Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2018 | |
Document - Document and Entity Information [Abstract] | |
Document Type | 6-K/A |
Amendment Flag | true |
Amendment Description | N/A |
Document Period End Date | Jun. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | H1 |
Trading Symbol | MRUS |
Entity Registrant Name | Merus N.V. |
Entity Central Index Key | 1,651,311 |
Current Fiscal Year End Date | --12-31 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statement of Financial Position - EUR (€) € in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | ||
Non-current assets | ||||
Property, plant and equipment | € 1,876 | € 1,168 | [1] | |
Intangible assets | 381 | 312 | [1] | |
Non-current investments | 16,650 | 7,060 | [1] | |
Other assets | 167 | 129 | [1] | |
Non-current assets | 19,074 | 8,669 | [1] | |
Current assets | ||||
Trade and other receivables | 5,477 | 4,413 | [1] | |
Current investments | 37,077 | 34,043 | [1] | |
Cash and cash equivalents | 170,327 | 149,678 | [1] | |
Current assets | 212,881 | 188,134 | [1] | |
Total assets | 231,955 | 196,803 | [1] | |
Shareholders' equity | ||||
Issued and paid-in capital | 2,037 | 1,749 | [1] | |
Share premium account | 258,061 | 213,618 | [1] | |
Accumulated loss | (167,226) | (158,775) | [1] | |
Total equity | [1] | 92,872 | 56,592 | |
Non-current liabilities | ||||
Deferred revenue | 105,718 | 112,551 | [1] | |
Current liabilities | ||||
Trade payables | 5,433 | 2,855 | [1] | |
Taxes and social security liabilities | 100 | 243 | [1] | |
Deferred revenue | 16,972 | 15,935 | [1] | |
Other liabilities and accruals | 10,860 | 8,627 | [1] | |
Current liabilities | 33,365 | 27,660 | [1] | |
Total liabilities | 139,083 | 140,211 | [1] | |
Total equity and liabilities | € 231,955 | € 196,803 | [1] | |
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statement of Profit or Loss and Comprehensive Loss - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | [1] | Jun. 30, 2018 | Jun. 30, 2017 | [1] | ||
Operating expenses from railroad and related business [abstract] | |||||||
Revenue | € 6,543 | € 6,237 | € 16,464 | € 10,121 | |||
Research and development costs | (12,523) | (8,420) | (22,821) | (15,427) | |||
Management and administration costs | (2,639) | (3,492) | (5,491) | (7,694) | |||
Other expenses | (3,297) | (2,277) | (5,983) | (4,120) | |||
Total operating expenses | (18,459) | (14,189) | (34,295) | (27,241) | |||
Operating result | (11,916) | (7,952) | (17,831) | (17,120) | |||
Finance income | 7,411 | 420 | 4,945 | 610 | |||
Finance cost | (1) | (11,962) | (1) | (22,696) | |||
Net finance income / (expense) | 7,410 | (11,542) | 4,944 | (22,086) | |||
Result before taxation | (4,506) | (19,494) | (12,887) | (39,206) | |||
Income tax expense | (87) | (107) | (139) | (118) | |||
Result after taxation | (4,593) | (19,601) | (13,026) | (39,324) | |||
Other comprehensive income | |||||||
Exchange differences from the translation of foreign operations | 36 | 13 | 21 | 18 | |||
Total other comprehensive income for the period | 36 | 13 | 21 | 18 | |||
Total comprehensive loss for the period | € (4,557) | € (19,588) | € (13,005) | € (39,306) | |||
Basic (and diluted) loss per share | [2] | € (0.20) | € (1.01) | € (0.60) | € (2.07) | ||
Weighted average shares outstanding Basic (and diluted) | [2] | 22,628,611 | 19,392,495 | 21,809,950 | 18,976,446 | ||
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. | ||||||
[2] | For the periods included in these financial statements, share options were excluded from the diluted loss per share calculation as the Company was in a loss position in each period presented above. As a result, basic and diluted loss per share is equal. |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statement of Changes in Equity - EUR (€) € in Thousands | Total | Issued capital [member] | Share premium [member] | Accumulated loss [member] | ||
Beginning balance (Previously stated [member]) at Dec. 31, 2016 | € 34,031 | € 1,448 | € 139,878 | € (107,295) | ||
Beginning balance (Increase (decrease) due to application of IFRS 15 [member]) at Dec. 31, 2016 | 390 | 390 | ||||
Beginning balance at Dec. 31, 2016 | [1] | 34,421 | 1,448 | 139,878 | (106,905) | |
Result after taxation for the period | Previously stated [member] | (43,132) | |||||
Result after taxation for the period | Increase (decrease) due to application of IFRS 15 [member] | 3,808 | |||||
Result after taxation for the period | (39,324) | [1] | (39,324) | |||
Other comprehensive income | 18 | [1] | 18 | |||
Total comprehensive loss for the period | Previously stated [member] | (43,114) | |||||
Total comprehensive loss for the period | Increase (decrease) due to application of IFRS 15 [member] | 3,808 | |||||
Total comprehensive loss for the period | (39,306) | [1] | (39,306) | |||
Transactions with owners of the Company: | ||||||
Issuance of shares (net) | 73,961 | 298 | 73,663 | |||
Equity settled shared-based payments | 7,880 | 7,880 | ||||
Total contributions by owners | 81,841 | 298 | 73,663 | 7,880 | ||
Ending balance at Jun. 30, 2017 | [1] | 76,956 | 1,746 | 213,541 | (138,331) | |
Beginning balance (Previously stated [member]) at Dec. 31, 2017 | 47,887 | 1,749 | 213,618 | (167,480) | ||
Beginning balance (Increase (decrease) due to application of IFRS 15 [member]) at Dec. 31, 2017 | 8,705 | 8,705 | ||||
Beginning balance at Dec. 31, 2017 | [1] | 56,592 | 1,749 | 213,618 | (158,775) | |
Result after taxation for the period | (13,026) | (13,026) | ||||
Other comprehensive income | 21 | 21 | ||||
Total comprehensive loss for the period | (13,005) | (13,005) | ||||
Transactions with owners of the Company: | ||||||
Issuance of shares (net) | 44,731 | 288 | 44,443 | |||
Equity settled shared-based payments | 4,554 | 4,554 | ||||
Total contributions by owners | 49,285 | 288 | 44,443 | 4,554 | ||
Ending balance at Jun. 30, 2018 | [1] | € 92,872 | € 2,037 | € 258,061 | € (167,226) | |
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statement of Cash flows € in Thousands, $ in Millions | 6 Months Ended | |||
Jun. 30, 2018EUR (€) | Jun. 30, 2017EUR (€) | |||
Cash flows from operating activities | ||||
Result after taxation | € (13,026) | € (39,324) | [1] | |
Adjustments for: | ||||
Changes in fair value derivative | [1] | 10,667 | ||
Unrealized foreign exchange results | (3,648) | 12,357 | [1] | |
Depreciation and amortization | 218 | 147 | [1] | |
Share-based payment expenses | 4,554 | 7,880 | [1] | |
Net finance (income) expenses | (531) | (593) | [1] | |
Cash flows from (used in) operations before changes in working capital | (12,433) | (8,866) | [1] | |
Changes in working capital: | ||||
Taxes and social security assets | [1] | (2,024) | ||
Trade and other receivables | (959) | (1,946) | [1] | |
Other assets | (38) | |||
Trade payables | 2,307 | 1,673 | [1] | |
Other liabilities and accruals | 2,233 | 1,784 | [1] | |
Deferred revenue | (5,796) | (6,899) | [1] | |
Taxes and social security liabilities | (143) | 719 | [1] | |
Cash used in operations | (14,829) | (15,559) | [1] | |
Interest paid | (1) | (5) | [1] | |
Taxes paid | (302) | (12) | [1] | |
Net cash used in operating activities | (15,132) | (15,576) | [1] | |
Cash flow from investing activities | ||||
Purchases of investments | (29,560) | |||
Proceeds from investment maturities | 18,931 | |||
Purchase of intellectual property | (100) | |||
Acquisition of property, plant and equipment | (624) | (525) | [1] | |
Interest received | 602 | 496 | [1] | |
Net cash used in investing activities | (10,751) | (29) | [1] | |
Cash flow from financing activities | ||||
Proceeds from issuing shares, net of issuance costs | 44,731 | 74,431 | [1] | |
Proceeds from stock option exercises | [1] | 227 | ||
Proceeds from collaboration and license agreement | [1] | 111,993 | ||
Repayment of borrowings | [1] | (486) | ||
Increase in restricted cash | [1] | 167 | ||
Net cash from financing activities | 44,731 | 186,332 | [1] | |
Net increase in cash and cash equivalents | 18,848 | 170,727 | [1] | |
Effects of exchange rate changes on cash and cash equivalents | 1,801 | (11,856) | [1] | |
Cash and cash equivalents as at beginning of period | [1] | 149,678 | 56,917 | |
Cash and cash equivalents as at end of period | 170,327 | € 215,788 | [1] | |
Changes in accrued capital expenditures | € 271 | |||
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
General information
General information | 6 Months Ended |
Jun. 30, 2018 | |
Text block [abstract] | |
General information | 1. General information Merus N.V. is a clinical-stage immuno-oncology company developing innovative bispecific antibody therapeutics, headquartered in Utrecht, the Netherlands. Merus US, Inc. is a wholly-owned subsidiary of Merus N.V. located in Boston, Massachusetts, United States. These condensed consolidated interim financial statements as at and for the three- and six-month On February 13, 2018, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with the purchasers named therein (the “Investors”). Pursuant to the Purchase Agreement, the Company agreed to sell an aggregate of 3,099,997 of its common shares, nominal value €0.09 per share (the “Common Shares”), to the Investors for aggregate gross proceeds of approximately $55.8 million, at a purchase price equal to $18.00 per share (the “Private Placement”). The Purchase Agreement contained customary representations and warranties from the Company and the Investors and customary closing conditions. On February 15, 2018, the Company completed the sale under the Private Placement and received aggregate gross proceeds of approximately $55.8 million. Nature of Business The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as its bispecific antibody candidates advance through discovery, preclinical development and clinical trials, and as it seeks regulatory approval and pursues commercialization of any approved bispecific antibody candidate. As a result, the Company may need additional financing to support its continuing operations. Until the Company can generate significant revenue from product sales, if ever, the Company expects to finance its operations through public equity, debt financings, or other sources, which may include collaborations with third parties. Adequate additional financing may not be available to the Company on acceptable terms, or at all. The Company’s inability to raise capital as and when needed would have a negative impact on its financial condition and ability to pursue its business strategy. The Company will need to generate significant revenues to achieve profitability and may never do so. Based on the Company’s current operating plan, it expects its existing cash balances and investments to last through the end of 2020. For this assessment, the Company has taken into consideration its existing cash and cash equivalents of €170.3 million, which include the $55.8 million, or €44.8 million, in proceeds received from the Private Placement offering that closed in February 2018, and investments of €53.7 million as of June 30, 2018. |
Significant accounting policies
Significant accounting policies | 6 Months Ended |
Jun. 30, 2018 | |
Text block [abstract] | |
Significant accounting policies | 2. Significant accounting policies There have been no significant changes to the Company’s accounting policies that were previously disclosed in its Annual Report on Form 20-F Basis of Presentation These unaudited interim condensed consolidated financial statements (the “interim financial statements”) have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IASB”). Certain information and disclosures normally included in financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) have been condensed or omitted. Accordingly, these interim financial statements should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2017. In the opinion of management, all adjustments (consisting of a normal recurring nature) considered necessary for a fair presentation have been included in the interim financial statements. All intercompany transactions and balances are eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity or areas where assumptions and estimates are significant to these interim financial statements are disclosed in Note 4. The results of operations for the three- and six-month Foreign Currency Transactions Items recorded in each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The interim financial statements are presented in euros, which is Merus N.V.’s functional currency. The functional currency of Merus US, Inc. is the U.S. dollar. All amounts are rounded to the nearest thousand euros, except where otherwise indicated. Foreign currency gains and losses are reported on a net basis as either finance income or finance expense depending on whether foreign currency movements are in a net gain or net loss position. Seasonality The Company’s financial results have varied substantially, and are expected to continue to vary, from period to period. The Company believes that its ordinary activities are not linked to any particular seasonal factors. Segment Reporting The Company operates in one reportable segment, which comprises the discovery and development of innovative bispecific therapeutics. Cash and Cash Equivalents For the purpose of presentation in the statement of cash flows as well as the statement of financial position, cash and cash equivalents include deposits held with financial institutions with original maturities