Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2022 | |
Document Information [Line Items] | |
Entity Registrant Name | Centogene N.V. |
Entity Central Index Key | 0001757097 |
Document Type | 6-K |
Document Period End Date | Mar. 31, 2022 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q1 |
Unaudited interim condensed con
Unaudited interim condensed consolidated statements of comprehensive loss - EUR (€) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Unaudited interim condensed consolidated statements of comprehensive loss | ||
Revenue | € 10,327,000 | € 9,981,000 |
Cost of sales | 6,450,000 | 6,208,000 |
Gross profit | 3,877,000 | 3,773,000 |
Research and development expenses | 4,614,000 | 4,335,000 |
General administrative expenses | 7,906,000 | 11,596,000 |
Selling expenses | 2,394,000 | 1,949,000 |
Impairment of financial assets | 154,000 | 95,000 |
Other operating income | 733,000 | 366,000 |
Other operating expenses | 1,000 | 34,000 |
Operating loss | (10,459,000) | (13,870,000) |
Changes in fair value of warrants | 238,000 | |
Interest and similar income | 1,000 | |
Interest and similar expense | 859,000 | 259,000 |
Financial costs, net | (620,000) | (259,000) |
Loss before taxes from continuing operations | (11,079,000) | (14,129,000) |
Income tax expenses | 4,000 | |
Loss for the period from continuing operations | (11,083,000) | (14,129,000) |
Net income from discontinued operations, net of tax | 4,601,000 | 9,240,000 |
Loss for the period | (6,482,000) | (4,889,000) |
Other comprehensive income, all attributable to equity holders of the parent | 94,000 | 121,000 |
Total comprehensive loss | (6,388,000) | (4,768,000) |
Attributable to: | ||
Equity holders of the parent | (6,415,000) | (4,803,000) |
Noncontrolling interests from discontinued operations | 27,000 | 35,000 |
Total comprehensive loss | € (6,388,000) | € (4,768,000) |
Net loss per share - Continuing operations - Basic (in EUR) | € (0.48) | € (0.63) |
Net loss per share - Continuing operations - Diluted (in EUR) | (0.48) | (0.63) |
Net loss per share - Loss attributable to parent - Basic (in EUR) | (0.28) | (0.22) |
Net loss per share - Loss attributable to parent - Diluted (in EUR) | € (0.28) | € (0.22) |
Unaudited interim condensed c_2
Unaudited interim condensed consolidated statements of financial position - EUR (€) € in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Noncurrent assets | ||
Intangible assets | € 8,183 | € 9,194 |
Property, plant and equipment | 7,674 | 9,464 |
Right-of-use assets | 17,972 | 18,904 |
Other assets | 2,972 | 2,972 |
Non-current assets | 36,801 | 40,534 |
Current assets | ||
Inventories | 2,067 | 3,869 |
Trade receivables and contract assets | 21,125 | 24,337 |
Other assets | 5,443 | 5,453 |
Cash and cash equivalents | 42,666 | 17,818 |
Current assets | 71,301 | 51,477 |
Assets | 108,102 | 92,011 |
Equity | ||
Issued capital | 3,250 | 2,708 |
Capital reserve | 143,456 | 133,897 |
Retained earnings and other reserves | (114,120) | (107,705) |
Noncontrolling interests | 220 | 193 |
Equity | 32,806 | 29,093 |
Noncurrent liabilities | ||
Noncurrent loans | 21,890 | |
Lease liabilities | 14,540 | 15,394 |
Deferred tax liabilities | 59 | 79 |
Government grants | 7,506 | 8,028 |
Warrants liability | 2,603 | |
Non-current liabilities | 46,598 | 23,501 |
Current liabilities | ||
Government grants | 1,517 | 1,368 |
Current loans | 3,574 | 3,815 |
Lease liabilities | 2,953 | 3,330 |
Trade payables | 5,897 | 11,252 |
Liabilities from income taxes | 198 | 178 |
Other liabilities | 14,559 | 19,474 |
Current liabilities | 28,698 | 39,417 |
Equity and liabilities | € 108,102 | € 92,011 |
Unaudited interim condensed c_3
Unaudited interim condensed consolidated statements of cash flows - EUR (€) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating activities | ||
Loss before taxes from continuing operations | € (11,079,000) | € (14,129,000) |
Income before taxes from discontinued operations | 4,614,000 | 9,240,000 |
Loss before taxes | (6,465,000) | (4,889,000) |
Adjustments to reconcile loss to cash flow from operating activities | ||
Amortization and depreciation | 3,808,000 | 3,286,000 |
Interest expense | 859,000 | 259,000 |
Expected credit loss allowances on trade receivables and contract assets | 146,000 | 95,000 |
Gain on disposal of property, plant and equipment | (527,000) | |
Sharebased payment (true up)/ expenses | (1,957,000) | 2,042,000 |
Fair value adjustments of warrants | (238,000) | |
Other noncash items | (141,000) | (184,000) |
Changes in operating assets and liabilities | ||
Inventories | 1,802,000 | 2,083,000 |
Trade receivables and contract assets | 3,066,000 | 500,000 |
Other assets | 10,000 | (941,000) |
Trade payables | (5,355,000) | (6,638,000) |
Other liabilities | (4,908,000) | 4,629,000 |
Thereof cash flow used in continuing operating activities | (12,735,000) | (8,720,000) |
Thereof cash flow from discontinued operating activities | 2,835,000 | 8,962,000 |
Net cash flow (used in)/ from operating activities | (9,900,000) | 242,000 |
Investing activities | ||
Cash paid for investments in intangible assets | (44,000) | (1,326,000) |
Cash paid for investments in property, plant and equipment | (79,000) | (1,970,000) |
Cash received for disposal of property, plant and equipment | 575,000 | |
Thereof cash flow from continuing investing activities | (123,000) | (1,526,000) |
Thereof cash flow from discontinued investing activities | 575,000 | (1,770,000) |
Cash flow from/ (used in) investing activities | 452,000 | (3,296,000) |
Financing activities | ||
Cash received from issuance of shares | 12,058,000 | |
Cash received from issuance of warrants | 2,833,000 | |
Cash received from loans | 21,695,000 | 1,587,000 |
Cash repayments of loans | (200,000) | (185,000) |
Cash repayments of lease liabilities | (1,231,000) | (1,222,000) |
Interest paid | (859,000) | (61,000) |
Thereof net cash flow from continuing financing activities | 34,705,000 | 394,000 |
Thereof net cash flow used in discontinued financing activities | (409,000) | (275,000) |
Net cash flow from financing activities | 34,296,000 | 119,000 |
Changes in cash and cash equivalents | 24,848,000 | (2,935,000) |
Cash and cash equivalents at the beginning of the period | 17,818,000 | 48,156,000 |
Cash and cash equivalents at the end of the period | € 42,666,000 | € 45,221,000 |
Unaudited interim condensed c_4
Unaudited interim condensed consolidated statements of changes in equity - EUR (€) € in Thousands | Total Owners' Capital Previously Reported | Total Owners' Capital Change | Total Owners' Capital | Issued capital Previously Reported | Issued capital | Capital reserve Previously Reported | Capital reserve | Currency translation reserve Previously Reported | Currency translation reserve | Retained earnings Previously Reported | Retained earnings Change | Retained earnings | Non-controlling interests. Previously Reported | Non-controlling interests. | Previously Reported | Change | Total |
Balance at beginning of the period at Dec. 31, 2020 | € 65,682 | € 2,654 | € 125,916 | € (48) | € (62,840) | € 95 | € 65,777 | ||||||||||
Loss for the period | (4,924) | (4,924) | 35 | (4,889) | |||||||||||||
Other comprehensive loss | 121 | 121 | 121 | ||||||||||||||
Total comprehensive loss | (4,803) | 121 | (4,924) | 35 | (4,768) | ||||||||||||
Share-based payments | 2,042 | 2,042 | 2,042 | ||||||||||||||
Exercise of options | 37 | (37) | |||||||||||||||
Balance at end of the period at Mar. 31, 2021 | 62,921 | 2,691 | 127,921 | 73 | (67,764) | 130 | 63,051 | ||||||||||
Balance at beginning of the period at Dec. 31, 2020 | 65,682 | 2,654 | 125,916 | (48) | (62,840) | 95 | 65,777 | ||||||||||
Loss for the period | € (46,852) | € 1,590 | (45,262) | ||||||||||||||
Total comprehensive loss | (46,309) | 1,590 | (44,719) | ||||||||||||||
Balance at end of the period at Dec. 31, 2021 | € 27,310 | € 1,590 | 28,900 | € 2,708 | 2,708 | € 133,897 | 133,897 | € 495 | 495 | € (109,790) | € 1,590 | (108,200) | € 193 | 193 | € 27,503 | € 1,590 | 29,093 |
Loss for the period | (6,509) | (6,509) | 27 | (6,482) | |||||||||||||
Other comprehensive loss | 94 | 94 | 94 | ||||||||||||||
Total comprehensive loss | (6,415) | 0 | 0 | 94 | (6,509) | 27 | (6,388) | ||||||||||
Share-based payments | (1,957) | (1,957) | (1,957) | ||||||||||||||
Issuance of shares | 12,058 | 537 | 11,521 | 12,058 | |||||||||||||
Exercise of options | 5 | (5) | |||||||||||||||
Balance at end of the period at Mar. 31, 2022 | € 32,586 | € 3,250 | € 143,456 | € 589 | € (114,709) | € 220 | € 32,806 |
General company information
General company information | 3 Months Ended |
Mar. 31, 2022 | |
General company information | |
General company information | 1 General company information Centogene N.V. (“the Company”) and its subsidiaries (“the Group”) focus on rare diseases and seek to transform real-world clinical and genetic or other data into actionable information for patients, physicians and pharmaceutical companies. The mission of the Company is to bring rationality to treatment decisions and to accelerate the development of new orphan drugs by using our knowledge of the global rare disease market, including epidemiological and clinical data and innovative biomarkers. The Company is listed on the Nasdaq Global Market under stock code “CNTG”. Centogene N.V. is a public company with limited liability incorporated in the Netherlands, with registered office located at Am Strande 7 in 18055 Rostock, Germany and Dutch trade register number 72822872. |
Basis of preparation
Basis of preparation | 3 Months Ended |
Mar. 31, 2022 | |
Basis of preparation | |
Basis of preparation | 2 Basis of preparation The interim condensed consolidated financial statements for the three months ended March 31, 2022 and 2021 have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual consolidated financial statements as of December 31, 2021 and 2020 and for the three years ended December 31, 2021. Unless otherwise specified, "the Company" refers to Centogene N.V. and Centogene GmbH throughout the remainder of these notes, while "the Group" refers to Centogene N.V., Centogene GmbH and its subsidiaries. The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2021 except for the changes in presentation relating to discontinued operations (refer to Note 2.1– New significant accounting policies and accounting judgments and estimates and Note 7– Discontinued operations). The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective, and there are no new or amended standards or interpretations that are issued and became effective for the 2022 annual reporting period, that have a material impact on the Group. These interim condensed consolidated financial statements are presented in euro, which is the Group's functional currency. Unless otherwise specified, all financial information presented in euro is rounded to the nearest thousand (EUR k) in line with customary commercial practice. 2.1 New significant accounting policies and accounting judgments and estimates Discontinued operations A discontinued operation is a component of an entity that either has been disposed of, or that is classified as held for sale. It must either: represent a major separate line of business or geographical area of operations; be part of a single coordinated disposal plan; or be a subsidiary acquired exclusively with a view to resale. A component also qualifies for presentation as a discontinued operation when activities are ultimately ended (abandoned). Non-current assets and disposal groups are not classified as assets held for sale if their carrying amount is to be recovered through continuing use. In 2021, the Group decided to end its COVID-19 business activities in Q1 2022. The Group assessed that ending the activities of this operating segment would qualify as a discontinued operation. Therefore, the profit or loss related to the COVID-19 business is presented in a separate line item of the profit and loss section of the statement of comprehensive loss for the three months ended March 31, 2022 and 2021. The segment reporting note and notes to the unaudited interim condensed consolidated financial statements for the three months ended March 31, 2022 and 2021 only represent continuing operations. For further details on the discontinued operations refer to Note 7 – Discontinued operations. Warrants Warrants are classified as equity to the extent that they confer the right to purchase a fixed number of shares for a fixed exercise price. In the event that the exercise price or the numbers of shares to be issued are not deemed to be fixed, the warrants are classified as a non-current derivative financial liability. Warrants entitle the holder to purchase one common share of the Company at an exercise price of USD 7.72 per share and can be settled for a fixed number of the Company's underlying common shares. Since the exercise price of the warrants is determined in US dollars which is different from the Company’s functional currency, warrants are classified as liabilities. This liability is initially recognized at its fair value on the date the contract is entered into and subsequently accounted for at fair value through profit and loss (FVTPL) at each reporting date. As the warrants are classified as financial liabilities at FVTPL, transaction costs in the amount of EUR 68k were expensed in the consolidated statements of comprehensive loss for the three months ended March 31, 2022 . 2.2 Revision of selected assets and liabilities in the consolidated statement of financial position and selected income and expenses in the consolidated statement of comprehensive loss In accordance with IAS 8.42, the Group revised the amount presented for certain property, plant and equipment and lease liabilities balances on the consolidated statement of financial position and cost of sales and other operating income amounts in the statements of comprehensive loss as of and for the year ended December 31, 2021 These revised assets, liabilities, income and expenses are related to the COVID-19 segment which has been discontinued as of March 31, 2022. In September 2021, management updated their long term COVID-19 outlook and took the decision to wind down the COVID-19 segment by Q1 2022. This resulted in an accelerated depreciation of COVID-19 segment related property, plant and equipment and right of use assets during Q4 2021. In Q2 2022, management identified the accelerated depreciation was over-stated with an amount of EUR 1,317k and a terminated lease contract in Q4 2021 with a EUR 273k lease liability balance which was not derecognized from the statement of financial position as of December 31, 2021. The lease liability is in relation to the closure of the Hamburg laboratory of which the right of use asset was completely written off in Q3 2021. To correct these unadjusted differences, property, plant and equipment has been revised by EUR 1,317k with a corresponding decrease operating The changes to the consolidated statement of financial position as of December 31, 2021 are as follows: in EUR k Dec 31, 2021 (as previously reported) Adjustment Dec 31, 2021 (revised) Property, plant & equipment 8,147 1,317 9,464 Non-current Assets 39,217 1,317 40,534 Total assets 90,694 1,317 92,011 Retained earnings and other reserves (109,295) 1,590 (107,705) Equity 27,503 1,590 29,093 Lease liabilities 15,588 (194) 15,394 Non-current liabilities 23,695 (194) 23,501 Lease liabilities 3,409 (79) 3,330 Current liabilities 39,496 (79) 39,417 Total Liabilities 63,191 (273) 62,918 The changes to the consolidated statements of comprehensive income for the year ended December 31, 2021 are as follows: Dec 31, 2021 (as previously reported) Adjustment Dec 31, 2021 (revised) Revenue 189,923 - 189,923 Cost of sales 161,765 (1,317) 160,448 Gross profit 28,158 1,317 29,475 Research and development expenses 19,297 - 19,297 General administrative expenses 46,739 - 46,739 Selling expenses 9,860 - 9,860 Impairment of financial assets 1,140 - 1,140 Other operating income 2,936 273 3,209 Other operating expenses 86 - 86 Operating loss (46,028) 1,590 (44,438) Loss for the year (46,852) 1,590 (45,262) Total comprehensive loss (46,309) 1,590 (44,719) Loss per share- Basic and diluted (in EUR) (2.06) 0.08 (1.98) The revisions above have no impact on the changes in cash, cash equivalents and net cash flows in operating, investing, and financing activities within the consolidated statements of cash flows for the year ended December 31, 2021. |
