Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | AC Immune SA |
Entity Central Index Key | 0001651625 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Common Stock, Shares Outstanding | 67,562,333 |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Balance Sheets
Balance Sheets SFr in Thousands, $ in Thousands | Dec. 31, 2018CHF (SFr) | Dec. 31, 2017CHF (SFr) |
Non-current assets | ||
Property, plant and equipment | SFr 3,324 | SFr 2,353 |
Long-term financial assets | 304 | 126 |
Total non-current assets | 3,628 | 2,479 |
Current assets | ||
Prepaid expenses | 2,364 | 1,440 |
Accrued income | 3,667 | 2,799 |
Finance receivable | 199 | 0 |
Other current receivables | 236 | 918 |
Short-term financial assets | 30,000 | 0 |
Cash and cash equivalents | 156,462 | 124,377 |
Total current assets | 192,928 | 129,534 |
Total assets | 196,556 | 132,013 |
Shareholders' equity | ||
Share capital | 1,351 | 1,147 |
Share premium | 298,149 | 188,299 |
Accumulated losses | (121,877) | (72,607) |
Total shareholders' equity | 177,623 | 116,839 |
Non-current liabilities | ||
Long-term debt obligation | 186 | 494 |
Net employee defined benefit liabilities | 5,665 | 4,926 |
Total non-current liabilities | 5,851 | 5,420 |
Current liabilities | ||
Trade and other payables | 1,979 | 1,092 |
Accrued expenses | 10,420 | 8,307 |
Deferred income | 351 | 355 |
Short-term debt obligation | 332 | 0 |
Total current liabilities | 13,082 | 9,754 |
Total liabilities | 18,933 | 15,174 |
Total shareholders' equity and liabilities | SFr 196,556 | SFr 132,013 |
Statements of Loss
Statements of Loss - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | |||
Contract revenue | SFr 7,194 | SFr 20,255 | SFr 23,214 |
Total revenue | 7,194 | 20,255 | 23,214 |
Operating expenses | |||
Research & development expenses | (44,277) | (32,663) | (25,774) |
General & administrative expenses | (12,467) | (10,131) | (7,896) |
Total operating expenses | (56,744) | (42,794) | (33,670) |
Operating loss | (49,550) | (22,539) | (10,456) |
Finance income / (expense), net | (1,132) | (4,055) | 3,324 |
Interest income | 29 | 330 | 43 |
Interest expense | (298) | (147) | (7) |
Finance result, net | (1,401) | (3,872) | 3,360 |
Loss before tax | (50,951) | (26,411) | (7,096) |
Income tax expense | 0 | 0 | 0 |
Loss for the period | SFr (50,951) | SFr (26,411) | SFr (7,096) |
Loss per share (EPS): | |||
Basic and diluted, income / (loss) for the period attributable to equity holders (in CHF per share) | SFr (0.82) | SFr (0.46) | SFr (0.14) |
Statements of Comprehensive Los
Statements of Comprehensive Loss - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statements of Comprehensive Loss [Abstract] | |||
Net loss for the period | SFr (50,951) | SFr (26,411) | SFr (7,096) |
Other comprehensive loss not to be reclassified to income or loss in subsequent periods (net of tax) | |||
Re-measurement losses on defined benefit plans (net of tax of CHF 0 for all periods) | (302) | (780) | (761) |
Total comprehensive loss, net of tax | SFr (51,253) | SFr (27,191) | SFr (7,857) |
Statements of Comprehensive L_2
Statements of Comprehensive Loss (Parenthetical) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other comprehensive loss not to be reclassified to income or loss in subsequent periods (net of tax) | |||
Income tax expense | SFr 0 | SFr 0 | SFr 0 |
Statements of Changes in Equity
Statements of Changes in Equity - CHF (SFr) SFr in Thousands | Total | Share Capital [Member] | Share Premium [Member] | Accumulated Losses [Member] |
Balance, beginning of period at Dec. 31, 2015 | SFr 71,043 | SFr 928 | SFr 110,496 | SFr (40,381) |
Net loss for the period | (7,096) | 0 | 0 | (7,096) |
Other comprehensive loss | (761) | 0 | 0 | (761) |
Total comprehensive loss, net of tax | (7,857) | 0 | 0 | (7,857) |
Share-based payments | 1,317 | 0 | 0 | 1,317 |
Preferred Series E extension shares | 13,205 | 28 | 13,177 | 0 |
Proceeds from IPO net of underwriting fees | 69,388 | 138 | 69,250 | 0 |
Issuance of shares: | ||||
Exercise of options | 301 | 41 | 260 | 0 |
Transaction costs | (5,017) | 0 | (5,017) | 0 |
Balance, end of period at Dec. 31, 2016 | 142,380 | 1,135 | 188,166 | (46,921) |
Net loss for the period | (26,411) | 0 | 0 | (26,411) |
Other comprehensive loss | (780) | 0 | 0 | (780) |
Total comprehensive loss, net of tax | (27,191) | 0 | 0 | (27,191) |
Share-based payments | 1,579 | 0 | 0 | 1,579 |
Proceeds from IPO net of underwriting fees | 0 | |||
Issuance of shares: | ||||
Restricted Share Awards | 0 | 0 | 74 | (74) |
Exercise of options | 71 | 12 | 59 | 0 |
Balance, end of period at Dec. 31, 2017 | 116,839 | 1,147 | 188,299 | (72,607) |
Net loss for the period | (50,951) | 0 | 0 | (50,951) |
Other comprehensive loss | (302) | 0 | 0 | (302) |
Total comprehensive loss, net of tax | (51,253) | 0 | 0 | (51,253) |
Share-based payments | 2,518 | 0 | 0 | 2,518 |
Proceeds from IPO net of underwriting fees | 111,529 | 200 | 111,329 | 0 |
Issuance of shares: | ||||
Restricted Share Awards | 1 | 1 | 535 | (535) |
Exercise of options | 4 | 3 | 1 | 0 |
Transaction costs | (2,015) | 0 | (2,015) | 0 |
Balance, end of period at Dec. 31, 2018 | SFr 177,623 | SFr 1,351 | SFr 298,149 | SFr (121,877) |
Statements of Cash Flows
Statements of Cash Flows - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities | |||
Net loss for the period | SFr (50,951) | SFr (26,411) | SFr (7,096) |
Adjustments to reconcile net income for the period to net cash flows: | |||
Depreciation of property, plant and equipment | 961 | 580 | 278 |
Finance result, net | 1,401 | 3,872 | (3,360) |
Share-based compensation expense | 2,518 | 1,579 | 1,317 |
Changes in net employee defined benefit liability | 437 | 348 | 250 |
Accrued interest | 50 | 99 | 0 |
Changes in working capital: | |||
Increase in prepaid expenses | (924) | (162) | (494) |
Increase in accrued income | (868) | (1,910) | (842) |
Decrease/(increase) in other current receivables | 698 | (401) | (248) |
Increase in accrued expenses | 2,113 | 2,940 | 1,564 |
Decrease/(increase) in deferred income | (18) | (156) | 476 |
Increase/(decrease) in long-term debt obligation | (53) | 204 | 0 |
Increase/(decrease) in trade and other payables | 864 | (2,853) | 2,592 |
Cash used in operating activities | (43,772) | (22,271) | (5,563) |
Interest income | 29 | 330 | 43 |
Finance costs | (335) | (153) | (126) |
Net cash flows used in operating activities | (44,078) | (22,094) | (5,646) |
Investing activities | |||
Short-term financial assets | (30,000) | 0 | 0 |
Purchases of property, plant and equipment | (1,858) | (1,802) | (899) |
Rental deposits | (178) | (40) | 0 |
Net cash flows used in investing activities | (32,036) | (1,842) | (899) |
Financing activities | |||
Proceeds from issuance of preferred Series E | 0 | 0 | 13,206 |
Proceeds from public offerings of common shares, net of underwriting fees | 111,529 | 0 | 69,388 |
Transaction costs on public offerings of common shares | (2,015) | 0 | (4,105) |
Proceeds from issuance of common shares | 5 | 71 | 301 |
Proceeds from long-term debt obligation | 198 | 200 | 0 |
Repayment of short-term debt obligation | (339) | 0 | 0 |
Net cash flows provided by financing activities | 109,378 | 271 | 78,790 |
Net increase/(decrease) in cash and cash equivalents | 33,264 | (23,665) | 72,245 |
Cash and cash equivalents, beginning of period | 124,377 | 152,210 | 76,522 |
Exchange gains on cash and cash equivalents | (1,179) | (4,168) | 3,443 |
Cash and cash equivalents, end of period | 156,462 | 124,377 | 152,210 |
Net increase/(decrease) in cash and cash equivalents | SFr 33,264 | SFr (23,665) | SFr 72,245 |
Statements of Cash Flows (Paren
Statements of Cash Flows (Parenthetical) SFr in Millions | 12 Months Ended |
Dec. 31, 2018CHF (SFr) | |
Supplementary non-cash activity include the following [Abstract] | |
Long-term debt reclassified to short-term debt | SFr 0.7 |
Finance receivables recorded to long-term obligations | 0.2 |
Write off of fixed assets | 0 |
Top of Range [Member] | |
Supplementary non-cash activity include the following [Abstract] | |
Non-cash purchase, property plant and equipment | SFr 0.1 |
General information
General information | 12 Months Ended |
Dec. 31, 2018 | |
General information [Abstract] | |
General information | 1. General information AC Immune SA (the “Company,” or “AC Immune,” “ACI,” “we,” “our,” “ours,” “us”) is a clinical stage biopharmaceutical company leveraging our two proprietary technology platforms to discover, design and develop novel, proprietary medicines for prevention, diagnosis and treatment of neurodegenerative diseases associated with protein misfolding. Misfolded proteins are generally recognized as the leading cause of neurodegenerative diseases, such as Alzheimer’s disease, or AD, and Parkinson’s disease, or PD, with common mechanisms and drug targets, such as Abeta, Tau and alpha-synuclein. Our corporate strategy is founded upon a three-pillar approach that targets Alzheimer’s disease, non-Alzheimer’s neurodegenerative diseases including neuro-orphan indications and diagnostics. We use our two unique proprietary platform technologies, SupraAntigen (conformation-specific biologics) and Morphomer (conformation-specific small molecules), to discover, design and develop medicines and diagnostics to target misfolded proteins. The Company was initially incorporated as a limited liability company on February 13, 2003 in Basel and effective August 25, 2003 was transitioned into a stock company. The Company’s corporate headquarters are located at EPFL Innovation Park Building B, 1015 Lausanne, Switzerland. |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2018 | |
Basis of preparation [Abstract] | |
Basis of preparation | 2. Basis of preparation Going concern The financial statements have been prepared on the basis that the Company will continue as a going concern after considering the Company’s cash position of CHF 156.5 million and short-term financial assets of CHF 30.0 million as of December 31, 2018. This total derives from multiple capital raising efforts and revenues from collaboration agreements. In Q3 2018, the Company completed three offerings, raising USD 117.5 (CHF 116.3) million in gross proceeds b efore underwriting discounts and expenses. To date, the Company has financed its cash requirements primarily from its public offerings, share issuances and revenues from collaboration agreements. The Company is a clinical stage company and is exposed to all the risks inherent to establishing a business. Inherent to the Company’s business are various risks and uncertainties, including the substantial uncertainty as to whether current projects will succeed. The Company’s success may depend in part upon its ability to (i) establish and maintain a strong patent position and protection, (ii) enter into collaborations with partners in the biotech and pharmaceutical industry, (iii) successfully move its product candidates through clinical development, (iv) attract and retain key personnel, and (v) acquire capital to support its operations. Statement of compliance The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These financial statements have been approved for issue by the Board of Directors on March 19, 2019. Basis of measurement The financial statements have been prepared under the historical cost convention except for items that are required to be accounted for at fair value. Functional currency The financial statements of the Company are presented in Swiss Francs (CHF), which is also the functional currency of the Company. All financial information presented in Swiss Francs (except for share capital and earnings per share data) has been rounded to the nearest thousand CHF (CHF thousands), unless otherwise indicated. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2018 | |
Summary of significant accounting policies [Abstract] | |
Summary of significant accounting policies | 3. Summary of significant accounting policies The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Current vs. non-current classification The Company presents assets and liabilities in the balance sheet based on current/non-current classification. The Company classifies all amounts to be realized or settled within 12 months after the reporting period to be current and all other amounts to be non-current. Foreign currency transactions Foreign currency transactions are translated into the functional currency Swiss Francs (CHF) using prevailing exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into CHF at rates of exchange prevailing at reporting date. Any gains or losses from these translations are included in the statements of loss in the period in which they arise. Revenue recognition Effective January 1, 2018, the Company adopted IFRS 15 Revenue from Contracts with Customers License of intellectual property If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are sold in conjunction with a related service, the Company uses judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the performance obligation is settled over time, the Company determines the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone payments At the inception of each arrangement that includes development, regulatory and/or commercial milestone payments, the Company evaluates whether the milestones are considered highly probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur in future periods, the associated milestone value is included in the transaction price. These amounts for the performance obligations under the contract are recognized as they are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments recorded would affect contract revenues and earnings in the period of adjustment. Research and Development Services The Company has certain arrangements with our collaboration partners that include contracting our full-time employees for research and development programs. The Company assesses if these services are considered distinct in the context of each contract and, if so, they are accounted for as separate performance obligations. These revenues are recorded in contract revenue as the services are performed. Contract Balances The Company receives payments and determines credit terms from its customers for its various performance obligations based on billing schedules established in each contract. The timing of revenue recognition, billings and cash collections results in billed other current receivables, accrued income (contract assets), and deferred income (contract liabilities) on the balance sheets. Amounts are recorded as other current receivables when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less. Research and development expenditure Given the stage of development of the Company’s products, all research expenditure is recognized as expense when incurred. Research and development expenditures include: ● the cost of acquiring, developing and manufacturing active pharmaceutical ingredients for product candidates that have not received regulatory approval, clinical trial materials and other research and development materials; ● fees and expenses incurred under agreements with contract research organizations, investigative sites, and other entities in connection with the conduct of clinical trials and preclinical studies and related services, such as administrative, data management, and laboratory services; ● fees and costs related to regulatory filings and activities; ● costs associated with pre-clinical and clinical activities; and ● employee-related expenses, including salaries and bonuses, benefits, travel and stock-based compensation expense For external research contracts, expenses include those associated with contract research organizations, or CROs. The invoicing from CROs for services rendered do not always align with work performed. We accrue the cost of services rendered in connection with CRO activities based on our estimate of the “stage of completion” for such contracted services. We maintain regular communication with our CRO vendors to gauge the reasonableness of our estimates and Registration costs for patents are part of the expenditure for research and development projects. Therefore, registration costs for patents are expensed when incurred as long as the research and development project concerned does not meet the criteria for capitalization. Property, plant and equipment Equipment is shown at historical acquisition cost, less accumulated depreciation and any accumulated impairment losses. Historical costs include expenditures that are directly attributable to the acquisition of the property, plant and equipment. Depreciation is calculated using a straight-line method to write off the cost of each asset to its residual value over its estimated useful life as follows: IT equipment 3 years Laboratory equipment 5 years Leasehold improvements / furniture 5 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. Where an asset’s carrying amount is greater than its estimated recoverable amount, it is written down to its recoverable amount. Gains and losses on disposals are determined by comparing the disposal proceeds with the carrying amount and are included in the statements of loss. Fair value of financial assets and liabilities The Company’s financial assets and liabilities are comprised of receivables, cash and cash equivalents, trade payables and debt obligations. The fair value of these financial instruments approximate their respective carrying values due to the short term maturity of these instruments and are held at their amortized cost in accordance with IFRS 9. Receivables Receivables are non-derivative financial assets with fixed payments that are not quoted in an active market. They arise when the Company provides money, goods or services directly to a debtor with no intention of trading the receivable. They are included in current assets, except for those with maturities greater than 12 months after the balance sheet date, which are classified as long-term assets. Receivables are recognized at their billing value. An allowance for doubtful accounts is recorded for potential estimated losses when there is evidence of the debtor’s inability to make required payments and the Company assesses on a forward looking basis the expected credit losses associated with these receivables held at amortized cost. Short-term financial assets Short-term financial assets are held with external financial institutions and comprise fixed-term deposits with maturities ranging from more than 3 until 12 months in duration. Cash and cash equivalents Cash and cash equivalents include deposits held with external financial institutions and cash on hand. All cash and cash equivalents are either in cash or in deposits with original duration of less than 3 months. The Company assesses at each period whether there is objective evidence that financial assets are impaired. Trade payables Trade payables are amounts due to third parties in the ordinary course of business. Debt obligations The Company’s debt obligations relate to its agreement with a third party and are measured as of the period end date based on the repayment terms when originated. Share capital and public offerings Ordinary (Common) Shares are classified as equity, as were all Preferred Shares previously outstanding prior to the IPO. Expenses directly attributable to the issuance of new shares are shown in equity as a deduction, net of tax, from the proceeds. See Note 8, “Share Capital.” Employee benefits Post-employment benefits The Company operates the mandatory pension schemes for its employees in Switzerland. The schemes are generally funded through payments to insurance companies. The Company has a pension plan designed to pay pensions based on accumulated contributions on individual savings accounts. However, this plan is classified as a defined benefit plan under IAS 19. The net defined benefit liability is the present value of the defined benefit obligation at the balance sheet date minus the fair value of plan assets. Significant estimates are used in determining the assumptions incorporated in the calculation of the pension obligations, which is supported by input from independent actuaries. The defined benefit obligation is calculated annually with the assistance of an independent actuary Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest), are recognized immediately in Other Comprehensive Loss. Past service costs, including curtailment gains or losses, are recognized immediately as a split in research and development and general and administrative expenses within the operating results. Settlement gains or losses are recognized in either research and development and/or general and administrative expenses within the operating results. The Company determines the net interest expense (income) on the net defined benefit liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period or in case of any significant events between measurement dates to the then-net defined benefit liability, taking into account any changes in the net defined benefit liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in the statement of income. Share-based compensation The Company operates an equity-settled, share-based compensation plan. The fair value of the employee services received in exchange for the grant of equity based awards is recognized as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the instruments granted, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of instruments that are expected to become exercisable. At each balance sheet date, the Company revises its estimates of the number of instruments that are expected to become exercisable. It recognizes the impact of the revision of original estimates, if any, prospectively in the income statement, and a corresponding adjustment to equity over the remaining vesting period. Stock options granted under the Company’s stock option plans A, B, C and the 2016 Stock Option and Incentive Plan are valued using the Black-Scholes option pricing model (see Note 16). This valuation model as well as parameters used such as expected volatility and expected term of the stock options are partially based on management’s estimates. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. We estimate the fair value of non-vested stock awards (restricted shares and restricted share units) using a reasonable estimate of market value of the common stock on the date of the award. We classify our share-based payments as equity-classified awards as they are settled in shares of our common stock. We measure equity-classified awards at their grant date fair value and do not subsequently remeasure them. Compensation costs related to equity-classified awards are equal to the fair value of the award at grant-date amortized over the vesting period of the award using the graded method. We reclassify that portion of vested awards to share premium as the awards vest. Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events where it is more likely than not that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Taxation Current income tax assets and liabilities for the period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the tax amounts are those that are enacted or substantively enacted, at the reporting date in accordance with the fiscal regulations of the respective country where the Company operates and generates taxable income. Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. If required, deferred taxation is provided in full using the liability method, on all temporary differences at the reporting dates. It is calculated at the tax rates that are expected to apply to the period when it is anticipated the liabilities will be settled, and it is based on tax rates (and laws) that have been enacted or substantively enacted at the reporting date. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Although the Company has substantial tax loss carryforwards, historically, due to the fact that the Company had limited certainty on the achievement of key milestones, it has not recognized any deferred tax assets as the probability for use is low. Earnings per share The Company presents basic earnings per share for each period in the financial statements. The earnings per share is calculated by dividing the earnings of the period by the weighted average number of shares (common and preferred) outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if dilutive securities such as share options were vested or exercised into common shares or resulted in the issuance of common shares that would participate in net income. Anti-dilutive shares are excluded from basic and dilutive earnings per share calculation. Preferred shares Judgment was required in determining the classification of the Preferred Shares issued by the Company as either equity or liabilities. The Preferred shareholders received certain preference rights that represented a significant proportion of the net assets of the Company in the case of liquidation or certain exit events, the occurrence of which was outside the control of the Company. These Preferred Shares remained outstanding until the Company completed an IPO in September 2016 and at that time the Preferred Shares were converted from Preferred Shares to Common Shares on a one-for-one basis. Critical judgments and accounting estimates The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The areas where AC Immune has had to make judgments, estimates and assumptions relate to (i) revenue recognition on collaboration and licensing agreements, (ii) clinical development accruals, (iii) net employee defined benefit liability, (iv) income taxes and (v) share-based compensation. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Income taxes As disclosed in Note 14, the Company has tax losses that can generally be carried forward for a period of 7 years from the period the loss was incurred. These tax losses represent potential value to the Company to the extent that the Company is able to create taxable profits before the expiry period of these tax losses. The Company has not recorded any deferred tax assets in relation to these tax losses. Segment reporting The Company has one segment. The Company currently focuses all of its resources on discovering and developing therapeutic and diagnostic products targeting misfolded proteins. The Company is managed and operated as one business. A single management team that reports to the chief operating decision maker comprehensively manages the entire business. Accordingly, the Company views its business and manages its operations as one reportable segment. Non-current assets are located in and revenue is attributable to the Company’s country of domicile, Switzerland. Accounting pronouncements – not yet adopted The following pronouncements from the IASB will become effective for future financial reporting periods and have not yet been adopted by AC Immune. IFRS 16 Leases There are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. Accounting pronouncements – recently adopted IFRS 15 Revenue from Contracts with Customers In May 2014, the International Accounting Standards Board (IASB) issued IFRS 15 – Revenue from Contracts with Customers Construction Contracts Revenue IFRS 9 Financial Instruments IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment [Abstract] | |
