, tax | 0 | 0 | 0 |
Income tax relating to components of other comprehensive income | SFr 0 | SFr 0 | SFr 0 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current assets | ||
Property and equipment | SFr 66,672 | SFr 33,895 |
Intangible assets | 6,765,613 | 3,535,240 |
Derivative financial instruments | 226,865 | |
Other non-current receivables | 20,001 | 16,001 |
Total non-current assets | 6,852,286 | 3,812,001 |
Current assets | ||
Other receivables | 335,299 | 320,374 |
Prepayments | 434,231 | 351,283 |
Derivative financial instruments | 219,615 | |
Cash and cash equivalents | 1,384,720 | 5,393,207 |
Total current assets | 2,373,865 | 6,064,864 |
Total assets | 9,226,151 | 9,876,865 |
Equity | ||
Share capital | 1,650,380 | 710,336 |
Share premium | 157,191,707 | 149,286,723 |
Foreign currency translation reserve | (27,565) | (44,011) |
Accumulated deficit | (152,778,389) | (146,303,398) |
Total shareholders' (deficit)/equity attributable to owners of the Company | 6,036,133 | 3,649,650 |
Non-current liabilities | ||
Derivative financial instruments | 4,353 | 675,328 |
Employee benefit liability | 760,447 | 648,287 |
Deferred tax liabilities | 147,149 | 340,986 |
Total non-current liabilities | 911,949 | 1,664,601 |
Current liabilities | ||
Loan | 1,435,400 | |
Trade and other payables | 938,247 | 1,836,335 |
Accrued expenses | 1,339,822 | 1,290,879 |
Total current liabilities | 2,278,069 | 4,562,614 |
Total liabilities | 3,190,018 | 6,227,215 |
Total equity and liabilities | SFr 9,226,151 | SFr 9,876,865 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CHF (SFr) | Share Capital | Share Premium | Foreign Currency Translation Reserve | Accumulated Deficit | Total |
Beginning balance at Dec. 31, 2016 | SFr 13,731,881 | SFr 112,838,815 | SFr (83,544) | SFr (112,344,303) | SFr 14,142,849 |
Total comprehensive loss | |||||
Net loss | (24,409,474) | (24,409,474) | |||
Other comprehensive income | 50,497 | 271,980 | 322,477 | ||
Total comprehensive income / (loss) | 50,497 | (24,137,494) | (24,086,997) | ||
Transactions with owners of the Company | |||||
Capital increase from follow-on offering | 5,617,675 | 2,330,928 | 7,948,603 | ||
Transaction costs | (521,515) | (521,515) | |||
Share based payments | 354,851 | 354,851 | |||
Ending Balance at Dec. 31, 2017 | 19,349,556 | 114,648,228 | (33,047) | (136,126,946) | (2,162,209) |
Total comprehensive loss | |||||
Net loss | (11,496,401) | (11,496,401) | |||
Other comprehensive income | (10,964) | 1,277,192 | 1,266,228 | ||
Total comprehensive income / (loss) | (10,964) | (10,219,209) | (10,230,173) | ||
Transactions with owners of the Company | |||||
Reorganization of group structure | (24,347,208) | 24,347,208 | |||
Capital increase / Exercise of warrants | 5,707,988 | 11,550,874 | 17,258,862 | ||
Transaction costs | (1,259,587) | (1,259,587) | |||
Share based payments | 42,757 | 42,757 | |||
Ending Balance at Dec. 31, 2018 | 710,336 | 149,286,723 | (44,011) | (146,303,398) | 3,649,650 |
Total comprehensive loss | |||||
Net loss | (6,631,901) | (6,631,901) | |||
Other comprehensive income | 16,446 | (72,010) | (55,564) | ||
Total comprehensive income / (loss) | 16,446 | (6,703,911) | (6,687,465) | ||
Transactions with owners of the Company | |||||
Capital increase / Exercise of warrants | 940,044 | 8,853,599 | 9,793,643 | ||
Transaction costs | (948,615) | (948,615) | |||
Share based payments | 228,920 | 228,920 | |||
Ending Balance at Dec. 31, 2019 | SFr 1,650,380 | SFr 157,191,707 | SFr (27,565) | SFr (152,778,389) | SFr 6,036,133 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net loss | SFr (6,631,901) | SFr (11,496,401) | SFr (24,409,474) |
Adjustments for: | |||
Depreciation | 30,823 | 72,713 | 122,784 |
Unrealized foreign currency exchange loss, net | 21,290 | 211,214 | 776,165 |
Net interest expense | 1,205 | 1,052,787 | 1,568,781 |
Loss on disposal of property and equipment | 78,133 | ||
Share based payments | 226,601 | 27,730 | 354,851 |
Transaction costs | 520,125 | 1,026,766 | |
Employee benefits | 40,150 | (37,491) | 142,514 |
Revaluation gain derivative financial instruments | (663,725) | (1,350,071) | (3,372,186) |
Income tax gain/(loss) | (193,837) | 162,177 | (17,773) |
Total | (7,169,394) | (10,759,084) | (23,807,572) |
Changes in: | |||
Other receivables | (18,925) | (18,390) | 93,328 |
Prepayments | (82,948) | 301,628 | 299,684 |
Trade and other payables | (898,088) | 635,516 | (637,177) |
Accrued expenses | (224,077) | (3,391,834) | (224,028) |
Net cash used in operating activities | (8,393,432) | (13,232,164) | (24,275,765) |
Cash flows from investing activities | |||
Purchase of property and equipment | (63,600) | (6,389) | |
Purchase of intangibles | (2,955,036) | (1,891,115) | (146,580) |
Proceeds from disposals of property and equipment | 68,160 | ||
Interest received | 17,882 | 53,570 | |
Net cash from / (used) in investing activities | (3,000,754) | (1,822,955) | (99,399) |
Cash flows from financing activities | |||
Proceeds from offerings and warrants exercises | 9,793,643 | 17,447,499 | 13,039,066 |
Transaction costs | (948,615) | (2,006,577) | (1,548,281) |
Repayment of loan | (1,463,328) | (9,272,328) | (2,087,076) |
Interest paid | (3,745) | (435,993) | (1,182,369) |
Net cash from financing activities | 7,377,955 | 5,732,601 | 8,221,340 |
Net decrease in cash and cash equivalents | (4,016,231) | (9,322,518) | (16,153,824) |
Cash and cash equivalents at beginning of the period | 5,393,207 | 14,973,369 | 32,442,222 |
Net effect of currency translation on cash | 7,744 | (257,644) | (1,315,029) |
Cash and cash equivalents at end of the period | SFr 1,384,720 | SFr 5,393,207 | SFr 14,973,369 |
Reporting Entity
Reporting Entity | 12 Months Ended |
Dec. 31, 2019 | |
Reporting Entity [Abstract] | |
Reporting entity | 1. Reporting entity Auris Medical Holding Ltd. (the "Company") is an exempted company incorporated in Bermuda and is subject to Bermuda law. The Company's registered address is Clarendon House, 2 Church Street, Hamilton HM11, Bermuda. These consolidated financial statements comprise the Company and its subsidiaries (together referred to as the "Group" and individually as "Group entities"). The Company is the ultimate parent of the following Group entities: ● Auris Medical AG, Basel, Switzerland (100%) with a nominal share capital of CHF 2,500,000 ● Otolanum AG, Zug, Switzerland (100%) with a nominal share capital of CHF 100,000 ● Zilentin AG, Zug, Switzerland (100%), with a nominal share capital of CHF 100,000 ● Auris Medical Inc., Chicago, United States (100%) with a nominal share capital of USD 15,000 ● Auris Medical Ltd., Dublin, Ireland (100%) with a nominal share capital of EUR 100 On April 22, 2014, the Company changed its name from Auris Medical AG to Auris Medical Holding AG. On May 21, 2014 the domicile of Auris Medical Holding AG was transferred from Basel to Zug. On March 13, 2018, the Company ("Auris OldCo") merged (the "Merger") into Auris Medical NewCo Holding AG ("Auris NewCo"), a newly incorporated, wholly-owned Swiss subsidiary following shareholder approval at an extraordinary general meeting of shareholders held on March 12, 2018. Following the Merger, Auris NewCo, the surviving company, had a share capital of CHF 122,347.76, divided into 6,117,388 (pre-2019 Reverse Share Split) common shares with a nominal value of CHF 0.02 (pre-2019 Reverse Share Split) each. Pursuant to the Merger, the Company's shareholders received one common share with a nominal value of CHF 0.02 (pre-2019 Reverse Share Split) of Auris NewCo for every 10 of the Company's common shares held prior to the Merger, effectively resulting in a "reverse stock split" at a ratio of 10-for-1. Auris NewCo changed its name to "Auris Medical Holding AG" following consummation of the Merger. Following shareholder approval at an extraordinary general meeting of shareholders held on March 8, 2019 and upon the issuance of a certificate of continuance by the Registrar of Companies in Bermuda on March 18, 2019, the Company discontinued as a Swiss company and, pursuant to Article 163 of the Swiss Federal Act on Private International Law and pursuant to Section 132C of the Companies Act 1981 of Bermuda (the "Companies Act"), continued existence under the Companies Act as a Bermuda company with the name "Auris Medical Holding Ltd." (the "Redomestication"). The common shares of Auris Medical Holding Ltd. trade on the Nasdaq Capital Market under the trading symbol "EARS." The Group is primarily involved in the development of pharmaceutical products for the treatment of inner ear disorders and central nervous system disorders, in particular vertigo and prevention of antipsychotic-induced weight gain and somnolence. These programs have gone through two Phase 1 trials and have moved into proof-of-concept studies in 2019. On May 1, 2019, the Company effected a one-for-twenty reverse share split (the "2019 Reverse Share Split") of the Company's issued and outstanding as well as unissued common shares. Unless indicated or the context otherwise requires, all per share amounts and numbers of common shares in this report have been retrospectively adjusted for the 2019 Reverse Share Split. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2019 | |
Basis of Preparation [Abstract] | |
Basis of preparation | 2. Basis of preparation Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). These consolidated financial statements were approved by the Board of Directors of the Company on March 17, 2020. Basis of measurement The consolidated financial statements are prepared on the historical cost basis, except for the revaluation to fair value of certain financial liabilities. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. The principal accounting policies adopted are set out below. In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: ● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date ● Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and ● Level 3 inputs are unobservable inputs for the asset or liability. Functional and reporting currency These consolidated financial statements are presented in Swiss Francs ("CHF"), which is the Company's functional ("functional currency") and the Group's reporting currency. Redomestication The Redomestication of the Company from Switzerland to Bermuda is a continuance of its business. Therefore, the consolidated financial statements present the operation of Auris Medical Holding AG for the time before the Redomestication and of Auris Medical Holding Ltd for the time following the Redomestication. 2019 Reverse Share Split The Company effected the 2019 Reverse Share Split of its common shares at a ratio of 1-for-20. No fractional common shares were issued as fractional common shares were settled in cash. Impacted amounts and share information included in the consolidated financial statements and notes thereto have been adjusted for the reverse share split as if such reverse share split occurred on the first day of the periods presented. Certain amounts in the notes to the consolidated financial statements may be slightly different than previously reported due to rounding of fractional shares as a result of the reverse share split. Use of estimates and judgments The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions of accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements are described below. Income taxes As disclosed in Note 20 the Group has significant tax losses in Switzerland. These tax losses represent potential value to the Group to the extent that the Group is able to create taxable profits in Switzerland prior to expiry of such losses. Tax losses may be used within 7 years from the year the losses arose. The Group also has tax losses in the United States which may be used within 20 years of the end of the year in which losses arose, or for a shorter time period in accordance with prevailing state law. Other than a tax asset in the amount of CHF 91,851, the Group has not recorded any deferred tax assets in relation to these tax losses. The key factors which have influenced management in arriving at this evaluation are the fact that the business is still in a development phase and the Group has not yet a history of making profits. Should management's assessment of the likelihood of future taxable profits change, a deferred tax asset will be recorded. Income tax gain reflects the reassessment of deferred tax assets and liabilities booked in the 2019 fiscal year. Development expenditures The project stage forms the basis for the decision as to whether costs incurred for the Group's development projects can be capitalized. For AM-101, AM-111 and AM-201 clinical development expenditures are not capitalized until the Group obtains regulatory approval (i.e. approval to commercially use the product), as this is considered to be essentially the first point in time where it becomes probable that future revenues can be generated. For the Group's intranasal betahistine program for the treatment of vertigo (AM-125), however, the development is primarily focused on the delivery route and formulation and not the drug itself (already an approved generic) and aims to demonstrate higher bioavailability through intranasal delivery. Given the nature of the development approach and the fact that there is an existing market in which oral betahistine for the treatment of vertigo has been approved, direct development expenditures have been capitalized. In addition, the Group has capitalized certain milestone payments with regarding to license payments. As of each reporting date, the Group estimates the level of service performed by the vendors and the associated costs incurred for the services performed. As part of the process of preparing the Group's financial statements, the Group is required to estimate its accrued expenses. This process involves reviewing contracts, identifying services that have been performed on the Group's behalf and estimating the level of service performed and the associated cost incurred for the service when it has not yet been invoiced or otherwise notified of the actual cost. Employee benefits The Group maintains a pension plan for all employees in Switzerland through payments to a legally independent collective foundation. This pension plan qualifies under IFRS as defined benefit pension plan. The Group's net obligation in respect of defined benefit plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The Company makes relevant actuarial assumptions with regard to the discount rate, future salary increases and life expectancy. Considering reorganization / Merger The Merger is not a business combination and is accounted for as a reorganization. Therefore, the consolidated financial statements of the Company are a continuation of the financial information of Auris OldCo except that the consolidated financial statements reflect a classification between share capital and share premium in order to reflect the share capital of Auris NewCo. For the periods prior to the Merger, in calculating loss per share, the weighted average number of shares outstanding is calculated based on the number of weighted average shares issued by Auris OldCo, adjusted for the reverse stock split ratio of 10-for-1 resulting from the Merger. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Significant accounting policies | 3. Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements, unless otherwise indicated. Basis of consolidation Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it 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. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Transactions eliminated on consolidation All inter-company balances, transactions and unrealized gains on transactions have been eliminated in consolidation. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Segment reporting A segment is a distinguishable component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components. The Chief Executive Officer is determined to be the Group's Chief Operating Decision Maker ("CODM"). The CODM assesses the performance and allocates the resources of the Group as a whole, as all of the Group's activities are focusing on the development of pharmaceutical products for the treatment and prevention of peripheral and central nervous disorders. Financial information is only available for the Group as a whole. Therefore, management considers there is only one operating segment under the requirements of IFRS 8, Operating Segments. Foreign currency Foreign currency transactions Items included in the financial statements of Group entities are measured using the currency of the primary economic environment in which the entity operates. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. 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 profit or loss. Non-monetary items that are measured based on historical cost in a foreign currency are not re-translated. Foreign operations Assets and liabilities of Group entities whose functional currency is other than CHF are included in the consolidation by translating the assets and liabilities into the reporting currency at the exchange rates applicable at the end of the reporting period. Income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transaction). These foreign currency translation differences are recognized in Other Comprehensive Loss and presented in the foreign currency translation reserve in equity. When a foreign operation is disposed of such that control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. Closing rates for the most significant foreign currencies relative to CHF: Currency Geographical area Reporting December 31, 2019 December 31, 2018 December 31, 2017 CHF Swiss Franc Switzerland 4 1.0000 1.0000 1.0000 USD Dollar United States 1 0.9674 0.9827 0.9725 EUR Europe Europe 1 1.0855 1.1283 1.1713 Average exchange rates for the year for the most significant foreign currencies relative to CHF: Currency Geographical area Reporting 2019 2018 2017 CHF Swiss Franc Switzerland 4 1.0000 1.0000 1.0000 USD Dollar United States 1 0.9938 0.9768 0.9849 EUR Europe Europe 1 1.1128 1.1573 1.1116 Property and equipment Property and equipment is measured at historical costs less accumulated depreciation and any accumulated impairment losses. Historical costs include expenditures that are directly attributable to the acquisition of the items. When parts of an item of tangible assets have different useful lives, they are accounted for as separate tangible asset items (major components). Depreciation is calculated on a straight-line basis over the expected useful life of the individual asset or the shorter remaining lease term for leasehold improvements. The applicable estimated useful lives are as follows: Production equipment 5 years Office furniture and electronic data processing equipment ("EDP") 3 years Leasehold improvements 5 years 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. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. When an asset is reviewed for impairment, the asset's carrying amount may be written down immediately to its recoverable amount, provided the asset's carrying amount is greater than its estimated recoverable amount. Management assesses the recoverable amount by assessing the higher of its fair value less costs to sell or its value in use. Cost and accumulated depreciation related to assets retired or otherwise disposed are removed from the accounts at the time of retirement or disposal and any resulting gain or loss is included in profit or loss in the period of disposition. Intangible assets Research and development Expenditures on the Group's research programs are not capitalized, they are expensed when incurred. Expenditures on the Group's development programs are generally not capitalized except if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. For the development projects of the Group, these criteria are generally only met when regulatory approval for commercialization is obtained. This has been the general assessment for AM-101, AM-111 and AM-201. For the AM-125 program for the treatment of Vertigo it is the Group's assessment that the criteria mentioned above are met and therefore direct development expenditures have been capitalized for AM-125 in 2018 and 2019. Intellectual property-related costs for patents are part of the expenditure for research and development projects. Therefore, the costs for the prosecution and registration of patents are expensed when incurred as long as the research and development project concerned does not meet the criteria for capitalization. In case of AM-125, where in 2019 a US patent was issued and a related EU application was allowed, prosecution and registration costs have been capitalized as the criteria have been met. Licenses, intellectual property and data rights Intellectual property rights that are acquired by the Group are capitalized as intangible assets if they are controlled by the Group, are separately identifiable and are expected to generate future economic benefits, even if uncertainty exists as to whether the research and development will ultimately result in a marketable product. Consequently, upfront and milestone payments to third parties for the exclusive use of pharmaceutical compounds in specified areas of treatment are recognized as intangible assets. Measurement Intangible assets acquired that have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditure Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred. Amortization All licenses of the Group have finite lives. Amortization will commence once the Group's intangible assets are available for use which will be the case after regulatory approvals are obtained and the related products are available for use. Amortization of licenses is calculated on a straight line basis over the period of the expected benefit or until the license expires, whichever is shorter. The estimated useful life is 10 years or the remaining term of patent protection. The Group assesses at each statement of financial position date whether intangible assets which are not yet ready for use are impaired. Impairment of non-financial assets Property and equipment and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). An impairment loss is recognized as the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell or value in use. Impairment losses are recognized in profit or loss. Assets that were previously impaired are reviewed for possible reversal of the impairment at each reporting date. Any increase in the carrying amount of an asset will be based on the depreciated historical costs had the initial impairment not been recognized. Financial instruments The Group classifies its financial assets in the following categories: loans and receivables based on the expected loss model. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. The date of initial application (i.e. the date on which the Company has assessed its existing financial assets and financial liabilities in terms of IFRS 9 requirements) is January 1, 2018. Accordingly, the Company has applied the requirements of IFRS 9 to instruments that continue to be recognized at January 1, 2018 whereas for the year ended December 31, 2017 IAS 39 was applied. Recognition and derecognition of non-derivative financial assets and liabilities The Group initially recognizes loans and receivables and debt securities issued on the date when they are originated. All other financial assets and financial liabilities are initially recognized on the trade date. The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. Any interest in such derecognized financial assets that is created or retained by the Group is recognized as a separate asset or liability. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expired. Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Non-derivative financial assets and liabilities—measurement Loans and receivable These are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables are initially recognized at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortized cost using the effective interest method, less expected losses. Cash and cash equivalents The Group considers all short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value with original maturities of three months or less at the date of the purchase to be cash equivalents. Non-derivative financial liabilities—measurement Non-derivative financial liabilities are initially recognized at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortized cost using the effective interest method. Share capital All shares of the Company are registered shares and classified as part of shareholders' equity. Incremental costs directly attributable to the issue of the Company's shares, net of any tax effects, are recognized as a deduction from equity. The warrants are classified as a financial liability at fair value through profit or loss and the cost allocated to the liability component will be immediately expensed to the income statement. The Company has not paid any dividends since its inception and does not anticipate paying dividends in the foreseeable future. Repurchase and reissue of ordinary shares (treasury shares) When shares recognized as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity and the resulting surplus or deficit (calculated as the difference between initial cost and fair value) on the transaction is presented within share premium. Impairment of non-derivative financial assets Financial assets are assessed at each reporting date to determine whether there is objective evidence of impairment. Objective evidence that financial assets are impaired includes: ● default or delinquency by a debtor; ● indications that a debtor or issuer will enter bankruptcy; ● adverse changes in the payment status of borrowers or issuers; ● the disappearance of an active market for a security; or ● observable data indicating that there is measurable decrease in expected cash flows from a group of financial assets. Financial assets measured at amortized cost The Group considers evidence of impairment for these assets at an individual asset level. An impairment loss is calculated as the difference between an asset's carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. Losses are recognized in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. If the amount of impairment loss subsequently decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, then the previously recognized impairment loss is reversed through profit or loss. Derivative Financial Instruments Derivative financial instrument (asset) is accounted as the cost to obtain the rights from a third party to issue shares under the purchase agreement and changes in fair value are shown as profit or loss. The fair value calculation of the derivative financial instrument (asset) is adjusted on the utilization of the asset based on total dollar amount of the purchase agreement. Derivative financial instruments (liabilities) are accounted at fair value and changes in fair value are shown as profit or loss. The fair value calculation of the derivative financial instruments is based on the Black-Scholes option pricing model. Assumptions are made for volatility and the risk free rate in order to estimate the fair value of the instrument. Transaction cost related to derivative financial instruments are recorded through profit and loss. Income tax Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in Other Comprehensive Income. Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date. Deferred tax Deferred income tax is recognized, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is not recognized for: ● temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; ● temporary differences related to investments in subsidiaries to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and ● taxable temporary differences arising on the initial recognition of goodwill. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting 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 tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its tax assets and liabilities on a net basis. Employee benefits The Group maintains a pension plan for all employees in Switzerland through payments to a legally independent collective foundation. This pension plan qualifies under IFRS as defined benefit pension plan. There are no pension plans for the subsidiaries in Ireland and the United States. The Group's net obligation in respect of defined benefit plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The recognized asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in Other Comprehensive Income. Past service costs, including curtailment gains or losses, are recognized immediately in general and administrative expenses within the operating results. Settlement gains or losses are recognized in general and administrative expenses within the operating results. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period or in case of any significant events between measurement dates to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in profit or loss. Share-based compensation The Company maintains various share-based payment plans in the form of stock option plans for its employees, members of the Board of Directors as well as key service providers. Stock options are granted at the Board's discretion without any contractual or recurring obligations. The share-based compensation plans qualify as equity settled plans. The grant-date fair value of share-based payment awards granted to employees is recognized as an expense, with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards. Under the Auris Medical Holding Ltd. Long Term Equity Incentive Plan (the "Equity Incentive Plan" or "EIP"), 50% of granted share options granted to employees vest after a period of service of two years from the grant date and the remaining 50% vest after a period of service of three years from the grant date. Share options granted to members of the Board of Directors in 2019, 2018 and in 2017 vest after a period of one year after the grant date. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. Share-based payments that are not subject to any further conditions are expensed immediately at grant date. In the year the options are exercised the proceeds received net of any directly attributable transaction costs are credited to share capital (par value) and share premium. Valuation of share options Following the completion of the Company's initial public offering, option pricing and values are determined based on the Black Scholes option pricing model and assumptions are made for inputs such as volatility of the Company's stock and the risk free rate. Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, where it is more likely than not that an outflow of resources will be required to settle the obligation, and where a reliable estimate can be made of the amount of the obligation. Provisions are not recognized for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Earnings/(loss) per share Basic earnings/(loss) per share are calculated by dividing the net profit/(loss) attributable to owners of the Company by the weighted average number of shares outstanding during the period. Diluted earnings/(loss) per share are calculated by dividing the net profit/(loss) attributable to the owners of the Company by the weighted average number of shares outstanding during the period adjusted for the conversion of all dilutive potential ordinary shares. |
New Standards, Amendments and I
New Standards, Amendments and Interpretations Adopted by the Group | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies, Accounting Estimates And Errors [Abstract] | |
New standards, amendments and interpretations adopted by the Group | 4. New standards, amendments and interpretations adopted by the Group The Group adopted IFRS 16 Leases, which replaced IAS 17 Leases and IFRIC 4 Determining whether an arrangement contains a lease, with effect from 1 January 2019. The standard stipulates that all leases and the contractual rights and obligations should generally be recognized in the lessee's statement of financial position, unless the term of the lease is 12 months or less or the lease value is for a low value asset. The Company has only lease obligations with lease terms of less than 12 months and therefore the Company has decided not to apply the new guidance to short-term leases. In such cases, the leases will be accounted for as short term leases and the lease payments associated with them will be recognized as an expense from short term leases. Under IFRS 16, a lessee can choose to apply the standard using either a full retrospective or a modified retrospective approach. The Group has applied the modified retrospective approach. In the current year, the following revised standards have been adopted in these financial statements. Adoption has not had a material impact on the amounts reported in these financial statements but may impact the accounting for future transactions and arrangements. IFRS 9 Amendments to IFRS 9, Prepayment Features with negative Compensation IAS 19 Amendments to IAS 19, Plan Amendment, Curtailment or Settlement IFRIC 24 Uncertainty over Income Tax Positions Various Annual Improvements to IFRS Standards 2015-2017 Cycle. A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after January 1, 2020, and have not been applied in preparing these consolidated financial statements. Standard/Interpretation Impact Effective date Planned application by the Group New standards, interpretations or amendments IFRS 17 Insurance contracts 1) January 1, 2021 FY 2021 IFRS 3 Amendments to IFRS 3, Definition of a business 1) January 1, 2020 FY 2020 IAS 1/IAS 8 Amendments to IAS 1 and IAS 8, Definition of material 1) January 1, 2020 FY 2020 Conceptual Framework Amendments to References to the Conceptual Framework in IFRS Standards 1) January 1, 2020 FY 2020 1) No material impact on the Group is expected from these standards and amendments issued but not effective. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Financial instruments and risk management | 5. Financial instruments and risk management The following table shows the carrying amounts of financial assets and financial liabilities: Financial assets December 31, December 31, Cash and cash equivalents 1,384,720 5,393,207 Loans and receivables — — Other receivables 80,040 80,040 Total financial assets 1,464,760 5,473,247 Financial liabilities At amortized cost Trade and other payables 938,247 1,836,335 Accrued expenses 1,339,822 1,290,879 Loan — 1,435,400 At fair value through profit and loss Derivative financial instruments 4,353 675,328 Total financial liabilities 2,282,422 5,237,942 Fair values The carrying amount of cash and cash equivalents, other receivables, trade and other payables and accrued expenses is a reasonable approximation of their fair value due to the short term nature of these instruments. The Company's loan shown in the previous year had floating rates of interest, thus the fair value approximates carrying value. Financial risk factors The Group's activities expose it to a variety of financial risks: market risk, credit risk, interest rate and liquidity 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. Management identifies, evaluates and controls financial risks. No financial derivatives have been used in 2019 and 2018 to hedge risk exposures. The Group invests its available cash in instruments with the main objectives of preserving principal, meeting liquidity needs and minimizing foreign exchange risks. The Group allocates its liquid assets to first tier Swiss or international banks. Liquidity risk The Group's principal source of liquidity is its cash reserves which are mainly obtained through the issuance of new shares. The Group has succeeded in raising capital to fund its development activities to date and has raised funds that will allow it to meet short term development expenditures. The Company will require regular capital injections to continue its development work, which may be dependent on meeting development milestones, technical results and/or commercial success. Management monitors rolling forecasts of the Group's liquidity requirements to ensure it has sufficient cash to meet operational needs. The ability of the Group to maintain adequate cash reserves to sustain its activities in the medium term is highly dependent on the Group's ability to raise further funds. Consequently, the Group is exposed to continued liquidity risk. The table below analysis the remaining contractual maturities of financial liabilities, including estimated interest payments as of December 31, 2019 and 2018. The amounts disclosed in the table are the undiscounted cash flows: Carrying Less than 3 Between 3 2 years Total December 31, 2019 Trade and other payables 938,247 938,247 — — 938,247 Accrued expenses 1,339,822 1,339,822 — — 1,339,822 Loan and borrowings — — — — — Derivative financial instruments 4,353 — — 4,353 4,353 Total 2,282,422 2,278,069 — 4,353 2,282,422 Carrying Less than 3 Between 3 2 years Total December 31, 2018 Trade and other payables 1,836,335 1,836,335 — — 1,836,335 Accrued expenses 1,290,879 1,290,879 — — 1,290,879 Loan and borrowings 1,435,400 1,435,400 — — 1,435,400 Derivative financial instruments 675,328 — 215,572 459,756 675,328 Total 5,237,942 4,562,614 215,572 459,756 5,237,942 Fair value measurement Fair values as at Fair Financial assets / liabilities December 31, December 31, value Valuation technique(s) and key input(s) Derivative financial liabilities Liability 4,353 Liability Level 2 Black-Scholes option pricing model The share price is determined by Company's NASDAQ quoted-price. The strike price and maturity are defined by the contract. The volatility assumption is driven by Company's historic quoted share price and the risk free rate is estimated based on observable yield curves at the end of each reporting period. Derivative financial asset Asset 219,615 Asset Level 3 The fair value is equal to the price paid to the counter party for obtaining the right under the purchase agreement. Subsequent, the fair value is adjusted proportionally for the part of the right consumed. Non-cash changes 01.01.2019 Financing 1) Fair Other 2) 31.12.2019 Derivative financial instrument 675,328 — (663,725 ) (7,250 ) 4,353 Loans 1,435,400 (1,463,328 ) — 27,928 — Total 2,110,728 (1,463,328 ) (663,725 ) 20,678 4,353 Non-cash changes 01.01.2018 Financing 1) Fair Other 2) 31.12.2018 Derivative financial instrument 1,836,763 188,636 (1,350,071 ) — 675,328 Loans 10,126,406 (9,272,328 ) — 581,322 1,435,400 Total 11,963,169 (9,083,692 ) (1,350,071 ) 581,322 2,110,728 1) The financing cash flows are from loan repayment and from issuance of new derivative 2) Internal Rate Return-Correction and Foreign Exchange-Difference 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 from other receivables. The Company's policy is to invest funds in low risk investments including interest bearing deposits. Other receivables were current as of December 31, 2019 and December 31, 2018, not impaired and included only well-known counterparties. The Group has been holding cash and cash equivalents in the Group's principal operating currencies (CHF, USD and EUR) with international banks of high credit rating. The Group's maximum exposure to credit risk is represented by the carrying amount of each financial asset in the consolidated statement of financial position: December 31, December 31, Financial assets Cash and cash equivalents 1,384,720 5,393,207 Other receivables 80,040 80,040 Total 1,464,760 5,473,247 As of December 31, 2019 and December 31, 2018 other receivables consisted in a bank account for credit card liabilities. Market risk Currency risk The Group operates internationally and is exposed to foreign exchange risk arising from various exposures, primarily with respect to US Dollar and Euro. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. The summary of quantitative data about the exposure of the Group's financial assets and liabilities to currency risk was as follows: 2019 2018 in CHF USD EUR USD EUR Cash and cash equivalents 1,041,695 125,631 3,618,778 208,507 Other receivables 154,063 — — — Trade and other payables (51,527 ) (526,637 ) (1,646,910 ) (76,184 ) Accrued expenses (750,949 ) (175,826 ) (82,847 ) (370,145 ) Loan and borrowings — — (1,435,400 ) — Derivative financial instruments — — (675,328 ) — Net statement of financial position exposure -asset/(liability) 393,282 (576,832 ) (221,707 ) (237,822 ) As of December 31, 2019, a 5% increase or decrease in the USD/CHF exchange rate with all other variables held constant would have resulted in a CHF 19,664 (2018: CHF 10,886) increase or decrease in the net result. Also, a 5% increase or decrease in the EUR/CHF exchange rate with all other variables held constant would have resulted in a CHF 28,841(2018: CHF 13,413) increase or decrease in the net result. The Company has subsidiaries in the United States and Ireland, whose net assets are exposed to foreign currency translation risk. Due to the small size of the subsidiaries the translation risk is not significant. Capital risk management The Company and its subsidiaries are subject to capital maintenance requirements under local law in the country in which it operates. To ensure that statutory capital requirements are met, the Company monitors capital, at the entity level, on an interim basis as well as annually. From time to time the Company may take appropriate measures or propose capital increases to ensure the necessary capital remains intact. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Operating Segments [Abstract] | |
Segment information | 6. Segment information Geographical information The Group's non-current assets by the Company's country of domicile were as follows: December 31, December 31, Switzerland 6,852,286 3,812,001 Total 6,852,286 3,812,001 Non-current assets exclude financial instruments. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment [abstract] | |
Property and equipment | 7. Property and Equipment Production Office Leasehold Total At cost As of January 1, 2018 289,888 233,706 236,462 760,056 Additions — — — — Disposals — — (236,462 ) (236,462 ) As of December 31, 2018 289,888 233,706 — 523,594 Additions 63,600 — — 63,600 Disposals — — — — As of December 31, 2019 353,488 233,706 — 587,194 Accumulated depreciation As of January 1, 2018 (237,923 ) (205,628 ) (63,606 ) (507,157 ) Charge for the year (32,485 ) (13,663 ) (26,565 ) (72,713 ) Disposals — — 90,171 90,171 As of December 31, 2018 (270,408 ) (219,291 ) — (489,699 ) Charge for the year (20,083 ) (10,740 ) — (30,823 ) Disposals — — — — As of December 31, 2019 (290,491 ) (230,031 ) — (520,522 ) Net book value As of December 31, 2018 19,480 14,415 — 33,895 As of December 31, 2019 62,997 3,675 — 66,672 As of December 31, 2019, and 2018 no items of property and equipment were pledged. Refer to note 24 for security provided to Hercules Capital, Inc. under the Loan and Security Agreement. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets [Abstract] | |
Intangible assets | 8. Intangible assets Licenses IP & Data rights Patents Internally generated Total At cost As of January 1, 2018 1,482,520 146,580 — — 1,629,100 As of December 31, 2018 1,482,520 193,989 — 1,858,731 3,535,240 Additions — — 239,593 2,990,780 3,230,373 As of December 31, 2019 1,482,520 193,989 239,593 4,849,511 6,765,613 Accumulated amortization and impairment losses As of December 31, 2018 — — — — — As of December 31, 2019 — — — — — Net book value As of December 31, 2018 1,482,520 193,989 — 1,858,731 3,535,240 As of December 31, 2019 1,482,520 193,989 239,593 4,849,511 6,765,613 Intangible assets comprise upfront and milestone payments related to licenses. In 2013 a milestone of CHF 1,125,000 related to the AM-111 program was recorded. Amortization will commence once the intangible assets are available for use, which will be the case after regulatory approvals are obtained and the related products are available for use. On February 2, 2017, the Company entered into an asset purchase agreement with Otifex Therapeutics Pty Ltd ("Otifex"), pursuant to which the Company agreed to purchase and Otifex has agreed to sell to the Company certain pre-clinical and clinical assets related to a formulation for the intranasal application of Betahistine, which the Company refers to as AM-125, as well as intellectual property rights. The Otifex transaction closed in July 2017 and the Company recorded CHF 146,580 as intangibles related to this transaction. On December 6, 2018, in two related transactions, the Company acquired an Orphan Drug Designation for betahistine in the treatment of obesity associated with Prader-Willi syndrome (PWS). In a related transaction, on May 15, 2019, the Company acquired two U.S. Patents relating to the use of betahistine for the treatment of depression and attention-deficit / hyperactivity disorder (ADHD), respectively. The Company recorded CHF 47,409 related to these transactions. In 2019, a US patent on AM-125 was issued and a related EU application was allowed. As a consequence, prosecution and registration costs of CHF 239,593 have been capitalized. Commencing with the business year 2018, the Company recorded intangibles related to direct development expenditure of its AM-125 program. The capitalized amount for the year ended December 31, 2019 was CHF 3,230,373 (2018: CHF 1,858,731). No amortization or impairment was recorded in 2019 and 2018. |
Other Receivables
Other Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other receivables [abstract] | |
Other receivables | 9. Other receivables December 31, December 31, Value added tax receivable 26,438 96,853 Withholding tax receivable 24,113 18,526 Deposit credit cards 80,040 80,040 Other 204,708 124,955 Total other receivables 335,299 320,374 Other receivables were not considered impaired in the years under review. |
Prepayments
Prepayments | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Prepayments | 10. Prepayments December 31, December 31, Advance payments to suppliers 40,461 212,207 Clinical projects and related activities 265,842 — Insurance 114,016 139,076 Other 13,912 — Total prepayments 434,231 351,283 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | 11. Cash and cash equivalents December 31, December 31, Cash in bank accounts 1,383,182 5,392,599 Cash on hand 1,538 608 Total cash and cash equivalents 1,384,720 5,393,207 |
Capital and Reserves
