Exhibit 99.1
OBSEVA SA
INDEX TO UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
ObsEva SA
Consolidated Interim Financial Statements
(in USD ’000) | Notes |
| June 30, 2018 |
|
| December 31, 2017 |
| ||
|
|
| unaudited |
|
| audited |
| ||
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents | 4 |
|
| 166,835 |
|
|
| 110,841 |
|
Other receivables |
|
|
| 630 |
|
|
| 783 |
|
Prepaid expenses |
|
|
| 2,082 |
|
|
| 1,490 |
|
Total current assets |
|
|
| 169,547 |
|
|
| 113,114 |
|
Non-current assets |
|
|
|
|
|
|
|
|
|
Furniture, fixtures and equipment |
|
|
| 305 |
|
|
| 323 |
|
Intangible assets | 5 |
|
| 21,608 |
|
|
| 21,608 |
|
Other long-term assets |
|
|
| 188 |
|
|
| 190 |
|
Total non-current assets |
|
|
| 22,101 |
|
|
| 22,121 |
|
Total assets |
|
|
| 191,648 |
|
|
| 135,235 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Current tax liability |
|
|
| 40 |
|
|
| 51 |
|
Other payables and current liabilities |
|
|
| 1,446 |
|
|
| 2,865 |
|
Accrued expenses |
|
|
| 10,428 |
|
|
| 6,514 |
|
Total current liabilities |
|
|
| 11,914 |
|
|
| 9,430 |
|
Non-current liabilities |
|
|
|
|
|
|
|
|
|
Post-employment obligations |
|
|
| 3,034 |
|
|
| 3,099 |
|
Other long-term liabilities |
|
|
| 52 |
|
|
| 55 |
|
Total non-current liabilities |
|
|
| 3,086 |
|
|
| 3,154 |
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
|
Share capital |
|
|
| 3,375 |
|
|
| 2,864 |
|
Share premium |
|
|
| 307,743 |
|
|
| 219,335 |
|
Reserves |
|
|
| 10,189 |
|
|
| 7,119 |
|
Accumulated losses |
|
|
| (144,659 | ) |
|
| (106,667 | ) |
Total shareholders’ equity | 6 |
|
| 176,648 |
|
|
| 122,651 |
|
Total liabilities and shareholders’ equity |
|
|
| 191,648 |
|
|
| 135,235 |
|
The accompanying notes form an integral part of these consolidated interim financial statements.
2
ObsEva SA
Consolidated Interim Financial Statements
Consolidated Statements of Comprehensive Loss
(in USD ’000, except per share data) |
|
| Three-month period ended June 30, |
|
| Six-month period ended June 30, |
| ||||||||||
| Notes |
| 2018 |
|
| 2017 |
|
| 2018 |
|
| 2017 |
| ||||
|
|
| unaudited |
|
| unaudited |
| ||||||||||
Operating income other than revenue |
|
|
| 3 |
|
|
| 2 |
|
|
| 8 |
|
|
| 8 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses | 7 |
|
| (14,694 | ) |
|
| (14,016 | ) |
|
| (31,036 | ) |
|
| (27,073 | ) |
General and administrative expenses |
|
|
| (3,501 | ) |
|
| (3,855 | ) |
|
| (7,150 | ) |
|
| (6,600 | ) |
Total operating expenses |
|
|
| (18,195 | ) |
|
| (17,871 | ) |
|
| (38,186 | ) |
|
| (33,673 | ) |
OPERATING LOSS |
|
|
| (18,192 | ) |
|
| (17,869 | ) |
|
| (38,178 | ) |
|
| (33,665 | ) |
Finance income |
|
|
| 31 |
|
|
| 602 |
|
|
| 186 |
|
|
| 860 |
|
Finance expense |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
NET LOSS BEFORE TAX |
|
|
| (18,161 | ) |
|
| (17,267 | ) |
|
| (37,992 | ) |
|
| (32,805 | ) |
Income tax expense | 8 |
|
| (25 | ) |
|
| (57 | ) |
|
| — |
|
|
| (57 | ) |
NET LOSS FOR THE PERIOD |
|
|
| (18,186 | ) |
|
| (17,324 | ) |
|
| (37,992 | ) |
|
| (32,862 | ) |
Net loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic | 9 |
|
| (0.49 | ) |
|
| (0.61 | ) |
|
| (1.03 | ) |
|
| (1.19 | ) |
Diluted | 9 |
|
| (0.49 | ) |
|
| (0.61 | ) |
|
| (1.03 | ) |
|
| (1.19 | ) |
OTHER COMPREHENSIVE LOSS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that will not be reclassified to profit and loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remeasurements on post-employment benefit plans |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Items that may be reclassified to profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation differences |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
TOTAL OTHER COMPREHENSIVE LOSS |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD |
|
|
| (18,186 | ) |
|
| (17,324 | ) |
|
| (37,992 | ) |
|
| (32,862 | ) |
The accompanying notes form an integral part of these consolidated interim financial statements.
