Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
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 | Ordinary shares, CHF 0.10 nominal value per shares |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 36,354,297 |
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 Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001745114 |
No Trading Symbol Flag | true |
American depositary shares (each representing one ordinary share, CHF 0.10 nominal value per share) | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares (each representingone ordinary 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, 2023 | |
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, 2023 | Dec. 31, 2022 |
Assets | ||
Property, plant and equipment | SFr 5,681 | SFr 7,235 |
Intangible assets | 212 | 271 |
Total non-current assets | 5,893 | 7,506 |
Short-term time deposits | 119,580 | 161,198 |
Other current assets | 3,617 | 4,589 |
Trade and other receivables | 1,953 | 1,019 |
Cash and cash equivalents | 67,309 | 87,946 |
Total current assets | 192,459 | 254,752 |
Total assets | 198,352 | 262,258 |
Shareholders' equity and liabilities | ||
Share capital | 3,635 | 3,604 |
Additional paid-in capital | 365,530 | 360,323 |
Treasury share reserve | (981) | (981) |
Cumulative losses | (191,755) | (127,780) |
Total shareholders' equity | 176,429 | 235,166 |
Contract liability | 0 | 3,637 |
Lease liability | 2,444 | 3,652 |
Employee benefits | 5,063 | 2,552 |
Total non-current liabilities | 7,507 | 9,841 |
Trade and other payables | 1,328 | 2,143 |
Accrued expenses | 7,547 | 7,501 |
Contract liability | 4,333 | 6,409 |
Lease liability | 1,208 | 1,198 |
Total current liabilities | 14,416 | 17,251 |
Total liabilities | 21,923 | 27,092 |
Total shareholders' equity and liabilities | SFr 198,352 | SFr 262,258 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - CHF (SFr) SFr in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues and other income | ||||
Revenues from research and development collaborations | SFr 7,038 | SFr 189,556 | SFr 9,330 | |
Other income | 0 | 44 | 424 | |
Total revenues and other income | 7,038 | 189,600 | 9,754 | |
Operating expenses | ||||
Research and development expenses | (48,784) | (50,749) | (55,718) | |
Selling, general and administrative expenses | (19,362) | (22,238) | (17,454) | |
Total operating expenses | (68,146) | (72,987) | (73,172) | |
Operating result | (61,108) | 116,613 | (63,418) | |
Financial income | 4,279 | 1,859 | 191 | |
Financial expenses | (5,155) | (619) | (556) | |
Net finance result | (876) | 1,240 | (365) | |
Result before income taxes | (61,984) | 117,853 | (63,783) | |
Income taxes | 0 | 0 | (2) | |
Net result, attributable to shareholders | (61,984) | 117,853 | (63,785) | |
Items that will not be reclassified to profit or loss | ||||
Remeasurement of net pension liabilities, net of tax | [1] | (1,975) | 5,334 | 8,012 |
Items that are or may be reclassified subsequently to profit or loss | ||||
Exchange differences on translating foreign operations | (16) | (17) | (3) | |
Other comprehensive result, net of tax | (1,991) | 5,317 | 8,009 | |
Total comprehensive result, attributable to shareholders | SFr (63,975) | SFr 123,170 | SFr (55,776) | |
Basic net result per share (in CHF per share) | SFr (1.89) | SFr 3.63 | SFr (2.06) | |
Diluted net result per share (in CHF per share) | SFr (1.89) | SFr 3.54 | SFr (2.06) | |
[1] See note 18 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of cash flows [abstract] | |||
Net result attributable to shareholders | SFr (61,984) | SFr 117,853 | SFr (63,785) |
Adjustments for: | |||
Depreciation and amortization | 2,420 | 2,388 | 2,565 |
Share-based compensation costs | 5,207 | 5,088 | 4,085 |
Change in employee benefits | 535 | 1,147 | 1,073 |
Income tax | 0 | 0 | 2 |
Financial income | (4,279) | (1,859) | (191) |
Financial expenses | 5,155 | 619 | 556 |
Changes in working capital: | |||
Change in other current assets | 1,424 | 1,787 | (4,445) |
Change in trade and other receivables | (933) | 25,264 | (23,374) |
Change in trade and other payables | (812) | (5,339) | 1,656 |
Change in contract liability | (5,713) | (25,190) | (10,651) |
Change in accrued expenses | 45 | (2,434) | 2,290 |
Exchange (loss) gain on working capital positions | (21) | (98) | (144) |
Interest paid | (34) | (646) | (583) |
Income taxes paid | 0 | 0 | 0 |
Other financial expense | (15) | (14) | (8) |
Net cash (used in) from operating activities | (59,005) | 118,566 | (90,953) |
Proceeds from investments in short-term time deposits | 319,443 | 199,219 | 67,876 |
Investments in short-term time deposits | (277,825) | (299,417) | (88,876) |
Acquisition of property, plant and equipment | (575) | (1,177) | (933) |
Acquisition of intangible assets | (233) | (240) | (374) |
Interest received | 3,827 | 494 | 70 |
Net cash from (used in) investing activities | 44,637 | (101,121) | (22,237) |
Proceeds from issuance of new shares, net of transaction costs | 0 | 0 | 51,493 |
Investments in treasury shares | 0 | (631) | 0 |
Proceeds from exercise of stock options, net of transaction costs | 31 | 250 | 267 |
Payment of lease liabilities | (1,198) | (1,189) | (1,179) |
Net cash (used in) from financing activities | (1,167) | (1,570) | 50,581 |
Exchange (loss) gain on cash positions | (5,102) | 258 | 701 |
Net (decrease) increase in cash and cash equivalents | (20,637) | 16,133 | (61,907) |
Cash and cash equivalents at January 1 | 87,946 | 71,813 | 133,721 |
Cash and cash equivalents at December 31 | SFr 67,309 | SFr 87,946 | SFr 71,813 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CHF (SFr) | Total | Share capital | Additional paid-in capital | Treasury share reserve | Cumulative losses | |
Equity at beginning of period at Dec. 31, 2020 | SFr 107,220,000 | SFr 2,915,000 | SFr 299,479,000 | SFr (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 | [2] | 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 | 107,289,000 | 3,229,000 | 355,010,000 | (250,950,000) | ||
Net result | 117,853,000 | 117,853,000 | ||||
Remeasurement of net pension liabilities | [1] | 5,334,000 | 5,334,000 | |||
Exchange differences on translating foreign operations | (17,000) | (17,000) | ||||
Total comprehensive result, attributable to shareholders | 123,170,000 | 123,170,000 | ||||
Share-based compensation costs | [1] | 5,088,000 | 5,088,000 | |||
Issuance of new shares, net of transaction costs | [2] | 350,000 | 350,000 | |||
Issuance of treasury shares incl. transaction costs | [2] | (981,000) | SFr (981,000) | |||
Exercise of stock options, net of transaction costs | [2] | 250,000 | 25,000 | 225,000 | ||
Equity at end of period at Dec. 31, 2022 | 235,166,000 | 3,604,000 | 360,323,000 | (981,000) | (127,780,000) | |
Net result | (61,984,000) | (61,984,000) | ||||
Remeasurement of net pension liabilities | [1] | (1,975,000) | (1,975,000) | |||
Exchange differences on translating foreign operations | (16,000) | (16,000) | ||||
Total comprehensive result, attributable to shareholders | (63,975,000) | (63,975,000) | ||||
Share-based compensation costs | [1] | 5,207,000 | 5,207,000 | |||
Exercise of stock options, net of transaction costs | [2] | 31,000 | 31,000 | |||
Equity at end of period at Dec. 31, 2023 | SFr 176,429,000 | SFr 3,635,430 | SFr 365,530,000 | SFr (981,000) | SFr (191,755,000) | |
[1] See note 18 See note 12 |
General information
General information | 12 Months Ended |
Dec. 31, 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 biotech company pioneering the design and development of DARPin therapeutics for medical challenges other drug modalities cannot readily address. The Company has programs in various stages of pre-clinical and clinical development, with oncology as its main focus. Molecular Partners leverages the advantages of DARPins to provide unique solutions to patients through its proprietary programs as well as through partnerships with leading pharmaceutical companies. 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 year ended December 31, 2023 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. |
Summary of material accounting
Summary of material accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Summary of material accounting policies | Summary of material accounting policies Basis of preparation These consolidated financial statements have been prepared in accordance with the IFRS® Accounting 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”. Based on the Group's cash and short-term time deposits positions at December 31, 2023, 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 year ended December 31, 2023 were approved for issuance by the Company's Board of Directors on March 12, 2024. 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 2023 did not have a material effect on these consolidated financial statements: • Disclosure of Accounting Policies - Amendments to IAS 1 • Definition of Accounting Estimates / Amendments to IAS 8 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 income 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 result. 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. 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. Intangible assets Intangible assets are solely comprised of 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 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 . 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 income 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 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. Treasury shares The amount of the consideration paid for the acquisition of treasury shares, which includes directly attributable costs, is recognized as a deduction from equity. When treasury shares are sold subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented in additional paid-in capital. 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. Molecular Partners Inc, the Group's U.S. subsidiary, is subject to U.S. federal and Massachusetts and New York state minimal 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 certain salary level are eligible to participate. 29 of the 29 eligible employees participated in this plan as of December 31, 2023 (2022: 33 out of 33). 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 result. The Group has set up a 401k plan for its U.S. based employees. Under the plan the U.S. 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 plan and the associated expenses, that are deemed immaterial, are presented under operating expenses in the statement of comprehensive income. The Group has set up a defined contribution plan for its UK based employees. Under the plan the Company and the employee both contribute into the plan. The associated expenses, that are deemed immaterial, are presented under operating expenses in the statement of comprehensive income. 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 liabilities. Revenues may 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 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 an input-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 an input 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. 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, 2023 | |
Financial Risk Management [Abstract] | |
Financial risk management | Financial risk management Financial risk factors The Group is subject to risks common to companies in the biopharmaceutical 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 and in the periods presented, 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, 2023 and 2022. 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, USD and EUR. During 2023 and 2022, the Group did not enter into any forward currency transactions. No forward currency transactions were outstanding as of December 31, 2023 and 2022. The following table demonstrates the sensitivity to a reasonably possible change in exchange rates for the Group'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 2023 +10 % 4,718 -10 % (4,718) 2022 +10 % 5,904 -10 % (5,904) 2021 +10 % 6,633 -10 % (6,633) EUR Positions 2023 +10 % 479 -10 % (479) 2022 +10 % 1,252 -10 % (1,252) 2021 +10 % 2,019 -10 % (2,019) Interest rate risk Molecular Partners earns 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 optimize 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 2023 +0.5 % 674 -0.5 % (674) 2022 +0.5 % 888 -0.5 % (888) 2021 +0.5 % 323 -0.5 % (323) USD Positions 2023 +0.5 % 235 -0.5 % (235) 2022 +0.5 % 294 -0.5 % (294) 2021 +0.5 % 234 -0.5 % (234) EUR Positions 2023 +0.5 % 25 -0.5 % (25) 2022 +0.5 % 63 -0.5 % (63) 2021 +0.5 % 102 -0.5 % (102) 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, 2023 of AAA (Zürcher Kantonalbank), AA (Luzerner Kantonalbank) and A+ (UBS and Credit Suisse) 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 2023 2022 Cash and cash equivalents 67,309 87,946 Trade receivables 295 521 Accrued income 1,131 679 Short-term time deposits 119,580 161,198 Total credit risk as at December 31 188,315 250,344 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 the reporting date, giving the Group a secure source of funding for its research and development activities. |
Accounting estimates and judgme
Accounting estimates and judgments | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Estimates and Judgments [Abstract] | |
Accounting estimates and judgments | 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 estimates are subject to risks and uncertainties. The actual results can deviate from these estimates. |
Revenues, other income and and
Revenues, other income and and entity-wide disclosures | 12 Months Ended |
Dec. 31, 2023 | |
