Cover page
Cover page | 6 Months Ended |
Jun. 30, 2022 | |
Cover [Abstract] | |
Document Type | 6-K/A |
Amendment Flag | true |
Document Period End Date | Jun. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | OBSEVA SA |
Entity Central Index Key | 0001685316 |
Current Fiscal Year End Date | --12-31 |
Amendment Description | ObsEva SA (the “Company”) is amending its Report on Form 6-K furnished to the U.S. Securities and Exchange Commission (the “Commission”) on August 17, 2022 (the “Form 6-K”) solely to include the Interactive Data File with respect to the unaudited condensed consolidated financial statements included in the Form 6-K. Except as expressly set forth above, this amendment to the Form 6-K does not amend, update or restate the information furnished on the Form 6-K or reflect any events that have occurred since the Form 6-K was originally filed. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets [Abstract] | ||
Cash and cash equivalents | $ 14,126 | $ 54,734 |
Restricted cash | 31,000 | 0 |
Other receivables | 180 | 3,560 |
Prepaid expenses | 3,371 | 5,223 |
Total current assets | 48,677 | 63,517 |
Non-current assets | ||
Right-of-use assets | 417 | 625 |
Furniture, fixtures and equipment | 53 | 58 |
Intangible assets | 4,503 | 24,503 |
Other long-term assets | 534 | 288 |
Total non-current assets | 5,507 | 25,474 |
Total assets | 54,184 | 88,991 |
Current liabilities | ||
Other payables and current liabilities | 4,735 | 9,038 |
Accrued expenses | 11,049 | 13,783 |
Current lease liabilities | 549 | 686 |
Total current liabilities | 16,333 | 23,507 |
Non-current liabilities | ||
Non-current lease liabilities | 0 | 240 |
Non-current borrowings | 32,923 | 25,733 |
Post-employment obligations | 6,468 | 6,581 |
Other long-term liabilities | 563 | 591 |
Total non-current liabilities | 39,954 | 33,145 |
Shareholders' equity | ||
Share capital | 6,875 | 6,489 |
Share premium | 437,537 | 430,630 |
Reserves | 35,060 | 32,195 |
Accumulated losses | (481,575) | (436,975) |
Total shareholders' equity | (2,103) | 32,339 |
Total liabilities and shareholders' equity | $ 54,184 | $ 88,991 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement Of Comprehensive Income [Abstract] | ||||
Operating income other than revenue | $ 2,612 | $ 4 | $ 4,849 | $ 10 |
OPERATING EXPENSES | ||||
Research and development expenses | (7,111) | (14,485) | (12,719) | (30,001) |
General and administrative expenses | (7,511) | (3,888) | (14,744) | (8,079) |
Impairment of intangible asset | (19,400) | 0 | (19,400) | 0 |
Total operating expenses | (34,022) | (18,373) | (46,863) | (38,080) |
OPERATING LOSS | (31,410) | (18,369) | (42,014) | (38,070) |
Finance Income | 23 | (55) | 1,956 | 574 |
Finance Expense | (1,357) | (690) | (4,434) | (1,601) |
NET LOSS BEFORE TAX | (32,744) | (19,114) | (44,492) | (39,097) |
Income tax expense | (54) | (30) | (107) | (51) |
NET LOSS FOR THE PERIOD | $ (32,798) | $ (19,144) | $ (44,599) | $ (39,148) |
Net loss per share | ||||
Basic and Diluted | $ (0.39) | $ (0.25) | $ (0.54) | $ (0.54) |
TOTAL OTHER COMPREHENSIVE INCOME / (LOSS) | $ 0 | $ 0 | $ 0 | $ 0 |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | $ (32,798) | $ (19,144) | $ (44,599) | $ (39,148) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
NET LOSS BEFORE TAX FOR THE PERIOD | $ (44,492) | $ (39,097) |
Adjustments for: | ||
Impairment of intangible asset | 19,400 | 0 |
Depreciation expense | 229 | 505 |
Post-employment cost | 202 | 229 |
Share-based compensation expense | 2,864 | 2,929 |
Finance expense, net | 2,478 | 1,027 |
Other operating income | (4,849) | 0 |
Changes in operating assets and liabilities: | ||
Other receivables | 3,379 | 160 |
Prepaid expenses, deferred costs and other long-term assets | 1,605 | (2,621) |
Other payables and current liabilities | (4,304) | (3,300) |
Accrued expenses and other long-term liabilities | (2,483) | 64 |
NET CASH FLOWS USED IN OPERATING ACTIVITIES | (25,971) | (40,104) |
Net proceeds from disposal of intangible assets | 5,691 | 0 |
Payments for plant and equipment | (15) | (10) |
NET CASH FLOWS From (USED IN) INVESTING ACTIVITIES | 5,676 | (10) |
Proceeds from issuance of shares | 5,664 | 48,960 |
Proceeds from issuance of convertible debt | 8,610 | 0 |
Proceeds from issuance of warrants | 915 | 0 |
Proceeds from exercise of warrants | 0 | 22,117 |
Issuance costs related to convertible debt and warrant | (1,696) | 0 |
Share issuance costs | (197) | (1,674) |
Principal elements of lease payments | (348) | (337) |
Interest paid | (1,921) | (1,127) |
NET CASH FLOWS FROM FINANCING ACTIVITIES | 11,027 | 67,939 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (9,268) | 27,825 |
Cash, cash equivalents and restricted cash at January 1, | 54,734 | 31,183 |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | (340) | (85) |
Cash, cash equivalents and restricted cash at June 30, | 45,126 | 58,923 |
NON-CASH FINANCING ACTIVITIES | ||
Issuance of common stock (in connection with conversion of convertible debt) | $ 906 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Share capital [Member] | Treasury shares [Member] | Share premium [Member] | Reserves [Member] | Accumulated losses [Member] |
Beginning Balance at Dec. 31, 2020 | $ 8,354 | $ 4,878 | $ (304) | $ 356,822 | $ 26,353 | $ (379,395) |
Loss for the period | (39,148) | 0 | 0 | 0 | 0 | (39,148) |
Other comprehensive loss | 0 | 0 | 0 | 0 | 0 | 0 |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | (39,148) | 0 | 0 | 0 | 0 | (39,148) |
Issuance of treasury shares | 0 | 1,515 | (1,515) | 0 | 0 | 0 |
Issuance of shares - ATM program | 49,049 | 0 | 1,189 | 47,860 | 0 | 0 |
Share issuance costs | (1,677) | 0 | 0 | (1,677) | 0 | 0 |
Exercise of warrants | 22,117 | 555 | 0 | 21,562 | 0 | 0 |
Share-based remuneration | 2,929 | 0 | 0 | 0 | 2,929 | 0 |
Ending Balance at Jun. 30, 2021 | 41,624 | 6,948 | (630) | 424,567 | 29,282 | (418,543) |
Beginning Balance at Dec. 31, 2021 | 32,339 | 6,948 | (459) | 430,630 | 32,196 | (436,976) |
Loss for the period | (44,599) | 0 | 0 | 0 | 0 | (44,599) |
Other comprehensive loss | 0 | 0 | 0 | 0 | 0 | 0 |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | (44,599) | 0 | 0 | 0 | 0 | (44,599) |
Issuance of treasury shares | 0 | 1,947 | (1,947) | 0 | 0 | 0 |
Issuance of shares - ATM program | 5,664 | 0 | 323 | 5,341 | 0 | 0 |
Share issuance costs - ATM program | (196) | 0 | 0 | (196) | 0 | 0 |
Conversion rights value - convertible notes | 197 | 0 | 0 | 197 | 0 | 0 |
Issuance of shares - convertible notes | 906 | 63 | 0 | 843 | 0 | 0 |