3
ObsEva SA
Consolidated Interim Financial Statements
Consolidated Statement of Cash Flows
|
| Six-month period ended June 30, |
| ||||||
(in USD ’000) | Notes |
| 2018 |
|
| 2017 |
| ||
|
|
| unaudited |
| |||||
NET LOSS BEFORE TAX FOR THE PERIOD |
|
|
| (37,992 | ) |
|
| (32,805 | ) |
Adjustments for: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
| 53 |
|
|
| 25 |
|
Post-employment (benefit) / cost |
|
|
| (65 | ) |
|
| 22 |
|
Share-based payments |
|
|
| 4,574 |
|
|
| 4,481 |
|
Finance income |
|
|
| (186 | ) |
|
| (860 | ) |
Decrease in other receivables |
|
|
| 153 |
|
|
| 107 |
|
(Increase) / decrease in prepaid expenses and other long term-assets |
|
|
| (590 | ) |
|
| 776 |
|
Decrease in other payables and current liabilities |
|
|
| (1,336 | ) |
|
| (588 | ) |
Increase in accrued expenses and other long-term liabilities |
|
|
| 3,917 |
|
|
| 855 |
|
NET CASH FLOWS USED IN OPERATING ACTIVITIES |
|
|
| (31,472 | ) |
|
| (27,987 | ) |
Cash used for rental deposits |
|
|
| — |
|
|
| (96 | ) |
Payments for plant and equipment |
|
|
| (117 | ) |
|
| (67 | ) |
Payments for intangible assets |
|
|
| — |
|
|
| (5,000 | ) |
NET CASH FLOWS USED IN INVESTING ACTIVITIES |
|
|
| (117 | ) |
|
| (5,163 | ) |
Proceeds from issue of shares |
|
|
| 93,128 |
|
|
| 96,758 |
|
Payment of share issuance costs |
|
|
| (5,718 | ) |
|
| (7,899 | ) |
NET CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
| 87,410 |
|
|
| 88,859 |
|
Net increase in cash and cash equivalents |
|
|
| 55,821 |
|
|
| 55,709 |
|
Cash and cash equivalents as at January 1, |
|
|
| 110,841 |
|
|
| 25,508 |
|
Effects of exchange rate changes on cash and cash equivalents |
|
|
| 173 |
|
|
| 860 |
|
Cash and cash equivalents as at June 30, |
|
|
| 166,835 |
|
|
| 82,077 |
|
The accompanying notes form an integral part of these consolidated interim financial statements.
4
ObsEva SA
Consolidated Interim Financial Statements
Consolidated Statement of Changes in Equity
(in USD ’000)
unaudited |
| Share capital |
|
| Share premium |
|
| Share-based payments reserve |
|
| Foreign currency translation reserve |
|
| Total reserves |
|
| Accumulated losses |
|
| Total |
| |||||||
January 1, 2017 |
|
| 1,740 |
|
|
| 71,966 |
|
|
| 2,423 |
|
|
| (489 | ) |
|
| 1,934 |
|
|
| (39,599 | ) |
|
| 36,041 |
|
Loss for the period |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (32,862 | ) |
|
| (32,862 | ) |
Other comprehensive loss |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Total comprehensive loss |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (32,862 | ) |
|
| (32,862 | ) |
Issuance of shares - IPO |
|
| 496 |
|
|
| 96,254 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 96,750 |
|
Issuance of shares - Incentive Plan |
|
| 8 |
|
|
| 340 |
|
|
| (340 | ) |
|
| — |
|
|
| (340 | ) |
|
| — |
|
|
| 8 |
|
Share issuance costs |
|
| — |
|
|
| (8,098 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (8,098 | ) |
Share-based remuneration |
|
| — |
|
|
| — |
|
|
| 4,481 |
|
|
| — |
|
|
| 4,481 |
|
|
| — |
|
|
| 4,481 |
|
June 30, 2017 |
|
| 2,244 |
|
|
| 160,462 |
|
|
| 6,564 |
|
|
| (489 | ) |
|
| 6,075 |
|
|
| (72,461 | ) |
|
| 96,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2018 |
|
| 2,864 |
|
|
| 219,335 |
|
|
| 7,608 |
|
|
| (489 | ) |
|
| 7,119 |
|
|
| (106,667 | ) |
|
| 122,651 |
|
Loss for the period |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (37,992 | ) |
|
| (37,992 | ) |
Other comprehensive loss |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Total comprehensive loss |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (37,992 | ) |
|
| (37,992 | ) |
Issuance of shares - Incentive Plan |
|
| 14 |
|
|
| 1,504 |
|
|
| (1,504 | ) |
|
| — |
|
|
| (1,504 | ) |
|
| — |
|
|
| 14 |
|
Issuance of shares - Follow-on offering |
|
| 367 |
|
|
| 72,736 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 73,103 |
|
Issuance of shares - ATM program |
|
| 130 |
|
|
| 19,881 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 20,011 |
|
Share issuance costs |
|
| — |
|
|
| (5,713 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (5,713 | ) |
Share-based remuneration |
|
| — |
|
|
| — |
|
|
| 4,574 |
|
|
| — |
|
|
| 4,574 |
|
|
| — |
|
|
| 4,574 |
|
June 30, 2018 |
|
| 3,375 |
|
|
| 307,743 |
|
|
| 10,678 |
|
|
| (489 | ) |
|
| 10,189 |
|
|
| (144,659 | ) |
|
| 176,648 |
|
The accompanying notes form an integral part of these consolidated interim financial statements.
