Cover
Cover | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity File Number | 001-40488 |
Entity Registrant Name | MOLECULAR PARTNERS AG |
Entity Address, Address Line One | Wagistrasse 14 |
Entity Address, Postal Zip Code | 8952 |
Entity Address, City or Town | Zürich-Schlieren |
Entity Address, Country | CH |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity Central Index Key | 0001745114 |
Document Period End Date | Jun. 30, 2023 |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Interim
Condensed Consolidated Interim Statement of Financial Position - CHF (SFr) | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Property, plant and equipment | SFr 6,357,000 | SFr 7,235,000 |
Intangible assets | 277,000 | 271,000 |
Total non-current assets | 6,634,000 | 7,506,000 |
Short-term time deposits | 154,952,000 | 161,198,000 |
Other current assets | 4,154,000 | 4,589,000 |
Trade and other receivables | 1,510,000 | 1,019,000 |
Cash and cash equivalents | 63,243,000 | 87,946,000 |
Total current assets | 223,859,000 | 254,752,000 |
Total assets | 230,493,000 | 262,258,000 |
Shareholders' equity and liabilities | ||
Share capital | 3,633,080 | 3,604,000 |
Additional paid-in capital | 363,381,000 | 360,323,000 |
Treasury share reserve | (981,000) | (981,000) |
Cumulative losses | (160,056,000) | (127,780,000) |
Total shareholders' equity | 205,977,000 | 235,166,000 |
Contract liability | 1,421,000 | 3,637,000 |
Lease liability | 3,049,000 | 3,652,000 |
Employee benefits | 4,376,000 | 2,552,000 |
Total non-current liabilities | 8,846,000 | 9,841,000 |
Trade and other payables | 2,739,000 | 2,143,000 |
Accrued expenses | 5,890,000 | 7,501,000 |
Contract liability | 5,838,000 | 6,409,000 |
Lease liability | 1,203,000 | 1,198,000 |
Total current liabilities | 15,670,000 | 17,251,000 |
Total liabilities | 24,516,000 | 27,092,000 |
Total shareholders' equity and liabilities | SFr 230,493,000 | SFr 262,258,000 |
Condensed consolidated interi_2
Condensed consolidated interim statement of comprehensive income/loss - CHF (SFr) SFr in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues and other income | ||||
Revenues from research and development collaborations | SFr 415 | SFr 11,749 | SFr 3,465 | SFr 184,526 |
Other income | 0 | 9 | 0 | 14 |
Total revenues and other income | 415 | 11,758 | 3,465 | 184,540 |
Operating expenses | ||||
Research and development expenses | (11,632) | (12,571) | (24,327) | (27,043) |
Selling, general and administrative expenses | (4,666) | (5,480) | (10,109) | (11,237) |
Total operating expenses | (16,298) | (18,051) | (34,436) | (38,280) |
Operating result | (15,883) | (6,293) | (30,971) | 146,260 |
Financial income | 1,088 | 2,012 | 1,955 | 2,835 |
Financial expenses | (1,192) | (241) | (1,749) | (490) |
Net finance result | (104) | 1,771 | 206 | 2,345 |
Result before income taxes | (15,987) | (4,522) | (30,765) | 148,605 |
Income taxes | 0 | 0 | 0 | 0 |
Net result, attributable to shareholders | (15,987) | (4,522) | (30,765) | 148,605 |
Items that will not be reclassified to profit or loss | ||||
Remeasurement of net pension liabilities, net of tax | (1,536) | 4,367 | (1,507) | 6,875 |
Items that are or may be reclassified subsequently to profit or loss | ||||
Exchange differences on translating foreign operations | (1) | (8) | (4) | (10) |
Other comprehensive result, net of tax | (1,537) | 4,359 | (1,511) | 6,865 |
Total comprehensive result, attributable to shareholders | SFr (17,524) | SFr (163) | SFr (32,276) | SFr 155,470 |
Basic net result per share (in CHF per share) | SFr (0.49) | SFr (0.14) | SFr (0.94) | SFr 4.59 |
Diluted net result per share (in CHF per share) | SFr (0.49) | SFr (0.14) | SFr (0.94) | SFr 4.48 |
Condensed consolidated interi_3
Condensed consolidated interim cash flow statement - CHF (SFr) SFr in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of cash flows [abstract] | ||
Net result attributable to shareholders | SFr (30,765) | SFr 148,605 |
Adjustments for: | ||
Depreciation and amortization | 1,214 | 1,205 |
Share-based compensation costs | 3,060 | 2,870 |
Change in employee benefits | 317 | 590 |
Financial income | (1,955) | (2,835) |
Financial expenses | 1,749 | 490 |
Changes in working capital: | ||
Change in other current assets | 888 | 2,075 |
Change in trade and other receivables | (469) | 23,590 |
Change in trade and other payables | 591 | (1,858) |
Change in contract liability | (2,788) | (20,822) |
Change in accrued expenses | (1,610) | (2,568) |
Exchange gain/(loss) on working capital positions | (30) | (17) |
Interest paid | (18) | (335) |
Other financial expense | (9) | (5) |
Net cash (used in) from operating activities | (29,825) | 150,986 |
Proceeds from investments in short term time deposits | 161,723 | 42,006 |
