Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
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 | Non-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 | 1,010,388,454 |
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 | Oslo, 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue: | |||
Total revenue | $ 2,840 | $ 1,095 | $ 424 |
Operating expenses: | |||
Cost of materials, net of inventory change | 1,254 | 275 | 62 |
Compensation and benefits | 21,107 | 17,672 | 21,750 |
Research and development | 2,680 | 1,895 | 4,385 |
Other operating expenses | 7,347 | 5,936 | 4,641 |
Amortization and depreciation | 1,802 | 1,719 | 1,633 |
Total operating expenses | 34,190 | 27,497 | 32,471 |
Loss from operations | (31,350) | (26,402) | (32,047) |
Finance income | 11 | 26 | 135 |
Finance cost | (1,123) | (477) | (351) |
Loss before tax | (32,462) | (26,853) | (32,263) |
Income tax expense (benefit) | 90 | (99) | 160 |
Net loss for the year | $ (32,552) | $ (26,754) | $ (32,423) |
Loss per share, basic and diluted | $ (0.04) | $ (0.03) | $ (0.05) |
Product [Member] | |||
Revenue: | |||
Total revenue | $ 2,837 | $ 1,013 | $ 159 |
Service [Member] | |||
Revenue: | |||
Total revenue | $ 3 | $ 82 | $ 265 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Profit and Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of comprehensive income [abstract] | |||
Net loss for the year | $ (32,552) | $ (26,754) | $ (32,423) |
Other comprehensive income that may be reclassified to profit (loss) in subsequent periods: | |||
Foreign currency translation adjustment | 10 | 670 | (662) |
Total comprehensive income (loss) for the period (net of tax) | $ (32,542) | $ (26,084) | $ (33,085) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-current assets: | ||
Goodwill | $ 968 | $ 968 |
Intangible assets | 1,965 | 2,442 |
Property, plant and equipment | 1,301 | 1,667 |
Right-of-use assets | 357 | 1,016 |
Non-current receivables | 87 | 75 |
Total non-current assets | 4,678 | 6,168 |
Current assets: | ||
Prepaid expenses | 851 | 1,031 |
Inventory | 1,234 | 859 |
Accounts receivable, other | 703 | 1,163 |
Accounts receivable, trade | 801 | 487 |
Cash and cash equivalents | 33,759 | 7,298 |
Total current assets | 37,348 | 10,838 |
Total assets | 42,026 | 17,006 |
Paid-in capital: | ||
Share capital (NOK 0.15 par value per share, 1,010,388,454 and 832,146,748 shares issued and outstanding at December 31, 2021 and 2020, respectively) | 20,410 | 17,251 |
Share premium | 9,452 | 3,608 |
Other paid-in capital | 21,414 | 18,664 |
Total paid-in capital | 51,276 | 39,523 |
Foreign currency translation effects | (12,312) | (12,322) |
Accumulated loss | (1,239) | (14,687) |
Total equity | 37,725 | 12,514 |
Non-current liabilities: | ||
Non-current lease liabilities | 11 | 327 |
Total non-current liabilities | 11 | 327 |
Current liabilities: | ||
Accounts Payable | 685 | 631 |
Current lease liabilities | 362 | 731 |
Public duties payable | 393 | 320 |
Other current liabilities | 2,850 | 2,483 |
Total current liabilities | 4,290 | 4,165 |
Total liabilities | 4,301 | 4,492 |
Total equity and liabilities | $ 42,026 | $ 17,006 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - kr / shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of financial position [abstract] | |||
Par value per share | kr 0.15 | kr 0.15 | kr 0.15 |
Number of shares issued | 1,010,388,454 | 1,010,388,454 | |
Number of shares outstanding | 832,146,748 | 832,146,748 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Share Capital [member] | Share premium [member] | Other paid-in capital [member] | Foreign Currency Translation Effect [Member] | Accumulated Loss [Member] |
Beginning balance at Dec. 31, 2018 | $ 14,183 | $ 12,501 | $ 166,419 | $ 13,353 | $ (12,330) | $ (165,760) |
Share issuance | 34,160 | 2,940 | 31,220 | |||
Share-based compensation | 2,554 | 4 | 2,550 | |||
Net loss for the year | (32,423) | (32,423) | ||||
Other comprehensive income | (662) | (662) | ||||
Ending balance at Dec. 31, 2019 | 17,812 | 15,445 | 197,639 | 15,903 | (12,992) | (198,183) |
Share issuance | 17,498 | 1,729 | 16,219 | |||
Share-based compensation | 2,838 | 77 | 2,761 | |||
Net loss for the year | (26,754) | (26,754) | ||||
Allocation 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 | (12,322) | (14,687) |
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) | ||||
Allocation of share premium | (46,000) | 46,000 | ||||
Other comprehensive income | 10 | 10 | ||||
Ending balance at Dec. 31, 2021 | $ 37,725 | $ 20,410 | $ 9,452 | $ 21,414 | $ (12,312) | $ (1,239) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Profit (loss) before tax | $ (32,462) | $ (26,853) | $ (32,263) |
Amortization and depreciation expense | 1,802 | 1,719 | 1,633 |
Share-based compensation expense | 2,750 | 2,755 | 2,531 |
Other non-cash operating expenses | 95 | 579 | 43 |
(Increase) decrease in inventories | (375) | (139) | 470 |
(Increase) decrease in accounts receivable | (314) | (414) | 8 |
Increase (decrease) in accounts payable | 53 | 141 | (124) |
Change in other working capital items | 482 | (618) | 895 |
Interest expense | (11) | (27) | 103 |
Other financial items | (238) | ||
Change in income taxes | 447 | (437) | (226) |
Net cash flow from operating activities | (27,533) | (23,294) | (27,168) |
Investing activities | |||
Purchases of property, plant and equipment | (141) | (152) | (850) |
Purchases of intangible assets | 0 | (181) | |
(Payment) collection of non-current receivables | (13) | 75 | (6) |
Interest received | 11 | 26 | 135 |
Net cash flows from investing activities | (143) | (232) | (721) |
Financing Activities | |||
Net proceeds from issue of shares | 54,992 | 18,731 | 34,164 |
Payments on lease liabilities | (844) | (793) | (675) |
Payment related to a financed asset purchase | (500) | (500) | |
Net cash flows from financing activities | 54,148 | 17,438 | 32,989 |
Net change in cash and cash equivalents | 26,472 | (6,088) | 5,100 |
Effect of foreign exchange on cash balances | (11) | (740) | (609) |
Opening cash and cash equivalents balance | 7,298 | 14,126 | 9,635 |
Cash and cash equivalents at December 31 | $ 33,759 | $ 7,298 | $ 14,126 |
Corporate Information
Corporate Information | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
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 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 recorded 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 Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The Company prepares its Consolidated Financial Statements in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). 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. Consistent with IFRS requirements, a going concern assumption has been applied in the preparation of the consolidated financial statements. The Company’s Board of Directors (the “Board”) confirms the conditions for the going concern assumption have been met, as the Board has concluded the Company has adequate working capital to meet its operating commitments for at least twelve months from the date of this report. The consolidated financial statements for the year ended December 31, 2021, presented herein, were approved by the Board on April 20 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Significant Accounting Policies | 3. Significant Accounting Policies The Company is not aware of, nor does it anticipate, any newly issued, but not yet effective, accounting standards, amendments, or interpretations that would have a significant impact on the consolidated financial statements or notes presented herein. However, any newly issued, but not yet effective, accounting standards, amendments, or interpretations may influence the accounting for future transactions or arrangements, as well as the future presentation of the Company’s Consolidated Financial Statements. The Company will implement such new accounting standards, amendments, or interpretations, if any, as they become effective. 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. Accounting judgments, based on the use of estimates and assumptions The application of certain accounting standards requires considerable judgment based upon estimates and assumptions that may involve high levels of uncertainty at the time the estimates are made. Judgments and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual outcomes may deviate from estimates. Changes in assumptions and deviations between estimates and final outcomes may have a material influence on the financial statements in the periods when assumptions are changed or when uncertainty is resolved. The following represent the notable accounting items requiring management’s judgement, based on the use of estimates and assumptions. Goodwill The carrying value of goodwill is recorded initially as the fair value of the consideration paid for the assets acquired, less the capitalized value of the identifiable assets and initial impairment charges, if any. As goodwill represents the future economic value of assets acquired in a business combination above the separately recorded values of those assets, subsequent impairment testing involves quantitatively comparing these separately recorded values to the value of the business unit to which the goodwill is assigned. As of December 31, 2021, 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 2021, 2020, or 2019. 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 IFRS requires that certain intangible assets be tested for impairment annually or when circumstances indicate such assets may be impaired. The carrying value of other (i.e., tangible) assets is tested only when circumstances indicate such assets may be impaired. As of December 31, 2021, 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. Materials and components consumed 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. The determination of net realizable value is subject to considerable judgment, as 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. The valuation is based on share price and exercise price, share price volatility, interest rates, and the estimated term of the SRs, based on historical assessments of exercise patterns, forfeiture, and staff attrition. Share-based compensation is expensed, as earned, over the vesting period of the underlying SRs. The accrued cost of the Company’s employment taxes associated with the earned value of the SRs is calculated and recorded concurrently with the related share-based payment expense. IDEX estimates the fair value of the Employee Share Purchas Plan (“ESPP”) at the grant date, i.e. the first date of the contribution period, by using the Black-Scholes option pricing model. The valuation is based on share price and exercise price, share price volatility, interest rates, and the term of the contribution period. The share-based compensation is expensed across the contribution period. Employment taxes, if any, are expensed when incurred. Leasing agreements Pursuant to IFRS 16 Leases right-of-use right-of-use Lease extension options (or occupancy periods after termination options) are only included in the lease term if it is reasonably certain the lease will be extended (or not terminated, as the case may be) and, as such, included within lease liabilities. The lease term is reassessed in the event such an option is exercised (or not exercised, as the case may be) or the Company becomes obliged to exercise (or not exercise) such an option. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment and is within the lessee’s control (e.g., when significant investment in the facility is made which has a useful life beyond the current lease term). In the Consolidated Statements of Profit and Loss, period lease payments are recorded as a periodic depreciation expense and a periodic interest expense. The initial values of the lease liability and the associated right-of-use In the Consolidated Statements of Cash Flows, the interest portion of the Company’s payments under its lease liabilities is classified as a financing cost within cash flows from operating activities. The remaining portion of such payments is classified as a reduction of lease liabilities within cash flows from financing activities. Climate Change As of December 31, 2021, the possible future financial impact to the Company resulting from climate change is uncertain. Given the nature of the Company’s operations and products, any such impact is currently believed to not 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 COVID-19 In the first quarter of 2020, the World Health Organization declared COVID-19 face-to-face on-site on-site 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, 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. The Company considered the impact of COVID-19 COVID-19 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. Interest Rate Risk As of December 31, 2021, IDEX had cash of $33.8 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 transactions are commonly denominated in USD. However, the Company incurs a portion of its expenses in other currencies, primarily NOK, British Pounds (“GBP”), and Chinese Yuan (“CNY”), and is exposed to changes in the rates of exchange between the USD and these currencies. While the Company seeks to minimize this exposure by maintaining currency cash balances at targeted levels appropriate to meet foreseeable short to mid-term expenses in these other currencies, it does not use forward exchange contracts or other hedging strategies to manage exchange rate exposure. 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, 2021. (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. The Company believes it faces minimal liquidity risk, as IDEX’s cash is on deposit with reputable, well-capitalized 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. 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, 2021, 2020, and 2019, 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 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. 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 , change Foreign currencies The Company’s Consolidated Financial Statements each subsidiary its the respective functional currencies Monetary assets and liabilities generally have values fixed by explicit or implicit contract. Examples include bank deposits, debt, , subject to foreign currency adjustments such by the entity Non-monetary Non-monetary 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. In accord with IFRS standards, 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. As of December 31, 2021, 2020, and 2019, the number of individual contractors in engineering roles was nine, six, and six, respectively. 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, we 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 Year Ended December 31, ($000s) 2021 2020 2019 Product Revenue: Europe, Middle East, and Africa $ 2,807 $ 952 $ 47 Americas — 5 5 Asia-Pacific 30 56 107 Total product revenue 2,837 1,013 159 Service Revenue: Europe, Middle East, and Africa 3 2 — Americas — 77 265 Asia-Pacific — 3 — Total service revenue 3 82 265 Total Revenue $ 2,840 $ 1,095 $ 424 The Company’s revenue has historically come from a limited number of customers. During 2021, the top two customers accounted for approximately 85% and 9% of the Company’s revenue, respectively, and in 2020, the top two customers accounted for 81% and 4% of revenue, respectively. In 2019, the top two customers accounted for 69%, and 10% of revenue, respectively. |
Compensation and benefits
Compensation and benefits | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
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) 2021 2020 2019 Salary, payroll tax, benefits, other $ 18,197 $ 14,917 $ 19,219 Share-based compensation 2,910 2,755 2,531 Total $ 21,107 $ 17,672 $ 21,750 The table below sets forth the number of employees and individual contractors by their function. Certain individuals are classified as contractors because they live in countries in which the Company does not have a formal business presence. December 31, 2021 December 31, 2020 December 31, 2019 Employees Contractors Employees Contractors Employees Contractors Research and development 77 8 75 6 81 8 Marketing and sales 6 9 6 5 10 6 General and administrative 8 1 7 1 9 — Supply chain and distribution 2 — 2 — 2 — Total staff 93 18 90 12 102 14 The average number of employees for the years 2021, 2020, and 2019 were 95, 93, and 109 full-time equivalents 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 Compensation of Key Management For 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, while, for 2019, key management consisted of the CEO, CFO, CTO, and the Chief Innovation Officer (“CIO”). The following amounts were recognized as compensation for key management for the years shown. Related employment tax obligations paid by the Company are not included. Year Ended December 31, 2021 2020 2019 (in thousands) Compensation and short-term benefits $ 1,425 $ 906 $ 1,367 Medical and similar benefits, contributions to pension schemes 73 66 52 Share-based compensation 443 449 840 Total compensation of key management $ 1,941 $ 1,421 $ 2,259 Key management, as defined, 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 2021 2020 2019 August 10, 2016 May 11, 2021 7.79 775,000 November 9, 2016 May 11, 2021 6.59 1,400,000 February 24, 2017 May 11, 2021 6.59 750,000 August 9, 2017 May 12, 2022 7.76 515,000 February 21, 2018 May 12, 2022 4.67 4,500,000 May 9, 2018 May 9, 2023 4.28 2,250,000 August 14, 2019 May 9, 2024 1.65 327,800 2,327,800 3,774,000 Number outstanding as of December 31, Grant Date Expiration Date Exercise Price 2021 2020 2019 February 26, 2020 May 9, 2024 1.11 5,000,000 5,000,000 — June 17, 2020 May 15, 2025 1.71 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 August 11, 2021 May 12, 2026 2.40 1,668,100 Total 12,870,900 8,452,800 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, 2021 | |
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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 2021, 2020 or 2019. 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) 2021 2020 2019 Gross research and development expenses $ 3,356 $ 4,196 $ 4,953 Government grants credited (676 ) (2,301 ) (568 ) Net research and development expenses 2,680 $ 1,895 $ 4,385 Government grants Year Ended December 31, ($000s) 2021 2020 2019 Norway $ 538 $ 506 $ 568 United Kingdom 138 1,795 — Total $ 676 $ 2,301 $ 568 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 |
Income Tax Provision
Income Tax Provision | 12 Months Ended |
Dec. 31, 2021 | |
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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. Grants awarded under government programs in Norway and the United Kingdom supporting research and development activities are recorded as a credit against research and development expenses and are not included in the calculation of the Company’s provision for income tax. As of December 31, 2021, the Company has a tax loss carryforward balance in Norway of $251.1 million, representing a potential deferred tax asset, if recognized and calculated at the current corporate tax rate of 22.0%, of $55.2 million. The Company also has a tax loss carryforward balance in the 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) 2021 2020 2019 Taxes payable on the result of the year $ 90 $ 44 $ 160 Adjustment in respect to prior years — (112 ) — Change in recorded deferred tax liability — (31 ) — Income tax expense (benefit) $ 90 $ (99 ) $ 160 Elements of deferred tax Year Ended December 31, ($000s) 2021 2020 2019 Employer’s tax on share-based compensation $ (371 ) $ (216 ) $ (3 ) Fixed Assets differences 1,154 675 62 Inventory differences (5 ) (213 ) (1,154 ) Accruals differences (1,152 ) (1,144 ) — Research and development tax credits (1563 ) (1,787 ) — Losses carried forward (253,300 ) (225,951 ) (193,497 ) Basis for calculation of deferred tax asset (255,237 ) (228,636 ) (194,592 ) Calculated net deferred tax benefit, local tax rates 5-22% (55,953 ) (51,251 ) (42,772 ) Unrecognized deferred tax asset * 55, 953 51,251 42,803 Deferred tax liability in the balance sheet $ — $ — $ (31 ) Reconciliation of tax expense (benefit) Year Ended December 31, ($000s) 2021 2020 2019 Loss before tax $ (32,552 ) $ (26,853 ) $ (32,263 ) Norway statutory tax, calculated at rate of 22% (7,132 ) (5,908 ) (7,412 ) Difference in subsidiary taxes, using local rates (179 ) 22 160 Estimated tax on permanent differences (568 ) 389 640 Prior year adjustments — (112 ) — Change in unrecognized deferred tax asset ** 7,969 5,510 6,772 Income tax expense (benefit) $ 90 $ (99 ) $ 160 * As of December 31, 2021, 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, tax loss carryforwards expire after five years and $135 thousand will expire at the end of 2022. Tax credits associated with research and development activities in the United States, totaling $1.6 million as of December 31, 2021, 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 year-end. There are no deferred tax charges included in other comprehensive income in 2021, 2020, or 2019. |
Loss per share calculation
Loss per share calculation | 12 Months Ended |
Dec. 31, 2021 | |
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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 t h Year Ended December 31, ($000s) 2021 2020 2019 Net loss for the year $ (32,552 ) $ (26,754 ) $ (32,423 ) Number of ordinary shares issued at December 31 1,010,388,454 832,146,748 717,988,732 Weighted average basic number of ordinary shares 918,847,427 767,069,645 598,392,108 Assumed exercise of share equivalents 21,586,108 6,323,417 1,759,991 Weighted average diluted number of shares 940,433,535 773,393,062 600,152,099 Loss per share for the year (basic and diluted*) $ (0.04 ) $ (0.03 ) $ (0.05 ) * The effects of potentially dilutive O S |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
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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, 2021, and December 31, 2020, reflected the following activity: Year Ended December 31, ($000s) 2021 2020 Cost at the beginning of the year $ 968 $ 941 Impact of currency translation — 27 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, 2021. Based on the 2021 assessment, no impairment charge has been made. 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, 2021, and December 31, 2020, reflected the following activity: Year Ended December 31, ($000s) 2021 2020 Amortization period (straight-line, in years) 10 - 17 10 - 17 Cost at the beginning of the year $ 5,173 $ 4,835 Additions — 181 Impact of currency translation — 157 Cost at the end of the year $ 5,173 $ 5,173 Accumulated Amortization at the beginning of the year $ 2,731 $ 2,230 Amortization 477 396 Impact of currency translation — 104 Accumulated Amortization at the end of the year 3,208 2,731 Carrying amount at the end of the year $ 1,965 $ 2,442 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2021 | |
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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 Property, plant, and equipment balances as of December 31, 2021, and December 31, 2020, reflected the following activity: 2021 ($000s) 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 2020 (In $000) Plant and Office Instruments Total Depreciation period (straight line, in years) 3-5 3-5 3-5 Accumulated cost at December 31, 2019 $812 $701 $2,076 $3,589 Additions 21 6 125 152 Impact of currency translation 22 3 16 41 Accumulated cost at December 31, 2020 855 710 2,217 3,782 Accumulated depreciation at December 31, 2019 $104 $453 $1,019 $1,576 Depreciation 119 115 275 509 Impact of currency translation 13 4 13 30 Accumulated depreciation at December 31, 2020 236 572 1,307 2,115 Carrying amount at December 31, 2020 $619 $138 $910 $1,667 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
