Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2019 | |
Document and entity information [abstract] | |
Document Type | 6-K/A |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2019 |
Entity Registrant Name | OBSEVA SA |
Entity Central Index Key | 0001685316 |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 98,492 | $ 138,640 |
Other receivables | 1,247 | 885 |
Prepaid expenses | 4,285 | 5,715 |
Total current assets | 104,024 | 145,240 |
Non-current assets | ||
Right-of-use assets | 2,354 | |
Furniture, fixtures and equipment | 280 | 319 |
Intangible assets | 21,608 | 21,608 |
Other long-term assets | 273 | 273 |
Total non-current assets | 24,515 | 22,200 |
Total assets | 128,539 | 167,440 |
Current liabilities | ||
Current tax liability | 36 | |
Other payables and current liabilities | 7,293 | 2,766 |
Accrued expenses | 20,409 | 14,163 |
Current lease liabilities | 597 | |
Total current liabilities | 28,335 | 16,929 |
Non-current liabilities | ||
Non-current lease liabilities | 1,841 | |
Post-employment obligations | 3,637 | 3,547 |
Other long-term liabilities | 422 | 48 |
Total non-current liabilities | 5,900 | 3,595 |
Shareholders' equity | ||
Share capital | 3,442 | 3,420 |
Share premium | 317,397 | 314,565 |
Reserves | 17,827 | 12,858 |
Accumulated losses | (244,362) | (183,927) |
Total shareholders' equity | 94,304 | 146,916 |
Total liabilities and shareholders' equity | $ 128,539 | $ 167,440 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of comprehensive income [abstract] | ||||
Operating income other than revenue | $ 1 | $ 3 | $ 6 | $ 8 |
OPERATING EXPENSES | ||||
Research and development expenses | (28,438) | (14,694) | (48,578) | (31,036) |
General and administrative expenses | (6,186) | (3,501) | (11,441) | (7,150) |
Total operating expenses | (34,624) | (18,195) | (60,019) | (38,186) |
OPERATING LOSS | (34,623) | (18,192) | (60,013) | (38,178) |
Finance income | (56) | 31 | 206 | 186 |
Finance expense | (43) | (587) | ||
NET LOSS BEFORE TAX | (34,722) | (18,161) | (60,394) | (37,992) |
Income tax expense | (34) | (25) | (41) | |
NET LOSS FOR THE PERIOD | $ (34,756) | $ (18,186) | $ (60,435) | $ (37,992) |
Net loss per share | ||||
Basic | $ (0.80) | $ (0.49) | $ (1.39) | $ (1.03) |
Diluted | $ (0.80) | $ (0.49) | $ (1.39) | $ (1.03) |
Items that will not be reclassified to profit and loss | ||||
Remeasurements on post-employment benefit plans | $ 0 | $ 0 | $ 0 | $ 0 |
Items that may be reclassified to profit or loss | ||||
Currency translation differences | 0 | 0 | 0 | 0 |
TOTAL OTHER COMPREHENSIVE LOSS | 0 | 0 | 0 | 0 |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | $ (34,756) | $ (18,186) | $ (60,435) | $ (37,992) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of cash flows [abstract] | ||
NET LOSS BEFORE TAX FOR THE PERIOD | $ (60,394) | $ (37,992) |
Adjustments for: | ||
Depreciation expense | 367 | 53 |
Post-employment cost / (benefit) | 59 | (65) |
Share-based compensation expense | 6,411 | 4,574 |
Income tax paid | 0 | 0 |
Finance result, net | 381 | (186) |
(Increase) / decrease in other receivables | (16) | 153 |
Decrease / (increase) in prepaid expenses and other long term-assets | 1,430 | (590) |
Increase / (decrease) in other payables and current liabilities | 4,538 | (1,336) |
Increase in accrued expenses and other long-term liabilities | 6,668 | 3,917 |
NET CASH FLOWS USED IN OPERATING ACTIVITIES | (40,556) | (31,472) |
Payments for plant and equipment | (23) | (117) |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (23) | (117) |
Proceeds from issue of shares | 977 | 93,128 |
Payment of share issuance costs | (40) | (5,718) |
Proceeds from exercise of stock-options | 113 | |
Principal elements of lease payments | (281) | |
Interest received | 0 | 0 |
Interest paid | (63) | |
NET CASH FLOWS FROM FINANCING ACTIVITIES | 706 | 87,410 |
Net (decrease) / increase in cash and cash equivalents | (39,873) | 55,821 |
Cash and cash equivalents as at January 1, | 138,640 | 110,841 |
Effects of exchange rate changes on cash and cash equivalents | (275) | 173 |
