Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | IDEX Biometrics ASA |
Entity Central Index Key | 0001824036 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Voluntary Filers | No |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding | 1,166,326,584 |
Document Accounting Standard | International Financial Reporting Standards |
Entity Address, Address Line One | Dronning Eufemias gate 16 |
Entity Address, City or Town | Oslo |
Entity Address, Country | NO |
Document Annual Report | true |
Document Transition Report | false |
Entity File Number | 001-39810 |
Document Shell Company Report | false |
Document Registration Statement | false |
Entity Incorporation, State or Country Code | Q8 |
ICFR Auditor Attestation Flag | false |
Entity Address, Postal Zip Code | NO-0191 |
Auditor Name | Ernst & Young AS |
Auditor Firm ID | 1572 |
Auditor Location | Bergen, Norway |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | Dronning Eufemias gate 16 |
Entity Address, City or Town | Oslo |
Entity Address, Country | NO |
Entity Address, Postal Zip Code | NO-0191 |
Contact Personnel Name | Vincent Graziani |
Contact Personnel Email Address | @idexbiometrics.com |
City Area Code | 47 |
Local Phone Number | 6783 9119 |
ADS [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares, each representing 75 Ordinary Shares, nominal value NOK 0.15 per share |
Trading Symbol | IDBA |
Security Exchange Name | NASDAQ |
Ordinary shares [member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary Shares, nominal value NOK 0.15 per share |
No Trading Symbol Flag | true |
Security Exchange Name | NASDAQ |
Consolidated Statements of Prof
Consolidated Statements of Profit and Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue: | |||
Total revenue | $ 4,091 | $ 2,840 | $ 1,095 |
Operating expenses: | |||
Cost of materials, net of inventory change | 3,244 | 1,254 | 275 |
Compensation and benefits | 19,213 | 21,107 | 17,672 |
Research and development | 3,250 | 2,680 | 1,895 |
Other operating expenses | 8,402 | 7,347 | 5,936 |
Amortization and depreciation | 1,352 | 1,802 | 1,719 |
Total operating expenses | 35,460 | 34,190 | 27,497 |
Loss from operations | (31,369) | (31,350) | (26,402) |
Finance income | 97 | 11 | 26 |
Finance cost | (1,425) | (1,123) | (477) |
Loss before tax | (32,698) | (32,462) | (26,853) |
Income tax expense (benefit) | (36) | 90 | (99) |
Net loss for the year | $ (32,662) | $ (32,552) | $ (26,754) |
Loss per share for the year (basic and diluted) | $ (0.03) | $ (0.04) | $ (0.03) |
Product [Member] | |||
Revenue: | |||
Total revenue | $ 3,889 | $ 2,837 | $ 1,013 |
Service [Member] | |||
Revenue: | |||
Total revenue | $ 203 | $ 3 | $ 82 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Profit and Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Net loss for the year | $ (32,662) | $ (32,552) | $ (26,754) |
Other comprehensive income that may be reclassified to profit (loss) in subsequent periods: | |||
Foreign currency translation adjustment | 680 | 10 | 670 |
Total comprehensive income (loss) for the period (net of tax) | $ (31,981) | $ (32,542) | $ (26,084) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Non-current assets: | ||
Goodwill | $ 968 | $ 968 |
Intangible assets | 1,488 | 1,965 |
Property, plant and equipment | 1,107 | 1,301 |
Right-of-use assets | 1,545 | 357 |
Non-current receivables | 73 | 87 |
Total non-current assets | 5,181 | 4,678 |
Current assets: | ||
Prepaid expenses | 986 | 851 |
Inventory | 4,447 | 1,234 |
Accounts receivable, other | 929 | 703 |
Accounts receivable, trade | 1,349 | 801 |
Cash and cash equivalents | 16,124 | 33,759 |
Total current assets | 23,835 | 37,348 |
Total assets | 29,016 | 42,026 |
Equity and liabilities | ||
Share capital (NOK 0.15 par value per share, 1,166,326,584 and 1,010,388,454 shares issued and outstanding at December 31, 2022 and 2021, respectively) | 22,762 | 20,410 |
Share premium | 4,036 | 9,452 |
Share-based payment reserve | 23,576 | 21,414 |
Foreign currency translation effects | (11,632) | (12,312) |
Capital reduction reserves | 287,500 | 269,500 |
Accumulated loss | (303,401) | (270,739) |
Total equity | 22,841 | 37,725 |
Non-current liabilities: | ||
Non-current lease liabilities | 1,142 | 11 |
Total non-current liabilities | 1,142 | 11 |
Current liabilities: | ||
Accounts Payable | 1,540 | 685 |
Current lease liabilities | 402 | 362 |
Public duties payable | 394 | 393 |
Other current liabilities | 2,697 | 2,850 |
Total current liabilities | 5,033 | 4,290 |
Total liabilities | 6,175 | 4,301 |
Total equity and liabilities | $ 29,016 | $ 42,026 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - kr / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of financial position [abstract] | ||
Par value per share | kr 0.15 | kr 0.15 |
Number of shares issued | 1,166,326,584 | 1,010,388,454 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Share Capital [member] | Share premium [member] | Share based payment [Member] | Capital reduction reserve [Member] | Foreign Currency Translation Effect [Member] | Accumulated Loss [Member] |
Beginning balance at Dec. 31, 2019 | $ 17,812 | $ 15,445 | $ 197,639 | $ 15,903 | $ 13,250 | $ (12,992) | $ (211,433) |
Share issuance | 17,948 | 1,729 | 16,219 | ||||
Share-based compensation | 2,838 | 77 | 2,761 | ||||
Net loss for the year | (26,754) | (26,754) | |||||
Transfer of share premium | (210,250) | 210,250 | |||||
Other comprehensive income | 670 | 670 | |||||
Ending balance at Dec. 31, 2020 | 12,514 | 17,251 | 3,608 | 18,664 | 223,500 | (12,322) | (238,187) |
Share issuance | 54,312 | 3,107 | 51,205 | ||||
Share-based compensation | 3,441 | 52 | 639 | 2,750 | |||
Net loss for the year | (32,552) | (32,552) | |||||
Transfer of share premium | 46,000 | (46,000) | 46,000 | ||||
Other comprehensive income | 10 | 10 | |||||
Ending balance at Dec. 31, 2021 | 37,725 | 20,410 | 9,452 | 21,414 | 269,500 | (12,312) | (270,739) |
Share issuance | 14,376 | 2,273 | 12,103 | ||||
Share-based compensation | 2,721 | 79 | 481 | 2,161 | |||
Net loss for the year | (32,662) | (32,662) | |||||
Transfer of share premium | 18,000 | (18,000) | 18,000 | ||||
Other comprehensive income | 680 | 680 | |||||
Ending balance at Dec. 31, 2022 | $ 22,841 | $ 22,762 | $ 4,036 | $ 23,576 | $ 287,500 | $ (11,632) | $ (303,401) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | |||
Profit (loss) before tax | $ (32,698) | $ (32,462) | $ (26,853) |
Amortization and depreciation expense | 1,352 | 1,802 | 1,719 |
Share-based compensation expense | 2,721 | 2,750 | 2,755 |
(Increase) decrease in inventories | (3,215) | (375) | (139) |
(Increase) decrease in accounts receivable | (548) | (314) | (414) |
Increase (decrease) in accounts payable | 858 | 53 | 141 |
Change in other working capital items | 564 | 577 | (39) |
Interest paid | (33) | (11) | (27) |
Taxes paid (received) | 372 | (447) | 437 |
Net cash flow from operating activities | (31,370) | (27,533) | (23,294) |
Investing activities | |||
Purchases of property, plant and equipment | (267) | (141) | (152) |
Purchases of intangible assets | (181) | ||
(Payment) collection of non-current receivables | 9 | (13) | 75 |
Interest received | 97 | 11 | 26 |
Net cash flows from investing activities | (160) | (143) | (232) |
Financing Activities | |||
Net proceeds from issuance of shares | 14,376 | 54,992 | 18,731 |
Payment of principal portion of lease liabilities | (400) | (844) | (793) |
Payment related to a financed asset purchase | (500) | ||
Net cash flows from financing activities | 13,976 | 54,148 | 17,438 |
Net change in cash and cash equivalents | (17,555) | 26,472 | (6,088) |
Effect of foreign exchange on cash balances | (80) | (11) | (740) |
Opening cash and cash equivalents balance | 33,759 | 7,298 | 14,126 |
Cash and cash equivalents at December 31 | $ 16,124 | $ 33,759 | $ 7,298 |
Corporate Information
Corporate Information | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Corporate Information | 1. Corporate Information IDEX Biometrics ASA and its wholly-owned subsidiaries (collectively, “IDEX” or the “Company”) specialize in the design, development, and sale of fingerprint authentication solutions. The Company’s fingerprint authentication solutions are used primarily in contactless smart cards, including financial payment cards, access control cards, and card-based devices for the storage of digital currencies. IDEX Biometrics ASA, the parent company, is a public limited liability company incorporated in 1996 in Norway. The address of the head office is Dronning Eufemias gate 16, NO-0191 Oslo, Norway. The Company’s Ordinary Shares, representing the only class of equity securities issued and outstanding, are listed on the Oslo Børs, the stock exchange in Oslo, Norway, under the ticker symbol IDEX. The Company’s American Depositary Shares (“ADSs”), each ADS representing 75 Ordinary Shares, are listed on Nasdaq, under the ticker symbol IDBA. IDEX is comprised of the Norwegian parent company and its subsidiaries in the United States (IDEX Biometrics Holding Company Inc. and IDEX Biometrics America Inc. (together, “IDEX America”)), the United Kingdom (IDEX Biometrics UK Ltd. (“IDEX UK”)), and China (IDEX Electronics (Shanghai) Co., Ltd. (“IDEX China”)). The parent company is the owner of all intellectual property of IDEX and is the contractual party to all customer and manufacturing partner agreements. All sales are generated by the parent company. The subsidiaries provide various services to the parent company, mainly associated with engineering, supply-chain administration, and customer service functions. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Basis of Preparation | 2. Basis of Preparation The Company prepares its Consolidated Financial Statements in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and IFRS as endorsed by the European Union. The consolidated financial statements are presented in U.S. Dollars (“USD”), and all values are rounded to the nearest thousand ($000), except when otherwise indicated. As of January 1, 2020, the parent company changed its presentation currency from the Norwegian Krone (“NOK”) to USD, and, as of January 1, 2021, the parent company changed its functional currency from NOK to USD. The change of functional currency from NOK to USD, was determined by to be appropriate, given that the parent company’s operational transactions had come to be primarily dominated in USD. The Consolidated Financial Statements, prepared on a historical cost basis, include the accounts of the parent company and its subsidiaries, with all intercompany transactions, balances, revenue, expenses, and unrealized internal profit or losses eliminated upon consolidation. During the year ended December 31, 2022, the Company revised its classification related to the presentation of Capital Reduction Reserve to reflect the legal decision of the absorption of historical accounting losses into Share Premium. Previously, the Company presented transfer of Share premium to absorb losses as a component of Accumulated Loss. The Company changed its presentation to reflect the amount of transfer losses to Share Premium separately from accumulated losses on the Consolidated Statements of Financial Position and Consolidated Statements of Changes in Equity. The Company has applied this change to all periods. The consolidated financial statements for the year ended December 31, 2022, were approved by the Board on April 26, 2023. Going Concern The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise significant doubt about the Company’s ability to continue as a going concern within one year after the date the consolidated financial statements are issued. From its inception through December 31, 2022, IDEX has incurred significant operating losses and has reported negative cash flows from operations. As of December 31, 2022, the Company has accumulated losses of $ 303,401 . The Company has no debt to financial institutions. Net equity amounted to $ 22,841 and the consolidated statement of financial position solvency amounted to $ 13,370 at the end of 2022. The Company does not expect that its existing cash would enable it to fund its operating expenses and capital expenditures requirements for the next twelve months. The future viability of the Company beyond that point is largely dependent on its ability to generate cash from operating activities and to raise additional capital to finance its operations. Based on its recurring losses from operations incurred since inception, expectation of continuing losses for the foreseeable future and need to raise additional capital to finance its future operations, the Company has concluded that there is significant doubt about its ability to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 3. Significant Accounting Policies Accounting policies that are significant to the Company’s results and financial position, in terms of materiality of the items to which the policy is applied, are discussed below. The statements of profit and loss are presented by the nature of expense. The cash flow statements are presented by the indirect method. There have not been any changes to the Company's accounting policies applied in the financial statements for 2022 compared to those applied in the annual financial statements for 2021. Accounting estimates, based on the use of judgment and assumptions The application of certain accounting standards requires estimates based on considerable judgment and assumptions that may involve high levels of uncertainty at the time the estimates are made. Estimates are continually evaluated. Assumptions are based on historical experience and other factors, including expectations of future events and parameters that are believed to be reasonable under the circumstances. Actual outcomes may deviate from estimates. Changes in estimates and deviations between estimated result and actual outcome may have a material influence on the financial statements in the periods when estimates or assumptions are changed or when uncertainty is resolved. The following represent the most significant accounting items based on estimates, based on management's judgment and assumptions. Goodwill Goodwill represents the future economic value of assets acquired in a business combination above the separately recorded values of the assets. Subsequent impairment testing involves quantitatively comparing the recorded value to the estimated value of the business unit to which the goodwill is assigned. The estimate is based on judgments of when and whether there will be an economic benefit from the business unit, and assumptions about the amounts. As of December 31, 2022 , such comparison indicated the carried value of goodwill was appropriate, and no impairment was recorded. Intangible assets IDEX’s patents and other intellectual property rights created by the Company are capitalized and recorded in the Consolidated Statements of Financial Position only when they satisfy the criteria for capitalization. No development costs have been capitalized in 2022, 2021, or 2020. Acquired intangible assets are capitalized initially at fair value, normally the purchase price. Intangible assets are amortized over their useful economic lives. An assessment of impairment losses on non-current assets is made when there is an indication of a decrease in value. An intangible asset’s carrying amount is compared to the asset's recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an independent third party) or the calculated value based on the discounted estimated cash flow from continued use. The estimate is based on judgments of when and whether there will be an economic benefit from the asset, and assumptions about the amounts. As of December 31, 2022 , the Company determined that there were no indicators of impairment, and no impairment was recorded. Inventory Inventories consist of raw materials, work in process, and finished goods. Inventory is recorded at the lower of cost and net realizable value. Impairment is assessed quarterly, based on management’s judgment of when and whether the inventory may be sold, and assumptions about the sales price and selling costs. The estimate is uncertain, because timing of sales are subject to many risks. Selling prices are uncertain in the market for IDEX's products. Reselling components or other commodity raw materials at any value may not be easily achieved, and elements of work in progress and finished goods, if impaired (i.e., considered excess or obsolete inventory), generally have no resale value and are held for disposal. Share-based compensation IDEX estimates the fair value of incentive subscription rights (“SRs”) at the grant date by using the Black-Scholes option pricing model, and record share-based remuneration cost over the vesting period of the SRs. The valuation is based on share price and exercise price, share price volatility, interest rates, and the expected term of the SRs, based on historical data. The parameters may in the future deviate from the historical observations. The accrued cost of the Company’s employment taxes associated with the earned intrinsic value of the SRs will vary with share price, which is a highly unpredictable parameter. IDEX estimates the fair value of the Employee Share Purchase Plan (“ESPP”) at the grant date, i.e. the first date of the contribution period, by using the Black-Scholes option pricing model. The share-based compensation is expensed over the contribution period. The valuation is based on share price and exercise price, share price volatility, interest rates, and the term of the contribution period. The parameters may in the future deviate from the historical observations. Climate Change As of December 31, 2022 , the possible future financial impact to the Company resulting from climate change is uncertain. Given the nature of the Company’s operations and products, the Company believe any such impact not to be material. The Company is monitoring current and expected climate change effects, as well as measures considered or implemented by government and industry, in order to minimize any negative impact and to take advantage of any favorable opportunities that may arise. COVID-19 The COVID-19 pandemic, including the global emergence of new variants, continues to cause business and economic uncertainties. The full impact of COVID-19 on the Company’s business, results of operations, and financial condition may depend on numerous evolving factors that are highly uncertain and cannot be accurately predicted. The Company will continue to monitor the evolving situation and will assess modifying its response to the pandemic, as well as any relevant implications for its operations or financial reporting. The Company has not experienced significant delays in its development projects, and it has not incurred additional costs as a result of its response to the pandemic. Disruption of supply chains, particularly the semiconductor supply chain, has been attributed to the pandemic. While the Company did not experience supply chain disruptions that were material to its operations or financial results during 2021 or 2022, operational planning and management of inventory levels were challenging, given uncertainties associated with vendor capacity availability and allocations to the Company of such capacity. Because management expects such uncertainties will continue through 2023, the Company may place orders for, and hold balances of, inventory at higher levels than would be expected if such uncertainties did not exist. Management believes the pandemic has had an adverse influence on the timing of activities of smart card manufacturers and issuers, including delaying product development and the initiation of trials and pilots involving smart cards incorporating our fingerprint authentication solutions. Financial risks IDEX emphasizes capital preservation and liquidity in managing its cash, which is held in bank accounts, which are denominated in USD, NOK, GBP, and CNY. Short-term capital requirements include funding operating losses and supporting net working capital requirements. Reflecting the Company’s operating model, investments in property, plant, and equipment are modest, and have been funded with proceeds from issuance of the Company’s Ordinary Shares. IDEX has been funded through the issuance of Ordinary Shares since it was established in 1996. The current cash position and financial forecasts indicate that in 2023, the Company will need significant funding in the form of equity injection, debt or other. The board is considering various funding options and believes that