of less than three months. Cash and cash equivalents include €34.3 million of short-term investments with a three-month or less maturity, callable on demand. The carrying values of short-term investments approximate fair value due to their short-term maturities. Revenue Recognition The Company enters into collaboration agreements which are within the scope of IFRS 15—Revenue from Contracts with Customers (“IFRS 15”), under which the Company licenses rights to certain of the Company’s product candidates and performs research and development services. The terms of these arrangements typically include payment of one or more of the following: non-refundable, IFRS 15 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. Under IFRS 15, the Company recognizes revenue when its customer obtains control of the goods or services, in an amount that reflects the consideration that the Company determines it expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of IFRS 15, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies the performance obligation. The Company applies the five-step model to contracts only when it is probable that it will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. As part of the accounting for these arrangements, the Company must make significant judgments, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation. The Company currently generates a portion of its revenue through collaboration and license agreements with strategic collaborators for the development and commercialization of product candidates. The collaboration and license agreements are within the scope of IFRS 15. Up-front If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the agreement, the Company recognizes revenues from non-refundable, up-front Pursuant to the Company’s research and license agreements with its collaborators, the Company has received upfront license payments relating to the integrated packages of deliverables under the contracts. Each contract contains either one single performance obligation or multiple performance obligations that the up-front re-assessed Collaboration Income Collaboration income, which is typically related to reimbursements from collaborators for the Company’s performance of research and development services under the respective agreements, is recognized on the basis of labor hours valued at a contractually agreed rate. Collaboration income includes reimbursements for related out-of-pocket In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under the agreements, the Company performs the five steps listed above. As part of the accounting for the arrangement, the Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may include market conditions, reimbursement rates for personnel costs, development timelines and probabilities of regulatory success. The Company capitalizes the incremental costs of obtaining a contract with a customer if it expects to recover those costs. Such incremental costs would not have been incurred if the contract with a customer had not been obtained. To date, the Company has not capitalized any incremental costs for obtaining a contract. The Company’s contracts often include development and regulatory milestone payments which are assessed under the most likely amount method and constrained if it is probable that a significant revenue reversal would occur. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At each reporting date, the Company re-evaluates catch-up For agreements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any consideration related to sales-based royalty revenue resulting from any of the Company’s collaboration agreements. Government Grants The Company receives certain government and regional grants, which support its research efforts in defined projects, and include contributions towards the cost of research and development. When there is reasonable assurance that the Company will comply with the conditions attached to a received grant, and when there is reasonable assurance that the grant will be received, government grants are recognized as revenue on a gross basis in the consolidated statement of profit or loss and comprehensive loss on a systematic basis over the periods in which the Company recognizes expenses for the related costs for which the grants are intended to compensate. In the case of grants related to assets, the received grant will be deducted from the carrying amount of the asset. Reclassifications Certain amounts were reclassified in the prior period condensed consolidated interim financial statements to conform to the current period presentation. |
Recently Issued International F
Recently Issued International Financial Reporting Standards | 6 Months Ended |
Jun. 30, 2018 | |
Text block [abstract] | |
Recently Issued International Financial Reporting Standards | 3. Recently Issued International Financial Reporting Standards Except as otherwise indicated, the accounting policies adopted in the preparation of these interim financial statements are consistent with those applied in the preparation of the Company’s annual financial statements for the year ended December 31, 2017. Standards implemented since December 31, 2017 Revenue from Contracts with Customers—IFRS 15 In May 2014, the IASB issued IFRS 15, which supersedes existing revenue recognition guidance. Prior to the adoption of IFRS 15, revenue was recognized to the extent that it was probable that the economic benefits would flow to the Company and the revenue could be reliably measured. The new standard requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. To achieve that core principle, an entity must identify the contract(s) with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the entity satisfies the performance obligation. IFRS 15 is effective for annual and interim reporting periods beginning on or after January 1, 2018 and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying this update recognized at the date of initial application. The adoption of IFRS 15 impacts the amortization of the Company’s up-front up-front The Company adopted the new standard effective January 1, 2018, using the retrospective method, with the effect of initially applying this standard recognized at the beginning of the earliest period presented. The Company had two open contracts on the adoption date and has assessed these contracts under the new revenue standard. In addition, the Company elected to apply the practical expedient to not apply this guidance to contracts that were completed before the beginning of the earliest period presented, or January 1, 2016, and the practical expedients for contract modifications (assessing the contracts in combination with any modifications before January 1, 2017). Under the practical expedient, the Company excluded certain option and exclusivity agreements that expired in 2015 and 2014, respectively. As a result of the adoption of IFRS 15, prior year financial statements have been restated. The Company has accounted for the impact of adopting IFRS 15 as a cumulative catch-up The following financial statement line items have been shown to reflect the adjustments recognized for each individual line item in the Company’s respective consolidated statements for the period noted: Condensed Consolidated Statement of Profit or Loss and Comprehensive Loss Three months IFRS 15 Adoption Three months (euros in thousands) Revenue 4,027 2,210 6,237 Operating result (10,162 ) 2,210 (7,952 ) Total comprehensive loss for the period (21,798 ) 2,210 (19,588 ) Basic (and diluted) loss per share (1.12 ) 0.11 (1.01 ) Six months ended IFRS 15 Adoption Six months ended (euros in thousands) Revenue 6,313 3,808 10,121 Operating result (20,928 ) 3,808 (17,120 ) Total comprehensive loss for the period (43,114 ) 3,808 (39,306 ) Basic (and diluted) loss per share (2.27 ) 0.20 (2.07 ) Condensed Consolidated Statement of Financial Position December 31, 2017 As originally IFRS 15 December 31, 2017 Restated (euros in thousands) Accumulated loss (167,480 ) 8,705 (158,775 ) Deferred revenue, non-current 130,195 (17,644 ) 112,551 Deferred revenue 6,996 8,939 15,935 Condensed Consolidated Statement of Cash Flows June 30, 2017 As originally IFRS 15 June 30, 2017 Restated (euros in thousands) Result after taxation (43,132 ) 3,808 (39,324 ) Changes in working capital: Deferred revenue (3,091 ) (3,808 ) (6,899 ) Financial Instruments—IFRS 9 IFRS 9- Financial Instruments: Disclosures Standard issued but not yet effective The IASB has issued a new standard on leases that will require lessees to recognize most leases on their balance sheets as lease liabilities with a corresponding right-of-use asset. |
Use of Estimates, Judgments and
Use of Estimates, Judgments and Assumptions | 6 Months Ended |
Jun. 30, 2018 | |
Text block [abstract] | |
Use of Estimates, Judgments and Assumptions | 4. Use of Estimates, Judgments and Assumptions In the application of the Company’s accounting policies, management is required to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively. The following are the critical judgments and assumptions that management has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognized in the interim financial statements. Equity settled share-based payments Share options granted to employees, consultants and directors are measured at the grant date fair value of the equity instruments granted. The grant date fair value is determined through the use of an option-pricing model considering the following variables: (a) the exercise price of the option; (b) the expected life of the option; (c) the current value of the underlying shares; (d) the expected volatility of the share price; (e) the dividends expected on the shares; and (f) the risk-free interest rate for the life of the option. The estimated fair value of each share option granted was determined utilizing the Hull & White option pricing model, which considers the terms and conditions attached to the grants made and is reflective of expected exercise behavior. Because the Company’s shares have been publicly traded for a relatively short amount of time, the expected volatility was set by also giving weight to the historic share price volatility of a set of peer companies. The continuous yield on U.S. Treasury Bills with a term to maturity comparable to the expected life of the options, as published by the U.S. Department of Treasury, was applied. The result of the share option valuations and the related compensation expense that is recognized for the respective vesting periods during which services are received are dependent on the model and input parameters used. Even though management considers the fair values reasonable and defensible based on the methodologies applied and the information available, others might derive a different fair value for the Company’s share options. These assumptions and estimates are further discussed in Note 9 to the financial statements. Capitalization of development costs The criteria for capitalization of development costs have been considered by management and determined not to have been met in the second quarter of 2018. Therefore, all development expenditures relating to internally generated intangible assets in 2018 were expensed as incurred. Income taxes As of June 30, 2018, deferred tax assets have not been recognized in respect of tax losses as the Company has no history of generating taxable profits. Therefore, at the balance sheet date, there is no convincing evidence that sufficient taxable profit will be available against which the tax losses can be utilized. Merus US, Inc., which is incorporated in the United States in the State of Delaware, is subject to statutory U.S. Federal corporate income taxes and state income taxes for Massachusetts. Current year income tax expense was attributable entirely to Merus US, Inc. which provides general management services and strategic advisory services to the Company. Corporate income tax expenses were €0.1 million for the three- and six-month six-month Deferred revenue Pursuant to the Company’s research, collaboration and license agreements with ONO, Incyte, and Jiangsu Simcere Pharmaceutical Co. Ltd. (“Simcere”), the Company has received upfront non-refundable payments Revenue related to ONO upfront payments is deferred and amortized based on a measure of progress in delivering research services under the contract. Revenue related to Incyte and Simcere upfront payments is deferred and amortized on a straight-line basis over the estimated research term (See Note 3 and Note 8). Research and development expenses Research and development expenses represent costs that primarily include: (i) payroll and related costs (including share-based payment expenses) associated with research and development personnel; (ii) costs related to clinical trials and preclinical testing of the Company’s technologies under development; (iii) costs to develop product candidates, including raw materials and supplies, product testing, depreciation, and facility related expenses; (iv) expenses for research services provided by universities and contract laboratories; and (v) other research and development expenses. Research and development expenses are recognized in the consolidated statement of profit or loss and comprehensive loss as incurred when these expenditures relate to the Company’s research and development services and have no alternative future uses. The Company has entered into various research and development contracts with research institutions and other companies. These agreements are generally cancelable. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2018 | |