5
ObsEva SA
Consolidated Interim Financial Statements
Notes to the Consolidated Interim Financial Statements for the three-month and six-month periods ended June 30, 2018
(unaudited)
ObsEva SA (the “Company”) was founded on November 14, 2012, and its address is 12 Chemin des Aulx, 1228 Plan-les-Ouates, Geneva, Switzerland. The terms “ObsEva” or “the Group” refer to ObsEva SA together with its subsidiaries included in the scope of consolidation (note 2.3).
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 (OBE2109), nolasiban (OBE001) and OBE022) being developed in four indications. The Group has no currently marketed products.
These consolidated interim 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 consolidated interim financial statements were authorized for issue by the Audit Committee of the Company’s Board of Directors (the “Board of Directors”) on August 6, 2018.
2. Accounting principles and scope of consolidation
2.1 Basis of preparation and accounting principles
These unaudited three-month and six-month consolidated interim financial statements (the “interim financial statements”) are prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting as issued by the International Accounting Standards Board (the “IASB”).
On January 1, 2018, the Group adopted IFRS 9 Financial Instruments, which replaced IAS 39 Financial Instruments: Recognition and Measurement. The adoption of the standard had no impact on the Group’s consolidated financial statements.
In January 2016, the IASB issued IFRS 16 Leases, which replaced IAS 17 Leases and Related Interpretations. The new standard, which will be effective on January 1, 2019 requires lessees to recognize a lease liability reflecting future lease payments and a right-of-use asset for virtually all lease contracts, removing the distinction between operating and finance leases. As at June 30, 2018, the Group has non-cancellable operating lease commitments of USD 3 million (excluding short-term and low-value leases) and expects to recognise right-of-use assets and lease liabilities of approximately USD 2.7 million on January 1, 2019. The Group does not expect a significant impact on the net profit after tax resulting from the adoption of IFRS 16.
Other accounting policies used in the preparation and presentation of these consolidated interim financial statements are consistent with those used in the consolidated financial statements for the year ended December 31, 2017 (the “annual financial statements”), which should be read in conjunction with these consolidated interim financial statements as they provide an update of previously reported information.
The Group believes it will be able to meet all of its obligations as they fall due for at least 12 months from June 30, 2018, hence, the unaudited consolidated interim financial statements have been prepared on a going concern basis.
2.2 Use of estimates and assumptions
The preparation of consolidated interim 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 consolidated interim 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,
6
ObsEva SA
Consolidated Interim Financial Statements
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, 2018 and 2017.
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 costs according to IFRS 9.
4. Cash and cash equivalents
(in USD ‘000) |
| June 30, 2018 |
|
| December 31, 2017 |
| ||
|
| unaudited |
|
| audited |
| ||
Bank deposits |
|
| 166,835 |
|
|
| 110,841 |
|
Interest bearing deposits |
|
| — |
|
|
| — |
|
Total cash and cash equivalents |
|
| 166,835 |
|
|
| 110,841 |
|
5. Intangible assets
As at June 30, 2018 and December 31, 2017, 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.
6. Shareholders’ equity
On January 30, 2017, the Company completed an IPO and issued 6,450,000 common shares at a subscription price of USD 15.00 per share and a par value of 1/13 of a Swiss franc per share. The gross proceeds of USD 96.8 million have been recorded in equity net of directly related share issuance costs of USD 8.2 million.
