Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-40488 |
Entity Registrant Name | MOLECULAR PARTNERS AG |
Entity Incorporation, State or Country Code | V8 |
Entity Address, Address Line One | Wagistrasse 14 |
Entity Address, Postal Zip Code | 8952 |
Entity Address, City or Town | Zurich-Schlieren |
Entity Address, Country | CH |
Title of 12(b) Security | Common shares, CHF 0.10 nominal value per share |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 32,292,648 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001745114 |
No Trading Symbol Flag | true |
American depositary shares (each representing one common share, CHF 0.10 nominal value per share) | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares (each representingone common share, CHF 0.10 nominal value per share) |
Trading Symbol | MOLN |
Security Exchange Name | NASDAQ |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Wagistrasse 14 |
Entity Address, Postal Zip Code | 8952 |
Entity Address, City or Town | Zurich-Schlieren |
Entity Address, Country | CH |
Contact Personnel Name | Patrick Amstutz |
City Area Code | 41 |
Local Phone Number | 44 755 77 00 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 3240 |
Auditor Name | KPMG AG |
Auditor Location | Zurich, Switzerland |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Property, plant and equipment | SFr 8,146 | SFr 9,387 |
Intangible assets | 331 | 347 |
Total non-current assets | 8,477 | 9,734 |
Short-term time deposits | 61,000 | 40,000 |
Prepaid expenses and accrued income | 5,728 | 1,254 |
Trade and other receivables | 25,650 | 2,837 |
Cash and cash equivalents | 71,813 | 133,721 |
Total current assets | 164,191 | 177,812 |
Total assets | 172,668 | 187,546 |
Shareholders' equity and liabilities | ||
Share capital | 3,229 | 2,915 |
Additional paid-in capital | 355,010 | 299,479 |
Cumulative losses | (250,950) | (195,174) |
Total shareholders' equity | 107,289 | 107,220 |
Contract liability | 6,925 | 2,939 |
Lease liability | 4,850 | 6,039 |
Employee benefits | 6,739 | 13,678 |
Total non-current liabilities | 18,514 | 22,656 |
Trade and other payables | 7,389 | 5,825 |
Accrued expenses | 9,975 | 7,718 |
Contract liability | 28,312 | 42,948 |
Lease liability | 1,189 | 1,179 |
Total current liabilities | 46,865 | 57,670 |
Total liabilities | 65,379 | 80,326 |
Total shareholders' equity and liabilities | SFr 172,668 | SFr 187,546 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Loss - CHF (SFr) SFr in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenues and other income | ||||
Revenues from research and development collaborations | SFr 9,330 | SFr 9,344 | SFr 20,383 | |
Other income | 424 | 0 | 0 | |
Total revenues and other income | 9,754 | 9,344 | 20,383 | |
Operating expenses | ||||
Research and development expenses | (55,718) | (56,075) | (43,498) | |
Selling, general and administrative expenses | (17,454) | (11,595) | (13,545) | |
Total operating expenses | (73,172) | (67,670) | (57,043) | |
Operating result | (63,418) | (58,326) | (36,660) | |
Financial income | 191 | 367 | 1,599 | |
Financial expenses | (556) | (4,816) | (1,210) | |
Net finance result | (365) | (4,449) | 389 | |
Result before income taxes | (63,783) | (62,775) | (36,271) | |
Income taxes | (2) | 11 | (17) | |
Net result, attributable to shareholders | (63,785) | (62,764) | (36,288) | |
Items that will not be reclassified to profit or loss | ||||
Remeasurement of net pension liabilities, net of tax | [1] | 8,012 | (1,514) | (4,711) |
Items that are or may be reclassified subsequently to profit or loss | ||||
Exchange differences on translating foreign operations | (3) | (26) | (14) | |
Other comprehensive result, net of tax | 8,009 | (1,540) | (4,725) | |
Total comprehensive result, attributable to shareholders | SFr (55,776) | SFr (64,304) | SFr (41,013) | |
Basic net result per share (in CHF per share) | SFr (2.06) | SFr (2.51) | SFr (1.69) | |
Diluted net result per share (in CHF per share) | SFr (2.06) | SFr (2.51) | SFr (1.69) | |
[1] | See note 18 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of cash flows [abstract] | |||
Net result attributable to shareholders | SFr (63,785) | SFr (62,764) | SFr (36,288) |
Adjustments for: | |||
Depreciation and amortization | 2,565 | 2,887 | 2,469 |
Share-based compensation costs | 4,085 | 2,932 | 2,438 |
Change in employee benefits | 1,073 | 1,268 | 473 |
Income tax | 2 | (11) | 17 |
Financial income | (191) | (367) | (1,599) |
Financial expenses | 556 | 4,816 | 1,210 |
Changes in working capital: | |||
Change in prepaid expenses and accrued income | (4,445) | 1,040 | 453 |
Change in trade and other receivables | (23,374) | (552) | 49,570 |
Change in trade and other payables | 1,656 | 3,395 | (270) |
Change in contract liability | (10,651) | 17,560 | (20,383) |
Change in accrued expenses | 2,290 | 1,037 | 217 |
Exchange gain/(loss) on working capital positions | (144) | 6 | 604 |
Interest paid | (583) | (219) | (91) |
Income taxes paid | 0 | (2) | 0 |
Other financial expense | (8) | (9) | (9) |
Net cash used in operating activities | (90,953) | (28,983) | (1,189) |
Proceeds from investments in short-term time deposits | 67,876 | 52,765 | 56,630 |
Investments in short-term time deposits | (88,876) | (73,397) | (75,998) |
Acquisition of property, plant and equipment | (933) | (1,451) | (1,031) |
Acquisition of intangible assets | (374) | (232) | (833) |
Interest received | 70 | 569 | 1,396 |
Net cash used in investing activities | (22,237) | (21,746) | (19,836) |
Proceeds from issuance of new shares, net of transaction costs | 51,493 | 113,613 | 0 |
Proceeds from exercise of stock options, net of transaction costs | 267 | 840 | 1,010 |
Payment of lease liabilities | (1,179) | (1,251) | (1,237) |
Net cash from (used in) financing activities | 50,581 | 113,202 | (227) |
Exchange gain/(loss) on cash positions | 701 | (4,464) | (1,994) |
Net (decrease) increase in cash and cash equivalents | (61,907) | 58,009 | (23,246) |
Cash and cash equivalents at January 1 | 133,721 | 75,712 | 98,958 |
Cash and cash equivalents at December 31 | SFr 71,813 | SFr 133,721 | SFr 75,712 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CHF (SFr) | Total | Share capital | Additional paid-in capital | Cumulative losses | |
Equity at beginning of period at Dec. 31, 2018 | SFr 91,704,000 | SFr 2,123,000 | SFr 179,438,000 | SFr (89,857,000) | |
Net result | (36,288,000) | (36,288,000) | |||
Remeasurement of net pension liabilities | [1] | (4,711,000) | (4,711,000) | ||
Exchange differences on translating foreign operations | (14,000) | (14,000) | |||
Total comprehensive result, attributable to shareholders | (41,013,000) | (41,013,000) | |||
Share-based compensation costs | [1] | 2,438,000 | 2,438,000 | ||
Exercise of stock options, net of transaction costs | [2] | 1,010,000 | 37,000 | 973,000 | |
Equity at end of period at Dec. 31, 2019 | 54,139,000 | 2,160,000 | 182,849,000 | (130,870,000) | |
Net result | (62,764,000) | (62,764,000) | |||
Remeasurement of net pension liabilities | [1] | (1,514,000) | (1,514,000) | ||
Exchange differences on translating foreign operations | (26,000) | (26,000) | |||
Total comprehensive result, attributable to shareholders | (64,304,000) | (64,304,000) | |||
Share-based compensation costs | [1] | 2,932,000 | 2,932,000 | ||
Issuance of new shares, net of transaction costs | [3] | 113,613,000 | 727,000 | 112,886,000 | |
Exercise of stock options, net of transaction costs | [2] | 840,000 | 28,000 | 812,000 | |
Equity at end of period at Dec. 31, 2020 | 107,220,000 | 2,915,000 | 299,479,000 | (195,174,000) | |
Net result | (63,785,000) | (63,785,000) | |||
Remeasurement of net pension liabilities | [1] | 8,012,000 | 8,012,000 | ||
Exchange differences on translating foreign operations | (3,000) | (3,000) | |||
Total comprehensive result, attributable to shareholders | (55,776,000) | (55,776,000) | |||
Share-based compensation costs | [1] | 4,085,000 | 4,085,000 | ||
Issuance of new shares, net of transaction costs | [3] | 51,493,000 | 300,000 | 51,193,000 | |
Exercise of stock options, net of transaction costs | [2] | 267,000 | 14,000 | 253,000 | |
Equity at end of period at Dec. 31, 2021 | SFr 107,289,000 | SFr 3,229,265 | SFr 355,010,000 | SFr (250,950,000) | |
[1] | See note 18 | ||||
[2] | See note 12 | ||||
[3] | See note 1 and note 12 |
General information
General information | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of General Information [Abstract] | |
General information | General information Molecular Partners AG ("Company'") and its subsidiary (collectively "Molecular Partners" or, "Group") is a clinical stage biopharmaceutical company focusing on the discovery, development and commercialization of DARPins, a novel class of therapeutic proteins. DARPins combine the specificity and selectivity of monoclonal antibodies with many properties of small molecules, enabling new therapeutic approaches. The Company was founded on November 22, 2004, and is domiciled at Wagistrasse 14, 8952 Schlieren, Canton of Zurich, Switzerland. It is subject to the provisions of the articles of association and to article 620 et seq. of the Swiss Code of Obligations, which describe the legal requirements for limited companies (“Aktiengesellschaften”). Molecular Partners Inc. is a wholly owned subsidiary of Molecular Partners AG. Molecular Partners Inc. was incorporated in the United States in the State of Delaware on October 8, 2018. Molecular Partners Inc. is based in Cambridge, Massachusetts. These audited consolidated financial statements as of and for the twelve month period ended December 31, 2021 comprise Molecular Partners AG and Molecular Partners Inc. The Company’s shares are listed on the SIX Swiss Exchange (Ticker: MOLN) since November 5, 2014 and on the Nasdaq Global Select Market (Ticker: MOLN) since June 16, 2021. Significant events during the reporting period |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies Basis of preparation These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the IASB. The accounting policies set forth below have been consistently applied to all years presented. Unless stated otherwise, all financial statements are presented in thousands of Swiss Francs (“TCHF”). The consolidated financial statements have been prepared under the historical cost convention. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 4 “Critical accounting estimates and judgments”. The Group is monitoring the situation surrounding the COVID-19 pandemic and its potential impact on patients, the team, the partners and the business. During the twelve month period ended December 31, 2021 as well as of the reporting date, there are no, nor were there any, major disruptions to operations. The Group continues to comply with all local and federal instructions as it relates to the safety of our employees, patients, and citizens. Based on the Group's cash position at December 31, 2021 and supported by funds received from Novartis since then (see note 26), the Group deemed there to be no material uncertainties that would cast doubt on the Group's ability to operate on a going concern basis. The consolidated financial statements as of and for the twelve month period ended December 31, 2021 were approved for issuance by the Company's Board of Directors on March 14, 2022. Due to rounding, the numbers presented in the financial statements might not precisely equal those included in the accompanying notes. Basis of consolidation (i) Subsidiaries Subsidiaries are entities controlled by the Company. The Company controls an entity when it 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 over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. (ii) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated. New or revised IFRS standards and interpretations The following new or revised standards that became effective during 2021 did not have a material effect on these consolidated financial statements: • Interest Rate Benchmark Reform – Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) • COVID-19-Related Rent Concessions beyond June 30, 2021 (Amendment to IFRS 16) Several new or revised standards have been published that are not yet effective and that have not been early adopted. No significant impacts on the Group's consolidated financial statements are expected. Segment reporting The Group operates in one segment, focusing on the discovery, development and prospective commercialization of a new class of biopharmaceutical products. The executive management, acting together as the chief operating decision makers, assess the financial performance and allocate resources on an aggregated level, and monitor the Group's operating expenses. Accounting policies applied are the same for both internal and external reporting purposes. The Group derives its research and collaboration revenues from research and development collaborations with third parties. Foreign currency translation / transactions The consolidated financial statements are presented in thousands of CHF. The presentation currency of the Group is the functional currency of the Company. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in profit or loss. The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities are translated at the closing rate at the date of the respective balance sheet; • income and expenses for each consolidated statement of comprehensive loss are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the exchange rates at the dates of the transactions); and • all resulting exchange differences are recognized in other comprehensive income. Property, plant and equipment Laboratory equipment, Office equipment, IT hardware and Leasehold improvements are stated at historical cost less accumulated depreciation and any impairment. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis over the expected useful lives of the individual assets or asset categories. The applicable estimated useful lives are as follows: Laboratory equipment: 5 years Office equipment: 3 years IT hardware: 2 years Leasehold improvements and right-of-use assets are depreciated using the straight line method over the shorter of their estimated useful life and the lease term. Subsequent costs are included in each asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. An asset’s carrying amount is written down to its recoverable amount, if the asset's carrying amount exceeds its estimated recoverable amount. Cost and accumulated depreciation related to assets retired or otherwise disposed are derecognized at the time of retirement or disposal and any resulting gain or loss is included in profit or loss in the period of retirement or disposal. Intangible assets Intangible assets currently solely comprise of IT Software. They are stated at historical cost less accumulated amortization and any impairment. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Amortization is calculated on a straight-line basis over the expected useful lives of the individual assets or asset categories. The applicable estimated useful life of intangible assets is determined to be two years. Leases At inception of a contract, the Group assesses whether a contract is, or contains a lease. This is the case if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets (threshold of CHF 5,000) and short-term leases. Short-term leases are leases with a lease term of twelve months or less that do not contain a purchase option. For all other leases the Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. Subsequently the right-of-use asset is depreciated using the straight-line method over the shorter of the asset's useful life and the lease term. The lease liability is initially measured at the present value of the lease payments required over the lease term that are not paid at the commencement date, discounted using the Group’s incremental borrowing rate, as the interest rate implicit in the lease generally cannot be readily determined. Lease payments that are included in the measurement of the lease liability include fixed payments or in-substance fixed payments and variable payments that depend on an index. Subsequently, the lease liability is measured at amortized cost using the effective interest method. The Group remeasures the lease liability when there is a change in future lease payments arising from a change in index, or if the group changes its assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Each lease payment is allocated between the liability 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 lease liability for each period. The Group does not provide residual value guarantees and does not have any leases not yet commenced to which it is committed. The Group is presenting right-of-use assets in Property, Plant and Equipment, whereas lease liabilities are presented separately within current and non-current liabilities in the consolidated statement of financial position. Impairment of non-financial assets Non-financial assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount exceeds their recoverable amount. An impairment loss is recognized for this difference. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. Financial assets at amortized costs Classification Cash and cash equivalents / short-term deposits / trade and other receivables (except for VAT and withholding taxes) (and when applicable accrued interest income) are all considered held-to-collect items and are labeled under financial assets measured at amortized costs, with the following definition / accounting policy: Financial assets measured at amortized cost are assets that meet both of the following conditions: (1) the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (2) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. They arise when the Group provides money, goods or services directly to a debtor with no intention of trading the receivable. They are included in current assets, except for maturities longer than 12 months after the balance sheet date which are classified as non-current assets. Interest income on the short-term deposit is accounted for on the statement of comprehensive loss as financial income. Measurement Initially, financial assets, except for trade receivables, are measured at their fair value plus, in the case of financial assets not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset; for the Group these are considered to be immaterial. Trade receivables are initially measured at their transaction price. Subsequent measurement for the financial assets mentioned above which are classified as measured at amortized cost, is based on the effective interest method, reduced by any impairment loss. For financial assets measured at amortized cost, a loss allowance for expected credit losses on the financial assets is recognized. Measurement of any impairment loss is based on the ‘expected credit loss’ (ECL) model, which is based on a predictive model. The loss allowance for a financial asset is measured at an amount equal to the lifetime expected credit losses if the credit risk on that financial asset has increased significantly since initial recognition. If the credit risk on a financial asset has not increased significantly since initial recognition, the Group measures the loss allowance / impairment loss for that financial asset at an amount equal to 12-month expected credit losses. For trade receivables, the Group applies a simplified approach which requires expected credit losses to be recognized from initial recognition (measuring the loss allowance at an amount equal to lifetime expected credit losses). This takes into consideration past history, combined with predictive information which accounts for the specific circumstances of the customer (e.g. credit rating etc.), and other relevant factors such as the economic environment. Other financial assets at amortized costs Other receivables generally arise from transactions outside the usual operating activities of the Group. Financial liabilities at amortized costs Trade payables and non-employee related accrued expense are measured at amortized costs and classified as financial liabilities. Cash and cash equivalents Cash includes cash at banks. The Group considers all short-term, highly liquid investments convertible into known amounts of cash with maturities of three months or less from the date of acquisition to be cash equivalents, provided that they are subject to an insignificant risk of changes in value. The cash flow statement is based on cash and cash equivalents. Share capital / Additional paid-in capital Common shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. The Group has not paid any dividends since its inception and does not anticipate paying dividends in the foreseeable future. Income taxes Income taxes include current and deferred taxes. Current income taxes are recognized on taxable profits at applicable tax rates. Deferred taxes are calculated using the balance sheet liability method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using the tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled based on tax rates enacted or substantially enacted at the balance sheet date. Deferred tax assets are recognized if it is probable that sufficient taxable profits will be available against which the deferred tax assets can be utilized. At each balance sheet date, the Group reassesses unrecognized deferred tax assets and the carrying amount of recognized deferred tax assets. The Group recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. The Group conversely reduces the carrying amount of a deferred tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or the entire deferred tax asset to be utilized. The amount of deferred tax liabilities and deferred tax assets reflects the tax consequences on the balance sheet date of the Group's expectation of recovery or settlement of the carrying amounts of its assets and liabilities. Deferred tax assets and liabilities are not discounted and are classified as non-current assets and liabilities in the statement of financial position. They are offset against each other if they relate to the same taxable entity and tax authority. The Company did not have to pay income taxes in Switzerland in the presented reporting periods for 2021, 2020 and 2019. The Company’s accumulated taxable losses may be used as tax loss carry forwards to offset future taxable income over a period of seven years in Switzerland. No deferred tax assets have been established for these losses, because the Company does not have a history of sustainable taxable profits, increasing research costs are expected to be incurred in the foreseeable future and future revenues are highly volatile and uncertain. No deferred tax assets were recognized on deductible temporary differences on pension liabilities for the same reasons. Molecular Partners Inc, the group's US subsidiary, is subject to US federal and Massachusetts, New York and California state tax. Employee benefits Postretirement benefits (pension plans) The Company provides retirement, death and disability benefits to its Swiss employees in line with local customs and requirements through two separate plans, which are both accounted for as defined benefit plans. The first plan is the compulsory defined benefit plan which is funded through employer (60%) and employee (40%) contributions to VSAO, a Switzerland based plan. This Company-wide plan has been in place since inception of the Company and all employees of the Company are eligible to its benefits. On retirement, the plan participant will receive his or her accumulated savings, which consist of all contributions paid in by the employer and the employee (net of any withdrawals) and the interest granted on those savings at the discretion of the pension foundation. At that time, the plan participant has the right to choose between a lump-sum payment and an annuity, or a combination thereof. The annuity is calculated using a fixed conversion rate determined by the pension foundation. The VSAO’s plan assets are pooled and the Company’s share is calculated based on its share of retirement savings. Additional funding requirements may be determined by the pension foundation in case of a severe underfunding. Should the Company withdraw from the plan, the withdrawal may qualify as a partial liquidation under Swiss law. The second plan is a voluntary complementary defined management benefit scheme established as of January 1, 2014, in which only employees with a certain management level and / or above a salary level of CHF 180,000 at 100% working quota, are eligible to participate. The Company adjusted for 2021 to the above eligibility criteria for new joiners. 32 of the 32 eligible employees participated in this plan as of December 31, 2021 (2020: 29 out of 31; at salary level CHF 150,000). This plan is set up as a collective foundation with Swiss Life, a Switzerland-based insurance company, for which contributions are 30% funded by the employee and 70% funded by the Company. The purpose of this voluntary plan is to allow higher savings opportunity in a tax effective manner and risk benefits for senior management. In addition, plan participants are entitled to a lump sum payment of five times their annual base salary in case of death. This is a fully insured Swiss pension plan that covers all investment and actuarial risks, including invalidity and death. The VSAO pension plan accounts for over 90% of both the Company’s defined benefit obligation and plan assets. The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligations at the balance sheet date less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows. Pension liabilities are determined on an actuarial basis using a number of assumptions, such as the discount rate and expected salary increases applied to determine the defined benefit obligation and an estimate of the fair value of plan assets attributable to the Company. In determining the appropriate discount rate, for example, the Company considers the 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 the terms of the related pension liability. In determining the fair value of plan assets, the Company adds to the participants’ savings a share of the pension plan’s technical and fluctuation reserves. Additional information is disclosed in note 18.1. Current and past service costs as well as the net interest on the defined benefit obligation are recognized in profit or loss in the period in which they are incurred, and are presented as part of personnel expenses. Remeasurements of the defined benefit pension plans are recognized in other comprehensive income. The Group has set up a 401k plan for its US based employees. Under the plan the US entity matches the employee's contribution and provides a true-up in matched contributions at year end. The 401k plan qualifies as a defined contribution scheme and the associated expenses are presented under operating expenses in the statement of comprehensive loss. The Group has set up a pension plan for its UK based employees. Under the plan the Company and the employee both contribute into the plan. The UK pension plan qualifies as a defined contribution scheme and the associated expenses are presented under operating expenses in the statement of comprehensive loss. Share-based compensation The Group operates share-based compensation plans that qualify as equity-settled plans. The fair value of the employee services received in exchange for the grant of equity instruments is recognized as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the equity instruments granted, which is determined at grant date. The fair values are determined by management with the assistance of an independent valuation expert. At each reporting date, estimates of the number of equity instruments that are expected to vest are revised. The impact of the revision of the previous estimates, if any, is recognized as part of share-based compensation (non-cash effective) with a corresponding adjustment to equity. When the vested equity instruments are exercised, any proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and additional paid-in capital. Bonus plan The Group recognizes an accrual where contractually obliged or where there is a past practice that has created a constructive obligation. Bonuses are based on a formula that takes into consideration the achievement of the Group’s goals. Revenue recognition As a guiding principle of IFRS 15, revenues from research and development collaboration agreements are recognized when earned based upon the performance requirements of the respective agreements. For revenue arrangements with separately identifiable components (separate performance obligations), the revenue recognition criteria are applied to each component. The transaction price is determined as the consideration expected to be received from the arrangement and is allocated amongst the separate components based on their relative stand-alone selling prices. The corresponding amount of transaction price allocated to each component is recognized as revenue when (or as) the Group satisfies the performance obligation by transferring the good or service to the customer, which generally is over time for upfront payments or at a point in time for milestone payments and development option payments. Payments received in excess of revenue recognized are recorded as contract liability. Revenues include fees such as upfront payments received in connection with out-licensing of products and/or access the knowledge without transfer of a license as well as in connection with discovery alliances, as well as fees for maintenance of patents, R&D support and services, participation in Joint Steering Committees and other involvement in collaboration agreements. In exchange for these non-refundable upfront fees, the Group does not immediately transfer a good or a service to the customer, rather the upfront fee consists of an advance payment for future services and the right to access the underlying intellectual property of the Group. For such arrangements, the Group has determined that the promised goods and services are not distinct and are accounted for as one performance obligation. The Group