Investments in short term time deposits | (155,478) | (151,131) |
Acquisition of property, plant and equipment | (185) | (426) |
Acquisition of intangible assets | (157) | (110) |
Interest received | 1,502 | 57 |
Net cash from (used in) investing activities | 7,405 | (109,604) |
Proceeds from exercise of stock options, net of transaction costs | 27 | 244 |
Payment of lease liabilities | (598) | (593) |
Net cash used in financing activities | (571) | (349) |
Exchange (loss) gain on cash positions | (1,712) | 2,096 |
Net (decrease) increase in cash and cash equivalents | (24,703) | 43,130 |
Cash and cash equivalents at January 1 | 87,946 | 71,813 |
Cash and cash equivalents at June 30, | SFr 63,243 | SFr 114,943 |
Condensed consolidated interi_4
Condensed consolidated interim statement of changes in equity - CHF (SFr) SFr in Thousands | Total | Share capital | Additional paid-in capital | Treasury share reserve | Cumulative losses | |
Equity at beginning of period at Dec. 31, 2021 | SFr 107,289 | SFr 3,229 | SFr 355,010 | SFr (250,950) | ||
Net result | 148,605 | 148,605 | ||||
Remeasurement of net pension liabilities | 6,875 | 6,875 | ||||
Exchange differences on translating foreign operations | (10) | (10) | ||||
Total comprehensive result, attributable to shareholders | 155,470 | 155,470 | ||||
Share-based compensation costs | [1] | 2,870 | 2,870 | |||
Exercise of stock options, net of transaction costs | 244 | 21 | 223 | |||
Equity at end of period at Jun. 30, 2022 | 265,873 | 3,250 | 358,103 | (95,480) | ||
Equity at beginning of period at Dec. 31, 2022 | 235,166 | 3,604 | 360,323 | SFr (981) | (127,780) | |
Net result | (30,765) | (30,765) | ||||
Remeasurement of net pension liabilities | (1,507) | (1,507) | ||||
Exchange differences on translating foreign operations | (4) | (4) | ||||
Total comprehensive result, attributable to shareholders | (32,276) | (32,276) | ||||
Share-based compensation costs | [1] | 3,060 | 3,060 | |||
Exercise of stock options, net of transaction costs | 27 | 29 | (2) | |||
Equity at end of period at Jun. 30, 2023 | SFr 205,977 | SFr 3,633 | SFr 363,381 | SFr (981) | SFr (160,056) | |
[1]See note 5.5 |
General Information
General Information | 6 Months Ended |
Jun. 30, 2023 | |
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 pioneering designed ankyrin repeat proteins (DARPin) candidates to treat serious diseases, with a current focus on oncology and virology. 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. |
Basis of Preparation
Basis of Preparation | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of Preparation | Basis of Preparation These unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended December 31, 2022. They do not include all the information required for a complete set of consolidated financial statements prepared in accordance with IFRS as issued by the IASB. However, selected explanatory notes are included to explain events and transactions that are significant to gain an understanding of the changes in the Group's financial position and performance since the last annual consolidated financial statements as at and for the year ended December 31, 2022. The accounting policies set forth in the notes to those annual consolidated financial statements have been consistently applied to all periods presented, except as per below. The condensed consolidated interim financial statements are presented in thousands of Swiss Francs (TCHF), unless stated otherwise. The business is not subject to any seasonality. Revenues largely depend on the underlying alliance contracts and the achievement of agreed milestones, while expenses are largely affected by the phase of the respective projects, particularly with regard to external research and development expenditures. Due to rounding, the numbers presented in the financial statements might not precisely equal the accompanying notes. |
New or Revised IFRS Standards a
New or Revised IFRS Standards and Interpretations | 6 Months Ended |
Jun. 30, 2023 | |
Revised standards [Abstract] | |
New or Revised IFRS Standards and Interpretations | New or Revised IFRS Standards and InterpretationsA number of new or amended standards became applicable for annual periods beginning on or after January 1, 2023. These standards did not have any significant impact on the Group’s accounting policies and did not require any retrospective adjustments. |
Critical accounting estimates a
Critical accounting estimates and judgment | 6 Months Ended |
Jun. 30, 2023 | |
Critical Accounting Estimates and Judgments [Abstract] | |
Critical accounting estimates and judgments | Critical accounting estimates and judgmentThe condensed consolidated interim financial statements have been prepared under the historical cost convention. In preparing these condensed consolidated interim financial statements management made judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Revenue [abstract] | |