Property, plant and equipment | 4. Property, plant and equipment in CHF thousands Furniture Computers /IT Lab Equipment Leasehold Improvements Total Acquisition Cost: Balance at December 31, 2017 85 569 4,161 272 5,087 Acquisitions 41 456 1,357 78 1,932 Disposals — — (151 ) — (151 ) Balance at December 31, 2018 126 1,025 5,367 350 6,868 Accumulated depreciation: Balance at December 31, 2017 (59 ) (259 ) (2,311 ) (105 ) (2,734 ) Depreciation expense (18 ) (196 ) (697 ) (50 ) (961 ) Disposals — — 151 — 151 Balance at December 31, 2018 (77 ) (455 ) (2,857 ) (155 ) (3,544 ) Carrying Amount: December 31, 2017 26 310 1,850 167 2,353 December 31, 2018 49 570 2,510 195 3,324 in CHF thousands Furniture Computers /IT Lab Equipment Leasehold Improvements Total Acquisition Cost: Balance at December 31, 2016 81 298 2,792 103 3,274 Acquisitions 4 271 1,369 169 1,813 Balance at December 31, 2017 85 569 4,161 272 5,087 Accumulated depreciation: Balance at December 31, 2016 (45 ) (172 ) (1,858 ) (79 ) (2,154 ) Depreciation expense (14 ) (87 ) (453 ) (26 ) (580 ) Balance at December 31, 2017 (59 ) (259 ) (2,311 ) (105 ) (2,734 ) Carrying Amount: December 31, 2016 36 126 934 24 1,120 December 31, 2017 26 310 1,850 167 2,353 For the years ended December 31, 2018, 2017 and 2016, the Company incurred CHF 1.0 million, 0.6 million and CHF 0.3 million in depreciation expense, respectively. |
Cash and cash equivalents and f
Cash and cash equivalents and financial assets | 12 Months Ended |
Dec. 31, 2018 | |
Cash and cash equivalents and financial assets [Abstract] | |
Cash and cash equivalents and financial assets | 5. Cash and cash equivalents and financial assets The following tables summarize the Company’s cash and cash equivalents and short-term financial assets as of December 31, 2018 and 2017: As of December 31, in CHF thousands 2018 2017 Cash and cash equivalents 156,462 124,377 Total 156,462 124,377 As of December 31, in CHF thousands 2018 2017 Short-term financial assets due in one year or less 30,000 — Total 30,000 — The Company’s cash and cash equivalents are maintained in the following respective currencies as of December 31, 2018 and 2017: As of December 31, in CHF thousands 2018 2017 Cash and cash equivalents 156,462 124,377 Total 156,462 124,377 By currency CHF 126,218 103,272 EUR 11,471 3,658 USD 18,773 17,447 Total cash and cash equivalents 156,462 124,377 At the balance sheet dates, Company funds were held in CHF, EUR and USD currencies. As of December 31, 2018 and 2017, funds in EUR and USD were translated into CHF at a rate of 1.125 and 0.983 and 1.169 and 0.976, respectively for each currency and year. The Company also has two deposits in escrow accounts totaling CHF 0.3 million and 0.1 million for the lease of the Company’s premises as of December 31, 2018 and 2017, respectively. |
Prepaid expenses and accrued in
Prepaid expenses and accrued income | 12 Months Ended |
Dec. 31, 2018 | |
Prepaid expenses and accrued income [Abstract] | |
Prepaid expenses and accrued income | 6. Prepaid expenses and accrued income As of December 31, in CHF thousands 2018 2017 Prepaid expenses 2,364 1,440 Accrued income 3,667 2,799 Total 6,031 4,239 The prepaid expenses relate mainly to research contracts with down-payments at contract signature and the related activities will start or continue into 2019. Accrued income consists of CHF 1.2 million as of December 31, 2018 associated with our Biogen collaboration and CHF 2.1 million associated with our Janssen collaboration (see Note 11). This amount represents 33.5% and 56.8%, respectively of our total accrued income as of December 31, 2018. |
Other current receivables
Other current receivables | 12 Months Ended |
Dec. 31, 2018 | |
Other current receivables [Abstract] | |
Other current receivables | 7. Other current receivables As of December 31, in CHF thousands 2018 2017 Other receivables 17 691 Swiss VAT 209 112 Withholding tax 10 115 Total 236 918 The maturity of these assets is less than three months. The Company considers the counterparty risk as low and the carrying amount of these receivables is considered to approximate their fair value. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2018 | |
Share capital [Abstract] | |
Share capital | 8. Share capital As of December 31, 2018 and 2017, the issued share capital amounted to CHF 1,351,364 and CHF 1,147,104 respectively and comprised of Common Shares of 67,562,333 and 57,355,188, respectively. The table below summarizes the Company’s capital structure: Common Shares in CHF thousands Number Share Capital Share Premium December 31, 2016 56,773,392 1,135 188,166 Issuance of Shares – Incentive Plans 581,796 12 133 December 31, 2017 57,355,188 1,147 188,299 Issuance of Shares – Incentive Plans 207,145 4 537 Issuance of Shares – Public Offering (net of transaction costs) 10,000,000 200 109,313 December 31, 2018 67,562,333 1,351 298,149 The Common Shares nominal values of CHF 0.02 per share are fully paid in. Preferred Shares AC Immune had five classes (Class A, B, C, D and E) of Preferred Shares outstanding as of December 31, 2015. These Preferred Shares remained outstanding until the Company completed an IPO in September 2016 and at that time the Preferred Shares were converted to Common Shares on a one-for-one basis. The Preferred Shares were a class of shares that AC Immune SA issued in connection with five separate capital increases and conveyed voting rights and certain other rights to their holders. The holders of Preferred Shares owned 80.1% of the total amount of shares outstanding (assuming conversion of the Preferred Shares into Common Shares on a one-for-one basis) as of December 31, 2015 and the Company’s Board of Directors were predominantly the holders of Preferred Shares. The Preferred Shares had been the primary source of equity financing for the Company for more than 13 years until the Company completed an IPO in September 2016, at which point all Preferred Shares were converted to Common Shares. The Preferred Shares did not have mandatory redemption features; however, the Shareholders’ Agreement provided for conversion of Preferred Shares into Common Shares as a result of an IPO. The redemption of the Preferred Shares was authorized by the Company’s Board of Directors. The voting rights associated with Preferred Shares were the same as for Common Shares. Each Preferred Share entitled the holder to one vote. No dividends were paid on the Preferred Shares and the holders of Preferred Shares were not entitled to any dividends unless dividends are paid on the Common Shares. The Preferred Shares had a liquidation preference wherein, in the event of a change of control or a liquidation of the Company, the holders of Preferred Shares were entitled to receive, prior and in preference to the holders of Common Shares, the amount corresponding to the price paid for each Preferred Share. Thereafter, all holders of Preferred Shares participated with the holders of Common Shares on an as-if-converted basis in any remaining proceeds. On April 15, 2016, AC Immune completed a private placement of Series E preferred shares, each with a nominal value of CHF 0.02 per share (the “Series E Private Placement Extension”). An aggregate 1,401,792 Series E preferred shares were issued at a price of USD 9.64 (CHF 9.42) per preferred share to certain strategic investors, individuals and existing shareholder in the Series E Private Placement Extension for an aggregate subscription amount of approximately USD 13.5 (CHF 13.2) million. The Series E preferred shares had substantially the same terms as the Series A, B, C and D preferred shares and were accounted for as equity on AC Immune’s balance sheet and subsequently converted to Common Shares as a result of the IPO. Initial Public Offering (IPO) On September 22, 2016, AC Immune successfully priced a 6.0 million common share IPO at USD 11.00 per share. On the same day, the underwriters exercised the overallotment option which resulted in a further 900,000 common shares being placed in the market and took the total number of shares offered to investors to 6.9 million common shares. The gross proceeds received were USD 75.9 (CHF 74.5) million while the proceeds net of underwriting fees amounted to USD 70.6 (CHF 69.3) million. The IPO resulted in an increase of CHF 64.2 million in the share premium of AC Immune excluding the effect of transaction costs associated with the IPO related to the issuance of new shares. Transaction costs associated with the IPO and related to the issuance of new shares were charged directly against the share premium account thereby reducing the total equity reported. Follow-On Offerings On July 24, 2018, the Company announced that it had closed the first subscription rights offering and underwritten primary offering of its common shares, and that the underwriters had exercised in full their option to purchase an additional 1,108,695 shares at a price per share of USD 11.75. The underwriters’ exercise of the option to purchase additional shares brought the total number of common shares sold by the Company to 8,500,000 shares, resulting in total gross proceeds raised in these offerings, before underwriting discounts and estimated expenses of the offering, to approximately USD 99.9 (CHF 98.9) million. On July 20, 2018, the Company commenced a second subscription rights offering of up to 1,500,000 shares. At closing of the second subscription rights offering on July 31, 2018, the Company issued 1,500,000 additional common shares, resulting in gross proceeds of approximately USD 17.6 (CHF 17.4) million. At the conclusion of these three offerings, the Company raised gross proceeds of USD 117.5 (CHF 116.3) million. Net underwriting fees and transaction costs totaled CHF 6.8 million for a net total of CHF 109.5 million. Shelf Registration Statement On May 4, 2018, the Company filed a shelf registration statement on Form F-3 (Reg. No. 333-2246694) (the “Shelf Registration Statement”) with the SEC. The Shelf Registration Statement was declared effective by the SEC on June 8, 2018. The Shelf Registration Statement allows the Company to offer and sell, from time to time, up to USD 350,000,000 of common stock, debt securities, warrants, purchase contracts, units, subscription rights or any combination of the foregoing in one or more future public offerings. The terms of any future offering would be determined at the time of the offering and would be subject to market conditions and approval by the Company’s Board of Directors. Any offering of securities covered by the Shelf Registration Statement will be made only by means of a written prospectus and prospectus supplement authorized and filed by the Company. Since the Company raised USD 117,500,000 in its three offerings completed in July 2018, the Company may execute one or more future offering of securities covered by the Shelf Registration Statement up to USD 232,500,000. |
Trade payables, accrued liabili
Trade payables, accrued liabilities and deferred income | 12 Months Ended |
Dec. 31, 2018 | |
Trade payables, accrued liabilities and deferred income [Abstract] | |
Trade payables and accrued liabilities | 9. Trade payables, accrued liabilities and deferred income As of December 31, in CHF thousands 2018 2017 Trade and other payables 1,979 1,092 Accrued research and development costs 6,803 5,430 Accrued payroll expenses 2,482 2,420 Other accrued expenses 1,135 457 Deferred income 351 355 Total 12,750 9,754 An accrual of CHF 1.8 million and CHF 1.1 million was recognized for performance-related remuneration within Accrued payroll expenses for 2018 and 2017, respectively. For the year ended December 31, 2018 and 2017, the Company has recorded CHF 0.4 million in deferred income in relation to research funding commitments from Biogen. |
Debt obligation
Debt obligation | 12 Months Ended |
Dec. 31, 2018 | |
Debt obligation [Abstract] | |
Debt obligation | 10. Debt obligation On January 4, 2016, September 13, 2016 and January 26, 2018 for fiscal years 2016, 2017 and 2018, respectively, AC Immune obtained separate funding commitment notices from the LuMind Research Down Syndrome Foundation (“LuMind”) totaling USD 200 thousand in each instance. Per the Research Grant Agreement, AC Immune has an obligation to reimburse LuMind for an amount equal to 125% of the then funding commitment made by LuMind to AC Immune. On October 31, 2018, LuMind and the Company modified the repayment terms in an effort to fund a Down Syndrome Clinical Trials Network. The repayment terms were modified such that the Company will repay the outstanding balance in three installments in 2018, 2019 and 2020, with the total repayment to equal the total the Company is to receive in funding with the additional 25% interest. The Company accounted for this modification as an extinguishment within IFRS 9 and recorded a CHF 0.1 million extinguishment gain with Finance result, net in the statements of loss. The Company reclassified a certain portion of Long-term debt obligation from non-current to current liabilities in the balance sheets to reflect the amended repayment terms. Additionally, per this modified payment term, the Company and LuMind memorialized the receipt of one final USD 200 (CHF 199) thousand payment due from LuMind in 2019. The Company has recorded this as a finance receivable and an increase to the obligation accordingly. AC Immune has recorded in current liabilities a Short-term debt obligation for the total USD 334 (CHF 332) thousand committed. As of December 31, 2018 and 2017, the Company recorded a Long-term debt obligation for the total USD 187 (CHF 186) thousand and USD 500 (CHF 494) thousand, respectively. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2018 | |
Revenues [Abstract] | |
Revenues | 11. Revenues The Company enters into licensing agreements which are within the scope of IFRS 15, under which it licenses certain rights to its product candidates and IP to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, up-front license fees; development, regulatory and/or commercial milestone payments; payments for research and clinical services the Company provides through either its full-time employees or third-party vendors; and royalties on net sales of licensed products commercialized from the Company’s IP. Each of these payments results in license, collaboration and other revenues, which are classified as contract revenue on the statements of loss, except for revenues from royalties on net sales of products commercialized from the Company’s IP, which are classified as royalty revenues. Licenses of intellectual property: Milestone payments: Research and development services: Sublicense revenues: The Company has certain arrangements with our collaboration partners that include provisions for sublicensing. The Company recognizes any sublicense revenues at the point in time it is highly probable to obtain and not subject to reversal in the future. Royalties: Contract balances: The following table presents changes in the Company’s contract assets and liabilities during the years ended December 31, 2018 and 2017 (in CHF thousands): Balance at the beginning of the reporting period Additions Deductions Balance at the end of the reporting period Twelve months ended December 31, 2018: Accrued Income 2,799 5,846 (4,978 ) 3,667 Deferred Income 355 1,533 (1,537 ) 351 Twelve months ended December 31, 2017: Accrued Income 889 3,813 (1,903 ) 2,799 Deferred Income 521 1,250 (1,416 ) 355 During the years ended December 31, 2018 and 2017, the Company recognized the following revenues as a result of changes in the contract asset and the contract liability balances in the respective periods (in CHF thousands): For the Years Ended Revenues recognized in the period from: 2018 2017 Amounts included in the contract liability at the beginning of the period 1,551 1,401 The following tables provide contract revenue amounts by year indicated included in the Company's accompanying financial statements attributable to transactions arising from its licensing arrangements. For the Years Ended in CHF thousands, by partner 2018 2017 2016 Genentech — 14,000 14,001 Janssen 2,157 1,239 6,628 Life Molecular Imaging — 1,080 7 Biogen 4,024 3,930 2,100 Other 1,013 6 478 Total contract revenue 7,194 20,255 23,214 Biogen and Janssen accounted for 56% and 30% of our contract revenues in 2018, respectively. Genentech and Biogen accounted for 69% and 19% of our contract revenues in 2017, respectively. Genentech and Janssen accounted for 60% and 29% of our contract revenues in 2016, respectively. Anti-Abeta antibody in AD – 2006 agreement with Genentech In November 2006, AC Immune signed an exclusive, worldwide licensing agreement for crenezumab, our humanized monoclonal antibody targeting misfolded Abeta. The value of this partnership is potentially greater than USD 340 (CHF 339) million. The term of the Agreement commenced on the Effective Date and, unless sooner terminated by mutual agreement or pursuant to any other provision of the Agreement, terminates on the date on which all obligations between the Parties with respect to the payment of milestones or royalties with respect to Licensed Products have passed or expired. Genentech commenced a first Phase 3 clinical study in March 2016 for crenezumab. In March 2017, Genentech started a second Phase 3 clinical trial. If crenezumab receives regulatory approval, we will be entitled to receive royalties that are tied to annual sales volumes with different royalty rates applicable in the U.S. and Europe. To date, we have received total milestone payments of USD 65 million (CHF 70.1 million) comprised of a USD 25 (CHF 31.6) million up-front payment and USD 40 (CHF 38.2) million for clinical development milestones achieved all in prior to January 1, 2017. Genentech may terminate the agreement at any time by providing three months’ notice to us. In such event all costs incurred are still refundable. AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Genentech is a customer. The Company identified the following performance obligations under the contract: (i) a right-to-use license and (ii) conduct of research under a research plan. The Company considered the research and development capabilities of Genentech and Genentech’s right to sublicense to conclude that the license has stand-alone functionality and is distinct. The Company’s obligation to perform research does not significantly impact or modify the licenses’ granted functionality. At execution of the agreement, the transaction price included the USD 25 (CHF 31.6) million up-front consideration received. At inception, none of the clinical or regulatory milestones had been included in the transaction price, as all milestone amounts were fully constrained. The Company has received three milestone payments since inception totaling USD 40 (CHF 38.2) million. The Company could receive greater than USD 275 (CHF 274) million or more for further regulatory milestones for this exclusive, worldwide alliance. In assessing that future regulatory milestones are fully constrained, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to royalties will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Genentech and therefore have also been excluded from the transaction price. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. For the years ended December 31, 2018, 2017 and 2016, we have recognized no revenues from this arrangement. Anti-Tau antibody in AD – 2012 agreement with Genentech In June 2012, we entered into a second agreement with Genentech to commercialize anti-Tau antibodies for use as immunotherapeutics. The value of this exclusive, worldwide alliance is potentially greater than CHF 400 million and includes upfront and clinical, regulatory and commercial milestone payments. In addition to milestones, we will be eligible to receive royalties on sales at a percentage rate ranging from the mid-single digits to the high-single digits. The agreement also provides for collaboration on two additional indications built on the same anti-Tau antibody program as well as potential anti-Tau diagnostic products. The term of the Agreement commenced on the Effective Date and, unless sooner terminated by mutual agreement or pursuant to any other provision of the Agreement, terminates on the date on which all obligations between the Parties with respect to the payment of milestones or royalties with respect to Licensed Products have passed or expired. To date, we have received payments totaling CHF 59 million, including a CHF 14 million milestone payment received and recognized in the fourth quarter of 2017 associated with the first patient dosing in a Phase 2 clinical trial for Alzheimer’s disease with an anti-Tau monoclonal body known as RG6100, a CHF 14 million milestone payment recognized in the second quarter of 2016 and received in July 2016, associated with the announcement of the commencement of the Phase 1 clinical study of the lead anti-Tau antibody candidate and a CHF 14 million milestone payment received in 2015 in connection with the ED-GO decision. As we met all performance obligations on reaching these milestones, we have recognized revenue in the respective periods. AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Genentech is a customer. The Company identified the following performance obligations under the contract: (i) a right-to-use license and (ii) conduct research under a research plan. The Company considered the research and development capabilities of Genentech and Genentech’s right to sublicense to conclude that the license has stand-alone functionality and is distinct. The Company’s obligation to perform research does not significantly impact or modify the licenses’ granted functionality. At execution of the agreement, the transaction price included CHF 17 million up-front consideration received. At inception, none of the clinical or regulatory milestones had been included in the transaction price, as all milestone amounts were fully constrained. The Company has received three milestones since inception totaling CHF 42 million. The Company could also receive up to an additional CHF 368.5 million in clinical, regulatory and commercial milestones. In assessing that future clinical, regulatory or commercial milestones are fully constrained, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Genentech and therefore have also been excluded from the transaction price. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. For the years ended December 31, 2018, 2017 and 2016, we have recognized nil, CHF 14 million and CHF 14 million from this arrangement, respectively. Tau Vaccine in AD – 2014 agreement with Janssen Pharmaceuticals In December 2014, we entered into an agreement with Janssen Pharmaceuticals, Inc., one of the Janssen Pharmaceutical Companies of Johnson & Johnson, to develop and commercialize therapeutic anti-Tau vaccines for the treatment of AD and potentially other Tauopathies. The value of this partnership is potentially up to CHF 500 million and includes upfront and clinical, regulatory and commercial milestones. We and Janssen will co-develop the two second generation lead therapeutic vaccines, , through Phase 1b/2a completion. From Phase 2b and onwards, Janssen will assume responsibility for the clinical development, manufacturing and commercialization of one selected second generation vaccine. active therapeutic vaccines stimulating the patient’s immune system to produce a polyclonal antibody response against phosphorylated Tau protein. In July 2017, AC Immune and Janssen entered into a Second Amendment to the December 2014 License, Development and Commercialization Agreement. The Amendment allows for the alignment of certain payment provisions with the new Development Plan and Research Plan activities. AC Immune and Janssen will jointly share R&D costs until the completion of the first Phase 2b. Under the terms of the agreement, Janssen may terminate the agreement at any time after completion of the first Phase 1b clinical study by providing 90 days’ notice to us. If not otherwise terminated, the Agreement shall continue until the expiration of all royalty obligations as outlined in the contract. The agreement also allows for the expansion to a second indication based on the same anti-Tau vaccine program and based on intellectual property related to this program. The Company received a CHF 25.9 million up-front, non-refundable license fee which we recognized as revenue in 2014. In May 2016, we received a CHF 4.9 million payment for reaching a clinical milestone in the Phase 1b study. As we met all performance obligations on reaching the milestone, we have recognized this income as revenue. AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Janssen is a customer. The Company identified the following performance obligations under the contract: (i) a right-to-use license and (ii) research and development services including a Development and CMC work plan. The Company considered the research and development capabilities of Janssen, Janssen’s right to sublicense, and the fact that the research and development services are not proprietary and can be provided by other vendors, to conclude that the license has stand-alone functionality and is distinct. The Company’s obligation to perform research and development services does not significantly impact or modify the licenses’ granted functionality. Based on these assessments, the Company identified the license and the research and development services as the performance obligations at the inception the arrangement, which were deemed to be distinct in the context of the contract. At execution of the agreement, the transaction price included only the CHF 25.9 million up-front consideration received. At inception, none of the clinical, regulatory or commercial milestones has been included in the transaction price, as all milestone amounts were fully constrained. The Company did receive a CHF 4.9 million payment for reaching a clinical milestone in the first Phase 1b study in May 2016. The Company could also receive up to more than CHF 458 million in clinical, regulatory and commercial milestones as well as tiered, high-single digit to mid-double digit royalties on aggregate net sales of products. In assessing that future clinical, regulatory or commercial milestones are fully constrained, the Company considered numerous factors to determine that these milestones are not highly probable to obtain, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Janssen and therefore have also been excluded from the transaction price. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. For the years ended December 31, 2018, 2017 and 2016, we have recognized revenues totaling CHF 2.2 million, CHF 1.2 million and CHF 6.6 million, respectively. Tau-PET imaging agent in AD –2014 agreement with Life Molecular Imaging (formerly Piramal Imaging SA) In May 2014, AC Immune SA entered into an agreement, our first diagnostic partnership with Life Molecular Imaging (“Life Molecular”), the former Piramal Imaging SA. The partnership with Life Molecular is an exclusive, worldwide licensing agreement for the research, development and commercialization of the Company’s Tau protein positron emission tomography (PET) tracers supporting the diagnosis and clinical management of AD and potential Tau-related disorders and includes upfront and sales milestone payments totaling up to EUR 157 (CHF 179) million, plus royalties on sales at a percentage rate ranging from mid-single digits to low double digits. Life Molecular may terminate this Agreement at any time after the first 18 months from the Effective Date of this Agreement upon 3 months prior written notice. If not otherwise terminated, the Agreement shall continue until the date of expiration of the last to expire Royalty Term. In connection with this agreement, AC Immune received a EUR 500 (CHF 664) thousand payment which was fully recognized in 2015. In March 2017, we invoiced Life Molecular for a EUR 1.0 (CHF 1.1) million milestone related to the initiation of “Part B” of the first-in-man Phase 1 clinical trial for PSP (Progressive Supranuclear Palsy). As we met all performance obligations on reaching the milestone, we have recognized this milestone as revenue in the first quarter of fiscal 2017. The Company is eligible to receive variable consideration related to the achievement of certain clinical milestones totaling EUR 6 (CHF 7) million should the compound make it through to Phase 3 clinical studies. We are also eligible to receive potential regulatory and sales based milestones totaling EUR 150 (CHF 171) million. The Company is also eligible for royalties from the mid-single digits to low-double digits. AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Life Molecular is a customer. The Company has identified that the right-to-use license as the only performance obligation. The Company determined that transaction price based on the defined terms allocated to each performance obligation specified in the contract. The upfront payment constitutes the amount of consideration to be included in the transaction price and has been allocated to the license. None of the clinical, regulatory and commercial milestones have been included in the transaction price as these variable consideration elements are considered fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as these amounts have been determined to relate predominantly to the license granted to Life Molecular and therefore are recognized at the later of when the performance obligation is satisfied or the related sales occur. The Company considered Life Molecular’s right to sublicense and develop the Tau Protein PET tracers, and the fact that Life Molecular could perform the research and development work themselves within the license term without AC Immune, to conclude that the license has stand-alone functionality and is distinct. The Company believes that the contracted amount represents the fair value. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. In June 2018, Alliance Medical Group purchased Piramal Imaging SA. The Company was rebranded as Life Molecular Imaging. The Company’s Agreement will continue under the same terms and conditions with the new counterparty. For the years ended December 31, 2018, 2017 and 2016, the Company has recognized nil, CHF 1.1 million and CHF 0.7 million, respectively. Alpha-synuclein and TDP-43 PET tracers in AD – 2016 agreement with Biogen On April 13, 2016, AC Immune entered into a non-exclusive research collaboration agreement with Biogen International GmbH, or Biogen. Under the agreement, we and Biogen have agreed to collaborate in the research and early clinical development of our alpha-synuclein PET tracer program for Parkinson’s disease and other synucleinopathies, and a second program for the identification, research and development of novel PET ligands against TDP-43, a protein recently linked to neurodegeneration in diseases such as amyotrophic lateral sclerosis. In addition, we have agreed to share the costs of the collaboration, with Biogen primarily funding the majority of research costs, subject to a cap, which includes an upfront technology access fee and funding towards research and development personnel. We will own all intellectual property rights to any invention relating to alpha-synuclein or TDP-43 PET tracers. The collaboration shall expire in April 2019. AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Biogen is a customer. The Company has identified two performance obligations in our Biogen collaboration: (i) technology access fee and (ii) research and development services. The Company determined the transaction price based on the defined terms allocated to each performance obligation specified in the contract. In instances where the Company is reimbursed for research and development contributions procured from third parties such as negotiated terms with clinical research organizations, AC Immune records revenues for such services as it is acting as a principal in procuring the goods or services. The Company has the primary responsibility for fulfilling the promise to provide the specified good or service, it has inventory risk before transfer to the customer and it has discretion in negotiating the price with third parties. For other research and development services, revenues are recognized as work is performed, which correspond with, and best depict the transfer of control to the customer in line with the terms outlined in the contract. We began a first-in-human study of our alpha-synuclein PET tracer in Q3 2018 and Recombinant protein therapeutic candidate –2017 agreement with Essex Bio-Technology Limited On May 19, 2017, we entered into a Research Project Agreement with Essex Bio-Technology Limited, or Essex, to develop a recombinant protein therapeutic candidate acting on a unique neuroprotective mechanism for treatment of neurological diseases, such as Alzheimer’s disease and frontotemporal dementia. Essex will provide joint research commitment as well as financial support to AC Immune for the pre-IND development of the biological agent. Subject to the terms of this Agreement, Essex Bio and the Company have the right to terminate by providing 60 days’ notice to the other Party. Otherwise, the Agreement shall remain in force until the later of the (i) completion of the Research and Development program or (ii) five years from the Effective date. As part of this agreement, the parties have agreed to an initial two-year Research Plan, which intends to develop a basic Fibroblast Growth Factor (“bFGF”) as a therapeutic for the treatment of neurodegenerative diseases and to generate novel antibody therapeutics. AC Immune assessed this arrangement in accordance with IFRS 15 and concluded that Essex Bio-Technology is a customer. AC Immune has identified that its performance obligation is for Full Time Employees to provide research support. The transaction price consists of the contractual amounts to recognize for the full-time employee charges. For the full-time employee charges, we recorded revenues throughout the period based on the contractual rates over the service period as this best depicts the transfer of control to Essex. For the years ended December 31, 2018, 2017 and 2016, the Company has recognized CHF 0.7 million, less than CHF 0.1 million and nil, respectively. The length of the initial contract is five years through May 2022. Subject to the progress of the project, the Company may expect to recognize approximately CHF 0.8 million annually through the end of the contract. Continuation of 2015 Grant from the Michael J. Fox Foundation On September 16, 2017, AC Immune formally signed a grant continuation with the Michael J. Fox Foundation for Parkinson’s disease research (“MJFF”). This grant provides funds for the development of Positron Emission Tomography (PET) tracers for the alpha-synuclein protein, to support the early diagnosis and clinical management of Parkinson’s disease. As part of this agreement, the MJFF expects that AC Immune will complete tasks according to the agreed timeline. AC Immune’s funding is variable depending on the satisfactory achievement of specific tasks. The Company identified four milestones to achieve but these are outputs of the Company’s services to perform and develop its PET tracer over a 12 month period. The services themselves over time are considered the performance obligation and not each a distinct performance obligation. Therefore, AC Immune has determined it has one performance obligation in the arrangement: the research services in support of the development of the alpha-synuclein PET tracer. The transaction price consists of the contractual amount of CHF 380 thousand which is allocated to the services performed. However, the consideration is variable dependent upon AC Immune’s completion of key milestones. Using the most likely amount method, AC Immune assessed the project funding and likelihood of milestone obtainment. Management estimated a 100% likelihood of completing all milestones under the terms of the grant and no discount of the transaction price is taken. The Company therefore recognizes the revenues associated with this grant as services are performed. Quarterly, the Company estimates its progress and whether to constrain further revenue recognition. For the years ended December 31, 2018, 2017 and 2016, the Company has recognized 0.3 million, CHF 0.1 million and nil, respectively. The Company has recorded all revenues from this grant through December 31, 2018. Following the successful completion of this grant extension in 2018, we received an additional grant in November 2018 to conduct a first-in-human (FIH) study in H1 2019. No revenues were recorded as of December 31, 2018. |
Expenses by category
Expenses by category | 12 Months Ended |
Dec. 31, 2018 | |
Expenses by category [Abstract] | |
Expenses by category | 12. Expenses by Category Research and Development For the Years Ended December 31, in CHF thousands 2018 2017 2016 Operating expenses 32,921 23,822 18,767 Payroll expenses 10,662 8,552 6,450 Share-based compensation 694 289 557 Total research and development expenses 44,277 32,663 25,774 General and Administrative For the Years Ended December 31, in CHF thousands 2018 2017 2016 Operating expenses 4,903 3,857 3,168 Payroll expenses 5,740 4,984 3,969 Share-based compensation 1,824 1,290 759 Total general and administrative expenses 12,467 10,131 7,896 Financial Result, net For the Years Ended December 31, in CHF thousands 2018 2017 2016 Interest income/ (expense) (269 ) 184 36 Foreign currency remeasurement gain/(loss), net (1,194 ) (4,049 ) 3,443 Other finance income/(expense) 62 (7 ) (119 ) Finance result, net (1,401 ) (3,872 ) 3,360 |
Related-party transactions
Related-party transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related-party transactions [Abstract] | |
Related-party transactions | 13. Related-party transactions Key management, including the Board of Directors (seven individuals excluding the CEO) and the Executive Management (four individuals including the CEO), compensation was: For the Years Ended December 31, in CHF thousands 2018 2017 2016 Short-term employee benefits 2,681 2,463 2,251 Post-employment benefits 160 166 154 Share-based compensation 1,683 1,267 832 Total 4,524 3,896 3,237 Short-term employee benefits comprise of salaries, bonuses, social security and expense allowances. On December 6, 2018, our former CSO Dr. Andreas Muhs passed away. His salary, bonus, social security and expense allowance for his time as a member of our Executive Management team have been included in the reconciliation above within short-term employee benefits and post-employment benefits. On July 31, 2018, as part of the Company’s previously announced second subscription rights offering, a major shareholder and members of the Board and Executive Management purchased an aggregate of 614,147 of the Company’s common shares on the same basis and otherwise on the same terms as the other participants in such rights offering. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income taxes [Abstract] | |
Income taxes | 14. Income taxes The Company recognized no income tax expense or deferred tax asset or liability positions for the years ended December 31, 2018, 2017, and 2016. The income tax expense for each year can be reconciled to loss before tax as follows: For the Years Ended December 31, in CHF thousands 2018 2017 2016 Loss before income tax (50,951 ) (26,411 ) (7,096 ) Tax benefit calculated at the statutory rate of 20.6% (20.5% for 2017 and 21% for 2016) (10,507 ) (5,420 ) (1,504 ) Permanent differences 334 40 (166 ) Effect of unrecognized carry forward tax loss — — — Effect of unused tax losses and tax offsets not recognized as deferred tax assets 10,173 5,380 1,670 Effective income tax rate benefit / (expense) — — — The tax rate used for the 2018 reconciliations above is the corporate tax rate of 20.6% (20.5%: 2017 and 21%: 2016) payable by corporate entities in the Canton of Vaud, Switzerland on taxable profits under tax law in that jurisdiction. As of December 31, in CHF thousands 2018 2017 2016 Unrecognized deductible temporary differences, unused tax losses and unused tax credits Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognized are attributable to the following: - Tax losses 109,294 62,575 36,707 - Deductible temporary differences related to the retirement benefit plan 5,665 4,926 3,798 Total 114,959 67,501 40,505 Deductible temporary differences related to the retirement benefit plan do not expire. Tax losses expiry dates are shown in the table below: As of December 31, in CHF thousands 2018 2017 2016 Tax losses split by expiry date December 31, 2018 2,175 2,175 December 31, 2019 16,566 16,566 16,566 December 31, 2020 10,338 10,338 10,338 December 31, 2021 — — — December 31, 2022 — — — December 31, 2023 7,628 7,628 7,628 December 31, 2024 25,868 25,868 — December 31, 2025 48,894 — — Total 109,294 62,575 36,707 The tax losses available for future offset against taxable profits have increased by CHF 48.9 million from 2017, representing the amount of tax losses that are additionally available as an offset reduced by expiring tax losses in 2018, subject to expiration as disclosed in the table above, against future taxable income. Consistent with prior years, the Company has not recorded any deferred tax assets in relation to the past tax losses available for offset against future profits as the recognition criteria have not been met at the balance sheet date. |
Retirement benefit plan
Retirement benefit plan | 12 Months Ended |
Dec. 31, 2018 | |
Retirement benefit plan [Abstract] | |
