Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document And Entity Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Trading Symbol | OBSV |
Title of 12(b) Security | Common shares, par value CHF 1/13 per share |
Security Exchange Name | NASDAQ |
Entity Registrant Name | OBSEVA SA |
Entity Central Index Key | 0001685316 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | false |
Entity File Number | 001-37993 |
Entity Address, Address Line One | Chemin des Aulx, 12 |
Entity Address, Address Line Two | 1228 Plan-les-Ouates |
Entity Address, City or Town | Geneva |
Entity Incorporation, State or Country Code | V8 |
Entity Address, Country | CH |
Entity Common Stock, Shares Outstanding | 57,552,578 |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Accounting Standard | International Financial Reporting Standards |
Business contact [Member] | |
Document And Entity Information [Line Items] | |
Entity Address, Address Line One | Chemin des Aulx, 12 |
Entity Address, Address Line Two | 1228 Plan-les-Ouates |
Entity Address, City or Town | Geneva |
Entity Address, Country | CH |
Contact Personnel Name | Brian O’Callaghan |
City Area Code | + 41 |
Local Phone Number | 22 552 38 40 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 31,183 | $ 69,370 |
Other receivables | 397 | 1,044 |
Prepaid expenses | 5,388 | 4,359 |
Total current assets | 36,968 | 74,773 |
Non-current assets | ||
Right-of-use assets | 1,425 | 2,042 |
Furniture, fixtures and equipment | 151 | 245 |
Intangible assets | 26,608 | 26,608 |
Other long-term assets | 295 | 275 |
Total non-current assets | 28,479 | 29,170 |
Total assets | 65,447 | 103,943 |
Current liabilities | ||
Other payables and current liabilities | 10,760 | 8,432 |
Accrued expenses | 10,248 | 10,418 |
Current lease liabilities | 696 | 618 |
Total current liabilities | 21,704 | 19,468 |
Non-current liabilities | ||
Non-current lease liabilities | 952 | 1,541 |
Non-current borrowings | 25,300 | 24,917 |
Post-employment obligations | 8,218 | 7,946 |
Other long-term liabilities | 919 | 1,116 |
Total non-current liabilities | 35,389 | 35,520 |
Shareholders’ equity | ||
Share capital | 4,574 | 3,499 |
Share premium | 356,822 | 320,955 |
Reserves | 26,353 | 21,912 |
Accumulated losses | (379,395) | (297,411) |
Total shareholders’ equity | 8,354 | 48,955 |
Total liabilities and shareholders’ equity | $ 65,447 | $ 103,943 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Comprehensive Income [Abstract] | |||
Operating income other than revenue | $ 17 | $ 16 | $ 15 |
OPERATING EXPENSES | |||
Research and development expenses | (67,536) | (88,053) | (62,872) |
General and administrative expenses | (12,182) | (19,058) | (14,297) |
Total operating expenses | (79,718) | (107,111) | (77,169) |
OPERATING LOSS | (79,701) | (107,095) | (77,154) |
Finance income | 648 | 854 | 393 |
Finance expense | (3,879) | (2,482) | |
NET LOSS BEFORE TAX | (82,932) | (108,723) | (76,761) |
Income tax (expense) / benefit | (34) | (67) | 45 |
NET LOSS FOR THE YEAR | $ (82,966) | $ (108,790) | $ (76,716) |
Net loss per share | |||
Basic | $ (1.67) | $ (2.49) | $ (1.91) |
Diluted | $ (1.67) | $ (2.49) | $ (1.91) |
Items that will not be reclassified to profit and loss | |||
Remeasurements on post-employment benefit plans, net of tax | $ 982 | $ (4,694) | $ (544) |
Items that may be reclassified to profit or loss | |||
TOTAL OTHER COMPREHENSIVE INCOME / (LOSS) | 982 | (4,694) | (544) |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | $ (81,984) | $ (113,484) | $ (77,260) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Cash Flows [Abstract] | |||
NET LOSS BEFORE TAX FOR THE YEAR | $ (82,932) | $ (108,723) | $ (76,761) |
Adjustments for: | |||
Depreciation expense | 721 | 737 | 109 |
Post-employment cost / (benefit) | 492 | (477) | (96) |
Share-based compensation expense | 6,506 | 11,884 | 9,152 |
Income tax paid | (52) | (80) | (11) |
Finance expense / (income), net | 3,231 | 1,628 | (359) |
Decrease / (increase) in other receivables | 326 | 193 | (96) |
(Increase) / decrease in prepaid expenses, deferred costs and other long-term assets | (1,029) | 1,356 | (4,225) |
Increase / (decrease) in other payables and current liabilities | 2,141 | 5,499 | (16) |
(Decrease) / increase in accrued expenses and other long-term liabilities | (170) | (2,628) | 8,362 |
NET CASH FLOWS USED IN OPERATING ACTIVITIES | (70,766) | (90,611) | (63,941) |
Cash used for rental deposits | (83) | ||
Payments for plant and equipment | (5) | (46) | (188) |
Acquisition of a license | (5,000) | ||
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (5) | (5,046) | (271) |
Proceeds from issuance of shares | 37,254 | 3,206 | 97,861 |
Payment of share issuance costs | (2,054) | (119) | (6,881) |
Proceeds from exercise of stock-options | 193 | 672 | |
Proceeds from issuance of debt, net of issuance costs | 24,736 | ||
Principal elements of lease payments | (630) | (571) | |
Interest paid | (2,321) | (818) | |
NET CASH FLOWS FROM FINANCING ACTIVITIES | 32,249 | 26,627 | 91,652 |
Net (decrease) / increase in cash and cash equivalents | (38,522) | (69,030) | 27,440 |
Cash and cash equivalents as at January 1, | 69,370 | 138,640 | 110,841 |
Effects of exchange rate changes on cash and cash equivalents | 335 | (240) | 359 |
Cash and cash equivalents as at December 31, | $ 31,183 | $ 69,370 | $ 138,640 |
Consolidated Statements of Chan
Consolidated Statements 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 year | (76,716) | 0 | 0 | 0 | 0 | 0 | (76,716) |
Other comprehensive income (loss) | (544) | 0 | 0 | 0 | 0 | 0 | (544) |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (77,260) | 0 | 0 | 0 | 0 | 0 | (77,260) |
Issuance of shares - EIP 2013 | 27 | 27 | 2,947 | (2,947) | 0 | (2,947) | 0 |
Issuance of shares - June 2018/Underwritten offering | 77,823 | 392 | 77,431 | 0 | 0 | 0 | 0 |
Issuance of shares - ATM program | 20,011 | 130 | 19,881 | 0 | 0 | 0 | 0 |
Share issuance costs | (6,160) | 0 | (6,160) | 0 | 0 | 0 | 0 |
Exercise of stock-options - EIP 2017 | 672 | 7 | 1,131 | (466) | 0 | (466) | 0 |
Share-based remuneration | 9,152 | 0 | 0 | 9,152 | 0 | 9,152 | 0 |
Ending Balance at Dec. 31, 2018 | 146,916 | 3,420 | 314,565 | 13,347 | (489) | 12,858 | (183,927) |
Loss for the year | (108,790) | 0 | 0 | 0 | 0 | 0 | (108,790) |
Other comprehensive income (loss) | (4,694) | 0 | 0 | 0 | 0 | 0 | (4,694) |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (113,484) | 0 | 0 | 0 | 0 | 0 | (113,484) |
Issuance of shares - EIP 2013 | 21 | 21 | 2,696 | (2,696) | 0 | (2,696) | 0 |
Issuance of shares - ATM program | 3,554 | 56 | 3,498 | 0 | 0 | 0 | 0 |
Share issuance costs | (130) | 0 | (130) | 0 | 0 | 0 | 0 |
Exercise of stock-options - EIP 2017 | 194 | 2 | 326 | (134) | 0 | (134) | 0 |
Share-based remuneration | 11,884 | 0 | 0 | 11,884 | 0 | 11,884 | 0 |
Ending Balance at Dec. 31, 2019 | 48,955 | 3,499 | 320,955 | 22,401 | (489) | 21,912 | (297,411) |
Loss for the year | (82,966) | 0 | 0 | 0 | 0 | 0 | (82,966) |
Other comprehensive income (loss) | 982 | 0 | 0 | 0 | 0 | 0 | 982 |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (81,984) | 0 | 0 | 0 | 0 | 0 | (81,984) |
Issuance of shares - EIP 2013 | 15 | 15 | 2,065 | (2,065) | 0 | (2,065) | 0 |
Issuance of shares - June 2018/Underwritten offering | 19,999 | 591 | 19,408 | 0 | 0 | 0 | 0 |
Issuance of shares - ATM program | 16,906 | 469 | 16,437 | 0 | 0 | 0 | 0 |
Share issuance costs | (2,043) | 0 | (2,043) | 0 | 0 | 0 | 0 |
Share-based remuneration | 6,506 | 0 | 0 | 6,506 | 0 | 6,506 | 0 |
Ending Balance at Dec. 31, 2020 | $ 8,354 | $ 4,574 | $ 356,822 | $ 26,842 | $ (489) | $ 26,353 | $ (379,395) |
General information
General information | 12 Months Ended |
Dec. 31, 2020 | |
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, Geneva, Switzerland. The terms “ObsEva” or “the Group” refer to ObsEva SA together with its subsidiaries included in the scope of consolidation (note 2.2). 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, ebopiprant and nolasiban) being developed in four indications. The Group has no currently marketed products. These 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 consolidated financial statements were authorized for issue by the Company’s Board of Directors (the “Board of Directors”) on March 4, 2021. |
Accounting principles applied i
Accounting principles applied in the preparation of the consolidated financial statements | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Accounting Policy [Abstract] | |
Accounting principles applied in the preparation of the consolidated financial statements | 2. Accounting principles applied in the preparation of the consolidated financial statements 2.1 Basis of preparation These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements are based on a historical cost basis. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 2.5. Due to rounding, numbers presented throughout these consolidated financial statements may not add up precisely to the totals provided. All ratios and variances are calculated using the underlying amount rather than the presented rounded amount. 2.2 Scope of consolidation Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The Company currently 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 December 31, 2020 and 2019. 2.3 Standards and interpretations published by the IASB The IASB and the International Financing Reporting Standards Interpretations Committee have recently issued new standards and interpretations to be applied to the Group’s consolidated financial statements. None of these new standards and amendments applied by the Group in 2020 had a material impact on its consolidated financial statements. In addition, there are no new standards and amendments published but not yet effective that are expected to have a material impact on the consolidated financial statements of the Group. 2.4 Significant accounting policies Cash and cash equivalents Cash and cash equivalents includes 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. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet. Current assets Other receivables and prepaid expenses are carried at their nominal value. Individual receivables that are known to be uncollectible are written off by reducing the carrying amount directly. The Group considers that there is evidence of impairment if any of the following indicators are present: • significant financial difficulties of the debtor; • probability that the debtor will enter bankruptcy or financial reorganization; and • default or delinquency in payments (more than 30 days overdue). The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all receivables. Furniture, fixtures and equipment Furniture, fixtures and equipment are carried at cost less depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated using the straight-line method, on the basis of the following useful lives: • furniture 5 years • hardware 3 years • leasehold improvement duration of lease Furniture, fixtures and equipment are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable, on an individual basis. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Leases On January 1, 2019, the Group adopted IFRS 16 Leases Leases and Related Interpretations • fixed payments (including in-substance fixed payments), less any lease incentives receivable, • variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date, • amounts expected to be payable by the Group under residual value guarantees, • the exercise price of a purchase option if the Group is reasonably certain to exercise that option, • lease payments to be made under reasonably certain extension options, and • payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: • the amount of the initial measurement of lease liability, • any lease payments made at or before the commencement date less any lease incentives received, • any initial direct costs, and • restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise small items of office furniture and equipment. Intangible assets Separately acquired patents, licenses and other intangible assets are recorded at historical cost and subsequently measured at cost less accumulated amortization and any impairment losses. The acquisition of certain intangible assets, mainly licenses, may involve additional payments contingent on the occurrence of specific events or milestones. Unless the Group already has a present obligation to make the payment at a future date, the initial measurement of the intangible asset does not include such contingent payments. Instead, such payments are subsequently capitalized as intangible assets when the contingency or milestone occurs. Estimated useful life is the lower of legal duration and economic useful life, which does not exceed 20 years. The estimated useful life of the intangible assets is annually reviewed, and if necessary, the future amortization charge is accelerated. For licenses, the amortization starts when the assets become available for use, generally once proper regulatory and marketing approval are obtained. Intangible assets are subject to impairment testing annually, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Post-employment benefits Group companies operate two pension schemes. All employees of ObsEva SA participate in a retirement defined benefit plan. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by an independent actuary, using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognized immediately in the consolidated statement of comprehensive loss. During 2017, ObsEva USA, Inc. established a 401K, defined contribution plan, for the employees of the company. A defined contribution plan is a pension plan under which the amounts paid by the employer are fixed in advance. The plan assets are held by a third party custodian. ObsEva USA, Inc. contributions to the defined contribution plan are charged to the income statement as incurred. The Group has no further obligation once the contributions have been paid. Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. Borrowings that are due within 12 months after the end of the reporting period are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability until more than 12 months after the reporting period. Equity Incremental costs directly attributable to the issuance of common shares and options are recognized as a deduction from equity, net of any tax effects. Shares held by the Group are disclosed as treasury shares and deducted from equity. Research and development Research expenses are charged to the consolidated statement of comprehensive loss as incurred. Development expenses are capitalized as intangible assets when it is probable that future economic benefits will flow to the Group, and the following criteria are fulfilled: • it is technically feasible to complete the intangible asset so that it will be available for use or sale; • management intends to complete the intangible asset and use or sell it; • there is an ability to use or sell the intangible asset; • the asset will generate probable future economic benefits and demonstrate the existence of a market; • adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and • the expenditure attributable to the intangible asset during its development can be reliably measured. In the opinion of management, due to uncertainties inherent in the development of the Group’s product candidates, the criteria for development costs to be recognized as an asset as defined by IAS 38 Intangible Assets Foreign currencies Functional and presentation currency Items included in the consolidated financial statements of the Group are measured using the currency of the primary economic environment in which each Group’s entity operates (the “functional currencies”). The functional and presentation currencies of the Company is the US dollar (USD), which is also the functional currency of ObsEva USA, Inc. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are recognized in profit or loss. Foreign exchange gains and losses that relate to borrowings are presented in the consolidated statement of comprehensive loss, within finance costs. All other foreign exchange gains and losses are presented in the consolidated statement of comprehensive loss on a net basis within other income or other expenses. Share-based compensation The Group operates two equity incentive plans. A share-based, equity-settled, plan was formally set-up by the Group in 2013 (the “2013 EIP”). Participants eligible for awards under the 2013 EIP are executives, directors, employees, agents and consultants. The fair value of the shares granted under the 2013 EIP is determined at each grant date by using either an option pricing method that uses a Black-Scholes model or a hybrid method, as appropriate, both based on a combination of the discounted cash flow method, under the income approach, and the backsolve method. A share-based, equity-settled, plan was formally set-up by the Group in 2017 (the “2017 EIP”). Participants eligible for awards under this plan are executives, directors, employees, agents and consultants. The fair value of the stock-options granted under the 2017 EIP is determined at each grant date by using a Black-Scholes model. When the equity instruments granted do not vest until the counterparty completes a specified period of services, the Group accounts for those services as they are rendered by the counterparty, during the vesting period, with a corresponding increase in equity. Deferred income taxes Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit and loss, it is not accounted for. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. 