Revenue | Revenue In January 2022 , Novartis informed the Group of its intention to exercise the option under the October 2020 Option and Equity Rights Agreement. This was followed by the signing of a License agreement between the two parties on January 17, 2022. The License Agreement resulted in the Group becoming eligible to invoice CHF 150 million for the option exercise payment and in addition the Group was allowed to invoice Novartis CHF 13.1 million for other items related to ensovibep. Both amounts were recognized as revenue during the first six months of 2022. At the signing of the License Agreement in January 2022, the Group also assigned the Reservation Agreement with the Federal Office of Public Health ("FOPH") to Novartis. This assignment allowed the Group in the first six months of 2022, to also recognize as revenue, the reservation fee of CHF 7 million received from the FOPH. 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. The Group is able to recharge Novartis its employee related expenses associated with the research activities. During the six months ended June 30, 2023, the Group recognized as revenue an amount of TCHF 678 in relation to this recharge (six months ended June 30, 2022: TCHF 626). During the three months ended June 30, 2023, the Group recognized as revenue an amount of TCHF 292 in relation to this recharge (three months ended June 30, 2022: TCHF 387). As part of the same agreement, the Group received in January 2022 the upfront fee of USD 20 million (CHF 18.6 million). Revenue related to the upfront payment is recognized over time in line with the progress made over the duration of the contractually agreed research plan. In June 2023, the Group increased its estimate of the total future costs required to satisfy the performance obligation under this Novartis 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 Novartis. This increase in the total estimated future costs resulted in a lower amount of recognized revenue for the six months period ended June 30, 2023, as compared to the comparable prior year period. The increase in total estimated future costs is primarily related to the continued development of various DARPin-conjugated radioligand therapeutic candidates. During the six months ended June 30, 2023, the Group recognized as revenue an amount of TCHF 2,787 (six months ended June 30, 2022: TCHF 4,170) related to the upfront payment received in January 2022. During the three months ended June 30, 2023, the Group recognized as revenue an amount of TCHF 123 (three months ended June 30, 2022: TCHF 2,513) in relation to the same upfront payment. Revenues in the table below are attributable to individual countries and are based on the location of the Group’s collaboration partners. Revenues by country in TCHF, for the six months ended June 30 2023 2022 Revenues Switzerland 3,465 174,873 Revenues USA — 9,653 Total revenues 3,465 184,526 Analysis of revenue by major alliance partner in TCHF, for the six months ended June 30 2023 2022 Novartis AG, Switzerland 3,465 167,873 FOPH, Switzerland — 7,000 Amgen Inc., USA — 9,653 Total revenues 3,465 184,526 Revenues by country in TCHF, for the three months ended June 30 2023 2022 Revenues Switzerland 415 2,900 Revenues USA — 8,849 Total revenues 415 11,749 Analysis of revenue by major alliance partner in TCHF, for the three months ended June 30 2023 2022 Novartis AG, Switzerland 415 2,900 Amgen Inc., USA — 8,849 Total revenues 415 11,749 |
Contract liability
Contract liability | 6 Months Ended |
Jun. 30, 2023 | |
Contract liabilities [abstract] | |
Contract liability | Contract liability The table below presents the movement in the Group's contract liabilities during the six months ended June 30, 2023: in CHF thousands Contract liability at December 31, 2022 Recognized as revenue Contract liability at June 30, 2023 Novartis 10,046 (2,787) 7,259 Total 10,046 (2,787) 7,259 in CHF thousands Current Non-current Contract liability Novartis 5,838 1,421 7,259 Balance at June 30, 2023 5,838 1,421 7,259 |
Issuances of equity securities
Issuances of equity securities | 6 Months Ended |
Jun. 30, 2023 | |
Issuance of Equity Shares [Abstract] | |
Issuances of equity securities | Issuances of equity securitiesAs of June 30, 2023, as a result of the vesting of Performance Share Units ("PSUs" ) the outstanding issued share capital of the Company increased to CHF 3,633,080 divided into 36,330,804 fully paid registered shares (inclusive of 3,500,000 treasury shares). |
Dividends
Dividends | 6 Months Ended |
Jun. 30, 2023 | |
Dividends [Abstract] | |