Cash and cash equivalents as at June 30, | $ 98,492 | $ 166,835 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Total | Share capital [Member] | Share premium [Member] | Share-based payments reserve [Member] | Foreign currency translation reserve [Member] | Total reserves [Member] | Accumulated losses [Member] |
Beginning Balance at Dec. 31, 2017 | $ 122,651 | $ 2,864 | $ 219,335 | $ 7,608 | $ (489) | $ 7,119 | $ (106,667) |
Loss for the period | (37,992) | 37,992 | |||||
Other comprehensive loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total comprehensive loss | (37,992) | 37,992 | |||||
Issuance of shares - EIP 2013 | 14 | 14 | 1,504 | (1,504) | (1,504) | ||
Issuance of shares - Follow-on offering | 73,103 | 367 | 72,736 | ||||
Issuance of shares - ATM program | 20,011 | 130 | 19,881 | ||||
Share issuance costs | (5,713) | (5,713) | |||||
Share-based remuneration | 4,574 | 4,574 | 4,574 | ||||
Ending Balance at Jun. 30, 2018 | 176,648 | 3,375 | 307,743 | 10,678 | (489) | 10,189 | (144,659) |
Beginning Balance at Dec. 31, 2018 | 146,916 | 3,420 | 314,565 | 13,347 | (489) | 12,858 | (183,927) |
Loss for the period | (60,435) | (60,435) | |||||
Other comprehensive loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total comprehensive loss | (60,435) | (60,435) | |||||
Issuance of shares - EIP 2013 | 11 | 11 | 1,363 | (1,363) | (1,363) | ||
Issuance of shares - ATM program | 1,339 | 10 | 1,329 | ||||
Share issuance costs | (51) | (51) | |||||
Exercise of stock-options - EIP 2017 | 113 | 1 | 191 | (79) | (79) | ||
Share-based remuneration | 6,411 | 6,411 | 6,411 | ||||
Ending Balance at Jun. 30, 2019 | $ 94,304 | $ 3,442 | $ 317,397 | $ 18,316 | $ (489) | $ 17,827 | $ (244,362) |
General information
General information | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
General information | 1. General information ObsEva SA (the “Company”) was founded on November 14, 2012, and its address is 12 Chemin des Aulx, 1228 Plan-les-Ouates, The Group is focused on the development and commercialization of novel therapeutics for serious conditions that compromise women’s reproductive health and pregnancy. The Group has a portfolio of three mid- in-licensed These condensed consolidated financial statements are presented in dollars of the United States (USD), rounded to the nearest thousand except share and per share data, and have been prepared on the basis of the accounting principles described in note 2. These condensed consolidated financial statements were authorized for issue by the Audit Committee of the Company’s Board of Directors (the “Board of Directors”) on August 5, 2019. |
Accounting principles and scope
Accounting principles and scope of consolidation | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Accounting principles and scope of consolidation | 2. Accounting principles and scope of consolidation 2.1 Basis of preparation and accounting principles These unaudited three-month and six-month Interim Financial Reporting IFRS 16 - Leases On January 1, 2019, the Group adopted IFRS 16 Leases Leases and Related Interpretations right-of-use The following table presents the reconciliation between the non-cancellable (in USD ’000) Total unaudited Operating lease commitments disclosed as at December 31, 2018 3,074 Discounted using the Group’s incremental borrowing rate at the date of initial application 2,772 (Less): short-term and low-value (37 ) (Less): adjustments relating to changes in the index or rate affecting variable payments (28 ) Lease liability recognized as at January 1, 2019 2,707 Of which are: Current lease liabilities 577 Non-current 2,130 Right-of Right-of-use The adoption of IFRS 16 Leases Other accounting policies Other accounting policies used in the preparation and presentation of these condensed consolidated financial statements are consistent with those used in the consolidated financial statements for the year ended December 31, 2018 (the “annual financial statements”), which should be read in conjunction with these condensed consolidated financial statements as they provide an update of previously reported information. Going concern The Company has incurred recurring losses since inception, including net losses of $60.4 million for the six-month 2.2 Use of estimates and assumptions The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities and disclosure of contingent liabilities at the date of the interim financial statements. If in the future such estimates and assumptions, which are based on management’s best judgment at the date of the condensed consolidated financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate during the period in which the circumstances change. 