Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Document And Entity Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
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, Postal Zip Code | 1228 |
Entity Address, City or Town | Geneva |
Entity Incorporation, State or Country Code | V8 |
Entity Address, Country | CH |
Entity Common Stock, Shares Outstanding | 79,955,268 |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Firm ID | 1358 |
Auditor Name | PricewaterhouseCoopers SA |
Auditor Location | Geneva, Switzerland |
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, Postal Zip Code | 1228 |
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, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 54,734 | $ 31,183 |
Other receivables | 3,560 | 397 |
Prepaid expenses | 5,223 | 5,388 |
Total current assets | 63,517 | 36,968 |
Non-current assets | ||
Right-of-use assets | 625 | 1,425 |
Furniture, fixtures and equipment | 58 | 151 |
Intangible assets | 24,503 | 26,608 |
Other long-term assets | 288 | 295 |
Total non-current assets | 25,474 | 28,479 |
Total assets | 88,991 | 65,447 |
Current liabilities | ||
Other payables and current liabilities | 9,038 | 10,760 |
Accrued expenses | 13,783 | 10,248 |
Current lease liabilities | 686 | 696 |
Total current liabilities | 23,507 | 21,704 |
Non-current liabilities | ||
Non-current lease liabilities | 240 | 952 |
Non-current borrowings | 25,733 | 25,300 |
Post-employment obligations | 6,581 | 8,218 |
Other long-term liabilities | 591 | 919 |
Total non-current liabilities | 33,145 | 35,389 |
Shareholders’ equity | ||
Share capital | 6,489 | 4,574 |
Share premium | 430,630 | 356,822 |
Reserves | 32,195 | 26,353 |
Accumulated losses | (436,975) | (379,395) |
Total shareholders’ equity | 32,339 | 8,354 |
Total liabilities and shareholders’ equity | $ 88,991 | $ 65,447 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Comprehensive Income [Abstract] | |||
Operating income other than revenue | $ 20,113 | $ 17 | $ 16 |
OPERATING EXPENSES | |||
Research and development expenses | (53,136) | (67,536) | (88,053) |
General and administrative expenses | (21,491) | (12,182) | (19,058) |
Total operating expenses | (74,627) | (79,718) | (107,111) |
OPERATING LOSS | (54,514) | (79,701) | (107,095) |
Finance income | 600 | 648 | 854 |
Finance expense | (4,251) | (3,879) | (2,482) |
NET LOSS BEFORE TAX | (58,165) | (82,932) | (108,723) |
Income tax expense | (212) | (34) | (67) |
NET LOSS FOR THE YEAR | $ (58,377) | $ (82,966) | $ (108,790) |
Net loss per share | |||
Basic and diluted | $ (0.78) | $ (1.67) | $ (2.49) |
Items that will not be reclassified to profit and loss | |||
Remeasurements on post-employment benefit plans, net of tax | $ 796 | $ 982 | $ (4,694) |
TOTAL OTHER COMPREHENSIVE INCOME / (LOSS) | 796 | 982 | (4,694) |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | $ (57,581) | $ (81,984) | $ (113,484) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Cash Flows [Abstract] | |||
NET LOSS BEFORE TAX FOR THE YEAR | $ (58,165) | $ (82,932) | $ (108,723) |
Adjustments for: | |||
Depreciation expense | 736 | 721 | 737 |
Post-employment (benefit) / cost | (553) | 492 | (477) |
Share-based compensation expense | 5,843 | 6,506 | 11,884 |
Income tax paid | (52) | (80) | |
Other operating income | (20,095) | ||
Finance expense, net | 3,651 | 3,231 | 1,628 |
Changes in operating assets and liabilities: | |||
Other receivables | (3,198) | 326 | 193 |
Prepaid expenses, deferred costs and other long-term assets | 166 | (1,029) | 1,356 |
Other payables and current liabilities | (2,223) | 2,141 | 5,499 |
Accrued expenses and other long-term liabilities | 3,534 | (170) | (2,628) |
NET CASH FLOWS USED IN OPERATING ACTIVITIES | (70,304) | (70,766) | (90,611) |
Net proceeds from disposal of intangible assets | 22,200 | ||
Payments for plant and equipment | (14) | (5) | (46) |
Acquisition of a license | (5,000) | ||
NET CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES | 22,186 | (5) | (5,046) |
Proceeds from issuance of shares | 53,226 | 37,254 | 3,206 |
Proceeds from the exercise of warrants | 22,117 | ||
Oxford loan repayment | (26,986) | ||
Proceeds from issuance of convertible debt | 27,354 | ||
Proceeds from issuance of warrants | 2,646 | ||
Issuance costs related to convertible debt and warrant | (2,128) | ||
Proceeds from exercise of stock-options | 193 | ||
Share issuance costs | (1,959) | ||
Principal elements of lease payments | (682) | (630) | (571) |
Interest paid | (2,484) | (2,321) | (818) |
NET CASH FLOWS FROM FINANCING ACTIVITIES | 71,104 | 32,249 | 26,627 |
Net (decrease) / increase in cash and cash equivalents | 22,986 | (38,522) | (69,030) |
Cash and cash equivalents at January 1, | 31,183 | 69,370 | 138,640 |
Effects of exchange rate changes on cash and cash equivalents | 565 | 335 | (240) |
Cash and cash equivalents at December 31, | $ 54,734 | $ 31,183 | $ 69,370 |
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, 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 - 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) |
Loss for the year | (58,377) | 0 | 0 | 0 | 0 | 0 | (58,377) |
Other comprehensive income (loss) | 796 | 0 | 0 | 0 | 0 | 0 | 796 |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (57,581) | 0 | 0 | 0 | 0 | 0 | (57,581) |
Issuance of shares - ATM program | 53,687 | 1,360 | 52,327 | 0 | 0 | 0 | 0 |
Share issuance costs | (81) | ||||||
Share issuance costs - ATM program | (1,959) | 0 | (1,959) | 0 | 0 | 0 | 0 |
Value of the conversion rights - convertible notes | 22 | 0 | 22 | 0 | 0 | 0 | 0 |
Reclassification of Warrants | 1,856 | 0 | 1,856 | 0 | 0 | 0 | 0 |
Exercise of warrants | 22,117 | 555 | 21,562 | 0 | 0 | 0 | 0 |
Share-based remuneration | 5,843 | 0 | 0 | 5,843 | 0 | 5,843 | 0 |
Ending Balance at Dec. 31, 2021 | $ 32,339 | $ 6,489 | $ 430,630 | $ 32,685 | $ (489) | $ 32,196 | $ (436,976) |
General information
General information | 12 Months Ended |
Dec. 31, 2021 | |
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 to improve women’s reproductive health and pregnancy. The Group has a portfolio of two mid- to late-stage development in-licensed compounds (linzagolix, and nolasiban) and one out-licensed mid- to late-stage development product (ebopiprant). 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 7, 2022. |
Accounting principles applied i
Accounting principles applied in the preparation of the consolidated financial statements | 12 Months Ended |
Dec. 31, 2021 | |
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 three fully-owned subsidiaries, ObsEva Ireland Ltd, which is registered in Cork, Ireland and organized under the laws of Ireland, ObsEva USA Inc., which is registered and organized under the laws of Delaware, USA, and ObsEva Europe B.V., which is registered in Rotterdam, The Netherlands, and organized under the laws of The Netherlands. Both ObsEva Ireland Ltd and ObsEva Europe B.V. had no operations and no results of operations to report as of December 31, 2021 and 2020. 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 2021 had a material impact on its consolidated financial statements. On January 23, 2020, the IASB issued Classification of Liabilities as Current or Non-Currents (Amendments to IAS 1) providing a more general approach to the classification of liabilities under IAS 1 Presentation of Financial Statements. The amendment could have a material impact on the current vs. non-current classification of outstanding convertible notes and is effective for annual reporting periods beginning on or after 1 January 2023. Other than the aforementioned, 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, an account control agreement in favor of JGB Management, Inc. (“JGB”) consisting of USD 25 million (Note 12), 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 of 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. The company recognizes debt extinguishment in finance income (expense) as the difference between the extinguishment payment and the carrying value of the loan. 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 technologically 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 back solve 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. Warrants Warrants are recognized following IFRS 9 Financial Instruments guidance. Those financial instruments can be recognized as a liability at initial measurement depending on contract terms. When it is determined that the terms requiring liability classification expire, then the classification of the warrants change from liabilities to equity. There is also a remeasurement of the fair value of the warrants, with the change being recorded through the consolidated statements of comprehensive loss. 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 of December 31, in USD ‘000 2021 2020 Switzerland 25,385 27,936 USA 89 543 Total non-current assets 25,474 28,479 The geographical analysis of operating expenses is as follows: Year ended December 31, in USD ‘000 2021 2020 2019 Switzerland 68,977 77,476 102,492 USA 5,650 2,242 4,619 Total operating expenses 74,627 79,718 107,111 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 may not necessarily equal the 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); • Warrants: the determination of the fair value of the equity instruments issued involves the use of certain assumptions subject to judgement (note 12); • 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, 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, 2021 | |
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) 2021 +5 % (498 ) (498 ) -5 % 498 498 2020 +5 % (688 ) (688 ) -5 % 688 688 EUR positions Increase /decrease exchange rate vs USD Effect on profit before tax (in USD ‘000) Effect on shareholders’ equity (in USD ‘000) 2021 +5 % 83 83 -5 % (83 ) (83 ) 2020 +5 % 26 26 -5 % (26 ) (26 ) 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 As of December 31, 2021, there are no floating-rate debt instruments. 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 2021 2020 Interest rates - increase by 100 basis points - (14 ) 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 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 (see Note 23) 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 of December 31, 2019 (25,104 ) (2,159 ) (27,263 ) 69,370 42,107 Cash flows 2,206 722 2,928 (38,522 ) (35,594 ) Interest expense (2,589 ) (92 ) (2,681 ) - (2,681 ) Foreign exchange adjustments - (119 ) (119 ) 335 216 Net debt as of December 31, 2020 (25,487 ) (1,648 ) (27,135 ) 31,183 4,048 Cash flows 2,728 744 3,472 22,986 26,458 Interest expense (2,974 ) (61 ) (3,035 ) - (3,035 ) Foreign exchange adjustments - 39 39 565 604 Net debt as of December 31, 2021 (25,733 ) (926 ) (26,659 ) 54,734 28,075 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 (7,716 ) (7,716 ) (7,716 ) - - Borrowings (25,733 ) (39,824 ) (2,992 ) (36,832 ) - Lease liabilities (926 ) (955 ) (712 ) (243 ) - Total as of December 31, 2021 (34,375 ) (48,495 ) (11,420 ) (37,075 ) - (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 of December 31, 2020 (36,585 ) (43,834 ) (12,408 ) (31,426 ) - 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 (USD 54.7 million) and other receivables (USD 3.6 million) 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, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Cash and cash equivalents | 4. Cash and cash equivalents As of December 31, in USD ‘000 2021 2020 Bank deposits 54,734 31,183 Interest bearing deposits - - Total cash and cash equivalents 54,734 31,183 Split by currency: 2021 2020 CHF 1 % 2 % USD 96 % 87 % EUR 1 % 11 % GBP 1 % 0 % |
Receivables and payables
Receivables and payables | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications Of Assets Liabilities And Equities [Abstract] | |
Receivables and payables | 5. Receivables and payables As of December 31, 2021 and 2020, 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. Subsequent to year end, the Group collected USD 2.9 million of other receivables representing a refund from the U.S. Federal Drug Administration. All payables have a contract maturity within one year. |
Prepaid and accrued expenses
Prepaid and accrued expenses | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expense And Deferred Costs [Abstract] | |
Prepaid and accrued expenses | 6. Prepaid and accrued expenses As of December 31, 2021 and 2020, prepaid expenses mainly consist of advance or milestone payments made as part of our ongoing clinical trials. As of December 31, 2021 and 2020, accrued expenses consisted of the following: As of December 31, in USD ‘000 2021 2020 Accrued research and development expenses 10,123 7,662 Accrued compensation-related expenses 3,125 2,334 Accrued other expenses 535 252 Total accrued expenses 13,783 10,248 |
Furniture, fixtures and equipme
Furniture, fixtures and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Furniture, fixtures and equipment | 7. Furniture, fixtures and equipment in USD ‘000 2021 2020 Net book value as of January 1 151 245 Additions 29 10 Depreciation charge (13 ) (104 ) Disposals (109 ) - Net book value as of December 31 58 151 Total cost 430 652 Accumulated depreciation (372 ) (501 ) Furniture, fixtures and equipment assets mainly consist of office furniture and leasehold improvements. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Intangible Assets [Abstract] | |