Effect of COVID-19 Pandemic and
Effect of COVID-19 Pandemic and other geopolitical events | 3 Months Ended |
Mar. 31, 2022 | |
Effect of COVID-19 Pandemic and other geopolitical events | |
Effect of COVID-19 Pandemic and other geopolitical events | 3 Effect of COVID-19 Pandemic and other geopolitical events The COVID-19 pandemic has spread worldwide and continues to cause many governments to maintain measures to slow the spread of the outbreak through quarantines, travel restrictions, closures of borders and requiring maintenance of physical distance between individuals. The COVID-19 pandemic resulted in a slowdown in our diagnostics and pharmaceutical businesses. As part of the Company’s initiative to assist local, national and international authorities as well as other partners in their efforts to facilitate the earliest possible diagnosis of COVID-19 and thereby contribute to allowing society to return to a “new” normal, the Company commenced testing for COVID-19 in March 2020. During the three months ended March 31, 2022, we continued the COVID-19 testing activities that started in 2020. However, as at March 31, 2022, all COVID-19 operations at testing sites have ceased as all COVID-19 testing site contracts expired within the first quarter of 2022. The company is reporting the COVID-19 segment as a discontinued operation. See Note 2.1– New significant accounting policies and accounting judgments and estimates and Note 7 – Discontinued operations. Although the Group is taking a number of measures aimed at minimizing disruptions to the business and operations, the full extent to which the global COVID-19 pandemic may continue to impact the business will depend on future developments, which are highly uncertain and cannot be predicted, such as the duration of the pandemic, the availability and effectiveness of vaccines against new variants, the probability of the occurrence of further outbreaks and the ultimate impact on the financial markets and the global economy could result in an unforeseen negative impact on the business and future results of operations. In reaction to the recognition of the so-called Donetsk People’s Republic and the so-called Luhansk People’s Republic by the Russian Federation, the following Russian invasion of the Ukraine on February 24, 2022 and the since-then ongoing war in the Ukraine, a number of countries (including the United States, United Kingdom and the European Union) imposed sanctions and other measures. Sanctions and other measures imposed until July 2022 against, among others, certain individuals as well as private and state-owned entities in Russia and Belarus, include asset freezes, exports controls through tariffs, taxation or bans of goods and commodities and energy embargos, including a ban by the United States of oil, gas and coal imports, financial sanctions and bans of foreign direct investments into Russia. Additional sanctions may be imposed. Due to the war in Ukraine, there has been a significant increase in volatility on the securities and currency markets. It is expected that these events may affect the activities of Russian enterprises in various sectors of the economy and may have severe effects on macroeconomic developments in global and national markets due to spillovers and Russian counter measures, including on commodity markets and financial channels, contributing to supply chain disruptions and rising inflation. Although neither Centogene’s operations, supply chain, performance nor going concern basis has been significantly affected by the conflict, the impact of the conflict and its broader economic implications, such as higher costs of consumer goods, cannot be reliably quantified at this point in time. |
Revenues from contracts with cu
Revenues from contracts with customers | 3 Months Ended |
Mar. 31, 2022 | |
Revenues from contracts with customers | |
Revenues from contracts with customers | 4 Revenues from contracts with customers in EUR k For the three months ended March 31, 2022 Pharmaceutical Diagnostics Total Rendering of services 3,047 7,092 10,139 Sales of goods 188 — 188 Total Revenues from contracts with external customers 3,235 7,092 10,327 Recognized over time 3,047 7,092 10,139 Recognized at a point in time 188 — 188 Total Revenues from contracts with external customers 3,235 7,092 10,327 Geographical information Europe 18 1,421 1,439 —Germany* — 78 78 —Netherlands** — 7 7 Middle East 58 4,033 4,091 —Saudi Arabia# — 2,421 2,421 North America 3,145 625 3,770 —United States# 3,145 604 3,749 Latin America 14 715 729 Asia Pacific — 298 298 Total Revenues from contracts with external customers 3,235 7,092 10,327 in EUR k For the three months ended March 31, 2021 Pharmaceutical Diagnostics Total Rendering of services 3,393 6,383 9,776 Sales of goods 205 — 205 Total Revenues from contracts with external customers 3,598 6,383 9,981 Recognized over time 3,393 6,383 9,776 Recognized at a point in time 205 — 205 Total Revenues from contracts with external customers 3,598 6,383 9,981 Geographical information Europe 149 1,214 1,363 —Germany* — 53 53 —Netherlands** — 2 2 Middle East 29 4,135 4,164 —Saudi Arabia# — 2,683 2,683 North America 3,405 464 3,869 —United States# 3,405 403 3,808 Latin America 15 410 425 Asia Pacific — 160 160 Total Revenues from contracts with external customers 3,598 6,383 9,981 * ** # countries contributing more than 10% of the Group’s total consolidated revenues for the three months ended March 31, 2022 and 2021, respectively. The Group collaborated with the majority of our existing pharmaceutical partners on a worldwide basis in 2022 and 2021. In addition, in cases where pharmaceutical partners are developing a new rare disease treatment, it is generally anticipated that the final approved treatment will be made available globally. As a result, the Group allocates the revenues of the pharmaceutical segment by geographical region by reference to the location where each pharmaceutical partner mainly operates, which is based on the region from which most of their revenues are generated. The allocation of revenues in the diagnostics segment is based on the location of each customer. Pharmaceutical segment During the three months ended March 31, 2022, revenues from one pharmaceutical partner represented 19.0% of the Group's total revenues (the three months ended March 31, 2021: 30.5%). |
Segment information
Segment information | 3 Months Ended |
Mar. 31, 2022 | |
Segment information | |
Segment information | 5 Segment information in EUR k For the three months ended March 31, 2022 Pharmaceutical Diagnostics Corporate Total Total Revenues from contracts with external customers 3,235 7,092 — 10,327 Adjusted EBITDA 1,099 812 (11,964) (10,053) Capital Expenditures Additions to property, plant and equipment and right-of-use assets — — 79 79 Additions to intangible assets 29 — 15 44 Other segment information Depreciation and amortization 127 441 1,795 2,363 Research and development expenses — — 4,614 4,614 in EUR k For the three months ended March 31, 2021 Pharmaceutical Diagnostics Corporate Total Total Revenues from contracts with external customers 3,598 6,383 — 9,981 Adjusted EBITDA 1,497 1,054 (12,020) (9,469) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 6 234 314 554 Additions to intangible assets 322 — 650 972 Other segment information Depreciation and amortization 414 406 1,539 2,359 Research and development expenses — — 4,335 4,335 Adjusted EBITDA Adjustments to income/ loss include non-cash charges in relation to depreciation, amortization (including impairments), and share-based payments as well as net financial costs and income taxes. Certain costs, and related income, are not allocated to the reporting segment results and represent the residual operating activities of the Group reported as ‘Corporate’. These include financing costs which is largely composed of costs related to the Oxford Loan Facility (as defined below), corporate overheads, which are responsible for centralized functions such as communications, information technology, facilities, legal, finance and accounting, insurance (D&O), human resources, business development and strategic initiatives, certain professional and consulting services, procurement, research and development and other supporting activities. Decreases in corporate expenses for the three months ended March 31, 2022 are mainly due to decreased personnel costs, legal, administrative, IT support and data center costs. Reconciliation of segment Adjusted EBITDA to Group loss before taxes from continuing operations For the three months ended March 31 2022 2021 Reported segment Adjusted EBITDA 1,911 2,551 Corporate expenses (11,964) (12,020) (10,053) (9,469) Share-based payment (true-up)/ expenses (Note 12) 1,957 (2,042) Depreciation and amortization (2,363) (2,359) Operating loss from continuing operations (10,459) (13,870) Financial costs, net (620) (259) Loss before taxes from continuing operations for the three months ended March 31 (11,079) (14,129) Non-current asset locations Non-current assets of the Group consist of right-of-use assets (under IFRS 16), property, plant and equipment, as well as intangible assets. All of such assets are located in Germany, which is the country of the business address of Centogene GmbH, except for property, plant and equipment of EUR 132k (December 31, 2021: EUR 147k) and right-of-use assets of EUR 69k (December 31, 2021: EUR 137k), which are located in the United States. |
Other income and expenses
Other income and expenses | 3 Months Ended |
Mar. 31, 2022 | |
Other income and expenses | |
Other income and expenses | 6 Other income and expenses 6.1 For the three months ended March 31 in EUR k 2022 2021 Government grants 553 340 Others 180 26 Total other operating income 733 366 Government grants contain performance-based grants to subsidize research, development and innovation in the state of Mecklenburg-Western Pomerania from funds granted by the European Regional Development Fund. Furthermore, government grants contain the release of deferred income from investment related grants. 6.2 For the three months ended March 31 in EUR k 2022 2021 Currency losses 1 34 Total other operating expenses 1 34 |
Discontinued operations
Discontinued operations | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued operations | |
Discontinued operations | 7 Discontinued operations At the end of the third quarter of 2021, management updated its long term outlook for the COVID-19 testing business, which led to management’s decision to initiate a wind down process in which lease contracts at unprofitable COVID-19 testing sites would not be renewed. Similarly, COVID-19 related inventory levels were significantly ramped down to align with the needs of the remaining test sites and laboratories. As at March 31, 2022, operations at all COVID-19 testing sites have ceased. The Company has no intentions of renewing any of the COVID-19 testing site leases and has abandoned the COVID-19 business line. Consequently, the Company is reporting its COVID-19 segment as a discontinued operation. All COVID-19 related property, plant and equipment have been fully depreciated as at March 31, 2022. In addition, all COVID-19 related accounts receivable and accounts payable are included in the balance sheet as at March 31, 2022 whilst all COVID-19 related inventory have been written down to zero. The Group has COVID-19 related advertising expenses, credit card fees and other selling expenses which were recognized under cost of sales in the statement of comprehensive loss since the COVID-19 business was added to the operations of the Group in the first quarter of 2020. During the 2021 year-end closing process, management identified this as a classification error and corrected it retrospectively. Accordingly, the Group reclassified EUR 1,192k from cost of sales to general administration expenses and selling expenses in the amount of EUR 999k and EUR 193k, respectively, for the three months ended March 31, 2021. Discontinued operations are presented separately from continuing operations in the consolidated statements of comprehensive loss and consolidated statements of cash flows. For the three months ended March 31 2022 2021 Results of discontinued operations Revenue 19,463 54,979 Cost of sales 15,200 44,547 Gross profit 4,263 10,432 General administrative expenses 302 999 Selling expenses 7 193 Other operating income 706 - Operating income 4,660 9,240 Financial costs, net 46 - Income before taxes 4,614 9,240 Income tax expense 13 - Income for the period 4,601 9,240 Total comprehensive income, attributable to equity holders of the parent 4,601 9,240 Net income per share - Basic and diluted (in EUR) 0.20 0.41 Cash flow from discontinued operations Net cash flow from operating activities 2,835 8,962 Net cash flow from/ (used in) investing activities 575 (1,770) Net cash flow used in financing activities (409) (275) |
Trade receivables and other ass
Trade receivables and other assets | 3 Months Ended |
Mar. 31, 2022 | |
Trade receivables and other assets. | |
Trade receivables and other assets | 8 Trade receivables and other assets in EUR k Mar 31, 2022 Dec 31, 2021 Non ‑ current Other assets - Rental deposits 2,922 2,922 Other assets – Others 50 50 2,972 2,972 Current Trade receivables, net 18,209 21,065 Contract assets, net 2,916 3,272 Other assets 5,443 5,453 26,568 29,790 Total non-current and current trade receivables and other assets 29,540 32,762 Other non-current assets The non-current portion of other assets mainly include cash deposits of EUR 2,250k used to secure a bank guarantee of EUR 3,000k relating to the leases of Rostock headquarters building, cash deposits of EUR 193k, used to secure a bank guarantee of EUR 257k, relating to the leases of Berlin office and EUR 190k for the leases of certain plant and machineries. It also includes the non-current part of the consideration receivable for the sale of the Laboratory Process Consulting GmbH for EUR 50k. Trade receivables and contract assets Trade receivables are non-interest bearing and are generally due in 30 to 90 days. In general, portfolio-based expected credit loss allowances are recognized on trade receivables and contract assets. The outstanding gross COVID-19 related accounts receivables balance as at March 31, 2022 is EUR in EUR k Mar 31, 2022 Dec 31, 2021 Not past due 9,355 17,978 Past due 1-30 days 2,743 1,476 Past due 31-90 days 6,487 2,596 Past due more than 90 days 8,403 8,004 Total gross amount of trade receivables and contract assets 26,988 30,054 Expected credit loss rate Not past due 1.5 % 0.9 % Past due 1-30 days 6.9 % 7.7 % Past due 31-90 days 4.8 % 11.7 % Past due more than 90 days 62.1 % 64.1 % Expected credit loss rate on total gross trade receivables and contract assets 21.7 % 19.0 % Expected credit loss 5,863 5,717 The addition to the allowance for expected credit losses amounts to EUR 146k, which was included in the impairment of financial assets in the profit and loss account (the three months ended March 31, 2021: EUR 95k). Other current assets The current assets include VAT receivables of EUR 346k (December 31, 2021: EUR 253k), prepaid expenses of EUR 3,128k (December 31, 2021: EUR 3,346k), receivables related to exercised share-based payment grants of EUR 185k (December 31, 2021: EUR 116k), receivables related to COVID-19 bank or credit card transactions of EUR nil (December 31, 2021: EUR 612k), as well as receivables from grants of EUR 173k (December 31, 2021: EUR nil). |