2.3 Scope of consolidation There was no change to the scope of consolidation during the reporting period and the Company consolidates the financial operations of its two fully-owned subsidiaries, ObsEva Ireland Ltd, which is registered in Cork, Ireland and organized under the laws of Ireland, and ObsEva USA Inc., which is registered and organized under the laws of Delaware, USA. ObsEva Ireland Ltd had no operations and no results of operations to report as of June 30, 2019 and 2018. |
Fair value estimation and finan
Fair value estimation and financial instruments | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Fair value estimation and financial instruments | 3. Fair value estimation and financial instruments The carrying value less impairment provision of receivables and payables approximate their fair values due to their short-term nature. All financial assets and liabilities, respectively, are held at their amortized cost. The Group’s financial assets and liabilities consist of cash and cash equivalents, other receivables, other payables and accruals which are classified as loans and receivables at amortized cost according to IFRS 9. |
Cash and cash equivalents
Cash and cash equivalents | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Cash and cash equivalents | 4. Cash and cash equivalents (in USD ‘000) June 30, 2019 December 31, 2018 unaudited audited Bank deposits 98,492 138,640 Interest bearing deposits — — Total cash and cash equivalents 98,492 138,640 |
Intangible assets
Intangible assets | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Intangible assets | 5. Intangible assets As at June 30, 2019 and December 31, 2018, the Group holds a number of licenses to develop and commercialize several biopharmaceutical product candidates, the value of which is recorded at USD 21.6 million. |
Shareholders' equity
Shareholders' equity | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Shareholders' equity | 6. Shareholders’ equity On March 16, 2018, the Company issued 3,499,990 common shares at par value of 1/13 of a Swiss franc per share. The shares were subscribed by the Company and are held as treasury shares, hence the operation did not impact the share capital. Share issuance costs of USD 11 thousand related to the operation were recorded as a deduction in equity. On May 17 and 25, 2018, the Company sold 1,000,851 and 600,000 treasury shares, respectively, at a price of USD 12.50 per share, from its “at the market” (ATM) program, generating gross proceeds of USD 20.0 million. Directly related share issuance costs of USD 0.6 million were recorded as a deduction in equity. On June 22, 2018, the Company completed an underwritten public offering of 4,750,000 common shares at a price of USD 15.39 per share, with an option to issue to an additional 712,500 common shares (the “follow-on follow-on 30-day follow-on In June 2019, the Company sold a total of 117,497 treasury shares at an average price of USD 11.40 per share, as part of its ATM program initiated in May 2018. These multiple daily transactions generated total gross proceeds of USD 1.3 million. As at June 30, 2019, the total outstanding share capital of USD 3.4 million, fully paid, consists of 43,719,675 common shares, excluding 288,351 non-vested non-vested |
Research and development expens
Research and development expenses | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Research and development expenses | 7. Research and development expenses Due to the difficulty in assessing when research and development projects would generate revenue, the Group expenses all research and development costs to the profit and loss accounts. Research and development expenses consist of costs incurred in performing research and development activities, including salaries and bonuses, stock based compensation, employee benefits, facilities costs, laboratory supplies, depreciation, manufacturing expenses as well as external costs of vendors engaged to conduct preclinical development activities and clinical trials. |