Intangible assets | 8. Intangible assets in USD ‘000 2021 2020 Net book value as of January 1 26,608 26,608 Additions - - Disposals (2,105 ) - Amortization charge - - Currency translation effects - - Net book value as of December 31 24,503 26,608 Total cost 24,503 26,608 Accumulated amortization - - As of December 31, 2021, the Group holds a number of licenses to operate several biopharmaceutical product candidates, the value of which is recorded at USD 24.5 million. In July 2021, the Company entered into an agreement with Organon & Co. (“Organon”) to develop and commercialize ebopiprant. Under the terms of the agreement, Organon gained exclusive worldwide rights to develop, manufacture and commercialize ebopiprant. In consideration for entering into this agreement, the Company is entitled to receive tiered double-digit royalties on commercial sales as well as up to USD 500 million in upfront and milestone payments including USD 25 million that was paid at signing, up to USD 90 million in development and regulatory milestones and up to USD 385 million sales-based milestones. This transaction resulted in the derecognition of the license to develop and commercialize ebopiprant, initially recognized for USD 2.1 million as an intangible asset. 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. In October 2021, the Group amended the exclusive in-license and supply agreement with Kissei such that first commercial sales milestones for the EU and the US will now be extended over a 5-year period. In addition, North American royalty payments were lowered to tiered single digit royalties on net sales plus a supply price for the active pharmaceutical ingredient. 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, 2021. 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 of December 31, 20 2 1 less the value of its tangible assets as well as cash and cash equivalents. This analysis resulted in a headroom exceeding USD 79 million. The valuation is considered to be Level 3 in the fair value hierarchy and further supported the Group’s conclusion that no impairment was identified as of December 31, 20 2 1 and 20 20 . |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Lease Liabilities [Abstract] | |
Leases | 9. Leases The consolidated financial statements show the following amounts relating to leases: Right-of-use assets in USD ‘000 2021 2020 Net book value as of January 1 1,425 2,042 Depreciation charge (500 ) (617 ) Derecognition of RoU asset (300 ) - Net book value as of December 31 625 1,425 Total cost 1,876 2,658 Accumulated depreciation (1,251 ) (1,233 ) Rights-of-use assets mainly relate to office buildings. On June 1, 2021, ObsEva USA Inc. signed a sublease agreement to sublease office spaces located at One Financial Center in Boston, Massachusetts. This sublease covers a period from June 1, 2021 until September 30, 2022. This resulted in the derecognition of the right-of-use asset of USD 0.3 million. The initial net investment of this leasing amounted to USD 0.2 million of which USD 0.1 million was received in 2021. The expense relating to other short-term or low-value leases is not material. For the years ended December 31, 2021 and 2020, the total cash outflows for leases amounted to USD 0.7 million and USD 0.7 million, respectively. Lease liabilities As of December 31, in USD ‘000 2021 2020 Current 686 696 Non-current 240 952 Total lease liabilities 926 1,648 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, 2021 | |
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 a tax provision which amounts to USD 0.6 million (2020 : USD 0.9 million). |
Post-employment benefits
Post-employment benefits | 12 Months Ended |
Dec. 31, 2021 | |
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 projected unit credit method has been used in the calculation of present value of the benefit obligations and the related current service cost. 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 2021, the conversion rate for retirees changed to 6.2% (2020: 6.5%) which has been considered as a plan amendment. in USD ‘000 2021 2020 Change in defined benefit obligation Defined benefit obligation at January 1, (23,248 ) (24,705 ) Current service cost (1,701 ) (1,864 ) Interest cost (22 ) (46 ) Net benefits paid 914 4,643 Currency translation effects 805 (2,208 ) Remeasurements: Impact of plan amendment 864 - Effect of changes in demographic assumptions - 510 Effect of changes in financial assumptions 991 (418 ) Effect in experience assumptions (246 ) 840 Defined benefit obligation at December 31, (21,643 ) (23,248 ) in USD ‘000 2021 2020 Change in plan assets Fair value of plan assets at January 1, 15,030 16,759 Interest income 15 31 Employer contributions 699 703 Employee contributions 699 703 Net benefits paid (914 ) (4,643 ) Currency translation effects (517 ) 1,427 Remeasurements: return on plan assets (excluding interest income) 51 50 Fair value of plan assets at December 31, 15,063 15,030 Year ended December 31, in USD ‘000 2021 2020 Components of defined benefit cost Current service cost 1,701 1,864 Interest expense on defined benefit obligation 22 46 Interest income on plan assets (15 ) (31 ) Employee contributions (699 ) (703 ) Impact of plan amendment (864 ) - Total included in staff costs (note 16) 145 1,176 Year ended December 31, in USD ‘000 2021 2020 Remeasurements recognized in other comprehensive loss Effect of changes in demographic assumptions - 510 Effect of changes in financial assumptions 991 (418 ) Effect in experience assumptions (246 ) 840 Return on plan assets (excluding interest income) 51 50 Total remeasurements recognized as other comprehensive loss 796 982 Cumulative amount of remeasurements immediately recognized in other comprehensive loss (7,041 ) (7,837 ) As of December 31, in USD ‘000 2021 2020 Amounts recognized in the statement of financial position Defined benefit obligation (21,643 ) (23,248 ) Fair value of plan assets 15,063 15,030 Net liability (6,580 ) (8,218 ) in USD ‘000 2021 2020 Change in defined benefit liability Net defined benefit liability at January 1, (8,218 ) (7,946 ) Defined benefit cost included in statement of comprehensive loss (145 ) (1,176 ) Total remeasurements included in other comprehensive loss 796 982 Employer contributions 699 703 Currency translation effects 288 (781 ) Net defined benefit liability at December 31, (6,580 ) (8,218 ) The assets are invested by the pension plan, to which many companies contribute, in a diversified portfolio that respects the requirements of the Swiss BVG. Therefore, disaggregation of the pension assets and presentation of plan assets in classes that distinguish the nature and risks of those assets is not possible. The principal actuarial assumptions used were as follows: 2021 2020 Discount rate 0.35% 0.10% Salary increase (including inflation) 1.00% 1.00% Rate of pension increases 0.25% 0.25% Post-employment mortality table LPP 2020 G LPP 2020 G Sensitivity analysis illustrates the sensitivity of the Group defined benefit obligation at December 31, 2021 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 0.85 % (0.15 )% 0.35 % 0.35 % 0.35 % 0.35 % 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 (19,850 ) (23,704 ) (21,696 ) (21,592 ) (22,173 ) (21,141 ) Average duration of the defined benefit obligation 2021 2020 Duration in years 17.8 18.7 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 0.7 million . |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [Abstract] | |
Borrowings | 12. Borrowings In August 2019, the Company entered into a loan and security agreement, (“the Oxford 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 Oxford 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 Oxford Credit Facility, 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. In October, 2021, the Company entered into a convertible note financing agreement (the “Securities Purchase Agreement”) with certain funds and accounts managed by JGB, which is structured to provide up to USD 135 million in borrowing capacity, available in nine tranches. In connection with the first tranche which included a borrowing amount of USD 31.5 million (offer issue discount of USD 1.5 million), the Company received gross proceeds of USD 30.0 million at closing and used the proceeds to repay all amounts outstanding under the Company’s existing Oxford Credit Facility. Upon payoff, the Oxford Credit Facility was terminated and the security interests in the Company’s assets that secured the Oxford Credit Facility were released. At the time of the payoff, the carrying amount of the Oxford Credit Facility was USD 25.6 million and the actual payoff amount was USD27.0 million. The difference between the carrying amount and the payoff amount was USD 1.4 million and was recorded in finance expense on the Company’s consolidated statement of comprehensive loss for the year ended December 31, 2021. The Company will issue senior secured convertible promissory notes (each, a “ Note ”) for the debt funded at each tranche. Holders may convert all principal and interest under the Securities Purchase Agreement at any time into the Company’s common shares at an initial conversion price of $3.20 per share (the “ Conversion Price ”). The Conversion Price is subject to adjustment under certain circumstances in accordance with the terms of the Note Agreement. As of February 28, 2022, the Company is able to potentially receive gross proceeds of USD 16.725 million from the third tranche and USD 13.125 million from each remaining tranche thereafter. The credit facility is presented in the balance sheet as follows: in USD ‘000 2021 2020 Borrowings as of January 1, 25,487 25,104 Issuance of JGB convertible note 27,333 - Transaction costs (1,954 ) - Oxford Loan payoff (25,623 ) - Interest expense 2,974 2,589 Interest paid (2,484 ) (2,206 ) Borrowings as of December 31, 25,733 25,487 Of which are: Current - 187 Non-current 25,733 25,300 The Securities Purchase Agreement is secured by an account control agreement in favor of JGB, and the Company is obligated to maintain a minimum cash amount of USD 25 million in such deposit account, subject to additional incremental increases totaling USD 27.0 million in aggregate depending on the amount of debt outstanding under the Securities Purchase Agreement. Each tranche under the Securities Purchase Agreement will bear interest at a rate of 9.5% per year, payable monthly, and will be issued with an original issue discount of 4.75%. Each tranche under the Securities Purchase Agreement will mature three years from the date of issuance, unless earlier converted or prepaid in accordance with their terms. After payments and deductions for certain transaction costs and offer issue discounts, the effective rate of the Securities Purchase Agreement is 16.2%. At each tranche, the Company will also issue to JGB warrants to purchase common shares of the Company (each, a “ Warrant ”) in an amount equal to 20% of the funded amount for such tranche. The Warrants will be exercisable at a price of $3.67 per share and will have a four year term from the date of issuance. See Note 13 for valuation of the Warrants. The fair value of the first tranche was determined to equal the USD 30 million in cash proceeds received and was allocated by using the fair value of the warrants (USD 2.6 million), the fair value of the liability portion of the convertible feature (USD 27.3 million) and the fair value of the conversion option (USD 22 thousand). The initial fair value of the liability portion of the Securities Purchase Agreement was determined using a market interest rate for a non-convertible note with attached warrants at the issue date. The liability is subsequently recognized on an amortized cost basis until extinguished on conversion or maturity of the first tranche. The total proceeds were first attributed to the liability portion of the Securities Purchase Agreement and the warrants. The remaining proceeds were allocated to the conversion option and recognized in shareholders' equity and not remeasured. The Securities Purchase Agreement includes affirmative and negative covenants applicable to the Company and its subsidiaries. The affirmative covenants include, among other things, requirements to file certain financial reports with the Securities and Exchange Commission, maintain insurance coverage and satisfy certain requirements regarding deposit accounts. Further, subject to certain exceptions, the Securities Purchase Agreement contains customary negative covenants limiting its ability to, among other things, transfer or sell certain assets, consummate mergers or acquisitions, allow changes in business, incur additional indebtedness, create liens, pay dividends or make other distributions and make investments . As of December 31, 2021, the Company was in compliance with its covenants. |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2021 | |