Dividends | DividendsThe Group has paid no dividends since its inception and does not anticipate paying dividends in the foreseeable future. |
Share-based compensation
Share-based compensation | 6 Months Ended |
Jun. 30, 2023 | |
Personnel Expenses [Abstract] | |
Share-based compensation | Share-based compensation As of June 30, 2023, 282,105 options were outstanding (December 31, 2022: 282,105 options) under all active option plans. As of June 30, 2023, and December 31, 2022 all outstanding options were fully vested. As of June 30, 2023, a total of 1,322,337 PSUs and 182,678 Restricted Stock Units ("RSUs") were outstanding, of which none were vested (as of December 31, 2022 a total of 604,800 PSUs and 96,001 RSUs were outstanding, of which also none were vested). The changes in the number of share-based awards (options, RSUs and PSUs) outstanding during the six month period ended June 30, 2023, is as follows: Share options / PSU/ RSU 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 January 1, 2023 982,906 2.05 282,105 6.89 700,801 0.10 Granted 1,194,856 0.10 — — 1,194,856 0.10 (Performance adjustment) 1 (74,169) 0.10 — — (74,169) 0.10 (Forfeited) 2 (30,375) 0.10 — — (30,375) 0.10 (Expired) — — — — — — (Exercised options), vested PSU / RSU (286,098) 0.10 — — (286,098) 0.10 Balance outstanding at June 30, 2023 1,787,120 1.17 282,105 6.89 1,505,015 0.10 1 Performance adjustments indicate forfeitures due to non-market performance conditions not achieved 2 Forfeited due to service conditions not fulfilled |
Financial income and expense
Financial income and expense | 6 Months Ended |
Jun. 30, 2023 | |
Analysis of income and expense [abstract] | |
Financial income and expense | Financial income and expense Financial income in CHF thousands, for the six months ended June 30 2023 2022 Interest income on financial assets held at amortized cost 1,955 244 Net foreign exchange gain — 2,591 Total 1,955 2,835 in CHF thousands, for the three months ended June 30 2023 2022 Interest income on financial assets held at amortized cost 1,088 156 Net foreign exchange gain — 1,856 Total 1,088 2,012 Financial expense in CHF thousands, for the six months ended June 30 2023 2022 Net foreign exchange loss (1,722) — Negative interest on financial assets held at amortized costs — (462) Interest expense on leases (18) (23) Other financial expenses (9) (5) Total (1,749) (490) in CHF thousands, for the three months ended June 30 2023 2022 Net foreign exchange loss (1,177) — Negative interest on financial assets held at amortized costs — (227) Interest expense on leases (9) (11) Other financial expenses (6) (3) Total (1,192) (241) |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Taxes And Deferred Taxes [Abstract] | |
Income taxes | Income taxesThe Group has in recent years reported operating losses, with the exception of the year ended December 31, 2022, that resulted in a tax loss carry-forward in Switzerland of TCHF 88,198 as of December 31, 2022. No deferred tax assets have been recognized for these tax losses carry forwards, because it is not probable that such loss carry forwards can be utilized in the foreseeable future. In addition, no deferred tax positions were recognized on other deductible temporary differences (e.g. pension liabilities under IAS 19) due to the significant tax losses carry forwards. |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Earnings per share | Earnings per shareBasic net result per share is calculated by dividing the net result attributable to shareholders by the weighted average number of shares issued and outstanding during the interim periods presented, excluding any shares held as treasury shares. Diluted net result per share additionally takes into account the potential conversion of all dilutive potential ordinary shares. for the six months ended June 30 2023 2022 Weighted average number of shares used in computing basic earnings per share 32,694,617 32,409,491 Weighted average number of shares used in computing diluted earnings per share 32,694,617 33,176,481 At June 30, 2023, there were no dilutive shares for the six month period (June 30, 2022: 766,990). for the three months ended June 30 2023 2022 Weighted average number of shares used in computing basic earnings per share 32,830,804 32,502,323 Weighted average number of shares used in computing diluted earnings per share 32,830,804 32,502,323 |
Other comprehensive result
Other comprehensive result | 6 Months Ended |
Jun. 30, 2023 | |
Analysis of income and expense [abstract] | |
Other comprehensive result | Other Comprehensive resultIn order to recognize remeasurements of the net defined benefit obligation in the period in which they arise, the Group utilizes its independent actuaries to update the calculation of the defined benefit obligation and plan assets at each reporting date. The primary component of the remeasurement as of and for the six month period ended June 30, 2023, relates to a decrease in the discount rate by 40 basis points relative to December 31, 2022. |