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Leases | 10. Leases The Company’s leases are for office and laboratory space occupied by employees. Activity during 2021 and 2020 related to right-of-use Year Ended December 31, ($000s) 2021 2020 Depreciation periods (straight-line, in years) 3-5 3-5 Cost at the beginning of the year $ 2,543 $ 2,081 Additions 158 417 Impact of currency translation (10 ) 45 Cost at the end of the year $ 2,691 $ 2,543 Accumulated depreciation at the beginning of the year $ 1,527 $ 706 Depreciation 818 810 Impact of currency translation (11 ) 11 Accumulated depreciation at the end of the year 2,334 1,527 Recorded value at the end of the year $ 357 $ 1,016 Costs related to right-of-use Leases in the Consolidated Statements of Profit and Loss Year Ended December 31, ($000s) 2021 2020 2019 Depreciation $ 818 $ 810 $ 698 Finance cost 31 63 50 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) 2021 2020 Balance at January 1 $ 1,058 $ 1,398 Additions 158 317 Accretion of interest 31 136 Payments (874 ) (793 ) Balance at December 31 373 1,058 Non-current 11 327 Current 362 731 Total lease liabilities $ 373 $ 1,058 |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2021 | |
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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, 2021, and December 31, 2020, are as follows: Year ended December 31, 2021 Maturity ($000s) Less than 3 months 3-6 months 6-12 Months Total Accounts receivable, trade $ 801 $ — $ — $ 801 Accounts receivable, other 133 31 539 703 $ 934 $ 31 $ 539 $ 1,504 Year ended December 31, 2020 Maturity ($000s) Less than 3 months 3-6 months 6-12 Months Total Accounts receivable, trade $ 460 $ 25 $ 2 $ 487 Accounts receivable, other 303 303 557 1,163 $ 763 $ 328 $ 559 $ 1,650 There 2020 |
Accounts payable and other fina
Accounts payable and other financial liabilities | 12 Months Ended |
Dec. 31, 2021 | |
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Accounts payable and other financial liabilities | 12. Accounts payable and other financial The Company did not have any liabilities at December 31, 2021, or December 31, 2020, which represented debt to financial institutions. The Company’s monetary liabilities at December 31, 2021, and December 31, , Year ended December 31, 2021 Maturity ($000s) Less 3-6 months 6-12 1-5 years Total Non-current $ — $ — $ — $ 11 $ 11 Accounts payable 685 — — — 685 Current lease liabilities 132 107 123 — 362 Other liabilities 1,640 251 588 371 2,850 $ 2,457 $ 358 $ 711 $ 382 $ 3,908 Year ended December 31, 2020 Maturity ($000s) Less 3-6 months 6-12 1-5 years Total Non-current $ — $ — $ — $ 327 $ 327 Accounts payable 631 — — — 631 Current lease liabilities 214 187 330 — 731 Other liabilities 1,619 121 527 — 2,267 $ 2,464 $ 308 $ 857 $ 327 $ 3,956 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 amounted to $371 on December 31, 2021, and $216 on December 31, 2020. 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 $31 in 2021 and $63 in 2020. IDEX had no other significant current or non-current |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2021 | |
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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, 2021 2020 ($000s) Cost Reserves Net Cost Reserves Net Raw materials $ 562 $ — $ 562 $ 460 $ (114 ) $ 346 Work in progress 107 — 107 25 — 25 Finished goods 570 (5 ) 565 588 (100 ) 488 Total Inventory $ 1,239 $ (5 ) $ 1,234 $ 1,073 $ (214 ) $ 859 In 2021, 2020, and 2019, materials with values of $138, $32, and $1,079, 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, 2021 | |
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Cash and cash equivalents | 14. Cash and cash equivalents USD-valued Year Ended December 31, ($000s) 2021 2020 Denominated in USD $ 28,217 $ 1,295 Denominated in NOK 3,707 5,298 Denominated in GBP 978 532 Denominated in CNY 857 173 Total $ 33,759 $ 7,298 Of the amounts above, employees’ withheld payroll tax deposits amounted to $31 and $21 at the end of 2021 and 2020, respectively. Only the withheld payroll tax deposits were restricted. Deposits for facilities rent or utilities have not been included in cash equivalents. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2021 | |
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Share capital | 15. Share capital There is one class of shares, and all such Ordinary Shares have equal rights. The par value of an Ordinary Share Ordinary Shares . Number of Balance at December 31, 2019 717,988,732 Private placement of Ordinary Shares th 65,341,413 Share issue (in lieu of Board compensation) 441,982 Share issue (in lieu of cash compensation) 4,318,523 Private placement of Ordinary Shares th 42,528,181 Share issue (Employee Share Purchase Plan) 1,527,917 Balance at December 31, 2020 832,146,748 Private placement of Ordinary Shares th 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 th 89,777,824 Share issue (Employee Share Purchase Plan) 2,946,019 Balance at December 31, 2021 1,010,388,454 2019 |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2021 | |
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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, 2021, at the Annual General Meeting, the shareholders resolved to adopt the 2021 Subscription Rights Incentive Plan (the “2021 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 2021 Plan, the Board may grant up to 91,672,048 subscription rights, provided the total number of grants does not exceed 10 percent of the number of registered (i.e., issued and outstanding) O S 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 % non-employees, non-employees, 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, 2021 2020 2019 Exercise price (NOK) 2.38 1.10 – 1.80 0.15 – 3.88 Weighted average exercise price per share 2.53 1.62 1.38 Weighted average share price at date of grant 2.45 1.42 1.49 Expected term (years) 4.62 4.77 4.93 Weighted average term (years) 3.35 2.96 3.21 Share price volatility (percent) 85 - 78 – 113 63 – 80 Risk-free interest rate 0.983 0.354 1.16 Expected dividend payment 0 0 0 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 Subscription rights outstanding at year end Number of Weighted Outstanding as of December 31, 2019 52,875,043 4.01 Granted 36,414,800 1.62 Exercised (52,150 ) 1.65 Cancelled (25,962,800 ) 5.40 Forfeited (4,363,500 ) 4.28 Expired (2,567,300 ) 7.32 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 56,344,093 1.84 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 - 4,330,366 0.15 2.36 0.04 2,165,186 0.15 2.36 0.50 - 720,800 0.71 2.36 1.29 310,400 0.71 2.36 1.00 - 5,542,500 1.11 2.36 1.04 1,385,625 1.11 2.36 1.50 - 38,760,433 1.70 3.14 0.96 14,045,131 1.69 3.14 2.00 - 20,588,700 2.51 4.24 2.04 — — 4.24 3.00 - 1,238,600 3.29 3.05 1.32 175,775 3.94 3.05 5.00 - 575,000 5.53 1.23 — 575,000 5.53 1.23 Total 71,756,399 1.84 3.32 1.22 18,657,117 1.59 3.32 Composition of outstanding and exercisable subscription rights at December 31, 2020 Outstanding Subscription Rights Vested (Exercisable) Subscription Rights Exercise Price (in NOK) Number of Weighted Weighted Weighted Number of Weighted Weighted 0.00 – 0.50 4,938,543 0.15 3.36 0.54 — — — 0.50 – 1.00 868,100 0.71 3.36 1.34 217,025 0.71 3.35 1.00 – 1.50 5,542,500 1.11 3.36 1.79 — — — 1.50 – 2.00 42,245,000 1.70 4.10 1.35 2,843,925 1.65 3.35 3.50 – 4.00 208 3.70 3.36 0.87 52,000 3.70 3.02 4.00 – 4.50 1,339,450 4.28 1.04 0.14 871,750 4.28 1.01 5.00 – 5.50 660,000 5.09 2.12 0.05 620,000 5.09 2.11 7.50 – 8.00 467,500 7.76 0.86 0.12 363,750 7.76 0.87 8.00 – 8.50 75,000 8.42 1.37 0.07 56,250 8.42 1.36 Total 56,344,093 3.82 1.66 1.24 5,024,700 3.03 2.59 Employee Share Purchase Plan The ESPP was approved by shareholders at the 2021 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 semiannual “offering period” to purchase newly 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 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. For the three offering periods completed within 2021, an average of 53 employees participated in the ESPP and purchased 2,946,019 O S |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
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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 2021, 2020 and 2019: 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 Year Ended December 31, 2019 ($000s) Cash Shared-based Total Morten Opstad, Board chair $ 43 $ — $ 43 Lawrence J. Ciaccia, Board deputy chair 34 — 34 Deborah Davis 7 34 41 Hanne Hovding 16 23 39 Andre James MacLeod 1 7 34 41 Stephen A. Skaggs — — — $ 107 $ 91 $ 198 1 Mr. MacLeod resigned from Board on May 9, 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 2021 2020 2019 August 15, 2018 May 9, 2023 5.10 — — 600,000 June 17, 2020 May 15, 2025 1.71 600,000 600,000 — 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 charges of $338 in 2021, $477 in 2020, and $470 in 2019. 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 Committee since January 2014. From time to time, Mr. Ciaccia also provides consulting services to IDEX. The fees paid to Mr. Ciaccia for his services totaled $65 in 2021, $65 in 2020, and $65 in 2019. There were no overdue balances with any related parties at the end of 2021, 2020 or 2019. |
Other Operating Expenses
Other Operating Expenses | 12 Months Ended |
Dec. 31, 2021 | |
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Other Operating Expenses | 18. Other Operating Expenses Year Ended December 31, ($000s) 2021 2020 2019 Sales and marketing activities $ 1,287 $ 764 $ 850 Legal, audit, accounting and other services 2,332 2,906 1,618 IT expenses 2,047 1,621 1,367 Travel expenses 132 125 635 Other operating expenses 1,449 520 170 Total other operating expenses $ 7,347 $ 5,936 $ 4,641 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 2021, 2020, and 2019: Year Ended December 31, ($000s) 2021 2020 2019 Audit services $ 352 $ 235 $ 468 Audit-related services 22 8 8 Tax services 7 — 8 Other services 24 12 5 $ 405 $ 255 $ 489 Audit services non-recurring Audit-related services Tax services Other services |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Subsequent Events | 19. Subsequent Events The Board resolved on February 23, 2022, to grant 8,350,900 incentive subscription rights to certain employees and individual contractors. The grant was made under the Company’s 2021 Subscription Rights Incentive Plan. The exercise price of the subscription rights is NOK 2.08 per share. The grants vest by 25% per year and expire on May 15, 2026. Following the grants, there were 80,107,297 subscription rights outstanding. The Board resolved on March 1, 2022, to issue 1,765,791 Ordinary Shares at NOK 1.70 per share to employees participating in the Company’s ESPP. On March 4, 2022, the Board resolved to issue in total 394,409 Ordinary Shares at a price NOK 0.48 per share to individuals who recently had exercised vested subscription rights. Following this share issuance, there were 1,012,548,654 Ordinary Shares issued and outstanding. As of the date of these Consolidated Financial Statements, the Company has not been affected by the outbreak of war between Russia and Ukraine and the sanctions imposed by the Unites States and EU. The Company’s business, operational performance, and financial position may be adversely affected by the ongoing conflict or related future events. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Goodwill | Goodwill The carrying value of goodwill is recorded initially as the fair value of the consideration paid for the assets acquired, less the capitalized value of the identifiable assets and initial impairment charges, if any. As goodwill represents the future economic value of assets acquired in a business combination above the separately recorded values of those assets, subsequent impairment testing involves quantitatively comparing these separately recorded values to the value of the business unit to which the goodwill is assigned. As of December 31, 2021, 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 2021, 2020, or 2019. 