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 (Chief Operating Decision Maker) 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. The Group’s activities are not affected by any significant seasonal effect. The geographical analysis of non-current assets is as follows: As at December 31, in USD ‘000 2020 2019 Switzerland 27,936 28,391 USA 543 779 Total non-current assets 28,479 29,170 The geographical analysis of operating expenses is as follows: Year ended December 31, in USD ‘000 2020 2019 2018 Switzerland 77,476 102,492 73,050 USA 2,242 4,619 4,119 Total operating expenses 79,718 107,111 77,169 2.5 Critical accounting estimates and judgments Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will not necessarily equal to related actual outcome. The following areas involve a higher degree of judgement or complexity or are areas where assumptions and estimates can have a significant impact on the consolidated financial statements: • Post-employment obligations: the actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty (note 11); • Leases: the calculation of right of use assets and lease liabilities involves making assumptions about lessee’s incremental borrowing rate and renewal options, which are subject to judgment (note 9); • Share-based compensation: the determination of the fair value of the equity instruments granted involves the use of certain assumptions subject to judgement (note 20); • Commencement of depreciation and amortization: the depreciation and amortization starts when the assets are available for use in the manner intended by management, which requires judgement (notes 7 and 8); • Research and development costs: the Group recognizes expenditure incurred in carrying out its research and development activities until it becomes probable that future economic benefits will flow to the Group, which results in recognizing such costs as intangible assets, involving a certain degree of judgement (note 15); • Deferred taxes: the recognition of deferred tax assets requires assessment of whether it is probable that sufficient future taxable profit will be available against which the deferred tax assets can be utilized (note 18); • Impairment of assets: as part of impairment tests, the recoverable amounts of tested assets have been determined based on fair value calculations requiring the use of certain assumptions, subject to judgement (note 8); • Going concern: significant judgement is involved when assessing whether financial statements are to be prepared on a going concern basis or whether there is substantial doubt about the Group’s ability to continue as a going concern (note 23). The Group bases the estimates on historical experience and on various other assumptions that the Group 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 expenses. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Group’s business, results of operations and financial condition, including but not limited to expenses, progress of the Group’s clinical trials, research and development costs and employee related amounts, will depend on future developments that are highly uncertain, including the duration and spread of the pandemic, and the actions taken to contain it, such as the impact and effectiveness of current and any future governmental measures implemented in response thereto, or new information that may emerge concerning COVID-19, such as when effective vaccines or other treatment would be made available to public, as well as the extent to which the COVID-19 pandemic has impacted and will continue to impact worldwide macroeconomic conditions, including interest rates, employment rates and health insurance coverage, the speed of the anticipated recovery, and governmental and business reactions to the pandemic. The Group has made estimates of the impact of COVID-19 within these consolidated financial statements. If in the future such estimates and assumptions, which are based on management’s best judgment at the date of the 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. |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2020 | |
Financial Risks Management [Abstract] | |
Financial risk management | 3. Financial risk management 3.1 Financial risk factors The Group’s activities expose it to a variety of financial risks such as foreign exchange risk, credit risk, interest rate risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. Financial risk management is carried out by the Group`s finance department subject to and pursuing policies approved by the Board of Directors. Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the Swiss franc (CHF), Euro (EUR) and British Pound (GBP). Foreign exchange risk arises from future commercial transactions (e.g. costs for clinical services) and recognized assets and liabilities. Management has set up a policy to manage the foreign exchange risk against their functional currency. To manage its foreign exchange risk arising from future commercial transactions and recognized assets and liabilities, the Group’s finance department maintains foreign currency cash balances to cover anticipated future requirements. The sensitivity of profit or loss to changes in the exchange rates arises mainly from CHF- and EUR-denominated financial instruments held at the end of the reported periods. CHF positions Increase /decrease exchange rate vs USD Effect on profit before tax (in USD ‘000) Effect on shareholders’ equity (in USD ‘000) 2020 +5 % (688 ) (688 ) -5 % 688 688 2019 +5 % (185 ) (185 ) -5 % 185 185 EUR positions Increase /decrease exchange rate vs USD Effect on profit before tax (in USD ‘000) Effect on shareholders’ equity (in USD ‘000) 2020 +5 % 26 26 -5 % (26 ) (26 ) 2019 +5 % (497 ) (497 ) -5 % 497 497 Credit risk Cash and cash equivalents are deposited with top tier banks and institutions with a short-term rating of “A-1” or “P-1” with Standard & Poor’s and Moody’s, respectively. The maximum credit risk exposure the Group faces in connection with its financial assets, being cash and cash equivalents and other receivables, is the carrying amounts of these balances as shown in the consolidated balance sheet. Interest rate risk Interest rate risks arise from changes in interest rates that may have a negative impact on the Group’s financial position and results. Fluctuations in interest rates lead to changes in interest expense on floating-rate liabilities and thus affect the financial result. The financial liabilities subject to interest rate risk are exclusively floating-rate debt instruments denominated in USD, carried at amortized cost. The Group does not hold hedging instruments to manage the interest rate risk. The below table shows sensitivity to changes in market interest rates for the Group’s debt instruments. Impact on loss before taxes in USD ‘000 2020 2019 Interest rates - increase by 100 basis points (14 ) (47 ) Interest rates - decrease by 100 basis points — — 3.2 Capital and liquidity management The Group’s principal source of liquidity is the cash reserves which are obtained through the issuance of new shares and debt instruments. The Group’s policy is to invest these funds in low risk investments including interest bearing deposits. The ability of the Group to maintain adequate cash reserves to sustain its activities in the medium term is subject to risk as it is highly dependent on the Group’s ability to raise further funds from the sale of new shares. The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to ensure the financing of successful research and development activities so that future profits can be generated and to maintain sufficient financial resources to mitigate against risks and unforeseen events. The Group is also subject to capital maintenance requirements under Swiss law. To ensure that statutory capital requirements are met, the Group monitors capital periodically. A reconciliation of the net debt position is shown in the table below. (in USD ’000) Borrowings Lease liabilities Total liabilities from financing activities Cash and cash equivalents Total Net debt as at December 31, 2018 — — — 138,640 138,640 Recognized on adoption of IFRS 16 — (2,707 ) (2,707 ) — (2,707 ) — (2,707 ) (2,707 ) 138,640 135,933 Cash flows (24,736 ) 690 (24,046 ) (69,030 ) (93,077 ) Interest expense (368 ) (119 ) (487 ) — (487 ) Foreign exchange adjustments — (23 ) (23 ) (240 ) (263 ) Net debt as at December 31, 2019 (25,104 ) (2,159 ) (27,263 ) 69,370 42,107 Cash flows 2,206 722 2,928 (38,522 ) (35,595 ) Interest expense (2,589 ) (92 ) (2,681 ) — (2,681 ) Foreign exchange adjustments — (119 ) (119 ) 335 216 Net debt as at December 31, 2020 (25,487 ) (1,648 ) (27,135 ) 31,183 4,048 In addition, the maturity profile of the Group’s financial liabilities is presented in the table below. (in USD ’000) Carrying amount Total undiscounted cash flows up to 1 year 1 to 5 years Maturities more than 5 years Trade and other payables (9,450 ) (9,450 ) (9,450 ) — — Borrowings (25,487 ) (32,646 ) (2,200 ) (30,446 ) — Lease liabilities (1,648 ) (1,738 ) (758 ) (980 ) — Total as at December 31, 2020 (36,585 ) (43,834 ) (12,408 ) (31,426 ) — (in USD ’000) Carrying amount Total undiscounted cash flows up to 1 year 1 to 5 years Maturities more than 5 years Trade and other payables (7,873 ) (7,873 ) (7,873 ) — — Borrowings (25,104 ) (34,852 ) (2,206 ) (32,646 ) — Lease liabilities (2,159 ) (2,336 ) (709 ) (1,627 ) — Total as at December 31, 2019 (35,136 ) (45,061 ) (10,788 ) (34,273 ) — 3.3 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 consist of cash and cash equivalents and other receivables which are classified as financial assets at amortized cost according to IFRS 9. The Group’s financial liabilities consist of debt instruments, other payables and accruals which are classified as liabilities at amortized cost according to IFRS 9. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Cash and cash equivalents | 4. Cash and cash equivalents As at December 31, in USD ‘000 2020 2019 Bank deposits 31,183 69,370 Interest bearing deposits — — Total cash and cash equivalents 31,183 69,370 Split by currency: 2020 2019 CHF 2 % 14 % USD 87 % 73 % EUR 11 % 12 % GBP 0 % 1 % |
Receivables and payables
Receivables and payables | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications Of Assets Liabilities And Equities [Abstract] | |
Receivables and payables | 5. Receivables and payables As at December 31, 2020 and 2019, other receivables consist mainly of reimbursements to be received from third parties, including VAT, insurance premiums and shared-costs of research and development studies, and other payables and other current liabilities include mainly costs of clinical services. All receivables and payables are due from and to third parties and carried at amortized cost. All payables have a contract maturity within one year. |
Prepaid and accrued expenses
Prepaid and accrued expenses | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid Expense And Deferred Costs [Abstract] | |
Prepaid and accrued expenses | 6. Prepaid and accrued expenses As at December 31, 2020 and 2019, prepaid expenses mainly consist of advance or milestone payments made as part of our ongoing clinical trials. As at December 31, 2020 and 2019, accrued expenses consisted of the following: As at December 31, in USD ‘000 2020 2019 Accrued research and development expenses 7,662 7,244 Accrued compensation-related expenses 2,334 1,882 Accrued other expenses 252 1,292 Total accrued expenses 10,248 10,418 |
Furniture, fixtures and equipme
Furniture, fixtures and equipment | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Furniture, fixtures and equipment | 7. Furniture, fixtures and equipment in USD ‘000 2020 2019 Net book value as at January 1 245 319 Additions 10 46 Depreciation charge (104 ) (120 ) Currency translation effects — — Net book value as at December 31 151 245 Total cost 652 653 Accumulated depreciation (501 ) (408 ) Furniture, fixtures and equipment assets mainly consist of office furniture and leasehold improvements. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Intangible Assets [Abstract] | |
Intangible assets | 8. Intangible assets in USD ‘000 2020 2019 Net book value as at January 1 26,608 21,608 Additions — 5,000 Amortization charge — — Currency translation effects — — Net book value as at December 31 26,608 26,608 Total cost 26,608 26,608 Accumulated amortization — — As at December 31, 2020 and 2019, the Group holds a number of licenses to operate several biopharmaceutical product candidates, the value of which is recorded at USD 26.6 million. Merck Serono licenses On August 28, 2013, the Group in-licensed nolasiban for USD 4.9 million from Ares Trading S.A., an affiliate of Merck Serono (“Merck Serono”). In June 2015, the Group acquired the in-license for ebopiprant from Merck Serono for an amount of USD 2.4 million. Kissei license On November 19, 2015, the Group entered into an exclusive in-license and supply agreement with Kissei Pharmaceutical Co., Ltd. (“Kissei”) to acquire the product candidate linzagolix (formerly OBE2109) for which Kissei successfully completed a Phase 2 trial in Japan. This in-license agreement grants the Group an exclusive license to use, develop and commercialize the product candidate worldwide excluding certain Asian countries. This in-license was acquired for an upfront cash consideration of USD 10 million, with additional contingent payments upon occurrence of certain milestones (note 21). On April 25, 2017, the Group announced the initiation of its Phase 3 clinical program for linzagolix in uterine fibroids and related activation of sites and start of recruitment. This event triggered the recognition and payment of a USD 5.0 million milestone to Kissei during the second quarter of 2017, that was accounted for as an intangible asset. Similarly, 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, resulting in a milestone payment of USD 5 million to Kissei, accounted for as an intangible asset. The Group has concluded that the Merck Serono licenses and the Kissei license acquisitions do not qualify as business combinations per IFRS 3, as the Group did not acquire processes that are capable of producing outputs given the in-licensed compounds are very early-stage. Amortization and impairment The Group's intangible assets are subject to a multi-phase clinical trials process and the licenses are currently not amortized as no regulatory and marketing approvals were obtained as of December 31, 2020. In accordance with IAS 38, the licenses have been reviewed for impairment by assessing the fair value less costs of disposal (“FVLCOD”). The valuation is considered to be Level 3 in the fair value hierarchy due to unobservable inputs used in the valuation. No impairment was identified. The key assumptions used in the valuation model (income approach) to determine the FVLCOD of the licenses are as follows: • Expected research and development costs; • Probabilities of achieving development milestones based on industry standards; • Reported disease prevalence; • Expected market share; • Commercialization expectations; • Drug reimbursement, costs of goods and marketing expenses; and • Expected patent life. The valuation model covers a 20-year period due to the length of the development cycle for assets of this nature. A discount factor of 15%, based on the assumed cost of capital for the Group, has been used over the forecast period. Based on sensitivity analysis performed, including changes in discount rates and peak sales assumptions, no reasonably possible change in assumption would cause the carrying value of the licenses to exceed their recoverable amount. The Group has also collectively reviewed its licenses for impairment on the basis of the market capitalization for the entire Group as at December 31, 2020 less the value of its tangible assets as well as cash and cash equivalents. This analysis resulted in a headroom exceeding USD 61 million. The valuation is considered to be Level 1 in the fair value hierarchy and further supported the Group’s conclusion that no impairment was identified as of December 31, 2020 and 2019. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Lease Liabilities [Abstract] | |
Leases | 9. Leases The consolidated financial statements show the following amounts relating to leases: Right-of-use assets in USD ‘000 2020 2019 Net book value as at January 1 2,042 2,658 Additions — — Depreciation charge (617 ) (616 ) Currency translation effects — — Net book value as at December 31 1,425 2,042 Total cost 2,658 2,658 Accumulated depreciation (1,233 ) (616 ) Rights-of-use assets mainly relate to office buildings. The expense relating to short-term and low-value leases is not material. For the years ended December 31, 2020 and 2019, the total cash outflows for leases amounted to USD 0.7 million and USD 0.7 million, respectively. Lease liabilities As at December 31, in USD ‘000 2020 2019 Current 696 618 Non-current 952 1,541 Total lease liabilities 1,648 2,159 The lease liabilities have been measured based on the Group’s weighted average incremental borrowing rate of 4.9%. The maturity of the lease liabilities is provided in note 3.2. |
Other long-term assets and liab
Other long-term assets and liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Other Long Term Assets [Abstract] | |
Other long-term assets and liabilities | 10. Other long-term assets and liabilities The Group’s other long-term assets mainly consist of security rental deposits for the Group’s offices. The Group’s other long-term liabilities consist of various provisions. |
Post-employment benefits
Post-employment benefits | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Defined Benefit Plans [Abstract] | |