the Company will obtain further financing for its planned operation, growth and working capital requirements. Refer to the comments regarding going concern in Note 2. Interest Rate Risk As of December 31, 2022, IDEX had cash of $ 16.1 million . The Company’s exposure to interest rate sensitivity is influenced primarily by changes in the underlying bank interest rates in the various currencies. IDEX’s cash is held in bank accounts, all of which are considered highly liquid. Accordingly, an immediate one percentage point change in interest rates would not have a material effect on the fair market value the Company’s cash accounts. As the Company has no debt to financial lenders, it is not exposed interest rate risks associated with variable rate debt. In calculating the recorded and carrying values of leases, interest rates are a variable in the calculations of these values, but do not represent a meaningful level of risk of material changes in these values. Currency Risk The Company’s trading transactions are commonly denominated in U.S. Dollars (“USD”), which is the Company’s consolidation and presentation currency. The functional currency of the parent company, IDEX Biometrics ASA, is USD, while the functional currencies of the subsidiaries are the currency in their respective domiciles. The Company incurs a portion of its expenses in other currencies than the USD, primarily British Pounds (“GBP”), Norwegian Krone (“NOK”), Euro ("EUR"), and Chinese Yuan (“CNY”). The Company's cost level is exposed to changes in the rates of exchange between the USD and these currencies. IDEX seeks to minimize this exposure by maintaining currency cash balances at targeted levels appropriate to meet foreseeable short-term expenses in these other currencies. The Company does not use forward exchange contracts or other hedging strategies to manage exchange rate exposure. Excess cash balances are generally held in USD-denominated accounts. Each subsidiary's assets and liabilities are naturally hedged by being held and denominated in the functional currency of the subsidiary. In addition to USD, the parent company holds bank deposits in NOK and GBP; receivables in NOK, GBP and EUR; and payables in NOK, GBP and EUR. A 10 % change in the relative value of USD to NOK would not have had a material effect on the carrying value of the Company’s net financial assets and liabilities in foreign currencies at December 31, 2022 and December 31, 2021. The same applies to the value of USD to CNY or EUR. A 10% increase in the value of the GBP relative to the USD would have had a corresponding effect on the carrying value of our net financial assets and liabilities in foreign currencies at December 31, 2022 of approximately $ 750 thousand. Credit and Liquidity Risk IDEX extends customary credit terms to customers, reflecting its assessment of their individual creditworthiness. The Company does not believe it was exposed to significant credit risk associated with its Accounts receivable, trade, balance as of December 31, 2022. (See Note 11 – Accounts receivable.) If revenue continues to increase, such balances from a broadening customer base will expand, potentially increasing the Company’s exposure to credit risk. As of December 31, 2022, the parent company had extended advances to IDEX UK denominated in GBP, in the equivalent to $ 7,597 . It is expected that IDEX UK will eventually repay these advances. The Company believes it faces minimal risk on its cash position, as IDEX’s cash is on deposit with reputable, regulated banks. The Company has no debt to financial institutions. The balance sheet solvency amounted to $ 13,370 at December 31, 2022. The Company aims to increase revenue generation through sales of its products; however, it does not currently have the cash resources to fully meet its operating commitments for the twelve months following the date of the financial statements. This cast significant doubt on the Company’s ability to continue as a going concern. Other accounting policies Consolidation The Company’s Consolidated Financial Statements are comprised of the financial statements of IDEX Biometrics ASA and its wholly-owned subsidiaries, with all intercompany transactions, balances, revenue, expenses, and unrealized internal profit or losses eliminated upon consolidation. Equity Equity is comprised of the following: • • • • • • Accumulated Loss: is comprised of cumulative historical losses of the Company. Revenue recognition Revenue is recognized when control of the promised goods or services is transferred to a customer, in an amount reflecting the consideration the Company expects to be entitled to in exchange for those goods or services. Sales, value add, and other taxes incurred concurrent with revenue producing activities are excluded from revenue. Shipping and handling charges to customers are included in revenue, and costs incurred associated with outbound freight after control over a product has transferred to a customer are accounted for as revenue reductions. The Company’s primary source of revenue comes from the sale of its products, which principally are biometric fingerprint modules, consisting of a sensor and an ASIC in a single package. Each module also contains embedded software. The hardware and the embedded software are interdependent, in that each needs the other to provide the intended fingerprint authentication function to the customer. The primary customers for the Company’s products are smart card manufacturers and similar solution integrators. The Company currently does not utilize distributors for the resale of its products. The Company, from time to time, licenses its intellectual property under right to use licenses, in which royalties due to the Company are based upon a percentage of the licensee’s sales and/or unit volumes. For the years ended December 31, 2022, 2021, and 2020 , the Company recognized no revenue from licensing its intellectual property. Certain contracts with customers contain multiple performance obligations, which typically may include a combination of non-recurring engineering (“NRE”) services, prototype units, and production units. For these contracts, if the individual performance obligations are distinct, they are accounted for separately. Generally, the Company has determined the NRE services and prototype units represent one distinct performance obligation, and the production units represent a separate distinct performance obligation. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price, based on prices charged to other customers or based on expected cost plus a customary profit margin. The Company generally recognizes revenue for NRE services and prototype units at the point in time when a defined milestone under the arrangement is completed and control is transferred to the customer, which is generally the shipment or delivery of the prototype units. Revenue for production units is recognized upon shipment or delivery, consistent with product revenue recognition summarized above. The Company also recognizes revenue from contracts with customers associated with the delivery of certain services, ranging from standalone NRE to advisory services. Generally, these contracts include a single performance obligation (i.e., service element), and revenue is recognized upon the completion of the defined service element and final acceptance by the customer of the project deliverable, if any. However, revenue from services may be recognized over time, if recognition of multiple service elements is based on completion of substantive and results-based contractual milestones, and acknowledgement by the customer of such completion. The Company does not have material obligations or reserves for warranties, returns, or customer refunds. The Company does not have material obligations or reserves for warranties, returns, or customer refunds.There were no contract asset or contract liability balances at December 31, 2020, 2021 or 2022 . Cost of materials, net of inventory change Cost of materials, net of inventory change, primarily consists of the costs of raw materials, contract manufacturing, and transportation associated with production and storage of products for sale to customers, net of inventory change. Foreign currencies The Company’s Consolidated Financial Statements are presented in USD. The functional currency of the parent company is USD, while the functional currency for each foreign subsidiary is its local currency. Transactions involving the translation to the respective functional currencies of values denominated in foreign currencies are classified as monetary or non-monetary, thereby defining the measurement and recognition of foreign currency translation gains and losses applicable to a transaction. Monetary assets and liabilities generally have values fixed by explicit or implicit contract. Examples include bank deposits, debt, accounts receivable, and accounts payable. Monetary assets and liabilities subject to foreign currency adjustments are measured on the initial transaction date using the exchange rates in effect at that date. At each subsequent reporting date and through the date of settlement (i.e., payment) or derecognition, such monetary assets and liabilities are remeasured using the then-current exchange rate, and any foreign currency translation gains or losses are recorded by the entity within Financial income or Financial cost. Non-monetary assets and liabilities generally are those assets and liabilities for which the recorded values are not subject to contractual or other formal definitions (i.e., those assets and liabilities that are not classified as monetary assets or liabilities). Non-monetary assets and liabilities are not subject to foreign currency adjustments at entity level. Assets and liabilities in entities with another functional currency than the USD, including goodwill and fair value adjustments, if any, are translated into USD using the exchange rates in effect at the reporting date of the Consolidated Statements of Financial Position. Amounts reported on the Consolidated Statements of Profit and Loss are translated to USD using the average exchange rates in effect for the reporting period. Significant, large transactions may be translated using the rate at the transaction date. Foreign exchange differences arising on translation from functional currency to presentation currency are reported in Other comprehensive income (“OCI”). Translation gains or losses previously recognized in OCI are reversed and recognized in the Consolidated Statements of Profit and Loss, if and when the entity is disposed. Research and development expenses Expenses in this category consist primarily of the costs of services and materials used in engineering activities and certain outsourced development activities. Payroll costs related to research and development employees are classified as Compensation and benefit expenses, not as research and development expenses, on the Consolidated Statement of Profit and Loss. However, the compensation paid to individual contractors serving in engineering roles is included in Research and development expenses. Research costs are expensed as incurred. Development expenses that do not meet the criteria of capitalization are expensed as incurred. Development expenses are capitalized when (i) the technical feasibility of completing development has been demonstrated, (ii) the costs of development can be measured reliably, (iii) it is probable IDEX will realize future economic benefits from the asset, and (iv) IDEX has committed to complete the development. Once the development is complete and the resulting asset is available for use, the capitalized development cost (i.e., the asset value) is amortized over its expected useful life. The Company applies for and has received government grants associated with certain research and development projects. The earned (i.e., recognized) value, if any, of government grants applicable to research and development activities are credited against costs. Generally, the applications or claims for such grants are submitted after completion of the qualifying activities. When it is realistic that the application or claim will be successful and the amount can be determined reliably, the Company credit the value of the grant against research and development expenses for that reporting period. Due to the timing difference between the completion of the qualifying activities, the approval of our grant application or claim, and the receipt of the funds associated with the grant, we may record, pending receipt of funds, the value of the grant as an Account receivable, other. Finance income and finance cost Finance income and finance cost consists of interest income, interest expense, and net foreign exchange losses (gains) arising from settlement of obligations denominated in foreign currencies during the period and foreign currency translation adjustments recognized at period-end. Segment reporting IDEX manages its operations as a single segment for the purposes of assessing performance and making operating decisions. IDEX operates as one operating segment, fingerprint imaging and authentication technology. IDEX has determined that its chief operating decision maker is its Chief Executive Officer. The Company’s chief operating decision maker reviews the Company’s financial information on an aggregated basis for the purposes of allocating resources and assessing financial performance. IDEX categorizes customers by geographic region utilizing the addresses to which we invoice our products or services. The Company’s product and service revenue by geographic region is as follows: Year Ended December 31, ($000s) 2022 2021 2020 Product Revenue: Europe, Middle East, and Africa $ 3,574 $ 2,807 $ 952 Americas 252 0 5 Asia-Pacific 63 30 56 Total product revenue 3,889 2,837 1,013 Service Revenue: Europe, Middle East, and Africa 10 3 2 Americas 193 0 77 Asia-Pacific — 0 3 Total service revenue 203 3 82 Total Revenue $ 4,091 $ 2,840 $ 1,095 The Company’s revenue has in the past come from a limited number of customers. During 2022 , the top two customers accounted for approximately 48 % and 24 % of the Company’s revenue, respectively, and in 2021 , the top two customers accounted for 85 % and 9 % of revenue, respectively. In 2020 , the top two customers accounted for 81 % and 4 % of revenue, respectively. Accounting standards issued but not effective The Company will adopt applicable new and amended accounting standards, including interpretations, when they become effective. We do not expect any significant impact on the Company's result or financial position from the new and amended standards issued but not yet effective. Amendments to IAS 1–Classification of liabilities as current or non-current — The amendments clarify the requirements for classifying liabilities as current or non-current. The amendments are effective for reporting periods beginning on or after January 1, 2023, and must be applied retrospectively. The amendments will not have a material impact on any of the Company's liabilities as of December 31, 2022, 2021 or 2020. Amendments to IAS 8–Definition of accounting estimates — The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. The amendments also clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for reporting periods beginning on or after January 1, 2023, and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of such period. The amendments are not expected to have a material impact on the company's financial statements. Amendments to IAS 1 and IFRS Practice statement 2–Disclosure of accounting policies — The amendments replace the requirement to disclose the ‘significant’ accounting policies with a requirement to disclose the ‘material’ accounting policies. The amendments to IAS 1 are applicable for annual periods beginning on or after 1 January 2023. The Company will revise the accounting policy information disclosures for 2023 to become consistent with the amended IAS 1. Amendments to IAS 12–Deferred tax related to asssets and liabilities arising from a single transaction — The amendments should be applied to transactions that occur on or after the beginning of the earliest comparative period presented. The amendments are not expected to have a material impact on the company's financial statements. |
Compensation and benefits
Compensation and benefits | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Compensation and benefits | 4. Compensation and benefits Compensation and benefits expenses consist of costs for direct employees of the Company. Compensation of individual contractors is reported as Research and development expenses or Other operating expenses, as applicable, based on the roles assigned to the individuals. Year Ended December 31, ($000s) 2022 2021 2020 Salary, payroll tax, benefits, other $ 17,389 $ 18,197 $ 14,917 Share-based compensation 1,824 2,910 2,755 Total $ 19,213 $ 21,107 $ 17,672 The table below sets forth the number of employees and individual contractors by their function, measured in full-time equivalents. Most of the contractors live and work in countries in which the Company does not have a formal business presence. December 31, 2022 December 31, 2021 December 31, 2020 Employees Contractors Employees Contractors Employees Contractors Research and development 64 6 77 8 75 6 Marketing and sales 6 9 6 9 6 5 General and administrative 5 2 8 1 7 1 Supply chain and distribution 7 - 2 — 2 — Total staff 82 17 93 18 90 12 The average number of employees for the years 2022, 2021, and 2020 were 90 , 95 and 93 full-t ime equivalents, respectively. The Company provides health and other benefits to employees consistent with common practice in the countries in which it operates. No such benefits are provided to individual contractors. The parent company contributes to a pension insurance plan for all its Norwegian employees. The plan satisfies the Norwegian mandatory service pension rules. The pension plan is a fully insured, defined contribution plan. Employees of IDEX America may participate in a health, dental, and vision insurance plan. IDEX America also offers employer-funded plans for life insurance, short-term disability, and long-term disability. IDEX America does not offer or plan to offer any pension plans, except for a 401(k) defined-contribution plan. The Company currently does not match participant contributions to this plan. IDEX China contributes to the mandatory social security plans in China, including contribution of 21 % of eligible salary to each employee’s personal retirement fund. IDEX UK contributes up to 6 % of an employee participant’s base salary to IDEX UK’s pension plan, subject to the employee contributing the same percentage through a salary reduction arrangement. The pension plan is a fully insured, defined-contribution plan. Share-based compensation includes non-cash expenses associated with the recognition of the costs of share-based awards granted pursuant to the Company’s subscription rights plans and its employee share purchase plan (“ESPP”). See Note 16. Compensation of Key Management For 2022 and 2021 key management consisted of the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), Chief Technology Officer (“CTO”), and Chief Commercial Officer (“CCO”). For 2020, key management consisted of the CEO, CFO, and CTO. Year Ended December 31, 2022 2021 2020 (in thousands) Compensation and short-term benefits $ 1,362 $ 1,425 $ 906 Medical and similar benefits, contributions to pension schemes 62 73 66 Share-based compensation 271 443 449 Total compensation of key management $ 1,695 $ 1,941 $ 1,421 Compensation and other short-term benefits, whether cash or in kind, are the amounts declared for tax purposes for the respective years. Pension cost and share-based remuneration are expensed amounts in the respecitve years. Gains on exercise of incentive subscription rights, if any, are not included. Employers' tax is not included. The variable incentive pay paid in one year relate to achievements in the previous year. No officers exercised incentive subscription rights in 2022 or 2020. One former officer exercised options in 2021, after employment was terminated. Key management held the following subscription rights to Ordinary Shares under the subscription rights incentive plans with the following expiration dates and exercise prices: Number outstanding as of December 31, Grant Date Expiration Date Exercise Price 2022 2021 2020 August 14, 2019 May 9, 2024 1.65 327,800 327,800 2,327,800 February 26, 2020 May 9, 2024 1.11 5,000,000 5,000,000 5,000,000 June 17, 2020 May 15, 2025 1.71 1,125,000 1,125,000 1,125,000 April 20, 2021 May 15, 2025 2.71 2,750,000 June 3, 2021 May 12, 2026 2.38 2,000,000 2,000,000 August 11, 2021 May 12, 2026 2.40 1,420,700 1,668,100 March 23, 2022 May 12, 2026 2.08 836,900 August 10, 2022 May 12, 2027 1.18 1,631,000 Total 12,341,400 12,870,900 8,452,800 Compensation paid to the Board is presented in Note 17. |