Text block [abstract] | |
Investments | 5. Investments On January 1, 2018, the Company adopted IFRS 9 and classifies and accounts for its investments at amortized cost. The Company’s investments as of December 31, 2017, were classified and accounted for as held-to-maturity 12-month The Company’s financial assets recorded at amortized cost consist of cash and cash equivalents, investments and trade and other receivables. These financial assets are considered to have a low credit risk and, as such, there was no impact to the Company’s opening accumulated deficit as a result of the change in impairment methodology. The Company’s investments include investments in commercial paper, securities issued by several public corporations and the United States Treasury. Current investments include investments with a maturity date of greater than three months at the date of settlement. Investments with a maturity of 12 months or more from the original investment date are classified as non-current. Investments as of June 30, 2018, and December 31, 2017, consist of the following: Balance as per June 30, December 31, (euros in thousands) Commercial paper 17,715 15,527 U.S. Treasury securities 2,574 9,177 Corporate fixed income bonds 15,289 7,886 Agency bond 1,499 1,453 Investments, current portion 37,077 34,043 Corporate fixed income bonds 16,650 7,060 Non-current 16,650 7,060 Total investments 53,727 41,103 During the six-month six-month |
Trade and Other Receivables
Trade and Other Receivables | 6 Months Ended |
Jun. 30, 2018 | |
Text block [abstract] | |
Trade and Other Receivables | 6. Trade and Other Receivables Trade and other receivables are short-term and due within 1 year. Balance as per June 30, December 31, (euros in thousands) Trade receivables 2,069 1,594 Unbilled receivables 446 710 VAT receivable 622 582 Prepaid expenses 1,640 427 Prepaid pension costs 359 838 Interest bank 275 170 Other receivables 66 92 5,477 4,413 Trade and unbilled receivables relate primarily to invoicing for cost reimbursements relating to the Incyte collaboration and license agreement and the ONO research and license agreement. VAT receivable relates to value added tax receivable from the Dutch tax authorities based on the tax application for the second quarter of 2018. Prepaid expenses reflected above in the form of prepaid expenses and prepaid pension costs consist of expenses that were paid during the reporting period but are related to activities taking place in subsequent periods. The increase in prepaid expenses at June 30, 2018 relate primarily to advanced payments made to contract research and contract manufacturing organizations in support of the Company’s upcoming clinical trial activities. |
Other Liabilities and Accruals
Other Liabilities and Accruals | 6 Months Ended |
Jun. 30, 2018 | |
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Other Liabilities and Accruals | 7. Other Liabilities and Accruals All amounts are short-term and payable within 1 year. Balance per June 30, December 31, (euros in thousands) Accrued auditor’s fee 90 96 Personnel 315 446 R&D costs 8,777 5,272 IP – Legal fee 128 509 Bonuses 940 1,545 Subsidy advance received 145 224 Other accruals 465 535 10,860 8,627 The research and development costs relate to accrued expenses for costs of certain development activities, such as clinical trials, and are recorded based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, and information provided the Company by vendors on their actual costs incurred. The increase in research and development costs accrued expenses reflect the timing of enrollment in and support of the Company’s clinical trials, manufacturing of drug candidates used for clinical purposes, pre-clinical research The bonuses relate to the employee bonuses for the financial year 2018, which will be paid out in February 2019. The decrease in bonuses accrual compared to December 31, 2017, related to the annual payment of the 2017 bonuses in the first quarter of 2018. The subsidy advances received relate to active grants where the Company has received cash in excess of allowances which is required to be repaid or recognized as grant income when the relevant reimbursable costs are incurred as services are performed. |
Deferred Revenue
Deferred Revenue | 6 Months Ended |
Jun. 30, 2018 | |
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Deferred Revenue | 8. Deferred Revenue Deferred revenue as of June 30, 2018, and December 31, 2017, consist of the following: Balance per June 30, December 31, (euros in thousands) Deferred revenue – current portion 16,972 15,935 Deferred revenue 105,718 112,551 122,690 128,486 * See Note 3 for details regarding the restatement as a result of a change in accounting policy. Of the total deferred revenue balance at June 30, 2018, €120.6 million related to the Incyte collaboration and license agreement and a share subscription agreement entered into by the Company with Incyte on December 20, 2016 (together, the “Incyte Agreements”), €2.0 million related to the collaboration and license agreement entered into by the Company with Simcere on January 8, 2018 (the “Simcere collaboration and license agreement”), and €0.1 million related to the ONO research and license agreement. The total deferred revenue balance at December 31, 2017, related solely to the Incyte Agreements. Under the Incyte collaboration and license agreement, Incyte agreed to pay the Company a $120 million non-refundable upfront non-refundable As the contract for the share subscription agreement was denominated in U.S. dollars, the Company determined that the forward contract to sell its own shares at a future date to which the Company became committed on December 20, 2016, represented a derivative financial instrument. The fair values of the derivative, or €31.4 million, and the non-refundable Under the Simcere collaboration and license agreement, the Company agreed to grant Simcere an exclusive license to develop and commercialize in China three bispecific antibodies utilizing the Company’s Biclonics ® non-refundable The Company will amortize the upfront payment to revenue over time based on the estimated duration of each research program. As of June 30, 2018, the first research program had commenced. For the three- and six-month On March 14, 2018, the Company entered into a second contract research and license agreement with ONO (the “second ONO research and license agreement”). Pursuant to an exclusive option granted to ONO in the ONO research and license agreement, ONO exercised its option to enter into the second ONO research and license agreement. The Company granted ONO an exclusive, worldwide, royalty-bearing license, with the right to sublicense, research, test, make, use and market bispecific antibody candidates based on the Company’s Biclonics ® Under the terms of the agreement, ONO identifies and selects the licensed bispecific antibodies for which it is responsible for conducting further non-clinical and ONO agreed to pay the Company an upfront non-refundable payment |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
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Shareholders' Equity | 9. Shareholders’ Equity Private Placement of Common Shares On February 13, 2018, the Company entered into the Purchase Agreement. Pursuant to the Purchase Agreement, the Company agreed to sell an aggregate of 3,099,997 of its Common Shares to the Investors for aggregate gross proceeds of approximately $55.8 million, at a purchase price equal to $18.00 per share. The Purchase Agreement contains customary representations and warranties from the Company and the Investors and customary closing conditions. On February 15, 2018, the Company completed the sale under the Private Placement and received gross proceeds of approximately $55.8 million, or €44.8 million. Share Subscription Agreement with Incyte Concurrent with the Incyte collaboration and license agreement discussed above under Note 8, the Company entered into a share subscription agreement with Incyte on December 20, 2016. On January 23, 2017, under the terms of the share subscription agreement, the Company issued 3,200,000 of its Common Shares to Incyte at the agreed price per share of $25.00, for an aggregate purchase price of $80.0 million or €74.7 million. During the six months ended June 30, 2017, the Company received proceeds, net of issuance costs, of €74.4 million. A €1.1 million discount on the subscription share price, combined with a €0.4 million foreign currency translation accompanying the issuance of these shares, increased share capital by €0.3 million and share premium by €73.4 million. Issued and paid-in All issued shares have been fully paid in cash. Common shares For the six-month For the six-month At June 30, 2018, a total of 22,632,800 Common Shares were issued and paid up. At June 30, 2017, a total of 19,396,720 Common Shares were issued and paid up. Share Premium Reserve The share premium reserve relates to amounts contributed by shareholders at the issue of shares in excess of the nominal value of the shares issued. All share premium can be considered as free share premium as referred to in the Netherlands Income Tax Act. Share-based Payment Arrangements Share-based payment expenses included in personnel expenses were €4.6 million and €7.9 million in the six-month In June 2016, the Company established the 2016 Incentive Award Plan (the “2016 Plan”). Options granted under the 2016 Plan are exercisable once vested. The options granted under the 2016 Plan vest in installments over a four-year period from the grant date. Twenty-five percent of the options vest on the first anniversary of the vesting commencement date, and the remaining 75% of the options vest in 36 monthly installments for each full month of continuous service provided by the option holder thereafter, such that 100% of the options shall become vested on the fourth anniversary of the vesting commencement date. Options will lapse on the tenth anniversary of the date of grant. The Restricted Stock Units (“RSUs”) granted under the 2016 Plan also vest in installments over a four-year period from the grant date. Each RSU represents the right to receive one Common Share. As stated in the 2016 Plan, the Company has established the Non-Executive Non-Executive Non-Executive Share-based payment expenses are recognized for each subsequent award that a Non-Executive During the six months ended June 30, 2018, the Company granted options to purchase 469,068 Common Shares with a grant date fair value of €4.4 million to employees under the 2016 Plan. Pursuant to the “evergreen” provisions of the 2016 Plan, the number of Common Shares authorized for issuance under the plan automatically increased by 777,194 Common Shares to 1,090,368 Common Shares effective January 1, 2018. Measurement of fair values of the equity-settled share-based payment arrangements The fair value of the employee share options has been measured using a binomial option pricing model, including members of the Board of Directors. Service and non-market The inputs used in the measurement of the fair values and the related fair values at the grant dates were as follows for the options granted during the six-month Key Management All Other Personnel Fair value at grant date 9.34-9.45 9.30-10.37 Share price at grant date 14.57-14.87 14.57-18.24 Exercise price 14.57-14.87 14.57-18.24 Expected volatility (weighted-average) 95.1% 94.6% Contractual life 10 years 10 years Expected dividends 0% 0% Risk-free interest rate (based on government bonds) 2.79%-2.94% 2.84%-2.94% Reconciliation of outstanding share options The number of share options and the weighted average exercise prices of share options granted were as follows for the six-month Weighted average Number of Outstanding at January 1, 2018 13.99 2,213,985 Forfeited during the six-month 19.67 (12,044 ) Expired during the six-month 14.02 (5,146 ) Exercised during the six-month 1.93 (34,041 ) Granted during the six-month 14.68 469,068 Outstanding at June 30, 2018 14.24 2,631,822 Exercisable at June 30, 2018 12.18 1,105,059 The options outstanding at June 30, 2018, had an exercise price in the range of €1.93 to €27.47 and a weighted-average remaining contractual life of 8.2 years. The weighted-average share price at the date of exercise for share options exercised during the six months ended June 30, 2018 was €17.12. There were 2,631,822 outstanding share options at June 30, 2018, with a weighted average exercise price of €14.24. The number of options outstanding as of June 30, 2018, was as follows: Group of employees entitled June 30, Key management personnel 2,153,810 All other employees 478,012 Total 2,631,822 During the six months ended June 30, 2018, the Company did not grant any new RSUs. The number of RSUs outstanding is summarized as follows: Weighted average Number of Outstanding at January 1, 2018 20.03 194,546 Forfeited during the six-month — — Vested during the six-month 20.03 (76,245 ) Granted during the six-month — — Outstanding at June 30, 2018 20.03 118,301 |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2018 | |