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, 2020 44,423,448 3,499 320,955 324,454 Issuance of shares - EIP 2013 168,641 15 2,065 2,080 Issuance of shares - Underwritten offering 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 in USD ‘000 Number of common shares Share capital Share premium Total January 1, 2021 57,552,578 4,574 356,822 361,396 Issuance of shares - ATM program 15,954,450 1,360 52,327 53,687 Share issuance costs - - (81 ) (81 ) Exercise of warrants 6,448,240 555 21,562 22,117 December 31, 2021 79,955,268 6,489 430,630 437,119 Share capital and share premium As of December 31, 2021, the total outstanding share capital of USD 6.5 million, fully paid, consists of 79,955,268 common shares, excluding 5,265,203 treasury shares. As of December 31, 2020, the total outstanding share capital of USD 4.6 million, fully paid, consisted of 57,552,578 common shares, excluding 3,608,291 treasury shares. 1/13 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 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. During the year ended December 31, 2021, the Company sold a total of 15,933,420 treasury shares at an average price of USD 3.28 per share, as part of its ATM program. These multiple daily transactions generated total gross proceeds of USD 53.7 million. Directly related share issuance costs of USD 2.0 million were recorded as a deduction in equity. During the year ended December 31, 2021, 6,448,240 warrants were exercised at an average price of USD 3.43 per share, resulting in proceeds of USD 22.1 million. Equity incentive plans In 2021, the Company issued no common shares (2020: 168,641) under its 2013 EIP (see note 20). All shares issued under the 2013 EIP have a nominal value of 1/13 Authorized share capital The authorized share capital that is not outstanding is as follows: As of December 31, Number of shares 2021 2020 Authorized share capital 40,610,232 17,611,372 Warrants Issued with Securities Purchase Agreement with JGB On October 12, 2021, in connection with the first tranche from the Securities Purchase Agreement with JGB, the Company issued 1,634,877 warrants to JGB. The warrants have an exercise price of $3.67 per share. The Company determined the fair value of the warrants on October 12, 2021 using the Black Scholes model by using a risk-free interest rate of 0.64%, an expected term of 3 years, and an implied volatility of 98.5%. The fair value was calculated to be approximately USD 2.6 million on October 12, 2021. This valuation is considered to be Level 2 in the fair value hierarchy. The Company allocated the transaction fees associated with the Securities Purchase Agreement based on the debt balance and the fair value of the warrant liability on October 12, 2021. The allocation of the transaction fees associated with the warrant liability was USD 0.2 million and was recorded as a period cost and included in finance expense on the statements of comprehensive loss. Because the warrants were not exercisable until its affiliated registration statement was declared effective, the Company had to revalue the warrant liability on the date of the effective date of the registration statement which was November 22, 2021. The Company revalued the fair value of the warrants on November 22, 2021 using the Black Scholes model by using a risk-free interest rate of 0.95%, an expected term of 3 years, and an implied volatility of 98.2%. The fair value was calculated to be approximately USD 1.8 million on November 22, 2021. The resulting difference in fair values between October 12, 2021 and November 22, 2021 of USD 0.8 million is recorded as a period cost and is included in finance income on the statements of comprehensive loss. |
Revenue and other operating inc
Revenue and other operating income | 12 Months Ended |
Dec. 31, 2021 | |
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. In July 2021, the Company entered into an agreement with Organon to develop and commercialize ebopiprant. Under the terms of the agreement, Organon gained exclusive worldwide rights to develop, manufacture and commercialize ebopiprant. In consideration for entering into this agreement, the Company received an upfront payment of USD 25 million. The Company accounted for this upfront payment in accordance with IAS 38 par 113 |
Operating expenses by nature
Operating expenses by nature | 12 Months Ended |
Dec. 31, 2021 | |
Expense By Nature [Abstract] | |
Operating expenses by nature | 15. Operating expenses by nature Year ended December 31, in USD ‘000 2021 2020 2019 External research and development costs 38,287 51,803 70,531 Staff costs (note 16) 18,788 19,643 24,556 Professional fees 12,175 3,994 7,072 Rents 60 22 21 Travel expenses 229 156 1,398 Patent registration costs 887 813 882 Depreciation 736 721 737 Other 3,466 2,566 1,914 Total operating expenses by nature 74,627 79,718 107,111 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 2021, research and development expenses amounted to USD 53.1 million (2020: USD 67.5 million, 2019: USD 88.1 million). Depreciation expense has been allocated as follows: Year ended December 31, in USD ‘000 2021 2020 2019 Research and development expenses 441 447 429 General and administrative expenses 295 274 308 Total depreciation 736 721 737 |
Staff costs
Staff costs | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Staffing Costs [Abstract] | |
Staffing costs | 16. Staff costs Year ended December 31, in USD ‘000 2021 2020 2019 Wages and salaries 11,110 10,262 10,403 Social charges 1,690 1,699 2,124 Post-employment benefits expense 145 1,176 145 Share-based payments 5,843 6,506 11,884 Total staff costs 18,788 19,643 24,556 The Group employed on average 45.8 full-time equivalents (“FTE”) in 2021, compared to 46.2 FTE in 2020 and 48.5 FTE in 2019, and 48.3 FTE as of December 31, 2021 compared to 42.7 FTE as of December 31, 2020 and 50.1 FTE as of December 31, 2019. For the year ended December 31, 2019, the post-employment benefits line included a gain of USD 527 thousand relating to the plan amendments enacted during the year. No amendment occurred during the year ended December 31, 2020. For the year ended December 31, 2021, the post-employment benefit line included a gain of USD 864 thousand relating to the plan amendments enacted during the year. |
Finance income and expense
Finance income and expense | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 (in thousands) Foreign exchange gain (loss), net 78 (527 ) (442 ) Interest expense (3,156 ) (2,704 ) (1,186 ) Change in fair value of derivative liability 790 - - Loss on Oxford debt extinguishment (1,363 ) - - Finance result, net (3,651 ) (3,231 ) (1,628 ) |
Income taxes and deferred taxes
Income taxes and deferred taxes | 12 Months Ended |
Dec. 31, 2021 | |
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. The Company is subject in Switzerland to a municipal and cantonal income tax rate of 14% (2020 : 14%) and to a federal tax rate of 8.5% (2020: 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, 2021 and 2020. 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, 2021 and December 31, 2020. The following table details the tax losses carry forwards of the Company and their respective expiring dates. Expiring tax losses As of December 31, in USD ‘000 2021 2020 2021 - 12,828 2022 17,372 17,993 2023 30,603 31,696 2024 62,631 64,869 2025 72,763 75,364 2026 105,879 109,663 2027 77,340 80,105 2028 55,480 - Total unrecorded tax losses carry forwards 422,068 392,518 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, 2021 and 2020. 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, 2021 and 2020 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, 2021 and 2020 was USD 212 thousand and USD 34 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, 2021 and December 31, 2020. 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, 2021 in USD ‘000 ObsEva SA ObsEva USA Total Group Net loss before tax (56,145 ) (2,020 ) (58,165 ) Statutory tax rate (blended at Group level) 7.8 % 27.3 % 8.5 % Income tax credit at statutory tax rates (4,398 ) (551 ) (4,949 ) Tax impact of pension and share-based compensation (38 ) 116 78 Temporary differences not recognized as deferred tax assets 128 647 775 Tax on losses not recognized as deferred tax assets 4,308 - 4,308 Effective income tax expense - 212 212 Effective tax rate 0.0 % -10.5 % -0.4 % 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 % |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Loss per share | 19. Loss per share As of December 31, 2021, 2020 and 2019, 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, 2021 2020 2019 Net loss attributable to shareholders (in USD ‘000) (58,377 ) (82,966 ) (108,790 ) Weighted average number of shares outstanding 75,281,838 49,820,451 43,674,746 Basic and diluted loss per share (in USD) (0.78 ) (1.67 ) (2.49 ) For the year ended December 31, 2021, 8,937,473 shares issuable upon the exercise of stock-options and 11,477,396 warrants and convertible in relation with the JGB loan 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, 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, which would have an anti-dilutive impact on the calculation of the diluted earnings per share, were excluded from the calculation. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 2019 Employee 2013 EIP - 220 1,006 Employee 2017 EIP 5,843 6,286 10,878 Total share-based compensation 5,843 6,506 11,884 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. 2021 2020 2019 Number of shares vested under the 2013 EIP - 168,641 261,984 Expense arising from the 2013 EIP (in USD ’000) - 220 1,006 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 3,050,340 and 4,543,952 stock-options were granted during the year ended December 31, 2021 and 2020, 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: 2021 2020 Average exercise price (USD) Number of options Average exercise price (USD) Number of options At January 1, 6.49 7,035,388 10.51 4,626,385 Granted 3.29 3,050,340 2.93 4,543,952 Forfeited/Expired 8.42 (1,148,255 ) 7.62 (2,134,949 ) Exercised - - - - At December 31, 5.15 8,937,473 6.49 7,035,388 No exercise of options occurred during the year ended December 31, 2021 and December 31, 2020. The outstanding stock-options have the following range of exercise prices and remaining contractual life: As of December 31, Range of exercise prices 2021 2020 USD 15.00 to USD 17.99 96,500 361,500 USD 12.00 to USD 14.99 925,418 1,050,143 USD 9.00 to USD 11.99 1,211,075 1,331,981 USD 6.00 to USD 8.99 109,583 161,979 USD 3.00 to USD 5.99 3,539,628 1,977,823 USD 1.50 to USD 2.99 3,055,269 2,151,962 Total outstanding options 8,937,473 7,035,388 out of which are exercisable 3,552,593 2,083,159 Weighted-average remaining contractual life (in years) 8.2 8.6 The weighted average fair value of the stock-options granted during the years ended December 31, 2021 and 2020, determined using a Black-Scholes model was USD 2.57 and USD 2.31, respectively. The significant inputs to the model were: 2021 2020 Weighted average share price at grant date USD 3.29 USD 2.93 Weighted average exercise price USD 3.29 USD 2.93 Weighted average 10-year volatility 76 % 77 % Dividend yield 0 % 0 % Weighted average 10-year risk free rate 1.45 % 1.28 % 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, 2021 | |
Disclosure Of Commitments And Contingencies [Abstract] | |
Commitments and contingencies | 21. Commitments and contingencies 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 and commercial 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 178 million. Pursuant to the Kissei license and supply agreement, the Group has agreed to exclusively purchase the active pharmaceutical ingredient (“API”) 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, for product sold outside of North America, which includes payment for Kissei’s supply of the active pharmaceutical ingredient, and a tiered single digit royalty of nets sales plus a specified supply price for product sold in North America, in each case 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. In October 2021, the Group amended the Kissei license and supply agreement such that first commercial sales milestones for the European Union and the United States will now be extended over a 5-year period. In addition, North American royalty payments were lowered to the current tiered single digit royalties on net sales plus a supply price for the API. 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, 2021 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |
Related parties transactions | 22. Related parties transactions As of December 31, 2021, 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 seven members, whereas the Executive Committee is composed of eight 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 2021 2020 Short-term employee benefits (including base and variable cash remuneration) 4,301 3,388 Post-employment benefits 42 272 Share-based payments 6,326 4,038 Total 10,669 7,698 • 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, 2021 | |
Disclosure Of Going Concern [Abstract] | |