Research and Development Expens
Research and Development Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Research and Development Expenses | 5. Research and development expenses Research costs are expensed when incurred. Development costs are capitalized and held in the balance sheet only if they satisfy the criteria for capitalization. The same applies to IDEX’s patents and other intellectual property rights created by IDEX. IDEX has not capitalized any development costs in 2022, 2021 or 2020. Development costs related to creation of intellectual property have been expensed when incurred. Research and development expenses include the cost of independent contractors assigned to engineering roles. Government grants earned by the Company in support of research and development activities are credited against research and development costs when it is realistic that the application or claim will be successful and the amount can be determined reliably. Year Ended December 31, ($000s) 2022 2021 2020 Gross research and development expenses $ 3,959 $ 3,356 $ 4,196 Government grants credited ( 709 ) ( 676 ) ( 2,301 ) Net research and development expenses $ 3,250 $ 2,680 $ 1,895 Government grants Year Ended December 31, ($000s) 2022 2021 2020 Norway $ 312 $ 538 $ 506 United Kingdom 397 138 1,795 Total $ 709 $ 676 $ 2,301 The Norwegian SkatteFUNN is a government program supporting research and development activities in Norway. Under the program, the Company, in its current loss position, is eligible for a cash grant in support of approved projects, subject to meeting the requirements of the Research Council of Norway. The Company’s IDEX UK subsidiary participates in a program by which the government of the United Kingdom offers financial support for qualifying research and development activities of small and medium-sized enterprises, SME R&D tax relief. Under the program, the Company, in its current loss position, is eligible for a cash grant in support of approved projects, subject to approvals and meeting program requirements. |
Income Tax Provision
Income Tax Provision | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
Income tax provision | 6. Income tax provision The Company is subject to income taxes in the jurisdictions in which it operates. The Company’s provision for income taxes (i.e., expense (benefit)) is based on income tax rates in the tax jurisdictions in which it operates, tax credits available in these jurisdictions, and reconciliation of differences between financial reporting values and tax reporting values. As of December 31, 2022, the Company has a tax loss carryforward balance in Norway of $ 252.8 million, representing a potential deferred tax asset, if recognized and calculated at the current corporate tax rate of 22.0 %, of $ 55.6 million. The Company also has a tax loss carryforward balance in the United Kingdom of $ 3.4 million, representing a potential deferred tax asset, if recognized and calculated at the current corporate tax rate of 19.0 %, of $ 0.6 million. The Company does no t have a tax loss carryforward balance or a deferred tax liability in China. In the United States, the Company has tax credits, associated with research and development activities in the United States, totaling $ 1.4 million. Because the Company has concluded there is not sufficiently convincing evidence the Company will generate sufficient taxable profit, against which the unused tax losses could be applied, the Company has not recognized to date any deferred tax assets in its statement of financial position, consistent with IFRS standards. A deferred tax asset will be recognized when the Company determines it is more likely than not it will have sufficient future taxable profit to apply the tax loss carryforward against future income taxes. The major components of income tax provision for the years shown are: Tax expense (benefit) for the year Year Ended December 31, ($000s) 2022 2021 2020 Taxes payable on the result of the year $ 33 $ 90 $ 44 Adjustment in respect to prior years ( 69 ) — ( 112 ) Change in recorded deferred tax liability — — ( 31 ) Income tax expense (benefit) $ ( 36 ) $ 90 $ ( 99 ) Elements of deferred tax Year Ended December 31, ($000s) 2022 2021 2020 Employer’s tax on share-based compensation $ ( 24 ) $ ( 371 ) $ ( 216 ) Fixed Assets differences 987 1,154 675 Inventory differences ( 131 ) ( 5 ) ( 213 ) Accruals differences ( 993 ) ( 1,152 ) ( 1,144 ) Research and development tax credits ( 1,404 ) ( 1,563 ) ( 1,787 ) Losses carried forward ( 256,201 ) ( 253,300 ) ( 225,951 ) Basis for calculation of deferred tax asset ( 257,766 ) ( 255,237 ) ( 228,636 ) Calculated net deferred tax expense (benefit), local tax rates 5-22% ( 56,592 ) ( 55,953 ) ( 51,251 ) Unrecognized deferred tax asset * 56,592 55,953 51,251 Deferred tax liability (asset) in the balance sheet $ — $ — $ — Reconciliation of tax expense (benefit) Year Ended December 31, ($000s) 2022 2021 2020 Loss before tax $ ( 32,698 ) $ ( 32,552 ) $ ( 26,853 ) Norway statutory tax, calculated at rate of 22 % ( 7,194 ) ( 7,132 ) ( 5,908 ) Difference in subsidiary taxes, using local rates vs 22 % 68 ( 179 ) 22 Estimated tax on permanent differences ( 267 ) ( 568 ) 389 Adjustment in respect of prior years ( 69 ) — ( 112 ) Use of and change in tax loss carried forward 7,426 7,969 5,510 Income tax expense (benefit) $ ( 36 ) $ 90 $ ( 99 ) * As of December 31, 2022 , there was not sufficiently convincing evidence the Company will generate sufficient taxable profit, against which the unused tax losses could be applied. Consequently, no deferred tax asset has been recognized. There are no restrictions as to how long tax losses may be carried forward in Norway or the United Kingdom. In China, the tax loss carryforwards that had not been utilized by the end of 2022, expired as of Dec 31, 2022. Tax credits associated with research and development activities in the United States, totaling $ 1.4 million as of December 31, 2022, can be applied against taxable income for the following for 20 years. ** The various deferred tax assets that have not been recognized are denominated in their respective local currencies. As such, the change in the year-end value in USD of these unrecognized deferred tax assets includes foreign currency translation adjustments arising from changes in the exchange rates between USD and these local currencies from the prior year-end. There are no deferred tax charges included in other comprehensive income in 2022, 2021, or 2020 . |
Loss per share calculation
Loss per share calculation | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Loss per share calculation | 7. Loss per share calculation The loss per share is the quotient of the net loss for the period divided by the weighted average number of Ordinary Shares outstanding for the year. Year Ended December 31, 2022 2021 2020 Net loss for the year ($000s) $ ( 32,662 ) $ ( 32,552 ) $ ( 26,754 ) Number of ordinary shares issued at December 31 1,166,326,584 1,010,388,454 832,146,748 Weighted average basic number of ordinary shares 1,026,932,569 918,847,427 767,069,645 Dilution effect (treasury stock method) 5,058,154 21,586,108 6,323,417 Weighted average diluted number of shares 1,031,990,723 940,433,535 773,393,062 Loss per share for the year (basic and diluted*) $ ( 0.03 ) $ ( 0.04 ) $ ( 0.03 ) * The effects of potentially dilutive Ordinary Shares issuable upon exercise of outstanding subscription rights are not included in the calculation due to the Company’s net losses for the periods presented, as their effect would be anti-dilutive. |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Goodwill and other intangible assets | 8. Goodwill and other intangible assets Goodwill is the recorded difference between the consideration paid and the net value of identifiable assets acquired and held, less impairment charges, if any. Goodwill balances as of December 31, 2022, and December 31, 2021, reflected the following activity: Year Ended December 31, ($000s) 2022 2021 Cost at the beginning of the year $ 968 $ 968 Cost at the end of the year $ 968 $ 968 There is only one cash generating unit in the Company and goodwill is allocated to this. IDEX performed the annual impairment test on December 31, 2022. Based on the 2022 assessment, no impairment charge has been made. The Company used a discounted cash flow model which utilized Level 3 measures that represent unobservable inputs. Key assumptions used to determine the estimated fair value include: (a) internal cash flows forecasts for 4 years following the assessment date, including expected revenue growth, costs to produce, operating profit margins and estimated capital needs; (b) an estimated terminal value using a terminal year long-term future growth rate of 3.0 % determined based on the long-term expected prospects of the Company; and (c) a discount rate (post-tax) of 12 % which reflects the weighted-average cost of capital adjusted for the relevant risk associated with the Company's operations. No reasonably possible changes in any key assumptions would cause the carrying amount to exceed the recoverable amount. Acquired identifiable intangible assets, consisting primarily of patents, are held at cost, less accumulated amortization and impairment charges. Other intangible asset balances as of December 31, 2022, and December 31, 2021, reflected the following activity: Year Ended December 31, ($000s) 2022 2021 Amortization period (straight-line, in years) 10 - 17 10 - 17 Cost at the beginning of the year $ 5,173 $ 5,173 Additions — — Impact of currency translation — — Cost at the end of the year $ 5,173 $ 5,173 Accumulated Amortization at the beginning of the year $ 3,208 $ 2,731 Amortization 477 477 Impact of currency translation — — Accumulated Amortization at the end of the year 3,685 3,208 Carrying amount at the end of the year $ 1,488 $ 1,965 Acquired patents are capitalized and amortized over the estimated useful life, which is the lifetime of the respective patent(s). |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Property, plant, and equipment | 9. Property, plant, and equipment Property, plant, and equipment is held at cost, less accumulated depreciation and impairment charges. When assets are sold or retired, such assets are no longer recorded in the Consolidated Statements of Financial Position. Any gain or loss on the sale or retirement is recognized in the Consolidated Statements of Profit and Loss. The capitalized amount of property, plant, and equipment is the purchase price, including freight, installation, duties, taxes, and direct acquisition costs related to preparing the asset for use. Costs related to training and commissioning are expensed as incurred. Subsequent costs, such as expenses for repair and maintenance, are recognized as incurred in the Consolidated Statements of Profit and Loss. Subsequent enhancements creating future economic benefits are recognized in the Consolidated Statements of Financial Position as additions to property, plant, and equipment. These assets are depreciated using the straight-line method over each asset’s useful life. The depreciation period and method are assessed each year to ensure that the method and period used is consistent with the status of the non-current asset. Property, plant, and equipment balances as of December 31, 2022, and December 31, 2021, reflected the following activity: 2022 Plant and Office Instruments Total Depreciation period (straight line, in years) 3 - 5 3 - 5 3 - 5 Accumulated cost at December 31, 2021 $ 855 $ 782 $ 2,281 $ 3,918 Additions 125 38 104 267 Impact of currency translation ( 11 ) ( 18 ) ( 37 ) ( 66 ) Accumulated cost at December 31, 2022 969 803 2,348 4,120 Accumulated depreciation at December 31, 2021 $ 367 $ 671 $ 1,579 $ 2,617 Depreciation 125 73 246 443 Impact of currency translation ( 6 ) ( 10 ) ( 33 ) ( 48 ) Accumulated depreciation at December 31, 2022 486 734 1,793 3,012 Carrying amount at December 31, 2022 $ 483 $ 69 $ 556 $ 1,107 2021 Plant and Office Instruments Total Depreciation period (straight line, in years) 3 - 5 3 - 5 3 - 5 Accumulated cost at December 31, 2020 $ 855 $ 710 $ 2,217 $ 3,782 Additions — 74 67 141 Impact of currency translation — ( 2 ) ( 3 ) ( 5 ) Accumulated cost at December 31, 2021 855 782 2,281 3,918 Accumulated depreciation at December 31, 2020 $ 236 $ 572 $ 1,307 $ 2,115 Depreciation 131 101 275 507 Impact of currency translation — ( 2 ) ( 3 ) ( 5 ) Accumulated depreciation at December 31, 2021 367 671 1,579 2,617 Carrying amount at December 31, 2021 $ 488 $ 111 $ 712 $ 1,301 There were no assets under construction at the end of 2022 or 2021 . |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Presentation of leases for lessee [abstract] | |
Leases | 10. Leases The Company’s leases are for office and laboratory space occupied by employees. There are no exposure to future variable lease payments that are not reflected in the measurement of lease liabilities. Activity during 2022 and 2021 related to right-of-use assets are shown below. Year Ended December 31, ($000s) 2022 2021 Depreciation periods (straight-line, in years) 3 - 5 3 - 5 Cost at the beginning of the year $ 2,691 $ 2,543 Additions 1,654 158 Disposal of right to use assets ( 1,569 ) — Impact of currency translation ( 133 ) ( 10 ) Cost at the end of the year $ 2,643 $ 2,691 Accumulated depreciation at the beginning of the year $ 2,334 $ 1,527 Depreciation 431 818 Accumulated depreciation of disposed right of use assets ( 1,566 ) — Impact of currency translation ( 101 ) ( 11 ) Accumulated depreciation at the end of the year 1,098 2,334 Recorded value at the end of the year $ 1,545 $ 357 Costs related to right-of-use assets included in the Consolidated Statements of Profit and Loss include the following: Leases in the Consolidated Statements of Profit and Loss Year Ended December 31, ($000s) 2022 2021 2020 Depreciation $ 431 $ 818 $ 810 Finance cost 33 31 63 Lease liabilities included in the Consolidated Statements of Financial Position and related activity in the Consolidated Statements of Profit and Loss and Consolidated Statements of Cash Flows include the following: Leases in the Consolidated Statements of Financial Position ($000s) 2022 2021 Balance at January 1 $ 373 $ 1,058 Additions 1,575 158 Accretion of interest 33 31 Payments ( 437 ) ( 874 ) Balance at December 31 1,544 373 Non-current 1,142 11 Current 402 362 Total lease liabilities $ 1,544 $ 373 |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Accounts receivable | 11. Accounts receivable Accounts receivable, trade, includes amounts billed and currently due from customers. The amounts due are stated at their estimated realizable value. The Company’s payment terms vary by the type and location of its customers and the products or services offered, although terms generally include a requirement of payment within 30 to 60 days. When necessary, the Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments, based on assessments of customers’ credit-risk profiles and payment histories. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company does not require collateral from its customers, although there have been circumstances when the Company has required cash in advance (i.e., a partial down-payment) to facilitate orders in excess of a customer’s established credit limit. To date, such amounts have not been material. The balances reported as Accounts receivable, other, consist primarily of amounts due to the Company associated with Value Added Tax refund activity and amounts due to the Company from governments associated with approved research and development grants. Balances of accounts receivable at December 31, 2022, and December 31, 2021, are as follows: Year ended December 31, 2022 Maturity ($000s) Less than 3 months 3-6 months 6-12 Months Total Accounts receivable, trade $ 1,349 $ — $ — $ 1,349 Accounts receivable, other 198 33 698 929 Total $ 1,547 $ 33 $ 698 $ 2,278 Year ended December 31, 2021 Maturity ($000s) Less than 3 months 3-6 months 6-12 Months Total Accounts receivable, trade $ 801 $ 0 $ 0 $ 801 Accounts receivable, other 133 31 539 703 Total $ 934 $ 31 $ 539 $ 1,504 There were no provisions for bad debts at December 31, 2022, and December 31, 2021 . |
Accounts payable and other fina
Accounts payable and other financial liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Accounts payable and other financial liabilities | 12. Accounts payable and other financial liabilities The Company did not have any liabilities at December 31, 2022, or December 31, 2021, which represented debt to financial institutions. The Company’s monetary liabilities at December 31, 2022, and December 31, 2021, were as follows: Year ended December 31, 2022 Maturity ($000s) Less 3-6 months 6-12 1-5 years Total Non-current lease liabilities $ — $ — $ — $ 1,142 $ 1,142 Accounts payable 1,540 — — — 1,540 Current lease liabilities 125 105 172 — 402 Other liabilities 838 1,400 459 — 2,697 Total $ 2,503 $ 1,505 $ 631 $ 1,142 $ 5,781 Year ended December 31, 2021 Maturity ($000s) Less 3-6 months 6-12 1-5 years Total Non-current lease liabilities $ — $ — $ — $ 11 $ 11 Accounts payable 685 — — — 685 Current lease liabilities 132 107 123 — 362 Other liabilities 1,640 251 588 371 2,850 Total $ 2,457 $ 358 $ 711 $ 382 $ 3,908 Other current liabilities include accruals for earned compensation, earned vacation days not taken, potential employer’s tax on share-based compensation, and accruals for goods and services received but not yet invoiced by the supplier. The estimated employer’s payroll tax liability related to share-based compensation amou nted to $ 24 on December 31, 2022 , and $ 371 on December 31, 2021. It will be due only when the associated subscription rights are exercised. The exercise will, in all likely circumstances, fund the payable employer’s payroll tax. Interest expense including interest on lease liabilities in the Consolidated Statement of Profit and Loss in Finance expense was $ 33 in 2022 and $ 31 in 2021. IDEX had no other significant current or non-current monetary obligations at the end of 2022 or 2021 . Also, the Company had no contingent liabilities at the end of 2022 or 2021 . |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Inventory | 13. Inventory Inventories consist of raw materials, work in process, and finished goods. Materials and components purchased for use in research and development activities are expensed at the time of purchase and excluded from inventory. Inventory is recorded at the lower of cost and net realizable value, less impairment, if any. Impairment is assessed quarterly, based on management’s estimates of future consumption of inventories by category. December 31, 2022 2021 ($000s) Cost Reserves Net Cost Reserves Net Raw materials $ 2,280 $ — $ 2,280 $ 562 $ — $ 562 Work in progress 1,486 — 1,486 107 — 107 Finished goods 812 ( 130 ) 681 570 ( 5 ) 565 Total Inventory $ 4,577 $ ( 130 ) $ 4,447 $ 1,239 $ ( 5 ) $ 1,234 In 2022, 2021, and 2020 , materials with values of $ 154 , $ 124 , and $ 32 respectively, were consumed in new product development and charged to development expense. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Cash and cash equivalents | 14. Cash and cash equivalents USD-valued cash and cash equivalent balances by currency were as follows: Year Ended December 31, ($000s) 2022 2021 Denominated in USD $ 14,917 $ 28,217 Denominated in NOK 990 3,707 Denominated in GBP 128 978 Denominated in CNY 90 857 Total $ 16,124 $ 33,759 Of the amounts above, employees’ withheld payroll tax deposits amounted to $ 26 and $ 31 at the end of 2022 and 2021 , respectively. Only the withheld payroll tax deposits were restricted. Deposits for facilities rent or utilities have not been included in cash quivalents. |
Share capital and Share Premium