Capital and Reserves | 12 Months Ended |
Dec. 31, 2019 | |
Capital and Reserves [Abstract] | |
Capital and reserves | 12. Capital and reserves Share capital The issued share capital of the Company at December 31 consisted of: December 31, December 31, Number CHF Number CHF Common shares with a par value of CHF 0.40 each 4,125,949 1,650,380 — — Common shares with a nominal value of CHF 0.02 (pre-2019 Reverse Share Split) each — — 35,516,785 710,336 Total 4,125,949 1,650,380 35,516,785 710,336 Common Shares (Number) 2019 2018 As of January 1 1,775,839 2,418,695 Common shares issued for the follow-on offering 2,350,110 640,000 Adjustment during the Merger: Issuance of Auris NewCo Shares — 305,869 Cancellation of Auris OldCo Shares — (3,058,695 ) Common shares issued for capital increase — 1,469,970 Total, as of December 31 4,125,949 1,775,839 All shares have a par value of CHF 0.40 and are fully paid in. As of December 31, 2019, the par value of the 4,125,949 issued shares amounted to CHF 1,650,379.60 (as of December 31, 2018, the par value of 1,775,839 issued shares was CHF 0.40 and amounted to CHF 710,335.60). On May 15, 2019, the Company completed a public offering of (i) 440,000 common shares with a par value of CHF 0.40 each, together with warrants to purchase 440,000 common shares, and (ii) 1,721,280 pre-funded warrants, with each pre-funded warrant exercisable for one common share, together with warrants to purchase 1,721,280 common shares, including 110,000 common shares and warrants to purchase 110,000 common shares sold pursuant to a partial exercise by the underwriters of the underwriters' over-allotment option (the "May 2019 Registered Offering"). The exercise price for the pre-funded warrants is CHF 0.01 per common share and for the warrants is CHF 4.34. The net proceeds to us from the May 2019 Registered Offering were approximately $7.7 million, after deducting underwriting discounts and other offering expenses payable by us. There is no obligation for the company to repay any of the funds received in case pre-funded warrants will not be exercised. Related to the May 2019 Registered Offering, the Company had transaction costs amounting to CHF 874,595. The transaction costs of CHF 874,595 were charged to equity for the issuance of the common shares. On November 30, 2018, as amended on April 5, 2019, the Company entered into a sales agreement (the "A.G.P. Sales Agreement") with A.G.P./Alliance Global Partners ("A.G.P."). Pursuant to the terms of the A.G.P. Sales Agreement, the Company may offer and sell its common shares, from time to time through A.G.P. by any method deemed to be an "at-the-market" offering as defined in Rule 415(a)(4) promulgated under the Securities Act. Pursuant to the A.G.P. Sales Agreement, the Company may sell common shares up to a maximum aggregate offering price of $25.0 million. As of December 31, 2019 the Company had sold 98,954 of its common shares for an aggregate offering price of $ 978,415. The related transaction costs of CHF 71,161 were charged to equity. On November 27, 2018 and December 11, 2018, the Company entered into purchase agreements with FiveT Capital AG, providing for the issuance and sale by us of an aggregate of 165,750 of its common shares for an aggregate purchase price of CHF 1.6 million in two separate registered direct offerings. On July 17, 2018 the Company completed a public offering of 897,435 common shares with a nominal value of CHF 0.40, Series A warrants each entitling its holder to purchase 0.35 of a common share for an aggregate of 314,102 common shares, and Series B warrants entitling its holder to purchase 0.25 of a common share for an aggregate of 224,358 common shares (the "July 2018 Registered Offering"). As of December 31, 2019, the exercise price for the Series A Warrants was CHF 7.80 per common share and the exercise price for the Series B Warrants was CHF 3.95 per common share (which exercise price was automatically adjusted due to the May 2019 Registered Offering). The net proceeds to the Company from the July 2018 Registered Offering were approximately CHF 6.2 million, after deducting underwriting discounts and other offering expenses payable by us. The Company had transaction costs amounting to CHF 851,692. The transactions costs were recorded as CHF 742,833 in equity for the issuance of the common shares and CHF 108,809 to finance expense in the statement of profit or loss and comprehensive loss for the issuance of the warrants. On May 2, 2018 the Company entered into a purchase agreement (the "2018 Commitment Purchase Agreement") and a registration rights agreement (the "2018 Registration Rights Agreement") with Lincoln Park Capital LLC ("LPC"). Pursuant to the 2018 Commitment Purchase Agreement, LPC agreed to purchase common shares for up to $10,000,000 over the 30-month term of the 2018 Commitment Purchase Agreement. As of the date of these consolidated financial statements, the Company has issued an aggregate of 89,880 common shares for aggregate proceeds of CHF 286,450 to LPC under the 2018 Commitment Purchase Agreement. The 2018 Commitment Purchase Agreement replaces the 2017 Commitment Purchase Agreement (as defined below), which was terminated as a result of the Merger. Under the 2017 Commitment Purchase Agreement, LPC agreed to subscribe for up to $13,500,000 common shares and prior to its termination, the Company had issued an aggregate of 2,600,000 (pre-merger) common shares for aggregate proceeds of CHF 1.7 million to LPC under the 2017 Commitment Purchase Agreement. The Company had transaction costs amounting to CHF 349,907. The payment of CHF 252,351 was recorded as a derivative financial instrument and classified as a non-current asset and CHF 97,556 to finance expense in the statement of profit or loss and comprehensive loss. During the financial year 2019, the Company had sold 89,880 of its common shares for an aggregate offering price of $ 286,450. The related transaction costs of CHF 2,859 were charged to equity. On January 30, 2018, the Company completed a public offering of 62,499 common shares and concurrent offering of 37,499 warrants, each warrant entitling its holder to purchase one common share (the "January 2018 Registered Offering"). The net proceeds to the Company from the January 2018 Registered Offering were approximately CHF 4.5 million, after deducting placement agent fees and other estimated offering expenses payable by the Company. As of December 31, 2019, the outstanding warrants issued in the January 2018 Registered Offering were exercisable for up to 37,501 common shares (assuming the Company rounds up fractional common shares to the next whole common share) at an exercise price of $100.00 per common share. The Company had transaction costs amounting to CHF 654,985. The transaction costs were recorded as CHF 341,226 in equity for the issuance of the common shares and CHF 313,760 to finance expense in the statement of profit or loss and comprehensive loss for the issuance of the warrants. On October 10, 2017, the Company entered into a purchase agreement (the "2017 Commitment Purchase Agreement") and a Registration Rights Agreement (the "2017 Registration Rights Agreement") with LPC. Pursuant to the 2017 Commitment Purchase Agreement, LPC had agreed to subscribe for up to $13,500,000 of the Company's common shares over the 30-month term of the 2017 Commitment Purchase Agreement. As of March 12, 2018, the Company had issued an aggregate of 13,000 common shares to LPC pursuant to the Commitment Purchase Agreement. The Commitment Purchase Agreement terminated upon consummation of the Merger on March 13, 2018. The related transaction cost of CHF 25,701 were recorded in equity. The transaction costs for obtaining the 2017 Commitment Purchase Agreement were recorded as CHF 265,205 in transaction costs in the statement of profit or loss and comprehensive income / (loss). The commitment fee of CHF 290,400 ($ 300,000) represents the fair value of the right to require LPC to purchase common shares within the 2017 Commitment Purchase Agreement. The proportion of the commitment fee CHF 35,073 related to cash received from common shares issued pursuant to the 2017 Commitment Purchase Agreement as a percentage of the total contract value of $ 13.5 million is recognized in equity as if this proportion of the commitment fee was incorporated into the strike price of the option. The remaining portion of the commitment fee of CHF 255,327 was derecognized through transaction costs in the statement of profit and loss and comprehensive income / (loss) as the 2017 Commitment Purchase Agreement did not have any significant future value as of December 31, 2017 due the fact that the 2017 Commitment Purchase Agreement terminated upon consumption of Merger on March 13, 2018. Additionally, on October 16, 2017, the Company issued 1,744,186 (pre-merger) of its common shares to LPC for aggregate proceeds of CHF 1,446,150 ($1,500,000) pursuant to the Company's effective shelf registration statement on Form F-3. The related transaction cost of CHF 63,056 were recorded in equity. On February 21, 2017, the Company completed a public offering (the "February 2017 Offering") of 10,000,000 (pre-merger) common shares with a nominal value of CHF 0.40 each and 10,000,000 (pre-merger) warrants, each warrant entitling its holder to purchase 0.70 of a common share. The gross proceeds to the Company from the February 2017 Offering were CHF 9,998,305 ($10,000,000). The Company had transaction costs amounting to CHF 903,919. The transactions costs were recorded as CHF 397,685 in equity for the issuance of the common shares and CHF 506,234 to finance expense in the statement of profit or loss and comprehensive loss for the issuance of the warrants. Issuance of common shares with restrictions For the business year 2015, 129 restricted common shares with a nominal value of CHF 0.40 were awarded and issued on January 7, 2016 under the Equity Incentive Plan for the purpose of share based bonus payments. The shares are fully vested and became freely tradable on January 7, 2019. The Company recorded a payroll charge of CHF 188,092 in 2015. Authorized share capital On January 24, 2019, our board of directors determined that it would be in our best interest to change our legal seat and jurisdiction of incorporation, respectively, from Switzerland to Bermuda (the "Redomestication"). The Company's Memorandum of Continuance and the Bye-laws that were adopted at an extraordinary meeting of shareholders held on March 8, 2019 provided for an authorized share capital of 200,000,000 common shares and 20,000,000 preference shares. Following a reverse share split at a ratio of 20-for-1 on May 1, 2019 and as of December 31, 2019, our authorized share capital consists of 10,000,000 common shares, par value CHF 0.40 per share, and 20,000,000 preference shares, par value CHF 0.02 per share. |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Sharebased Payments [Abstract] | |
Share based compensation | 13. Share-based compensation Description In 2014, the Group introduced an equity incentive plan (the ("EIP") as amended in 2017 and 2019. In September 2019, all employees and directors of the Company opted-in to forfeit all option grants received prior to 2019 in exchange for new options (the "September 2019 Conversion Grant"). The number of new options was calculated on a value neutral basis using the Black-Scholes model. Including the September 2019 Conversion Grant, the Company granted 390,620 options in 2019 (2018: 45,560) under the EIP. Plan C was terminated in 2019. The last outstanding options under Plan C were replaced by the September 2019 Conversion Grant. Holders of vested options are entitled to purchase common shares of the Company. Under the Equity Incentive Plan, the Board of Directors defined the exercise price as the average daily closing price of the Company's shares during the 30 days preceding the date of grant. All options are to be settled by the physical delivery of shares. The key terms and conditions related to the grants under these programs at December 31, 2019 are as follows: Plan Number of Vesting conditions Contractual life of Equity Incentive Plan Board 62,566 1 year service from grant date 6 years Equity Incentive Plan Employees / Board 122,782 2 years' service from grant date (50%) 8 years Equity Incentive Plan Employees / Board 122,782 3 years' service from grant date (50%) 8 years Measurement of fair values The fair value of the options was measured based on the Black-Scholes formula. Stock Option Plan Equity Incentive Equity Incentive Equity Incentive Equity Incentive Fair value at grant date USD 0.715 (1 year vesting) 1) USD 1.006 (2 year vesting) 1) USD 1.193 (3 year vesting) 1) USD 1.495 (1 year vesting) 2) USD 2.196 (2 year vesting) 2) USD 2.596 (3 year vesting) 2) USD 0.340 (1 year vesting) 1) 1) 1) USD 1.074 (1 year vesting) 2) 2) 2) Share price at grant date USD 1.76 USD 3.35 USD 0.64 USD 1.46 Exercise price USD 2.07 USD 5.75 USD 0.66 USD 1.58 Expected volatility 119.41% 156.26 % 137.06% 93.38% Expected life 1,2 and 3 years 1,2 and 3 years 1,2 and 3 years 1,2 and 3 years Expected dividends — — — — Risk-free interest rate 1.62% 2.29% 3.06% 2.92% 1) October grants for the respective year 2) April grants for the respective year The Company uses its own historic volatility to calculate expected volatility. The expected life of all options is assumed to correspond to the vesting period. The total expense recognized for equity-settled share-based payment transactions were CHF 228,920 in 2019 (2018: CHF 42,757, 2017: CHF 354,851). Share based compensation loss related to employee stock options amounted to CHF 226,601 in 2019 (2018: CHF 27,730, 2017: CHF 354,851). Share based compensation expense of CHF 2,319 related to the purchase of intangibles was capitalized for the year ended December 31, 2019 (2018: CHF 15,027, 2017: Nil). The number and weighted average exercise prices (in CHF) of options under the share option programs for Stock Option Plan C and the EIP are as follows: 2019 2018 Number of Weighted average Weighted average Number of Weighted average Weighted average Outstanding at January 1 992,777 1.10 7.45 225,154 17.40 6.88 Replacement of historical grants (992,777 ) — — — — — New grant with new exercise price 39,191 — — — — — Expired during the year — — — (5,000 ) — — Forfeited during the year (66,567 ) — — (139,360 ) — — Exercised during the year — — — — — — Granted during the year 351,429 3.30 — 911,983 1.04 7.73 Outstanding at December 31 324,053 3.01 — 992,777 1.10 7.45 Exercisable at December 31 — — — 63,314 26.28 5.08 The range of exercise prices for outstanding options was CHF 2.00 to CHF 5.56 as of December 31, 2019 and CHF 13.20 to CHF 1,196.00 as of December 31, 2018. |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other payables [abstract] | |
Trade and other payables | 14. Trade and other payables December 31, December 31, Trade accounts payable - third parties 906,501 1,810,445 Other 31,746 25,890 Total trade and other payables 938,247 1,836,335 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Expenses/Trade and Other Payables [Abstract] | |
Accrued expenses | 15. Accrued expenses December 31, December 31, Accrued research and development costs including milestone payments 1,019,563 700,866 Professional fees 108,519 315,657 Accrued vacation & overtime 23,377 54,557 Employee benefits incl. share based payments 47,916 146,949 Other 140,447 72,850 Total accrued expenses 1,339,822 1,290,879 |
Research and Development Expens
Research and Development Expense | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Research and development expense | 16. Research and development expense December 31, December 31, December 31, Pre-clinical projects 182,346 873,453 642,821 Clinical projects 993,085 846,235 12,365,768 Drug manufacturing and substance 481,453 2,185,292 2,027,184 Employee benefits and expenses 1,373,543 1,652,791 2,773,516 Lease expenses from short-term lease 26,057 65,921 111,680 Patents and trademarks 168,367 634,986 603,892 Regulatory projects 80,347 398,426 632,387 Depreciation tangible assets 20,083 32,485 53,594 Total research and development expense 3,325,281 6,689,589 19,210,842 Research and development expense was capitalized in the amount of CHF 3,230,373 during 2019 compared to CHF 1,858,731 in 2018. |
General and Administrative Expe
General and Administrative Expense | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
General and administrative expense | 17. General and administrative expense December 31, December 31, December 31, Employee benefits and expenses 1,010,708 1,084,112 2,097,853 Business development 113,959 43,816 161,985 Travel expenses 102,679 70,944 199,484 Administration expenses 2,653,914 2,797,526 2,522,217 Lease expenses from short-term lease 27,362 52,416 81,277 Depreciation tangible assets 10,740 186,520 69,190 Capital tax expenses 14,501 29,200 18,403 Total general and administrative expenses 3,933,863 4,264,534 5,150,409 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefits [Abstract] | |
Employee benefits | 18. Employee benefits December 31, December 31, December 31, Salaries 1,832,382 2,542,952 3,761,171 Pension costs 130,792 108,978 378,588 Other social benefits 217,448 188,138 277,468 Share based payments costs 226,601 27,730 354,851 Recruitment costs — — 125,731 Other personnel expenditures (22,973 ) (130,895 ) (26,439 ) Total employee benefits 2,384,250 2,736,903 4,871,370 Benefit plans The Company participates in a retirement plan (the "Plan") organized as an independent collective foundation, that covers all of its employees in Switzerland, including management. The collective foundation is governed by a foundation board. The board is made up of an equal number of employee and employer representatives of the affiliated companies. The Company has no direct influence on the investment strategy of the collective foundation. Moreover, certain elements of the employee benefits are defined in the same way for all affiliated companies. This is mainly related to the annuity factors at retirement and to interest allocated on retirement savings. The employer itself cannot determine the benefits or how they are financed directly. The foundation board of the collective foundation is responsible for the determination of the investment strategy, for making changes to the pension fund regulations and in particular, also for defining the financing of the pension benefits. The old age benefits are based on retirement savings for each employee, coupled with annual retirement credits and interest (there is no possibility to credit negative interest). At retirement age, the insured members can choose whether to take a pension for life, which includes a spouse's pension, or a lump sum. In addition to retirement benefits, the plan benefits also include disability and death benefits. Insured members may also buy into the scheme to improve their pension provision up to the maximum amount permitted under the rules of the plan and may withdraw funds early for the purchase of a residential property for their own use subject to limitations under Swiss law. On leaving the Company, retirement savings are transferred to the pension institution of the new employer or to a vested benefits institution. This type of benefit may result in pension payments varying considerably between individual years. In defining the benefits, the minimum requirements of the Swiss Law on Occupational Retirement, Survivors and Disability Pension Plans (BVG) and its implementing provisions must be observed. The BVG defines the minimum pensionable salary and the minimum retirement credits. In Switzerland, the minimum interest rate applicable to these minimum retirement savings is set by the Swiss Federal Council at least once every two years. The rate was 1.00% in 2017, 1.00% in 2018 and 1.00% in 2019. The assets are invested by the collective foundation in a diversified portfolio that respects the requirements of the Swiss BVG. Under the Plan, both the Company and the employee share the costs equally. The structure of the plan and the legal provisions of the BVG mean that the employer is exposed to actuarial risks. The main risks are investment risk, interest risk, disability risk and the risk of longevity. Through the affiliation to a collective foundation, the Company has minimized these risks, since they are shared between a much greater number of participants. The following tables present information about the net defined benefit liability and its components: Change in defined benefit obligation 2019 2018 Defined benefit obligation at January 1 3,085,625 7,999,617 Service costs 138,580 90,162 Plan participants' contribution 107,618 144,287 Interest cost 27,335 50,845 Actuarial losses 145,385 (1,911,382 ) Transfer-out amounts (445,457 ) (3,367,834 ) Transfer-in amounts of new employees 28,861 79,930 Defined benefit obligation at December 31 3,087,947 3,085,625 The defined benefit obligation includes only liabilities for active employees. The weighted average modified duration of the defined benefit obligation at December 31, 2019 is 22.6 years (2018: 21.8 years). Change in fair value of plan assets 2019 2018 Fair value of plan assets at January 1 2,437,338 6,036,647 Interest income 22,198 36,304 Return on plan assets excluding interest income 73,375 (634,190 ) Employer contributions 107,618 146,245 Plan participants' contributions 107,618 146,245 Transfer-out amounts (445,457 ) (3,367,834 ) Transfer-in amounts of new employees 28,861 79,930 Administration expense (4,051 ) (6,009 ) Fair value of plan assets at December 31 2,327,500 2,437,338 Net defined benefit liability recognized in the statement of financial position December 31, December 31, Present value of funded defined benefit obligation 3,087,947 3,085,625 Fair value of plan assets (2,327,500 ) (2,437,338 ) Net defined benefit liability 760,447 648,287 Defined Benefit Cost 2019 2018 2017 Service cost 138,580 90,162 348,172 Net interest expense 5,137 14,541 12,994 Administration expense 4,051 6,009 17,422 Total defined costs for the year recognized in profit or loss 147,768 110,712 378,588 Remeasurement of the Defined Benefit Liability 2019 2018 2017 Actuarial loss (gain) arising from changes in financial assumptions 360,541 (119,117 ) (150,552 ) Actuarial loss arising from experience adjustments (215,156 ) (1,792,265 ) 211,331 Actuarial gain arising from demographic assumptions — — — Return on plan assets excluding interest income (73,375 ) 634,190 (332,759 ) Total defined benefit cost for the year recognized in the other comprehensive loss 72,010 (1,277,192 ) (271,980 ) Assumptions At December 31 2019 2018 2017 Discount rate 0.30 % 0.95 % 0.80 % Future salary increase 1.10 % 1.10 % 1.10 % Pension indexation 0.00 % 0.00 % 0.00 % Mortality and disability rates BVG2015G BVG2015G BVG2015G Sensitivity analysis Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below. December 31, 2019 2018 Change in assumption 0.25% increase 0.25% increase Discount rate (148,884) (138,606) Salary increase 14,395 13,121 Pension indexation 74,976 65,943 Change in assumption + 1 year + 1 year Life expectancy 73,484 60,369 |
Finance Income and Finance Expe
Finance Income and Finance Expense | 12 Months Ended |