Going concern | 23. Going concern The Company has incurred recurring losses since inception, including net losses of USD 58.4 million for the year ended December 31, 2021. As of December 31, 2021, the Company had accumulated losses of USD 467.8 million, of which USD 30.6 million were offset with share premium. The Company expects to continue to generate operating losses for the foreseeable future. As of December 31, 2021, the Company had cash and cash equivalents of USD 54.7 million. These consolidated financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business. In October 2021, the Company entered into the Securities Purchase Agreement with certain funds and accounts managed by JGB Management, Inc. The Securities Purchase Agreement is structured to provide USD 135 million in borrowing capacity, available in nine tranches, with the first tranche funded at the initial closing in October 2021 January 2022 The Company believes that its current cash and cash equivalents are only sufficient to fund its operating expenses into the third quarter of 2022 and this raises substantial doubt about the Company’s ability to continue as a going concern. These factors individually and collectively indicate that a material uncertainty exists that may cast significant doubt about the Company’s ability to continue as a going concern within one year from the date of the issuance of these consolidated financial statements. The future viability of the Company is dependent on its ability to raise additional capital to finance its future operations. The Company has an active ATM program and can potentially raise funds through equity or debt offerings. 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 Company may receive future milestone payments from licensors but that is dependent on achieving certain regulatory or commercial milestones that may never happen. The Company may seek additional funding through public or private financings, debt financing or collaboration agreements. 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 continues to explore options to obtain additional funding, including through collaborations with third parties related to the future potential development and/or commercialization of its product candidates. 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, 2021 | |
Disclosure Of Nonadjusting Events After Reporting Period [Abstract] | |
Events after the reporting period | 24. Events after the reporting period Capital increases In January 2022, the Company announced the issuance of 23,400,000 1/13 ATM proceeds From January 1, 2022 until February 28, 2022, the Group sold an additional 2,859,253 treasury shares at an average price of USD 1.61 per share, as part of its ATM program. Total gross proceeds amounted to USD 4.6 million. Amendment to JGB Note Agreement On January 28, 2022, the Company entered into an amendment agreement (the “Amendment Agreement”) with JGB regarding the second tranche of the Note Agreement. The Amendment Agreement adjusted the principal balance payable at maturity for the notes to be issued in the second tranche to USD10.5 million (USD 975,000 of original issue discount) and the conversion price for the notes to be issued in the second tranche to a price of $1.66 per common share, and accelerated the issuance of the second tranche to January 28, 2022. In addition, as adjusted pursuant to the Amendment Agreement, the Company issued a warrant to purchase 1,018,716 common shares of the Company at an exercise price of $1.87 per share. Additionally, JGB waived certain conditions required to be met to fund the second tranche, including that the Company’s volume-weighted average price could not be below USD 3.00 per share for five or more trading days during the 30 days prior to the funding date for the second tranche, in exchange for a payment of USD 1.25 million and the amended terms for the notes and warrants issued in the second tranche. In connection with the Amendment Agreement, the Company received USD 8.275 million from the second tranche, after accounting for expenses and the USD 1.25 million waiver payment to JGB. Theramex Licensing Agreement On February 10, 2022, the Company entered into a strategic licensing agreement with Theramex to support the commercialization and market introduction of linzagolix across global markets outside of the U.S., Canada and Asia. Under the terms of the agreement, the Company is entitled to receive royalties of a mid-thirties percentage on commercial sales, which includes the cost of goods sold to Theramex. Furthermore, the agreement contains up to EUR72.75 million in upfront and milestone payments, including EUR5 million obtained upon signing, up to EUR13.75 million in development and commercial milestones and up to EUR54 million in sales-based milestones 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, 2021 | |
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 three fully-owned subsidiaries, ObsEva Ireland Ltd, which is registered in Cork, Ireland and organized under the laws of Ireland, ObsEva USA Inc., which is registered and organized under the laws of Delaware, USA, and ObsEva Europe B.V., which is registered in Rotterdam, The Netherlands, and organized under the laws of The Netherlands. Both ObsEva Ireland Ltd and ObsEva Europe B.V. had no operations and no results of operations to report as of December 31, 2021 and 2020. |
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 2021 had a material impact on its consolidated financial statements. On January 23, 2020, the IASB issued Classification of Liabilities as Current or Non-Currents (Amendments to IAS 1) providing a more general approach to the classification of liabilities under IAS 1 Presentation of Financial Statements. The amendment could have a material impact on the current vs. non-current classification of outstanding convertible notes and is effective for annual reporting periods beginning on or after 1 January 2023. Other than the aforementioned, 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, an account control agreement in favor of JGB Management, Inc. (“JGB”) consisting of USD 25 million (Note 12), |
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 of 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. The company recognizes debt extinguishment in finance income (expense) as the difference between the extinguishment payment and the carrying value of the loan. |
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 technologically 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 and Warrants | 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 back solve 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. Warrants Warrants are recognized following IFRS 9 Financial Instruments guidance. Those financial instruments can be recognized as a liability at initial measurement depending on contract terms. When it is determined that the terms requiring liability classification expire, then the classification of the warrants change from liabilities to equity. There is also a remeasurement of the fair value of the warrants, with the change being recorded through the consolidated statements of comprehensive loss. |
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 of December 31, in USD ‘000 2021 2020 Switzerland 25,385 27,936 USA 89 543 Total non-current assets 25,474 28,479 The geographical analysis of operating expenses is as follows: Year ended December 31, in USD ‘000 2021 2020 2019 Switzerland 68,977 77,476 102,492 USA 5,650 2,242 4,619 Total operating expenses 74,627 79,718 107,111 |
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 may not necessarily equal the 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); • Warrants: the determination of the fair value of the equity instruments issued involves the use of certain assumptions subject to judgement (note 12); • 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, 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, 2021 | |
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 of December 31, in USD ‘000 2021 2020 Switzerland 25,385 27,936 USA 89 543 Total non-current assets 25,474 28,479 |
Summary of Geographical Analysis of Operating Expenses | The geographical analysis of operating expenses is as follows: Year ended December 31, in USD ‘000 2021 2020 2019 Switzerland 68,977 77,476 102,492 USA 5,650 2,242 4,619 Total operating expenses 74,627 79,718 107,111 |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 +5 % (498 ) (498 ) -5 % 498 498 2020 +5 % (688 ) (688 ) -5 % 688 688 EUR positions Increase /decrease exchange rate vs USD Effect on profit before tax (in USD ‘000) Effect on shareholders’ equity (in USD ‘000) 2021 +5 % 83 83 -5 % (83 ) (83 ) 2020 +5 % 26 26 -5 % (26 ) (26 ) |
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 2021 2020 Interest rates - increase by 100 basis points - (14 ) 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 of December 31, 2019 (25,104 ) (2,159 ) (27,263 ) 69,370 42,107 Cash flows 2,206 722 2,928 (38,522 ) (35,594 ) Interest expense (2,589 ) (92 ) (2,681 ) - (2,681 ) Foreign exchange adjustments - (119 ) (119 ) 335 216 Net debt as of December 31, 2020 (25,487 ) (1,648 ) (27,135 ) 31,183 4,048 Cash flows 2,728 744 3,472 22,986 26,458 Interest expense (2,974 ) (61 ) (3,035 ) - (3,035 ) Foreign exchange adjustments - 39 39 565 604 Net debt as of December 31, 2021 (25,733 ) (926 ) (26,659 ) 54,734 28,075 |
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 (7,716 ) (7,716 ) (7,716 ) - - Borrowings (25,733 ) (39,824 ) (2,992 ) (36,832 ) - Lease liabilities (926 ) (955 ) (712 ) (243 ) - Total as of December 31, 2021 (34,375 ) (48,495 ) (11,420 ) (37,075 ) - (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 of December 31, 2020 (36,585 ) (43,834 ) (12,408 ) (31,426 ) - |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | As of December 31, in USD ‘000 2021 2020 Bank deposits 54,734 31,183 Interest bearing deposits - - Total cash and cash equivalents 54,734 31,183 |
Schedule of Percentage of Bank Held Cash and Cash Equivalents Split by Currency | Split by currency: 2021 2020 CHF 1 % 2 % USD 96 % 87 % EUR 1 % 11 % GBP 1 % 0 % |
Prepaid and accrued expenses (T
Prepaid and accrued expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Default Root [Abstract] | |
Summary of Accrued Expenses | As of December 31, 2021 and 2020, accrued expenses consisted of the following: As of December 31, in USD ‘000 2021 2020 Accrued research and development expenses 10,123 7,662 Accrued compensation-related expenses 3,125 2,334 Accrued other expenses 535 252 Total accrued expenses 13,783 10,248 |
Furniture, fixtures and equip_2
Furniture, fixtures and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Schedule of Furniture, Fixtures and Equipment | in USD ‘000 2021 2020 Net book value as of January 1 151 245 Additions 29 10 Depreciation charge (13 ) (104 ) Disposals (109 ) - Net book value as of December 31 58 151 Total cost 430 652 Accumulated depreciation (372 ) (501 ) |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Intangible Assets [Abstract] | |
Schedule of Detailed Information of Intangible Assets | in USD ‘000 2021 2020 Net book value as of January 1 26,608 26,608 Additions - - Disposals (2,105 ) - Amortization charge - - Currency translation effects - - Net book value as of December 31 24,503 26,608 Total cost 24,503 26,608 Accumulated amortization - - |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Lease Liabilities [Abstract] | |
Summary of Right-of-Use Assets Related to Lease Shown in Consolidated Financial Statements | Right-of-use assets in USD ‘000 2021 2020 Net book value as of January 1 1,425 2,042 Depreciation charge (500 ) (617 ) Derecognition of RoU asset (300 ) - Net book value as of December 31 625 1,425 Total cost 1,876 2,658 Accumulated depreciation (1,251 ) (1,233 ) |
Summary of Lease Liabilities Related to Lease Shown in Consolidated Financial Statements | Lease liabilities As of December 31, in USD ‘000 2021 2020 Current 686 696 Non-current 240 952 Total lease liabilities 926 1,648 |
Post-employment benefits (Table
Post-employment benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Defined Benefit Plans [Abstract] | |
Schedule of Defined Benefit Plans | in USD ‘000 2021 2020 Change in defined benefit obligation Defined benefit obligation at January 1, (23,248 ) (24,705 ) Current service cost (1,701 ) (1,864 ) Interest cost (22 ) (46 ) Net benefits paid 914 4,643 Currency translation effects 805 (2,208 ) Remeasurements: Impact of plan amendment 864 - Effect of changes in demographic assumptions - 510 Effect of changes in financial assumptions 991 (418 ) Effect in experience assumptions (246 ) 840 Defined benefit obligation at December 31, (21,643 ) (23,248 ) |
Schedule of Fair Value of Plan Assets | in USD ‘000 2021 2020 Change in plan assets Fair value of plan assets at January 1, 15,030 16,759 Interest income 15 31 Employer contributions 699 703 Employee contributions 699 703 Net benefits paid (914 ) (4,643 ) Currency translation effects (517 ) 1,427 Remeasurements: return on plan assets (excluding interest income) 51 50 Fair value of plan assets at December 31, 15,063 15,030 |
Summary of Components of Defined Benefit Cost | Year ended December 31, in USD ‘000 2021 2020 Components of defined benefit cost Current service cost 1,701 1,864 Interest expense on defined benefit obligation 22 46 Interest income on plan assets (15 ) (31 ) Employee contributions (699 ) (703 ) Impact of plan amendment (864 ) - Total included in staff costs (note 16) 145 1,176 |