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. License and Collaboration Agreement with Novartis in the Area of DARPIN-Conjugated Radioligand Therapies, or the Novartis Radioligand Agreement On December 14, 2021, the Group entered 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 is eligible to invoice Novartis for its employee-related expenses associated with the research activities. Novartis is 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 of up to USD 560 million, relating to development, regulatory and commercialization activities, plus tiered royalties based on commercial sale levels from mid-single digit to low double-digit percentages 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) is being recognized over time in line with the progress made over the duration of the contractually agreed research plan. Progress towards completion of the research plan is based on the cost-based method and is measured by employee costs on the related research activities as specified in the agreement relative to the total employee costs estimated to be incurred. During 2023, the Group recognized total revenue of CHF 7.0 million of which CHF 5.7 million related to the recognition of the upfront fee and CHF 1.3 million related to the recharge of employee-related expenses (2022 total revenue of CHF 9.8 million, 2021: CHF nil). In June and December 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. The increase in total estimated future costs is primarily related to the continued development of various DARPin-conjugated radioligand therapeutic candidates. Future milestone payments and royalties under the agreement will be recognized as revenue at a point in time, when a milestone is achieved or any subsequent sales by Novartis occur. Novartis Option and Equity Rights Agreement In October 2020, the Group entered into the Option and Equity Rights Agreement with Novartis, granting Novartis the exclusive option to in-license global rights in relation to MP0420 (ensovibep). Under the terms of the agreement, in 2020, the Group received an upfront, non-refundable fee of CHF 20 million for the technology transfer and manufacturing of MP0420. As of December 31, 2021, the entire CHF 20 million has been utilized for the manufacturing of commercial supply for MP0420. Ensovibep License Agreement In January 2022, following positive Phase 2 clinical trial results, Novartis exercised its option for ensovibep, triggering a milestone payment of CHF 150 million to the Group, which was received in 2022. Relatedly, the Group was eligible to invoice Novartis CHF 13.1 million for other items related to ensovibep. In January 2023 Novartis informed the Group that it has submitted a request to withdraw, with an effective date of January 25, 2023 the Emergency Use Authorization (EUA) application from the U.S. Food and Drug Administration (FDA) for ensovibep. Ensovibep is not presently in clinical development. On January 5, 2024, Novartis has agreed the termination of the License Agreement for ensovibep, previously under investigation for the treatment of SARS Cov-2, and Novartis has returned the rights to the ensovibep program to the Company. Clinical work on the ensovibep program ended in 2022, and the program remains terminated . Reservation Agreement with the Swiss Federal Office of Public Health / Bundesamt für Gesundheit, or the FOPH Agreement 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 contract liability of CHF 7.0 million. With the exercise of the option by Novartis in January 2022 and the subsequent assignment of the agreement to Novartis, the Group recognized the CHF 7.0 million as revenue in 2022. License and Collaboration Agreement with Amgen, or the Amgen Collaboration Agreement 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 agreement the Group received a non-refundable upfront payment of USD 50 million. The Group recognized 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. On April 26, 2022 the Group announced that Amgen, had informed the Group of its decision to return the global rights of MP0310 following a strategic pipeline review. With no remaining performance obligations under the Amgen Collaboration Agreement, the Group recognized the remaining balance of the Amgen contract liability of TCHF 9,653 as revenue in 2022. During the years ended December 31, 2023, 2022 and 2021, 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 2023 2022 2021 Revenues Switzerland 7,038 179,903 — Revenues USA — 9,653 9,330 Total revenues 7,038 189,556 9,330 Analysis of revenue by major alliance partner in CHF thousands, for the years ended December 31 2023 2022 2021 Novartis AG, Switzerland 7,038 172,903 — FOPH, Switzerland — 7,000 — Amgen Inc., USA — 9,653 9,330 Total revenues 7,038 189,556 9,330 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 2022 amounted to TCHF 44 (2021: TCHF 424) and are presented as Other income in the consolidated statement of comprehensive income. No such services were performed during 2023. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 Cost At January 1, 2023 9,646 731 1,315 9,616 624 21,932 Additions 397 6 163 — 9 575 Disposals (303) (14) (167) — — (484) At December 31, 2023 9,740 723 1,311 9,616 633 22,023 Accumulated depreciation At January 1, 2023 (7,660) (687) (1,172) (4,815) (364) (14,697) Depreciation charge for the year (711) (27) (120) (1,200) (70) (2,128) Disposals 303 14 167 — — 484 At December 31, 2023 (8,068) (700) (1,125) (6,015) (434) (16,342) Carrying amount at December 31, 2023 1,672 23 186 3,601 199 5,681 The right-of-use assets relate to the facilities the Group is leasing in Schlieren, Switzerland. in CHF thousands Lab equipment Office equipment IT hardware Right-of-use assets Leasehold improvements Total 2022 Cost At January 1, 2022 8,754 711 1,199 9,616 607 20,887 Additions 1,019 20 121 — 17 1,177 Disposals (127) — (5) — — (132) At December 31, 2022 9,646 731 1,315 9,616 624 21,932 Accumulated depreciation At January 1, 2022 (7,164) (653) (1,012) (3,615) (298) (12,741) Depreciation charge for the year (623) (34) (165) (1,200) (66) (2,088) Disposals 127 — 5 — — 132 At December 31, 2022 (7,660) (687) (1,172) (4,815) (364) (14,697) Carrying amount at December 31, 2022 1,986 44 143 4,802 260 7,235 |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets other than goodwill [abstract] | |
Intangible assets | Intangible assets in CHF thousands Software 2023 Cost At January 1, 2023 2,122 Additions 233 Disposals (59) At December 31, 2023 2,296 Accumulated amortization At January 1, 2023 (1,851) Amortization charge for the year (292) Disposals 59 At December 31, 2023 (2,084) Carrying amount at December 31, 2023 212 in CHF thousands Software 2022 Cost At January 1, 2022 1,904 Additions 240 Disposals (22) At December 31, 2022 2,122 Accumulated amortization At January 1, 2022 (1,574) Amortization charge for the year (299) Disposals 22 At December 31, 2022 (1,851) Carrying amount at December 31, 2022 271 |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Financial instruments | Financial instruments in CHF thousands Financial assets at amortized costs 2023 Cash and cash equivalents 67,309 Trade receivables 295 Accrued income 1,131 Short-term time deposits 119,580 Balance at December 31 188,315 2022 Cash and cash equivalents 87,946 Trade receivables 521 Accrued income 679 Short-term time deposits 161,198 Balance at December 31 250,344 The above mentioned amounts were neither past due nor impaired at the end of the respective reporting period. Please also see note 25. in CHF thousands Financial liabilities at amortized cost 2023 Trade payables 410 Accrued project costs and royalties 1,827 Lease liabilities 3,652 Other non-employee related accrued expenses 704 Balance at December 31 6,593 2022 Trade payables 997 Accrued project costs and royalties 2,167 Lease liabilities 4,850 Other non-employee related accrued expenses 556 Balance at December 31 8,570 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. |
Other current assets
Other current assets | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current assets | Other current assets in CHF thousands 2023 2022 Prepayments 2,486 3,910 Accrued income 1,131 679 Balance at December 31 3,617 4,589 Accrued income relates to interest income accrued on the Group's balances of cash and cash equivalents and short-term time deposits. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables | Trade and other receivables in CHF thousands 2023 2022 Trade receivables 295 521 Value added tax 253 250 Withholding tax 1,339 173 Other receivables 66 75 Balance at December 31 1,953 1,019 Trade receivables are denominated in the following currencies: in CHF thousands 2023 2022 CHF — 160 EUR — — USD 295 361 Balance at December 31 295 521 |
Cash and cash equivalents and s
Cash and cash equivalents and short-term time deposits | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents and short-term time deposits | Cash and cash equivalents and short-term time deposits in CHF thousands 2023 2022 Cash at bank in CHF 57,379 67,611 Cash at bank in EUR 4,948 7,685 Cash at bank in USD 4,829 12,520 Cash at bank in GBP 153 130 Total cash at bank at December 31 67,309 87,946 Short-term time deposits in CHF 77,500 110,000 Short-term time deposits in EUR — 4,938 Short-term time deposits in USD 42,080 46,260 Total short-term deposits at December 31 119,580 161,198 |
Shareholders_ equity
Shareholders’ equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [abstract] | |
Shareholders’ equity | Shareholders’ equity In August 2022, the Company issued 3,500,000 common shares at par value CHF 0.10 per share. The shares were fully subscribed for by Molecular Partners Inc., a fully owned subsidiary of the Company. As of December 31, 2023 and 2022, all 3,500,000 common shares were held as treasury shares of the Company. The purpose of the share issuance was to replenish the Company’s pool of treasury shares that the Company can use in the future to raise funds, including in connection with the Company’s at-the-market sales program for American Depositary Shares established in July 2022. The total amount presented as Treasury shares reserve in the consolidated statement of financial position, is comprised of CHF 350,000 of the nominal value of the treasury shares and CHF 631,336 of transaction costs incurred directly related to the issuance. The amount of CHF 350,000 was a non-cash transaction for the Group. Classes of share capital Ordinary share capital On December 31, 2023, the Company’s issued share capital amounted to CHF 3,635,430 divided into 36,354,297 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 regard to the Company's residual assets and dividends (if any should be declared in the future). Ordinary shares Shares in issue at December 31, 2020 29,146,992 Issued in relation to June 2021 IPO 3,000,000 Issued in relation to vesting of PSU, RSU and options 145,656 Shares in issue at December 31, 2021 32,292,648 Issued in relation to creation of treasury shares in August 2022 3,500,000 Issued in relation to vesting of PSU, RSU and options 252,058 Shares in issue at December 31, 2022 36,044,706 Issued in relation to vesting of PSU, RSU and options 309,591 Shares in issue at December 31, 2023 36,354,297 The Company’s share capital registered with the Swiss Commercial Register on December 31, 2023 amounted to CHF 3,604,471 divided into 36,044,706 fully paid up registered shares with a par value of CHF 0.10 per share. The capital increases in 2023 triggered by the option exercises and the vesting of Performance Share Units ("PSU") and Restricted Share Units ("RSU"), from the RSU Plan 2020 and PSU Plans 2020, 2021 and 2022 was registered with the Commercial Register on January 31, 2024. Authorized share capital On December 31, 2023, the Company had an authorized share capital in the amount of up to CHF 457,316 which allows for the issuance of up to 4,573,162 fully paid up registered shares with a par value of CHF 0.10 per share, which is valid until April 13, 2024. This authorized capital of up to CHF 457,316 equates to approximately 13% of the existing share capital. As approved by the annual general meeting on April 13, 2022, the authorized share capital was increased by CHF 350,000 from CHF 457,316 to CHF 807,316. In August 2022, the authorized share capital was subsequently reduced by CHF 350,000 from CHF 807,316 to CHF 457,316 due to the creation of treasury shares. 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, 2023 the Company’s share capital was allowed to be increased by an amount not to exceed CHF 105,337 through the issuance of up to 1,053,372 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 2023, 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 30,959 from CHF 136,296 to CHF 105,337. 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 2023, this conditional capital for financing transactions and other purposes (Article 3c of the Articles of Association) remained unchanged. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other payables | Trade and other payables in CHF thousands 2023 2022 Trade payables 410 997 Social security 918 1,146 Balance at December 31 1,328 2,143 Trade payables are denominated in the following currencies: in CHF thousands 2023 2022 CHF 227 790 EUR 161 104 USD 22 103 Balance at December 31 410 997 |
Accrued expenses
Accrued expenses | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accrued expenses | Accrued expenses in CHF thousands 2023 2022 Accrued project costs and royalties 1,827 2,167 Accrued payroll and bonuses 5,012 4,763 Other 708 571 Balance at December 31 7,547 7,501 |
Contract liability
Contract liability | 12 Months Ended |
Dec. 31, 2023 | |
Contract liabilities [abstract] | |
Contract liability | Contract liability The Group expects the contract liability to be recognized as revenue as follows: in CHF thousands Contract liability Expected revenue recognition in year one after balance sheet date 4,333 Balance at December 31, 2023 4,333 in CHF thousands Contract liability Expected revenue recognition in year one after balance sheet date 6,409 Expected revenue recognition in year two after balance sheet date 3,637 Balance at December 31, 2022 10,046 The table below presents the movement on the contract liability: Contract liability at January 1, Additions Recognized as revenue Contract liability at December 31, in CHF thousands 2023 2023 Novartis 10,046 — (5,713) 4,333 Balance 10,046 — (5,713) 4,333 Contract liability at January 1, Additions Recognized as revenue Contract liability at December 31, in CHF thousands 2022 2022 Amgen 9,653 — (9,653) — Novartis 18,584 — (8,538) 10,046 FOPH 7,000 — (7,000) — Balance 35,237 — (25,191) 10,046 in CHF thousands Current Non-current Contract liability Novartis 4,333 — 4,333 Balance at December 31, 2023 4,333 — 4,333 in CHF thousands Current Non-current Contract liability Novartis 6,409 3,637 10,046 Balance at December 31, 2022 6,409 3,637 10,046 |
Additional information on the n
Additional information on the nature of expenses | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 2021 Research consumables and external research and development expenses (15,892) (17,154) (26,342) Personnel expenses (1) , see also note 18 (28,376) (28,101) (25,647) Depreciation and amortization (2,053) (1,971) (2,016) Intellectual property (853) (957) (636) Facility expenses (940) (854) (758) Other research and development expenses (660) (703) (259) Royalties and license fees, see also note 17 (10) (1,010) (60) Total year ended December 31 (48,784) (50,749) (55,718) Selling, general and administrative expenses in CHF thousands 2023 2022 2021 Personnel expenses (2) , see also note 18 (11,640) (11,788) (10,604) Other administrative expenses (7,283) (9,965) (6,242) Depreciation and amortization (367) (416) (549) Facility expenses (72) (69) (60) Total year ended December 31 (19,362) (22,238) (17,454) Total operating expenses (68,146) (72,987) (73,172) (1) Research and development non-cash effective pension and share-based compensation costs were TCHF 3,447 in 2023, TCHF 3,856 in 2022 and TCHF 3,045 in 2021. (2) Selling, general and administrative non-cash effective pension and share based compensation costs were TCHF 2,260 in 2023, TCHF 2,329 in 2022 and TCHF 2,113 in 2021. |
Royalties and license fees
Royalties and license fees | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Royalties and license fees | Royalties and license feesThe Group holds a non-exclusive perpetual license from the University of Zurich on patent applications and patents relating to Phage Display technology. The amount payable by the Group is CHF 10,000 per annum. |
Personnel expenses
Personnel expenses | 12 Months Ended |
Dec. 31, 2023 | |
Personnel Expenses [Abstract] | |