Dec. 31, 2019 | |
Finance Income And Finance Expense [Abstract] | |
Finance income and finance expense | 19. Finance income and finance expense 2019 2018 2017 Interest income 17,882 — 53,570 Net foreign currency exchange gain 1,343,153 1,103,067 1,912,681 Revaluation gain from derivative financial instruments 663,725 1,350,071 3,372,186 Total finance income 2,024,760 2,453,138 5,338,437 Interest expense (incl. Bank charges) 28,628 1,070,177 1,640,394 Net foreign currency exchange loss 1,562,725 1,242,938 2,737,273 Total finance expense 1,591,353 2,313,115 4,377,667 Finance income, net 433,407 140,023 960,770 In 2019, net foreign currency exchange gains contain translation gains of CHF 7,744 (2018: CHF 264,029; 2017: CHF 1,315,029) which arose on the Company's USD and EUR denominated cash and cash equivalents. In 2019, finance expenses include interest paid to Hercules Capital, Inc. under the Loan and Security Agreement in an amount of CHF 3,745 (2018: CHF 435,993; 2017: CHF 1,182,369). |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2019 | |
Taxation [Abstract] | |
Taxation | 20. Taxation The Group's income tax expense recognized in the consolidated statement of profit or loss and other comprehensive loss was as follows: 2019 2018 2017 Deferred income tax expense (213,355 ) (294,056 ) (21,415 ) Deferred income tax gain 407,192 131,879 39,188 193,837 (162,177 ) 17,773 The Group's effective income tax expense differed from the expected theoretical amount computed by applying the Group's applicable weighted average tax rate of 12.5% in 2019 (2018: 21.1%, 2017: 21.7%) as summarized in the following table: Reconciliation 2019 2018 2017 Loss before income tax (6,825,738 ) (11,334,224 ) (24,427,247 ) Income tax at statutory tax rates applicable to results in the respective countries 854,636 2,397,177 5,311,030 Effect of unrecognized temporary differences 89,974 140,371 193,598 Effect of unrecognized taxable losses (913,309 ) (2,553,594 ) (5,429,935 ) Effect of utilization of previously unrecognized taxable losses 193,155 — — Effect of impairment of deferred tax assets (131,055 ) — — Effect of previously unrecognised deferred tax asset 20,977 114,116 39,189 Effect of expenses deductible for tax purposes — — 9,696 Effect of expenses not considerable for tax purposes (29,549 ) — — Effect of changes in local tax legislation and/or local tax rates 110,758 — — Effect of impact from application of different tax rates (1,750 ) (260,247 ) (105,805 ) Effect of unrecognized taxable losses in equity — — — Income tax gain/(loss) 193,837 (162,177 ) 17,773 The tax effect of taxable temporary differences that give rise to deferred income tax liabilities or to deferred income tax assets as of December 31 is presented below: Deferred Tax Liabilities December 31, December 31, Intangible assets (212,844 ) (627,540 ) Hercules Loan Facility — (889 ) Derivative financial asset (26,156 ) (17,763 ) Total (239,000 ) (646,192 ) Deferred Tax Asset December 31, December 31, Net operating loss (NOL) 91,851 305,206 Total 91,851 305,206 Deferred Tax, net (147,149 ) (340,986 ) Deferred Tax 2019 Opening Balance Recognized in Profit or Loss Recognized in Equity Closing Balance Intangible assets (627,540 ) 414,696 — (212,844 ) Hercules Loan Facility (889 ) 889 — — Derivative financial asset (17,763 ) (8,393 ) — (26,156 ) Net operating loss (NOL) 305,206 (213,355 ) — 91,851 Total (340,986 ) 193,837 — (147,149 ) Deferred Tax 2018 Opening Balance Recognized in Profit or Loss Recognized in Equity Closing Balance Intangible assets (349,052 ) (276,293 ) (2,195 ) (627,540 ) Hercules Loan Facility (47,477 ) 46,588 — (889 ) Derivative financial asset — (17,763 ) — (17,763 ) Net operating loss (NOL) 217,720 85,291 2,195 305,206 Total (178,809 ) (162,177 ) — (340,986 ) As of December 31, 2019, the Group had total gross tax loss carry forwards amounting to CHF 151.5 million (2018: CHF 151.4 million), of which CHF 150.4 million related to Auris Medical AG, Auris Medical Holding Ltd. and Otolanum AG in Switzerland and CHF 1,1 million to Auris Medical Inc. in the United States (2018: CHF 150.3 million for Auris Medical AG and Otolanum AG and CHF 1.1 million for Auris Medical Inc.). The Group's tax loss carry-forwards with their expiry dates are as follows: December 31, December 31, Within 1 year 22,405,533 8,173,993 Between 1 and 3 years 49,120,938 41,980,704 Between 3 and 7 years 78,872,116 100,136,349 More than 7 years 1,054,465 1,070,993 Total 151,453,052 151,362,039 The tax effect of the major unrecognized temporary differences and loss carry-forwards is presented in the table below: December 31, December 31, Deductible temporary differences Employee benefit plan 99,162 143,271 Stock option plans 568 148,407 Total potential tax assets 99,730 291,678 Taxable unrecognized temporary differences Property and equipment — — Total unrecognized potential tax liabilities — — Offsetting potential tax liabilities with potential tax assets — — Net potential tax assets from temporary differences not recognized 99,730 291,678 Potential tax assets from loss carry-forwards not recognized 19,611,272 31,387,022 Total potential tax assets from loss carry-forwards and temporary differences not recognized 19,711,002 31,678,700 |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Loss Per Share [Abstract] | |
Loss per share | 21. Loss per share December 31, December 31, December 31, Loss attributable to owners of the Company (6,631,901 ) (11,496,401 ) (24,409,474 ) Weighted average number of shares outstanding * 2,909,056 795,043 218,709 Basic and diluted loss per share (2.28 ) (14.46 ) (111.61 ) * The basic and diluted loss per share for the year ended December 31, 2018 and the year ended December 31, 2017 is revised to reflect the reverse-split ratio of 10 to 1 following the Merger on March 13, 2018 and the reverse-split ratio of 20 to 1 following the "reverse share split" on May 1, 2019. For the years ended December 31, 2019 and 2018 basic and diluted loss per share is based on the weighted average number of shares issued and outstanding and excludes shares to be issued under the Stock Option Plans (Note 13) and the warrant issued to Hercules (Note 24) as they would be anti-dilutive. As of December 31, 2019, the Company has 324,053 options outstanding under its stock option plans. The average number of options outstanding between January 1, 2019 and December 31, 2019 was 812,167 (459,645 for the period between January 1, 2018 and December 31, 2018). As of December 31, 2019, the Company issued warrants to purchase up to 2,488,520 of its common shares issued and outstanding. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments and contingencies | 22. Commitments and contingencies Lease commitments In August 2018, the Group assigned its lease agreement for its office space entered into on October 1, 2016 to a third party and entered into a new lease agreement for new office space with a lease term of less than 12 months. The future minimum lease payments under non-cancellable lease term that are not accounted for in the statement of financial position were as follows: December 31, December 31, Within one year 24,980 24,374 Between one and five years — — Total 24,980 24,374 Office lease expenses of CHF 49,314, CHF 118,337 and CHF 192,957 were recorded in 2019, 2018 and 2017, respectively, in the consolidated statement of profit or loss and other comprehensive loss. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transaction [Abstract] | |
Related party transactions | 23. Related party transactions For purposes of these consolidated financial statements, parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. Also, parties under common control of the Group are considered to be related. Key management personnel are also related parties. In considering each possible related party relationship, attention is directed to the substance of the relationship, and not merely the legal form. Ante Treuhand AG ("Ante Treuhand") provides the Chief Financial Officer to the Company. The Chief Financial Officer is an employee of Ante Treuhand and is not paid directly by the Company. Fees paid to Ante Treuhand for CFO services starting November 2019 were CHF 11,770. Fees paid to Ante Treuhand for other services provided during the year ended December 31, 2019 were CHF 28,611. Compensation of the members of the Board of Directors and Management In 2019, the total compensation paid to management amounted to CHF 934,179 (2018: CHF 1,403,250; 2017: CHF 1,973,167). The fees paid to members of the Board of Directors in 2019 for their activities as board members totaled CHF 170,755 (2018: CHF 287,384; 2017: CHF 337,619). Executive Management Board of Directors Total 2019 2018 2017 2019 2018 2017 2019 2018 2017 Short term benefits 717,905 1,002,707 1,576,864 170,755 200,421 280,762 888,660 1,203,128 1,857,626 Post-employee benefits years 42,560 55,278 94,839 — — — 42,560 55,278 94,839 Share-based payment charge 109,912 204,224 190,659 49,323 60,657 72,647 159,235 264,881 263,306 Total 870,377 1,262,209 1,862,362 220,078 261,078 353,409 1,090,455 1,523,287 2,215,771 In 2019, CHF 159,235 (2018: CHF 264,881; 2017: CHF 263,306) was expensed for grants of stock options to members of the Board of Directors and management. The 2019 share based payment charge shown above excludes adjustments for instruments forfeited in 2019 due to termination of service. Contributions to pension schemes amounted to CHF 42,560, CHF 55,278 and CHF 94,839 during the years 2019, 2018 and 2017, respectively. No termination benefits or other long term benefits were paid. Members of the Board of Directors and management held 271,999, 703,235 and 1,782,605 stock options as of December 31, 2019, 2018, and 2017, respectively. |
Loan and Warrant
Loan and Warrant | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Loan and Warrant | 24. Loan and Warrant On July 19, 2016, the Company entered into a Loan and Security Agreement (the "Hercules Loan and Security Agreement") for a secured term loan facility of up to $20.0 million with Hercules Capital, Inc. as administrative agent ("Hercules") and the lenders party thereto. An initial tranche of $12.5 million was drawn on July 19, 2016, concurrently with the execution of the Hercules Loan and Security Agreement. Prior to its payoff in January 2019, the loan matured on January 2, 2020 and bore interest at a minimum rate of 9.55% per annum, and was subject to the variability of the prime interest rate. The loan was secured by a pledge of the shares of Auris Medical AG owned by the Company, all intercompany receivables owed to the Company by its Swiss subsidiaries and a security assignment of the Company's bank accounts. On April 5, 2018 the Company entered into an agreement with Hercules whereby the terms of the Hercules Loan and Security Agreement were amended to eliminate the $5 million liquidity covenant in exchange for a repayment of $5 million principal amount outstanding under the Hercules Loan and Security Agreement. The loan was initially recognized at transaction value with deductions of the fair value of the warrant at transaction date and directly attributable transactions costs. Subsequent to initial recognition, the loan was measured at amortized cost using the effective interest method. On January 31, 2019, the Company made the final payment to Hercules under the facility, comprising the last amortization payment as well as an end of term charge. With the final payment, all covenants and collaterals in favor of Hercules have been lifted. In addition, Hercules agreed to return the warrant held by Hercules exercisable for 783 common shares at an exercise price of $788.00 per common share for no consideration to the Company in exchange for the Company's payment to Hercules. As of December 31, 2019 the fair value of the warrant amounted to CHF 0.00. The revaluation gain of the derivative for the twelve months ended December, 2019 amounted to CHF 3,804, which is a decrease of CHF 15,742 when comparing to the same period in 2018. Since its initial recognition as of July 19, 2016, the fair value decreased by CHF 408,180 resulting in a revaluation gain in the corresponding amount (fair value as of July 19, 2016: CHF 408,180). |
Warrants from Public Offering
Warrants from Public Offering | 12 Months Ended |
Dec. 31, 2019 | |
Warrants From Public Offering [Abstract] | |
Warrants from Public Offering | 25. Warrants from Public Offering On February 21, 2017, the Company completed a public offering (the "February 2017 Offering") of 10,000,000 (pre-merger) common shares with a nominal value of CHF 0.40 each and 10,000,000 (pre-merger) warrants, each warrant entitling its holder to purchase 0.70 of a common share. The net proceeds to the Company from the February 2017 Offering were approximately CHF 9.1 million ($ 9.1 million), after deducting underwriting discounts and other estimated offering expenses payable by us. The Company had transaction costs amounting to CHF 903,919. The transactions costs were recorded as CHF 397,685 in equity for the issuance of the common shares and CHF 506,234 to finance expense in the statement of profit or loss and comprehensive loss for the issuance of the warrants. The underwriter was granted a 30-day option to purchase up to 1,500,000 (pre-merger) additional common shares and/or 1,500,000 (pre-merger) additional warrants. On February 15, 2017, the underwriter partially exercised its 30-day option to purchase additional common shares and/or warrants in the amount of 1,350,000 (pre-merger) warrants. Consequently, the Company issued warrants to purchase up to 7,945,000 (pre-merger) of its common shares at an exercise price of $ 1.20 per share. The warrants are exercisable during a five-year period beginning on date of issuance. The fair value calculation of the warrants is based on the Black-Scholes option price model. Assumptions are made regarding inputs such as volatility and the risk free rate in order to determine the fair value of the warrant. If a warrant is exercised, the Company will receive variable proceeds because the Company's functional currency is CHF and the exercise price is in USD, which results in the warrants being considered liability instruments. Therefore, the warrants were assigned fair values using the Black-Scholes model. The residual value was assigned to the common share sold along with each warrant in accordance with IAS 32 Financial instruments. The gross proceeds from the February 2017 offering were CHF 9,998,305 of which CHF 5,091,817 (fair value as of February 21, 2017) was assigned to the warrants and CHF 4,906,488 was assigned to equity. As of December 31, 2019, the outstanding warrants issued in the 2017 February Offering are exercisable for up to 39,725 common shares at an exercise price of $240.00. As of December 31, 2019, the fair value of the warrants amounted to CHF 0.00 (2018: 166,301). The fair value decreased by CHF 166,301 resulting in a revaluation gain of the same amount for the year ended December 31, 2019. On January 30, 2018, the Company issued 37,499 warrants in connection with a direct offering of 62,499 common shares, each warrant entitling its holder to purchase one common share at an exercise price of $100.00 per common share. As of December 31, 2019, the outstanding warrants issued in such offering were exercisable for up to 37,501 common shares at an exercise price of $100.00 per common share. As of December 31, 2019 the fair value of the warrants amounted to CHF 4,353 (2018: CHF 289,651). The revaluation gain of the derivative for the twelve months ended December 31, 2019 amounted to CHF 285,298, which is a decrease of CHF 1,908,798 when comparing to the same period in 2018. Since its initial recognition on January 30, 2018, the fair value of the warrants has decreased by CHF 2,479,394 resulting in a gain in the corresponding amount (fair value as of January 30, 2018: CHF 2,483,747). On July 17, 2018, the Company issued 314,102 Series A warrants and 224,358 Series B warrants in connection with the July 2018 Registered Offering of 897,435 common shares, each warrant entitling its holder to purchase one common share at an original exercise price of CHF 7.80 per common share. Revaluation gain/(loss) show the changes in fair value of the outstanding Series B warrant issued in connection with this offering. As of December 31, 2019, 145,226 Series A warrants were exercised for an aggregate amount of CHF 1,132,762 and 143,221 Series B warrants were exercised for an aggregate amount of CHF 1,117,125. As of December 31, 2019, 143,221 Series B exercised warrants were subject to revaluation at the time that they were exercised and the fair value amounts to CHF 3,005,348 (2018: CHF 3,005,348). Since its initial recognition on July 17, 2018 the fair value of the warrants has increased by CHF 2,433,099, resulting in a loss in the corresponding amounts (fair value as of July 17, 2018: CHF 572,249). As of December 31, 2019, the number of Series B warrants outstanding subject to revaluation were 34,535 and the fair value amounted to CHF 0.00 (2018: CHF 215,572). The fair value decreased by CHF 215,572 resulting in a revaluation gain of the same amount for the year ended December 31, 2019 (fair value as of July 17, 2018: CHF 137,987). |
Events After the Balance Sheet
Events After the Balance Sheet Date | 12 Months Ended |
Dec. 31, 2019 | |
Events After the Balance Sheet Date [Abstract] | |
Events after the balance sheet date | 26. Events after the balance sheet date The COVID-19 outbreak will delay enrollment of patients into our "TRAVERS" phase 2 trial with AM-125. Candidates for trial participation undergo certain types of neurosurgery, which are elective procedures. Due to the COVID-19 outbreak, the sites participating in the "TRAVERS" trial have postponeed elective procedures and temporarily reduced or suspended clinical research activities. As a result, enrollment came to a halt towards the end of March 2020. Although sites are expected to catch up on enrollment once COVID-19 related restrictions are relaxed, the Company expects that the interim analysis following Part A of the trial will be completed only in the third quarter of 2020, at the earliest. The COVID-19 outbreak and its impact on the global financial markets may limit our ability to raise additional funds to continuously fund our operations and complete the research and development of all of our product candidates. However, we have an equity commitment to sell up to $8.2 million of additional common shares to LPC and an at-the-market offering program in place with A.G.P. for $ 25.0 million, under which $1.4 million have been issued as of the date of this Annual Report. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Basis of consolidation | Basis of consolidation Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it 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. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Transactions eliminated on consolidation All inter-company balances, transactions and unrealized gains on transactions have been eliminated in consolidation. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Segment reporting | Segment reporting A segment is a distinguishable component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components. The Chief Executive Officer is determined to be the Group's Chief Operating Decision Maker ("CODM"). The CODM assesses the performance and allocates the resources of the Group as a whole, as all of the Group's activities are focusing on the development of pharmaceutical products for the treatment and prevention of peripheral and central nervous disorders. Financial information is only available for the Group as a whole. Therefore, management considers there is only one operating segment under the requirements of IFRS 8, Operating Segments. |
Foreign currency | Foreign currency Foreign currency transactions Items included in the financial statements of Group entities are measured using the currency of the primary economic environment in which the entity operates. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. 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 profit or loss. Non-monetary items that are measured based on historical cost in a foreign currency are not re-translated. Foreign operations Assets and liabilities of Group entities whose functional currency is other than CHF are included in the consolidation by translating the assets and liabilities into the reporting currency at the exchange rates applicable at the end of the reporting period. Income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transaction). These foreign currency translation differences are recognized in Other Comprehensive Loss and presented in the foreign currency translation reserve in equity. When a foreign operation is disposed of such that control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. Closing rates for the most significant foreign currencies relative to CHF: Currency Geographical area Reporting December 31, 2019 December 31, 2018 December 31, 2017 CHF Swiss Franc Switzerland 4 1.0000 1.0000 1.0000 USD Dollar United States 1 0.9674 0.9827 0.9725 EUR Europe Europe 1 1.0855 1.1283 1.1713 Average exchange rates for the year for the most significant foreign currencies relative to CHF: Currency Geographical area Reporting 2019 2018 2017 CHF Swiss Franc Switzerland 4 1.0000 1.0000 1.0000 USD Dollar United States 1 0.9938 0.9768 0.9849 EUR Europe Europe 1 1.1128 1.1573 1.1116 |
Property and equipment | Property and equipment Property and equipment is measured at historical costs less accumulated depreciation and any accumulated impairment losses. Historical costs include expenditures that are directly attributable to the acquisition of the items. When parts of an item of tangible assets have different useful lives, they are accounted for as separate tangible asset items (major components). Depreciation is calculated on a straight-line basis over the expected useful life of the individual asset or the shorter remaining lease term for leasehold improvements. The applicable estimated useful lives are as follows: Production equipment 5 years Office furniture and electronic data processing equipment ("EDP") 3 years Leasehold improvements 5 years 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. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. When an asset is reviewed for impairment, the asset's carrying amount may be written down immediately to its recoverable amount, provided the asset's carrying amount is greater than its estimated recoverable amount. Management assesses the recoverable amount by assessing the higher of its fair value less costs to sell or its value in use. Cost and accumulated depreciation related to assets retired or otherwise disposed are removed from the accounts at the time of retirement or disposal and any resulting gain or loss is included in profit or loss in the period of disposition. |