Summary of Remeasurement Components Recognized in Other Comprehensive Loss | Year ended December 31, in USD ‘000 2021 2020 Remeasurements recognized in other comprehensive loss Effect of changes in demographic assumptions - 510 Effect of changes in financial assumptions 991 (418 ) Effect in experience assumptions (246 ) 840 Return on plan assets (excluding interest income) 51 50 Total remeasurements recognized as other comprehensive loss 796 982 Cumulative amount of remeasurements immediately recognized in other comprehensive loss (7,041 ) (7,837 ) |
Summary of Amounts Recognized in Statement of Financial Position | As of December 31, in USD ‘000 2021 2020 Amounts recognized in the statement of financial position Defined benefit obligation (21,643 ) (23,248 ) Fair value of plan assets 15,063 15,030 Net liability (6,580 ) (8,218 ) |
Summary of Net Defined Benefit Liability | in USD ‘000 2021 2020 Change in defined benefit liability Net defined benefit liability at January 1, (8,218 ) (7,946 ) Defined benefit cost included in statement of comprehensive loss (145 ) (1,176 ) Total remeasurements included in other comprehensive loss 796 982 Employer contributions 699 703 Currency translation effects 288 (781 ) Net defined benefit liability at December 31, (6,580 ) (8,218 ) |
Summary of Principal Actuarial Assumptions | The principal actuarial assumptions used were as follows: 2021 2020 Discount rate 0.35% 0.10% Salary increase (including inflation) 1.00% 1.00% Rate of pension increases 0.25% 0.25% Post-employment mortality table LPP 2020 G LPP 2020 G |
Summary of Sensitivity Analysis of Group Defined Obligation | Sensitivity analysis illustrates the sensitivity of the Group defined benefit obligation at December 31, 2021 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 0.85 % (0.15 )% 0.35 % 0.35 % 0.35 % 0.35 % 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 (19,850 ) (23,704 ) (21,696 ) (21,592 ) (22,173 ) (21,141 ) Average duration of the defined benefit obligation 2021 2020 Duration in years 17.8 18.7 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [Abstract] | |
Summary of Credit Facility | The credit facility is presented in the balance sheet as follows: in USD ‘000 2021 2020 Borrowings as of January 1, 25,487 25,104 Issuance of JGB convertible note 27,333 - Transaction costs (1,954 ) - Oxford Loan payoff (25,623 ) - Interest expense 2,974 2,589 Interest paid (2,484 ) (2,206 ) Borrowings as of December 31, 25,733 25,487 Of which are: Current - 187 Non-current 25,733 25,300 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2020 44,423,448 3,499 320,955 324,454 Issuance of shares - EIP 2013 168,641 15 2,065 2,080 Issuance of shares - Underwritten offering 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 in USD ‘000 Number of common shares Share capital Share premium Total January 1, 2021 57,552,578 4,574 356,822 361,396 Issuance of shares - ATM program 15,954,450 1,360 52,327 53,687 Share issuance costs - - (81 ) (81 ) Exercise of warrants 6,448,240 555 21,562 22,117 December 31, 2021 79,955,268 6,489 430,630 437,119 |
Summary of Authorized Share Capital | The authorized share capital that is not outstanding is as follows: As of December 31, Number of shares 2021 2020 Authorized share capital 40,610,232 17,611,372 |
Operating expenses by nature (T
Operating expenses by nature (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Expense By Nature [Abstract] | |
Schedule of Operating Expenses by Nature | Year ended December 31, in USD ‘000 2021 2020 2019 External research and development costs 38,287 51,803 70,531 Staff costs (note 16) 18,788 19,643 24,556 Professional fees 12,175 3,994 7,072 Rents 60 22 21 Travel expenses 229 156 1,398 Patent registration costs 887 813 882 Depreciation 736 721 737 Other 3,466 2,566 1,914 Total operating expenses by nature 74,627 79,718 107,111 |
Summary of Depreciation Expense | Depreciation expense has been allocated as follows: Year ended December 31, in USD ‘000 2021 2020 2019 Research and development expenses 441 447 429 General and administrative expenses 295 274 308 Total depreciation 736 721 737 |
Staff costs (Tables)
Staff costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Staffing Costs [Abstract] | |
Summary of Staff Costs | Year ended December 31, in USD ‘000 2021 2020 2019 Wages and salaries 11,110 10,262 10,403 Social charges 1,690 1,699 2,124 Post-employment benefits expense 145 1,176 145 Share-based payments 5,843 6,506 11,884 Total staff costs 18,788 19,643 24,556 |
Finance income and expense (Tab
Finance income and expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 (in thousands) Foreign exchange gain (loss), net 78 (527 ) (442 ) Interest expense (3,156 ) (2,704 ) (1,186 ) Change in fair value of derivative liability 790 - - Loss on Oxford debt extinguishment (1,363 ) - - Finance result, net (3,651 ) (3,231 ) (1,628 ) |
Income taxes and deferred tax_2
Income taxes and deferred taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 of December 31, in USD ‘000 2021 2020 2021 - 12,828 2022 17,372 17,993 2023 30,603 31,696 2024 62,631 64,869 2025 72,763 75,364 2026 105,879 109,663 2027 77,340 80,105 2028 55,480 - Total unrecorded tax losses carry forwards 422,068 392,518 |
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, 2021 in USD ‘000 ObsEva SA ObsEva USA Total Group Net loss before tax (56,145 ) (2,020 ) (58,165 ) Statutory tax rate (blended at Group level) 7.8 % 27.3 % 8.5 % Income tax credit at statutory tax rates (4,398 ) (551 ) (4,949 ) Tax impact of pension and share-based compensation (38 ) 116 78 Temporary differences not recognized as deferred tax assets 128 647 775 Tax on losses not recognized as deferred tax assets 4,308 - 4,308 Effective income tax expense - 212 212 Effective tax rate 0.0 % -10.5 % -0.4 % 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 % |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 Net loss attributable to shareholders (in USD ‘000) (58,377 ) (82,966 ) (108,790 ) Weighted average number of shares outstanding 75,281,838 49,820,451 43,674,746 Basic and diluted loss per share (in USD) (0.78 ) (1.67 ) (2.49 ) |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 2019 Employee 2013 EIP - 220 1,006 Employee 2017 EIP 5,843 6,286 10,878 Total share-based compensation 5,843 6,506 11,884 |
Schedule of Shares Issued Under 2013 EIP | The Group has no present obligation to repurchase or settle the shares in cash. 2021 2020 2019 Number of shares vested under the 2013 EIP - 168,641 261,984 Expense arising from the 2013 EIP (in USD ’000) - 220 1,006 |
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: 2021 2020 Average exercise price (USD) Number of options Average exercise price (USD) Number of options At January 1, 6.49 7,035,388 10.51 4,626,385 Granted 3.29 3,050,340 2.93 4,543,952 Forfeited/Expired 8.42 (1,148,255 ) 7.62 (2,134,949 ) Exercised - - - - At December 31, 5.15 8,937,473 6.49 7,035,388 |
Range of Exercise Prices and Expiry Dates Outstanding Stock-options | As of December 31, Range of exercise prices 2021 2020 USD 15.00 to USD 17.99 96,500 361,500 USD 12.00 to USD 14.99 925,418 1,050,143 USD 9.00 to USD 11.99 1,211,075 1,331,981 USD 6.00 to USD 8.99 109,583 161,979 USD 3.00 to USD 5.99 3,539,628 1,977,823 USD 1.50 to USD 2.99 3,055,269 2,151,962 Total outstanding options 8,937,473 7,035,388 out of which are exercisable 3,552,593 2,083,159 Weighted-average remaining contractual life (in years) 8.2 8.6 |
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, 2021 and 2020, determined using a Black-Scholes model was USD 2.57 and USD 2.31, respectively. The significant inputs to the model were: 2021 2020 Weighted average share price at grant date USD 3.29 USD 2.93 Weighted average exercise price USD 3.29 USD 2.93 Weighted average 10-year volatility 76 % 77 % Dividend yield 0 % 0 % Weighted average 10-year risk free rate 1.45 % 1.28 % |
Related parties transactions (T
Related parties transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 Short-term employee benefits (including base and variable cash remuneration) 4,301 3,388 Post-employment benefits 42 272 Share-based payments 6,326 4,038 Total 10,669 7,698 |
General Information - Additiona
General Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
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 to improve women’s reproductive health and pregnancy. The Group has a portfolio of two mid- to late-stage development in-licensed compounds (linzagolix, and nolasiban) and one out-licensed mid- to late-stage development product (ebopiprant). The Group has no currently marketed products. |
Accounting Principles Applied_4
Accounting Principles Applied in the Preparation of the Consolidated Financial Statements - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of voluntary change in accounting policy [Line Items] | ||||
Cash and cash equivalents | $ 54,734 | $ 31,183 | $ 69,370 | $ 138,640 |
Top of range [Member] | ||||
Disclosure of voluntary change in accounting policy [Line Items] | ||||
Estimated useful life of intangible assets | 20 years | |||
JGB Management, Inc [Member] | ||||
Disclosure of voluntary change in accounting policy [Line Items] | ||||
Cash and cash equivalents | $ 25,000 |
Accounting Principles Applied_5
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, 2021 | |
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_6
Accounting Principles Applied in the Preparation of the Consolidated Financial Statements - Summary of Geographical Analysis of Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Geographical Areas [Line Items] | ||
Total non-current assets | $ 25,474 | $ 28,479 |
Switzerland [Member] | ||
Disclosure Of Geographical Areas [Line Items] | ||
Total non-current assets | 25,385 | 27,936 |
USA [Member] | ||
Disclosure Of Geographical Areas [Line Items] | ||
Total non-current assets | $ 89 | $ 543 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Geographical Areas [Line Items] | |||
Total operating expenses | $ 74,627 | $ 79,718 | $ 107,111 |
Switzerland [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total operating expenses | 68,977 | 77,476 | 102,492 |
USA [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Total operating expenses | $ 5,650 | $ 2,242 | $ 4,619 |
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, 2021 | Dec. 31, 2020 | |
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) | $ (498) | $ (688) |
Effect on shareholders’ equity (in USD ‘000) | $ (498) | $ (688) |
Increase /decrease exchange rate vs USD | (5.00%) | (5.00%) |
Effect on profit before tax (in USD ‘000) | $ 498 | $ 688 |
Effect on shareholders’ equity (in USD ‘000) | $ 498 | $ 688 |
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) | $ (83) | $ (26) |
Effect on shareholders’ equity (in USD ‘000) | $ (83) | $ (26) |
Increase /decrease exchange rate vs USD | (5.00%) | (5.00%) |
Effect on profit before tax (in USD ‘000) | $ 83 | $ 26 |
Effect on shareholders’ equity (in USD ‘000) | $ 83 | $ 26 |
Financial Risk Management - Add
Financial Risk Management - Additional Information (Detail) $ in Thousands | Dec. 31, 2021USD ($)DebtInstrument | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Financial Risks Management [Abstract] | ||||
Number of floating-rate debt instruments | DebtInstrument | 0 | |||
Cash and cash equivalents | $ 54,734 | $ 31,183 | $ 69,370 | $ 138,640 |
Other receivables | $ 3,560 | $ 397 |
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, 2021 | Dec. 31, 2020 | |
Interest Rate Risk 100 Basis Point Increase [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Impact on loss before taxes | $ 0 | $ (14) |
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, 2021 | Dec. 31, 2020 |
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, 2021 | Dec. 31, 2020 | |
Disclosure Of Financial Risk Management [Line Items] | ||
Net debt as of the beginning of the period | $ 4,048 | $ 42,107 |
Cash flows | 26,458 | (35,594) |
Interest expense | (3,035) | (2,681) |
Foreign exchange adjustments | 604 | 216 |
Net debt as of the end of the period | 28,075 | 4,048 |
Borrowings [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Net debt as of the beginning of the period | (25,487) | (25,104) |
Cash flows | 2,728 | 2,206 |
Interest expense | (2,974) | (2,589) |
Foreign exchange adjustments | 0 | 0 |
Net debt as of the end of the period | (25,733) | (25,487) |
Lease Liabilities [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Net debt as of the beginning of the period | (1,648) | (2,159) |
Cash flows | 744 | 722 |
Interest expense | (61) | (92) |
Foreign exchange adjustments | 39 | (119) |
Net debt as of the end of the period | (926) | (1,648) |
Liabilities from Financing Activities [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Net debt as of the beginning of the period | (27,135) | (27,263) |
Cash flows | 3,472 | 2,928 |
Interest expense | (3,035) | (2,681) |
Foreign exchange adjustments | 39 | (119) |
Net debt as of the end of the period | (26,659) | (27,135) |