Income tax
Income tax | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Income tax | 8. Income tax The Group is subject to income taxes in Switzerland, Ireland and the United States. The Company is subject in Switzerland to a municipal and cantonal income tax rate of 22.6% and to a federal tax rate of 8.5% on its profits after tax. It is entitled to carry forward any loss incurred for a period of seven years and can offset such losses carried forward against future taxes. In 2015, the Company was granted by the State Council of the Canton of Geneva an exemption of income and capital tax at municipal and cantonal levels for the period from 2013 until 2022. Because of this exemption, and the fact that the Company has incurred net losses since its inception, no income tax expense at the municipal, cantonal or federal levels was recorded in the Company for the three-month and six-month periods The Company’s Irish subsidiary has no activity, and, therefore, no income tax expense was recorded in that entity for the three-month and six-month periods The Company’s U.S. subsidiary is a service organization for the Group and is therefore subject to taxes on the revenues generated from its services to the Group that are charged based upon the U.S. subsidiary’s cost plus arrangement with the Group. The profits of the U.S. subsidiary during the three-month and six-month periods |
Loss per share
Loss per share | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Loss per share | 9. Loss per share As of June 30, 2019 and 2018, the Company has one category of shares, which are common shares. The basic loss per share is calculated by dividing the loss of the period attributable to the common shares by the weighted average number of common shares outstanding during the period as follows: Three-month period ended June 30, Six-month period ended June 30, 2019 2019 unaudited unaudited Net loss attributable to shareholders (in USD ‘000) (34,756 ) (60,435 ) Weighted average number of common shares outstanding 43,555,963 43,532,815 Basic and diluted loss per share (in USD) (0.80 ) (1.39 ) Three-month period ended June 30, Six-month ended June 30, 2018 2018 unaudited unaudited Net loss attributable to shareholders (in USD ‘000) (18,186 ) (37,992 ) Weighted average number of common shares outstanding 37,617,569 37,004,673 Basic and diluted loss per share (in USD) (0.49 ) (1.03 ) For the three-month and six-month periods non-vested six-month periods non-vested |
Segment information
Segment information | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Segment information | 10. Segment information The Group operates in one segment, which is the research and development of innovative women’s reproductive, health and pregnancy therapeutics. The marketing and commercialization of such therapeutics depend, in large part, on the success of the development phase. The Chief Executive Officer of the Company reviews the consolidated statements of operations of the Group on an aggregated basis and manages the operations of the Group as a single operating segment. The Group currently generates no revenue from the sales of therapeutics products, and the Group’s activities are not affected by any significant seasonal effect. The geographical analysis of non-current (in USD ‘000) June 30, 2019 December 31, 2018 unaudited audited Switzerland 23,612 21,954 USA 903 246 Total non-current 24,515 22,200 The geographical analysis of operating expenses is as follows: unaudited (in USD ’000) Three-month period ended June 30, Six-month ended June 30, 2019 2018 2019 2018 Switzerland 33,558 17,121 57,811 36,139 USA 1,066 1,074 2,208 2,047 Total operating expenses 34,624 18,195 60,019 38,186 |
Events after the reporting peri