Intangible assets | Intangible assets Research and development Expenditures on the Group's research programs are not capitalized, they are expensed when incurred. Expenditures on the Group's development programs are generally not capitalized except if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. For the development projects of the Group, these criteria are generally only met when regulatory approval for commercialization is obtained. This has been the general assessment for AM-101, AM-111 and AM-201. For the AM-125 program for the treatment of Vertigo it is the Group's assessment that the criteria mentioned above are met and therefore direct development expenditures have been capitalized for AM-125 in 2018 and 2019. Intellectual property-related costs for patents are part of the expenditure for research and development projects. Therefore, the costs for the prosecution and registration of patents are expensed when incurred as long as the research and development project concerned does not meet the criteria for capitalization. In case of AM-125, where in 2019 a US patent was issued and a related EU application was allowed, prosecution and registration costs have been capitalized as the criteria have been met. Licenses, intellectual property and data rights Intellectual property rights that are acquired by the Group are capitalized as intangible assets if they are controlled by the Group, are separately identifiable and are expected to generate future economic benefits, even if uncertainty exists as to whether the research and development will ultimately result in a marketable product. Consequently, upfront and milestone payments to third parties for the exclusive use of pharmaceutical compounds in specified areas of treatment are recognized as intangible assets. Measurement Intangible assets acquired that have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditure Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred. Amortization All licenses of the Group have finite lives. Amortization will commence once the Group's intangible assets are available for use which will be the case after regulatory approvals are obtained and the related products are available for use. Amortization of licenses is calculated on a straight line basis over the period of the expected benefit or until the license expires, whichever is shorter. The estimated useful life is 10 years or the remaining term of patent protection. The Group assesses at each statement of financial position date whether intangible assets which are not yet ready for use are impaired. |
Impairment of non-financial assets | Impairment of non-financial assets Property and equipment and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). An impairment loss is recognized as the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell or value in use. Impairment losses are recognized in profit or loss. Assets that were previously impaired are reviewed for possible reversal of the impairment at each reporting date. Any increase in the carrying amount of an asset will be based on the depreciated historical costs had the initial impairment not been recognized. |
Financial instruments | Financial instruments The Group classifies its financial assets in the following categories: loans and receivables based on the expected loss model. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. The date of initial application (i.e. the date on which the Company has assessed its existing financial assets and financial liabilities in terms of IFRS 9 requirements) is January 1, 2018. Accordingly, the Company has applied the requirements of IFRS 9 to instruments that continue to be recognized at January 1, 2018 whereas for the year ended December 31, 2017 IAS 39 was applied. Recognition and derecognition of non-derivative financial assets and liabilities The Group initially recognizes loans and receivables and debt securities issued on the date when they are originated. All other financial assets and financial liabilities are initially recognized on the trade date. The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. Any interest in such derecognized financial assets that is created or retained by the Group is recognized as a separate asset or liability. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expired. Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Non-derivative financial assets and liabilities—measurement Loans and receivable These are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables are initially recognized at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortized cost using the effective interest method, less expected losses. Cash and cash equivalents The Group considers all short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value with original maturities of three months or less at the date of the purchase to be cash equivalents. Non-derivative financial liabilities—measurement Non-derivative financial liabilities are initially recognized at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortized cost using the effective interest method. Share capital All shares of the Company are registered shares and classified as part of shareholders' equity. Incremental costs directly attributable to the issue of the Company's shares, net of any tax effects, are recognized as a deduction from equity. The warrants are classified as a financial liability at fair value through profit or loss and the cost allocated to the liability component will be immediately expensed to the income statement. The Company has not paid any dividends since its inception and does not anticipate paying dividends in the foreseeable future. Repurchase and reissue of ordinary shares (treasury shares) When shares recognized as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity and the resulting surplus or deficit (calculated as the difference between initial cost and fair value) on the transaction is presented within share premium. |
Impairment of non-derivative financial assets | Impairment of non-derivative financial assets Financial assets are assessed at each reporting date to determine whether there is objective evidence of impairment. Objective evidence that financial assets are impaired includes: ● default or delinquency by a debtor; ● indications that a debtor or issuer will enter bankruptcy; ● adverse changes in the payment status of borrowers or issuers; ● the disappearance of an active market for a security; or ● observable data indicating that there is measurable decrease in expected cash flows from a group of financial assets. Financial assets measured at amortized cost The Group considers evidence of impairment for these assets at an individual asset level. An impairment loss is calculated as the difference between an asset's carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. Losses are recognized in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. If the amount of impairment loss subsequently decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, then the previously recognized impairment loss is reversed through profit or loss. |
Derivative Financial Instruments | Derivative Financial Instruments Derivative financial instrument (asset) is accounted as the cost to obtain the rights from a third party to issue shares under the purchase agreement and changes in fair value are shown as profit or loss. The fair value calculation of the derivative financial instrument (asset) is adjusted on the utilization of the asset based on total dollar amount of the purchase agreement. Derivative financial instruments (liabilities) are accounted at fair value and changes in fair value are shown as profit or loss. The fair value calculation of the derivative financial instruments is based on the Black-Scholes option pricing model. Assumptions are made for volatility and the risk free rate in order to estimate the fair value of the instrument. Transaction cost related to derivative financial instruments are recorded through profit and loss. |
Income tax | Income tax Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in Other Comprehensive Income. Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date. Deferred tax Deferred income tax is recognized, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is not recognized for: ● temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; ● temporary differences related to investments in subsidiaries to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and ● taxable temporary differences arising on the initial recognition of goodwill. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting 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 tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its tax assets and liabilities on a net basis. |
Employee benefits | Employee benefits The Group maintains a pension plan for all employees in Switzerland through payments to a legally independent collective foundation. This pension plan qualifies under IFRS as defined benefit pension plan. There are no pension plans for the subsidiaries in Ireland and the United States. The Group's net obligation in respect of defined benefit plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The recognized asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in Other Comprehensive Income. Past service costs, including curtailment gains or losses, are recognized immediately in general and administrative expenses within the operating results. Settlement gains or losses are recognized in general and administrative expenses within the operating results. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period or in case of any significant events between measurement dates to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in profit or loss. |
Share-based compensation | Share-based compensation The Company maintains various share-based payment plans in the form of stock option plans for its employees, members of the Board of Directors as well as key service providers. Stock options are granted at the Board's discretion without any contractual or recurring obligations. The share-based compensation plans qualify as equity settled plans. The grant-date fair value of share-based payment awards granted to employees is recognized as an expense, with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards. Under the Auris Medical Holding Ltd. Long Term Equity Incentive Plan (the "Equity Incentive Plan" or "EIP"), 50% of granted share options granted to employees vest after a period of service of two years from the grant date and the remaining 50% vest after a period of service of three years from the grant date. Share options granted to members of the Board of Directors in 2019, 2018 and in 2017 vest after a period of one year after the grant date. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. Share-based payments that are not subject to any further conditions are expensed immediately at grant date. In the year the options are exercised the proceeds received net of any directly attributable transaction costs are credited to share capital (par value) and share premium. Valuation of share options Following the completion of the Company's initial public offering, option pricing and values are determined based on the Black Scholes option pricing model and assumptions are made for inputs such as volatility of the Company's stock and the risk free rate. |
Provisions | Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, where it is more likely than not that an outflow of resources will be required to settle the obligation, and where a reliable estimate can be made of the amount of the obligation. Provisions are not recognized for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. |
Earnings/(loss) per share | Earnings/(loss) per share Basic earnings/(loss) per share are calculated by dividing the net profit/(loss) attributable to owners of the Company by the weighted average number of shares outstanding during the period. Diluted earnings/(loss) per share are calculated by dividing the net profit/(loss) attributable to the owners of the Company by the weighted average number of shares outstanding during the period adjusted for the conversion of all dilutive potential ordinary shares. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Schedule of closing and average exchange rates for the most significant foreign currencies | Currency Geographical area Reporting December 31, 2019 December 31, 2018 December 31, 2017 CHF Swiss Franc Switzerland 4 1.0000 1.0000 1.0000 USD Dollar United States 1 0.9674 0.9827 0.9725 EUR Europe Europe 1 1.0855 1.1283 1.1713 Currency Geographical area Reporting 2019 2018 2017 CHF Swiss Franc Switzerland 4 1.0000 1.0000 1.0000 USD Dollar United States 1 0.9938 0.9768 0.9849 EUR Europe Europe 1 1.1128 1.1573 1.1116 |
Schedule of applicable estimated useful lives | Production Office Leasehold Total At cost As of January 1, 2018 289,888 233,706 236,462 760,056 Additions — — — — Disposals — — (236,462 ) (236,462 ) As of December 31, 2018 289,888 233,706 — 523,594 Additions 63,600 — — 63,600 Disposals — — — — As of December 31, 2019 353,488 233,706 — 587,194 Accumulated depreciation As of January 1, 2018 (237,923 ) (205,628 ) (63,606 ) (507,157 ) Charge for the year (32,485 ) (13,663 ) (26,565 ) (72,713 ) Disposals — — 90,171 90,171 As of December 31, 2018 (270,408 ) (219,291 ) — (489,699 ) Charge for the year (20,083 ) (10,740 ) — (30,823 ) Disposals — — — — As of December 31, 2019 (290,491 ) (230,031 ) — (520,522 ) Net book value As of December 31, 2018 19,480 14,415 — 33,895 As of December 31, 2019 62,997 3,675 — 66,672 |
New Standards, Amendments and_2
New Standards, Amendments and Interpretations Adopted by the Group (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies, Accounting Estimates And Errors [Abstract] | |
Schedule of initial application of standards or interpretations | Standard/Interpretation Impact Effective date Planned application by the Group New standards, interpretations or amendments IFRS 17 Insurance contracts 1) January 1, 2021 FY 2021 IFRS 3 Amendments to IFRS 3, Definition of a business 1) January 1, 2020 FY 2020 IAS 1/IAS 8 Amendments to IAS 1 and IAS 8, Definition of material 1) January 1, 2020 FY 2020 Conceptual Framework Amendments to References to the Conceptual Framework in IFRS Standards 1) January 1, 2020 FY 2020 1) No material impact on the Group is expected from these standards and amendments issued but not effective. |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Schedule of carrying amounts of financial assets and financial liabilities | Financial assets December 31, December 31, Cash and cash equivalents 1,384,720 5,393,207 Loans and receivables — — Other receivables 80,040 80,040 Total financial assets 1,464,760 5,473,247 Financial liabilities At amortized cost Trade and other payables 938,247 1,836,335 Accrued expenses 1,339,822 1,290,879 Loan — 1,435,400 At fair value through profit and loss Derivative financial instruments 4,353 675,328 Total financial liabilities 2,282,422 5,237,942 |
Schedule of analysis the remaining contractual maturities of financial liabilities | Carrying Less than 3 Between 3 2 years Total December 31, 2019 Trade and other payables 938,247 938,247 — — 938,247 Accrued expenses 1,339,822 1,339,822 — — 1,339,822 Loan and borrowings — — — — — Derivative financial instruments 4,353 — — 4,353 4,353 Total 2,282,422 2,278,069 — 4,353 2,282,422 Carrying Less than 3 Between 3 2 years Total December 31, 2018 Trade and other payables 1,836,335 1,836,335 — — 1,836,335 Accrued expenses 1,290,879 1,290,879 — — 1,290,879 Loan and borrowings 1,435,400 1,435,400 — — 1,435,400 Derivative financial instruments 675,328 — 215,572 459,756 675,328 Total 5,237,942 4,562,614 215,572 459,756 5,237,942 |
Schedule of fair value measurement of liabilities | Fair values as at Fair Financial assets / liabilities December 31, December 31, value Valuation technique(s) and key input(s) Derivative financial liabilities Liability 4,353 Liability Level 2 Black-Scholes option pricing model The share price is determined by Company's NASDAQ quoted-price. The strike price and maturity are defined by the contract. The volatility assumption is driven by Company's historic quoted share price and the risk free rate is estimated based on observable yield curves at the end of each reporting period. Derivative financial asset Asset 219,615 Asset Level 3 The fair value is equal to the price paid to the counter party for obtaining the right under the purchase agreement. Subsequent, the fair value is adjusted proportionally for the part of the right consumed. Non-cash changes 01.01.2019 Financing 1) Fair Other 2) 31.12.2019 Derivative financial instrument 675,328 — (663,725 ) (7,250 ) 4,353 Loans 1,435,400 (1,463,328 ) — 27,928 — Total 2,110,728 (1,463,328 ) (663,725 ) 20,678 4,353 Non-cash changes 01.01.2018 Financing 1) Fair Other 2) 31.12.2018 Derivative financial instrument 1,836,763 188,636 (1,350,071 ) — 675,328 Loans 10,126,406 (9,272,328 ) — 581,322 1,435,400 Total 11,963,169 (9,083,692 ) (1,350,071 ) 581,322 2,110,728 1) The financing cash flows are from loan repayment and from issuance of new derivative 2) Internal Rate Return-Correction and Foreign Exchange-Difference |
Schedule of maximum exposure to credit risk | December 31, December 31, Financial assets Cash and cash equivalents 1,384,720 5,393,207 Other receivables 80,040 80,040 Total 1,464,760 5,473,247 |
Schedule of quantitative data about the exposure of financial assets and liabilities to currency risk | 2019 2018 in CHF USD EUR USD EUR Cash and cash equivalents 1,041,695 125,631 3,618,778 208,507 Other receivables 154,063 — — — Trade and other payables (51,527 ) (526,637 ) (1,646,910 ) (76,184 ) Accrued expenses (750,949 ) (175,826 ) (82,847 ) (370,145 ) Loan and borrowings — — (1,435,400 ) — Derivative financial instruments — — (675,328 ) — Net statement of financial position exposure -asset/(liability) 393,282 (576,832 ) (221,707 ) (237,822 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Segments [Abstract] | |
Schedule of operating segments | December 31, December 31, Switzerland 6,852,286 3,812,001 Total 6,852,286 3,812,001 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment [abstract] | |
Schedule of property, plant and equipment | Production Office Leasehold Total At cost As of January 1, 2018 289,888 233,706 236,462 760,056 Additions — — — — Disposals — — (236,462 ) (236,462 ) As of December 31, 2018 289,888 233,706 — 523,594 Additions 63,600 — — 63,600 Disposals — — — — As of December 31, 2019 353,488 233,706 — 587,194 Accumulated depreciation As of January 1, 2018 (237,923 ) (205,628 ) (63,606 ) (507,157 ) Charge for the year (32,485 ) (13,663 ) (26,565 ) (72,713 ) Disposals — — 90,171 90,171 As of December 31, 2018 (270,408 ) (219,291 ) — (489,699 ) Charge for the year (20,083 ) (10,740 ) — (30,823 ) Disposals — — — — As of December 31, 2019 (290,491 ) (230,031 ) — (520,522 ) Net book value As of December 31, 2018 19,480 14,415 — 33,895 As of December 31, 2019 62,997 3,675 — 66,672 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets [Abstract] | |
Schedlue of intangible assets | Licenses IP & Data rights Patents Internally generated Total At cost As of January 1, 2018 1,482,520 146,580 — — 1,629,100 As of December 31, 2018 1,482,520 193,989 — 1,858,731 3,535,240 Additions — — 239,593 2,990,780 3,230,373 As of December 31, 2019 1,482,520 193,989 239,593 4,849,511 6,765,613 Accumulated amortization and impairment losses As of December 31, 2018 — — — — — As of December 31, 2019 — — — — — Net book value As of December 31, 2018 1,482,520 193,989 — 1,858,731 3,535,240 As of December 31, 2019 1,482,520 193,989 239,593 4,849,511 6,765,613 |
Other Receivables (Tables)
Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other receivables [abstract] | |
Schedule of other receivables | December 31, December 31, Value added tax receivable 26,438 96,853 Withholding tax receivable 24,113 18,526 Deposit credit cards 80,040 80,040 Other 204,708 124,955 Total other receivables 335,299 320,374 |
Prepayments (Tables)
Prepayments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of prepayments | December 31, December 31, Advance payments to suppliers 40,461 212,207 Clinical projects and related activities 265,842 — Insurance 114,016 139,076 Other 13,912 — Total prepayments 434,231 351,283 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash and cash equivalents | December 31, December 31, Cash in bank accounts 1,383,182 5,392,599 Cash on hand 1,538 608 Total cash and cash equivalents 1,384,720 5,393,207 |
Capital and Reserves (Tables)
Capital and Reserves (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Capital and Reserves [Abstract] | |
Schedule of issued share capital | December 31, December 31, Number CHF Number CHF Common shares with a par value of CHF 0.40 each 4,125,949 1,650,380 — — Common shares with a nominal value of CHF 0.02 (pre-2019 Reverse Share Split) each — — 35,516,785 710,336 Total 4,125,949 1,650,380 35,516,785 710,336 Common Shares (Number) 2019 2018 As of January 1 1,775,839 2,418,695 Common shares issued for the follow-on offering 2,350,110 640,000 Adjustment during the Merger: Issuance of Auris NewCo Shares — 305,869 Cancellation of Auris OldCo Shares — (3,058,695 ) Common shares issued for capital increase — 1,469,970 Total, as of December 31 4,125,949 1,775,839 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Sharebased Payments [Abstract] | |
Schedule of key terms and conditions related to the grants | Plan Number of Vesting conditions Contractual life of Equity Incentive Plan Board 62,566 1 year service from grant date 6 years Equity Incentive Plan Employees / Board 122,782 2 years' service from grant date (50%) 8 years Equity Incentive Plan Employees / Board 122,782 3 years' service from grant date (50%) 8 years |
Schedule of fair value of thr options measured | Stock Option Plan Equity Incentive Equity Incentive Equity Incentive Equity Incentive Fair value at grant date USD 0.715 (1 year vesting) 1) USD 1.006 (2 year vesting) 1) USD 1.193 (3 year vesting) 1) USD 1.495 (1 year vesting) 2) USD 2.196 (2 year vesting) 2) USD 2.596 (3 year vesting) 2) USD 0.340 (1 year vesting) 1) 1) 1) USD 1.074 (1 year vesting) 2) 2) 2) Share price at grant date USD 1.76 USD 3.35 USD 0.64 USD 1.46 Exercise price USD 2.07 USD 5.75 USD 0.66 USD 1.58 Expected volatility 119.41% 156.26 % 137.06% 93.38% Expected life 1,2 and 3 years 1,2 and 3 years 1,2 and 3 years 1,2 and 3 years Expected dividends — — — — Risk-free interest rate 1.62% 2.29% 3.06% 2.92% 1) October grants for the respective year 2) April grants for the respective year |
Schedule of number and weighted average exercise prices | 2019 2018 Number of Weighted average Weighted average Number of Weighted average Weighted average Outstanding at January 1 992,777 1.10 7.45 225,154 17.40 6.88 Replacement of historical grants (992,777 ) — — — — — New grant with new exercise price 39,191 — — — — — Expired during the year — — — (5,000 ) — — Forfeited during the year (66,567 ) — — (139,360 ) — — Exercised during the year — — — — — — Granted during the year 351,429 3.30 — 911,983 1.04 7.73 Outstanding at December 31 324,053 3.01 — 992,777 1.10 7.45 Exercisable at December 31 — — — 63,314 26.28 5.08 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other payables [abstract] | |
Schedule of trade and other payables | December 31, December 31, Trade accounts payable - third parties 906,501 1,810,445 Other 31,746 25,890 Total trade and other payables 938,247 1,836,335 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Expenses/Trade and Other Payables [Abstract] | |