Reclassification of warrants | 722 | 0 | 0 | 722 | 0 | 0 |
Share-based remuneration | 2,864 | 0 | 0 | 0 | 2,864 | 0 |
Ending Balance at Jun. 30, 2022 | $ (2,103) | $ 8,958 | $ (2,083) | $ 437,537 | $ 35,060 | $ (481,575) |
General information
General information | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of General Information About Financial Statements [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 of novel therapeutics to improve women’s reproductive health and pregnancy. The Group has a portfolio of one in-licensed mid-stage out-licensed mid-stage On July 27, 2022, the Company announced plans to initiate a corporate restructuring and refocus the Company’s development and commercialization strategy. The Board of Directors decided to undertake the following actions: (i) give notice of termination of the Company’s license agreement with Kissei Pharmaceutical Co., Ltd (“Kissei”) for the development and commercialization of linzagolix (the “Kissei License Agreement”); (ii) commence planned corporate restructuring to resize the Company to be able to meet other license obligations and assess strategic options with respect to pipeline development; and (iii) file an application to the competent court in Geneva, Switzerland for a court-sanctioned moratorium to facilitate the planned restructuring. If granted, the moratorium will provide the Company with temporary protection against debt-enforcement and bankruptcy proceedings in Switzerland, with a view to make it possible for the Company to undertake restructuring measures under the supervision of one or more court-appointed administrators. Consistent with the Company’s plans to restructure its operations, the Company will initiate a mass dismissal process, pursuant to Swiss law. A final decision on the extent of the restructuring will be taken following a consultation process with the Company’s employees. These unaudited 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 unaudited 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 12, 2022. |
Accounting principles and scope
Accounting principles and scope of consolidation | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Accounting Policy [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 Accounting policies Accounting policies used in the preparation and presentation of these unaudited condensed consolidated financial statements are consistent with those used in the consolidated financial statements for the year ended December 31, 2021 (the “annual financial statements”), which should be read in conjunction with these unaudited condensed consolidated financial statements as they provide an update of previously reported information. Operating income other than revenue Revenue includes royalty and milestone income from the out-licensing Going concern The Company has incurred recurring losses since inception, including net losses of USD 44.6 million for the six-month believes that its current cash and cash equivalents, after taking into account our planned corporate restructuring actions, including a mass dismissal process pursuant to Swiss law, are sufficient to fund its operating expenses into the fourth quarter of 2022 and this raises substantial doubt about the Company’s ability to continue as a going concern. These factors individually and collectively indicate that a material uncertainty exists that may cast significant doubt about the Company’s ability to continue as a going concern within one year from the date of the issuance of these unaudited condensed consolidated financial statements. The future viability of the Company is dependent on its ability to implement a successful corporate reorganization and to raise additional capital to finance its future operations. The Company may receive future milestone payments from licensors but that is dependent on achieving certain regulatory or commercial milestones that may never happen. The Company may seek additional funding through its public or private financings, debt financing or collaboration agreements. The sale of additional equity may dilute existing shareholders and newly issued shares may contain senior rights and preferences compared to currently outstanding common shares. Issued debt securities may contain covenants and limit the Company’s ability to pay dividends or make other distributions to shareholders. The inability to obtain funding, as and when needed, would have a negative impact on the Company’s operations, financial condition and ability to pursue its business strategies. If the Company is unable to obtain the required funding to run its operations and to develop and commercialize its product candidates, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. Management continues to explore all potential options to obtain additional funding. However, there is no assurance that the Company will be successful in raising funds, obtaining sufficient funding on terms acceptable to the Company, or if at all, which could have a material adverse effect on the Group’s business, results of operations and financial conditions. 2.2 Use of estimates and assumptions The preparation of unaudited 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. The Company bases the estimates on historical experience and on various other assumptions that the Company believes are reasonable, the results of which form the basis for making judgments about the carrying value of assets, liabilities and equity and the amount of revenues and expenses. If in the future such estimates and assumptions, which are based on management’s best judgment at the date of the unaudited 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 The Company consolidates the financial operations of its four fully-owned subsidiaries, ObsEva Ireland Ltd, which is registered in Cork, Ireland and organized under the laws of Ireland, ObsEva Europe B.V., which is registered and organized under the laws of Netherlands, ObsEva Switzerland SA, which is registered and organized under the laws of Switzerland, and ObsEva USA Inc., which is registered and organized under the laws of Delaware, USA. ObsEva Ireland Ltd, ObsEva Europe B.V., and ObsEva Switzerland SA had no operations and no results of operations to report as of June 30, 2022 and 2021. |
Fair value estimation and finan