Cash and Cash Equivalents [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Net debt as of the beginning of the period | 31,183 | 69,370 |
Cash flows | 22,986 | (38,522) |
Interest expense | 0 | 0 |
Foreign exchange adjustments | 565 | 335 |
Net debt as of the end of the period | $ 54,734 | $ 31,183 |
Financial Risk Management - Sum
Financial Risk Management - Summary of Maturity Profile of Financial Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Financial Risk Management [Line Items] | ||
Trade and other payables | $ (7,716) | $ (9,450) |
Borrowings | (25,733) | (25,487) |
Lease liabilities | (926) | (1,648) |
Total as of December 31, 2021 | (34,375) | (36,585) |
Trade and other payables, total undiscounted cash flows | (7,716) | (9,450) |
Borrowings, total undiscounted cash flows | (39,824) | (32,646) |
Lease liabilities, total undiscounted cash flows | (955) | (1,738) |
Total undiscounted cash flows, as of December 31, 2019 | (48,495) | (43,834) |
Up to 1 year [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Trade and other payables | (7,716) | (9,450) |
Borrowings | (2,992) | (2,200) |
Lease liabilities | (712) | (758) |
Total as of December 31, 2021 | (11,420) | (12,408) |
1 to 5 years [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Trade and other payables | 0 | 0 |
Borrowings | (36,832) | (30,446) |
Lease liabilities | (243) | (980) |
Total as of December 31, 2021 | (37,075) | (31,426) |
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 of December 31, 2021 | $ 0 | $ 0 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash And Cash Equivalents [Abstract] | ||||
Bank deposits | $ 54,734 | $ 31,183 | ||
Interest bearing deposits | 0 | 0 | ||
Total cash and cash equivalents | $ 54,734 | $ 31,183 | $ 69,370 | $ 138,640 |
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, 2021 | Dec. 31, 2020 | |
CHF [Member] | ||
Disclosure of cash and cash equivalents [Line Items] | ||
Percentage of bank held cash and cash equivalents | 1.00% | 2.00% |
USD [Member] | ||
Disclosure of cash and cash equivalents [Line Items] | ||
Percentage of bank held cash and cash equivalents | 96.00% | 87.00% |
EUR [Member] | ||
Disclosure of cash and cash equivalents [Line Items] | ||
Percentage of bank held cash and cash equivalents | 1.00% | 11.00% |
GBP [Member] | ||
Disclosure of cash and cash equivalents [Line Items] | ||
Percentage of bank held cash and cash equivalents | 1.00% | 0.00% |
Receivables and Payables - Addi
Receivables and Payables - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Jan. 01, 2022 | |
Within 1 year [Member] | ||
Disclosure of receivables and payables [line items] | ||
Contractual maturity of payables | 1 year | |
U.S. Federal Drug Administration [Member] | ||
Disclosure of receivables and payables [line items] | ||
Other receivables | $ 2.9 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Accrued Expenses [Abstract] | ||
Accrued research and development expenses | $ 10,123 | $ 7,662 |
Accrued compensation-related expenses | 3,125 | 2,334 |
Accrued other expenses | 535 | 252 |
Total accrued expenses | $ 13,783 | $ 10,248 |
Furniture, Fixtures and Equip_3
Furniture, Fixtures and Equipment - Schedule of Furniture, Fixtures and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Furniture, fixtures and equipment | $ 151 | $ 245 |
Additions | 29 | 10 |
Depreciation charge | (13) | (104) |
Disposals | (109) | |
Furniture, fixtures and equipment | 58 | 151 |
Total cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Furniture, fixtures and equipment | 652 | |
Furniture, fixtures and equipment | 430 | 652 |
Accumulated depreciation and amortization [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Furniture, fixtures and equipment | (501) | |
Furniture, fixtures and equipment | $ (372) | $ (501) |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [Line Items] | ||
Net book value as of the beginning of the year | $ 26,608 | $ 26,608 |
Additions | 0 | 0 |
Disposals | (2,105) | 0 |
Amortization charge | 0 | 0 |
Currency translation effects | 0 | 0 |
Net book value as of the end of the year | 24,503 | 26,608 |
Total cost [Member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Net book value as of the beginning of the year | 26,608 | |
Net book value as of the end of the year | 24,503 | 26,608 |
Accumulated depreciation and amortization [Member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Net book value as of the beginning of the year | 0 | |
Net book value as of 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 | Oct. 31, 2021 | Jun. 30, 2015 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 31, 2021 |
Disclosure of detailed information about intangible assets [Line Items] | ||||||||||
Intangible assets | $ 24,503,000 | $ 26,608,000 | $ 26,608,000 | |||||||
Purchase of intangible assets | $ 5,000,000 | |||||||||
Additions | $ 0 | 0 | ||||||||
Length of development cycle for intangible assets | 20 years | |||||||||
Discount factor based on assumed cost of capital | 15.00% | |||||||||
Headroom amount | $ 79,000,000 | |||||||||
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 | ||||||||
Extension period of license agreement | 5 years | |||||||||
Impairment loss | $ 0 | |||||||||
Organon & Co [Member] | Top of range [Member] | ||||||||||
Disclosure of detailed information about intangible assets [Line Items] | ||||||||||
Upfront and milestone payments | $ 500,000,000 | |||||||||
Organon & Co [Member] | Signing Milestones [Member] | ||||||||||
Disclosure of detailed information about intangible assets [Line Items] | ||||||||||
Upfront and milestone payments | 25,000,000 | |||||||||
Organon & Co [Member] | Development and Regulatory Milestones [Member] | Top of range [Member] | ||||||||||
Disclosure of detailed information about intangible assets [Line Items] | ||||||||||
Upfront and milestone payments | 90,000,000 | |||||||||
Organon & Co [Member] | Sales-Based Milestones [Member] | Top of range [Member] | ||||||||||
Disclosure of detailed information about intangible assets [Line Items] | ||||||||||
Upfront and milestone payments | 385,000,000 | |||||||||
Organon & Co [Member] | Development and Commercial Milestones [Member] | ||||||||||
Disclosure of detailed information about intangible assets [Line Items] | ||||||||||
Intangible assets | $ 2,100,000 |
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, 2021 | Dec. 31, 2020 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Right-of-use Asset | $ 1,425 | |
Right-of-use Asset | 625 | $ 1,425 |
IFRS 16 [Member] | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Right-of-use Asset | 1,425 | 2,042 |
Depreciation charge | (500) | (617) |
Derecognition of RoU asset | (300) | |
Right-of-use Asset | 625 | 1,425 |
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 | 1,876 | 2,658 |
Accumulated depreciation and amortization [Member] | IFRS 16 [Member] | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Right-of-use Asset | (1,233) | |
Right-of-use Asset | $ (1,251) | $ (1,233) |
Leases - Additional information
Leases - Additional information (Detail) - USD ($) $ in Millions | Jun. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Cash outflow for leases | $ 0.7 | $ 0.7 | ||
Weighted average lessee’s incremental borrowing rate | 4.90% | 4.90% | 4.90% | |
Office Spaces [Member] | Massachusetts [Member] | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Derecognition of right-of-use asset | $ 0.3 | |||
Initial net investment in sublease | $ 0.2 | |||
Income from subleasing right-of-use assets | $ 0.1 |
Leases - Summary of Lease Liabi
Leases - Summary of Lease Liabilities Related to Lease Shown in Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Lease Liabilities [Abstract] | ||
Current lease liabilities | $ 686 | $ 696 |
Non-current lease liabilities | 240 | 952 |
Total lease liabilities | $ 926 | $ 1,648 |
Other Long-term Assets and Li_2
Other Long-term Assets and Liabilities - Additional information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Long Term Assets [Abstract] | ||
Tax provision | $ 0.6 | $ 0.9 |
Post-employment Benefits - Addi
Post-employment Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Defined Benefit Plans [Line Items] | ||
Expected contributions paid by employer under post-employment benefit plans | $ 699 | $ 703 |
Post-employment benefit plans [Member] | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Conversion rate for retirees under post-employment benefit plans | 6.20% | 6.50% |
Expected contributions paid by employer under post-employment benefit plans | $ 700 |
Post- Employment Benefits - Sch
Post- Employment Benefits - Schedule of Defined Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change in defined benefit obligation | ||
Defined benefit obligation beginning balance | $ (8,218) | $ (7,946) |
Current service cost | 1,701 | 1,864 |
Interest cost | 22 | 46 |
Currency translation effects | 288 | (781) |
Remeasurements: | ||
Impact of plan amendment | (864) | 0 |
Effect of changes in demographic assumptions | 0 | (510) |
Effect of changes in financial assumptions | (991) | 418 |
Effect in experience assumptions | 246 | (840) |
Defined benefit obligation ending balance | (6,580) | (8,218) |
Present value of defined benefit obligation [Member] | ||
Change in defined benefit obligation | ||
Defined benefit obligation beginning balance | (23,248) | (24,705) |
Current service cost | (1,701) | (1,864) |
Interest cost | (22) | (46) |
Net benefits paid | 914 | 4,643 |
Currency translation effects | 805 | (2,208) |
Remeasurements: | ||
Impact of plan amendment | 864 | |
Effect of changes in demographic assumptions | 0 | 510 |
Effect of changes in financial assumptions | 991 | (418) |
Effect in experience assumptions | (246) | 840 |
Defined benefit obligation ending balance | $ (21,643) | $ (23,248) |
Post- Employment Benefits - S_2
Post- Employment Benefits - Schedule of Fair Value of Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change in plan assets | ||
Fair value of plan assets, beginning balance | $ 8,218 | $ 7,946 |
Interest income | 15 | 31 |
Employer contributions | 699 | 703 |
Employee contributions | 699 | 703 |
Currency translation effects | (288) | 781 |
Remeasurements: return on plan assets (excluding interest income) | 51 | 50 |
Fair value of plan assets, ending balance | 6,580 | 8,218 |
Plan assets [Member] | ||
Change in plan assets | ||
Fair value of plan assets, beginning balance | 15,030 | 16,759 |
Interest income | 15 | 31 |
Employer contributions | 699 | 703 |
Employee contributions | 699 | 703 |
Net benefits paid | (914) | (4,643) |
Currency translation effects | (517) | 1,427 |
Remeasurements: return on plan assets (excluding interest income) | 51 | 50 |
Fair value of plan assets, ending balance | $ 15,063 | $ 15,030 |
Post- Employment Benefits - Sum
Post- Employment Benefits - Summary of Components of Defined Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Components of defined benefit cost | ||
Current service cost | $ 1,701 | $ 1,864 |
Interest cost | 22 | 46 |
Interest income on plan assets | (15) | (31) |
Employee contributions | (699) | (703) |
Impact of plan amendment | (864) | 0 |
Total included in staff costs | $ 145 | $ 1,176 |
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, 2021 | Dec. 31, 2020 | |
Remeasurements recognized in other comprehensive loss | ||
Effect of changes in demographic assumptions | $ 0 | $ 510 |
Effect of changes in financial assumptions | 991 | (418) |
Effect in experience assumptions | (246) | 840 |
Return on plan assets (excluding interest income) | 51 | 50 |
Total remeasurements recognized as other comprehensive loss | 796 | 982 |
Cumulative amount of remeasurements immediately recognized in other comprehensive loss | $ (7,041) | $ (7,837) |
Post- Employment Benefits - S_4
Post- Employment Benefits - Summary of Amounts Recognized in Statement of Financial Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amounts recognized in the statement of financial position | ||
Defined benefit obligation | $ (21,643) | $ (23,248) |
Fair value of plan assets | 15,063 | 15,030 |
Net liability | $ (6,580) | $ (8,218) |
Post- Employment Benefits - S_5
Post- Employment Benefits - Summary of Net Defined Benefit Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change in defined benefit obligation | ||
Defined benefit obligation beginning balance | $ (8,218) | $ (7,946) |
Defined benefit cost included in statement of comprehensive loss | (145) | (1,176) |
Total remeasurements included in other comprehensive loss | 796 | 982 |
Employer contributions | 699 | 703 |
Currency translation effects | 288 | (781) |
Defined benefit obligation ending balance | $ (6,580) | $ (8,218) |
Post- Employment Benefits - S_6
Post- Employment Benefits - Summary of Principal Actuarial Assumptions (Detail) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Defined Benefit Plans [Abstract] | ||
Discount rate | 0.35% | 0.10% |
Salary increase (including inflation) | 1.00% | 1.00% |
Rate of pension increases | 0.25% | 0.25% |
Post-employment mortality table | LPP 2020 G | LPP 2020 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, 2021 | Dec. 31, 2020 | |
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Discount rate | 0.35% | 0.10% |