recognizes revenue for this performance obligation over time using a cost-based method to measure its progress towards complete satisfaction of the performance obligation. Accordingly, revenue is recognized over time based on the percentage of actual costs incurred to date relative to the Group's estimate of total costs expected to satisfy the performance obligation. Estimated costs are reviewed and updated routinely for contracts in progress to reflect any changes of which the Group becomes aware. The cumulative effect of any change in estimate is recorded in the period when the change in estimate is determined. Revenues could include fees such as milestone and development option payments received in connection with out-licensing of products and in connection with discovery alliances. Upon meeting the set milestone or upon a development option being exercised, the Group obtains a right to a non-refundable payment and the customer has typically acquired the right to use the underlying intellectual property, without any remaining performance obligations for the Group. Consequently, the related revenues are typically recognized at a point in time, either when the milestone is met or the option is exercised by the customer. Revenue could also include reservation fees that will be recognized into revenue in case of successful development of a final drug and exercise or lapse of the related reservation right or, alternatively, in case the results from the research will not justify further development of the drug. Consideration payable to a customer is recorded as a reduction of the arrangement's transaction price, if it relates to the same arrangement, thereby reducing the amount of revenue recognized, unless the payment is for a distinct good or service received from the customer consistent with IFRS 15. The details of the accounting policy, based on the type of payments received, are set out below. Under IFRS 15, revenue is recognized as or when a customer obtains control of the services. Determining the timing of the transfer of control - at a point in time or over time - requires judgment. Type of payments received Timing of revenue recognition Revenue recognition of upfront payments Upfront payments received in connection with out-licensing arrangements are typically non-refundable fees for which the Group does not transfer a good or a service to the customer, rather the upfront payments consists of an advance payment for future services and/or an acquisition of the right to the current or future access to the underlying intellectual property of the Group. For such arrangements, the Group has determined that the promised goods and services are not distinct and are accounted for as one performance obligation. The Group recognizes revenue for this performance obligation over time using a cost-based method to measure its progress towards complete satisfaction of the performance obligation. Revenue recognition of milestone payments Milestone payments received in connection with out-licensing or other arrangements are typically non-refundable fees entitling the Group to a right to payment upon such milestone being met. At that time, the customer has typically acquired the right to use the underlying intellectual property or additional knowledge about drug candidate(s), without any remaining performance obligation of the Group. Considering the uncertainty surrounding the outcome of such development activities, the revenue is consequently recognized at a point in time, when the milestone is reached. At this stage it is highly probable that a reversal of the cumulative revenue will not occur. Revenue recognition of payments received for development options exercises Development option payments received in connection with out-licensing arrangements are typically non-refundable fees entitling the Group to a right to payment upon such option being exercised. At that time, the customer has typically acquired the right to use the underlying intellectual property, without any remaining performance obligations of the Group. Considering the fact that the exercise of any option is outside the control of the Group, revenue for options that provide the right to use is recognized at a point in time at the effective exercise of the option. At this stage it is highly probable that a reversal of the cumulative revenue will not occur. Revenue recognition for reservation fees Reservation fees received are typically non-refundable fees. The timing of revenue recognition depends on whether development of the final drug is successful. If development is successful, revenue will be recognized when the related reservation right is exercised or lapses (as the exercise of any reservation right is outside the control of the Group). Alternatively, revenue will be recognized at the point in time when the results from the research will not justify further development of the drug. At this stage it is highly probable that a reversal of the cumulative revenue will not occur. Research and development expenses Research and development expenses as disclosed in note 16 consist primarily of compensation and other expenses related to: • research and development personnel; • preclinical studies and clinical trials of the Group's product candidates, including the costs of manufacturing the product candidates; • research and services performed under collaboration agreements; • research and development services outsourced to research institutions; and • attributable facility expenses, including depreciation of equipment and amortization. Internal development costs are capitalized as intangible assets only when there is an identifiable asset that can be completed that will generate probable future economic benefits, and when the cost of such an asset can be measured reliably. The Group does not currently have any such internal development costs that qualify for capitalization as intangible assets. In addition to its internal research and development activities, the Group is also party to in-licensing and similar arrangements with its collaboration partners. The Group may also acquire in-process research and development assets, either through business combinations or through purchases of specific assets. Intangible assets are initially recorded at cost. Intangible assets are amortized over their useful lives on a straight-line basis beginning from the point when they are available for use. The estimated useful life of intangible assets is regularly reviewed. The Group does not currently have any such externally acquired in-process research and development assets. The Group charges all research and development expenses, including internal patent filing and patent maintenance costs, to profit or loss when incurred, as the criteria for recognition as an asset are not currently met. |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2021 | |
Financial Risk Management [Abstract] | |
Financial risk management | Financial risk management Financial risk factors The Group is subject to risks common to companies in the biotechnology industry, including, but not limited to, uncertainties regarding the effectiveness and safety of new drugs, new and unproven technologies, development process and outcome of clinical trials, rigorous governmental regulation and uncertainty regarding regulatory approvals, long product development cycles, continuing capital requirements to fund research and development, history of operating losses and uncertainty of future profitability, uncertainty regarding commercial success and acceptance, third party reimbursements, uncertainties regarding patents and legally protected products or technologies, uncertainty regarding third party intellectual property rights, dependence on third parties, dependence on publicly available scientific findings and research data, lack of experience with production facilities, dependence on third party manufacturers and service providers, competition, concentration of operations, product liability, dependence on important employees, environment, health, data protection and safety, lack of experience in marketing and sales, litigation, currency fluctuation risks and other financial risks, volatility of market value, as well as limited liquidity and shares eligible for future sale. The Group is developing several products currently not generating constant revenue streams which results in volatile cash flow from operating activities. Currently, the Group’s revenues stem mainly from irregular and difficult to predict income from product out-licensing, milestone payments and fees from R&D collaboration agreements. This will likely remain the same at least until the first product reaches the market on the Group’s own or through a partner. This results in a lack of regular positive operating cash flow, which may expose the Group to financing risks in the medium-term. Furthermore, management has taken actions to manage financial risks, such as foreign exchange risk and liquidity risk. Molecular Partners conducts research and development activities primarily in Switzerland, the European Union and the United States. As a result, the Group is exposed to a variety of financial risks, such as foreign exchange rate risk, credit risk, liquidity risk, cash-flow and interest rate risk. The Group’s overall financial risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Group. Further details are disclosed under note 25. Capital management The Group is not regulated and not subject to specific capital requirements. The amount of equity depends on the Group’s funding needs and statutory capital requirements. The Group monitors capital periodically on an interim and annual basis. From time to time, the Group may take appropriate measures or propose capital increases to its shareholders to ensure the necessary capital remains intact. The Group did not have any short-term or long-term debt outstanding as of December 31, 2021 and 2020. Foreign exchange risk In order to reduce its foreign exchange exposure, Molecular Partners may enter into currency contracts with selected high-quality financial institutions to hedge against foreign currency exchange rate risks. The Group’s primary exposure to financial risk is due to fluctuation of exchange rates between CHF, EUR, GBP and USD. The Group’s hedging policy is (1) to maximize natural hedging by matching expected future cash flows in the different currencies and (2) if market conditions allow to consider hedging certain of the remaining expected net currency exposure as the need arises. However, due to market volatilities, the impact of negative interest rates in Switzerland and uncertainties in the cash flows, a 100% hedging of the currency exposure is impossible or not appropriate. Molecular Partners does not engage in speculative transactions. During 2021 and 2020, the Group did not enter into any forward currency transactions. No forward currency transactions were outstanding as of December 31, 2021 and 2020. The following table demonstrates the sensitivity to a reasonably possible change in exchange rates for the Groups's main foreign currencies, USD and EUR, with all other variables held constant, of the Group’s result before taxes. There is no direct impact on the Group’s equity. in % and CHF thousands Incr./Decr. exchange rate Effect on result before tax (in TCHF) USD Positions 2021 +10 % 6,633 -10 % (6,633) 2020 +10 % 2,976 -10 % (2,976) 2019 +10 % 6,642 -10 % (6,642) EUR Positions 2021 +10 % 2,019 -10 % (2,019) 2020 +10 % 432 -10 % (432) 2019 +10 % 1,171 -10 % (1,171) Interest rate risk Molecular Partners earns or pays interest on cash and cash equivalents, and its profit and loss may be influenced by changes in market interest rates. The Group does invest its cash balances into a variety of current and deposit accounts in four different Swiss banks to limit negative interest. In addition, the Group does invest a portion of its cash into risk free money market investments in line with its treasury guidelines. The Group strives to optimize the net balance of interest paid and interest received by monitoring the interest rates applicable over the major currencies the Group holds as well as the offered holding periods. The following table demonstrates the sensitivity of the main currencies used in the Group, to reasonably possible changes in interest rates, with all other variables held constant, of the Group’s results before tax. There is no direct impact on the Group’s equity. in % and CHF thousands Incr./Decr. interest rate Effect on result before tax (in TCHF) CHF Positions 2021 +0.5 % 323 -0.5 % (323) 2020 +0.5 % 683 -0.5 % (683) 2019 +0.5 % 57 -0.5 % (57) USD Positions 2021 +0.5 % 234 -0.5 % (234) 2020 +0.5 % 149 -0.5 % (149) 2019 +0.5 % 333 -0.5 % (333) EUR Positions 2021 +0.5 % 102 -0.5 % (102) 2020 +0.5 % 32 -0.5 % (32) 2019 +0.5 % 64 -0.5 % (64) Credit risk The maximum credit risk on financial assets corresponds to the carrying amounts of the Group’s cash and cash equivalents, short-term time deposits and receivables. The Group has not entered into any guarantees or similar obligations that would increase the risk over and above the carrying amounts. The cash and cash equivalents and short-term deposits are considered low risk and were held at Swiss banks with Standard & Poor long-term credit ratings as of December 31,2021 of AAA (Zürcher Kantonalbank), AA (Luzerner Kantonalbank) and A+ (Credit Suisse and UBS) and therefore any impact resulting from the expected credit loss model is considered immaterial. Analysis performed included assessing the cumulative default rates by credit rating category and applying these rates to the cash and short-term deposit balances at reporting dates. The calculated loss allowance based on the ECL is considered immaterial. The Group enters into agreements with partners that have appropriate credit history and a commitment to ethical business practices. The maximum credit risk as of the balance sheet date was as follows: Credit risk in CHF thousands 2021 2020 Cash and cash equivalents 71,813 133,721 Trade receivables 23,710 159 Accrued income 76 2 Short-term time deposits 61,000 40,000 Total credit risk as at December 31 156,599 173,882 Liquidity risk Liquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group’s liquidity risk is considered low by management due to the financial assets at reporting date, giving the Group a secure source of funding for its research and development activities. |
Critical accounting estimates a
Critical accounting estimates and judgments | 12 Months Ended |
Dec. 31, 2021 | |
Critical Accounting Estimates and Judgments [Abstract] | |
Critical accounting estimates and judgments | Critical accounting estimates and judgments The Group’s accounts are prepared on a going concern basis. The preparation of the consolidated financial statements in conformity with IFRS requires that management and the Board of Directors make estimates and assumptions which affect the amounts of the assets and liabilities, contingent liabilities, as well as the income and expenses reported in the consolidated financial statements. These estimates take into consideration historic experience as well as developments in the economic circumstances and are further based on management’s best knowledge of current events and actions that the Group may undertake in the future. These circumstances include also the possible impacts of the COVID-19 pandemic. These estimates are subject to risks and uncertainties. The actual results can deviate from these estimates. The estimates and assumptions identified by the Group, which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities in a future period or have a significant effect on reported results, are discussed below: Revenue Fluctuation in revenues is common to biopharmaceutical companies focused on research and development as the revenues are often linked to up-front fees, reservation fees, milestones or license payments as well as income for delivery of drug substance, which occur sporadically. Depending on the complexity of the relevant agreements, judgment (for instance in regards to the performance obligations recognized using the cost based method, where revenue is recognized based on costs incurred in relation to the Group’s estimate of total estimated costs to complete satisfaction of the underlying performance obligations) is required to reflect the substance of the arrangement in the recognition of revenues. Under the cost-based method, the Group’s estimate of total costs to be incurred under certain agreements is for example, based on actual project-related contracts and history of similar contracts of other collaborations as well as industry experience. The Group is required to evaluate whether any changes in operational and/or technical collaboration and project requirements could lead to a change in the timing and/or amount of estimated project costs, and how such changes, if any, impact the recognition of revenue. Other revenue related judgments with regard to the determination of performance obligations under reservation agreements relate to assumptions on future production costs and market prices. More information on revenue recognition is provided in the respective accounting policy. Additional information related to the Group’s significant revenue agreements is disclosed in note 5. |
Revenues, other income and and
Revenues, other income and and entity-wide disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [abstract] | |
Revenues, other income and and entity-wide disclosures | Revenue, other income and entity-wide disclosures The Group assesses and estimates the progress of its projects with alliance partners at each reporting date. When the cost-based / input method is applied, the Group recognizes revenue based on the ratio of the associated costs incurred to date and the total forecasted costs to satisfy the performance obligation. During 2021 the Group increased its estimate of the total future costs required to satisfy the performance obligation under the Amgen collaboration. This change in estimate affects the allocation of revenue over time and has no impact on the total amount recognized or to be recognized into revenue under the agreement with Amgen The increase in total estimated future costs is primarily related to continued development of various dosing schedules under phase 1a of the collaboration. The remaining unrecognized transaction price, which is recorded as a contact liability at December 31, 2021 of TCHF 9,653 will be recognized in line with the recognition of estimated expenses to satisfy the performance obligation. In October 2020, the Group entered into a contract with Novartis, granting Novartis the exclusive option to in-license global rights in relation to drug candidates MP0420 (Ensovibep) and MP0423. Under the terms of the agreement, the Group in 2020 received an upfront, non-refundable fee of CHF 20 million for the tech transfer and manufacturing of MP0420. The Group committed to utilize up to the maximum amount of this upfront fee for the manufacturing of the commercial supply for MP0420. All such amounts paid for manufacturing performed by the Novartis Group is considered to be a consideration payable to a customer. Given the significant inter-dependencies between the upfront fee and the manufacturing activities, the manufacturing costs paid to the Novartis Group are to be offset against the upfront non-refundable fee from the contract (see below, as well as note 15). As per December 31, 2021 the entire CHF 20 million has been utilized for the manufacturing of commercial supply for MP0420. In January 2022, the Group was informed by Novartis that they would exercise the option as described above (please see note 26 for the events after the balance sheet date). During the year ended December 31, 2021, costs paid to the Novartis Group for the manufacturing of the drug product to establish the commercial supply of MP0420 in the amount of TCHF 19,904 (2020: TCHF 96) have been offset against the upfront non-refundable fee (see note 15). During the years ended December 31, 2021, 2020 and 2019, the Group recognized revenues as disclosed in the table below. Revenues in the table below are attributable to individual countries and are based on the location of the Group’s alliance partner. Revenues by country in CHF thousands, for the years ended December 31 2021 2020 2019 Revenues USA 9,330 9,344 20,383 Total revenues 9,330 9,344 20,383 Analysis of revenue by major alliance partner in CHF thousands, for the years ended December 31 2021 2020 2019 Amgen Inc., USA 9,330 9,344 20,383 Total revenues 9,330 9,344 20,383 Other income In the first quarter of 2021 the Group entered into an agreement with Novartis to facilitate manufacturing of MP0420 drug supply at a third party supplier. The related agency services earned during 2021 amounted to TCHF 424 and are presented as other income in the consolidated statement of comprehensive loss. License and collaboration agreement with Novartis in the area of DARPIN conjugated radioligand therapies On December 14, 2021, the Group announced entering into a License and collaboration agreement with Novartis to develop DARPin-conjugated radioligand therapeutic candidates for oncology. Under the agreement, both parties will collaborate on the discovery and optimization of the therapeutic candidates. The Group will be primarily responsible for the generation of DARPins for tumor-specific delivery of radioligands. The Group will be able to recharge Novartis its employee related expenses associated with the research activities. Novartis will be responsible for all clinical development and commercialization activities. As of December 31, 2021 the Group recognized a receivable for the upfront fee of USD 20 million (CHF 18.6 million) payable from Novartis in Trade and other receivables and a corresponding contract liability in the consolidated statement of financial position. In January 2022, Novartis paid Molecular Partners the upfront fee. The Group will be eligible to receive milestone payments (development, regulatory and commercialization) of up to USD 560 million, plus an up to low double-digit percent of royalties on net sales of products commercialized by Novartis. The Group identified one combined performance obligation consisting of the license and the research activities to be provided. Revenue related to the upfront payment of USD 20 million (CHF 18.6 million) will be recognized over time in line with the progress made over the duration of the contractually agreed three year research plan. Progress towards completion of the research plan will be based on the input method and be measured by employee hours worked on the related research activities as specified in the agreement relative to the total estimated hours to be incurred. Future milestone payments and royalties under the agreement will be recognized into revenue at a point in time, when a milestone is achieved or the subsequent sales by Novartis occur. Option and equity rights agreement with Novartis for ensovibep On October 28, 2020, the Group announced entering into an Option and equity rights agreement with Novartis. Novartis has been granted an exclusive option to in-license global rights of MP0420 and MP0423 – multi-targeted direct-acting antiviral therapeutic candidates demonstrating potential efficacy against COVID-19. Under the agreement, during the option period, Molecular Partners will conduct Phase 1 clinical trials for MP0420 and, if agreed between the parties, perform all remaining preclinical work for MP0423 and conduct the MP0423 phase 1 trial for which two milestone payments of CHF 2.5 million each will be due in case of initiation and completion. Novartis will conduct Phase 2/3 clinical trials, with Molecular Partners initially acting as legal sponsor of these trials. The contract foresees the sharing of knowledge of the results of phase 1 and phase 2 activities with Novartis, though these do not result in a transfer of a license until the exercise of the option for an exclusive license. Upon exercise of such option, Novartis would be responsible for all further development and commercialization activities. During the clinical development stage, Molecular Partners will provide clinical supply. Under the terms of the agreement, the Group has received in 2020 an upfront, non-refundable fee of CHF 20 million for the tech transfer and manufacturing of MP0420. The Group is also eligible to receive a payment of CHF 150 million, upon Novartis exercising the option for exclusive license to the therapeutic candidates, in addition to a 22% royalty on future commercial sales. Molecular Partners has agreed to forgo royalties in lower income countries, and is aligned with Novartis’ plans to ensure affordability based on countries’ needs and capabilities. In January 2022, the Group was informed by Novartis that they would exercise the described option (please see note 26 for further detail). Molecular Partners is required to spend up to the full amount of the non-refundable fee of CHF 20 million for the commercial supply of MP0420, which is to be manufactured by Sandoz, a division of the Novartis Group. The full amount of the upfront fee is therefore allocated to the performance obligation for the tech transfer and manufacturing in relation to the required commercial supply of MP0420. Given the urgency of finding a therapeutic solution for COVID-19, such production is already on-going, and anticipated to occur in parallel to Phase 1 and Phase 2/3 activities. The commercial supply manufacturing with Sandoz will provide Molecular Partners a supply of the drug candidate MP0420, which will be able to be commercialized only upon receiving regulatory approval. With the exercise of the option by Novartis in 2022 such supply will be purchased by Novartis by reference to the costs incurred by the Group (please see note 26). As Molecular Partners’ performance obligation in relation to the tech transfer and manufacturing is highly inter-dependent with the actual manufacturing of the drug candidate MP0420 by the Novartis Group, the amount paid by Molecular Partners to the Novartis Group for the manufacturing and purchase of materials for the drug product is considered to be consideration payable to a customer. The related manufacturing costs paid to the Novartis Group are therefore offset against the non-refundable upfront fee (see note 15). The Group determined using an over time cost-based method to measure its progress in relation to the related tech transfer and manufacturing activity performed by third parties, most faithfully depicts the progress of the Group to satisfy the performance obligation. Reservation agreement with the Swiss Federal Office of Public Health / Bundesamt für Gesundheit ("FOPH") On August 11, 2020, the Group announced the reservation by the FOPH of a defined number of initial doses of the Group's anti-COVID-19 candidate, MP0420. Under the terms of the agreement, the Group received a reservation fee of CHF 7.0 million which resulted in a current contract liability of CHF 7.0 million, as presented in the consolidated statement of financial position for all years presented. The agreement consists of two reservation rights: the first being FOPH's reservation of the first 200,000 doses produced; and the second being FOPH's reservation of 5% of the additional planned total production, up to 3,000,000 doses, if such production is undertaken by the Group. In case a final product will become available, the initial 200,000 doses and any additional doses are to be subject to a separate sales contract to be agreed amongst the parties. Certain pricing provisions have been pre-negotiated, but remain subject to final therapeutic dose and whilst there is preferential pricing for the initial doses, which results in a performance obligation, the pricing for any further doses is expected to be at market prices and therefore not considered to result in a separate performance obligation. During 2020, the Group has met the contractually agreed milestone specified in the contract, meaning that the reservation fee received from the FOPH is no longer refundable. In December 2021, the Group and the FOPH extended by amendment the reservation agreement by 6 months and agreed to reduce the reservation of 5% of the additional planned total production previously capped at 3,000,000 doses to a maximum of 1,300,000 doses. The amendment also allowed the agreement to be assigned to Novartis upon their exercise of the option under the Option and equity rights agreement. With the exercise of the option by Novartis in January 2022 and the subsequent assignment of the agreement to Novartis, the Group expects to recognize the CHF 7.0 million of contract liability into revenue in 2022 (please see note 26). License and collaboration agreement with Amgen In December 2018, the Group entered into a License and collaboration agreement with Amgen for the clinical development and commercialization of MP0310 / AMG 506. Under the terms of the agreement, the Group granted to Amgen an exclusive worldwide, royalty-bearing, sublicensable license under the Group’s patents and know-how relating to MP0310 / AMG 506 to develop and commercialize MP0310 / AMG 506. The parties will jointly evaluate MP0310 / AMG 506 in combination with Amgen`s oncology pipeline products, including its investigational BiTE® (bispecific T-cell engager) molecules. Under the collaboration, Molecular Partners retains certain rights to develop and commercialize its proprietary DARPin pipeline products in combination with MP0310 / AMG 506. Under the agreement the Group received a non-refundable upfront payment of USD 50 million. The Group has the lead on performing certain clinical development, manufacturing and regulatory activities in the first clinical phase and the Group assigned the full USD 50 million upfront as the transaction price to this performance obligation, based on the Group's development plan and the contractual agreement. The Group has considered if the contract contains a significant financing component and has concluded this was not the case. The Group is recognizing the related revenue using the cost-based method to measure it progress by reference to actual costs incurred in relation to the Group's best estimate of total expected costs to satisfy the performance obligation. This cost-based method is subject to the assessment of the management of the Group. The Group determined using an over-time cost-based method to measure its progress most faithfully depicts the inputs it will take the Group to satisfy the performance obligation. Please see also note 15 for the amount that has not yet been recognized as revenue. In addition the Group is eligible to receive up to USD 497 million in development, regulatory and commercial milestone payments, as well as double-digit, tiered royalties up to the high teens. The Group considers these various milestones to be variable consideration as they are contingent upon achieving uncertain, future development stages and net sales. For this reason the Group considers the achievement of the various milestones as binary events that will be recognized into revenue upon occurrence. Furthermore, the parties will share the clinical development costs in defined percentages for the first three indications subject to certain conditions. For all additional clinical trials, Amgen is responsible for all development costs. Abicipar agreement with Allergan, an AbbVie company In May 2011, the Group entered into a license and collaboration agreement with Allergan. Under the agreement, the Group granted Allergan an exclusive, worldwide, royalty-bearing, sublicensable license under our patents and know-how relating to abicipar and other backup compounds to make, use, sell, offer for sale, and import products containing abicipar and its corresponding backups for ophthalmic indications. Allergan was responsible, at its expense, for developing and commercializing abicipar, and had to use commercially reasonable efforts to develop, seek regulatory approval for, and commercialize abicipar in certain key countries, including the United States, several major European markets and Japan. Allergan, an AbbVie Company following the acquisition by AbbVie, announced in June 2020 that the U.S. Food and Drug Administration issued a Complete Response Letter to the Biologics License Application for abicipar. In August 2021, AbbVie terminated the license and collaboration agreement for abicipar. As a result, the Group regained the development and commercial rights of abicipar on a worldwide basis. The Group is in the process of evaluating the program and will determine its next steps. Discovery alliance agreement with Allergan, an AbbVie company In August 2012, the Group entered into an exclusive Discovery alliance agreement under which the parties will collaborate to design and develop DARPin products against selected targets that are implicated in causing diseases of the eye. The Group is eligible to receive success-based payments in development, regulatory and sales milestones, and tiered royalties ranging from a mid-single digit to low double digit percentage for future product sales by Abbvie. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | Property, plant and equipment in CHF thousands Lab equipment Office equipment IT hardware Right-of-use assets Leasehold improvements Total 2021 Cost At January 1, 2021 8,337 660 1,119 9,616 317 20,049 Additions 438 51 154 — 290 933 Disposals (22) (74) (96) At December 31, 2021 8,754 711 1,199 9,616 607 20,887 Accumulated depreciation At January 1, 2021 (6,602) (617) (757) (2,414) (273) (10,662) Depreciation charge for the year (583) (36) (329) (1,200) (25) (2,174) Disposals 22 — 74 — — 96 At December 31, 2021 (7,164) (653) (1,012) (3,614) (298) (12,741) Carrying amount at December 31, 2021 1,590 59 186 6,002 309 8,146 The right-of-use assets relate to the facilities the Group is leasing in Schlieren, Switzerland. The additions to the right-of-use assets during 2020 were TCHF 5,984 and related to the remeasurement of the lease liability following the exercise by the Group of an option for the extension of the lease by 5 years (until December 31, 2026) with a new earliest contractual termination date for both the lessor and the Group on the major real estate lease of December 31, 2025. Disposals under the right-of-use assets related to the return of certain assets to the lessor. Please also see note 22. in CHF thousands Lab equipment Office equipment IT hardware Right-of-use assets Leasehold improvements Total 2020 Cost At January 1, 2020 7,456 639 929 3,782 317 13,123 Additions 881 21 549 5,984 — 7,435 Disposals — — (359) (150) — (509) At December 31, 2020 8,337 660 1,119 9,616 317 20,049 Accumulated depreciation At January 1, 2020 (5,963) (579) (856) (1,247) (236) (8,881) Depreciation charge for the year (639) (38) (260) (1,256) (37) (2,230) Disposals — — 359 90 — 449 At December 31, 2020 (6,602) (617) (757) (2,414) (273) (10,662) Carrying amount at December 31, 2020 1,735 43 362 7,203 44 9,387 |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets other than goodwill [abstract] | |
Intangible assets | Intangible assets in CHF thousands IT software 2021 Cost At January 1, 2021 1,530 Additions 374 Disposals At December 31, 2021 1,904 Accumulated amortization At January 1, 2021 (1,183) Amortization charge for the year (391) Disposals — At December 31, 2021 (1,574) Carrying amount at December 31, 2021 331 in CHF thousands IT software 2020 Cost At January 1, 2020 1,471 Additions 232 Disposals (173) At December 31, 2020 1,530 Accumulated amortization At January 1, 2020 (699) Amortization charge for the year (657) Disposals 173 At December 31, 2020 (1,183) Carrying amount at December 31, 2020 347 |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Financial instruments | Financial instruments in CHF thousands Financial assets at amortized costs 2021 Cash and cash equivalents 71,813 Trade receivables 23,710 Accrued income 76 Short-term time deposits 61,000 Balance at December 31 156,599 2020 Cash and cash equivalents 133,721 Trade receivables 159 Accrued income 2 Short-term time deposits 40,000 Balance at December 31 173,882 The above mentioned amounts were neither past due nor impaired at the end of the respective reporting period and were of highly rated quality. Please also see note 25. in CHF thousands Financial liabilities at amortized cost 2021 Trade payables 4,862 Accrued project costs and royalties 3,410 Lease liabilities 6,039 Other non-employee related accrued expenses 537 Balance at December 31 14,848 2020 Trade payables 2,800 Accrued project costs and royalties 1,972 Lease liabilities 7,218 Other non-employee related accrued expenses 775 Balance at December 31 12,765 The carrying amount of financial assets and financial liabilities not measured at fair value (except for lease liabilities) is a reasonable approximation of fair value. |
Prepaid expenses and accrued in
Prepaid expenses and accrued income | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Prepaid expenses and accrued income | Prepaid expenses and accrued income in CHF thousands 2021 2020 Prepayments 5,652 1,252 Accrued income 76 2 Balance at December 31 5,728 1,254 |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables | Trade and other receivables in CHF thousands 2021 2020 Trade receivables 23,710 159 Value added tax 1,770 1,376 Withholding tax 24 199 Other receivables 146 1,103 Balance at December 31 25,650 2,837 Trade receivables are denominated in the following currencies: in CHF thousands 2021 2020 CHF 958 159 EUR 3,127 — USD 19,625 — Balance at December 31 23,710 159 The increase in trade receivables for 2021 mainly relates to the License and collaboration agreement with Novartis entered into in December 2021. In accordance with the contractual provisions under this agreement, an amount of TCHF 18,584 (or in thousands of US Dollar "TUSD", TUSD 20,000) has been invoiced to Novartis and presented as trade receivables with a corresponding increase in contract liabilities (see notes 15 and 5). |
Cash, cash equivalents and shor
Cash, cash equivalents and short-term time deposits | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash, cash equivalents and short-term time deposits | Cash, cash equivalents and short-term time deposits in CHF thousands 2021 2020 Cash at bank in CHF 44,621 96,576 Cash at bank in EUR 20,313 6,365 Cash at bank in USD 5,821 29,776 Cash at bank in GBP 1,058 1,004 Total cash at bank at December 31 71,813 133,721 Short-term time deposits in CHF 20,000 40,000 Short-term time deposits in USD 41,000 — Total short-term deposits at December 31 61,000 40,000 The short-term time deposits in CHF at December 31, 2021 contain one position with one major Swiss bank and the short-term time deposits denominated in USD contain three positions with two major Swiss banks. The short-term time deposits in CHF at December 31, 2020 contain three positions with two major Swiss banks. Please also refer to note 25. |
Shareholders_ equity
Shareholders’ equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [abstract] | |
Shareholders’ equity | Shareholders’ equity On June 15, 2021 the Company announced the pricing of its initial public offering in the United States of 3,000,000 ADSs at a public offering price of USD 21.25 per ADS, for total gross proceeds of approximately USD 63.8 million. Each ADS represents one Molecular Partners ordinary share. Trading in the Company's ADSs on the Nasdaq Global Select Market takes place under the ticker symbol “MOLN' and started on June 16, 2021. The Company’s shares are listed on the SIX Swiss Exchange (Ticker: MOLN) since November 5, 2014. Presented under the caption of additional paid-in capital on the statement of financial position, the Group accounted for a deduction of TCHF 7,303 for transaction costs. This deduction represents the costs that were incremental and directly attributable to the issuance of the new shares in 2021. The Group invested part of the net proceeds from the capital increase into short-term time deposits and the remaining part into cash and cash equivalents. Classes of share capital Ordinary share capital On December 31, 2021, the Company’s issued share capital amounted to CHF 3,229,265 divided into 32,292,648 fully paid registered shares with a par value of CHF 0.10 each. As of December 31, 2020, the Company’s issued share capital consisted of 29,146,992 fully paid registered shares with a par value of CHF 0.10 each. As of December 31, 2019, the Company’s issued share capital consisted of 21,601,192 fully paid registered shares with a par value of CHF 0.10 each. Ordinary shares are entitled to one vote per share and rank equally with regards to the Company's residual assets and dividends (if any should be declared in the future). The Company’s share capital registered with the Swiss Commercial Register on December 31, 2021 amounted to CHF 3,214,699 divided into 32,146,992 fully paid up registered shares with a par value of CHF 0.10 per share. A total of 3,145,656 new registered shares were issued in 2021 as a result of the placement of new shares following the initial public offering in the United States in June 2021 plus the option exercises and the vesting of Performance Share Units ("PSU") and Restricted Share Units ("RSU"), from the RSU plan 2018 and the PSU plans 2018 and 2017. The corresponding capital increases were registered with the commercial register in two steps on June 18, 2021 for the transactions in June and on February 16, 2022 for the option exercises and the vesting of the RSU plan 2018 and the PSU plans 2018 and 2017. A total of 7,545,800 new registered shares were issued in 2020 as a result of the placement of new shares following the capital raise in July 2020 and the Novartis agreement in October 2020 plus the option exercises and the vesting of Performance Share Units ("PSU") and Restricted Share Units (RSU), from the PSU and RSU plans 2017. As part of the October 2020 agreement (see note 5) Novartis acquired CHF 40 million worth of ordinary shares, at a price of CHF 23 per share. Novartis holds approximately 5.4% of the outstanding shares of the Company as of December 31, 2021. Authorized share capital The Board of Directors is authorized to increase the share capital at any time until April 21, 2023 by a maximum amount of CHF 428,675 by issuing a maximum of 4,286,750 fully paid up shares with a par value of CHF 0.10 each. An increase of the share capital in partial amounts is permissible. During 2021, the share capital was increased out of authorized share capital for the initial public offering in the United States completed in June 2021. As a result, the available authorized share capital was reduced by CHF 300,000 from CHF 728,675 to CHF 428,675. The Board of Directors is authorized to determine the issue price, type of payment, time of the issuance, conditions for the exercise of the preemptive rights and the date from which the shares carry the right to dividends. The Board of Directors can issue new shares by means of an underwriting arrangement by a bank or another third party with a subsequent offer of these shares to the existing shareholders or third parties (if the preemptive rights of the existing shareholders have been denied or not been duly exercised). The Board of Directors is authorized to permit, to restrict or to deny the trade of preemptive rights. The Board of Directors may permit preemptive rights that have been granted but not exercised to expire or it may place these rights respectively the shares as to which preemptive rights have been granted but not exercised, at market conditions or use them for other purposes in the interest of the Group. The Board of Directors is further authorized to restrict or deny the preemptive rights of shareholders and to allocate them to third parties: (a) for the acquisition of companies, parts of companies or participations, for the acquisition of products, intellectual property or licenses, for investment projects or for the financing or refinancing of such transactions through a placement of shares, (b) for the purpose of broadening the shareholder constituency or in connection with a listing of shares on domestic or foreign stock exchanges, (c) if the issue price of the new shares is determined by reference to the market price, (d) for purposes of granting an over-allotment option (Greenshoe) of up to 20% of the total number of shares in a placement or sale of shares to the respective initial purchasers or underwriters, (e) following a shareholder or a group of shareholders acting in concert having accumulated shareholdings in excess of 15% of the share capital registered with the commercial register of the Canton of Zurich, without having submitted to the other shareholders a take-over offer recommended by the Board of Directors, or (f) for the defense of an actual, threatened or potential takeover bid, in relation to which the Board of Directors has not recommended to the shareholders acceptance on the basis that the Board of Directors has not found the takeover bid to be financially fair to the shareholders. Conditional share capital As of December 31, 2021 the Company’s share capital was allowed to be increased by an amount not to exceed CHF 161,502 through the issuance of up to 1,615,021 fully paid up shares with a par value of CHF 0.10 per share through the direct or indirect issuance of shares, options or preemptive rights granted to employees, members of the Board of Directors or members of any advisory boards. During 2021, the share capital was increased out of this conditional capital for employee participation (Article 3b of the Articles of Association). As a result, the available conditional capital for employee participation was reduced by CHF 14,566 from CHF 176,068 to CHF 161,502. In addition, the share capital may be increased by an amount not to exceed CHF 226,087 through the issuance of up to 2,260,870 fully paid up shares with a par value of CHF 0.10 per share through the exercise or mandatory exercise of conversion, exchange, option, warrant or similar rights for the subscription of shares granted to shareholders or third parties alone or in connection with bonds, notes, options, warrants or other securities or contractual obligations by or of the Company. During 2021, this conditional capital for financing transactions and other purposes (Article 3c of the Articles of Association) remained unchanged. In 2021, the cash proceeds from the exercise of share options and the vesting of performance share units (“PSUs”) and Restricted Share Units ("RSU"), amounted to CHF 269,552 and all was completed from the issuance of new shares (conditional share capital). In 2020, the cash proceeds from the exercise of share options and the vesting of performance share units (“PSUs”) and Restricted Share Units ("RSU"), amounted to CHF 848,340 and all was completed from the issuance of new shares (conditional share capital). |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other payables | Trade and other payables in CHF thousands 2021 2020 Trade payables 4,862 2,800 Social security 1,672 1,715 Value added tax 855 1,310 Balance at December 31 7,389 5,825 Trade payables are denominated in the following currencies: in CHF thousands 2021 2020 CHF 1,464 556 EUR 3,250 2,043 USD 118 17 GBP 29 184 Balance at December 31 4,862 2,800 |
Accrued expenses
Accrued expenses | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accrued expenses | Accrued expenses in CHF thousands 2021 2020 Accrued project costs and royalties 3,410 1,972 Accrued payroll and bonuses 6,002 4,967 Other 563 779 Balance at December 31 9,975 7,718 |
Contract liability
Contract liability | 12 Months Ended |
Dec. 31, 2021 | |
Contract liabilities [abstract] | |
Contract liability | Contract liability The Group expects the contract liability to be recognized as revenue or, in case of consideration payable to a customer, reduction of costs, as follows: in CHF thousands Contract liability Expected revenue recognition in year one after balance sheet date 28,312 Expected revenue recognition in year two after balance sheet date 5,798 Expected revenue recognition in year three after balance sheet date 1,127 Expected revenue recognition in year four after balance sheet date — Expected revenue recognition in year five and later after balance sheet date — Balance at December 31, 2021 35,237 in CHF thousands Contract liability Expected revenue recognition / cost reduction in year one after balance sheet date 42,948 Expected revenue recognition in year two after balance sheet date 2,939 Expected revenue recognition in year three after balance sheet date — Expected revenue recognition in year four after balance sheet date — Expected revenue recognition in year five and later after balance sheet date — Balance at December 31, 2020 45,887 The table below presents the movement on the contract liability: Contract liability at January 1, Additions Recognized as revenue Offset of costs Contract liability at December 31, in CHF thousands 2021 2021 Amgen 18,983 — (9,330) — 9,653 Novartis 19,904 18,584 — (19,904) 18,584 FOPH 7,000 — — — 7,000 Balance at December 31, 2021 45,887 18,584 (9,330) (19,904) 35,237 Contract liability at January 1, Additions Recognized as revenue Offset of costs Contract liability at December 31, in CHF thousands 2020 2020 Amgen 28,327 — (9,344) — 18,983 Novartis — 20,000 — (96) 19,904 FOPH — 7,000 — — 7,000 Balance at December 31, 2020 28,327 27,000 (9,344) (96) 45,887 Under the Option and equity rights agreement entered into in October 2020, during the year ended December 31, 2021, an amount of TCHF 19,904 has been released to offset a corresponding amount of costs paid to the Novartis Group for the manufacturing of the drug product to establish the commercial supply of MP0420 (2020: TCHF 96) (see note 5). The License and collaboration agreement with Novartis entered into in December 2021 resulted in a contract liability of TCHF 18,584 (TUSD 20,000) with a corresponding increase in trade receivables (see notes 5 and 10). in CHF thousands Current Non-current Contract liability Amgen 9,653 — 9,653 Novartis 11,659 6,925 18,584 FOPH 7,000 — 7,000 Balance at December 31, 2021 28,312 6,925 35,237 in CHF thousands Current Non-current Contract liability Amgen 16,044 2,939 18,983 Novartis 19,904 — 19,904 FOPH 7,000 — 7,000 Balance at December 31, 2020 42,948 2,939 45,887 |
Additional information on the n
Additional information on the nature of expenses | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Additional information on the nature of expenses | Additional information on the nature of expenses Research and development expenses in CHF thousands 2021 2020 2019 Research consumables and external research and development expenses (26,342) (26,599) (20,314) Personnel expenses (1), see also note 18 (25,647) (25,251) (19,722) Depreciation and amortization (2,016) (2,319) (2,088) Intellectual property (636) (492) (568) Facility expenses (758) (683) (565) Other research and development expenses (259) (169) (191) Royalties and license fees, see also note 17 (60) (562) (50) Total year ended December 31 (55,718) (56,075) (43,498) Selling, general and administrative expenses in CHF thousands 2021 2020 2019 Personnel expenses (2), see also note 18 (10,604) (8,383) (7,870) Other administrative expenses (6,242) (2,587) (5,231) Depreciation and amortization (549) (568) (381) Facility expenses (60) (57) (63) Total year ended December 31 (17,454) (11,595) (13,545) Total operating expenses (73,172) (67,670) (57,043) (1) Research and development non-cash effective pension and share-based compensation costs were TCHF 3,045 in 2021, TCHF 2,612 in 2020 and TCHF 1,549 in 2019. (2) Selling, general and administrative non-cash effective pension and share based compensation costs were TCHF 2,113 in 2021, TCHF 1,573 in 2020 and TCHF 1,351 in 2019. |
Royalties and license fees
Royalties and license fees | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Royalties and license fees | Royalties and license fees Until October 2021, the Group held an exclusive perpetual license from the University of Zurich on patent applications and patents relating to the DARPin base technology. The Group terminated the applicable license agreement with effect as of October 2021 as the main patent under this agreement expired in September 2021. Under this license agreement, the Group was required to pay the University of Zurich flat royalties of a low single digit percentage on net sales of licensed products, which vary based on the field in which the licensed product is commercialized. In addition, the Group was obligated to pay the University of Zurich a percentage of license fee revenues it receives from sublicensing its rights to third parties in five tiers, ranging from the low single digits to the low teens, depending on the total amount of payments received for the particular sublicense granted. Finally, the Group was also obligated to pay the University of Zurich a percentage of the royalty payments it receives from sublicensees in three tiers based on their net sales of licensed products and the applicable field in which the licensed product is sold, ranging from the low single digits to the mid teens. The minimum amount the Group was required to pay is CHF 60,000 per annum (including CHF 10,000 for another separate license). For the years 2021, 2020 and 2019 the minimum amounts of CHF 50,000 were payable. Royalties to the University of Zurich were due annually based on a full calendar year and payable until the end of February in the following calendar year. In May 2020, the Group entered into a Research collaboration agreement with the University of Utrecht regarding the development of the Group's COVID-19 program. Under this agreement, the Group paid a fee of CHF 250,000 to the University of Utrecht in December 2020. An additional fee of CHF 250,000 is accrued as per December 2021 |
Personnel expenses
Personnel expenses | 12 Months Ended |
Dec. 31, 2021 | |
Personnel Expenses [Abstract] | |
Personnel expenses | Personnel expenses in CHF thousands 2021 2020 2019 Salaries (25,909) (23,525) (18,868) Share-based compensation (non-cash effective) (4,085) (2,932) (2,438) Pension costs (3,059) (3,080) (2,018) Social security costs (2,535) (2,393) (1,894) Other personnel expenses (663) (1,704) (2,374) Total year ended December 31 (36,251) (33,634) (27,592) Full-time equivalents and head count 2021 2020 2019 Average number of full-time equivalents 158.3 142.5 127.1 Full-time equivalents at year end 163.2 145.4 135.2 Headcount at year end 177 159 147 18.1 Pension costs and liabilities in CHF thousands 2021 2020 Defined benefit pension plans Actuarial assumptions Discount rate at January 1 0.20% 0.20% Discount rate at December 31 (1) 0.40% 0.20% Future salary increases at December 31 2.00% 2.00% Mortality tables BVG2020 GT BVG2015 GT Date of last actuarial valuation 31.12.2021 31.12.2020 Reconciliation of the amount recognized in the statement of financial position Defined benefit obligation at December 31 54,461 54,512 Fair value of plan assets at December 31 47,979 41,089 Net defined benefit liability at December 31 (2) 6,483 13,423 Components of defined benefit cost in profit or loss Current service cost (employer) 3,097 3,033 Past service cost (94) — Interest expense on defined benefit obligation 114 103 Interest income on plan assets (86) (80) Administrative cost excl. cost for managing plan assets 27 24 Defined benefit cost recognized in profit or loss 3,059 3,080 thereof service cost and administrative cost 3,031 3,057 thereof net interest expense on the net defined benefit liability 28 23 Reconciliation of net defined benefit liability Net defined benefit liability at January 1 13,423 10,656 Defined benefit cost recognized in profit or loss (3) 3,059 3,080 Remeasurement of net pension liabilities (8,012) 1,514 Contributions by the employer (3) (1,987) (1,827) Net defined benefit liability at December 31 (2) 6,483 13,423 Reconciliation of defined benefit obligation Defined benefit obligation at January 1 54,512 48,455 Interest expenses on defined benefit obligation 114 103 Current service cost (employer) 3,097 3,033 Contributions by plan participants 1,246 1,138 Benefits (paid)/deposited 1,067 1,424 Past service cost (94) — Administrative cost (excl. cost for managing plan assets) 27 24 Actuarial (gain)/loss on defined benefit obligation (5,508) 335 Defined benefit obligation at December 31 54,461 54,512 Reconciliation of amount recognized in OCI Actuarial (gain) / loss on changes in financial assumptions (2,303) — Actuarial (gain) / loss on changes in demographic assumptions (2,432) — Actuarial (gain) / loss arising from experience adjustments (773) 335 Actuarial (gain)/loss on defined benefit obligation (5,508) 335 Return on plan assets excluding interest income (2,504) 1,179 Remeasurement of net pension liabilities (8,012) 1,514 Reconciliation of fair value of plan assets Fair value of plan assets at January 1 41,089 37,799 Interest income on plan assets 86 80 Contributions by the employer 1,987 1,827 Contributions by plan participants 1,246 1,138 Benefits (paid)/deposited 1,067 1,424 Return on plan assets excl. interest income 2,504 (1,179) Fair value of plan assets at December 31 47,979 41,089 Best estimate of contributions of next year Contributions by the employer 2,060 1,834 Plan asset classes Cash and cash equivalents 9,581 8,118 Equity instruments 20,246 16,791 Debt instruments (e.g. bonds) 6,130 5,671 Real estate funds 1,612 1,075 Others 1,547 1,483 Total plan assets at fair value (quoted market price) 39,116 33,138 Others 8,862 7,951 Total plan assets at fair value (non-quoted market price) 8,862 7,951 Total plan assets at fair value at December 31 47,979 41,089 thereof entity's own transferable financial instruments — — thereof property occupied or other assets used by the entity — — Sensitivity (4) Defined benefit obligation at December 31 with discount rate -0.25% 57,066 57,383 Defined benefit obligation at December 31 with discount rate +0.25% 52,054 51,871 Defined benefit obligation at December 31 with interest rate on retirement savings capital -0.25% 53,576 53,598 Defined benefit obligation at December 31 with interest rate on retirement savings capital +0.25% 55,373 55,454 Defined benefit obligation at December 31 with salary increases -0.25% 53,993 54,033 Defined benefit obligation at December 31 with salary increases +0.25% 54,947 54,999 Defined benefit obligation at December 31 with life expectancy +1 year 55,283 55,417 Defined benefit obligation at December 31 with life expectancy -1 year 53,569 53,611 Maturity profile of defined benefit obligation Weighted average duration of defined obligation in years at December 31 18.5 20.2 Weighted average duration of defined obligation in years at December 31 for active members 18.3 20.2 Weighted average duration of defined obligation in years at December 31 for pensioners 19.6 20.3 (1) Discount rates are based on industry benchmarks related to benefits with a 20 year duration (2) In liabilities for employee benefits, as presented in the consolidated statement of financial position included are also TCHF 257 (2020: TCHF 255; 2019: TCHF 240) for accrued sabbatical cost. (3) The sum of these two positions represent the non-cash effective pension costs recognized in the profit and loss section of the consolidated statement of comprehensive loss of which TCHF 837 are research and development costs (2020: TCHF 1,039; 2019: TCHF 358) and TCHF 235 are selling, general and administrative costs (2020: TCHF 214; 2019: TCHF 104). (4) For the most important parameters which influence the pension obligation of the Company a sensitivity analysis was performed. The discount rate and the assumption for salary increases were modified by a certain percentage value. Sensitivity on mortality was calculated by changing the mortality with a constant factor for all age groups. With this procedure we could change the longevity for most of the age categories by one year longer or shorter than the baseline value. The table below presents the amounts that are reflected in the statement of comprehensive loss for the periods indicated: in CHF thousands 2021 2020 2019 Components of defined benefit cost in profit or loss Current service cost (employer) 3,097 3,033 2,053 Past service cost (94) — (105) Interest expense on defined benefit obligation 114 103 356 Interest income on plan assets (86) (80) (304) Administrative cost excl. cost for managing plan assets 27 24 18 Defined benefit cost recognized in profit or loss 3,059 3,080 2,018 thereof service cost and administrative cost 3,031 3,057 1,966 thereof net interest expense on the net defined benefit liability 28 23 52 Reconciliation of amount recognized in OCI Actuarial (gain) / loss on changes in financial assumptions (2,303) — 4,774 Actuarial (gain) / loss on changes in demographic assumptions (2,432) — — Actuarial (gain) / loss arising from experience adjustments (773) 335 963 Actuarial (gain)/loss on defined benefit obligation (5,508) 335 5,737 Return on plan assets excluding interest income (2,504) 1,179 (1,026) Remeasurement of net pension liabilities (8,012) 1,514 4,711 Best estimate of contributions of next year Contributions by the employer 2,060 1,834 1,724 18.2 Share-based compensation 18.2.1 Employee Share Option Plans (“ESOP”) 1. ESOP 2009 established in December 2009 2. ESOP 2014 established in July 2014 An ESOP is an incentive tool that fosters the entrepreneurial spirit and performance by way of financial participation in the Group’s long term success. It gives employees, members of the Board of Directors and selected advisors a beneficial opportunity to purchase shares of the Company. Each option entitles its holder to purchase one share of the Company at a pre-defined exercise price. The number of options granted to each participant was determined by the Board of Directors based on a participant’s position and level of responsibility. The options generally vest quarterly over four years, with vesting of 25% after one year. At the end of the option term, unexercised options expire without value. The expenses are recognized pro rata as per the graded vesting schedule starting generally from grant date until vesting date. As of December 31, 2021, an aggregate of 318,902 options were outstanding under the ESOP 2009 and ESOP 2014. All these options are fully vested at the reporting date. As of December 31, 2020, an aggregate of 382,059 options were outstanding under the ESOP 2009 and ESOP 2014. Since the initial public offering of the Company on the SIX Swiss Exchange on November 5, 2014, no further option grants have been made under any of these two share option plans. 