Schedule of accrued expenses | December 31, December 31, Accrued research and development costs including milestone payments 1,019,563 700,866 Professional fees 108,519 315,657 Accrued vacation & overtime 23,377 54,557 Employee benefits incl. share based payments 47,916 146,949 Other 140,447 72,850 Total accrued expenses 1,339,822 1,290,879 |
Research and Development Expe_2
Research and Development Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Research and Development Expense [Abstract] | |
Schedule of research and development expense | December 31, December 31, December 31, Pre-clinical projects 182,346 873,453 642,821 Clinical projects 993,085 846,235 12,365,768 Drug manufacturing and substance 481,453 2,185,292 2,027,184 Employee benefits and expenses 1,373,543 1,652,791 2,773,516 Lease expenses from short-term lease 26,057 65,921 111,680 Patents and trademarks 168,367 634,986 603,892 Regulatory projects 80,347 398,426 632,387 Depreciation tangible assets 20,083 32,485 53,594 Total research and development expense 3,325,281 6,689,589 19,210,842 |
General and Administrative Ex_2
General and Administrative Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
General and Administrative Expense [Abstract] | |
Schedule of general and administrative expense | December 31, December 31, December 31, Employee benefits and expenses 1,010,708 1,084,112 2,097,853 Business development 113,959 43,816 161,985 Travel expenses 102,679 70,944 199,484 Administration expenses 2,653,914 2,797,526 2,522,217 Lease expenses from short-term lease 27,362 52,416 81,277 Depreciation tangible assets 10,740 186,520 69,190 Capital tax expenses 14,501 29,200 18,403 Total general and administrative expenses 3,933,863 4,264,534 5,150,409 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefits [Abstract] | |
Schedule of defined benefit plan expense recognized in profit or loss | December 31, December 31, December 31, Salaries 1,832,382 2,542,952 3,761,171 Pension costs 130,792 108,978 378,588 Other social benefits 217,448 188,138 277,468 Share based payments costs 226,601 27,730 354,851 Recruitment costs — — 125,731 Other personnel expenditures (22,973 ) (130,895 ) (26,439 ) Total employee benefits 2,384,250 2,736,903 4,871,370 |
Schedule of net defined benefit liability (asset) | Change in defined benefit obligation 2019 2018 Defined benefit obligation at January 1 3,085,625 7,999,617 Service costs 138,580 90,162 Plan participants' contribution 107,618 144,287 Interest cost 27,335 50,845 Actuarial losses (145,385 ) (1,911,382 ) Transfer-out amounts (445,457 ) (3,367,834 ) Transfer-in amounts of new employees 28,861 79,930 Defined benefit obligation at December 31 3,087,947 3,085,625 Change in fair value of plan assets 2019 2018 Fair value of plan assets at January 1 2,437,338 6,036,647 Interest income 22,198 36,304 Return on plan assets excluding interest income 73,375 (634,190 ) Employer contributions 107,618 146,245 Plan participants' contributions 107,618 146,245 Transfer-out amounts (445,457 ) (3,367,834 ) Transfer-in amounts of new employees 28,861 79,930 Administration expense (4,051 ) (6,009 ) Fair value of plan assets at December 31 2,327,500 2,437,338 Net defined benefit liability recognized in the statement of financial position December 31, December 31, Present value of funded defined benefit obligation 3,087,947 3,085,625 Fair value of plan assets (2,327,500 ) (2,437,338 ) Net defined benefit liability 760,447 648,287 |
Schedule of defined benefit plans | Defined Benefit Cost 2019 2018 2017 Service cost 138,580 90,162 348,172 Net interest expense 5,137 14,541 12,994 Administration expense 4,051 6,009 17,422 Total defined costs for the year recognized in profit or loss 147,768 110,712 378,588 Remeasurement of the Defined Benefit Liability 2019 2018 2017 Actuarial loss (gain) arising from changes in financial assumptions 360,541 (119,117 ) (150,552 ) Actuarial loss arising from experience adjustments (215,156 ) (1,792,265 ) 211,331 Actuarial gain arising from demographic assumptions — — — Return on plan assets excluding interest income (73,375 ) 634,190 (332,759 ) Total defined benefit cost for the year recognized in the other comprehensive loss 72,010 (1,277,192 ) (271,980 ) Assumptions At December 31 2019 2018 2017 Discount rate 0.30 % 0.95 % 0.80 % Future salary increase 1.10 % 1.10 % 1.10 % Pension indexation 0.00 % 0.00 % 0.00 % Mortality and disability rates BVG2015G BVG2015G BVG2015G |
Schedule of sensitivity analysis for actuarial assumptions | December 31, 2019 2018 Change in assumption 0.25% increase 0.25% increase Discount rate (148,884) (138,606) Salary increase 14,395 13,121 Pension indexation 74,976 65,943 Change in assumption + 1 year + 1 year Life expectancy 73,484 60,369 |
Finance Income and Finance Ex_2
Finance Income and Finance Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Finance Income And Finance Expense [Abstract] | |
Schedule of finance income and finance expense | 2019 2018 2017 Interest income 17,882 — 53,570 Net foreign currency exchange gain 1,343,153 1,103,067 1,912,681 Revaluation gain from derivative financial instruments 663,725 1,350,071 3,372,186 Total finance income 2,024,760 2,453,138 5,338,437 Interest expense (incl. Bank charges) 28,628 1,070,177 1,640,394 Net foreign currency exchange loss 1,562,725 1,242,938 2,737,273 Total finance expense 1,591,353 2,313,115 4,377,667 Finance income, net 433,407 140,023 960,770 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Taxation [Abstract] | |
Schedule of income tax expense | 2019 2018 2017 Deferred income tax expense (213,355 ) (294,056 ) (21,415 ) Deferred income tax gain 407,192 131,879 39,188 193,837 (162,177 ) 17,773 |
Schedule of major components of tax expense (income) | Reconciliation 2019 2018 2017 Loss before income tax (6,825,738 ) (11,334,224 ) (24,427,247 ) Income tax at statutory tax rates applicable to results in the respective countries 854,636 2,397,177 5,311,030 Effect of unrecognized temporary differences 89,974 140,371 193,598 Effect of unrecognized taxable losses (913,309 ) (2,553,594 ) (5,429,935 ) Effect of utilization of previously unrecognized taxable losses 193,155 — — Effect of impairment of deferred tax assets (131,055 ) — — Effect of previously unrecognised deferred tax asset 20,977 114,116 39,189 Effect of expenses deductible for tax purposes — — 9,696 Effect of expenses not considerable for tax purposes (29,549 ) — — Effect of changes in local tax legislation and/or local tax rates 110,758 — — Effect of impact from application of different tax rates (1,750 ) (260,247 ) (105,805 ) Effect of unrecognized taxable losses in equity — — — Income tax gain/(loss) 193,837 (162,177 ) 17,773 |
Schedule of deferred taxes details | Deferred Tax Liabilities December 31, December 31, Intangible assets (212,844 ) (627,540 ) Hercules Loan Facility — (889 ) Derivative financial asset (26,156 ) (17,763 ) Total (239,000 ) (646,192 ) Deferred Tax Asset December 31, December 31, Net operating loss (NOL) 91,851 305,206 Total 91,851 305,206 Deferred Tax, net (147,149 ) (340,986 ) |
Schedule of recognized tax benefits deferred tax | Deferred Tax 2019 Opening Balance Recognized in Profit or Loss Recognized in Equity Closing Balance Intangible assets (627,540 ) 414,696 — (212,844 ) Hercules Loan Facility (889 ) 889 — — Derivative financial asset (17,763 ) (8,393 ) — (26,156 ) Net operating loss (NOL) 305,206 (213,355 ) — 91,851 Total (340,986 ) 193,837 — (147,149 ) Deferred Tax 2018 Opening Balance Recognized in Profit or Loss Recognized in Equity Closing Balance Intangible assets (349,052 ) (276,293 ) (2,195 ) (627,540 ) Hercules Loan Facility (47,477 ) 46,588 — (889 ) Derivative financial asset — (17,763 ) — (17,763 ) Net operating loss (NOL) 217,720 85,291 2,195 305,206 Total (178,809 ) (162,177 ) — (340,986 ) |
Schedule of tax loss carry-forwards | December 31, December 31, Within 1 year 22,405,533 8,173,993 Between 1 and 3 years 49,120,938 41,980,704 Between 3 and 7 years 78,872,116 100,136,349 More than 7 years 1,054,465 1,070,993 Total 151,453,052 151,362,039 |
Schedule of tax effect of major unrecognized temporary differences | December 31, December 31, Deductible temporary differences Employee benefit plan 99,162 143,271 Stock option plans 568 148,407 Total potential tax assets 99,730 291,678 Taxable unrecognized temporary differences Property and equipment — — Total unrecognized potential tax liabilities — — Offsetting potential tax liabilities with potential tax assets — — Net potential tax assets from temporary differences not recognized 99,730 291,678 Potential tax assets from loss carry-forwards not recognized 19,611,272 31,387,022 Total potential tax assets from loss carry-forwards and temporary differences not recognized 19,711,002 31,678,700 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Loss Per Share [Abstract] | |
Schedule of loss per share | December 31, December 31, December 31, Loss attributable to owners of the Company (6,631,901 ) (11,496,401 ) (24,409,474 ) Weighted average number of shares outstanding * 2,909,056 795,043 218,709 Basic and diluted loss per share (2.28 ) (14.46 ) (111.61 ) * The basic and diluted loss per share for the year ended December 31, 2018 and the year ended December 31, 2017 is revised to reflect the reverse-split ratio of 10 to 1 following the Merger on March 13, 2018 and the reverse-split ratio of 20 to 1 following the "reverse share split" on May 1, 2019. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies [Abstract] | |
Schedule of future minimum lease payments under non-cancellable operating leases | December 31, December 31, Within one year 24,980 24,374 Between one and five years — — Total 24,980 24,374 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transaction [Abstract] | |
Schedule of related party transaction | Executive Management Board of Directors Total 2019 2018 2017 2019 2018 2017 2019 2018 2017 Short term benefits 717,905 1,002,707 1,576,864 170,755 200,421 280,762 888,660 1,203,128 1,857,626 Post-employee benefits years 42,560 55,278 94,839 — — — 42,560 55,278 94,839 Share-based payment charge 109,912 204,224 190,659 49,323 60,657 72,647 159,235 264,881 263,306 Total 870,377 1,262,209 1,862,362 220,078 261,078 353,409 1,090,455 1,523,287 2,215,771 |
Reporting Entity (Details)
Reporting Entity (Details) | Mar. 13, 2018SFr / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2019CHF (SFr) | Dec. 31, 2019EUR (€) | Dec. 31, 2018CHF (SFr) | Dec. 31, 2015SFr / sharesshares |
Reporting Entity (Textual) | ||||||
Share capital of subsidiary | SFr 1,650,380 | SFr 710,336 | ||||
Number of shares outstanding | shares | 129 | |||||
Nominal value | SFr / shares | SFr 0.40 | |||||
Auris Medical AG [Member] | ||||||
Reporting Entity (Textual) | ||||||
Name of subsidiary | Auris Medical AG | |||||
Principal place of business | Basel | |||||
Country of incorporation | Switzerland | |||||
Ownership percentage in subsidiary | 100.00% | |||||
Auris Medical AG [Member] | Switzerland [Member] | ||||||
Reporting Entity (Textual) | ||||||
Share capital of subsidiary | 2,500,000 | |||||
Otolanum AG [Member] | ||||||
Reporting Entity (Textual) | ||||||
Name of subsidiary | Otolanum AG | |||||
Principal place of business | Zug | |||||
Country of incorporation | Switzerland | |||||
Ownership percentage in subsidiary | 100.00% | |||||
Otolanum AG [Member] | Switzerland [Member] | ||||||
Reporting Entity (Textual) | ||||||
Share capital of subsidiary | 100,000 | |||||
Zilentin AG [Member] | ||||||
Reporting Entity (Textual) | ||||||
Name of subsidiary | Zilentin AG | |||||
Principal place of business | Zug | |||||
Country of incorporation | Switzerland | |||||
Ownership percentage in subsidiary | 100.00% | |||||
Zilentin AG [Member] | Switzerland [Member] | ||||||
Reporting Entity (Textual) | ||||||
Share capital of subsidiary | SFr 100,000 | |||||
Auris Medical Inc. [Member] | ||||||
Reporting Entity (Textual) | ||||||
Name of subsidiary | Auris Medical Inc. | |||||
Principal place of business | Chicago | |||||
Country of incorporation | United States | |||||
Ownership percentage in subsidiary | 100.00% | |||||
Auris Medical Inc. [Member] | USD [Member] | ||||||
Reporting Entity (Textual) | ||||||
Share capital of subsidiary | $ | $ 15,000 | |||||
Auris Medical Ltd. [Member] | ||||||
Reporting Entity (Textual) | ||||||
Name of subsidiary | Auris Medical Ltd. | |||||
Principal place of business | Dublin | |||||
Country of incorporation | Ireland | |||||
Ownership percentage in subsidiary | 100.00% | |||||
Auris Medical Ltd. [Member] | EUR [Member] | ||||||
Reporting Entity (Textual) | ||||||
Share capital of subsidiary | € | € 100 | |||||
Auris Medical NewCo Holding AG [Member] | ||||||
Reporting Entity (Textual) | ||||||
Number of shares outstanding | shares | 6,117,388 | |||||
Nominal value | SFr / shares | SFr 0.02 | |||||
Equity reverse stock split, description | The Company's shareholders received one common share with a nominal value of CHF 0.02 (pre-2019 Reverse Share Split) of Auris NewCo for every 10 of the Company's common shares held prior to the Merger, effectively resulting in a "reverse stock split" at a ratio of 10-for-1. |
Basis of Preparation (Details)
Basis of Preparation (Details) | 12 Months Ended |
Dec. 31, 2019CHF (SFr) | |
Basis of Preparation (Textual) | |
Deferred tax assets | SFr 91,851 |
Reverse stock split ratio | 10-for-1 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2019$ / sharesCHF (SFr)EUR (€)entity | Dec. 31, 2018$ / sharesCHF (SFr)EUR (€) | Dec. 31, 2017$ / sharesCHF (SFr)EUR (€) | |
Switzerland [Member] | |||
Disclosure of geographical areas [line items] | |||
Reporting entities | 4 | ||
Closing rate | SFr | 1 | 1 | 1 |
Average exchange rate | SFr | 1 | 1 | 1 |
UNITED STATES | |||
Disclosure of geographical areas [line items] | |||
Reporting entities | 1 | ||
Closing rate | $ / shares | 0.9674 | 0.9827 | 0.9725 |
Average exchange rate | $ / shares | 0.9938 | 0.9768 | 0.9849 |
Europe [Member] | |||
Disclosure of geographical areas [line items] | |||
Reporting entities | 1 | ||
Closing rate | € | 1.0855 | 1.1283 | 1.1713 |
Average exchange rate | € | 1.1128 | 1.1573 | 1.1116 |
Significant Accounting Polici_5
Significant Accounting Policies (Details 1) | 12 Months Ended |
Dec. 31, 2019 | |
Production equipment [Member] | |
Disclosure of geographical areas [line items] | |
Useful life | 5 years |
Office equipment and EDP [member] | |
Disclosure of geographical areas [line items] | |
Useful life | 3 years |
Leasehold improvements [member] | |
Disclosure of geographical areas [line items] | |
Useful life | 5 years |
Significant Accounting Polici_6
Significant Accounting Policies (Details Textual) | 12 Months Ended |
Dec. 31, 2019segment | |
Significant Accounting Policies (Textual) | |
Number of operating segments | 1 |
Licences [member] | |
Significant Accounting Policies (Textual) | |
Estimated useful life | 10 years |
Financial Instruments and Ris_3
Financial Instruments and Risk Management (Details) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Financial assets | SFr 1,464,760 | SFr 5,473,247 |
Financial liabilities | 2,282,422 | 5,237,942 |
Cash and cash equivalents [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 1,384,720 | 5,393,207 |
Other receivables [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 80,040 | |
Financial liabilities At amortized cost [Member] | Trade and other payables [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 938,247 | 1,836,335 |
Financial liabilities At amortized cost [Member] | Accrued expenses [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 1,339,822 | 1,290,879 |
Financial liabilities At amortized cost [Member] | Loan [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 1,435,400 | |
At fair value through profit and loss [Member] | Derivative financial instrument [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | SFr 4,353 | SFr 675,328 |
Financial Instruments and Ris_4
Financial Instruments and Risk Management (Details 1) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Trade and other payables | SFr 938,247 | SFr 1,836,335 |
Accrued expenses | 1,339,822 | 1,290,879 |
Loan and borrowings | 1,435,400 | |
Derivative financial instruments | 4,353 | 675,328 |
Total | 2,282,422 | 5,237,942 |
Less than 3 months [Member] | ||
Statement Line Items [Line Items] | ||
Trade and other payables | 938,247 | 1,836,335 |
Accrued expenses | 1,339,822 | 1,290,879 |
Loan and borrowings | 1,435,400 | |
Derivative financial instruments | ||
Total | 2,278,069 | 4,562,614 |
Between 3 months and 2 years [Member] | ||
Statement Line Items [Line Items] | ||
Trade and other payables | ||
Accrued expenses | ||
Loan and borrowings | ||
Derivative financial instruments | 215,572 | |
Total | 215,572 | |
2 years and later [Member] | ||
Statement Line Items [Line Items] | ||
Trade and other payables | ||
Accrued expenses | ||
Loan and borrowings | ||
Derivative financial instruments | 4,353 | 459,756 |
Total | 4,353 | 459,756 |
Carrying amount [Member] | ||
Statement Line Items [Line Items] | ||
Trade and other payables | 938,247 | 1,836,335 |
Accrued expenses | 1,339,822 | 1,290,879 |
Loan and borrowings | 1,435,400 | |
Derivative financial instruments | 4,353 | 675,328 |
Total | SFr 2,282,422 | SFr 5,237,942 |
Financial Instruments and Ris_5
Financial Instruments and Risk Management (Details 2) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | SFr 2,282,422 | SFr 5,237,942 |
Financial assets | 1,464,760 | 5,473,247 |
Derivative financial instrument [Member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 4,353 | 675,328 |
Derivative financial instrument [Member] | Level 3 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets | SFr 219,615 | SFr 226,865 |
Financial instruments and Ris_6
Financial instruments and Risk Management (Details 3) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | |||
Beginning Balance | SFr 6,227,215 | ||
Ending Balance | 3,190,018 | SFr 6,227,215 | |
At fair value [member] | |||
Reconciliation of changes in fair value measurement, liabilities [abstract] | |||
Beginning Balance | 2,110,728 | 11,963,169 | |
Financing Cash Flows | [1] | (1,463,328) | (9,083,692) |
Fair value revaluation | (663,725) | (1,350,071) | |
Other changes | [2] | 20,678 | 581,322 |
Ending Balance | 4,353 | 2,110,728 | |
Derivative financial instrument [Member] | At fair value [member] | |||
Reconciliation of changes in fair value measurement, liabilities [abstract] | |||
Beginning Balance | 675,328 | 1,836,763 | |
Financing Cash Flows | [1] | 188,636 | |
Fair value revaluation | (663,725) | (1,350,071) | |
Other changes | [2] | (7,250) | |
Ending Balance | 4,353 | 675,328 | |
Loans [member] | At fair value [member] | |||
Reconciliation of changes in fair value measurement, liabilities [abstract] | |||
Beginning Balance | 1,435,400 | 10,126,406 | |
Financing Cash Flows | [1] | (1,463,328) | (9,272,328) |
Fair value revaluation | |||
Other changes | [2] | 27,928 | 581,322 |
Ending Balance | SFr 1,435,400 | ||
[1] | The financing cash flows are from loan repayment and from issuance of new derivative | ||
[2] | Internal Rate Return-Correction and Foreign Exchange-Difference |
Financial Instruments and Ris_7
Financial Instruments and Risk Management - (Details 4) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | SFr 1,464,760 | SFr 5,473,247 |
Cash and cash equivalents [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 1,384,720 | 5,393,207 |
Other receivables [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | SFr 80,040 | SFr 80,040 |
Financial Instruments and Ris_8
Financial Instruments and Risk Management (Details 5) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 |
USD [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net statement of financial position exposure -asset/(liability) | SFr 393,282 | SFr (221,707) |
USD [Member] | Cash and cash equivalents [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net statement of financial position exposure -asset/(liability) | 1,041,695 | 3,618,778 |
USD [Member] | Other receivables [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net statement of financial position exposure -asset/(liability) | 154,063 | |
USD [Member] | Trade And Other Payables [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net statement of financial position exposure -asset/(liability) | (51,527) | (1,646,910) |
USD [Member] | AccruedExpenses [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net statement of financial position exposure -asset/(liability) | (750,949) | (82,847) |
USD [Member] | Loan and borrowings [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net statement of financial position exposure -asset/(liability) | (1,435,400) | |
USD [Member] | Derivative financial instruments [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net statement of financial position exposure -asset/(liability) | ||
EUR [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net statement of financial position exposure -asset/(liability) | (576,832) | (237,822) |
EUR [member] | Cash and cash equivalents [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net statement of financial position exposure -asset/(liability) | 125,631 | 208,507 |
EUR [member] | Other receivables [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net statement of financial position exposure -asset/(liability) | ||
EUR [member] | Trade And Other Payables [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net statement of financial position exposure -asset/(liability) | (526,637) | (76,184) |
EUR [member] | AccruedExpenses [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net statement of financial position exposure -asset/(liability) | (175,826) | (370,145) |
EUR [member] | Loan and borrowings [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net statement of financial position exposure -asset/(liability) | ||
EUR [member] | Derivative financial instruments [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net statement of financial position exposure -asset/(liability) | SFr (675,328) |
Financial Instruments and Ris_9
Financial Instruments and Risk Management (Details Textual) - CHF (SFr) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
USD [Member] | ||
Statement Line Items [Line Items] | ||
Increase or decrease in rate (as a percent) | 5.00% | |
Impact of increase or decrease in rate on net result | SFr 19,664 | SFr 10,886 |
EUR [Member] | ||
Statement Line Items [Line Items] | ||
Increase or decrease in rate (as a percent) | 5.00% | |
Impact of increase or decrease in rate on net result | SFr 28,841 | SFr 13,413 |
Segment Information (Details)
Segment Information (Details) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of operating segments [line items] | ||
Non-current assets | SFr 6,852,286 | SFr 3,812,001 |
Switzerland [Member] | ||
Disclosure of operating segments [line items] | ||
Non-current assets | SFr 6,852,286 | SFr 3,812,001 |
Property and Equipment (Details
Property and Equipment (Details) - CHF (SFr) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Changes in Property, Plant and Equipment [abstract] | ||
Property, plant and equipment | SFr 33,895 | |