Personnel expenses | Personnel expenses in CHF thousands 2023 2022 2021 Salaries (27,022) (27,737) (25,909) Share-based compensation (non-cash effective) (5,207) (5,088) (4,085) Pension costs (2,632) (3,192) (3,059) Social security costs (2,201) (2,399) (2,535) Other personnel expenses (2,954) (1,473) (663) Total year ended December 31 (40,016) (39,889) (36,251) Full-time equivalents and head count 2023 2022 2021 Average number of full-time equivalents 167.8 167.4 158.3 Full-time equivalents at year end 167.5 175.3 163.2 Headcount at year end 182 191 177 18.1 Pension costs and liabilities in CHF thousands 2023 2022 Defined benefit pension plans Actuarial assumptions Discount rate at January 1 2.25 % 0.40 % Discount rate at December 31 (1) 1.50 % 2.25 % Future salary increases at December 31 2.00 % 2.00 % Mortality tables BVG2020 GT BVG2020 GT Date of last actuarial valuation 31.12.2023 31.12.2022 Reconciliation of the amount recognized in the statement of financial position Defined benefit obligation at December 31 56,347 52,529 Fair value of plan assets at December 31 51,627 50,284 Net defined benefit liability at December 31 (2) 4,720 2,245 Components of defined benefit cost in profit or loss Current service cost (employer) 2,507 3,137 Past service cost 43 — Interest expense on defined benefit obligation 1,182 231 Interest income on plan assets (1,126) (203) Administrative cost excl. cost for managing plan assets 26 27 Defined benefit cost recognized in profit or loss 2,632 3,192 thereof service cost and administrative cost 2,576 3,164 thereof net interest expense on the net defined benefit liability 56 28 Reconciliation of net defined benefit liability Net defined benefit liability at January 1 2,245 6,483 Defined benefit cost recognized in profit or loss (3) 2,632 3,192 Remeasurement of net pension liabilities 1,975 (5,334) Contributions by the employer (3) (2,132) (2,096) Net defined benefit liability at December 31 (2) 4,720 2,245 Reconciliation of defined benefit obligation Defined benefit obligation at January 1 52,529 54,461 Interest expenses on defined benefit obligation 1,182 231 Current service cost (employer) 2,507 3,137 Contributions by plan participants 1,344 1,317 Benefits (paid)/deposited (3,918) 2,032 Past service cost 43 — Administrative cost (excl. cost for managing plan assets) 26 27 Actuarial (gain)/loss on defined benefit obligation 2,634 (8,676) Defined benefit obligation at December 31 56,347 52,529 Reconciliation of amount recognized in OCI Actuarial (gain) / loss on changes in financial assumptions 3,644 (12,222) Actuarial (gain) / loss on changes in demographic assumptions (10) — Actuarial (gain) / loss arising from experience adjustments (1,000) 3,546 Actuarial (gain)/loss on defined benefit obligation 2,634 (8,676) Return on plan assets excluding interest income (659) 3,342 Remeasurement of net pension liabilities 1,975 (5,334) Reconciliation of fair value of plan assets Fair value of plan assets at January 1 50,284 47,979 Interest income on plan assets 1,126 203 Contributions by the employer 2,132 2,096 Contributions by plan participants 1,344 1,317 Benefits (paid)/deposited (3,918) 2,032 Return on plan assets excl. interest income 659 (3,342) Fair value of plan assets at December 31 51,627 50,284 Best estimate of contributions of next year Contributions by the employer 2,156 2,231 Plan asset classes Cash and cash equivalents 7,684 7,896 Equity instruments 21,810 20,754 Debt instruments (e.g. bonds) 9,047 8,200 Real estate funds 1,821 1,793 Others 1,792 1,748 Total plan assets at fair value (quoted market price) 42,154 40,391 Others 9,473 9,892 Total plan assets at fair value (non-quoted market price) 9,473 9,892 Total plan assets at fair value at December 31 51,627 50,284 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% 58,683 54,524 Defined benefit obligation at December 31 with discount rate +0.25% 54,179 50,672 Defined benefit obligation at December 31 with interest rate on retirement savings capital -0.25% 55,437 51,699 Defined benefit obligation at December 31 with interest rate on retirement savings capital +0.25% 57,283 53,383 Defined benefit obligation at December 31 with salary increases -0.25% 55,974 52,253 Defined benefit obligation at December 31 with salary increases +0.25% 56,707 52,768 Defined benefit obligation at December 31 with life expectancy +1 year 57,071 53,090 Defined benefit obligation at December 31 with life expectancy -1 year 55,619 51,961 Maturity profile of defined benefit obligation Weighted average duration of defined obligation in years at December 31 16.2 15.0 Weighted average duration of defined obligation in years at December 31 for active members 16.1 14.8 Weighted average duration of defined obligation in years at December 31 for pensioners 17.3 16.3 (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 343 (2022: TCHF 307; 2021: TCHF 257) 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 income of which TCHF 390 are research and development costs (2022: TCHF 846; 2021: TCHF 837) and TCHF 110 are selling, general and administrative costs (2022: TCHF 250; 2021: TCHF 235). (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 the Company 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 income for the periods indicated: in CHF thousands 2023 2022 2021 Components of defined benefit cost in profit or loss Current service cost (employer) 2,507 3,137 3,097 Past service cost 43 — (94) Interest expense on defined benefit obligation 1,182 231 114 Interest income on plan assets (1,126) (203) (86) Administrative cost excl. cost for managing plan assets 26 27 27 Defined benefit cost recognized in profit or loss 2,632 3,192 3,059 thereof service cost and administrative cost 2,576 3,164 3,031 thereof net interest expense on the net defined benefit liability 56 28 28 Reconciliation of amount recognized in OCI Actuarial (gain) / loss on changes in financial assumptions 3,644 (12,222) (2,303) Actuarial (gain) / loss on changes in demographic assumptions (10) — (2,432) Actuarial (gain) / loss arising from experience adjustments (1,000) 3,546 (773) Actuarial (gain)/loss on defined benefit obligation 2,634 (8,676) (5,508) Return on plan assets excluding interest income (659) 3,342 (2,504) Remeasurement of net pension liabilities 1,975 (5,334) (8,012) 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 vested quarterly over four years, with vesting of 25% after one year. At the end of the 10 year option term, unexercised options expire without value. As of December 31, 2023 and December 31, 2022, an aggregate of 282,105 options were outstanding under the ESOP 2009 and ESOP 2014. All these options are fully vested at the reporting date. 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 2019 established in March 2019 • LTI plans 2020 established in March 2020 • LTI plans 2021 established in March 2021 • LTI plans 2022 established in March 2022 • LTI plans 2023 established in March 2023 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. Since 2021, PSUs granted to 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. For the members of the Management Board PSUs will vest 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 150% 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, 2023, 1,347,983 PSUs and 182,678 RSUs were outstanding. As of December 31, 2022, 604,800 PSUs and 96,001 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 values at grant dates: RSU/PSU, conditions and assumptions 2023 2022 Nature of arrangement Grant of PSU/RSU Grant of PSU/RSU Grant date RSU April 4, 2023 April 13, 2022 Grant dates PSU Jan 1 - Oct 1 Jan 1 - Oct 1 Number of RSU granted 120,144 33,015 Number of PSU granted 1,162,228 307,137 Weighted average exercise price (CHF) 0.10 0.10 Share price (CHF) 3.86 - 6.16 6.55 - 18.88 Vesting period for RSU (years) 1.00 1.00 Full contractual life for RSU (years) 3.00 3.00 Vesting period for PSU (years), Management Board 3.00 3.00 Vesting period for PSU (years), employees excluding Management Board 3.00 (pro-rata annual vesting) 3.00 (pro-rata annual vesting) Full contractual life for PSU (years) 3.00 3.00 Settlement Common Shares Common Shares Expected volatility on Common shares 67.08 - 77.51 64.69 - 76.84 Risk-free interest rate p. a. (%) / CHF LIBOR / Common shares (0.24) - 1.17 (0.54) - (0.71) Expected volatility on NBI 23.36 - 28.66 25.89 - 28.16 Risk-free interest rate p. a. (%) / USD LIBOR / NBI 5.30 - 6.04 0.58 - 4.78 Expected volatility on SPI 13.20 - 17.27 15.57 - 17.02 Risk-free interest rate p. a. (%) / CHF LIBOR / SPI (0.24) - 1.17 (0.54) - (0.71) Expected dividend (CHF) — — Weighted average fair value of rights granted (CHF) 5.20 17.08 Latest expiry date Sep 30, 2026 Sep 30, 2025 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 2022 and 2023 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, 2021 962,022 2.35 318,902 6.87 643,120 0.10 Granted 340,152 0.10 — — 340,152 0.10 (Performance adjustment) (1) — 0.10 — — — 0.10 (Forfeited) (2) (63,990) 0.10 — — (63,990) 0.10 (Expired) (3,220) 5.40 (3,220) 5.40 — — (Exercised options, vested PSU / RSU) (3) (252,058) 1.00 (33,577) 6.85 (218,481) 0.10 Balance outstanding at December 31, 2022 982,906 2.05 282,105 6.89 700,801 0.10 Granted 1,282,372 0.10 — — 1,282,372 0.10 (Performance adjustment) (1) (79,703) 0.10 — — (79,703) 0.10 (Forfeited) (2) (63,218) 0.10 — — (63,218) 0.10 (Expired) — — — — (Exercised options, vested PSU / RSU) (3) (309,591) 0.10 — (309,591) 0.10 Balance outstanding at December 31, 2023 1,812,766 1.16 282,105 6.89 1,530,661 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 options during the year 2022 amounted to CHF 22.35. There were no options exercised in 2023. The following table applies to all share options, PSUs and RSUs outstanding at December 31, 2023: Exercise price Options / Remaining life Thereof exercisable options Options 6.06 15,450 0.4 15,450 6.94 266,655 0.7 266,655 PSU/RSU 0.10 1,530,661 1.4 Total 1,812,766 282,105 The following table applies to all share options, PSUs and RSUs outstanding at December 31, 2022: Exercise price Options / Remaining life Thereof exercisable options Options 6.06 15,450 1.4 15,450 6.94 266,655 1.7 266,655 PSU/RSU 0.10 700,801 1.1 Total 982,906 282,105 The non-cash costs for share-based payments recognized in the statement of comprehensive income can be attributed to the Group’s two functions as follows: in CHF thousands 2023 2022 2021 Research and development 3,057 3,010 2,208 Selling, general and administrative 2,150 2,078 1,877 Total year ended December 31 5,207 5,088 4,085 |
Financial income and financial
Financial income and financial expense | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Financial income and financial expense | Financial income and financial expense Financial income in CHF thousands 2023 2022 2021 Interest income on financial assets held at amortized costs 4,279 1,142 99 Net foreign exchange gain — 717 92 Total year ended December 31 4,279 1,859 191 Financial expense in CHF thousands 2023 2022 2021 Net foreign exchange loss (5,106) — — Negative interest on financial assets held at amortized costs — (562) (495) Interest expense on leases (34) (43) (53) Other financial expenses (15) (14) (8) Total year ended December 31 (5,155) (619) (556) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes And Deferred Taxes [Abstract] | |
Income Taxes | Income Taxes Current taxes The Company generated taxable losses in 2023 and 2021 whereas in 2022 the Company generated a taxable profit in Switzerland. In 2023, the Company did not have to pay or accrue any income taxes during the reporting period, as the Company incurred a taxable loss in 2023. Any potential future taxable income will be subject to Swiss federal, cantonal and communal income taxes. The Company’s applicable income tax rate (after tax) for the year 2023 is 19.3% (2022: 19.4%; 2021: 19.4%). 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 minimal state taxes for Massachusetts and New York. For the year ended December 31, 2023, current income tax expense of TCHF 0.4 (or in thousands of US Dollars ("TUSD") 0.5) 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, 2022: tax expense of TCHF 0.3 (TUSD 0.3) and for the year ended December 31, 2021: tax credit of TCHF 2 (TUSD 2)). 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% U.S. federal tax plus 8.00% state tax (Massachusetts) and 6.50% (New York). Deferred taxes The Company's net loss before income taxes amounted to TCHF 56,285 in 2023 whereas the prior years generated a net income before income taxes of TCHF 124,020 in 2022 and a net loss before income taxes of TCHF 58,632 in 2021. The cumulative tax losses as of December 31, 2023 of TCHF 144,483 may be used as tax loss carry forwards to offset future taxable income over a period of seven years. No deferred tax assets have been recognized for these tax loss carry forwards, because as of December 31, 2023, it was not considered 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 for a total of TCHF 4,720, see also note 18.1) due to the tax losses carried forward. Income tax expense has been calculated for the year ending December 31, 2023, based on the effective income tax rate expected for the full financial year, being 0% on December 31, 2023. Given the facts above, as well as the fact that the Company incurred no significant tax expense in the reporting periods presented, a numerical reconciliation of the effective tax rate 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 2023 2022 2027 (29,566) (29,566) 2028 (58,632) (58,632) 2030 (56,285) — Total tax loss carry forwards as at December 31 (144,483) (88,198) |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Earnings per share | Earnings per share Basic earnings 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 earnings per share additionally takes into account the potential conversion of all dilutive potential ordinary shares. 2023 2022 2021 Weighted average number of shares used in computing basic earnings per share 32,770,665 32,469,957 31,005,171 Weighted average number of shares used in computing diluted earnings per share 32,770,665 33,265,567 31,005,171 At December 31, 2023 and December 31, 2021, all potential ordinary shares were anti-dilutive (1,526,976 and 835,422). At December 31, 2022, the number of shares that were dilutive, is 795,610. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 as at January 1, 4,850 6,039 Additions / new leases — — Remeasurements — — Recognition of interest on lease liabilities 34 43 Payments (1,232) (1,232) Balance as at December 31, 3,652 4,850 Current 1,208 1,198 Non-current 2,444 3,652 Balance as at December 31, 3,652 4,850 The following are the expense amounts recognized in the consolidated statement of comprehensive income. in CHF thousands 2023 2022 2021 Depreciation on right-of-use assets 1,200 1,200 1,200 Interest expense on lease liabilities 34 43 53 Short term leases — — — Total amount recognized in profit or loss 1,234 1,243 1,253 The total cash outflow for leases for the year ended December 31, 2023 amounted to TCHF 1,232 (year ended December 31, 2022 TCHF 1,232; year ended December 31, 2021 TCHF 1,232). Contractual maturities of financial liabilities at December 31, 2023 in CHF thousands Less than 1 year Between 1 and 2 years Between 2 and 5 years More than 5 years Total contractual cash-flows Carrying Amount lease liabilities Lease liabilities 1,232 1,232 1,232 — 3,696 3,652 Contractual maturities of financial liabilities at December 31, 2022 in CHF thousands Less than 1 year Between 1 and 2 years Between 2 and 5 years More than 5 years Total contractual cash-flows Carrying Amount lease liabilities Lease liabilities 1,232 1,232 2,464 — 4,928 4,850 |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 2021 Short-term employee benefits 2,761 3,159 2,423 Post-employment benefits 253 297 203 Share-based compensation 1,914 2,111 1,784 Total year ended December 31 4,928 5,567 4,410 |
Capital commitments
Capital commitments | 12 Months Ended |
Dec. 31, 2023 | |
Capital commitments [abstract] | |
Capital commitments | Capital commitments As of December 31, 2023 and December 31, 2022, the Group did not have any capital commitments . |