Events after the reporting period | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Events after the reporting period | 11. Events after the reporting period Milestone payment for linzagolix license On May 9, 2019, the Group announced the initiation of its Phase 3 clinical program for linzagolix in endometriosis, which includes the EDELWEISS 2 and EDELWEISS 3 clinical trials. On July 19, 2019, the Group randomized the first patient as part of the EDELWEISS 2 trial, which triggered a commitment for the Company to pay USD 5 million to Kissei Pharmaceutical Co., Ltd., to be accounted for as an intangible asset. Debt financing On August 7, 2019, the Company entered into a loan and security agreement with Oxford Finance for a term loan of up to $75.0 million, subject to funding in three tranches. The Company received gross proceeds of $25.0 million from the first tranche of the credit facility upon signature of the agreement and intends to use the funds as part of its various clinical trials programs. The second tranche of $25.0 million may be drawn at the Company’s option between December 1, 2019 and January 31, 2020 upon positive results in the Phase 3 IMPLANT 4 clinical trial of nolasiban. The third tranche of $25.0 million may be drawn at the Company’s option between August 1, 2020 and September 30, 2020 upon positive results in the Phase 3 PRIMROSE 1 and 2 clinical trials of linzagolix. The credit facility is secured by substantially all of the Company’s assets, including the Company’s intellectual property. The loan bears a floating interest rate (partially based on thirty day U.S. LIBOR rate) currently amounting to 8.68% per year in total and will mature on August 1, 2024. The credit facility contains customary conditions to borrowings and events of default and contains various negative covenants limiting the Company’s ability to, among other things, transfer or sell certain assets, allow changes in business, ownership or business locations, consummate mergers or acquisitions, incur additional indebtedness, create liens, pay dividends or make other distributions and make investments. Capital increase On July 18, 2019, the Group announced the issuance of 3,064,048 common shares at par value of 1/13 of a Swiss franc per share. The shares were fully subscribed for by the Group, and listed on the SIX Swiss Exchange on July 23, 2019. The shares are held as treasury shares, hence the operation did not impact the share capital. There were no other material events after the balance sheet date. |
Accounting principles and sco_2
Accounting principles and scope of consolidation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Basis of preparation and accounting principles | 2.1 Basis of preparation and accounting principles These unaudited three-month and six-month Interim Financial Reporting IFRS 16 - Leases On January 1, 2019, the Group adopted IFRS 16 Leases Leases and Related Interpretations right-of-use The following table presents the reconciliation between the non-cancellable (in USD ’000) Total unaudited Operating lease commitments disclosed as at December 31, 2018 3,074 Discounted using the Group’s incremental borrowing rate at the date of initial application 2,772 (Less): short-term and low-value (37 ) (Less): adjustments relating to changes in the index or rate affecting variable payments (28 ) Lease liability recognized as at January 1, 2019 2,707 Of which are: Current lease liabilities 577 Non-current 2,130 Right-of Right-of-use The adoption of IFRS 16 Leases Other accounting policies Other accounting policies used in the preparation and presentation of these condensed consolidated financial statements are consistent with those used in the consolidated financial statements for the year ended December 31, 2018 (the “annual financial statements”), which should be read in conjunction with these condensed consolidated financial statements as they provide an update of previously reported information. Going concern The Company has incurred recurring losses since inception, including net losses of $60.4 million for the six-month |
Use of estimates and assumptions | 2.2 Use of estimates and assumptions The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities and disclosure of contingent liabilities at the date of the interim financial statements. If in the future such estimates and assumptions, which are based on management’s best judgment at the date of the condensed consolidated financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate during the period in which the circumstances change. |