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 IFRS requires that certain intangible assets be tested for impairment annually or when circumstances indicate such assets may be impaired. The carrying value of other (i.e., tangible) assets is tested only when circumstances indicate such assets may be impaired. As of December 31, 2021, 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. Materials and components consumed 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. The determination of net realizable value is subject to considerable judgment, as 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. The valuation is based on share price and exercise price, share price volatility, interest rates, and the estimated term of the SRs, based on historical assessments of exercise patterns, forfeiture, and staff attrition. Share-based compensation is expensed, as earned, over the vesting period of the underlying SRs. The accrued cost of the Company’s employment taxes associated with the earned value of the SRs is calculated and recorded concurrently with the related share-based payment expense. IDEX estimates the fair value of the Employee Share Purchas Plan (“ESPP”) at the grant date, i.e. the first date of the contribution period, by using the Black-Scholes option pricing model. The valuation is based on share price and exercise price, share price volatility, interest rates, and the term of the contribution period. The share-based compensation is expensed across the contribution period. Employment taxes, if any, are expensed when incurred. |
Leasing agreements | Leasing agreements Pursuant to IFRS 16 Leases right-of-use right-of-use Lease extension options (or occupancy periods after termination options) are only included in the lease term if it is reasonably certain the lease will be extended (or not terminated, as the case may be) and, as such, included within lease liabilities. The lease term is reassessed in the event such an option is exercised (or not exercised, as the case may be) or the Company becomes obliged to exercise (or not exercise) such an option. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment and is within the lessee’s control (e.g., when significant investment in the facility is made which has a useful life beyond the current lease term). In the Consolidated Statements of Profit and Loss, period lease payments are recorded as a periodic depreciation expense and a periodic interest expense. The initial values of the lease liability and the associated right-of-use In the Consolidated Statements of Cash Flows, the interest portion of the Company’s payments under its lease liabilities is classified as a financing cost within cash flows from operating activities. The remaining portion of such payments is classified as a reduction of lease liabilities within cash flows from financing activities. |
Climate Change | Climate Change As of December 31, 2021, the possible future financial impact to the Company resulting from climate change is uncertain. Given the nature of the Company’s operations and products, any such impact is currently believed to not 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 COVID-19 In the first quarter of 2020, the World Health Organization declared COVID-19 face-to-face on-site on-site 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, 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. The Company considered the impact of COVID-19 COVID-19 |
Interest Rate Risk | Interest Rate Risk As of December 31, 2021, IDEX had cash of $33.8 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 | Currency Risk The Company’s transactions are commonly denominated in USD. However, the Company incurs a portion of its expenses in other currencies, primarily NOK, British Pounds (“GBP”), and Chinese Yuan (“CNY”), and is exposed to changes in the rates of exchange between the USD and these currencies. While the Company seeks to minimize this exposure by maintaining currency cash balances at targeted levels appropriate to meet foreseeable short to mid-term expenses in these other currencies, it does not use forward exchange contracts or other hedging strategies to manage exchange rate exposure. |
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, 2021. (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. The Company believes it faces minimal liquidity risk, as IDEX’s cash is on deposit with reputable, well-capitalized |
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. |
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, 2021, 2020, and 2019, 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 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. |
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 , change |
Foreign currencies | Foreign currencies The Company’s Consolidated Financial Statements each subsidiary its the respective functional currencies Monetary assets and liabilities generally have values fixed by explicit or implicit contract. Examples include bank deposits, debt, , subject to foreign currency adjustments such by the entity Non-monetary Non-monetary 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. In accord with IFRS standards, 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. As of December 31, 2021, 2020, and 2019, the number of individual contractors in engineering roles was nine, six, and six, respectively. 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, we 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 Year Ended December 31, ($000s) 2021 2020 2019 Product Revenue: Europe, Middle East, and Africa $ 2,807 $ 952 $ 47 Americas — 5 5 Asia-Pacific 30 56 107 Total product revenue 2,837 1,013 159 Service Revenue: Europe, Middle East, and Africa 3 2 — Americas — 77 265 Asia-Pacific — 3 — Total service revenue 3 82 265 Total Revenue $ 2,840 $ 1,095 $ 424 The Company’s revenue has historically come from a limited number of customers. During 2021, the top two customers accounted for approximately 85% and 9% of the Company’s revenue, respectively, and in 2020, the top two customers accounted for 81% and 4% of revenue, respectively. In 2019, the top two customers accounted for 69%, and 10% of revenue, respectively. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Description Of Detailed Information About Product And Service Revenue By Geographic Region Explanatory | Year Ended December 31, ($000s) 2021 2020 2019 Product Revenue: Europe, Middle East, and Africa $ 2,807 $ 952 $ 47 Americas — 5 5 Asia-Pacific 30 56 107 Total product revenue 2,837 1,013 159 Service Revenue: Europe, Middle East, and Africa 3 2 — Americas — 77 265 Asia-Pacific — 3 — Total service revenue 3 82 265 Total Revenue $ 2,840 $ 1,095 $ 424 |
Compensation and benefits (Tabl
Compensation and benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Compensation and benefits expenses | Year Ended December 31, ($000s) 2021 2020 2019 Salary, payroll tax, benefits, other $ 18,197 $ 14,917 $ 19,219 Share-based compensation 2,910 2,755 2,531 Total $ 21,107 $ 17,672 $ 21,750 |
Summary of compensation of key management | The following amounts were recognized as compensation for key management for the years shown. Related employment tax obligations paid by the Company are not included. Year Ended December 31, 2021 2020 2019 (in thousands) Compensation and short-term benefits $ 1,425 $ 906 $ 1,367 Medical and similar benefits, contributions to pension schemes 73 66 52 Share-based compensation 443 449 840 Total compensation of key management $ 1,941 $ 1,421 $ 2,259 |
Summary of subscription rights to shares held by key management under the subscription rights incentive plans | Key management, as defined, 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 2021 2020 2019 August 10, 2016 May 11, 2021 7.79 775,000 November 9, 2016 May 11, 2021 6.59 1,400,000 February 24, 2017 May 11, 2021 6.59 750,000 August 9, 2017 May 12, 2022 7.76 515,000 February 21, 2018 May 12, 2022 4.67 4,500,000 May 9, 2018 May 9, 2023 4.28 2,250,000 August 14, 2019 May 9, 2024 1.65 327,800 2,327,800 3,774,000 Number outstanding as of December 31, Grant Date Expiration Date Exercise Price 2021 2020 2019 February 26, 2020 May 9, 2024 1.11 5,000,000 5,000,000 — June 17, 2020 May 15, 2025 1.71 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 August 11, 2021 May 12, 2026 2.40 1,668,100 Total 12,870,900 8,452,800 8,452,800 Compensation paid to the Board is presented in Note 17. |
Disclosure of detailed information about number of employees and individual contractors by the function | December 31, 2021 December 31, 2020 December 31, 2019 Employees Contractors Employees Contractors Employees Contractors Research and development 77 8 75 6 81 8 Marketing and sales 6 9 6 5 10 6 General and administrative 8 1 7 1 9 — Supply chain and distribution 2 — 2 — 2 — Total staff 93 18 90 12 102 14 |
Research And Development Expe_2
Research And Development Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Disclosure of research and development expenses | Year Ended December 31, ($000s) 2021 2020 2019 Gross research and development expenses $ 3,356 $ 4,196 $ 4,953 Government grants credited (676 ) (2,301 ) (568 ) Net research and development expenses 2,680 $ 1,895 $ 4,385 |
Disclosure of government grants | Government grants Year Ended December 31, ($000s) 2021 2020 2019 Norway $ 538 $ 506 $ 568 United Kingdom 138 1,795 — Total $ 676 $ 2,301 $ 568 |
Income tax provision (Tables)
Income tax provision (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [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) 2021 2020 2019 Taxes payable on the result of the year $ 90 $ 44 $ 160 Adjustment in respect to prior years — (112 ) — Change in recorded deferred tax liability — (31 ) — Income tax expense (benefit) $ 90 $ (99 ) $ 160 |
Summary of Elements of deferred tax | Elements of deferred tax Year Ended December 31, ($000s) 2021 2020 2019 Employer’s tax on share-based compensation $ (371 ) $ (216 ) $ (3 ) Fixed Assets differences 1,154 675 62 Inventory differences (5 ) (213 ) (1,154 ) Accruals differences (1,152 ) (1,144 ) — Research and development tax credits (1563 ) (1,787 ) — Losses carried forward (253,300 ) (225,951 ) (193,497 ) Basis for calculation of deferred tax asset (255,237 ) (228,636 ) (194,592 ) Calculated net deferred tax benefit, local tax rates 5-22% (55,953 ) (51,251 ) (42,772 ) Unrecognized deferred tax asset * 55, 953 51,251 42,803 Deferred tax liability in the balance sheet $ — $ — $ (31 ) |
Summary of reconciliation of tax expense (benefit) | Reconciliation of tax expense (benefit) Year Ended December 31, ($000s) 2021 2020 2019 Loss before tax $ (32,552 ) $ (26,853 ) $ (32,263 ) Norway statutory tax, calculated at rate of 22% (7,132 ) (5,908 ) (7,412 ) Difference in subsidiary taxes, using local rates (179 ) 22 160 Estimated tax on permanent differences (568 ) 389 640 Prior year adjustments — (112 ) — Change in unrecognized deferred tax asset ** 7,969 5,510 6,772 Income tax expense (benefit) $ 90 $ (99 ) $ 160 * As of December 31, 2021, 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, tax loss carryforwards expire after five years and $135 thousand will expire at the end of 2022. Tax credits associated with research and development activities in the United States, totaling $1.6 million as of December 31, 2021, 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 year-end. |
Loss per share calculation (Tab