Financial risk management_2
Financial risk management | 12 Months Ended |
Dec. 31, 2023 | |
Financial Risk Management [Abstract] | |
Financial risk management | Financial risk management Financial risk factors The Group is subject to risks common to companies in the biopharmaceutical 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 and in the periods presented, 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, 2023 and 2022. 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, USD and EUR. During 2023 and 2022, the Group did not enter into any forward currency transactions. No forward currency transactions were outstanding as of December 31, 2023 and 2022. The following table demonstrates the sensitivity to a reasonably possible change in exchange rates for the Group'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 2023 +10 % 4,718 -10 % (4,718) 2022 +10 % 5,904 -10 % (5,904) 2021 +10 % 6,633 -10 % (6,633) EUR Positions 2023 +10 % 479 -10 % (479) 2022 +10 % 1,252 -10 % (1,252) 2021 +10 % 2,019 -10 % (2,019) Interest rate risk Molecular Partners earns 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 optimize 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 2023 +0.5 % 674 -0.5 % (674) 2022 +0.5 % 888 -0.5 % (888) 2021 +0.5 % 323 -0.5 % (323) USD Positions 2023 +0.5 % 235 -0.5 % (235) 2022 +0.5 % 294 -0.5 % (294) 2021 +0.5 % 234 -0.5 % (234) EUR Positions 2023 +0.5 % 25 -0.5 % (25) 2022 +0.5 % 63 -0.5 % (63) 2021 +0.5 % 102 -0.5 % (102) 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, 2023 of AAA (Zürcher Kantonalbank), AA (Luzerner Kantonalbank) and A+ (UBS and Credit Suisse) 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 2023 2022 Cash and cash equivalents 67,309 87,946 Trade receivables 295 521 Accrued income 1,131 679 Short-term time deposits 119,580 161,198 Total credit risk as at December 31 188,315 250,344 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 the reporting date, giving the Group a secure source of funding for its research and development activities. |
Putative Class Action
Putative Class Action | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of contingent liabilities [abstract] | |
Putative Class Action | Putative Class Action On 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 alleged 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 sought 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 Company and named individual defendants moved to dismiss the amended complaint on July 24, 2023. Plaintiffs filed their opposition on September 7, 2023 and the Company and named individual defendants filed their reply brief on October 5, 2023. On February 5, 2024, the court dismissed the amended complaint without prejudice and gave plaintiff the opportunity to amend the complaint by February 26, 2024. On February 23, 2024, plaintiff filed a stipulation of dismissal with prejudice On February 29, 2024 the court ordered the case closed. |
Events after the balance sheet
Events after the balance sheet date | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events after the balance sheet date | Events after the balance sheet date On January 5, 2024 the Group announced it entered into a co-development agreement with Orano Med to co-develop 212 Pb-based Radio Darpin Therapies (RDT). Under the terms of the co-development agreement, Molecular Partner’s previously disclosed RDT target DLL3 (delta-like ligand 3) will be included in the collaboration with Orano Med. Both companies are developing additional radioligand therapy candidates in partnership with other companies, with Molecular Partners having announced its first collaboration with Novartis in December 2021. Expression of DLL3 is low in healthy tissue but significantly increased in certain tumor types, such as small-cell lung cancer, providing an opportunity for selective tumor-targeting. DLL3 will be exclusively developed by Molecular Partners and Orano Med as a RDT target. Molecular Partners maintains the option to explore DLL3 for targeted therapy outside of the radiotherapy space. Both companies commit to sharing the cost of preclinical and clinical development with additional commitments to supply of their respective materials. Additional agreements are being put in place for future development and commercialization of any potential programs that proceed into the clinical stage of development. On January 5, 2024, Novartis has agreed the termination of the License Agreement for ensovibep, previously under investigation for the treatment of SARS Cov-2, and Novartis has returned the rights to the ensovibep program to the Company. Clinical work on the ensovibep program ended in 2022, and the program remains terminated. 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 material accountin_2
Summary of material accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of preparation | Basis of preparation These consolidated financial statements have been prepared in accordance with the IFRS® Accounting 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”. Based on the Group's cash and short-term time deposits positions at December 31, 2023, 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 year ended December 31, 2023 were approved for issuance by the Company's Board of Directors on March 12, 2024. 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 2023 did not have a material effect on these consolidated financial statements: • Disclosure of Accounting Policies - Amendments to IAS 1 • Definition of Accounting Estimates / Amendments to IAS 8 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 reporting |
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 income 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 result. |
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. |
Intangible assets | Intangible assets Intangible assets are solely comprised of 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 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 . |
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 income 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 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. |
Treasury shares | Treasury shares The amount of the consideration paid for the acquisition of treasury shares, which includes directly attributable costs, is recognized as a deduction from equity. When treasury shares are sold subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented in additional paid-in capital. |
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. Molecular Partners Inc, the Group's U.S. subsidiary, is subject to U.S. federal and Massachusetts and New York state minimal 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 certain salary level are eligible to participate. 29 of the 29 eligible employees participated in this plan as of December 31, 2023 (2022: 33 out of 33). 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 result. The Group has set up a 401k plan for its U.S. based employees. Under the plan the U.S. 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 plan and the associated expenses, that are deemed immaterial, are presented under operating expenses in the statement of comprehensive income. The Group has set up a defined contribution plan for its UK based employees. Under the plan the Company and the employee both contribute into the plan. The associated expenses, that are deemed immaterial, are presented under operating expenses in the statement of comprehensive income. 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 liabilities. Revenues may 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 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 an input-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 an input 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. 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 material accountin_3
Summary of material accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 Cost At January 1, 2023 9,646 731 1,315 9,616 624 21,932 Additions 397 6 163 — 9 575 Disposals (303) (14) (167) — — (484) At December 31, 2023 9,740 723 1,311 9,616 633 22,023 Accumulated depreciation At January 1, 2023 (7,660) (687) (1,172) (4,815) (364) (14,697) Depreciation charge for the year (711) (27) (120) (1,200) (70) (2,128) Disposals 303 14 167 — — 484 At December 31, 2023 (8,068) (700) (1,125) (6,015) (434) (16,342) Carrying amount at December 31, 2023 1,672 23 186 3,601 199 5,681 in CHF thousands Lab equipment Office equipment IT hardware Right-of-use assets Leasehold improvements Total 2022 Cost At January 1, 2022 8,754 711 1,199 9,616 607 20,887 Additions 1,019 20 121 — 17 1,177 Disposals (127) — (5) — — (132) At December 31, 2022 9,646 731 1,315 9,616 624 21,932 Accumulated depreciation At January 1, 2022 (7,164) (653) (1,012) (3,615) (298) (12,741) Depreciation charge for the year (623) (34) (165) (1,200) (66) (2,088) Disposals 127 — 5 — — 132 At December 31, 2022 (7,660) (687) (1,172) (4,815) (364) (14,697) Carrying amount at December 31, 2022 1,986 44 143 4,802 260 7,235 |
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 an input 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, 2023 | |
Revenue [abstract] | |
Disclosure of Revenue by Country and by Major Alliance Partner | During the years ended December 31, 2023, 2022 and 2021, 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 2023 2022 2021 Revenues Switzerland 7,038 179,903 — Revenues USA — 9,653 9,330 Total revenues 7,038 189,556 9,330 Analysis of revenue by major alliance partner in CHF thousands, for the years ended December 31 2023 2022 2021 Novartis AG, Switzerland 7,038 172,903 — FOPH, Switzerland — 7,000 — Amgen Inc., USA — 9,653 9,330 Total revenues 7,038 189,556 9,330 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 Cost At January 1, 2023 9,646 731 1,315 9,616 624 21,932 Additions 397 6 163 — 9 575 Disposals (303) (14) (167) — — (484) At December 31, 2023 9,740 723 1,311 9,616 633 22,023 Accumulated depreciation At January 1, 2023 (7,660) (687) (1,172) (4,815) (364) (14,697) Depreciation charge for the year (711) (27) (120) (1,200) (70) (2,128) Disposals 303 14 167 — — 484 At December 31, 2023 (8,068) (700) (1,125) (6,015) (434) (16,342) Carrying amount at December 31, 2023 1,672 23 186 3,601 199 5,681 in CHF thousands Lab equipment Office equipment IT hardware Right-of-use assets Leasehold improvements Total 2022 Cost At January 1, 2022 8,754 711 1,199 9,616 607 20,887 Additions 1,019 20 121 — 17 1,177 Disposals (127) — (5) — — (132) At December 31, 2022 9,646 731 1,315 9,616 624 21,932 Accumulated depreciation At January 1, 2022 (7,164) (653) (1,012) (3,615) (298) (12,741) Depreciation charge for the year (623) (34) (165) (1,200) (66) (2,088) Disposals 127 — 5 — — 132 At December 31, 2022 (7,660) (687) (1,172) (4,815) (364) (14,697) Carrying amount at December 31, 2022 1,986 44 143 4,802 260 7,235 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets other than goodwill [abstract] | |
Disclosure of Reconciliation of Changes in Intangible Assets | in CHF thousands Software 2023 Cost At January 1, 2023 2,122 Additions 233 Disposals (59) At December 31, 2023 2,296 Accumulated amortization At January 1, 2023 (1,851) Amortization charge for the year (292) Disposals 59 At December 31, 2023 (2,084) Carrying amount at December 31, 2023 212 in CHF thousands Software 2022 Cost At January 1, 2022 1,904 Additions 240 Disposals (22) At December 31, 2022 2,122 Accumulated amortization At January 1, 2022 (1,574) Amortization charge for the year (299) Disposals 22 At December 31, 2022 (1,851) Carrying amount at December 31, 2022 271 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Disclosure of Financial Assets at Amortized Cost | in CHF thousands Financial assets at amortized costs 2023 Cash and cash equivalents 67,309 Trade receivables 295 Accrued income 1,131 Short-term time deposits 119,580 Balance at December 31 188,315 2022 Cash and cash equivalents 87,946 Trade receivables 521 Accrued income 679 Short-term time deposits 161,198 Balance at December 31 250,344 |
Disclosure of Financial Liabilities at Amortized Cost | in CHF thousands Financial liabilities at amortized cost 2023 Trade payables 410 Accrued project costs and royalties 1,827 Lease liabilities 3,652 Other non-employee related accrued expenses 704 Balance at December 31 6,593 2022 Trade payables 997 Accrued project costs and royalties 2,167 Lease liabilities 4,850 Other non-employee related accrued expenses 556 Balance at December 31 8,570 |
Other current assets (Tables)
Other current assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Other Current Assets | in CHF thousands 2023 2022 Prepayments 2,486 3,910 Accrued income 1,131 679 Balance at December 31 3,617 4,589 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Detailed Information about Trade and Other Receivables | in CHF thousands 2023 2022 Trade receivables 295 521 Value added tax 253 250 Withholding tax 1,339 173 Other receivables 66 75 Balance at December 31 1,953 1,019 Trade receivables are denominated in the following currencies: in CHF thousands 2023 2022 CHF — 160 EUR — — USD 295 361 Balance at December 31 295 521 |
Cash and cash equivalents and_2
Cash and cash equivalents and short-term time deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Reconciliation of Cash, Cash Equivalents and Short-Term Time Deposits | in CHF thousands 2023 2022 Cash at bank in CHF 57,379 67,611 Cash at bank in EUR 4,948 7,685 Cash at bank in USD 4,829 12,520 Cash at bank in GBP 153 130 Total cash at bank at December 31 67,309 87,946 Short-term time deposits in CHF 77,500 110,000 Short-term time deposits in EUR — 4,938 Short-term time deposits in USD 42,080 46,260 Total short-term deposits at December 31 119,580 161,198 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [abstract] | |
Disclosure of issuance of shares | Ordinary shares Shares in issue at December 31, 2020 29,146,992 Issued in relation to June 2021 IPO 3,000,000 Issued in relation to vesting of PSU, RSU and options 145,656 Shares in issue at December 31, 2021 32,292,648 Issued in relation to creation of treasury shares in August 2022 3,500,000 Issued in relation to vesting of PSU, RSU and options 252,058 Shares in issue at December 31, 2022 36,044,706 Issued in relation to vesting of PSU, RSU and options 309,591 Shares in issue at December 31, 2023 36,354,297 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Detailed Information about Trade and Other Payables | in CHF thousands 2023 2022 Trade payables 410 997 Social security 918 1,146 Balance at December 31 1,328 2,143 Trade payables are denominated in the following currencies: in CHF thousands 2023 2022 CHF 227 790 EUR 161 104 USD 22 103 Balance at December 31 410 997 |
Accrued expenses (Tables)
Accrued expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Accrued Expenses Explanatory | in CHF thousands 2023 2022 Accrued project costs and royalties 1,827 2,167 Accrued payroll and bonuses 5,012 4,763 Other 708 571 Balance at December 31 7,547 7,501 |
Contract liability (Tables)
Contract liability (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Contract liabilities [abstract] | |
Disclosure of Expected Revenue Recognition Analysis for Contract Liabilities | The Group expects the contract liability to be recognized as revenue as follows: in CHF thousands Contract liability Expected revenue recognition in year one after balance sheet date 4,333 Balance at December 31, 2023 4,333 in CHF thousands Contract liability Expected revenue recognition in year one after balance sheet date 6,409 Expected revenue recognition in year two after balance sheet date 3,637 Balance at December 31, 2022 10,046 |