Cash and short-term deposits
Cash and short-term deposits | 3 Months Ended |
Mar. 31, 2022 | |
Cash and short-term deposits | |
Cash and short-term deposits | 9 Cash and short-term deposits As of March 31, 2022, the Group has pledged its short-term deposits with carrying amount of EUR 938k (December 31, 2021: EUR 938k) and EUR 2,500k (December 31, 2021: EUR 2,500k) respectively, to fulfil collateral requirements in respect of existing secured bank loan and overdraft facility up to EUR 2,500k. In addition, the Group has pledged its short-term deposits of EUR 1,000k (December 31, 2021: EUR 1,000k) related to two other overdraft facilities worth EUR 500k each The restriction applying to the collateral may be terminated at any time subject to the full amount of the relevant bank loans and the overdrafts being repaid. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity. | |
Equity | 10 Equity Common Shares As of March 31, 2022, 27,081,557 common shares of Centogene N.V. with a nominal value of EUR 0.12 were issued and fully paid up (December 31, 2021: 22,567,971 ). As of March 31, 2022, the authorized but unissued common share capital amounted to EUR 6,230 k (December 31, 2021: EUR 6,772 k). On January 31, 2022, pursuant to a security purchase, each signed with certain investors, the Group received EUR 15.0 million in exchange for the issuance of an aggregate of 4,479,088 common shares at a price per share of USD 3.73 (EUR 3.35). The holders of common shares are entitled to the Company's approved dividends and other distributions as may be declared from time to time by the Company, and are entitled to a vote per share on all matters to be voted at the Company's annual general meetings. Capital reserve On January 31, 2022, pursuant to the above mentioned securities purchase agreement and a warrant agreement, each signed with certain investors, the Group received EUR 15.0 million in exchange for the issuance of an aggregate of 4,479,088 common shares at a price per share of USD 3.73 (EUR 3.35) and warrants initially exercisable for the purchase of up to an aggregate of 1,343,727 additional common shares at an initial exercise price per common share of USD 7.72. The warrants are exercisable immediately as of the date of issuance and will expire on December 31, 2026. The fair value of warrants issued as of January 31, 2022 was USD 3.2 million (EUR 2.8 million). There is no impact on the diluted earnings per share (EPS) since the warrants do not represent potential voting rights due to the high exercise price in comparison to current market price. The amount recognized in capital reserve for the issuance of shares considering EUR 110k of transaction costs, was EUR 14.3 million. EUR 2.8 million for the issuance of warrants was also charged against capital reserve reducing the EUR 14.3 million from the issuance of shares to EUR 11.5 million. As of March 31, 2022, capital reserve included a share premium of EUR 118,142k (December 31, 2021: EUR 106,665k), being amounts paid in by shareholders at the issuance of shares in excess of the par value of the shares issued, net of any transaction costs incurred for the share issuance. In addition, it also included amounts recorded in respect of share-based payments. For additional information on share-based payments, see Note 12 – Share-based payments |
Financial liabilities
Financial liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Financial liabilities | |
Financial liabilities | 11 Financial liabilities 11.1 in EUR k Mar 31, 2022 Dec 31, 2021 Revised Non ‑ current liabilities Non‑current portion of secured bank loans 21,890 — Total non ‑ current loans 21,890 — Lease liabilities* 14,540 15,394 Total non ‑ current liabilities 36,430 15,394 Current liabilities Current portion of secured bank loans 301 505 Bank overdrafts 3,273 3,310 Total current loans 3,574 3,815 Current portion of lease liabilities* 2,953 3,330 Total current liabilities 6,527 7,145 Total non ‑ current and current liabilities 42,957 22,539 * On January 31, 2022 the Company, Centogene GmbH, CentoSafe B.V. and Centogene US, LLC (together, the “Borrowers”), entered into a debt financing agreement in the total amount of up to USD 45.0 million (EUR 40.2 million), (the “Loan Facility”). Under the terms of the Loan Facility, the Company drew down USD 25.0 million (EUR 22.3 million) on January 31, 2022 and will have access to a second tranche of USD 20.0 million (EUR 17.9 million) upon achievement prior to July 31, 2023, of product revenue from our diagnostics and pharmaceutical segments of at least USD 50.0 million (EUR 44.7 million) calculated on a trailing twelve month basis as of the last day of any fiscal month. The Loan Facility also includes covenants such that the Group is required to maintain product revenue, calculated as of the last day of each fiscal quarter and on a trailing twelve month basis as of such date, of at least EUR 30.0 million for any fiscal quarter prior to obtaining the second tranche and EUR 40.0 million for any fiscal quarter on or after obtaining the second tranche. Both tranches mature on January 29, 2027 with amortized repayments commencing March 1, 2025. The loans extended under the Loan Facility bear monthly interest payments at an interest rate of 7.93% per annum plus the 1-month CME Term SOFR reference rate as published by the CME Group Benchmark Administration Limited (subject to a floor of 0.07%). As security for the Borrowers’ obligations under the Loan Facility, the Borrowers granted the lenders thereunder a first priority security interest on all of each Borrower’s assets. The Loan Facility is initially recognized at fair value minus transaction costs and subsequently carried at amortized cost measured using the effective interest rate method. The transaction costs deducted from the fair value of the Loan Facility at initial recognition was EUR 648k. The effective interest rate used for amortized cost calculation of the Facility Loan is 10.51%. As of March 31, 2022, short-term cash deposits of EUR 938k (December 31, 2021: EUR 938k) were used to secure the secured bank loan outstanding (see Note 9 – Cash and short-term deposits). The following table is based on the original terms and conditions: Conditions and statement of liabilities The outstanding interest-bearing liabilities as of March 31, 2022 and December 31, 2021 have the following conditions: Mar 31, 2022 Dec 31, 2021 Nominal Carrying Nominal Carrying in EUR k Currency Nominal interest rate Maturity amount amount amount amount Revised Revised Secured bank loan EUR 2.95% 2017‑22 301 301 505 505 Secured bank loan USD 7.93% 2022-27 22,348 21,890 — — Bank overdrafts EUR 4.75% Rollover 499 499 499 499 Bank overdrafts EUR 3.75% Rollover 2,372 2,372 2,329 2,329 Bank overdrafts EUR 4.50% Rollover 402 402 482 482 Lease liabilities** EUR 2.1%-3.5%*, 5.4%-9.1% 2017-31 17,493 17,493 18,724 18,724 Total interest ‑ bearing financial liabilities 43,415 42,957 22,539 22,539 * represents the incremental borrowing rate of the Group at the commencement of the leases ** Lease liabilities as of December 31, 2021 has been revised. Refer to Note 2.2 – Revision of selected assets and liabilities in the consolidated statement of financial position and selected income and expenses in the consolidated statement of comprehensive loss. The bank overdrafts of EUR 2,372k as of March 31, 2022 (December 31, 2021: EUR 2,329k) were secured by short-term deposits with a carrying amount of EUR 2,500k (December 31, 2021: EUR 2,500k) (see Note 9 – Cash and short-term deposits). The other bank overdrafts of EUR 901k (December 31, 2021: EUR 981k) were secured over two short-term deposits with a carrying amount of EUR 500k each (see Note 9 – Cash and short-term deposits). 11.2 in EUR k Mar 31, 2022 Dec 31, 2021 Trade payables 5,897 11,252 Government grants (deferred income) 9,023 9,396 Contract liabilities 2,166 4,842 Warrants liability 2,603 — Others 12,393 14,632 Trade payables and other liabilities 32,082 40,122 Non‑current 10,109 8,028 Current 21,973 32,094 Government grants mainly include investment-related government grants. These were received for the purchase of certain items of property, plant and equipment for the research and development facilities in Mecklenburg-Western Pomerania, including the Rostock facility. The grants were issued in the form of investment subsidies as part of the joint federal and state program, "Verbesserung der regionalen Wirtschaftsstruktur" (improvement of the regional economic structure) in connection with funds from the European Regional Development Fund. No additional grants were received during the three months ended March 31, 2022 that are related to the purchase of certain items of property, plant and equipment (the three months ended March 31, 2021: EUR nil). On January 31, 2022, pursuant to a securities purchase agreement and a warrant agreement, each signed with certain investors, the Group received EUR 15.0 million in exchange for the issuance of an aggregate of 4,479,088 common shares at a price per share of USD 3.73 (EUR 3.35) and warrants initially exercisable for the purchase of up to an aggregate of 1,343,727 additional common shares at an initial exercise price per common share of USD 7.72. The warrants are exercisable immediately as of the date of issuance and will expire on December 31, 2026. Based on the fair value per share at the issuance date, the Group recognized the warrants as liabilities in the amount of USD 3.2 million (EUR 2.8 million). The fair value of warrants decreased from EUR 2.11 per warrant as of January 31, 2022 to EUR 1.93 per warrant as of March 31, 2022. The result is a decrease in fair value of warrant liabilities of EUR 238k for the three-month period ended March 31, 2022. The fair value of the warrants was estimated at the date of issuance date using the Black-Scholes option pricing model. The key assumptions used to derive the warrants value are set out below: Mar 31, 2022 Jan 31, 2022 Exercise price (USD) 7.72 7.72 Share price at grant date (USD) 4.21 4.42 Volatility (%) 80 80 Risk-free interest rate (%) 1.63 1.65 Dividend yield (%) - - Time to maturity 4.75 4.9 In addition, other liabilities include a provision for outstanding invoices of EUR 2,400k (December 31, 2021: EUR 4,978k), personnel-related liabilities for vacation and bonuses totaling EUR 4,031k (December 31, 2021: EUR 4,812k), a VAT payable of EUR nil (December 31, 2021: EUR |
Share-based payments
Share-based payments | 3 Months Ended |
Mar. 31, 2022 | |
Share-based payments | |
Share-based payments | 12 Share-based payments Expenses from share-based payment arrangements During the three months ended March 31, 2022 and March 31, 2021, the following share-based payment arrangements existed leading to the expenses included in general administrative expenses for services received during the respective periods: For the three months ended March 31 in EUR k 2022 2021 Expenses arising from equity-settled share-based payment transactions - Grants to management board and employees 470 429 - Grants to new CEO 113 799 - Supervisory board grant, including ESOP 2019 415 814 - Forfeiture of management board grants (179) — - Expected forfeiture of management board grants (2,775) — Total expenses arising from share ‑ based payment transactions (1,957) 2,042 Share-based award activity A detailed description of the Company’s share-based payment arrangements is included in Note 20 of the Group’s annual consolidated financial statements for the year ended December 31, 2021. During the three months ended March 31, 2022 there were no changes to the terms and conditions of the Company’s share-based payment arrangements. The following table presents a summary the Company’s share-based payment arrangement activity for the three months ended March 31, 2022. ESOP 2017 2019-2022 awards (1) Number of awards (options and restricted stock units "RSUs") Number WAEP Number of options WAEP (USD) Number of RSUs WAEP Outstanding as of January 1, 2022 357,440 0.12 185,077 11.76 1,803,968 — Granted during the year(1) — 0.12 — — 647,056 — Exercised during the year — 0.12 — — (34,498) — Forfeited during the year — 0.12 — — (60,340) Expected forfeited during the year — 0.12 — — (754,572) Outstanding as of March 31, 2022 357,440 0.12 185,077 11.76 1,601,614 — Vested as of March 31, 2022 357,440 115,758 448,144 Exercisable as of March 31, 2022 357,440 115,758 448,144 _____________________________________ (1) The granted and outstanding options and RSUs do not include the number of RSUs and options to be granted to certain supervisory board members annually in 2022 and thereafter, as these depend on the trailing volume-weighted average stock price of the Company. The option and RSUs for the years 2019-2021 as reported in the table above reflect the activity related to the share-based payment awards under ESOP 2019, awards for management board, new CEO awards in 2022, and awards for supervisory board and employees. Grants awarded During the three months ended March 31, 2022 the following awards were granted: Award Type (2019 Plan) Market/ Performance Based Vesting Conditions Number of Awards Vesting Conditions Expiration Date RSUs No 166,667 Vest in four equal tranches over a four-year period on each anniversary of the grant date (starting February 1, 2023) 10th RSUs Yes 174,394 Vest in four equal tranches over a four-year period on each anniversary of the grant date (starting February 1, 2023) 10th RSUs Yes Up to 275,000 Vest in full after a change of control of the Group 10th RSUs No 30,995 Vest in four equal tranches over a four-year period on each anniversary of the grant date (starting January 1, 2023) 10th New CEO Awards On February 1, 2022, the CEO was awarded 174,394 initial performance RSUs subject to time-vesting and performance-vesting (“Performance-vested RSUs”), 166,667 initial time-vested RSUs subject to only time-vesting (“Time-vested RSUs”), and a number of RSUs equal to CHF 200,000 divided by the VWAP calculated as of the date of grant and 44,444 annual RSUs (together, “Annual RSUs”). All RSUs have a maturity of 10 years, are settled with ordinary shares and have no exercise price. In case of a termination of the service agreement by the CEO, all unvested RSUs will be forfeited to the extent they have remained unvested following the expiration of a 12 month period after termination. Performance-vested RSUs also have a market condition that 50% of the Performance-vested RSUs vest only if the VWAP exceeds USD 12 and the remaining 50% of the Performance-vested RSUs vest if the VWAP exceeds USD 15 . The Time-vested RSUs are not subject to any performance conditions, so their fair value equals the share price at grant date (after deduction of expected dividends during the respective vesting period, if any). The fair value of the Performance-vested RSUs as of the grant date was determined using a Monte Carlo simulation model. The Monte Carlo simulation model utilizes multiple input variables to estimate the probability that market conditions will be achieved. The key assumptions used to derive the Performance-vested RSUs value are set out below: Tranche 1 Tranche 2 Share price at grant date (USD) 4.42 4.42 Fair value 2.10 1.60 Vesting hurdle 12 15 Date to reach vesting hurdle January 1, 2024 January 1, 2024 Expected volatility 80% 80% Risk-free rate 1.1 1.1 Time to vesting hurdle year 1.91 1.91 Dividend yield nil nil With regard to the Annual RSUs, the CEO will receive an annual number of RSUs, starting from 2023, that will vest in four equal annual installments. Although the allocation of RSUs will be done in the future, the CEO must stay with Centogene during the period until the allocation of an annual grant of RSUs. Since these RSUs include a service condition, expenses regarding