Fair value estimation and financial instruments | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Fair Value Of Financial Instruments [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, restricted cash, other receivables, other payables and accruals which are classified as loans and receivables at amortized cost according to IFRS 9. Assets recorded at fair value on a nonrecurring basis, such as intangible assets are recognized at fair value when they are impaired. |
Cash, cash equivalents and rest
Cash, cash equivalents and restricted cash | 6 Months Ended |
Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash, cash equivalents and restricted cash | 4. Cash, cash equivalents and restricted cash Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Restricted cash represents deposited amounts securing obligations under the Company’s convertible note financing arrangement with JGB Management, Inc. (see Note 6). Restricted cash consists of USD 31.0 million held in a restricted depository account. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts in the statement of cash flows. (in USD ‘000) June 30, 2022 December 31, 2021 Cash and cash equivalents 14,126 54,734 Restricted cash 31,000 — Total cash, cash equivalents and restricted cash 45,126 54,734 |
Intangible assets
Intangible assets | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Intangible Assets [Abstract] | |
Intangible assets | 5. Intangible assets The Company’s intangible assets consisted of the following: June 30, 2022 (in USD ‘000) Gross Disposal Impairment Net Book Intangible assets Linzagolix 20,000 (600 ) (19,400 ) — Nolasiban 4,503 — — 4,503 Total 24,503 (600 ) (19,400 ) 4,503 December 31, 2021 (in USD ‘000) Gross Disposal Impairment Net Book Intangible assets Linzagolix 20,000 — — 20,000 Nolasiban 4,503 — — 4,503 Ebopiprant 2,105 (2,105 ) — — Total 26,608 (2,105 ) — 24,503 On February 10, 2022, the Company entered into a strategic licensing agreement with Theramex HQ UK Limited (“Theramex”) to support the commercialization and market introduction of linzagolix across global markets outside of the U.S., Canada and Asia (“Theramex License Agreement”). Given the out-licensing de-recognized. out-licensed During the three months ended June 30, 2022, the Company identified an interim impairment trigger for the linzagolix intangible asset resulting from the review issues communicated by the U.S. Food and Drug Administration (FDA) regarding deficiencies in the New Drug Application (NDA) for linzagolix uterine fibroids. After performing an interim impairment assessment, the Company concluded that the full remaining net book value of the asset was impaired as of June 30, 2022 and recorded a charge of USD 19.4 million. The impairment charge is recorded in impairment of intangible asset on the unaudited condensed consolidated statements of comprehensive loss. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
Borrowings [Abstract] | |
Borrowings | 6. Borrowings In October 2021, the Company entered into a convertible note financing agreement (the “Securities Purchase Agreement”) with certain funds and accounts managed by JGB Management Inc. (“JGB”), which is structured to provide up to USD 135 million in borrowing capacity, available in nine tranches. The following is the activity of the Company’s borrowings for the six months ended June 30, 2022: (in USD ‘000) 2022 Borrowings as of January 1, $ 25,733 Issuance of JGB convertible note 8,369 Transaction costs (1,490 ) Conversion of JGB convertible note (906 ) Interest expense 3,124 Interest paid (1,907 ) Borrowings as of June 30, $ 32,923 The Securities Purchase Agreement provides for the Company to potentially receive funds from each of the seven remaining tranches that have not been funded as of June 30, 2022, which may be funded at JGB’s sole option and subject to the Company meeting certain conditions, including, among others, that the Company’s volume-weighted average price is not below USD 3.00 per share for five or more trading days during the 30 days prior to a tranche funding date (the “Minimum Stock Price Condition”). As of May 25, 2022, the funding date of the third tranche, the Company had not met the Minimum Stock Price Condition for the third tranche. On May 27, 2022, the Company entered into a waiver and amendment agreement with JGB, whereby JGB agreed to waive its right to terminate its obligation to fund future tranches under the Securities Purchase Agreement, which JGB would be entitled to as a result of the Company’s failure to meet the Minimum Stock Price Condition. In exchange, the Company agreed to further restrictions on the existing account control agreement in favor of JGB to establish a “blocked” account control agreement with respect to the applicable bank account. As of June 30, 2022, the Company held USD 31.0 million in such deposit account, which is classified as Restricted Cash in the unaudited condensed consolidated balance sheets. The minimum cash amount is subject to additional incremental increases totaling USD 21.0 million in aggregate depending on the amount of debt outstanding under the Securities Purchase Agreement. The Securities Purchase Agreement includes affirmative and negative covenants applicable to the Company and its subsidiaries. The affirmative covenants include, among other things, requirements to file certain financial reports with the Securities and Exchange Commission, maintain insurance coverage and satisfy certain requirements regarding deposit accounts. Further, subject to certain exceptions, the Securities Purchase Agreement contains customary negative covenants limiting its ability to, among other things, transfer or sell certain assets, consummate mergers or acquisitions, allow changes in business, incur additional indebtedness, create liens, pay dividends or make other distributions and make investments. As of June 30, 2022, the Company was in compliance with its covenants. On August 1, 2022, as a result of certain events of default under the outstanding convertible notes issued in the first and second tranches under the Securities Purchase Agreement, the Company announced the early retirement of USD 31.0 million of its debt with JGB, as the USD 31.0 million cash held as collateral was applied against the outstanding convertible notes on a pro rata basis, and the entry into an amendment and forbearance agreement to refinance the remaining outstanding debt held (see Note 14 for the events occurring after the reporting period). |
Shareholders' equity