Disposals | (236,462) | |
Property, plant and equipment | 66,672 | SFr 33,895 |
Office furniture and EDP [Member] | ||
Reconciliation of Changes in Property, Plant and Equipment [abstract] | ||
Property, plant and equipment | 14,415 | |
Leasehold improvements [Member] | ||
Reconciliation of Changes in Property, Plant and Equipment [abstract] | ||
Property, plant and equipment | ||
At cost | ||
Reconciliation of Changes in Property, Plant and Equipment [abstract] | ||
Property, plant and equipment | 523,594 | 760,056 |
Additions | 63,600 | |
Disposals | (236,462) | |
Property, plant and equipment | 587,194 | 523,594 |
At cost | Production equipment [Member] | ||
Reconciliation of Changes in Property, Plant and Equipment [abstract] | ||
Property, plant and equipment | 289,888 | 289,888 |
Additions | 63,600 | |
Disposals | ||
Property, plant and equipment | 353,488 | 289,888 |
At cost | Office furniture and EDP [Member] | ||
Reconciliation of Changes in Property, Plant and Equipment [abstract] | ||
Property, plant and equipment | 233,706 | 233,706 |
Additions | ||
Disposals | ||
Property, plant and equipment | 233,706 | 233,706 |
At cost | Leasehold improvements [Member] | ||
Reconciliation of Changes in Property, Plant and Equipment [abstract] | ||
Property, plant and equipment | 236,462 | |
Additions | ||
Disposals | (236,462) | |
Property, plant and equipment | ||
Accumulated depreciation [Member] | ||
Reconciliation of Changes in Property, Plant and Equipment [abstract] | ||
Property, plant and equipment | (489,699) | (507,157) |
Additions | (30,823) | (72,713) |
Disposals | 90,171 | |
Property, plant and equipment | (520,522) | (489,699) |
Accumulated depreciation [Member] | Production equipment [Member] | ||
Reconciliation of Changes in Property, Plant and Equipment [abstract] | ||
Property, plant and equipment | (270,408) | (237,923) |
Additions | (20,083) | (32,485) |
Disposals | ||
Property, plant and equipment | (290,491) | (270,408) |
Accumulated depreciation [Member] | Office furniture and EDP [Member] | ||
Reconciliation of Changes in Property, Plant and Equipment [abstract] | ||
Property, plant and equipment | (219,291) | (205,628) |
Additions | (10,740) | (13,663) |
Disposals | ||
Property, plant and equipment | (230,031) | (219,291) |
Accumulated depreciation [Member] | Leasehold improvements [Member] | ||
Reconciliation of Changes in Property, Plant and Equipment [abstract] | ||
Property, plant and equipment | (63,606) | |
Additions | (26,565) | |
Disposals | 90,171 | |
Property, plant and equipment | ||
Net book value [member] | ||
Reconciliation of Changes in Property, Plant and Equipment [abstract] | ||
Property, plant and equipment | 33,895 | |
Property, plant and equipment | 66,672 | 33,895 |
Net book value [member] | Leasehold improvements [Member] | ||
Reconciliation of Changes in Property, Plant and Equipment [abstract] | ||
Property, plant and equipment | ||
Property, plant and equipment | ||
Net book value [member] | Production equipment [Member] | ||
Reconciliation of Changes in Property, Plant and Equipment [abstract] | ||
Property, plant and equipment | 19,480 | |
Property, plant and equipment | 62,997 | 19,480 |
Net book value [member] | Office equipment and EDP [member] | ||
Reconciliation of Changes in Property, Plant and Equipment [abstract] | ||
Property, plant and equipment | 14,415 | |
Property, plant and equipment | SFr 3,675 | SFr 14,415 |
Intangible Assets (Details)
Intangible Assets (Details) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | SFr 6,765,613 | SFr 3,535,240 |
Additions | 3,230,373 | |
Licenses [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 1,482,520 | 1,482,520 |
IP & Data rights [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 193,989 | 146,580 |
Patent [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | ||
Additions | 239,593 | |
Internally generated [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 1,858,731 | |
At cost [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 6,765,613 | 1,629,100 |
At cost [Member] | Licenses [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 1,482,520 | 1,482,520 |
At cost [Member] | IP & Data rights [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 193,989 | 146,580 |
At cost [Member] | Patent [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 239,593 | |
Additions | ||
At cost [Member] | Internally generated [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 1,858,731 | |
Additions | 2,990,780 | |
Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | ||
Accumulated depreciation and amortisation [member] | Licenses [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | ||
Accumulated depreciation and amortisation [member] | IP & Data rights [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | ||
Accumulated depreciation and amortisation [member] | Patent [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | ||
Accumulated depreciation and amortisation [member] | Internally generated [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | ||
Net book value [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 6,765,613 | 3,535,240 |
Net book value [member] | Licenses [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 1,482,520 | 1,482,520 |
Net book value [member] | IP & Data rights [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 193,989 | 193,989 |
Net book value [member] | Patent [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 239,593 | |
Net book value [member] | Internally generated [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | SFr 4,849,511 | SFr 1,858,731 |
Intangible Assets (Details Text
Intangible Assets (Details Textual) - CHF (SFr) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2013 | Dec. 06, 2018 | Jul. 30, 2017 | |
Statement Line Items [Line Items] | |||||
Capitalized amount | SFr 3,230,373 | SFr 1,858,731 | |||
Prosecution and registration costs | SFr 239,593 | ||||
Licenses [Member] | At cost [Member] | |||||
Statement Line Items [Line Items] | |||||
Milestone payment intangible | SFr 1,125,000 | ||||
IP & Data rights [Member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets | SFr 47,409 | ||||
IP & Data rights [Member] | At cost [Member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets | SFr 146,580 | ||||
Internally generated [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets |
Other Receivables (Details)
Other Receivables (Details) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other receivables [abstract] | ||
Value added tax receivable | SFr 26,438 | SFr 96,853 |
Withholding tax receivable | 24,113 | 18,526 |
Deposit credit cards | 80,040 | 80,040 |
Other | 204,708 | 124,955 |
Total other receivables | SFr 335,299 | SFr 320,374 |
Prepayments (Details)
Prepayments (Details) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Advance payments to supplier | SFr 40,461 | SFr 212,207 |
Clinical projects and related activities | 265,842 | |
Insurance | 114,016 | 139,076 |
Other | 13,912 | |
Total prepayments | SFr 434,231 | SFr 351,283 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Cash in bank accounts | SFr 1,383,182 | SFr 5,392,599 | ||
Cash on hand | 1,538 | 608 | ||
Total cash and cash equivalents | SFr 1,384,720 | SFr 5,393,207 | SFr 14,973,369 | SFr 32,442,222 |
Capital and Reserves (Details)
Capital and Reserves (Details) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2015 |
Disclosure of classes of share capital [line items] | |||
Nominal value of common shares (in CHF per share) | SFr 0.40 | ||
Number (in shares) | 4,125,949 | 35,516,785 | |
Value (CHF) | SFr 1,650,380 | SFr 710,336 | |
Ordinary shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Nominal value of common shares (in CHF per share) | SFr 0.40 | SFr 0.40 | |
Number (in shares) | 4,125,949 | ||
Value (CHF) | SFr 1,650,380 | ||
Ordinary shares nominal Value [member] | |||
Disclosure of classes of share capital [line items] | |||
Nominal value of common shares (in CHF per share) | SFr 0.02 | SFr 0.02 | |
Number (in shares) | 35,516,785 | ||
Value (CHF) | SFr 710,336 |
Capital and Reserves (Details 1
Capital and Reserves (Details 1) - Ordinary shares [member] - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Beginning balance | 1,775,839 | 2,418,695 |
Common shares issued for capital increase | 2,350,110 | 640,000 |
Adjustment during the Merger: | ||
Issuance of Auris NewCo shares | 305,869 | |
Cancellation for Auris OldCo shares | (3,058,695) | |
Common shares issued for capital increase | 1,469,970 | |
Ending balance | 4,125,949 | 1,775,839 |
Capital and Reserves (Details T
Capital and Reserves (Details Textual) - CHF (SFr) | May 15, 2019 | May 02, 2018 | Oct. 16, 2017 | Oct. 10, 2017 | Jan. 24, 2019 | Nov. 30, 2018 | Jul. 17, 2018 | Jan. 30, 2018 | Feb. 21, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2015 | Dec. 11, 2018 | Nov. 27, 2018 |
Statement Line Items [Line Items] | ||||||||||||||
Share issued, par value | SFr 0.40 | |||||||||||||
Common shares outstanding (in shares) | 129 | |||||||||||||
Description of public offering | (i) 440,000 common shares with a par value of CHF 0.40 each, together with warrants to purchase 440,000 common shares, and (ii) 1,721,280 pre-funded warrants, with each pre-funded warrant exercisable for one common share, together with warrants to purchase 1,721,280 common shares, including 110,000 common shares and warrants to purchase 110,000 common shares sold pursuant to a partial exercise by the underwriters of the underwriters' over-allotment option (the "May 2019 Registered Offering"). The exercise price for the pre-funded warrants is CHF 0.01 per common share and for the warrants is CHF 4.34. The net proceeds to us from the May 2019 Registered Offering were approximately $7.7 million, after deducting underwriting discounts and other offering expenses payable by us. There is no obligation for the company to repay any of the funds received in case pre-funded warrants will not be exercised. Related to the May 2019 Registered Offering, the Company had transaction costs amounting to CHF 874,595. The transaction costs of CHF 874,595 were charged to equity for the issuance of the common shares. | The Company issued 1,744,186 (pre-merger) of its common shares to LPC for aggregate proceeds of CHF 1,446,150 ($1,500,000) pursuant to the Company's effective shelf registration statement on Form F-3. The related transaction cost of CHF 63,056 were recorded in equity. | The Company completed a public offering of 897,435 common shares with a nominal value of CHF 0.40, Series A warrants each entitling its holder to purchase 0.35 of a common share for an aggregate of 314,102 common shares, and Series B warrants entitling its holder to purchase 0.25 of a common share for an aggregate of 224,358 common shares (the "July 2018 Registered Offering"). As of December 31, 2019, the exercise price for the Series A Warrants was CHF 7.80 per common share and the exercise price for the Series B Warrants was CHF 3.95 per common share (which exercise price was automatically adjusted due to the May 2019 Registered Offering). The net proceeds to the Company from the July 2018 Registered Offering were approximately CHF 6.2 million, after deducting underwriting discounts and other offering expenses payable by us. The Company had transaction costs amounting to CHF 851,692. The transactions costs were recorded as CHF 742,833 in equity for the issuance of the common shares and CHF 108,809 to finance expense in the statement of profit or loss and comprehensive loss for the issuance of the warrants. | The Company completed a public offering of 62,499 common shares and concurrent offering of 37,499 warrants, each warrant entitling its holder to purchase one common share (the "January 2018 Registered Offering"). The net proceeds to the Company from the January 2018 Registered Offering were approximately CHF 4.5 million, after deducting placement agent fees and other estimated offering expenses payable by the Company. As of December 31, 2019, the outstanding warrants issued in the January 2018 Registered Offering were exercisable for up to 37,501 common shares (assuming the Company rounds up fractional common shares to the next whole common share) at an exercise price of $100.00 per common share. The Company had transaction costs amounting to CHF 654,985. The transaction costs were recorded as CHF 341,226 in equity for the issuance of the common shares and CHF 313,760 to finance expense in the statement of profit or loss and comprehensive loss for the issuance of the warrants. | The Company completed a public offering (the "February 2017 Offering") of 10,000,000 (pre-merger) common shares with a nominal value of CHF 0.40 each and 10,000,000 (pre-merger) warrants, each warrant entitling its holder to purchase 0.70 of a common share. The gross proceeds to the Company from the February 2017 Offering were CHF 9,998,305 ($10,000,000). The Company had transaction costs amounting to CHF 903,919. The transactions costs were recorded as CHF 397,685 in equity for the issuance of the common shares and CHF 506,234 to finance expense in the statement of profit or loss and comprehensive loss for the issuance of the warrants. | |||||||||
Common shares sold | 89,880 | 98,954 | 165,750 | 165,750 | ||||||||||
Aggregate offering price | SFr 89,880 | SFr 25,000,000 | SFr 978,415 | |||||||||||
Aggregate purchase price | SFr 1,600,000 | SFr 1,600,000 | ||||||||||||
Transaction cost | SFr 2,859 | SFr 71,161 | ||||||||||||
Description of purchase agreement | The Company entered into a purchase agreement (the "2018 Commitment Purchase Agreement") and a registration rights agreement (the "2018 Registration Rights Agreement") with Lincoln Park Capital LLC ("LPC"). Pursuant to the 2018 Commitment Purchase Agreement, LPC agreed to purchase common shares for up to $10,000,000 over the 30-month term of the 2018 Commitment Purchase Agreement. As of the date of these consolidated financial statements, the Company has issued an aggregate of 89,880 common shares for aggregate proceeds of CHF 286,450 to LPC under the 2018 Commitment Purchase Agreement. The 2018 Commitment Purchase Agreement replaces the 2017 Commitment Purchase Agreement (as defined below), which was terminated as a result of the Merger. Under the 2017 Commitment Purchase Agreement, LPC agreed to subscribe for up to $13,500,000 common shares and prior to its termination, the Company had issued an aggregate of 2,600,000 common shares for aggregate proceeds of CHF 1.7 million to LPC under the 2017 Commitment Purchase Agreement. The Company had transaction costs amounting to CHF 349,907. The payment of CHF 252,351 was recorded as a derivative financial instrument and classified as a non-current asset and CHF 97,556 to finance expense in the statement of profit or loss and comprehensive loss. | The Company entered into a purchase agreement (the "2017 Commitment Purchase Agreement") and a Registration Rights Agreement (the "2017 Registration Rights Agreement") with LPC. Pursuant to the 2017 Commitment Purchase Agreement, LPC had agreed to subscribe for up to $13,500,000 of the Company's common shares over the 30-month term of the 2017 Commitment Purchase Agreement. As of March 12, 2018, the Company had issued an aggregate of 13,000 common shares to LPC pursuant to the Commitment Purchase Agreement. The Commitment Purchase Agreement terminated upon consummation of the Merger on March 13, 2018. The related transaction cost of CHF 25,701 were recorded in equity. | ||||||||||||
Description for commitment purchase agreement | The transaction costs for obtaining the 2017 Commitment Purchase Agreement were recorded as CHF 265,205 in transaction costs in the statement of profit or loss and comprehensive income / (loss). The commitment fee of CHF 290,400 ($ 300,000) represents the fair value of the right to require LPC to purchase common shares within the 2017 Commitment Purchase Agreement. The proportion of the commitment fee CHF 35,073 related to cash received from common shares issued pursuant to the 2017 Commitment Purchase Agreement as a percentage of the total contract value of $ 13.5 million is recognized in equity as if this proportion of the commitment fee was incorporated into the strike price of the option. The remaining portion of the commitment fee of CHF 255,327 was derecognized through transaction costs in the statement of profit and loss and comprehensive income / (loss) as the 2017 Commitment Purchase Agreement did not have any significant future value as of December 31, 2017 due the fact that the 2017 Commitment Purchase Agreement terminated upon consumption of Merger on March 13, 2018. | |||||||||||||
Payroll charge | SFr 188,092 | |||||||||||||
Description of Memorandum of Continuance | The Company's Memorandum of Continuance and the Bye-laws that were adopted at an extraordinary meeting of shareholders held on March 8, 2019 provided for an authorized share capital of 200,000,000 common shares and 20,000,000 preference shares. Following a reverse share split at a ratio of 20-for-1 on May 1, 2019 and as of December 31, 2019, our authorized share capital consists of 10,000,000 common shares, par value CHF 0.40 per share, and 20,000,000 preference shares, par value CHF 0.02 per share. | |||||||||||||
Ordinary shares [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Share issued, par value | SFr 0.40 | SFr 0.40 | ||||||||||||
Common shares outstanding (in shares) | 4,125,949 | 1,775,839 | ||||||||||||
Amount of issued shares | SFr 1,650,379.60 | SFr 710,335.60 |
Share Based Compensation (Detai
Share Based Compensation (Details) | 12 Months Ended |
Dec. 31, 2019shares | |
Equity Incentive Plan Board [Member] | |
Statement Line Items [Line Items] | |
Number of options outstanding | 62,566 |
Vesting conditions | 1 year service from grant date |
Contractual life of options | 6 years |
Equity Incentive Plan Employees / Board [Member] | |
Statement Line Items [Line Items] | |
Number of options outstanding | 122,782 |
Vesting conditions | 2 years' service from grant date (50%) |
Contractual life of options | 8 years |
Equity Incentive Plan Employees / Board One [Member] | |
Statement Line Items [Line Items] | |
Number of options outstanding | 122,782 |
Vesting conditions | 3 years' service from grant date (50%) |
Contractual life of options | 8 years |
Share Based Compensation (Det_2
Share Based Compensation (Details 1) - 12 months ended Dec. 31, 2019 - Stock Option Plan [Member] | $ / shares | CHF (SFr) | |
Equity Incentive Plan 2019 [Member] | |||
Statement Line Items [Line Items] | |||
Share price at grant date | $ 1.76 | ||
Exercise price | 2.07 | ||
Expected volatility | 119.41% | ||
Expected life | 1,2 and 3 years | ||
Expected dividends | SFr | |||
Risk-free interest rate | 1.62% | ||
Equity Incentive Plan 2019 [Member] | OneYear Vesting Period [Member] | |||
Statement Line Items [Line Items] | |||
Fair value at grant date | [1] | USD 0.715 (1 year vesting) | |
Equity Incentive Plan 2019 [Member] | Two Year Vesting Period [Member] | |||
Statement Line Items [Line Items] | |||
Fair value at grant date | [1] | USD 1.006 (2 year vesting) | |
Equity Incentive Plan 2019 [Member] | Three Year Vesting Period [Member] | |||
Statement Line Items [Line Items] | |||
Fair value at grant date | [1] | USD 1.193 (3 year vesting) | |
Equity Incentive Plan 2019 One [Member] | |||
Statement Line Items [Line Items] | |||
Share price at grant date | 3.35 | ||
Exercise price | 5.75 | ||
Expected volatility | 156.26% | ||
Expected life | 1,2 and 3 years | ||
Expected dividends | SFr | |||
Risk-free interest rate | 2.29% | ||
Equity Incentive Plan 2019 One [Member] | OneYear Vesting Period [Member] | |||
Statement Line Items [Line Items] | |||
Fair value at grant date | [2] | USD 1.495 (1 year vesting) | |
Equity Incentive Plan 2019 One [Member] | Two Year Vesting Period [Member] | |||
Statement Line Items [Line Items] | |||
Fair value at grant date | [2] | USD 2.196 (2 year vesting) | |
Equity Incentive Plan 2019 One [Member] | Three Year Vesting Period [Member] | |||
Statement Line Items [Line Items] | |||
Fair value at grant date | [2] | USD 2.596 (3 year vesting) | |
Equity Incentive Plan 2018 [Member] | |||
Statement Line Items [Line Items] | |||
Share price at grant date | 0.64 | ||
Exercise price | 0.66 | ||
Expected volatility | 137.06% | ||
Expected life | 1,2 and 3 years | ||
Expected dividends | SFr | |||
Risk-free interest rate | 3.06% | ||
Equity Incentive Plan 2018 [Member] | OneYear Vesting Period [Member] | |||
Statement Line Items [Line Items] | |||
Fair value at grant date | [1] | USD 0.340 (1 year vesting) | |
Equity Incentive Plan 2018 [Member] | Two Year Vesting Period [Member] | |||
Statement Line Items [Line Items] | |||
Fair value at grant date | [1] | USD 0.449 (2 year vesting) | |
Equity Incentive Plan 2018 [Member] | Three Year Vesting Period [Member] | |||
Statement Line Items [Line Items] | |||
Fair value at grant date | [1] | USD 0.514 (3 year vesting) | |
Equity Incentive Plan 2018 One [Member] | |||
Statement Line Items [Line Items] | |||
Share price at grant date | 5.75 | ||
Exercise price | $ 5.98 | ||
Expected volatility | 93.38% | ||
Expected life | 1,2 and 3 years | ||
Expected dividends | SFr | |||
Risk-free interest rate | 2.92% | ||
Equity Incentive Plan 2018 One [Member] | OneYear Vesting Period [Member] | |||
Statement Line Items [Line Items] | |||
Fair value at grant date | [2] | USD 1.074 (1 year vesting) | |
Equity Incentive Plan 2018 One [Member] | Two Year Vesting Period [Member] | |||
Statement Line Items [Line Items] | |||
Fair value at grant date | [2] | USD 1.299 (2 year vesting) | |
Equity Incentive Plan 2018 One [Member] | Three Year Vesting Period [Member] | |||
Statement Line Items [Line Items] | |||
Fair value at grant date | [2] | USD 1.390 (3 year vesting) | |
[1] | October grants for the respective year | ||
[2] | April grants for the respective year |
Share Based Compensation (Det_3
Share Based Compensation (Details 2) - SFr / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of options | |||
Outstanding | 992,777 | 225,154 | |
Replacement of historical grants | (992,777) | ||
New grant with new exercise price | 39,191 | ||
Expired | (5,000) | ||
Forfeited | (66,567) | (139,360) | |
Exercised | |||
Granted | 351,429 | 911,983 | |
Outstanding | 324,053 | 992,777 | 225,154 |
Exercisable | 63,314 | ||
Weighted average exercise price | |||
Outstanding | SFr 1.10 | SFr 17.40 | |
Granted | 3.30 | 1.04 | |
Outstanding | SFr 3.01 | 1.10 | SFr 17.40 |
Exercisable | SFr 26.28 | ||
Weighted average remaining term | |||
Outstanding | 7 years 5 months 12 days | 7 years 5 months 12 days | 6 years 10 months 17 days |
Granted | 0 years | 7 years 8 months 23 days | |
Exercisable | 0 years | 5 years 29 days |
Share Based Compensation (Det_4
Share Based Compensation (Details Textual) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Options granted | 390,620 | 45,560 | |
Share based payment | SFr 226,601 | SFr 27,730 | SFr 354,851 |
Total expense recognized for equity-settled share-based payment transactions | 228,920 | 42,757 | 354,851 |
Purchase of intangibles was capitalized | 2,319 | SFr 15,027 | |
Intangible assets [Member] | |||
Statement Line Items [Line Items] | |||
Share based payment | SFr 2,318 | ||