18.2.2 Long Term Incentive (“LTI”) Plans: Restricted Share Units ("RSU'') and Performance Share Units ("PSU") • LTI plans 2017 established in March 2017 • LTI plans 2018 established in March 2018 • LTI plans 2019 established in March 2019 • LTI plans 2020 established in March 2020 • LTI plans 2021 established in March 2021 Under the LTI plans, members of the Board of Directors are eligible to be granted RSUs, whereas members of the Management Board and other employees are eligible to be granted PSUs. RSUs are contingent rights to receive a certain number of shares of the Company at the end of a three one PSUs are contingent rights to receive a variable number of shares of the Company. PSUs granted under the PSU Plan 2021 for employees (except for members of the Management Board) will vest in three tranches of one third each. The first tranche of the PSUs shall vest on the first anniversary of the grant date, the second tranche on the second anniversary of the grant date and the third tranche on the third anniversary of the grant date. Under the PSU Plan 2021 for the members of the Management Board, the vesting schedule is at the end of a three three The number of PSUs per plan participant is a function of the approved CHF amount per position divided by the fair value of each PSU as of the grant date. While the PSUs are designed to let the beneficiaries participate in the long-term share price development, the number of shares to be earned in relation to a PSU also depends on the achievement of pre-defined corporate goals for the respective year. Accordingly, the number of shares to be issued based on the PSUs can be between zero and 120% of the number of PSUs granted. Even after the determination of goal achievement, participants may lose their entitlements in full or in part depending on certain conditions relating to their employment. In certain circumstances, including a change of control, a full or partial accelerated vesting of the PSUs may occur. The LTI plans are issued annually, which allows the Board of Directors to review the terms and determine the targets on an annual basis. Employees generally receive the grants on April 1 of each calendar year, or for new employees on the first day of the calendar quarter after the start of their employment. Members of the Management Board and the Board of Directors receive the annual grants after the approval of the ordinary shareholders’ meeting. As of December 31, 2021,547,485 PSUs and 95,635 RSUs were outstanding. As of December 31, 2020, 445,198 PSUs and 87,906 RSUs were outstanding. 18.2.3 Conditions attached to and measurement of fair values of equity-settled share-based payment arrangements The following table provides the conditions as well as the inputs used in the measurement of the fair values at grant dates: RSU/PSU, conditions and assumptions 2021 2020 Nature of arrangement Grant of PSU/RSU Grant of PSU/RSU Grant date RSU April 21, 2021 April 29, 2020 Grant dates PSU Jan 1 - Oct 1 Jan 1 - Oct 1 Number of RSU granted 29,519 33,467 Number of PSU granted 230,536 267,657 Weighted average exercise price (CHF) 0.10 0.10 Share price (CHF) 17.90 - 23.25 14.50 - 21.50 Full contractual life for RSU (years) 3.00 3.00 Full contractual life for PSU (years) 2.25 - 3.00 2.25 - 3.00 Vesting period for RSU (years) 1.00 1.00 Vesting period for PSU (years), Management Board 2.25 - 3.00 n.a. Vesting period for PSU (years), employees excluding Management Board 2.25 - 3.00 (pro-rata annual vesting) n.a. Vesting period for PSU (years), all awards n.a. 2.25 - 3.00 Settlement Common Shares Common Shares Expected volatility on Common shares 58.57 - 61.69 42.73 - 56.26 Risk-free interest rate p. a. (%) / CHF LIBOR / Common shares (0.58) - (0.61) (0.42) - (0.60) Expected volatility on NBI 26.21 - 27.01 21.20 - 25.70 Risk-free interest rate p. a. (%) / USD LIBOR / NBI 0.24 - 0.34 0.36 - 2.00 Expected volatility on SPI 15.96 - 16.15 11.19 - 15.79 Risk-free interest rate p. a. (%) / CHF LIBOR / SPI (0.58) - (0.61) (0.42) - (0.60) Expected dividend (CHF) — — Weighted average fair value of rights granted (CHF) 24.56 20.18 Latest expiry date Sep 30, 2024 Sep 30, 2023 Valuation model Monte Carlo Monte Carlo Additional comments: • Expected volatility: Historical share prices of the Company have been used. • The indices, Nasdaq Biotechnology Index ('NBI") and Swiss performance Index ("SPI") are used as inputs in determining the fair values for the 2020 and 2021 PSU Plans The movements in the number of all issued RSUs, PSUs and share options are as follows: Share option / PSU / RSU movements Total (numbers) Weighted average exercise price (CHF) Options (numbers) Weighted average exercise price (CHF) PSU/RSU (numbers) Weighted average exercise price (CHF) Balance outstanding at December 31, 2019 1,005,255 3.32 560,250 5.87 445,005 0.10 Granted 301,124 0.10 — — 301,124 0.10 (Performance adjustment) (1) (27,956) 0.10 — — (27,956) 0.10 (Forfeited) (2) (84,679) 0.10 — — (84,679) 0.10 (Expired) — — — — — — (Exercised) (3) (278,581) 3.05 (178,191) 4.70 (100,390) 0.10 Balance outstanding at December 31, 2020 915,163 2.74 382,059 6.42 533,104 0.10 Granted 260,055 0.10 — — 260,055 0.10 (Performance adjustment) (1) (1,022) 0.10 — — (1,022) 0.10 (Forfeited) (2) (66,518) 0.10 — — (66,518) 0.10 (Expired) — — — — — — (Exercised) (3) (145,656) 1.85 (63,157) 4.14 (82,499) 0.10 Balance outstanding at December 31, 2021 962,022 2.35 318,902 6.87 643,120 0.10 (1) Performance adjustments indicate forfeitures due to non-market performance conditions not achieved (2) Forfeited due to service conditions not fulfilled (3) The weighted average share prices at the dates of exercising during the year ended 2021 amounted to CHF 19.87 (2020: CHF 19.73) The following table applies to all share options, PSUs and RSUs outstanding at December 31, 2021: Exercise price Options / Remaining life Thereof exercisable options Options 2.31 1,160 0.7 1,160 6.05 2,815 1.0 2,815 6.06 15,450 2.4 15,450 6.94 299,477 2.7 299,477 PSU/RSU 0.10 643,120 1.2 Total 962,022 318,902 The following table applies to all share options, PSUs and RSUs outstanding at December 31, 2020: Exercise price Options / Remaining life Thereof exercisable options Options 2.31 38,917 0.6 38,917 6.05 2,815 2.0 2,815 6.06 17,942 3.3 17,942 6.94 322,385 3.7 322,385 PSU/RSU 0.10 533,104 1.6 — Total 915,163 382,059 The non-cash costs for share-based payments recognized in the statement of comprehensive loss can be attributed to the Group’s two functions as follows: in CHF thousands 2021 2020 2019 Research and development 2,208 1,573 1,192 Selling, general and administrative 1,877 1,359 1,246 Total year ended December 31 4,085 2,932 2,438 |
Financial income and financial
Financial income and financial expense | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Financial income and financial expense | Financial income and financial expense Financial income in CHF thousands 2021 2020 2019 Interest income on financial assets held at amortized costs 99 367 1,599 Net foreign exchange gain 92 — — Total year ended December 31 191 367 1,599 Financial expense in CHF thousands 2021 2020 2019 Net foreign exchange loss — (4,512) (1,110) Negative interest on financial assets held at amortized costs (495) (271) (64) Interest expense on leases (53) (24) (27) Other financial expenses (8) (9) (9) Total year ended December 31 (556) (4,816) (1,210) |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes And Deferred Taxes [Abstract] | |
Taxes | Taxes Income taxes Molecular Partners AG did not have to pay or accrue any income taxes in the reporting periods. In 2021, 2020 and 2019, the Company generated a taxable loss in Switzerland which is part of the Company’s cumulative tax loss carry forward. Any future taxable income will be subject to Swiss federal, cantonal and communal income taxes. The Company’s applicable income tax rate for the year 2021 is 19.7% (2020 and 2019: 21%). Molecular Partners Inc., which is incorporated in the United States in the State of Delaware, is subject to statutory U.S. Federal corporate income taxes and state income taxes for New York, Massachusetts and California. For the year ended December 31, 2021, a current income tax expense of TCHF 2 (TUSD 2) was recognized by the Group's U.S. based subsidiary for estimated U.S. tax obligations of the subsidiary based on intra-Group activity (for the year ended December 31, 2020: tax credit of TCHF 11 (TUSD 13) and for the year ended December 31, 2019: tax expense of TCHF 17 (TUSD 17)). The tax expense amount comprises of the sum of the minimal taxes payable for federal taxes and for the various states in which Molecular Partners Inc. is liable for taxes. The applicable income tax rates are 21% federal tax plus 8.00% state tax (Massachusetts), 8.70% (New York) and 8.84% (California). Deferred taxes The Company's net operating losses for tax purposes amounted to TCHF 58,632 in 2021 and TCHF 58,631 in 2020 (TCHF 33,446 in 2019). The total tax losses of TCHF 212,218 may be used as tax loss carry forwards to offset future taxable income over a period of seven years, with the loss of TCHF 4,314 that expired in 2021. No deferred tax assets have been recognized for these tax loss carry forwards, because as of December 31, 2021, it was not considered probable that such loss carry forwards can be utilized in the foreseeable future ( please refer to note 26 for subsequent events). In addition, no deferred tax positions were recognized on other deductible temporary differences (e.g. pension liabilities under IAS 19 for a total of TCHF 6,483, see also note 18.1) due to the significant tax losses carried forwards. Given the facts above, as well as the Company incurred no significant tax expense in the reporting periods presented, a numerical rate reconciliation is not provided. The primary reconciling item is the effect of unrecognized deferred tax assets for tax losses and deductible temporary differences. The following table shows the expiry of tax loss carry forwards for the Company, for which no deferred tax asset was recognized: in CHF thousands 2021 2020 2021 — (4,314) 2022 — — 2023 (15,976) (15,976) 2024 (21,766) (21,766) 2025 (23,767) (23,767) 2026 (33,446) (33,446) 2027 (58,631) (58,631) 2028 (58,632) — Thereafter — — Total tax loss carry forwards as at December 31 (212,218) (157,900) |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Earnings per share | Earnings per share Basic net result per share is calculated by dividing the net result attributable to the shareholders of the Company by the weighted average number of shares issued and outstanding during the reporting period, excluding any shares held as treasury shares. Diluted net profit per share additionally takes into account the potential conversion of all dilutive potential ordinary shares. For the periods ended December 31, 2021, 2020 and 2019, there are no dilutive effects. 2021 2020 2019 Weighted average number of shares used in computing basic loss per share 31,005,171 25,000,652 21,413,375 At December 31, 2021, the number of shares that could potentially be dilutive in the future are 835,422. These shares are currently anti-dilutive (2020: 794,377, 2019: 814,855 ) . |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Lease liabilities [abstract] | |
Leases | Leases The Group leases office and laboratory facilities in Schlieren, Switzerland. These leases generally have terms between 2 and 10 years and contain extension or terminations options exercisable by the Group up to one year before the end of the non‑cancellable contract period. These terms are used to maximize operational flexibility in terms of managing contracts. The options to extend are held by the Company and the termination options are held both by the Company and the lessor. As of December 31, 2020, the Group exercised the option to extend the lease on its facilities in Schlieren by five years with a new lease term ending on December 31, 2026.The earliest contractual termination date for both the lessor and the Group on the major real estate lease is December 31, 2025. For information about the right-of use assets please also see note 6. Set out below are the carrying amounts of the lease liabilities and the movements during the period: in CHF thousands 2021 2020 as at January 1, 7,218 2,545 Additions / new leases — — Remeasurements (1) — 5,924 Recognition of interest on lease liabilities 53 24 Payments (1,232) (1,275) Balance as at December 31, 6,039 7,218 Current 1,189 1,179 Non-current 4,850 6,039 Balance as at December 31, 6,039 7,218 (1) The remeasurement consists of a net reduction of TCHF 60 (related to the return of number of parking spaces) and an increase of TCHF 5,984 related to the extension of the lease for another 5 years until December 31, 2026 The following are the expense amounts recognized in the consolidated statement of comprehensive loss. in CHF thousands 2021 2020 2019 Depreciation on right-of-use assets 1,200 1,256 1,247 Interest expense on lease liabilities 53 24 27 Short term leases — — 2 Total amount recognized in profit or loss 1,253 1,280 1,276 The total cash outflow for leases for the twelve months ending December 31, 2021 amounted to TCHF 1,232 (twelve months ending December 31, 2020 TCHF 1,275; twelve months ending December 31, 2019 TCHF 1,266). Contractual maturities of financial liabilities at December 31, 2021 in CHF thousands Less than 1 year Between 1 and 2 years Between 2 and 5 years More than 5 years Total contractual cashflows Carrying Amount lease liabilities Lease liabilities 1,232 1,232 3,696 — 6,160 6,039 Contractual maturities of financial liabilities at December 31, 2020 in CHF thousands Less than 1 year Between 1 and 2 years Between 2 and 5 years More than 5 years Total contractual cashflows Carrying Amount lease liabilities Lease liabilities 1,232 1,232 3,696 1,232 7,392 7,218 |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions [abstract] | |
Related party disclosures | Related party disclosures Compensation costs of key management, which includes executive management and the Board of Directors, are as follows: in CHF thousands 2021 2020 2019 Short-term employee benefits 2,423 2,408 2,392 Post-employment benefits 203 205 173 Share-based compensation 1,784 1,601 1,220 Total year ended December 31 4,410 4,214 3,785 |
Capital commitments
Capital commitments | 12 Months Ended |
Dec. 31, 2021 | |
Capital commitments [abstract] | |
Capital commitments | Capital commitmentsAs of December 31, 2021 and December 31, 2020, the Group did not have any capital commitments. |
Financial risk management_2
Financial risk management | 12 Months Ended |
Dec. 31, 2021 | |
Financial Risk Management [Abstract] | |
Financial risk management | Financial risk management Financial risk factors The Group is subject to risks common to companies in the biotechnology industry, including, but not limited to, uncertainties regarding the effectiveness and safety of new drugs, new and unproven technologies, development process and outcome of clinical trials, rigorous governmental regulation and uncertainty regarding regulatory approvals, long product development cycles, continuing capital requirements to fund research and development, history of operating losses and uncertainty of future profitability, uncertainty regarding commercial success and acceptance, third party reimbursements, uncertainties regarding patents and legally protected products or technologies, uncertainty regarding third party intellectual property rights, dependence on third parties, dependence on publicly available scientific findings and research data, lack of experience with production facilities, dependence on third party manufacturers and service providers, competition, concentration of operations, product liability, dependence on important employees, environment, health, data protection and safety, lack of experience in marketing and sales, litigation, currency fluctuation risks and other financial risks, volatility of market value, as well as limited liquidity and shares eligible for future sale. The Group is developing several products currently not generating constant revenue streams which results in volatile cash flow from operating activities. Currently, the Group’s revenues stem mainly from irregular and difficult to predict income from product out-licensing, milestone payments and fees from R&D collaboration agreements. This will likely remain the same at least until the first product reaches the market on the Group’s own or through a partner. This results in a lack of regular positive operating cash flow, which may expose the Group to financing risks in the medium-term. Furthermore, management has taken actions to manage financial risks, such as foreign exchange risk and liquidity risk. Molecular Partners conducts research and development activities primarily in Switzerland, the European Union and the United States. As a result, the Group is exposed to a variety of financial risks, such as foreign exchange rate risk, credit risk, liquidity risk, cash-flow and interest rate risk. The Group’s overall financial risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Group. Further details are disclosed under note 25. Capital management The Group is not regulated and not subject to specific capital requirements. The amount of equity depends on the Group’s funding needs and statutory capital requirements. The Group monitors capital periodically on an interim and annual basis. From time to time, the Group may take appropriate measures or propose capital increases to its shareholders to ensure the necessary capital remains intact. The Group did not have any short-term or long-term debt outstanding as of December 31, 2021 and 2020. Foreign exchange risk In order to reduce its foreign exchange exposure, Molecular Partners may enter into currency contracts with selected high-quality financial institutions to hedge against foreign currency exchange rate risks. The Group’s primary exposure to financial risk is due to fluctuation of exchange rates between CHF, EUR, GBP and USD. The Group’s hedging policy is (1) to maximize natural hedging by matching expected future cash flows in the different currencies and (2) if market conditions allow to consider hedging certain of the remaining expected net currency exposure as the need arises. However, due to market volatilities, the impact of negative interest rates in Switzerland and uncertainties in the cash flows, a 100% hedging of the currency exposure is impossible or not appropriate. Molecular Partners does not engage in speculative transactions. During 2021 and 2020, the Group did not enter into any forward currency transactions. No forward currency transactions were outstanding as of December 31, 2021 and 2020. The following table demonstrates the sensitivity to a reasonably possible change in exchange rates for the Groups's main foreign currencies, USD and EUR, with all other variables held constant, of the Group’s result before taxes. There is no direct impact on the Group’s equity. in % and CHF thousands Incr./Decr. exchange rate Effect on result before tax (in TCHF) USD Positions 2021 +10 % 6,633 -10 % (6,633) 2020 +10 % 2,976 -10 % (2,976) 2019 +10 % 6,642 -10 % (6,642) EUR Positions 2021 +10 % 2,019 -10 % (2,019) 2020 +10 % 432 -10 % (432) 2019 +10 % 1,171 -10 % (1,171) Interest rate risk Molecular Partners earns or pays interest on cash and cash equivalents, and its profit and loss may be influenced by changes in market interest rates. The Group does invest its cash balances into a variety of current and deposit accounts in four different Swiss banks to limit negative interest. In addition, the Group does invest a portion of its cash into risk free money market investments in line with its treasury guidelines. The Group strives to optimize the net balance of interest paid and interest received by monitoring the interest rates applicable over the major currencies the Group holds as well as the offered holding periods. The following table demonstrates the sensitivity of the main currencies used in the Group, to reasonably possible changes in interest rates, with all other variables held constant, of the Group’s results before tax. There is no direct impact on the Group’s equity. in % and CHF thousands Incr./Decr. interest rate Effect on result before tax (in TCHF) CHF Positions 2021 +0.5 % 323 -0.5 % (323) 2020 +0.5 % 683 -0.5 % (683) 2019 +0.5 % 57 -0.5 % (57) USD Positions 2021 +0.5 % 234 -0.5 % (234) 2020 +0.5 % 149 -0.5 % (149) 2019 +0.5 % 333 -0.5 % (333) EUR Positions 2021 +0.5 % 102 -0.5 % (102) 2020 +0.5 % 32 -0.5 % (32) 2019 +0.5 % 64 -0.5 % (64) Credit risk The maximum credit risk on financial assets corresponds to the carrying amounts of the Group’s cash and cash equivalents, short-term time deposits and receivables. The Group has not entered into any guarantees or similar obligations that would increase the risk over and above the carrying amounts. The cash and cash equivalents and short-term deposits are considered low risk and were held at Swiss banks with Standard & Poor long-term credit ratings as of December 31,2021 of AAA (Zürcher Kantonalbank), AA (Luzerner Kantonalbank) and A+ (Credit Suisse and UBS) and therefore any impact resulting from the expected credit loss model is considered immaterial. Analysis performed included assessing the cumulative default rates by credit rating category and applying these rates to the cash and short-term deposit balances at reporting dates. The calculated loss allowance based on the ECL is considered immaterial. The Group enters into agreements with partners that have appropriate credit history and a commitment to ethical business practices. The maximum credit risk as of the balance sheet date was as follows: Credit risk in CHF thousands 2021 2020 Cash and cash equivalents 71,813 133,721 Trade receivables 23,710 159 Accrued income 76 2 Short-term time deposits 61,000 40,000 Total credit risk as at December 31 156,599 173,882 Liquidity risk Liquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group’s liquidity risk is considered low by management due to the financial assets at reporting date, giving the Group a secure source of funding for its research and development activities. |
Events after the balance sheet
Events after the balance sheet date | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events after the balance sheet date | Events after the balance sheet date On January 7, 2022, Novartis informed the Group of its intention to exercise the option under the Option and equity rights agreement (as presented in note 5). This was followed by the signing of a License agreement between the two parties on January 17, 2022. This License agreement resulted in the Group becoming eligible to receive CHF 150 million for the option exercise payment and in addition the Group was allowed to charge Novartis CHF 13.1 million for items related to the commercial supply of ensovibep and drug substance secured by the Group. At the signing of the License agreement, the Group also assigned the Reservation agreement with the FOPH to Novartis. This assignment will allow the Group to, in 2022, recognize into revenue, the reservation fee of CHF 7 million received from the FOPH in August 2020. Further following the signing of the License agreement with Novartis the Group recorded in 2022, an additional CHF 1 million payable to the University of Utrecht in accordance with the research collaboration agreement described in note 17. In January 2022, the Group received from Novartis the CHF 150 million option exercise payment from the January 17, 2022 License agreement, which will be recognized into revenue in the Group's 2022 consolidated financial statements. In January 2022, the Group also received from Novartis the CHF 18.6 million (USD 20 million) upfront payment from the December 2021 License and collaboration agreement as described in note 5. The above events may result in positive net results for the year ended December 31, 2022 and will require review of our income tax status and related assumptions. Specifically, the Group is evaluating the impact of positive net results to the recoverability of certain unused net operating loss carry forward deductions, which may be utilized to reduce taxable income during 2022. We are currently unable to estimate the impact. Mark N. Lampert (Biotechnology Value Funds) notified the Company that, as of January 10, 2022, they had increased their shareholdings to 3,926,282 shares (corresponding to 12.21% of voting rights) after purchasing the remaining shares held by EW Healthcare Partners Acquisition Fund. According to a SEC filing made on January 12, 2022, Mark N. Lampert (Biotechnology Value Funds) held 4,526,282 shares (corresponding to 14.08% of voting rights). No other events occurred between the balance sheet date and the date on which these consolidated financial statements were approved by the Board of Directors that would require adjustment to the consolidated financial statements or disclosure under this heading. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of preparation | Basis of preparation These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the IASB. The accounting policies set forth below have been consistently applied to all years presented. Unless stated otherwise, all financial statements are presented in thousands of Swiss Francs (“TCHF”). The consolidated financial statements have been prepared under the historical cost convention. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 4 “Critical accounting estimates and judgments”. The Group is monitoring the situation surrounding the COVID-19 pandemic and its potential impact on patients, the team, the partners and the business. During the twelve month period ended December 31, 2021 as well as of the reporting date, there are no, nor were there any, major disruptions to operations. The Group continues to comply with all local and federal instructions as it relates to the safety of our employees, patients, and citizens. Based on the Group's cash position at December 31, 2021 and supported by funds received from Novartis since then (see note 26), the Group deemed there to be no material uncertainties that would cast doubt on the Group's ability to operate on a going concern basis. The consolidated financial statements as of and for the twelve month period ended December 31, 2021 were approved for issuance by the Company's Board of Directors on March 14, 2022. Due to rounding, the numbers presented in the financial statements might not precisely equal those included in the accompanying notes. |
Basis of consolidation | Basis of consolidation (i) Subsidiaries Subsidiaries are entities controlled by the Company. The Company controls an entity when it 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 over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. (ii) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated. |
New or revised IFRS standards and interpretations | New or revised IFRS standards and interpretations The following new or revised standards that became effective during 2021 did not have a material effect on these consolidated financial statements: • Interest Rate Benchmark Reform – Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) • COVID-19-Related Rent Concessions beyond June 30, 2021 (Amendment to IFRS 16) Several new or revised standards have been published that are not yet effective and that have not been early adopted. No significant impacts on the Group's consolidated financial statements are expected. |