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Revenue | 10. Revenue Revenue is recognized at the amount to which the Company expects to be entitled for the transfer of promised goods or services to customers. Disaggregation of Revenue The Company’s revenues are generated entirely in the Netherlands. In the following table, revenue is disaggregated by primary source of revenue as follows: Three months ended Six months ended June 30, June 30, June 30, June 30 (euros in thousands) (euros in thousands) Upfront payment amortization 4,250 3,973 9,087 6,898 Collaboration income 2,179 1,471 7,195 2,391 Revenue from contracts with customers 6,429 5,444 16,282 9,289 Income from grants on research projects 114 793 182 832 6,543 6,237 16,464 10,121 * See Note 3 for details regarding the restatement as a result of a change in accounting policy. For the three- and six-month six-month Collaboration income for the three and six months ended June 30, 2018, was €2.2 million and €7.2 million, respectively, and consisted of cost reimbursements and research milestones achieved in support of the Company’s research and license agreements with Incyte, ONO and Simcere. During the three and six months ended June 30, 2018, the Company recognized €2.0 million and €4.3 million of cost reimbursements in support of the Company’s research and license agreements with Incyte, respectively, and €0.1 million and €0.2 million of cost reimbursements in support of the Company’s research and license agreements with ONO, respectively. The Company recognized an aggregate of €2.5 million in research milestones under its ONO agreements for the six months ended June 30, 2018 and €0.1 million in research milestones under its Simcere agreements for the three and six months ended June 30, 2018. During the three and six months ended June 30, 2017, the Company recognized €1.5 million and €2.4 million of cost reimbursements in support of the Company’s research and license agreements with Incyte and ONO, respectively. The Company has been awarded grants consisting of cash allowances for specific research and development projects. The unconditional receipt of the grant allowances is dependent on the final review of the reporting provided by the Company at the end of the contract term. For the three and six months ended June 30, 2018, the Company recognized €0.1 million and €0.2 million in grant income, respectively, compared to €0.8 million in grant income for the three and six months ended June 30, 2017. On June 12, 2017, the European Commission approved for reimbursement the final installment of the FP-7 Contract Balances A trade receivable is recorded when the Company satisfies a performance obligation by transferring a promised good or service and has earned the unconditional right to consideration from its customer. Trade receivables relate to invoicing for cost reimbursements and research milestones achieved in support of the Company’s research and license agreements with Incyte, ONO and Simcere. Payment terms relating to these receivables are 30 days. A contract asset is recorded when the Company satisfies a performance obligation by transferring a promised good or service and has earned the right to consideration from its customer. These assets represent a conditional right to consideration. Contract assets relate to unbilled amounts for cost reimbursements and research milestones achieved in support of the Company’s research and license agreements with Incyte and ONO. A contract liability is recorded when consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services under the terms of the contract. Contract liabilities are recognized as revenue as control of the products or services is transferred to the customer and all revenue recognition criteria have been met. Contract liabilities relate to upfront payments received related to the Incyte Agreements, ONO research and license agreement, and the Simcere research and license agreement (See Note 8). The following table presents changes in the Company’s trade receivables, contract assets and contract liabilities during the six months ended June 30, 2018: Balance at December 31, Additions Deductions Balance at June 30, (euros in thousands) Trade & other receivables Trade receivables 1,594 12,103 (11,628 ) 2,069 Total trade & other receivables 1,594 12,103 (11,628 ) 2,069 Contract assets Unbilled receivables 710 693 (957 ) 446 Total contract assets 710 693 (957 ) 446 Contract liabilities Deferred revenue 128,486 3,430 (9,226 ) 122,690 Total contract liabilities 128,486 3,430 (9,226 ) 122,690 As a result of the adoption of IFRS 15, total deferred revenue was reduced by €8.7 million as of December 31, 2017. See Note 3 for details regarding the restatement as a result of a change in accounting policy. Deductions from deferred revenue are comprised of revenue recognized that was included in deferred revenue at the beginning of the period totaling €7.9 million and revenue recognized that was not included in deferred revenue at the beginning of the period totaling €1.3 million for the six months ended June 30, 2018. |
Total Operating Expenses
Total Operating Expenses | 6 Months Ended |
Jun. 30, 2018 | |
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Total Operating Expenses | 11. Total Operating Expenses Research and development costs are comprised of allocated employee costs, the costs of materials and laboratory consumables, intellectual property and license costs and allocated other costs. A breakdown of total operating expenses is presented as follows: Three-month period ended June 30, Six-month period ended June 30, 2018 2017 2018 2017 (euros in thousands) Manufacturing costs 5,580 2,236 9,858 5,611 IP and license costs 492 603 844 968 Personnel related R&D 2,107 1,771 3,808 3,303 Other research and development costs 4,344 3,810 8,311 5,545 Total research and development costs 12,523 8,420 22,821 15,427 Management and administration costs 2,639 3,492 5,491 7,694 Litigation costs 552 104 849 394 Other operating expenses 2,745 2,173 5,134 3,726 Total other expenses 3,297 2,277 5,983 4,120 Total operating expenses 18,459 14,189 34,295 27,241 Research and development costs were €12.5 million and €22.8 million for the three and six months ended June 30, 2018, respectively, as compared to €8.4 million and €15.4 million for the three- and six-month MCLA-128, MCLA-117, MCLA-158 MCLA-145.The MCLA-128 MCLA-158 A breakdown of other research and development costs is presented as follows: Three-month period ended June 30, Six-month period ended June 30, 2018 2017 2018 2017 (euros in thousands) Discovery and pre-clinical 1,078 1,698 1,763 2,076 Clinical costs 1,850 1,292 4,248 2,002 Other research and development costs 1,416 820 2,300 1,467 Total other research and development costs 4,344 3,810 8,311 5,545 Other research and development costs consist mainly of laboratory supplies and depreciation expense related to research and development activities, which cannot be specifically allocated to a research project. Litigation costs On March 11, 2014, Regeneron Pharmaceuticals Inc. (“Regeneron”) filed a complaint in the United States District Court for the Southern District of New York (the “Court”), alleging that the Company was infringing on one or more claims in Regeneron’s U.S. Patent No. 8,502,018, entitled “Methods of Modifying Eukaryotic Cells” (the “018 Patent”). On July 3, 2014, the Company filed a response to the complaint, denying Regeneron’s allegations of infringement and raising affirmative defenses, and filed counterclaims seeking, among other things, a declaratory judgment that the Company did not infringe the patent and that the patent was invalid. The Company subsequently filed amended counterclaims during the period from August to December 2014, seeking a declaratory judgment of unenforceability of the patent due to Regeneron’s commission of inequitable conduct. On November 21, 2014, the Court found that there was clear and convincing evidence that a claim term present in each of the patent claims was indefinite and granted the Company’s proposed claim constructions. On February 24, 2015, the Court entered partial judgment in the proceeding, on the grounds that the Company did not infringe each of the patent claims, and that each of the patent claims were invalid due to indefiniteness. On November 2, 2015, the Court found Regeneron had withheld material information from the United States Patent and Trademark Office during prosecution of the patent, and Regeneron had engaged in inequitable conduct and affirmative egregious misconduct in connection with the prosecution of the patent. On December 18, 2015, Regeneron filed an appeal of the Court’s decision. On July 27, 2017, the U.S. Court of Appeals for the Federal Circuit affirmed the trial court’s conclusion that Regeneron had engaged in inequitable conduct before the United States Patent and Trademark Office and affirmed that the ’018 patent is unenforceable. Regeneron petitioned for a panel rehearing and rehearing en banc of this decision by the Federal Circuit on September 12, 2017, which the Company responded to and opposed on November 2, 2017. On December 26, 2017, the full Federal Circuit denied Regeneron’s request to rehear the matter. The case returned to the District Court to adjudicate the Company’s motion requesting that Regeneron pay the Company’s attorneys’ fees and costs incurred as a result of Regeneron filing suit. On March 26, 2018, the trial court granted the Company’s motion for attorneys’ fees, expert fees, and costs and ordered the parties to address the amount of award. The Company provided a detailed explanation of its attorneys’ fees, expert fees, and costs of such award, which Regeneron responded to seeking a reduction of the amount. The matter was fully briefed as of May 18, 2018, and the Court issued an Order on June 25, 2018, which published on July 10, 2018, granting the Company’s motion for $8,332,453.46 in attorneys’ fees, $465,390.34 in expert fees, and $1,717,100.69 in litigation expenses and costs, along with interest. Regeneron has appealed the decision awarding attorneys’ fees to the Company to the Federal Circuit. On May 25, 2018, Regeneron filed a petition for writ of certiorari seeking review by the Supreme Court of the United States of the decision affirmed by the Federal Circuit. The Company’s brief in opposition was filed on August 8, 2018. On March 11, 2014, Regeneron served a writ in the Netherlands alleging that the Company was infringing one or more claims of the European patent EP 1 360 287 B1. The Company opposed the patent in June 2014. On September 17, 2014, Regeneron’s patent EP 1 360 287 B1 was revoked in its entirety by the European Opposition Division of the European Patent Office (the “EPO”). In Europe, an appeal hearing occurred in October and November 2015 at the Technical Board of Appeal for the EPO at which time the patent was reinstated to Regeneron with amended claims. On May 25, 2018, at Regeneron’s request, a hearing before the Technical Board of Appeals for the EPO was scheduled for September 13, 2018, to address whether the description of EP 1 360 287 B1 patent having claims amended during the course of opposition complies with Art. 84 EPC, Art. 123(2) EPC and Rule 80 EPC. The Company believes that its current business operations do not infringe the patent reinstated to Regeneron with amended claims because it believes it has not used the technology or methods claimed under the amended claims. The Dutch litigation procedure is stayed. The costs incurred in the above litigation and opposition were €0.6 million and €0.8 million for the three- and six-month six-month On July 15, 2014, Regeneron filed a notice of opposition against the Company’s EP 2314629 patent (the “EP ’629 patent”), entitled “Recombinant Production of Mixtures of Antibodies,” in the EPO. The notice asserted, as applicable, added subject matter, lack of novelty, lack of inventive step, and insufficiency. The Company responded on February 24, 2015. Following an oral hearing before the Opposition Division of the EPO on June 22, 2016, the Opposition Division upheld the EP ’629 Patent with amendments. Both Regeneron and the Company filed a notice of appeal followed by grounds of appeal on December 1 and 4, 2017, respectively, with further proceedings to follow. On August 11, 2014, Regeneron filed a notice of opposition against the Company’s EP 2147594 (the “EP ’594 patent”), entitled “Antibody Producing Non-Human On April 5, 2018, Regeneron and an unnamed third party filed notices of opposition against the Company’s EP 2604625 patent (the “EP ‘625 patent”), entitled “Generation of Binding Molecules,” in the EPO. The notices asserted, as applicable, added subject matter, lack of novelty, lack of inventive step, and insufficiency. The Company intends to timely respond to these submissions with proceedings to be ongoing. As each of these proceedings continues, the Company is not able to predict the outcome of, or estimate a possible gain or a range of possible loss, if any, related to the above actions. Based on the current facts and circumstances, no provision has been recognized under IAS 37 related to contingent liabilities. |
Employee Benefits
Employee Benefits | 6 Months Ended |
Jun. 30, 2018 | |