Related parties
Related parties | 6 Months Ended |
Jun. 30, 2023 | |
Related party transactions [abstract] | |
Related parties | Related partiesThe Group did not enter into any related party transactions in the interim periods presented. |
Putative Class Action
Putative Class Action | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of contingent liabilities [abstract] | |
Putative Class Action | Putative Class ActionOn July 12, 2022, a putative class action complaint was filed in the U.S. District Court for the Southern District of New York against the Company, its directors, and certain of its executive officers. On May 23, 2023, an amended complaint was filed. The amended complaint alleges that the defendants violated federal securities laws by, among other things, making misrepresentations and omissions regarding its product candidate MP0310 and an associated licensing agreement. The amended complaint seeks unspecified compensatory damages, as well as an award of reasonable attorneys’ fees and other costs, on behalf of persons and/or entities which purchased the Company's American Depositary Shares (ADSs) pursuant to certain offering documents issued in connection with the Company's initial public offering of ADSs. The matter remains in its early stages. The Company moved to dismiss the amended complaint on July 24; Plaintiffs’ opposition is due September 7; and the Company’s reply brief is due October 5, 2023. The Company disputes these claims and intends to defend itself accordingly. The Company expresses no assurances as to the ultimate outcome of this matter. |
Events after the balance sheet
Events after the balance sheet date | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events after the balance sheet date | Events after the balance sheet dateNo events occurred between the balance sheet date and the date on which these condensed consolidated interim financial statements were approved for issuance by the Board of Directors that would require adjustment to these condensed consolidated interim financial statements or disclosure under this section. |
Basis of Preparation (Policies)
Basis of Preparation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of preparation | These unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended December 31, 2022. They do not include all the information required for a complete set of consolidated financial statements prepared in accordance with IFRS as issued by the IASB. However, selected explanatory notes are included to explain events and transactions that are significant to gain an understanding of the changes in the Group's financial position and performance since the last annual consolidated financial statements as at and for the year ended December 31, 2022. The accounting policies set forth in the notes to those annual consolidated financial statements have been consistently applied to all periods presented, except as per below. The condensed consolidated interim financial statements are presented in thousands of Swiss Francs (TCHF), unless stated otherwise. The business is not subject to any seasonality. Revenues largely depend on the underlying alliance contracts and the achievement of agreed milestones, while expenses are largely affected by the phase of the respective projects, particularly with regard to external research and development expenditures. Due to rounding, the numbers presented in the financial statements might not precisely equal the accompanying notes. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue [abstract] | |
Disclosure of revenue by country and by major collaboration partner | Revenues in the table below are attributable to individual countries and are based on the location of the Group’s collaboration partners. Revenues by country in TCHF, for the six months ended June 30 2023 2022 Revenues Switzerland 3,465 174,873 Revenues USA — 9,653 Total revenues 3,465 184,526 Analysis of revenue by major alliance partner in TCHF, for the six months ended June 30 2023 2022 Novartis AG, Switzerland 3,465 167,873 FOPH, Switzerland — 7,000 Amgen Inc., USA — 9,653 Total revenues 3,465 184,526 Revenues by country in TCHF, for the three months ended June 30 2023 2022 Revenues Switzerland 415 2,900 Revenues USA — 8,849 Total revenues 415 11,749 Analysis of revenue by major alliance partner in TCHF, for the three months ended June 30 2023 2022 Novartis AG, Switzerland 415 2,900 Amgen Inc., USA — 8,849 Total revenues 415 11,749 |
Contract liability (Tables)