Segment reporting | Segment reportingThe Group operates in one segment, focusing on the discovery, development and prospective commercialization of a new class of biopharmaceutical products. The executive management, acting together as the chief operating decision makers, assess the financial performance and allocate resources on an aggregated level, and monitor the Group's operating expenses. Accounting policies applied are the same for both internal and external reporting purposes. The Group derives its research and collaboration revenues from research and development collaborations with third parties. |
Foreign currency translation / transactions | Foreign currency translation / transactions The consolidated financial statements are presented in thousands of CHF. The presentation currency of the Group is the functional currency of the Company. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in profit or loss. The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities are translated at the closing rate at the date of the respective balance sheet; • income and expenses for each consolidated statement of comprehensive loss are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the exchange rates at the dates of the transactions); and • all resulting exchange differences are recognized in other comprehensive income. |
Property, plant and equipment | Property, plant and equipment Laboratory equipment, Office equipment, IT hardware and Leasehold improvements are stated at historical cost less accumulated depreciation and any impairment. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis over the expected useful lives of the individual assets or asset categories. The applicable estimated useful lives are as follows: Laboratory equipment: 5 years Office equipment: 3 years IT hardware: 2 years Leasehold improvements and right-of-use assets are depreciated using the straight line method over the shorter of their estimated useful life and the lease term. Subsequent costs are included in each asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. An asset’s carrying amount is written down to its recoverable amount, if the asset's carrying amount exceeds its estimated recoverable amount. Cost and accumulated depreciation related to assets retired or otherwise disposed are derecognized at the time of retirement or disposal and any resulting gain or loss is included in profit or loss in the period of retirement or disposal. |
Intangible assets | Intangible assets Intangible assets currently solely comprise of IT Software. They are stated at historical cost less accumulated amortization and any impairment. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Amortization is calculated on a straight-line basis over the expected useful lives of the individual assets or asset categories. The applicable estimated useful life of intangible assets is determined to be two years. |
Leases | Leases At inception of a contract, the Group assesses whether a contract is, or contains a lease. This is the case if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets (threshold of CHF 5,000) and short-term leases. Short-term leases are leases with a lease term of twelve months or less that do not contain a purchase option. For all other leases the Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. Subsequently the right-of-use asset is depreciated using the straight-line method over the shorter of the asset's useful life and the lease term. The lease liability is initially measured at the present value of the lease payments required over the lease term that are not paid at the commencement date, discounted using the Group’s incremental borrowing rate, as the interest rate implicit in the lease generally cannot be readily determined. Lease payments that are included in the measurement of the lease liability include fixed payments or in-substance fixed payments and variable payments that depend on an index. Subsequently, the lease liability is measured at amortized cost using the effective interest method. The Group remeasures the lease liability when there is a change in future lease payments arising from a change in index, or if the group changes its assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Each lease payment is allocated between the liability 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 lease liability for each period. The Group does not provide residual value guarantees and does not have any leases not yet commenced to which it is committed. The Group is presenting right-of-use assets in Property, Plant and Equipment, whereas lease liabilities are presented separately within current and non-current liabilities in the consolidated statement of financial position. |
Impairment of non-financial assets | Impairment of non-financial assets Non-financial assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount exceeds their recoverable amount. An impairment loss is recognized for this difference. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. |
Financial assets at amortized costs | Financial assets at amortized costs Classification Cash and cash equivalents / short-term deposits / trade and other receivables (except for VAT and withholding taxes) (and when applicable accrued interest income) are all considered held-to-collect items and are labeled under financial assets measured at amortized costs, with the following definition / accounting policy: Financial assets measured at amortized cost are assets that meet both of the following conditions: (1) the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (2) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. They arise when the Group provides money, goods or services directly to a debtor with no intention of trading the receivable. They are included in current assets, except for maturities longer than 12 months after the balance sheet date which are classified as non-current assets. Interest income on the short-term deposit is accounted for on the statement of comprehensive loss as financial income. Measurement Initially, financial assets, except for trade receivables, are measured at their fair value plus, in the case of financial assets not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset; for the Group these are considered to be immaterial. Trade receivables are initially measured at their transaction price. Subsequent measurement for the financial assets mentioned above which are classified as measured at amortized cost, is based on the effective interest method, reduced by any impairment loss. For financial assets measured at amortized cost, a loss allowance for expected credit losses on the financial assets is recognized. Measurement of any impairment loss is based on the ‘expected credit loss’ (ECL) model, which is based on a predictive model. The loss allowance for a financial asset is measured at an amount equal to the lifetime expected credit losses if the credit risk on that financial asset has increased significantly since initial recognition. If the credit risk on a financial asset has not increased significantly since initial recognition, the Group measures the loss allowance / impairment loss for that financial asset at an amount equal to 12-month expected credit losses. For trade receivables, the Group applies a simplified approach which requires expected credit losses to be recognized from initial recognition (measuring the loss allowance at an amount equal to lifetime expected credit losses). This takes into consideration past history, combined with predictive information which accounts for the specific circumstances of the customer (e.g. credit rating etc.), and other relevant factors such as the economic environment. Other financial assets at amortized costs Other receivables generally arise from transactions outside the usual operating activities of the Group. |
Financial liabilities at amortized costs | Financial liabilities at amortized costs Trade payables and non-employee related accrued expense are measured at amortized costs and classified as financial liabilities. |
Cash and cash equivalents | Cash and cash equivalents Cash includes cash at banks. The Group considers all short-term, highly liquid investments convertible into known amounts of cash with maturities of three months or less from the date of acquisition to be cash equivalents, provided that they are subject to an insignificant risk of changes in value. The cash flow statement is based on cash and cash equivalents. |
Share capital / Additional paid-in capital | Share capital / Additional paid-in capital Common shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. The Group has not paid any dividends since its inception and does not anticipate paying dividends in the foreseeable future. |
Income taxes | Income taxes Income taxes include current and deferred taxes. Current income taxes are recognized on taxable profits at applicable tax rates. Deferred taxes are calculated using the balance sheet liability method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using the tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled based on tax rates enacted or substantially enacted at the balance sheet date. Deferred tax assets are recognized if it is probable that sufficient taxable profits will be available against which the deferred tax assets can be utilized. At each balance sheet date, the Group reassesses unrecognized deferred tax assets and the carrying amount of recognized deferred tax assets. The Group recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. The Group conversely reduces the carrying amount of a deferred tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or the entire deferred tax asset to be utilized. The amount of deferred tax liabilities and deferred tax assets reflects the tax consequences on the balance sheet date of the Group's expectation of recovery or settlement of the carrying amounts of its assets and liabilities. Deferred tax assets and liabilities are not discounted and are classified as non-current assets and liabilities in the statement of financial position. They are offset against each other if they relate to the same taxable entity and tax authority. The Company did not have to pay income taxes in Switzerland in the presented reporting periods for 2021, 2020 and 2019. The Company’s accumulated taxable losses may be used as tax loss carry forwards to offset future taxable income over a period of seven years in Switzerland. No deferred tax assets have been established for these losses, because the Company does not have a history of sustainable taxable profits, increasing research costs are expected to be incurred in the foreseeable future and future revenues are highly volatile and uncertain. No deferred tax assets were recognized on deductible temporary differences on pension liabilities for the same reasons. Molecular Partners Inc, the group's US subsidiary, is subject to US federal and Massachusetts, New York and California state tax. |
Employee benefits | Employee benefits Postretirement benefits (pension plans) The Company provides retirement, death and disability benefits to its Swiss employees in line with local customs and requirements through two separate plans, which are both accounted for as defined benefit plans. The first plan is the compulsory defined benefit plan which is funded through employer (60%) and employee (40%) contributions to VSAO, a Switzerland based plan. This Company-wide plan has been in place since inception of the Company and all employees of the Company are eligible to its benefits. On retirement, the plan participant will receive his or her accumulated savings, which consist of all contributions paid in by the employer and the employee (net of any withdrawals) and the interest granted on those savings at the discretion of the pension foundation. At that time, the plan participant has the right to choose between a lump-sum payment and an annuity, or a combination thereof. The annuity is calculated using a fixed conversion rate determined by the pension foundation. The VSAO’s plan assets are pooled and the Company’s share is calculated based on its share of retirement savings. Additional funding requirements may be determined by the pension foundation in case of a severe underfunding. Should the Company withdraw from the plan, the withdrawal may qualify as a partial liquidation under Swiss law. The second plan is a voluntary complementary defined management benefit scheme established as of January 1, 2014, in which only employees with a certain management level and / or above a salary level of CHF 180,000 at 100% working quota, are eligible to participate. The Company adjusted for 2021 to the above eligibility criteria for new joiners. 32 of the 32 eligible employees participated in this plan as of December 31, 2021 (2020: 29 out of 31; at salary level CHF 150,000). This plan is set up as a collective foundation with Swiss Life, a Switzerland-based insurance company, for which contributions are 30% funded by the employee and 70% funded by the Company. The purpose of this voluntary plan is to allow higher savings opportunity in a tax effective manner and risk benefits for senior management. In addition, plan participants are entitled to a lump sum payment of five times their annual base salary in case of death. This is a fully insured Swiss pension plan that covers all investment and actuarial risks, including invalidity and death. The VSAO pension plan accounts for over 90% of both the Company’s defined benefit obligation and plan assets. The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligations at the balance sheet date less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows. Pension liabilities are determined on an actuarial basis using a number of assumptions, such as the discount rate and expected salary increases applied to determine the defined benefit obligation and an estimate of the fair value of plan assets attributable to the Company. In determining the appropriate discount rate, for example, the Company considers the 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 the terms of the related pension liability. In determining the fair value of plan assets, the Company adds to the participants’ savings a share of the pension plan’s technical and fluctuation reserves. Additional information is disclosed in note 18.1. Current and past service costs as well as the net interest on the defined benefit obligation are recognized in profit or loss in the period in which they are incurred, and are presented as part of personnel expenses. Remeasurements of the defined benefit pension plans are recognized in other comprehensive income. The Group has set up a 401k plan for its US based employees. Under the plan the US entity matches the employee's contribution and provides a true-up in matched contributions at year end. The 401k plan qualifies as a defined contribution scheme and the associated expenses are presented under operating expenses in the statement of comprehensive loss. The Group has set up a pension plan for its UK based employees. Under the plan the Company and the employee both contribute into the plan. The UK pension plan qualifies as a defined contribution scheme and the associated expenses are presented under operating expenses in the statement of comprehensive loss. Share-based compensation The Group operates share-based compensation plans that qualify as equity-settled plans. The fair value of the employee services received in exchange for the grant of equity instruments is recognized as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the equity instruments granted, which is determined at grant date. The fair values are determined by management with the assistance of an independent valuation expert. At each reporting date, estimates of the number of equity instruments that are expected to vest are revised. The impact of the revision of the previous estimates, if any, is recognized as part of share-based compensation (non-cash effective) with a corresponding adjustment to equity. When the vested equity instruments are exercised, any proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and additional paid-in capital. Bonus plan The Group recognizes an accrual where contractually obliged or where there is a past practice that has created a constructive obligation. Bonuses are based on a formula that takes into consideration the achievement of the Group’s goals. |
Revenue recognition | Revenue recognition As a guiding principle of IFRS 15, revenues from research and development collaboration agreements are recognized when earned based upon the performance requirements of the respective agreements. For revenue arrangements with separately identifiable components (separate performance obligations), the revenue recognition criteria are applied to each component. The transaction price is determined as the consideration expected to be received from the arrangement and is allocated amongst the separate components based on their relative stand-alone selling prices. The corresponding amount of transaction price allocated to each component is recognized as revenue when (or as) the Group satisfies the performance obligation by transferring the good or service to the customer, which generally is over time for upfront payments or at a point in time for milestone payments and development option payments. Payments received in excess of revenue recognized are recorded as contract liability. Revenues include fees such as upfront payments received in connection with out-licensing of products and/or access the knowledge without transfer of a license as well as in connection with discovery alliances, as well as fees for maintenance of patents, R&D support and services, participation in Joint Steering Committees and other involvement in collaboration agreements. In exchange for these non-refundable upfront fees, the Group does not immediately transfer a good or a service to the customer, rather the upfront fee consists of an advance payment for future services and the right to access the underlying intellectual property of the Group. For such arrangements, the Group has determined that the promised goods and services are not distinct and are accounted for as one performance obligation. The Group recognizes revenue for this performance obligation over time using a cost-based method to measure its progress towards complete satisfaction of the performance obligation. Accordingly, revenue is recognized over time based on the percentage of actual costs incurred to date relative to the Group's estimate of total costs expected to satisfy the performance obligation. Estimated costs are reviewed and updated routinely for contracts in progress to reflect any changes of which the Group becomes aware. The cumulative effect of any change in estimate is recorded in the period when the change in estimate is determined. Revenues could include fees such as milestone and development option payments received in connection with out-licensing of products and in connection with discovery alliances. Upon meeting the set milestone or upon a development option being exercised, the Group obtains a right to a non-refundable payment and the customer has typically acquired the right to use the underlying intellectual property, without any remaining performance obligations for the Group. Consequently, the related revenues are typically recognized at a point in time, either when the milestone is met or the option is exercised by the customer. Revenue could also include reservation fees that will be recognized into revenue in case of successful development of a final drug and exercise or lapse of the related reservation right or, alternatively, in case the results from the research will not justify further development of the drug. Consideration payable to a customer is recorded as a reduction of the arrangement's transaction price, if it relates to the same arrangement, thereby reducing the amount of revenue recognized, unless the payment is for a distinct good or service received from the customer consistent with IFRS 15. The details of the accounting policy, based on the type of payments received, are set out below. Under IFRS 15, revenue is recognized as or when a customer obtains control of the services. Determining the timing of the transfer of control - at a point in time or over time - requires judgment. Type of payments received Timing of revenue recognition Revenue recognition of upfront payments Upfront payments received in connection with out-licensing arrangements are typically non-refundable fees for which the Group does not transfer a good or a service to the customer, rather the upfront payments consists of an advance payment for future services and/or an acquisition of the right to the current or future access to the underlying intellectual property of the Group. For such arrangements, the Group has determined that the promised goods and services are not distinct and are accounted for as one performance obligation. The Group recognizes revenue for this performance obligation over time using a cost-based method to measure its progress towards complete satisfaction of the performance obligation. Revenue recognition of milestone payments Milestone payments received in connection with out-licensing or other arrangements are typically non-refundable fees entitling the Group to a right to payment upon such milestone being met. At that time, the customer has typically acquired the right to use the underlying intellectual property or additional knowledge about drug candidate(s), without any remaining performance obligation of the Group. Considering the uncertainty surrounding the outcome of such development activities, the revenue is consequently recognized at a point in time, when the milestone is reached. At this stage it is highly probable that a reversal of the cumulative revenue will not occur. Revenue recognition of payments received for development options exercises Development option payments received in connection with out-licensing arrangements are typically non-refundable fees entitling the Group to a right to payment upon such option being exercised. At that time, the customer has typically acquired the right to use the underlying intellectual property, without any remaining performance obligations of the Group. Considering the fact that the exercise of any option is outside the control of the Group, revenue for options that provide the right to use is recognized at a point in time at the effective exercise of the option. At this stage it is highly probable that a reversal of the cumulative revenue will not occur. Revenue recognition for reservation fees Reservation fees received are typically non-refundable fees. The timing of revenue recognition depends on whether development of the final drug is successful. If development is successful, revenue will be recognized when the related reservation right is exercised or lapses (as the exercise of any reservation right is outside the control of the Group). Alternatively, revenue will be recognized at the point in time when the results from the research will not justify further development of the drug. At this stage it is highly probable that a reversal of the cumulative revenue will not occur. |
Research and development expenses | Research and development expenses Research and development expenses as disclosed in note 16 consist primarily of compensation and other expenses related to: • research and development personnel; • preclinical studies and clinical trials of the Group's product candidates, including the costs of manufacturing the product candidates; • research and services performed under collaboration agreements; • research and development services outsourced to research institutions; and • attributable facility expenses, including depreciation of equipment and amortization. Internal development costs are capitalized as intangible assets only when there is an identifiable asset that can be completed that will generate probable future economic benefits, and when the cost of such an asset can be measured reliably. The Group does not currently have any such internal development costs that qualify for capitalization as intangible assets. In addition to its internal research and development activities, the Group is also party to in-licensing and similar arrangements with its collaboration partners. The Group may also acquire in-process research and development assets, either through business combinations or through purchases of specific assets. Intangible assets are initially recorded at cost. Intangible assets are amortized over their useful lives on a straight-line basis beginning from the point when they are available for use. The estimated useful life of intangible assets is regularly reviewed. The Group does not currently have any such externally acquired in-process research and development assets. The Group charges all research and development expenses, including internal patent filing and patent maintenance costs, to profit or loss when incurred, as the criteria for recognition as an asset are not currently met. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Disclosure of Useful Lives of Property, Plant and Equipment | The applicable estimated useful lives are as follows: Laboratory equipment: 5 years Office equipment: 3 years IT hardware: 2 years in CHF thousands Lab equipment Office equipment IT hardware Right-of-use assets Leasehold improvements Total 2021 Cost At January 1, 2021 8,337 660 1,119 9,616 317 20,049 Additions 438 51 154 — 290 933 Disposals (22) (74) (96) At December 31, 2021 8,754 711 1,199 9,616 607 20,887 Accumulated depreciation At January 1, 2021 (6,602) (617) (757) (2,414) (273) (10,662) Depreciation charge for the year (583) (36) (329) (1,200) (25) (2,174) Disposals 22 — 74 — — 96 At December 31, 2021 (7,164) (653) (1,012) (3,614) (298) (12,741) Carrying amount at December 31, 2021 1,590 59 186 6,002 309 8,146 in CHF thousands Lab equipment Office equipment IT hardware Right-of-use assets Leasehold improvements Total 2020 Cost At January 1, 2020 7,456 639 929 3,782 317 13,123 Additions 881 21 549 5,984 — 7,435 Disposals — — (359) (150) — (509) At December 31, 2020 8,337 660 1,119 9,616 317 20,049 Accumulated depreciation At January 1, 2020 (5,963) (579) (856) (1,247) (236) (8,881) Depreciation charge for the year (639) (38) (260) (1,256) (37) (2,230) Disposals — — 359 90 — 449 At December 31, 2020 (6,602) (617) (757) (2,414) (273) (10,662) Carrying amount at December 31, 2020 1,735 43 362 7,203 44 9,387 |
Disclosure of Timing of Revenue Recognition by Type of Payments Received | Type of payments received Timing of revenue recognition Revenue recognition of upfront payments Upfront payments received in connection with out-licensing arrangements are typically non-refundable fees for which the Group does not transfer a good or a service to the customer, rather the upfront payments consists of an advance payment for future services and/or an acquisition of the right to the current or future access to the underlying intellectual property of the Group. For such arrangements, the Group has determined that the promised goods and services are not distinct and are accounted for as one performance obligation. The Group recognizes revenue for this performance obligation over time using a cost-based method to measure its progress towards complete satisfaction of the performance obligation. Revenue recognition of milestone payments Milestone payments received in connection with out-licensing or other arrangements are typically non-refundable fees entitling the Group to a right to payment upon such milestone being met. At that time, the customer has typically acquired the right to use the underlying intellectual property or additional knowledge about drug candidate(s), without any remaining performance obligation of the Group. Considering the uncertainty surrounding the outcome of such development activities, the revenue is consequently recognized at a point in time, when the milestone is reached. At this stage it is highly probable that a reversal of the cumulative revenue will not occur. Revenue recognition of payments received for development options exercises Development option payments received in connection with out-licensing arrangements are typically non-refundable fees entitling the Group to a right to payment upon such option being exercised. At that time, the customer has typically acquired the right to use the underlying intellectual property, without any remaining performance obligations of the Group. Considering the fact that the exercise of any option is outside the control of the Group, revenue for options that provide the right to use is recognized at a point in time at the effective exercise of the option. At this stage it is highly probable that a reversal of the cumulative revenue will not occur. Revenue recognition for reservation fees Reservation fees received are typically non-refundable fees. The timing of revenue recognition depends on whether development of the final drug is successful. If development is successful, revenue will be recognized when the related reservation right is exercised or lapses (as the exercise of any reservation right is outside the control of the Group). Alternatively, revenue will be recognized at the point in time when the results from the research will not justify further development of the drug. At this stage it is highly probable that a reversal of the cumulative revenue will not occur. |
Revenues, other income and an_2
Revenues, other income and and entity-wide disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [abstract] | |