Loss per share calculation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of loss per share | The loss per share is the quotient of the net loss for the period divided by t h Year Ended December 31, ($000s) 2021 2020 2019 Net loss for the year $ (32,552 ) $ (26,754 ) $ (32,423 ) Number of ordinary shares issued at December 31 1,010,388,454 832,146,748 717,988,732 Weighted average basic number of ordinary shares 918,847,427 767,069,645 598,392,108 Assumed exercise of share equivalents 21,586,108 6,323,417 1,759,991 Weighted average diluted number of shares 940,433,535 773,393,062 600,152,099 Loss per share for the year (basic and diluted*) $ (0.04 ) $ (0.03 ) $ (0.05 ) * The effects of potentially dilutive O S |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of goodwill | Goodwill balances as of December 31, 2021, and December 31, 2020, reflected the following activity: Year Ended December 31, ($000s) 2021 2020 Cost at the beginning of the year $ 968 $ 941 Impact of currency translation — 27 Cost at the end of the year $ 968 $ 968 |
Summary of intangible assets | Other intangible asset balances as of December 31, 2021, and December 31, 2020, reflected the following activity: Year Ended December 31, ($000s) 2021 2020 Amortization period (straight-line, in years) 10 - 17 10 - 17 Cost at the beginning of the year $ 5,173 $ 4,835 Additions — 181 Impact of currency translation — 157 Cost at the end of the year $ 5,173 $ 5,173 Accumulated Amortization at the beginning of the year $ 2,731 $ 2,230 Amortization 477 396 Impact of currency translation — 104 Accumulated Amortization at the end of the year 3,208 2,731 Carrying amount at the end of the year $ 1,965 $ 2,442 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, and December 31, 2020, reflected the following activity: 2021 ($000s) 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 2020 (In $000) Plant and Office Instruments Total Depreciation period (straight line, in years) 3-5 3-5 3-5 Accumulated cost at December 31, 2019 $812 $701 $2,076 $3,589 Additions 21 6 125 152 Impact of currency translation 22 3 16 41 Accumulated cost at December 31, 2020 855 710 2,217 3,782 Accumulated depreciation at December 31, 2019 $104 $453 $1,019 $1,576 Depreciation 119 115 275 509 Impact of currency translation 13 4 13 30 Accumulated depreciation at December 31, 2020 236 572 1,307 2,115 Carrying amount at December 31, 2020 $619 $138 $910 $1,667 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Summary of right of use assets | Year Ended December 31, ($000s) 2021 2020 Depreciation periods (straight-line, in years) 3-5 3-5 Cost at the beginning of the year $ 2,543 $ 2,081 Additions 158 417 Impact of currency translation (10 ) 45 Cost at the end of the year $ 2,691 $ 2,543 Accumulated depreciation at the beginning of the year $ 1,527 $ 706 Depreciation 818 810 Impact of currency translation (11 ) 11 Accumulated depreciation at the end of the year 2,334 1,527 Recorded value at the end of the year $ 357 $ 1,016 |
Summary of Lease in the statements of income | Leases in the Consolidated Statements of Profit and Loss Year Ended December 31, ($000s) 2021 2020 2019 Depreciation $ 818 $ 810 $ 698 Finance cost 31 63 50 |
Summary of Lease in the statements of financial instruments | Leases in the Consolidated Statements of Financial Position ($000s) 2021 2020 Balance at January 1 $ 1,058 $ 1,398 Additions 158 317 Accretion of interest 31 136 Payments (874 ) (793 ) Balance at December 31 373 1,058 Non-current 11 327 Current 362 731 Total lease liabilities $ 373 $ 1,058 |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Aging Analysis Of Receivables [Abstract] | |
Summary of aging analysis of receivables | Balances of accounts receivable at December 31, 2021, and December 31, 2020, are as follows: Year ended December 31, 2021 Maturity ($000s) Less than 3 months 3-6 months 6-12 Months Total Accounts receivable, trade $ 801 $ — $ — $ 801 Accounts receivable, other 133 31 539 703 $ 934 $ 31 $ 539 $ 1,504 Year ended December 31, 2020 Maturity ($000s) Less than 3 months 3-6 months 6-12 Months Total Accounts receivable, trade $ 460 $ 25 $ 2 $ 487 Accounts receivable, other 303 303 557 1,163 $ 763 $ 328 $ 559 $ 1,650 |
Accounts payable and other fi_2
Accounts payable and other financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of maturity analysis for liabilities | Year ended December 31, 2021 Maturity ($000s) Less 3-6 months 6-12 1-5 years Total Non-current $ — $ — $ — $ 11 $ 11 Accounts payable 685 — — — 685 Current lease liabilities 132 107 123 — 362 Other liabilities 1,640 251 588 371 2,850 $ 2,457 $ 358 $ 711 $ 382 $ 3,908 Year ended December 31, 2020 Maturity ($000s) Less 3-6 months 6-12 1-5 years Total Non-current $ — $ — $ — $ 327 $ 327 Accounts payable 631 — — — 631 Current lease liabilities 214 187 330 — 731 Other liabilities 1,619 121 527 — 2,267 $ 2,464 $ 308 $ 857 $ 327 $ 3,956 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Inventory | December 31, 2021 2020 ($000s) Cost Reserves Net Cost Reserves Net Raw materials $ 562 $ — $ 562 $ 460 $ (114 ) $ 346 Work in progress 107 — 107 25 — 25 Finished goods 570 (5 ) 565 588 (100 ) 488 Total Inventory $ 1,239 $ (5 ) $ 1,234 $ 1,073 $ (214 ) $ 859 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Cash and cash equivalents by currency | USD-valued Year Ended December 31, ($000s) 2021 2020 Denominated in USD $ 28,217 $ 1,295 Denominated in NOK 3,707 5,298 Denominated in GBP 978 532 Denominated in CNY 857 173 Total $ 33,759 $ 7,298 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
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 Ordinary Shares . Number of Balance at December 31, 2019 717,988,732 Private placement of Ordinary Shares th 65,341,413 Share issue (in lieu of Board compensation) 441,982 Share issue (in lieu of cash compensation) 4,318,523 Private placement of Ordinary Shares th 42,528,181 Share issue (Employee Share Purchase Plan) 1,527,917 Balance at December 31, 2020 832,146,748 Private placement of Ordinary Shares th 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 th 89,777,824 Share issue (Employee Share Purchase Plan) 2,946,019 Balance at December 31, 2021 1,010,388,454 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of incentive subscription rights | Number of Weighted Outstanding as of December 31, 2019 52,875,043 4.01 Granted 36,414,800 1.62 Exercised (52,150 ) 1.65 Cancelled (25,962,800 ) 5.40 Forfeited (4,363,500 ) 4.28 Expired (2,567,300 ) 7.32 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 56,344,093 1.84 |
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, 2021 2020 2019 Exercise price (NOK) 2.38 1.10 – 1.80 0.15 – 3.88 Weighted average exercise price per share 2.53 1.62 1.38 Weighted average share price at date of grant 2.45 1.42 1.49 Expected term (years) 4.62 4.77 4.93 Weighted average term (years) 3.35 2.96 3.21 Share price volatility (percent) 85 - 78 – 113 63 – 80 Risk-free interest rate 0.983 0.354 1.16 Expected dividend payment 0 0 0 Forfeiture None None None |
Summary of outstanding and vested incentive subscription rights | 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 - 4,330,366 0.15 2.36 0.04 2,165,186 0.15 2.36 0.50 - 720,800 0.71 2.36 1.29 310,400 0.71 2.36 1.00 - 5,542,500 1.11 2.36 1.04 1,385,625 1.11 2.36 1.50 - 38,760,433 1.70 3.14 0.96 14,045,131 1.69 3.14 2.00 - 20,588,700 2.51 4.24 2.04 — — 4.24 3.00 - 1,238,600 3.29 3.05 1.32 175,775 3.94 3.05 5.00 - 575,000 5.53 1.23 — 575,000 5.53 1.23 Total 71,756,399 1.84 3.32 1.22 18,657,117 1.59 3.32 Composition of outstanding and exercisable subscription rights at December 31, 2020 Outstanding Subscription Rights Vested (Exercisable) Subscription Rights Exercise Price (in NOK) Number of Weighted Weighted Weighted Number of Weighted Weighted 0.00 – 0.50 4,938,543 0.15 3.36 0.54 — — — 0.50 – 1.00 868,100 0.71 3.36 1.34 217,025 0.71 3.35 1.00 – 1.50 5,542,500 1.11 3.36 1.79 — — — 1.50 – 2.00 42,245,000 1.70 4.10 1.35 2,843,925 1.65 3.35 3.50 – 4.00 208 3.70 3.36 0.87 52,000 3.70 3.02 4.00 – 4.50 1,339,450 4.28 1.04 0.14 871,750 4.28 1.01 5.00 – 5.50 660,000 5.09 2.12 0.05 620,000 5.09 2.11 7.50 – 8.00 467,500 7.76 0.86 0.12 363,750 7.76 0.87 8.00 – 8.50 75,000 8.42 1.37 0.07 56,250 8.42 1.36 Total 56,344,093 3.82 1.66 1.24 5,024,700 3.03 2.59 |
Related Party Transaction (Tabl
Related Party Transaction (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
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 2021, 2020 and 2019: 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 Year Ended December 31, 2019 ($000s) Cash Shared-based Total Morten Opstad, Board chair $ 43 $ — $ 43 Lawrence J. Ciaccia, Board deputy chair 34 — 34 Deborah Davis 7 34 41 Hanne Hovding 16 23 39 Andre James MacLeod 1 7 34 41 Stephen A. Skaggs — — — $ 107 $ 91 $ 198 1 Mr. MacLeod resigned from Board on May 9, |
Summary of share based payment arrangement to board members | Subscription rights outstanding as Grant Date Expiration Date Exercise Price 2021 2020 2019 August 15, 2018 May 9, 2023 5.10 — — 600,000 June 17, 2020 May 15, 2025 1.71 600,000 600,000 — |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of other operating expenses | Year Ended December 31, ($000s) 2021 2020 2019 Sales and marketing activities $ 1,287 $ 764 $ 850 Legal, audit, accounting and other services 2,332 2,906 1,618 IT expenses 2,047 1,621 1,367 Travel expenses 132 125 635 Other operating expenses 1,449 520 170 Total other operating expenses $ 7,347 $ 5,936 $ 4,641 |
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 2021, 2020, and 2019: Year Ended December 31, ($000s) 2021 2020 2019 Audit services $ 352 $ 235 $ 468 Audit-related services 22 8 8 Tax services 7 — 8 Other services 24 12 5 $ 405 $ 255 $ 489 |
Corporate Information (Detail)
Corporate Information (Detail) | Dec. 31, 2021 |
Ordinary Share [member] | |
Corporate Information [Line Items] | |
Entity Listing, Depository Receipt Ratio | 75 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements [Line Items] | |||
Cash | $ 33,800 | ||
Impairment loss recognised in profit or loss, intangible assets other than goodwill | 0 | ||
Impairment loss recognised in profit or loss, goodwill | 0 | ||
Revenue | $ 2,840 | $ 1,095 | $ 424 |
Customer One [Member] | |||
Statements [Line Items] | |||
Concentration risk percentage revenue | 85.00% | 81.00% | 69.00% |
Customer Two [Member] | |||
Statements [Line Items] | |||
Concentration risk percentage revenue | 9.00% | 4.00% | 10.00% |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | $ 2,840 | $ 1,095 | $ 424 |
Product [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | 2,837 | 1,013 | 159 |
Product [Member] | Europe Middle East and Africa [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | 2,807 | 952 | 47 |
Product [Member] | Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | 5 | 5 | |
Product [Member] | Asia Pacific [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | 30 | 56 | 107 |
Service [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | 3 | 82 | 265 |
Service [Member] | Europe Middle East and Africa [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | $ 3 | 2 | |
Service [Member] | Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | 77 | $ 265 | |
Service [Member] | Asia Pacific [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | $ 3 |
Compensation and benefits - Sum
Compensation and benefits - Summary of Compensation and benefits expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of payroll expenses [Abstract] | |||
Salary, payroll tax, benefits, other | $ 18,197 | $ 14,917 | $ 19,219 |
Share-based compensation | 2,910 | 2,755 | 2,531 |
Total | $ 21,107 | $ 17,672 | $ 21,750 |
Compensation and benefits - S_2
Compensation and benefits - Summary of compensation of key management (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of compensation of key management [Abstract] | |||
Compensation and short-term benefits | $ 1,425 | $ 906 | $ 1,367 |
Medical and similar benefits, contributions to pension schemes | 73 | 66 | 52 |
Share-based compensation | 443 | 449 | 840 |