the services received are recognized starting from February 1, 2022. The CEO’s service agreement does not specify any end date for granting such annual RSUs, therefore the Company estimates the duration of her service period as four years, which is the duration of the CEO’s appointment by the Supervisory Board. The fair value of each grant of Annual RSUs is measured at each reporting date until the respective grant date is reached and the expenses are adjusted to this new fair value. In the event of a change in control of the Company, all granted RSUs will vest immediately including a maximum of 275,000 additional RSUs (the “M&A RSUs”) which have the same grant date as the Time-vested RSUs and Performance-vested RSUs. The number of M&A RSU will be determined based on the share price at the occurrence of a change of control. Accordingly, the CEO will receive 200,000 M&A RSUs if the three-month VWAP prior to change of control is between USD 5 and USD 15 and 275,000 M&A RSUs if it is more than USD 15 . M&A RSUs are already promised within the service agreement, therefore, the grant date is the same as for the Time-vested RSUs and Performance-vested RSUs. This is also the date on which the fair value of the M&A RSUs were determined using a Black-Scholes-Merton model in the amount of EUR ince the M&A RSUs will vest only if there is an occurrence of a change of control, which is not deemed probable by management in the foreseeable future, the Group did not account for these RSUs. The remaining 30,995 RSUs were granted to management, subject to the terms of the 2019 Plan, the applicable award agreements and the terms specified in the authorization from the Supervisory Board for this purpose. The RSUs will vest in four equal tranches over a four-year period starting January 1, 2023. The grant date fair value of these grants will be recognized in profit or loss over the service period by using the graded approach. The 30,995 RSUs referred to above have no performance-based vesting conditions and are to be settled in shares and expire on the 10th The fair value of the 30,995 RSUs is based on the observed value of the underlying shares. As no dividend payments are expected over the vesting period, no further adjustment is required. The weighted average fair value of RSUs granted under the 2019 Plan during the three months ended March 31, 2022 was USD 3.23. Exercises During the three months ended March 31, 2022, 34,498 RSUs related to the 2020 management board and employment grant were exercised. The weighted average share price at the date of exercise was USD 4.78. Forfeitures On February 1, 2022, Andrin Oswald (the “Former CEO”) stepped down from his position and signed a separation agreement. Pursuant to his separation agreement, all unvested RSUs held by the Former CEO under the Company’s long term incentive plan continued to vest in accordance with their terms through the date of his termination on April 30, 2022. However, the number of RSUs he would receive would not exceed 62,284 RSUs. As a result, 69,428 RSUs were vested and the remaining unvested RSUs granted to the Former CEO were forfeited on the termination date as of April 30, 2022. Since the Former CEO has a right to only 62,284 RSUs, the remaining 7,144 RSUs from the total vested RSUs were cancelled. Expenses related to total unvested RSUs in the amount of EUR 2,775k that had been recognized in the financial statements in the previous periods were reversed during the three-month period ended March 31, 2022. This amount excludes the 69,428 RSUs vested, of which 62,284 RSUs vested pursuant to his separation agreement and 7,144 RSUs were cancelled. On February 7, 2022, the Company announced the resignation of René Just as CFO effective March 31, 2022. According to his separation agreement signed on the same date, all unvested RSUs granted to Mr. Just as of March 31, 2022 were forfeited automatically without compensation for the loss of such RSUs. Since none of the RSUs granted to Mr. Just were vested, total RSUs in the amount of EUR 179k that had been recognized in the financial statements in the previous periods were reversed during the three-month period ended March 31, 2022. |
Financial instruments at fair v
Financial instruments at fair value | 3 Months Ended |
Mar. 31, 2022 | |
Financial instruments at fair value | |
Financial instruments at fair value | 13 Financial instruments at fair value Classifications and fair values The fair values of the Company’s cash and cash equivalents, accounts receivable and trade and other payables approximate their carrying values because of the short-term nature of these instruments. Except for the warrant liability, the Group does not carry any financial instruments at fair value through profit and loss. The fair value of non-current loans is EUR 21,890k as of March 31, 2022. (December 31, 2021: EUR nil). IFRS 13 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as follows: - Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; - Level 2 - inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and - Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs). The following table shows the fair values of financial instruments as of March 31, 2022, including their level in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value: in EUR k Level 1 Level 2 Level 3 Total Non-current loans - 21,890 - 21,890 Warrants liability - - 2,603 2,603 As of March 31, 2021, carrying amount of all financial assets or financial liabilities approximated their fair value. Net gain recognized in the interim condensed consolidated statements of comprehensive loss, within changes in fair value of warrants, from the warrant liability fair value measurement differences was EUR 238k for the three months ended March 31, 2022. The valuation techniques used in measuring level 2 & level 3 fair value for financial instruments in the interim condensed consolidated statement of financial position, as well as the significant unobservable inputs used, were as follows: - The fair value of the warrant liabilities, recognized as non-current financial liability at FVTPL, was calculated by applying a Black-Scholes option pricing model. This model uses the Centogene’s share price and the share price volatility as material input factors. The volatility is considered as material unobservable input factor (Level 3). - The fair value of non-current loans was calculated using the nominal amount less transaction costs and carried at amortized cost of €21,890 k. The table below summarizes the profit or loss impact on the fair values of Level 3 instruments, warrant liabilities, by changing the significant unobservable input factors. March 31, 2022 in EUR k increase decrease Expected volatility (movement +/- 5%) 3,031 2,641 |
Financial risk management
Financial risk management | 3 Months Ended |
Mar. 31, 2022 | |
Financial risk management | |
Financial risk management | 14 Financial risk management The Group is exposed to certain financial risks which were disclosed in detail in the financial statements as of and for the year ended December 31, 2021. The Group’s financial risk management objective is to monitor and manage the financial risks relating to the operations of the Group. These risks include market risk (including currency risk and interest rate risk), credit risk and liquidity risk. In order to minimize the effect of financial risks, the Group invests time and resources to identify and evaluate the uncertainty of the market to mitigate risk exposures. Currency risk The Group is exposed to currency risk in cases where contracts are concluded in foreign currencies. The vast majority of goods delivered and services the Company provided, including those for international customers, are invoiced in euro. During the three months ended March 31, 2022, the Group undertook transactions denominated in foreign currencies such as warrant liabilities and non-current loans; consequently, was exposed to the exchange rate fluctuations. The following table presents the net foreign currency exposure of the Group as of March 31, 2022 and December 31, 2021: March 31, 2022 in EUR k USD INR Trade receivables and other assets 3,849 13 Trade payables and other liabilities (2,377) - Financial liabilities (21,890) - Net exposure (20,418) 13 Dec 31, 2021 in EUR k USD INR Trade receivables and other assets 4,635 8 Trade payables and other liabilities (2,394) (4) Net exposure 2,241 4 Sensitivity analysis The following tables demonstrate the sensitivity at the end of the reporting period to a reasonably possible change in the USD exchange rates, with all other variables held constant, of the Group’s earnings before tax and equity movement. The Group’s exposure to foreign currency risk for all other currencies is not material. Earnings before tax Equity in EUR k 5% increase 5% decrease 5% increase 5% decrease March 31, 2022 953 (1,053) 953 (1,053) December 31, 2021 (101) 112 (101) 112 Interest rate risk Interest bearing liabilities with floating interest rates exist for non-current loans as of March 31, 2022. The following sensitivity analyses has been determined based on the exposure to interest rates at the reporting date. For the floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the reporting date was outstanding for the whole period. In accordance with the relevant loan agreement, the interest rate cannot be lower than the determined interest rate and therefore the analysis has only been performed for the scenario where interest rate increases. If interest rates had been 1.0 percentage point higher and all other variables were held constant, the Group’s earning before tax would decrease by EUR 41k for the three months ended March 31, 2022 (December 31, 2021: nil). |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2022 | |
Commitments | |
Commitments | 15 Commitments Future payments for non-cancellable leases The Group has various lease contracts in relation to the expansion of the Rostock headquarters. The future lease payments and utilities for these non-cancellable lease contracts are EUR 113 k within one year, EUR 2,373 k within five years and EUR 4,056 k thereafter (December 31, 2021: EUR 107 k, EUR 2,370 k and EUR 4,219 k respectively). The Group has various non-cancellable lease contracts of office equipment and storage spaces which had a lease term of less than 12 months or were related to leases of low-value assets, and therefore the short-term lease recognition exemption was applied to these contracts. The future lease payments for these non-cancellable lease contracts are EUR 39 k within one year (December 31, 2021: EUR 44 k) and EUR 40 k within five years (December 31, 2021: EUR 49 k). Future payment obligations As of March 31, 2022, the Group concluded agreements with suppliers, for goods and services to be provided subsequent to March 31, 2022 with a total payment obligation of approximately EUR 3,126k (December 31, 2021: EUR 6,620k). |
Contingent Liabilities
Contingent Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Contingent Liabilities | |
Contingent Liabilities | 16 Contingent Liabilities In May 2016, the Company was informed in writing by the Universitair Medisch Centrum Utrecht ("UMCU") that a claim had been initiated against UMCU regarding a prenatal diagnostic test that the Company conducted at their request which failed to identify a specific mutation present in a patient. On October 1, 2018, the UMCU and Neon Underwriting Limited formally filed a legal claim in the local court in Rostock, Germany against the Company alleging that the Company’s negligence in performing the test resulted in the misdiagnosis of the patient. UMCU is seeking recovery for compensatory damages as a result of the alleged misdiagnosis. By court order of November 8, 2018, the Regional Court of Rostock set the amount in dispute at EUR 880k. On November 12, 2018, the Company submitted a notice to the Regional Court of Rostock of the intention to defend against the claim. On January 3, 2019, the Company filed a motion to dismiss in which the Company denied the merits of the claim. UMCU and Neon Underwriting Limited responded to this motion on March 15, 2019 with a statement of reply, and the parties made several court filings setting out their arguments since. By order dated June 3, 2019, the Regional Court of Rostock provided a first set of questions to be answered by an expert witness. As of December 31, 2020, the amount in dispute was EUR 1.3 million. The matter was assigned to a new judge, due to the illness of the prior judge, and the decision to appoint the recommended expert witness is still pending. Since then, several potential experts were approached by the court but eventually declined to prepare an expert witness report due to the possibility of bias. The Company intends to continue to rigorously defend its position and considers that it is not probable the legal claim towards the Company will be successful and as a result has not recognized a provision for this claim as of December 31, 2021. In addition, in case a settlement would be required, the Company believes that the corresponding liability will be fully covered by the respective existing insurance policies. On August 7, 2021, our partnering laboratory physician and a key executive officer of ours, Prof. Dr. Peter Bauer was informed in writing by the Public Prosecutor's Office in Fulda that a criminal investigation had been initiated against him regarding allegedly false billing statements submitted to the Association of Statutory Health Insurance Physicians in Hessen (Kassenärztliche Vereinigung Hessen). The aggregate amount in question was EUR 42,268.50. The investigation and claims were subsequently dropped in January 2022. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events | |
Subsequent Events | 17 Subsequent Events Leadership transition On May 2, 2022, Volkmar Weckesser resigned from his duties as the Chief Information Officer effective as of May 3, 2022. According to the separation agreement signed on the same date, his service agreement will terminate on June 29, 2022 (the “Termination Date”). All 33,773 vested options related to the pre-IPO program held by Mr. Weckesser that have not yet been exercised and settled as of the Termination Date must be exercised and settled in accordance with their terms within On June 27, 2022, the Group announced the appointment of Jose Miguel Coego Rios as the Managing Director and Chief Financial Officer of the Company, effective June 22, 2022. The CFO and the Group entered into an award agreement pursuant to which the CFO will receive certain RSUs, which have no exercise price. According to the agreement, the RSUs are awarded in two forms as 58,132 initial performance RSUs subject to performance vesting and 55,556 initial time-vested RSUs. Initial performance RSUs vest in two equal installments and time vested RSUs vest in four equal installments after the grant date of May 27, 2022. Both awards have an expiration date of May 27, 2032; however, initial performance RSUs that do not vest by February 1, 2024 will expire on February 2, 2024. Effective June 22, 2022, each member of the Supervisory Board will receive an award of options and RSUs in ordinary shares (such options and RSUs collectively, the "LTIs") with a value of EUR 140 k multiplied by the LTI Factor as defined in the incentive agreement. In addition to this, the chairman and vice-chairman of the Supervisory Board, the chairman of the Audit Committee and the chairman of the Compensation Committee will receive additional LTIs with a value of EUR These unaudited interim condensed consolidated financial statements were approved by management on July 15, 2022. |
Basis of preparation (Policies)
Basis of preparation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Basis of preparation | |