Disclosure of Revenue by Country and by Major Alliance Partner | Revenues by country in CHF thousands, for the years ended December 31 2021 2020 2019 Revenues USA 9,330 9,344 20,383 Total revenues 9,330 9,344 20,383 Analysis of revenue by major alliance partner in CHF thousands, for the years ended December 31 2021 2020 2019 Amgen Inc., USA 9,330 9,344 20,383 Total revenues 9,330 9,344 20,383 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Disclosure of Reconciliation of Changes in Property, Plant and Equipment | The applicable estimated useful lives are as follows: Laboratory equipment: 5 years Office equipment: 3 years IT hardware: 2 years in CHF thousands Lab equipment Office equipment IT hardware Right-of-use assets Leasehold improvements Total 2021 Cost At January 1, 2021 8,337 660 1,119 9,616 317 20,049 Additions 438 51 154 — 290 933 Disposals (22) (74) (96) At December 31, 2021 8,754 711 1,199 9,616 607 20,887 Accumulated depreciation At January 1, 2021 (6,602) (617) (757) (2,414) (273) (10,662) Depreciation charge for the year (583) (36) (329) (1,200) (25) (2,174) Disposals 22 — 74 — — 96 At December 31, 2021 (7,164) (653) (1,012) (3,614) (298) (12,741) Carrying amount at December 31, 2021 1,590 59 186 6,002 309 8,146 in CHF thousands Lab equipment Office equipment IT hardware Right-of-use assets Leasehold improvements Total 2020 Cost At January 1, 2020 7,456 639 929 3,782 317 13,123 Additions 881 21 549 5,984 — 7,435 Disposals — — (359) (150) — (509) At December 31, 2020 8,337 660 1,119 9,616 317 20,049 Accumulated depreciation At January 1, 2020 (5,963) (579) (856) (1,247) (236) (8,881) Depreciation charge for the year (639) (38) (260) (1,256) (37) (2,230) Disposals — — 359 90 — 449 At December 31, 2020 (6,602) (617) (757) (2,414) (273) (10,662) Carrying amount at December 31, 2020 1,735 43 362 7,203 44 9,387 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets other than goodwill [abstract] | |
Disclosure of Reconciliation of Changes in Intangible Assets | in CHF thousands IT software 2021 Cost At January 1, 2021 1,530 Additions 374 Disposals At December 31, 2021 1,904 Accumulated amortization At January 1, 2021 (1,183) Amortization charge for the year (391) Disposals — At December 31, 2021 (1,574) Carrying amount at December 31, 2021 331 in CHF thousands IT software 2020 Cost At January 1, 2020 1,471 Additions 232 Disposals (173) At December 31, 2020 1,530 Accumulated amortization At January 1, 2020 (699) Amortization charge for the year (657) Disposals 173 At December 31, 2020 (1,183) Carrying amount at December 31, 2020 347 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Disclosure of Financial Assets at Amortized Cost | in CHF thousands Financial assets at amortized costs 2021 Cash and cash equivalents 71,813 Trade receivables 23,710 Accrued income 76 Short-term time deposits 61,000 Balance at December 31 156,599 2020 Cash and cash equivalents 133,721 Trade receivables 159 Accrued income 2 Short-term time deposits 40,000 Balance at December 31 173,882 |
Disclosure of Financial Liabilities at Amortized Cost | in CHF thousands Financial liabilities at amortized cost 2021 Trade payables 4,862 Accrued project costs and royalties 3,410 Lease liabilities 6,039 Other non-employee related accrued expenses 537 Balance at December 31 14,848 2020 Trade payables 2,800 Accrued project costs and royalties 1,972 Lease liabilities 7,218 Other non-employee related accrued expenses 775 Balance at December 31 12,765 |
Prepaid expenses and accrued _2
Prepaid expenses and accrued income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Detailed Information about Prepaid Expenses and Accrued Income | in CHF thousands 2021 2020 Prepayments 5,652 1,252 Accrued income 76 2 Balance at December 31 5,728 1,254 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Detailed Information about Trade and Other Receivables | in CHF thousands 2021 2020 Trade receivables 23,710 159 Value added tax 1,770 1,376 Withholding tax 24 199 Other receivables 146 1,103 Balance at December 31 25,650 2,837 Trade receivables are denominated in the following currencies: in CHF thousands 2021 2020 CHF 958 159 EUR 3,127 — USD 19,625 — Balance at December 31 23,710 159 |
Cash, cash equivalents and sh_2
Cash, cash equivalents and short-term time deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Reconciliation of Cash, Cash Equivalents and Short-Term Time Deposits | in CHF thousands 2021 2020 Cash at bank in CHF 44,621 96,576 Cash at bank in EUR 20,313 6,365 Cash at bank in USD 5,821 29,776 Cash at bank in GBP 1,058 1,004 Total cash at bank at December 31 71,813 133,721 Short-term time deposits in CHF 20,000 40,000 Short-term time deposits in USD 41,000 — Total short-term deposits at December 31 61,000 40,000 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Detailed Information about Trade and Other Payables | in CHF thousands 2021 2020 Trade payables 4,862 2,800 Social security 1,672 1,715 Value added tax 855 1,310 Balance at December 31 7,389 5,825 Trade payables are denominated in the following currencies: in CHF thousands 2021 2020 CHF 1,464 556 EUR 3,250 2,043 USD 118 17 GBP 29 184 Balance at December 31 4,862 2,800 |
Accrued expenses (Tables)
Accrued expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Accrued Expenses Explanatory | in CHF thousands 2021 2020 Accrued project costs and royalties 3,410 1,972 Accrued payroll and bonuses 6,002 4,967 Other 563 779 Balance at December 31 9,975 7,718 |
Contract liability (Tables)
Contract liability (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Contract liabilities [abstract] | |
Disclosure of Expected Revenue Recognition Analysis for Contract Liabilities | The Group expects the contract liability to be recognized as revenue or, in case of consideration payable to a customer, reduction of costs, as follows: in CHF thousands Contract liability Expected revenue recognition in year one after balance sheet date 28,312 Expected revenue recognition in year two after balance sheet date 5,798 Expected revenue recognition in year three after balance sheet date 1,127 Expected revenue recognition in year four after balance sheet date — Expected revenue recognition in year five and later after balance sheet date — Balance at December 31, 2021 35,237 in CHF thousands Contract liability Expected revenue recognition / cost reduction in year one after balance sheet date 42,948 Expected revenue recognition in year two after balance sheet date 2,939 Expected revenue recognition in year three after balance sheet date — Expected revenue recognition in year four after balance sheet date — Expected revenue recognition in year five and later after balance sheet date — Balance at December 31, 2020 45,887 |
Explanation of Changes in Contract Liabilities | The table below presents the movement on the contract liability: Contract liability at January 1, Additions Recognized as revenue Offset of costs Contract liability at December 31, in CHF thousands 2021 2021 Amgen 18,983 — (9,330) — 9,653 Novartis 19,904 18,584 — (19,904) 18,584 FOPH 7,000 — — — 7,000 Balance at December 31, 2021 45,887 18,584 (9,330) (19,904) 35,237 Contract liability at January 1, Additions Recognized as revenue Offset of costs Contract liability at December 31, in CHF thousands 2020 2020 Amgen 28,327 — (9,344) — 18,983 Novartis — 20,000 — (96) 19,904 FOPH — 7,000 — — 7,000 Balance at December 31, 2020 28,327 27,000 (9,344) (96) 45,887 |
Disclosure of Current and Non-Current Contract Liabilities | in CHF thousands Current Non-current Contract liability Amgen 9,653 — 9,653 Novartis 11,659 6,925 18,584 FOPH 7,000 — 7,000 Balance at December 31, 2021 28,312 6,925 35,237 in CHF thousands Current Non-current Contract liability Amgen 16,044 2,939 18,983 Novartis 19,904 — 19,904 FOPH 7,000 — 7,000 Balance at December 31, 2020 42,948 2,939 45,887 |
Additional information on the_2
Additional information on the nature of expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Disclosure of Attribution of Expenses by Nature | Research and development expenses in CHF thousands 2021 2020 2019 Research consumables and external research and development expenses (26,342) (26,599) (20,314) Personnel expenses (1), see also note 18 (25,647) (25,251) (19,722) Depreciation and amortization (2,016) (2,319) (2,088) Intellectual property (636) (492) (568) Facility expenses (758) (683) (565) Other research and development expenses (259) (169) (191) Royalties and license fees, see also note 17 (60) (562) (50) Total year ended December 31 (55,718) (56,075) (43,498) Selling, general and administrative expenses in CHF thousands 2021 2020 2019 Personnel expenses (2), see also note 18 (10,604) (8,383) (7,870) Other administrative expenses (6,242) (2,587) (5,231) Depreciation and amortization (549) (568) (381) Facility expenses (60) (57) (63) Total year ended December 31 (17,454) (11,595) (13,545) Total operating expenses (73,172) (67,670) (57,043) (1) Research and development non-cash effective pension and share-based compensation costs were TCHF 3,045 in 2021, TCHF 2,612 in 2020 and TCHF 1,549 in 2019. (2) Selling, general and administrative non-cash effective pension and share based compensation costs were TCHF 2,113 in 2021, TCHF 1,573 in 2020 and TCHF 1,351 in 2019. |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Personnel Expenses [Abstract] | |
Disclosure of Detailed Information about Employee Expenses and Head Count | in CHF thousands 2021 2020 2019 Salaries (25,909) (23,525) (18,868) Share-based compensation (non-cash effective) (4,085) (2,932) (2,438) Pension costs (3,059) (3,080) (2,018) Social security costs (2,535) (2,393) (1,894) Other personnel expenses (663) (1,704) (2,374) Total year ended December 31 (36,251) (33,634) (27,592) Full-time equivalents and head count 2021 2020 2019 Average number of full-time equivalents 158.3 142.5 127.1 Full-time equivalents at year end 163.2 145.4 135.2 Headcount at year end 177 159 147 |
Disclosure of Net Defined Benefit Liability (Asset) | in CHF thousands 2021 2020 Defined benefit pension plans Actuarial assumptions Discount rate at January 1 0.20% 0.20% Discount rate at December 31 (1) 0.40% 0.20% Future salary increases at December 31 2.00% 2.00% Mortality tables BVG2020 GT BVG2015 GT Date of last actuarial valuation 31.12.2021 31.12.2020 Reconciliation of the amount recognized in the statement of financial position Defined benefit obligation at December 31 54,461 54,512 Fair value of plan assets at December 31 47,979 41,089 Net defined benefit liability at December 31 (2) 6,483 13,423 Components of defined benefit cost in profit or loss Current service cost (employer) 3,097 3,033 Past service cost (94) — Interest expense on defined benefit obligation 114 103 Interest income on plan assets (86) (80) Administrative cost excl. cost for managing plan assets 27 24 Defined benefit cost recognized in profit or loss 3,059 3,080 thereof service cost and administrative cost 3,031 3,057 thereof net interest expense on the net defined benefit liability 28 23 Reconciliation of net defined benefit liability Net defined benefit liability at January 1 13,423 10,656 Defined benefit cost recognized in profit or loss (3) 3,059 3,080 Remeasurement of net pension liabilities (8,012) 1,514 Contributions by the employer (3) (1,987) (1,827) Net defined benefit liability at December 31 (2) 6,483 13,423 Reconciliation of defined benefit obligation Defined benefit obligation at January 1 54,512 48,455 Interest expenses on defined benefit obligation 114 103 Current service cost (employer) 3,097 3,033 Contributions by plan participants 1,246 1,138 Benefits (paid)/deposited 1,067 1,424 Past service cost (94) — Administrative cost (excl. cost for managing plan assets) 27 24 Actuarial (gain)/loss on defined benefit obligation (5,508) 335 Defined benefit obligation at December 31 54,461 54,512 Reconciliation of amount recognized in OCI Actuarial (gain) / loss on changes in financial assumptions (2,303) — Actuarial (gain) / loss on changes in demographic assumptions (2,432) — Actuarial (gain) / loss arising from experience adjustments (773) 335 Actuarial (gain)/loss on defined benefit obligation (5,508) 335 Return on plan assets excluding interest income (2,504) 1,179 Remeasurement of net pension liabilities (8,012) 1,514 Reconciliation of fair value of plan assets Fair value of plan assets at January 1 41,089 37,799 Interest income on plan assets 86 80 Contributions by the employer 1,987 1,827 Contributions by plan participants 1,246 1,138 Benefits (paid)/deposited 1,067 1,424 Return on plan assets excl. interest income 2,504 (1,179) Fair value of plan assets at December 31 47,979 41,089 Best estimate of contributions of next year Contributions by the employer 2,060 1,834 Plan asset classes Cash and cash equivalents 9,581 8,118 Equity instruments 20,246 16,791 Debt instruments (e.g. bonds) 6,130 5,671 Real estate funds 1,612 1,075 Others 1,547 1,483 Total plan assets at fair value (quoted market price) 39,116 33,138 Others 8,862 7,951 Total plan assets at fair value (non-quoted market price) 8,862 7,951 Total plan assets at fair value at December 31 47,979 41,089 thereof entity's own transferable financial instruments — — thereof property occupied or other assets used by the entity — — Sensitivity (4) Defined benefit obligation at December 31 with discount rate -0.25% 57,066 57,383 Defined benefit obligation at December 31 with discount rate +0.25% 52,054 51,871 Defined benefit obligation at December 31 with interest rate on retirement savings capital -0.25% 53,576 53,598 Defined benefit obligation at December 31 with interest rate on retirement savings capital +0.25% 55,373 55,454 Defined benefit obligation at December 31 with salary increases -0.25% 53,993 54,033 Defined benefit obligation at December 31 with salary increases +0.25% 54,947 54,999 Defined benefit obligation at December 31 with life expectancy +1 year 55,283 55,417 Defined benefit obligation at December 31 with life expectancy -1 year 53,569 53,611 Maturity profile of defined benefit obligation Weighted average duration of defined obligation in years at December 31 18.5 20.2 Weighted average duration of defined obligation in years at December 31 for active members 18.3 20.2 Weighted average duration of defined obligation in years at December 31 for pensioners 19.6 20.3 (1) Discount rates are based on industry benchmarks related to benefits with a 20 year duration (2) In liabilities for employee benefits, as presented in the consolidated statement of financial position included are also TCHF 257 (2020: TCHF 255; 2019: TCHF 240) for accrued sabbatical cost. (3) The sum of these two positions represent the non-cash effective pension costs recognized in the profit and loss section of the consolidated statement of comprehensive loss of which TCHF 837 are research and development costs (2020: TCHF 1,039; 2019: TCHF 358) and TCHF 235 are selling, general and administrative costs (2020: TCHF 214; 2019: TCHF 104). (4) For the most important parameters which influence the pension obligation of the Company a sensitivity analysis was performed. The discount rate and the assumption for salary increases were modified by a certain percentage value. Sensitivity on mortality was calculated by changing the mortality with a constant factor for all age groups. With this procedure we could change the longevity for most of the age categories by one year longer or shorter than the baseline value. |
Disclosure of Defined Benefit Plan, Expense Recognized in Profit or Loss and Other Comprehensive Income | The table below presents the amounts that are reflected in the statement of comprehensive loss for the periods indicated: in CHF thousands 2021 2020 2019 Components of defined benefit cost in profit or loss Current service cost (employer) 3,097 3,033 2,053 Past service cost (94) — (105) Interest expense on defined benefit obligation 114 103 356 Interest income on plan assets (86) (80) (304) Administrative cost excl. cost for managing plan assets 27 24 18 Defined benefit cost recognized in profit or loss 3,059 3,080 2,018 thereof service cost and administrative cost 3,031 3,057 1,966 thereof net interest expense on the net defined benefit liability 28 23 52 Reconciliation of amount recognized in OCI Actuarial (gain) / loss on changes in financial assumptions (2,303) — 4,774 Actuarial (gain) / loss on changes in demographic assumptions (2,432) — — Actuarial (gain) / loss arising from experience adjustments (773) 335 963 Actuarial (gain)/loss on defined benefit obligation (5,508) 335 5,737 Return on plan assets excluding interest income (2,504) 1,179 (1,026) Remeasurement of net pension liabilities (8,012) 1,514 4,711 Best estimate of contributions of next year Contributions by the employer 2,060 1,834 1,724 |
Disclosure of Conditions and Inputs Used in the Measurement of the Fair Values at Grant Dates | The following table provides the conditions as well as the inputs used in the measurement of the fair values at grant dates: RSU/PSU, conditions and assumptions 2021 2020 Nature of arrangement Grant of PSU/RSU Grant of PSU/RSU Grant date RSU April 21, 2021 April 29, 2020 Grant dates PSU Jan 1 - Oct 1 Jan 1 - Oct 1 Number of RSU granted 29,519 33,467 Number of PSU granted 230,536 267,657 Weighted average exercise price (CHF) 0.10 0.10 Share price (CHF) 17.90 - 23.25 14.50 - 21.50 Full contractual life for RSU (years) 3.00 3.00 Full contractual life for PSU (years) 2.25 - 3.00 2.25 - 3.00 Vesting period for RSU (years) 1.00 1.00 Vesting period for PSU (years), Management Board 2.25 - 3.00 n.a. Vesting period for PSU (years), employees excluding Management Board 2.25 - 3.00 (pro-rata annual vesting) n.a. Vesting period for PSU (years), all awards n.a. 2.25 - 3.00 Settlement Common Shares Common Shares Expected volatility on Common shares 58.57 - 61.69 42.73 - 56.26 Risk-free interest rate p. a. (%) / CHF LIBOR / Common shares (0.58) - (0.61) (0.42) - (0.60) Expected volatility on NBI 26.21 - 27.01 21.20 - 25.70 Risk-free interest rate p. a. (%) / USD LIBOR / NBI 0.24 - 0.34 0.36 - 2.00 Expected volatility on SPI 15.96 - 16.15 11.19 - 15.79 Risk-free interest rate p. a. (%) / CHF LIBOR / SPI (0.58) - (0.61) (0.42) - (0.60) Expected dividend (CHF) — — Weighted average fair value of rights granted (CHF) 24.56 20.18 Latest expiry date Sep 30, 2024 Sep 30, 2023 Valuation model Monte Carlo Monte Carlo |
Disclosure of Movements in the Number of Share Options | The movements in the number of all issued RSUs, PSUs and share options are as follows: Share option / PSU / RSU movements Total (numbers) Weighted average exercise price (CHF) Options (numbers) Weighted average exercise price (CHF) PSU/RSU (numbers) Weighted average exercise price (CHF) Balance outstanding at December 31, 2019 1,005,255 3.32 560,250 5.87 445,005 0.10 Granted 301,124 0.10 — — 301,124 0.10 (Performance adjustment) (1) (27,956) 0.10 — — (27,956) 0.10 (Forfeited) (2) (84,679) 0.10 — — (84,679) 0.10 (Expired) — — — — — — (Exercised) (3) (278,581) 3.05 (178,191) 4.70 (100,390) 0.10 Balance outstanding at December 31, 2020 915,163 2.74 382,059 6.42 533,104 0.10 Granted 260,055 0.10 — — 260,055 0.10 (Performance adjustment) (1) (1,022) 0.10 — — (1,022) 0.10 (Forfeited) (2) (66,518) 0.10 — — (66,518) 0.10 (Expired) — — — — — — (Exercised) (3) (145,656) 1.85 (63,157) 4.14 (82,499) 0.10 Balance outstanding at December 31, 2021 962,022 2.35 318,902 6.87 643,120 0.10 (1) Performance adjustments indicate forfeitures due to non-market performance conditions not achieved (2) Forfeited due to service conditions not fulfilled (3) The weighted average share prices at the dates of exercising during the year ended 2021 amounted to CHF 19.87 (2020: CHF 19.73) |
Disclosure of Movements in the Number of PSUs and RSUs | The movements in the number of all issued RSUs, PSUs and share options are as follows: Share option / PSU / RSU movements Total (numbers) Weighted average exercise price (CHF) Options (numbers) Weighted average exercise price (CHF) PSU/RSU (numbers) Weighted average exercise price (CHF) Balance outstanding at December 31, 2019 1,005,255 3.32 560,250 5.87 445,005 0.10 Granted 301,124 0.10 — — 301,124 0.10 (Performance adjustment) (1) (27,956) 0.10 — — (27,956) 0.10 (Forfeited) (2) (84,679) 0.10 — — (84,679) 0.10 (Expired) — — — — — — (Exercised) (3) (278,581) 3.05 (178,191) 4.70 (100,390) 0.10 Balance outstanding at December 31, 2020 915,163 2.74 382,059 6.42 533,104 0.10 Granted 260,055 0.10 — — 260,055 0.10 (Performance adjustment) (1) (1,022) 0.10 — — (1,022) 0.10 (Forfeited) (2) (66,518) 0.10 — — (66,518) 0.10 (Expired) — — — — — — (Exercised) (3) (145,656) 1.85 (63,157) 4.14 (82,499) 0.10 Balance outstanding at December 31, 2021 962,022 2.35 318,902 6.87 643,120 0.10 (1) Performance adjustments indicate forfeitures due to non-market performance conditions not achieved (2) Forfeited due to service conditions not fulfilled (3) The weighted average share prices at the dates of exercising during the year ended 2021 amounted to CHF 19.87 (2020: CHF 19.73) |
Disclosure of Exercise Prices, Number and Weighted Average Remaining Contractual Life of Outstanding Instruments | The following table applies to all share options, PSUs and RSUs outstanding at December 31, 2021: Exercise price Options / Remaining life Thereof exercisable options Options 2.31 1,160 0.7 1,160 6.05 2,815 1.0 2,815 6.06 15,450 2.4 15,450 6.94 299,477 2.7 299,477 PSU/RSU 0.10 643,120 1.2 Total 962,022 318,902 The following table applies to all share options, PSUs and RSUs outstanding at December 31, 2020: Exercise price Options / Remaining life Thereof exercisable options Options 2.31 38,917 0.6 38,917 6.05 2,815 2.0 2,815 6.06 17,942 3.3 17,942 6.94 322,385 3.7 322,385 PSU/RSU 0.10 533,104 1.6 — Total 915,163 382,059 |
Disclosure of Non-Cash Costs for Share-Based Payments by Functions | The non-cash costs for share-based payments recognized in the statement of comprehensive loss can be attributed to the Group’s two functions as follows: in CHF thousands 2021 2020 2019 Research and development 2,208 1,573 1,192 Selling, general and administrative 1,877 1,359 1,246 Total year ended December 31 4,085 2,932 2,438 |
Financial income and financia_2
Financial income and financial expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Disclosure of Detailed Information about Financial Income | Financial income in CHF thousands 2021 2020 2019 Interest income on financial assets held at amortized costs 99 367 1,599 Net foreign exchange gain 92 — — Total year ended December 31 191 367 1,599 |
Disclosure of Detailed Information about Financial Expense | Financial expense in CHF thousands 2021 2020 2019 Net foreign exchange loss — (4,512) (1,110) Negative interest on financial assets held at amortized costs (495) (271) (64) Interest expense on leases (53) (24) (27) Other financial expenses (8) (9) (9) Total year ended December 31 (556) (4,816) (1,210) |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes And Deferred Taxes [Abstract] | |
Disclosure of Expiry of Tax Loss Carryforwards | The following table shows the expiry of tax loss carry forwards for the Company, for which no deferred tax asset was recognized: in CHF thousands 2021 2020 2021 — (4,314) 2022 — — 2023 (15,976) (15,976) 2024 (21,766) (21,766) 2025 (23,767) (23,767) 2026 (33,446) (33,446) 2027 (58,631) (58,631) 2028 (58,632) — Thereafter — — Total tax loss carry forwards as at December 31 (212,218) (157,900) |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Summary of Weighted Average Number of Shares Used in Computation | 2021 2020 2019 Weighted average number of shares used in computing basic loss per share 31,005,171 25,000,652 21,413,375 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Lease liabilities [abstract] | |
Disclosure of Movement of Lease Liabilities | Set out below are the carrying amounts of the lease liabilities and the movements during the period: in CHF thousands 2021 2020 as at January 1, 7,218 2,545 Additions / new leases — — Remeasurements (1) — 5,924 Recognition of interest on lease liabilities 53 24 Payments (1,232) (1,275) Balance as at December 31, 6,039 7,218 Current 1,189 1,179 Non-current 4,850 6,039 Balance as at December 31, 6,039 7,218 (1) The remeasurement consists of a net reduction of TCHF 60 (related to the return of number of parking spaces) and an increase of TCHF 5,984 related to the extension of the lease for another 5 years until December 31, 2026 |
Disclosure of Expenses Recognised in Profit or Loss | The following are the expense amounts recognized in the consolidated statement of comprehensive loss. in CHF thousands 2021 2020 2019 Depreciation on right-of-use assets 1,200 1,256 1,247 Interest expense on lease liabilities 53 24 27 Short term leases — — 2 Total amount recognized in profit or loss 1,253 1,280 1,276 |
Disclosure of Contractual Maturities of Financial Liabilities | Contractual maturities of financial liabilities at December 31, 2021 in CHF thousands Less than 1 year Between 1 and 2 years Between 2 and 5 years More than 5 years Total contractual cashflows Carrying Amount lease liabilities Lease liabilities 1,232 1,232 3,696 — 6,160 6,039 Contractual maturities of financial liabilities at December 31, 2020 in CHF thousands Less than 1 year Between 1 and 2 years Between 2 and 5 years More than 5 years Total contractual cashflows Carrying Amount lease liabilities Lease liabilities 1,232 1,232 3,696 1,232 7,392 7,218 |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions [abstract] | |
Disclosure of Compensation Costs of Key Management | Compensation costs of key management, which includes executive management and the Board of Directors, are as follows: in CHF thousands 2021 2020 2019 Short-term employee benefits 2,423 2,408 2,392 Post-employment benefits 203 205 173 Share-based compensation 1,784 1,601 1,220 Total year ended December 31 4,410 4,214 3,785 |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Risk Management [Abstract] | |
Sensitivity Analysis to Reasonable Possible Change in Exchange Rates and Interest Rates | The following table demonstrates the sensitivity to a reasonably possible change in exchange rates for the Groups's main foreign currencies, USD and EUR, with all other variables held constant, of the Group’s result before taxes. There is no direct impact on the Group’s equity. in % and CHF thousands Incr./Decr. exchange rate Effect on result before tax (in TCHF) USD Positions 2021 +10 % 6,633 -10 % (6,633) 2020 +10 % 2,976 -10 % (2,976) 2019 +10 % 6,642 -10 % (6,642) EUR Positions 2021 +10 % 2,019 -10 % (2,019) 2020 +10 % 432 -10 % (432) 2019 +10 % 1,171 -10 % (1,171) in % and CHF thousands Incr./Decr. interest rate Effect on result before tax (in TCHF) CHF Positions 2021 +0.5 % 323 -0.5 % (323) 2020 +0.5 % 683 -0.5 % (683) 2019 +0.5 % 57 -0.5 % (57) USD Positions 2021 +0.5 % 234 -0.5 % (234) 2020 +0.5 % 149 -0.5 % (149) 2019 +0.5 % 333 -0.5 % (333) EUR Positions 2021 +0.5 % 102 -0.5 % (102) 2020 +0.5 % 32 -0.5 % (32) 2019 +0.5 % 64 -0.5 % (64) |
Disclosure of Maximum Credit Risk Exposure | The maximum credit risk as of the balance sheet date was as follows: Credit risk in CHF thousands 2021 2020 Cash and cash equivalents 71,813 133,721 Trade receivables 23,710 159 Accrued income 76 2 Short-term time deposits 61,000 40,000 Total credit risk as at December 31 156,599 173,882 |
General information (Details)
General information (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 15, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of General Information [Abstract] | |||
Initial Public Offering, number of shares issued (in shares) | 3,000,000 | 3,145,656 | 7,545,800 |
Initial Public Offering, price per share (in USD per share) | $ 21.25 | ||
Inital Public Offering, gross proceeds | $ 63.8 |
Summary of significant accoun_4
Summary of significant accounting policies - Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Summary of significant accoun_5
Summary of significant accounting policies - Disclosure of Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Laboratory equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Applicable estimated useful lives, property, plant and equipment | 5 years |
Office equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Applicable estimated useful lives, property, plant and equipment | 3 years |
IT hardware | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Applicable estimated useful lives, property, plant and equipment | 2 years |
Summary of significant accoun_6
Summary of significant accounting policies - Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
IT software | |
Disclosure of detailed information about intangible assets [line items] | |
Applicable estimated useful lives, intangible assets | 2 years |
Summary of significant accoun_7
Summary of significant accounting policies - Employee Benefits (Details) | 12 Months Ended | |
Dec. 31, 2021CHF (SFr)employee | Dec. 31, 2020CHF (SFr)employee | |
Disclosure Of Detailed Information About Employee Benefits [Line Items] | ||
Percentage of VSAO contributions in total company's defined benefit plans | 90.00% | |
VSAO | ||
Disclosure Of Detailed Information About Employee Benefits [Line Items] | ||
Defined benefit plan, employer contribution | 60.00% | |
Defined benefit plan, employee contribution | 40.00% | |
Voluntary complementary plan | ||
Disclosure Of Detailed Information About Employee Benefits [Line Items] | ||
Defined benefit plan, employer contribution | 70.00% | |
Defined benefit plan, employee contribution | 30.00% | |
Salary level, minimum threshold | SFr | SFr 180,000 | SFr 150,000 |
Salary level, minimum threshold, working quota | 100.00% | |
Number of employees that participated | 32 | 29 |
Number of eligible employees | 32 | 31 |
Revenues, other income and an_3
Revenues, other income and and entity-wide disclosures - Narrative (Details) SFr in Thousands, $ in Thousands | Dec. 14, 2021USD ($) | Oct. 28, 2020CHF (SFr)indicatormilestone | Oct. 28, 2020USD ($)indicatormilestone | Aug. 11, 2020dosereservation_right | Jan. 31, 2022CHF (SFr) | Jan. 31, 2022USD ($) | Dec. 31, 2021CHF (SFr)dose | Mar. 15, 2022CHF (SFr) | Dec. 31, 2021CHF (SFr) | Dec. 31, 2020CHF (SFr) | Dec. 31, 2019CHF (SFr) | Dec. 31, 2021USD ($) |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||||
Contract liability | SFr 35,237 | SFr 35,237 | SFr 45,887 | SFr 28,327 | ||||||||
Offset of costs | 19,904 | 96 | ||||||||||
Other income | 424 | 0 | 0 | |||||||||
Trade receivables | 23,710 | 23,710 | 159 | |||||||||
Contract liability | 28,312 | 28,312 | 42,948 | |||||||||
Revenues from research and development collaborations | 9,330 | 9,344 | 20,383 | |||||||||
Option and Equity Rights Agreement with Novartis | ||||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||||
Upfront payment | SFr 20,000 | |||||||||||
Amount utilized during period | SFr 20,000 | |||||||||||
Potential future milestone payments, initiation and completion of clinical trials, number of milestone payments | milestone | 2 | 2 | ||||||||||