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 Contract liability at December 31, in CHF thousands 2023 2023 Novartis 10,046 — (5,713) 4,333 Balance 10,046 — (5,713) 4,333 Contract liability at January 1, Additions Recognized as revenue Contract liability at December 31, in CHF thousands 2022 2022 Amgen 9,653 — (9,653) — Novartis 18,584 — (8,538) 10,046 FOPH 7,000 — (7,000) — Balance 35,237 — (25,191) 10,046 |
Disclosure of Current and Non-Current Contract Liabilities | in CHF thousands Current Non-current Contract liability Novartis 4,333 — 4,333 Balance at December 31, 2023 4,333 — 4,333 in CHF thousands Current Non-current Contract liability Novartis 6,409 3,637 10,046 Balance at December 31, 2022 6,409 3,637 10,046 |
Additional information on the_2
Additional information on the nature of expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure of Attribution of Expenses by Nature | Research and development expenses in CHF thousands 2023 2022 2021 Research consumables and external research and development expenses (15,892) (17,154) (26,342) Personnel expenses (1) , see also note 18 (28,376) (28,101) (25,647) Depreciation and amortization (2,053) (1,971) (2,016) Intellectual property (853) (957) (636) Facility expenses (940) (854) (758) Other research and development expenses (660) (703) (259) Royalties and license fees, see also note 17 (10) (1,010) (60) Total year ended December 31 (48,784) (50,749) (55,718) Selling, general and administrative expenses in CHF thousands 2023 2022 2021 Personnel expenses (2) , see also note 18 (11,640) (11,788) (10,604) Other administrative expenses (7,283) (9,965) (6,242) Depreciation and amortization (367) (416) (549) Facility expenses (72) (69) (60) Total year ended December 31 (19,362) (22,238) (17,454) Total operating expenses (68,146) (72,987) (73,172) (1) Research and development non-cash effective pension and share-based compensation costs were TCHF 3,447 in 2023, TCHF 3,856 in 2022 and TCHF 3,045 in 2021. (2) Selling, general and administrative non-cash effective pension and share based compensation costs were TCHF 2,260 in 2023, TCHF 2,329 in 2022 and TCHF 2,113 in 2021. |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Personnel Expenses [Abstract] | |
Disclosure of Detailed Information about Employee Expenses and Head Count | in CHF thousands 2023 2022 2021 Salaries (27,022) (27,737) (25,909) Share-based compensation (non-cash effective) (5,207) (5,088) (4,085) Pension costs (2,632) (3,192) (3,059) Social security costs (2,201) (2,399) (2,535) Other personnel expenses (2,954) (1,473) (663) Total year ended December 31 (40,016) (39,889) (36,251) Full-time equivalents and head count 2023 2022 2021 Average number of full-time equivalents 167.8 167.4 158.3 Full-time equivalents at year end 167.5 175.3 163.2 Headcount at year end 182 191 177 |
Disclosure of Net Defined Benefit Liability (Asset) | in CHF thousands 2023 2022 Defined benefit pension plans Actuarial assumptions Discount rate at January 1 2.25 % 0.40 % Discount rate at December 31 (1) 1.50 % 2.25 % Future salary increases at December 31 2.00 % 2.00 % Mortality tables BVG2020 GT BVG2020 GT Date of last actuarial valuation 31.12.2023 31.12.2022 Reconciliation of the amount recognized in the statement of financial position Defined benefit obligation at December 31 56,347 52,529 Fair value of plan assets at December 31 51,627 50,284 Net defined benefit liability at December 31 (2) 4,720 2,245 Components of defined benefit cost in profit or loss Current service cost (employer) 2,507 3,137 Past service cost 43 — Interest expense on defined benefit obligation 1,182 231 Interest income on plan assets (1,126) (203) Administrative cost excl. cost for managing plan assets 26 27 Defined benefit cost recognized in profit or loss 2,632 3,192 thereof service cost and administrative cost 2,576 3,164 thereof net interest expense on the net defined benefit liability 56 28 Reconciliation of net defined benefit liability Net defined benefit liability at January 1 2,245 6,483 Defined benefit cost recognized in profit or loss (3) 2,632 3,192 Remeasurement of net pension liabilities 1,975 (5,334) Contributions by the employer (3) (2,132) (2,096) Net defined benefit liability at December 31 (2) 4,720 2,245 Reconciliation of defined benefit obligation Defined benefit obligation at January 1 52,529 54,461 Interest expenses on defined benefit obligation 1,182 231 Current service cost (employer) 2,507 3,137 Contributions by plan participants 1,344 1,317 Benefits (paid)/deposited (3,918) 2,032 Past service cost 43 — Administrative cost (excl. cost for managing plan assets) 26 27 Actuarial (gain)/loss on defined benefit obligation 2,634 (8,676) Defined benefit obligation at December 31 56,347 52,529 Reconciliation of amount recognized in OCI Actuarial (gain) / loss on changes in financial assumptions 3,644 (12,222) Actuarial (gain) / loss on changes in demographic assumptions (10) — Actuarial (gain) / loss arising from experience adjustments (1,000) 3,546 Actuarial (gain)/loss on defined benefit obligation 2,634 (8,676) Return on plan assets excluding interest income (659) 3,342 Remeasurement of net pension liabilities 1,975 (5,334) Reconciliation of fair value of plan assets Fair value of plan assets at January 1 50,284 47,979 Interest income on plan assets 1,126 203 Contributions by the employer 2,132 2,096 Contributions by plan participants 1,344 1,317 Benefits (paid)/deposited (3,918) 2,032 Return on plan assets excl. interest income 659 (3,342) Fair value of plan assets at December 31 51,627 50,284 Best estimate of contributions of next year Contributions by the employer 2,156 2,231 Plan asset classes Cash and cash equivalents 7,684 7,896 Equity instruments 21,810 20,754 Debt instruments (e.g. bonds) 9,047 8,200 Real estate funds 1,821 1,793 Others 1,792 1,748 Total plan assets at fair value (quoted market price) 42,154 40,391 Others 9,473 9,892 Total plan assets at fair value (non-quoted market price) 9,473 9,892 Total plan assets at fair value at December 31 51,627 50,284 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% 58,683 54,524 Defined benefit obligation at December 31 with discount rate +0.25% 54,179 50,672 Defined benefit obligation at December 31 with interest rate on retirement savings capital -0.25% 55,437 51,699 Defined benefit obligation at December 31 with interest rate on retirement savings capital +0.25% 57,283 53,383 Defined benefit obligation at December 31 with salary increases -0.25% 55,974 52,253 Defined benefit obligation at December 31 with salary increases +0.25% 56,707 52,768 Defined benefit obligation at December 31 with life expectancy +1 year 57,071 53,090 Defined benefit obligation at December 31 with life expectancy -1 year 55,619 51,961 Maturity profile of defined benefit obligation Weighted average duration of defined obligation in years at December 31 16.2 15.0 Weighted average duration of defined obligation in years at December 31 for active members 16.1 14.8 Weighted average duration of defined obligation in years at December 31 for pensioners 17.3 16.3 (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 343 (2022: TCHF 307; 2021: TCHF 257) 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 income of which TCHF 390 are research and development costs (2022: TCHF 846; 2021: TCHF 837) and TCHF 110 are selling, general and administrative costs (2022: TCHF 250; 2021: TCHF 235). (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 the Company 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 income for the periods indicated: in CHF thousands 2023 2022 2021 Components of defined benefit cost in profit or loss Current service cost (employer) 2,507 3,137 3,097 Past service cost 43 — (94) Interest expense on defined benefit obligation 1,182 231 114 Interest income on plan assets (1,126) (203) (86) Administrative cost excl. cost for managing plan assets 26 27 27 Defined benefit cost recognized in profit or loss 2,632 3,192 3,059 thereof service cost and administrative cost 2,576 3,164 3,031 thereof net interest expense on the net defined benefit liability 56 28 28 Reconciliation of amount recognized in OCI Actuarial (gain) / loss on changes in financial assumptions 3,644 (12,222) (2,303) Actuarial (gain) / loss on changes in demographic assumptions (10) — (2,432) Actuarial (gain) / loss arising from experience adjustments (1,000) 3,546 (773) Actuarial (gain)/loss on defined benefit obligation 2,634 (8,676) (5,508) Return on plan assets excluding interest income (659) 3,342 (2,504) Remeasurement of net pension liabilities 1,975 (5,334) (8,012) |
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 values at grant dates: RSU/PSU, conditions and assumptions 2023 2022 Nature of arrangement Grant of PSU/RSU Grant of PSU/RSU Grant date RSU April 4, 2023 April 13, 2022 Grant dates PSU Jan 1 - Oct 1 Jan 1 - Oct 1 Number of RSU granted 120,144 33,015 Number of PSU granted 1,162,228 307,137 Weighted average exercise price (CHF) 0.10 0.10 Share price (CHF) 3.86 - 6.16 6.55 - 18.88 Vesting period for RSU (years) 1.00 1.00 Full contractual life for RSU (years) 3.00 3.00 Vesting period for PSU (years), Management Board 3.00 3.00 Vesting period for PSU (years), employees excluding Management Board 3.00 (pro-rata annual vesting) 3.00 (pro-rata annual vesting) Full contractual life for PSU (years) 3.00 3.00 Settlement Common Shares Common Shares Expected volatility on Common shares 67.08 - 77.51 64.69 - 76.84 Risk-free interest rate p. a. (%) / CHF LIBOR / Common shares (0.24) - 1.17 (0.54) - (0.71) Expected volatility on NBI 23.36 - 28.66 25.89 - 28.16 Risk-free interest rate p. a. (%) / USD LIBOR / NBI 5.30 - 6.04 0.58 - 4.78 Expected volatility on SPI 13.20 - 17.27 15.57 - 17.02 Risk-free interest rate p. a. (%) / CHF LIBOR / SPI (0.24) - 1.17 (0.54) - (0.71) Expected dividend (CHF) — — Weighted average fair value of rights granted (CHF) 5.20 17.08 Latest expiry date Sep 30, 2026 Sep 30, 2025 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, 2021 962,022 2.35 318,902 6.87 643,120 0.10 Granted 340,152 0.10 — — 340,152 0.10 (Performance adjustment) (1) — 0.10 — — — 0.10 (Forfeited) (2) (63,990) 0.10 — — (63,990) 0.10 (Expired) (3,220) 5.40 (3,220) 5.40 — — (Exercised options, vested PSU / RSU) (3) (252,058) 1.00 (33,577) 6.85 (218,481) 0.10 Balance outstanding at December 31, 2022 982,906 2.05 282,105 6.89 700,801 0.10 Granted 1,282,372 0.10 — — 1,282,372 0.10 (Performance adjustment) (1) (79,703) 0.10 — — (79,703) 0.10 (Forfeited) (2) (63,218) 0.10 — — (63,218) 0.10 (Expired) — — — — (Exercised options, vested PSU / RSU) (3) (309,591) 0.10 — (309,591) 0.10 Balance outstanding at December 31, 2023 1,812,766 1.16 282,105 6.89 1,530,661 0.10 (1) Performance adjustments indicate forfeitures due to non-market performance conditions not achieved (2) Forfeited due to service conditions not fulfilled (3) |
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, 2021 962,022 2.35 318,902 6.87 643,120 0.10 Granted 340,152 0.10 — — 340,152 0.10 (Performance adjustment) (1) — 0.10 — — — 0.10 (Forfeited) (2) (63,990) 0.10 — — (63,990) 0.10 (Expired) (3,220) 5.40 (3,220) 5.40 — — (Exercised options, vested PSU / RSU) (3) (252,058) 1.00 (33,577) 6.85 (218,481) 0.10 Balance outstanding at December 31, 2022 982,906 2.05 282,105 6.89 700,801 0.10 Granted 1,282,372 0.10 — — 1,282,372 0.10 (Performance adjustment) (1) (79,703) 0.10 — — (79,703) 0.10 (Forfeited) (2) (63,218) 0.10 — — (63,218) 0.10 (Expired) — — — — (Exercised options, vested PSU / RSU) (3) (309,591) 0.10 — (309,591) 0.10 Balance outstanding at December 31, 2023 1,812,766 1.16 282,105 6.89 1,530,661 0.10 (1) Performance adjustments indicate forfeitures due to non-market performance conditions not achieved (2) Forfeited due to service conditions not fulfilled (3) |
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, 2023: Exercise price Options / Remaining life Thereof exercisable options Options 6.06 15,450 0.4 15,450 6.94 266,655 0.7 266,655 PSU/RSU 0.10 1,530,661 1.4 Total 1,812,766 282,105 The following table applies to all share options, PSUs and RSUs outstanding at December 31, 2022: Exercise price Options / Remaining life Thereof exercisable options Options 6.06 15,450 1.4 15,450 6.94 266,655 1.7 266,655 PSU/RSU 0.10 700,801 1.1 Total 982,906 282,105 |
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 income can be attributed to the Group’s two functions as follows: in CHF thousands 2023 2022 2021 Research and development 3,057 3,010 2,208 Selling, general and administrative 2,150 2,078 1,877 Total year ended December 31 5,207 5,088 4,085 |
Financial income and financia_2
Financial income and financial expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure of Detailed Information about Financial Income | Financial income in CHF thousands 2023 2022 2021 Interest income on financial assets held at amortized costs 4,279 1,142 99 Net foreign exchange gain — 717 92 Total year ended December 31 4,279 1,859 191 |
Disclosure of Detailed Information about Financial Expense | Financial expense in CHF thousands 2023 2022 2021 Net foreign exchange loss (5,106) — — Negative interest on financial assets held at amortized costs — (562) (495) Interest expense on leases (34) (43) (53) Other financial expenses (15) (14) (8) Total year ended December 31 (5,155) (619) (556) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 2027 (29,566) (29,566) 2028 (58,632) (58,632) 2030 (56,285) — Total tax loss carry forwards as at December 31 (144,483) (88,198) |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Summary of Weighted Average Number of Shares Used in Computation | 2023 2022 2021 Weighted average number of shares used in computing basic earnings per share 32,770,665 32,469,957 31,005,171 Weighted average number of shares used in computing diluted earnings per share 32,770,665 33,265,567 31,005,171 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 as at January 1, 4,850 6,039 Additions / new leases — — Remeasurements — — Recognition of interest on lease liabilities 34 43 Payments (1,232) (1,232) Balance as at December 31, 3,652 4,850 Current 1,208 1,198 Non-current 2,444 3,652 Balance as at December 31, 3,652 4,850 |
Disclosure of Expenses Recognised in Profit or Loss | The following are the expense amounts recognized in the consolidated statement of comprehensive income. in CHF thousands 2023 2022 2021 Depreciation on right-of-use assets 1,200 1,200 1,200 Interest expense on lease liabilities 34 43 53 Short term leases — — — Total amount recognized in profit or loss 1,234 1,243 1,253 |
Disclosure of Contractual Maturities of Financial Liabilities | Contractual maturities of financial liabilities at December 31, 2023 in CHF thousands Less than 1 year Between 1 and 2 years Between 2 and 5 years More than 5 years Total contractual cash-flows Carrying Amount lease liabilities Lease liabilities 1,232 1,232 1,232 — 3,696 3,652 Contractual maturities of financial liabilities at December 31, 2022 in CHF thousands Less than 1 year Between 1 and 2 years Between 2 and 5 years More than 5 years Total contractual cash-flows Carrying Amount lease liabilities Lease liabilities 1,232 1,232 2,464 — 4,928 4,850 |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 2021 Short-term employee benefits 2,761 3,159 2,423 Post-employment benefits 253 297 203 Share-based compensation 1,914 2,111 1,784 Total year ended December 31 4,928 5,567 4,410 |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 Group'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 2023 +10 % 4,718 -10 % (4,718) 2022 +10 % 5,904 -10 % (5,904) 2021 +10 % 6,633 -10 % (6,633) EUR Positions 2023 +10 % 479 -10 % (479) 2022 +10 % 1,252 -10 % (1,252) 2021 +10 % 2,019 -10 % (2,019) 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 2023 +0.5 % 674 -0.5 % (674) 2022 +0.5 % 888 -0.5 % (888) 2021 +0.5 % 323 -0.5 % (323) USD Positions 2023 +0.5 % 235 -0.5 % (235) 2022 +0.5 % 294 -0.5 % (294) 2021 +0.5 % 234 -0.5 % (234) EUR Positions 2023 +0.5 % 25 -0.5 % (25) 2022 +0.5 % 63 -0.5 % (63) 2021 +0.5 % 102 -0.5 % (102) |