Post-employment benefits | 11. Post-employment benefits In accordance with the mandatory Swiss pension fund law, all employees of the Company participate in a retirement defined benefit plan. Swiss based pension plans are governed by the Swiss Federal Law on Occupational Retirement, Survivors’ and Disability Pension Plans (the “LPP”), which stipulates that pension plans are to be managed by independent, legally autonomous units. Under the terms of the pension plan, participants are insured against the financial consequences of old age, disability and death. The various insurance benefits are governed by regulations, with the LPP specifying the minimum benefits that are to be provided. The employer and employees pay contributions to the pension plan. In the event the pension plan’s statutory funding falls below a certain level, various measures can be taken to increase funding above such level, such as increasing the current contribution, lowering the interest rate on the retirement account balances or reducing the additional prospective benefits. The employer can also make additional restructuring contributions. Since the risks of death and disability are fully reinsured by an insurance group, the savings plan must be qualified as a defined benefit plan. As required by IAS 19 Employee Benefits The investment risk is borne by the insurer and the reinsurer respectively, and the investment decision is taken by the board of trustees of the collective insurance. In 2019, the contributions levels for certain employees was changed, which has been considered as a plan amendment. in USD ‘000 2020 2019 Change in defined benefit obligation Defined benefit obligation at January 1, (24,705 ) (14,502 ) Current service cost (1,864 ) (1,269 ) Interest cost (46 ) (140 ) Net benefits paid 4,643 (4,071 ) Currency translation effects (2,208 ) (536 ) Remeasurements: Impact of plan amendment — 527 Effect of changes in demographic assumptions 510 366 Effect of changes in financial assumptions (418 ) (3,037 ) Effect in experience assumptions 840 (2,043 ) Defined benefit obligation at December 31, (23,248 ) (24,705 ) in USD ‘000 2020 2019 Change in plan assets Fair value of plan assets at January 1, 16,759 10,955 Interest income 31 115 Employer contributions 703 622 Employee contributions 703 622 Net benefits paid (4,643 ) 4,071 Currency translation effects 1,427 354 Remeasurements: return on plan assets (excluding interest income) 50 20 Fair value of plan assets at December 31, 15,030 16,759 Year ended December 31, in USD ‘000 2020 2019 Components of defined benefit cost Current service cost 1,864 1,269 Interest expense on defined benefit obligation 46 140 Interest income on plan assets (31 ) (115 ) Employee contributions (703 ) (622 ) Impact of plan amendment — (527 ) Total included in staff costs (note 16) 1,176 145 Year ended December 31, in USD ‘000 2020 2019 Remeasurements recognized in other comprehensive loss Effect of changes in demographic assumptions 510 366 Effect of changes in financial assumptions (418 ) (3,037 ) Effect in experience assumptions 840 (2,043 ) Return on plan assets (excluding interest income) 50 20 Total remeasurements recognized as other comprehensive loss 982 (4,694 ) Cumulative amount of remeasurements immediately recognized in other comprehensive loss (7,837 ) (8,819 ) As at December 31, in USD ‘000 2020 2019 Amounts recognized in the statement of financial position Defined benefit obligation (23,248 ) (24,705 ) Fair value of plan assets 15,030 16,759 Net liability (8,218 ) (7,946 ) in USD ‘000 2020 2019 Change in defined benefit liability Net defined benefit liability at January 1, (7,946 ) (3,547 ) Defined benefit cost included in statement of comprehensive loss (1,176 ) (145 ) Total remeasurements included in other comprehensive loss 982 (4,694 ) Employer contributions 703 622 Currency translation effects (781 ) (182 ) Net defined benefit liability at December 31, (8,218 ) (7,946 ) As of the date of preparation of these consolidated financial statements, the annual report for 2020 of the pension fund has not yet been issued, and therefore the detailed structures and assets held at December 31, 2020, are not currently available for presentation. The detailed structures and assets held at December 31, 2019, are as follows: Plan assets As at December 31, 2019 Cash 0.8 % Bonds 62.5 % Shares 12.1 % Real estate 16.6 % Mortgages 8.0 % Alternative investments 0 % Total 100.0 % The principal actuarial assumptions used were as follows: 2020 2019 Discount rate 0.10% 0.20% Salary increase (including inflation) 1.00% 1.00% Rate of pension increases 0.25% 0.25% Post-employment mortality table LPP 2020 G LPP 2015 G Sensitivity analysis illustrates the sensitivity of the Group defined benefit obligation at December 31, 2020 by varying the discount rate and the salary increase rate by plus / minus 50 basis points: in USD ‘000 Discount rate Discount rate Salary increase Salary increase Rate of pension increase Rate of pension increase Sensitivity analysis plus 50bps minus 50bps plus 50bps minus 50bps plus 25bps minus 25bps Discount rate 0.60 % (0.40 )% 0.10 % 0.10 % 0.10 % 0.10 % Salary increase 1.00 % 1.00 % 1.50 % 0.50 % 1.00 % 1.00 % Rate of pension increases 0.25 % 0.25 % 0.25 % 0.25 % 0.50 % 0.00 % Defined benefit obligation (21,223 ) (25,594 ) (23,305 ) (23,195 ) (23,809 ) (22,717 ) Average duration of the defined benefit obligation 2020 2019 Duration in years 18.7 20.2 The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period. Expected contributions by the employer to be paid to the post-employment benefit plans during the annual period beginning after the end of the reporting period amount to approximately USD 714,000 . |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Borrowings [Abstract] | |
Borrowings | 12. Borrowings In August 2019, the Company entered into a loan and security agreement, or the credit facility, with Oxford Finance LLC for a term loan of up to USD 75.0 million, subject to funding in three tranches. The Company received gross proceeds of USD 25.0 million, net of transaction costs of USD 0.3 million, from the first tranche of the credit facility upon entering into the agreement and intends to use the funds for its various clinical trials programs. The Company could not draw the second tranche of USD 25.0 million due to the failure to meet the primary endpoint of the Phase 3 IMPLANT 4 clinical trial of nolasiban. In April 2020, the Company entered into an amendment to the loan and security agreement, pursuant to which the third tranche of USD 25.0 million may be drawn at any time between April 7, 2020 and August 1, 2024 upon request of the Company and at the lender’s discretion. The credit facility is presented in the balance sheet as follows: in USD ‘000 2020 2019 Borrowings as of January 1, 25,104 — New borrowings — 25,000 Transaction costs — (264 ) Interest expense 2,589 1,067 Interest paid (2,206 ) (699 ) Borrowings as of December 31, 25,487 25,104 Of which are: Current 187 187 Non-current 25,300 24,917 The credit facility is secured by substantially all of the Company’s assets, including cash and cash equivalents as well as the Company’s intellectual property and licenses. Each tranche bears interest at a floating interest rate of thirty day U.S. LIBOR, plus 6.25%, or a minimum of 8.68% per year in total. The Company is required to make monthly interest-only payments on each tranche through the amortization start date on August 1, 2022. The credit facility will mature on August 1, 2024, at which date a final fee payment of 6.75% of each funded tranche will be due, resulting in an effective interest rate of 10.32% per year. 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. As of December 31, 2020, the Company was in compliance with its covenants. |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Shareholders' equity | 13. Shareholders’ equity in USD ‘000 Number of common shares Share capital Share premium Total January 1, 2019 43,443,911 3,420 314,565 317,985 Issuance of shares - EIP 2013 261,984 21 2,696 2,717 Issuance of shares - ATM program 691,133 56 3,498 3,554 Share issuance costs — — (130 ) (130 ) Exercise of stock-options - EIP 2017 26,420 2 326 328 December 31, 2019 44,423,448 3,499 320,955 324,454 in USD ‘000 Number of common shares Share capital Share premium Total January 1, 2020 44,423,448 3,499 320,955 324,454 Issuance of shares - EIP 2013 168,641 15 2,065 2,080 Issuance 6,964,592 591 19,408 19,999 Issuance of shares - ATM program 5,995,897 469 16,437 16,906 Share issuance costs — — (2,043 ) (2,043 ) December 31, 2020 57,552,578 4,574 356,822 361,396 Share capital and share premium As at December 31, 2020, the total outstanding share capital of USD 4.6 million, fully paid, consists of 57,552,578 common shares, excluding 3,608,281 treasury shares. As at December 31, 2019, the total outstanding share capital of USD 3.5 million, fully paid, consisted of 44,423,448 common shares, excluding 168,641 non-vested shares and 3,975,516 treasury shares. In July 2019, the Company issued 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 were initially held as treasury shares, hence the operation did not impact the share capital. During the year ended December 31, 2019, the Company sold a total of 691,133 treasury shares at an average price of USD 5.14 per share, as part of its ATM program initiated in May 2018. These multiple daily transactions generated total gross proceeds of USD 3.6 million. Directly related share issuance costs of USD 0.1 million were recorded as a deduction in equity. During the year ended December 31, 2020, the Company sold a total of 5,995,897 treasury shares at an average price of USD 2.82 per share, as part of its ATM program. These multiple daily transactions generated total gross proceeds of USD 16.9 million. Directly related share issuance costs of USD 0.5 million were recorded as a deduction in equity. In April 2020 and September 2020, the Company issued 3,308,396 and 2,320,266 common shares, respectively, at par value of 1/13 of a Swiss franc per share. The shares were fully subscribed for by a wholly-owned subsidiary of the Company and listed on the SIX Swiss Exchange accordingly. The shares were initially held as treasury shares, hence the operation did not impact the outstanding share capital. In September 2020, the Company completed an underwritten offering of 6,448,240 units at an effective price of USD 2.869 per unit, with each unit comprised of one common share (or pre-funded warrant) and one 15-month purchase warrant to purchase one common share at an exercise price of USD 3.43 per share. In addition to the securities being sold in the underwritten offering, the Company’s former Chief Executive Officer purchased 516,352 units at an effective price of USD 2.905 per unit, with each unit comprised of one common share and one 15-month purchase warrant to purchase one common share at an exercise price of USD 3.43 per share, in a concurrent private placement. The net proceeds from the offering and the concurrent private placement, including exercise of pre-funded warrants, were USD 20.0 million, after deducting underwriting discounts, commissions and other offering expenses paid by the Company. As of December 31, 2020, none of the 15-month purchase warrants have been exercised. Equity incentive plans In 2020, the Company issued 168,641 common shares (2019: 261,984) under its 2013 EIP (see note 20). All shares issued under the 2013 EIP have a nominal value of 1/13 of a Swiss franc, translated into USD using historical rates at the issuance date. Authorized share capital The authorized share capital that is not outstanding is as follows: As at December 31, Number of shares 2020 2019 Authorized share capital 17,611,372 19,681,753 |
Revenue and other operating inc
Revenue and other operating income | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Revenue And Other Income Abstract | |
Revenue and other operating income | 14. Revenue and other operating income The Group currently derives no revenue from sales of its biopharmaceutical product candidates. Operating income other than revenue mainly relates to compensation received from the Swiss tax authorities as the Company acts as collecting agent of the withholding tax on salaries. |
Operating expenses by nature
Operating expenses by nature | 12 Months Ended |
Dec. 31, 2020 | |
Expense By Nature [Abstract] | |
Operating expenses by nature | 15. Operating expenses by nature Year ended December 31, in USD ‘000 2020 2019 2018 External research and development costs 51,803 70,531 49,480 Staff costs (note 16) 19,643 24,556 19,537 Professional fees 3,994 7,072 3,871 Rents 22 21 827 Travel expenses 156 1,398 1,044 Patent registration costs 813 882 1,002 Depreciation 721 737 109 Other 2,566 1,914 1,299 Total operating expenses by nature 79,718 107,111 77,169 Due to the difficulty in assessing when research and development projects would generate revenue, the Group expenses all research and development costs on the consolidated statement of comprehensive loss. In 2020, research and development expenses amounted to USD 67.5 million (2019: USD 88.1 million, 2018: USD 62.9 million). As a result of the COVID-19 pandemic, research and development activities associated with certain ongoing clinical trials have been and may be further delayed, that may consequently impact and also delay the timing of recognition of such research and development activities in the profit and loss accounts. On March 23, 2020, the Group announced its decision to place a temporary hold on further screening and randomization of patients into its EDELWEISS 2 and EDELWEISS 3 clinical trials. During the second quarter of 2020, new patient enrollment in the EDELWEISS 2 and EDELWEISS 3 clinical trials resumed in several European countries, as well as in selective areas of the United States, based on local conditions with respect to the prevalence and spread of the COVID-19 pandemic. In January 2021, the Group announced its decision to discontinue our EDELWEISS 2 clinical trial, due to challenging patient screening and enrollment, as well as persisting difficult environment of the ongoing pandemic. As the COVID-19 pandemic continues to rapidly evolve, the Group does not yet know the full extent of the pandemic’s potential effects on its business, its clinical trials, its anticipated timelines for the development of the Group’s product candidates, or on the supply chain for its clinical supplies. These effects could have a material adverse impact on the Group’s business and financial condition. The depreciation expense has been allocated as follows: Year ended December 31, in USD ‘000 2020 2019 2018 Research and development expenses 447 429 63 General and administrative expenses 274 308 46 Total depreciation 721 737 109 |
Staff costs
Staff costs | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Staffing Costs [Abstract] | |
Staffing costs | 16. Staff costs Year ended December 31, in USD ‘000 2020 2019 2018 Wages and salaries 10,262 10,403 9,023 Social charges 1,699 2,124 946 Post-employment benefits expense 1,176 145 416 Share-based payments 6,506 11,884 9,152 Total staff costs 19,643 24,556 19,537 The Group employed on average 46.2 full-time equivalents (“FTE”) in 2020, compared to 48.5 FTE in 2019 and 39.6 FTE in 2018, and 42.7 FTE as at December 31, 2020 compared to 50.1 FTE as at December 31, 2019 and 43.2 FTE as at December 31, 2018. For the years ended December 31, 2019 and 2018, the post-employment benefits line included a gain of USD: 527 thousand and USD 172 thousand, respectively, relating to the plan amendments enacted during these years. No amendment occurred during the year ended December 31, 2020. |
Finance income and expense
Finance income and expense | 12 Months Ended |
Dec. 31, 2020 | |
Analysis Of Finance Income And Expense [Abstract] | |
Finance income and expense | 17. Finance income and expense Our finance income and expense primarily consist of foreign exchange gain and loss as well as interest expense associated with our lease liabilities and debt instruments. Year ended December 31, 2020 2019 2018 (in thousands) Foreign exchange (loss) / gain, net $ (527 ) $ (442 ) $ 393 Interest expense (2,704 ) (1,186 ) — Finance result, net $ (3,231 ) $ (1,628 ) $ 393 |
Income taxes and deferred taxes
Income taxes and deferred taxes | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Income Tax [Abstract] | |
Income taxes and deferred taxes | 18. Income taxes and deferred taxes The Group is subject to income taxes in Switzerland, Ireland and the United States. Subsequent to the enforcing of the “Federal Act on Tax Reform and AHV Financing” (TRAF) on January 1, 2020, the Company is subject in Switzerland to a municipal and cantonal income tax rate of 14% (2019 : 22.6%) and to a federal tax rate of 8.5% (2019: 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 years ended December 31, 2020 and 2019. 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 December 31, 2020 and December 31, 2019. The following table details the tax losses carry forwards of the Company and their respective expiring dates. Expiring tax losses As at December 31, in USD ‘000 2020 2019 2020 — 2,950 2021 12,828 11,687 2022 17,993 16,394 2023 31,696 28,879 2024 64,869 59,103 2025 75,364 68,662 2026 109,663 99,915 2027 80,105 — Total unrecorded tax losses carry forwards 392,518 287,590 The Company’s Irish subsidiary has no activity, and, therefore, no income tax expense was recorded in such entity for the years ended December 31, 2020 and 2019. The Company’s U.S. subsidiary, ObsEva USA Inc., 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 for the year ended December 31, 2020 and 2019 were subject to a total U.S. income tax rate of 27.3% based on both the U.S. federal and Massachusetts state tax rates. The income tax for the year ended December 31, 2020 and 2019 was USD 34 thousand and USD 67 thousand, respectively. Additionally, since ObsEva USA Inc. is totally dependent on ObsEva SA for revenue, there is uncertainty as to whether ObsEva USA Inc. will be able to use a deferred tax asset for tax purposes in the future, therefore, no deferred taxes have been recognized on the balance sheet of the Group as of December 31, 2020 and December 31, 2019. The following elements explain the difference between the income tax expense at the applicable Group tax rate and the effective income tax expense: Year ended December 31, 2020 in USD ‘000 ObsEva SA ObsEva USA Total Group Net loss before tax (82,804 ) (128 ) (82,932 ) Statutory tax rate (blended at Group level) 7.8 % 27.3 % 7.9 % Income tax credit at statutory tax rates (6,487 ) (35 ) (6,522 ) Tax impact of permanent differences 595 17 612 Temporary differences not recognized as deferred tax assets (1 ) 52 51 Tax on losses not recognized as deferred tax assets 5,893 — 5,893 Effective income tax expense — 34 34 Effective tax rate 0.0 % (26.7 )% 0.0 % Year ended December 31, 2019 in USD ‘000 ObsEva SA ObsEva USA Total Group Net loss before tax (107,120 ) (1,603 ) (108,723 ) Statutory tax rate (blended at Group level) 7.8 % 27.3 % 8.1 % Income tax credit at statutory tax rates (8,355 ) (438 ) (8,793 ) Tax impact of permanent differences 770 76 846 Temporary differences not recognized as deferred tax assets — 448 448 Tax on losses not recognized as deferred tax assets 7,586 (19 ) 7,567 Effective income tax expense — 67 67 Effective tax rate 0.0 % (4.2 )% (0.1 )% |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Loss per share | 19. Loss per share As of December 31, 2020, 2019 and 2018, the Company has one category of shares, which are common shares, since the Company’s non-voting shares and series A and series B preferred shares were converted into common shares upon the closing of the IPO on January 25, 2017. The basic loss per share is calculated by dividing the loss of the period attributable to the ordinary shares by the weighted average number of ordinary shares outstanding during the period as follows: Year ended December 31, 2020 2019 2018 Net loss attributable to shareholders (in USD ‘000) (82,966 ) (108,790 ) (76,716 ) Weighted average number of shares outstanding 49,820,451 43,674,746 40,172,498 Basic and diluted loss per share (in USD) (1.67 ) (2.49 ) (1.91 ) For the year ended December 31, 2020, 7,035,388 and 6,964,592 shares issuable upon the exercise of stock-options and warrants, respectively, which would have an anti-dilutive impact on the calculation of the diluted earnings per share, were excluded from the calculation. For the year ended December 31, 2019, 168,641 non-vested shares and 4,626,385 shares issuable upon the exercise of stock-options were excluded. For the year ended December 31, 2018, 430,625 non-vested shares and 3,028,275 shares issuable upon the exercise of stock-options were excluded. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Share-based compensation | 20. Share-based compensation The total expenses arising from share-based payment transactions recognized during the period as part of staff costs were as follows: Year ended December 31, in USD ‘000 2020 2019 2018 Employee 2013 EIP 220 1,006 2,242 Employee 2017 EIP 6,286 10,878 6,910 Total share-based compensation 6,506 11,884 9,152 Employee equity incentive plan 2013 The Company established the 2013 EIP for employees, executives, directors and consultants (the “Beneficiaries”) of the Group . Upon enrollment in the 2013 EIP, Beneficiaries were granted a certain number of shares which they were entitled to acquire at a pre-determined price of 1/13 of a Swiss franc. The pre-determined price was generally paid by the Beneficiaries at the grant date and recognized as a pre-payment until the vesting period elapses resulting in the shares issuance being accounted for. The shares generally fully vest over a four-year vesting period, with 25% of the shares underlying the grant vesting after one year, and 1/48 th The Group has no present obligation to repurchase or settle the shares in cash. 2020 2019 2018 Number of shares issued under the 2013 EIP 168,641 261,984 347,509 Expense arising from the 2013 EIP (in USD ’000) 220 1,006 2,242 The fair value of the shares was calculated using a combination of the discounted cash flow method, under the income approach, and the backsolve method. The income approach estimates value based on the expectation of future cash flows that the Company will generate, such as cash earnings, costs savings, tax deduction and the proceeds from disposition. These future cash flows were discounted to their present values using a discount rate derived based on an analysis of the cost of capital of comparable publicly traded companies in similar lines of business, as of each valuation date, and was adjusted to reflect the risks inherent in the Company’s cash flows. The backsolve method, a form of the market approach to valuation, derives the implied enterprise equity value and the fair value of the non-voting share from a recent and contemporaneous transaction involving the Company’s own securities, using the following assumptions: rights and preferences of the different categories of shares, probability of various liquidity event scenarios, expected timing of a liquidity event, volatility and expected value in a liquidity event. The Group has stopped granting equity instruments under the 2013 EIP in 2016, resulting in the 2013 EIP being fully vested as of December 31, 2020. Employee equity incentive plan 2017 The Company established in 2017 the 2017 EIP for Beneficiaries of the Group, under which 4,543,952 and 1,683,303 stock-options were granted during the year ended December 31, 2020 and 2019, respectively. The stock-options typically vest under a 3-year or 4-year vesting schedule, have a 10-year expiration term and have an exercise price equivalent to the share price at grant date. Certain grants also include non-market performance vesting conditions, common to all employees, regularly assessed to determine the numbers of awards expected to vest. Movements in the number of stock-options outstanding under the 2017 EIP were as follows: 2020 2019 Average exercise price (USD) Number of options Average exercise price (USD) Number of options At January 1, 10.51 4,626,385 11.39 3,028,275 Granted 2.93 4,543,952 8.89 1,683,303 Forfeited/Expired 7.62 (2,134,949 ) 10.94 (58,773 ) Exercised — — 7.32 (26,420 ) At December 31, 6.49 7,035,388 10.51 4,626,385 The weighted average share price at the date of exercise of options exercised during the year ended December 31, 2019 was USD 11.64. No exercise of options occurred during the year ended December 31, 2020. The outstanding stock-options have the following range of exercise prices and remaining contractual life: As at December 31, Range of exercise prices 2020 2019 USD 15.00 to USD 17.99 361,500 361,500 USD 12.00 to USD 14.99 1,050,143 1,276,240 USD 9.00 to USD 11.99 1,331,981 1,458,595 USD 6.00 to USD 8.99 161,979 1,530,050 USD 1.50 to USD 5.99 4,129,785 — Total outstanding options 7,035,388 4,626,385 out of which are exercisable 2,083,159 1,312,557 Weighted-average remaining contractual life (in years) 8.6 8.8 The weighted average fair value of the stock-options granted during the years ended December 31, 2020 and 2019, determined using a Black-Scholes model was USD 2.31 and USD 6.45, respectively. The significant inputs to the model were: 2020 2019 Weighted average share price at grant date USD 2.93 USD 8.89 Weighted average exercise price USD 2.93 USD 8.89 Weighted average 10-year volatility 77 % 65 % Dividend yield 0 % 0 % Weighted average 10-year risk free rate 1.28 % 1.88 % Since the Company has a short track record as a public company, expected volatility has been determined based on the historical trend of an appropriate sample of public companies operating in the biotech and pharmaceutical industry. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Commitments And Contingencies [Abstract] | |
Commitments and contingencies | 21. Commitments and contingencies Operating lease commitments The Group leases arrangements mostly relate to buildings offices for its headquarters in Geneva, Switzerland and its subsidiary’s lease in Boston, Massachusetts, USA, accounted for in accordance with IFRS 16 Leases Contingencies As a result of the licenses granted to the Group, the following contingencies are to be noted: Kissei license Under the terms of the license and supply agreement, the Group would be obligated to make milestone payments upon the achievement of specified regulatory milestones with respect to linzagolix. The total of all potential undiscounted future payments that the Group could be required to make under this arrangement ranges between USD 0 and USD 188 million, of which USD 10 million have already been paid. Pursuant to the Kissei license and supply agreement, the Group has agreed to exclusively purchase the active pharmaceutical ingredient for linzagolix from Kissei. During the development stage, the Group is obligated to pay Kissei a specified supply price. Following the first commercial sale of licensed product, the Group is obligated to pay Kissei a royalty payment in the low twenty percent range as a percentage of net sales, which includes payment for Kissei’s supply of the active pharmaceutical ingredient until the latest of the date that the valid claim of a patent for the product has expired, the expiration of our regulatory exclusivity period or 15 years from the first commercial sale of such product on a country-by-country and product-by-product basis. Merck Serono licenses Under the terms of the two license agreements with Merck Serono for ebopiprant and nolasiban, the Group would be obligated to pay Merck Serono a high-single digit and a mid-single digit royalty, respectively, of net sales generated by the Group, its affiliates or sub-licensees of any product containing the in-licensed compounds. |
Related parties transactions
Related parties transactions | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |
Related parties transactions | 22. Related parties transactions As of December 31, 2020, the Group’s related parties include key management (Board of Directors and Executive Committee) and members of their immediate families. The following transactions were carried out with related parties: • Key management remuneration The Board of Directors is composed of eight members, whereas the Executive Committee is composed of five members. The following table sets forth the total remuneration recorded for members of the Board of Directors and Executive Committee: Year ended December 31, in USD ‘000 2020 2019 Short-term employee benefits (including base and variable cash remuneration) 3,388 4,181 Post-employment benefits 272 186 Share-based payments 4,038 8,485 Total 7,698 12,852 • Other transactions with related parties In September 2020, concurrent with the Company’s underwritten public offering indicated in note 13, the Company’s former Chief Executive Officer, Ernest Loumaye, purchased 516,352 units at an effective price of USD 2.905 per unit, with each unit comprised of one common share and one 15-month purchase warrant to purchase one common share at an exercise price of USD 3.43 per share, in a private placement. The Company received USD 1.5 million in net proceeds from the private placement. There were no other significant transactions with related parties during the years presented. |
Going concern
Going concern | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Going Concern [Abstract] | |
Going concern | 23. Going concern The Company has incurred recurring losses since inception, including net losses of USD 83.0 million for the year ended December 31, 2020. As of December 31, 2020, the Company had accumulated losses of USD 410.0 million, of which USD 30.6 million were offset with share premium. The Company expects to continue to generate operating losses in the foreseeable future, even though certain spending associated with its ongoing clinical trials has been and may be further delayed as a result of the COVID-19 pandemic. As of December 31, 2020, the Company had cash and cash equivalents of USD 31.2 million. Subsequent to December 31, 2020, the Company raised additional proceeds of USD 55.6 million (see note 24) and expects that its current cash and cash equivalents will be sufficient to fund its operations (without consideration of any commercialization expenses) and meet all of its obligations as they fall due for at least twelve months from the date of the issuance of these consolidated financial statements for the year ended December 31, 2020. These audited consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The future viability of the Company is dependent on its ability to raise additional capital to finance its future operations. The Company will seek additional funding through 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 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 is currently pursuing plans to obtain additional funding, especially through collaborations with third parties for the future potential commercialization of linzagolix in Europe and the United States. However, there is no assurance that the Company will be successful in raising funds, closing a collaboration agreement, 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. |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Nonadjusting Events After Reporting Period [Abstract] | |
Events after the reporting period | 24. Events after the reporting period Capital increases In January and February 2021, the Company announced the issuance of 6,020,248 and 11,591,124 common shares, respectively, at par value of 1/13 of a Swiss franc per share. The shares were fully subscribed for by a fully-owned subsidiary of the Company, and listed on the SIX Swiss Exchange accordingly. The shares are held as treasury shares, hence the operation did not impact the outstanding share capital. ATM proceeds From January 1, 2021 until February 28, 2021, the Group sold an additional 9,337,047 treasury shares at an average price of USD 3.70 per share, as part of its ATM program. Total gross proceeds amounted to USD 34.5 million. Warrant Proceeds From January 1, 2021 until February 28, 2021, the Company raised additional funds of USD 22.1 million from the exercise of the 6,448,240 warrants included in the units sold in the Company’s underwritten public offering in September 2020. There were no other material events after the balance sheet date. |
Accounting principles applied_2
Accounting principles applied in the preparation of the consolidated financial statements (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Accounting Policy [Abstract] | |
Basis of preparation | 2.1 Basis of preparation These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements are based on a historical cost basis. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 2.5. Due to rounding, numbers presented throughout these consolidated financial statements may not add up precisely to the totals provided. All ratios and variances are calculated using the underlying amount rather than the presented rounded amount. |
Scope of consolidation | 2.2 Scope of consolidation Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The Company currently 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 December 31, 2020 and 2019. |
Standards and interpretations published by the IASB | 2.3 Standards and interpretations published by the IASB The IASB and the International Financing Reporting Standards Interpretations Committee have recently issued new standards and interpretations to be applied to the Group’s consolidated financial statements. None of these new standards and amendments applied by the Group in 2020 had a material impact on its consolidated financial statements. In addition, there are no new standards and amendments published but not yet effective that are expected to have a material impact on the consolidated financial statements of the Group. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents includes 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. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet. |
Current assets | Current assets Other receivables and prepaid expenses are carried at their nominal value. Individual receivables that are known to be uncollectible are written off by reducing the carrying amount directly. The Group considers that there is evidence of impairment if any of the following indicators are present: • significant financial difficulties of the debtor; • probability that the debtor will enter bankruptcy or financial reorganization; and • default or delinquency in payments (more than 30 days overdue). The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all receivables. |
Plant and Equipment | Furniture, fixtures and equipment Furniture, fixtures and equipment are carried at cost less depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated using the straight-line method, on the basis of the following useful lives: • furniture 5 years • hardware 3 years • leasehold improvement duration of lease Furniture, fixtures and equipment are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable, on an individual basis. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. |
Leases | Leases On January 1, 2019, the Group adopted IFRS 16 Leases Leases and Related Interpretations • fixed payments (including in-substance fixed payments), less any lease incentives receivable, • variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date, • amounts expected to be payable by the Group under residual value guarantees, • the exercise price of a purchase option if the Group is reasonably certain to exercise that option, • lease payments to be made under reasonably certain extension options, and • payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: • the amount of the initial measurement of lease liability, • any lease payments made at or before the commencement date less any lease incentives received, • any initial direct costs, and • restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise small items of office furniture and equipment. |
Intangible assets | Intangible assets Separately acquired patents, licenses and other intangible assets are recorded at historical cost and subsequently measured at cost less accumulated amortization and any impairment losses. The acquisition of certain intangible assets, mainly licenses, may involve additional payments contingent on the occurrence of specific events or milestones. Unless the Group already has a present obligation to make the payment at a future date, the initial measurement of the intangible asset does not include such contingent payments. Instead, such payments are subsequently capitalized as intangible assets when the contingency or milestone occurs. Estimated useful life is the lower of legal duration and economic useful life, which does not exceed 20 years. The estimated useful life of the intangible assets is annually reviewed, and if necessary, the future amortization charge is accelerated. For licenses, the amortization starts when the assets become available for use, generally once proper regulatory and marketing approval are obtained. Intangible assets are subject to impairment testing annually, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. |