Scope of consolidation | 2.3 Scope of consolidation There was no change to the scope of consolidation during the reporting period and the Company consolidates the financial operations of its two fully-owned subsidiaries, ObsEva Ireland Ltd, which is registered in Cork, Ireland and organized under the laws of Ireland, and ObsEva USA Inc., which is registered and organized under the laws of Delaware, USA. ObsEva Ireland Ltd had no operations and no results of operations to report as of June 30, 2019 and 2018. |
Accounting principles and sco_3
Accounting principles and scope of consolidation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Schedule of Reconcilation between the Non-cancellable Operating Lease | The following table presents the reconciliation between the non-cancellable (in USD ’000) Total unaudited Operating lease commitments disclosed as at December 31, 2018 3,074 Discounted using the Group’s incremental borrowing rate at the date of initial application 2,772 (Less): short-term and low-value (37 ) (Less): adjustments relating to changes in the index or rate affecting variable payments (28 ) Lease liability recognized as at January 1, 2019 2,707 Of which are: Current lease liabilities 577 Non-current 2,130 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Schedule of Cash and Cash Equivalents | (in USD ‘000) June 30, 2019 December 31, 2018 unaudited audited Bank deposits 98,492 138,640 Interest bearing deposits — — Total cash and cash equivalents 98,492 138,640 |
Loss per share (Tables)
Loss per share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Schedule of Basic and Diluted Loss per Share | The basic loss per share is calculated by dividing the loss of the period attributable to the common shares by the weighted average number of common shares outstanding during the period as follows: Three-month period ended June 30, Six-month period ended June 30, 2019 2019 unaudited unaudited Net loss attributable to shareholders (in USD ‘000) (34,756 ) (60,435 ) Weighted average number of common shares outstanding 43,555,963 43,532,815 Basic and diluted loss per share (in USD) (0.80 ) (1.39 ) Three-month period ended June 30, Six-month ended June 30, 2018 2018 unaudited unaudited Net loss attributable to shareholders (in USD ‘000) (18,186 ) (37,992 ) Weighted average number of common shares outstanding 37,617,569 37,004,673 Basic and diluted loss per share (in USD) (0.49 ) (1.03 ) |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Geographical Analysis of Non-Current Assets | The geographical analysis of non-current (in USD ‘000) June 30, 2019 December 31, 2018 unaudited audited Switzerland 23,612 21,954 USA 903 246 Total non-current 24,515 22,200 |
Summary of Geographical Analysis of Operating Expenses | The geographical analysis of operating expenses is as follows: unaudited (in USD ’000) Three-month period ended June 30, Six-month ended June 30, 2019 2018 2019 2018 Switzerland 33,558 17,121 57,811 36,139 USA 1,066 1,074 2,208 2,047 Total operating expenses 34,624 18,195 60,019 38,186 |
General Information - Additiona
General Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of General Information About Financial Statements [abstract] | |
Name of reporting entity | ObsEva SA |
Date of foundation of entity | Nov. 14, 2012 |
Country of incorporation | Geneva, Switzerland |
Details about operations of the entity | The Group is focused on the development and commercialization of novel therapeutics for serious conditions that compromise women’s reproductive health and pregnancy. The Group has a portfolio of three mid- to late-stage development in-licensed compounds (linzagolix, nolasiban and OBE022) being developed in four indications. The Group has no currently marketed products. |
Accounting Principles and Sco_4
Accounting Principles and Scope of Consolidation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2019 | |
Basis of accounting [abstract] | |||||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 4.90% | ||||
Net losses | $ (34,722) | $ (18,161) | $ (60,394) | $ (37,992) | |
Accumulated losses before offset with share premium | $ 274,900 | 274,900 | |||
Offset of accumulated losses with share premium | $ (30,600) |
Accounting Principles and Sco_5