Retirement benefit plan | 15. Retirement benefit plan The Company participates in a collective foundation covering all of its employees including its executive officers. In addition to retirement benefits, the plan provides death or long-term disability benefits. Contributions paid to the plan are computed as a percentage of salary, adjusted for the age of the employee and shared approximately 47% and 53% by employee and employer, respectively. This plan is governed by the Swiss Law on Occupational Retirement, Survivors and Disability Pension Plans (BVG), which requires contributions to be made to a separately administered fund. The fund has the legal form of a foundation and it is governed by the board of trustees, which consists of an equal number of employer’s and employee’s representatives. The board of trustees is responsible for the administration of the plan assets and for the definition of the investment strategy. The collective foundation is governed by a foundation board. The board is made up of an equal number of employee and employer representatives of the different affiliated companies. The Company has no direct influence on the investment strategy of the foundation board. The assets are invested by the pension plan, to which many companies contribute, in a diversified portfolio that respects the requirements of the Swiss BVG. Therefore disaggregation of the pension assets and presentation of plan assets in classes that distinguish the nature and risks of those assets is not possible. Under the Plan, both the Company and the employee share the costs equally. The structure of the plan and the legal provisions of the BVG mean that the employer is exposed to actuarial risks. The main risks are investment risk, interest risk, disability risk and the life expectancy of pensioners. Through our affiliation with the pension plan, the Company has minimized these risks, since they are shared between a much greater number of participants. On leaving the Company, a departing employee’s retirement savings are transferred to the pension institution of the new employer or to a vested benefits institution. This transfer mechanism may result in pension payments varying considerably from year to year. The pension plan is exposed to Swiss inflation, interest rate risks and changes in the life expectancy for pensioners. For accounting purposes under IFRS, the plan is treated as a defined benefit plan. The following table sets forth the status of the defined benefit pension plan and the amount that should be recognized in the balance sheet: As of December 31, in CHF thousands 2018 2017 2016 Defined benefit obligation (17,942 ) (14,278 ) (11,596 ) Fair value of plan assets 12,277 9,352 7,798 Total liability (5,665 ) (4,926 ) (3,798 ) The following amounts have been recorded as net pension cost in the statement of income: For the Years Ended December 31, in CHF thousands 2018 2017 2016 Service cost 1,095 912 742 Interest cost 100 81 75 Interest income (65 ) (55 ) (56 ) Net pension cost 1,130 938 761 The changes in defined benefit obligation, fair value of plan assets and unrecognized (gains) / losses are as follows: A. Change in defined benefit obligation For the Years Ended December 31, in CHF thousands 2018 2017 2016 Defined benefit obligation as of January 1 (14,278 ) (11,596 ) (9,439 ) Service cost (1,095 ) (912 ) (742 ) Interest cost (100 ) (81 ) (75 ) Change in demographic assumptions — — (389 ) Change in financial assumptions 750 — (26 ) Change in experience assumptions (888 ) (735 ) (378 ) Benefit payments (1,710 ) (426 ) (111 ) Employees’ contributions (621 ) (528 ) (436 ) Defined benefit obligation as of December 31 (17,942 ) (14,278 ) (11,596 ) B. Change in fair value of plan assets For the Years Ended December 31, in CHF thousands 2018 2017 2016 Fair value of plan assets as of January 1 9,352 7,798 6,652 Interest income 65 55 56 Employees’ contributions 621 528 436 Employer’s contributions 693 590 511 Benefits payments 1,710 426 111 Plan assets gains/(losses) (164 ) (45 ) 32 Fair value of plan assets as of December 31 12,277 9,352 7,798 Expected contributions by the employer to be paid to the post-employment benefit plans during the annual period beginning after the end of the reporting period amount to approximately CHF 788 thousand. C. Change in net defined benefit liability For the Years Ended December 31, in CHF thousands 2018 2017 2016 Net defined benefit liabilities as of January 1 4,926 3,798 2,787 Net pension cost through statement of income 1,130 938 761 Re-measurement through other comprehensive loss 302 780 761 Employer’s contribution (693 ) (590 ) (511 ) Net defined benefit liabilities as of December 31 5,665 4,926 3,798 D. Change in other comprehensive loss For the Years Ended December 31, in CHF thousands 2018 2017 2016 Other comprehensive loss as of January 1 (3,981 ) (3,201 ) (2,440 ) Effect of changes in demographic assumptions — — (389 ) Effect of changes in financial assumptions 750 — (26 ) Effect of changes in experience assumptions (888 ) (735 ) (378 ) Plan assets gains/(losses) (164 ) (45 ) 32 Other comprehensive loss as of December 31 (4,283 ) (3,981 ) (3,201 ) The fair value of the plan assets is the cash surrender value of the insurance with AXA. The investment strategy defined by the board of trustees follows a conservative profile. The plan assets are primarily held within instruments with quoted market prices in an active market, with the exception of real estate and mortgages. The weighted average duration of the defined benefit obligation is 20.5 years as of December 31, 2018 and 2017 respectively. The actuarial assumptions used for the calculation of the pension cost and the defined benefit obligation of the defined benefit pension plan for the year 2018, 2017 and 2016 are as follows: For the Years Ended December 31, 2018 2017 2016 Discount rate 0.90 % 0.70 % 0.70 % Rate of future increase in compensations 1.50 % 1.50 % 1.50 % Rate of future increase in current pensions 0.50 % 0.50 % 0.50 % Mortality and disability rates BVG 2015G BVG 2015G BVG 2015G In defining the benefits, the minimum requirements of the Swiss Law on Occupational Retirement, Survivors and Disability Pension Plans (BVG) and its implementing provisions must be observed. The BVG defines the minimum pensionable salary and the minimum retirement credits. A quantitative sensitivity analysis for significant assumption as of December 31, 2018 is as shown below: Discount rate Future salary increase Future pension cost Assumptions +0.5% increase -0.5% decrease +0.5% increase -0.5% decrease +0.5% increase -0.5% decrease in CHF thousands Defined benefit obligation 16,250 19,906 18,475 17,441 18,826 17,346 Impact on the net defined benefit obligation 1,692 (1,964 ) (533 ) 501 (884 ) 596 The sensitivity analyses above is subject to limitations and has been determined based on a method that extrapolates the impact on net defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2018 | |
Share-based compensation [Abstract] | |
Share-based compensation | 16. Share-based compensation Share based option awards Through the year ended December 31, 2018, there are equity-based instruments outstanding that the Company has granted under four different plans. The Company’s 2016 Share Option and Incentive Plan (“Plan”) was approved by the shareholders at the Ordinary Shareholder’s meeting in November 2016. The 2016 Plan authorizes the grant of incentive and non-qualified share options, share appreciation rights, restricted share awards, restricted share units, unrestricted share awards, performance share awards, performance-based awards to covered employees and dividend equivalent rights. The Company only grants equity-based instruments from this Plan as of December 31, 2018. The following table summarizes equity settled share option grants since inception under each plan: PLAN Number of options awarded (since inception) Vesting conditions Contractual life of options Share option plan A 362,750 At grant 15.5 years Share option plan B 819,000 At grant 10.5 years Share option plan C1 6,775,250 4 years’ service from grant date 10 years 2016 Share Option and Incentive Plan: Executives and Directors 538,764 4 years’ service from the date of grant, quarterly 10 years Employees 222,405 4 years’ service from the date of grant, annually 10 years The number and weighted average exercise prices (in CHF) of options under the share option programs for Plans A, B, C1 and 2016 share option and incentive plan are as follows: Number of Options Weighted Average Exercise Price (CHF) Weighted Average Remaining Outstanding at January 1, 2016 3,597,000 0.15 3.6 Forfeited during the year (106,000 ) 0.15 — Cancelled during the year (19,250 ) 0.15 — Exercised during the year (2,069,100 ) 0.15 — Granted during the year 285,250 0.15 — Outstanding at December 31, 2016 1,687,900 0.15 5.6 Exercisable at December 31, 2016 1,284,525 0.15 6.5 Outstanding at January 1, 2017 1,687,900 0.15 5.6 Forfeited during the year (1,750 ) 0.15 — Cancelled during the year (31,250 ) 0.15 — Exercised during the year (571,775 ) 0.15 — Granted during the year 276,766 9.70 — Outstanding at December 31, 2017 1,359,891 2.09 5.8 Exercisable at December 31, 2017 900,474 0.39 4.3 Outstanding at January 1, 2018 1,359,891 2.09 5.8 Forfeited during the year (73,624 ) 9.16 — Exercised during the year (151,814 ) 0.15 — Granted during the year 484,403 9.79 — Outstanding at December 31, 2018 1,618,856 4.25 6.3 Exercisable at December 31, 2018 932,175 1.25 4.4 The outstanding stock options as of December 31, 2018 have the following range of exercise prices. In fiscal year 2018, we began to grant awards solely with USD denominated exercise prices and discontinued granting awards with a CHF denominated exercise price. Range of Exercise Prices Total Options Range of Expiration Dates CHF 0.15 924,166 2020-2026 CHF 9.53 234,355 2027 USD 8.33 to USD 12.30 460,335 2028 Total outstanding options 1,618,856 We deemed 18,850 USD-denominated awards granted in 2017 despite the formal grant notice dated January 1, 2018. These awards are included as granted in 2017 and were translated from USD 12.30 to CHF 12.00 in 2017 for disclosure. The weighted average exercise price for options granted in 2018, 2017 and 2016 is USD 9.97 (CHF 9.79), CHF 9.70 and CHF 0.15, respectively. The range of exercise prices for outstanding options was CHF 0.15 to CHF 9.53 for awards previously granted in CHF and USD 8.33 to USD 12.30 for awards granted in USD as of December 31, 2018. Prior to the IPO, the exercise price was set by the Board of Directors. The volatility is based on the historical trend of an appropriate sample of companies operating in the biotech and pharmaceutical industry. The risk-free interest rate is based on the CHF swap rate for the expected life of the option. The weighted average share price of common share options exercised in 2018 is USD 9.92. The weighted average grant date fair values of the options granted in 2018, 2017 and 2016 are USD 6.66 (CHF 6.54), CHF 7.29, and CHF 5.85, respectively. The following table illustrates the weighted-average assumptions for the Black-Scholes option-pricing model used in determining the fair value of these awards: For the Years Ended December 31, 2018 2017 2016 Exercise price USD 8.33-12.30 CHF 9.53-12.00 CHF 0.15 Share Price (weighted average) 9.87 8.77 5.96 Risk-free interest rate 0 % 0 % 0 % Expected volatility 80 % 80 % 80 % Expected term 6 years 6 years 6 years Dividend yield — — — The expense charged against the income statement was CHF 2,518 thousand, CHF 1,579 thousand and CHF 1,317 thousand for the years ended December 31, 2018, 2017 and 2016, respectively. The expense is revised by the Company based on the number of instruments that are expected to become exercisable. The 2016 expense also reflects a share based option award that was modified in 2016 to amend the option grant’s contractual life and the issuance of a replacement award. An incremental fair value of CHF 238 thousand was immediately recognized in 2016 as a result of the modification of the share options contractual life. Additionally, in connection with former CFO departure in the fourth quarter of 2016, the former Chief Financial Officer forfeited his initial 2016 grant (included in the aggregate 2016 total of 98,500), and in its place was awarded 49,250 options, which has been accounted for as a new award granted on the date of forfeiture of the original award. The fourth quarter 2016 grant date fair value of the replacement award was CHF 674 thousand. The fair value of the modified award was measured using the Black-Scholes option pricing model with similar assumptions to the 2016 option, except for a currently quoted common share price as of the date of the modification. Restricted share awards A summary of non-vested share awards (restricted share and restricted share units) activity as of December 31, 2018 and changes during the year then ended is presented below: Grantee Type Number of non-vested share awards granted Vesting conditions Contractual life of non-vested share awards Restricted Share Units Directors 83,864 1 year service from date of grant, annually 10 years Executives 110,839 4 years’ service from the date of grant, quarterly 10 years Restricted Share Awards 4,023 2.75 years’ service from date of grant, quarterly 10 years Number of non-vested shares Weighted average grant date fair value Non-vested at December 31, 2017 122,014 9.59 Forfeited during the year (25,673 ) 9.48 Granted during the year 69,371 9.43 Vested during the year (56,671 ) 9.60 Non-vested at December 31, 2018 109,041 9.51 Vested and expected to vest at December 31, 2018 64,012 9.65 The weighted average grant date fair value of the restricted share awards granted (restricted shares and restricted share units) was CHF 9.43 and CHF 9.62 for the years ended December 31, 2018 and 2017 respectively. The weighted average grant date fair values of the non-vested share awards as of the respective year end (restricted shares and restricted share units) was CHF 9.51 and CHF 9.59 for the years ended December 31, 2018 and 2017, respectively. These fair values of non-vested share awards granted have been determined using a reasonable estimate of market value of the common stock on the date of the award. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and contingencies [Abstract] | |
Commitments and contingencies | 17. Commitments and contingencies In the normal course of business, we conduct product research and development programs through collaborative programs that include, among others, arrangements with universities, contract research organizations and clinical research sites. We have contractual arrangements with these organizations We lease our corporate, laboratory and other facilities under multiple operating leases at the EPFL Innovation Park in Ecublens, near Lausanne, Canton of Vaud, Switzerland. Our lease agreements have no termination clauses longer than a 12-month contractual notice period. As of December 31, in CHF thousands 2018 2017 Within one year 19,880 9,686 Between one and three years 6,995 2,546 Between three and five years 5,009 140 More than five years 1,190 — Total 33,074 12,372 |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings per share [Abstract] | |
Earnings per share | 18. Earnings per share For the Years Ended December 31, in CHF thousands except for share and per share data 2018 2017 2016 Net income / (loss) attributable to owners of the Company (50,951 ) (26,411 ) (7,096 ) Earnings per share (EPS): Basic and diluted, income / (loss) for the period attributable to equity holders (0.82 ) (0.46 ) (0.14 ) Weighted-average number of shares used to compute EPS basic and diluted 61,838,228 57,084,295 50,096,859 Since we have a loss for all periods presented, basic net loss per share is the same as diluted net loss per share. We have excluded from our calculation of diluted loss per share all potentially dilutive in-the-money (i) share options and (ii) restricted share awards as the inclusion of these awards would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: As of December 31, 2018 2017 2016 Share options issued and outstanding (in-the-money) 1,472,589 1,341,042 1,687,900 Restricted share awards subject to future vesting 109,041 122,014 — Total 1,581,630 1,463,056 1,687,900 |
Financial instruments and risk
Financial instruments and risk management | 12 Months Ended |
Dec. 31, 2018 | |
Financial instruments and risk management [Abstract] | |
Financial instruments and risk management | 19. Financial instruments and risk management The Company’s activities expose it to the following financial risks: market risk (foreign exchange and interest rate risk), credit risk and liquidity risk. The Company’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company’s financial performance. The following table shows the carrying amounts of financial assets and financial liabilities: As of December 31, in CHF thousands 2018 2017 Financial assets Long-term financial assets 304 126 Other current receivables 236 918 Short-term financial assets 30,000 — Cash and cash equivalents 156,462 124,377 Total financial assets 187,002 125,421 As of December 31, in CHF thousands 2018 2017 Financial liabilities Short-term debt obligation 332 — Long-term debt obligation 186 494 Trade and other payables 1,979 1,092 Accrued expenses 10,420 8,307 Total financial liabilities 12,917 9,893 Foreign exchange risk The Company is exposed to foreign exchange risk arising from currency exposures, primarily with respect to the EUR, USD and to a lesser extent to GBP, DKK and SEK. The currency exposure is not hedged. However, the Company has a policy of matching its cash holdings to the currency structure of its expenses, which means that the Company holds predominately CHF, EUR and USD (see also Note 5). In the Company’s income statements for the years ended December 31, 2018, 2017 and 2016 a loss of CHF 1.2 million, a loss of CHF 4.2 million and a gain of CHF 3.4 million respectively, is recognized in the financial statement line item “Finance result, net.” As of December 31, 2018, if the CHF had strengthened/weakened by 10% against the EUR and the USD with all other variables held constant, the net loss for the period would have been lower/higher by CHF 3.0 million (2017: CHF 2.1 million), mainly as a result of foreign exchange gains/losses on predominantly EUR/USD denominated cash and cash equivalents and short-term financial assets. Interest rates The Company’s CHF cash holdings (inclusive of those held in short-term financial assets) are subject to negative interest rates at certain counterparty thresholds. As of December 31, 2018, if the interest rates charged by the counterparties had increased/decreased by 10%, the net loss for the period would have been higher/lower by less than CHF 0.1 million. Interest income and interest expense are recorded within Finance results, net in our statements of loss. Credit risk The Company maintains a formal treasury risk and investment management policy to limit counterparty credit risk. As of December 31, 2018, the Company’s cash and cash equivalents and short-term financial assets are held with three financial institutions each with a high credit-rating assigned by international credit-rating agencies. The maximum amount of credit risk is the carrying amount of the financial assets. Trade and other receivables are fully performing, not past due and not impaired (see Notes 5 and 7). Liquidity risk Inherent in the Company’s business are various risks and uncertainties, including its limited operating history and the high uncertainty that new therapeutic concepts will succeed. AC Immune’s success may depend in part upon its ability to (i) establish and maintain a strong patent position and protection, (ii) enter into collaborations with partners in the biotech and pharmaceutical industry, (iii) acquire and keep key personnel employed, and (iv) acquire additional capital to support its operations. The Company’s approach of managing liquidity is to ensure sufficient cash to meet its liabilities when due. Therefore, management closely monitors the cash position on rolling forecasts based on expected cash flow to enable the Company to finance its operations for at least 18 months. The Company has a debt obligation due to LuMind and projects CHF 332 thousand to be paid within 12 months and CHF 186 thousand to be paid within 12-24 months from the reporting date. See Note 10 “Debt obligation” for further details. |
Capital risk management
Capital risk management | 12 Months Ended |
Dec. 31, 2018 | |
Capital risk management [Abstract] | |
Capital risk management | 20. Capital risk management The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern and to preserve the capital on the required statutory level in order to succeed in developing a cure against Alzheimer’s disease. |
Quarterly Financial Results (Un
Quarterly Financial Results (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Results (Unaudited) [Abstract] | |
Quarterly Financial Results (Unaudited) | 21. Quarterly Financial Results (Unaudited) The following tables set forth certain unaudited condensed quarterly financial data for each of the four quarters in the periods ended December 31, 2018 and 2017, respectively. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair statement of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. For the Three Months Ended Dec. 31, 2018 Sep. 30, 2018 Jun. 30, 2018 Mar. 31, 2018 (in CHF thousands, except per share data) (unaudited) Revenue Contract revenue 1,403 2,305 2,028 1,458 Total revenue 1,403 2,305 2,028 1,458 Operating expenses Research and development expenses (12,129 ) (11,546 ) (10,533 ) (10,069 ) General and administrative expenses (3,761 ) (2,930 ) (3,065 ) (2,711 ) Total operating expenses (15,890 ) (14,476 ) (13,598 ) (12,780 ) Operating income/(loss) (14,487 ) (12,171 ) (11,570 ) (11,322 ) Finance result, net (191 ) (1,345 ) 427 (292 ) Income/(loss) before tax (14,678 ) (13,516 ) (11,143 ) (11,614 ) Income tax expense - - - - Income/(loss) for the period (14,678 ) (13,516 ) (11,143 ) (11,614 ) Net income/(loss) per share (EPS): Basic and diluted (0.22 ) (0.21 ) (0.19 ) (0.20 ) Weighted-average number of shares used to compute EPS: Basic and diluted 67,553,262 64,862,822 57,423,650 57,368,015 For the Three Months Ended Dec. 31, 2017 Sep. 30, 2017 Jun. 30, 2017 Mar. 31, 2017 (in CHF thousands, except per share data) (unaudited) Revenue Contract revenue 16,422 1,074 753 2,006 Total revenue 16,422 1,074 753 2,006 Operating expenses Research and development expenses (10,176 ) (8,195 ) (6,838 ) (7,454 ) General and administrative expenses (3,058 ) (2,519 ) (2,168 ) (2,386 ) Total operating expenses (13,234 ) (10,714 ) (9,006 ) (9,840 ) Operating income/(loss) 3,188 (9,640 ) (8,253 ) (7,834 ) Finance result, net 976 847 (4,074 ) (1,621 ) Income/(loss) before tax 4,164 (8,793 ) (12,327 ) (9,455 ) Income tax expense - - - - Income/(loss) for the period 4,164 (8,793 ) (12,327 ) (9,455 ) Net income/(loss) per share (EPS): Basic 0.07 (0.15 ) (0.22 ) (0.17 ) Diluted 0.07 (0.15 ) (0.22 ) (0.17 ) Weighted-average number of shares used to compute EPS: Basic 57,266,088 57,164,145 57,048,187 56,855,987 Diluted 58,396,586 57,164,145 57,048,187 56,855,987 |
Post balance sheet events
Post balance sheet events | 12 Months Ended |
Dec. 31, 2018 | |
Post balance sheet events [Abstract] | |
Post balance sheet events | 22. Post balance sheet events On January 23, 2019, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired with regard to our license agreement with Eli Lilly and Company (“Lilly”), which we signed in December 2018. Under the terms of the license agreement, the Company will conduct initial Phase 1 development of Tau Morphomer small molecules. Lilly will fund and lead further clinical development and will receive global commercialization rights for all indications, including Alzheimer’s disease and other neurodegenerative diseases. The Company will retain certain development rights in orphan indications and co-development and co-promotion options in certain indications outside Alzheimer’s disease. The agreement also allows for potential development of indications in Progressive Supranuclear Palsy and an exclusive license to Lilly of certain intellectual property related to this program. The Company received CHF 80 million as an upfront payment in February 2019. The agreement also includes various conditional clinical, regulatory and commercialization milestone payments. In addition, the Company will receive royalties on sales of licensed products. The agreement will terminate on the date on which all obligations between the parties with respect to the last payment of royalties for licensed products have passed or expired. Subject to the terms in the agreement, Lilly may terminate the agreement with three months’ written notice to the Company We and Lilly also entered into a convertible note agreement in December 2018, which also became effective on January 23, 2019. As the convertible note was not effective as of December 31, 2018, there is no corresponding recognition in our financial statements. The Company received total consideration of USD 50.0 (CHF 50.3) million in January 2019. The convertible note is a senior unsecured obligation of the Company that bears interest at a rate of 0.75% per annum, which may be paid in cash or result in the accretion of the principal amount thereof, at our election. Subject to the terms and conditions set forth in the convertible note agreement, the convertible note will automatically convert into the Company’s common shares on the 90th day after the effective license On January 30, 2019, we announced that Roche, the parent of our collaboration partner Genentech, is discontinuing the CREAD 1 and CREAD 2 (BN29552 and BN29553) Phase III studies of crenezumab in people with prodromal to mild sporadic AD. The decision came after an interim analysis conducted by the IDMC indicated that crenezumab was unlikely to meet its primary endpoint of change from baseline in Clinical Dementia Rating-Sum of Boxes (CDR-SB) Score. This decision was not related to safety of the investigational product. No safety signals for crenezumab were observed in this analysis and the overall safety profile was similar to that seen in previous trials. Crenezumab continues to be studied in a preventive trial of cognitively healthy individuals in Colombia with an autosomal dominant mutation who are at risk of developing familial AD (fAD), under the Alzheimer’s Prevention Initiative (API), which began in 2013. This study will determine if treating people carrying this mutation with crenezumab prior to the onset of AD symptoms will slow or prevent the decline of cognitive and functional abilities. This study is in collaboration with the Banner Institute and is funded by the National Institute on Aging. In March 2019, the Company and Biogen decided not to extend their collaboration agreement into a fourth year per the contract and conclude in April 2019 within the original three-year term of the agreement. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of significant accounting policies [Abstract] | |