Post-employment benefits | Post-employment benefits Group companies operate two pension schemes. All employees of ObsEva SA participate in a retirement defined benefit plan. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by an independent actuary, using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognized immediately in the consolidated statement of comprehensive loss. During 2017, ObsEva USA, Inc. established a 401K, defined contribution plan, for the employees of the company. A defined contribution plan is a pension plan under which the amounts paid by the employer are fixed in advance. The plan assets are held by a third party custodian. ObsEva USA, Inc. contributions to the defined contribution plan are charged to the income statement as incurred. The Group has no further obligation once the contributions have been paid. |
Borrowings | Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. Borrowings that are due within 12 months after the end of the reporting period are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability until more than 12 months after the reporting period. |
Equity | Equity Incremental costs directly attributable to the issuance of common shares and options are recognized as a deduction from equity, net of any tax effects. Shares held by the Group are disclosed as treasury shares and deducted from equity. |
Research and development | Research and development Research expenses are charged to the consolidated statement of comprehensive loss as incurred. Development expenses are capitalized as intangible assets when it is probable that future economic benefits will flow to the Group, and the following criteria are fulfilled: • it is technically feasible to complete the intangible asset so that it will be available for use or sale; • management intends to complete the intangible asset and use or sell it; • there is an ability to use or sell the intangible asset; • the asset will generate probable future economic benefits and demonstrate the existence of a market; • adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and • the expenditure attributable to the intangible asset during its development can be reliably measured. In the opinion of management, due to uncertainties inherent in the development of the Group’s product candidates, the criteria for development costs to be recognized as an asset as defined by IAS 38 Intangible Assets |
Foreign currencies | Foreign currencies Functional and presentation currency Items included in the consolidated financial statements of the Group are measured using the currency of the primary economic environment in which each Group’s entity operates (the “functional currencies”). The functional and presentation currencies of the Company is the US dollar (USD), which is also the functional currency of ObsEva USA, Inc. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are recognized in profit or loss. Foreign exchange gains and losses that relate to borrowings are presented in the consolidated statement of comprehensive loss, within finance costs. All other foreign exchange gains and losses are presented in the consolidated statement of comprehensive loss on a net basis within other income or other expenses. |
Share-based compensation | Share-based compensation The Group operates two equity incentive plans. A share-based, equity-settled, plan was formally set-up by the Group in 2013 (the “2013 EIP”). Participants eligible for awards under the 2013 EIP are executives, directors, employees, agents and consultants. The fair value of the shares granted under the 2013 EIP is determined at each grant date by using either an option pricing method that uses a Black-Scholes model or a hybrid method, as appropriate, both based on a combination of the discounted cash flow method, under the income approach, and the backsolve method. A share-based, equity-settled, plan was formally set-up by the Group in 2017 (the “2017 EIP”). Participants eligible for awards under this plan are executives, directors, employees, agents and consultants. The fair value of the stock-options granted under the 2017 EIP is determined at each grant date by using a Black-Scholes model. When the equity instruments granted do not vest until the counterparty completes a specified period of services, the Group accounts for those services as they are rendered by the counterparty, during the vesting period, with a corresponding increase in equity. |
Deferred income taxes | Deferred income taxes Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit and loss, it is not accounted for. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. |
Segment information | 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 (Chief Operating Decision Maker) 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. The Group’s activities are not affected by any significant seasonal effect. The geographical analysis of non-current assets is as follows: As at December 31, in USD ‘000 2020 2019 Switzerland 27,936 28,391 USA 543 779 Total non-current assets 28,479 29,170 The geographical analysis of operating expenses is as follows: Year ended December 31, in USD ‘000 2020 2019 2018 Switzerland 77,476 102,492 73,050 USA 2,242 4,619 4,119 Total operating expenses 79,718 107,111 77,169 |
Critical accounting estimates and judgments | 2.5 Critical accounting estimates and judgments Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will not necessarily equal to related actual outcome. The following areas involve a higher degree of judgement or complexity or are areas where assumptions and estimates can have a significant impact on the consolidated financial statements: • Post-employment obligations: the actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty (note 11); • Leases: the calculation of right of use assets and lease liabilities involves making assumptions about lessee’s incremental borrowing rate and renewal options, which are subject to judgment (note 9); • Share-based compensation: the determination of the fair value of the equity instruments granted involves the use of certain assumptions subject to judgement (note 20); • Commencement of depreciation and amortization: the depreciation and amortization starts when the assets are available for use in the manner intended by management, which requires judgement (notes 7 and 8); • Research and development costs: the Group recognizes expenditure incurred in carrying out its research and development activities until it becomes probable that future economic benefits will flow to the Group, which results in recognizing such costs as intangible assets, involving a certain degree of judgement (note 15); • Deferred taxes: the recognition of deferred tax assets requires assessment of whether it is probable that sufficient future taxable profit will be available against which the deferred tax assets can be utilized (note 18); • Impairment of assets: as part of impairment tests, the recoverable amounts of tested assets have been determined based on fair value calculations requiring the use of certain assumptions, subject to judgement (note 8); • Going concern: significant judgement is involved when assessing whether financial statements are to be prepared on a going concern basis or whether there is substantial doubt about the Group’s ability to continue as a going concern (note 23). The Group bases the estimates on historical experience and on various other assumptions that the Group 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 expenses. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Group’s business, results of operations and financial condition, including but not limited to expenses, progress of the Group’s clinical trials, research and development costs and employee related amounts, will depend on future developments that are highly uncertain, including the duration and spread of the pandemic, and the actions taken to contain it, such as the impact and effectiveness of current and any future governmental measures implemented in response thereto, or new information that may emerge concerning COVID-19, such as when effective vaccines or other treatment would be made available to public, as well as the extent to which the COVID-19 pandemic has impacted and will continue to impact worldwide macroeconomic conditions, including interest rates, employment rates and health insurance coverage, the speed of the anticipated recovery, and governmental and business reactions to the pandemic. The Group has made estimates of the impact of COVID-19 within these consolidated financial statements. If in the future such estimates and assumptions, which are based on management’s best judgment at the date of the 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. |
Accounting principles applied_3
Accounting principles applied in the preparation of the consolidated financial statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Accounting Policy [Abstract] | |
Summary of Useful Lives of Furniture Fixtures and Equipment | Furniture, fixtures and equipment are carried at cost less depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated using the straight-line method, on the basis of the following useful lives: • furniture 5 years • hardware 3 years • leasehold improvement duration of lease |
Summary of Geographical Analysis of Assets | The geographical analysis of non-current assets is as follows: As at December 31, in USD ‘000 2020 2019 Switzerland 27,936 28,391 USA 543 779 Total non-current assets 28,479 29,170 |
Summary of Geographical Analysis of Operating Expenses | The geographical analysis of operating expenses is as follows: Year ended December 31, in USD ‘000 2020 2019 2018 Switzerland 77,476 102,492 73,050 USA 2,242 4,619 4,119 Total operating expenses 79,718 107,111 77,169 |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Risks Management [Abstract] | |
Schedule of Sensitivity of Profit or Loss to Changes in Exchange Rates | The sensitivity of profit or loss to changes in the exchange rates arises mainly from CHF- and EUR-denominated financial instruments held at the end of the reported periods. CHF positions Increase /decrease exchange rate vs USD Effect on profit before tax (in USD ‘000) Effect on shareholders’ equity (in USD ‘000) 2020 +5 % (688 ) (688 ) -5 % 688 688 2019 +5 % (185 ) (185 ) -5 % 185 185 EUR positions Increase /decrease exchange rate vs USD Effect on profit before tax (in USD ‘000) Effect on shareholders’ equity (in USD ‘000) 2020 +5 % 26 26 -5 % (26 ) (26 ) 2019 +5 % (497 ) (497 ) -5 % 497 497 |
Schedule of Sensitivity to Changes in Market Interest Rates | The below table shows sensitivity to changes in market interest rates for the Group’s debt instruments. Impact on loss before taxes in USD ‘000 2020 2019 Interest rates - increase by 100 basis points (14 ) (47 ) Interest rates - decrease by 100 basis points — — |
Schedule of Reconciliation of Net Debt Position | A reconciliation of the net debt position is shown in the table below. (in USD ’000) Borrowings Lease liabilities Total liabilities from financing activities Cash and cash equivalents Total Net debt as at December 31, 2018 — — — 138,640 138,640 Recognized on adoption of IFRS 16 — (2,707 ) (2,707 ) — (2,707 ) — (2,707 ) (2,707 ) 138,640 135,933 Cash flows (24,736 ) 690 (24,046 ) (69,030 ) (93,077 ) Interest expense (368 ) (119 ) (487 ) — (487 ) Foreign exchange adjustments — (23 ) (23 ) (240 ) (263 ) Net debt as at December 31, 2019 (25,104 ) (2,159 ) (27,263 ) 69,370 42,107 Cash flows 2,206 722 2,928 (38,522 ) (35,595 ) Interest expense (2,589 ) (92 ) (2,681 ) — (2,681 ) Foreign exchange adjustments — (119 ) (119 ) 335 216 Net debt as at December 31, 2020 (25,487 ) (1,648 ) (27,135 ) 31,183 4,048 |
Summary of Maturity Profile of Financial Liabilities | In addition, the maturity profile of the Group’s financial liabilities is presented in the table below. (in USD ’000) Carrying amount Total undiscounted cash flows up to 1 year 1 to 5 years Maturities more than 5 years Trade and other payables (9,450 ) (9,450 ) (9,450 ) — — Borrowings (25,487 ) (32,646 ) (2,200 ) (30,446 ) — Lease liabilities (1,648 ) (1,738 ) (758 ) (980 ) — Total as at December 31, 2020 (36,585 ) (43,834 ) (12,408 ) (31,426 ) — (in USD ’000) Carrying amount Total undiscounted cash flows up to 1 year 1 to 5 years Maturities more than 5 years Trade and other payables (7,873 ) (7,873 ) (7,873 ) — — Borrowings (25,104 ) (34,852 ) (2,206 ) (32,646 ) — Lease liabilities (2,159 ) (2,336 ) (709 ) (1,627 ) — Total as at December 31, 2019 (35,136 ) (45,061 ) (10,788 ) (34,273 ) — |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | As at December 31, in USD ‘000 2020 2019 Bank deposits 31,183 69,370 Interest bearing deposits — — Total cash and cash equivalents 31,183 69,370 |
Schedule of Percentage of Bank Held Cash and Cash Equivalents Split by Currency | Split by currency: 2020 2019 CHF 2 % 14 % USD 87 % 73 % EUR 11 % 12 % GBP 0 % 1 % |
Prepaid and accrued expenses (T
Prepaid and accrued expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Default Root [Abstract] | |
Summary of Accrued Expenses | As at December 31, 2020 and 2019, accrued expenses consisted of the following: As at December 31, in USD ‘000 2020 2019 Accrued research and development expenses 7,662 7,244 Accrued compensation-related expenses 2,334 1,882 Accrued other expenses 252 1,292 Total accrued expenses 10,248 10,418 |
Furniture, fixtures and equip_2
Furniture, fixtures and equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Schedule of Furniture, Fixtures and Equipment | in USD ‘000 2020 2019 Net book value as at January 1 245 319 Additions 10 46 Depreciation charge (104 ) (120 ) Currency translation effects — — Net book value as at December 31 151 245 Total cost 652 653 Accumulated depreciation (501 ) (408 ) |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Intangible Assets [Abstract] | |
Schedule of Detailed Information of Intangible Assets | in USD ‘000 2020 2019 Net book value as at January 1 26,608 21,608 Additions — 5,000 Amortization charge — — Currency translation effects — — Net book value as at December 31 26,608 26,608 Total cost 26,608 26,608 Accumulated amortization — — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Lease Liabilities [Abstract] | |
Summary of Right-of-Use Assets Related to Lease Shown in Consolidated Financial Statements | Right-of-use assets in USD ‘000 2020 2019 Net book value as at January 1 2,042 2,658 Additions — — Depreciation charge (617 ) (616 ) Currency translation effects — — Net book value as at December 31 1,425 2,042 Total cost 2,658 2,658 Accumulated depreciation (1,233 ) (616 ) |
Summary of Lease Liabilities Related to Lease Shown in Consolidated Financial Statements | Lease liabilities As at December 31, in USD ‘000 2020 2019 Current 696 618 Non-current 952 1,541 Total lease liabilities 1,648 2,159 |
Post-employment benefits (Table
Post-employment benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Defined Benefit Plans [Abstract] | |
Schedule of Defined Benefit Plans | in USD ‘000 2020 2019 Change in defined benefit obligation Defined benefit obligation at January 1, (24,705 ) (14,502 ) Current service cost (1,864 ) (1,269 ) Interest cost (46 ) (140 ) Net benefits paid 4,643 (4,071 ) Currency translation effects (2,208 ) (536 ) Remeasurements: Impact of plan amendment — 527 Effect of changes in demographic assumptions 510 366 Effect of changes in financial assumptions (418 ) (3,037 ) Effect in experience assumptions 840 (2,043 ) Defined benefit obligation at December 31, (23,248 ) (24,705 ) |
Schedule of Fair Value of Plan Assets | in USD ‘000 2020 2019 Change in plan assets Fair value of plan assets at January 1, 16,759 10,955 Interest income 31 115 Employer contributions 703 622 Employee contributions 703 622 Net benefits paid (4,643 ) 4,071 Currency translation effects 1,427 354 Remeasurements: return on plan assets (excluding interest income) 50 20 Fair value of plan assets at December 31, 15,030 16,759 |
Summary of Components of Defined Benefit Cost | Year ended December 31, in USD ‘000 2020 2019 Components of defined benefit cost Current service cost 1,864 1,269 Interest expense on defined benefit obligation 46 140 Interest income on plan assets (31 ) (115 ) Employee contributions (703 ) (622 ) Impact of plan amendment — (527 ) Total included in staff costs (note 16) 1,176 145 |
Summary of Remeasurement Components Recognized in Other Comprehensive Loss | Year ended December 31, in USD ‘000 2020 2019 Remeasurements recognized in other comprehensive loss Effect of changes in demographic assumptions 510 366 Effect of changes in financial assumptions (418 ) (3,037 ) Effect in experience assumptions 840 (2,043 ) Return on plan assets (excluding interest income) 50 20 Total remeasurements recognized as other comprehensive loss 982 (4,694 ) Cumulative amount of remeasurements immediately recognized in other comprehensive loss (7,837 ) (8,819 ) |
Summary of Amounts Recognized in Statement of Financial Position | As at December 31, in USD ‘000 2020 2019 Amounts recognized in the statement of financial position Defined benefit obligation (23,248 ) (24,705 ) Fair value of plan assets 15,030 16,759 Net liability (8,218 ) (7,946 ) |
Summary of Net Defined Benefit Liability | in USD ‘000 2020 2019 Change in defined benefit liability Net defined benefit liability at January 1, (7,946 ) (3,547 ) Defined benefit cost included in statement of comprehensive loss (1,176 ) (145 ) Total remeasurements included in other comprehensive loss 982 (4,694 ) Employer contributions 703 622 Currency translation effects (781 ) (182 ) Net defined benefit liability at December 31, (8,218 ) (7,946 ) |
Summary of Percentage of Assets Amount Contributed to Fair Value of Plan Assets | The detailed structures and assets held at December 31, 2019, are as follows: Plan assets As at December 31, 2019 Cash 0.8 % Bonds 62.5 % Shares 12.1 % Real estate 16.6 % Mortgages 8.0 % Alternative investments 0 % Total 100.0 % |
Summary of Principal Actuarial Assumptions | The principal actuarial assumptions used were as follows: 2020 2019 Discount rate 0.10% 0.20% Salary increase (including inflation) 1.00% 1.00% Rate of pension increases 0.25% 0.25% Post-employment mortality table LPP 2020 G LPP 2015 G |