Discontinued operations | Discontinued operations A discontinued operation is a component of an entity that either has been disposed of, or that is classified as held for sale. It must either: represent a major separate line of business or geographical area of operations; be part of a single coordinated disposal plan; or be a subsidiary acquired exclusively with a view to resale. A component also qualifies for presentation as a discontinued operation when activities are ultimately ended (abandoned). Non-current assets and disposal groups are not classified as assets held for sale if their carrying amount is to be recovered through continuing use. In 2021, the Group decided to end its COVID-19 business activities in Q1 2022. The Group assessed that ending the activities of this operating segment would qualify as a discontinued operation. Therefore, the profit or loss related to the COVID-19 business is presented in a separate line item of the profit and loss section of the statement of comprehensive loss for the three months ended March 31, 2022 and 2021. The segment reporting note and notes to the unaudited interim condensed consolidated financial statements for the three months ended March 31, 2022 and 2021 only represent continuing operations. For further details on the discontinued operations refer to Note 7 – Discontinued operations. |
Warrants | Warrants Warrants are classified as equity to the extent that they confer the right to purchase a fixed number of shares for a fixed exercise price. In the event that the exercise price or the numbers of shares to be issued are not deemed to be fixed, the warrants are classified as a non-current derivative financial liability. Warrants entitle the holder to purchase one common share of the Company at an exercise price of USD 7.72 per share and can be settled for a fixed number of the Company's underlying common shares. Since the exercise price of the warrants is determined in US dollars which is different from the Company’s functional currency, warrants are classified as liabilities. This liability is initially recognized at its fair value on the date the contract is entered into and subsequently accounted for at fair value through profit and loss (FVTPL) at each reporting date. As the warrants are classified as financial liabilities at FVTPL, transaction costs in the amount of EUR 68k were expensed in the consolidated statements of comprehensive loss for the three months ended March 31, 2022 . |
Revision of selected assets and liabilities in the consolidated statement of financial position and selected income and expenses in the consolidated statement of comprehensive loss | 2.2 Revision of selected assets and liabilities in the consolidated statement of financial position and selected income and expenses in the consolidated statement of comprehensive loss In accordance with IAS 8.42, the Group revised the amount presented for certain property, plant and equipment and lease liabilities balances on the consolidated statement of financial position and cost of sales and other operating income amounts in the statements of comprehensive loss as of and for the year ended December 31, 2021 These revised assets, liabilities, income and expenses are related to the COVID-19 segment which has been discontinued as of March 31, 2022. In September 2021, management updated their long term COVID-19 outlook and took the decision to wind down the COVID-19 segment by Q1 2022. This resulted in an accelerated depreciation of COVID-19 segment related property, plant and equipment and right of use assets during Q4 2021. In Q2 2022, management identified the accelerated depreciation was over-stated with an amount of EUR 1,317k and a terminated lease contract in Q4 2021 with a EUR 273k lease liability balance which was not derecognized from the statement of financial position as of December 31, 2021. The lease liability is in relation to the closure of the Hamburg laboratory of which the right of use asset was completely written off in Q3 2021. To correct these unadjusted differences, property, plant and equipment has been revised by EUR 1,317k with a corresponding decrease operating The changes to the consolidated statement of financial position as of December 31, 2021 are as follows: in EUR k Dec 31, 2021 (as previously reported) Adjustment Dec 31, 2021 (revised) Property, plant & equipment 8,147 1,317 9,464 Non-current Assets 39,217 1,317 40,534 Total assets 90,694 1,317 92,011 Retained earnings and other reserves (109,295) 1,590 (107,705) Equity 27,503 1,590 29,093 Lease liabilities 15,588 (194) 15,394 Non-current liabilities 23,695 (194) 23,501 Lease liabilities 3,409 (79) 3,330 Current liabilities 39,496 (79) 39,417 Total Liabilities 63,191 (273) 62,918 The changes to the consolidated statements of comprehensive income for the year ended December 31, 2021 are as follows: Dec 31, 2021 (as previously reported) Adjustment Dec 31, 2021 (revised) Revenue 189,923 - 189,923 Cost of sales 161,765 (1,317) 160,448 Gross profit 28,158 1,317 29,475 Research and development expenses 19,297 - 19,297 General administrative expenses 46,739 - 46,739 Selling expenses 9,860 - 9,860 Impairment of financial assets 1,140 - 1,140 Other operating income 2,936 273 3,209 Other operating expenses 86 - 86 Operating loss (46,028) 1,590 (44,438) Loss for the year (46,852) 1,590 (45,262) Total comprehensive loss (46,309) 1,590 (44,719) Loss per share- Basic and diluted (in EUR) (2.06) 0.08 (1.98) The revisions above have no impact on the changes in cash, cash equivalents and net cash flows in operating, investing, and financing activities within the consolidated statements of cash flows for the year ended December 31, 2021. |
Basis of preparation (Tables)
Basis of preparation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Basis of preparation | |
Schedule of changes to the statement of financial position | in EUR k Dec 31, 2021 (as previously reported) Adjustment Dec 31, 2021 (revised) Property, plant & equipment 8,147 1,317 9,464 Non-current Assets 39,217 1,317 40,534 Total assets 90,694 1,317 92,011 Retained earnings and other reserves (109,295) 1,590 (107,705) Equity 27,503 1,590 29,093 Lease liabilities 15,588 (194) 15,394 Non-current liabilities 23,695 (194) 23,501 Lease liabilities 3,409 (79) 3,330 Current liabilities 39,496 (79) 39,417 Total Liabilities 63,191 (273) 62,918 |
Schedule of changes to the statements of comprehensive income | Dec 31, 2021 (as previously reported) Adjustment Dec 31, 2021 (revised) Revenue 189,923 - 189,923 Cost of sales 161,765 (1,317) 160,448 Gross profit 28,158 1,317 29,475 Research and development expenses 19,297 - 19,297 General administrative expenses 46,739 - 46,739 Selling expenses 9,860 - 9,860 Impairment of financial assets 1,140 - 1,140 Other operating income 2,936 273 3,209 Other operating expenses 86 - 86 Operating loss (46,028) 1,590 (44,438) Loss for the year (46,852) 1,590 (45,262) Total comprehensive loss (46,309) 1,590 (44,719) Loss per share- Basic and diluted (in EUR) (2.06) 0.08 (1.98) |
Revenues from contracts with _2
Revenues from contracts with customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenues from contracts with customers | |
Schedule of geographical information | in EUR k For the three months ended March 31, 2022 Pharmaceutical Diagnostics Total Rendering of services 3,047 7,092 10,139 Sales of goods 188 — 188 Total Revenues from contracts with external customers 3,235 7,092 10,327 Recognized over time 3,047 7,092 10,139 Recognized at a point in time 188 — 188 Total Revenues from contracts with external customers 3,235 7,092 10,327 Geographical information Europe 18 1,421 1,439 —Germany* — 78 78 —Netherlands** — 7 7 Middle East 58 4,033 4,091 —Saudi Arabia# — 2,421 2,421 North America 3,145 625 3,770 —United States# 3,145 604 3,749 Latin America 14 715 729 Asia Pacific — 298 298 Total Revenues from contracts with external customers 3,235 7,092 10,327 in EUR k For the three months ended March 31, 2021 Pharmaceutical Diagnostics Total Rendering of services 3,393 6,383 9,776 Sales of goods 205 — 205 Total Revenues from contracts with external customers 3,598 6,383 9,981 Recognized over time 3,393 6,383 9,776 Recognized at a point in time 205 — 205 Total Revenues from contracts with external customers 3,598 6,383 9,981 Geographical information Europe 149 1,214 1,363 —Germany* — 53 53 —Netherlands** — 2 2 Middle East 29 4,135 4,164 —Saudi Arabia# — 2,683 2,683 North America 3,405 464 3,869 —United States# 3,405 403 3,808 Latin America 15 410 425 Asia Pacific — 160 160 Total Revenues from contracts with external customers 3,598 6,383 9,981 * ** # countries contributing more than 10% of the Group’s total consolidated revenues for the three months ended March 31, 2022 and 2021, respectively. |
Segment information (Tables)
Segment information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment information | |
Schedule of reconciliation of segment Adjusted EBITDA to Group loss before taxes from continuing operations | in EUR k For the three months ended March 31, 2022 Pharmaceutical Diagnostics Corporate Total Total Revenues from contracts with external customers 3,235 7,092 — 10,327 Adjusted EBITDA 1,099 812 (11,964) (10,053) Capital Expenditures Additions to property, plant and equipment and right-of-use assets — — 79 79 Additions to intangible assets 29 — 15 44 Other segment information Depreciation and amortization 127 441 1,795 2,363 Research and development expenses — — 4,614 4,614 in EUR k For the three months ended March 31, 2021 Pharmaceutical Diagnostics Corporate Total Total Revenues from contracts with external customers 3,598 6,383 — 9,981 Adjusted EBITDA 1,497 1,054 (12,020) (9,469) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 6 234 314 554 Additions to intangible assets 322 — 650 972 Other segment information Depreciation and amortization 414 406 1,539 2,359 Research and development expenses — — 4,335 4,335 Reconciliation of segment Adjusted EBITDA to Group loss before taxes from continuing operations For the three months ended March 31 2022 2021 Reported segment Adjusted EBITDA 1,911 2,551 Corporate expenses (11,964) (12,020) (10,053) (9,469) Share-based payment (true-up)/ expenses (Note 12) 1,957 (2,042) Depreciation and amortization (2,363) (2,359) Operating loss from continuing operations (10,459) (13,870) Financial costs, net (620) (259) Loss before taxes from continuing operations for the three months ended March 31 (11,079) (14,129) |
Other income and expenses (Tabl
Other income and expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other income and expenses | |
Schedule of other operating income | For the three months ended March 31 in EUR k 2022 2021 Government grants 553 340 Others 180 26 Total other operating income 733 366 |
Schedule of other operating expenses | For the three months ended March 31 in EUR k 2022 2021 Currency losses 1 34 Total other operating expenses 1 34 |
Discontinued operations (Tables
Discontinued operations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued operations | |
Schedule Of Continuing And Discontinued Operations in the consolidated statements of comprehensive income and consolidated statements of cash flows | For the three months ended March 31 2022 2021 Results of discontinued operations Revenue 19,463 54,979 Cost of sales 15,200 44,547 Gross profit 4,263 10,432 General administrative expenses 302 999 Selling expenses 7 193 Other operating income 706 - Operating income 4,660 9,240 Financial costs, net 46 - Income before taxes 4,614 9,240 Income tax expense 13 - Income for the period 4,601 9,240 Total comprehensive income, attributable to equity holders of the parent 4,601 9,240 Net income per share - Basic and diluted (in EUR) 0.20 0.41 Cash flow from discontinued operations Net cash flow from operating activities 2,835 8,962 Net cash flow from/ (used in) investing activities 575 (1,770) Net cash flow used in financing activities (409) (275) |
Trade receivables and other a_2
Trade receivables and other assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Trade receivables and other assets. | |
Summary of trade receivables and other assets | in EUR k Mar 31, 2022 Dec 31, 2021 Non ‑ current Other assets - Rental deposits 2,922 2,922 Other assets – Others 50 50 2,972 2,972 Current Trade receivables, net 18,209 21,065 Contract assets, net 2,916 3,272 Other assets 5,443 5,453 26,568 29,790 Total non-current and current trade receivables and other assets 29,540 32,762 |
Summary of expected credit loss rate on total gross trade receivables and contract assets | in EUR k Mar 31, 2022 Dec 31, 2021 Not past due 9,355 17,978 Past due 1-30 days 2,743 1,476 Past due 31-90 days 6,487 2,596 Past due more than 90 days 8,403 8,004 Total gross amount of trade receivables and contract assets 26,988 30,054 Expected credit loss rate Not past due 1.5 % 0.9 % Past due 1-30 days 6.9 % 7.7 % Past due 31-90 days 4.8 % 11.7 % Past due more than 90 days 62.1 % 64.1 % Expected credit loss rate on total gross trade receivables and contract assets 21.7 % 19.0 % Expected credit loss 5,863 5,717 |
Financial liabilities (Tables)
Financial liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Financial liabilities | |
Schedule of interest-bearing liabilities | in EUR k Mar 31, 2022 Dec 31, 2021 Revised Non ‑ current liabilities Non‑current portion of secured bank loans 21,890 — Total non ‑ current loans 21,890 — Lease liabilities* 14,540 15,394 Total non ‑ current liabilities 36,430 15,394 Current liabilities Current portion of secured bank loans 301 505 Bank overdrafts 3,273 3,310 Total current loans 3,574 3,815 Current portion of lease liabilities* 2,953 3,330 Total current liabilities 6,527 7,145 Total non ‑ current and current liabilities 42,957 22,539 * |
Schedule of outstanding interest-bearing liabilities | Mar 31, 2022 Dec 31, 2021 Nominal Carrying Nominal Carrying in EUR k Currency Nominal interest rate Maturity amount amount amount amount Revised Revised Secured bank loan EUR 2.95% 2017‑22 301 301 505 505 Secured bank loan USD 7.93% 2022-27 22,348 21,890 — — Bank overdrafts EUR 4.75% Rollover 499 499 499 499 Bank overdrafts EUR 3.75% Rollover 2,372 2,372 2,329 2,329 Bank overdrafts EUR 4.50% Rollover 402 402 482 482 Lease liabilities** EUR 2.1%-3.5%*, 5.4%-9.1% 2017-31 17,493 17,493 18,724 18,724 Total interest ‑ bearing financial liabilities 43,415 42,957 22,539 22,539 * represents the incremental borrowing rate of the Group at the commencement of the leases ** Lease liabilities as of December 31, 2021 has been revised. Refer to Note 2.2 – Revision of selected assets and liabilities in the consolidated statement of financial position and selected income and expenses in the consolidated statement of comprehensive loss. |
Schedule of trade payables and other liabilities | in EUR k Mar 31, 2022 Dec 31, 2021 Trade payables 5,897 11,252 Government grants (deferred income) 9,023 9,396 Contract liabilities 2,166 4,842 Warrants liability 2,603 — Others 12,393 14,632 Trade payables and other liabilities 32,082 40,122 Non‑current 10,109 8,028 Current 21,973 32,094 |
Schedule of key assumptions used to derive warrants value | Mar 31, 2022 Jan 31, 2022 Exercise price (USD) 7.72 7.72 Share price at grant date (USD) 4.21 4.42 Volatility (%) 80 80 Risk-free interest rate (%) 1.63 1.65 Dividend yield (%) - - Time to maturity 4.75 4.9 |
Share-based payments (Tables)
Share-based payments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based payments | |
Schedule of total expenses arising from sharebased payment transactions | For the three months ended March 31 in EUR k 2022 2021 Expenses arising from equity-settled share-based payment transactions - Grants to management board and employees 470 429 - Grants to new CEO 113 799 - Supervisory board grant, including ESOP 2019 415 814 - Forfeiture of management board grants (179) — - Expected forfeiture of management board grants (2,775) — Total expenses arising from share ‑ based payment transactions (1,957) 2,042 |