Share capital and Share Premium | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Share capital and Share Premium | 15. Share capital and Share Premium There is one class of shares, and all such Ordinary Shares have equal rights. The par value of an Ordinary Share is NOK 0.15 per share. IDEX does not hold any of its own Ordinary Shares. During the years ended December 31, 2022 and December 31, 2021, the Board of Directors approved the transfer of $ 18.0 million and $ 46.0 million, respectively, of Share Premium to absorb uncovered losses as allowed under Norwegian law. As a result, Share Premium has been reduced by a cumulative amount of $ 287.5 million as of the year ended December 31, 2022 and $ 269.5 million as of the year ended December 31, 2021 against Capital Reduction Reserve. The transfer has no impact on the total equity, comprehensive income (loss), assets (including cash) nor liabilities. Number of Balance at December 31, 2020 832,146,748 Private placement of Ordinary Shares on February 15 83,214,674 Share issue (exercise of subscription rights) 1,767,606 Share issue (in lieu of Board compensation) 535,583 Private placement of Ordinary Shares on November 12 89,777,824 Share issue (Employee Share Purchase Plan) 2,946,019 Balance at December 31, 2021 1,010,388,454 Share issues (Employee Share Purchase Plan) 4,947,546 Share issue (exercise of subscription rights) 990,584 Private placement of Ordinary Shares on November 16 150,000,000 Balance at December 31, 2022 1,166,326,584 Costs related to share issuance have been charged against equity and amounted to $ 737 in 2022, $ 2,827 in 2021, and $ 689 in 2020 . |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Share-based compensation | 16. Share-based compensation Subscription rights plans IDEX follows the practice of renewing its subscription rights plan at each Annual General Meeting, when the preceding plan is closed for further grants and a new plan is established. On May 12, 2022, at the Annual General Meeting, the shareholders resolved to adopt the 2022 Subscription Rights Incentive Plan (the “2022 Plan”). The Board is responsible for administration of subscription rights plans and approves grants under the plans and the terms of each grant. Under the 2022 Plan, the Board may grant up to 101,254,865 subscription rights, provided the total number of grants does not exceed 10 percent of the number of registered (i.e., issued and outstanding) Ordinary Shares. Subscription rights may be granted to employees and individuals rendering services to the Company. The exercise price shall be, at a minimum, the higher of the average closing price of an Ordinary Share, as reported on the Oslo Børs, for the ten trading days preceding the date of the grant, or the closing price of an Ordinary Share, as reported on the Oslo Børs, on the trading day preceding the date of the grant. Unless resolved otherwise by the Board, 25 % of each grant of subscription rights vests per year. The annual vesting dates are the latest of the following dates before the date of grant of the subscription rights; (i) January 15, (ii) April 15, (iii) July 15 or (iv) October 15. The subscription rights expire on the fifth anniversary of the Annual General Meeting at which the shareholders resolved to establish the plan under which the subscription rights were granted. Unvested subscription rights terminate on the holder’s last day of employment or, in the case of non-employees, the last day of the individual’s service to the Company. Vested subscription rights may be exercised up to 90 days after the holder’s last day of employment or, in the case of non-employees, the last day of the individual’s service to the Company. There are no cash settlement alternatives for exercising subscription rights. The fair value of the subscription rights granted is calculated, for recognition of share-based compensation expenses, using the Black-Scholes option pricing model, applying the following assumptions: Year Ended December 31, 2022 2021 2020 Exercise price (NOK) 1.03 – 2.08 2.38 – 3.10 1.10 – 1.80 Weighted average exercise price per share 1.54 2.53 1.62 Weighted average share price at date of grant 1.42 2.45 1.42 Expected term (years) 4.45 4.62 4.77 Weighted average term (years) 3.27 3.35 2.96 Share price volatility (percent) 72 – 100 85 – 112 78 – 113 Risk-free interest rate 2.653 % 0.983 % 0.354 % Expected dividend payment - - - Forfeiture None None None Replacement of subscription rights On June 17, 2020, the Board approved a subscription rights replacement program whereby eligible employees could exchange existing subscription rights, granted under Subscription Rights Incentive Plans from 2016 to 2018, that were of no value, with new subscription rights granted under the 2020 Subscription Rights Incentive Plan. On October 2, 2020, a combined total of 25,962,800 subscription rights under the Company’s 2020 Subscription Rights Incentive Plan were granted at an exercise price of NOK 1.71 per share. The subscription rights vest by 1/3 on each of April 15, 2021, 2022, and 2023, and expire on May 15, 2025 . Subscription rights outstanding at year end Number of Weighted Outstanding as of December 31, 2020 56,344,093 1.66 Granted 21,885,200 2.53 Exercised ( 1,767,879 ) 1.33 Forfeited ( 3,165,015 ) 1.97 Expired ( 1,540,000 ) 5.22 Outstanding as of December 31, 2021 71,756,399 1.84 Granted 19,342,900 1.54 Exercised ( 930,184 ) 0.29 Forfeited ( 8,987,484 ) 2.25 Expired ( 75,000 ) 8.42 Outstanding as of December 31, 2022 81,106,631 1.74 Composition of outstanding and exercisable subscription rights at December 31, 2022 Outstanding Subscription Rights Vested (Exercisable) Subscription Rights Exercise Price (in NOK) Number of Weighted Weighted Weighted Number of Weighted Weighted 0.00 - 0.49 3,486,882 0.15 1.36 0.00 3,486,882 0.15 1.35 0.50 - 0.99 720,800 0.71 1.36 0.22 515,600 0.71 0.97 1.00 - 1.49 16,507,000 1.14 3.34 1.48 2,759,850 1.11 0.68 1.50 - 1.99 36,300,174 1.70 2.15 0.16 24,589,220 1.70 1.42 2.00 - 2.49 17,218,050 2.28 3.37 1.27 2,732,625 2.40 0.87 2.50 - 2.99 5,412,900 2.65 3.37 1.34 1,353,225 2.65 0.84 3.00 - 4.99 960,825 3.34 1.96 0.48 479,200 3.52 0.79 5.00 - 9.99 500,000 5.10 0.36 0.00 500,000 5.10 0.35 Total 81,106,631 1.74 2.68 0.74 36,416,602 1.65 1.27 Composition of outstanding and exercisable subscription rights at December 31, 2021 Outstanding Subscription Rights Vested (Exercisable) Subscription Rights Exercise Price (in NOK) Number of Weighted Weighted Weighted Number of Weighted Weighted 0.00 - 0.50 4,330,366 0.15 2.36 0.04 2,165,186 0.15 2.36 0.50 - 1.00 720,800 0.71 2.36 1.29 310,400 0.71 2.36 1.00 - 1.50 5,542,500 1.11 2.36 1.04 1,385,625 1.11 2.36 1.50 - 2.00 38,760,433 1.70 3.14 0.96 14,045,131 1.69 3.14 2.00 - 3.00 20,588,700 2.51 4.24 2.04 — — 4.24 3.00 - 5.00 1,238,600 3.29 3.05 1.32 175,775 3.94 3.05 5.00 - 10.00 575,000 5.53 1.23 0.00 575,000 5.53 1.23 Total 71,756,399 1.84 3.32 1.22 18,657,117 1.59 3.32 Employee Share Purchase Plan The Employee Share Purchase Plan (“ESPP”) is revolved each year at the Annual General Meeting. The current ESPP was approved by shareholders at the 2022 Annual General Meeting. Under the ESPP, an IDEX employee based in Norway, the United Kingdom, or the United States may contribute up to 20 % (subject to statutory limits) of his or her annual base salary, through payroll deductions, toward periodic purchases of newly issued Ordinary Shares. Under the ESPP, an option for the purchase of an Ordinary Share is granted to a participating employees on the first day of a 6-months' “offering period” to purchase new issued Ordinary Shares at the end of that offering period at a purchase price equal to 85 % of the lesser of the fair market value, based on the closing price of an Ordinary Share reported by the Oslo Børs, on either the first day or the last day of that offering period. The offering periods occur from March through August, and from September through February. The shares are not restricted. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the U.S. Internal Revenue Code, thereby affording certain tax advantages to employees who are taxpayers in the United States. There are no tax advantages for ESPP participants who are taxpayers in Norway or the United Kingdom. The share-based remuneration cost of the ESPP is calculated at the start of each contribution period, and amortized over that period. The cost is based on the contribution amount and amounts to the discount of 15 % at the beginning of the period, plus the option value of an 85 % call and 15 % put option granted at the beginning of the period. The option value is based on a Black-Scholes option pricing model applying prevailing interest rates and share price volatility at the beginning of the period. ESPP cost calculation parameters September 1, 2022 March 1, 2022 September 1, 2021 Expected contribution amount (NOK 1,000 ) 2,025 2,307 3,009 Share price on start date (NOK per share) 0.83 1.96 2.65 Share price volatility 68 % 66 % 64 % Risk-free interest rate 2.82 % 0.95 % 0.25 % Expected dividend payment — — — Expected number of shares 2,854,899 1,385,049 1,335,810 Share-based compensation cost per expected share 0.32 0.75 1.01 In the two offering periods completed within 2022 , an average of 43 employees (2021: 53 ) participated in the ESPP and purchased a total of 4,947,546 Ordinary Shares at a weighted average price of NOK 1.08 (2021: 2,946,019 shares at average NOK 2.00 per share). |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Related Party Transactions | 17. Related party transactions The Company’s significant shareholders, Board members, and management, as well as their related parties, are considered related parties of the Company. Compensation of key management is disclosed in Note 4 – Compensation and benefits. Board compensation Board compensation is paid in arrears after being approved by the shareholders, generally at the Annual General Meeting. The following amounts were paid in 2022, 2021 and 2020: Year Ended December 31, 2022 ($000s) Cash Shared-based Total Morten Opstad, Board chair $ 53 $ — $ 53 Lawrence J. Ciaccia, Board deputy chair 53 — 53 Deborah Davis 68 — 68 Hanne Hovding 55 — 55 Annika Olsson 44 — 44 Thomas M. Quindlen 55 — 55 Stephen A. Skaggs 62 — 62 $ 390 $ — $ 390 Year Ended December 31, 2021 ($000s) Cash Shared-based Total Morten Opstad, Board chair $ 59 $ — $ 59 Lawrence J. Ciaccia, Board deputy chair 28 33 61 Deborah Davis 67 — 67 Hanne Hovding 52 — 52 Annika Olsson — — — Thomas M. Quindlen 2 32 34 Stephen A. Skaggs 4 58 62 $ 212 $ 123 $ 335 Year Ended December 31, 2020 ($000s) Cash Shared-based Total Morten Opstad, Board chair $ 40 $ — $ 40 Lawrence J. Ciaccia, Board deputy chair 38 — 38 Deborah Davis 10 36 46 Hanne Hovding 32 — 32 Stephen A. Skaggs 4 34 38 $ 124 $ 70 $ 194 Outstanding subscription rights awarded to members of the Board under the Company’s subscription rights plans have the following expiration dates and exercise prices. For further information describing these plans, see Note 16 – Share-based compensation. Subscription rights outstanding as Grant Date Expiration Date Exercise Price 2022 2021 2020 June 17, 2020 May 15, 2025 1.71 600,000 600,000 600,000 The subscription rights granted on August 15, 2018, were replaced by the grant on June 17, 2020, as part of an exchange of subscription rights approved at the 2020 Annual General Meeting. This exchange was offered to all eligible holders. Related party transactions Morten Opstad, Board chair, is a partner at Advokatfirmaet Ræder AS, the Company’s primary law firm, which provided services to the Company resulting in char ges of $ 234 in 2022 , $ 338 in 2021 , and $ 477 in 2020. Lawrence J. Ciaccia, who was elected to the Board at the Annual General Meeting on May 12, 2015, has served on the Company’s Strategy Advisory Council ("SAC") since January 2014. The SAC was discontinued effective June 30, 2022. From time to time, Mr. Ciaccia also provides consulting services to IDEX. The fees paid to Mr. Ciaccia for his services total ed $ 58 in 2022 , $ 65 in 2021 , and $ 65 in 2020. In connection with our November 2022 private placement, we entered into a share lending agreement with three shareholders in order to facilitate settlement of the new shares in the private placement. As a fixed fee for the share lending, each lender received a fee equaling 5% per annum of the sum of the subscription price per new share in the private placement multiplied by the number of borrowed shares lent by the respective lender . In total, we paid approximately $ 14 thousand under the share lending agreement with approximately $ 6 thousand paid to Sundt AS and approximately $ 4 thousand each paid to Sundvall Holding AS and Mr. Robert Keith. There were no overdue balances with any related parties at the end of 2022, 2021 or 2020 . |
Other Operating Expenses
Other Operating Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Other Operating Expenses | 18. Other Operating Expenses Year Ended December 31, ($000s) 2022 2021 2020 Sales and marketing activities $ 2,840 $ 1,387 $ 764 Legal, audit, accounting and other services 2,073 2,332 2,906 IT expenses 1,894 2,047 1,621 Travel expenses 230 132 125 Other operating expenses 1,364 1,449 520 Total other operating expenses $ 8,402 $ 7,347 $ 5,936 Auditor remuneration The following table sets out the aggregate fees related to professional services rendered by the Company’s independent auditor, Ernst & Young AS (“EY”), for the calendar years 2022, 2021, and 2020: Year Ended December 31, ($000s) 2022 2021 2020 Audit services $ 447 $ 352 $ 235 Audit-related services 43 22 8 Tax services 7 7 0 Other services 4 24 12 $ 501 $ 405 $ 255 Audit services represents the fees for the audit that must be performed by EY in order to issue an opinion on the Company’s consolidated financial statements and to issue reports on the Company’s statutory financial statements. The definition also includes fees for certain other audit services, which are services only the designated independent auditor reasonably can provide, such as the auditing of non-recurring transactions, the application of new accounting policies, and limited reviews of quarterly financial results. Audit-related services represents fees for other assurance and related services provided by EY, but not limited to those that only reasonably can be provided by EY, which are reasonably related to the performance of the audit. Tax services represent fees, approved by our Audit Committee, for tax services not related to the audit provided by EY, pursuant to the provisions of the Sarbanes-Oxley Act. Other services represent other fees, approved by our Audit Committee, for services not related to the audit provided by EY, pursuant to the provisions of the Sarbanes-Oxley Act. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Subsequent Events | 19. Subsequent Events The Board resolved on February 21, 2023, to grant 1,423,800 incentive subscription rights to five new employees and individual contractors. The grant was made under the Company’s 2022 Subscription Rights Incentive Plan. The exercise price of the subscription rights is NOK 0.72 per share. The grants vest by 25 % per year and expire on May 15, 2027 . Following the grants, there were 82,065,247 subscription rights outstanding. The Board resolved on February 28, 2023, to issue 2,648,336 Ordinary Shares at NOK 0.71 per share to employees participating in the Company’s ESPP. There have been no events between December 31, 2022, and the date of these financial statements that have had any material impact on the Company’s results for 2022, or the value of the Company’s assets and liabilities as of December 31, 2022. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Goodwill | Goodwill Goodwill represents the future economic value of assets acquired in a business combination above the separately recorded values of the assets. Subsequent impairment testing involves quantitatively comparing the recorded value to the estimated value of the business unit to which the goodwill is assigned. The estimate is based on judgments of when and whether there will be an economic benefit from the business unit, and assumptions about the amounts. As of December 31, 2022 , such comparison indicated the carried value of goodwill was appropriate, and no impairment was recorded. |
Intangible assets | Intangible assets IDEX’s patents and other intellectual property rights created by the Company are capitalized and recorded in the Consolidated Statements of Financial Position only when they satisfy the criteria for capitalization. No development costs have been capitalized in 2022, 2021, or 2020. Acquired intangible assets are capitalized initially at fair value, normally the purchase price. Intangible assets are amortized over their useful economic lives. An assessment of impairment losses on non-current assets is made when there is an indication of a decrease in value. An intangible asset’s carrying amount is compared to the asset's recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an independent third party) or the calculated value based on the discounted estimated cash flow from continued use. The estimate is based on judgments of when and whether there will be an economic benefit from the asset, and assumptions about the amounts. As of December 31, 2022 , the Company determined that there were no indicators of impairment, and no impairment was recorded. |
Inventory | Inventory Inventories consist of raw materials, work in process, and finished goods. Inventory is recorded at the lower of cost and net realizable value. Impairment is assessed quarterly, based on management’s judgment of when and whether the inventory may be sold, and assumptions about the sales price and selling costs. The estimate is uncertain, because timing of sales are subject to many risks. Selling prices are uncertain in the market for IDEX's products. Reselling components or other commodity raw materials at any value may not be easily achieved, and elements of work in progress and finished goods, if impaired (i.e., considered excess or obsolete inventory), generally have no resale value and are held for disposal. |
Share-based compensation | Share-based compensation IDEX estimates the fair value of incentive subscription rights (“SRs”) at the grant date by using the Black-Scholes option pricing model, and record share-based remuneration cost over the vesting period of the SRs. The valuation is based on share price and exercise price, share price volatility, interest rates, and the expected term of the SRs, based on historical data. The parameters may in the future deviate from the historical observations. The accrued cost of the Company’s employment taxes associated with the earned intrinsic value of the SRs will vary with share price, which is a highly unpredictable parameter. IDEX estimates the fair value of the Employee Share Purchase Plan (“ESPP”) at the grant date, i.e. the first date of the contribution period, by using the Black-Scholes option pricing model. The share-based compensation is expensed over the contribution period. The valuation is based on share price and exercise price, share price volatility, interest rates, and the term of the contribution period. The parameters may in the future deviate from the historical observations. |
Climate Change | Climate Change As of December 31, 2022 , the possible future financial impact to the Company resulting from climate change is uncertain. Given the nature of the Company’s operations and products, the Company believe any such impact not to be material. The Company is monitoring current and expected climate change effects, as well as measures considered or implemented by government and industry, in order to minimize any negative impact and to take advantage of any favorable opportunities that may arise. |
COVID-19 | COVID-19 The COVID-19 pandemic, including the global emergence of new variants, continues to cause business and economic uncertainties. The full impact of COVID-19 on the Company’s business, results of operations, and financial condition may depend on numerous evolving factors that are highly uncertain and cannot be accurately predicted. The Company will continue to monitor the evolving situation and will assess modifying its response to the pandemic, as well as any relevant implications for its operations or financial reporting. The Company has not experienced significant delays in its development projects, and it has not incurred additional costs as a result of its response to the pandemic. Disruption of supply chains, particularly the semiconductor supply chain, has been attributed to the pandemic. While the Company did not experience supply chain disruptions that were material to its operations or financial results during 2021 or 2022, operational planning and management of inventory levels were challenging, given uncertainties associated with vendor capacity availability and allocations to the Company of such capacity. Because management expects such uncertainties will continue through 2023, the Company may place orders for, and hold balances of, inventory at higher levels than would be expected if such uncertainties did not exist. Management believes the pandemic has had an adverse influence on the timing of activities of smart card manufacturers and issuers, including delaying product development and the initiation of trials and pilots involving smart cards incorporating our fingerprint authentication solutions. |