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Employee Benefits | 12. Employee Benefits Details of the employee benefits are as follows: Three-month period ended Six-month period ended 2018 2017 2018 2017 (euros in thousands) Salaries and wages 2,876 2,451 5,505 4,182 WBSO subsidy (733 ) (953 ) (1,900 ) (2,005 ) Social security premiums 198 146 449 293 Health insurance 69 36 188 62 Pension costs 188 181 390 322 Share award expense 2,109 3,254 4,554 7,880 Other personnel expense 224 148 433 264 Total employee benefits expense 4,931 5,263 9,619 10,998 Share-based payment expenses (see Note 9) were recognized as employee benefit expenses as follows: Three-month period ended Six-month period ended 2018 2017 2018 2017 (euros in thousands) Research and development costs 714 673 1,525 1,798 Management and administrative costs 1,343 2,376 2,852 5,782 Other expenses 52 205 177 300 2,109 3,254 4,554 7,880 Subsidies earned under the WBSO relating to eligible research and development costs are deferred and recognized in the Company’s income statement as a reduction to labor costs over the period labor costs are expected to be incurred. The Company has received and recognized subsidies of €0.7 million and €1.9 million for the three- and six-month six-month The Company’s headcount at June 30, 2018 was approximately 85 full-time equivalents and consisted of 70 employees in the Netherlands and 15 employees in the United States. A total of 18 employees who are devoted to activities other than research and development and overall management of the Company were included under management and administration costs for the three- and six-month The Company’s headcount at June 30, 2017 was approximately 64 full-time equivalents and consisted of 55 employees in the Netherlands and nine employees in the United States. A total of 13 employees who were devoted to activities other than research and development and overall management of the Company were included under management and administration costs for the three- and six-month |
Finance Income and Expense
Finance Income and Expense | 6 Months Ended |
Jun. 30, 2018 | |
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Finance Income and Expense | 13. Finance Income and Expense Three-month period ended Six-month period ended 2018 2017 2018 2017 (euros in thousands) Finance income Interest income and similar income 494 420 834 610 Net gain on foreign exchange 6,917 — 4,111 — 7,411 420 4,945 610 Finance costs Interest expense (1 ) — (1 ) (10,667 ) Net loss on foreign exchange — (11,962 ) — (12,029 ) (1 ) (11,962 ) (1 ) (22,696 ) Interest income primarily results from interest earned on cash held on account and accretion of investment earnings. The Company’s current year increase in cash, cash equivalents and investments was due primarily to the $55.8 million of funds received as part of the Private Placement during the first quarter of 2018. The Company experienced gains on its U.S. dollar denominated cash, cash equivalents and investments of approximately €6.9 million and €4.1 million for the three and six months ended June 30, 2018, respectively, as compared to losses of €12.0 million for the three and six months ended June 30, 2017. The Company presents foreign currency gains and losses on a net basis as either finance income or finance expense depending on whether foreign currency movements are in a net gain or net loss position. The Company experienced foreign exchange losses on its U.S. dollar denominated cash, cash equivalents and investments of approximately €2.8 million during the three months ended March 31, 2018, which are reclassified to net gain on foreign exchange for the six months ended June 30, 2018. As of June 30, 2018, the Company held approximately $40.9 million and $92.6 million in U.S. dollar denominated cash and cash equivalent accounts and investment accounts, respectively, subject to the fluctuation in foreign currency between the euro and U.S. dollar. On December 20, 2016, the Company entered into the Incyte Agreements. As these contracts are denominated in U.S. dollars, the Company determined that the subscription agreement to sell its own shares to which the Company became committed on December 20, 2016, should be accounted for as a forward contract or a derivative financial instrument. Interest expense for the three and six months ended June 30, 2017, related entirely to the effective settlement of the forward contract on January 23, 2017. |
Operating Leases
Operating Leases | 6 Months Ended |
Jun. 30, 2018 | |
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Operating Leases | 14. Operating Leases The Company leases its corporate headquarters under an agreement term of five years which expires in the fourth quarter of 2021. If the lease is not terminated by Merus N.V. it will be automatically renewed for a period of two years. The agreed rental price is €0.4 million per year. On May 1, 2018, the Company leased additional space to expand its corporate headquarters under a separate agreement. Under the terms of the new agreement, the term began on May 1, 2018, and expires in the fourth quarter of 2021. The agreed upon rental price is €0.5 million per year. For leases that contain fixed increases in the minimum annual lease payment during the original term of the lease, the Company recognizes rental expense on a straight-line basis over the lease term and records the difference between rent expense and the amount currently payable as deferred rent as a component of other liabilities and accruals. For the three and six months ended June 30, 2018, the Company recognized €0.3 million and €0.5 million, respectively, compared to €0.2 million and €0.3 million for the three and six months ended June 30, 2017, respectively, for rent and service charges related to the office space. In addition, the Company has provided a deposit of €0.1 million included in other assets as of June 30, 2018, and December 31, 2017. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
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Subsequent Events | 15. Subsequent Events The Company has evaluated subsequent events through August 10, 2018, the date of issuance of the unaudited consolidated financial statements for the three months ended June 30, 2018. Except for the items described in Note 11 under litigation, there were no additional events requiring disclosure in the notes to these financial statements. |
Significant accounting polici_2
Significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
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Basis of Presentation | Basis of Presentation These unaudited interim condensed consolidated financial statements (the “interim financial statements”) have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IASB”). Certain information and disclosures normally included in financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) have been condensed or omitted. Accordingly, these interim financial statements should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2017. In the opinion of management, all adjustments (consisting of a normal recurring nature) considered necessary for a fair presentation have been included in the interim financial statements. All intercompany transactions and balances are eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity or areas where assumptions and estimates are significant to these interim financial statements are disclosed in Note 4. The results of operations for the three- and six-month |
Foreign Currency Transactions | Foreign Currency Transactions Items recorded in each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The interim financial statements are presented in euros, which is Merus N.V.’s functional currency. The functional currency of Merus US, Inc. is the U.S. dollar. All amounts are rounded to the nearest thousand euros, except where otherwise indicated. Foreign currency gains and losses are reported on a net basis as either finance income or finance expense depending on whether foreign currency movements are in a net gain or net loss position. |
Seasonality | Seasonality The Company’s financial results have varied substantially, and are expected to continue to vary, from period to period. The Company believes that its ordinary activities are not linked to any particular seasonal factors. |
Segment Reporting | Segment Reporting The Company operates in one reportable segment, which comprises the discovery and development of innovative bispecific therapeutics. |
Cash and Cash Equivalents | Cash and Cash Equivalents For the purpose of presentation in the statement of cash flows as well as the statement of financial position, cash and cash equivalents include deposits held with financial institutions with original maturities of less than three months. Cash and cash equivalents include €34.3 million of short-term investments with a three-month or less maturity, callable on demand. The carrying values of short-term investments approximate fair value due to their short-term maturities. |
Revenue Recognition | Revenue Recognition The Company enters into collaboration agreements which are within the scope of IFRS 15—Revenue from Contracts with Customers (“IFRS 15”), under which the Company licenses rights to certain of the Company’s product candidates and performs research and development services. The terms of these arrangements typically include payment of one or more of the following: non-refundable, IFRS 15 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. Under IFRS 15, the Company recognizes revenue when its customer obtains control of the goods or services, in an amount that reflects the consideration that the Company determines it expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of IFRS 15, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies the performance obligation. The Company applies the five-step model to contracts only when it is probable that it will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. As part of the accounting for these arrangements, the Company must make significant judgments, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation. The Company currently generates a portion of its revenue through collaboration and license agreements with strategic collaborators for the development and commercialization of product candidates. The collaboration and license agreements are within the scope of IFRS 15. Up-front If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the agreement, the Company recognizes revenues from non-refundable, up-front Pursuant to the Company’s research and license agreements with its collaborators, the Company has received upfront license payments relating to the integrated packages of deliverables under the contracts. Each contract contains either one single performance obligation or multiple performance obligations that the up-front re-assessed Collaboration Income Collaboration income, which is typically related to reimbursements from collaborators for the Company’s performance of research and development services under the respective agreements, is recognized on the basis of labor hours valued at a contractually agreed rate. Collaboration income includes reimbursements for related out-of-pocket In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under the agreements, the Company performs the five steps listed above. As part of the accounting for the arrangement, the Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may include market conditions, reimbursement rates for personnel costs, development timelines and probabilities of regulatory success. The Company capitalizes the incremental costs of obtaining a contract with a customer if it expects to recover those costs. Such incremental costs would not have been incurred if the contract with a customer had not been obtained. To date, the Company has not capitalized any incremental costs for obtaining a contract. The Company’s contracts often include development and regulatory milestone payments which are assessed under the most likely amount method and constrained if it is probable that a significant revenue reversal would occur. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At each reporting date, the Company re-evaluates catch-up For agreements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any consideration related to sales-based royalty revenue resulting from any of the Company’s collaboration agreements. Government Grants The Company receives certain government and regional grants, which support its research efforts in defined projects, and include contributions towards the cost of research and development. When there is reasonable assurance that the Company will comply with the conditions attached to a received grant, and when there is reasonable assurance that the grant will be received, government grants are recognized as revenue on a gross basis in the consolidated statement of profit or loss and comprehensive loss on a systematic basis over the periods in which the Company recognizes expenses for the related costs for which the grants are intended to compensate. In the case of grants related to assets, the received grant will be deducted from the carrying amount of the asset. |
Reclassifications | Reclassifications Certain amounts were reclassified in the prior period condensed consolidated interim financial statements to conform to the current period presentation. |
Recently Issued International_2
Recently Issued International Financial Reporting Standards (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Text block [abstract] | |