Shareholders' equity | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Shareholders' equity | 7. Shareholders’ equity Share capital and share premium As of June 30, 2022, the total outstanding share capital of USD 6.9 million, fully paid, consists of 84,499,179 common shares, excluding 24,921,292 treasury shares. As of December 31, 2021, the total outstanding share capital of USD 6.5 million, fully paid, consisted of 79,855,268 common shares, excluding 5,265,203 treasury shares. All shares have a nominal value of 1/13 During the second quarter of 2022, JGB converted USD 1.3 800,000 In February 2022, the Company announced the issuance of 23,400,000 common shares at par value of 1/13 per During the six-months During the six-month Warrants issued with Securities Purchase Agreement with JGB On January 28, 2022, in connection with the second tranche under the Securities Purchase Agreement, the Company issued to JGB a warrant to purchase 1,018,716 common shares of the Company. The warrant has an exercise price of USD 1.87 per share. The Company determined the fair value of the warrant on January 28, 2022 using the Black Scholes model by using a risk-free interest rate of 1.78%, an expected term of 3 years, and an implied volatility of 96.5%. The fair value was calculated to be approximately USD 915 thousand on January 28, 2022. This valuation is considered to be Level 2 in the fair value hierarchy. The Company allocated the transaction fees, including the USD 1.25 million waiver payment, associated with the Securities Purchase Agreement based on the debt balance and the fair value of the warrant liability on January 28, 2022. The allocation of the transaction fees associated with the warrant liability was USD 163 thousand and was recorded as a period cost and included in finance expense on the statements of comprehensive loss. Because the warrants were not exercisable until its affiliated registration statement was declared effective, the Company had to revalue the warrant liability on the date of the effective date of the registration statement which was March 1, 2022. The Company revalued the fair value of the warrants on March 1, 2022 using the Black Scholes model by using a risk-free interest rate of 1.72%, an expected term of 3 years, and an implied volatility of 95.8%. The fair value was calculated to be approximately USD 722 thousand on March 1, 2022. The resulting change in fair values from January 28, 2022 to March 1, 2022 of USD 193 thousand is recorded as a period cost and is included in finance income on the statements of comprehensive loss. |
Revenue and other operating inc
Revenue and other operating income | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Revenue And Other Income [Abstract] | |
Revenue and other operating income | 8. Revenue and other operating income On February 10, 2022, the Company entered into the Theramex License Agreement with Theramex to support the commercialization and market introduction of linzagolix across global markets outside of the U.S., Canada and Asia. Under the terms of the Theramex License Agreement, the Company was entitled to receive royalties of a mid-thirties As the Company received marketing authorization for the uterine fibroid indication in the European Union and the UK, the upfront payment of EUR 5.0 million was fully recognized during the six months ended June 30, 2022. The gain on the disposal of the asset, net of de-recognition As a result of termination of the Kissei License Agreement, the Theramex License Agreement was automatically assigned to Kissei and the Company has no further rights or obligations under the agreement. See Note 14 for further information. |
Research and development expens
Research and development expenses | 6 Months Ended |
Jun. 30, 2022 | |
Research And Development Expenses [Abstract] | |
Research and development expenses | 9. Research and development expenses 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, 2022 | |
Disclosure Of Income Tax [Abstract] | |
Income tax | 10. Income tax The Group is subject to income taxes in various jurisdictions, including primarily in Switzerland and the United States. Since January 1, 2020, the Company is subject in Switzerland to a municipal and cantonal income tax rate of 14.0% 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 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, 2022 | |
Earnings Per Share [Abstract] | |
Loss per share | 11. Loss per share As of June 30, 2022 and 2021, 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 ended June 30, Six-month ended June 30, Net loss attributable to shareholders (in USD ‘000) (32,798 ) (44,599 ) Weighted average number of common shares outstanding 83,884,893 82,916,093 Basic and diluted loss per share (in USD) (0.39 ) (0.54 ) Three-month ended June 30, Six-month ended June 30, Net loss attributable to shareholders (in USD ‘000) (19,144 ) (39,148 ) Weighted average number of common shares outstanding 75,809,484 72,211,911 Basic and diluted loss per share (in USD) (0.25 ) (0.54 ) For the three-month and six-months ended six-month periods |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Lease Liabilities [Abstract] | |
Leases | 12. Leases On May 10, 2022, the Company entered into a 120-month |
Segment information
Segment information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Information [Abstract] | |
Segment Information | 13. 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, 2022 December 31, 2021 Switzerland 5,414 25,385 USA 93 89 Total non-current 5,507 25,474 The geographical analysis of operating expenses is as follows: (in USD ’000) Three-month period ended June 30, Six-month ended June 30, 2022 2021 2022 2021 Switzerland 33,337 16,730 45,953 34,885 USA 685 1,643 910 3,195 Total operating expenses 34,022 18,373 46,863 38,080 |
Events after the reporting peri
Events after the reporting period | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Nonadjusting Events After Reporting Period [Abstract] | |