Interest Rate Risk | Interest Rate Risk As of December 31, 2022, IDEX had cash of $ 16.1 million . The Company’s exposure to interest rate sensitivity is influenced primarily by changes in the underlying bank interest rates in the various currencies. IDEX’s cash is held in bank accounts, all of which are considered highly liquid. Accordingly, an immediate one percentage point change in interest rates would not have a material effect on the fair market value the Company’s cash accounts. As the Company has no debt to financial lenders, it is not exposed interest rate risks associated with variable rate debt. In calculating the recorded and carrying values of leases, interest rates are a variable in the calculations of these values, but do not represent a meaningful level of risk of material changes in these values. |
Financial risks | Financial risks IDEX emphasizes capital preservation and liquidity in managing its cash, which is held in bank accounts, which are denominated in USD, NOK, GBP, and CNY. Short-term capital requirements include funding operating losses and supporting net working capital requirements. Reflecting the Company’s operating model, investments in property, plant, and equipment are modest, and have been funded with proceeds from issuance of the Company’s Ordinary Shares. IDEX has been funded through the issuance of Ordinary Shares since it was established in 1996. The current cash position and financial forecasts indicate that in 2023, the Company will need significant funding in the form of equity injection, debt or other. The board is considering various funding options and believes that the Company will obtain further financing for its planned operation, growth and working capital requirements. Refer to the comments regarding going concern in Note 2. |
Currency Risk | Currency Risk The Company’s trading transactions are commonly denominated in U.S. Dollars (“USD”), which is the Company’s consolidation and presentation currency. The functional currency of the parent company, IDEX Biometrics ASA, is USD, while the functional currencies of the subsidiaries are the currency in their respective domiciles. The Company incurs a portion of its expenses in other currencies than the USD, primarily British Pounds (“GBP”), Norwegian Krone (“NOK”), Euro ("EUR"), and Chinese Yuan (“CNY”). The Company's cost level is exposed to changes in the rates of exchange between the USD and these currencies. IDEX seeks to minimize this exposure by maintaining currency cash balances at targeted levels appropriate to meet foreseeable short-term expenses in these other currencies. The Company does not use forward exchange contracts or other hedging strategies to manage exchange rate exposure. Excess cash balances are generally held in USD-denominated accounts. Each subsidiary's assets and liabilities are naturally hedged by being held and denominated in the functional currency of the subsidiary. In addition to USD, the parent company holds bank deposits in NOK and GBP; receivables in NOK, GBP and EUR; and payables in NOK, GBP and EUR. A 10 % change in the relative value of USD to NOK would not have had a material effect on the carrying value of the Company’s net financial assets and liabilities in foreign currencies at December 31, 2022 and December 31, 2021. The same applies to the value of USD to CNY or EUR. A 10% increase in the value of the GBP relative to the USD would have had a corresponding effect on the carrying value of our net financial assets and liabilities in foreign currencies at December 31, 2022 of approximately $ 750 thousand. |
Credit and Liquidity Risk | Credit and Liquidity Risk IDEX extends customary credit terms to customers, reflecting its assessment of their individual creditworthiness. The Company does not believe it was exposed to significant credit risk associated with its Accounts receivable, trade, balance as of December 31, 2022. (See Note 11 – Accounts receivable.) If revenue continues to increase, such balances from a broadening customer base will expand, potentially increasing the Company’s exposure to credit risk. As of December 31, 2022, the parent company had extended advances to IDEX UK denominated in GBP, in the equivalent to $ 7,597 . It is expected that IDEX UK will eventually repay these advances. The Company believes it faces minimal risk on its cash position, as IDEX’s cash is on deposit with reputable, regulated banks. The Company has no debt to financial institutions. The balance sheet solvency amounted to $ 13,370 at December 31, 2022. The Company aims to increase revenue generation through sales of its products; however, it does not currently have the cash resources to fully meet its operating commitments for the twelve months following the date of the financial statements. This cast significant doubt on the Company’s ability to continue as a going concern. |
Consolidation | Consolidation The Company’s Consolidated Financial Statements are comprised of the financial statements of IDEX Biometrics ASA and its wholly-owned subsidiaries, with all intercompany transactions, balances, revenue, expenses, and unrealized internal profit or losses eliminated upon consolidation. Equity Equity is comprised of the following: • • • • • • Accumulated Loss: is comprised of cumulative historical losses of the Company. |
Revenue recognition | Revenue recognition Revenue is recognized when control of the promised goods or services is transferred to a customer, in an amount reflecting the consideration the Company expects to be entitled to in exchange for those goods or services. Sales, value add, and other taxes incurred concurrent with revenue producing activities are excluded from revenue. Shipping and handling charges to customers are included in revenue, and costs incurred associated with outbound freight after control over a product has transferred to a customer are accounted for as revenue reductions. The Company’s primary source of revenue comes from the sale of its products, which principally are biometric fingerprint modules, consisting of a sensor and an ASIC in a single package. Each module also contains embedded software. The hardware and the embedded software are interdependent, in that each needs the other to provide the intended fingerprint authentication function to the customer. The primary customers for the Company’s products are smart card manufacturers and similar solution integrators. The Company currently does not utilize distributors for the resale of its products. The Company, from time to time, licenses its intellectual property under right to use licenses, in which royalties due to the Company are based upon a percentage of the licensee’s sales and/or unit volumes. For the years ended December 31, 2022, 2021, and 2020 , the Company recognized no revenue from licensing its intellectual property. Certain contracts with customers contain multiple performance obligations, which typically may include a combination of non-recurring engineering (“NRE”) services, prototype units, and production units. For these contracts, if the individual performance obligations are distinct, they are accounted for separately. Generally, the Company has determined the NRE services and prototype units represent one distinct performance obligation, and the production units represent a separate distinct performance obligation. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price, based on prices charged to other customers or based on expected cost plus a customary profit margin. The Company generally recognizes revenue for NRE services and prototype units at the point in time when a defined milestone under the arrangement is completed and control is transferred to the customer, which is generally the shipment or delivery of the prototype units. Revenue for production units is recognized upon shipment or delivery, consistent with product revenue recognition summarized above. The Company also recognizes revenue from contracts with customers associated with the delivery of certain services, ranging from standalone NRE to advisory services. Generally, these contracts include a single performance obligation (i.e., service element), and revenue is recognized upon the completion of the defined service element and final acceptance by the customer of the project deliverable, if any. However, revenue from services may be recognized over time, if recognition of multiple service elements is based on completion of substantive and results-based contractual milestones, and acknowledgement by the customer of such completion. The Company does not have material obligations or reserves for warranties, returns, or customer refunds. The Company does not have material obligations or reserves for warranties, returns, or customer refunds.There were no contract asset or contract liability balances at December 31, 2020, 2021 or 2022 . |
Cost of materials, net of inventory change | Cost of materials, net of inventory change Cost of materials, net of inventory change, primarily consists of the costs of raw materials, contract manufacturing, and transportation associated with production and storage of products for sale to customers, net of inventory change. |
Foreign currencies | Foreign currencies The Company’s Consolidated Financial Statements are presented in USD. The functional currency of the parent company is USD, while the functional currency for each foreign subsidiary is its local currency. Transactions involving the translation to the respective functional currencies of values denominated in foreign currencies are classified as monetary or non-monetary, thereby defining the measurement and recognition of foreign currency translation gains and losses applicable to a transaction. Monetary assets and liabilities generally have values fixed by explicit or implicit contract. Examples include bank deposits, debt, accounts receivable, and accounts payable. Monetary assets and liabilities subject to foreign currency adjustments are measured on the initial transaction date using the exchange rates in effect at that date. At each subsequent reporting date and through the date of settlement (i.e., payment) or derecognition, such monetary assets and liabilities are remeasured using the then-current exchange rate, and any foreign currency translation gains or losses are recorded by the entity within Financial income or Financial cost. Non-monetary assets and liabilities generally are those assets and liabilities for which the recorded values are not subject to contractual or other formal definitions (i.e., those assets and liabilities that are not classified as monetary assets or liabilities). Non-monetary assets and liabilities are not subject to foreign currency adjustments at entity level. Assets and liabilities in entities with another functional currency than the USD, including goodwill and fair value adjustments, if any, are translated into USD using the exchange rates in effect at the reporting date of the Consolidated Statements of Financial Position. Amounts reported on the Consolidated Statements of Profit and Loss are translated to USD using the average exchange rates in effect for the reporting period. Significant, large transactions may be translated using the rate at the transaction date. Foreign exchange differences arising on translation from functional currency to presentation currency are reported in Other comprehensive income (“OCI”). Translation gains or losses previously recognized in OCI are reversed and recognized in the Consolidated Statements of Profit and Loss, if and when the entity is disposed. |
Research and development expenses | Research and development expenses Expenses in this category consist primarily of the costs of services and materials used in engineering activities and certain outsourced development activities. Payroll costs related to research and development employees are classified as Compensation and benefit expenses, not as research and development expenses, on the Consolidated Statement of Profit and Loss. However, the compensation paid to individual contractors serving in engineering roles is included in Research and development expenses. Research costs are expensed as incurred. Development expenses that do not meet the criteria of capitalization are expensed as incurred. Development expenses are capitalized when (i) the technical feasibility of completing development has been demonstrated, (ii) the costs of development can be measured reliably, (iii) it is probable IDEX will realize future economic benefits from the asset, and (iv) IDEX has committed to complete the development. Once the development is complete and the resulting asset is available for use, the capitalized development cost (i.e., the asset value) is amortized over its expected useful life. The Company applies for and has received government grants associated with certain research and development projects. The earned (i.e., recognized) value, if any, of government grants applicable to research and development activities are credited against costs. Generally, the applications or claims for such grants are submitted after completion of the qualifying activities. When it is realistic that the application or claim will be successful and the amount can be determined reliably, the Company credit the value of the grant against research and development expenses for that reporting period. Due to the timing difference between the completion of the qualifying activities, the approval of our grant application or claim, and the receipt of the funds associated with the grant, we may record, pending receipt of funds, the value of the grant as an Account receivable, other. |
Finance income and finance cost | Finance income and finance cost Finance income and finance cost consists of interest income, interest expense, and net foreign exchange losses (gains) arising from settlement of obligations denominated in foreign currencies during the period and foreign currency translation adjustments recognized at period-end. |
Segment reporting | Segment reporting IDEX manages its operations as a single segment for the purposes of assessing performance and making operating decisions. IDEX operates as one operating segment, fingerprint imaging and authentication technology. IDEX has determined that its chief operating decision maker is its Chief Executive Officer. The Company’s chief operating decision maker reviews the Company’s financial information on an aggregated basis for the purposes of allocating resources and assessing financial performance. IDEX categorizes customers by geographic region utilizing the addresses to which we invoice our products or services. The Company’s product and service revenue by geographic region is as follows: Year Ended December 31, ($000s) 2022 2021 2020 Product Revenue: Europe, Middle East, and Africa $ 3,574 $ 2,807 $ 952 Americas 252 0 5 Asia-Pacific 63 30 56 Total product revenue 3,889 2,837 1,013 Service Revenue: Europe, Middle East, and Africa 10 3 2 Americas 193 0 77 Asia-Pacific — 0 3 Total service revenue 203 3 82 Total Revenue $ 4,091 $ 2,840 $ 1,095 The Company’s revenue has in the past come from a limited number of customers. During 2022 , the top two customers accounted for approximately 48 % and 24 % of the Company’s revenue, respectively, and in 2021 , the top two customers accounted for 85 % and 9 % of revenue, respectively. In 2020 , the top two customers accounted for 81 % and 4 % of revenue, respectively. |
Accounting standards issued but not effective | Accounting standards issued but not effective The Company will adopt applicable new and amended accounting standards, including interpretations, when they become effective. We do not expect any significant impact on the Company's result or financial position from the new and amended standards issued but not yet effective. Amendments to IAS 1–Classification of liabilities as current or non-current — The amendments clarify the requirements for classifying liabilities as current or non-current. The amendments are effective for reporting periods beginning on or after January 1, 2023, and must be applied retrospectively. The amendments will not have a material impact on any of the Company's liabilities as of December 31, 2022, 2021 or 2020. Amendments to IAS 8–Definition of accounting estimates — The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. The amendments also clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for reporting periods beginning on or after January 1, 2023, and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of such period. The amendments are not expected to have a material impact on the company's financial statements. Amendments to IAS 1 and IFRS Practice statement 2–Disclosure of accounting policies — The amendments replace the requirement to disclose the ‘significant’ accounting policies with a requirement to disclose the ‘material’ accounting policies. The amendments to IAS 1 are applicable for annual periods beginning on or after 1 January 2023. The Company will revise the accounting policy information disclosures for 2023 to become consistent with the amended IAS 1. Amendments to IAS 12–Deferred tax related to asssets and liabilities arising from a single transaction — The amendments should be applied to transactions that occur on or after the beginning of the earliest comparative period presented. The amendments are not expected to have a material impact on the company's financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Description Of Detailed Information About Product And Service Revenue By Geographic Region Explanatory | The Company’s product and service revenue by geographic region is as follows: Year Ended December 31, ($000s) 2022 2021 2020 Product Revenue: Europe, Middle East, and Africa $ 3,574 $ 2,807 $ 952 Americas 252 0 5 Asia-Pacific 63 30 56 Total product revenue 3,889 2,837 1,013 Service Revenue: Europe, Middle East, and Africa 10 3 2 Americas 193 0 77 Asia-Pacific — 0 3 Total service revenue 203 3 82 Total Revenue $ 4,091 $ 2,840 $ 1,095 |
Compensation and benefits (Tabl
Compensation and benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Summary of Compensation and benefits expenses | Year Ended December 31, ($000s) 2022 2021 2020 Salary, payroll tax, benefits, other $ 17,389 $ 18,197 $ 14,917 Share-based compensation 1,824 2,910 2,755 Total $ 19,213 $ 21,107 $ 17,672 |
Disclosure of detailed information about number of employees and individual contractors by the function | December 31, 2022 December 31, 2021 December 31, 2020 Employees Contractors Employees Contractors Employees Contractors Research and development 64 6 77 8 75 6 Marketing and sales 6 9 6 9 6 5 General and administrative 5 2 8 1 7 1 Supply chain and distribution 7 - 2 — 2 — Total staff 82 17 93 18 90 12 |
Summary of compensation of key management | Year Ended December 31, 2022 2021 2020 (in thousands) Compensation and short-term benefits $ 1,362 $ 1,425 $ 906 Medical and similar benefits, contributions to pension schemes 62 73 66 Share-based compensation 271 443 449 Total compensation of key management $ 1,695 $ 1,941 $ 1,421 |
Summary of subscription rights to shares held by key management under the subscription rights incentive plans | Key management held the following subscription rights to Ordinary Shares under the subscription rights incentive plans with the following expiration dates and exercise prices: Number outstanding as of December 31, Grant Date Expiration Date Exercise Price 2022 2021 2020 August 14, 2019 May 9, 2024 1.65 327,800 327,800 2,327,800 February 26, 2020 May 9, 2024 1.11 5,000,000 5,000,000 5,000,000 June 17, 2020 May 15, 2025 1.71 1,125,000 1,125,000 1,125,000 April 20, 2021 May 15, 2025 2.71 2,750,000 June 3, 2021 May 12, 2026 2.38 2,000,000 2,000,000 August 11, 2021 May 12, 2026 2.40 1,420,700 1,668,100 March 23, 2022 May 12, 2026 2.08 836,900 August 10, 2022 May 12, 2027 1.18 1,631,000 Total 12,341,400 12,870,900 8,452,800 |
Research and Development Expe_2
Research and Development Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Disclosure of research and development expenses | Year Ended December 31, ($000s) 2022 2021 2020 Gross research and development expenses $ 3,959 $ 3,356 $ 4,196 Government grants credited ( 709 ) ( 676 ) ( 2,301 ) Net research and development expenses $ 3,250 $ 2,680 $ 1,895 |