Potential future milestone payments, initiation and completion of clinical trials | SFr 2,500 | |||||||||||
Potential future milestone payments, exercice of option for exclusive licence | SFr 150,000 | |||||||||||
Royalty income, percentage | 22.00% | 22.00% | ||||||||||
Licence and Collaboration Agreement with Novartis | ||||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||||
Trade receivables | SFr 18,584 | 18,584 | $ 20,000 | |||||||||
Licence and Collaboration Agreement with Novartis | Significant transactions | ||||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||||
Upfront payment | SFr 18,600 | $ 20,000 | ||||||||||
Reservation Agreement with Swiss Federal Office of Public Health | ||||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||||
Number of reservation rights | reservation_right | 2 | |||||||||||
First reservation right, number of initial doses reserved | dose | 200,000 | |||||||||||
Second reservation right, percentage of additional planned total production | 5.00% | |||||||||||
Second reservation right, maximum amount of additional doses reserved | dose | 3,000,000 | 1,300,000 | ||||||||||
Extended period of reservation agreement | 6 months | |||||||||||
Reservation Agreement with Swiss Federal Office of Public Health | Significant transactions | ||||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||||
Revenues from research and development collaborations | SFr 7,000 | |||||||||||
Licence and Collaboration Agreement with Amgen, Inc | ||||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||||
Upfront payment | $ | $ 50,000 | |||||||||||
Revenues from research and development collaborations | 9,330 | 9,344 | 20,383 | |||||||||
Number of indicators, clinical development costs | indicator | 3 | 3 | ||||||||||
Maximum | Licence and Collaboration Agreement with Novartis | ||||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||||
Potential future milestone payments | $ | $ 560,000 | |||||||||||
Maximum | Licence and Collaboration Agreement with Amgen, Inc | ||||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||||
Potential future milestone payments | $ | $ 497,000 | |||||||||||
Amgen | ||||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||||
Contract liability | SFr 9,653 | 9,653 | 18,983 | 28,327 | ||||||||
Offset of costs | 0 | 0 | ||||||||||
Contract liability | 9,653 | 9,653 | 16,044 | |||||||||
Novartis | ||||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||||
Contract liability | 18,584 | 18,584 | 19,904 | 0 | $ 20,000 | |||||||
Offset of costs | 19,904 | 96 | ||||||||||
Other income | 424 | |||||||||||
Contract liability | 11,659 | 11,659 | 19,904 | |||||||||
FOPH | ||||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||||
Contract liability | 7,000 | 7,000 | 7,000 | SFr 0 | ||||||||
Offset of costs | 0 | 0 | ||||||||||
Contract liability | SFr 7,000 | SFr 7,000 | SFr 7,000 |
Revenues, other income and an_4
Revenues, other income and and entity-wide disclosures - Disclosure of Revenue by Country (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | SFr 9,330 | SFr 9,344 | SFr 20,383 |
Revenues USA | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | SFr 9,330 | SFr 9,344 | SFr 20,383 |
Revenues, other income and an_5
Revenues, other income and and entity-wide disclosures - Disclosure of Revenue by Major Alliance Partner (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | SFr 9,330 | SFr 9,344 | SFr 20,383 |
Amgen Inc., USA | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | SFr 9,330 | SFr 9,344 | SFr 20,383 |
Property, plant and equipment -
Property, plant and equipment - Disclosure of Reconciliation of Changes in Property, Plant and Equipment (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | SFr 9,387 | |
Property, plant and equipment at end of period | 8,146 | SFr 9,387 |
Lab equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 1,735 | |
Property, plant and equipment at end of period | 1,590 | 1,735 |
Office equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 43 | |
Property, plant and equipment at end of period | 59 | 43 |
IT hardware | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 362 | |
Property, plant and equipment at end of period | 186 | 362 |
Right-of-use assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 7,203 | |
Property, plant and equipment at end of period | 6,002 | 7,203 |
Leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 44 | |
Property, plant and equipment at end of period | 309 | 44 |
Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 20,049 | 13,123 |
Additions | 933 | 7,435 |
Disposals | (96) | (509) |
Property, plant and equipment at end of period | 20,887 | 20,049 |
Cost | Lab equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 8,337 | 7,456 |
Additions | 438 | 881 |
Disposals | (22) | 0 |
Property, plant and equipment at end of period | 8,754 | 8,337 |
Cost | Office equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 660 | 639 |
Additions | 51 | 21 |
Disposals | 0 | |
Property, plant and equipment at end of period | 711 | 660 |
Cost | IT hardware | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 1,119 | 929 |
Additions | 154 | 549 |
Disposals | (74) | (359) |
Property, plant and equipment at end of period | 1,199 | 1,119 |
Cost | Right-of-use assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 9,616 | 3,782 |
Additions | 0 | 5,984 |
Disposals | (150) | |
Property, plant and equipment at end of period | 9,616 | 9,616 |
Cost | Leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 317 | 317 |
Additions | 290 | 0 |
Disposals | 0 | |
Property, plant and equipment at end of period | 607 | 317 |
Accumulated depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (10,662) | (8,881) |
Depreciation charge for the year | (2,174) | (2,230) |
Disposals | 96 | 449 |
Property, plant and equipment at end of period | (12,741) | (10,662) |
Accumulated depreciation | Lab equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (6,602) | (5,963) |
Depreciation charge for the year | (583) | (639) |
Disposals | 22 | 0 |
Property, plant and equipment at end of period | (7,164) | (6,602) |
Accumulated depreciation | Office equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (617) | (579) |
Depreciation charge for the year | (36) | (38) |
Disposals | 0 | 0 |
Property, plant and equipment at end of period | (653) | (617) |
Accumulated depreciation | IT hardware | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (757) | (856) |
Depreciation charge for the year | (329) | (260) |
Disposals | 74 | 359 |
Property, plant and equipment at end of period | (1,012) | (757) |
Accumulated depreciation | Right-of-use assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (2,414) | (1,247) |
Depreciation charge for the year | (1,200) | (1,256) |
Disposals | 0 | 90 |
Property, plant and equipment at end of period | (3,614) | (2,414) |
Accumulated depreciation | Leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (273) | (236) |
Depreciation charge for the year | (25) | (37) |
Disposals | 0 | 0 |
Property, plant and equipment at end of period | SFr (298) | SFr (273) |
Property, plant and equipment_2
Property, plant and equipment - Narrative (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Group facilities in Schlieren, Switzerland | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Lease agreement, extension period | 5 years | |
Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Additions | SFr 933 | SFr 7,435 |
Cost | Right-of-use assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Additions | SFr 0 | SFr 5,984 |
Intangible assets (Details)
Intangible assets (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning of period | SFr 347 | |
Intangible assets at end of period | 331 | SFr 347 |
IT software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning of period | 347 | |
Intangible assets at end of period | 331 | 347 |
Cost | IT software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning of period | 1,530 | 1,471 |
Additions | 374 | 232 |
Disposals | (173) | |
Intangible assets at end of period | 1,904 | 1,530 |
Accumulated depreciation | IT software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning of period | (1,183) | (699) |
Amortization charge for the year | (391) | (657) |
Disposals | 0 | 173 |
Intangible assets at end of period | SFr (1,574) | SFr (1,183) |
Financial instruments - Disclos
Financial instruments - Disclosure of Financial Assets at Amortized Cost (Details) - Financial assets at amortized costs - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | SFr 156,599 | SFr 173,882 |
Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 71,813 | 133,721 |
Trade receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 23,710 | 159 |
Accrued income | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 76 | 2 |
Short-term time deposits | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | SFr 61,000 | SFr 40,000 |
Financial instruments - Discl_2
Financial instruments - Disclosure of Financial Liabilities at Amortized Cost (Details) - Financial liabilities at amortized cost - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | SFr 14,848 | SFr 12,765 |
Trade receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 4,862 | 2,800 |
Accrued project costs and royalties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 3,410 | 1,972 |
Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 6,039 | 7,218 |
Other non-employee related accrued expenses | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | SFr 537 | SFr 775 |
Prepaid expenses and accrued _3
Prepaid expenses and accrued income (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Prepayments | SFr 5,652 | SFr 1,252 |
Accrued income | 76 | 2 |
Prepaid expenses and accrued income | SFr 5,728 | SFr 1,254 |
Trade and other receivables - D
Trade and other receivables - Disclosure of Detailed Information about Trade and Other Receivables (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade receivables | SFr 23,710 | SFr 159 |
Value added tax | 1,770 | 1,376 |
Withholding tax | 24 | 199 |
Other receivables | 146 | 1,103 |
Trade and other receivables | SFr 25,650 | SFr 2,837 |
Trade and other receivables -_2
Trade and other receivables - Disclosure of Trade Receivables Denominated in Other Currency Explanatory (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Trade And Other Receivables [Line Items] | ||
Trade receivables | SFr 23,710 | SFr 159 |
CHF | ||
Disclosure Of Trade And Other Receivables [Line Items] | ||
Trade receivables | 958 | 159 |
EUR | ||
Disclosure Of Trade And Other Receivables [Line Items] | ||
Trade receivables | 3,127 | 0 |
USD | ||
Disclosure Of Trade And Other Receivables [Line Items] | ||
Trade receivables | SFr 19,625 | SFr 0 |
Trade and other receivables - N
Trade and other receivables - Narrative (Details) SFr in Thousands, $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2021CHF (SFr) | Dec. 31, 2020CHF (SFr) |
Disclosure Of Trade And Other Receivables [Line Items] | |||
Trade receivables | SFr 23,710 | SFr 159 | |
Licence and Collaboration Agreement with Novartis | |||
Disclosure Of Trade And Other Receivables [Line Items] | |||
Trade receivables | $ 20,000 | SFr 18,584 |
Cash, cash equivalents and sh_3
Cash, cash equivalents and short-term time deposits - Disclosure of Reconciliation of Cash, Cash Equivalents and Short-Term Time Deposits (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Reconciliation Of Cash, Cash Equivalents And Short-Term Time Deposits [Line Items] | ||||
Cash and cash equivalents | SFr 71,813 | SFr 133,721 | SFr 75,712 | SFr 98,958 |
Short-term time deposits | 61,000 | 40,000 | ||
CHF | ||||
Disclosure Of Reconciliation Of Cash, Cash Equivalents And Short-Term Time Deposits [Line Items] | ||||
Cash and cash equivalents | 44,621 | 96,576 | ||
Short-term time deposits | 20,000 | 40,000 | ||
EUR | ||||
Disclosure Of Reconciliation Of Cash, Cash Equivalents And Short-Term Time Deposits [Line Items] | ||||
Cash and cash equivalents | 20,313 | 6,365 | ||
USD | ||||
Disclosure Of Reconciliation Of Cash, Cash Equivalents And Short-Term Time Deposits [Line Items] | ||||
Cash and cash equivalents | 5,821 | 29,776 | ||
Short-term time deposits | 41,000 | 0 | ||
GBP | ||||
Disclosure Of Reconciliation Of Cash, Cash Equivalents And Short-Term Time Deposits [Line Items] | ||||
Cash and cash equivalents | SFr 1,058 | SFr 1,004 |
Cash, cash equivalents and sh_4
Cash, cash equivalents and short-term time deposits - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2021bankposition | Dec. 31, 2020positionbank | |
CHF | ||
Disclosure Of Detailed Information About Cash, Cash Equivalents And Short-Term Time Deposits [Line Items] | ||
Number Of Short-Term Time Deposit Positions | position | 1 | 3 |
Number Of Banks Where Deposits Are Held | bank | 1 | 2 |
USD | ||
Disclosure Of Detailed Information About Cash, Cash Equivalents And Short-Term Time Deposits [Line Items] | ||
Number Of Short-Term Time Deposit Positions | position | 3 | |
Number Of Banks Where Deposits Are Held | bank | 2 |
Shareholders_ equity - Narrativ
Shareholders’ equity - Narrative (Details) $ / shares in Units, SFr in Thousands, $ in Millions | Jun. 15, 2021USD ($)$ / sharesshares | Jun. 15, 2021CHF (SFr)shares | Dec. 31, 2021shares | Dec. 31, 2020shares |
Equity [abstract] | ||||
Initial Public Offering, number of shares issued (in shares) | shares | 3,000,000 | 3,000,000 | 3,145,656 | 7,545,800 |
Initial Public Offering, price per share (in USD per share) | $ / shares | $ 21.25 | |||
Inital Public Offering, gross proceeds | $ | $ 63.8 | |||
Share issue related cost | SFr | SFr 7,303 |
Shareholders_ equity - Classes
Shareholders’ equity - Classes of Share Capital (Details) | 12 Months Ended | ||||
Dec. 31, 2021CHF (SFr)voteSFr / sharesshares | Dec. 31, 2020CHF (SFr)SFr / sharesshares | Dec. 31, 2019CHF (SFr)SFr / sharesshares | Oct. 31, 2020CHF (SFr)SFr / shares | Dec. 31, 2018CHF (SFr) | |
Disclosure of classes of share capital [line items] | |||||
Equity | SFr 107,289,000 | SFr 107,220,000 | SFr 54,139,000 | SFr 91,704,000 | |
Number of shares outstanding (in shares) | shares | 29,146,992 | 21,601,192 | |||
Par value per share (in CHF per share) | SFr / shares | SFr 0.10 | SFr 0.10 | SFr 0.10 | ||
Maximum amount of share capital increase authorized | SFr 428,675 | SFr 728,675 | |||
Maximum amount of share capital increase authorized, number of shares (in shares) | shares | 4,286,750 | ||||
Increase (decrease) in authorized share capital | SFr (300,000) | ||||
Maximum percentage of total number of shares in a placement | 20.00% | ||||
Percentage of share capital registered accumulated | 15.00% | ||||
Proceeds from exercise of options | SFr 267,000 | 840,000 | SFr 1,010,000 | ||
Share Options, PSUs And RSUs | |||||
Disclosure of classes of share capital [line items] | |||||
Proceeds from exercise of options | SFr 269,552 | 848,340 | 1,019,840 | ||
Novartis | |||||
Disclosure of classes of share capital [line items] | |||||
Share capital acquired in the Company | SFr 40,000,000 | ||||
Share capital acquired in the Company, per share (in CHF per share) | SFr / shares | SFr 23 | ||||
Percentage of share capital in the Company | 5.40% | ||||
Common shares | |||||
Disclosure of classes of share capital [line items] | |||||
Equity | SFr 3,214,699 | ||||
Number of shares outstanding (in shares) | shares | 32,146,992 | ||||
Number of votes per share | vote | 1 | ||||
Conditional share capital | |||||
Disclosure of classes of share capital [line items] | |||||
Authorized share capital, employee participation | SFr 161,502 | 176,068 | |||
Number of shares authorized, employee participation (in shares) | shares | 1,615,021 | ||||
Increase (decrease) in authorized share capital, employee participation | SFr (14,566) | ||||
Authorized share capital, financing transactions | SFr 226,087 | ||||
Number of shares authorized, financing transactions (in shares) | shares | 2,260,870 | ||||
Share capital | |||||
Disclosure of classes of share capital [line items] | |||||
Equity | SFr 3,229,265 | SFr 2,915,000 | SFr 2,160,000 | SFr 2,123,000 | |
Number of shares outstanding (in shares) | shares | 32,292,648 |
Trade and other payables - Disc
Trade and other payables - Disclosure of Detailed Information about Trade and Other Payables (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade payables | SFr 4,862 | SFr 2,800 |
Social security | 1,672 | 1,715 |
Value added tax | 855 | 1,310 |
Trade and other payables | SFr 7,389 | SFr 5,825 |
Trade and other payables - Di_2
Trade and other payables - Disclosure of Trade Payables Denominated in Other Currency Explanatory (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Trade And Other Payables [Line Items] | ||
Trade payables | SFr 4,862 | SFr 2,800 |
CHF | ||
Disclosure Of Trade And Other Payables [Line Items] | ||
Trade payables | 1,464 | 556 |
EUR | ||
Disclosure Of Trade And Other Payables [Line Items] | ||
Trade payables | 3,250 | 2,043 |
USD | ||
Disclosure Of Trade And Other Payables [Line Items] | ||
Trade payables | 118 | 17 |
GBP | ||
Disclosure Of Trade And Other Payables [Line Items] | ||
Trade payables | SFr 29 | SFr 184 |
Accrued expenses (Details)
Accrued expenses (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accrued project costs and royalties | SFr 3,410 | SFr 1,972 |
Accrued payroll and bonuses | 6,002 | 4,967 |
Other | 563 | 779 |
Accrued expenses | SFr 9,975 | SFr 7,718 |
Contract liability - Disclosure
Contract liability - Disclosure of Expected Revenue Recognition Analysis for Contract Liabilities (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Contract liability | SFr 35,237 | SFr 45,887 |
Expected revenue recognition in year one after balance sheet date | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Contract liability | 28,312 | 42,948 |
Expected revenue recognition in year two after balance sheet date | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Contract liability | 5,798 | 2,939 |
Expected revenue recognition in year three after balance sheet date | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Contract liability | 1,127 | 0 |
Expected revenue recognition in year four after balance sheet date | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Contract liability | 0 | 0 |
Expected revenue recognition in year five and later after balance sheet date | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Contract liability | SFr 0 | SFr 0 |
Contract liability - Explanatio
Contract liability - Explanation of Changes in Contract Liabilities (Details) SFr in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CHF (SFr) | Dec. 31, 2021USD ($) | Dec. 31, 2020CHF (SFr) | |
Disclosure Of Detailed Information About Contract Liability [Line Items] | |||
Contract liability at beginning of period | SFr 45,887 | SFr 28,327 | |
Additions | 18,584 | 27,000 | |
Recognized as revenue | (9,330) | (9,344) | |
Offset of costs | (19,904) | (96) | |
Contract liability at end of period | 35,237 | 45,887 | |
Amgen | |||
Disclosure Of Detailed Information About Contract Liability [Line Items] | |||
Contract liability at beginning of period | 18,983 | 28,327 | |
Additions | 0 | 0 | |
Recognized as revenue | (9,330) | (9,344) | |
Offset of costs | 0 | 0 | |
Contract liability at end of period | 9,653 | 18,983 | |
Novartis | |||
Disclosure Of Detailed Information About Contract Liability [Line Items] | |||
Contract liability at beginning of period | 19,904 | 0 | |
Additions | 18,584 | 20,000 | |
Recognized as revenue | 0 | 0 | |
Offset of costs | (19,904) | (96) | |
Contract liability at end of period | 18,584 | $ 20,000 | 19,904 |
FOPH | |||
Disclosure Of Detailed Information About Contract Liability [Line Items] | |||
Contract liability at beginning of period | 7,000 | 0 | |
Additions | 0 | 7,000 | |
Recognized as revenue | 0 | 0 | |
Offset of costs | 0 | 0 | |
Contract liability at end of period | SFr 7,000 | SFr 7,000 |
Contract liability - Additional
Contract liability - Additional Information (Details) SFr in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CHF (SFr) | Dec. 31, 2020CHF (SFr) | Dec. 31, 2021USD ($) | Dec. 31, 2019CHF (SFr) | |
Disclosure Of Detailed Information About Contract Liability [Line Items] | ||||
Offset of costs | SFr 19,904 | SFr 96 | ||
Contract liability | 35,237 | 45,887 | SFr 28,327 | |
Novartis | ||||
Disclosure Of Detailed Information About Contract Liability [Line Items] | ||||
Offset of costs | 19,904 | 96 | ||
Contract liability | SFr 18,584 | SFr 19,904 | $ 20,000 | SFr 0 |
Contract liability - Disclosu_2
Contract liability - Disclosure of Current and Non-Current Contract Liabilities (Details) SFr in Thousands, $ in Thousands | Dec. 31, 2021CHF (SFr) | Dec. 31, 2021USD ($) | Dec. 31, 2020CHF (SFr) | Dec. 31, 2019CHF (SFr) |
Disclosure Of Detailed Information About Contract Liability [Line Items] | ||||
Current | SFr 28,312 | SFr 42,948 | ||
Non-current | 6,925 | 2,939 | ||
Contract liability | 35,237 | 45,887 | SFr 28,327 | |
Amgen | ||||
Disclosure Of Detailed Information About Contract Liability [Line Items] | ||||
Current | 9,653 | 16,044 | ||
Non-current | 0 | 2,939 | ||
Contract liability | 9,653 | 18,983 | 28,327 | |
Novartis | ||||
Disclosure Of Detailed Information About Contract Liability [Line Items] | ||||
Current | 11,659 | 19,904 | ||
Non-current | 6,925 | 0 | ||
Contract liability | 18,584 | $ 20,000 | 19,904 | 0 |
FOPH | ||||
Disclosure Of Detailed Information About Contract Liability [Line Items] | ||||
Current | 7,000 | 7,000 | ||
Non-current | 0 | 0 | ||
Contract liability | SFr 7,000 | SFr 7,000 | SFr 0 |
Additional information on the_3
Additional information on the nature of expenses (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Personnel expenses | SFr (36,251) | SFr (33,634) | SFr (27,592) |
Research and development expenses | (55,718) | (56,075) | (43,498) |
Selling, general and administrative expense | (17,454) | (11,595) | (13,545) |
Total operating expenses | (73,172) | (67,670) | (57,043) |
Research and development expenses | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Research consumables and external research and development expenses | (26,342) | (26,599) | (20,314) |
Personnel expenses | (25,647) | (25,251) | (19,722) |
Depreciation and amortization | (2,016) | (2,319) | (2,088) |
Intellectual property | (636) | (492) | (568) |
Facility expenses | (758) | (683) | (565) |
Other research and development expenses | (259) | (169) | (191) |
Royalties and license fees | (60) | (562) | (50) |
Pension and share-based compensation costs, non-cash portion | 3,045 | 2,612 | 1,549 |
Selling, general and administrative expenses | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Personnel expenses | (10,604) | (8,383) | (7,870) |
Other administrative expenses | (6,242) | (2,587) | (5,231) |
Depreciation and amortization | (549) | (568) | (381) |
Facility expenses | (60) | (57) | (63) |
Pension and share-based compensation costs, non-cash portion | SFr 2,113 | SFr 1,573 | SFr 1,351 |
Royalties and license fees (Det
Royalties and license fees (Details) - CHF (SFr) | 2 Months Ended | 12 Months Ended | ||
Mar. 15, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Detailed Information About Royalties And License Fees [Line Items] | ||||
Accrued project costs and royalties | SFr 3,410,000 | SFr 1,972,000 | ||
University of Zurich | ||||
Disclosure Of Detailed Information About Royalties And License Fees [Line Items] | ||||
Royalties, minimum amount required to pay in total | 60,000 | |||
Royalties, minimum amount required to pay for separate license | 10,000 | |||
Royalty | 50,000 | 50,000 | SFr 50,000 | |
University of Utrecht | ||||
Disclosure Of Detailed Information About Royalties And License Fees [Line Items] | ||||
Licence fees | SFr 250,000 | |||
Accrued project costs and royalties | SFr 250,000 | |||
University of Utrecht | Significant transactions | Reservation Agreement with Swiss Federal Office of Public Health | ||||
Disclosure Of Detailed Information About Royalties And License Fees [Line Items] | ||||
Royalty, payable | SFr 1,000,000 |
Personnel expenses - Disclosure
Personnel expenses - Disclosure of Detailed Information about Employee Expenses (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Personnel Expenses [Abstract] | |||
Salaries | SFr (25,909) | SFr (23,525) | SFr (18,868) |
Share-based compensation (non-cash effective) | (4,085) | (2,932) | (2,438) |
Pension costs | (3,059) | (3,080) | (2,018) |
Social security costs | (2,535) | (2,393) | (1,894) |
Other personnel expenses | (663) | (1,704) | (2,374) |
Personnel expenses | SFr (36,251) | SFr (33,634) | SFr (27,592) |
Personnel expenses - Disclosu_2
Personnel expenses - Disclosure of Detailed Information about Employee Head Count (Details) - employee | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Personnel Expenses [Abstract] | |||
Average number of full-time equivalents | 158.3 | 142.5 | 127.1 |
Full-time equivalents at year end | 163.2 | 145.4 | 135.2 |
Headcount at year end | 177 | 159 | 147 |
Personnel expenses - Disclosu_3
Personnel expenses - Disclosure of Net Defined Benefit Liability (Asset) (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Actuarial assumptions | ||||
Discount rate | 0.40% | 0.20% | 0.20% | |
Future salary increases at December 31 | 2.00% | 2.00% | ||
Reconciliation of the amount recognized in the statement of financial position | ||||
Defined benefit obligation at December 31 | SFr 54,461 | SFr 54,512 | ||
Fair value of plan assets at December 31 | 47,979 | 41,089 | ||
Net defined benefit liability at December 31 | 6,483 | 13,423 | SFr 10,656 | |
Components of defined benefit cost in profit or loss | ||||
Current service cost (employer) | 3,097 | 3,033 | 2,053 | |
Past service cost | (94) | 0 | (105) | |
Interest expense on defined benefit obligation | 114 | 103 | 356 | |
Interest income on plan assets | (86) | (80) | (304) | |
Administrative cost excl. cost for managing plan assets | 27 | 24 | 18 | |
Defined benefit cost recognized in profit or loss | 3,059 | 3,080 | 2,018 | |
thereof service cost and administrative cost | 3,031 | 3,057 | 1,966 | |
thereof net interest expense on the net defined benefit liability | 28 | 23 | 52 | |
Reconciliation of net defined benefit liability | ||||
Net defined benefit liability at January 1 | 13,423 | 10,656 | ||
Defined benefit cost recognized in profit or loss | 3,059 | 3,080 | ||
Remeasurement of net pension liabilities | (8,012) | 1,514 | ||
Contributions by the employer | (1,987) | (1,827) | ||
Net defined benefit liability at December 31 | 6,483 | 13,423 | 10,656 | |
Reconciliation of defined benefit obligation | ||||
Net defined benefit liability at January 1 | 13,423 | 10,656 | ||
Actuarial (gain)/loss on defined benefit obligation | (8,012) | 1,514 | ||
Net defined benefit liability at December 31 | 6,483 | 13,423 | 10,656 | |
Reconciliation of amount recognized in OCI | ||||
Actuarial (gain) / loss on changes in financial assumptions | (2,303) | 0 | 4,774 | |
Actuarial (gain) / loss on changes in demographic assumptions | (2,432) | 0 | 0 | |
Actuarial (gain) / loss arising from experience adjustments | (773) | 335 | 963 | |
Actuarial (gain)/loss on defined benefit obligation | (5,508) | 335 | 5,737 | |
Return on plan assets excluding interest income | (2,504) | 1,179 | (1,026) | |
Remeasurement of net pension liabilities | [1] | (8,012) | 1,514 | 4,711 |
Reconciliation of fair value of plan assets | ||||
Fair value of plan assets at January 1 | (13,423) | (10,656) | ||
Contributions by the employer | 1,987 | 1,827 | ||
Fair value of plan assets at December 31 | (6,483) | (13,423) | (10,656) | |
Contributions by the employer | 2,060 | 1,834 | 1,724 | |
Plan asset classes | ||||
Total plan assets at fair value at December 31 | 47,979 | 41,089 | ||
thereof entity's own transferable financial instruments | 0 | 0 | ||
thereof property occupied or other assets used by the entity | SFr 0 | SFr 0 | ||
Weighted average duration of defined obligation in years at December 31 | 18 years 6 months | 20 years 2 months 12 days | ||
Discount rates based on industry benchmark, period | 20 years | |||
Accrued sabbatical cost | SFr 257 | SFr 255 | 240 | |
Actuarial assumptions, possible increase (decrease) in longevity for most of the age categories | 1 year | |||
Research and development expenses | ||||
Plan asset classes | ||||
Non-cash effective pension costs | SFr 837 | 1,039 | 358 | |
Selling, general and administrative expenses | ||||
Plan asset classes | ||||
Non-cash effective pension costs | SFr 235 | SFr 214 | 104 | |
Active members | ||||
Plan asset classes | ||||
Weighted average duration of defined obligation in years at December 31 | 18 years 3 months 18 days | 20 years 2 months 12 days | ||
Pensioners | ||||
Plan asset classes | ||||
Weighted average duration of defined obligation in years at December 31 | 19 years 7 months 6 days | 20 years 3 months 18 days | ||
Actuarial assumption of discount rates | ||||
Plan asset classes | ||||
Percentage of reasonably possible decrease in actuarial assumption | (0.25%) | (0.25%) | ||
Percentage of reasonably possible increase in actuarial assumption | 0.25% | 0.25% | ||
Defined benefit obligation due to reasonably possible decrease in actuarial assumption | SFr 57,066 | SFr 57,383 | ||
Defined benefit obligation due to reasonably possible increase in actuarial assumption | SFr 52,054 | SFr 51,871 | ||
Actuarial assumption of interest rate on retirement savings capital | ||||
Plan asset classes | ||||
Percentage of reasonably possible decrease in actuarial assumption | (0.25%) | (0.25%) | ||
Percentage of reasonably possible increase in actuarial assumption | 0.25% | 0.25% | ||
Defined benefit obligation due to reasonably possible decrease in actuarial assumption | SFr 53,576 | SFr 53,598 | ||
Defined benefit obligation due to reasonably possible increase in actuarial assumption | SFr 55,373 | SFr 55,454 | ||
Actuarial assumption of expected rates of salary increases | ||||
Plan asset classes | ||||
Percentage of reasonably possible decrease in actuarial assumption | (0.25%) | (0.25%) | ||
Percentage of reasonably possible increase in actuarial assumption | 0.25% | 0.25% | ||