Events after the reporting period | 14. Events after the reporting period On July 27, 2022, the Company announced plans to initiate a corporate restructuring and refocus the Company’s development and commercialization strategy. The Company believed these changes were necessary due to the commercial landscape and potential additional capital needed to fund the completion of the linzagolix clinical development program, as the U.S. Food and Drug Administration (FDA) notified the Company of review issues regarding deficiencies in the New Drug Application (NDA) for linzagolix for uterine fibroids. These review issues precluded discussion of labeling and post-marketing commitments. As disclosed in Note 5, these expected review issues resulted in the Company impairing the linzagolix intangible asset as of June 30, 2022. Following these FDA discussions, the Board of Directors decided to undertake the following actions in July 2022: (i) give notice of termination of the Kissei License Agreement; (ii) commence planned corporate restructuring to resize the Company to be able to meet other license obligations and assess strategic options with respect to pipeline development; and (iii) file an application to the Swiss court for a court-sanctioned moratorium to facilitate the planned restructuring. As a result of termination of the Kissei License Agreement, the Theramex License Agreement was automatically assigned to Kissei and the Company has no further rights or obligations under the agreement. In July 2022, following the corporate restructuring announcement, the Company sold a total of 3,077,175 treasury shares at an average price of USD 0.29 per share, as part of its ATM program with SVB Leerink LLC. These multiple daily transactions generated total gross proceeds of USD 0.9 million. On July 27, 2022, the Company’s previously announced application to the courts of competent jurisdiction of the Swiss canton of Geneva for a preliminary moratorium resulted in certain events of default under the outstanding Notes (the “Events of Default”). On July 31, 2022, the Company entered into an amendment and forbearance agreement (the “Amendment”) with JGB in relation to the Securities Purchase Agreement, the Note issued in connection with the first tranche under the Securities Purchase Agreement (the “First Tranche Note”), and the Second Tranche Note. Pursuant to the Amendment, the Company and JGB agreed to apply the USD 31.0 million restricted cash balance of the Company (the “Account Balances”) previously held in a control account in accordance with the Transaction Agreements against the outstanding Notes on a pro rata basis, and JGB waived any application of the 25% prepayment premium permitted under the outstanding Notes with respect to the Account Balances. In addition, JGB agreed to refrain and forebear from exercising or pursuing any rights or remedies under the Securities Purchase Agreement, the Notes, or any ancillary agreements thereto (the “Transaction Agreements”), with respect to the Events of Default until the earlier to occur of (i) October 29, 2022, (ii) the occurrence of any event of default under the Transaction Agreements (other than the Events of Default), and (iii) the date upon which a preliminary moratorium has been granted by the courts of competent jurisdiction of the Swiss canton of Geneva. In exchange for the waiver of the prepayment penalty and forbearance on exercising such rights and remedies, USD 1.5 million was added to the outstanding principal balance under the outstanding Notes, resulting in an aggregate outstanding balance of approximately USD 11.0 million under the outstanding Notes, the conversion price of the outstanding Notes was adjusted to a conversion price of USD 0.26 per share (subject to adjustment as provided in the outstanding Notes) and the Company’s right to mandatory conversion of any convertible notes issued pursuant to the Securities Purchase Agreement, including the outstanding Notes, was terminated. In addition, JGB is no longer obligated to fund any future mandatory or optional tranche closing under the Securities Purchase Agreement. As of the issuance date of the unaudited condensed consolidated financial statements, the outstanding note balances are classified as short-term. The Company expects the early debt extinguishment to have a material impact on the Statement of Comprehensive Loss for the year ended December 31, 2022. In August 2022, following the execution of the Amendment, JGB converted USD 3.5 million of its Notes and USD 0.3 million of accrued and unpaid interest into 14,272,239 common shares. |
Accounting principles and sco_2
Accounting principles and scope of consolidation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Accounting Policy [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 |
Accounting policies | Accounting policies Accounting policies used in the preparation and presentation of these unaudited condensed consolidated financial statements are consistent with those used in the consolidated financial statements for the year ended December 31, 2021 (the “annual financial statements”), which should be read in conjunction with these unaudited condensed consolidated financial statements as they provide an update of previously reported information. |
Operating income other than revenue | Operating income other than revenue Revenue includes royalty and milestone income from the out-licensing |
Going concern | Going concern The Company has incurred recurring losses since inception, including net losses of USD 44.6 million for the six-month believes that its current cash and cash equivalents, after taking into account our planned corporate restructuring actions, including a mass dismissal process pursuant to Swiss law, are sufficient to fund its operating expenses into the fourth quarter of 2022 and this raises substantial doubt about the Company’s ability to continue as a going concern. These factors individually and collectively indicate that a material uncertainty exists that may cast significant doubt about the Company’s ability to continue as a going concern within one year from the date of the issuance of these unaudited condensed consolidated financial statements. The future viability of the Company is dependent on its ability to implement a successful corporate reorganization and to raise additional capital to finance its future operations. The Company may receive future milestone payments from licensors but that is dependent on achieving certain regulatory or commercial milestones that may never happen. The Company may seek additional funding through its public or private financings, debt financing or collaboration agreements. The sale of additional equity may dilute existing shareholders and newly issued shares may contain senior rights and preferences compared to currently outstanding common shares. Issued debt securities may contain covenants and limit the Company’s ability to pay dividends or make other distributions to shareholders. The inability to obtain funding, as and when needed, would have a negative impact on the Company’s operations, financial condition and ability to pursue its business strategies. If the Company is unable to obtain the required funding to run its operations and to develop and commercialize its product candidates, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. Management continues to explore all potential options to obtain additional funding. However, there is no assurance that the Company will be successful in raising funds, obtaining sufficient funding on terms acceptable to the Company, or if at all, which could have a material adverse effect on the Group’s business, results of operations and financial conditions. |