Disclosure of government grants | Year Ended December 31, ($000s) 2022 2021 2020 Norway $ 312 $ 538 $ 506 United Kingdom 397 138 1,795 Total $ 709 $ 676 $ 2,301 |
Income tax provision (Tables)
Income tax provision (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
Summary of major components of income tax expense | The major components of income tax provision for the years shown are: Tax expense (benefit) for the year Year Ended December 31, ($000s) 2022 2021 2020 Taxes payable on the result of the year $ 33 $ 90 $ 44 Adjustment in respect to prior years ( 69 ) — ( 112 ) Change in recorded deferred tax liability — — ( 31 ) Income tax expense (benefit) $ ( 36 ) $ 90 $ ( 99 ) |
Summary of Elements of deferred tax | Elements of deferred tax Year Ended December 31, ($000s) 2022 2021 2020 Employer’s tax on share-based compensation $ ( 24 ) $ ( 371 ) $ ( 216 ) Fixed Assets differences 987 1,154 675 Inventory differences ( 131 ) ( 5 ) ( 213 ) Accruals differences ( 993 ) ( 1,152 ) ( 1,144 ) Research and development tax credits ( 1,404 ) ( 1,563 ) ( 1,787 ) Losses carried forward ( 256,201 ) ( 253,300 ) ( 225,951 ) Basis for calculation of deferred tax asset ( 257,766 ) ( 255,237 ) ( 228,636 ) Calculated net deferred tax expense (benefit), local tax rates 5-22% ( 56,592 ) ( 55,953 ) ( 51,251 ) Unrecognized deferred tax asset * 56,592 55,953 51,251 Deferred tax liability (asset) in the balance sheet $ — $ — $ — |
Summary of reconciliation of tax expense (benefit) | Reconciliation of tax expense (benefit) Year Ended December 31, ($000s) 2022 2021 2020 Loss before tax $ ( 32,698 ) $ ( 32,552 ) $ ( 26,853 ) Norway statutory tax, calculated at rate of 22 % ( 7,194 ) ( 7,132 ) ( 5,908 ) Difference in subsidiary taxes, using local rates vs 22 % 68 ( 179 ) 22 Estimated tax on permanent differences ( 267 ) ( 568 ) 389 Adjustment in respect of prior years ( 69 ) — ( 112 ) Use of and change in tax loss carried forward 7,426 7,969 5,510 Income tax expense (benefit) $ ( 36 ) $ 90 $ ( 99 ) * As of December 31, 2022 , there was not sufficiently convincing evidence the Company will generate sufficient taxable profit, against which the unused tax losses could be applied. Consequently, no deferred tax asset has been recognized. There are no restrictions as to how long tax losses may be carried forward in Norway or the United Kingdom. In China, the tax loss carryforwards that had not been utilized by the end of 2022, expired as of Dec 31, 2022. Tax credits associated with research and development activities in the United States, totaling $ 1.4 million as of December 31, 2022, can be applied against taxable income for the following for 20 years. ** The various deferred tax assets that have not been recognized are denominated in their respective local currencies. As such, the change in the year-end value in USD of these unrecognized deferred tax assets includes foreign currency translation adjustments arising from changes in the exchange rates between USD and these local currencies from the prior year-end. |
Loss per share calculation (Tab
Loss per share calculation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Summary of loss per share | The loss per share is the quotient of the net loss for the period divided by the weighted average number of Ordinary Shares outstanding for the year. Year Ended December 31, 2022 2021 2020 Net loss for the year ($000s) $ ( 32,662 ) $ ( 32,552 ) $ ( 26,754 ) Number of ordinary shares issued at December 31 1,166,326,584 1,010,388,454 832,146,748 Weighted average basic number of ordinary shares 1,026,932,569 918,847,427 767,069,645 Dilution effect (treasury stock method) 5,058,154 21,586,108 6,323,417 Weighted average diluted number of shares 1,031,990,723 940,433,535 773,393,062 Loss per share for the year (basic and diluted*) $ ( 0.03 ) $ ( 0.04 ) $ ( 0.03 ) * The effects of potentially dilutive Ordinary Shares issuable upon exercise of outstanding subscription rights are not included in the calculation due to the Company’s net losses for the periods presented, as their effect would be anti-dilutive. |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Summary of goodwill | Goodwill balances as of December 31, 2022, and December 31, 2021, reflected the following activity: Year Ended December 31, ($000s) 2022 2021 Cost at the beginning of the year $ 968 $ 968 Cost at the end of the year $ 968 $ 968 |
Summary of intangible assets | Other intangible asset balances as of December 31, 2022, and December 31, 2021, reflected the following activity: Year Ended December 31, ($000s) 2022 2021 Amortization period (straight-line, in years) 10 - 17 10 - 17 Cost at the beginning of the year $ 5,173 $ 5,173 Additions — — Impact of currency translation — — Cost at the end of the year $ 5,173 $ 5,173 Accumulated Amortization at the beginning of the year $ 3,208 $ 2,731 Amortization 477 477 Impact of currency translation — — Accumulated Amortization at the end of the year 3,685 3,208 Carrying amount at the end of the year $ 1,488 $ 1,965 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of property plant and equipment | Property, plant, and equipment balances as of December 31, 2022, and December 31, 2021, reflected the following activity: 2022 Plant and Office Instruments Total Depreciation period (straight line, in years) 3 - 5 3 - 5 3 - 5 Accumulated cost at December 31, 2021 $ 855 $ 782 $ 2,281 $ 3,918 Additions 125 38 104 267 Impact of currency translation ( 11 ) ( 18 ) ( 37 ) ( 66 ) Accumulated cost at December 31, 2022 969 803 2,348 4,120 Accumulated depreciation at December 31, 2021 $ 367 $ 671 $ 1,579 $ 2,617 Depreciation 125 73 246 443 Impact of currency translation ( 6 ) ( 10 ) ( 33 ) ( 48 ) Accumulated depreciation at December 31, 2022 486 734 1,793 3,012 Carrying amount at December 31, 2022 $ 483 $ 69 $ 556 $ 1,107 2021 Plant and Office Instruments Total Depreciation period (straight line, in years) 3 - 5 3 - 5 3 - 5 Accumulated cost at December 31, 2020 $ 855 $ 710 $ 2,217 $ 3,782 Additions — 74 67 141 Impact of currency translation — ( 2 ) ( 3 ) ( 5 ) Accumulated cost at December 31, 2021 855 782 2,281 3,918 Accumulated depreciation at December 31, 2020 $ 236 $ 572 $ 1,307 $ 2,115 Depreciation 131 101 275 507 Impact of currency translation — ( 2 ) ( 3 ) ( 5 ) Accumulated depreciation at December 31, 2021 367 671 1,579 2,617 Carrying amount at December 31, 2021 $ 488 $ 111 $ 712 $ 1,301 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Summary of right of use assets | Year Ended December 31, ($000s) 2022 2021 Depreciation periods (straight-line, in years) 3 - 5 3 - 5 Cost at the beginning of the year $ 2,691 $ 2,543 Additions 1,654 158 Disposal of right to use assets ( 1,569 ) — Impact of currency translation ( 133 ) ( 10 ) Cost at the end of the year $ 2,643 $ 2,691 Accumulated depreciation at the beginning of the year $ 2,334 $ 1,527 Depreciation 431 818 Accumulated depreciation of disposed right of use assets ( 1,566 ) — Impact of currency translation ( 101 ) ( 11 ) Accumulated depreciation at the end of the year 1,098 2,334 Recorded value at the end of the year $ 1,545 $ 357 |
Summary of Lease in the statements of income | Leases in the Consolidated Statements of Profit and Loss Year Ended December 31, ($000s) 2022 2021 2020 Depreciation $ 431 $ 818 $ 810 Finance cost 33 31 63 |
Summary of Lease in the statements of financial instruments | Leases in the Consolidated Statements of Financial Position ($000s) 2022 2021 Balance at January 1 $ 373 $ 1,058 Additions 1,575 158 Accretion of interest 33 31 Payments ( 437 ) ( 874 ) Balance at December 31 1,544 373 Non-current 1,142 11 Current 402 362 Total lease liabilities $ 1,544 $ 373 |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Aging Analysis Of Receivables [Abstract] | |
Summary of aging analysis of receivables | Balances of accounts receivable at December 31, 2022, and December 31, 2021, are as follows: Year ended December 31, 2022 Maturity ($000s) Less than 3 months 3-6 months 6-12 Months Total Accounts receivable, trade $ 1,349 $ — $ — $ 1,349 Accounts receivable, other 198 33 698 929 Total $ 1,547 $ 33 $ 698 $ 2,278 Year ended December 31, 2021 Maturity ($000s) Less than 3 months 3-6 months 6-12 Months Total Accounts receivable, trade $ 801 $ 0 $ 0 $ 801 Accounts receivable, other 133 31 539 703 Total $ 934 $ 31 $ 539 $ 1,504 |
Accounts payable and other fi_2
Accounts payable and other financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Summary of maturity analysis for liabilities | Year ended December 31, 2022 Maturity ($000s) Less 3-6 months 6-12 1-5 years Total Non-current lease liabilities $ — $ — $ — $ 1,142 $ 1,142 Accounts payable 1,540 — — — 1,540 Current lease liabilities 125 105 172 — 402 Other liabilities 838 1,400 459 — 2,697 Total $ 2,503 $ 1,505 $ 631 $ 1,142 $ 5,781 Year ended December 31, 2021 Maturity ($000s) Less 3-6 months 6-12 1-5 years Total Non-current lease liabilities $ — $ — $ — $ 11 $ 11 Accounts payable 685 — — — 685 Current lease liabilities 132 107 123 — 362 Other liabilities 1,640 251 588 371 2,850 Total $ 2,457 $ 358 $ 711 $ 382 $ 3,908 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Summary of Inventory | December 31, 2022 2021 ($000s) Cost Reserves Net Cost Reserves Net Raw materials $ 2,280 $ — $ 2,280 $ 562 $ — $ 562 Work in progress 1,486 — 1,486 107 — 107 Finished goods 812 ( 130 ) 681 570 ( 5 ) 565 Total Inventory $ 4,577 $ ( 130 ) $ 4,447 $ 1,239 $ ( 5 ) $ 1,234 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Summary of Cash and cash equivalents by currency | USD-valued cash and cash equivalent balances by currency were as follows: Year Ended December 31, ($000s) 2022 2021 Denominated in USD $ 14,917 $ 28,217 Denominated in NOK 990 3,707 Denominated in GBP 128 978 Denominated in CNY 90 857 Total $ 16,124 $ 33,759 |
Share capital and Share Premi_2
Share capital and Share Premium (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Summary of reconciliation of number of shares outstanding | There is one class of shares, and all such Ordinary Shares have equal rights. The par value of an Ordinary Share is NOK 0.15 per share. IDEX does not hold any of its own Ordinary Shares. During the years ended December 31, 2022 and December 31, 2021, the Board of Directors approved the transfer of $ 18.0 million and $ 46.0 million, respectively, of Share Premium to absorb uncovered losses as allowed under Norwegian law. As a result, Share Premium has been reduced by a cumulative amount of $ 287.5 million as of the year ended December 31, 2022 and $ 269.5 million as of the year ended December 31, 2021 against Capital Reduction Reserve. The transfer has no impact on the total equity, comprehensive income (loss), assets (including cash) nor liabilities. Number of Balance at December 31, 2020 832,146,748 Private placement of Ordinary Shares on February 15 83,214,674 Share issue (exercise of subscription rights) 1,767,606 Share issue (in lieu of Board compensation) 535,583 Private placement of Ordinary Shares on November 12 89,777,824 Share issue (Employee Share Purchase Plan) 2,946,019 Balance at December 31, 2021 1,010,388,454 Share issues (Employee Share Purchase Plan) 4,947,546 Share issue (exercise of subscription rights) 990,584 Private placement of Ordinary Shares on November 16 150,000,000 Balance at December 31, 2022 1,166,326,584 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Summary of fair value of the subscription rights | The fair value of the subscription rights granted is calculated, for recognition of share-based compensation expenses, using the Black-Scholes option pricing model, applying the following assumptions: Year Ended December 31, 2022 2021 2020 Exercise price (NOK) 1.03 – 2.08 2.38 – 3.10 1.10 – 1.80 Weighted average exercise price per share 1.54 2.53 1.62 Weighted average share price at date of grant 1.42 2.45 1.42 Expected term (years) 4.45 4.62 4.77 Weighted average term (years) 3.27 3.35 2.96 Share price volatility (percent) 72 – 100 85 – 112 78 – 113 Risk-free interest rate 2.653 % 0.983 % 0.354 % Expected dividend payment - - - Forfeiture None None None |
Summary of incentive subscription rights | Number of Weighted Outstanding as of December 31, 2020 56,344,093 1.66 Granted 21,885,200 2.53 Exercised ( 1,767,879 ) 1.33 Forfeited ( 3,165,015 ) 1.97 Expired ( 1,540,000 ) 5.22 Outstanding as of December 31, 2021 71,756,399 1.84 Granted 19,342,900 1.54 Exercised ( 930,184 ) 0.29 Forfeited ( 8,987,484 ) 2.25 Expired ( 75,000 ) 8.42 Outstanding as of December 31, 2022 81,106,631 1.74 |
Summary of outstanding and vested incentive subscription rights | Composition of outstanding and exercisable subscription rights at December 31, 2022 Outstanding Subscription Rights Vested (Exercisable) Subscription Rights Exercise Price (in NOK) Number of Weighted Weighted Weighted Number of Weighted Weighted 0.00 - 0.49 3,486,882 0.15 1.36 0.00 3,486,882 0.15 1.35 0.50 - 0.99 720,800 0.71 1.36 0.22 515,600 0.71 0.97 1.00 - 1.49 16,507,000 1.14 3.34 1.48 2,759,850 1.11 0.68 1.50 - 1.99 36,300,174 1.70 2.15 0.16 24,589,220 1.70 1.42 2.00 - 2.49 17,218,050 2.28 3.37 1.27 2,732,625 2.40 0.87 2.50 - 2.99 5,412,900 2.65 3.37 1.34 1,353,225 2.65 0.84 3.00 - 4.99 960,825 3.34 1.96 0.48 479,200 3.52 0.79 5.00 - 9.99 500,000 5.10 0.36 0.00 500,000 5.10 0.35 Total 81,106,631 1.74 2.68 0.74 36,416,602 1.65 1.27 Composition of outstanding and exercisable subscription rights at December 31, 2021 Outstanding Subscription Rights Vested (Exercisable) Subscription Rights Exercise Price (in NOK) Number of Weighted Weighted Weighted Number of Weighted Weighted 0.00 - 0.50 4,330,366 0.15 2.36 0.04 2,165,186 0.15 2.36 0.50 - 1.00 720,800 0.71 2.36 1.29 310,400 0.71 2.36 1.00 - 1.50 5,542,500 1.11 2.36 1.04 1,385,625 1.11 2.36 1.50 - 2.00 38,760,433 1.70 3.14 0.96 14,045,131 1.69 3.14 2.00 - 3.00 20,588,700 2.51 4.24 2.04 — — 4.24 3.00 - 5.00 1,238,600 3.29 3.05 1.32 175,775 3.94 3.05 5.00 - 10.00 575,000 5.53 1.23 0.00 575,000 5.53 1.23 Total 71,756,399 1.84 3.32 1.22 18,657,117 1.59 3.32 |
Schedule of employee stock purchase plan cost calculation parameters | ESPP cost calculation parameters September 1, 2022 March 1, 2022 September 1, 2021 Expected contribution amount (NOK 1,000 ) 2,025 2,307 3,009 Share price on start date (NOK per share) 0.83 1.96 2.65 Share price volatility 68 % 66 % 64 % Risk-free interest rate 2.82 % 0.95 % 0.25 % Expected dividend payment — — — Expected number of shares 2,854,899 1,385,049 1,335,810 Share-based compensation cost per expected share 0.32 0.75 1.01 |
Related Party Transaction (Tabl
Related Party Transaction (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Summary of board remuneration paid | Board compensation is paid in arrears after being approved by the shareholders, generally at the Annual General Meeting. The following amounts were paid in 2022, 2021 and 2020: Year Ended December 31, 2022 ($000s) Cash Shared-based Total Morten Opstad, Board chair $ 53 $ — $ 53 Lawrence J. Ciaccia, Board deputy chair 53 — 53 Deborah Davis 68 — 68 Hanne Hovding 55 — 55 Annika Olsson 44 — 44 Thomas M. Quindlen 55 — 55 Stephen A. Skaggs 62 — 62 $ 390 $ — $ 390 Year Ended December 31, 2021 ($000s) Cash Shared-based Total Morten Opstad, Board chair $ 59 $ — $ 59 Lawrence J. Ciaccia, Board deputy chair 28 33 61 Deborah Davis 67 — 67 Hanne Hovding 52 — 52 Annika Olsson — — — Thomas M. Quindlen 2 32 34 Stephen A. Skaggs 4 58 62 $ 212 $ 123 $ 335 Year Ended December 31, 2020 ($000s) Cash Shared-based Total Morten Opstad, Board chair $ 40 $ — $ 40 Lawrence J. Ciaccia, Board deputy chair 38 — 38 Deborah Davis 10 36 46 Hanne Hovding 32 — 32 Stephen A. Skaggs 4 34 38 $ 124 $ 70 $ 194 |
Summary of share based payment arrangement to board members | Subscription rights outstanding as Grant Date Expiration Date Exercise Price 2022 2021 2020 June 17, 2020 May 15, 2025 1.71 600,000 600,000 600,000 |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract 1] | |
Summary of other operating expenses | Year Ended December 31, ($000s) 2022 2021 2020 Sales and marketing activities $ 2,840 $ 1,387 $ 764 Legal, audit, accounting and other services 2,073 2,332 2,906 IT expenses 1,894 2,047 1,621 Travel expenses 230 132 125 Other operating expenses 1,364 1,449 520 Total other operating expenses $ 8,402 $ 7,347 $ 5,936 |
Summary of auditors remuneration | The following table sets out the aggregate fees related to professional services rendered by the Company’s independent auditor, Ernst & Young AS (“EY”), for the calendar years 2022, 2021, and 2020: Year Ended December 31, ($000s) 2022 2021 2020 Audit services $ 447 $ 352 $ 235 Audit-related services 43 22 8 Tax services 7 7 0 Other services 4 24 12 $ 501 $ 405 $ 255 |
Corporate Information (Detail)
Corporate Information (Detail) | Dec. 31, 2022 |
Ordinary Share [member] | |
Corporate Information [Line Items] | |
Entity Listing, Depository Receipt Ratio | 75 |
Basis of Preparation - Addition
Basis of Preparation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basis of Preparation [Abstract] | ||||
Accumulated loss | $ (303,401) | $ (270,739) | ||
Net equity | 22,841 | $ 37,725 | $ 12,514 | $ 17,812 |
Balance sheet solvency amount | $ 13,370 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statements [Line Items] | |||
Cash | $ 16,100 | ||
Balance sheet solvency amount | 13,370 | ||
Impairment loss recognised in profit or loss, intangible assets other than goodwill | 0 | ||
Impairment loss recognised in profit or loss, goodwill | 0 | ||
Revenue | 4,091 | $ 2,840 | $ 1,095 |
Parent company extended advances | 7,597 | ||
Net financial assets and liabilities | $ 750 | ||
Change in relative value | 10% | 10% | |
Customer One [Member] | |||
Statements [Line Items] | |||
Concentration risk percentage revenue | 48% | 85% | 81% |
Customer Two [Member] | |||
Statements [Line Items] | |||
Concentration risk percentage revenue | 24% | 9% | 4% |
Licensing of Intellectual Property [Member] | |||
Statements [Line Items] | |||
Revenue | $ 0 | $ 0 | $ 0 |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of product and service revenue by geographic region (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | $ 4,091 | $ 2,840 | $ 1,095 |
Product [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | 3,889 | 2,837 | 1,013 |
Product [Member] | Europe Middle East and Africa [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | 3,574 | 2,807 | 952 |
Product [Member] | Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | 252 | 0 | 5 |
Product [Member] | Asia Pacific [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | 63 | 30 | 56 |
Service [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | 203 | 3 | 82 |
Service [Member] | Europe Middle East and Africa [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | 10 | 3 | 2 |
Service [Member] | Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | $ 193 | 0 | 77 |
Service [Member] | Asia Pacific [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | $ 0 | $ 3 |
Compensation and benefits - Sum
Compensation and benefits - Summary of Compensation and benefits expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of payroll expenses [Abstract] | |||
Salary, payroll tax, benefits, other | $ 17,389 | $ 18,197 | $ 14,917 |
Share-based compensation | 1,824 | 2,910 | 2,755 |
Total | $ 19,213 | $ 21,107 | $ 17,672 |
Compensation and benefits - S_2
Compensation and benefits - Summary of compensation of key management (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of compensation of key management [Abstract] | |||
Compensation and short-term benefits | $ 1,362 | $ 1,425 | $ 906 |
Medical and similar benefits, contributions to pension schemes | 62 | 73 | 66 |
Share-based compensation | 271 | 443 | 449 |
Total compensation of key management | $ 1,695 | $ 1,941 | $ 1,421 |
Compensation and benefits - S_3
Compensation and benefits - Summary of subscription rights to shares held by key management under the subscription rights incentive plans (Detail) | 12 Months Ended | ||
Dec. 31, 2022 shares kr / shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | |
Disclosure of Subscription rights to shares held by key management under the subscription rights incentive plans [Line Items] | |||
Number outstanding | 12,341,400 | 12,870,900 | 8,452,800 |
August 14, 2019 [member] | |||
Disclosure of Subscription rights to shares held by key management under the subscription rights incentive plans [Line Items] | |||
Expiry Date | May 09, 2024 | ||
Exercise Price (NOK per share) | kr / shares | kr 1.65 | ||