Contract liability (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Contract liabilities [abstract] | |
Explanation of Changes in Contract Liabilities | The table below presents the movement in the Group's contract liabilities during the six months ended June 30, 2023: in CHF thousands Contract liability at December 31, 2022 Recognized as revenue Contract liability at June 30, 2023 Novartis 10,046 (2,787) 7,259 Total 10,046 (2,787) 7,259 |
Disclosure of Current and Non-Current Contract Liabilities | in CHF thousands Current Non-current Contract liability Novartis 5,838 1,421 7,259 Balance at June 30, 2023 5,838 1,421 7,259 |
Share-based compensation (Table
Share-based compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Personnel Expenses [Abstract] | |
Disclosure of movements in the number of share options | The changes in the number of share-based awards (options, RSUs and PSUs) outstanding during the six month period ended June 30, 2023, is as follows: Share options / PSU/ RSU 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 January 1, 2023 982,906 2.05 282,105 6.89 700,801 0.10 Granted 1,194,856 0.10 — — 1,194,856 0.10 (Performance adjustment) 1 (74,169) 0.10 — — (74,169) 0.10 (Forfeited) 2 (30,375) 0.10 — — (30,375) 0.10 (Expired) — — — — — — (Exercised options), vested PSU / RSU (286,098) 0.10 — — (286,098) 0.10 Balance outstanding at June 30, 2023 1,787,120 1.17 282,105 6.89 1,505,015 0.10 1 Performance adjustments indicate forfeitures due to non-market performance conditions not achieved 2 Forfeited due to service conditions not fulfilled |
Financial income and expense (T
Financial income and expense (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure of detailed information about financial income | Financial income in CHF thousands, for the six months ended June 30 2023 2022 Interest income on financial assets held at amortized cost 1,955 244 Net foreign exchange gain — 2,591 Total 1,955 2,835 in CHF thousands, for the three months ended June 30 2023 2022 Interest income on financial assets held at amortized cost 1,088 156 Net foreign exchange gain — 1,856 Total 1,088 2,012 |
Disclosure of detailed information about financial expense | Financial expense in CHF thousands, for the six months ended June 30 2023 2022 Net foreign exchange loss (1,722) — Negative interest on financial assets held at amortized costs — (462) Interest expense on leases (18) (23) Other financial expenses (9) (5) Total (1,749) (490) in CHF thousands, for the three months ended June 30 2023 2022 Net foreign exchange loss (1,177) — Negative interest on financial assets held at amortized costs — (227) Interest expense on leases (9) (11) Other financial expenses (6) (3) Total (1,192) (241) |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Summary of weighted average number of shares used in computation | for the six months ended June 30 2023 2022 Weighted average number of shares used in computing basic earnings per share 32,694,617 32,409,491 Weighted average number of shares used in computing diluted earnings per share 32,694,617 33,176,481 for the three months ended June 30 2023 2022 Weighted average number of shares used in computing basic earnings per share 32,830,804 32,502,323 Weighted average number of shares used in computing diluted earnings per share 32,830,804 32,502,323 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) SFr in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jan. 17, 2022 CHF (SFr) | Jun. 30, 2023 CHF (SFr) | Jun. 30, 2022 CHF (SFr) | Jun. 30, 2023 CHF (SFr) | Jun. 30, 2022 CHF (SFr) | Jun. 30, 2023 USD ($) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Total revenues | SFr 415 | SFr 11,749 | SFr 3,465 | SFr 184,526 | ||
Recognized as revenue | (2,787) | |||||
License Agreement with Novartis | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Total revenues | SFr 150,000 | |||||
License Agreement with Novartis | Commercial supply of products | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Total revenues | SFr 13,100 | |||||
Reservation agreement with Swiss Federal Office of Public Health | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Total revenues | 7,000 | |||||
Licence and collaboration agreement with Novartis | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Total revenues | 292 | 387 | 678 | 626 | ||
Trade receivables | 18,600 | 18,600 | $ 20 | |||
Recognized as revenue | (123) | (2,513) | (2,787) | (4,170) | ||
Licence and collaboration agreement with Amgen, Inc | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Total revenues | SFr 0 | SFr 8,849 | SFr 0 | SFr 9,653 |
Revenue - Revenue by Country (D
Revenue - Revenue by Country (Details) - CHF (SFr) SFr in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenues | SFr 415 | SFr 11,749 | SFr 3,465 | SFr 184,526 |