Total compensation of key management | $ 1,941 | $ 1,421 | $ 2,259 |
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) - kr / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Subscription rights to shares held by key management under the subscription rights incentive plans [Line Items] | |||
Number outstanding | 12,870,900 | 8,452,800 | 8,452,800 |
August 10, 2016 [member] | |||
Disclosure of Subscription rights to shares held by key management under the subscription rights incentive plans [Line Items] | |||
Expiry Date | May 11, 2021 | ||
Exercise Price (NOK per share) | kr 7.79 | ||
Number outstanding | 775,000 | ||
November 9, 2016 [member] | |||
Disclosure of Subscription rights to shares held by key management under the subscription rights incentive plans [Line Items] | |||
Expiry Date | May 11, 2021 | ||
Exercise Price (NOK per share) | kr 6.59 | ||
Number outstanding | 1,400,000 | ||
February 24, 2017 [member] | |||
Disclosure of Subscription rights to shares held by key management under the subscription rights incentive plans [Line Items] | |||
Expiry Date | May 11, 2021 | ||
Exercise Price (NOK per share) | kr 6.59 | ||
Number outstanding | 750,000 | ||
August 9, 2017 [member] | |||
Disclosure of Subscription rights to shares held by key management under the subscription rights incentive plans [Line Items] | |||
Expiry Date | May 12, 2022 | ||
Exercise Price (NOK per share) | kr 7.76 | ||
Number outstanding | 515,000 | ||
February 21, 2018 [member] | |||
Disclosure of Subscription rights to shares held by key management under the subscription rights incentive plans [Line Items] | |||
Expiry Date | May 12, 2022 | ||
Exercise Price (NOK per share) | kr 4.67 | ||
Number outstanding | 4,500,000 | ||
May 9, 2018 [member] | |||
Disclosure of Subscription rights to shares held by key management under the subscription rights incentive plans [Line Items] | |||
Expiry Date | May 9, 2023 | ||
Exercise Price (NOK per share) | kr 4.28 | ||
Number outstanding | 2,250,000 | ||
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 9, 2024 | ||
Exercise Price (NOK per share) | kr 1.65 | ||
Number outstanding | 327,800 | 2,327,800 | 3,774,000 |
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 9, 2024 | ||
Exercise Price (NOK per share) | kr 1.11 | ||
Number outstanding | 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 1.71 | ||
Number outstanding | 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 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 2.38 | ||
Number outstanding | 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 2.40 | ||
Number outstanding | 1,668,100 |
Compensation and benefits - S_4
Compensation and benefits - Summary of sets forth the number of employees and individual contractors (Detail) | Dec. 31, 2021ContractorsEmployees | Dec. 31, 2020ContractorsEmployees | Dec. 31, 2019ContractorsEmployees |
Disclosure of detailed information about number of employees and individual contractors by the function [Line Items] | |||
Employees | 93 | 90 | 102 |
Contractors | Contractors | 18 | 12 | 14 |
Research and development [member] | |||
Disclosure of detailed information about number of employees and individual contractors by the function [Line Items] | |||
Employees | 77 | 75 | 81 |
Contractors | Contractors | 8 | 6 | 8 |
Marketing and sales [Member] | |||
Disclosure of detailed information about number of employees and individual contractors by the function [Line Items] | |||
Employees | 6 | 6 | 10 |
Contractors | Contractors | 9 | 5 | 6 |
General and administrative [Member] | |||
Disclosure of detailed information about number of employees and individual contractors by the function [Line Items] | |||
Employees | 8 | 7 | 9 |
Contractors | Contractors | 1 | 1 | |
Supply chain and distribution [Member] | |||
Disclosure of detailed information about number of employees and individual contractors by the function [Line Items] | |||
Employees | 2 | 2 | 2 |
Compensation and benefits - Add
Compensation and benefits - Additional Information (Detail) - Employees | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements [Line Items] | |||
Average number of employees | 95 | 93 | 109 |
China [member] | |||
Statements [Line Items] | |||
Contribution to pension plan percent | 21.00% | ||
United Kingdom [member] | Maximum [Member] | |||
Statements [Line Items] | |||
Contribution to pension plan percent | 6.00% |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Grants to research and development are credited against costs [Abstract] | |||
Gross research and development expenses | $ 3,356 | $ 4,196 | $ 4,953 |
Government grants credited | (676) | (2,301) | (568) |
Net research and development expenses | $ 2,680 | $ 1,895 | $ 4,385 |
Research and development expe_4
Research and development expenses - Summary of government grants (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of Government grant [Line Items] | |||
Government grants | $ 676 | $ 2,301 | $ 568 |
Norway | |||
Disclosure of Government grant [Line Items] | |||
Government grants | 538 | 506 | $ 568 |
United Kingdom | |||
Disclosure of Government grant [Line Items] | |||
Government grants | $ 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Taxes payable (receivable) during period | $ 90 | $ 44 | $ 160 |
Adjustment in respect to prior years | (112) | ||
Change in deferred tax asset/liability | (31) | ||
Income tax expense | $ 90 | $ (99) | $ 160 |
Income tax provision - Summar_2
Income tax provision - Summary of specification of deferred tax (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Major components of tax expense (income) [abstract] | |||
Employer's tax on share-based compensation | $ (371) | $ (216) | $ (3) |
Fixed Assets differences | 1,154 | 675 | 62 |
Inventory differences | (5) | (213) | (1,154) |
Accruals differences | (1,152) | (1,144) | |
Research and development tax credits | (1,563) | (1,787) | |
Losses carried forward | (253,300) | (225,951) | (193,497) |
Basis for calculation of deferred tax asset | (255,237) | (228,636) | (194,592) |
Calculated net deferred tax benefit, local tax rates 5-22% | (55,953) | (51,251) | (42,772) |
Unrecognized deferred tax asset | $ 55,953 | $ 51,251 | 42,803 |
Deferred tax liability in the balance sheet | $ (31) |
Income tax provision - Summar_3
Income tax provision - Summary of specification of deferred tax (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Applicable tax rate | 22.00% | 22.00% | 22.00% |
Top of range [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Applicable tax rate | 22.00% | ||
Bottom of range [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Applicable tax rate | 5.00% |
Income tax provision - Summar_4
Income tax provision - Summary of reconciliation of tax expense (benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Loss before tax | $ (32,552) | $ (26,853) | $ (32,263) |
Norway statutory tax, calculated at rate of 22% | (7,132) | (5,908) | (7,412) |
Difference in subsidiary taxes, using local rates vs 22% | (179) | 22 | 160 |
Estimated tax on permanent differences | 568 | 389 | 640 |
Prior year adjustments | (112) | ||
Change in unrecognized deferred tax asset | 7,969 | 5,510 | 6,772 |
Income tax expense (benefit) | $ 90 | $ (99) | $ 160 |
Income tax provision - Summar_5
Income tax provision - Summary of reconciliation of tax expense (benefit) (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Applicable tax rate | 22.00% | 22.00% | 22.00% |
Income tax provision - Addition
Income tax provision - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax loss carryforward | $ 55,953 | $ 51,251 | $ 42,803 |
Corporate tax rate | 22.00% | 22.00% | 22.00% |
Research and development [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax credit forwards | $ 1,600 | ||
Norway [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax loss carryforward | 251,100 | ||
Recognition of corporate tax | $ 55,200 | ||
Corporate tax rate | 22.00% | ||
United Kingdom [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax loss carryforward | $ 1,900 | ||
Recognition of corporate tax | $ 361 | ||
Corporate tax rate | 19.00% | ||
China [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax loss carryforward | $ 771 | ||
Recognition of corporate tax | $ 18 | ||
Corporate tax rate | 2.50% | ||
United States [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax loss carryforward | $ 135 | ||
United States [member] | Research and development [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax credit forwards | $ 1,600 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per share [abstract] | |||
Net loss for the year | $ (32,552) | $ (26,754) | $ (32,423) |
Number of ordinary shares issued at December 31 | 1,010,388,454 | 832,146,748 | 717,988,732 |
Weighted average basic number of ordinary shares | 918,847,427 | 767,069,645 | 598,392,108 |
Assumed exercise of share equivalents | 21,586,108 | 6,323,417 | 1,759,991 |
Weighted average diluted number of shares | 940,433,535 | 773,393,062 | 600,152,099 |
Loss per share for the year (basic and diluted) | $ (0.04) | $ (0.03) | $ (0.05) |
Goodwill and other intangible_3
Goodwill and other intangible assets - Summary of goodwill (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Cost at the beginning of the year | $ 941 |
Impact of currency translation | 27 |
Cost at the end of the year | $ 968 |
Goodwill and other intangible_4
Goodwill and other intangible assets - Summary of intangible assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets Beginning Balance | $ 2,442 | |
Intangible assets Ending Balance | 1,965 | $ 2,442 |
Carrying amount at the end of the year | 1,965 | 2,442 |
Patent [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets Beginning Balance | $ 2,442 | |
Intangible assets Ending Balance | 1,965 | |
Carrying amount at the end of the year | $ 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 | $ 4,835 |
Additions | 0 | 181 |
Impact of currency translation | 0 | 157 |
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 | 2,731 | 2,230 |
Amortization | 477 | 396 |
Impact of currency translation | 0 | 104 |
Intangible assets Ending Balance | 3,208 | 2,731 |
Carrying amount at the end of the year | $ 3,208 | $ 2,731 |
Goodwill and other intangible_5
Goodwill and other intangible assets - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure of detailed information about intangible assets [abstract] | |
Impairment charges | $ 0 |
Property, plant and equipment -
Property, plant and equipment -Summary of property plant and equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost at 31 December 2019 | $ 1,667 | |
Accumulated cost at 31 December 2020 | 1,301 | $ 1,667 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost at 31 December 2019 | 3,782 | 3,589 |
Additions | 141 | 152 |
Impact of currency translation | (5) | 41 |
Accumulated cost at 31 December 2020 | 3,918 | 3,782 |
Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost at 31 December 2019 | 2,115 | 1,576 |
Depreciation | 507 | 509 |
Impact of currency translation | (5) | 30 |
Accumulated cost at 31 December 2020 | 2,617 | 2,115 |
Plant And Machinery fixtures and fittings [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost at 31 December 2019 | 619 | |
Accumulated cost at 31 December 2020 | $ 488 | $ 619 |
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 at 31 December 2019 | $ 855 | $ 812 |
Additions | 21 | |
Impact of currency translation | 22 | |
Accumulated cost at 31 December 2020 | 855 | 855 |
Plant And Machinery fixtures and fittings [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost at 31 December 2019 | 236 | 104 |
Depreciation | 131 | 119 |
Impact of currency translation | 13 | |
Accumulated cost at 31 December 2020 | 367 | 236 |
Office furniture and office equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost at 31 December 2019 | 138 | |