Current vs. non-current classification | Current vs. non-current classification The Company presents assets and liabilities in the balance sheet based on current/non-current classification. The Company classifies all amounts to be realized or settled within 12 months after the reporting period to be current and all other amounts to be non-current. |
Foreign currency transactions | Foreign currency transactions Foreign currency transactions are translated into the functional currency Swiss Francs (CHF) using prevailing exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into CHF at rates of exchange prevailing at reporting date. Any gains or losses from these translations are included in the statements of loss in the period in which they arise. |
Revenue recognition | Revenue recognition Effective January 1, 2018, the Company adopted IFRS 15 Revenue from Contracts with Customers License of intellectual property If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are sold in conjunction with a related service, the Company uses judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the performance obligation is settled over time, the Company determines the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone payments At the inception of each arrangement that includes development, regulatory and/or commercial milestone payments, the Company evaluates whether the milestones are considered highly probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur in future periods, the associated milestone value is included in the transaction price. These amounts for the performance obligations under the contract are recognized as they are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments recorded would affect contract revenues and earnings in the period of adjustment. Research and Development Services The Company has certain arrangements with our collaboration partners that include contracting our full-time employees for research and development programs. The Company assesses if these services are considered distinct in the context of each contract and, if so, they are accounted for as separate performance obligations. These revenues are recorded in contract revenue as the services are performed. Contract Balances The Company receives payments and determines credit terms from its customers for its various performance obligations based on billing schedules established in each contract. The timing of revenue recognition, billings and cash collections results in billed other current receivables, accrued income (contract assets), and deferred income (contract liabilities) on the balance sheets. Amounts are recorded as other current receivables when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less. |
Research and development services | Research and development expenditure Given the stage of development of the Company’s products, all research expenditure is recognized as expense when incurred. Research and development expenditures include: ● the cost of acquiring, developing and manufacturing active pharmaceutical ingredients for product candidates that have not received regulatory approval, clinical trial materials and other research and development materials; ● fees and expenses incurred under agreements with contract research organizations, investigative sites, and other entities in connection with the conduct of clinical trials and preclinical studies and related services, such as administrative, data management, and laboratory services; ● fees and costs related to regulatory filings and activities; ● costs associated with pre-clinical and clinical activities; and ● employee-related expenses, including salaries and bonuses, benefits, travel and stock-based compensation expense For external research contracts, expenses include those associated with contract research organizations, or CROs. The invoicing from CROs for services rendered do not always align with work performed. We accrue the cost of services rendered in connection with CRO activities based on our estimate of the “stage of completion” for such contracted services. We maintain regular communication with our CRO vendors to gauge the reasonableness of our estimates and Registration costs for patents are part of the expenditure for research and development projects. Therefore, registration costs for patents are expensed when incurred as long as the research and development project concerned does not meet the criteria for capitalization. |
Property, plant and equipment | Property, plant and equipment Equipment is shown at historical acquisition cost, less accumulated depreciation and any accumulated impairment losses. Historical costs include expenditures that are directly attributable to the acquisition of the property, plant and equipment. Depreciation is calculated using a straight-line method to write off the cost of each asset to its residual value over its estimated useful life as follows: IT equipment 3 years Laboratory equipment 5 years Leasehold improvements / furniture 5 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. Where an asset’s carrying amount is greater than its estimated recoverable amount, it is written down to its recoverable amount. Gains and losses on disposals are determined by comparing the disposal proceeds with the carrying amount and are included in the statements of loss. |
Fair value of financial assets and liabilities | Fair value of financial assets and liabilities The Company’s financial assets and liabilities are comprised of receivables, cash and cash equivalents, trade payables and debt obligations. The fair value of these financial instruments approximate their respective carrying values due to the short term maturity of these instruments and are held at their amortized cost in accordance with IFRS 9. Receivables Receivables are non-derivative financial assets with fixed payments that are not quoted in an active market. They arise when the Company provides money, goods or services directly to a debtor with no intention of trading the receivable. They are included in current assets, except for those with maturities greater than 12 months after the balance sheet date, which are classified as long-term assets. Receivables are recognized at their billing value. An allowance for doubtful accounts is recorded for potential estimated losses when there is evidence of the debtor’s inability to make required payments and the Company assesses on a forward looking basis the expected credit losses associated with these receivables held at amortized cost. Short-term financial assets Short-term financial assets are held with external financial institutions and comprise fixed-term deposits with maturities ranging from more than 3 until 12 months in duration. Cash and cash equivalents Cash and cash equivalents include deposits held with external financial institutions and cash on hand. All cash and cash equivalents are either in cash or in deposits with original duration of less than 3 months. The Company assesses at each period whether there is objective evidence that financial assets are impaired. Trade payables Trade payables are amounts due to third parties in the ordinary course of business. Debt obligations The Company’s debt obligations relate to its agreement with a third party and are measured as of the period end date based on the repayment terms when originated. |
Share capital and public offering | Share capital and public offerings Ordinary (Common) Shares are classified as equity, as were all Preferred Shares previously outstanding prior to the IPO. Expenses directly attributable to the issuance of new shares are shown in equity as a deduction, net of tax, from the proceeds. See Note 8, “Share Capital.” |
Employee benefits | Employee benefits Post-employment benefits The Company operates the mandatory pension schemes for its employees in Switzerland. The schemes are generally funded through payments to insurance companies. The Company has a pension plan designed to pay pensions based on accumulated contributions on individual savings accounts. However, this plan is classified as a defined benefit plan under IAS 19. The net defined benefit liability is the present value of the defined benefit obligation at the balance sheet date minus the fair value of plan assets. Significant estimates are used in determining the assumptions incorporated in the calculation of the pension obligations, which is supported by input from independent actuaries. The defined benefit obligation is calculated annually with the assistance of an independent actuary Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest), are recognized immediately in Other Comprehensive Loss. Past service costs, including curtailment gains or losses, are recognized immediately as a split in research and development and general and administrative expenses within the operating results. Settlement gains or losses are recognized in either research and development and/or general and administrative expenses within the operating results. The Company determines the net interest expense (income) on the net defined benefit liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period or in case of any significant events between measurement dates to the then-net defined benefit liability, taking into account any changes in the net defined benefit liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in the statement of income. Share-based compensation The Company operates an equity-settled, share-based compensation plan. The fair value of the employee services received in exchange for the grant of equity based awards is recognized as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the instruments granted, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of instruments that are expected to become exercisable. At each balance sheet date, the Company revises its estimates of the number of instruments that are expected to become exercisable. It recognizes the impact of the revision of original estimates, if any, prospectively in the income statement, and a corresponding adjustment to equity over the remaining vesting period. Stock options granted under the Company’s stock option plans A, B, C and the 2016 Stock Option and Incentive Plan are valued using the Black-Scholes option pricing model (see Note 16). This valuation model as well as parameters used such as expected volatility and expected term of the stock options are partially based on management’s estimates. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. We estimate the fair value of non-vested stock awards (restricted shares and restricted share units) using a reasonable estimate of market value of the common stock on the date of the award. We classify our share-based payments as equity-classified awards as they are settled in shares of our common stock. We measure equity-classified awards at their grant date fair value and do not subsequently remeasure them. Compensation costs related to equity-classified awards are equal to the fair value of the award at grant-date amortized over the vesting period of the award using the graded method. We reclassify that portion of vested awards to share premium as the awards vest. |
Provisions | Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events where it is more likely than not that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. |
Taxation | Taxation Current income tax assets and liabilities for the period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the tax amounts are those that are enacted or substantively enacted, at the reporting date in accordance with the fiscal regulations of the respective country where the Company operates and generates taxable income. Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. If required, deferred taxation is provided in full using the liability method, on all temporary differences at the reporting dates. It is calculated at the tax rates that are expected to apply to the period when it is anticipated the liabilities will be settled, and it is based on tax rates (and laws) that have been enacted or substantively enacted at the reporting date. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Although the Company has substantial tax loss carryforwards, historically, due to the fact that the Company had limited certainty on the achievement of key milestones, it has not recognized any deferred tax assets as the probability for use is low. |
Earnings per share | Earnings per share The Company presents basic earnings per share for each period in the financial statements. The earnings per share is calculated by dividing the earnings of the period by the weighted average number of shares (common and preferred) outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if dilutive securities such as share options were vested or exercised into common shares or resulted in the issuance of common shares that would participate in net income. Anti-dilutive shares are excluded from basic and dilutive earnings per share calculation. |
Preferred shares | Preferred shares Judgment was required in determining the classification of the Preferred Shares issued by the Company as either equity or liabilities. The Preferred shareholders received certain preference rights that represented a significant proportion of the net assets of the Company in the case of liquidation or certain exit events, the occurrence of which was outside the control of the Company. These Preferred Shares remained outstanding until the Company completed an IPO in September 2016 and at that time the Preferred Shares were converted from Preferred Shares to Common Shares on a one-for-one basis. |
Critical judgments and accounting estimates | Critical judgments and accounting estimates The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The areas where AC Immune has had to make judgments, estimates and assumptions relate to (i) revenue recognition on collaboration and licensing agreements, (ii) clinical development accruals, (iii) net employee defined benefit liability, (iv) income taxes and (v) share-based compensation. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Income taxes As disclosed in Note 14, the Company has tax losses that can generally be carried forward for a period of 7 years from the period the loss was incurred. These tax losses represent potential value to the Company to the extent that the Company is able to create taxable profits before the expiry period of these tax losses. The Company has not recorded any deferred tax assets in relation to these tax losses. |
Segment reporting | Segment reporting The Company has one segment. The Company currently focuses all of its resources on discovering and developing therapeutic and diagnostic products targeting misfolded proteins. The Company is managed and operated as one business. A single management team that reports to the chief operating decision maker comprehensively manages the entire business. Accordingly, the Company views its business and manages its operations as one reportable segment. Non-current assets are located in and revenue is attributable to the Company’s country of domicile, Switzerland. |
Accounting pronouncements - not yet adopted | Accounting pronouncements – not yet adopted The following pronouncements from the IASB will become effective for future financial reporting periods and have not yet been adopted by AC Immune. IFRS 16 Leases There are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. |
Accounting pronouncements - recently adopted | Accounting pronouncements – recently adopted IFRS 15 Revenue from Contracts with Customers In May 2014, the International Accounting Standards Board (IASB) issued IFRS 15 – Revenue from Contracts with Customers Construction Contracts Revenue IFRS 9 Financial Instruments IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of significant accounting policies [Abstract] | |
Estimated useful life | Depreciation is calculated using a straight-line method to write off the cost of each asset to its residual value over its estimated useful life as follows: IT equipment 3 years Laboratory equipment 5 years Leasehold improvements / furniture 5 years |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment [Abstract] | |
Property, plant and equipment | in CHF thousands Furniture Computers /IT Lab Equipment Leasehold Improvements Total Acquisition Cost: Balance at December 31, 2017 85 569 4,161 272 5,087 Acquisitions 41 456 1,357 78 1,932 Disposals — — (151 ) — (151 ) Balance at December 31, 2018 126 1,025 5,367 350 6,868 Accumulated depreciation: Balance at December 31, 2017 (59 ) (259 ) (2,311 ) (105 ) (2,734 ) Depreciation expense (18 ) (196 ) (697 ) (50 ) (961 ) Disposals — — 151 — 151 Balance at December 31, 2018 (77 ) (455 ) (2,857 ) (155 ) (3,544 ) Carrying Amount: December 31, 2017 26 310 1,850 167 2,353 December 31, 2018 49 570 2,510 195 3,324 in CHF thousands Furniture Computers /IT Lab Equipment Leasehold Improvements Total Acquisition Cost: Balance at December 31, 2016 81 298 2,792 103 3,274 Acquisitions 4 271 1,369 169 1,813 Balance at December 31, 2017 85 569 4,161 272 5,087 Accumulated depreciation: Balance at December 31, 2016 (45 ) (172 ) (1,858 ) (79 ) (2,154 ) Depreciation expense (14 ) (87 ) (453 ) (26 ) (580 ) Balance at December 31, 2017 (59 ) (259 ) (2,311 ) (105 ) (2,734 ) Carrying Amount: December 31, 2016 36 126 934 24 1,120 December 31, 2017 26 310 1,850 167 2,353 |
Cash and cash equivalents and_2
Cash and cash equivalents and financial assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash and cash equivalents and financial assets [Abstract] | |
Cash and cash equivalents and short-term financial assets | The following tables summarize the Company’s cash and cash equivalents and short-term financial assets as of December 31, 2018 and 2017: As of December 31, in CHF thousands 2018 2017 Cash and cash equivalents 156,462 124,377 Total 156,462 124,377 As of December 31, in CHF thousands 2018 2017 Short-term financial assets due in one year or less 30,000 — Total 30,000 — The Company’s cash and cash equivalents are maintained in the following respective currencies as of December 31, 2018 and 2017: As of December 31, in CHF thousands 2018 2017 Cash and cash equivalents 156,462 124,377 Total 156,462 124,377 By currency CHF 126,218 103,272 EUR 11,471 3,658 USD 18,773 17,447 Total cash and cash equivalents 156,462 124,377 |
Prepaid expenses and accrued _2
Prepaid expenses and accrued income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Prepaid expenses and accrued income [Abstract] | |
Prepaid expenses and accrued income | As of December 31, in CHF thousands 2018 2017 Prepaid expenses 2,364 1,440 Accrued income 3,667 2,799 Total 6,031 4,239 |
Other current receivables (Tabl
Other current receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other current receivables [Abstract] | |
Other current receivables | As of December 31, in CHF thousands 2018 2017 Other receivables 17 691 Swiss VAT 209 112 Withholding tax 10 115 Total 236 918 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share capital [Abstract] | |
Summary of capital structure | The table below summarizes the Company’s capital structure: Common Shares in CHF thousands Number Share Capital Share Premium December 31, 2016 56,773,392 1,135 188,166 Issuance of Shares – Incentive Plans 581,796 12 133 December 31, 2017 57,355,188 1,147 188,299 Issuance of Shares – Incentive Plans 207,145 4 537 Issuance of Shares – Public Offering (net of transaction costs) 10,000,000 200 109,313 December 31, 2018 67,562,333 1,351 298,149 |
Trade payables, accrued liabi_2
Trade payables, accrued liabilities and deferred income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trade payables, accrued liabilities and deferred income [Abstract] | |
Trade payables and accrued liabilities | As of December 31, in CHF thousands 2018 2017 Trade and other payables 1,979 1,092 Accrued research and development costs 6,803 5,430 Accrued payroll expenses 2,482 2,420 Other accrued expenses 1,135 457 Deferred income 351 355 Total 12,750 9,754 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenues [Abstract] | |
Changes in Contract Assets and Contract Liabilities | The following table presents changes in the Company’s contract assets and liabilities during the years ended December 31, 2018 and 2017 (in CHF thousands): Balance at the beginning of the reporting period Additions Deductions Balance at the end of the reporting period Twelve months ended December 31, 2018: Accrued Income 2,799 5,846 (4,978 ) 3,667 Deferred Income 355 1,533 (1,537 ) 351 Twelve months ended December 31, 2017: Accrued Income 889 3,813 (1,903 ) 2,799 Deferred Income 521 1,250 (1,416 ) 355 |
Revenues | During the years ended December 31, 2018 and 2017, the Company recognized the following revenues as a result of changes in the contract asset and the contract liability balances in the respective periods (in CHF thousands): For the Years Ended Revenues recognized in the period from: 2018 2017 Amounts included in the contract liability at the beginning of the period 1,551 1,401 The following tables provide contract revenue amounts by year indicated included in the Company's accompanying financial statements attributable to transactions arising from its licensing arrangements. For the Years Ended in CHF thousands, by partner 2018 2017 2016 Genentech — 14,000 14,001 Janssen 2,157 1,239 6,628 Life Molecular Imaging — 1,080 7 Biogen 4,024 3,930 2,100 Other 1,013 6 478 Total contract revenue 7,194 20,255 23,214 |
Expenses by category (Tables)
Expenses by category (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Expenses by category [Abstract] | |
Research and Development | Research and Development For the Years Ended December 31, in CHF thousands 2018 2017 2016 Operating expenses 32,921 23,822 18,767 Payroll expenses 10,662 8,552 6,450 Share-based compensation 694 289 557 Total research and development expenses 44,277 32,663 25,774 |
General and Administrative | General and Administrative For the Years Ended December 31, in CHF thousands 2018 2017 2016 Operating expenses 4,903 3,857 3,168 Payroll expenses 5,740 4,984 3,969 Share-based compensation 1,824 1,290 759 Total general and administrative expenses 12,467 10,131 7,896 |
Financial Result, net | Financial Result, net For the Years Ended December 31, in CHF thousands 2018 2017 2016 Interest income/ (expense) (269 ) 184 36 Foreign currency remeasurement gain/(loss), net (1,194 ) (4,049 ) 3,443 Other finance income/(expense) 62 (7 ) (119 ) Finance result, net (1,401 ) (3,872 ) 3,360 |
Related-party transactions (Tab
Related-party transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related-party transactions [Abstract] | |
Key management compensation | Key management, including the Board of Directors (seven individuals excluding the CEO) and the Executive Management (four individuals including the CEO), compensation was: For the Years Ended December 31, in CHF thousands 2018 2017 2016 Short-term employee benefits 2,681 2,463 2,251 Post-employment benefits 160 166 154 Share-based compensation 1,683 1,267 832 Total 4,524 3,896 3,237 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income taxes [Abstract] | |