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 | |
Discount rate plus 50bps [Member] | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Sensitivity analysis | plus 50bps | |
Discount rate | 0.85% | |
Salary increase | 1.00% | |
Rate of pension increases | 0.25% | |
Defined benefit obligation | $ (19,850) | |
Discount rate minus 50bps [Member] | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Sensitivity analysis | minus 50bps | |
Discount rate, adjustment | (0.15%) | |
Salary increase | 1.00% | |
Rate of pension increases | 0.25% | |
Defined benefit obligation | $ (23,704) | |
Salary increase plus 50bps [Member] | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Sensitivity analysis | plus 50bps | |
Discount rate | 0.35% | |
Salary increase | 1.50% | |
Rate of pension increases | 0.25% | |
Defined benefit obligation | $ (21,696) | |
Salary increase minus 50bps [Member] | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Sensitivity analysis | minus 50bps | |
Discount rate | 0.35% | |
Salary increase | 0.50% | |
Rate of pension increases | 0.25% | |
Defined benefit obligation | $ (21,592) | |
Rate of pension increase plus 25bps [Member] | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Sensitivity analysis | plus 25bps | |
Discount rate | 0.35% | |
Salary increase | 1.00% | |
Rate of pension increases | 0.50% | |
Defined benefit obligation | $ (22,173) | |
Rate of pension increase minus 25 bps [Member] | ||
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | ||
Sensitivity analysis | minus 25bps | |
Discount rate | 0.35% | |
Salary increase | 1.00% | |
Rate of pension increases | 0.00% | |
Defined benefit obligation | $ (21,141) |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||||
Oct. 31, 2021USD ($)Tranche | Aug. 31, 2019USD ($)Tranche | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Apr. 30, 2020USD ($) | |
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Carrying amount of credit facility | $ 25,733,000 | $ 25,487,000 | ||||
Finance expense | 4,251,000 | 3,879,000 | $ 2,482,000 | |||
Fair value of conversion option | (3,125,000) | $ (2,334,000) | ||||
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 | |||||
Securities Purchase Agreement With JGB Management, Inc. [Member] | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Number of tranches | Tranche | 9 | |||||
Maximum borrowing capacity of financing agreement | $ 135,000,000 | |||||
Minimum cash amount of deposit account | 25,000,000 | |||||
Additional incremental increases | $ 27,000,000 | |||||
Effective rate after payments and deductions for certain transaction costs and offer issue discounts | 16.20% | |||||
Securities Purchase Agreement With JGB Management, Inc. [Member] | Tranche one [Member] | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Gross proceeds | 30,000,000 | |||||
Maximum borrowing capacity of financing agreement | 31,500,000 | |||||
Convertible note financing, offer issue discount | 1,500,000 | |||||
Cash proceeds received | $ 30,000,000 | |||||
Warrants, fair value | 2,600,000 | |||||
Fair value of liability portion of convertible feature | 27,300,000 | |||||
Fair value of conversion option | $ 22,000 | |||||
Securities Purchase Agreement With JGB Management, Inc. [Member] | Tranche [Member] | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Borrowings, interest rate | 9.50% | |||||
Percentage of discount rate | 4.75% | |||||
Borrowings, maturity | three years | |||||
Oxford Credit Facility [Member] | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Carrying amount of credit facility | 25,600,000 | |||||
Actual payoff amount | $ 27,000,000 | |||||
Finance expense | $ 1,400,000 | |||||
Senior Secured Convertible Promissory Notes [Member] | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Conversion price | $ / shares | $ 3.20 | |||||
Senior Secured Convertible Promissory Notes [Member] | Tranche three [Member] | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Gross proceeds | $ 16,725,000 | |||||
Senior Secured Convertible Promissory Notes [Member] | Remaining Tranche Thereafter [Member] | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Gross proceeds | $ 13,125,000 | |||||
JGB Warrants [Member] | Tranche [Member] | ||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||
Percentage of amount equal to funded amount | 20.00% | |||||
Warrant to purchase common share, exercise price | $ / shares | $ 3.67 | |||||
Warrants maturity | 4 years |
Borrowings - Summary of Credit
Borrowings - Summary of Credit Facility (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | $ 25,733 | $ 25,487 | |
Non-current borrowings | 25,733 | 25,300 | |
Borrowings [Member] | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | 25,733 | 25,487 | $ 25,104 |
Issuance of JGB convertible note | 27,333 | 0 | |
Transaction costs | (1,954) | 0 | |
Oxford Loan payoff | (25,623) | 0 | |
Interest expense | 2,974 | 2,589 | |
Interest paid | (2,484) | (2,206) | |
Current | 0 | 187 | |
Non-current borrowings | $ 25,733 | $ 25,300 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Shareholders' Equity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [Line Items] | |||
Issuance of shares - EIP 2013, value | $ 15 | $ 21 | |
Issuance of shares - Underwritten offering, value | 19,999 | ||
Issuance of shares - ATM program, value | $ 53,687 | 16,906 | 3,554 |
Share issuance costs | (2,043) | (130) | |
Exercise of warrants | 22,117 | ||
Share capital [Member] | |||
Disclosure of classes of share capital [Line Items] | |||
Equity, beginning balance | 4,574 | 3,499 | |
Issuance of shares - EIP 2013, value | 15 | 21 | |
Issuance of shares - Underwritten offering, value | 591 | ||
Issuance of shares - ATM program, value | 1,360 | 469 | 56 |
Share issuance costs | 0 | 0 | |
Equity, ending balance | 6,489 | 4,574 | 3,499 |
Exercise of warrants | 555 | ||
Share premium [Member] | |||
Disclosure of classes of share capital [Line Items] | |||
Equity, beginning balance | 356,822 | 320,955 | |
Issuance of shares - EIP 2013, value | 2,065 | 2,696 | |
Issuance of shares - Underwritten offering, value | 19,408 | ||
Issuance of shares - ATM program, value | 52,327 | 16,437 | 3,498 |
Share issuance costs | (81) | (2,043) | (130) |
Equity, ending balance | 430,630 | 356,822 | 320,955 |
Exercise of warrants | 21,562 | ||
Total [Member] | |||
Disclosure of classes of share capital [Line Items] | |||
Equity, beginning balance | 361,396 | 324,454 | |
Issuance of shares - EIP 2013, value | 2,080 | ||
Issuance of shares - Underwritten offering, value | 19,999 | ||
Issuance of shares - ATM program, value | 53,687 | 16,906 | |
Share issuance costs | (81) | (2,043) | |
Equity, ending balance | 437,119 | $ 361,396 | $ 324,454 |
Exercise of warrants | $ 22,117 | ||
Common shares [Member] | |||
Disclosure of classes of share capital [Line Items] | |||
Beginning balance | 57,552,578 | 44,423,448 | |
Issuance of shares - EIP 2013 | 168,641 | ||
Issuance of shares - Underwritten offering | 6,964,592 | ||
Issuance of shares - ATM program | 15,954,450 | 5,995,897 | |
Ending balance | 79,955,268 | 57,552,578 | 44,423,448 |
Exercise of warrants | 6,448,240 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | Nov. 22, 2021USD ($)Year | Oct. 12, 2021USD ($)Year$ / sharesshares | Nov. 22, 2021USD ($) | Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Sep. 30, 2020SFr / sharesshares | Apr. 30, 2020SFr / sharesshares |
Disclosure of classes of share capital [Line Items] | |||||||||
Share capital | $ 6,489 | $ 4,574 | |||||||
Nominal value per share of non-voting shares | $ / shares | $ 0.0769 | ||||||||
Share issue related cost | $ 2,043 | $ 130 | |||||||
Issuance of shares | shares | 2,320,266 | 2,320,266 | 3,308,396 | ||||||
Par value per share | SFr / shares | SFr 0.0769 | SFr 0.0769 | |||||||
Proceeds from the exercise of warrants | $ 22,117 | ||||||||
Warrants Issued from Securities Purchase Agreement with JGB Management, Inc. [Member] | |||||||||
Disclosure of classes of share capital [Line Items] | |||||||||
Risk-free interest rate | 0.95% | ||||||||
Expected term | Year | 3 | ||||||||
Implied volatility | 98.20% | ||||||||
Warrants, fair value | $ 1,800 | $ 1,800 | |||||||
Decrease in fair value of warrants | $ 800 | ||||||||
Warrants Issued from Securities Purchase Agreement with JGB Management, Inc. [Member] | Tranche one [Member] | |||||||||
Disclosure of classes of share capital [Line Items] | |||||||||
Warrants Exercise Price Per Share | $ / shares | $ 3.67 | ||||||||
Number of warrants issued | shares | 1,634,877 | ||||||||
Transaction fees of warrant liability | $ 200 | ||||||||
Warrants Issued from Securities Purchase Agreement with JGB Management, Inc. [Member] | Tranche one [Member] | Level 2 of Fair Value Hierarchy [Member] | |||||||||
Disclosure of classes of share capital [Line Items] | |||||||||
Risk-free interest rate | 0.64% | ||||||||
Expected term | Year | 3 | ||||||||
Implied volatility | 98.50% | ||||||||
Warrants, fair value | $ 2,600 | ||||||||
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 | shares | 0 | 168,641 | |||||||
Treasury Shares [Member] | |||||||||
Disclosure of classes of share capital [Line Items] | |||||||||
Number of shares issued | shares | 5,265,203 | 3,608,291 | |||||||
Common shares [Member] | |||||||||
Disclosure of classes of share capital [Line Items] | |||||||||
Share capital | $ 6,500 | $ 4,600 | |||||||
Number of shares issued and fully paid | shares | 79,955,268 | 57,552,578 | 44,423,448 | ||||||
ATM [Member] | Treasury Shares [Member] | |||||||||
Disclosure of classes of share capital [Line Items] | |||||||||
Number of shares issued | shares | 15,933,420 | 5,995,897 | |||||||
Share price | $ / shares | $ 3.28 | $ 2.82 | |||||||
Proceeds from sale of treasury shares | $ 53,700 | $ 16,900 | |||||||
Share issue related cost | $ 2,000 | $ 500 | |||||||
Number of warrants exercised | shares | 6,448,240 | ||||||||
Warrants Exercise Price Per Share | $ / shares | $ 3.43 | ||||||||
Proceeds from the exercise of warrants | $ 22,100 | ||||||||
IPO [Member] | |||||||||
Disclosure of classes of share capital [Line Items] | |||||||||
Proceeds from issue of common shares | $ 20,000 | ||||||||
Number of purchase warrants exercised | shares | 0 | ||||||||
IPO [Member] | Underwritten public offering [Member] | |||||||||
Disclosure of classes of share capital [Line Items] | |||||||||
Number of shares issued | shares | 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 | shares | 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, 2021 | Dec. 31, 2020 |
Disclosure Of Authorized Share Capital [Abstract] | ||
Authorized share capital | 40,610,232 | 17,611,372 |
Revenue and Other Operating I_2
Revenue and Other Operating Income - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Dec. 31, 2021 | |
Revenue and other income [Abstract] | ||
Revenue | $ 0 | |
Upfront payment received | $ 25,000,000 | |
Gain on disposal of asset net of fees | $ 20,100,000 |
Operating Expenses by Nature -
Operating Expenses by Nature - Schedule of Operating Expenses by Nature (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expense By Nature [Abstract] | |||
External research and development costs | $ 38,287 | $ 51,803 | $ 70,531 |
Staff costs (note 16) | 18,788 | 19,643 | 24,556 |
Professional fees | 12,175 | 3,994 | 7,072 |
Rents | 60 | 22 | 21 |
Travel expenses | 229 | 156 | 1,398 |
Patent registration costs | 887 | 813 | 882 |
Depreciation | 736 | 721 | 737 |
Other | 3,466 | 2,566 | 1,914 |
Total operating expenses by nature | $ 74,627 | $ 79,718 | $ 107,111 |
Operating Expenses by Nature _2
Operating Expenses by Nature - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expense By Nature [Abstract] | |||
Research and development expense | $ 53,136 | $ 67,536 | $ 88,053 |
Operating Expenses by Nature _3
Operating Expenses by Nature - Summary of Depreciation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Depreciation Expense [Line Items] | |||
Total depreciation | $ 736 | $ 721 | $ 737 |
Research and development expenses [Member] | |||
Disclosure Of Depreciation Expense [Line Items] | |||
Total depreciation | 441 | 447 | 429 |
General and administrative expenses [Member] | |||
Disclosure Of Depreciation Expense [Line Items] | |||
Total depreciation | $ 295 | $ 274 | $ 308 |
Staff Costs - Summary of Staff
Staff Costs - Summary of Staff Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Defined Benefit Plans [Abstract] | |||
Wages and salaries | $ 11,110 | $ 10,262 | $ 10,403 |
Social charges | 1,690 | 1,699 | 2,124 |
Post-employment benefits expense | 145 | 1,176 | 145 |
Share-based payments | 5,843 | 6,506 | 11,884 |
Total staff costs | $ 18,788 | $ 19,643 | $ 24,556 |
Staff Costs - Additional Inform
Staff Costs - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Employee | Dec. 31, 2020USD ($)Employee | Dec. 31, 2019USD ($)Employee | |
Analysis Of Income And Expense [Abstract] | |||
Average employed on full-time equivalents | 45.8 | 46.2 | 48.5 |
Employed on full-time equivalents | 48.3 | 42.7 | 50.1 |
Gain on post-employment benefits | $ | $ 864,000 | $ 0 | $ 527,000 |
Finance Income and Expense - Sc
Finance Income and Expense - Schedule of Finance Income and Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Analysis Of Finance Income And Expense [Abstract] | |||