Use of estimates and assumptions | 2.2 Use of estimates and assumptions The preparation of unaudited 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. The Company bases the estimates on historical experience and on various other assumptions that the Company believes are reasonable, the results of which form the basis for making judgments about the carrying value of assets, liabilities and equity and the amount of revenues and expenses. If in the future such estimates and assumptions, which are based on management’s best judgment at the date of the unaudited 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 The Company consolidates the financial operations of its four fully-owned subsidiaries, ObsEva Ireland Ltd, which is registered in Cork, Ireland and organized under the laws of Ireland, ObsEva Europe B.V., which is registered and organized under the laws of Netherlands, ObsEva Switzerland SA, which is registered and organized under the laws of Switzerland, and ObsEva USA Inc., which is registered and organized under the laws of Delaware, USA. ObsEva Ireland Ltd, ObsEva Europe B.V., and ObsEva Switzerland SA had no operations and no results of operations to report as of June 30, 2022 and 2021. |
Cash, cash equivalents and re_2
Cash, cash equivalents and restricted cash (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts in the statement of cash flows. (in USD ‘000) June 30, 2022 December 31, 2021 Cash and cash equivalents 14,126 54,734 Restricted cash 31,000 — Total cash, cash equivalents and restricted cash 45,126 54,734 |
Intangible assets (Tables)
Intangible assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Intangible Assets [Abstract] | |
Schedule of Detailed Information of Intangible Assets | The Company’s intangible assets consisted of the following: June 30, 2022 (in USD ‘000) Gross Disposal Impairment Net Book Intangible assets Linzagolix 20,000 (600 ) (19,400 ) — Nolasiban 4,503 — — 4,503 Total 24,503 (600 ) (19,400 ) 4,503 December 31, 2021 (in USD ‘000) Gross Disposal Impairment Net Book Intangible assets Linzagolix 20,000 — — 20,000 Nolasiban 4,503 — — 4,503 Ebopiprant 2,105 (2,105 ) — — Total 26,608 (2,105 ) — 24,503 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Borrowings [Abstract] | |
Summary of Credit Facility | The following is the activity of the Company’s borrowings for the six months ended June 30, 2022: (in USD ‘000) 2022 Borrowings as of January 1, $ 25,733 Issuance of JGB convertible note 8,369 Transaction costs (1,490 ) Conversion of JGB convertible note (906 ) Interest expense 3,124 Interest paid (1,907 ) Borrowings as of June 30, $ 32,923 |
Loss per share (Tables)
Loss per share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [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 ended June 30, Six-month ended June 30, Net loss attributable to shareholders (in USD ‘000) (32,798 ) (44,599 ) Weighted average number of common shares outstanding 83,884,893 82,916,093 Basic and diluted loss per share (in USD) (0.39 ) (0.54 ) Three-month ended June 30, Six-month ended June 30, Net loss attributable to shareholders (in USD ‘000) (19,144 ) (39,148 ) Weighted average number of common shares outstanding 75,809,484 72,211,911 Basic and diluted loss per share (in USD) (0.25 ) (0.54 ) |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Information [Abstract] | |
Summary of Geographical Analysis of Assets | The geographical analysis of non-current (in USD ‘000) June 30, 2022 December 31, 2021 Switzerland 5,414 25,385 USA 93 89 Total non-current 5,507 25,474 |
Summary of Geographical Analysis of Operating Expenses | The geographical analysis of operating expenses is as follows: (in USD ’000) Three-month period ended June 30, Six-month ended June 30, 2022 2021 2022 2021 Switzerland 33,337 16,730 45,953 34,885 USA 685 1,643 910 3,195 Total operating expenses 34,022 18,373 46,863 38,080 |
General Information - Additiona
General Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 | |
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 of novel therapeutics to improve women’s reproductive health and pregnancy. The Group has a portfolio of one in-licensed mid-stage development compound (nolasiban) and one out-licensed mid-stage development product (ebopiprant). The Group has no currently marketed products. |
Accounting Principles and Sco_3
Accounting Principles and Scope of Consolidation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Accounting Policy [Abstract] | ||||||
Net losses | $ (32,798) | $ (19,144) | $ (44,599) | $ (39,148) | ||
Accumulated losses | (512,200) | (512,200) | ||||
Offset with share premium | 30,600 | 30,600 | ||||
Cash and cash equivalents | 45,126 | $ 58,923 | 45,126 | $ 58,923 | $ 54,734 | $ 31,183 |
Restricted cash | $ 31,000 | $ 31,000 | $ 0 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash - Schedule of Cash and Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 14,126 | $ 54,734 | ||
Restricted cash | 31,000 | 0 | ||
Total cash, cash equivalents and restricted cash | $ 45,126 | $ 54,734 | $ 58,923 | $ 31,183 |
Cash, Cash Equivalents and Re_4
Cash, Cash Equivalents and Restricted Cash - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||
Restricted cash and cash equivalents | $ 31,000 | $ 0 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Detailed Information of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure Of Intangible Assets [Line Items] | |||||
Beginning balance | $ 24,503 | ||||
Disposal | (600) | $ (2,105) | |||
Impairment | $ (19,400) | $ 0 | (19,400) | $ 0 | 0 |
Ending balance | 4,503 | 4,503 | 24,503 | ||
Linzagolix [Member] | |||||
Disclosure Of Intangible Assets [Line Items] | |||||
Beginning balance | 20,000 | ||||
Disposal | (600) | 0 | |||
Impairment | (19,400) | 0 | |||
Ending balance | 0 | 0 | 20,000 | ||
Nolasiban [Member] | |||||
Disclosure Of Intangible Assets [Line Items] | |||||
Beginning balance | 4,503 | ||||
Disposal | 0 | 0 | |||
Impairment | 0 | 0 | |||
Ending balance | $ 4,503 | 4,503 | 4,503 | ||
Ebopiprant [Member] | |||||
Disclosure Of Intangible Assets [Line Items] | |||||
Beginning balance | 0 | ||||