Schedule of share option activity | The following table presents a summary the Company’s share-based payment arrangement activity for the three months ended March 31, 2022. ESOP 2017 2019-2022 awards (1) Number of awards (options and restricted stock units "RSUs") Number WAEP Number of options WAEP (USD) Number of RSUs WAEP Outstanding as of January 1, 2022 357,440 0.12 185,077 11.76 1,803,968 — Granted during the year(1) — 0.12 — — 647,056 — Exercised during the year — 0.12 — — (34,498) — Forfeited during the year — 0.12 — — (60,340) Expected forfeited during the year — 0.12 — — (754,572) Outstanding as of March 31, 2022 357,440 0.12 185,077 11.76 1,601,614 — Vested as of March 31, 2022 357,440 115,758 448,144 Exercisable as of March 31, 2022 357,440 115,758 448,144 _____________________________________ (1) The granted and outstanding options and RSUs do not include the number of RSUs and options to be granted to certain supervisory board members annually in 2022 and thereafter, as these depend on the trailing volume-weighted average stock price of the Company. |
Summary of awards granted | During the three months ended March 31, 2022 the following awards were granted: Award Type (2019 Plan) Market/ Performance Based Vesting Conditions Number of Awards Vesting Conditions Expiration Date RSUs No 166,667 Vest in four equal tranches over a four-year period on each anniversary of the grant date (starting February 1, 2023) 10th RSUs Yes 174,394 Vest in four equal tranches over a four-year period on each anniversary of the grant date (starting February 1, 2023) 10th RSUs Yes Up to 275,000 Vest in full after a change of control of the Group 10th RSUs No 30,995 Vest in four equal tranches over a four-year period on each anniversary of the grant date (starting January 1, 2023) 10th |
Performance Based RSUs | |
Share-based payments | |
Schedule of key assumptions used to derive the option value | Tranche 1 Tranche 2 Share price at grant date (USD) 4.42 4.42 Fair value 2.10 1.60 Vesting hurdle 12 15 Date to reach vesting hurdle January 1, 2024 January 1, 2024 Expected volatility 80% 80% Risk-free rate 1.1 1.1 Time to vesting hurdle year 1.91 1.91 Dividend yield nil nil |
Financial instruments at fair_2
Financial instruments at fair value (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Financial instruments at fair value | |
Schedule of assets and liabilities that are measured at fair value on a recurring basis | in EUR k Level 1 Level 2 Level 3 Total Non-current loans - 21,890 - 21,890 Warrants liability - - 2,603 2,603 |
Schedule of profit or loss impact on the fair values of Level 3 instruments | March 31, 2022 in EUR k increase decrease Expected volatility (movement +/- 5%) 3,031 2,641 |
Financial risk management (Tabl
Financial risk management (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Financial risk management | |
Schedule of net foreign currency exposure | The following table presents the net foreign currency exposure of the Group as of March 31, 2022 and December 31, 2021: March 31, 2022 in EUR k USD INR Trade receivables and other assets 3,849 13 Trade payables and other liabilities (2,377) - Financial liabilities (21,890) - Net exposure (20,418) 13 Dec 31, 2021 in EUR k USD INR Trade receivables and other assets 4,635 8 Trade payables and other liabilities (2,394) (4) Net exposure 2,241 4 |
Schedule of exchange rate sensitivity | Earnings before tax Equity in EUR k 5% increase 5% decrease 5% increase 5% decrease March 31, 2022 953 (1,053) 953 (1,053) December 31, 2021 (101) 112 (101) 112 |
Basis of preparation (Details)
Basis of preparation (Details) € in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 EUR (€) shares | Mar. 31, 2021 EUR (€) | Dec. 31, 2021 EUR (€) | Mar. 31, 2022 $ / shares | Jan. 31, 2022 $ / shares shares | |
Disclosure of changes in accounting estimates [line items] | |||||
Number of securities called by warrants | shares | 1 | 1,343,727 | |||
Exercise price of warrants | $ / shares | $ 7.72 | $ 7.72 | |||
Property, plant and equipment | € 7,674 | € 9,464 | |||
Other operating income | 733 | € 366 | 3,209 | ||
Change | |||||
Disclosure of changes in accounting estimates [line items] | |||||
Depreciation expense | (1,317) | ||||
Other operating income (expense) | 273 | ||||
Lease liability | (273) | ||||
Property, plant and equipment | 1,317 | ||||
Other operating income | € 273 | ||||
Warrants | |||||
Disclosure of changes in accounting estimates [line items] | |||||
Share issue related cost | € 68 |
Basis of preparation - Schedule
Basis of preparation - Schedule of changes to the statement of financial position (Details) - EUR (€) € in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Disclosure of changes in accounting estimates [line items] | ||||
Property, plant and equipment | € 7,674 | € 9,464 | ||
Non-current Assets | 36,801 | 40,534 | ||
Total assets | 108,102 | 92,011 | ||
Retained earnings and other reserves | (114,120) | (107,705) | ||
Equity | 32,806 | 29,093 | € 63,051 | € 65,777 |
Lease liabilities | 14,540 | 15,394 | ||
Non-current liabilities | 46,598 | 23,501 | ||
Lease liabilities | 2,953 | 3,330 | ||
Current liabilities | € 28,698 | 39,417 | ||
Total Liabilities | 62,918 | |||
Previously Reported | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Property, plant and equipment | 8,147 | |||
Non-current Assets | 39,217 | |||
Total assets | 90,694 | |||
Retained earnings and other reserves | (109,295) | |||
Equity | 27,503 | |||
Lease liabilities | 15,588 | |||
Non-current liabilities | 23,695 | |||
Lease liabilities | 3,409 | |||
Current liabilities | 39,496 | |||
Total Liabilities | 63,191 | |||
Change | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Property, plant and equipment | 1,317 | |||
Non-current Assets | 1,317 | |||
Total assets | 1,317 | |||
Retained earnings and other reserves | 1,590 | |||
Equity | 1,590 | |||
Lease liabilities | (194) | |||
Non-current liabilities | (194) | |||
Lease liabilities | (79) | |||
Current liabilities | (79) | |||
Total Liabilities | € (273) |
Basis of Preparation - Schedu_2
Basis of Preparation - Schedule of changes to the statements of comprehensive income (Details) - EUR (€) € / shares in Units, € in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Disclosure of changes in accounting estimates [line items] | |||
Revenue | € 10,327 | € 9,981 | € 189,923 |
Cost of sales | 6,450 | 6,208 | 160,448 |
Gross profit | 3,877 | 3,773 | 29,475 |
Research and development expenses | 4,614 | 4,335 | 19,297 |
General administrative expenses | 7,906 | 11,596 | 46,739 |
Selling expenses | 2,394 | 1,949 | 9,860 |
Impairment of financial assets | 154 | 95 | 1,140 |
Other operating income | 733 | 366 | 3,209 |
Total other operating expenses | 1 | 34 | 86 |
Operating loss | (10,459) | (13,870) | (44,438) |
Loss for the period | (6,482) | (4,889) | (45,262) |
Total comprehensive loss | € (6,388) | € (4,768) | € (44,719) |
Net loss per share - Continuing operations - Basic (in EUR) | € (0.48) | € (0.63) | € (1.98) |
Net loss per share - Continuing operations - Diluted (in EUR) | € (0.48) | € (0.63) | € (1.98) |
Previously Reported | |||
Disclosure of changes in accounting estimates [line items] | |||
Revenue | € 189,923 | ||
Cost of sales | 161,765 | ||
Gross profit | 28,158 | ||
Research and development expenses | 19,297 | ||
General administrative expenses | 46,739 | ||
Selling expenses | 9,860 | ||
Impairment of financial assets | 1,140 | ||
Other operating income | 2,936 | ||
Total other operating expenses | 86 | ||
Operating loss | (46,028) | ||
Loss for the period | (46,852) | ||
Total comprehensive loss | € (46,309) | ||
Net loss per share - Continuing operations - Basic (in EUR) | € (2.06) | ||
Net loss per share - Continuing operations - Diluted (in EUR) | € (2.06) | ||
Change | |||
Disclosure of changes in accounting estimates [line items] | |||
Cost of sales | € (1,317) | ||
Gross profit | 1,317 | ||
Other operating income | 273 | ||
Operating loss | 1,590 | ||
Loss for the period | 1,590 | ||
Total comprehensive loss | € 1,590 | ||
Net loss per share - Continuing operations - Basic (in EUR) | € 0.08 | ||
Net loss per share - Continuing operations - Diluted (in EUR) | € 0.08 |
Revenues from contracts with _3
Revenues from contracts with customers - Geographical information (Details) - EUR (€) € in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Disclosure of geographical areas | |||
Rendering of services | € 10,139 | € 9,776 | |
Sales of goods | 188 | 205 | |
Total Revenues from contracts with external customers | 10,327 | 9,981 | € 189,923 |
Europe | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 1,439 | 1,363 | |
-Germany | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 78 | 53 | |
-Netherlands | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 7 | 2 | |
Middle East | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 4,091 | 4,164 | |
-Saudi Arabia | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 2,421 | 2,683 | |
North America | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 3,770 | 3,869 | |
-United States | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 3,749 | 3,808 | |
Latin America | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 729 | 425 | |
Asia Pacific | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 298 | 160 | |
Recognized over time | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 10,139 | 9,776 | |
Recognized at a point in time | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 188 | 205 | |
Pharmaceutical | |||
Disclosure of geographical areas | |||
Rendering of services | 3,047 | 3,393 | |
Sales of goods | 188 | 205 | |
Total Revenues from contracts with external customers | 3,235 | 3,598 | |
Pharmaceutical | Europe | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 18 | 149 | |
Pharmaceutical | Middle East | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 58 | 29 | |
Pharmaceutical | North America | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 3,145 | 3,405 | |
Pharmaceutical | -United States | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 3,145 | 3,405 | |
Pharmaceutical | Latin America | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 14 | 15 | |
Pharmaceutical | Recognized over time | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 3,047 | 3,393 | |
Pharmaceutical | Recognized at a point in time | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 188 | 205 | |
Diagnostics | |||
Disclosure of geographical areas | |||
Rendering of services | 7,092 | 6,383 | |
Total Revenues from contracts with external customers | 7,092 | 6,383 | |
Diagnostics | Europe | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 1,421 | 1,214 | |
Diagnostics | -Germany | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 78 | 53 | |
Diagnostics | -Netherlands | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 7 | 2 | |
Diagnostics | Middle East | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 4,033 | 4,135 | |
Diagnostics | -Saudi Arabia | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 2,421 | 2,683 | |
Diagnostics | North America | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 625 | 464 | |
Diagnostics | -United States | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 604 | 403 | |
Diagnostics | Latin America | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 715 | 410 | |
Diagnostics | Asia Pacific | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | 298 | 160 | |
Diagnostics | Recognized over time | |||
Disclosure of geographical areas | |||
Total Revenues from contracts with external customers | € 7,092 | € 6,383 |
Revenues from contracts with _4
Revenues from contracts with customers - Additional Information (Details) - Pharmaceutical Partner - Pharmaceutical - customer | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from contracts with customers | ||
Number of customers | 1 | |
Revenue contributed as a percentage of Group's total revenues | 19% | 30.50% |
Segment information - Informati
Segment information - Information by operating segments (Details) - EUR (€) € in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment information | |||
Total Revenues from contracts with external customers | € 10,327 | € 9,981 | € 189,923 |
Adjusted EBITDA | (10,053) | (9,469) | |
Additions to property, plant and equipment and right-of-use assets | 79 | 554 | |
Additions to intangible assets | 44 | 972 | |
Other segment information | |||
Depreciation and amortization | 2,363 | 2,359 | |
Research and development expenses | 4,614 | 4,335 | € 19,297 |
Pharmaceutical | |||
Segment information | |||
Total Revenues from contracts with external customers | 3,235 | 3,598 | |
Diagnostics | |||
Segment information | |||
Total Revenues from contracts with external customers | 7,092 | 6,383 | |
Operating segment | Pharmaceutical | |||
Segment information | |||
Total Revenues from contracts with external customers | 3,235 | 3,598 | |
Adjusted EBITDA | 1,099 | 1,497 | |
Additions to property, plant and equipment and right-of-use assets | 6 | ||
Additions to intangible assets | 29 | 322 | |
Other segment information | |||
Depreciation and amortization | 127 | 414 | |
Operating segment | Diagnostics | |||
Segment information | |||
Total Revenues from contracts with external customers | 7,092 | 6,383 | |
Adjusted EBITDA | 812 | 1,054 | |
Additions to property, plant and equipment and right-of-use assets | 234 | ||
Other segment information | |||
Depreciation and amortization | 441 | 406 | |
Corporate | |||
Segment information | |||
Adjusted EBITDA | (11,964) | (12,020) | |
Additions to property, plant and equipment and right-of-use assets | 79 | 314 | |
Additions to intangible assets | 15 | 650 | |
Other segment information | |||
Depreciation and amortization | 1,795 | 1,539 | |
Research and development expenses | € 4,614 | € 4,335 |
Segment information - Reconcili
Segment information - Reconciliation of segment Adjusted EBITDA to Group loss before taxes (Details) - EUR (€) € in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment information | |||
Depreciation and amortization | € (2,363) | € (2,359) | |
Operating loss | (10,459) | (13,870) | € (44,438) |
Financial costs, net | (620) | (259) | |
Loss before taxes from continuing operations | (11,079) | (14,129) | |
Operating segment | |||
Segment information | |||
Reported segment Adjusted EBITDA | 1,911 | 2,551 | |
Reported segment Adjusted EBITDA after corporate expenses | (10,053) | (9,469) | |
Operating loss | (10,459) | (13,870) | |
Financial costs, net | (620) | (259) | |
Loss before taxes from continuing operations | (11,079) | (14,129) | |
Corporate | |||
Segment information | |||
Corporate expenses | (11,964) | (12,020) | |
Depreciation and amortization | (1,795) | (1,539) | |
Sharebased payment expenses | |||
Segment information | |||
Share-based payment (true-up)/ expenses (Note 12) | 1,957 | (2,042) | |
Depreciation and amortization | |||
Segment information | |||
Depreciation and amortization | € (2,363) | € (2,359) |
Segment information - Additiona
Segment information - Additional information (Details) € in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 EUR (€) customer | Mar. 31, 2021 EUR (€) | Dec. 31, 2021 EUR (€) | |
Segment information and revenue from contracts with customers | |||
Property, plant and equipment | € 7,674 | € 9,464 | |
Right-of-use assets | 17,972 | 18,904 | |
Revenue from contracts with customers | 10,327 | € 9,981 | 189,923 |
-United States | |||
Segment information and revenue from contracts with customers | |||
Property, plant and equipment | 132 | 147 | |
Right-of-use assets | 69 | € 137 | |
Revenue from contracts with customers | 3,749 | 3,808 | |
-Germany | |||
Segment information and revenue from contracts with customers | |||
Revenue from contracts with customers | 78 | 53 | |
Pharmaceutical | |||
Segment information and revenue from contracts with customers | |||