Disclosure of Maximum Credit Risk Exposure | The maximum credit risk as of the balance sheet date was as follows: Credit risk in CHF thousands 2023 2022 Cash and cash equivalents 67,309 87,946 Trade receivables 295 521 Accrued income 1,131 679 Short-term time deposits 119,580 161,198 Total credit risk as at December 31 188,315 250,344 |
Summary of material accountin_4
Summary of material accounting policies - Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Summary of material accountin_5
Summary of material accounting policies - Disclosure of Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2023 | |
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 material accountin_6
Summary of material accounting policies - Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Software | |
Disclosure of detailed information about intangible assets [line items] | |
Applicable estimated useful lives, intangible assets | 2 years |
Summary of material accountin_7
Summary of material accounting policies - Employee Benefits (Details) - employee | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Detailed Information About Employee Benefits [Line Items] | ||
Percentage of VSAO contributions in total company's defined benefit plans | 90% | |
VSAO | ||
Disclosure Of Detailed Information About Employee Benefits [Line Items] | ||
Defined benefit plan, employer contribution | 60% | |
Defined benefit plan, employee contribution | 40% | |
Voluntary complementary plan | ||
Disclosure Of Detailed Information About Employee Benefits [Line Items] | ||
Defined benefit plan, employer contribution | 70% | |
Defined benefit plan, employee contribution | 30% | |
Number of employees that participated | 29 | 33 |
Number of eligible employees | 29 | 33 |
Revenues, other income and an_3
Revenues, other income and and entity-wide disclosures - Narrative (Details) SFr in Thousands, $ in Millions | 12 Months Ended | ||||||
Dec. 14, 2021 USD ($) | Dec. 31, 2023 CHF (SFr) | Dec. 31, 2022 CHF (SFr) | Dec. 31, 2021 CHF (SFr) | Dec. 31, 2020 CHF (SFr) | Dec. 31, 2018 USD ($) | Dec. 31, 2023 USD ($) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||
Trade receivables | SFr 295 | SFr 521 | |||||
Revenues from research and development collaborations | 7,038 | 189,556 | SFr 9,330 | ||||
Recognized as revenue | 5,713 | 25,191 | |||||
Other income | 0 | 44 | 424 | ||||
Contract liability | 4,333 | 10,046 | 35,237 | ||||
Novartis | |||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||
Recognized as revenue | 5,713 | 8,538 | |||||
Contract liability | 4,333 | 10,046 | 18,584 | ||||
FOPH | |||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||
Recognized as revenue | 7,000 | ||||||
Upfront payment | 7,000 | ||||||
Contract liability | 0 | 7,000 | |||||
Licence and Collaboration Agreement with Novartis | |||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||
Trade receivables | 18,600 | $ 20 | |||||
Licence and Collaboration Agreement with Novartis | Novartis | |||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||
Revenues from research and development collaborations | 7,000 | 9,800 | 0 | ||||
Decrease through recharge of employee related expenses | 1,300 | ||||||
Licence and Collaboration Agreement with Novartis | Maximum | |||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||
Potential future milestone payments | $ | $ 560 | ||||||
Novartis Option and Equity Rights Agreement | |||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||
Revenues from research and development collaborations | 150,000 | ||||||
Upfront payment | SFr 20,000 | ||||||
Novartis Option and Equity Rights Agreement | Commercial supply of products | |||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||
Revenues from research and development collaborations | 13,100 | ||||||
Reservation Agreement with FOPH | |||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||
Revenues from research and development collaborations | 0 | 7,000 | 0 | ||||
Licence and Collaboration Agreement with Amgen, Inc | |||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||
Revenues from research and development collaborations | SFr 0 | SFr 9,653 | SFr 9,330 | ||||
Upfront payment | $ | $ 50 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | SFr 7,038 | SFr 189,556 | SFr 9,330 |
Revenues Switzerland | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 7,038 | 179,903 | 0 |
Revenues USA | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | SFr 0 | SFr 9,653 | SFr 9,330 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | SFr 7,038 | SFr 189,556 | SFr 9,330 |
Novartis AG, Switzerland | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 7,038 | 172,903 | 0 |
FOPH, Switzerland | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 0 | 7,000 | 0 |
Amgen Inc., USA | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | SFr 0 | SFr 9,653 | SFr 9,330 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | SFr 7,235 | ||
Property, plant and equipment at end of period | 5,681 | SFr 7,235 | |
Lab equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 1,986 | ||
Property, plant and equipment at end of period | 1,672 | 1,986 | |
Office equipment | |||
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 | 23 | 44 | |
IT hardware | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 143 | ||
Property, plant and equipment at end of period | 186 | 143 | |
Right-of-use assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 4,802 | ||
Property, plant and equipment at end of period | 3,601 | 4,802 | |
Leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 260 | ||
Property, plant and equipment at end of period | 199 | 260 | |
Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 21,932 | 20,887 | |
Additions | 575 | 1,177 | |
Disposals | (484) | (132) | |
Property, plant and equipment at end of period | 22,023 | 21,932 | SFr 20,887 |
Cost | Lab equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 9,646 | 8,754 | |
Additions | 397 | 1,019 | |
Disposals | (303) | (127) | |
Property, plant and equipment at end of period | 9,740 | 9,646 | 8,754 |
Cost | Office equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 731 | 711 | |
Additions | 6 | 20 | |
Disposals | (14) | 0 | |
Property, plant and equipment at end of period | 723 | 731 | 711 |
Cost | IT hardware | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 1,315 | 1,199 | |
Additions | 163 | 121 | |
Disposals | (167) | (5) | |
Property, plant and equipment at end of period | 1,311 | 1,315 | 1,199 |
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 | 9,616 | |
Additions | 0 | 0 | |
Disposals | 0 | 0 | |
Property, plant and equipment at end of period | 9,616 | 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 | 624 | 607 | |
Additions | 9 | 17 | |
Disposals | 0 | 0 | |
Property, plant and equipment at end of period | 633 | 624 | 607 |
Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (14,697) | (12,741) | |
Depreciation charge for the year | (2,128) | (2,088) | |
Disposals | 484 | 132 | |
Property, plant and equipment at end of period | (16,342) | (14,697) | (12,741) |
Accumulated depreciation | Lab equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (7,660) | (7,164) | |
Depreciation charge for the year | (711) | (623) | |
Disposals | 303 | 127 | |
Property, plant and equipment at end of period | (8,068) | (7,660) | (7,164) |
Accumulated depreciation | Office equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (687) | (653) | |
Depreciation charge for the year | (27) | (34) | |
Disposals | 14 | 0 | |
Property, plant and equipment at end of period | (700) | (687) | (653) |
Accumulated depreciation | IT hardware | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (1,172) | (1,012) | |
Depreciation charge for the year | (120) | (165) | |
Disposals | 167 | 5 | |
Property, plant and equipment at end of period | (1,125) | (1,172) | (1,012) |
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 | (4,815) | (3,615) | |
Depreciation charge for the year | (1,200) | (1,200) | |
Disposals | 0 | 0 | |
Property, plant and equipment at end of period | (6,015) | (4,815) | (3,615) |
Accumulated depreciation | Leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (364) | (298) | |
Depreciation charge for the year | (70) | (66) | |
Disposals | 0 | 0 | |
Property, plant and equipment at end of period | SFr (434) | SFr (364) | SFr (298) |
Intangible assets (Details)
Intangible assets (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning of period | SFr 271 | |
Intangible assets at end of period | 212 | SFr 271 |
Software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning of period | 271 | |
Intangible assets at end of period | 212 | 271 |
Cost | Software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning of period | 2,122 | 1,904 |
Additions | 233 | 240 |
Disposals | (59) | (22) |
Intangible assets at end of period | 2,296 | 2,122 |
Accumulated depreciation | Software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning of period | (1,851) | (1,574) |
Amortization charge for the year | (292) | (299) |
Disposals | 59 | 22 |
Intangible assets at end of period | SFr (2,084) | SFr (1,851) |
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, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | SFr 188,315 | SFr 250,344 |
Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 67,309 | 87,946 |
Trade receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 295 | 521 |
Accrued income | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 1,131 | 679 |
Short-term time deposits | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | SFr 119,580 | SFr 161,198 |
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, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | SFr 6,593 | SFr 8,570 |
Trade receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 410 | 997 |
Accrued project costs and royalties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,827 | 2,167 |
Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 3,652 | 4,850 |
Other non-employee related accrued expenses | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | SFr 704 | SFr 556 |
Other current assets (Details)
Other current assets (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Prepayments | SFr 2,486 | SFr 3,910 |
Accrued income | 1,131 | 679 |
Prepaid expenses and accrued income | SFr 3,617 | SFr 4,589 |
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, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade receivables | SFr 295 | SFr 521 |
Value added tax | 253 | 250 |
Withholding tax | 1,339 | 173 |
Other receivables | 66 | 75 |
Trade and other receivables | SFr 1,953 | SFr 1,019 |
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, 2023 | Dec. 31, 2022 |
Disclosure Of Trade And Other Receivables [Line Items] | ||
Trade receivables | SFr 295 | SFr 521 |
CHF | ||
Disclosure Of Trade And Other Receivables [Line Items] | ||
Trade receivables | 0 | 160 |
EUR | ||
Disclosure Of Trade And Other Receivables [Line Items] | ||
Trade receivables | 0 | 0 |
USD | ||
Disclosure Of Trade And Other Receivables [Line Items] | ||
Trade receivables | SFr 295 | SFr 361 |
Cash and cash equivalents and_3
Cash and 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Reconciliation Of Cash, Cash Equivalents And Short-Term Time Deposits [Line Items] | ||||
Cash and cash equivalents | SFr 67,309 | SFr 87,946 | SFr 71,813 | SFr 133,721 |
Short-term time deposits | 119,580 | 161,198 | ||
CHF | ||||
Disclosure Of Reconciliation Of Cash, Cash Equivalents And Short-Term Time Deposits [Line Items] | ||||
Cash and cash equivalents | 57,379 | 67,611 | ||
Short-term time deposits | 77,500 | 110,000 | ||
EUR | ||||
Disclosure Of Reconciliation Of Cash, Cash Equivalents And Short-Term Time Deposits [Line Items] | ||||
Cash and cash equivalents | 4,948 | 7,685 | ||
Short-term time deposits | 0 | 4,938 | ||
USD | ||||
Disclosure Of Reconciliation Of Cash, Cash Equivalents And Short-Term Time Deposits [Line Items] | ||||
Cash and cash equivalents | 4,829 | 12,520 | ||
Short-term time deposits | 42,080 | 46,260 | ||
GBP | ||||
Disclosure Of Reconciliation Of Cash, Cash Equivalents And Short-Term Time Deposits [Line Items] | ||||
Cash and cash equivalents | SFr 153 | SFr 130 |
Cash and cash equivalents and_4
Cash and cash equivalents and short-term time deposits - Narrative (Details) | Dec. 31, 2023 bank position | Dec. 31, 2022 position bank |
CHF | ||
Disclosure Of Detailed Information About Cash, Cash Equivalents And Short-Term Time Deposits [Line Items] | ||
Number of short-term time deposit positions | position | 6 | 6 |
Number of banks where deposits are held | bank | 3 | 3 |
USD | ||
Disclosure Of Detailed Information About Cash, Cash Equivalents And Short-Term Time Deposits [Line Items] | ||
Number of short-term time deposit positions | position | 5 | 3 |
Number of banks where deposits are held | bank | 2 | 3 |
EUR | ||
Disclosure Of Detailed Information About Cash, Cash Equivalents And Short-Term Time Deposits [Line Items] | ||
Number of short-term time deposit positions | position | 1 | |
Number of banks where deposits are held | bank | 1 |
Shareholders_ equity - Narrativ
Shareholders’ equity - Narrative (Details) - CHF (SFr) | 12 Months Ended | |
Dec. 31, 2023 | Aug. 31, 2022 | |
Equity [abstract] | ||
Number of shares issued (in shares) | 3,500,000 | |
Par value per share (in CHF per share) | SFr 0.10 | SFr 0.10 |
Nominal value of treasury shares | SFr 350,000 | |
Transaction costs related to issuance of treasury shares | SFr 631,336 |
Shareholders_ equity - Classes
Shareholders’ equity - Classes of Share Capital (Details) | 1 Months Ended | 12 Months Ended | |||||
Apr. 13, 2022 CHF (SFr) | Aug. 31, 2022 CHF (SFr) SFr / shares | Dec. 31, 2023 CHF (SFr) vote SFr / shares shares | Dec. 31, 2022 CHF (SFr) shares | Dec. 31, 2021 CHF (SFr) shares | Apr. 12, 2022 CHF (SFr) | Dec. 31, 2020 CHF (SFr) shares | |
Disclosure of classes of share capital [line items] | |||||||
Equity | SFr 176,429,000 | SFr 235,166,000 | SFr 107,289,000 | SFr 107,220,000 | |||
Number of shares outstanding (in shares) | shares | 36,354,297 | 36,044,706 | 32,292,648 | 29,146,992 | |||
Par value per share (in CHF per share) | SFr / shares | SFr 0.10 | SFr 0.10 | |||||
Maximum amount of share capital increase authorized | SFr 807,316 | SFr 457,316 | SFr 457,316 | ||||
Maximum amount of share capital increase authorized, number of shares (in shares) | shares | 4,573,162 | ||||||
Maximum amount of share capital increase authorized, percent | 13% | ||||||
Increase (decrease) in authorized share capital | SFr 350,000 | SFr (350,000) | |||||
Maximum percentage of total number of shares in a placement | 20% | ||||||
Percentage of share capital registered accumulated | 15% | ||||||
Proceeds from exercise of options | SFr 31,000 | SFr 250,000 | SFr 267,000 | ||||
PSU, RSU and options | |||||||