Accounting Principles and Scope of Consolidation - Schedule of Reconcilation between the Non-cancellable Operating Lease (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Lease liabilities [abstract] | |||
Operating lease commitments disclosed as at December 31, 2018 | $ 3,074 | ||
Discounted using the Group's incremental borrowing rate at the date of initial application | $ 2,772 | ||
(Less): short-term and low-value leases recognized on a straight-line basis as expense | (37) | ||
(Less): adjustments relating to changes in the index or rate affecting variable payments | (28) | ||
Lease liability recognized as at January 1, 2019 | 2,707 | ||
Current lease liabilities | $ 597 | 577 | |
Non-current lease liabilities | $ 1,841 | $ 2,130 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Cash and cash equivalents [abstract] | ||||
Bank deposits | $ 98,492 | $ 138,640 | ||
Interest bearing deposits | 0 | 0 | ||
Total cash and cash equivalents | $ 98,492 | $ 138,640 | $ 166,835 | $ 110,841 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about intangible assets [abstract] | ||
Intangible assets | $ 21,608 | $ 21,608 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jul. 19, 2018USD ($)$ / sharesshares | Jun. 22, 2018USD ($)$ / sharesshares | Mar. 16, 2018USD ($)shares | Jun. 30, 2019USD ($)$ / sharesshares | May 25, 2018USD ($)$ / sharesshares | Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)shares | Jun. 30, 2019SFr / shares | Dec. 31, 2018SFr / shares | May 17, 2018$ / sharesshares |
Disclosure of classes of share capital [line items] | |||||||||||
Issuance of shares | 3,499,990 | ||||||||||
Par value per share | 0.0769 | ||||||||||
Share issue related cost | $ | $ 11 | $ 51 | $ 5,713 | ||||||||
Share capital | $ | $ 3,442 | $ 3,442 | $ 3,420 | ||||||||
Treasury non-voting shares | 1,485,104 | 1,485,104 | 1,602,601 | ||||||||
Issuance Of Issuance Of Non Vested Non Voting Shares Fully Paid | 288,351 | 430,625 | |||||||||
Nominal value per share of non-voting shares | SFr / shares | SFr 0.0769 | SFr 0.0769 | |||||||||
Common shares [Member] | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Share capital | $ | $ 3,400 | $ 3,400 | $ 3,400 | ||||||||
Number of shares issued and fully paid | 43,719,675 | 43,719,675 | 43,443,911 | ||||||||
IPO [Member] | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Share issue related cost | $ | $ 300 | ||||||||||
Number of shares issued | 306,721 | ||||||||||
Share price | $ / shares | $ 15.39 | ||||||||||
Proceeds from issue of common shares | $ | $ 4,700 | ||||||||||
IPO [Member] | Underwritten public offering [member] | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Share issue related cost | $ | $ 5,300 | ||||||||||
Number of shares issued | 4,750,000 | ||||||||||
Share price | $ / shares | $ 15.39 | ||||||||||
Proceeds from issue of common shares | $ | $ 73,100 | ||||||||||
IPO [Member] | Follow-on offering [member] | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Number of shares issued | 712,500 | ||||||||||
IPO [Member] | Green-shoe [member] | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Number of shares issued | 712,500 | ||||||||||
IPO [Member] | Treasury Shares [member] | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Share issue related cost | $ | $ 600 | ||||||||||
Number of shares issued | 600,000 | 1,000,851 | |||||||||
Share price | $ / shares | $ 12.50 | $ 12.50 | |||||||||
Proceeds from sale of treasury shares | $ | $ 20,000 | ||||||||||
ATM [member] | Treasury Shares [member] | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Number of shares issued | 117,497 | 117,497 | |||||||||
Share price | $ / shares | $ 11.40 | $ 11.40 | |||||||||
Proceeds from sale of treasury shares | $ | $ 1,300 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Disclosure Of Income Taxes [line items] | |||||
Statutory tax rate (blended at Group level) | 8.50% | ||||
ObsEva Ireland Ltd [Member] | |||||
Disclosure Of Income Taxes [line items] | |||||
Current tax expense (income) | $ 0 | $ 0 | $ 0 | $ 0 | |
ObsEva USA Inc [Member] | |||||
Disclosure Of Income Taxes [line items] | |||||
Statutory tax rate (blended at Group level) | 27.30% | 27.30% | 27.30% | 27.30% | |
Switzerland [Member] | |||||