Revenue from contracts with customers | € 3,235 | € 3,598 | |
Pharmaceutical | Pharmaceutical Partner | |||
Segment information and revenue from contracts with customers | |||
Number of customers | customer | 1 | ||
Percentage of revenue | 19% | 30.50% | |
Pharmaceutical | -United States | |||
Segment information and revenue from contracts with customers | |||
Revenue from contracts with customers | € 3,145 | € 3,405 |
Other income and expenses - Oth
Other income and expenses - Other operating income (Details) - EUR (€) € in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Other income and expenses | |||
Government grants | € 553 | € 340 | |
Others | 180 | 26 | |
Total other operating income | € 733 | € 366 | € 3,209 |
Other income and expenses - O_2
Other income and expenses - Other operating expenses (Details) - EUR (€) € in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Other income and expenses | |||
Currency losses | € 1 | € 34 | |
Total other operating expenses | € 1 | € 34 | € 86 |
Discontinued operations (Detail
Discontinued operations (Details) - EUR (€) € / shares in Units, € in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Discontinued operations | |||
Inventories | € 2,067 | € 3,869 | |
Revenue | 10,327 | € 9,981 | 189,923 |
Cost of sales | 6,450 | 6,208 | 160,448 |
Gross profit | 3,877 | 3,773 | 29,475 |
General administrative expenses | 7,906 | 11,596 | 46,739 |
Selling expenses | 2,394 | 1,949 | 9,860 |
Other operating income | 733 | 366 | 3,209 |
Operating income | (10,459) | (13,870) | € (44,438) |
Finance costs, net | 620 | 259 | |
Profit (loss) before tax | (11,079) | (14,129) | |
Income tax expenses | 4 | ||
Income for the period | 4,601 | 9,240 | |
Cash flow from discontinued operations | |||
Net cash flow from operating activities | 2,835 | 8,962 | |
Net cash flow from/ (used in) investing activities | 575 | (1,770) | |
Net cash flow used in financing activities | (409) | (275) | |
COVID 19 Segment Discontinued Operations | |||
Discontinued operations | |||
Inventories | 0 | ||
Revenue | 19,463 | 54,979 | |
Cost of sales | 15,200 | 44,547 | |
Gross profit | 4,263 | 10,432 | |
General administrative expenses | 302 | 999 | |
Selling expenses | 7 | 193 | |
Other operating income | 706 | ||
Operating income | 4,660 | 9,240 | |
Finance costs, net | 46 | ||
Profit (loss) before tax | 4,614 | 9,240 | |
Income tax expenses | 13 | ||
Income for the period | 4,601 | 9,240 | |
Total comprehensive income, attributable to equity holders of the parent | € 4,601 | € 9,240 | |
Net income per share - Basic and diluted (in EUR) | |||
Basic earnings (loss) per share from discontinued operations (in EUR) | € 0.20 | € 0.41 | |
Diluted earnings (loss) per share from discontinued operations (in EUR) | € 0.20 | € 0.41 | |
Cash flow from discontinued operations | |||
Net cash flow from operating activities | € 2,835 | € 8,962 | |
Net cash flow from/ (used in) investing activities | 575 | (1,770) | |
Net cash flow used in financing activities | (409) | € (275) | |
COVID 19 Segment Discontinued Operations | Increase (decrease) due to retrospective correction of classification error | |||
Discontinued operations | |||
Cost of sales | (1,192) | ||
General administrative expenses | 999 | ||
Selling expenses | € 193 |
Trade receivables and other a_3
Trade receivables and other assets (Details) € in Thousands, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 EUR (€) | Mar. 31, 2021 EUR (€) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | |
Non-current | ||||
Other assets-Rental deposits | € 2,922 | € 2,922 | ||
Other assets-Others | 50 | 50 | ||
Trade receivables and contract assets and other assets non-current | 2,972 | 2,972 | ||
Current | ||||
Trade receivables, net | 18,209 | 21,065 | ||
Contract assets, net | 2,916 | 3,272 | ||
Other assets | 5,443 | 5,453 | ||
Trade receivables and contract assets and other assets current | 26,568 | 29,790 | ||
Total non-current and current trade receivables and other assets | 29,540 | 32,762 | ||
Expected credit loss allowances on trade receivables and contract assets | 146 | € 95 | ||
COVID 19 Segment Discontinued Operations | ||||
Current | ||||
Gross amount of trade receivables and contract assets | 8,013 | 8,263 | ||
Trade receivables and contract assets. | ||||
Current | ||||
Gross amount of trade receivables and contract assets | € 26,988 | € 30,054 | ||
Expected credit loss rate | 21.70% | 21.70% | 19% | |
Expected credit loss | € 5,863 | € 5,717 | ||
Trade receivables and contract assets. | Not past due | ||||
Current | ||||
Gross amount of trade receivables and contract assets | € 9,355 | € 17,978 | ||
Expected credit loss rate | 1.50% | 1.50% | 0.90% | |
Trade receivables and contract assets. | Less than 1 month | ||||
Current | ||||
Gross amount of trade receivables and contract assets | € 2,743 | € 1,476 | ||
Expected credit loss rate | 6.90% | 6.90% | 7.70% | |
Trade receivables and contract assets. | 1 - 3 months | ||||
Current | ||||
Gross amount of trade receivables and contract assets | € 6,487 | € 2,596 | ||
Expected credit loss rate | 4.80% | 4.80% | 11.70% | |
Trade receivables and contract assets. | Past due more than 90 days | ||||
Current | ||||
Gross amount of trade receivables and contract assets | € 8,403 | € 8,004 | ||
Expected credit loss rate | 62.10% | 62.10% | 64.10% | |
Minimum | ||||
Current | ||||
Receivables payment terms | 30 days | |||
Maximum | ||||
Current | ||||
Receivables payment terms | 90 days | |||
Other assets | ||||
Current | ||||
Consideration receivable for the sale of LPC | $ | $ 50 | |||
Current value added tax receivables | € 346 | € 253 | ||
Prepaid expenses | 3,128 | 3,346 | ||
Receivables from exercise of share based payments granted | 185 | 116 | ||
Receivables from COVID 19 bank or credit card transactions | 0 | 612 | ||
Receivables from grants | 173 | € 0 | ||
Other assets | Rostock headquarters building | ||||
Current | ||||
Cash deposits provided as security for bank loans | 2,250 | |||
Bank guarantee | 3,000 | |||
Other assets | Berlin Offices | ||||
Current | ||||
Cash deposits provided as security for bank loans | 193 | |||
Bank guarantee | 257 | |||
Other assets | Other property, plant and equipment | ||||
Non-current | ||||
Other assets-Rental deposits | € 190 |
Cash and short-term deposits (D
Cash and short-term deposits (Details) - EUR (€) € in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Secured bank loan | ||
Borrowings | ||
Short term deposits pledged as security | € 938 | € 938 |
Overdraft facility | ||
Borrowings | ||
Short term deposits pledged as security | 1,000 | 1,000 |
Existing Overdraft facility | ||
Borrowings | ||
Short term deposits pledged as security | 2,500 | € 2,500 |
Maximum borrowing capacity | 2,500 | |
Second Overdraft facility | ||
Borrowings | ||
Maximum borrowing capacity | 500 | |
Third Overdraft facility | ||
Borrowings | ||
Maximum borrowing capacity | € 500 |
Equity - Common Shares (Details
Equity - Common Shares (Details) € / shares in Units, € in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Jan. 31, 2022 EUR (€) € / shares shares | Mar. 31, 2022 EUR (€) € / shares shares | Dec. 31, 2021 EUR (€) shares | Jan. 31, 2022 $ / shares | |
Disclosure of classes of share capital [line items] | ||||
Number of common shares issued (in shares) | shares | 4,479,088 | |||
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs | € | € 15,000 | |||
Share price | (per share) | € 3.35 | $ 3.73 | ||
Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Par value per share (in euros per share) | € / shares | € 0.12 | |||
Authorized but unissued share capital | € | € 6,230 | € 6,772 | ||
Number of shares issued and fully paid | shares | 27,081,557 | 22,567,971 |
Equity - Capital reserve (Detai
Equity - Capital reserve (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions | 1 Months Ended | |||||
Jan. 31, 2022 EUR (€) € / shares shares | Jan. 31, 2022 USD ($) shares | Mar. 31, 2022 EUR (€) shares | Mar. 31, 2022 $ / shares | Jan. 31, 2022 $ / shares | Dec. 31, 2021 EUR (€) | |
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs | € 15,000 | |||||
Number of common shares issued (in shares) | shares | 4,479,088 | 4,479,088 | ||||
Share price | (per share) | € 3.35 | $ 3.73 | ||||
Number of securities called by warrants | shares | 1,343,727 | 1 | ||||
Exercise price of warrants | $ / shares | $ 7.72 | 7.72 | ||||
Capital Reserve | € 143,456 | € 133,897 | ||||
Warrants Issue Related Cost | € 2,800 | |||||
Value of other equity instruments granted under share based payment arrangement | 2,800 | $ 3.2 | ||||
Capital reserve | ||||||
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs | € 15,000 | |||||
Number of common shares issued (in shares) | shares | 4,479,088 | 4,479,088 | ||||
Share price | (per share) | € 3.35 | 3.73 | ||||
Number of securities called by warrants | shares | 1,343,727 | |||||
Exercise price of warrants | $ / shares | $ 7.72 | |||||
Share premium included in capital reserve | 118,142 | € 106,665 | ||||
Value of other equity instruments granted under share based payment arrangement | € 2,800 | $ 3.2 | ||||
Capital reserve from issuance of shares after transaction costs | ||||||
Share issue related cost | 110 | |||||
Capital Reserve | € 14,300 | |||||
Capital reserve from issuance of shares and warrants after transaction costs | ||||||
Capital Reserve | € 11,500 |
Financial liabilities - Interes
Financial liabilities - Interest-bearing liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial liabilities | ||
Total non-current liabilities | € 36,430 | € 15,394 |
Total current liabilities | 6,527 | 7,145 |
Total non-current and current liabilities | 42,957 | 22,539 |
Total loans | ||
Financial liabilities | ||
Total non-current liabilities | 21,890 | |
Total current liabilities | 3,574 | 3,815 |
Secured bank loans | ||
Financial liabilities | ||
Total non-current liabilities | 21,890 | |
Total current liabilities | 301 | 505 |
Short term deposits pledged as security | 938 | 938 |
Bank overdrafts | ||
Financial liabilities | ||
Total current liabilities | 3,273 | 3,310 |
Lease liabilities | ||
Financial liabilities | ||
Total non-current liabilities | 14,540 | 15,394 |
Total current liabilities | 2,953 | 3,330 |
Total non-current and current liabilities | € 17,493 | € 18,724 |
Financial liabilities - Conditi
Financial liabilities - Conditions and statement of liabilities (Details) € in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | ||||||
Jan. 31, 2022 EUR (€) | Jan. 31, 2022 EUR (€) | Jan. 31, 2022 USD ($) | Mar. 31, 2022 EUR (€) | Mar. 31, 2021 EUR (€) | Mar. 31, 2022 USD ($) | Jan. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | |
Financial liabilities | ||||||||
Nominal amount | € 43,415 | € 22,539 | ||||||
Borrowings drawdowns | 21,695 | € 1,587 | ||||||
Carrying amount | € 42,957 | € 22,539 | ||||||
Secured Bank Loans With Maturity Period 2017 To 22 | ||||||||
Financial liabilities | ||||||||
Nominal interest rate (as a percent) | 2.95% | 2.95% | 2.95% | |||||
Nominal amount | € 301 | € 505 | ||||||
Carrying amount | € 301 | € 505 | ||||||
Secured Bank Loans With Maturity Period 2022 To 27 | ||||||||
Financial liabilities | ||||||||
Nominal interest rate (as a percent) | 7.93% | 7.93% | ||||||
Nominal amount | $ | $ 22,348 | |||||||
Carrying amount | $ | $ 21,890 | |||||||
Bank overdrafts, one | ||||||||
Financial liabilities | ||||||||
Nominal interest rate (as a percent) | 4.75% | 4.75% | 4.75% | |||||
Nominal amount | € 499 | € 499 | ||||||
Carrying amount | € 499 | € 499 | ||||||
Bank overdrafts, two | ||||||||
Financial liabilities | ||||||||
Nominal interest rate (as a percent) | 3.75% | 3.75% | 3.75% | |||||
Nominal amount | € 2,372 | € 2,329 | ||||||
Carrying amount | € 2,372 | € 2,329 | ||||||
Bank overdrafts, three | ||||||||
Financial liabilities | ||||||||
Nominal interest rate (as a percent) | 4.50% | 4.50% | 4.50% | |||||
Nominal amount | € 402 | € 482 | ||||||
Carrying amount | 402 | 482 | ||||||
Bank overdrafts, one and three | ||||||||
Financial liabilities | ||||||||
Nominal amount | 901 | 981 | ||||||
Lease liabilities | ||||||||
Financial liabilities | ||||||||
Nominal amount | 17,493 | 18,724 | ||||||
Carrying amount | € 17,493 | € 18,724 | ||||||
Minimum | Lease liabilities | ||||||||
Financial liabilities | ||||||||
Nominal interest rate (as a percent) | 5.40% | 5.40% | 5.40% | |||||
Nominal interest rate at commencement of leases | 2.10% | 2.10% | 2.10% | |||||
Maximum | Lease liabilities | ||||||||
Financial liabilities | ||||||||
Nominal interest rate (as a percent) | 9.10% | 9.10% | 9.10% | |||||
Nominal interest rate at commencement of leases | 3.50% | 3.50% | ||||||
Overdraft facility | Bank overdrafts, two | ||||||||
Financial liabilities | ||||||||
Short-term deposits, pledged as security | € 2,500 | € 2,500 | ||||||
Second Overdraft facility | Bank overdrafts, one and three | ||||||||
Financial liabilities | ||||||||
Short-term deposits, pledged as security | € 500 | |||||||
Loan facility | ||||||||
Financial liabilities | ||||||||
Nominal interest rate (as a percent) | 7.93% | 7.93% | 7.93% | |||||
Nominal amount | € 40,200 | € 40,200 | $ 45,000 | |||||
Transaction costs | € 648 | € 648 | ||||||
Effective interest rate (as a percent) | 10.51% | 10.51% | 10.51% | |||||
Loan facility | Floor rate | ||||||||
Financial liabilities | ||||||||
Adjustment to interest rate | 0.07% | 0.07% | 0.07% | |||||
Loan facility first tranche | ||||||||
Financial liabilities | ||||||||
Borrowings drawdowns | € 22,300 | $ 25,000 | ||||||
Borrowings covenant, Minimum required revenue | € 30,000 | |||||||
Loan facility second tranche | ||||||||
Financial liabilities | ||||||||
Borrowings available, Subject to achievement of product revenue | € 17,900 | 17,900 | $ 20,000 | |||||
Borrowings, Revenue achievement threshold | 44,700 | $ 50,000 | ||||||
Borrowings covenant, Minimum required revenue | € 40,000 |
Financial liabilities - Trade p
Financial liabilities - Trade payables and other liabilities (Details) € / shares in Units, $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |||||
Jan. 31, 2022 EUR (€) shares | Jan. 31, 2022 USD ($) $ / shares shares | Mar. 31, 2022 EUR (€) € / shares shares | Mar. 31, 2021 EUR (€) | Mar. 31, 2022 $ / shares | Jan. 31, 2022 € / shares shares | Dec. 31, 2021 EUR (€) | |
Disclosure of reconciliation of liabilities arising from financing activities | |||||||
Trade payables | € 5,897,000 | € 11,252,000 | |||||
Government grants (deferred income) | 9,023,000 | 9,396,000 | |||||
Contract liabilities | 2,166,000 | 4,842,000 | |||||
Warrants liability | 2,603,000 | ||||||
Others | 12,393,000 | 14,632,000 | |||||
Trade payables and other liabilities | 32,082,000 | 40,122,000 | |||||
Non-current | 10,109,000 | 8,028,000 | |||||
Current | 21,973,000 | 32,094,000 | |||||
Grants received for investment in property, plant and equipment | 0 | € 0 | |||||
Provision for outstanding invoices | 2,400,000 | 4,978,000 | |||||
Personnel related liabilities for vacation and bonuses | 4,031,000 | 4,812,000 | |||||
VAT payable | 0 | 905,000 | |||||
Liabilities for wage and church tax | € 755,000 | € 1,040,000 | |||||
Amount of warrant liabilities per share | € / shares | € 1.93 | € 2.11 | |||||
Decrease in fair value of warrant liabilities | € 238,000 | ||||||
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs | € 15,000,000 | ||||||
Shares issued during period | shares | 4,479,088 | 4,479,088 | |||||
Share price | (per share) | $ 3.73 | € 3.35 | |||||
Number of securities called by warrants | shares | 1,343,727 | 1 | 1,343,727 | ||||
Exercise price of warrants | $ / shares | $ 7.72 | $ 7.72 | |||||
Value of other equity instruments granted under share based payment arrangement | € 2,800,000 | $ 3.2 |
Financial liabilities - Key ass
Financial liabilities - Key assumptions to derive warrants value (Details) | Mar. 31, 2022 Y $ / shares | Jan. 31, 2022 $ / shares Y |