Defined benefit obligation due to reasonably possible decrease in actuarial assumption | SFr 53,993 | SFr 54,033 | ||
Defined benefit obligation due to reasonably possible increase in actuarial assumption | SFr 54,947 | SFr 54,999 | ||
Actuarial assumption of life expectancy | ||||
Plan asset classes | ||||
Reasonably possible increase in actuarial assumptions, period | 1 year | 1 year | ||
Reasonably possible decrease in actuarial assumptions, period | 1 year | 1 year | ||
Defined benefit obligation due to reasonably possible decrease in actuarial assumption | SFr 55,283 | SFr 55,417 | ||
Defined benefit obligation due to reasonably possible increase in actuarial assumption | 53,569 | 53,611 | ||
Quoted market price | ||||
Reconciliation of the amount recognized in the statement of financial position | ||||
Fair value of plan assets at December 31 | 39,116 | 33,138 | ||
Plan asset classes | ||||
Cash and cash equivalents | 9,581 | 8,118 | ||
Equity instruments | 20,246 | 16,791 | ||
Debt instruments (e.g. bonds) | 6,130 | 5,671 | ||
Real estate funds | 1,612 | 1,075 | ||
Others | 1,547 | 1,483 | ||
Total plan assets at fair value at December 31 | 39,116 | 33,138 | ||
Non-quoted market price | ||||
Reconciliation of the amount recognized in the statement of financial position | ||||
Fair value of plan assets at December 31 | 8,862 | 7,951 | ||
Plan asset classes | ||||
Others | 8,862 | 7,951 | ||
Total plan assets at fair value at December 31 | 8,862 | 7,951 | ||
Defined benefit obligation | ||||
Reconciliation of the amount recognized in the statement of financial position | ||||
Net defined benefit liability at December 31 | 54,461 | 54,512 | 48,455 | |
Reconciliation of net defined benefit liability | ||||
Net defined benefit liability at January 1 | 54,512 | 48,455 | ||
Remeasurement of net pension liabilities | (5,508) | 335 | ||
Net defined benefit liability at December 31 | 54,461 | 54,512 | 48,455 | |
Reconciliation of defined benefit obligation | ||||
Net defined benefit liability at January 1 | 54,512 | 48,455 | ||
Interest expenses on defined benefit obligation | 114 | 103 | ||
Current service cost (employer) | 3,097 | 3,033 | ||
Contributions by plan participants | 1,246 | 1,138 | ||
Benefits (paid)/deposited | 1,067 | 1,424 | ||
Past service cost | (94) | 0 | ||
Administrative cost (excl. cost for managing plan assets) | 27 | 24 | ||
Actuarial (gain)/loss on defined benefit obligation | (5,508) | 335 | ||
Net defined benefit liability at December 31 | 54,461 | 54,512 | 48,455 | |
Reconciliation of fair value of plan assets | ||||
Fair value of plan assets at January 1 | (54,512) | (48,455) | ||
Interest income on plan assets | (114) | (103) | ||
Contributions by plan participants | (1,246) | (1,138) | ||
Benefits (paid)/deposited | (1,067) | (1,424) | ||
Fair value of plan assets at December 31 | (54,461) | (54,512) | (48,455) | |
Plan assets | ||||
Reconciliation of the amount recognized in the statement of financial position | ||||
Net defined benefit liability at December 31 | (47,979) | (41,089) | (37,799) | |
Reconciliation of net defined benefit liability | ||||
Net defined benefit liability at January 1 | (41,089) | (37,799) | ||
Contributions by the employer | (1,987) | (1,827) | ||
Net defined benefit liability at December 31 | (47,979) | (41,089) | (37,799) | |
Reconciliation of defined benefit obligation | ||||
Net defined benefit liability at January 1 | (41,089) | (37,799) | ||
Interest expenses on defined benefit obligation | (86) | (80) | ||
Contributions by plan participants | (1,246) | (1,138) | ||
Benefits (paid)/deposited | (1,067) | (1,424) | ||
Net defined benefit liability at December 31 | (47,979) | (41,089) | (37,799) | |
Reconciliation of fair value of plan assets | ||||
Fair value of plan assets at January 1 | 41,089 | 37,799 | ||
Interest income on plan assets | 86 | 80 | ||
Contributions by the employer | 1,987 | 1,827 | ||
Contributions by plan participants | 1,246 | 1,138 | ||
Benefits (paid)/deposited | 1,067 | 1,424 | ||
Return on plan assets excl. interest income | 2,504 | (1,179) | ||
Fair value of plan assets at December 31 | SFr 47,979 | SFr 41,089 | SFr 37,799 | |
[1] | See note 18 |
Personnel expenses - Disclosu_4
Personnel expenses - Disclosure of Defined Benefit Plan, Expense Recognized in Profit or Loss and Other Comprehensive Income (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Components of defined benefit cost in profit or loss | ||||
Current service cost (employer) | SFr 3,097 | SFr 3,033 | SFr 2,053 | |
Past service cost | (94) | 0 | (105) | |
Interest expense on defined benefit obligation | 114 | 103 | 356 | |
Interest income on plan assets | (86) | (80) | (304) | |
Administrative cost excl. cost for managing plan assets | 27 | 24 | 18 | |
Defined benefit cost recognized in profit or loss | 3,059 | 3,080 | 2,018 | |
thereof service cost and administrative cost | 3,031 | 3,057 | 1,966 | |
thereof net interest expense on the net defined benefit liability | 28 | 23 | 52 | |
Reconciliation of amount recognized in OCI | ||||
Actuarial (gain) / loss on changes in financial assumptions | (2,303) | 0 | 4,774 | |
Actuarial (gain) / loss on changes in demographic assumptions | (2,432) | 0 | 0 | |
Actuarial (gain) / loss arising from experience adjustments | (773) | 335 | 963 | |
Actuarial (gain)/loss on defined benefit obligation | (5,508) | 335 | 5,737 | |
Return on plan assets excluding interest income | (2,504) | 1,179 | (1,026) | |
Remeasurement of net pension liabilities | [1] | (8,012) | 1,514 | 4,711 |
Contributions by the employer | SFr 2,060 | SFr 1,834 | SFr 1,724 | |
[1] | See note 18 |
Personnel expenses - Additional
Personnel expenses - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021sharesplantranche | Dec. 31, 2020shares | Dec. 31, 2019shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options outstanding (in shares) | 318,902 | 382,059 | 560,250 |
Number of PSUs and RSUs outstanding (in shares) | 643,120 | 533,104 | 445,005 |
ESOP 2009 and ESOP 2014 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 4 years | ||
Cliff vesting percentage | 25.00% | ||
Cliff vesting period | 1 year | ||
Number of share options outstanding (in shares) | 318,902 | 382,059 | |
Number of share option plans | plan | 2 | ||
Restricted Share Units (RSU) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 1 year | 1 year | |
Blocking period | 3 years | ||
Number of PSUs and RSUs outstanding (in shares) | 95,635 | 87,906 | |
Performance Share Units (PSU), Employees excluding Management Board | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of tranches | tranche | 3 | ||
Performance Share Units (PSU), Employees excluding Management Board | Minimum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 2 years 3 months | ||
Number of PSUs issued, in percentage of number of PSUs granted | 0.00% | ||
Performance Share Units (PSU), Employees excluding Management Board | Maximum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 3 years | ||
Number of PSUs issued, in percentage of number of PSUs granted | 120.00% | ||
Performance Share Units (PSU), Management Board | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cliff vesting period | 3 years | ||
Performance Share Units (PSU), Management Board | Minimum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 2 years 3 months | ||
Performance Share Units (PSU), Management Board | Maximum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 3 years | ||
Performance Share Units (PSU) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cliff vesting period | 3 years | ||
Number of PSUs and RSUs outstanding (in shares) | 547,485 | 445,198 | |
Performance Share Units (PSU) | Minimum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 2 years 3 months | ||
Performance Share Units (PSU) | Maximum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 3 years |
Personnel expenses - Disclosu_5
Personnel expenses - Disclosure of Conditions and Inputs Used in the Measurement of the Fair Values at Grant Dates (Details) | 12 Months Ended | |
Dec. 31, 2021sharesSFr / shares | Dec. 31, 2020sharesSFr / shares | |
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Number of RSU and PSU granted (in shares) | shares | 260,055 | 301,124 |
Weighted average exercise price (in CHF per shares) | SFr 0.10 | SFr 0.10 |
Expected dividend | 0 | 0 |
Weighted average fair value of rights granted (in CHF per shares) | SFr 24.56 | SFr 20.18 |
Restricted Share Units (RSU) | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Number of RSU and PSU granted (in shares) | shares | 29,519 | 33,467 |
Full contractual life for RSU and PSU | 3 years | 3 years |
Vesting period | 1 year | 1 year |
Performance Share Units (PSU) | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Number of RSU and PSU granted (in shares) | shares | 230,536 | 267,657 |
Minimum | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Share price (in CHF per share) | SFr 17.90 | SFr 14.50 |
Expected volatility on Common shares | 58.57% | 42.73% |
Risk free interest rate, common shares | (0.58%) | (0.42%) |
Expected volatility on NBI | 26.21% | 21.20% |
Risk free interest rate, NBI | 0.24% | 0.36% |
Expected volatility on SPI | 15.96% | 11.19% |
Risk free interest rate, SPI | (0.58%) | (0.42%) |
Minimum | Performance Share Units (PSU) | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Full contractual life for RSU and PSU | 2 years 3 months | 2 years 3 months |
Vesting period | 2 years 3 months | |
Minimum | Performance Share Units (PSU), Management Board | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Vesting period | 2 years 3 months | |
Minimum | Performance Share Units (PSU), Employees excluding Management Board | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Vesting period | 2 years 3 months | |
Maximum | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Share price (in CHF per share) | SFr 23.25 | SFr 21.50 |
Expected volatility on Common shares | 61.69% | 56.26% |
Risk free interest rate, common shares | (0.61%) | (0.60%) |
Expected volatility on NBI | 27.01% | 25.70% |
Risk free interest rate, NBI | 0.34% | 2.00% |
Expected volatility on SPI | 16.15% | 15.79% |
Risk free interest rate, SPI | (0.61%) | (0.60%) |
Maximum | Performance Share Units (PSU) | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Full contractual life for RSU and PSU | 3 years | 3 years |
Vesting period | 3 years | |
Maximum | Performance Share Units (PSU), Management Board | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Vesting period | 3 years | |
Maximum | Performance Share Units (PSU), Employees excluding Management Board | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Vesting period | 3 years |
Personnel expenses - Disclosu_6
Personnel expenses - Disclosure of Movements in the Number of All Isues RSUs, PSUs and Share Options (Details) | 12 Months Ended | |
Dec. 31, 2021sharesSFr / shares | Dec. 31, 2020sharesSFr / shares | |
Personnel Expenses [Abstract] | ||
Number of instruments outstanding, beginning of period (in shares) | shares | 915,163 | 1,005,255 |
Number of instruments granted (in shares) | shares | 260,055 | 301,124 |
Number of instruments forfeited, performance adjustment (in shares) | shares | (1,022) | (27,956) |
Number of instruments forfeited (in shares) | shares | (66,518) | (84,679) |
Number of instruments expired (in shares) | shares | 0 | 0 |
Number of instruments exercised (in shares) | shares | (145,656) | (278,581) |
Number of instruments outstanding, end of period (in shares) | shares | 962,022 | 915,163 |
Weighted average exercise price of instruments outstanding at beginning of period (in CHF per share) | SFr 2.74 | SFr 3.32 |
Weighted average exercise price of instruments granted (in CHF per share) | 0.10 | 0.10 |
Weighted average exercise price of instruments forfeited, performance adjustment (in CHF per share) | 0.10 | 0.10 |
Weighted average exercise price of instruments forfeited (in CHF per share) | 0.10 | 0.10 |
Weighted average exercise price of instruments expired (in CHF per share) | 0 | 0 |
Weighted average exercise price of instruments exercised (in CHF per share) | 1.85 | 3.05 |
Weighted average exercise price of instruments outstanding at end of period (in CHF per share) | SFr 2.35 | SFr 2.74 |
Number of share options outstanding at beginning of period (in shares) | shares | 382,059 | 560,250 |
Number of share options granted (in shares) | shares | 0 | 0 |
Number of share options forfeited, performance adjustment (in shares) | shares | 0 | 0 |
Number of share options forfeited (in shares) | shares | 0 | 0 |
Number of share options expired (in shares) | shares | 0 | 0 |
Number of share options exercised (in shares) | shares | (63,157) | (178,191) |
Number of share options outstanding at end of period (in shares) | shares | 318,902 | 382,059 |
Weighted average exercise price of share options outstanding at beginning of period (in CHF per share) | SFr 6.42 | SFr 5.87 |
Weighted average exercise price of share options granted (in CHF per share) | 0 | 0 |
Weighted average exercise price of share options forfeited, performance adjustment (in CHF per share) | 0 | 0 |
Weighted average exercise price of share options forfeited (in CHF per share) | 0 | 0 |
Weighted average exercise price of share options expired (in CHF per share) | 0 | 0 |
Weighted average exercise price of share options exercised (in CHF per share) | 4.14 | 4.70 |
Weighted average exercise price of share options outstanding at end of period (in CHF per share) | SFr 6.87 | SFr 6.42 |
Number of PSU and RSU outstanding at beginning of period (in shares) | shares | 533,104 | 445,005 |
Number of RSU and PSU granted (in shares) | shares | 260,055 | 301,124 |
Number of PSU and RSU forfeited, performance adjustment (in shares) | shares | (1,022) | (27,956) |
Number of PSU and RSU forfeited (in shares) | shares | (66,518) | (84,679) |
Number of PSU and RSU expired (in shares) | shares | 0 | 0 |
Number of PSU and RSU exercised (in shares) | shares | (82,499) | (100,390) |
Number of PSU and RSU outstanding at end of period (in shares) | shares | 643,120 | 533,104 |
Weighted average exercise price of PSU and RSU outstanding at beginning of period (in CHF per share) | SFr 0.10 | SFr 0.10 |
Weighted average exercise price of PSU and RSU granted (in CHF per share) | 0.10 | 0.10 |
Weighted average exercise price of PSU and RSU forfeited, performance adjustment (in CHF per share) | 0.10 | 0.10 |
Weighted average exercise price of PSU and RSU forfeited (in CHF per share) | 0.10 | 0.10 |
Weighted average exercise price of PSU and RSU expired (in CHF per share) | 0 | 0 |
Weighted average exercise price of PSU and RSU exercised (in CHF per share) | 0.10 | 0.10 |
Weighted average exercise price of PSU and RSU outstanding at end of period (in CHF per share) | 0.10 | 0.10 |
Weighted average share price, at date of exercise (in CHF per share) | SFr 19.87 | SFr 19.73 |
Personnel expenses - Disclosu_7
Personnel expenses - Disclosure of Exercise Prices, Number and Weighted Average Remaining Contractual Life of Outstanding Instruments (Details) | 12 Months Ended | ||
Dec. 31, 2021sharesSFr / shares | Dec. 31, 2020sharesSFr / shares | Dec. 31, 2019shares | |
Disclosure Of Exercise Prices, Number And Weighted Average Remaining Contractual Life Of Outstanding Instruments [Line Items] | |||
Number of share options outstanding (in shares) | 318,902 | 382,059 | 560,250 |
Number of PSUs and RSUs outstanding (in shares) | 643,120 | 533,104 | 445,005 |
Weighted average remaining contractual life of outstanding PSUs and RSUs | 1 year 2 months 12 days | 1 year 7 months 6 days | |
Number of PSUs and RSUs exercisable (in shares) | 0 | ||
Number of instruments outstanding (in shares) | 962,022 | 915,163 | 1,005,255 |
Number of instruments exercisable (in shares | 318,902 | 382,059 | |
Exercise price, range one | |||
Disclosure Of Exercise Prices, Number And Weighted Average Remaining Contractual Life Of Outstanding Instruments [Line Items] | |||
Exercise price of outstanding share options (in CHF per share) | SFr / shares | SFr 2.31 | SFr 2.31 | |
Number of share options outstanding (in shares) | 1,160 | 38,917 | |
Weighted average remaining contractual life of outstanding share options | 8 months 12 days | 7 months 6 days | |
Number of share options exercisable (in shares) | 1,160 | 38,917 | |
Exercise price of outstanding PSUs and RSUs (in CHF per share) | SFr / shares | SFr 0.1 | SFr 0.1 | |
Exercise price, range two | |||
Disclosure Of Exercise Prices, Number And Weighted Average Remaining Contractual Life Of Outstanding Instruments [Line Items] | |||
Exercise price of outstanding share options (in CHF per share) | SFr / shares | SFr 6.05 | SFr 6.05 | |
Number of share options outstanding (in shares) | 2,815 | 2,815 | |
Weighted average remaining contractual life of outstanding share options | 1 year | 2 years | |
Number of share options exercisable (in shares) | 2,815 | 2,815 | |
Exercise price, range three | |||
Disclosure Of Exercise Prices, Number And Weighted Average Remaining Contractual Life Of Outstanding Instruments [Line Items] | |||
Exercise price of outstanding share options (in CHF per share) | SFr / shares | SFr 6.06 | SFr 6.06 | |
Number of share options outstanding (in shares) | 15,450 | 17,942 | |
Weighted average remaining contractual life of outstanding share options | 2 years 4 months 24 days | 3 years 3 months 18 days | |
Number of share options exercisable (in shares) | 15,450 | 17,942 | |
Exercise price, range four | |||
Disclosure Of Exercise Prices, Number And Weighted Average Remaining Contractual Life Of Outstanding Instruments [Line Items] | |||
Exercise price of outstanding share options (in CHF per share) | SFr / shares | SFr 6.94 | SFr 6.94 | |
Number of share options outstanding (in shares) | 299,477 | 322,385 | |
Weighted average remaining contractual life of outstanding share options | 2 years 8 months 12 days | 3 years 8 months 12 days | |
Number of share options exercisable (in shares) | 299,477 | 322,385 |
Personnel expenses - Disclosu_8
Personnel expenses - Disclosure of Non-Cash Costs for Share-Based Payments by Functions (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Share-based compensation (non-cash effective) | SFr 4,085 | SFr 2,932 | SFr 2,438 |
Research and development expenses | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Share-based compensation (non-cash effective) | 2,208 | 1,573 | 1,192 |
Selling, general and administrative expenses | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Share-based compensation (non-cash effective) | SFr 1,877 | SFr 1,359 | SFr 1,246 |
Financial income and financia_3
Financial income and financial expense - Disclosure of Detailed Information about Financial Income (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |||
Interest income on financial assets held at amortized costs | SFr 99 | SFr 367 | SFr 1,599 |
Net foreign exchange gain | 92 | 0 | 0 |
Finance income | SFr 191 | SFr 367 | SFr 1,599 |
Financial income and financia_4
Financial income and financial expense - Disclosure of Detailed Information about Financial Expense (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |||
Net foreign exchange loss | SFr 0 | SFr (4,512) | SFr (1,110) |
Negative interest on financial assets held at amortized costs | (495) | (271) | (64) |
Interest expense on leases | (53) | (24) | (27) |
Other financial expenses | (8) | (9) | (9) |
Finance costs | SFr (556) | SFr (4,816) | SFr (1,210) |
Taxes - Income Taxes (Details)
Taxes - Income Taxes (Details) SFr in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021CHF (SFr) | Dec. 31, 2021USD ($) | Dec. 31, 2020CHF (SFr) | Dec. 31, 2020USD ($) | Dec. 31, 2019CHF (SFr) | Dec. 31, 2019USD ($) | |
Molecular Partners Inc. | ||||||
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items] | ||||||
Current tax expense (income) | SFr (2) | $ 2 | SFr (11) | $ (13) | SFr 17 | $ 17 |
Taxes - Deferred Taxes (Details
Taxes - Deferred Taxes (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes And Deferred Taxes [Abstract] | |||
Net operating losses | SFr 58,632 | SFr 58,631 | SFr 33,446 |
Tax loss carryforwards | SFr 212,218 | 157,900 | |
Tax loss carryforwards, expiration period | 7 years | ||
Tax loss carryforwards, expired during period | SFr 4,314 | ||
Net defined benefit liability (asset) | SFr 6,483 | SFr 13,423 | SFr 10,656 |
Taxes - Disclosure of Expiry of
Taxes - Disclosure of Expiry of Tax Loss Carryforwards (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items] | ||
Tax loss carryforwards | SFr (212,218) | SFr (157,900) |
2021 | ||
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items] | ||
Tax loss carryforwards | (4,314) | |
2022 | ||
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items] | ||
Tax loss carryforwards | 0 | 0 |
2023 | ||
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items] | ||
Tax loss carryforwards | (15,976) | (15,976) |
2024 | ||
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items] | ||
Tax loss carryforwards | (21,766) | (21,766) |
2025 | ||
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items] | ||
Tax loss carryforwards | (23,767) | (23,767) |
2026 | ||
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items] | ||
Tax loss carryforwards | (33,446) | (33,446) |
2027 | ||
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items] | ||
Tax loss carryforwards | (58,631) | (58,631) |
2028 | ||
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items] | ||
Tax loss carryforwards | (58,632) | 0 |
Thereafter | ||
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items] | ||
Tax loss carryforwards | SFr 0 | SFr 0 |
Earnings per share (Details)
Earnings per share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per share [abstract] | |||
Weighted average number of shares used in computing basic profit / (loss) per share (in shares) | 31,005,171 | 25,000,652 | 21,413,375 |
Weighted average number of shares used in computing diluted profit / (loss) per share (in shares) | 31,005,171 | 25,000,652 | 21,413,375 |
Number of potential future dilutive shares (in shares) | 835,422 | 794,377 | 814,855 |
Leases - Narrative (Details)
Leases - Narrative (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Detailed Information About Leases [Line Items] | |||
Cash outflow for leases | SFr 1,232 | SFr 1,275 | SFr 1,266 |
Lease facilities, Schlieren | |||
Disclosure Of Detailed Information About Leases [Line Items] | |||
Lease, extension term | 5 years | 5 years | |
Minimum | |||
Disclosure Of Detailed Information About Leases [Line Items] | |||
Lease, term | 2 years | ||
Maximum | |||
Disclosure Of Detailed Information About Leases [Line Items] | |||
Lease, term | 10 years | ||
Lease, extension ortermination option, period | 1 year |
Leases - Disclosure of Movement
Leases - Disclosure of Movement of Lease Liabilities (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Detailed Information About Leases [Line Items] | |||
Lease liabilities at beginning of period | SFr 7,218 | SFr 2,545 | |
Additions / new leases | 0 | 0 | |
Remeasurements | 0 | 5,924 | |
Recognition of interest on lease liabilities | 53 | 24 | SFr 27 |
Payments | (1,232) | (1,275) | (1,266) |
Lease liabilities at end of period | 6,039 | 7,218 | 2,545 |
Current | 1,189 | 1,179 | |
Non-current | 4,850 | 6,039 | |
Lease liabilities | SFr 6,039 | 7,218 | SFr 2,545 |
Lease facilities, Schlieren | |||
Disclosure Of Detailed Information About Leases [Line Items] | |||
Decrease in lease liabilities through return of number of parking spaces | 60 | ||
Increase in lease liabilities through extension of leases | SFr 5,984 | ||
Lease, extension term | 5 years | 5 years |
Leases - Disclosure of Expenses
Leases - Disclosure of Expenses Recognised in Profit or Loss (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease liabilities [abstract] | |||
Depreciation on right-of-use assets | SFr 1,200 | SFr 1,256 | SFr 1,247 |
Interest expense on lease liabilities | 53 | 24 | 27 |
Short term leases | 0 | 0 | 2 |
Total amount recognized in profit or loss | SFr 1,253 | SFr 1,280 | SFr 1,276 |
Leases - Disclosure of Contract
Leases - Disclosure of Contractual Maturities of Financial Liabilities (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total contractual cashflows | SFr 6,160 | SFr 7,392 | |
Carrying Amount lease liabilities | 6,039 | 7,218 | SFr 2,545 |
Less than 1 year | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total contractual cashflows | 1,232 | 1,232 | |
Between 1 and 2 years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total contractual cashflows | 1,232 | 1,232 | |
Between 2 and 5 years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total contractual cashflows | 3,696 | 3,696 | |
More than 5 years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total contractual cashflows | SFr 0 | SFr 1,232 |
Related party disclosures - Dis
Related party disclosures - Disclosure of Compensation Costs of Key Management (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related party transactions [abstract] | |||
Short-term employee benefits | SFr 2,423 | SFr 2,408 | SFr 2,392 |
Post-employment benefits | 203 | 205 | 173 |
Share-based compensation | 1,784 | 1,601 | 1,220 |
Key management personnel compensation costs | SFr 4,410 | SFr 4,214 | SFr 3,785 |
Related party disclosures - Nar
Related party disclosures - Narrative (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related party transactions [abstract] | ||
Scientific consulting fees | SFr 13 | SFr 45 |
Financial risk management - Sen
Financial risk management - Sensitivity Analysis to Reasonable Possible Change in Exchange Rates (Details) - Currency risk - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
USD Positions | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in exchange rates | 10.00% | 10.00% | 10.00% |
Decrease in exchange rates | (10.00%) | (10.00%) | (10.00%) |
Effect on result before tax if exchange rates increase | SFr 6,633 | SFr 2,976 | SFr 6,642 |
Effect on result before tax if interest rates decrease | SFr (6,633) | SFr (2,976) | SFr (6,642) |
EUR Positions | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in exchange rates | 10.00% | 10.00% | 10.00% |
Decrease in exchange rates | (10.00%) | (10.00%) | (10.00%) |
Effect on result before tax if exchange rates increase | SFr 2,019 | SFr 432 | SFr 1,171 |
Effect on result before tax if interest rates decrease | SFr (2,019) | SFr (432) | SFr (1,171) |
Financial risk management - Add
Financial risk management - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021bank | |
Financial Risk Management [Abstract] | |
Number of different Swiss banks | 4 |
Financial risk management - S_2
Financial risk management - Sensitivity Analysis to Reasonable Possible Change in Interest Rates (Details) - Interest rate risk - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CHF Positions | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in interest rates | 0.50% | 0.50% | 0.50% |
Decrease in interest rates | (0.50%) | (0.50%) | (0.50%) |
Effect on result before tax if interest rates increase | SFr 323 | SFr 683 | SFr 57 |
Effect on result before tax if interest rates decrease | SFr (323) | SFr (683) | SFr (57) |
USD Positions | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in interest rates | 0.50% | 0.50% | 0.50% |
Decrease in interest rates | (0.50%) | (0.50%) | (0.50%) |
Effect on result before tax if interest rates increase | SFr 234 | SFr 149 | SFr 333 |
Effect on result before tax if interest rates decrease | SFr (234) | SFr (149) | SFr (333) |
EUR Positions | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in interest rates | 0.50% | 0.50% | 0.50% |
Decrease in interest rates | (0.50%) | (0.50%) | (0.50%) |
Effect on result before tax if interest rates increase | SFr 102 | SFr 32 | SFr 64 |
Effect on result before tax if interest rates decrease | SFr (102) | SFr (32) | SFr (64) |
Financial risk management - Dis
Financial risk management - Disclosure of Maximum Credit Risk Exposure (Details) - Credit risk - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | SFr 156,599 | SFr 173,882 |
Cash and cash equivalents | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 71,813 | 133,721 |
Trade receivables | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 23,710 | 159 |
Accrued income | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 76 | 2 |
Short-term time deposits | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | SFr 61,000 | SFr 40,000 |
Events after the balance shee_2
Events after the balance sheet date (Details) SFr in Thousands, $ in Millions | Jan. 17, 2022CHF (SFr) | Jan. 31, 2022CHF (SFr) | Jan. 31, 2022USD ($) | Mar. 15, 2022CHF (SFr) | Dec. 31, 2021CHF (SFr) | Dec. 31, 2020CHF (SFr) | Dec. 31, 2019CHF (SFr) | Jan. 12, 2022shares | Jan. 10, 2022shares |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Revenues from research and development collaborations | SFr 9,330 | SFr 9,344 | SFr 20,383 | ||||||
Significant transactions | License Agreement with Novartis | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Revenues from research and development collaborations | SFr 150,000 | ||||||||
Significant transactions | License Agreement with Novartis | Commercial supply of products | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Revenues from research and development collaborations | SFr 13,100 | ||||||||
Significant transactions | Reservation Agreement with Swiss Federal Office of Public Health | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Revenues from research and development collaborations | SFr 7,000 | ||||||||
Significant transactions | Reservation Agreement with Swiss Federal Office of Public Health | University of Utrecht | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Royalty, payable | SFr 1,000 | ||||||||
Significant transactions | Licence and Collaboration Agreement with Novartis | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Upfront payment | SFr 18,600 | $ 20 | |||||||
Major ordinary share transactions [member] | Mark N. Lampert (Biotechnology Value Funds) | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Number of shares held in the Company (in shares) | shares | 4,526,282 | 3,926,282 | |||||||
Percentage of share capital in the Company | 14.08% | 12.21% |