Revenues Switzerland | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenues | 415 | 2,900 | 3,465 | 174,873 |
Revenues USA | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenues | SFr 0 | SFr 8,849 | SFr 0 | SFr 9,653 |
Revenue -Analysis of Revenue by
Revenue -Analysis of Revenue by Major Collaboration Partner (Details) - CHF (SFr) SFr in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenues | SFr 415 | SFr 11,749 | SFr 3,465 | SFr 184,526 |
Novartis AG, Switzerland | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenues | 415 | 2,900 | 3,465 | 167,873 |
FOPH, Switzerland | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenues | 0 | 7,000 | ||
Amgen Inc., USA | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenues | SFr 0 | SFr 8,849 | SFr 0 | SFr 9,653 |
Contract liability - Explanatio
Contract liability - Explanation of Changes in Contract Liabilities (Details) SFr in Thousands | 6 Months Ended |
Jun. 30, 2023 CHF (SFr) | |
Disclosure Of Detailed Information About Contract Liability [Line Items] | |
Contract liability at beginning of period | SFr 10,046 |
Recognized as revenue | (2,787) |
Contract liability at end of period | 7,259 |
Novartis | |
Disclosure Of Detailed Information About Contract Liability [Line Items] | |
Contract liability at beginning of period | 10,046 |
Recognized as revenue | (2,787) |
Contract liability at end of period | SFr 7,259 |
Contract liability - Disclosure
Contract liability - Disclosure of Current and Non-Current Contract Liabilities (Details) - CHF (SFr) SFr in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Detailed Information About Contract Liability [Line Items] | ||
Current | SFr 5,838 | SFr 6,409 |
Non-current | 1,421 | 3,637 |
Contract liability | 7,259 | 10,046 |
Novartis | ||
Disclosure Of Detailed Information About Contract Liability [Line Items] | ||
Current | 5,838 | |
Non-current | 1,421 | |
Contract liability | SFr 7,259 | SFr 10,046 |
Issuances of equity securities
Issuances of equity securities (Details) - CHF (SFr) | Jun. 30, 2023 | Dec. 31, 2022 |
Issued capital | SFr 3,633,080 | SFr 3,604,000 |
Number of shares issued and fully paid (in shares) | 36,330,804 | |
Treasury share reserve | ||
Number of shares outstanding (in shares) | 3,500,000 |
Dividends (Details)
Dividends (Details) SFr in Thousands | 6 Months Ended |
Jun. 30, 2023 CHF (SFr) | |
Dividends [Abstract] | |
Dividends paid, ordinary shares | SFr 0 |
Share-based compensation - Narr
Share-based compensation - Narrative (Details) SFr in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 CHF (SFr) shares | Jun. 30, 2022 CHF (SFr) | Jun. 30, 2023 CHF (SFr) shares | Jun. 30, 2022 CHF (SFr) | Dec. 31, 2022 shares | |
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | |||||
Number of share options outstanding (in shares) | 282,105 | 282,105 | 282,105 | ||
Number of PSUs and RSUs outstanding (in shares) | 1,505,015 | 1,505,015 | 700,801 | ||
Share-based compensation costs | SFr | SFr 1,312 | SFr 1,522 | SFr 3,060 | SFr 2,870 | |
Performance Share Units (PSU) | |||||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | |||||
Number of PSUs and RSUs outstanding (in shares) | 1,322,337 | 1,322,337 | 604,800 | ||
Restricted Share Units (RSU) | |||||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | |||||
Number of PSUs and RSUs outstanding (in shares) | 182,678 | 182,678 | 96,001 |
Share-based compensation - Disc
Share-based compensation - Disclosure of Movements in the Number of Share Options (Details) | 6 Months Ended |
Jun. 30, 2023 shares SFr / shares | |
Personnel Expenses [Abstract] | |
Number of instruments outstanding, beginning of period (in shares) | shares | 982,906 |
Weighted average exercise price of instruments outstanding at beginning of period (in CHF per share) | SFr / shares | SFr 2.05 |
Number of share options outstanding at beginning of period (in shares) | shares | 282,105 |
Weighted average exercise price of share options outstanding at beginning of period (in CHF per share) | SFr / shares | SFr 6.89 |
Number of PSU and RSU outstanding at beginning of period (in shares) | shares | 700,801 |
Weighted average exercise price of PSU and RSU outstanding at beginning of period (in CHF per share) | SFr / shares | SFr 0.10 |
Number of instruments granted (in shares) | shares | 1,194,856 |
Weighted average exercise price of instruments granted (in CHF per share) | SFr / shares | SFr 0.10 |
Number of share options granted (in shares) | shares | 0 |
Weighted average exercise price of share options granted (in CHF per share) | SFr / shares | SFr 0 |
Number of RSU and PSU granted (in shares) | shares | 1,194,856 |
Weighted average exercise price (in CHF per shares) | SFr / shares | SFr 0.10 |