Accumulated cost at 31 December 2020 | $ 111 | $ 138 |
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 at 31 December 2019 | $ 710 | $ 701 |
Additions | 74 | 6 |
Impact of currency translation | (2) | 3 |
Accumulated cost at 31 December 2020 | 782 | 710 |
Office furniture and office equipment [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost at 31 December 2019 | 572 | 453 |
Depreciation | 101 | 115 |
Impact of currency translation | (2) | 4 |
Accumulated cost at 31 December 2020 | 671 | 572 |
Instruments and lab equipment software tools [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost at 31 December 2019 | 910 | |
Accumulated cost at 31 December 2020 | $ 712 | $ 910 |
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 at 31 December 2019 | $ 2,217 | $ 2,076 |
Additions | 67 | 125 |
Impact of currency translation | (3) | 16 |
Accumulated cost at 31 December 2020 | 2,281 | 2,217 |
Instruments and lab equipment software tools [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Accumulated cost at 31 December 2019 | 1,307 | 1,019 |
Depreciation | 275 | 275 |
Impact of currency translation | (3) | 13 |
Accumulated cost at 31 December 2020 | $ 1,579 | $ 1,307 |
Property, plant and equipment_2
Property, plant and equipment - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning of the year | $ 1,016 | ||
Depreciation | 818 | $ 810 | $ 698 |
Ending of the year | 357 | 1,016 | |
Gross carrying amount [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning of the year | 2,543 | 2,081 | |
Additions | 158 | 417 | |
Impact of currency translation | (10) | 45 | |
Ending of the year | 2,691 | 2,543 | 2,081 |
Accumulated Depreciation [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning of the year | 1,527 | 706 | |
Depreciation | 818 | 810 | |
Impact of currency translation | (11) | 11 | |
Ending of the year | $ 2,334 | $ 1,527 | $ 706 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Income Statement Information About Leases [Line Items] | |||
Depreciation | $ 818 | $ 810 | $ 698 |
Finance cost | $ 31 | $ 63 | $ 50 |
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, 2021 | Dec. 31, 2020 | |
Lease liabilities [abstract] | ||
Balance at January 1 | $ 1,058 | $ 1,398 |
Additions | 158 | 317 |
Accretion of interest | 31 | 136 |
Payments | (874) | (793) |
Balance at December 31 | 373 | 1,058 |
Non-current | 11 | 327 |
Current | 362 | 731 |
Total lease liabilities | $ 373 | $ 1,058 |
Accounts receivable - Summary o
Accounts receivable - Summary of aging analysis of receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Aging Analysis Of Receivables [Line Items] | ||
Accounts receivable, trade | $ 801 | $ 487 |
Accounts receivable, other | 703 | 1,163 |
Total Accounts receivable | 1,504 | 1,650 |
Less than 3 months | ||
Disclosure Of Aging Analysis Of Receivables [Line Items] | ||
Accounts receivable, trade | 801 | 460 |
Accounts receivable, other | 133 | 303 |
Total Accounts receivable | 934 | 763 |
3-6 months | ||
Disclosure Of Aging Analysis Of Receivables [Line Items] | ||
Accounts receivable, trade | 0 | 25 |
Accounts receivable, other | 31 | 303 |
Total Accounts receivable | 31 | 328 |
6-12 Months | ||
Disclosure Of Aging Analysis Of Receivables [Line Items] | ||
Accounts receivable, trade | 0 | 2 |
Accounts receivable, other | 539 | 557 |
Total Accounts receivable | $ 539 | $ 559 |
Accounts receivable - Additiona
Accounts receivable - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Non-current lease liabilities | $ 11 | $ 327 |
Accounts payable | 685 | 631 |
Current lease liabilities | 362 | 731 |
Other liabilities | 2,850 | 2,267 |
Total | 3,908 | 3,956 |
Later than three months [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Accounts payable | 685 | 631 |
Current lease liabilities | 132 | 214 |
Other liabilities | 1,640 | 1,619 |
Total | 2,457 | 2,464 |
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 | 107 | 187 |
Other liabilities | 251 | 121 |
Total | 358 | 308 |
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 | 123 | 330 |
Other liabilities | 588 | 527 |
Total | 711 | 857 |
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 | 11 | 327 |
Other liabilities | 371 | |
Total | $ 382 | $ 327 |
Accounts payable and other fi_4
Accounts payable and other financial liabilities - Additional information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Text Block [Abstract] | ||
Share Based Compensation Tax Liability Current | $ 371 | $ 216 |
Interest Expense | 31 | 63 |
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, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about Inventory [Abstract] | ||
Raw materials, Cost | $ 562 | $ 460 |
Work in progress, Cost | 107 | 25 |
Finished goods, Cost | 570 | 588 |
Total Inventory, Cost | 1,239 | 1,073 |
Raw materials, Reserves | 0 | (114) |
Work in progress, Reserves | 0 | 0 |
Finished goods, Reserves | (5) | (100) |
Total Inventory, Reserves | (5) | (214) |
Raw materials | 562 | 346 |
Work in progress | 107 | 25 |
Finished goods | 565 | 488 |
Total Inventory | $ 1,234 | $ 859 |
Inventory - Additional Informat
Inventory - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about Inventory [Abstract] | |||
Inventory used in new product development | $ 138 | $ 32 | $ 1,079 |
Cash and cash equivalents - Sum
Cash and cash equivalents - Summary of Cash and cash equivalents by currency (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statements [Line Items] | ||||
Cash and cash equivalents | $ 33,759 | $ 7,298 | $ 14,126 | $ 9,635 |
Denominated in USD | ||||
Statements [Line Items] | ||||
Cash and cash equivalents | 28,217 | 1,295 | ||
Denominated in NOK | ||||
Statements [Line Items] | ||||
Cash and cash equivalents | 3,707 | 5,298 | ||
Denominated in GBP | ||||
Statements [Line Items] | ||||
Cash and cash equivalents | 978 | 532 | ||
Denominated in CNY | ||||
Statements [Line Items] | ||||
Cash and cash equivalents | $ 857 | $ 173 |
Cash and cash equivalents - Add
Cash and cash equivalents - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents [abstract] | ||
Restricted cash employee payroll tax withheld | $ 31 | $ 21 |
Share capital - Summary of reco
Share capital - Summary of reconciliation of number of shares outstanding (Parenthetical) (Detail) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021kr / shares | Dec. 31, 2020kr / shares | Dec. 31, 2019kr / shares | |
Disclosure of classes of share capital [abstract] | ||||||
Common stock par or stated value per share | kr / shares | kr 0.15 | kr 0.15 | kr 0.15 | |||
Share issuance costs | $ | $ 2,827 | $ 689 | $ 899 |
Share capital - Summary of re_2
Share capital - Summary of reconciliation of number of shares outstanding (Detail) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||
Balance at the beginning of the year | 832,146,748 | 717,988,732 |
Share issue (in lieu of Board compensation) | 535,583 | 441,982 |
Share issue (in lieu of cash compensation) | 4,318,523 | |
Share issue (exercise of subscription rights) | 1,767,606 | |
Share issue (Employee Share Purchase Plan) | 2,946,019 | 1,527,917 |
Balance at the ending of the year | 1,010,388,454 | 832,146,748 |
Private Placement One [Member] | ||
Disclosure of classes of share capital [line items] | ||
Private placement of shares | 65,341,413 | |
Private Placement Two [Member] | ||
Disclosure of classes of share capital [line items] | ||
Private placement of shares | 42,528,181 | |
Private Placement Three [Member] | ||
Disclosure of classes of share capital [line items] | ||
Private placement of shares | 83,214,674 | |
Private Placement Four [Member] | ||
Disclosure of classes of share capital [line items] | ||
Private placement of shares | 89,777,824 |
Share-based compensation - Summ
Share-based compensation - Summary of incentive subscription rights (Detail) | 12 Months Ended | ||
Dec. 31, 2021shareskr / shares | Dec. 31, 2020shareskr / shares | Dec. 31, 2020shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Openning balance, of outstanding | 56,344,093 | ||
Ending balance, of outstanding | 71,756,399 | 56,344,093 | 56,344,093 |
Openning balance, of outstanding , Weighted average exerise price | kr / shares | kr 3.82 | ||
Ending balance, of outstanding , Weighted average exerise price | kr / shares | kr 1.84 | kr 3.82 | |
Incentive Subscription Rights [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Openning balance, of outstanding | 56,344,093 | 52,875,043 | 52,875,043 |
Granted | 21,885,200 | 36,414,800 | 36,414,800 |
Exercised | (1,767,879) | (52,150) | (52,150) |
Cancelled | (25,962,800) | (25,962,800) | |
Forfeited | (3,165,015) | (4,363,500) | (4,363,500) |
Expired | (1,540,000) | (2,567,300) | (2,567,300) |
Ending balance, of outstanding | 56,344,093 | 56,344,093 | 56,344,093 |
Openning balance, of outstanding , Weighted average exerise price | kr / shares | kr 1.66 | kr 4.01 | |
Granted , Weighted average exerise price | kr / shares | 2.53 | 1.62 | |
Exercised , Weighted average exerise price | (per share) | 1.33 | $ 1.65 | |
Cancelled , Weighted average exerise price | kr / shares | 5.40 | ||
Forfeited , Weighted average exerise price | kr / shares | 1.97 | 4.28 | |
Expired , Weighted average exerise price | kr / shares | 5.22 | 7.32 | |
Ending balance, of outstanding , Weighted average exerise price | kr / shares | kr 1.84 | kr 1.66 |
Share-based compensation - Su_2
Share-based compensation - Summary of fair value of the subscription rights (Detail) - Incentive Subscription Rights [Member] | 12 Months Ended | ||
Dec. 31, 2021NOK (kr)yrkr / shares | Dec. 31, 2020NOK (kr)yrkr / shares | Dec. 31, 2019NOK (kr)yrkr / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average per share | kr 2.53 | kr 1.62 | kr 1.38 |
Weighted average actual share price at date of grant (per share) | kr 2.45 | kr 1.42 | kr 1.49 |
Expected duration up to (years) | yr | 4.62 | 4.77 | 4.93 |
Weighted average (years) | 3 years 4 months 6 days | 2 years 11 months 15 days | 3 years 2 months 15 days |
Weighted average risk-free interest rate | 0.983% | 0.354% | 1.16% |
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 2.38 | kr 1.10 | kr 0.15 |
Volatility of share price based on share price history (percent) | 85.00% | 78.00% | 63.00% |
Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price | kr 3.10 | kr 1.80 | kr 3.88 |
Volatility of share price based on share price history (percent) | 112.00% | 113.00% | 80.00% |
Share-based compensation - Su_3
Share-based compensation - Summary of outstanding and vested incentive subscription rights (Detail) | 12 Months Ended | |
Dec. 31, 2021shareskr / shares | Dec. 31, 2020shareskr / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of share options outstanding in share-based payment arrangement | 71,756,399 | 56,344,093 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | kr / shares | kr 1.84 | kr 3.82 |
Weighted average remaining contractual life of outstanding share options | 3 years 3 months 25 days | 1 year 7 months 28 days |
Weighted average remaining time to vest of outstanding share options | 1 year 2 months 19 days | 1 year 2 months 26 days |
Number Of Outstanding Vested Share Options | 18,657,117 | 5,024,700 |
Weighted Average Exercise Price Of Vested Share Options Outstanding In Sharebased Payment Arrangement | 1.59 | 3.03 |
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 3 years 3 months 25 days | 2 years 7 months 2 days |
Exercise Price Range One [Member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of share options outstanding in share-based payment arrangement | 4,330,366 | 4,938,543 |
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 | 2 years 4 months 9 days | 3 years 4 months 9 days |
Weighted average remaining time to vest of outstanding share options | 14 days | 6 months 14 days |
Number Of Outstanding Vested Share Options | 2,165,186 | |
Weighted Average Exercise Price Of Vested Share Options Outstanding In Sharebased Payment Arrangement | 0.15 | |