Condensed Consolidated Statements of Financial Information | The following financial statement line items have been shown to reflect the adjustments recognized for each individual line item in the Company’s respective consolidated statements for the period noted: Condensed Consolidated Statement of Profit or Loss and Comprehensive Loss Three months IFRS 15 Adoption Three months (euros in thousands) Revenue 4,027 2,210 6,237 Operating result (10,162 ) 2,210 (7,952 ) Total comprehensive loss for the period (21,798 ) 2,210 (19,588 ) Basic (and diluted) loss per share (1.12 ) 0.11 (1.01 ) Six months ended IFRS 15 Adoption Six months ended (euros in thousands) Revenue 6,313 3,808 10,121 Operating result (20,928 ) 3,808 (17,120 ) Total comprehensive loss for the period (43,114 ) 3,808 (39,306 ) Basic (and diluted) loss per share (2.27 ) 0.20 (2.07 ) Condensed Consolidated Statement of Financial Position December 31, 2017 As originally IFRS 15 December 31, 2017 Restated (euros in thousands) Accumulated loss (167,480 ) 8,705 (158,775 ) Deferred revenue, non-current 130,195 (17,644 ) 112,551 Deferred revenue 6,996 8,939 15,935 Condensed Consolidated Statement of Cash Flows June 30, 2017 As originally IFRS 15 June 30, 2017 Restated (euros in thousands) Result after taxation (43,132 ) 3,808 (39,324 ) Changes in working capital: Deferred revenue (3,091 ) (3,808 ) (6,899 ) |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Text block [abstract] | |
Summary of Investments | Investments as of June 30, 2018, and December 31, 2017, consist of the following: Balance as per June 30, December 31, (euros in thousands) Commercial paper 17,715 15,527 U.S. Treasury securities 2,574 9,177 Corporate fixed income bonds 15,289 7,886 Agency bond 1,499 1,453 Investments, current portion 37,077 34,043 Corporate fixed income bonds 16,650 7,060 Non-current 16,650 7,060 Total investments 53,727 41,103 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Text block [abstract] | |
Summary of Trade and Other Receivables Due Within 1 Year | Trade and other receivables are short-term and due within 1 year. Balance as per June 30, December 31, (euros in thousands) Trade receivables 2,069 1,594 Unbilled receivables 446 710 VAT receivable 622 582 Prepaid expenses 1,640 427 Prepaid pension costs 359 838 Interest bank 275 170 Other receivables 66 92 5,477 4,413 |
Other Liabilities and Accruals
Other Liabilities and Accruals (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Text block [abstract] | |
Summary of Short-term and Payable Within 1 Year | All amounts are short-term and payable within 1 year. Balance per June 30, December 31, (euros in thousands) Accrued auditor’s fee 90 96 Personnel 315 446 R&D costs 8,777 5,272 IP – Legal fee 128 509 Bonuses 940 1,545 Subsidy advance received 145 224 Other accruals 465 535 10,860 8,627 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Text block [abstract] | |
Summary of Deferred Revenue | Deferred revenue as of June 30, 2018, and December 31, 2017, consist of the following: Balance per June 30, December 31, (euros in thousands) Deferred revenue – current portion 16,972 15,935 Deferred revenue 105,718 112,551 122,690 128,486 * See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Text block [abstract] | |
Summary of Inputs Used in the Measurement of the Fair Values and the Related Fair Values at the Grant Dates | The inputs used in the measurement of the fair values and the related fair values at the grant dates were as follows for the options granted during the six-month Key Management All Other Personnel Fair value at grant date 9.34-9.45 9.30-10.37 Share price at grant date 14.57-14.87 14.57-18.24 Exercise price 14.57-14.87 14.57-18.24 Expected volatility (weighted-average) 95.1% 94.6% Contractual life 10 years 10 years Expected dividends 0% 0% Risk-free interest rate (based on government bonds) 2.79%-2.94% 2.84%-2.94% |
Summary of Reconciliation of Outstanding Share Options | The number of share options and the weighted average exercise prices of share options granted were as follows for the six-month Weighted average Number of Outstanding at January 1, 2018 13.99 2,213,985 Forfeited during the six-month 19.67 (12,044 ) Expired during the six-month 14.02 (5,146 ) Exercised during the six-month 1.93 (34,041 ) Granted during the six-month 14.68 469,068 Outstanding at June 30, 2018 14.24 2,631,822 Exercisable at June 30, 2018 12.18 1,105,059 |
Summary of Number of Share Options Outstanding | The number of options outstanding as of June 30, 2018, was as follows: Group of employees entitled June 30, Key management personnel 2,153,810 All other employees 478,012 Total 2,631,822 |
Summary of Reconciliation of RSU's | During the six months ended June 30, 2018, the Company did not grant any new RSUs. The number of RSUs outstanding is summarized as follows: Weighted average Number of Outstanding at January 1, 2018 20.03 194,546 Forfeited during the six-month — — Vested during the six-month 20.03 (76,245 ) Granted during the six-month — — Outstanding at June 30, 2018 20.03 118,301 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Text block [abstract] | |
Summary of Revenue | The Company’s revenues are generated entirely in the Netherlands. In the following table, revenue is disaggregated by primary source of revenue as follows: Three months ended Six months ended June 30, June 30, June 30, June 30 (euros in thousands) (euros in thousands) Upfront payment amortization 4,250 3,973 9,087 6,898 Collaboration income 2,179 1,471 7,195 2,391 Revenue from contracts with customers 6,429 5,444 16,282 9,289 Income from grants on research projects 114 793 182 832 6,543 6,237 16,464 10,121 * See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Summary of Changes in Tarde Receivables, Contract Assets and Contract Liabilities | The following table presents changes in the Company’s trade receivables, contract assets and contract liabilities during the six months ended June 30, 2018: Balance at December 31, Additions Deductions Balance at June 30, (euros in thousands) Trade & other receivables Trade receivables 1,594 12,103 (11,628 ) 2,069 Total trade & other receivables 1,594 12,103 (11,628 ) 2,069 Contract assets Unbilled receivables 710 693 (957 ) 446 Total contract assets 710 693 (957 ) 446 Contract liabilities Deferred revenue 128,486 3,430 (9,226 ) 122,690 Total contract liabilities 128,486 3,430 (9,226 ) 122,690 |
Total Operating Expenses (Table
Total Operating Expenses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Text block [abstract] | |
Summary of Total Operating Expenses | A breakdown of total operating expenses is presented as follows: Three-month period ended June 30, Six-month period ended June 30, 2018 2017 2018 2017 (euros in thousands) Manufacturing costs 5,580 2,236 9,858 5,611 IP and license costs 492 603 844 968 Personnel related R&D 2,107 1,771 3,808 3,303 Other research and development costs 4,344 3,810 8,311 5,545 Total research and development costs 12,523 8,420 22,821 15,427 Management and administration costs 2,639 3,492 5,491 7,694 Litigation costs 552 104 849 394 Other operating expenses 2,745 2,173 5,134 3,726 Total other expenses 3,297 2,277 5,983 4,120 Total operating expenses 18,459 14,189 34,295 27,241 |
Breakdown of Other Research and Development Costs | A breakdown of other research and development costs is presented as follows: Three-month period ended June 30, Six-month period ended June 30, 2018 2017 2018 2017 (euros in thousands) Discovery and pre-clinical 1,078 1,698 1,763 2,076 Clinical costs 1,850 1,292 4,248 2,002 Other research and development costs 1,416 820 2,300 1,467 Total other research and development costs 4,344 3,810 8,311 5,545 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Text block [abstract] | |
Disclosure of Detailed Information About Employee Benefits | Details of the employee benefits are as follows: Three-month period ended Six-month period ended 2018 2017 2018 2017 (euros in thousands) Salaries and wages 2,876 2,451 5,505 4,182 WBSO subsidy (733 ) (953 ) (1,900 ) (2,005 ) Social security premiums 198 146 449 293 Health insurance 69 36 188 62 Pension costs 188 181 390 322 Share award expense 2,109 3,254 4,554 7,880 Other personnel expense 224 148 433 264 Total employee benefits expense 4,931 5,263 9,619 10,998 |
Schedule of Share-based Compensation Expenses Recognized as Employee Benefit Expenses | Share-based payment expenses (see Note 9) were recognized as employee benefit expenses as follows: Three-month period ended Six-month period ended 2018 2017 2018 2017 (euros in thousands) Research and development costs 714 673 1,525 1,798 Management and administrative costs 1,343 2,376 2,852 5,782 Other expenses 52 205 177 300 2,109 3,254 4,554 7,880 |
Finance Income and Expense (Tab
Finance Income and Expense (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Text block [abstract] | |
Summary of Finance Income and Expense | Three-month period ended Six-month period ended 2018 2017 2018 2017 (euros in thousands) Finance income Interest income and similar income 494 420 834 610 Net gain on foreign exchange 6,917 — 4,111 — 7,411 420 4,945 610 Finance costs Interest expense (1 ) — (1 ) (10,667 ) Net loss on foreign exchange — (11,962 ) — (12,029 ) (1 ) (11,962 ) (1 ) (22,696 ) |
General Information - Additiona
General Information - Additional Information (Detail) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions | Feb. 13, 2018USD ($)$ / sharesshares | Feb. 28, 2018EUR (€) | Feb. 28, 2018USD ($) | Jan. 31, 2017USD ($) | Jun. 30, 2018EUR (€) | Jun. 30, 2017EUR (€) | [1] | Feb. 13, 2018€ / shares | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | [1] | |
Disclosure of general information [abstract] | ||||||||||||
Common shares issued | shares | 3,099,997 | |||||||||||
Issue price per share | € / shares | € 0.09 | |||||||||||
Aggregate purchase price | $ 55.8 | € 44,800 | $ 55.8 | $ 80 | € 44,731 | € 74,431 | ||||||
Purchase price | $ / shares | $ 18 | |||||||||||
Cash and cash equivalents | 170,327 | € 215,788 | € 149,678 | [1] | € 56,917 | |||||||
Investments | € 53,727 | € 41,103 | ||||||||||
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) € in Millions | 6 Months Ended |
Jun. 30, 2018EUR (€)Segment | |
Disclosure of significant accounting policies [abstract] | |
Number of reportable segment | Segment | 1 |
Cash and cash equivalents, maximum original maturities | 3 months |
Short-term investments | € | € 34.3 |
Recently Issued International_3
Recently Issued International Financial Reporting Standards - Additional Information (Detail) - EUR (€) € in Millions | Apr. 08, 2014 | Jun. 30, 2018 | Dec. 31, 2017 |
IFRS 15 revenue from contracts with customers [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Decrease in Deferred revenue | € 8.7 | € 8.7 | |
Incyte collaboration agreement [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Estimated contractual term | 21 years | ||
ONO Research and License Agreement [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Estimated contractual term | 4 years 6 months | ||
Incyte proprietary technology [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Estimated contractual term | 9 years |
Recently Issued International_4
Recently Issued International Financial Reporting Standards - Condensed Consolidated Statements of Profit or Loss and Comprehensive Loss (Detail) - EUR (€) € / shares in Units, € in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||||
Condensed Income Statements, Captions [Line Items] | |||||||
Revenue | € 6,543 | € 6,237 | [1] | € 16,464 | € 10,121 | [1] | |
Operating result | (11,916) | (7,952) | [1] | (17,831) | (17,120) | [1] | |
Total comprehensive loss for the period | € (4,557) | € (19,588) | [1] | € (13,005) | € (39,306) | [1] | |
Basic (and diluted) loss per share | [2] | € (0.20) | € (1.01) | [1] | € (0.60) | € (2.07) | [1] |
Previously stated [member] | |||||||
Condensed Income Statements, Captions [Line Items] | |||||||
Revenue | € 4,027 | € 6,313 | |||||
Operating result | (10,162) | (20,928) | |||||
Total comprehensive loss for the period | € (21,798) | € (43,114) | |||||
Basic (and diluted) loss per share | € (1.12) | € (2.27) | |||||
Increase (decrease) due to application of IFRS 15 [member] | |||||||
Condensed Income Statements, Captions [Line Items] | |||||||
Revenue | € 2,210 | € 3,808 | |||||
Operating result | 2,210 | 3,808 | |||||
Total comprehensive loss for the period | € 2,210 | € 3,808 | |||||
Basic (and diluted) loss per share | € 0.11 | € 0.20 | |||||
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. | ||||||
[2] | For the periods included in these financial statements, share options were excluded from the diluted loss per share calculation as the Company was in a loss position in each period presented above. As a result, basic and diluted loss per share is equal. |
Recently Issued International_5
Recently Issued International Financial Reporting Standards - Condensed Consolidated Statements of Financial Positions (Detail) - EUR (€) € in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Accumulated loss | € (167,226) | € (158,775) | [1] |
Deferred revenue, non-current | 105,718 | 112,551 | [1] |
Deferred revenue | € 16,972 | 15,935 | [1] |
Previously stated [member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Accumulated loss | (167,480) | ||
Deferred revenue, non-current | 130,195 | ||
Deferred revenue | 6,996 | ||
Increase (decrease) due to application of IFRS 15 [member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Accumulated loss | 8,705 | ||
Deferred revenue, non-current | (17,644) | ||
Deferred revenue | € 8,939 | ||