Number of instruments forfeited, performance adjustment (in shares) | shares | (74,169) |
Weighted average exercise price of instruments forfeited, performance adjustment (in CHF per share) | SFr / shares | SFr 0.10 |
Number of share options forfeited, performance adjustment (in shares) | shares | 0 |
Weighted average exercise price of share options forfeited, performance adjustment (in CHF per share) | SFr / shares | SFr 0 |
Number of PSU and RSU forfeited, performance adjustment (in shares) | shares | (74,169) |
Weighted average exercise price of PSU and RSU forfeited, performance adjustment (in CHF per share) | SFr / shares | SFr 0.10 |
Number of instruments forfeited (in shares) | shares | (30,375) |
Weighted average exercise price of instruments forfeited (in CHF per share) | SFr / shares | SFr 0.10 |
Number of share options forfeited (in shares) | shares | 0 |
Weighted average exercise price of share options forfeited (in CHF per share) | SFr / shares | SFr 0 |
Number of PSU and RSU forfeited (in shares) | shares | (30,375) |
Weighted average exercise price of PSU and RSU forfeited (in CHF per share) | SFr / shares | SFr 0.10 |
Number of instruments expired (in shares) | shares | 0 |
Weighted average exercise price of instruments expired (in CHF per share) | SFr / shares | SFr 0 |
Number of share options expired (in shares) | shares | 0 |
Weighted average exercise price of share options expired (in CHF per share) | SFr / shares | SFr 0 |
Number of PSU and RSU expired (in shares) | shares | 0 |
Weighted average exercise price of PSU and RSU expired (in CHF per share) | SFr / shares | SFr 0 |
Number of instruments exercised (in shares) | shares | (286,098) |
Weighted average exercise price of instruments exercised (in CHF per share) | SFr / shares | SFr 0.10 |
Number of share options exercised (in shares) | shares | 0 |
Weighted average exercise price of share options exercised (in CHF per share) | SFr / shares | SFr 0 |
Number of PSU and RSU exercised (in shares) | shares | (286,098) |
Weighted average exercise price of PSU and RSU exercised (in CHF per share) | SFr / shares | SFr 0.10 |
Number of instruments outstanding, end of period (in shares) | shares | 1,787,120 |
Weighted average exercise price of instruments outstanding at end of period (in CHF per share) | SFr / shares | SFr 1.17 |
Number of share options outstanding at end of period (in shares) | shares | 282,105 |
Weighted average exercise price of share options outstanding at end of period (in CHF per share) | SFr / shares | SFr 6.89 |
Number of PSU and RSU outstanding at end of period (in shares) | shares | 1,505,015 |
Weighted average exercise price of PSU and RSU outstanding at end of period (in CHF per share) | SFr / shares | SFr 0.10 |
Financial income and expense -
Financial income and expense - Disclosure of Detailed Information about Financial Income (Details) - CHF (SFr) SFr in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Analysis of income and expense [abstract] | ||||
Interest income on financial assets held at amortized cost | SFr 1,088 | SFr 156 | SFr 1,955 | SFr 244 |
Net foreign exchange gain | 0 | 1,856 | 0 | 2,591 |
Total | SFr 1,088 | SFr 2,012 | SFr 1,955 | SFr 2,835 |
Financial income and expense _2
Financial income and expense - Disclosure of Detailed Information about Financial Expense (Details) - CHF (SFr) SFr in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Analysis of income and expense [abstract] | ||||
Net foreign exchange loss | SFr (1,177) | SFr 0 | SFr (1,722) | SFr 0 |
Negative interest on financial assets held at amortized costs | 0 | (227) | 0 | (462) |
Interest expense on leases | (9) | (11) | (18) | (23) |
Other financial expenses | (6) | (3) | (9) | (5) |
Total | SFr (1,192) | SFr (241) | SFr (1,749) | SFr (490) |
Income taxes (Details)
Income taxes (Details) SFr in Thousands | Dec. 31, 2022 CHF (SFr) |
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items] | |
Tax loss carryforwards | SFr 88,198 |
Earnings per share (Details)
Earnings per share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings per share [abstract] | ||||
Weighted average number of shares used in computing basic earnings per share (in shares) | 32,830,804 | 32,502,323 | 32,694,617 | 32,409,491 |
Weighted average number of shares used in computing diluted earnings per share (in shares) | 32,830,804 | 32,502,323 | 32,694,617 | 33,176,481 |
Earnings per share - Narrative
Earnings per share - Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings per share [abstract] | ||||
Number of dilutive shares (in shares) | 0 | 0 | 0 | 766,990 |
Other comprehensive result (Det
Other comprehensive result (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Analysis of income and expense [abstract] | |
Increase (decrease) in discount rate | (0.40%) |