Income tax expense reconciled to loss | The income tax expense for each year can be reconciled to loss before tax as follows: For the Years Ended December 31, in CHF thousands 2018 2017 2016 Loss before income tax (50,951 ) (26,411 ) (7,096 ) Tax benefit calculated at the statutory rate of 20.6% (20.5% for 2017 and 21% for 2016) (10,507 ) (5,420 ) (1,504 ) Permanent differences 334 40 (166 ) Effect of unrecognized carry forward tax loss — — — Effect of unused tax losses and tax offsets not recognized as deferred tax assets 10,173 5,380 1,670 Effective income tax rate benefit / (expense) — — — |
Unrecognized deductible temporary differences, unused tax losses and unused tax credits | The tax rate used for the 2018 reconciliations above is the corporate tax rate of 20.6% (20.5%: 2017 and 21%: 2016) payable by corporate entities in the Canton of Vaud, Switzerland on taxable profits under tax law in that jurisdiction. As of December 31, in CHF thousands 2018 2017 2016 Unrecognized deductible temporary differences, unused tax losses and unused tax credits Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognized are attributable to the following: - Tax losses 109,294 62,575 36,707 - Deductible temporary differences related to the retirement benefit plan 5,665 4,926 3,798 Total 114,959 67,501 40,505 |
Tax losses expiry dates | Deductible temporary differences related to the retirement benefit plan do not expire. Tax losses expiry dates are shown in the table below: As of December 31, in CHF thousands 2018 2017 2016 Tax losses split by expiry date December 31, 2018 2,175 2,175 December 31, 2019 16,566 16,566 16,566 December 31, 2020 10,338 10,338 10,338 December 31, 2021 — — — December 31, 2022 — — — December 31, 2023 7,628 7,628 7,628 December 31, 2024 25,868 25,868 — December 31, 2025 48,894 — — Total 109,294 62,575 36,707 |
Retirement benefit plan (Tables
Retirement benefit plan (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement benefit plan [Abstract] | |
Defined benefit pension plan amounts recognized in the balance sheet and statement of income | The following table sets forth the status of the defined benefit pension plan and the amount that should be recognized in the balance sheet: As of December 31, in CHF thousands 2018 2017 2016 Defined benefit obligation (17,942 ) (14,278 ) (11,596 ) Fair value of plan assets 12,277 9,352 7,798 Total liability (5,665 ) (4,926 ) (3,798 ) The following amounts have been recorded as net pension cost in the statement of income: For the Years Ended December 31, in CHF thousands 2018 2017 2016 Service cost 1,095 912 742 Interest cost 100 81 75 Interest income (65 ) (55 ) (56 ) Net pension cost 1,130 938 761 |
Changes in defined benefit obligation, fair value of plan assets and unrecognized (gains) / losses | The changes in defined benefit obligation, fair value of plan assets and unrecognized (gains) / losses are as follows: A. Change in defined benefit obligation For the Years Ended December 31, in CHF thousands 2018 2017 2016 Defined benefit obligation as of January 1 (14,278 ) (11,596 ) (9,439 ) Service cost (1,095 ) (912 ) (742 ) Interest cost (100 ) (81 ) (75 ) Change in demographic assumptions — — (389 ) Change in financial assumptions 750 — (26 ) Change in experience assumptions (888 ) (735 ) (378 ) Benefit payments (1,710 ) (426 ) (111 ) Employees’ contributions (621 ) (528 ) (436 ) Defined benefit obligation as of December 31 (17,942 ) (14,278 ) (11,596 ) B. Change in fair value of plan assets For the Years Ended December 31, in CHF thousands 2018 2017 2016 Fair value of plan assets as of January 1 9,352 7,798 6,652 Interest income 65 55 56 Employees’ contributions 621 528 436 Employer’s contributions 693 590 511 Benefits payments 1,710 426 111 Plan assets gains/(losses) (164 ) (45 ) 32 Fair value of plan assets as of December 31 12,277 9,352 7,798 Expected contributions by the employer to be paid to the post-employment benefit plans during the annual period beginning after the end of the reporting period amount to approximately CHF 788 thousand. C. Change in net defined benefit liability For the Years Ended December 31, in CHF thousands 2018 2017 2016 Net defined benefit liabilities as of January 1 4,926 3,798 2,787 Net pension cost through statement of income 1,130 938 761 Re-measurement through other comprehensive loss 302 780 761 Employer’s contribution (693 ) (590 ) (511 ) Net defined benefit liabilities as of December 31 5,665 4,926 3,798 D. Change in other comprehensive loss For the Years Ended December 31, in CHF thousands 2018 2017 2016 Other comprehensive loss as of January 1 (3,981 ) (3,201 ) (2,440 ) Effect of changes in demographic assumptions — — (389 ) Effect of changes in financial assumptions 750 — (26 ) Effect of changes in experience assumptions (888 ) (735 ) (378 ) Plan assets gains/(losses) (164 ) (45 ) 32 Other comprehensive loss as of December 31 (4,283 ) (3,981 ) (3,201 ) |
Actuarial assumptions and sensitivity analysis | The actuarial assumptions used for the calculation of the pension cost and the defined benefit obligation of the defined benefit pension plan for the year 2018, 2017 and 2016 are as follows: For the Years Ended December 31, 2018 2017 2016 Discount rate 0.90 % 0.70 % 0.70 % Rate of future increase in compensations 1.50 % 1.50 % 1.50 % Rate of future increase in current pensions 0.50 % 0.50 % 0.50 % Mortality and disability rates BVG 2015G BVG 2015G BVG 2015G A quantitative sensitivity analysis for significant assumption as of December 31, 2018 is as shown below: Discount rate Future salary increase Future pension cost Assumptions +0.5% increase -0.5% decrease +0.5% increase -0.5% decrease +0.5% increase -0.5% decrease in CHF thousands Defined benefit obligation 16,250 19,906 18,475 17,441 18,826 17,346 Impact on the net defined benefit obligation 1,692 (1,964 ) (533 ) 501 (884 ) 596 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based compensation [Abstract] | |
Share-based compensation plans outstanding | The following table summarizes equity settled share option grants since inception under each plan: PLAN Number of options awarded (since inception) Vesting conditions Contractual life of options Share option plan A 362,750 At grant 15.5 years Share option plan B 819,000 At grant 10.5 years Share option plan C1 6,775,250 4 years’ service from grant date 10 years 2016 Share Option and Incentive Plan: Executives and Directors 538,764 4 years’ service from the date of grant, quarterly 10 years Employees 222,405 4 years’ service from the date of grant, annually 10 years |
Number and weighted average exercise prices of options under share option programs | The number and weighted average exercise prices (in CHF) of options under the share option programs for Plans A, B, C1 and 2016 share option and incentive plan are as follows: Number of Options Weighted Average Exercise Price (CHF) Weighted Average Remaining Outstanding at January 1, 2016 3,597,000 0.15 3.6 Forfeited during the year (106,000 ) 0.15 — Cancelled during the year (19,250 ) 0.15 — Exercised during the year (2,069,100 ) 0.15 — Granted during the year 285,250 0.15 — Outstanding at December 31, 2016 1,687,900 0.15 5.6 Exercisable at December 31, 2016 1,284,525 0.15 6.5 Outstanding at January 1, 2017 1,687,900 0.15 5.6 Forfeited during the year (1,750 ) 0.15 — Cancelled during the year (31,250 ) 0.15 — Exercised during the year (571,775 ) 0.15 — Granted during the year 276,766 9.70 — Outstanding at December 31, 2017 1,359,891 2.09 5.8 Exercisable at December 31, 2017 900,474 0.39 4.3 Outstanding at January 1, 2018 1,359,891 2.09 5.8 Forfeited during the year (73,624 ) 9.16 — Exercised during the year (151,814 ) 0.15 — Granted during the year 484,403 9.79 — Outstanding at December 31, 2018 1,618,856 4.25 6.3 Exercisable at December 31, 2018 932,175 1.25 4.4 |
Outstanding options, exercise price range and expiry dates | The outstanding stock options as of December 31, 2018 have the following range of exercise prices. In fiscal year 2018, we began to grant awards solely with USD denominated exercise prices and discontinued granting awards with a CHF denominated exercise price. Range of Exercise Prices Total Options Range of Expiration Dates CHF 0.15 924,166 2020-2026 CHF 9.53 234,355 2027 USD 8.33 to USD 12.30 460,335 2028 Total outstanding options 1,618,856 |
Weighted-average assumptions | The weighted average grant date fair values of the options granted in 2018, 2017 and 2016 are USD 6.66 (CHF 6.54), CHF 7.29, and CHF 5.85, respectively. The following table illustrates the weighted-average assumptions for the Black-Scholes option-pricing model used in determining the fair value of these awards: For the Years Ended December 31, 2018 2017 2016 Exercise price USD 8.33-12.30 CHF 9.53-12.00 CHF 0.15 Share Price (weighted average) 9.87 8.77 5.96 Risk-free interest rate 0 % 0 % 0 % Expected volatility 80 % 80 % 80 % Expected term 6 years 6 years 6 years Dividend yield — — — |
Summary of non-vested share awards (restricted share and restricted share units) | A summary of non-vested share awards (restricted share and restricted share units) activity as of December 31, 2018 and changes during the year then ended is presented below: Grantee Type Number of non-vested share awards granted Vesting conditions Contractual life of non-vested share awards Restricted Share Units Directors 83,864 1 year service from date of grant, annually 10 years Executives 110,839 4 years’ service from the date of grant, quarterly 10 years Restricted Share Awards 4,023 2.75 years’ service from date of grant, quarterly 10 years Number of non-vested shares Weighted average grant date fair value Non-vested at December 31, 2017 122,014 9.59 Forfeited during the year (25,673 ) 9.48 Granted during the year 69,371 9.43 Vested during the year (56,671 ) 9.60 Non-vested at December 31, 2018 109,041 9.51 Vested and expected to vest at December 31, 2018 64,012 9.65 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and contingencies [Abstract] | |
Maturity of commitments and contingencies | We lease our corporate, laboratory and other facilities under multiple operating leases at the EPFL Innovation Park in Ecublens, near Lausanne, Canton of Vaud, Switzerland. Our lease agreements have no termination clauses longer than a 12-month contractual notice period. As of December 31, in CHF thousands 2018 2017 Within one year 19,880 9,686 Between one and three years 6,995 2,546 Between three and five years 5,009 140 More than five years 1,190 — Total 33,074 12,372 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings per share [Abstract] | |
Earnings per share | For the Years Ended December 31, in CHF thousands except for share and per share data 2018 2017 2016 Net income / (loss) attributable to owners of the Company (50,951 ) (26,411 ) (7,096 ) Earnings per share (EPS): Basic and diluted, income / (loss) for the period attributable to equity holders (0.82 ) (0.46 ) (0.14 ) Weighted-average number of shares used to compute EPS basic and diluted 61,838,228 57,084,295 50,096,859 |
Antidilutive securities | Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: As of December 31, 2018 2017 2016 Share options issued and outstanding (in-the-money) 1,472,589 1,341,042 1,687,900 Restricted share awards subject to future vesting 109,041 122,014 — Total 1,581,630 1,463,056 1,687,900 |
Financial instruments and ris_2
Financial instruments and risk management (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial instruments and risk management [Abstract] | |
Carrying amounts of financial assets and financial liabilities | The following table shows the carrying amounts of financial assets and financial liabilities: As of December 31, in CHF thousands 2018 2017 Financial assets Long-term financial assets 304 126 Other current receivables 236 918 Short-term financial assets 30,000 — Cash and cash equivalents 156,462 124,377 Total financial assets 187,002 125,421 As of December 31, in CHF thousands 2018 2017 Financial liabilities Short-term debt obligation 332 — Long-term debt obligation 186 494 Trade and other payables 1,979 1,092 Accrued expenses 10,420 8,307 Total financial liabilities 12,917 9,893 |
Quarterly Financial Results (_2
Quarterly Financial Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Results (Unaudited) [Abstract] | |
Quarterly financial data | The following tables set forth certain unaudited condensed quarterly financial data for each of the four quarters in the periods ended December 31, 2018 and 2017, respectively. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair statement of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. For the Three Months Ended Dec. 31, 2018 Sep. 30, 2018 Jun. 30, 2018 Mar. 31, 2018 (in CHF thousands, except per share data) (unaudited) Revenue Contract revenue 1,403 2,305 2,028 1,458 Total revenue 1,403 2,305 2,028 1,458 Operating expenses Research and development expenses (12,129 ) (11,546 ) (10,533 ) (10,069 ) General and administrative expenses (3,761 ) (2,930 ) (3,065 ) (2,711 ) Total operating expenses (15,890 ) (14,476 ) (13,598 ) (12,780 ) Operating income/(loss) (14,487 ) (12,171 ) (11,570 ) (11,322 ) Finance result, net (191 ) (1,345 ) 427 (292 ) Income/(loss) before tax (14,678 ) (13,516 ) (11,143 ) (11,614 ) Income tax expense - - - - Income/(loss) for the period (14,678 ) (13,516 ) (11,143 ) (11,614 ) Net income/(loss) per share (EPS): Basic and diluted (0.22 ) (0.21 ) (0.19 ) (0.20 ) Weighted-average number of shares used to compute EPS: Basic and diluted 67,553,262 64,862,822 57,423,650 57,368,015 For the Three Months Ended Dec. 31, 2017 Sep. 30, 2017 Jun. 30, 2017 Mar. 31, 2017 (in CHF thousands, except per share data) (unaudited) Revenue Contract revenue 16,422 1,074 753 2,006 Total revenue 16,422 1,074 753 2,006 Operating expenses Research and development expenses (10,176 ) (8,195 ) (6,838 ) (7,454 ) General and administrative expenses (3,058 ) (2,519 ) (2,168 ) (2,386 ) Total operating expenses (13,234 ) (10,714 ) (9,006 ) (9,840 ) Operating income/(loss) 3,188 (9,640 ) (8,253 ) (7,834 ) Finance result, net 976 847 (4,074 ) (1,621 ) Income/(loss) before tax 4,164 (8,793 ) (12,327 ) (9,455 ) Income tax expense - - - - Income/(loss) for the period 4,164 (8,793 ) (12,327 ) (9,455 ) Net income/(loss) per share (EPS): Basic 0.07 (0.15 ) (0.22 ) (0.17 ) Diluted 0.07 (0.15 ) (0.22 ) (0.17 ) Weighted-average number of shares used to compute EPS: Basic 57,266,088 57,164,145 57,048,187 56,855,987 Diluted 58,396,586 57,164,145 57,048,187 56,855,987 |
General information (Details)
General information (Details) | Dec. 31, 2018Platform |
General information [Abstract] | |
Number of proprietary technology platforms | 2 |
Basis of preparation (Details)
Basis of preparation (Details) SFr in Thousands | Sep. 22, 2016CHF (SFr) | Sep. 22, 2016USD ($) | Sep. 30, 2018CHF (SFr) | Sep. 30, 2018USD ($) | Dec. 31, 2018CHF (SFr)Offering | Dec. 31, 2018USD ($)Offering | Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) | Dec. 31, 2015CHF (SFr) |
Going concern [Abstract] | |||||||||
Company's cash position | SFr 156,462 | SFr 124,377 | SFr 152,210 | SFr 76,522 | |||||
Short-term financial assets | SFr 30,000 | SFr 0 | |||||||
Number of public offerings | Offering | 3 | 3 | |||||||
Gross proceeds received | $ | $ 117,500,000 | ||||||||
Public Offering [Member] | |||||||||
Going concern [Abstract] | |||||||||
Gross proceeds received | SFr 74,500 | $ 75,900,000 | SFr 116,300 | $ 117,500,000 | SFr 116,300 | $ 117,500,000 |
Summary of significant accoun_4
Summary of significant accounting policies (Details) SFr in Millions | 1 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2018CHF (SFr)Segment | |
Income taxes [Abstract] | ||
Tax loss carryforward period | 7 years | |
Segment reporting [Abstract] | ||
Number of operating segments | Segment | 1 | |
Number of reportable segments | Segment | 1 | |
Accounting pronouncements - not yet adopted [Abstract] | ||
Lease liabilities | SFr 0.8 | |
IFRS 16 [Member] | ||
Accounting pronouncements - not yet adopted [Abstract] | ||
Right-of-use assets | 2.2 | |
Lease liabilities | 2.2 | |
Cumulative effect adjustment to opening balance of accumulated losses | SFr 0 | |
Preferred Shares [Member] | ||
Preferred Shares [Abstract] | ||
Conversion ratio of preferred shares to common shares | 1 | |
IT Equipment [Member] | ||
Residual value over its estimated useful life [Abstract] | ||
Useful lives or depreciation rates, property, plant and equipment | 3 years | |
Laboratory Equipment [Member] | ||
Residual value over its estimated useful life [Abstract] | ||
Useful lives or depreciation rates, property, plant and equipment | 5 years | |
Leasehold Improvements / Furniture [Member] | ||
Residual value over its estimated useful life [Abstract] | ||
Useful lives or depreciation rates, property, plant and equipment | 5 years |
Property, plant and equipment_2
Property, plant and equipment (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, beginning of period | SFr 2,353 | SFr 1,120 | |
Property, plant and equipment, end of period | 3,324 | 2,353 | SFr 1,120 |
Acquisition Cost [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 5,087 | 3,274 | |
Acquisitions | 1,932 | 1,813 | |
Disposals | (151) | ||
Property, plant and equipment, end of period | 6,868 | 5,087 | 3,274 |
Accumulated Depreciation [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, beginning of period | (2,734) | (2,154) | |
Disposals | 151 | ||
Depreciation expense | (961) | (580) | (278) |
Property, plant and equipment, end of period | (3,544) | (2,734) | (2,154) |
Furniture [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 26 | 36 | |
Property, plant and equipment, end of period | 49 | 26 | 36 |
Furniture [Member] | Acquisition Cost [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 85 | 81 | |
Acquisitions | 41 | 4 | |
Disposals | 0 | ||
Property, plant and equipment, end of period | 126 | 85 | 81 |
Furniture [Member] | Accumulated Depreciation [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, beginning of period | (59) | (45) | |
Disposals | 0 | ||
Depreciation expense | (18) | (14) | |
Property, plant and equipment, end of period | (77) | (59) | (45) |
Computers / IT [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 310 | 126 | |
Property, plant and equipment, end of period | 570 | 310 | 126 |
Computers / IT [Member] | Acquisition Cost [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 569 | 298 | |
Acquisitions | 456 | 271 | |
Disposals | 0 | ||
Property, plant and equipment, end of period | 1,025 | 569 | 298 |
Computers / IT [Member] | Accumulated Depreciation [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, beginning of period | (259) | (172) | |
Disposals | 0 | ||
Depreciation expense | (196) | (87) | |
Property, plant and equipment, end of period | (455) | (259) | (172) |
Lab Equipment [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 1,850 | 934 | |
Property, plant and equipment, end of period | 2,510 | 1,850 | 934 |
Lab Equipment [Member] | Acquisition Cost [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 4,161 | 2,792 | |
Acquisitions | 1,357 | 1,369 | |
Disposals | (151) | ||
Property, plant and equipment, end of period | 5,367 | 4,161 | 2,792 |
Lab Equipment [Member] | Accumulated Depreciation [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, beginning of period | (2,311) | (1,858) | |
Disposals | 151 | ||
Depreciation expense | (697) | (453) | |
Property, plant and equipment, end of period | (2,857) | (2,311) | (1,858) |
Leasehold Improvements [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 167 | 24 | |
Property, plant and equipment, end of period | 195 | 167 | 24 |
Leasehold Improvements [Member] | Acquisition Cost [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 272 | 103 | |
Acquisitions | 78 | 169 | |
Disposals | 0 | ||
Property, plant and equipment, end of period | 350 | 272 | 103 |
Leasehold Improvements [Member] | Accumulated Depreciation [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, beginning of period | (105) | (79) | |
Disposals | 0 | ||
Depreciation expense | (50) | (26) | |
Property, plant and equipment, end of period | SFr (155) | SFr (105) | SFr (79) |
Cash and cash equivalents and_3
Cash and cash equivalents and financial assets, Cash and cash equivalents and short-term financial assets (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents and financial assets [Abstract] | ||||
Cash and cash equivalents | SFr 156,462 | SFr 124,377 | SFr 152,210 | SFr 76,522 |
Short-term financial assets due in one year or less | SFr 30,000 | SFr 0 |
Cash and cash equivalents and_4
Cash and cash equivalents and financial assets, Cash and cash equivalents (Details) SFr in Thousands | 12 Months Ended | |||
Dec. 31, 2018CHF (SFr)$ / SFr€ / SFrDeposit | Dec. 31, 2017CHF (SFr)$ / SFr€ / SFr | Dec. 31, 2016CHF (SFr) | Dec. 31, 2015CHF (SFr) | |
Cash and cash equivalents [Abstract] | ||||
Cash and cash equivalents | SFr 156,462 | SFr 124,377 | SFr 152,210 | SFr 76,522 |
Number of deposits in escrow accounts | Deposit | 2 | |||
Deposits in escrow accounts | SFr 304 | 126 | ||
CHF [Member] | ||||
Cash and cash equivalents [Abstract] | ||||
Cash and cash equivalents | 126,218 | 103,272 | ||
EUR [Member] | ||||
Cash and cash equivalents [Abstract] | ||||
Cash and cash equivalents | SFr 11,471 | SFr 3,658 | ||
Translation rate into CHF | € / SFr | 1.125 | 1.169 | ||
USD [Member] | ||||
Cash and cash equivalents [Abstract] | ||||
Cash and cash equivalents | SFr 18,773 | SFr 17,447 | ||
Translation rate into CHF | $ / SFr | 0.983 | 0.976 |
Prepaid expenses and accrued _3
Prepaid expenses and accrued income (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Prepaid Expenses and Accrued Income [Line Items] | |||
Prepaid expenses | SFr 2,364 | SFr 1,440 | |
Accrued income | 3,667 | 2,799 | SFr 889 |
Total | 6,031 | SFr 4,239 | |
Biogen [Member] | |||
Prepaid Expenses and Accrued Income [Line Items] | |||
Accrued income | SFr 1,200 | ||
Percentage of accrued income | 33.50% | ||
Janssen [Member] | |||
Prepaid Expenses and Accrued Income [Line Items] | |||
Accrued income | SFr 2,100 | ||
Percentage of accrued income | 56.80% |
Other current receivables (Deta
Other current receivables (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Other current receivables [abstract] | ||
Other receivables | SFr 17 | SFr 691 |
Swiss VAT | 209 | 112 |
Withholding tax | 10 | 115 |
Total | SFr 236 | SFr 918 |
Top of Range [Member] | ||
Other current receivables [abstract] | ||
Maturity period of assets | 3 months |
Share capital (Details)
Share capital (Details) - CHF (SFr) SFr / shares in Units, SFr in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Capital structure [Abstract] | ||
Balance, beginning of period | SFr 116,839 | SFr 142,380 |
Balance, end of period | SFr 177,623 | SFr 116,839 |
Common Shares [Member] | ||
Capital structure [Abstract] | ||
Balance, beginning of period (in shares) | 57,355,188 | 56,773,392 |
Issuance of shares - incentive plans (in shares) | 207,145 | 581,796 |
Issuance of shares - Public Offering (net of transaction costs) (in shares) | 10,000,000 | |
Balance, end of period (in shares) | 67,562,333 | 57,355,188 |
Nominal value per share (in CHF per share) | SFr 0.02 | |
Share Capital [Member] | ||
Capital structure [Abstract] | ||
Balance, beginning of period | SFr 1,147 | SFr 1,135 |
Issuance of Shares - Incentive Plans | 4 | 12 |
Issuance of Shares - Public Offering (net of transaction costs) | 200 | |
Balance, end of period | 1,351 | 1,147 |
Share Premium [Member] | ||
Capital structure [Abstract] | ||
Balance, beginning of period | 188,299 | 188,166 |
Issuance of Shares - Incentive Plans | 537 | 133 |
Issuance of Shares - Public Offering (net of transaction costs) | 109,313 | |
Balance, end of period | SFr 298,149 | SFr 188,299 |
Share capital, Preferred Shares
Share capital, Preferred Shares (Details) SFr / shares in Units, $ / shares in Units, SFr in Millions, $ in Millions | Apr. 15, 2016CHF (SFr)SFr / sharesshares | Sep. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2015USD ($)ClassCapitalIncreaseVote | Apr. 15, 2016USD ($)$ / shares |