Top of range [Member] | |||
Statement Line Items [Line Items] | |||
Stock options exercise price | SFr 2 | SFr 1,196 | |
Bottom of range [Member] | |||
Statement Line Items [Line Items] | |||
Stock options exercise price | SFr 5.56 | SFr 13.20 |
Trade and Other Payables (Detai
Trade and Other Payables (Details) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other payables [abstract] | ||
Trade accounts payable - third parties | SFr 906,501 | SFr 1,810,445 |
Other | 31,746 | 25,890 |
Total trade and other payables | SFr 938,247 | SFr 1,836,335 |
Accrued Expenses (Details)
Accrued Expenses (Details) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Expenses/Trade and Other Payables [Abstract] | ||
Accrued research and development costs including milestone payments | SFr 1,019,563 | SFr 700,866 |
Professional fees | 108,519 | 315,657 |
Accrued vacation & overtime | 23,377 | 54,557 |
Employee benefits incl. share based payments | 47,916 | 146,949 |
Other | 140,447 | 72,850 |
Total accrued expenses | SFr 1,339,822 | SFr 1,290,879 |
Research and Development Expe_3
Research and Development Expense (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Research and Development Expense [Abstract] | |||
Pre-clinical projects | SFr 182,346 | SFr 873,453 | SFr 642,821 |
Clinical projects | 993,085 | 846,235 | 12,365,768 |
Drug manufacturing and substance | 481,453 | 2,185,292 | 2,027,184 |
Employee benefits and expenses | 1,373,543 | 1,652,791 | 2,773,516 |
Lease expenses from short-term lease | 26,057 | 65,921 | 111,680 |
Patents and trademarks | 168,367 | 634,986 | 603,892 |
Regulatory projects | 80,347 | 398,426 | 632,387 |
Depreciation tangible assets | 20,083 | 32,485 | 53,594 |
Total research and development expense | SFr 3,325,281 | SFr 6,689,589 | SFr 19,210,842 |
Research and Development Expe_4
Research and Development Expense (Details Textual) - CHF (SFr) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Research and development expense (Textual) | ||
Research and development expense capitalized | SFr 3,230,373 | SFr 1,858,731 |
General and Administrative Ex_3
General and Administrative Expense (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
General and Administrative Expense [Abstract] | |||
Employee benefits and expenses | SFr 1,010,708 | SFr 1,084,112 | SFr 2,097,853 |
Business development | 113,959 | 43,816 | 161,985 |
Travel expenses | 102,679 | 70,944 | 199,484 |
Administration expenses | 2,653,914 | 2,797,526 | 2,522,217 |
Lease expenses from short-term lease | 27,362 | 52,416 | 81,277 |
Depreciation tangible assets | 10,740 | 186,520 | 69,190 |
Capital tax expenses | 14,501 | 29,200 | 18,403 |
Total general and administrative expenses | SFr 3,933,863 | SFr 4,264,534 | SFr 5,150,409 |
Employee Benefits (Details)
Employee Benefits (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Benefits [Abstract] | |||
Salaries | SFr 1,832,382 | SFr 2,542,952 | SFr 3,761,171 |
Pension costs | 130,792 | 108,978 | 378,588 |
Other social benefits | 217,448 | 188,138 | 277,468 |
Share based payments costs | 226,601 | 27,730 | 354,851 |
Recruitment costs | 125,731 | ||
Other personnel expenditures | (22,973) | (130,895) | (26,439) |
Total employee benefits | SFr 2,384,250 | SFr 2,736,903 | SFr 4,871,370 |
Employee Benefits (Details 1)
Employee Benefits (Details 1) - CHF (SFr) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Benefits [Abstract] | ||
Defined benefit obligation at January 1 | SFr 3,085,625 | SFr 7,999,617 |
Service costs | 138,580 | 90,162 |
Plan participants' contribution | 107,618 | 144,287 |
Interest cost | 27,335 | 50,845 |
Actuarial losses | (145,385) | (1,911,382) |
Transfer-out amounts | (445,457) | (3,367,834) |
Transfer-in amounts of new employees | 28,861 | 79,930 |
Defined benefit obligation at December 31 | SFr 3,087,947 | SFr 3,085,625 |
Employee Benefits (Details 2)
Employee Benefits (Details 2) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Benefits [Abstract] | |||
Fair value of plan assets at January 1 | SFr 2,437,338 | SFr 6,036,647 | |
Interest income | 22,198 | 36,304 | |
Return on plan assets excluding interest income | (73,375) | 634,190 | SFr (332,759) |
Employer contributions | 107,618 | 146,245 | |
Plan participants' contributions | 107,618 | 146,245 | |
Transfer-out amounts | (445,457) | (3,367,834) | |
Transfer-in amounts of new employees | 28,861 | 79,930 | |
Administration expense | (4,051) | (6,009) | |
Fair value of plan assets at December 31 | SFr 2,327,500 | SFr 2,437,338 | SFr 6,036,647 |
Employee Benefits (Details 3)
Employee Benefits (Details 3) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 |
Employee Benefits [Abstract] | ||
Present value of funded defined benefit obligation | SFr 3,087,947 | SFr 3,085,625 |
Fair value of plan assets | (2,327,500) | (2,437,338) |
Net defined benefit liability | SFr 760,447 | SFr 648,287 |
Employee Benefits (Details 4)
Employee Benefits (Details 4) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Benefits [Abstract] | |||
Service cost | SFr 138,580 | SFr 90,162 | SFr 348,172 |
Net interest expense | 5,137 | 14,541 | 12,994 |
Administration expense | 4,051 | 6,009 | 17,422 |
Total defined costs for the year recognized in profit or loss | SFr 147,768 | SFr 110,712 | SFr 378,588 |
Employee Benefits (Details 5)
Employee Benefits (Details 5) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Benefits [Abstract] | |||
Actuarial loss (gain) arising from changes in financial assumptions | SFr 360,541 | SFr (119,117) | SFr (150,552) |
Actuarial loss arising from experience adjustments | (215,156) | (1,792,265) | 211,331 |
Actuarial gain arising from demographic assumptions | |||
Return on plan assets excluding interest income | (73,375) | 634,190 | (332,759) |
Total defined benefit cost for the year recognized in the other comprehensive loss | SFr 72,010 | SFr (1,277,192) | SFr (271,980) |
Employee Benefits (Details 6)
Employee Benefits (Details 6) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Benefits [Abstract] | |||
Discount rate | 0.30% | 0.95% | 0.80% |
Future salary increase | 1.10% | 1.10% | 1.10% |
Pension indexation | 0.00% | 0.00% | 0.00% |
Mortality and disability rates | BVG2015G | BVG2015G | BVG2015G |
Employee Benefits (Details 7)
Employee Benefits (Details 7) - CHF (SFr) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Percentage of reasonably possible increase in actuarial assumption | 25.00% | 25.00% |
Life expectancy reasonably possible increase in actuarial assumption | 1 year | 1 year |
Discount rate [Member] | ||
Statement Line Items [Line Items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | SFr (148,884) | SFr (138,606) |
Salary increase [Member] | ||
Statement Line Items [Line Items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 14,395 | 13,121 |
Pension indexation [Member] | ||
Statement Line Items [Line Items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 74,976 | 65,943 |
Life expectancy [Member] | ||
Statement Line Items [Line Items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | SFr 73,484 | SFr 60,369 |
Employee Benefits (Details Text
Employee Benefits (Details Textual) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee benefits (Textual) | |||
Weighted average duration defined benefit obligation | 22 years 7 months 6 days | 21 years 9 months 18 days | |
Benefit plans interest rate | 1.00% | 1.00% | 1.00% |
Finance Income and Finance Ex_3
Finance Income and Finance Expense (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finance Income And Finance Expense [Abstract] | |||
Interest income | SFr 17,882 | SFr 53,570 | |
Net foreign currency exchange gain | 1,343,153 | 1,103,067 | 1,912,681 |
Revaluation gain from derivative financial instruments | 663,725 | 1,350,071 | 3,372,186 |
Total finance income | 2,024,760 | 2,453,138 | 5,338,437 |
Interest expense (incl. Bank charges) | 28,628 | 1,070,177 | 1,640,394 |
Net foreign currency exchange loss | 1,562,725 | 1,242,938 | 2,737,273 |
Total finance expense | 1,591,353 | 2,313,115 | 4,377,667 |
Finance income, net | SFr 433,407 | SFr 140,023 | SFr 960,770 |
Finance Income and Finance Ex_4
Finance Income and Finance Expense (Details Textual) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finance Income And Finance Expense [Abstract] | |||
Net foreign currency exchange gains | SFr 7,744 | SFr 264,029 | SFr 1,315,029 |
Interest expenses include interest paid | SFr 3,745 | SFr 435,993 | SFr 1,182,369 |
Taxation (Details)
Taxation (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Taxation [Abstract] | |||
Deferred income tax expense | SFr (213,355) | SFr (294,056) | SFr (21,415) |
Deferred income tax gain | 407,192 | 131,879 | 39,188 |
Income tax (expense)/income | SFr 193,837 | SFr (162,177) | SFr 17,773 |
Taxation (Details 1)
Taxation (Details 1) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Taxation [Abstract] | |||
Loss before income tax | SFr (6,825,738) | SFr (11,334,224) | SFr (24,427,247) |
Income tax at statutory tax rates applicable to results in the respective countries | 854,636 | 2,397,177 | 5,311,030 |
Effect of unrecognized temporary differences | 89,974 | 140,371 | 193,598 |
Effect of unrecognized taxable losses | (913,309) | (2,553,594) | (5,429,935) |
Effect of utilization of previously unrecognized taxable losses | 193,155 | ||
Effect of impairment of deferred tax assets | (131,055) | ||
Effect of previously unrecognised deferred tax asset | 20,977 | 114,116 | 39,189 |
Effect of expenses deductible for tax purposes | 9,696 | ||
Effect of expenses not considerable for tax purposes | (29,549) | ||
Effect of changes in local tax legislation and/or local tax rates | 110,758 | ||
Effect of impact from application of different tax rates | (1,750) | (260,247) | (105,805) |
Effect of unrecognized taxable losses in equity | |||
Income tax gain/(loss) | SFr 193,837 | SFr (162,177) | SFr 17,773 |
Taxation (Details 2)
Taxation (Details 2) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Liabilities | ||
Total | SFr (239,000) | SFr (646,192) |
Deferred Tax Asset | ||
Total | 91,851 | 305,206 |
Deferred Tax, net | ||
Hercules Loan Facility [Member] | ||
Deferred Tax Liabilities | ||
Total | (889) | |
Derivative financial asset [Member] | ||
Deferred Tax Liabilities | ||
Total | (26,156) | (17,763) |
Net Operating Loss [Member] | ||
Deferred Tax Asset | ||
Total | 91,851 | 305,206 |
Deferred Tax, net | (147,149) | 340,986 |
Intangible assets [Member] | ||
Deferred Tax Liabilities | ||
Total | (212,844) | (627,540) |
Deferred Tax Asset | ||
Deferred Tax, net | SFr (627,540) |
Taxation (Details 3)
Taxation (Details 3) - CHF (SFr) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Opening Balance | SFr (340,986) | SFr (178,809) |
Recognized in Profit or Loss | 193,837 | (162,177) |
Recognized in Equity | ||
Closing Balance | (147,149) | (340,986) |
Net Operating Loss [Member] | ||
Statement Line Items [Line Items] | ||
Opening Balance | 305,206 | 217,720 |
Recognized in Profit or Loss | 213,355 | 85,291 |
Recognized in Equity | 2,195 | |
Closing Balance | 91,851 | 305,206 |
Intangible assets [Member] | ||
Statement Line Items [Line Items] | ||
Opening Balance | (627,540) | (349,052) |
Recognized in Profit or Loss | 414,696 | (276,293) |
Recognized in Equity | (2,195) | |
Closing Balance | (212,844) | (627,540) |
Hercules Loan Facility [Member] | ||
Statement Line Items [Line Items] | ||
Opening Balance | (889) | (47,477) |
Recognized in Profit or Loss | 889 | 46,588 |
Recognized in Equity | ||
Closing Balance | (889) | |
Derivative financial asset [Member] | ||
Statement Line Items [Line Items] | ||
Opening Balance | (17,763) | |
Recognized in Profit or Loss | (8,393) | (17,763) |
Recognized in Equity | ||
Closing Balance | SFr (26,156) | SFr (17,763) |
Taxation (Details 4)
Taxation (Details 4) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Total tax loss carry-forwards | SFr 151,453,052 | SFr 151,362,039 |
Within 1 year [Member] | ||
Statement Line Items [Line Items] | ||
Total tax loss carry-forwards | 22,405,533 | 8,173,993 |
Between 1 and 3 years [Member] | ||
Statement Line Items [Line Items] | ||
Total tax loss carry-forwards | 49,120,938 | 41,980,704 |
Between 3 and 7 years [Member] | ||
Statement Line Items [Line Items] | ||
Total tax loss carry-forwards | 78,872,116 | 100,136,349 |
More than 7 years [Member] | ||
Statement Line Items [Line Items] | ||
Total tax loss carry-forwards | SFr 1,054,465 | SFr 1,070,993 |
Taxation (Details 5)
Taxation (Details 5) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 |
Deductible temporary differences | ||
Employee benefit plan | SFr 99,162 | SFr 143,271 |
Stock option plans | 568 | 148,407 |
Total potential tax assets | 99,730 | 291,678 |
Taxable unrecognized temporary differences | ||
Property and equipment | ||
Total unrecognized potential tax liabilities | ||
Offsetting potential tax liabilities with potential tax assets | ||
Net potential tax assets from temporary differences not recognized | 99,730 | 291,678 |
Potential tax assets from loss carry-forwards not recognized | 19,611,272 | 31,387,022 |
Total potential tax assets from loss carry-forwards and temporary differences not recognized | SFr 19,711,002 | SFr 31,678,700 |
Taxation (Details Textual)
Taxation (Details Textual) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Taxation [Abstract] | |||
Weighted average tax rate | 12.50% | 21.10% | 21.70% |
Gross tax loss carry forwards, description | Amounting to CHF 151.5 million (2018: CHF 151.4 million), of which CHF 150.4 million related to Auris Medical AG, Auris Medical Holding Ltd. and Otolanum AG in Switzerland and CHF 1,1 million to Auris Medical Inc. in the United States (2018: CHF 150.3 million for Auris Medical AG and Otolanum AG and CHF 1.1 million for Auris Medical Inc.). |
Loss Per Share (Details)
Loss Per Share (Details) - CHF (SFr) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Loss Per Share [Abstract] | ||||
Loss attributable to owners of the Company | SFr (6,631,901) | SFr (11,496,401) | SFr (24,409,474) | |
Weighted average number of shares outstanding | [1] | 2,909,056 | 795,043 | 218,709 |
Basic and diluted loss per share | SFr (2.28) | SFr (14.46) | SFr (111.61) | |
[1] | The basic and diluted loss per share for the year ended December 31, 2018 and the year ended December 31, 2017 is revised to reflect the reverse-split ratio of 10 to 1 following the Merger on March 13, 2018 and the reverse-split ratio of 20 to 1 following the "reverse share split" on May 1, 2019. |
Loss Per Share (Details Textual
Loss Per Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loss Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, Amount | 324,053 | |
Average number of options oustanding | 812,167 | 459,645 |
Warrant to purchase of common stock | 2,488,520 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Minimum finance lease payments payable | SFr 24,980 | SFr 24,374 |
Within one year [Member] | ||
Statement Line Items [Line Items] | ||
Minimum finance lease payments payable | 24,980 | 24,374 |
Between one and five years [Member] | ||
Statement Line Items [Line Items] | ||
Minimum finance lease payments payable |
Commitments and Contingencies_3
Commitments and Contingencies (Details Textual) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments and Contingencies (Textual) | |||
Office lease expenses | SFr 49,314 | SFr 118,337 | SFr 192,957 |
Related Party Transactions (Det
Related Party Transactions (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Short term benefits | SFr 888,660 | SFr 1,203,128 | SFr 1,857,626 |
Post-employee benefits years | 42,560 | 55,278 | 94,839 |
Share-based payment charge | 159,235 | 264,881 | 263,306 |
Total | 1,090,455 | 1,523,287 | 2,215,771 |
Executive Management [member] | |||
Statement Line Items [Line Items] | |||
Short term benefits | 717,905 | 1,002,707 | 1,576,864 |
Post-employee benefits years | 42,560 | 55,278 | 94,839 |
Share-based payment charge | 109,912 | 204,224 | 190,659 |
Total | 870,377 | 1,262,209 | 1,862,362 |
Board of Directors [Member] | |||
Statement Line Items [Line Items] | |||
Short term benefits | 170,755 | 200,421 | 280,762 |
Post-employee benefits years | |||
Share-based payment charge | 49,323 | 60,657 | 72,647 |
Total | SFr 220,078 | SFr 261,078 | SFr 353,409 |
Related Party Transactions (D_2
Related Party Transactions (Details Textual) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |||
Payroll charge | SFr 934,179 | SFr 1,403,250 | SFr 1,973,167 |
Fees amount | 170,755 | 287,384 | 337,619 |
Share based payments | 159,235 | 264,881 | 263,306 |
Pension amount | 42,560 | 55,278 | 94,839 |
Stock option amount | 271,999 | SFr 703,235 | SFr 1,782,605 |
Fees payment for other services | 28,611 | ||
Fees paid | SFr 11,770 |
Loan and Warrant (Details)
Loan and Warrant (Details) - CHF (SFr) | 1 Months Ended | ||
Jan. 31, 2019 | Dec. 31, 2018 | Jul. 19, 2016 | |
Statement Line Items [Line Items] | |||
Drawn on term loan facility | SFr 1,435,400 | ||
Secured term loan facility [Member] | |||
Statement Line Items [Line Items] | |||
Term loan facility | SFr 20,000,000 | ||
Drawn on term loan facility | SFr 12,500,000 | ||
Number of common shares exercisable through warrants | 783 | ||
Exercise price of warrants | SFr 788 | ||
Interest rate per annum (as a percent) | 9.55% | ||
Receivables related, description | The loan was secured by a pledge of the shares of Auris Medical AG owned by the Company, all intercompany receivables owed to the Company by its Swiss subsidiaries and a security assignment of the Company's bank accounts. On April 5, 2018 the Company entered into an agreement with Hercules whereby the terms of the Hercules Loan and Security Agreement were amended to eliminate the $5 million liquidity covenant in exchange for a repayment of $5 million principal amount outstanding under the Hercules Loan and Security Agreement. The loan was initially recognized at transaction value with deductions of the fair value of the warrant at transaction date and directly attributable transactions costs. Subsequent to initial recognition, the loan was measured at amortized cost using the effective interest method. | ||
Fair value revaluation gain related, description | The fair value of the warrant amounted to CHF 0.00. The revaluation gain of the derivative for the twelve months ended December, 2019 amounted to CHF 3,804, which is a decrease of CHF 15,742 when comparing to the same period in 2018. Since its initial recognition as of July 19, 2016, the fair value decreased by CHF 408,180 resulting in a revaluation gain in the corresponding amount (fair value as of July 19, 2016: CHF 408,180). |
Warrants from Public Offering (
Warrants from Public Offering (Details) | 1 Months Ended | 12 Months Ended | |||||
Jul. 17, 2018CHF (SFr)shares | Jan. 30, 2018CHF (SFr)SFr / shares | Feb. 21, 2017USD ($)$ / sharesshares | Feb. 21, 2017CHF (SFr)shares | Dec. 31, 2019CHF (SFr)SFr / sharesshares | Dec. 31, 2018CHF (SFr)shares | Dec. 31, 2017CHF (SFr) | |
Statement Line Items [Line Items] | |||||||
Number of shares issued (in shares) | shares | 4,125,949 | 35,516,785 | |||||
Transaction costs recognized in profit or loss | SFr 520,125 | SFr 1,026,766 | |||||
Warrants issued (in shares) | shares | 39,725 | 39,725 | |||||
USD [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Exercise price (in USD per share) | $ / shares | $ 240 | ||||||
Public offering [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of shares issued (in shares) | shares | 10,000,000 | ||||||
Conversion ratio | 0.70 | 0.70 | |||||
Net proceeds after underwriting discounts | SFr 9,100,000 | ||||||
Share issue related cost | 903,919 | ||||||
Transaction costs recognized in equity | 397,685 | ||||||
Transaction costs recognized in profit or loss | SFr 506,234 | ||||||
Period of option to purchase additional common shares and/or additional warrants | 30 days | 30 days | |||||
Additional equity available for purchase (up to) (in shares) | shares | 7,500 | 7,500 | |||||
Gross proceeds | SFr 9,998,305 | ||||||
Public offering [Member] | USD [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Net proceeds after underwriting discounts | $ | $ 9,100,000 | ||||||
Warrant [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of shares issued (in shares) | shares | 10,000,000 | ||||||
Conversion ratio | 0.40 | 0.40 | |||||
Additional equity available for purchase (up to) (in shares) | shares | 7,500 | 7,500 | |||||
Additional warrants purchased (in shares) | shares | 6,750 | 6,750 | |||||
Exercise price (in USD per share) | SFr / shares | SFr 100 | SFr 1.20 | |||||
Gross proceeds | SFr 5,091,817 | ||||||
Warrants outstanding | SFr 37,499 | ||||||
Common shares issued (in shares) | shares | 7,945,000 | ||||||
Decrease in fair value of warrants | SFr 2,479,394 | 2,483,747 | |||||
Fair value of warrants | SFr 62,499 | 166,301 | 166,301 | ||||
Revaluation gain of the derivative | SFr 285,298 | 1,908,798 | |||||
Number of common shares exercisable through warrants, up to (in shares) | shares | 100 | ||||||
Description of fair value of warrants | The fair value of the warrants amounted to CHF [0]. Since its initial recognition on January 30, 2018, the fair value of the warrants has decreased by CHF [0], resulting in a gain in the corresponding amount (fair value as of January 30, 2018: CHF [0]). | ||||||
Equity [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Gross proceeds | SFr 4,906,488 | ||||||
Series B Warrants [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of shares issued (in shares) | shares | 224,358 | ||||||
Gross proceeds | SFr 1,117,125 | ||||||
Warrants outstanding | SFr 34,535 | SFr 81,138 | |||||
Common shares issued (in shares) | shares | 143,221 | ||||||
Fair value of warrants | SFr 4,353 | ||||||
Description of fair value of warrants | The fair value amounted to CHF 0.00 (2018: CHF 215,572). The fair value decreased by CHF 215,572 resulting in a revaluation gain of the same amount for the year ended December 31, 2019 (fair value as of July 17, 2018: CHF 137,987). | ||||||
Series A Warrants [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of shares issued (in shares) | shares | 314,102 | ||||||
Exercise price (in USD per share) | SFr / shares | SFr 7.80 | ||||||
Gross proceeds | SFr 1,132,762 | ||||||
Common shares issued (in shares) | shares | 897,435 | 145,226 | |||||
At fair value [member] | |||||||
Statement Line Items [Line Items] | |||||||
Warrants outstanding | SFr 3,005,348 | SFr 3,005,348 | |||||
Decrease in fair value of warrants | SFr 2,433,099 | ||||||
Fair value loss amount | SFr 572,249 |
Events After the Balance Shee_2
Events After the Balance Sheet Date (Details) - CHF (SFr) | May 02, 2018 | Nov. 30, 2018 | Mar. 31, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||||
Additional common shares | SFr 89,880 | SFr 25,000,000 | SFr 978,415 | |
Non-adjusting events after reporting period [member] | ||||
Statement Line Items [Line Items] | ||||
Additional common shares | SFr 1,400,000 | |||
Non-adjusting events after reporting period [member] | A.G.P [Member] | ||||
Statement Line Items [Line Items] | ||||
Additional common shares | 2,500,000 | |||
Non-adjusting events after reporting period [member] | LPC [Member] | ||||
Statement Line Items [Line Items] | ||||
Additional common shares | SFr 8,200,000 |