Disclosure Of Income Taxes [line items] | |||||
Tax loss carryforward period | 7 years | ||||
Current tax expense (income) | $ 0 | $ 0 | |||
Deferred taxes | $ 0 | $ 0 | $ 0 | ||
Switzerland [Member] | Municipal and Cantonal Tax Rate [Member] | |||||
Disclosure Of Income Taxes [line items] | |||||
Statutory tax rate (blended at Group level) | 22.60% | ||||
Switzerland [Member] | Federal Tax Rate [Member] | |||||
Disclosure Of Income Taxes [line items] | |||||
Statutory tax rate (blended at Group level) | 8.50% |
Loss Per Share - Schedule of Ba
Loss Per Share - Schedule of Basic and Diluted Loss per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic and diluted loss per share [abstract] | ||||
Net loss attributable to shareholders | $ (34,756) | $ (18,186) | $ (60,435) | $ (37,992) |
Weighted average number of common shares outstanding | 43,555,963 | 37,617,569 | 43,532,815 | 37,004,673 |
Basic and diluted loss per share (in USD) | $ (0.80) | $ (0.49) | $ (1.39) | $ (1.03) |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings per share [abstract] | ||||
Anti-dilutive non-vested securities excluded from calculation of diluted earnings per share | 288,351 | 600,822 | 3,167,572 | 1,849,240 |
Segment Information (Detail)
Segment Information (Detail) | 6 Months Ended |
Jun. 30, 2019Segments | |
Disclosure of operating segments [abstract] | |
Number of operating segments | 1 |
Segment Information - Summary o
Segment Information - Summary of Geographical Analysis of Non-current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Disclosure of geographical areas [line items] | ||
Total non-current assets | $ 24,515 | $ 22,200 |
Switzerland [Member] | ||
Disclosure of geographical areas [line items] | ||
Total non-current assets | 23,612 | 21,954 |
USA [Member] | ||
Disclosure of geographical areas [line items] | ||
Total non-current assets | $ 903 | $ 246 |
Segment Information - Summary_2
Segment Information - Summary of Geographical Analysis of Operating Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of geographical areas [line items] | ||||
Total operating expenses | $ 34,624 | $ 18,195 | $ 60,019 | $ 38,186 |
Switzerland [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Total operating expenses | 33,558 | 17,121 | 57,811 | 36,139 |
USA [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Total operating expenses | $ 1,066 | $ 1,074 | $ 2,208 | $ 2,047 |
Events After Reporting Period -
Events After Reporting Period - Additional Information (Detail) $ in Millions | Aug. 07, 2019USD ($) | Jul. 19, 2019USD ($) | Jul. 18, 2019SFr / sharesshares |
Entering into significant commitments or contingent liabilities [member] | Kissei Pharmaceuticals Co Ltd [member] | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Commitment to pay to Kissei pharmaceutical Co. | $ 5 | ||
Debt financing [member] | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Aggregate amount of debt | $ 75 | ||
Borrowing interest rate basis | The loan bears a floating interest rate (partially based on thirty day U.S. LIBOR rate) currently amounting to 8.68% per year | ||
Borrowing interest rate | 8.68% | ||
Borrowing Maturity | August 1, 2024 | ||
Debt financing [member] | First tranche [member] | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Aggregate amount of debt | $ 25 | ||
Proceeds from loan | 25 | ||
Debt financing [member] | Second tranche [member] | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Aggregate amount of debt | $ 25 | ||
Date loan may be drawn | May be drawn at the Company's option between December 1, 2019 and January 31, 2020 upon positive results in the Phase 3 IMPLANT 4 clinical trial of nolasiban. | ||
Debt financing [member] | Third tranche [member] | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Aggregate amount of debt | $ 25 | ||
Date loan may be drawn | May be drawn at the Company's option between August 1, 2020 and September 30, 2020 upon positive results in the Phase 3 PRIMROSE 1 and 2 clinical trials of linzagolix. | ||
Major ordinary share transactions [Member] | Common shares [Member] | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Number of shares issued | shares | 3,064,048 | ||
Par value per shares | SFr / shares | SFr 0.07692 |