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 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 share options outstanding in share-based payment arrangement | 720,800 | 868,100 |
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 | 2 years 4 months 9 days | 3 years 4 months 9 days |
Weighted average remaining time to vest of outstanding share options | 1 year 3 months 14 days | 1 year 4 months 2 days |
Number Of Outstanding Vested Share Options | 310,400 | 217,025 |
Weighted Average Exercise Price Of Vested Share Options Outstanding In Sharebased Payment Arrangement | 0.71 | 0.71 |
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 2 years 4 months 9 days | 3 years 4 months 6 days |
Exercise Price Range Three [Member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of share options outstanding in share-based payment arrangement | 5,542,500 | 5,542,500 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | kr / shares | kr 1.11 | kr 1.11 |
Weighted average remaining contractual life of outstanding share options | 2 years 4 months 9 days | 3 years 4 months 9 days |
Weighted average remaining time to vest of outstanding share options | 1 year 14 days | 1 year 9 months 14 days |
Number Of Outstanding Vested Share Options | 1,385,625 | |
Weighted Average Exercise Price Of Vested Share Options Outstanding In Sharebased Payment Arrangement | 1.11 | |
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 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 share options outstanding in share-based payment arrangement | 38,760,433 | 42,245,000 |
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 | 3 years 1 month 20 days | 4 years 1 month 6 days |
Weighted average remaining time to vest of outstanding share options | 11 months 15 days | 1 year 4 months 6 days |
Number Of Outstanding Vested Share Options | 14,045,131 | 2,843,925 |
Weighted Average Exercise Price Of Vested Share Options Outstanding In Sharebased Payment Arrangement | 1.69 | 1.65 |
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 3 years 1 month 20 days | 3 years 4 months 6 days |
Exercise Price Range Five [Member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of share options outstanding in share-based payment arrangement | 20,588,700 | 20,800 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | kr / shares | kr 2.51 | kr 3.70 |
Weighted average remaining contractual life of outstanding share options | 4 years 2 months 26 days | 3 years 4 months 9 days |
Weighted average remaining time to vest of outstanding share options | 2 years 14 days | 10 months 13 days |
Number Of Outstanding Vested Share Options | 52,000 | |
Weighted Average Exercise Price Of Vested Share Options Outstanding In Sharebased Payment Arrangement | 3.70 | |
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 4 years 2 months 26 days | 3 years 7 days |
Exercise Price Range Six [Member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of share options outstanding in share-based payment arrangement | 1,238,600 | 1,339,450 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | kr / shares | kr 3.29 | kr 4.28 |
Weighted average remaining contractual life of outstanding share options | 3 years 18 days | 1 year 14 days |
Weighted average remaining time to vest of outstanding share options | 1 year 3 months 25 days | 1 month 20 days |
Number Of Outstanding Vested Share Options | 175,775 | 871,750 |
Weighted Average Exercise Price Of Vested Share Options Outstanding In Sharebased Payment Arrangement | 3.94 | 4.28 |
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 3 years 18 days | 1 year 3 days |
Exercise Price Range Seven [Member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of share options outstanding in share-based payment arrangement | 575,000 | 660,000 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | kr / shares | kr 5.53 | kr 5.09 |
Weighted average remaining contractual life of outstanding share options | 1 year 2 months 23 days | 2 years 1 month 13 days |
Weighted average remaining time to vest of outstanding share options | 18 days | |
Number Of Outstanding Vested Share Options | 575,000 | 620,000 |
Weighted Average Exercise Price Of Vested Share Options Outstanding In Sharebased Payment Arrangement | 5.53 | 5.09 |
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 1 year 2 months 23 days | 2 years 1 month 9 days |
Exercise Price Range Eight [Member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of share options outstanding in share-based payment arrangement | 467,500 | |
Weighted average exercise price of share options outstanding in share-based payment arrangement | kr / shares | kr 7.76 | |
Weighted average remaining contractual life of outstanding share options | 10 months 9 days | |
Weighted average remaining time to vest of outstanding share options | 1 month 13 days | |
Number Of Outstanding Vested Share Options | 363,750 | |
Weighted Average Exercise Price Of Vested Share Options Outstanding In Sharebased Payment Arrangement | 7.76 | |
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 10 months 13 days | |
Exercise Price Range Nine [Member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of share options outstanding in share-based payment arrangement | 75,000 | |
Weighted average exercise price of share options outstanding in share-based payment arrangement | kr / shares | kr 8.42 | |
Weighted average remaining contractual life of outstanding share options | 1 year 4 months 13 days | |
Weighted average remaining time to vest of outstanding share options | 25 days | |
Number Of Outstanding Vested Share Options | 56,250 | |
Weighted Average Exercise Price Of Vested Share Options Outstanding In Sharebased Payment Arrangement | 8.42 | |
Weighted Average Remaining Contractual Life Of Outstanding Vested Share Options | 1 year 4 months 9 days |
Share-based compensation - Addi
Share-based compensation - Additional Information (Detail) | Oct. 02, 2020shareskr / shares | Dec. 31, 2021kr / sharesshares | Dec. 31, 2020shares |
Disclosure Of Detailed Information Of Share Based Payment Arrangement [Line Items] | |||
Number of shares issued | 1,010,388,454 | 1,010,388,454 | |
2020 Subscription Rights Incentive Plan [Member] | |||
Disclosure Of Detailed Information Of Share Based Payment Arrangement [Line Items] | |||
Shares issued price per share | kr / shares | kr 2 | ||
2020 Subscription Rights Incentive Plan [Member] | Incentive Subscription Rights [Member] | |||
Disclosure Of Detailed Information Of Share Based Payment Arrangement [Line Items] | |||
Number of share options issued in share based payment arrangement | 25,962,800 | ||
Exercise price of share options issued | kr / shares | kr 1.71 | ||
Share based payment arrangement share options expiration date | May 15, 2025 | ||
Employee Share Purchase Plan [Member] | |||
Disclosure Of Detailed Information Of Share Based Payment Arrangement [Line Items] | |||
Percentage of contribution by employees defined benefit plan | 20.00% | ||
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 | 85.00% | ||
Number of shares issued | 2,946,019 |
Related Party Transactions - Su
Related Party Transactions - Summary of board remuneration paid (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Cash Compensation | $ 212 | $ 124 | $ 107 |
Shared-based Compensation | 123 | 70 | 91 |
Total | 335 | 194 | 198 |
Morten Opstad, chair | |||
Disclosure of transactions between related parties [line items] | |||
Cash Compensation | 59 | 40 | 43 |
Total | 59 | 40 | 43 |
Lawrence J. Ciaccia, Board deputy chair | |||
Disclosure of transactions between related parties [line items] | |||
Cash Compensation | 28 | 38 | 34 |
Shared-based Compensation | 33 | ||
Total | 61 | 38 | 34 |
Deborah Davis | |||
Disclosure of transactions between related parties [line items] | |||
Cash Compensation | 67 | 10 | 7 |
Shared-based Compensation | 0 | 36 | 34 |
Total | 67 | 46 | 41 |
Hanne Hovding | |||
Disclosure of transactions between related parties [line items] | |||
Cash Compensation | 52 | 32 | 16 |
Shared-based Compensation | 23 | ||
Total | 52 | 32 | 39 |
Stephen A. Skaggs | |||
Disclosure of transactions between related parties [line items] | |||
Cash Compensation | 4 | 4 | |
Shared-based Compensation | 58 | 34 | |
Total | 62 | $ 38 | |
Andre James MacLeod | |||
Disclosure of transactions between related parties [line items] | |||
Cash Compensation | 7 | ||
Shared-based Compensation | 34 | ||
Total | $ 41 | ||
Thomas M. Quindlen | |||
Disclosure of transactions between related parties [line items] | |||
Cash Compensation | 2 | ||
Shared-based Compensation | 32 | ||
Total | $ 34 |
Related Party Transactions - _2
Related Party Transactions - Summary of share based payment arrangement to board members (Detail) - Subscription Rights Incentive Plans To Board Members For Consulting Services [Member] | 12 Months Ended | ||
Dec. 31, 2021shareskr / shares | Dec. 31, 2020d | Dec. 31, 2019shares | |
Expiry Date May Ninth Two Thousand And Twenty Three [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Expiry Date | May 9, 2023 | ||
Exercise Price | kr 5.10 | ||
Number outstanding | shares | 600,000 | ||
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 1.71 | ||
Number outstanding | 600,000 | 600,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Advisory Services [Member] | Advokatfirmaet Ræder AS [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Related party transaction services received | $ 338 | $ 477 | $ 470 |
Strategic Advisory And Consulting Services [Member] | Lawrence John Ciaccia [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Related party transaction services received | $ 65 | $ 65 | $ 65 |
Other Operating Expenses - Summ
Other Operating Expenses - Summary of other operating expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses by nature [abstract] | |||
Sales and marketing expense | $ 1,287 | $ 764 | $ 850 |
Legal, audit, accounting and other services | 2,332 | 2,906 | 1,618 |
IT expenses | 2,047 | 1,621 | 1,367 |
Travel expense | 132 | 125 | 635 |
Other operating expenses | 1,449 | 520 | 170 |
Total other operating expenses | $ 7,347 | $ 5,936 | $ 4,641 |
Other Operating Expenses - Su_2
Other Operating Expenses - Summary of auditors remuneration (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Audit services | $ 352 | $ 235 | $ 468 |
Audit-related services | 22 | 8 | 8 |
Tax services | 7 | 8 | |
Other services | 24 | 12 | 5 |
Auditor's remuneration | $ 405 | $ 255 | $ 489 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Mar. 04, 2022$ / sharesshares | Mar. 01, 2022$ / sharesshares | Feb. 23, 2022$ / sharesshares | Dec. 31, 2021kr / sharesshares | Dec. 31, 2020$ / sharesshares |
Statements [Line Items] | |||||
Number of shares outstanding and issued | 832,146,748 | 832,146,748 | |||
Number of shares issued | 1,010,388,454 | 1,010,388,454 | |||
Incentive Subscription Rights [Member] | |||||
Statements [Line Items] | |||||
Weighted average exercise price of share options exercised in share-based payment arrangement | (per share) | kr 1.33 | $ 1.65 | |||
Major Share Based Transactions [Member] | |||||
Statements [Line Items] | |||||
Increase (decrease) in number of shares outstanding | 394,409 | 1,765,791 | |||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 0.48 | $ 1.70 | |||
Major Share Based Transactions [Member] | Incentive Subscription Rights [Member] | |||||
Statements [Line Items] | |||||
Increase (decrease) in number of shares outstanding | 8,350,900 | ||||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 2.08 | ||||
Share-based Payment Award, vesting percentage | 25.00% | ||||
Sharebased Payment Award Expiration Date | May 15, 2026 | ||||
Number of shares issued | 80,107,297 | ||||
Major Share Based Transactions [Member] | Employee Share Purchase Plan [Member] | |||||
Statements [Line Items] | |||||
Number of shares outstanding and issued | 1,012,548,654 |