Preferred Shares [Member] | |||||
Preferred Shares [Abstract] | |||||
Number of preferred shares classes outstanding | Class | 5 | ||||
Conversion ratio of perferred shares to common shares | 1 | ||||
Number of separate capital increases | CapitalIncrease | 5 | ||||
Percentage of shares outstanding owned by Preferred shareholders | 80.10% | ||||
Term of equity financing | 13 years | ||||
Number of votes entitled for each preferred share | Vote | 1 | ||||
Dividends paid | $ | $ 0 | ||||
Private placement shares issued (in shares) | shares | 1,401,792 | ||||
Preferred Shares Series E [Member] | |||||
Preferred Shares [Abstract] | |||||
Nominal value per share (in CHF per share) | SFr / shares | SFr 0.02 | ||||
Private placement share price (in dollars per share) | (per share) | SFr 9.42 | $ 9.64 | |||
Subscription amount | SFr 13.2 | $ 13.5 |
Share capital, Initial Public O
Share capital, Initial Public Offering and Follow-On Offerings (Details) $ / shares in Units, SFr in Thousands | Jul. 31, 2018CHF (SFr)shares | Jul. 31, 2018USD ($)shares | Jul. 24, 2018CHF (SFr)shares | Jul. 24, 2018USD ($)$ / sharesshares | Sep. 22, 2016CHF (SFr)shares | Sep. 22, 2016USD ($)$ / sharesshares | Sep. 30, 2018CHF (SFr) | Sep. 30, 2018USD ($) | Dec. 31, 2018CHF (SFr)Offering | Dec. 31, 2018USD ($)Offering | Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) |
Initial Public Offering (IPO) and Follow-On Offerings [Abstract] | ||||||||||||
Shares issued (in shares) | 900,000 | 900,000 | ||||||||||
Gross proceeds received | $ | $ 117,500,000 | |||||||||||
Proceeds from public offerings of common shares, net of underwriting fees | SFr | SFr 111,529 | SFr 0 | SFr 69,388 | |||||||||
Net underwriting fees and transaction costs | SFr | 2,015 | SFr 5,017 | ||||||||||
Initial Public Offering [Member] | ||||||||||||
Initial Public Offering (IPO) and Follow-On Offerings [Abstract] | ||||||||||||
Shares issued (in shares) | 6,000,000 | 6,000,000 | ||||||||||
Share price (in dollars per share) | $ / shares | $ 11 | |||||||||||
Gross proceeds received | SFr 74,500 | $ 75,900,000 | SFr 116,300 | $ 117,500,000 | SFr 116,300 | $ 117,500,000 | ||||||
Proceeds from public offerings of common shares, net of underwriting fees | 69,300 | $ 70,600,000 | ||||||||||
Number of offerings | Offering | 3 | 3 | ||||||||||
Increase in share premium | SFr | SFr 64,200 | |||||||||||
Net underwriting fees and transaction costs | SFr | SFr 6,800 | |||||||||||
Net proceeds | SFr | SFr 109,500 | |||||||||||
Over-Allotment [Member] | ||||||||||||
Initial Public Offering (IPO) and Follow-On Offerings [Abstract] | ||||||||||||
Shares issued (in shares) | 1,108,695 | 1,108,695 | ||||||||||
Common Shares [Member] | ||||||||||||
Initial Public Offering (IPO) and Follow-On Offerings [Abstract] | ||||||||||||
Shares issued (in shares) | 6,900,000 | 6,900,000 | ||||||||||
First Subscription Rights [Member] | ||||||||||||
Initial Public Offering (IPO) and Follow-On Offerings [Abstract] | ||||||||||||
Shares issued (in shares) | 8,500,000 | 8,500,000 | ||||||||||
Share price (in dollars per share) | $ / shares | $ 11.75 | |||||||||||
Gross proceeds received | SFr 98,900 | $ 99,900,000 | ||||||||||
Second Subscription Rights [Member] | ||||||||||||
Initial Public Offering (IPO) and Follow-On Offerings [Abstract] | ||||||||||||
Shares issued (in shares) | 1,500,000 | 1,500,000 | ||||||||||
Gross proceeds received | SFr 17,400 | $ 17,600,000 |
Share capital, Shelf Registrati
Share capital, Shelf Registration Statement (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | May 04, 2018 | |
Shelf Registration Statement [Abstract] | ||
Shares authorized under Shelf Registration Statement (in shares) | 350,000,000 | |
Gross proceeds received | $ 117,500,000 | |
Top of Range [Member] | ||
Shelf Registration Statement [Abstract] | ||
Additional proceeds from Shelf Registration Statement | $ 232,500,000 |
Trade payables, accrued liabi_3
Trade payables, accrued liabilities and deferred income (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Trade payables, accrued liabilities and deferred income [Abstract] | |||
Trade and other payables | SFr 1,979 | SFr 1,092 | |
Accrued research and development costs | 6,803 | 5,430 | |
Accrued payroll expenses | 2,482 | 2,420 | |
Other accrued expenses | 1,135 | 457 | |
Deferred income | 351 | 355 | SFr 521 |
Total current liabilities | 12,750 | 9,754 | |
Accrual of performance-related remuneration | 1,800 | 1,100 | |
Deferred income [Abstract] | |||
Deferred income | 351 | 355 | SFr 521 |
Biogen [Member] | |||
Trade payables, accrued liabilities and deferred income [Abstract] | |||
Deferred income | 400 | 400 | |
Deferred income [Abstract] | |||
Deferred income | SFr 400 | SFr 400 |
Debt obligation (Details)
Debt obligation (Details) SFr in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018CHF (SFr)Installment | Dec. 31, 2018USD ($) | Dec. 31, 2017CHF (SFr) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt obligation [Abstract] | |||||
Gain on extinguishment of debt | SFr | SFr 100 | ||||
Finance receivable | 199 | $ 200 | SFr 0 | ||
Short-term debt obligation | 332 | 334 | 0 | ||
Long-term debt obligation | SFr 186 | 187 | SFr 494 | $ 500 | |
Grants, LuMind Research Down Syndrome Foundation [Member] | |||||
Debt obligation [Abstract] | |||||
Funding commitment | $ | $ 200 | $ 200 | $ 200 | ||
Reimbursement percentage of funding commitment | 125.00% | ||||
Number of installments | Installment | 3 | ||||
Percentage of additional interest on total repayment | 25.00% |
Revenues, Changes in Contract A
Revenues, Changes in Contract Assets and Liabilities (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues [Abstract] | ||
Accrued income, beginning balance | SFr 2,799 | SFr 889 |
Accrued income, additions | 5,846 | 3,813 |
Accrued income, deductions | (4,978) | (1,903) |
Accrued income, ending balance | 3,667 | 2,799 |
Deferred income, beginning balance | 355 | 521 |
Deferred revenue, additions | 1,533 | 1,250 |
Deferred revenue, deductions | (1,537) | (1,416) |
Deferred income, ending balance | SFr 351 | SFr 355 |
Revenues, Recognized Revenues (
Revenues, Recognized Revenues (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues [Abstract] | ||
Amounts included in the contract liability at the beginning of the period | SFr 1,551 | SFr 1,401 |
Revenues, Contract Revenue Attr
Revenues, Contract Revenue Attributable to Licensing Arrangements (Details) - CHF (SFr) SFr in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Contract Revenue [Abstract] | |||||||||||
Total contract revenue | SFr 1,403 | SFr 2,305 | SFr 2,028 | SFr 1,458 | SFr 16,422 | SFr 1,074 | SFr 753 | SFr 2,006 | SFr 7,194 | SFr 20,255 | SFr 23,214 |
Genentech [Member] | |||||||||||
Contract Revenue [Abstract] | |||||||||||
Total contract revenue | 0 | SFr 14,000 | SFr 14,001 | ||||||||
Percentage of contract revenues | 69.00% | 60.00% | |||||||||
Janssen [Member] | |||||||||||
Contract Revenue [Abstract] | |||||||||||
Total contract revenue | SFr 2,157 | SFr 1,239 | SFr 6,628 | ||||||||
Percentage of contract revenues | 30.00% | 29.00% | |||||||||
Life Molecular Imaging [Member] | |||||||||||
Contract Revenue [Abstract] | |||||||||||
Total contract revenue | SFr 0 | 1,080 | SFr 7 | ||||||||
Biogen [Member] | |||||||||||
Contract Revenue [Abstract] | |||||||||||
Total contract revenue | SFr 4,024 | SFr 3,930 | 2,100 | ||||||||
Percentage of contract revenues | 56.00% | 19.00% | |||||||||
Other [Member] | |||||||||||
Contract Revenue [Abstract] | |||||||||||
Total contract revenue | SFr 1,013 | SFr 6 | SFr 478 |
Revenues, Anti-Abeta Antibody i
Revenues, Anti-Abeta Antibody in AD - 2006 Agreement with Genentech (Details) SFr in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2018CHF (SFr) | Sep. 30, 2018CHF (SFr) | Jun. 30, 2018CHF (SFr) | Mar. 31, 2018CHF (SFr) | Dec. 31, 2017CHF (SFr) | Sep. 30, 2017CHF (SFr) | Jun. 30, 2017CHF (SFr) | Mar. 31, 2017CHF (SFr) | Dec. 31, 2018CHF (SFr)Payment | Dec. 31, 2018USD ($)Payment | Dec. 31, 2017CHF (SFr) | Dec. 31, 2017USD ($) | Dec. 31, 2016CHF (SFr) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Revenues [Abstract] | ||||||||||||||||
Recognized revenues | SFr | SFr 1,403 | SFr 2,305 | SFr 2,028 | SFr 1,458 | SFr 16,422 | SFr 1,074 | SFr 753 | SFr 2,006 | SFr 7,194 | SFr 20,255 | SFr 23,214 | |||||
Anti-Abeta Antibody in AD [Member] | 2006 Agreement with Genentech [Member] | ||||||||||||||||
Revenues [Abstract] | ||||||||||||||||
Period to provide notice of termination of agreement | 3 months | 3 months | ||||||||||||||
Cumulative payments received | 70,100 | SFr 70,100 | $ 65 | |||||||||||||
Milestone payment recognized | 31,600 | $ 25 | ||||||||||||||
Milestone payment received | SFr 38,200 | $ 40 | ||||||||||||||
Up-front consideration received | SFr 31,600 | $ 25 | ||||||||||||||
Number of milestone payments received | Payment | 3 | 3 | ||||||||||||||
Recognized revenues | $ | $ 0 | $ 0 | $ 0 | |||||||||||||
Anti-Abeta Antibody in AD [Member] | 2006 Agreement with Genentech [Member] | Bottom of Range [Member] | ||||||||||||||||
Revenues [Abstract] | ||||||||||||||||
Total potential collaboration agreement value | 339,000 | SFr 339,000 | 340 | |||||||||||||
Total potential collaboration agreement value remaining | SFr 274,000 | SFr 274,000 | $ 275 |
Revenues, Anti-Tau Antibody in
Revenues, Anti-Tau Antibody in AD - 2012 Agreement with Genentech (Details) SFr in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Jul. 31, 2016CHF (SFr) | Dec. 31, 2018CHF (SFr) | Sep. 30, 2018CHF (SFr) | Jun. 30, 2018CHF (SFr) | Mar. 31, 2018CHF (SFr) | Dec. 31, 2017CHF (SFr) | Sep. 30, 2017CHF (SFr) | Jun. 30, 2017CHF (SFr) | Mar. 31, 2017CHF (SFr) | Jun. 30, 2016CHF (SFr) | Dec. 31, 2018CHF (SFr)PaymentProgram | Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) | Dec. 31, 2015CHF (SFr) | Jun. 30, 2012CHF (SFr) | |
Revenues [Abstract] | |||||||||||||||
Recognized revenues | SFr 1,403 | SFr 2,305 | SFr 2,028 | SFr 1,458 | SFr 16,422 | SFr 1,074 | SFr 753 | SFr 2,006 | SFr 7,194 | SFr 20,255 | SFr 23,214 | ||||
2012 Agreement with Genentech [Member] | |||||||||||||||
Revenues [Abstract] | |||||||||||||||
Recognized revenues | SFr 0 | 14,000 | 14,001 | ||||||||||||
Anti-tau Antibody in AD [Member] | 2012 Agreement with Genentech [Member] | |||||||||||||||
Revenues [Abstract] | |||||||||||||||
Number of additional indications | Program | 2 | ||||||||||||||
Period to provide notice of termination of agreement | 90 days | ||||||||||||||
Cumulative payments received | 59,000 | SFr 59,000 | |||||||||||||
Milestone payment recognized | SFr 14,000 | ||||||||||||||
Milestone payment received | SFr 14,000 | SFr 14,000 | SFr 42,000 | SFr 14,000 | |||||||||||
Up-front consideration received | SFr 17,000 | ||||||||||||||
Number of milestone payments received | Payment | 3 | ||||||||||||||
Recognized revenues | SFr 0 | SFr 14,000 | SFr 14,000 | ||||||||||||
Anti-tau Antibody in AD [Member] | 2012 Agreement with Genentech [Member] | Bottom of Range [Member] | |||||||||||||||
Revenues [Abstract] | |||||||||||||||
Total potential collaboration agreement value | SFr 400,000 | ||||||||||||||
Total potential collaboration agreement value remaining | SFr 368,500 | SFr 368,500 |
Revenues, Tau Vaccine in AD - 2
Revenues, Tau Vaccine in AD - 2014 Agreement with Janssen Pharmaceuticals (Details) - CHF (SFr) SFr in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
May 31, 2016 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | |
Revenues [Abstract] | |||||||||||||
Recognized revenues | SFr 1,403 | SFr 2,305 | SFr 2,028 | SFr 1,458 | SFr 16,422 | SFr 1,074 | SFr 753 | SFr 2,006 | SFr 7,194 | SFr 20,255 | SFr 23,214 | ||
2014 Agreement with Janssen Pharmaceuticals [Member] | |||||||||||||
Revenues [Abstract] | |||||||||||||
Recognized revenues | SFr 2,157 | 1,239 | 6,628 | ||||||||||
Tau Vaccine in AD [Member] | 2014 Agreement with Janssen Pharmaceuticals [Member] | |||||||||||||
Revenues [Abstract] | |||||||||||||
Period to provide notice of termination of agreement | 90 days | ||||||||||||
Cumulative payments received | SFr 25,900 | ||||||||||||
Milestone payment received | SFr 4,900 | ||||||||||||
Up-front consideration received | 25,900 | ||||||||||||
Recognized revenues | SFr 2,200 | SFr 1,200 | SFr 6,600 | ||||||||||
Tau Vaccine in AD [Member] | 2014 Agreement with Janssen Pharmaceuticals [Member] | Bottom of Range [Member] | |||||||||||||
Revenues [Abstract] | |||||||||||||
Total potential collaboration agreement value | SFr 500,000 | ||||||||||||
Total potential collaboration agreement value remaining | SFr 458,000 | SFr 458,000 |
Revenues, Tau-PET imaging agent
Revenues, Tau-PET imaging agent in AD -2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) (Details) € in Thousands, SFr in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2018CHF (SFr) | Sep. 30, 2018CHF (SFr) | Jun. 30, 2018CHF (SFr) | Mar. 31, 2018CHF (SFr) | Dec. 31, 2017CHF (SFr) | Sep. 30, 2017CHF (SFr) | Jun. 30, 2017CHF (SFr) | Mar. 31, 2017CHF (SFr) | Mar. 31, 2017EUR (€) | Dec. 31, 2018CHF (SFr) | Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) | Dec. 31, 2018EUR (€) | Dec. 31, 2015CHF (SFr) | Dec. 31, 2015EUR (€) | May 31, 2014CHF (SFr) | May 31, 2014EUR (€) | |
Revenues [Abstract] | |||||||||||||||||
Recognized revenues | SFr 1,403 | SFr 2,305 | SFr 2,028 | SFr 1,458 | SFr 16,422 | SFr 1,074 | SFr 753 | SFr 2,006 | SFr 7,194 | SFr 20,255 | SFr 23,214 | ||||||
2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) Imaging [Member] | |||||||||||||||||
Revenues [Abstract] | |||||||||||||||||
Recognized revenues | SFr 0 | 1,080 | 7 | ||||||||||||||
Tau-PET Imaging Agent in AD [Member] | 2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) Imaging [Member] | |||||||||||||||||
Revenues [Abstract] | |||||||||||||||||
Period to provide notice of termination of agreement | 3 months | ||||||||||||||||
Cumulative payments received | SFr 664 | € 500 | |||||||||||||||
Milestone payment recognized | SFr 1,100 | € 1,000 | |||||||||||||||
Collaboration contract receivable for clinical milestones | 7,000 | SFr 7,000 | € 6,000 | ||||||||||||||
Collaboration contract receivable for regulatory, commercialization and sales milestones | SFr 171,000 | 171,000 | € 150,000 | ||||||||||||||
Recognized revenues | SFr 0 | SFr 1,100 | SFr 700 | ||||||||||||||
Tau-PET Imaging Agent in AD [Member] | 2014 Agreement with Life Molecular Imaging (formerly Piramal Imaging SA) Imaging [Member] | Top of Range [Member] | |||||||||||||||||
Revenues [Abstract] | |||||||||||||||||
Total potential collaboration agreement value | SFr 179,000 | € 157,000 |
Revenues, Alpha-synuclein and T
Revenues, Alpha-synuclein and TDP-43 PET Tracers in AD - 2016 Agreement with Biogen (Details) SFr in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018CHF (SFr) | Sep. 30, 2018CHF (SFr) | Jun. 30, 2018CHF (SFr) | Mar. 31, 2018CHF (SFr) | Dec. 31, 2017CHF (SFr) | Sep. 30, 2017CHF (SFr) | Jun. 30, 2017CHF (SFr) | Mar. 31, 2017CHF (SFr) | Dec. 31, 2018CHF (SFr)Obligation | Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) | |
Revenues [Abstract] | |||||||||||
Recognized revenues | SFr 1,403 | SFr 2,305 | SFr 2,028 | SFr 1,458 | SFr 16,422 | SFr 1,074 | SFr 753 | SFr 2,006 | SFr 7,194 | SFr 20,255 | SFr 23,214 |
2016 Agreement with Biogen [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Recognized revenues | SFr 4,024 | 3,930 | 2,100 | ||||||||
Alpha-synuclein and TDP-43 PET Tracer in AD [Member] | 2016 Agreement with Biogen [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Number of performance obligations identified | Obligation | 2 | ||||||||||
Recognized revenues | SFr 4,000 | SFr 3,900 | SFr 2,100 | ||||||||
Revenue recognition amortization period | 12 months |
Revenues, Recombinant Protein T
Revenues, Recombinant Protein Therapeutic Candidate -2017 Agreement with Essex Bio-Technology Limited (Details) - CHF (SFr) SFr in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues [Abstract] | |||||||||||
Recognized revenues | SFr 1,403 | SFr 2,305 | SFr 2,028 | SFr 1,458 | SFr 16,422 | SFr 1,074 | SFr 753 | SFr 2,006 | SFr 7,194 | SFr 20,255 | SFr 23,214 |
Recombinant Protein Therapeutic Candidate [Member] | 2017 agreement, Essex Bio-Technology Limited [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Period to provide notice of termination of agreement | 60 days | ||||||||||
Period for initial contract | 5 years | ||||||||||
Period for initial research plan | 2 years | ||||||||||
Recognized revenues | SFr 700 | SFr 100 | SFr 0 | ||||||||
Total potential collaboration agreement value remaining | SFr 800 | SFr 800 |
Revenues, 2015 Grant from the M
Revenues, 2015 Grant from the Michael J. Fox Foundation (Details) SFr in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018CHF (SFr) | Sep. 30, 2018CHF (SFr) | Jun. 30, 2018CHF (SFr) | Mar. 31, 2018CHF (SFr) | Dec. 31, 2017CHF (SFr) | Sep. 30, 2017CHF (SFr) | Jun. 30, 2017CHF (SFr) | Mar. 31, 2017CHF (SFr) | Dec. 31, 2018CHF (SFr)ObligationMilestone | Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) | |
Revenues [Abstract] | |||||||||||
Recognized revenues | SFr 1,403 | SFr 2,305 | SFr 2,028 | SFr 1,458 | SFr 16,422 | SFr 1,074 | SFr 753 | SFr 2,006 | SFr 7,194 | SFr 20,255 | SFr 23,214 |
Grant from Michael J. Fox Foundation [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Number of milestones to achieve | Milestone | 4 | ||||||||||
Period of performance and development | 12 months | ||||||||||
Number of performance obligations identified | Obligation | 1 | ||||||||||
Total potential collaboration agreement value | SFr 380 | SFr 380 | |||||||||
Recognized revenues | 300 | SFr 100 | SFr 0 | ||||||||
FIH Study in H1 2019 [Member] | Grant from Michael J. Fox Foundation [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Recognized revenues | SFr 0 |
Expenses by category (Details)
Expenses by category (Details) - CHF (SFr) SFr in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Research and Development [Abstract] | |||||||||||
Operating expenses | SFr 32,921 | SFr 23,822 | SFr 18,767 | ||||||||
Payroll expenses | 10,662 | 8,552 | 6,450 | ||||||||
Share-based compensation | 694 | 289 | 557 | ||||||||
Total research and development expenses | SFr 12,129 | SFr 11,546 | SFr 10,533 | SFr 10,069 | SFr 10,176 | SFr 8,195 | SFr 6,838 | SFr 7,454 | 44,277 | 32,663 | 25,774 |
General and Administration [Abstract] | |||||||||||
Operating expenses | 4,903 | 3,857 | 3,168 | ||||||||
Payroll expenses | 5,740 | 4,984 | 3,969 | ||||||||
Share-based compensation | 1,824 | 1,290 | 759 | ||||||||
Total general and administrative expenses | 3,761 | 2,930 | 3,065 | 2,711 | 3,058 | 2,519 | 2,168 | 2,386 | 12,467 | 10,131 | 7,896 |
Financial Result, net [Abstract] | |||||||||||
Interest income/ (expense) | (269) | 184 | 36 | ||||||||
Foreign currency remeasurement gain/(loss), net | (1,194) | (4,049) | 3,443 | ||||||||
Other finance income/(expense) | 62 | (7) | (119) | ||||||||
Finance result, net | SFr (191) | SFr (1,345) | SFr 427 | SFr (292) | SFr 976 | SFr 847 | SFr (4,074) | SFr (1,621) | SFr (1,401) | SFr (3,872) | SFr 3,360 |
Related-party transactions (Det
Related-party transactions (Details) SFr in Thousands | Jul. 31, 2018shares | Dec. 31, 2018CHF (SFr)Individual | Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) |
Related-party transactions [Abstract] | ||||
Number of individuals, Board of Directors | Individual | 7 | |||
Number of individuals, Executive Management | Individual | 4 | |||
Short-term employee benefits | SFr 2,681 | SFr 2,463 | SFr 2,251 | |
Post-employment benefits | 160 | 166 | 154 | |
Share-based compensation | 1,683 | 1,267 | 832 | |
Total | SFr 4,524 | SFr 3,896 | SFr 3,237 | |
Number of shares purchased under subscription rights offering by related party (in shares) | shares | 614,147 |
Income taxes (Details)
Income taxes (Details) - CHF (SFr) SFr in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income taxes [Abstract] | |||||||||||
Deferred tax assets | SFr 0 | SFr 0 | SFr 0 | SFr 0 | SFr 0 | ||||||
Deferred tax liabilities | 0 | 0 | 0 | 0 | 0 | ||||||
Income tax expense reconciled to Income / (loss) [Abstract] | |||||||||||
Loss before income tax | (50,951) | (26,411) | (7,096) | ||||||||
Tax benefit calculated at the statutory rate of 20.6% (20.5% for 2017 and 21% for 2016) | (10,507) | (5,420) | (1,504) | ||||||||
Permanent differences | 334 | 40 | (166) | ||||||||
Effect of unrecognized carry forward tax loss | 0 | 0 | 0 | ||||||||
Effect of unused tax losses and tax offsets not recognized as deferred tax assets | 10,173 | 5,380 | 1,670 | ||||||||
Effective income tax rate benefit / (expense) | SFr 0 | SFr 0 | SFr 0 | SFr 0 | SFr 0 | SFr 0 | SFr 0 | SFr 0 | SFr 0 | SFr 0 | SFr 0 |
Corporate tax rate | 20.60% | 20.50% | 21.00% |
Income taxes, Unrecognized Dedu
Income taxes, Unrecognized Deductible Temporary Differences, Unused Tax Losses and Unused Tax Credits (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unrecognized deductible temporary differences, unused tax losses and unused tax credits [Abstract] | |||
Unrecognized deductible temporary differences, unused tax losses and unused tax credits | SFr 0 | SFr 0 | SFr 0 |
Unused tax losses and tax credits | 114,959 | 67,501 | 40,505 |
Tax losses split by expiry date [Abstract] | |||
Unused tax losses | 109,294 | 62,575 | 36,707 |
Increase in tax losses available as an offset | 48,900 | ||
Loss Expiry, December 31, 2018 [Member] | |||
Tax losses split by expiry date [Abstract] | |||
Unused tax losses | 0 | 2,175 | 2,175 |
Loss Expiry, December 31, 2019 [Member] | |||
Tax losses split by expiry date [Abstract] | |||
Unused tax losses | 16,566 | 16,566 | 16,566 |
Loss Expiry, December 31, 2020 [Member] | |||
Tax losses split by expiry date [Abstract] | |||
Unused tax losses | 10,338 | 10,338 | 10,338 |
Loss Expiry, December 31, 2021 [Member] | |||
Tax losses split by expiry date [Abstract] | |||
Unused tax losses | 0 | 0 | 0 |
Loss Expiry, December 31, 2022 [Member] | |||
Tax losses split by expiry date [Abstract] | |||
Unused tax losses | 0 | 0 | 0 |
Loss Expiry, December 31, 2023 [Member] | |||
Tax losses split by expiry date [Abstract] | |||
Unused tax losses | 7,628 | 7,628 | 7,628 |
Loss Expiry, December 31, 2024 [Member] | |||
Tax losses split by expiry date [Abstract] | |||
Unused tax losses | 25,868 | 25,868 | 0 |
Loss Expiry, December 31, 2025 [Member] | |||
Tax losses split by expiry date [Abstract] | |||
Unused tax losses | 48,894 | 0 | 0 |
Tax Losses [Member] | |||
Unrecognized deductible temporary differences, unused tax losses and unused tax credits [Abstract] | |||
Unrecognized deductible temporary differences, unused tax losses and unused tax credits | 109,294 | 62,575 | 36,707 |
Deductible Temporary Differences Related to the Retirement Benefit Plan [Member] | |||
Unrecognized deductible temporary differences, unused tax losses and unused tax credits [Abstract] | |||
Unrecognized deductible temporary differences, unused tax losses and unused tax credits | SFr 5,665 | SFr 4,926 | SFr 3,798 |
Retirement benefit plan (Detail
Retirement benefit plan (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Obligation [Member] | |||
Defined benefit pension plan amount recognized in balance sheet [Abstract] | |||
Defined benefit obligation | SFr (17,942) | SFr (14,278) | SFr (11,596) |
Fair value of plan assets | 12,277 | 9,352 | 7,798 |
Total liability | (5,665) | (4,926) | (3,798) |
Defined Benefit Plan [Member] | |||
Net pension cost in statement of income [Abstract] | |||
Service cost | 1,095 | 912 | 742 |
Interest cost | 100 | 81 | 75 |
Interest income | (65) | (55) | (56) |
Net pension cost | 1,130 | 938 | 761 |
Defined Benefit Plan [Member] | Defined Benefit Obligation [Member] | |||
Net pension cost in statement of income [Abstract] | |||
Service cost | 1,095 | 912 | 742 |
Interest cost | SFr 100 | SFr 81 | SFr 75 |