On October 13, 2017, the Company completed a private placement with institutional investors and issued 7,500,000 common shares at a subscription price of USD 8.00 per share and a par value of 1/13 of a Swiss franc per share. The gross proceeds of USD 60.0 million have been recorded in equity net of directly related share issuance costs of USD 3.7 million.
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 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 their “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 gross proceeds of USD 73.1 million resulting from this transaction have been recorded in equity net of directly related share issuance costs of USD 5.1 million.
As at June 30, 2018, the total outstanding share capital of USD 3.4 million, fully paid, consists of 42,871,108 common shares, excluding 600,822 non-vested shares and 1,909,322 treasury shares. As at December 31, 2017, the total outstanding share capital of USD 2.9 million, fully paid, consists of 36,342,945 common shares, excluding 778,134 non-vested shares and 10,183 treasury shares. All shares have a nominal value of 1/13 of a Swiss franc, translated into USD using historical rates at the issuance date.
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.
7
ObsEva SA
Consolidated Interim Financial Statements
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 ended June 30, 2018 and 2017. Additionally, due to the uncertainty as to whether it will be able to use its net loss carryforwards for tax purposes in the future, no deferred taxes have been recognized on the balance sheet of the Company as of June 30, 2018 and December 31, 2017.
The Company’s Irish subsidiary has no activity, and, therefore, no income tax expense was recorded in such entity for the three-month and six-month periods ended June 30, 2018 and 2017.
The Company’s U.S. subsidiary is a service organization for the Group and will therefore be 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 ended June 30, 2018 and 2017 were subject to a total U.S. income tax rate of 27.3% and 39.3%, respectively, based on both the U.S. federal and Massachusetts state tax rates.
9. Loss per share
As of June 30, 2018 and 2017, 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, |
| |||
|
| 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 | ) |
| Three-month period ended June 30, |
| Six-month period ended June 30, |
| |||
|
| 2017 |
| 2017 |
| ||
|
| unaudited |
| unaudited |
| ||
Net loss attributable to shareholders (in USD ‘000) |
|
| (17,324 | ) |
| (32,862 | ) |
Weighted average number of common shares outstanding |
|
| 28,469,064 |
|
| 27,582,897 |
|
Basic and diluted loss per share (in USD) |
|
| (0.61 | ) |
| (1.19 | ) |
For the three-month and six-month periods ended June 30, 2018, 600,822 non-vested shares, 1,909,322 treasury shares and 1,849,240 shares issuable upon the exercise of stock-options, which would have an anti-dilutive impact on the calculation of the diluted earnings per share, were excluded from the calculation. For the three-month and six-month periods ended June 30, 2017, 1,124,882 non-vested shares, 10,183 treasury shares and 568,450 shares issuable upon the exercise of stock-options, which would have an anti-dilutive impact on the calculation of the diluted earnings per share, are excluded from the calculation.
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 statement 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 assets is as follows:
8
ObsEva SA
Consolidated Interim Financial Statements
(in USD ‘000) |
| June 30, 2018 |
|
| December 31, 2017 |
| ||
|
| unaudited |
|
| audited |
| ||
Switzerland |
|
| 21,832 |
|
|
| 21,832 |
|
USA |
|
| 269 |
|
|
| 289 |
|
Total non-current assets |
|
| 22,101 |
|
|
| 22,121 |
|
The geographical analysis of operating expenses is as follows:
unaudited (in USD ’000) |
| Three-month period ended June 30, |
|
| Six-month period ended June 30, |
| ||||||||||
|
| 2018 |
|
| 2017 |
|
| 2018 |
|
| 2017 |
| ||||
Switzerland |
|
| 17,121 |
|
|
| 17,098 |
|
|
| 36,139 |
|
|
| 32,330 |
|
USA |
|
| 1,074 |
|
|
| 773 |
|
|
| 2,047 |
|
|
| 1,343 |
|
Total operating expenses |
|
| 18,195 |
|
|
| 17,871 |
|
|
| 38,186 |
|
|
| 33,673 |
|
11. Events after the reporting period
Sales of common shares
On July 19, 2018, the Company sold 306,721 common shares for total gross proceeds amounting to USD 4.7 million (USD 15.39 per share). These shares were sold pursuant to the 30-day option granted as part of the follow-on offering to purchase up to an additional 712,500 common shares (“green-shoe”). Directly related share issuance costs amounted to USD 0.3 million.
Listing of ObsEva’s shares on the SIX Swiss Exchange
On July 13, 2018, the Company’s shares started trading on SIX Swiss Exchange under the ticker symbol “OBSN”. The Company did not issue any new shares in connection with the listing in Switzerland. The Company is already listed on the Nasdaq Global Select Market (OBSV) since January 2017. The trading of ObsEva's shares on Nasdaq will continue in addition to the SIX listing.
9