Number outstanding | 327,800 | 327,800 | 2,327,800 |
February 26, 2020 [member] | |||
Disclosure of Subscription rights to shares held by key management under the subscription rights incentive plans [Line Items] | |||
Expiry Date | May 09, 2024 | ||
Exercise Price (NOK per share) | kr / shares | kr 1.11 | ||
Number outstanding | 5,000,000 | 5,000,000 | 5,000,000 |
June 17, 2020 [member] | |||
Disclosure of Subscription rights to shares held by key management under the subscription rights incentive plans [Line Items] | |||
Expiry Date | May 15, 2025 | ||
Exercise Price (NOK per share) | kr / shares | kr 1.71 | ||
Number outstanding | 1,125,000 | 1,125,000 | 1,125,000 |
April 20, 2021 [Member] | |||
Disclosure of Subscription rights to shares held by key management under the subscription rights incentive plans [Line Items] | |||
Expiry Date | May 15, 2025 | ||
Exercise Price (NOK per share) | kr / shares | kr 2.71 | ||
Number outstanding | 2,750,000 | ||
June 3, 2021 [Member] | |||
Disclosure of Subscription rights to shares held by key management under the subscription rights incentive plans [Line Items] | |||
Expiry Date | May 12, 2026 | ||
Exercise Price (NOK per share) | kr / shares | kr 2.38 | ||
Number outstanding | 2,000,000 | 2,000,000 | |
August 11, 2021 [Member] | |||
Disclosure of Subscription rights to shares held by key management under the subscription rights incentive plans [Line Items] | |||
Expiry Date | May 12, 2026 | ||
Exercise Price (NOK per share) | kr / shares | kr 2.40 | ||
Number outstanding | 1,420,700 | 1,668,100 | |
March 23, 2022 [Member] | |||
Disclosure of Subscription rights to shares held by key management under the subscription rights incentive plans [Line Items] | |||
Expiry Date | May 12, 2026 | ||
Exercise Price (NOK per share) | kr / shares | kr 2.08 | ||
Number outstanding | 836,900 | ||
August 10, 2022 [Member] | |||
Disclosure of Subscription rights to shares held by key management under the subscription rights incentive plans [Line Items] | |||
Expiry Date | May 12, 2027 | ||
Exercise Price (NOK per share) | kr / shares | kr 1.18 | ||
Number outstanding | 1,631,000 |
Compensation and benefits - S_4
Compensation and benefits - Summary of sets forth the number of employees and individual contractors (Detail) | Dec. 31, 2022 Contractors Employees | Dec. 31, 2021 Employees Contractors | Dec. 31, 2020 Employees Contractors |
Disclosure of detailed information about number of employees and individual contractors by the function [Line Items] | |||
Employees | 82 | 93 | 90 |
Contractors | Contractors | 17 | 18 | 12 |
Research and development [member] | |||
Disclosure of detailed information about number of employees and individual contractors by the function [Line Items] | |||
Employees | 64 | 77 | 75 |
Contractors | Contractors | 6 | 8 | 6 |
Marketing and sales [Member] | |||
Disclosure of detailed information about number of employees and individual contractors by the function [Line Items] | |||
Employees | 6 | 6 | 6 |
Contractors | Contractors | 9 | 9 | 5 |
General and administrative [Member] | |||
Disclosure of detailed information about number of employees and individual contractors by the function [Line Items] | |||
Employees | 5 | 8 | 7 |
Contractors | Contractors | 2 | 1 | 1 |
Supply chain and distribution [Member] | |||
Disclosure of detailed information about number of employees and individual contractors by the function [Line Items] | |||
Employees | 7 | 2 | 2 |
Compensation and benefits - Add
Compensation and benefits - Additional Information (Detail) - Employees | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statements [Line Items] | |||
Average number of employees | 90 | 95 | 93 |
China [member] | |||
Statements [Line Items] | |||
Contribution to pension plan percent | 21% | ||
United Kingdom [member] | Maximum [Member] | |||
Statements [Line Items] | |||
Contribution to pension plan percent | 6% |
Research and development expe_3
Research and development expenses - Summary of grants to research and development are credited (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Grants to research and development are credited against costs [Abstract] | |||
Gross research and development expenses | $ 3,959 | $ 3,356 | $ 4,196 |
Government grants credited | (709) | (676) | (2,301) |
Net research and development expenses | $ 3,250 | $ 2,680 | $ 1,895 |
Research and development expe_4
Research and development expenses - Summary of government grants (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of Government grant [Line Items] | |||
Government grants | $ 709 | $ 676 | $ 2,301 |
Norway | |||
Disclosure of Government grant [Line Items] | |||
Government grants | 312 | 538 | 506 |
United Kingdom | |||
Disclosure of Government grant [Line Items] | |||
Government grants | $ 397 | $ 138 | $ 1,795 |
Income tax provision - Summary
Income tax provision - Summary of major components of income tax expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |||
Taxes payable (receivable) during period | $ 33 | $ 90 | $ 44 |
Adjustment in respect to prior years | (69) | (112) | |
Change in deferred tax asset/liability | (31) | ||
Income tax expense | $ (36) | $ 90 | $ (99) |
Income tax provision - Summar_2
Income tax provision - Summary of specification of deferred tax (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Basis for calculation of deferred tax asset | $ 257,766 | $ 255,237 | $ 228,636 |
Calculated net deferred tax expense (benefit), local tax rates 5-22% | 56,592 | 55,953 | 51,251 |
Unrecognized deferred tax asset | 56,592 | 55,953 | 51,251 |
Temporary differences [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Employer's tax on share-based compensation | (24) | (371) | (216) |
Fixed Assets differences | 987 | 1,154 | 675 |
Inventory differences | (131) | (5) | (213) |
Accruals differences | (993) | (1,152) | (1,144) |
Unused tax credits [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Research and development tax credits | (1,404) | (1,563) | (1,787) |
Unused tax losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Losses carried forward | $ (256,201) | $ (253,300) | $ (225,951) |
Income tax provision - Summar_3
Income tax provision - Summary of specification of deferred tax (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Applicable tax rate | 22% | 22% | 22% |
Top of range [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Applicable tax rate | 22% | ||
Bottom of range [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Applicable tax rate | 5% |
Income tax provision - Summar_4
Income tax provision - Summary of reconciliation of tax expense (benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |||
Loss before tax | $ (32,698) | $ (32,552) | $ (26,853) |
Norway statutory tax, calculated at rate of 22% | (7,194) | (7,132) | (5,908) |
Difference in subsidiary taxes, using local rates vs 22% | 68 | (179) | 22 |
Estimated tax on permanent differences | 267 | 568 | 389 |
Adjustment in respect of prior years | (69) | (112) | |
Use of and change in tax loss carried forward | 7,426 | 7,969 | 5,510 |
Income tax expense (benefit) | $ (36) | $ 90 | $ (99) |
Income tax provision - Summar_5
Income tax provision - Summary of reconciliation of tax expense (benefit) (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |||
Applicable tax rate | 22% | 22% | 22% |
Income tax provision - Addition
Income tax provision - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Recognition of corporate tax | $ 56,592 | $ 55,953 | $ 51,251 |
Corporate tax rate | 22% | 22% | 22% |
Unused tax credits [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Research and development tax credits | $ 1,404 | $ 1,563 | $ 1,787 |
Research and development [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Research and development tax credits | 1,400 | ||
Norway [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax loss carryforward | 252,800 | ||
Recognition of corporate tax | $ 55,600 | ||
Corporate tax rate | 22% | ||
United Kingdom [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax loss carryforward | $ 3,400 | ||
Recognition of corporate tax | $ 600 | ||
Corporate tax rate | 19% | ||
China [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax loss carryforward | $ 0 | ||
United States [member] | Research and development [member] | Unused tax credits [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax credit forwards | $ 1,400 |
Loss per share calculation - Su
Loss per share calculation - Summary of loss per share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Net loss for the year | $ (32,662) | $ (32,552) | $ (26,754) |
Number of ordinary shares issued at December 31 | 1,166,326,584 | 1,010,388,454 | 832,146,748 |
Weighted average basic number of ordinary shares | 1,026,932,569 | 918,847,427 | 767,069,645 |
Dilution effect (treasury stock method) | 5,058,154 | 21,586,108 | 6,323,417 |
Weighted average diluted number of shares | 1,031,990,723 | 940,433,535 | 773,393,062 |
Loss per share for the year (basic and diluted) | $ (0.03) | $ (0.04) | $ (0.03) |
Goodwill and other intangible_3
Goodwill and other intangible assets - Summary of goodwill (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Cost at the beginning of the year | $ 968 | $ 968 |
Cost at the end of the year | $ 968 | $ 968 |
Goodwill and other intangible_4
Goodwill and other intangible assets - Summary of intangible assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets Beginning Balance | $ 1,965 | |
Intangible assets Ending Balance | 1,488 | $ 1,965 |
Carrying amount at the end of the year | 1,488 | 1,965 |
Patent [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets Beginning Balance | 1,965 | |
Intangible assets Ending Balance | 1,488 | 1,965 |
Carrying amount at the end of the year | $ 1,488 | $ 1,965 |
Patent [Member] | Bottom of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Amortization period (straight-line, in years) | 10 years | 10 years |
Patent [Member] | Top of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Amortization period (straight-line, in years) | 17 years | 17 years |
Gross carrying amount [member] | Patent [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets Beginning Balance | $ 5,173 | $ 5,173 |
Additions | 0 | 0 |
Impact of currency translation | 0 | 0 |
Intangible assets Ending Balance | 5,173 | 5,173 |
Carrying amount at the end of the year | 5,173 | 5,173 |
Accumulated Depreciation [Member] | Patent [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets Beginning Balance | 3,208 | 2,731 |
Amortization | 477 | 477 |
Impact of currency translation | 0 | 0 |
Intangible assets Ending Balance | 3,685 | 3,208 |
Carrying amount at the end of the year | $ 3,685 | $ 3,208 |
Goodwill and other intangible_5
Goodwill and other intangible assets - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about intangible assets [line items] | |
Impairment charges | $ 0 |
Period for internal cash flows forecasts | 4 years |
Percentage of long term future growth rate | 3% |
Discount rate post tax reflects the weighted average cost of capital adjusted | 12% |
Property, plant and equipment -
Property, plant and equipment -Summary of property plant and equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost/depreciation, Balance | $ 1,301 | |
Accumulated cost/depreciation, Balance | 1,107 | $ 1,301 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost/depreciation, Balance | 3,918 | 3,782 |
Additions | 267 | 141 |
Impact of currency translation | (66) | (5) |
Accumulated cost/depreciation, Balance | 4,120 | 3,918 |
Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost/depreciation, Balance | 2,617 | 2,115 |
Depreciation | 443 | 507 |
Impact of currency translation | (48) | (5) |
Accumulated cost/depreciation, Balance | 3,012 | 2,617 |
Plant And Machinery fixtures and fittings [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost/depreciation, Balance | 488 | |
Accumulated cost/depreciation, Balance | $ 483 | $ 488 |
Plant And Machinery fixtures and fittings [Member] | Bottom of range [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation period (straight line, in years) | 3 years | 3 years |
Plant And Machinery fixtures and fittings [Member] | Top of range [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation period (straight line, in years) | 5 years | 5 years |
Plant And Machinery fixtures and fittings [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost/depreciation, Balance | $ 855 | $ 855 |
Additions | 125 | 0 |
Impact of currency translation | (11) | 0 |
Accumulated cost/depreciation, Balance | 969 | 855 |
Plant And Machinery fixtures and fittings [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost/depreciation, Balance | 367 | 236 |
Depreciation | 125 | 131 |
Impact of currency translation | (6) | 0 |
Accumulated cost/depreciation, Balance | 486 | 367 |
Office furniture and office equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost/depreciation, Balance | 111 | |
Accumulated cost/depreciation, Balance | $ 69 | $ 111 |
Office furniture and office equipment [Member] | Bottom of range [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation period (straight line, in years) | 3 years | 3 years |
Office furniture and office equipment [Member] | Top of range [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation period (straight line, in years) | 5 years | 5 years |
Office furniture and office equipment [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost/depreciation, Balance | $ 782 | $ 710 |
Additions | 38 | 74 |
Impact of currency translation | (18) | (2) |
Accumulated cost/depreciation, Balance | 803 | 782 |
Office furniture and office equipment [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost/depreciation, Balance | 671 | 572 |
Depreciation | 73 | 101 |
Impact of currency translation | (10) | (2) |
Accumulated cost/depreciation, Balance | 734 | 671 |
Instruments and lab equipment software tools [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost/depreciation, Balance | 712 | |
Accumulated cost/depreciation, Balance | $ 556 | $ 712 |
Instruments and lab equipment software tools [Member] | Bottom of range [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation period (straight line, in years) | 3 years | 3 years |
Instruments and lab equipment software tools [Member] | Top of range [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation period (straight line, in years) | 5 years | 5 years |
Instruments and lab equipment software tools [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost/depreciation, Balance | $ 2,281 | $ 2,217 |
Additions | 104 | 67 |
Impact of currency translation | (37) | (3) |
Accumulated cost/depreciation, Balance | 2,348 | 2,281 |
Instruments and lab equipment software tools [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost/depreciation, Balance | 1,579 | 1,307 |
Depreciation | 246 | 275 |
Impact of currency translation | (33) | (3) |
Accumulated cost/depreciation, Balance | $ 1,793 | $ 1,579 |
Property, plant and equipment_2
Property, plant and equipment - Additional Information (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Assets under construction | $ 0 | $ 0 |
Leases - Summary of right of us
Leases - Summary of right of use assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning of the year | $ 357 | ||
Depreciation | 431 | $ 818 | $ 810 |
Ending of the year | 1,545 | 357 | |
Gross carrying amount [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning of the year | 2,691 | 2,543 | |
Additions | 1,654 | 158 | |
Disposal of right to use assets | (1,569) | ||
Impact of currency translation | (133) | (10) | |
Ending of the year | 2,643 | 2,691 | 2,543 |
Accumulated Depreciation [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning of the year | 2,334 | 1,527 | |
Depreciation | 431 | 818 | |
Disposal of right to use assets | (1,566) | ||
Impact of currency translation | (101) | (11) | |
Ending of the year | $ 1,098 | $ 2,334 | $ 1,527 |
Bottom of range [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation period | 3 years | 3 years | |
Top of range [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation period | 5 years | 5 years |
Leases - Summary of Lease in th
Leases - Summary of Lease in the statements of income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Income Statement Information About Leases [Line Items] | |||
Depreciation | $ 431 | $ 818 | $ 810 |
Finance cost | $ 33 | $ 31 | $ 63 |
Leases - Summary of Lease in _2
Leases - Summary of Lease in the statements of financial instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease liabilities [abstract] | ||
Balance at January 1 | $ 373 | $ 1,058 |
Additions | 1,575 | 158 |
Accretion of interest | 33 | 31 |
Payments | (437) | (874) |
Balance at December 31 | 1,544 | 373 |
Non-current | 1,142 | 11 |
Current | 402 | 362 |
Total lease liabilities | $ 1,544 | $ 373 |
Accounts receivable - Summary o
Accounts receivable - Summary of aging analysis of receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Aging Analysis Of Receivables [Line Items] | ||
Accounts receivable, trade | $ 1,349 | $ 801 |
Accounts receivable, other | 929 | 703 |
Total | 2,278 | 1,504 |
Less than 3 months | ||
Disclosure Of Aging Analysis Of Receivables [Line Items] | ||
Accounts receivable, trade | 1,349 | 801 |
Accounts receivable, other | 198 | 133 |
Total | 1,547 | 934 |
3-6 months | ||
Disclosure Of Aging Analysis Of Receivables [Line Items] | ||
Accounts receivable, trade | 0 | 0 |
Accounts receivable, other | 33 | 31 |
Total | 33 | 31 |
6-12 Months | ||
Disclosure Of Aging Analysis Of Receivables [Line Items] | ||
Accounts receivable, trade | 0 | 0 |
Accounts receivable, other | 698 | 539 |
Total | $ 698 | $ 539 |
Accounts receivable - Additiona
Accounts receivable - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Aging Analysis Of Receivables [Line Items] | ||
Provisions for bad debts | $ 0 | $ 0 |
Bottom of range [member] | ||
Disclosure Of Aging Analysis Of Receivables [Line Items] | ||
Credit period given to trade debtors. | 30 days | |
Top of range [member] | ||
Disclosure Of Aging Analysis Of Receivables [Line Items] | ||
Credit period given to trade debtors. | 60 days |
Accounts payable and other fi_3
Accounts payable and other financial liabilities - Summary of maturity analysis for liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Non-current lease liabilities | $ 1,142 | $ 11 |
Accounts payable | 1,540 | 685 |
Current lease liabilities | 402 | 362 |
Other liabilities | 2,697 | 2,850 |
Total | 5,781 | 3,908 |
Later than three months [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Accounts payable | 1,540 | 685 |
Current lease liabilities | 125 | 132 |
Other liabilities | 838 | 1,640 |
Total | 2,503 | 2,457 |
Later than three months and not later than six months [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Current lease liabilities | 105 | 107 |
Other liabilities | 1,400 | 251 |
Total | 1,505 | 358 |
Later than six months and not later than one year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Current lease liabilities | 172 | 123 |
Other liabilities | 459 | 588 |
Total | 631 | 711 |
Later than one year and not later than five years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Non-current lease liabilities | 1,142 | 11 |
Other liabilities | 371 | |
Total | $ 1,142 | $ 382 |
Accounts payable and other fi_4
Accounts payable and other financial liabilities - Additional information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Text Block [abstract 1] | |||
Share Based Compensation Tax Liability Current | $ 24 | $ 371 | |
Interest expense | 33 | 31 | |
Other current financial liabilities | 0 | 0 | |
Other non-current financial liabilities | $ 0 | 0 | |
Contingent Liabilities | $ 0 | $ 0 |
Inventory - Summary of Inventor
Inventory - Summary of Inventory (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about Inventory [Abstract] | ||
Raw materials, Cost | $ 2,280 | $ 562 |
Work in progress, Cost | 1,486 | 107 |
Finished goods, Cost | 812 | 570 |
Total Inventory, Cost | 4,577 | 1,239 |
Raw materials, Reserves | 0 | 0 |
Work in progress, Reserves | 0 | 0 |
Finished goods, Reserves | (130) | (5) |
Total Inventory, Reserves | (130) | (5) |
Raw materials | 2,280 | 562 |
Work in progress | 1,486 | 107 |
Finished goods | 681 | 565 |
Total Inventory | $ 4,447 | $ 1,234 |
Inventory - Additional Informat
Inventory - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about Inventory [Abstract] | |||
Inventory used in new product development | $ 154 | $ 124 | $ 32 |
Cash and cash equivalents - Sum