Employee [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Contributions paid to the plan by computing percentage in salary | 47.00% | ||
Employer [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Contributions paid to the plan by computing percentage in salary | 53.00% |
Retirement benefit plan, Change
Retirement benefit plan, Changes in Defined Benefit Obligation (Details) - Defined Benefit Plan [Member] - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in defined benefit obligation [Abstract] | |||
Defined benefit obligation, beginning of period | SFr (4,926) | SFr (3,798) | SFr (2,787) |
Service cost | (1,095) | (912) | (742) |
Interest cost | (100) | (81) | (75) |
Defined benefit obligation, end of period | (5,665) | (4,926) | (3,798) |
Defined Benefit Obligation [Member] | |||
Changes in defined benefit obligation [Abstract] | |||
Defined benefit obligation, beginning of period | (14,278) | (11,596) | (9,439) |
Service cost | (1,095) | (912) | (742) |
Interest cost | (100) | (81) | (75) |
Change in demographic assumptions | 0 | 0 | (389) |
Change in financial assumptions | 750 | 0 | (26) |
Change in experience assumptions | (888) | (735) | (378) |
Benefit payments | (1,710) | (426) | (111) |
Employees' contributions | (621) | (528) | (436) |
Defined benefit obligation, end of period | SFr (17,942) | SFr (14,278) | SFr (11,596) |
Retirement benefit plan, Chan_2
Retirement benefit plan, Changes in Fair Value of Plan Assets (Details) - Defined Benefit Plan [Member] - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in fair value of plan assets [Abstract] | |||
Interest income | SFr 65 | SFr 55 | SFr 56 |
Employer's contributions | 693 | 590 | 511 |
Fair Value of Plan Assets [Member] | |||
Changes in fair value of plan assets [Abstract] | |||
Fair value of plan assets, beginning of period | 9,352 | 7,798 | 6,652 |
Interest income | 65 | 55 | 56 |
Employees' contributions | 621 | 528 | 436 |
Employer's contributions | 693 | 590 | 511 |
Benefits payments | 1,710 | 426 | 111 |
Plan assets gains/(losses) | (164) | (45) | 32 |
Fair value of plan assets, end of period | 12,277 | SFr 9,352 | SFr 7,798 |
Expected contribution by employer to be paid to post-retirement benefit plans | SFr 788 |
Retirement benefit plan, Chan_3
Retirement benefit plan, Change in Net Defined Benefit Liability (Details) - Defined Benefit Plan [Member] - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in net defined benefit liability [Abstract] | |||
Net defined benefit liabilities, beginning of period | SFr 4,926 | SFr 3,798 | SFr 2,787 |
Net pension cost through statement of income | 1,130 | 938 | 761 |
Re-measurement through other comprehensive loss | 302 | 780 | 761 |
Employer's contribution | (693) | (590) | (511) |
Net defined benefit liabilities, end of period | SFr 5,665 | SFr 4,926 | SFr 3,798 |
Retirement benefit plan, Chan_4
Retirement benefit plan, Change in Other Comprehensive Loss (Details) - Defined Benefit Plan [Member] SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2018CHF (SFr)yr | Dec. 31, 2017CHF (SFr)yr | Dec. 31, 2016CHF (SFr) | |
Change in other comprehensive loss [Abstract] | |||
Weighted average duration period for defined benefit obligation | yr | 20.5 | 20.5 | |
Change in Other Comprehensive Loss [Member] | |||
Change in other comprehensive loss [Abstract] | |||
Other comprehensive loss, beginning of period | SFr (3,981) | SFr (3,201) | SFr (2,440) |
Effect of changes in demographic assumptions | 0 | 0 | (389) |
Effect of changes in financial assumptions | 750 | 0 | (26) |
Effect of changes in experience assumptions | (888) | (735) | (378) |
Plan assets gains/(losses) | (164) | (45) | 32 |
Other comprehensive loss, end of period | SFr (4,283) | SFr (3,981) | SFr (3,201) |
Retirement benefit plan, Actuar
Retirement benefit plan, Actuarial Assumptions and Sensitivity Analysis (Details) - Defined Benefit Plan [Member] - CHF (SFr) SFr in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Actuarial assumptions [Abstract] | ||||
Discount rate | 0.90% | 0.70% | 0.70% | |
Rate of future increase in compensations | 1.50% | 1.50% | 1.50% | |
Rate of future increase in current pensions | 0.50% | 0.50% | 0.50% | |
Mortality and disability rates | BVG 2015G | BVG 2015G | BVG 2015G | |
Sensitivity analysis [Abstract] | ||||
Defined benefit obligation | SFr 5,665 | SFr 4,926 | SFr 3,798 | SFr 2,787 |
+0.5% Increase [Member] | ||||
Sensitivity analysis [Abstract] | ||||
Percentage increase in actuarial assumption | 0.50% | |||
-0.5% Decrease [Member] | ||||
Sensitivity analysis [Abstract] | ||||
Percentage decrease in actuarial assumption | 0.50% | |||
Discount Rate [Member] | +0.5% Increase [Member] | ||||
Sensitivity analysis [Abstract] | ||||
Defined benefit obligation | SFr 16,250 | |||
Impact on the net defined benefit obligation | 1,692 | |||
Discount Rate [Member] | -0.5% Decrease [Member] | ||||
Sensitivity analysis [Abstract] | ||||
Defined benefit obligation | 19,906 | |||
Impact on the net defined benefit obligation | (1,964) | |||
Future Salary Increase [Member] | +0.5% Increase [Member] | ||||
Sensitivity analysis [Abstract] | ||||
Defined benefit obligation | 18,475 | |||
Impact on the net defined benefit obligation | (533) | |||
Future Salary Increase [Member] | -0.5% Decrease [Member] | ||||
Sensitivity analysis [Abstract] | ||||
Defined benefit obligation | 17,441 | |||
Impact on the net defined benefit obligation | 501 | |||
Future Pension Cost [Member] | +0.5% Increase [Member] | ||||
Sensitivity analysis [Abstract] | ||||
Defined benefit obligation | 18,826 | |||
Impact on the net defined benefit obligation | (884) | |||
Future Pension Cost [Member] | -0.5% Decrease [Member] | ||||
Sensitivity analysis [Abstract] | ||||
Defined benefit obligation | 17,346 | |||
Impact on the net defined benefit obligation | SFr 596 |
Share-based compensation, Plans
Share-based compensation, Plans Outstanding (Details) | 12 Months Ended | ||
Dec. 31, 2018sharesPlan | Dec. 31, 2017shares | Dec. 31, 2016shares | |
Share-based compensation [Abstract] | |||
Number of equity-based instrument plans | Plan | 4 | ||
Share-based plans outstanding [Abstract] | |||
Number of options awarded (in shares) | 484,403 | 276,766 | 285,250 |
Stock Option Plan A [Member] | |||
Share-based plans outstanding [Abstract] | |||
Number of options awarded (in shares) | 362,750 | ||
Contractual life of options | 15 years 6 months | ||
Stock Option Plan B [Member] | |||
Share-based plans outstanding [Abstract] | |||
Number of options awarded (in shares) | 819,000 | ||
Contractual life of options | 10 years 6 months | ||
Stock Option Plan C1 [Member] | |||
Share-based plans outstanding [Abstract] | |||
Number of options awarded (in shares) | 6,775,250 | ||
Vesting conditions | 4 years | ||
Contractual life of options | 10 years | ||
2016 Share Option and Incentive Plan [Member] | Executives and Directors [Member] | |||
Share-based plans outstanding [Abstract] | |||
Number of options awarded (in shares) | 538,764 | ||
Vesting conditions | 4 years | ||
Contractual life of options | 10 years | ||
2016 Share Option and Incentive Plan [Member] | Employees [Member] | |||
Share-based plans outstanding [Abstract] | |||
Number of options awarded (in shares) | 222,405 | ||
Vesting conditions | 4 years | ||
Contractual life of options | 10 years |
Share-based compensation, Weigh
Share-based compensation, Weighted Average Exercise Prices (Details) | 12 Months Ended | ||||
Dec. 31, 2018CHF (SFr)sharesyr | Dec. 31, 2018USD ($)shares | Dec. 31, 2017CHF (SFr)sharesyr | Dec. 31, 2016CHF (SFr)sharesyr | Dec. 31, 2015yr | |
Number of Options [Abstract] | |||||
Outstanding at beginning of period (in shares) | 1,359,891 | 1,359,891 | 1,687,900 | 3,597,000 | |
Forfeited during the year (in shares) | (73,624) | (73,624) | (1,750) | (106,000) | |
Cancelled during the year (in shares) | (31,250) | (19,250) | |||
Exercised during the year (in shares) | (151,814) | (151,814) | (571,775) | (2,069,100) | |
Granted during the year (in shares) | 484,403 | 484,403 | 276,766 | 285,250 | |
Outstanding at end of period (in shares) | 1,618,856 | 1,618,856 | 1,359,891 | 1,687,900 | |
Exercisable (in shares) | 932,175 | 900,474 | 1,284,525 | ||
Weighted Average Exercise Price [Abstract] | |||||
Outstanding at beginning of period (in CHF per share) | SFr | SFr 2.09 | SFr 0.15 | SFr 0.15 | ||
Forfeited during the year (in CHF per share) | SFr | 9.16 | 0.15 | 0.15 | ||
Cancelled during the year (in CHF per share) | SFr | 0.15 | 0.15 | |||
Exercised during the year (in CHF per share) | SFr | 0.15 | 0.15 | 0.15 | ||
Granted during the year (in CHF per share) | 9.79 | $ 9.97 | 9.70 | 0.15 | |
Outstanding at end of period (in CHF per share) | SFr | 4.25 | 2.09 | 0.15 | ||
Exercisable (in CHF per share) | SFr | SFr 1.25 | SFr 0.39 | SFr 0.15 | ||
Weighted Average Remaining Term (Years) [Abstract] | |||||
Weighted average remaining term (years) | yr | 6.3 | 5.8 | 5.6 | 3.6 | |
Exercisable | yr | 4.4 | 4.3 | 6.5 |
Share-based compensation, Outst
Share-based compensation, Outstanding Options, Range of Exercise prices and Expiration Dates (Details) | 12 Months Ended | |||||
Dec. 31, 2018CHF (SFr)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017CHF (SFr)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016CHF (SFr)shares | Dec. 31, 2015shares | |
Outstanding options, exercise price range and expiry dates [Abstract] | ||||||
Outstanding Options (in shares) | 1,618,856 | 1,618,856 | 1,359,891 | 1,359,891 | 1,687,900 | 3,597,000 |
Number of US denominated options granted (in shares) | 18,850 | 18,850 | ||||
Exercise price (in CHF/USD per share) | SFr 12 | $ 12.30 | SFr 0.15 | |||
Weighted average exercise price for options granted (in CHF/USD per share) | SFr 9.79 | $ 9.97 | 9.70 | SFr 0.15 | ||
Weighted average share price of common share options exercised (in dollars per share) | $ | 9.92 | |||||
Bottom of Range [Member] | ||||||
Outstanding options, exercise price range and expiry dates [Abstract] | ||||||
Exercise price (in CHF/USD per share) | 8.33 | 9.53 | ||||
Weighted average exercise price for options granted (in CHF/USD per share) | 0.15 | 8.33 | ||||
Top of Range [Member] | ||||||
Outstanding options, exercise price range and expiry dates [Abstract] | ||||||
Exercise price (in CHF/USD per share) | 12.30 | SFr 12 | ||||
Weighted average exercise price for options granted (in CHF/USD per share) | SFr 9.53 | $ 12.30 | ||||
CHF 0.15 [Member] | ||||||
Outstanding options, exercise price range and expiry dates [Abstract] | ||||||
Outstanding Options (in shares) | 924,166 | 924,166 | ||||
CHF 0.15 [Member] | Bottom of Range [Member] | ||||||
Outstanding options, exercise price range and expiry dates [Abstract] | ||||||
Expiration Dates | 2020 | 2020 | ||||
CHF 0.15 [Member] | Top of Range [Member] | ||||||
Outstanding options, exercise price range and expiry dates [Abstract] | ||||||
Expiration Dates | 2026 | 2026 | ||||
CHF 9.53 [Member] | ||||||
Outstanding options, exercise price range and expiry dates [Abstract] | ||||||
Outstanding Options (in shares) | 234,355 | 234,355 | ||||
Expiration Dates | 2027 | 2027 | ||||
USD 8.33 to USD 12.30 [Member] | ||||||
Outstanding options, exercise price range and expiry dates [Abstract] | ||||||
Outstanding Options (in shares) | 460,335 | 460,335 | ||||
Expiration Dates | 2028 | 2028 |
Share-based compensation, Wei_2
Share-based compensation, Weighted Average Grant date Fair Value and Assumptions (Details) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016CHF (SFr)shares | Dec. 31, 2018CHF (SFr)yr | Dec. 31, 2018USD ($)yr | Dec. 31, 2017CHF (SFr)yr | Dec. 31, 2017USD ($)yr | Dec. 31, 2016CHF (SFr)sharesyr | |
Number and weighted average exercise prices of options under the share option programs [Abstract] | ||||||
Weighted average fair value, options granted (in CHF/USD per share) | SFr 6.54 | $ 6.66 | SFr 7.29 | SFr 5.85 | ||
Weighted average assumptions [Abstract] | ||||||
Exercise price (in CHF/USD per share) | 12 | $ 12.30 | 0.15 | |||
Share Price, weighted average (in CHF/USD per share) | $ 9.87 | SFr 8.77 | SFr 5.96 | |||
Risk free interest rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |
Expected volatility | 80.00% | 80.00% | 80.00% | 80.00% | 80.00% | |
Expected term | yr | 6 | 6 | 6 | 6 | 6 | |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |
Share-based compensation [Abstract] | ||||||
Expense charged against the income statement | SFr 2,518,000 | SFr 1,579,000 | SFr 1,317,000 | |||
Incremental fair value amount | SFr 238,000 | |||||
Bottom of Range [Member] | ||||||
Weighted average assumptions [Abstract] | ||||||
Exercise price (in CHF/USD per share) | $ 8.33 | 9.53 | ||||
Top of Range [Member] | ||||||
Weighted average assumptions [Abstract] | ||||||
Exercise price (in CHF/USD per share) | $ 12.30 | SFr 12 | ||||
Former Chief Financial Officer [Member] | ||||||
Share-based compensation [Abstract] | ||||||
Forfeited during the year (in shares) | shares | 98,500 | |||||
Granted during the year (in shares) | shares | 49,250 | |||||
Grant date fair value of the replacement award | SFr 674,000 | SFr 674,000 |
Share-based compensation, Non-v
Share-based compensation, Non-vested Share Awards (Details) | 12 Months Ended | |
Dec. 31, 2018CHF (SFr)shares | Dec. 31, 2017CHF (SFr)shares | |
Non-vested Share Awards [Member] | ||
Share-based payment arrangement [Abstract] | ||
Number of non-vested share awards granted (in shares) | 69,371 | |
Number of non-vested shares [Abstract] | ||
Non-vested (in shares) | 122,014 | |
Forfeited during the year (in shares) | (25,673) | |
Granted during the year (in shares) | 69,371 | |
Vested during the year | (56,671) | |
Non-vested (in shares) | 109,041 | 122,014 |
Vested and expected to vest (in shares) | 64,012 | |
Weighted Average grant date fair value [Abstract] | ||
Non-vested (in CHF per share) | SFr | SFr 9.59 | |
Forfeited during the year (in CHF per share) | SFr | 9.48 | |
Granted during the year (in CHF per share) | SFr | 9.43 | SFr 9.62 |
Vested during the year (in CHF per share) | SFr | 9.60 | |
Non-vested (in CHF per share) | SFr | 9.51 | SFr 9.59 |
Vested and expected to vest (in CHF per share) | SFr | SFr 9.65 | |
Restricted Share Awards [Member] | ||
Share-based payment arrangement [Abstract] | ||
Number of non-vested share awards granted (in shares) | 4,023 | |
Vesting conditions | 2 years 9 months | |
Contractual life of non-vested share awards | 10 years | |
Number of non-vested shares [Abstract] | ||
Granted during the year (in shares) | 4,023 | |
Restricted Stock Units [Member] | Directors [Member] | ||
Share-based payment arrangement [Abstract] | ||
Number of non-vested share awards granted (in shares) | 83,864 | |
Vesting conditions | 1 year | |
Contractual life of non-vested share awards | 10 years | |
Number of non-vested shares [Abstract] | ||
Granted during the year (in shares) | 83,864 | |
Restricted Stock Units [Member] | Executives [Member] | ||
Share-based payment arrangement [Abstract] | ||
Number of non-vested share awards granted (in shares) | 110,839 | |
Vesting conditions | 4 years | |
Contractual life of non-vested share awards | 10 years | |
Number of non-vested shares [Abstract] | ||
Granted during the year (in shares) | 110,839 |
Commitments and contingencies_2
Commitments and contingencies (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and contingencies [Abstract] | |||
External research projects | SFr 18,800 | ||
Notice period for cancellation of rental contract | 12 months | ||
Rent expense | SFr 800 | SFr 500 | SFr 400 |
Rental contracts amount | 800 | ||
Commitments | 33,074 | 12,372 | |
Within One Year [Member] | |||
Commitments and contingencies [Abstract] | |||
Commitments | 19,880 | 9,686 | |
Between One and Three Years [Member] | |||
Commitments and contingencies [Abstract] | |||
Commitments | 6,995 | 2,546 | |
Between Three and Five Years [Member] | |||
Commitments and contingencies [Abstract] | |||
Commitments | 5,009 | 140 | |
More Than Five Years [Member] | |||
Commitments and contingencies [Abstract] | |||
Commitments | SFr 1,190 | SFr 0 |
Earnings per share (Details)
Earnings per share (Details) - CHF (SFr) SFr / shares in Units, SFr in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings per share [Abstract] | |||||||||||
Net income / (loss) attributable to owners of the Company | SFr (14,678) | SFr (13,516) | SFr (11,143) | SFr (11,614) | SFr 4,164 | SFr (8,793) | SFr (12,327) | SFr (9,455) | SFr (50,951) | SFr (26,411) | SFr (7,096) |
Earnings per share (EPS) [Abstract] | |||||||||||
Basic and diluted, income / (loss) for the period attributable to equity holders (in CHF per share) | SFr (0.22) | SFr (0.21) | SFr (0.19) | SFr (0.20) | SFr (0.82) | SFr (0.46) | SFr (0.14) | ||||
Weighted-average number of shares used to compute EPS basic and diluted (in shares) | 67,553,262 | 64,862,822 | 57,423,650 | 57,368,015 | 58,396,586 | 57,164,145 | 57,048,187 | 56,855,987 | 61,838,228 | 57,084,295 | 50,096,859 |
Antidilutive securities [Abstract] | |||||||||||
Share options issued and outstanding (in-the-money) (in shares) | 1,472,589 | 1,341,042 | 1,687,900 | ||||||||
Restricted share awards subject to future vesting (in shares) | 109,041 | 122,014 | 0 | ||||||||
Total (in shares) | 1,581,630 | 1,463,056 | 1,687,900 |
Financial instruments and ris_3
Financial instruments and risk management (Details) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2018CHF (SFr)Institution | Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) | |
Financial assets and liabilities [Abstract] | |||
Financial assets | SFr 187,002 | SFr 125,421 | |
Financial liabilities | 12,917 | 9,893 | |
Financial risks [Abstract] | |||
Gain (loss) in finance income/(expense), net | (1,194) | (4,049) | SFr 3,443 |
Foreign Currency Exchange Risk [Member] | |||
Financial risks [Abstract] | |||
Gain (loss) in finance income/(expense), net | SFr (1,200) | (4,200) | SFr 3,400 |
Percentage exchange rate strengthened | 10.00% | ||
Percentage exchange rate weakened | 10.00% | ||
Net loss for period decrease, result of foreign exchange rate increase | SFr 3,000 | 2,100 | |
Net loss for period increase, result of foreign exchange rate decrease | SFr 3,000 | 2,100 | |
Credit Risk [Member] | |||
Financial risks [Abstract] | |||
Number of financial institutions holding cash and cash equivalents and short-term financial assets | Institution | 3 | ||
Liquidity Risk [Member] | |||
Financial risks [Abstract] | |||
Cash position rolling forecast period | 18 months | ||
Interest Rate [member] | |||
Financial risks [Abstract] | |||
Percentage of increase in interest rates | 10.00% | ||
Percentage of decrease in interest rates | 10.00% | ||
Interest Rate [member] | Top of Range [Member] | |||
Financial risks [Abstract] | |||
Net loss for period increase, due to increase in interest rate | SFr 100 | ||
Net loss for period decrease, due to decrease in interest rate | 100 | ||
Short-term Debt Obligation [Member] | |||
Financial assets and liabilities [Abstract] | |||
Financial liabilities | SFr 332 | 0 | |
Short-term Debt Obligation [Member] | Liquidity Risk [Member] | Bottom of Range [Member] | |||
Financial risks [Abstract] | |||
Expected debt obligation payoff period | 12 months | ||
Long-Term Debt Obligation [Member] | |||
Financial assets and liabilities [Abstract] | |||
Financial liabilities | SFr 186 | 494 | |
Long-Term Debt Obligation [Member] | Liquidity Risk [Member] | Bottom of Range [Member] | |||
Financial risks [Abstract] | |||
Expected debt obligation payoff period | 12 months | ||
Long-Term Debt Obligation [Member] | Liquidity Risk [Member] | Top of Range [Member] | |||
Financial risks [Abstract] | |||
Expected debt obligation payoff period | 24 months | ||
Trade and Other Payables [Member] | |||
Financial assets and liabilities [Abstract] | |||
Financial liabilities | SFr 1,979 | 1,092 | |
Accrued Expenses [Member] | |||
Financial assets and liabilities [Abstract] | |||
Financial liabilities | 10,420 | 8,307 | |
Long-term Financial Assets [Member] | |||
Financial assets and liabilities [Abstract] | |||
Financial assets | 304 | 126 | |
Other Current Receivables [Member] | |||
Financial assets and liabilities [Abstract] | |||
Financial assets | 236 | 918 | |
Short-term Financial Assets [Member] | |||
Financial assets and liabilities [Abstract] | |||
Financial assets | 30,000 | 0 | |
Cash and Cash Equivalents [Member] | |||
Financial assets and liabilities [Abstract] | |||
Financial assets | SFr 156,462 | SFr 124,377 |
Quarterly Financial Results (_3
Quarterly Financial Results (Unaudited) (Details) - CHF (SFr) SFr / shares in Units, SFr in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues [Abstract] | |||||||||||
Contract revenue | SFr 1,403 | SFr 2,305 | SFr 2,028 | SFr 1,458 | SFr 16,422 | SFr 1,074 | SFr 753 | SFr 2,006 | SFr 7,194 | SFr 20,255 | SFr 23,214 |
Total revenue | 1,403 | 2,305 | 2,028 | 1,458 | 16,422 | 1,074 | 753 | 2,006 | 7,194 | 20,255 | 23,214 |
Operating expenses [Abstract] | |||||||||||
Research & development expenses | (12,129) | (11,546) | (10,533) | (10,069) | (10,176) | (8,195) | (6,838) | (7,454) | (44,277) | (32,663) | (25,774) |
General & administrative expenses | (3,761) | (2,930) | (3,065) | (2,711) | (3,058) | (2,519) | (2,168) | (2,386) | (12,467) | (10,131) | (7,896) |
Total operating expenses | (15,890) | (14,476) | (13,598) | (12,780) | (13,234) | (10,714) | (9,006) | (9,840) | (56,744) | (42,794) | (33,670) |
Operating loss | (14,487) | (12,171) | (11,570) | (11,322) | 3,188 | (9,640) | (8,253) | (7,834) | (49,550) | (22,539) | (10,456) |
Finance result, net | (191) | (1,345) | 427 | (292) | 976 | 847 | (4,074) | (1,621) | (1,401) | (3,872) | 3,360 |
Loss before tax | (14,678) | (13,516) | (11,143) | (11,614) | 4,164 | (8,793) | (12,327) | (9,455) | (50,951) | (26,411) | (7,096) |
Income tax expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Loss for the period | SFr (14,678) | SFr (13,516) | SFr (11,143) | SFr (11,614) | SFr 4,164 | SFr (8,793) | SFr (12,327) | SFr (9,455) | SFr (50,951) | SFr (26,411) | SFr (7,096) |
Net income/(loss) per share (EPS) [Abstract] | |||||||||||
Basic (in CHF per share) | SFr 0.07 | SFr (0.15) | SFr (0.22) | SFr (0.17) | |||||||
Diluted (in CHF per share) | SFr 0.07 | SFr (0.15) | SFr (0.22) | SFr (0.17) | |||||||
Basic and diluted (in CHF per share) | SFr (0.22) | SFr (0.21) | SFr (0.19) | SFr (0.20) | SFr (0.82) | SFr (0.46) | SFr (0.14) | ||||
Weighted-average number of shares used to compute EPS [Abstract] | |||||||||||
Basic (in shares) | 57,266,088 | 57,164,145 | 57,048,187 | 56,855,987 | |||||||
Diluted (in shares) | 67,553,262 | 64,862,822 | 57,423,650 | 57,368,015 | 58,396,586 | 57,164,145 | 57,048,187 | 56,855,987 | 61,838,228 | 57,084,295 | 50,096,859 |
Basic and diluted (in shares) | 67,553,262 | 64,862,822 | 57,423,650 | 57,368,015 | 58,396,586 | 57,164,145 | 57,048,187 | 56,855,987 | 61,838,228 | 57,084,295 | 50,096,859 |
Post balance sheet events (Deta
Post balance sheet events (Details) $ / shares in Units, SFr in Thousands, shares in Millions, $ in Millions | Jan. 23, 2019CHF (SFr) | Jan. 23, 2019USD ($)$ / sharesshares | Dec. 31, 2018CHF (SFr) | Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) | Feb. 28, 2019CHF (SFr) |
Post balance sheet events [Abstract] | ||||||
Consideration received | SFr 198 | SFr 200 | SFr 0 | |||
Subsequent Event [Member] | Convertible Note Agreement [Member] | ||||||
Post balance sheet events [Abstract] | ||||||
Consideration received | SFr 50,300 | $ 50 | ||||
Interest rate | 0.75% | |||||
Conversion price (in dollars per share) | $ / shares | $ 13.83 | |||||
Number of shares issuable upon conversion (in shares) | shares | 3.6 | |||||
Subsequent Event [Member] | Collaboration Agreement with Lilly [Member] | ||||||
Post balance sheet events [Abstract] | ||||||
Up-front consideration received | SFr 80,000 | |||||
Period to provide notice of termination of agreement | 3 months | 3 months |