Summary of Sensitivity Analysis of Group Defined Obligation | Sensitivity analysis illustrates the sensitivity of the Group defined benefit obligation at December 31, 2020 by varying the discount rate and the salary increase rate by plus / minus 50 basis points: in USD ‘000 Discount rate Discount rate Salary increase Salary increase Rate of pension increase Rate of pension increase Sensitivity analysis plus 50bps minus 50bps plus 50bps minus 50bps plus 25bps minus 25bps Discount rate 0.60 % (0.40 )% 0.10 % 0.10 % 0.10 % 0.10 % Salary increase 1.00 % 1.00 % 1.50 % 0.50 % 1.00 % 1.00 % Rate of pension increases 0.25 % 0.25 % 0.25 % 0.25 % 0.50 % 0.00 % Defined benefit obligation (21,223 ) (25,594 ) (23,305 ) (23,195 ) (23,809 ) (22,717 ) Average duration of the defined benefit obligation 2020 2019 Duration in years 18.7 20.2 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Borrowings [Abstract] | |
Summary of Credit Facility | The credit facility is presented in the balance sheet as follows: in USD ‘000 2020 2019 Borrowings as of January 1, 25,104 — New borrowings — 25,000 Transaction costs — (264 ) Interest expense 2,589 1,067 Interest paid (2,206 ) (699 ) Borrowings as of December 31, 25,487 25,104 Of which are: Current 187 187 Non-current 25,300 24,917 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Summary of Shareholders' Equity | in USD ‘000 Number of common shares Share capital Share premium Total January 1, 2019 43,443,911 3,420 314,565 317,985 Issuance of shares - EIP 2013 261,984 21 2,696 2,717 Issuance of shares - ATM program 691,133 56 3,498 3,554 Share issuance costs — — (130 ) (130 ) Exercise of stock-options - EIP 2017 26,420 2 326 328 December 31, 2019 44,423,448 3,499 320,955 324,454 in USD ‘000 Number of common shares Share capital Share premium Total January 1, 2020 44,423,448 3,499 320,955 324,454 Issuance of shares - EIP 2013 168,641 15 2,065 2,080 Issuance 6,964,592 591 19,408 19,999 Issuance of shares - ATM program 5,995,897 469 16,437 16,906 Share issuance costs — — (2,043 ) (2,043 ) December 31, 2020 57,552,578 4,574 356,822 361,396 |
Summary of Authorized Share Capital | The authorized share capital that is not outstanding is as follows: As at December 31, Number of shares 2020 2019 Authorized share capital 17,611,372 19,681,753 |
Operating expenses by nature (T
Operating expenses by nature (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Expense By Nature [Abstract] | |
Schedule of Operating Expenses by Nature | Year ended December 31, in USD ‘000 2020 2019 2018 External research and development costs 51,803 70,531 49,480 Staff costs (note 16) 19,643 24,556 19,537 Professional fees 3,994 7,072 3,871 Rents 22 21 827 Travel expenses 156 1,398 1,044 Patent registration costs 813 882 1,002 Depreciation 721 737 109 Other 2,566 1,914 1,299 Total operating expenses by nature 79,718 107,111 77,169 |
Summary of Depreciation Expense | The depreciation expense has been allocated as follows: Year ended December 31, in USD ‘000 2020 2019 2018 Research and development expenses 447 429 63 General and administrative expenses 274 308 46 Total depreciation 721 737 109 |
Staff costs (Tables)
Staff costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Staffing Costs [Abstract] | |
Summary of Staff Costs | Year ended December 31, in USD ‘000 2020 2019 2018 Wages and salaries 10,262 10,403 9,023 Social charges 1,699 2,124 946 Post-employment benefits expense 1,176 145 416 Share-based payments 6,506 11,884 9,152 Total staff costs 19,643 24,556 19,537 |
Finance income and expense (Tab
Finance income and expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Analysis Of Finance Income And Expense [Abstract] | |
Schedule of Finance Income and Expense | Our finance income and expense primarily consist of foreign exchange gain and loss as well as interest expense associated with our lease liabilities and debt instruments. Year ended December 31, 2020 2019 2018 (in thousands) Foreign exchange (loss) / gain, net $ (527 ) $ (442 ) $ 393 Interest expense (2,704 ) (1,186 ) — Finance result, net $ (3,231 ) $ (1,628 ) $ 393 |
Income taxes and deferred tax_2
Income taxes and deferred taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Income Tax [Abstract] | |
Schedule of Unrecorded Tax Losses Carry Forwards | The following table details the tax losses carry forwards of the Company and their respective expiring dates. Expiring tax losses As at December 31, in USD ‘000 2020 2019 2020 — 2,950 2021 12,828 11,687 2022 17,993 16,394 2023 31,696 28,879 2024 64,869 59,103 2025 75,364 68,662 2026 109,663 99,915 2027 80,105 — Total unrecorded tax losses carry forwards 392,518 287,590 |
Summary of Difference Between Income Tax Expense at Applicable Group Tax Rate and Effective Income Tax Expense | The following elements explain the difference between the income tax expense at the applicable Group tax rate and the effective income tax expense: Year ended December 31, 2020 in USD ‘000 ObsEva SA ObsEva USA Total Group Net loss before tax (82,804 ) (128 ) (82,932 ) Statutory tax rate (blended at Group level) 7.8 % 27.3 % 7.9 % Income tax credit at statutory tax rates (6,487 ) (35 ) (6,522 ) Tax impact of permanent differences 595 17 612 Temporary differences not recognized as deferred tax assets (1 ) 52 51 Tax on losses not recognized as deferred tax assets 5,893 — 5,893 Effective income tax expense — 34 34 Effective tax rate 0.0 % (26.7 )% 0.0 % Year ended December 31, 2019 in USD ‘000 ObsEva SA ObsEva USA Total Group Net loss before tax (107,120 ) (1,603 ) (108,723 ) Statutory tax rate (blended at Group level) 7.8 % 27.3 % 8.1 % Income tax credit at statutory tax rates (8,355 ) (438 ) (8,793 ) Tax impact of permanent differences 770 76 846 Temporary differences not recognized as deferred tax assets — 448 448 Tax on losses not recognized as deferred tax assets 7,586 (19 ) 7,567 Effective income tax expense — 67 67 Effective tax rate 0.0 % (4.2 )% (0.1 )% |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 ordinary shares by the weighted average number of ordinary shares outstanding during the period as follows: Year ended December 31, 2020 2019 2018 Net loss attributable to shareholders (in USD ‘000) (82,966 ) (108,790 ) (76,716 ) Weighted average number of shares outstanding 49,820,451 43,674,746 40,172,498 Basic and diluted loss per share (in USD) (1.67 ) (2.49 ) (1.91 ) |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Schedule of Recognized Share-based Payment Expenses | The total expenses arising from share-based payment transactions recognized during the period as part of staff costs were as follows: Year ended December 31, in USD ‘000 2020 2019 2018 Employee 2013 EIP 220 1,006 2,242 Employee 2017 EIP 6,286 10,878 6,910 Total share-based compensation 6,506 11,884 9,152 |
Schedule of Shares Issued Under 2013 EIP | The Group has no present obligation to repurchase or settle the shares in cash. 2020 2019 2018 Number of shares issued under the 2013 EIP 168,641 261,984 347,509 Expense arising from the 2013 EIP (in USD ’000) 220 1,006 2,242 |
Movements in Number of Stock-options Outstanding Under 2017 EIP | Movements in the number of stock-options outstanding under the 2017 EIP were as follows: 2020 2019 Average exercise price (USD) Number of options Average exercise price (USD) Number of options At January 1, 10.51 4,626,385 11.39 3,028,275 Granted 2.93 4,543,952 8.89 1,683,303 Forfeited/Expired 7.62 (2,134,949 ) 10.94 (58,773 ) Exercised — — 7.32 (26,420 ) At December 31, 6.49 7,035,388 10.51 4,626,385 |
Range of Exercise Prices and Expiry Dates Outstanding Stock-options | The weighted average share price at the date of exercise of options exercised during the year ended December 31, 2019 was USD 11.64. No exercise of options occurred during the year ended December 31, 2020. The outstanding stock-options have the following range of exercise prices and remaining contractual life: As at December 31, Range of exercise prices 2020 2019 USD 15.00 to USD 17.99 361,500 361,500 USD 12.00 to USD 14.99 1,050,143 1,276,240 USD 9.00 to USD 11.99 1,331,981 1,458,595 USD 6.00 to USD 8.99 161,979 1,530,050 USD 1.50 to USD 5.99 4,129,785 — Total outstanding options 7,035,388 4,626,385 out of which are exercisable 2,083,159 1,312,557 Weighted-average remaining contractual life (in years) 8.6 8.8 |
Significant Inputs to Model to Determine Weighted Average Fair Value of Stock-options Granted | The weighted average fair value of the stock-options granted during the years ended December 31, 2020 and 2019, determined using a Black-Scholes model was USD 2.31 and USD 6.45, respectively. The significant inputs to the model were: 2020 2019 Weighted average share price at grant date USD 2.93 USD 8.89 Weighted average exercise price USD 2.93 USD 8.89 Weighted average 10-year volatility 77 % 65 % Dividend yield 0 % 0 % Weighted average 10-year risk free rate 1.28 % 1.88 % |
Related parties transactions (T
Related parties transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |
Summary of Total Remuneration Recorded for Members of the Board of Directors and Executive Committee | The following table sets forth the total remuneration recorded for members of the Board of Directors and Executive Committee: Year ended December 31, in USD ‘000 2020 2019 Short-term employee benefits (including base and variable cash remuneration) 3,388 4,181 Post-employment benefits 272 186 Share-based payments 4,038 8,485 Total 7,698 12,852 |
General Information - Additiona
General Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
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, ebopiprant and nolasiban) being developed in four indications. The Group has no currently marketed products. |
Accounting Principles Applied_4
Accounting Principles Applied in the Preparation of the Consolidated Financial Statements - Summary of Useful Lives of Furniture Fixtures and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Furniture [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Useful lives of furniture, fixtures and equipment | 5 years |
Hardware [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Useful lives of furniture, fixtures and equipment | 3 years |
Leasehold improvement [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Useful lives of furniture, fixtures and equipment | duration of lease |
Accounting Principles Applied_5
Accounting Principles Applied in the Preparation of the Consolidated Financial Statements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Top of range [Member] | |
Disclosure of voluntary change in accounting policy [Line Items] | |
Estimated useful life of intangible assets | 20 years |
Accounting Principles Applied_6
Accounting Principles Applied in the Preparation of the Consolidated Financial Statements - Summary of Geographical Analysis of Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Geographical Areas [Line Items] | ||
Total non-current assets | $ 28,479 | $ 29,170 |
Switzerland [Member] | ||
Disclosure Of Geographical Areas [Line Items] | ||
Total non-current assets | 27,936 | 28,391 |
USA [Member] | ||
Disclosure Of Geographical Areas [Line Items] | ||
Total non-current assets | $ 543 | $ 779 |
Accounting Principles Applied_7
Accounting Principles Applied in the Preparation of the Consolidated Financial Statements - Summary of Geographical Analysis of Operating Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Geographical Areas [Line Items] | |||
Total operating expenses | $ 79,718 | $ 107,111 | $ 77,169 |
Switzerland [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total operating expenses | 77,476 | 102,492 | 73,050 |
USA [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total operating expenses | $ 2,242 | $ 4,619 | $ 4,119 |
Financial Risk Management - Sch
Financial Risk Management - Schedule of Sensitivity of Profit or Loss to Changes in Exchange Rates (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
EUR [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Increase /decrease exchange rate vs USD | 5.00% | 5.00% |
Effect on profit before tax (in USD ‘000) | $ (688) | $ (185) |
Effect on shareholders’ equity (in USD ‘000) | $ (688) | $ (185) |
Increase /decrease exchange rate vs USD | (5.00%) | (5.00%) |
Effect on profit before tax (in USD ‘000) | $ 688 | $ 185 |
Effect on shareholders’ equity (in USD ‘000) | $ 688 | $ 185 |
CHF [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Increase /decrease exchange rate vs USD | 5.00% | 5.00% |
Effect on profit before tax (in USD ‘000) | $ (26) | $ (497) |
Effect on shareholders’ equity (in USD ‘000) | $ 26 | $ (497) |
Increase /decrease exchange rate vs USD | (5.00%) | (5.00%) |
Effect on profit before tax (in USD ‘000) | $ 26 | $ 497 |
Effect on shareholders’ equity (in USD ‘000) | $ (26) | $ 497 |
Financial Risk Management - S_2
Financial Risk Management - Schedule of Sensitivity to Changes in Market Interest Rates (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Rate Risk 100 Basis Point Increase [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Impact on loss before taxes | $ (14) | $ (47) |
Interest Rate Risk 100 Basis Point Decrease [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Impact on loss before taxes | $ 0 | $ 0 |
Financial Risk Management - S_3
Financial Risk Management - Schedule of Sensitivity to Changes in Market Interest Rates (Parenthetical) (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Interest Rate Risk 100 Basis Point Increase [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Interest rate increase (decrease) | 1.00% | 1.00% |
Interest Rate Risk 100 Basis Point Decrease [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Interest rate increase (decrease) | (1.00%) | (1.00%) |
Financial Risk Management - S_4
Financial Risk Management - Schedule of Reconciliation of Net Debt Position (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Financial Risk Management [Line Items] | ||
Net debt as at the beginning of the period | $ 42,107 | $ 138,640 |
Recognized on adoption of IFRS 16 | (2,707) | |
Net debt after adoption of IFRS 16 | 135,933 | |
Cash flows | (35,595) | (93,077) |
Interest expense | (2,681) | (487) |
Foreign exchange adjustments | 216 | (263) |
Net debt as at the end of the period | 4,048 | 42,107 |
Borrowings [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Net debt as at the beginning of the period | (25,104) | 0 |
Recognized on adoption of IFRS 16 | 0 | |
Net debt after adoption of IFRS 16 | 0 | |
Cash flows | 2,206 | (24,736) |
Interest expense | (2,589) | (368) |
Foreign exchange adjustments | 0 | 0 |
Net debt as at the end of the period | (25,487) | (25,104) |
Lease Liabilities [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Net debt as at the beginning of the period | (2,159) | 0 |
Recognized on adoption of IFRS 16 | (2,707) | |
Net debt after adoption of IFRS 16 | (2,707) | |
Cash flows | 722 | 690 |
Interest expense | (92) | (119) |
Foreign exchange adjustments | (119) | (23) |
Net debt as at the end of the period | (1,648) | (2,159) |
Liabilities from Financing Activities [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Net debt as at the beginning of the period | (27,263) | 0 |
Recognized on adoption of IFRS 16 | (2,707) | |
Net debt after adoption of IFRS 16 | (2,707) | |
Cash flows | 2,928 | (24,046) |
Interest expense | (2,681) | (487) |
Foreign exchange adjustments | (119) | (23) |
Net debt as at the end of the period | (27,135) | (27,263) |
Cash and Cash Equivalents [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Net debt as at the beginning of the period | 69,370 | 138,640 |
Recognized on adoption of IFRS 16 | 0 | |
Net debt after adoption of IFRS 16 | 138,640 | |
Cash flows | (38,522) | (69,030) |
Interest expense | 0 | 0 |
Foreign exchange adjustments | 335 | (240) |
Net debt as at the end of the period | $ 31,183 | $ 69,370 |
Financial Risk Management - Sum
Financial Risk Management - Summary of Maturity Profile of Financial Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Financial Risk Management [Line Items] | ||
Trade and other payables | $ (9,450) | $ (7,873) |
Borrowings | (25,487) | (25,104) |
Lease liabilities | (1,648) | (2,159) |
Total as at December 31, 2020 | (36,585) | (35,136) |
Trade and other payables, total undiscounted cash flows | (9,450) | (7,873) |
Borrowings, total undiscounted cash flows | (32,646) | (34,852) |
Lease liabilities, total undiscounted cash flows | (1,738) | (2,336) |
Total undiscounted cash flows, as at December 31, 2019 | (43,834) | (45,061) |
Up to 1 year [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Trade and other payables | (9,450) | (7,873) |
Borrowings | (2,200) | (2,206) |
Lease liabilities | (758) | (709) |
Total as at December 31, 2020 | (12,408) | (10,788) |
1 to 5 years [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Trade and other payables | 0 | 0 |
Borrowings | (30,446) | (32,646) |
Lease liabilities | (980) | (1,627) |
Total as at December 31, 2020 | (31,426) | (34,273) |
Maturities more than 5 years [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Trade and other payables | 0 | 0 |
Borrowings | 0 | 0 |
Lease liabilities | 0 | 0 |
Total as at December 31, 2020 | $ 0 | $ 0 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash And Cash Equivalents [Abstract] | ||||
Bank deposits | $ 31,183 | $ 69,370 | ||
Total cash and cash equivalents | $ 31,183 | $ 69,370 | $ 138,640 | $ 110,841 |
Cash and Cash Equivalents - S_2
Cash and Cash Equivalents - Schedule of Percentage of Bank Held Cash and Cash Equivalents Split by Currency (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CHF [Member] | ||
Disclosure of cash and cash equivalents [Line Items] | ||
Percentage of bank held cash and cash equivalents | 2.00% | 14.00% |
USD [Member] | ||
Disclosure of cash and cash equivalents [Line Items] | ||
Percentage of bank held cash and cash equivalents | 87.00% | 73.00% |
EUR [Member] | ||
Disclosure of cash and cash equivalents [Line Items] | ||
Percentage of bank held cash and cash equivalents | 11.00% | 12.00% |
GBP [Member] | ||
Disclosure of cash and cash equivalents [Line Items] | ||
Percentage of bank held cash and cash equivalents | 0.00% | 1.00% |
Receivables and Payables - Addi
Receivables and Payables - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Within 1 year [Member] | |
Disclosure of receivables and payables [line items] | |
Contractual maturity of payables | 1 year |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Accrued Expenses [Abstract] | ||
Accrued research and development expenses | $ 7,662 | $ 7,244 |
Accrued compensation-related expenses | 2,334 | 1,882 |