Disclosure of classes of share capital [line items] | |||||||
Proceeds from exercise of options | 30,959 | 251,957 | 269,552 | ||||
Common shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Equity | SFr 3,604,471 | ||||||
Number of shares outstanding (in shares) | shares | 36,044,706 | ||||||
Number of votes per share | vote | 1 | ||||||
Conditional share capital | |||||||
Disclosure of classes of share capital [line items] | |||||||
Authorized share capital, employee participation | SFr 105,337 | 136,296 | |||||
Number of shares authorized, employee participation (in shares) | shares | 1,053,372 | ||||||
Increase (decrease) in authorized share capital, employee participation | SFr (30,959) | ||||||
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 3,635,430 | SFr 3,604,000 | SFr 3,229,000 | SFr 2,915,000 | |||
Number of shares outstanding (in shares) | shares | 36,354,297 |
Shareholders' equity - Shares I
Shareholders' equity - Shares Issued (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in number of shares outstanding [abstract] | |||
Shares in issue at start of period | 36,044,706 | 32,292,648 | 29,146,992 |
Issued in relation to June 2021 IPO | 3,000,000 | ||
Issued in relation to creation of treasury shares in August 2022 | 3,500,000 | ||
Issued in relation to vesting of PSU, RSU and options | 309,591 | 252,058 | 145,656 |
Shares in issue at end of period | 36,354,297 | 36,044,706 | 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, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade payables | SFr 410 | SFr 997 |
Social security | 918 | 1,146 |
Trade and other payables | SFr 1,328 | SFr 2,143 |
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, 2023 | Dec. 31, 2022 |
Disclosure Of Trade And Other Payables [Line Items] | ||
Trade payables | SFr 410 | SFr 997 |
CHF | ||
Disclosure Of Trade And Other Payables [Line Items] | ||
Trade payables | 227 | 790 |
EUR | ||
Disclosure Of Trade And Other Payables [Line Items] | ||
Trade payables | 161 | 104 |
USD | ||
Disclosure Of Trade And Other Payables [Line Items] | ||
Trade payables | SFr 22 | SFr 103 |
Accrued expenses (Details)
Accrued expenses (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accrued project costs and royalties | SFr 1,827 | SFr 2,167 |
Accrued payroll and bonuses | 5,012 | 4,763 |
Other | 708 | 571 |
Accrued expenses | SFr 7,547 | SFr 7,501 |
Contract liability - Disclosure
Contract liability - Disclosure of Expected Revenue Recognition Analysis for Contract Liabilities (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Contract liability | SFr 4,333 | SFr 10,046 |
Expected revenue recognition in year one after balance sheet date | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Contract liability | SFr 4,333 | 6,409 |
Expected revenue recognition in year two after balance sheet date | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Contract liability | SFr 3,637 |
Contract liability - Explanatio
Contract liability - Explanation of Changes in Contract Liabilities (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Detailed Information About Contract Liability [Line Items] | ||
Contract liability at beginning of period | SFr 10,046 | SFr 35,237 |
Additions | 0 | 0 |
Recognized as revenue | (5,713) | (25,191) |
Contract liability at end of period | 4,333 | 10,046 |
Amgen | ||
Disclosure Of Detailed Information About Contract Liability [Line Items] | ||
Contract liability at beginning of period | 0 | 9,653 |
Additions | 0 | |
Recognized as revenue | (9,653) | |
Contract liability at end of period | 0 | |
Novartis | ||
Disclosure Of Detailed Information About Contract Liability [Line Items] | ||
Contract liability at beginning of period | 10,046 | 18,584 |
Additions | 0 | 0 |
Recognized as revenue | (5,713) | (8,538) |
Contract liability at end of period | 4,333 | 10,046 |
FOPH | ||
Disclosure Of Detailed Information About Contract Liability [Line Items] | ||
Contract liability at beginning of period | SFr 0 | 7,000 |
Additions | 0 | |
Recognized as revenue | (7,000) | |
Contract liability at end of period | SFr 0 |
Contract liability - Disclosu_2
Contract liability - Disclosure of Current and Non-Current Contract Liabilities (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Detailed Information About Contract Liability [Line Items] | |||
Current | SFr 4,333 | SFr 6,409 | |
Non-current | 0 | 3,637 | |
Contract liability | 4,333 | 10,046 | SFr 35,237 |
Novartis | |||
Disclosure Of Detailed Information About Contract Liability [Line Items] | |||
Current | 4,333 | 6,409 | |
Non-current | 0 | 3,637 | |
Contract liability | SFr 4,333 | SFr 10,046 | SFr 18,584 |
Additional information on the_3
Additional information on the nature of expenses (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Personnel expenses | SFr (40,016) | SFr (39,889) | SFr (36,251) |
Research and development expenses | (48,784) | (50,749) | (55,718) |
Selling, general and administrative expense | (19,362) | (22,238) | (17,454) |
Total operating expenses | (68,146) | (72,987) | (73,172) |
Research and development expenses | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Research consumables and external research and development expenses | (15,892) | (17,154) | (26,342) |
Personnel expenses | (28,376) | (28,101) | (25,647) |
Depreciation and amortization | (2,053) | (1,971) | (2,016) |
Intellectual property | (853) | (957) | (636) |
Facility expenses | (940) | (854) | (758) |
Other research and development expenses | (660) | (703) | (259) |
Royalties and license fees | (10) | (1,010) | (60) |
Pension and share-based compensation costs, non-cash portion | 3,447 | 3,856 | 3,045 |
Selling, general and administrative expenses | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Personnel expenses | (11,640) | (11,788) | (10,604) |
Other administrative expenses | (7,283) | (9,965) | (6,242) |
Depreciation and amortization | (367) | (416) | (549) |
Facility expenses | (72) | (69) | (60) |
Pension and share-based compensation costs, non-cash portion | SFr 2,260 | SFr 2,329 | SFr 2,113 |
Royalties and license fees (Det
Royalties and license fees (Details) SFr in Thousands | 12 Months Ended |
Dec. 31, 2023 CHF (SFr) | |
University of Zurich | |
Disclosure Of Detailed Information About Royalties And License Fees [Line Items] | |
Royalties, minimum amount required to pay in total | SFr 10 |
Personnel expenses - Disclosure
Personnel expenses - Disclosure of Detailed Information about Employee Expenses (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Personnel Expenses [Abstract] | |||
Salaries | SFr (27,022) | SFr (27,737) | SFr (25,909) |
Share-based compensation (non-cash effective) | (5,207) | (5,088) | (4,085) |
Pension costs | (2,632) | (3,192) | (3,059) |
Social security costs | (2,201) | (2,399) | (2,535) |
Other personnel expenses | (2,954) | (1,473) | (663) |
Personnel expenses | SFr (40,016) | SFr (39,889) | SFr (36,251) |
Personnel expenses - Disclosu_2
Personnel expenses - Disclosure of Detailed Information about Employee Head Count (Details) - employee | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Personnel Expenses [Abstract] | |||
Average number of full-time equivalents | 167.8 | 167.4 | 158.3 |
Full-time equivalents at year end | 167.5 | 175.3 | 163.2 |
Headcount at year end | 182 | 191 | 177 |
Personnel expenses - Disclosu_3
Personnel expenses - Disclosure of Net Defined Benefit Liability (Asset) (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Actuarial assumptions | ||||
Discount rate | 1.50% | 2.25% | 0.40% | |
Future salary increases at December 31 | 2% | 2% | ||
Reconciliation of the amount recognized in the statement of financial position | ||||
Defined benefit obligation at December 31 | SFr 56,347 | SFr 52,529 | ||
Fair value of plan assets at December 31 | 51,627 | 50,284 | ||
Net defined benefit liability at December 31 | 4,720 | 2,245 | SFr 6,483 | |
Components of defined benefit cost in profit or loss | ||||
Current service cost (employer) | 2,507 | 3,137 | 3,097 | |
Past service cost | 43 | 0 | (94) | |
Interest expense on defined benefit obligation | 1,182 | 231 | 114 | |
Interest income on plan assets | (1,126) | (203) | (86) | |
Administrative cost excl. cost for managing plan assets | 26 | 27 | 27 | |
Defined benefit cost recognized in profit or loss | 2,632 | 3,192 | 3,059 | |
thereof service cost and administrative cost | 2,576 | 3,164 | 3,031 | |
thereof net interest expense on the net defined benefit liability | 56 | 28 | 28 | |
Reconciliation of net defined benefit liability | ||||
Net defined benefit liability at January 1 | 2,245 | 6,483 | ||
Defined benefit cost recognized in profit or loss | 2,632 | 3,192 | ||
Remeasurement of net pension liabilities | 1,975 | (5,334) | ||
Contributions by the employer | (2,132) | (2,096) | ||
Net defined benefit liability at December 31 | 4,720 | 2,245 | 6,483 | |
Reconciliation of defined benefit obligation | ||||
Net defined benefit liability at January 1 | 2,245 | 6,483 | ||
Actuarial (gain)/loss on defined benefit obligation | 1,975 | (5,334) | ||
Net defined benefit liability at December 31 | 4,720 | 2,245 | 6,483 | |
Reconciliation of amount recognized in OCI | ||||
Actuarial (gain) / loss on changes in financial assumptions | 3,644 | (12,222) | (2,303) | |
Actuarial (gain) / loss on changes in demographic assumptions | (10) | 0 | (2,432) | |
Actuarial (gain) / loss arising from experience adjustments | (1,000) | 3,546 | (773) | |
Actuarial (gain)/loss on defined benefit obligation | 2,634 | (8,676) | (5,508) | |
Return on plan assets excluding interest income | (659) | 3,342 | (2,504) | |
Remeasurement of net pension liabilities | [1] | 1,975 | (5,334) | (8,012) |
Reconciliation of fair value of plan assets | ||||
Fair value of plan assets at January 1 | (2,245) | (6,483) | ||
Contributions by the employer | 2,132 | 2,096 | ||
Fair value of plan assets at December 31 | (4,720) | (2,245) | (6,483) | |
Contributions by the employer | 2,156 | 2,231 | ||
Plan asset classes | ||||
Total plan assets at fair value at December 31 | 51,627 | 50,284 | ||
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 | 16 years 2 months 12 days | 15 years | ||
Discount rates based on industry benchmark, period | 20 years | |||
Accrued sabbatical cost | SFr 343 | SFr 307 | 257 | |
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 390 | 846 | 837 | |
Selling, general and administrative expenses | ||||
Plan asset classes | ||||
Non-cash effective pension costs | SFr 110 | SFr 250 | 235 | |
Active members | ||||
Plan asset classes | ||||
Weighted average duration of defined obligation in years at December 31 | 16 years 1 month 6 days | 14 years 9 months 18 days | ||
Pensioners | ||||
Plan asset classes | ||||
Weighted average duration of defined obligation in years at December 31 | 17 years 3 months 18 days | 16 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 58,683 | SFr 54,524 | ||
Defined benefit obligation due to reasonably possible increase in actuarial assumption | SFr 54,179 | SFr 50,672 | ||
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 55,437 | SFr 51,699 | ||
Defined benefit obligation due to reasonably possible increase in actuarial assumption | SFr 57,283 | SFr 53,383 | ||
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 55,974 | SFr 52,253 | ||
Defined benefit obligation due to reasonably possible increase in actuarial assumption | SFr 56,707 | SFr 52,768 | ||
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 57,071 | SFr 53,090 | ||
Defined benefit obligation due to reasonably possible increase in actuarial assumption | 55,619 | 51,961 | ||
Quoted market price | ||||
Reconciliation of the amount recognized in the statement of financial position | ||||
Fair value of plan assets at December 31 | 42,154 | 40,391 | ||
Plan asset classes | ||||
Cash and cash equivalents | 7,684 | 7,896 | ||
Equity instruments | 21,810 | 20,754 | ||
Debt instruments (e.g. bonds) | 9,047 | 8,200 | ||
Real estate funds | 1,821 | 1,793 | ||
Others | 1,792 | 1,748 | ||
Total plan assets at fair value at December 31 | 42,154 | 40,391 | ||
Non-quoted market price | ||||
Reconciliation of the amount recognized in the statement of financial position | ||||
Fair value of plan assets at December 31 | 9,473 | 9,892 | ||
Plan asset classes | ||||
Others | 9,473 | 9,892 | ||
Total plan assets at fair value at December 31 | 9,473 | 9,892 | ||
Defined benefit obligation | ||||
Reconciliation of the amount recognized in the statement of financial position | ||||
Net defined benefit liability at December 31 | 56,347 | 52,529 | 54,461 | |
Reconciliation of net defined benefit liability | ||||
Net defined benefit liability at January 1 | 52,529 | 54,461 | ||
Remeasurement of net pension liabilities | 2,634 | (8,676) | ||
Net defined benefit liability at December 31 | 56,347 | 52,529 | 54,461 | |
Reconciliation of defined benefit obligation | ||||
Net defined benefit liability at January 1 | 52,529 | 54,461 | ||
Interest expenses on defined benefit obligation | 1,182 | 231 | ||
Current service cost (employer) | 2,507 | 3,137 | ||
Contributions by plan participants | 1,344 | 1,317 | ||
Benefits (paid)/deposited | (3,918) | 2,032 | ||
Past service cost | 43 | 0 | ||
Administrative cost (excl. cost for managing plan assets) | 26 | 27 | ||
Actuarial (gain)/loss on defined benefit obligation | 2,634 | (8,676) | ||
Net defined benefit liability at December 31 | 56,347 | 52,529 | 54,461 | |
Reconciliation of fair value of plan assets | ||||
Fair value of plan assets at January 1 | (52,529) | (54,461) | ||
Interest income on plan assets | (1,182) | (231) | ||
Contributions by plan participants | (1,344) | (1,317) | ||
Benefits (paid)/deposited | 3,918 | (2,032) | ||
Fair value of plan assets at December 31 | (56,347) | (52,529) | (54,461) | |
Plan assets | ||||
Reconciliation of the amount recognized in the statement of financial position | ||||
Net defined benefit liability at December 31 | (51,627) | (50,284) | (47,979) | |
Reconciliation of net defined benefit liability | ||||
Net defined benefit liability at January 1 | (50,284) | (47,979) | ||
Contributions by the employer | (2,132) | (2,096) | ||
Net defined benefit liability at December 31 | (51,627) | (50,284) | (47,979) | |
Reconciliation of defined benefit obligation | ||||
Net defined benefit liability at January 1 | (50,284) | (47,979) | ||
Interest expenses on defined benefit obligation | (1,126) | (203) | ||
Contributions by plan participants | (1,344) | (1,317) | ||
Benefits (paid)/deposited | 3,918 | (2,032) | ||
Net defined benefit liability at December 31 | (51,627) | (50,284) | (47,979) | |
Reconciliation of fair value of plan assets | ||||
Fair value of plan assets at January 1 | 50,284 | 47,979 | ||
Interest income on plan assets | 1,126 | 203 | ||
Contributions by the employer | 2,132 | 2,096 | ||
Contributions by plan participants | 1,344 | 1,317 | ||
Benefits (paid)/deposited | (3,918) | 2,032 | ||
Return on plan assets excl. interest income | 659 | (3,342) | ||
Fair value of plan assets at December 31 | SFr 51,627 | SFr 50,284 | SFr 47,979 | |
[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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Components of defined benefit cost in profit or loss | ||||
Current service cost (employer) | SFr 2,507 | SFr 3,137 | SFr 3,097 | |
Past service cost | 43 | 0 | (94) | |
Interest expense on defined benefit obligation | 1,182 | 231 | 114 | |
Interest income on plan assets | (1,126) | (203) | (86) | |
Administrative cost excl. cost for managing plan assets | 26 | 27 | 27 | |