Cash and cash equivalents - Summary of Cash and cash equivalents by currency (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statements [Line Items] | ||||
Cash and cash equivalents | $ 16,124 | $ 33,759 | $ 7,298 | $ 14,126 |
Denominated in USD | ||||
Statements [Line Items] | ||||
Cash and cash equivalents | 14,917 | 28,217 | ||
Denominated in NOK | ||||
Statements [Line Items] | ||||
Cash and cash equivalents | 990 | 3,707 | ||
Denominated in GBP | ||||
Statements [Line Items] | ||||
Cash and cash equivalents | 128 | 978 | ||
Denominated in CNY | ||||
Statements [Line Items] | ||||
Cash and cash equivalents | $ 90 | $ 857 |
Cash and cash equivalents - Add
Cash and cash equivalents - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents [abstract] | ||
Restricted cash employee payroll tax withheld | $ 26 | $ 31 |
Share capital and Share Premi_3
Share capital and Share Premium - Summary of reconciliation of number of shares outstanding (Detail) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of classes of share capital [line items] | ||
Balance at the beginning of the year | 1,010,388,454 | 832,146,748 |
Share issue (in lieu of Board compensation) | 535,583 | |
Share issue (exercise of subscription rights) | 990,584 | 1,767,606 |
Share issue (Employee Share Purchase Plan) | 4,947,546 | 2,946,019 |
Balance at the ending of the year | 1,166,326,584 | 1,010,388,454 |
Private Placement One [Member] | ||
Disclosure of classes of share capital [line items] | ||
Private placement of shares | 83,214,674 | |
Private Placement Two [Member] | ||
Disclosure of classes of share capital [line items] | ||
Private placement of shares | 89,777,824 | |
Private Placement Three [Member] | ||
Disclosure of classes of share capital [line items] | ||
Private placement of shares | 150,000,000 |
Share capital and Share Premi_4
Share capital and Share Premium - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 kr / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 kr / shares | Dec. 31, 2021 USD ($) | |
Disclosure of classes of share capital [abstract] | |||||||
Common stock par or stated value per share | kr / shares | kr 0.15 | kr 0.15 | |||||
Share issuance costs | $ 737 | $ 2,827 | $ 689 | ||||
Transfer of share premium | $ 18,000 | $ 46,000 | |||||
Capital reduction reserves | $ 287,500 | $ 269,500 |
Share-based compensation - Summ
Share-based compensation - Summary of fair value of the subscription rights (Detail) - Incentive Subscription Rights [Member] | 12 Months Ended | ||
Dec. 31, 2022 NOK (kr) yr kr / shares | Dec. 31, 2021 NOK (kr) yr kr / shares | Dec. 31, 2020 NOK (kr) yr kr / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average per share | kr 1.54 | kr 2.53 | kr 1.62 |
Weighted average actual share price at date of grant (per share) | kr 1.42 | kr 2.45 | kr 1.42 |
Expected duration up to (years) | yr | 4.45 | 4.62 | 4.77 |
Weighted average (years) | 3 years 3 months 7 days | 3 years 4 months 6 days | 2 years 11 months 15 days |
Weighted average risk-free interest rate | 2.653% | 0.983% | 0.354% |
Expected dividend payment | kr | kr 0 | kr 0 | kr 0 |
Forfeiture | None | None | None |
Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price | kr 1.03 | kr 2.38 | kr 1.10 |
Volatility of share price based on share price history (percent) | 72% | 85% | 78% |
Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price | kr 2.08 | kr 3.10 | kr 1.80 |
Volatility of share price based on share price history (percent) | 100% | 112% | 113% |
Share-based compensation - Su_2
Share-based compensation - Summary of incentive subscription rights (Detail) | 12 Months Ended | ||
Oct. 02, 2020 shares | Dec. 31, 2022 shares kr / shares | Dec. 31, 2021 shares kr / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Openning balance, of outstanding | 71,756,399 | ||
Granted | 25,962,800 | ||
Ending balance, of outstanding | 81,106,631 | 71,756,399 | |
Openning balance, of outstanding , Weighted average exerise price | kr / shares | kr 1.84 | ||
Ending balance, of outstanding , Weighted average exerise price | kr / shares | kr 1.74 | kr 1.84 | |
Incentive Subscription Rights [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Openning balance, of outstanding | 71,756,399 | 56,344,093 | |
Granted | 19,342,900 | 21,885,200 | |
Exercised | (930,184) | (1,767,879) | |
Forfeited | (8,987,484) | (3,165,015) | |
Expired | (75,000) | (1,540,000) | |
Ending balance, of outstanding | 81,106,631 | 71,756,399 | |
Openning balance, of outstanding , Weighted average exerise price | kr / shares | kr 1.84 | kr 1.66 | |
Granted , Weighted average exerise price | kr / shares | 1.54 | 2.53 | |
Exercised , Weighted average exerise price | kr / shares | 0.29 | 1.33 | |
Forfeited , Weighted average exerise price | kr / shares | 2.25 | 1.97 | |
Expired , Weighted average exerise price | kr / shares | 8.42 | 5.22 | |
Ending balance, of outstanding , Weighted average exerise price | kr / shares | kr 1.74 | kr 1.84 |
Share-based compensation - Su_3
Share-based compensation - Summary of outstanding and vested incentive subscription rights (Detail) | 12 Months Ended | |||
Dec. 31, 2022 shares kr / shares | Dec. 31, 2021 shares kr / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of shares issued | 81,106,631 | 71,756,399 | 81,106,631 | 71,756,399 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | kr / shares | kr 1.74 | kr 1.84 | ||
Weighted average remaining contractual life of outstanding share options | 2 years 8 months 4 days | 3 years 3 months 25 days | ||
Weighted average remaining time to vest of outstanding share options | 8 months 26 days | 1 year 2 months 19 days | ||
Number Of Outstanding Vested Share Options | 36,416,602 | 18,657,117 | 36,416,602 | 18,657,117 |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 1.65 | $ 1.59 | ||
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 1 year 3 months 7 days | 3 years 3 months 25 days | ||
Exercise Price Range One [Member] | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of shares issued | 3,486,882 | 4,330,366 | 3,486,882 | 4,330,366 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | kr / shares | kr 0.15 | kr 0.15 | ||
Weighted average remaining contractual life of outstanding share options | 1 year 4 months 9 days | 2 years 4 months 9 days | ||
Weighted average remaining time to vest of outstanding share options | 0 years | 14 days | ||
Number Of Outstanding Vested Share Options | 3,486,882 | 2,165,186 | 3,486,882 | 2,165,186 |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 0.15 | $ 0.15 | ||
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 1 year 4 months 6 days | 2 years 4 months 9 days | ||
Exercise Price Range Two [Member] | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of shares issued | 720,800 | 720,800 | 720,800 | 720,800 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | kr / shares | kr 0.71 | kr 0.71 | ||
Weighted average remaining contractual life of outstanding share options | 1 year 4 months 9 days | 2 years 4 months 9 days | ||
Weighted average remaining time to vest of outstanding share options | 2 months 19 days | 1 year 3 months 14 days | ||
Number Of Outstanding Vested Share Options | 515,600 | 310,400 | 515,600 | 310,400 |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 0.71 | $ 0.71 | ||
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 11 months 19 days | 2 years 4 months 9 days | ||
Exercise Price Range Three [Member] | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of shares issued | 16,507,000 | 5,542,500 | 16,507,000 | 5,542,500 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | kr / shares | kr 1.14 | kr 1.11 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 4 months 2 days | 2 years 4 months 9 days | ||
Weighted average remaining time to vest of outstanding share options | 1 year 5 months 23 days | 1 year 14 days | ||
Number Of Outstanding Vested Share Options | 2,759,850 | 1,385,625 | 2,759,850 | 1,385,625 |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 1.11 | $ 1.11 | ||
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 8 months 4 days | 2 years 4 months 9 days | ||
Exercise Price Range Four [Member] | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of shares issued | 36,300,174 | 38,760,433 | 36,300,174 | 38,760,433 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | kr / shares | kr 1.70 | kr 1.70 | ||
Weighted average remaining contractual life of outstanding share options | 2 years 1 month 24 days | 3 years 1 month 20 days | ||
Weighted average remaining time to vest of outstanding share options | 1 month 28 days | 11 months 15 days | ||
Number Of Outstanding Vested Share Options | 24,589,220 | 14,045,131 | 24,589,220 | 14,045,131 |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 1.70 | $ 1.69 | ||
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 1 year 5 months 1 day | 3 years 1 month 20 days | ||
Exercise Price Range Five [Member] | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of shares issued | 17,218,050 | 20,588,700 | 17,218,050 | 20,588,700 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | kr / shares | kr 2.28 | kr 2.51 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 4 months 13 days | 4 years 2 months 26 days | ||
Weighted average remaining time to vest of outstanding share options | 1 year 3 months 7 days | 2 years 14 days | ||
Number Of Outstanding Vested Share Options | 2,732,625 | 2,732,625 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 2.40 | |||
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 10 months 13 days | 4 years 2 months 26 days | ||
Exercise Price Range Six [Member] | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of shares issued | 5,412,900 | 1,238,600 | 5,412,900 | 1,238,600 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | kr / shares | kr 2.65 | kr 3.29 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 4 months 13 days | 3 years 18 days | ||
Weighted average remaining time to vest of outstanding share options | 1 year 4 months 2 days | 1 year 3 months 25 days | ||
Number Of Outstanding Vested Share Options | 1,353,225 | 175,775 | 1,353,225 | 175,775 |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 2.65 | $ 3.94 | ||
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 10 months 2 days | 3 years 18 days | ||
Exercise Price Range Seven [Member] | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of shares issued | 960,825 | 575,000 | 960,825 | 575,000 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | kr / shares | kr 3.34 | kr 5.53 | ||
Weighted average remaining contractual life of outstanding share options | 1 year 11 months 15 days | 1 year 2 months 23 days | ||
Weighted average remaining time to vest of outstanding share options | 5 months 23 days | 0 years | ||
Number Of Outstanding Vested Share Options | 479,200 | 575,000 | 479,200 | 575,000 |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 3.52 | $ 5.53 | ||
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 9 months 14 days | 1 year 2 months 23 days | ||
Exercise Price Range Eight [Member] | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of shares issued | 500,000 | 500,000 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | kr / shares | kr 5.10 | |||
Weighted average remaining contractual life of outstanding share options | 4 months 9 days | |||
Weighted average remaining time to vest of outstanding share options | 0 years | |||
Number Of Outstanding Vested Share Options | 500,000 | 500,000 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 5.10 | |||
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 4 months 6 days |
Share-based compensation - Sche
Share-based compensation - Schedule of employee stock purchase plan cost calculation parameters (Detail) | Sep. 01, 2022 NOK (kr) kr / shares shares | Sep. 01, 2022 USD ($) $ / shares shares | Mar. 01, 2022 NOK (kr) kr / shares shares | Mar. 01, 2022 USD ($) $ / shares shares | Sep. 01, 2021 NOK (kr) kr / shares shares | Sep. 01, 2021 USD ($) $ / shares shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Expected contribution amount | kr | kr 1,000 | kr 1,000 | kr 1,000 | |||
Employee Share Purchase Plan [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Expected contribution amount | $ 2,025 | $ 2,307 | $ 3,009 | |||
Share price | kr / shares | kr 0.83 | kr 1.96 | kr 2.65 | |||
Share price volatility | 68% | 68% | 66% | 66% | 64% | 64% |
Risk-free interest rate | 2.82% | 2.82% | 0.95% | 0.95% | 0.25% | 0.25% |
Expected dividend payment | $ 0 | $ 0 | $ 0 | |||
Expected number of shares | shares | 2,854,899 | 2,854,899 | 1,385,049 | 1,385,049 | 1,335,810 | 1,335,810 |
Share-based compensation cost per expected share | $ / shares | $ 0.32 | $ 0.75 | $ 1.01 |
Share-based compensation - Sc_2
Share-based compensation - Schedule of employee stock purchase plan cost calculation parameters (Parenthetical) (Detail) - NOK (kr) | Sep. 01, 2022 | Mar. 01, 2022 | Sep. 01, 2021 |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||
Expected contribution amount | kr 1,000 | kr 1,000 | kr 1,000 |
Share-based compensation - Addi
Share-based compensation - Additional Information (Detail) | 12 Months Ended | ||||
Oct. 02, 2022 kr / shares | Oct. 02, 2020 shares | Dec. 31, 2022 shares Employees kr / shares | Dec. 31, 2021 shares Employees kr / shares | Dec. 31, 2020 Employees | |
Disclosure Of Detailed Information Of Share Based Payment Arrangement [Line Items] | |||||
Increase (decrease) in number of shares outstanding | 25,962,800 | ||||
Number of shares issued | 1,166,326,584 | 1,010,388,454 | |||
Granted | 25,962,800 | ||||
Granted Subscription Rights | 101,254,865 | ||||
Percentge of total number of registered ordinary shares granted | 10% | ||||
Percentge of subscription rights vested per year | 25% | ||||
Average number of employees | Employees | 90 | 95 | 93 | ||
Incentive Subscription Rights [Member] | |||||
Disclosure Of Detailed Information Of Share Based Payment Arrangement [Line Items] | |||||
Increase (decrease) in number of shares outstanding | 19,342,900 | 21,885,200 | |||
Exercise price of share options issued | kr / shares | kr 1.71 | ||||
Share based payment arrangement share options expiration date | May 15, 2025 | ||||
Granted | 19,342,900 | 21,885,200 | |||
Employee Share Purchase Plan [Member] | |||||
Disclosure Of Detailed Information Of Share Based Payment Arrangement [Line Items] | |||||
Percentage of contribution by employees defined benefit plan | 20% | ||||
Percentage of employees new issue shares purchase price below closing share price at the first and last trading day of contribution period defined benefit plan | 85% | ||||
Number of shares issued | 4,947,546 | 2,946,019 | |||
Shares issued price per share | kr / shares | kr 1.08 | kr 2 | |||
Percentage of discount on contribution amount | 15% | ||||
Call option percentage granted | 85% | ||||
Put option percentage granted | 15% | ||||
Average number of employees | Employees | 43 | 53 |
Related Party Transactions - Su
Related Party Transactions - Summary of board remuneration paid (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Cash Compensation | $ 390 | $ 212 | $ 124 |
Shared-based Compensation | 123 | 70 | |
Total | 390 | 335 | 194 |
Morten Opstad, chair | |||
Disclosure of transactions between related parties [line items] | |||
Cash Compensation | 53 | 59 | 40 |
Total | 53 | 59 | 40 |
Lawrence J. Ciaccia, Board deputy chair | |||
Disclosure of transactions between related parties [line items] | |||
Cash Compensation | 53 | 28 | 38 |
Shared-based Compensation | 33 | ||
Total | 53 | 61 | 38 |
Deborah Davis | |||
Disclosure of transactions between related parties [line items] | |||
Cash Compensation | 68 | 67 | 10 |
Shared-based Compensation | 36 | ||
Total | 68 | 67 | 46 |
Hanne Hovding | |||
Disclosure of transactions between related parties [line items] | |||
Cash Compensation | 55 | 52 | 32 |
Total | 55 | 52 | 32 |
Annika Olsson | |||
Disclosure of transactions between related parties [line items] | |||
Cash Compensation | 44 | ||
Total | 44 | ||
Thomas M. Quindlen | |||
Disclosure of transactions between related parties [line items] | |||
Cash Compensation | 55 | 2 | |
Shared-based Compensation | 32 | ||
Total | 55 | 34 | |
Stephen A. Skaggs | |||
Disclosure of transactions between related parties [line items] | |||
Cash Compensation | 62 | 4 | 4 |
Shared-based Compensation | 58 | 34 | |
Total | $ 62 | $ 62 | $ 38 |
Related Party Transactions - _2
Related Party Transactions - Summary of share based payment arrangement to board members (Detail) | 12 Months Ended | ||
Dec. 31, 2022 shares kr / shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | |
Disclosure of transactions between related parties [line items] | |||
Number outstanding | 81,106,631 | 71,756,399 | |
Subscription Rights Incentive Plans To Board Members For Consulting Services [Member] | Expiry Date May Fifteenth Two Thousand And Twenty Five [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Expiry Date | May 15, 2025 | ||
Exercise price | kr / shares | kr 1.71 | ||
Number outstanding | 600,000 | 600,000 | 600,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Advisory Services [Member] | Advokatfirmaet Ræder AS [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Related party transaction services received | $ 234 | $ 338 | $ 477 |
Strategy Advisory Council (SAC) [Member] | Lawrence John Ciaccia [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Related party transaction services received | 58 | $ 65 | $ 65 |
Share Lending Agreement [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Related party transaction services received | $ 14 | ||
Share lending agreement, fixed fee description | As a fixed fee for the share lending, each lender received a fee equaling 5% per annum of the sum of the subscription price per new share in the private placement multiplied by the number of borrowed shares lent by the respective lender | ||
Share Lending Agreement [Member] | Sundt AS [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Related party transaction services received | $ 6 | ||
Share Lending Agreement [Member] | Sundvall Holding AS [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Related party transaction services received | 4 | ||
Share Lending Agreement [Member] | Robert Keith [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Related party transaction services received | $ 4 |
Other Operating Expenses - Summ
Other Operating Expenses - Summary of other operating expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expenses by nature [abstract] | |||
Sales and marketing expense | $ 2,840 | $ 1,387 | $ 764 |
Legal, audit, accounting and other services | 2,073 | 2,332 | 2,906 |
IT expenses | 1,894 | 2,047 | 1,621 |
Travel expense | 230 | 132 | 125 |
Other operating expenses | 1,364 | 1,449 | 520 |
Total other operating expenses | $ 8,402 | $ 7,347 | $ 5,936 |
Other Operating Expenses - Su_2
Other Operating Expenses - Summary of auditors remuneration (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Audit services | $ 447 | $ 352 | $ 235 |
Audit-related services | 43 | 22 | 8 |
Tax services | 7 | 7 | 0 |
Other services | 4 | 24 | 12 |
Auditor's remuneration | $ 501 | $ 405 | $ 255 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | 12 Months Ended | |||||
Feb. 28, 2023 $ / shares shares | Feb. 21, 2023 shares $ / shares | Oct. 02, 2020 shares | Dec. 31, 2022 shares kr / shares | Dec. 31, 2021 shares kr / shares | Dec. 31, 2020 shares | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Increase (decrease) in number of shares outstanding | 25,962,800 | |||||
Number of shares issued | 81,106,631 | 71,756,399 | ||||
Incentive Subscription Rights [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Increase (decrease) in number of shares outstanding | 19,342,900 | 21,885,200 | ||||
Weighted average exercise price of share options exercised in share-based payment arrangement | kr / shares | kr 0.29 | kr 1.33 | ||||
Number of shares issued | 81,106,631 | 71,756,399 | 56,344,093 | |||
Major Share Based Transactions [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Increase (decrease) in number of shares outstanding | 2,648,336 | |||||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 0.71 | |||||
Major Share Based Transactions [Member] | Incentive Subscription Rights [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Increase (decrease) in number of shares outstanding | 1,423,800 | |||||
Weighted average exercise price of subscription rights | $ / shares | $ 0.72 | |||||
Share-based Payment Award, vesting percentage | 25% | |||||
Sharebased Payment Award Expiration Date | May 15, 2027 | |||||
Number of shares issued | 82,065,247 |