Accrued other expenses | 252 | 1,292 |
Total accrued expenses | $ 10,248 | $ 10,418 |
Furniture, Fixtures and Equip_3
Furniture, Fixtures and Equipment - Schedule of Furniture, Fixtures and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Furniture, fixtures and equipment | $ 245 | $ 319 |
Additions | 10 | 46 |
Depreciation charge | (104) | (120) |
Furniture, fixtures and equipment | 151 | 245 |
Total cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Furniture, fixtures and equipment | 653 | |
Furniture, fixtures and equipment | 652 | 653 |
Accumulated depreciation and amortization [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Furniture, fixtures and equipment | (408) | |
Furniture, fixtures and equipment | $ (501) | $ (408) |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [Line Items] | ||
Net book value as at the beginning of the year | $ 26,608 | $ 21,608 |
Additions | 0 | 5,000 |
Amortization charge | 0 | 0 |
Currency translation effects | 0 | 0 |
Net book value as at the end of the year | 26,608 | 26,608 |
Total cost [Member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Net book value as at the beginning of the year | 26,608 | |
Net book value as at the end of the year | 26,608 | 26,608 |
Accumulated depreciation and amortization [Member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Net book value as at the beginning of the year | 0 | |
Net book value as at the end of the year | $ 0 | $ 0 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | May 09, 2019 | Apr. 25, 2017 | Nov. 19, 2015 | Aug. 28, 2013 | Jun. 30, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about intangible assets [Line Items] | ||||||||
Intangible assets | $ 26,608,000 | $ 26,608,000 | $ 21,608,000 | |||||
Purchase of intangible assets | 5,000,000 | |||||||
Additions | $ 0 | $ 5,000,000 | ||||||
Length of development cycle for intangible assets | 20 years | |||||||
Discount factor based on assumed cost of capital | 15.00% | |||||||
Headroom amount | $ 61,000,000 | |||||||
Merck Serono Licenses [Member] | ||||||||
Disclosure of detailed information about intangible assets [Line Items] | ||||||||
Purchase of intangible assets | $ 4,900,000 | |||||||
Additions | $ 2,400,000 | |||||||
Kissei License [Member] | ||||||||
Disclosure of detailed information about intangible assets [Line Items] | ||||||||
Upfront cash consideration to acquire in-license | $ 10,000,000 | |||||||
Recognition and payment of milestone amount | $ 5,000,000 | $ 5,000,000 | ||||||
Impairment loss | $ 0 |
Leases - Summary of Right-of-Us
Leases - Summary of Right-of-Use Assets Related to Lease Shown in Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Right-of-use Asset | $ 2,042 | |
Right-of-use Asset | 1,425 | $ 2,042 |
IFRS 16 [Member] | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Right-of-use Asset | 2,042 | 2,658 |
Depreciation charge | (617) | (616) |
Right-of-use Asset | 1,425 | 2,042 |
Total cost [Member] | IFRS 16 [Member] | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Right-of-use Asset | 2,658 | |
Right-of-use Asset | 2,658 | 2,658 |
Accumulated depreciation and amortization [Member] | IFRS 16 [Member] | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Right-of-use Asset | (616) | |
Right-of-use Asset | $ (1,233) | $ (616) |
Leases - Additional information
Leases - Additional information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Abstract] | ||
Cash outflow for leases | $ 0.7 | $ 0.7 |
Weighted average lessee’s incremental borrowing rate | 4.90% | 4.90% |
Leases - Summary of Lease Liabi
Leases - Summary of Lease Liabilities Related to Lease Shown in Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lease Liabilities [Abstract] | ||
Current lease liabilities | $ 696 | $ 618 |
Non-current lease liabilities | 952 | 1,541 |
Total lease liabilities | $ 1,648 | $ 2,159 |
Post- Employment Benefits - Sch
Post- Employment Benefits - Schedule of Defined Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Change in defined benefit obligation | ||
Defined benefit obligation beginning balance | $ (7,946) | $ (3,547) |
Current service cost | 1,864 | 1,269 |
Interest cost | 46 | 140 |
Currency translation effects | (781) | (182) |
Remeasurements: | ||
Impact of plan amendment | 0 | (527) |
Effect of changes in demographic assumptions | (510) | (366) |
Effect of changes in financial assumptions | 418 | 3,037 |
Effect in experience assumptions | (840) | 2,043 |
Defined benefit obligation ending balance | (8,218) | (7,946) |
Present value of defined benefit obligation [Member] | ||
Change in defined benefit obligation | ||
Defined benefit obligation beginning balance | (24,705) | (14,502) |
Current service cost | (1,864) | (1,269) |
Interest cost | (46) | (140) |
Net benefits paid | 4,643 | (4,071) |
Currency translation effects | (2,208) | (536) |
Remeasurements: | ||
Impact of plan amendment | 0 | 527 |
Effect of changes in demographic assumptions | 510 | 366 |
Effect of changes in financial assumptions | (418) | (3,037) |
Effect in experience assumptions | 840 | (2,043) |
Defined benefit obligation ending balance | $ (23,248) | $ (24,705) |
Post- Employment Benefits - S_2
Post- Employment Benefits - Schedule of Fair Value of Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Change in plan assets | ||
Fair value of plan assets, beginning balance | $ 7,946 | $ 3,547 |
Interest income | 31 | 115 |
Employer contributions | 703 | 622 |
Employee contributions | 703 | 622 |
Currency translation effects | 781 | 182 |
Remeasurements: return on plan assets (excluding interest income) | 50 | 20 |
Fair value of plan assets, ending balance | 8,218 | 7,946 |
Plan assets [Member] | ||
Change in plan assets | ||
Fair value of plan assets, beginning balance | 16,759 | 10,955 |
Interest income | 31 | 115 |
Employer contributions | 703 | 622 |
Employee contributions | 703 | 622 |
Net benefits paid | (4,643) | 4,071 |
Currency translation effects | 1,427 | 354 |
Remeasurements: return on plan assets (excluding interest income) | 50 | 20 |
Fair value of plan assets, ending balance | $ 15,030 | $ 16,759 |
Post- Employment Benefits - Sum
Post- Employment Benefits - Summary of Components of Defined Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Components of defined benefit cost | ||
Current service cost | $ 1,864 | $ 1,269 |
Interest cost | 46 | 140 |
Interest income on plan assets | (31) | (115) |
Employee contributions | (703) | (622) |
Impact of plan amendment | 0 | (527) |
Total included in staff costs | $ 1,176 | $ 145 |
Post- Employment Benefits - S_3
Post- Employment Benefits - Summary of Remeasurement Components Recognized in Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Remeasurements recognized in other comprehensive loss | ||
Effect of changes in demographic assumptions | $ 510 | $ 366 |
Effect of changes in financial assumptions | (418) | (3,037) |
Effect in experience assumptions | 840 | (2,043) |
Return on plan assets (excluding interest income) | 50 | 20 |
Total remeasurements recognized as other comprehensive loss | 982 | (4,694) |
Cumulative amount of remeasurements immediately recognized in other comprehensive loss | $ (7,837) | $ (8,819) |
Post- Employment Benefits - S_4
Post- Employment Benefits - Summary of Amounts Recognized in Statement of Financial Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amounts recognized in the statement of financial position | ||
Defined benefit obligation | $ (23,248) | $ (24,705) |
Fair value of plan assets | 15,030 | 16,759 |
Net liability | $ (8,218) | $ (7,946) |
Post- Employment Benefits - S_5
Post- Employment Benefits - Summary of Net Defined Benefit Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Change in defined benefit obligation | ||
Defined benefit obligation beginning balance | $ (7,946) | $ (3,547) |
Defined benefit cost included in statement of comprehensive loss | (1,176) | (145) |
Total remeasurements included in other comprehensive loss | 982 | (4,694) |
Employer contributions | 703 | 622 |
Currency translation effects | (781) | (182) |
Defined benefit obligation ending balance | $ (8,218) | $ (7,946) |
Post- Employment Benefits - S_6
Post- Employment Benefits - Summary of Percentage of Assets Amount Contributed to Fair Value of Plan Assets (Detail) | Dec. 31, 2019 |
Percentage Of Assets Amount Contributed To Fair Value Of Plan Assets [Abstract] | |
Cash | 0.80% |
Bonds | 62.50% |
Shares | 12.10% |
Real estate | 16.60% |
Mortgages | 8.00% |
Alternative investments | 0.00% |
Total | 100.00% |
Post- Employment Benefits - S_7
Post- Employment Benefits - Summary of Principal Actuarial Assumptions (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Defined Benefit Plans [Abstract] | ||
Discount rate | 0.10% | 0.20% |
Salary increase (including inflation) | 1.00% | 1.00% |
Rate of pension increases | 0.25% | 0.25% |
Post-employment mortality table | LPP 2020 G | LPP 2015 G |
Post-Employment Benefits - Summ
Post-Employment Benefits - Summary of Sensitivity Analysis of Group Defined Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Discount rate | 0.10% | 0.20% |
Salary increase | 1.00% | 1.00% |
Rate of pension increases | 0.25% | 0.25% |
Average duration of the defined benefit obligation | 18 years 8 months 12 days | 20 years 2 months 12 days |
Discount rate plus 50bps [Member] | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Sensitivity analysis | plus 50bps | |
Discount rate | 0.60% | |
Salary increase | 1.00% | |
Rate of pension increases | 0.25% | |
Defined benefit obligation | $ (21,223) | |
Discount rate minus 50bps [Member] | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Sensitivity analysis | minus 50bps | |
Discount rate, adjustment | (0.40%) | |
Salary increase | 1.00% | |
Rate of pension increases | 0.25% | |
Defined benefit obligation | $ (25,594) | |
Salary increase plus 50bps [Member] | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Sensitivity analysis | plus 50bps | |
Discount rate | 0.10% | |
Salary increase | 1.50% | |
Rate of pension increases | 0.25% | |
Defined benefit obligation | $ (23,305) | |
Salary increase minus 50bps [Member] | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Sensitivity analysis | minus 50bps | |
Discount rate | 0.10% | |
Salary increase | 0.50% | |
Rate of pension increases | 0.25% | |
Defined benefit obligation | $ (23,195) | |
Rate of pension increase plus 25bps [Member] | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Sensitivity analysis | plus 25bps | |
Discount rate | 0.10% | |
Salary increase | 1.00% | |
Rate of pension increases | 0.50% | |
Defined benefit obligation | $ (23,809) | |
Rate of pension increase minus 25 bps [Member] | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Sensitivity analysis | minus 25bps | |
Discount rate | 0.10% | |
Salary increase | 1.00% | |
Rate of pension increases | 0.00% | |
Defined benefit obligation | $ (22,717) |
Post-employment Benefits - Addi
Post-employment Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Defined Benefit Plans [Line Items] | ||
Expected contributions paid by employer under post-employment benefit plans | $ 703,000 | $ 622,000 |
Post-employment benefit plans [Member] | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Expected contributions paid by employer under post-employment benefit plans | $ 714,000 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) | Aug. 07, 2019 | Aug. 31, 2019USD ($)Tranche | Apr. 30, 2020USD ($) |
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings, interest rate basis | thirty day U.S. LIBOR, plus 6.25% | ||
Borrowings, interest rate | 10.32% | ||
Borrowings, maturity | August 1, 2024 | ||
Final fee payment | 6.75% | ||
Floating interest rate [Member] | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings, adjustment to interest rate basis | 6.25% | ||
Bottom of range [Member] | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings, interest rate | 8.68% | ||
Loan and Security Agreement with Oxford Finance LLC [Member] | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Maximum borrowing capacity of term loan | $ 75,000,000 | ||
Number of tranches | Tranche | 3 | ||
Transaction costs | $ 300,000 | ||
Loan and Security Agreement with Oxford Finance LLC [Member] | Tranche one [Member] | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Gross proceeds | 25,000,000 | ||
Loan and Security Agreement with Oxford Finance LLC [Member] | Tranche two [Member] | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Undrawn credit facility | $ 25,000,000 | ||
Loan and Security Agreement with Oxford Finance LLC [Member] | Tranche three [Member] | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Loan to be drawn | $ 25,000,000 |
Borrowings - Summary of Credit
Borrowings - Summary of Credit Facility (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | $ 25,487 | $ 25,104 | |
Non-current borrowings | 25,300 | 24,917 | |
Borrowings [Member] | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | 25,487 | 25,104 | $ 0 |
New borrowings | 0 | 25,000 | |
Transaction costs | 0 | (264) | |
Interest expense | 2,589 | 1,067 | |
Interest paid | (2,206) | (699) | |
Current | 187 | 187 | |
Non-current borrowings | $ 25,300 | $ 24,917 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Shareholders' Equity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of classes of share capital [Line Items] | |||
Issuance of shares - EIP 2013, value | $ 15 | $ 21 | $ 27 |
Issuance of shares - Underwritten offering, value | 19,999 | 77,823 | |
Issuance of shares - ATM program, value | 16,906 | 3,554 | 20,011 |
Share issuance costs | (2,043) | (130) | (6,160) |
Exercise of stock-options - EIP 2017, value | 194 | 672 | |
Share capital [Member] | |||
Disclosure of classes of share capital [Line Items] | |||
Equity, beginning balance | 3,499 | 3,420 | |
Issuance of shares - EIP 2013, value | 15 | 21 | 27 |
Issuance of shares - Underwritten offering, value | 591 | 392 | |
Issuance of shares - ATM program, value | 469 | 56 | 130 |
Share issuance costs | 0 | 0 | 0 |
Exercise of stock-options - EIP 2017, value | 2 | 7 | |
Equity, ending balance | 4,574 | 3,499 | 3,420 |
Share premium [Member] | |||
Disclosure of classes of share capital [Line Items] | |||
Equity, beginning balance | 320,955 | 314,565 | |
Issuance of shares - EIP 2013, value | 2,065 | 2,696 | 2,947 |
Issuance of shares - Underwritten offering, value | 19,408 | 77,431 | |
Issuance of shares - ATM program, value | 16,437 | 3,498 | 19,881 |
Share issuance costs | (2,043) | (130) | (6,160) |
Exercise of stock-options - EIP 2017, value | 326 | 1,131 | |
Equity, ending balance | 356,822 | 320,955 | 314,565 |
Total [Member] | |||
Disclosure of classes of share capital [Line Items] | |||
Equity, beginning balance | 324,454 | 317,985 | |
Issuance of shares - EIP 2013, value | 2,080 | 2,717 | |
Issuance of shares - Underwritten offering, value | 19,999 | ||
Issuance of shares - ATM program, value | 16,906 | 3,554 | |
Share issuance costs | (2,043) | (130) | |
Exercise of stock-options - EIP 2017, value | 328 | ||
Equity, ending balance | $ 361,396 | $ 324,454 | $ 317,985 |
Common shares [Member] | |||
Disclosure of classes of share capital [Line Items] | |||
Beginning balance | 44,423,448 | 43,443,911 | |
Issuance of shares - EIP 2013 | 168,641 | 261,984 | |
Issuance of shares - Underwritten offering | 6,964,592 | ||
Issuance of shares - ATM program | 5,995,897 | 691,133 | |
Exercise of stock-options - EIP 2017 | 26,420 | ||
Ending balance | 57,552,578 | 44,423,448 | 43,443,911 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Sep. 30, 2020SFr / sharesshares | Apr. 30, 2020SFr / sharesshares | Jul. 31, 2019SFr / sharesshares | |
Disclosure of classes of share capital [Line Items] | |||||||
Share capital | $ | $ 4,574 | $ 3,499 | |||||
Issuance Of Issuance Of Non Vested Non Voting Shares Fully Paid | 168,641 | ||||||
Nominal value per share of non-voting shares | $ / shares | $ 0.0769 | ||||||
Issuance of shares | 2,320,266 | 2,320,266 | 3,308,396 | 3,064,048 | |||
Par value per share | SFr / shares | SFr 0.0769 | SFr 0.0769 | SFr 0.0769 | ||||
Share issue related cost | $ | $ 2,043 | $ 130 | $ 6,160 | ||||
2013 Equity Incentive Plan [Member] | |||||||
Disclosure of classes of share capital [Line Items] | |||||||
Nominal value per share of non-voting shares | $ / shares | $ 0.0769 | ||||||
Issuance of shares | 168,641 | 261,984 | |||||
Treasury Shares [Member] | |||||||
Disclosure of classes of share capital [Line Items] | |||||||
Number of shares issued | 3,608,281 | 3,975,516 | |||||
Common shares [Member] | |||||||
Disclosure of classes of share capital [Line Items] | |||||||
Share capital | $ | $ 4,600 | $ 3,500 | |||||
Number of shares issued and fully paid | 57,552,578 | 44,423,448 | 43,443,911 | ||||
ATM [Member] | Treasury Shares [Member] | |||||||
Disclosure of classes of share capital [Line Items] | |||||||
Number of shares issued | 5,995,897 | 691,133 | |||||
Share price | $ / shares | $ 2.82 | $ 5.14 | |||||
Proceeds from sale of treasury shares | $ | $ 16,900 | $ 3,600 | |||||
Share issue related cost | $ | $ 500 | $ 100 | |||||
IPO [Member] | |||||||
Disclosure of classes of share capital [Line Items] | |||||||
Proceeds from issue of common shares | $ | $ 20,000 | ||||||
Number of purchase warrants exercised | 0 | ||||||
IPO [Member] | Underwritten public offering [Member] | |||||||
Disclosure of classes of share capital [Line Items] | |||||||
Number of shares issued | 6,448,240 | 6,448,240 | |||||
Share price | $ / shares | $ 2.869 | ||||||
Warrant to purchase common share, exercise price | $ / shares | $ 3.43 | ||||||
IPO [Member] | Concurrent private placement [Member] | |||||||
Disclosure of classes of share capital [Line Items] | |||||||
Number of shares issued | 516,352 | 516,352 | |||||
Share price | $ / shares | $ 2.905 | ||||||
Warrant to purchase common share, exercise price | $ / shares | $ 3.43 | ||||||
Proceeds from issue of common shares | $ | $ 1,500 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Authorized Share Capital (Detail) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Authorized Share Capital [Abstract] | ||
Authorized share capital | 17,611,372 | 19,681,753 |
Revenue and Other Operating I_2
Revenue and Other Operating Income - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Revenue and other income [Abstract] | |