Foreign exchange gain (loss), net | $ 78 | $ (527) | $ (442) |
Interest expense | (3,156) | (2,704) | (1,186) |
Change in fair value of derivative liability | 790 | ||
Loss on Oxford debt extinguishment | (1,363) | ||
Finance result, net | $ (3,651) | $ (3,231) | $ (1,628) |
Income Taxes and Deferred Tax_3
Income Taxes and Deferred Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Income Tax [Abstract] | |||
Statutory tax rate (blended at Group level) | 8.50% | 7.90% | |
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) | $ 212,000 | $ 34,000 | |
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% | 14.00% | |
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, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | $ 422,068 | $ 392,518 |
2021 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | 12,828 | |
2022 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | 17,372 | 17,993 |
2023 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | 30,603 | 31,696 |
2024 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | 62,631 | 64,869 |
2025 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | 72,763 | 75,364 |
2026 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | 105,879 | 109,663 |
2027 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | 77,340 | $ 80,105 |
2028 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Total unrecorded tax losses carry forwards | $ 55,480 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Income Tax [Line Items] | |||
Net loss before tax | $ (58,165) | $ (82,932) | $ (108,723) |
Statutory tax rate (blended at Group level) | 8.50% | 7.90% | |
Income tax credit at statutory tax rates | $ (4,949) | $ (6,522) | |
Tax impact of pension and share-based compensation | 78,000 | ||
Temporary differences not recognized as deferred tax assets | 775 | 51 | |
Tax on losses not recognized as deferred tax assets | 4,308 | 5,893 | |
Effective income tax expense | $ 212 | $ 34 | $ 67 |
Effective tax rate | (0.40%) | 0.00% | |
Tax impact of permanent differences | $ 612 | ||
ObsEva SA Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Net loss before tax | $ (56,145) | $ (82,804) | |
Statutory tax rate (blended at Group level) | 7.80% | 7.80% | |
Income tax credit at statutory tax rates | $ (4,398) | $ (6,487) | |
Tax impact of pension and share-based compensation | (38,000) | ||
Temporary differences not recognized as deferred tax assets | 128 | (1) | |
Tax on losses not recognized as deferred tax assets | $ 4,308 | $ 5,893 | |
Effective tax rate | 0.00% | 0.00% | |
Tax impact of permanent differences | $ 595 | ||
ObsEva USA Inc [Member] | |||
Disclosure Of Income Tax [Line Items] | |||
Net loss before tax | $ (2,020) | $ (128) | |
Statutory tax rate (blended at Group level) | 27.30% | 27.30% | |
Income tax credit at statutory tax rates | $ (551) | $ (35) | |
Tax impact of pension and share-based compensation | 116,000 | ||
Temporary differences not recognized as deferred tax assets | 647 | 52 | |
Effective income tax expense | $ 212 | $ 34 | |
Effective tax rate | (10.50%) | (26.70%) | |
Tax impact of permanent differences | $ 17 |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
IPO closing date | Jan. 25, 2017 | ||
Anti-dilutive non-vested securities excluded from calculation of diluted earnings per share | 11,477,396 | 168,641 | |
Anti-dilutive impact of share options on calculation of the diluted earnings per share excluded from calculation | 8,937,473 | 7,035,388 | 4,626,385 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per share [Line Items] | |||
Net loss attributable to shareholders | $ (58,377) | $ (82,966) | $ (108,790) |
Weighted average number of shares outstanding | 75,281,838 | 49,820,451 | 43,674,746 |
Basic and diluted loss per share | $ (0.78) | $ (1.67) | $ (2.49) |
Share-based Compensation - Sche
Share-based Compensation - Schedule of Recognized Share-based Payment Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Total share-based compensation | $ 5,843 | $ 6,506 | $ 11,884 |
Employee 2013 EIP [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Total share-based compensation | 220 | 1,006 | |
Employee 2017 EIP [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Total share-based compensation | $ 5,843 | $ 6,286 | $ 10,878 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)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 | 3,050,340 | 4,543,952 |
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 | $ 2.57 | $ 2.31 |
Share-based Compensation - Sc_2
Share-based Compensation - Schedule of Shares Issued Under 2013 EIP (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Share-based payments | $ 5,843 | $ 6,506 | $ 11,884 |
Employee 2013 EIP [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Number of shares vested under the 2013 EIP | 168,641 | 261,984 | |
Share-based payments | $ 220 | $ 1,006 |
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, 2021USD ($)shares$ / shares | Dec. 31, 2020USD ($)shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
At January 1, | 7,035,388 | 4,626,385 |
Granted | 3,050,340 | 4,543,952 |
Forfeited/Expired | (1,148,255) | (2,134,949) |
At December 31, | 8,937,473 | 7,035,388 |
At January 1, average exercise price | $ / shares | $ 6.49 | $ 10.51 |
Granted, average exercise price | $ / shares | $ 3.29 | $ 2.93 |
Forfeited/Expired, average exercise price | $ | $ 8.42 | $ 7.62 |
At December 31, average exercise price | $ / shares | $ 5.15 | $ 6.49 |
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, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares | |
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Total outstanding options | shares | 8,937,473 | 7,035,388 | 4,626,385 |
Total outstanding options out of which are exercisable | shares | 3,552,593 | 2,083,159 | |
Weighted-average remaining contractual life (in years) | 8 years 2 months 12 days | 8 years 7 months 6 days | |
15.00 to 17.99 [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Total outstanding options | shares | 96,500 | 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 | 925,418 | 1,050,143 | |
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 | 1,211,075 | 1,331,981 | |
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 | 109,583 | 161,979 | |
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 | |
3.00 to 5.99 [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Total outstanding options | shares | 3,539,628 | 1,977,823 | |
3.00 to 5.99 [Member] | Bottom of range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Range of exercise prices | $ 3 | $ 3 | |
3.00 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 | $ 5.99 | |
1.50 to 2.99 [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Total outstanding options | shares | 3,055,269 | 2,151,962 | |
1.50 to 2.99 [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 | |
1.50 to 2.99 [Member] | Top of range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Range of exercise prices | $ 2.99 | $ 2.99 |
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, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Weighted average share price at grant date | $ 3.29 | $ 2.93 |
Weighted average exercise price | $ 3.29 | $ 2.93 |
Weighted average 10-year volatility | 76.00% | 77.00% |
Dividend yield | 0.00% | 0.00% |
Weighted average 10-year risk free rate | 1.45% | 1.28% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Oct. 31, 2021 | Dec. 31, 2021 | |
Disclosure of Commitments and Contingencies [Line Items] | ||
Royalty expiration period from the date of first commercial sale | 15 years | |
Royalty expiration extended period from the date of first commercial sale | 5 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 | $ 178 |
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, 2021DirectorMember | |
Disclosure of transactions between related parties [Line Items] | ||
Number of directors | Director | 7 | |
Numbers of executive committee members | Member | 8 | |
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 | 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, 2021 | Dec. 31, 2020 | |
Disclosure Of Transactions Between Related Parties [Abstract] | ||
Short-term employee benefits (including base and variable cash remuneration) | $ 4,301 | $ 3,388 |
Post-employment benefits | 42 | 272 |
Share-based payments | 6,326 | 4,038 |
Total | $ 10,669 | $ 7,698 |
Going concern - Additional Info
Going concern - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2021USD ($)Tranche$ / shares | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Disclosure Of Going Concern [Line Items] | |||||
Net loss | $ 58,377,000 | $ 82,966,000 | $ 108,790,000 | ||
Accumulated losses | 467,800,000 | ||||
Share premium offset from accumulated losses | 30,600,000 | ||||
Cash and cash equivalents | $ 54,734,000 | 31,183,000 | $ 69,370,000 | $ 138,640,000 | |
Securities Purchase Agreement With JGB Management, Inc. [Member] | |||||
Disclosure Of Going Concern [Line Items] | |||||
Maximum borrowing capacity of financing agreement | $ 135,000,000 | ||||
Number of tranches | Tranche | 9 | ||||
Weighted average share price | $ / shares | $ 3 | ||||
First tranche funded closing date | Oct. 31, 2021 | ||||
Second tranche funded closing date | Jan. 31, 2022 | ||||
Description of minimum stock price | The Securities Purchase Agreement is structured to provide USD 135 million in borrowing capacity, available in nine tranches, with the first tranche funded at the initial closing in October 2021 and the second tranche funded in January 2022 in connection with certain amendments to the Securities Purchase Agreement as described in Note 24. The subsequent tranches under the Securities Purchase Agreement will be available subject to the Company meeting certain conditions, including, among others, that the Company’s volume-weighted average price is not below USD 3.00 per share for five or more trading days during the 30 days prior to a tranche funding date (the “Minimum Stock Price”). | ||||
COVID-19 pandemic [Member] | |||||
Disclosure Of Going Concern [Line Items] | |||||
Cash and cash equivalents | $ 54,700,000 |
Events After the Reporting Pe_2
Events After the Reporting Period - Additional Information (Details) $ / shares in Units, € in Thousands | Jan. 28, 2022USD ($)$ / sharesshares | Feb. 28, 2022USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Feb. 10, 2022EUR (€) | Jan. 31, 2022SFr / sharesshares |
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Notes issued, original issue discount | $ 2,128,000 | |||||
Treasury Shares [Member] | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Number of shares issued | shares | 5,265,203 | 3,608,291 | ||||
Potential Ordinary Share Transactions [Member] | Theramex Licensing Agreement [Member] | Top of range [Member] | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Upfront and milestone payments | € | € 72,750 | |||||
Potential Ordinary Share Transactions [Member] | Tranche two [Member] | JGB Management, Inc [Member] | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Notes issued | $ 10,500,000 | |||||
Notes issued, original issue discount | $ 975,000 | |||||
Debt conversion price per common share | $ / shares | $ 1.66 | |||||
Number of warrants issued to purchase common stock | shares | 1,018,716 | |||||
Warrant to purchase common share, exercise price | $ / shares | $ 1.87 | |||||
Weighted average share price | $ / shares | $ 3 | |||||
Exchange payment of notes issued | $ 1,250,000 | |||||
Proceeds from issue of bonds, notes and debentures | 8,275,000 | |||||
Waiver payment of notes issued | $ 1,250,000 | |||||
Potential Ordinary Share Transactions [Member] | Signing Milestones [Member] | Theramex Licensing Agreement [Member] | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Upfront and milestone payments | € | 5,000 | |||||
Potential Ordinary Share Transactions [Member] | Development and Commercial Milestones [Member] | Theramex Licensing Agreement [Member] | Top of range [Member] | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Upfront and milestone payments | € | 13,750 | |||||
Potential Ordinary Share Transactions [Member] | Sales-Based Milestones [Member] | Theramex Licensing Agreement [Member] | Top of range [Member] | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Upfront and milestone payments | € | € 54,000 | |||||
Common shares [Member] | Potential Ordinary Share Transactions [Member] | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Number of shares issued | shares | 23,400,000 | |||||
Par value of shares | SFr / shares | SFr 0.0769 | |||||
ATM [Member] | Treasury Shares [Member] | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Number of shares issued | shares | 15,933,420 | 5,995,897 | ||||
Share price | $ / shares | $ 3.28 | $ 2.82 | ||||
Proceeds from sale of treasury shares | $ 53,700,000 | $ 16,900,000 | ||||
ATM [Member] | Potential Ordinary Share Transactions [Member] | Treasury Shares [Member] | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Number of shares issued | shares | 2,859,253 | |||||
Share price | $ / shares | $ 1.61 | |||||
Proceeds from sale of treasury shares | $ 4,600,000 |