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Recently Issued International_6
Recently Issued International Financial Reporting Standards - Condensed Consolidated Statements of Cash Flows (Detail) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | [1] | Jun. 30, 2018 | Jun. 30, 2017 | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Result after taxation | € (4,593) | € (19,601) | € (13,026) | € (39,324) | [1] | |
Changes in working capital: | ||||||
Deferred revenue | € (5,796) | (6,899) | [1] | |||
Previously stated [member] | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Result after taxation | (43,132) | |||||
Changes in working capital: | ||||||
Deferred revenue | (3,091) | |||||
Increase (decrease) due to application of IFRS 15 [member] | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Result after taxation | 3,808 | |||||
Changes in working capital: | ||||||
Deferred revenue | € (3,808) | |||||
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Use of Estimates, Judgments a_2
Use of Estimates, Judgments and Assumptions - Additional Information (Detail) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Disclosure of changes in accounting estimates [line items] | ||||||
Income tax expenses | € 87 | € 107 | [1] | € 139 | € 118 | [1] |
United States [member] | ||||||
Disclosure of changes in accounting estimates [line items] | ||||||
Income tax expenses | € 100 | € 100 | € 100 | € 100 | ||
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Investments - Summary of Invest
Investments - Summary of Investments (Detail) - EUR (€) € in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Investment [Line Items] | |||
Investments, current portion | € 37,077 | € 34,043 | [1] |
Non-current investments | 16,650 | 7,060 | [1] |
Total investments | 53,727 | 41,103 | |
Commercial paper [member] | |||
Investment [Line Items] | |||
Investments, current portion | 17,715 | 15,527 | |
U.S. Treasury securities [member] | |||
Investment [Line Items] | |||
Investments, current portion | 2,574 | 9,177 | |
Corporate fixed income bonds [member] | |||
Investment [Line Items] | |||
Investments, current portion | 15,289 | 7,886 | |
Non-current investments | 16,650 | 7,060 | |
Agency bond [member] | |||
Investment [Line Items] | |||
Investments, current portion | € 1,499 | € 1,453 | |
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Investments - Additional Inform
Investments - Additional Information (Detail) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Investment [Line Items] | ||
Purchases of investments | € 29,560 | |
Proceeds from investment maturities | 18,931 | |
Foreign currency exchange gains | € 6,917 | 4,111 |
Finance Income Expense [Member] | ||
Investment [Line Items] | ||
Foreign currency exchange gains | € 3,100 | € 1,900 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and Other Receivables Due Within 1 Year (Detail) - EUR (€) € in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Trade receivables | € 2,069 | € 1,594 | |
Unbilled receivables | 446 | 710 | |
VAT receivable | 622 | 582 | |
Prepaid expenses | 1,640 | 427 | |
Prepaid pension costs | 359 | 838 | |
Interest bank | 275 | 170 | |
Other receivables | 66 | 92 | |
Total | € 5,477 | € 4,413 | [1] |
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Other Liabilities ans Accruals
Other Liabilities ans Accruals - Summary of Short-term and Payable Within 1 Year (Detail) - EUR (€) € in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Disclosure of accruals and other payables [abstract] | ||
Accrued auditor's fee | € 90 | € 96 |
Personnel | 315 | 446 |
R&D costs | 8,777 | 5,272 |
IP - Legal fee | 128 | 509 |
Bonuses | 940 | 1,545 |
Subsidy advance received | 145 | 224 |
Other accruals | 465 | 535 |
Total | € 10,860 | € 8,627 |
Deferred Revenue - Summary of D
Deferred Revenue - Summary of Deferred Revenue (Detail) - EUR (€) € in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Disclosure of deferred income [abstract] | |||
Deferred revenue - current portion | € 16,972 | € 15,935 | [1] |
Deferred revenue | 105,718 | 112,551 | [1] |
Total deferred revenue | € 122,690 | € 128,486 | |
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Deferred Revenue - Additional I
Deferred Revenue - Additional Information (Detail) $ / shares in Units, € in Thousands, $ in Thousands | Feb. 13, 2018USD ($)$ / shares | Feb. 28, 2017USD ($) | Jan. 23, 2017EUR (€)shares | Jan. 23, 2017USD ($)shares | Feb. 28, 2018EUR (€) | Feb. 28, 2018USD ($) | Jan. 31, 2017USD ($) | Jun. 30, 2018EUR (€)shares | Jun. 30, 2018EUR (€)shares | Jun. 30, 2018USD ($)$ / shares | Jun. 30, 2017EUR (€) | [1] | Jun. 30, 2018USD ($)shares | Dec. 31, 2017EUR (€) |
Disclosure of deferred income [line items] | ||||||||||||||
Total deferred revenue | € 122,690 | € 122,690 | € 128,486 | |||||||||||
Purchase price per share | $ / shares | $ 18 | |||||||||||||
Aggregate purchase price | $ 55,800 | € 44,800 | $ 55,800 | $ 80,000 | 44,731 | € 74,431 | ||||||||
Non-refundable upfront payment received | $ | $ 120,000 | |||||||||||||
Upfront and Milestone Payments [member] | ||||||||||||||
Disclosure of deferred income [line items] | ||||||||||||||
Revenue recognized | € 300 | € 300 | ||||||||||||
Incyte Corporation [member] | ||||||||||||||
Disclosure of deferred income [line items] | ||||||||||||||
Non-refundable upfront payment receivable | $ | $ 120,000 | |||||||||||||
Common shares issued | shares | 3,200,000 | 3,200,000 | 3,200,000 | 3,200,000 | 3,200,000 | |||||||||
Purchase price per share | $ / shares | $ 25 | |||||||||||||
Aggregate purchase price | € 74,700 | $ 80,000 | $ 80,000 | |||||||||||
Remaining estimated amortization period | 7 years 6 months | 7 years 6 months | ||||||||||||
Incyte Corporation [member] | Deferred revenue [member] | ||||||||||||||
Disclosure of deferred income [line items] | ||||||||||||||
Non-refundable upfront payment received | € 112,000 | |||||||||||||
Fair value of derivatives | € 31,400 | 31,400 | ||||||||||||
Incyte collaboration agreement [member] | ||||||||||||||
Disclosure of deferred income [line items] | ||||||||||||||
Total deferred revenue | 120,600 | 120,600 | ||||||||||||
Simcere collaboration and license agreement [member] | ||||||||||||||
Disclosure of deferred income [line items] | ||||||||||||||
Total deferred revenue | 2,000 | 2,000 | ||||||||||||
Non-refundable upfront payment received | 2,300 | $ 2,750 | ||||||||||||
ONO Research and License Agreement [member] | ||||||||||||||
Disclosure of deferred income [line items] | ||||||||||||||
Total deferred revenue | 100 | 100 | ||||||||||||
Performance obligation recognized as revenue | € 100 | 1,100 | ||||||||||||
Paid for full time equivalent funding | 200 | |||||||||||||
Compensate for research service | 300 | |||||||||||||
ONO Research and License Agreement [member] | Deferred revenue [member] | ||||||||||||||
Disclosure of deferred income [line items] | ||||||||||||||
Non-refundable upfront payment received | € 700 | |||||||||||||
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) € / shares in Units, $ / shares in Units, $ in Millions | Feb. 15, 2018EUR (€) | Feb. 15, 2018USD ($) | Feb. 13, 2018USD ($)$ / shares | Jan. 23, 2017EUR (€) | Jan. 23, 2017USD ($)$ / sharesshares | Feb. 28, 2018EUR (€) | Feb. 28, 2018USD ($) | Jan. 31, 2017USD ($) | Jun. 30, 2018EUR (€)shares | Mar. 31, 2018EUR (€) | Jun. 30, 2017EUR (€)shares | Jun. 30, 2018EUR (€)shares | Jun. 30, 2018USD ($)shares$ / shares | Jun. 30, 2017EUR (€)shares | Feb. 13, 2018€ / sharesshares | Jan. 01, 2018shares | Dec. 31, 2017shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Purchase price | $ / shares | $ 18 | |||||||||||||||||
Aggregate purchase price | $ 55.8 | € 44,800,000 | $ 55.8 | $ 80 | € 44,731,000 | € 74,431,000 | [1] | |||||||||||
Issue price per share | € / shares | € 0.09 | |||||||||||||||||
Foreign currency translation | € 6,900,000 | € (2,800,000) | € (12,000,000) | 4,100,000 | (12,000,000) | |||||||||||||
Increased capital | 3,064 | 9,978 | ||||||||||||||||
Increased premium | € 62,635 | € 216,830 | € 62,635 | € 216,830 | ||||||||||||||
Number of share options exercised | shares | 34,041 | 34,041 | 110,869 | |||||||||||||||
Weighted average exercise price | € 1.93 | € 2.05 | ||||||||||||||||
Number of shares fully issued and paid | shares | 34,041 | 110,869 | 34,041 | 110,869 | ||||||||||||||
Share based payment expense | € 4,600,000 | € 7,900,000 | ||||||||||||||||
Option granted | shares | 469,068 | 469,068 | ||||||||||||||||
Weighted average exercise price | € 14.24 | € 14.24 | ||||||||||||||||
Weighted-average remaining contractual life | 8 years 2 months 12 days | 8 years 2 months 12 days | ||||||||||||||||
Weighted-average share price | € 0 | |||||||||||||||||
Number of share options outstanding in share-based payment arrangement | shares | 2,631,822 | 2,631,822 | 2,213,985 | |||||||||||||||
Number of new RSUs granted during the period | shares | 0 | 0 | ||||||||||||||||
Top of range [member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Weighted average exercise price | € 1.93 | € 1.93 | ||||||||||||||||
Bottom of range [member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Weighted average exercise price | € 27.47 | € 27.47 | ||||||||||||||||
Incyte Corporation [member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Common shares issued | shares | 3,200,000 | 3,200,000 | 3,200,000 | |||||||||||||||
Purchase price | $ / shares | $ 25 | |||||||||||||||||
Aggregate purchase price | € 74,700,000 | $ 80 | $ 80 | |||||||||||||||
Issue price per share | $ / shares | $ 25 | |||||||||||||||||
Proceeds from net of issuance costs | 74,400,000 | |||||||||||||||||
Change in fair value asset and discount on share | 1,100,000 | |||||||||||||||||
Foreign currency translation | 400,000 | |||||||||||||||||
Increased capital | 300,000 | |||||||||||||||||
Increased premium | € 73,400,000 | € 73,400,000 | ||||||||||||||||
Non-Executive Compensation Program [member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Percentage of initial vesting period | 33.00% | 33.00% | ||||||||||||||||
Percentage of remaining vesting options | 67.00% | 67.00% | ||||||||||||||||
Period of remaining option vesting period | 24 substantially equal monthly installments | 24 substantially equal monthly installments | ||||||||||||||||
Vesting period | Three-year period | Three-year period | ||||||||||||||||
Period of option will be vested and exercised | 12 substantially equal monthly installments | 12 substantially equal monthly installments | ||||||||||||||||
Description of grant award | Following the vesting commencement date, such that the subsequent award shall be fully vested on the first anniversary of the date of grant. | Following the vesting commencement date, such that the subsequent award shall be fully vested on the first anniversary of the date of grant. | ||||||||||||||||
2016 Plan [member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Description of options vested | Options granted under the 2016 Plan are exercisable once vested. | Options granted under the 2016 Plan are exercisable once vested. | ||||||||||||||||
Vesting period | 4 years | 4 years | ||||||||||||||||
Percentage of initial vesting period | 25.00% | 25.00% | ||||||||||||||||
Percentage of remaining vesting options | 75.00% | 75.00% | ||||||||||||||||
Period of remaining option vesting period | 36 monthly installments | 36 monthly installments | ||||||||||||||||
Percentage of vesting period | 100.00% | 100.00% | ||||||||||||||||
Description of option lapse | Options will lapse on the tenth anniversary of the date of grant. | Options will lapse on the tenth anniversary of the date of grant. | ||||||||||||||||
Vesting period of Restricted Stock Units vested | 4 years | 4 years | ||||||||||||||||
Number of common share entitled to receive | shares | 1 | 1 | ||||||||||||||||
Option granted | shares | 469,068 | 469,068 | ||||||||||||||||
Option grant fair value | € 4,400,000 | |||||||||||||||||
Increase in authorized share | shares | 1,090,368 | 777,194 | ||||||||||||||||
Ordinary shares [member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Number of shares fully issued and paid | shares | 22,632,800 | 19,396,720 | 22,632,800 | 19,396,720 | ||||||||||||||
Potential ordinary share transactions [member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Common shares issued | shares | 3,099,997 | |||||||||||||||||
Purchase price | $ / shares | $ 18 | |||||||||||||||||
Aggregate purchase price | $ | $ 55.8 | |||||||||||||||||
Potential ordinary share transactions [member] | Top of range [member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Received from issuance of private placement | $ | $ 55.8 | |||||||||||||||||
Potential ordinary share transactions [member] | Bottom of range [member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Received from issuance of private placement | € 44,800,000 | |||||||||||||||||
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Inputs Used in the Measurement of the Fair Values and the Related Fair Values at the Grant Dates (Detail) | Feb. 13, 2018$ / shares | Jun. 30, 2018€ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share price at grant date | $ / shares | $ 18 | |
Key management personnel [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected volatility (weighted-average) | 95.10% | |
Contractual life | 10 years | |
Expected dividends | 0.00% | |