Revenue | $ 0 |
Operating Expenses by Nature -
Operating Expenses by Nature - Schedule of Operating Expenses by Nature (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expense By Nature [Abstract] | |||
External research and development costs | $ 51,803 | $ 70,531 | $ 49,480 |
Staff costs (note 16) | 19,643 | 24,556 | 19,537 |
Professional fees | 3,994 | 7,072 | 3,871 |
Rents | 22 | 21 | 827 |
Travel expenses | 156 | 1,398 | 1,044 |
Patent registration costs | 813 | 882 | 1,002 |
Depreciation | 721 | 737 | 109 |
Other | 2,566 | 1,914 | 1,299 |
Total operating expenses by nature | $ 79,718 | $ 107,111 | $ 77,169 |
Operating Expenses by Nature _2
Operating Expenses by Nature - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expense By Nature [Abstract] | |||
Research and development expense | $ 67,536 | $ 88,053 | $ 62,872 |
Operating Expenses by Nature _3
Operating Expenses by Nature - Summary of Depreciation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Depreciation Expense [Line Items] | |||
Total depreciation | $ 721 | $ 737 | $ 109 |
Research and development expenses [Member] | |||
Disclosure Of Depreciation Expense [Line Items] | |||
Total depreciation | 447 | 429 | 63 |
General and administrative expenses [Member] | |||
Disclosure Of Depreciation Expense [Line Items] | |||
Total depreciation | $ 274 | $ 308 | $ 46 |
Staff Costs - Summary of Staff
Staff Costs - Summary of Staff Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Defined Benefit Plans [Abstract] | |||
Wages and salaries | $ 10,262 | $ 10,403 | $ 9,023 |
Social charges | 1,699 | 2,124 | 946 |
Post-employment benefits expense | 1,176 | 145 | 416 |
Share-based payments | 6,506 | 11,884 | 9,152 |
Total staff costs | $ 19,643 | $ 24,556 | $ 19,537 |
Staff Costs - Additional Inform
Staff Costs - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2020USD ($)Employee | Dec. 31, 2019USD ($)Employee | Dec. 31, 2018USD ($)Employee | |
Analysis Of Income And Expense [Abstract] | |||
Average employed on full-time equivalents | 46.2 | 48.5 | 39.6 |
Employed on full-time equivalents | 42.7 | 50.1 | 43.2 |
Gain on post-employment benefits | $ | $ 0 | $ 527,000 | $ 172,000 |
Finance Income and Expense - Sc
Finance Income and Expense - Schedule of Finance Income and Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis Of Finance Income And Expense [Abstract] | |||
Foreign exchange (loss) / gain, net | $ (527) | $ (442) | $ 393 |
Interest expense | (2,704) | (1,186) | |
Finance result, net | $ (3,231) | $ (1,628) | $ 393 |
Income Taxes and Deferred Tax_3
Income Taxes and Deferred Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Income Tax [Abstract] | ||
Statutory tax rate (blended at Group level) | 7.90% | 8.10% |
ObsEva Ireland Ltd [Member] | ||
Disclosure of Income Tax [Abstract] | ||
Current tax expense (income) | $ 0 | $ 0 |
ObsEva USA Inc [Member] | ||
Disclosure of Income Tax [Abstract] | ||
Statutory tax rate (blended at Group level) | 27.30% | 27.30% |
Current tax expense (income) | $ 34,000 | $ 67,000 |
Deferred taxes | $ 0 | 0 |
Switzerland [Member] | ||
Disclosure of Income Tax [Abstract] | ||
Tax loss carryforward period | 7 years | |
Current tax expense (income) | $ 0 | 0 |
Deferred taxes | $ 0 | $ 0 |
Switzerland [Member] | Municipal and Cantonal Tax Rate [Member] | ||
Disclosure of Income Tax [Abstract] | ||
Statutory tax rate (blended at Group level) | 14.00% | 22.60% |
Switzerland [Member] | Federal Tax Rate [Member] | ||
Disclosure of Income Tax [Abstract] | ||
Statutory tax rate (blended at Group level) | 8.50% | 8.50% |
Income Taxes and Deferred Tax_4
Income Taxes and Deferred Taxes - Schedule of Unrecorded Tax Losses Carry Forwards (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | $ 392,518 | $ 287,590 |
2020 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | 2,950 | |
2021 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | 12,828 | 11,687 |
2022 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | 17,993 | 16,394 |
2023 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | 31,696 | 28,879 |
2024 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | 64,869 | 59,103 |
2025 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | 75,364 | 68,662 |
2026 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | 109,663 | $ 99,915 |
2027 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | $ 80,105 |
Income Taxes and Deferred Tax_5
Income Taxes and Deferred Taxes - Summary of Difference Between Income Tax Expense at Applicable Group Tax Rate and Effective Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Income Tax [Line Items] | |||
Net loss before tax | $ (82,932) | $ (108,723) | $ (76,761) |
Statutory tax rate (blended at Group level) | 7.90% | 8.10% | |
Income tax credit at statutory tax rates | $ (6,522) | $ (8,793) | |
Tax impact of permanent differences | 612 | 846 | |
Temporary differences not recognized as deferred tax assets | 51 | 448 | |
Tax on losses not recognized as deferred tax assets | 5,893 | 7,567 | |
Effective income tax expense | $ 34 | $ 67 | $ (45) |
Effective tax rate | 0.00% | (0.10%) | |
ObsEva SA Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Net loss before tax | $ (82,804) | $ (107,120) | |
Statutory tax rate (blended at Group level) | 7.80% | 7.80% | |
Income tax credit at statutory tax rates | $ (6,487) | $ (8,355) | |
Tax impact of permanent differences | 595 | 770 | |
Temporary differences not recognized as deferred tax assets | (1) | ||
Tax on losses not recognized as deferred tax assets | $ 5,893 | $ 7,586 | |
Effective tax rate | 0.00% | 0.00% | |
ObsEva USA Inc [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Net loss before tax | $ (128) | $ (1,603) | |
Statutory tax rate (blended at Group level) | 27.30% | 27.30% | |
Income tax credit at statutory tax rates | $ (35) | $ (438) | |
Tax impact of permanent differences | 17 | 76 | |
Temporary differences not recognized as deferred tax assets | 52 | 448 | |
Tax on losses not recognized as deferred tax assets | (19) | ||
Effective income tax expense | $ 34 | $ 67 | |
Effective tax rate | (26.70%) | (4.20%) |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
IPO closing date | Jan. 25, 2017 | ||
Anti-dilutive non-vested securities excluded from calculation of diluted earnings per share | 168,641 | 430,625 | |
Anti-dilutive impact of share options on calculation of the diluted earnings per share excluded from calculation | 7,035,388 | 4,626,385 | 3,028,275 |
Anti-dilutive impact of warrants on calculation of diluted earnings per share excluded from calculation | 6,964,592 |
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per share [Line Items] | |||
Net loss attributable to shareholders | $ (82,966) | $ (108,790) | $ (76,716) |
Weighted average number of shares outstanding | 49,820,451 | 43,674,746 | 40,172,498 |
Basic and diluted loss per share | $ (1.67) | $ (2.49) | $ (1.91) |
Share-based Compensation - Sche
Share-based Compensation - Schedule of Recognized Share-based Payment Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Total share-based compensation | $ 6,506 | $ 11,884 | $ 9,152 |
Employee 2013 EIP [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Total share-based compensation | 220 | 1,006 | 2,242 |
Employee 2017 EIP [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Total share-based compensation | $ 6,286 | $ 10,878 | $ 6,910 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares$ / shares | |
Employee 2013 EIP [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Description of method of settlement for share-based payment arrangement | Upon enrollment in the 2013 EIP, Beneficiaries were granted a certain number of shares which they were entitled to acquire at a pre-determined price of 1/13 of a Swiss franc. The pre-determined price was generally paid by the Beneficiaries at the grant date and recognized as a pre-payment until the vesting period elapses resulting in the shares issuance being accounted for. | |
Description of vesting requirements for share-based payment arrangement | The shares generally fully vest over a four-year vesting period, with 25% of the shares underlying the grant vesting after one year, and 1/48th of the shares underlying the grant vesting each month over a further period of three years. | |
Obligation to repurchase or settle shares | $ 0 | |
Employee 2017 EIP [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Description of vesting requirements for share-based payment arrangement | The stock-options typically vest under a 3-year or 4-year vesting schedule, have a 10-year expiration term and have an exercise price equivalent to the share price at grant date. | |
Number of stock option, granted | shares | 4,543,952 | 1,683,303 |
Weighted average share price at date of exercise of options exercised | $ / shares | $ 11.64 | |
Employee 2017 EIP [Member] | Black-Scholes Model [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Description of option pricing model, share options granted | Black-Scholes model | Black-Scholes model |
weighted average fair value of the stock-options granted | $ 2.31 | $ 6.45 |
Share-based Compensation - Sc_2
Share-based Compensation - Schedule of Shares Issued Under 2013 EIP (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Share-based payments | $ 6,506 | $ 11,884 | $ 9,152 |
Employee 2013 EIP [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Number of shares issued under the 2013 EIP | 168,641 | 261,984 | 347,509 |
Share-based payments | $ 220 | $ 1,006 | $ 2,242 |
Share-based Compensation - Move
Share-based Compensation - Movements in Number of Stock-options Outstanding Under 2017 EIP (Detail) - Employee 2017 EIP [Member] | 12 Months Ended | |
Dec. 31, 2020USD ($)shares$ / shares | Dec. 31, 2019USD ($)shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
At January 1, | 4,626,385 | 3,028,275 |
Granted | 4,543,952 | 1,683,303 |
Forfeited/Expired | (2,134,949) | (58,773) |
Exercised | (26,420) | |
At December 31, | 7,035,388 | 4,626,385 |
At January 1, average exercise price | $ / shares | $ 10.51 | $ 11.39 |
Granted, average exercise price | $ / shares | $ 2.93 | $ 8.89 |
Forfeited/Expired, average exercise price | $ | $ 7.62 | $ 10.94 |
Exercised, average exercise price | $ / shares | $ 7.32 | |
At December 31, average exercise price | $ / shares | $ 6.49 | $ 10.51 |
Share-based Compensation - Rang
Share-based Compensation - Range of Exercise Prices and Expiry Dates Outstanding Stock-options (Detail) - Employee 2017 EIP [Member] | 12 Months Ended | ||
Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares | |
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Total outstanding options | shares | 7,035,388 | 4,626,385 | 3,028,275 |
Total outstanding options out of which are exercisable | shares | 2,083,159 | 1,312,557 | |
Weighted-average remaining contractual life (in years) | 8 years 7 months 6 days | 8 years 9 months 18 days | |
15.00 to 17.99 [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Total outstanding options | shares | 361,500 | 361,500 | |
15.00 to 17.99 [Member] | Bottom of range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Range of exercise prices | $ 15 | $ 15 | |
15.00 to 17.99 [Member] | Top of range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Range of exercise prices | $ 17.99 | $ 17.99 | |
12.00 to 14.99 [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Total outstanding options | shares | 1,050,143 | 1,276,240 | |
12.00 to 14.99 [Member] | Bottom of range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Range of exercise prices | $ 12 | $ 12 | |
12.00 to 14.99 [Member] | Top of range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Range of exercise prices | $ 14.99 | $ 14.99 | |
9.00 to 11.99 [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Total outstanding options | shares | 1,331,981 | 1,458,595 | |
9.00 to 11.99 [Member] | Bottom of range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Range of exercise prices | $ 9 | $ 9 | |
9.00 to 11.99 [Member] | Top of range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Range of exercise prices | $ 11.99 | $ 11.99 | |
6.00 to 8.99 [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Total outstanding options | shares | 161,979 | 1,530,050 | |
6.00 to 8.99 [Member] | Bottom of range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Range of exercise prices | $ 6 | $ 6 | |
6.00 to 8.99 [Member] | Top of range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Range of exercise prices | $ 8.99 | $ 8.99 | |
1.50 to 5.99 [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Total outstanding options | shares | 4,129,785 | ||
1.50 to 5.99 [Member] | Bottom of range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Range of exercise prices | $ 1.50 | ||
1.50 to 5.99 [Member] | Top of range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Range of exercise prices | $ 5.99 |
Share-based Compensation - Sign
Share-based Compensation - Significant Inputs to Model to Determine Weighted Average Fair Value of Stock-options Granted (Detail) - Employee 2017 EIP [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Weighted average share price at grant date | $ 2.93 | $ 8.89 |
Weighted average exercise price | $ 2.93 | $ 8.89 |
Weighted average 10-year volatility | 77.00% | 65.00% |
Dividend yield | 0.00% | 0.00% |
Weighted average 10-year risk free rate | 1.28% | 1.88% |
Share-based Compensation - Si_2
Share-based Compensation - Significant Inputs to Model to Determine Weighted Average Fair Value of Stock-options Granted (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | ||
Weighted average volatility period | 10 years | 10 years |
Weighted average risk free period | 10 years | 10 years |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disclosure of Commitments and Contingencies [Line Items] | |
License and supply agreement, undiscounted amount paid | $ 10 |
Royalty expiration period from the date of first commercial sale | 15 years |
Bottom of range [Member] | |
Disclosure of Commitments and Contingencies [Line Items] | |
License and supply agreement, potential undiscounted future payments | $ 0 |
Royalty payment as a percentage of net sales | 20.00% |
Top of range [Member] | |
Disclosure of Commitments and Contingencies [Line Items] | |
License and supply agreement, potential undiscounted future payments | $ 188 |
Related Parties Transactions -
Related Parties Transactions - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2020DirectorMember | |
Disclosure of transactions between related parties [Line Items] | ||
Number of directors | Director | 8 | |
Numbers of executive committee members | Member | 5 | |
Other Related Parties [Member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Description of other significant transactions with related parties | There were no other significant transactions with related parties during the years presented. | |
IPO [Member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Proceeds from issue of common shares | $ | $ 20 | |
IPO [Member] | Concurrent private placement [Member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Number of shares issued under the 2013 EIP | shares | 516,352 | |
Share price | $ / shares | $ 2.905 | |
Warrant to purchase common share, exercise price | $ / shares | $ 3.43 | |
Proceeds from issue of common shares | $ | $ 1.5 |
Related Parties Transactions _2
Related Parties Transactions - Summary of Total Remuneration Recorded for Members of the Board of Directors and Executive Committee (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Transactions Between Related Parties [Abstract] | ||
Short-term employee benefits (including base and variable cash remuneration) | $ 3,388 | $ 4,181 |
Post-employment benefits | 272 | 186 |
Share-based payments | 4,038 | 8,485 |
Total | $ 7,698 | $ 12,852 |
Going concern - Additional Info
Going concern - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2021 | Feb. 28, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Going Concern [Line Items] | ||||||
Net loss | $ 82,966 | $ 108,790 | $ 76,716 | |||
Accumulated losses | 410,000 | |||||
Share premium offset from accumulated losses | 30,600 | |||||
Cash and cash equivalents | 31,183 | $ 69,370 | $ 138,640 | $ 110,841 | ||
COVID-19 pandemic [Member] | ||||||
Disclosure Of Going Concern [Line Items] | ||||||
Cash and cash equivalents | $ 31,200 | |||||
Potential Ordinary Share Transactions [Member] | ||||||
Disclosure Of Going Concern [Line Items] | ||||||
Additional funds raised from exercise of warrants | $ 22,100 | |||||
Potential Ordinary Share Transactions [Member] | COVID-19 pandemic [Member] | ||||||
Disclosure Of Going Concern [Line Items] | ||||||
Additional funds raised from exercise of warrants | $ 55,600 |
Events After the Reporting Pe_2
Events After the Reporting Period - Additional Information (Details) $ / shares in Units, $ in Millions | 2 Months Ended | 12 Months Ended | |||
Feb. 28, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Feb. 28, 2021SFr / sharesshares | Jan. 31, 2021SFr / sharesshares | |
Treasury Shares [Member] | |||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||
Number of shares issued | 3,608,281 | 3,975,516 | |||
Potential Ordinary Share Transactions [Member] | |||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||
Additional funds raised from exercise of warrants | $ | $ 22.1 | ||||
Number of warrants exercised | 6,448,240 | ||||
Common shares [Member] | Potential Ordinary Share Transactions [Member] | |||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||
Number of shares issued | 11,591,124 | 11,591,124 | 6,020,248 | ||
Par value of shares | SFr / shares | SFr 0.0769 | SFr 0.0769 | |||
ATM [Member] | Treasury Shares [Member] | |||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||
Number of shares issued | 5,995,897 | 691,133 | |||
Share price | $ / shares | $ 2.82 | $ 5.14 | |||
Proceeds from sale of treasury shares | $ | $ 16.9 | $ 3.6 | |||
ATM [Member] | Potential Ordinary Share Transactions [Member] | Treasury Shares [Member] | |||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||
Number of shares issued | 9,337,047 | 9,337,047 | |||
Share price | $ / shares | $ 3.70 | ||||
Proceeds from sale of treasury shares | $ | $ 34.5 |