Disposal | (2,105) | ||||
Impairment | 0 | ||||
Ending balance | 0 | ||||
Gross Carrying Amount [Member] | |||||
Disclosure Of Intangible Assets [Line Items] | |||||
Beginning balance | 24,503 | 26,608 | 26,608 | ||
Ending balance | 24,503 | ||||
Gross Carrying Amount [Member] | Linzagolix [Member] | |||||
Disclosure Of Intangible Assets [Line Items] | |||||
Beginning balance | 20,000 | 20,000 | 20,000 | ||
Ending balance | 20,000 | ||||
Gross Carrying Amount [Member] | Nolasiban [Member] | |||||
Disclosure Of Intangible Assets [Line Items] | |||||
Beginning balance | $ 4,503 | 4,503 | 4,503 | ||
Ending balance | 4,503 | ||||
Gross Carrying Amount [Member] | Ebopiprant [Member] | |||||
Disclosure Of Intangible Assets [Line Items] | |||||
Beginning balance | $ 2,105 | $ 2,105 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Feb. 10, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure Of Intangible Assets [Abstract] | ||||||
Percentage of out licensed territories of gross profit | 3% | |||||
Decrease through derecognition of intangible assets | $ 600 | |||||
Impairment of intangible assets | $ 19,400 | $ 0 | $ 19,400 | $ 0 | $ 0 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - Securities Purchase Agreement With JGB Management, Inc. [Member] | 1 Months Ended | 6 Months Ended | |
Oct. 31, 2021 USD ($) Tranche $ / shares | Jun. 30, 2022 USD ($) | Aug. 01, 2022 USD ($) | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Maximum borrowing capacity of financing agreement | $ 135,000,000 | ||
Number of tranches | Tranche | 9 | ||
Description of minimum stock price | The Securities Purchase Agreement provides for the Company to potentially receive funds from each of the seven remaining tranches that have not been funded as of June 30, 2022, which may be funded at JGB’s sole option and subject to the Company meeting certain conditions, including, among others, that the Company’s volume-weighted average price is not below USD 3.00 per share for five or more trading days during the 30 days prior to a tranche funding date (the “Minimum Stock Price Condition”). | ||
Weighted average share price | $ / shares | $ 3 | ||
Restricted cash | $ 31,000,000 | ||
Additional incremental increases | $ 21,000,000 | ||
Early retirement of debt obligations | $ 31,000,000 | ||
Cash held as collateral | $ 31,000,000 |
Borrowings - Summary of Credit
Borrowings - Summary of Credit Facility (Detail) - Borrowing [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Borrowings | $ 25,733 |
Issuance of JGB convertible note | 8,369 |
Transaction costs | (1,490) |
Conversion of JGB convertible note | (906) |
Interest expense | 3,124 |
Interest paid | (1,907) |
Borrowings | $ 32,923 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Mar. 01, 2022 USD ($) yr | Jan. 28, 2022 USD ($) yr $ / shares shares | Aug. 31, 2022 USD ($) shares | Jul. 31, 2022 USD ($) $ / shares shares | Mar. 01, 2022 USD ($) | Jun. 30, 2022 USD ($) $ / shares shares | Mar. 31, 2021 USD ($) shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | Feb. 28, 2022 $ / shares shares | Dec. 31, 2021 USD ($) shares | |
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Share capital | $ 6,875 | $ 6,875 | $ 6,489 | ||||||||
Nominal value per share of non-voting shares | $ / shares | $ 0.0769 | $ 0.0769 | |||||||||
Share issue related cost | $ 1,677 | ||||||||||
Proceeds from the exercise of warrants | $ 0 | 22,117 | |||||||||
JGB Management, Inc. [Member] | Potential Ordinary Share Transactions [Member] | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Debt conversion, conversion of principal amount | $ 3,500 | ||||||||||
Debt conversion, converted instrument, shares issued | shares | 14,272,239 | ||||||||||
Tranche Two [Member] | JGB Management, Inc. [Member] | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Debt conversion, conversion of principal amount | $ 1,300 | ||||||||||
Debt conversion, converted instrument, shares issued | shares | 800,000 | ||||||||||
Warrants Issued from Securities Purchase Agreement with JGB Management, Inc. [Member] | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Risk-free interest rate | 1.72% | ||||||||||
Expected term | yr | 3 | ||||||||||
Implied volatility | 95.80% | ||||||||||
Warrants, fair value | $ 722 | $ 722 | |||||||||
Decrease in fair value of warrants | $ 193 | ||||||||||
Warrants Issued from Securities Purchase Agreement with JGB Management, Inc. [Member] | Tranche Two [Member] | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Number of warrants issued | shares | 1,018,716 | ||||||||||
Warrants exercise price per share | $ / shares | $ 1.87 | ||||||||||
Waiver payment of notes issued | $ 1,250 | ||||||||||
Transaction fees of warrant liability | $ 163 | ||||||||||
Warrants Issued from Securities Purchase Agreement with JGB Management, Inc. [Member] | Tranche Two [Member] | Level 2 of Fair Value Hierarchy [Member] | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Risk-free interest rate | 1.78% | ||||||||||
Expected term | yr | 3 | ||||||||||
Implied volatility | 96.50% | ||||||||||
Warrants, fair value | $ 915 | ||||||||||
Treasury Shares [Member] | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Number of shares issued | shares | 24,921,292 | 24,921,292 | 5,265,203 | ||||||||
Share issue related cost | $ 0 | ||||||||||
Common shares [Member] | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Share capital | $ 6,900 | $ 6,900 | $ 6,500 | ||||||||
Number of shares issued and fully paid | shares | 84,499,179 | 84,499,179 | 79,855,268 | ||||||||
Common shares [Member] | Potential Ordinary Share Transactions [Member] | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Number of shares issued | shares | 23,400,000 | ||||||||||
Par value of shares | $ / shares | $ 0.0769 | ||||||||||
ATM [Member] | Treasury Shares [Member] | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Number of shares issued | shares | 13,949,613 | ||||||||||
Share price | $ / shares | $ 3.51 | ||||||||||
Proceeds from sale of treasury shares | $ 49,000 | ||||||||||
Share issue related cost | $ 1,500 | ||||||||||
Proceeds from the exercise of warrants | $ 22,100 | ||||||||||
Number of warrants exercised | shares | 6,448,240 | ||||||||||
ATM [Member] | Treasury Shares [Member] | SVB Leerink LLC [Member] | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Number of shares issued | shares | 3,743,911 | 3,743,911 | |||||||||
Share price | $ / shares | $ 1.51 | $ 1.51 | |||||||||
Proceeds from sale of treasury shares | $ 5,700 | ||||||||||