Exercise price | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Assumptions used to derive warrants value | 7.72 | 7.72 |
Share price at grant date | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Assumptions used to derive warrants value | 4.21 | 4.42 |
Volatility | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Assumptions used to derive warrants value | 0.80 | 0.80 |
Risk-free interest rate | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Assumptions used to derive warrants value | 0.0163 | 0.0165 |
Dividend yield | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Assumptions used to derive warrants value | 0 | 0 |
Time to maturity | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Assumptions used to derive warrants value | Y | 4.75 | 4.9 |
Share-based payments - Expenses
Share-based payments - Expenses from share-based payment arrangements (Details) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Expenses arising from share-based payment transactions | ||
Expenses arising from equity-settled share-based payment transactions | € (1,957) | € 2,042 |
Management board and employees | ||
Expenses arising from share-based payment transactions | ||
Expenses arising from equity-settled share-based payment transactions | 470 | 429 |
New CEO | ||
Expenses arising from share-based payment transactions | ||
Expenses arising from equity-settled share-based payment transactions | 113 | 799 |
Supervisory board members | ||
Expenses arising from share-based payment transactions | ||
Expenses arising from equity-settled share-based payment transactions | 415 | € 814 |
Forfeiture Of Management Board Grants | ||
Expenses arising from share-based payment transactions | ||
Expenses arising from equity-settled share-based payment transactions | (179) | |
Expected forfeiture of management board grants | ||
Expenses arising from share-based payment transactions | ||
Expenses arising from equity-settled share-based payment transactions | € (2,775) |
Share-based payments - Equity s
Share-based payments - Equity share option - Replacement (ESOP VSOP 2017) (Details) - 3 months ended Mar. 31, 2022 | Options EquityInstruments € / shares shares | Options EquityInstruments $ / shares shares |
Equity share option 2017 (Equity settled) | Options. | ||
Number | ||
Outstanding at January 1 | Options | 357,440 | 357,440 |
Outstanding as of March 31 | Options | 357,440 | 357,440 |
Vested as of March 31 | shares | 357,440 | 357,440 |
Exercisable as of March 31 | Options | 357,440 | 357,440 |
WAEP | ||
Outstanding as of January 1 | € / shares | € 0.12 | |
Granted during the year | € / shares | 0.12 | |
Exercised during the year | € / shares | 0.12 | |
Forfeited during the year | € / shares | 0.12 | |
Expected forfeited during the year | € / shares | 0.12 | |
Outstanding as of March 31 | € / shares | € 0.12 | |
2019 Plan | Options. | ||
Number | ||
Outstanding at January 1 | Options | 185,077 | 185,077 |
Outstanding as of March 31 | Options | 185,077 | 185,077 |
Vested as of March 31 | shares | 115,758 | 115,758 |
Exercisable as of March 31 | Options | 115,758 | 115,758 |
WAEP | ||
Outstanding as of January 1 | $ / shares | $ 11.76 | |
Outstanding as of March 31 | $ / shares | $ 11.76 | |
2019 Plan | RSUs | ||
Number | ||
Outstanding as of January 1 | EquityInstruments | 1,803,968 | 1,803,968 |
Granted during the year | EquityInstruments | 647,056 | 647,056 |
Exercised during the year | EquityInstruments | (34,498) | (34,498) |
Forfeited during the year (in shares) | EquityInstruments | (60,340) | (60,340) |
Expected forfeited during the year | shares | (754,572) | (754,572) |
Outstanding as of March 31 | EquityInstruments | 1,601,614 | 1,601,614 |
Vested as of March 31 | shares | 448,144 | 448,144 |
Exercisable as of March 31 | EquityInstruments | 448,144 | 448,144 |
Share-based payments - Manageme
Share-based payments - Management board and employees Options and RSUs grants awarded and exercises (Details) - 2019 Plan | 3 Months Ended |
Mar. 31, 2022 EquityInstruments tranche | |
RSUs | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
RSUs granted | 647,056 |
RSU Granted One | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
RSUs granted | 166,667 |
Number of tranches | tranche | 4 |
Vesting period | 4 years |
Expiration Date | 10 years |
RSU Granted Two | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
RSUs granted | 174,394 |
Number of tranches | tranche | 4 |
Vesting period | 4 years |
Expiration Date | 10 years |
RSU Granted Four | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expiration Date | 10 years |
RSU Granted Four | Maximum | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
RSUs granted | 275,000 |
RSU Granted Five | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
RSUs granted | 30,995 |
Number of tranches | tranche | 4 |
Vesting period | 4 years |
Expiration Date | 10 years |
Share-based payments - Valuatio
Share-based payments - Valuation of Options (Details) - Performance Based RSUs - New CEO | 3 Months Ended |
Mar. 31, 2022 item $ / shares | |
Tranche one | |
Key assumptions used to derive other equity instruments value | |
Share price at grant date (USD) | $ 4.42 |
Fair value | $ 2.10 |
Vesting hurdle | item | 12 |
Expected volatility (%) | 80% |
Riskfree rate (%) | 1.10% |
Time to vesting hurdle year | 1 year 10 months 28 days |
Dividend yield (%) | |
Tranche two | |
Key assumptions used to derive other equity instruments value | |
Share price at grant date (USD) | $ 4.42 |
Fair value | $ 1.60 |
Vesting hurdle | item | 15 |
Expected volatility (%) | 80% |
Riskfree rate (%) | 1.10% |
Time to vesting hurdle year | 1 year 10 months 28 days |
Dividend yield (%) |
Share-based payments - Grants t
Share-based payments - Grants to new CEO and supervisory board grant (Details) $ / shares in Units, € in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | ||||||
Apr. 30, 2022 EquityInstruments shares | Feb. 01, 2022 CHF (SFr) EquityInstruments | Feb. 01, 2022 EUR (€) installment $ / shares | Jan. 31, 2022 USD ($) | Jan. 31, 2022 EUR (€) | Mar. 31, 2022 EUR (€) EquityInstruments | Mar. 31, 2022 $ / shares | Mar. 31, 2021 tranche | |
Share-based Compensation | ||||||||
Value of other equity instruments granted under share based payment arrangement | $ 3.2 | € 2,800 | ||||||
RSUs | ||||||||
Share-based Compensation | ||||||||
Amount of dividend payment expected over an vesting period | € | € 0 | |||||||
RSUs | Mr. Just | ||||||||
Share-based Compensation | ||||||||
Number of units vested during the period | 0 | |||||||
Value of other equity instruments derecognized in Share-based payment arrangement | € | € 179 | |||||||
Chief Executive Officer | Subject to time-vesting | ||||||||
Share-based Compensation | ||||||||
Vesting period | 4 years | |||||||
Chief Executive Officer | RSUs | ||||||||
Share-based Compensation | ||||||||
Contractual life | 10 years | |||||||
Number of Installments | installment | 4 | |||||||
Chief Executive Officer | RSUs | Subject to time-vesting and performance vesting | ||||||||
Share-based Compensation | ||||||||
RSUs granted | 174,394 | |||||||
Chief Executive Officer | RSUs | Subject to time-vesting | ||||||||
Share-based Compensation | ||||||||
RSUs granted | 166,667 | |||||||
Chief Executive Officer | RSUs | Annual RSUs | ||||||||
Share-based Compensation | ||||||||
RSUs granted | 44,444 | |||||||
Vesting term | 4 years | |||||||
Number of Installments | installment | 4 | |||||||
Chief Executive Officer | Performance Based RSUs | Tranche one | ||||||||
Share-based Compensation | ||||||||
Vesting percentage | 50% | |||||||
Chief Executive Officer | Performance Based RSUs | Tranche two | ||||||||
Share-based Compensation | ||||||||
Vesting percentage | 50% | |||||||
Chief Executive Officer | Other RSUs granted to CEO | Annual RSUs | ||||||||
Share-based Compensation | ||||||||
Value of other equity instruments granted under share based payment arrangement | SFr | SFr 200,000 | |||||||
Chief Executive Officer | M&A RSUs | ||||||||
Share-based Compensation | ||||||||
Fair value of units granted during the period | € | € 156 | |||||||
Chief Executive Officer | If change in control of the Company | M&A RSUs | ||||||||
Share-based Compensation | ||||||||
Number of units vested during the period | 275,000 | |||||||
Chief Executive Officer | VWAP prior to change, between USD 5 and USD 15 | M&A RSUs | ||||||||
Share-based Compensation | ||||||||
RSUs granted | 200,000 | |||||||
Chief Executive Officer | VWAP prior to change, between USD 5 and USD 15 | M&A RSUs | Minimum | ||||||||
Share-based Compensation | ||||||||
Share hurdle price | $ / shares | € 5 | |||||||
Chief Executive Officer | VWAP prior to change, between USD 5 and USD 15 | M&A RSUs | Maximum | ||||||||
Share-based Compensation | ||||||||
Share hurdle price | $ / shares | 15 | |||||||
Chief Executive Officer | VWAP prior to change More Than USD 15 | M&A RSUs | ||||||||
Share-based Compensation | ||||||||
RSUs granted | 275,000 | |||||||
Chief Executive Officer | VWAP prior to change More Than USD 15 | M&A RSUs | Minimum | ||||||||
Share-based Compensation | ||||||||
Share hurdle price | $ / shares | € 15 | |||||||
Former Chief Executive Officer | RSUs | ||||||||
Share-based Compensation | ||||||||
Number of Awards | 62,284 | |||||||
Number of units vested during the period | 69,428 | |||||||
Number of units cancelled during the period | shares | 7,144 | |||||||
Value of other equity instruments derecognized in Share-based payment arrangement | € | € 2,775 | |||||||
Former Chief Executive Officer | RSUs | Maximum | ||||||||
Share-based Compensation | ||||||||
RSUs granted | 62,284 | |||||||
Number of Awards | 62,284 | |||||||
2019 Plan | RSUs | ||||||||
Share-based Compensation | ||||||||
RSUs granted | 647,056 | |||||||
Number of units vested during the period | 34,498 | |||||||
2019 Plan | Management board and employees | RSUs | ||||||||
Share-based Compensation | ||||||||
RSUs granted | 30,995 | |||||||
Number of units vested during the period | 34,498 | |||||||
Weighted average fair value of RSUs granted | $ / shares | $ 3.23 | |||||||
Weighted average exercise price of other equity instruments exercised or vested in share-based payment arrangement | $ / shares | $ 4.78 | |||||||
2019 Plan | Management board and employees | Vesting in four tranches | RSUs | ||||||||
Share-based Compensation | ||||||||
Contractual life | 10 years | |||||||
Vesting term | 4 years | |||||||
Number of Tranches | tranche | 4 |
Financial instruments at fair_3
Financial instruments at fair value - Recurring basis (Details) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Disclosure of fair value measurement of liabilities [line items] | ||
Warrant liability fair value | € 238 | |
Financial liabilities at amortized cost | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Fair value of non-current loans | 21,890 | |
Recurring | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Fair value of non-current loans | 21,890 | € 0 |
Warrants liability | 2,603 | |
Recurring | Level 2 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Fair value of non-current loans | 21,890 | |
Recurring | Level 3 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Warrants liability | € 2,603 |
Financial instruments at fair_4
Financial instruments at fair value - Profit or loss impact on the fair values of Level 3 (Details) € in Thousands | 3 Months Ended |
Mar. 31, 2022 EUR (€) | |
Financial instruments at fair value | |
Expected volatility increase | € 3,031 |
Expected volatility decrease | € 2,641 |
Percentage of reasonably possible increase | 5% |
Financial risk management - Cur
Financial risk management - Currency risk (Details) - Currency risk - EUR (€) € in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
USD | ||
Currency risk | ||
Net exposure | € (20,418) | € 2,241 |
USD | Trade receivables and other assets | ||
Currency risk | ||
Net exposure | 3,849 | 4,635 |
USD | Trade payables and other liabilities | ||
Currency risk | ||
Net exposure | (2,377) | (2,394) |
USD | Financial liabilities | ||
Currency risk | ||
Net exposure | (21,890) | |
INR | ||
Currency risk | ||
Net exposure | 13 | 4 |
INR | Trade receivables and other assets | ||
Currency risk | ||
Net exposure | € 13 | 8 |
INR | Trade payables and other liabilities | ||
Currency risk | ||
Net exposure | € (4) |
Financial risk management - Sen
Financial risk management - Sensitivity analysis (Details) - EUR (€) € in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Financial instruments at fair value | ||
Earnings before tax, 5% increase | € 953 | € (101) |
Earnings before tax, 5% decrease | (1,053) | 112 |
Equity, 5% increase | 953 | (101) |
Equity, 5% decrease | € (1,053) | € 112 |
Financial risk management - Int
Financial risk management - Interest rate risk (Details) - EUR (€) € in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Decrease in earnings due to 1% increase in interest rate | € 41 | € 0 |
Commitments (Details)
Commitments (Details) - EUR (€) € in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Lease commitments | ||
Total payment obligation | € 3,126 | € 6,620 |
Rostock headquarters building | Not later than one year | ||
Lease commitments | ||
Future lease payments to be made | 113 | 107 |
Rostock headquarters building | 1 - 5 years | ||
Lease commitments | ||
Future lease payments to be made | 2,373 | 2,370 |
Rostock headquarters building | More than five years | ||
Lease commitments | ||
Future lease payments to be made | 4,056 | 4,219 |
Office equipment and storage spaces | Not later than one year | ||
Lease commitments | ||
Future lease payments to be made | 39 | 44 |
Office equipment and storage spaces | 1 - 5 years | ||
Lease commitments | ||
Future lease payments to be made | € 40 | € 49 |
Contingent Liabilities (Details
Contingent Liabilities (Details) - EUR (€) | Aug. 07, 2021 | Dec. 31, 2020 | Nov. 08, 2018 |
Universitair Medisch Centrum Utrecht | |||
Contingent Liabilities | |||
Amount in dispute | € 1,300,000 | € 880,000 | |
Prof. Dr. Peter Bauer | |||
Contingent Liabilities | |||
Aggregate amount in question | € 42,268.50 |
Subsequent Events (Details)
Subsequent Events (Details) - Leadership transition € in Thousands | Jun. 29, 2022 EquityInstruments shares | Jun. 22, 2022 EUR (€) EquityInstruments installment |
RSUs | Volkmar Weckesser | ||
Subsequent Event | ||
Number of units vested during the period | 10,000 | |
Number of stock cancelled automatically | 20,000 | |
Options | Volkmar Weckesser | ||
Subsequent Event | ||
No of options vested during the period | shares | 33,773 | |
Terms of award | 12 months | |
Forfeit during the year (in shares) | 10,000 | |
Number of stock cancelled automatically | 15,000 | |
Performance Based RSUs | CFO | ||
Subsequent Event | ||
RSUs granted | 58,132 | |
Number of Installments | installment | 2 | |
Time Based RSUs | CFO | ||
Subsequent Event | ||
RSUs granted | 55,556 | |
Number of Installments | installment | 4 | |
Long-term Incentives (LTIs) | ||
Subsequent Event | ||
Percentage of award constitutes RSU's | 75% | |
Percentage of award constitutes stock options | 25% | |
Number of Installments | installment | 4 | |
Contractual life | 10 years | |
Long-term Incentives (LTIs) | Supervisory board members | ||
Subsequent Event | ||
Value of options and other equity instruments granted | € | € 140 | |
Long-term Incentives (LTIs) | Chairman | ||
Subsequent Event | ||
Value of additional options and other equity instruments granted | € | 105 | |
Long-term Incentives (LTIs) | Vice chairman | ||
Subsequent Event | ||
Value of additional options and other equity instruments granted | € | 70 | |
Long-term Incentives (LTIs) | Chairman of audit committee | ||
Subsequent Event | ||
Value of additional options and other equity instruments granted | € | 70 | |
Long-term Incentives (LTIs) | Chairman of compensation committee | ||
Subsequent Event | ||
Value of additional options and other equity instruments granted | € | € 14 |