Key management personnel [member] | Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value at grant date | € 9.34 | |
Share price at grant date | 14.57 | |
Exercise price | € 14.57 | |
Risk-free interest rate (based on government bonds) | 2.79% | |
Key management personnel [member] | Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value at grant date | € 9.45 | |
Share price at grant date | 14.87 | |
Exercise price | € 14.87 | |
Risk-free interest rate (based on government bonds) | 2.94% | |
All other employees [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected volatility (weighted-average) | 94.60% | |
Contractual life | 10 years | |
Expected dividends | 0.00% | |
All other employees [member] | Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value at grant date | € 9.30 | |
Share price at grant date | 14.57 | |
Exercise price | € 14.57 | |
Risk-free interest rate (based on government bonds) | 2.84% | |
All other employees [member] | Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value at grant date | € 10.37 | |
Share price at grant date | 18.24 | |
Exercise price | € 18.24 | |
Risk-free interest rate (based on government bonds) | 2.94% |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Reconciliation of Outstanding Share Options (Detail) | 6 Months Ended | |
Jun. 30, 2018shares€ / shares | Jun. 30, 2017shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Outstanding at January 1 | shares | 2,213,985 | |
Forfeited during the six-month period | shares | (12,044) | |
Expired during the six-month period | shares | (5,146) | |
Exercised during the six-month period | shares | (34,041) | (110,869) |
Granted during the six-month period | shares | 469,068 | |
Outstanding at June 30 | shares | 2,631,822 | |
Exercisable at June 30 | shares | 1,105,059 | |
Outstanding at January 1 | € / shares | € 13.99 | |
Forfeited during the six-month period | € / shares | 19.67 | |
Expired during the six-month period | € / shares | 14.02 | |
Exercised during the six-month period | € / shares | 1.93 | |
Granted during the six-month period | € / shares | 14.68 | |
Outstanding at June 30 | € / shares | 14.24 | |
Exercisable at June 30 | € / shares | € 12.18 |
Shareholders' Equity - Summar_3
Shareholders' Equity - Summary of Number of Share Options Outstanding (Detail) - shares | Jun. 30, 2018 | Dec. 31, 2017 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of outstanding share options | 2,631,822 | 2,213,985 |
Key management personnel [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of outstanding share options | 2,153,810 | |
All other employees [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of outstanding share options | 478,012 |
Shareholders' Equity - Summar_4
Shareholders' Equity - Summary of Reconciliation of RSU's (Detail) | 6 Months Ended |
Jun. 30, 2018EUR (€)shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Outstanding beginning balance | € | € 20.03 |
Forfeited during the six month period | € | 0 |
Vested during the six month period | € | 20.03 |
Granted during the six month period | € | 0 |
Outstanding ending balance | € | € 20.03 |
Outstanding beginning balance | shares | 194,546 |
Forfeited during the six month period | shares | 0 |
Vested during the six month period | shares | (76,245) |
Granted during the six month period | shares | 0 |
Outstanding ending balance | shares | 118,301 |
Revenue - Summary of Revenue (D
Revenue - Summary of Revenue (Detail) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Revenue [line items] | ||||||
Total Revenue | € 6,543 | € 6,237 | [1] | € 16,464 | € 10,121 | [1] |
Up-front payment amortization [member] | ||||||
Revenue [line items] | ||||||
Total Revenue | 4,250 | 3,973 | 9,087 | 6,898 | ||
Collaboration income [member] | ||||||
Revenue [line items] | ||||||
Total Revenue | 2,179 | 1,471 | 7,195 | 2,391 | ||
Revenue from contracts with customers [member] | ||||||
Revenue [line items] | ||||||
Total Revenue | 6,429 | 5,444 | 16,282 | 9,289 | ||
Income from grants on research projects [member] | ||||||
Revenue [line items] | ||||||
Total Revenue | € 114 | € 793 | € 182 | € 832 | ||
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - EUR (€) € in Thousands | Jun. 12, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Revenue [line items] | ||||||||
Revenue | € 6,543 | € 6,237 | [1] | € 16,464 | € 10,121 | [1] | ||
Grant income | 100 | 800 | € 200 | 800 | ||||
Reimbursement of grant | € 700 | |||||||
Payment terms related to receivables | 30 days | |||||||
Revenue recognized included in deferred revenue | € 7,900 | |||||||
Revenue recognized not included in deferred revenue | 1,300 | |||||||
Collaboration income [member] | ||||||||
Revenue [line items] | ||||||||
Revenue | 2,179 | 1,471 | 7,195 | 2,391 | ||||
Incyte collaboration agreement [member] | ||||||||
Revenue [line items] | ||||||||
Up-front payment amortization | 4,000 | 4,000 | 7,900 | 6,900 | ||||
Cost reimbursements | 2,000 | € 1,500 | 4,300 | |||||
ONO Research and License Agreement [member] | ||||||||
Revenue [line items] | ||||||||
Up-front payment amortization | 200 | 1,100 | ||||||
Cost reimbursements | 100 | 200 | € 2,400 | |||||
Milestone revenue | 2,500 | |||||||
Simcere collaboration and license agreement [member] | ||||||||
Revenue [line items] | ||||||||
Up-front payment amortization | 100 | 100 | ||||||
Milestone revenue | € 100 | 100 | ||||||
IFRS 15 revenue from contracts with customers [member] | ||||||||
Revenue [line items] | ||||||||
Decrease in Deferred revenue | € 8,700 | € 8,700 | ||||||
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Revenue - Disclosure Of Changes
Revenue - Disclosure Of Changes In Trade Receivables Contract Assets And Contract Liabilities Explanatory (Detail) € in Thousands | 6 Months Ended |
Jun. 30, 2018EUR (€) | |
Disclosure of changes in trade receivables, contract assets and contract liabilities [line items] | |
Trade and other receivables, beginning balance | € 1,594 |
Trade and other receivables, additions | 12,103 |
Trade and other receivables, deductions | (11,628) |
Trade and other receivables, ending balance | 2,069 |
Contract assets, beginning balance | 710 |
Contract assets, additions | 693 |
Contract assets, deductions | (957) |
Contract assets, ending balance | 446 |
Contract liabilities, beginning balance | 128,486 |
Contract liabilities, additions | 3,430 |
Contract liabilities, deductions | (9,226) |
Contract liabilities, ending balance | 122,690 |
Deferred revenue [member] | |
Disclosure of changes in trade receivables, contract assets and contract liabilities [line items] | |
Contract liabilities, beginning balance | 128,486 |
Contract liabilities, additions | 3,430 |
Contract liabilities, deductions | (9,226) |
Contract liabilities, ending balance | 122,690 |
Trade receivables [member] | |
Disclosure of changes in trade receivables, contract assets and contract liabilities [line items] | |
Trade and other receivables, beginning balance | 1,594 |
Trade and other receivables, additions | 12,103 |
Trade and other receivables, deductions | (11,628) |
Trade and other receivables, ending balance | 2,069 |
Unbilled receivables [member] | |
Disclosure of changes in trade receivables, contract assets and contract liabilities [line items] | |
Contract assets, beginning balance | 710 |
Contract assets, additions | 693 |
Contract assets, deductions | (957) |
Contract assets, ending balance | € 446 |
Total Operating Expenses - Summ
Total Operating Expenses - Summary of Total Operating Expenses (Detail) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Disclosure Of Operating Expenses [abstract] | ||||||
Manufacturing costs | € 5,580 | € 2,236 | € 9,858 | € 5,611 | ||
IP and license costs | 492 | 603 | 844 | 968 | ||
Personnel related R&D | 2,107 | 1,771 | 3,808 | 3,303 | ||
Other research and development costs | 4,344 | 3,810 | 8,311 | 5,545 | ||
Total research and development costs | 12,523 | 8,420 | [1] | 22,821 | 15,427 | [1] |
Management and administration costs | 2,639 | 3,492 | [1] | 5,491 | 7,694 | [1] |
Litigation costs | 552 | 104 | 849 | 394 | ||
Other operating expenses | 2,745 | 2,173 | 5,134 | 3,726 | ||
Total other expenses | 3,297 | 2,277 | [1] | 5,983 | 4,120 | [1] |
Total operating expenses | € 18,459 | € 14,189 | [1] | € 34,295 | € 27,241 | [1] |
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Total Operating Expenses - Addi
Total Operating Expenses - Additional Information (Detail) € in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018EUR (€) | Jun. 30, 2017EUR (€) | Jun. 30, 2018EUR (€) | Jun. 30, 2018USD ($) | Jun. 30, 2017EUR (€) | |||
Disclosure Of Operating Expenses [abstract] | |||||||
Research and development costs | € | € 12,523 | € 8,420 | [1] | € 22,821 | € 15,427 | [1] | |
Attorneys' fees | $ 8,332,453.46 | ||||||
Expert fees | 465,390.34 | ||||||
Litigation expenses and costs | $ 1,717,100.69 | ||||||
Litigation and opposition | € | € 600 | € 100 | € 800 | € 400 | |||
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Total Operating Expenses - Brea
Total Operating Expenses - Breakdown of Other Research and Development Costs (Detail) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure Of Operating Expenses [abstract] | ||||
Discovery and pre-clinicalcosts | € 1,078 | € 1,698 | € 1,763 | € 2,076 |
Clinical costs | 1,850 | 1,292 | 4,248 | 2,002 |
Other research and development costs | 1,416 | 820 | 2,300 | 1,467 |
Total other research and development costs | € 4,344 | € 3,810 | € 8,311 | € 5,545 |
Employee Benefits - Disclosure
Employee Benefits - Disclosure of Detailed Information About Employee Benefits (Detail) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Short-term employee benefits expense [abstract] | ||||
Salaries and wages | € 2,876 | € 2,451 | € 5,505 | € 4,182 |
WBSO subsidy | (733) | (953) | (1,900) | (2,005) |
Social security premiums | 198 | 146 | 449 | 293 |
Health insurance | 69 | 36 | 188 | 62 |
Pension costs | 188 | 181 | 390 | 322 |
Share award expense | 2,109 | 3,254 | 4,554 | 7,880 |
Other personnel expense | 224 | 148 | 433 | 264 |
Total employee benefits expense | € 4,931 | € 5,263 | € 9,619 | € 10,998 |
Employee Benefits - Schedule of
Employee Benefits - Schedule of Share-based Compensation Expenses Recognized as Employee Benefit Expenses (Detail) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure Of Share Of Equity Investment [line items] | ||||
Stock award expense | € 2,109 | € 3,254 | € 4,554 | € 7,880 |
Research and development costs [member] | ||||
Disclosure Of Share Of Equity Investment [line items] | ||||
Stock award expense | 714 | 673 | 1,525 | 1,798 |
Management and administration costs [member] | ||||
Disclosure Of Share Of Equity Investment [line items] | ||||
Stock award expense | 1,343 | 2,376 | 2,852 | 5,782 |
Other expenses [member] | ||||
Disclosure Of Share Of Equity Investment [line items] | ||||
Stock award expense | € 52 | € 205 | € 177 | € 300 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) € in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018EUR (€)Employees | Jun. 30, 2017EUR (€)Employees | Jun. 30, 2018EUR (€)Employees | Jun. 30, 2017EUR (€)Employees | |
Disclosure of employee benefits [line Items] | ||||
Received and recognized subsidies | € | € 0.7 | € 1 | € 1.9 | € 2 |
Number of employees | 85 | 64 | 85 | 64 |
Netherlands [member] | ||||
Disclosure of employee benefits [line Items] | ||||
Number of employees | 70 | 55 | 70 | 55 |
United States [member] | ||||
Disclosure of employee benefits [line Items] | ||||
Number of employees | 15 | 9 | 15 | 9 |
Management and administration costs [member] | ||||
Disclosure of employee benefits [line Items] | ||||
Number of employees | 18 | 13 | 18 | 13 |
Finance Income and Expense - Su
Finance Income and Expense - Summary of Finance Income and Expense (Detail) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Rental expenses on real estate [abstract] | ||||||
Interest income and similar income | € 494 | € 420 | € 834 | € 610 | ||
Net gain on foreign exchange | 6,917 | 4,111 | ||||
Finance income | 7,411 | 420 | [1] | 4,945 | 610 | [1] |
Interest expense | (1) | (1) | (10,667) | |||
Net loss on foreign exchange | (11,962) | (12,029) | ||||
Finance cost | € (1) | € (11,962) | [1] | € (1) | € (22,696) | [1] |
[1] | See Note 3 for details regarding the restatement as a result of a change in accounting policy. |
Finance Income and Expense - Ad
Finance Income and Expense - Additional Information (Detail) € in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018EUR (€) | Mar. 31, 2018EUR (€) | Jun. 30, 2017EUR (€) | Jun. 30, 2018EUR (€) | Jun. 30, 2018USD ($) | Jun. 30, 2017EUR (€) | Jun. 30, 2017USD ($) | |
Finance Income Expense [line items] | |||||||
Foreign exchange gain 9loss) | € | € 6.9 | € (2.8) | € (12) | € 4.1 | € (12) | ||
Foreign currency denominated cash and cash equivalent accounts and investment | $ 40.9 | $ 92.6 | |||||
Private placements [member] | |||||||
Finance Income Expense [line items] | |||||||
Increase in cash, cash equivalents | $ 55.8 |
Operating Lease - Additional In
Operating Lease - Additional Information (Detail) - EUR (€) € in Millions | May 01, 2018 | Nov. 01, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 |
Disclosure of operating lease [abstract] | |||||||
Rental expense | € 0.5 | € 0.4 | |||||
Operating lease term of lease agreement | 5 years | 2 years | |||||
Leases expiration period | Fourth quarter of 2021 | ||||||
Rent and service charges expense | € 0.3 | € 0.2 | € 0.5 | € 0.3 | |||
Deposits | € 0.1 | € 0.1 | € 0.1 |