Share issue related cost | $ 200 | ||||||||||
ATM [Member] | Treasury Shares [Member] | Potential Ordinary Share Transactions [Member] | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Proceeds from sale of treasury shares | $ 900 | ||||||||||
ATM [Member] | Treasury Shares [Member] | Potential Ordinary Share Transactions [Member] | SVB Leerink LLC [Member] | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Number of shares issued | shares | 3,077,175 | ||||||||||
Share price | $ / shares | $ 0.29 |
Revenue and Other Operating I_2
Revenue and Other Operating Income - Additional Information (Detail) € in Thousands, $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 EUR (€) | Jun. 30, 2022 USD ($) | Feb. 10, 2022 EUR (€) | |
Revenue And Other Income [Line Items] | |||
Upfront payment received | € 5,000 | ||
Gain on disposal of asset net of fees | $ | $ 4.8 | ||
Potential Ordinary Share Transactions [Member] | Theramex Licensing Agreement [Member] | Signing Milestones [Member] | |||
Revenue And Other Income [Line Items] | |||
Upfront and milestone payments | € 5,000 | ||
Top Of Range [Member] | Potential Ordinary Share Transactions [Member] | Theramex Licensing Agreement [Member] | |||
Revenue And Other Income [Line Items] | |||
Upfront and milestone payments | 72,750 | ||
Top Of Range [Member] | Potential Ordinary Share Transactions [Member] | Theramex Licensing Agreement [Member] | Development and Commercial Milestones [Member] | |||
Revenue And Other Income [Line Items] | |||
Upfront and milestone payments | 13,750 | ||
Top Of Range [Member] | Potential Ordinary Share Transactions [Member] | Theramex Licensing Agreement [Member] | Sales Based Milestones [Member] | |||
Revenue And Other Income [Line Items] | |||
Upfront and milestone payments | € 54,000 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
ObsEva USA Inc [Member] | |||||
Disclosure of Income Tax [Abstract] | |||||
Statutory tax rate (blended at Group level) | 27.30% | 27.30% | 27.30% | 27.30% | |
Switzerland [Member] | |||||
Disclosure of Income Tax [Abstract] | |||||
Tax loss carryforward period | 7 years | ||||
Current tax expense (income) | $ 0 | $ 0 | $ 0 | $ 0 | |
Deferred taxes | $ 0 | $ 0 | $ 0 | ||
Switzerland [Member] | Municipal and Cantonal Tax Rate [Member] | |||||
Disclosure of Income Tax [Abstract] | |||||
Statutory tax rate (blended at Group level) | 14% | ||||
Switzerland [Member] | Federal Tax Rate [Member] | |||||
Disclosure of Income Tax [Abstract] | |||||
Statutory tax rate (blended at Group level) | 8.50% |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive impact of share options on calculation of the diluted earnings per share excluded from calculation | 12,364,148 | 8,956,610 | 12,364,148 | 516,352 |
Anti-dilutive non-vested securities excluded from calculation of diluted earnings per share | 18,021,414 |
Loss Per Share - Schedule of Ba
Loss Per Share - Schedule of Basic and Diluted Loss per Share (Detail) - Common shares [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Line Items] | ||||
Net loss attributable to shareholders | $ (32,798) | $ (19,144) | $ (44,599) | $ (39,148) |
Weighted average number of common shares outstanding | 83,884,893 | 75,809,484 | 82,916,093 | 72,211,911 |
Basic and diluted loss per share | $ (0.39) | $ (0.25) | $ (0.54) | $ (0.54) |
Leases - Additional information
Leases - Additional information (Detail) $ in Millions | May 10, 2022 | Oct. 01, 2022 ft² Parking | Jun. 30, 2022 USD ($) |
Disclosure Of Quantitative Information About Rightofuse Assets [Abstract] | |||
Number of lease duration period | 120 months | ||
Number of square feet for lease | ft² | 7,513 | ||
Number of parking spaces for lease | Parking | 4 | ||
Expected lease commitments remainder of fiscal year | $ 0.1 | ||
Expected lease commitments for next twelve months | $ 0.3 |
Segment Information - Summary o
Segment Information - Summary of Geographical Analysis of Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure Of Geographical Areas [Line Items] | ||
Total non-current assets | $ 5,507 | $ 25,474 |
Switzerland [Member] | ||
Disclosure Of Geographical Areas [Line Items] | ||
Total non-current assets | 5,414 | 25,385 |
USA [Member] | ||
Disclosure Of Geographical Areas [Line Items] | ||
Total non-current assets | $ 93 | $ 89 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure Of Geographical Areas [Line Items] | ||||
Total operating expenses | $ 34,022 | $ 18,373 | $ 46,863 | $ 38,080 |
Switzerland [Member] | ||||
Disclosure Of Geographical Areas [Line Items] | ||||
Total operating expenses | 33,337 | 16,730 | 45,953 | 34,885 |
USA [Member] | ||||
Disclosure Of Geographical Areas [Line Items] | ||||
Total operating expenses | $ 685 | $ 1,643 | $ 910 | $ 3,195 |
Events After the Reporting Pe_2
Events After the Reporting Period - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | ||||
Oct. 29, 2022 | Aug. 31, 2022 | Jul. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
JGB Management, Inc. [Member] | Potential Ordinary Share Transactions [Member] | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Restricted cash | $ 31 | |||||
Percentage of prepayment premium waived | 25% | |||||
Increase in outstanding balance of notes | $ 1.5 | |||||
Notes issued | $ 11 | |||||
Debt conversion price per common share | $ 0.26 | |||||
Debt conversion, conversion of principal amount | $ 3.5 | |||||
Debt conversion, conversion of interest compound | $ 0.3 | |||||
Debt conversion, converted instrument, shares issued | 14,272,239 | |||||
Treasury Shares [Member] | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Number of shares issued | 24,921,292 | 5,265,203 | ||||
ATM [Member] | Treasury Shares [Member] | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Number of shares issued | 13,949,613 | |||||
Share price | $ 3.51 | |||||
Proceeds from sale of treasury shares | $ 49 | |||||
ATM [Member] | Treasury Shares [Member] | Potential Ordinary Share Transactions [Member] | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Proceeds from sale of treasury shares | $ 0.9 | |||||
SVB Leerink LLC [Member] | ATM [Member] | Treasury Shares [Member] | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Number of shares issued | 3,743,911 | |||||
Share price | $ 1.51 | |||||
Proceeds from sale of treasury shares | $ 5.7 | |||||
SVB Leerink LLC [Member] | ATM [Member] | Treasury Shares [Member] | Potential Ordinary Share Transactions [Member] | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Number of shares issued | 3,077,175 | |||||
Share price | $ 0.29 |