Defined benefit cost recognized in profit or loss | 2,632 | 3,192 | 3,059 | |
thereof service cost and administrative cost | 2,576 | 3,164 | 3,031 | |
thereof net interest expense on the net defined benefit liability | 56 | 28 | 28 | |
Reconciliation of amount recognized in OCI | ||||
Actuarial (gain) / loss on changes in financial assumptions | 3,644 | (12,222) | (2,303) | |
Actuarial (gain) / loss on changes in demographic assumptions | (10) | 0 | (2,432) | |
Actuarial (gain) / loss arising from experience adjustments | (1,000) | 3,546 | (773) | |
Actuarial (gain)/loss on defined benefit obligation | 2,634 | (8,676) | (5,508) | |
Return on plan assets excluding interest income | (659) | 3,342 | (2,504) | |
Remeasurement of net pension liabilities | [1] | SFr 1,975 | SFr (5,334) | SFr (8,012) |
[1] See note 18 |
Personnel expenses - Additional
Personnel expenses - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2023 shares plan tranche | Dec. 31, 2022 shares | Dec. 31, 2021 shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options outstanding (in shares) | 282,105 | 282,105 | 318,902 |
Number of PSUs and RSUs outstanding (in shares) | 1,530,661 | 700,801 | 643,120 |
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% | ||
Cliff vesting period | 1 year | ||
Number of share options outstanding (in shares) | 282,105 | 282,105 | |
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) | 182,678 | 96,001 | |
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 | 3 years | 3 years | |
Number of PSUs issued, in percentage of number of PSUs granted | 0% | ||
Performance Share Units (PSU), Employees excluding Management Board | Maximum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of PSUs issued, in percentage of number of PSUs granted | 150% | ||
Performance Share Units (PSU), Management Board | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 3 years | 3 years | |
Cliff 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) | 1,347,983 | 604,800 |
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, 2023 shares SFr / shares | Dec. 31, 2022 shares SFr / shares | |
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Number of RSU and PSU granted (in shares) | shares | 1,282,372 | 340,152 |
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 5.20 | SFr 17.08 |
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 | 120,144 | 33,015 |
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 | 1,162,228 | 307,137 |
Performance Share Units (PSU), Management Board | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Vesting period | 3 years | 3 years |
Minimum | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Share price (in CHF per share) | SFr 3.86 | SFr 6.55 |
Expected volatility on Common shares | 67.08% | 64.69% |
Risk free interest rate, common shares | (0.24%) | (0.54%) |
Expected volatility on NBI | 23.36% | 25.89% |
Risk free interest rate, NBI | 5.30% | 0.58% |
Expected volatility on SPI | 13.20% | 15.57% |
Risk free interest rate, SPI | (0.24%) | (0.54%) |
Minimum | Restricted Share Units (RSU) | ||
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 |
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 | 3 years | 3 years |
Maximum | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Share price (in CHF per share) | SFr 6.16 | SFr 18.88 |
Expected volatility on Common shares | 77.51% | 76.84% |
Risk free interest rate, common shares | 1.17% | (0.71%) |
Expected volatility on NBI | 28.66% | 28.16% |
Risk free interest rate, NBI | 6.04% | 4.78% |
Expected volatility on SPI | 17.27% | 17.02% |
Risk free interest rate, SPI | 1.17% | (0.71%) |
Personnel expenses - Disclosu_6
Personnel expenses - Disclosure of Movements in the Number of All Issues RSUs, PSUs and Share Options (Details) | 12 Months Ended | |
Dec. 31, 2023 shares SFr / shares | Dec. 31, 2022 shares SFr / shares | |
Personnel Expenses [Abstract] | ||
Number of instruments outstanding, beginning of period (in shares) | shares | 982,906 | 962,022 |
Number of instruments granted (in shares) | shares | 1,282,372 | 340,152 |
Number of instruments forfeited, performance adjustment (in shares) | shares | (79,703) | 0 |
Number of instruments forfeited (in shares) | shares | (63,218) | (63,990) |
Number of instruments expired (in shares) | shares | 0 | (3,220) |
Number of instruments exercised (in shares) | shares | (309,591) | (252,058) |
Number of instruments outstanding, end of period (in shares) | shares | 1,812,766 | 982,906 |
Weighted average exercise price of instruments outstanding at beginning of period (in CHF per share) | SFr 2.05 | SFr 2.35 |
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 | 5.40 |
Weighted average exercise price of instruments exercised (in CHF per share) | 0.10 | 1 |
Weighted average exercise price of instruments outstanding at end of period (in CHF per share) | SFr 1.16 | SFr 2.05 |
Number of share options outstanding at beginning of period (in shares) | shares | 282,105 | 318,902 |
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 | (3,220) |
Number of share options exercised (in shares) | shares | 0 | (33,577) |
Number of share options outstanding at end of period (in shares) | shares | 282,105 | 282,105 |
Weighted average exercise price of share options outstanding at beginning of period (in CHF per share) | SFr 6.89 | SFr 6.87 |
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) | 5.40 | |
Weighted average exercise price of share options exercised (in CHF per share) | 6.85 | |
Weighted average exercise price of share options outstanding at end of period (in CHF per share) | SFr 6.89 | SFr 6.89 |
Number of PSU and RSU outstanding at beginning of period (in shares) | shares | 700,801 | 643,120 |
Number of RSU and PSU granted (in shares) | shares | 1,282,372 | 340,152 |
Number of PSU and RSU forfeited, performance adjustment (in shares) | shares | (79,703) | 0 |
Number of PSU and RSU forfeited (in shares) | shares | (63,218) | (63,990) |
Number of PSU and RSU expired (in shares) | shares | 0 | |
Number of PSU and RSU exercised (in shares) | shares | (309,591) | (218,481) |
Number of PSU and RSU outstanding at end of period (in shares) | shares | 1,530,661 | 700,801 |
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) | SFr 0.10 | 0.10 |
Weighted average share price, at date of exercise (in CHF per share) | SFr 22.35 |
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, 2023 shares SFr / shares | Dec. 31, 2022 shares SFr / shares | Dec. 31, 2021 shares | |
Disclosure Of Exercise Prices, Number And Weighted Average Remaining Contractual Life Of Outstanding Instruments [Line Items] | |||
Number of share options outstanding (in shares) | 282,105 | 282,105 | 318,902 |
Number of PSUs and RSUs outstanding (in shares) | 1,530,661 | 700,801 | 643,120 |
Weighted average remaining contractual life of outstanding PSUs and RSUs | 1 year 4 months 24 days | 1 year 1 month 6 days | |
Number of PSUs and RSUs exercisable (in shares) | |||
Number of instruments outstanding (in shares) | 1,812,766 | 982,906 | 962,022 |
Number of instruments exercisable (in shares | 282,105 | 282,105 | |
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 6.06 | SFr 6.06 | |
Number of share options outstanding (in shares) | 15,450 | 15,450 | |
Weighted average remaining contractual life of outstanding share options | 4 months 24 days | 1 year 4 months 24 days | |
Number of share options exercisable (in shares) | 15,450 | 15,450 | |
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 6.94 | SFr 6.94 | |
Number of share options outstanding (in shares) | 266,655 | 266,655 | |
Weighted average remaining contractual life of outstanding share options | 8 months 12 days | 1 year 8 months 12 days | |
Number of share options exercisable (in shares) | 266,655 | 266,655 | |
Exercise price, range three | |||
Disclosure Of Exercise Prices, Number And Weighted Average Remaining Contractual Life Of Outstanding Instruments [Line Items] | |||
Exercise price of outstanding PSUs and RSUs (in CHF per share) | SFr / shares | SFr 0.1 | SFr 0.1 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Share-based compensation (non-cash effective) | SFr 5,207 | SFr 5,088 | SFr 4,085 |
Research and development expenses | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Share-based compensation (non-cash effective) | 3,057 | 3,010 | 2,208 |
Selling, general and administrative expenses | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Share-based compensation (non-cash effective) | SFr 2,150 | SFr 2,078 | SFr 1,877 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |||
Interest income on financial assets held at amortized costs | SFr 4,279 | SFr 1,142 | SFr 99 |
Net foreign exchange gain | 0 | 717 | 92 |
Finance income | SFr 4,279 | SFr 1,859 | SFr 191 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |||
Net foreign exchange loss | SFr (5,106) | SFr 0 | SFr 0 |
Negative interest on financial assets held at amortized costs | 0 | (562) | (495) |
Interest expense on leases | (34) | (43) | (53) |
Other financial expenses | (15) | (14) | (8) |
Finance costs | SFr (5,155) | SFr (619) | SFr (556) |
Income Taxes - Income Taxes (De
Income Taxes - Income Taxes (Details) | 12 Months Ended | |||||
Dec. 31, 2023 CHF (SFr) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CHF (SFr) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CHF (SFr) | Dec. 31, 2021 USD ($) | |
Molecular Partners Inc. | ||||||
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items] | ||||||
Current tax expense (income) | SFr 400 | $ 500 | SFr 300 | $ 300 | SFr (2,000) | $ (2,000) |
Income Taxes - Deferred Taxes (
Income Taxes - Deferred Taxes (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes And Deferred Taxes [Abstract] | |||
Net operating losses | SFr 56,285 | SFr 58,632 | |
Net operating profit | SFr 124,020 | ||
Tax loss carryforwards | SFr 144,483 | 88,198 | |
Tax loss carryforwards, expiration period | 7 years | ||
Net defined benefit liability (asset) | SFr 4,720 | SFr 2,245 | SFr 6,483 |
Applicable tax rate | 0% |
Income Taxes - Disclosure of Ex
Income Taxes - Disclosure of Expiry of Tax Loss Carryforwards (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items] | ||
Tax loss carryforwards | SFr (144,483) | SFr (88,198) |
2027 | ||
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items] | ||
Tax loss carryforwards | (29,566) | (29,566) |
2028 | ||
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items] | ||
Tax loss carryforwards | (58,632) | (58,632) |
2030 | ||
Disclosure Of Detailed Information About Income Taxes And Deferred Taxes [Line Items] | ||
Tax loss carryforwards | SFr (56,285) | SFr 0 |
Earnings per share (Details)
Earnings per share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | |||
Weighted average number of shares used in computing basic loss per share (in shares) | 32,770,665 | 32,469,957 | 31,005,171 |
Weighted average number of shares used in computing diluted loss per share (in shares) | 32,770,665 | 33,265,567 | 31,005,171 |
Number of potentially dilutive shares (in shares) | 1,526,976 | 795,610 | 835,422 |
Leases - Narrative (Details)
Leases - Narrative (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information About Leases [Line Items] | ||||
Cash outflow for leases | SFr 1,232 | SFr 1,232 | SFr 1,232 | |
Lease facilities, Schlieren | ||||
Disclosure Of Detailed Information About Leases [Line Items] | ||||
Lease, extension term | 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 or termination 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Detailed Information About Leases [Line Items] | |||
Lease liabilities at beginning of period | SFr 4,850 | SFr 6,039 | |
Additions / new leases | 0 | 0 | |
Remeasurements | 0 | 0 | |
Recognition of interest on lease liabilities | 34 | 43 | SFr 53 |
Payments | (1,232) | (1,232) | (1,232) |
Lease liabilities at end of period | 3,652 | 4,850 | 6,039 |
Current | 1,208 | 1,198 | |
Non-current | 2,444 | 3,652 | |
Lease liabilities | SFr 3,652 | SFr 4,850 | SFr 6,039 |
Leases - Disclosure of Expenses
Leases - Disclosure of Expenses Recognised in Profit or Loss (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease liabilities [abstract] | |||
Depreciation on right-of-use assets | SFr 1,200 | SFr 1,200 | SFr 1,200 |
Interest expense on lease liabilities | 34 | 43 | 53 |
Short term leases | 0 | 0 | 0 |
Total amount recognized in profit or loss | SFr 1,234 | SFr 1,243 | SFr 1,253 |
Leases - Disclosure of Contract
Leases - Disclosure of Contractual Maturities of Financial Liabilities (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total contractual cash-flows | SFr 3,696 | SFr 4,928 | |
Carrying Amount lease liabilities | 3,652 | 4,850 | SFr 6,039 |
Less than 1 year | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total contractual cash-flows | 1,232 | 1,232 | |
Between 1 and 2 years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total contractual cash-flows | 1,232 | 1,232 | |
Between 2 and 5 years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total contractual cash-flows | 1,232 | 2,464 | |
More than 5 years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total contractual cash-flows | SFr 0 | SFr 0 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related party transactions [abstract] | |||
Short-term employee benefits | SFr 2,761 | SFr 3,159 | SFr 2,423 |
Post-employment benefits | 253 | 297 | 203 |
Share-based compensation | 1,914 | 2,111 | 1,784 |
Key management personnel compensation costs | SFr 4,928 | SFr 5,567 | SFr 4,410 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
USD Positions | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in exchange rates | 10% | 10% | 10% |
Decrease in exchange rates | (10.00%) | (10.00%) | (10.00%) |
Effect on result before tax if exchange rates increase | SFr 4,718 | SFr 5,904 | SFr 6,633 |
Effect on result before tax if interest rates decrease | SFr (4,718) | SFr (5,904) | SFr (6,633) |
EUR Positions | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in exchange rates | 10% | 10% | 10% |
Decrease in exchange rates | (10.00%) | (10.00%) | (10.00%) |
Effect on result before tax if exchange rates increase | SFr 479 | SFr 1,252 | SFr 2,019 |
Effect on result before tax if interest rates decrease | SFr (479) | SFr (1,252) | SFr (2,019) |
Financial risk management - Add
Financial risk management - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 bank | |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 674 | SFr 888 | SFr 323 |
Effect on result before tax if interest rates decrease | SFr (674) | SFr (888) | SFr (323) |
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 235 | SFr 294 | SFr 234 |
Effect on result before tax if interest rates decrease | SFr (235) | SFr (294) | SFr (234) |
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 25 | SFr 63 | SFr 102 |
Effect on result before tax if interest rates decrease | SFr (25) | SFr (63) | SFr (102) |
Financial risk management - Dis
Financial risk management - Disclosure of Maximum Credit Risk Exposure (Details) - Credit risk - CHF (SFr) SFr in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | SFr 188,315 | SFr 250,344 |
Cash and cash equivalents | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 67,309 | 87,946 |
Trade receivables | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 295 | 521 |
Accrued income | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 1,131 | 679 |
Short-term time deposits | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | SFr 119,580 | SFr 161,198 |